# EDGAR Filing Document

**Accession Number:** 0000034273
**File Stem:** 0000940400-25-012320
**Filing Date:** 2025-12
**Character Count:** 335359
**Document Hash:** 88684acf7fa4b8c0388b062f55f78452
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-012320.hdr.sgml**: 20251215

**ACCESSION NUMBER**: 0000940400-25-012320

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251215

**DATE AS OF CHANGE**: 20251215

**EFFECTIVENESS DATE**: 20251215

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VIRTUS EQUITY TRUST
- **CENTRAL INDEX KEY:** 0000034273

**ORGANIZATION NAME:**
- **EIN:** 036066130
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00945
- **FILM NUMBER:** 251570538

**BUSINESS ADDRESS:**
- **STREET 1:** 101 MUNSON STEET
- **CITY:** GREENFIELD
- **STATE:** MA
- **ZIP:** 01301
- **BUSINESS PHONE:** 800-243-1574

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PHOENIX EQUITY TRUST
- **DATE OF NAME CHANGE:** 20040628

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PHOENIX ABERDEEN WORLDWIDE OPPORTUNITIES FUND
- **DATE OF NAME CHANGE:** 19981215

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PHOENIX WORLDWIDE OPPORTUNITIES FUND
- **DATE OF NAME CHANGE:** 19940505

## Series and Classes Contracts Data

### Virtus KAR Global Quality Dividend Fund (Series ID: S000001386)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000003700 | CLASS A      | PPTAX           |
| C000003701 | CLASS C      | PPTCX           |
| C000067139 | Class I      | PIPTX           |
| C000215020 | Class R6     | VGQRX           |

### Virtus KAR Small-Cap Growth Fund (Series ID: S000021170)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000060263 | Class A      | PSGAX           |
| C000060264 | Class C      | PSGCX           |
| C000060265 | Class I      | PXSGX           |
| C000199780 | Class R6     | VRSGX           |

### Virtus KAR Small-Cap Core Fund (Series ID: S000021172)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000060269 | Class A      | PKSAX           |
| C000060271 | Class C      | PKSCX           |
| C000060272 | Class I      | PKSFX           |
| C000148845 | Class R6     | VSCRX           |

### Virtus KAR Capital Growth Fund (Series ID: S000021173)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000060273 | Class A      | PSTAX           |
| C000060275 | Class C      | SSTFX           |
| C000060276 | Class I      | PLXGX           |
| C000199781 | Class R6     | VCGRX           |

### Virtus KAR Equity Income Fund (Series ID: S000021177)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000060285 | Class A      | PDIAX           |
| C000060287 | Class C      | PGICX           |
| C000060288 | Class I      | PXIIX           |
| C000199782 | Class R6     | VECRX           |

### VIRTUS TACTICAL ALLOCATION FUND (Series ID: S000021179)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000060291 | Class A      | NAINX           |
| C000060293 | Class C      | POICX           |
| C000211088 | Class I      | VTAIX           |
| C000224195 | Class R6     | VTARX           |

### Virtus KAR Mid-Cap Growth Fund (Series ID: S000021180)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000060294 | Class A      | PHSKX           |
| C000060296 | Class C      | PSKCX           |
| C000060297 | Class I      | PICMX           |
| C000199783 | Class R6     | VRMGX           |

### Virtus KAR Small-Cap Value Fund (Series ID: S000021181)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000060298 | Class A      | PQSAX           |
| C000060299 | Class C      | PQSCX           |
| C000060300 | Class I      | PXQSX           |
| C000176670 | Class R6     | VQSRX           |

### Virtus KAR Mid-Cap Core Fund (Series ID: S000025925)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000077895 | Class A      | VMACX           |
| C000077896 | Class C      | VMCCX           |
| C000077897 | Class I      | VIMCX           |
| C000199784 | Class R6     | VRMCX           |

### Virtus KAR Small-Mid Cap Core Fund (Series ID: S000061485)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000199118 | Class A      | VKSAX           |
| C000199119 | Class C      | VKSCX           |
| C000199120 | Class I      | VKSIX           |
| C000199121 | Class R6     | VKSRX           |

### Virtus SGA Global Growth Fund (Series ID: S000064774)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209768 | Class I      | SGAPX           |
| C000209769 | Class R6     | SGARX           |
| C000209770 | Class A      | SGAAX           |
| C000209771 | Class C      | SGACX           |

### Virtus KAR Small-Mid Cap Growth Fund (Series ID: S000070232)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000223336 | Class C      | VCKSX           |
| C000223337 | Class I      | VIKSX           |
| C000223338 | Class R6     | VRKSX           |
| C000223339 | Class A      | VAKSX           |

### Virtus KAR Small-Mid Cap Value Fund (Series ID: S000072656)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000229069 | Class R6     | VKSGX           |
| C000229070 | Class A      | VKSDX           |
| C000229071 | Class C      | VKSEX           |
| C000229072 | Class I      | VKSFX           |

## Internal

# Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Virtus Equity Trust and Shareholders of Virtus KAR Capital Growth Fund, Virtus KAR Equity Income Fund, Virtus KAR Mid-Cap Core Fund, Virtus KAR Mid-Cap Growth Fund, Virtus KAR Small-Cap Core Fund, Virtus KAR Small-Cap Growth Fund, Virtus KAR Small-Cap Value Fund, Virtus KAR Small-Mid Cap Core Fund, Virtus KAR Small-Mid Cap Growth Fund, Virtus KAR Small-Mid Cap Value Fund, Virtus SGA Global Growth Fund, and Virtus Tactical Allocation Fund

In planning and performing our audits of the financial statements of Virtus KAR Capital Growth Fund, Virtus KAR Equity Income Fund, Virtus KAR Mid-Cap Core Fund, Virtus KAR Mid-Cap Growth Fund, Virtus KAR Small-Cap Core Fund, Virtus KAR Small-Cap Growth Fund, Virtus KAR Small-Cap Value Fund, Virtus KAR Small-Mid Cap Core Fund, Virtus KAR Small-Mid Cap Growth Fund, Virtus KAR Small-Mid Cap Value Fund, Virtus SGA Global Growth Fund, and Virtus Tactical Allocation Fund (constituting Virtus Equity Trust, hereafter collectively referred to as the "Funds") as of and for the year ended September 30, 2025, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Funds' internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinions on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting.

Accordingly, we do not express an opinion on the effectiveness of the Funds' internal control over financial reporting.

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

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

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

Our consideration of the Funds' internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Funds' internal control over financial reporting and their operations, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of September 30, 2025.

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

/s/ PricewaterhouseCoopers LLP

November 21, 2025

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

------

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

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0000034273

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

**Series ID Record:1**
- **Series ID:** S000021181

**Series ID Record:2**
- **Series ID:** S000021173

**Series ID Record:3**
- **Series ID:** S000021172

**Series ID Record:4**
- **Series ID:** S000061485

**Series ID Record:5**
- **Series ID:** S000021180

**Series ID Record:6**
- **Series ID:** S000072656

**Series ID Record:7**
- **Series ID:** S000021177

**Series ID Record:8**
- **Series ID:** S000001386

**Series ID Record:9**
- **Series ID:** S000064774

**Series ID Record:10**
- **Series ID:** S000021179

**Series ID Record:11**
- **Series ID:** S000025925

**Series ID Record:12**
- **Series ID:** S000070232

**Series ID Record:13**
- **Series ID:** S000021170

**Class ID Record:1**
- **Class ID:** C000060298

**Class ID Record:2**
- **Class ID:** C000060300

**Class ID Record:3**
- **Class ID:** C000176670

**Class ID Record:4**
- **Class ID:** C000060299

**Class ID Record:5**
- **Class ID:** C000060275

**Class ID Record:6**
- **Class ID:** C000060273

**Class ID Record:7**
- **Class ID:** C000199781

**Class ID Record:8**
- **Class ID:** C000060276

**Class ID Record:9**
- **Class ID:** C000060272

**Class ID Record:10**
- **Class ID:** C000148845

**Class ID Record:11**
- **Class ID:** C000060271

**Class ID Record:12**
- **Class ID:** C000060269

**Class ID Record:13**
- **Class ID:** C000199120

**Class ID Record:14**
- **Class ID:** C000199118

**Class ID Record:15**
- **Class ID:** C000199119

**Class ID Record:16**
- **Class ID:** C000199121

**Class ID Record:17**
- **Class ID:** C000060294

**Class ID Record:18**
- **Class ID:** C000060297

**Class ID Record:19**
- **Class ID:** C000199783

**Class ID Record:20**
- **Class ID:** C000060296

**Class ID Record:21**
- **Class ID:** C000229071

**Class ID Record:22**
- **Class ID:** C000229069

**Class ID Record:23**
- **Class ID:** C000229072

**Class ID Record:24**
- **Class ID:** C000229070

**Class ID Record:25**
- **Class ID:** C000060285

**Class ID Record:26**
- **Class ID:** C000199782

**Class ID Record:27**
- **Class ID:** C000060287

**Class ID Record:28**
- **Class ID:** C000060288

**Class ID Record:29**
- **Class ID:** C000067139

**Class ID Record:30**
- **Class ID:** C000215020

**Class ID Record:31**
- **Class ID:** C000003700

**Class ID Record:32**
- **Class ID:** C000003701

**Class ID Record:33**
- **Class ID:** C000209771

**Class ID Record:34**
- **Class ID:** C000209770

**Class ID Record:35**
- **Class ID:** C000209768

**Class ID Record:36**
- **Class ID:** C000209769

**Class ID Record:37**
- **Class ID:** C000224195

**Class ID Record:38**
- **Class ID:** C000211088

**Class ID Record:39**
- **Class ID:** C000060293

**Class ID Record:40**
- **Class ID:** C000060291

**Class ID Record:41**
- **Class ID:** C000077896

**Class ID Record:42**
- **Class ID:** C000077897

**Class ID Record:43**
- **Class ID:** C000199784

**Class ID Record:44**
- **Class ID:** C000077895

**Class ID Record:45**
- **Class ID:** C000223339

**Class ID Record:46**
- **Class ID:** C000223338

**Class ID Record:47**
- **Class ID:** C000223337

**Class ID Record:48**
- **Class ID:** C000223336

**Class ID Record:49**
- **Class ID:** C000060263

**Class ID Record:50**
- **Class ID:** C000060264

**Class ID Record:51**
- **Class ID:** C000060265

**Class ID Record:52**
- **Class ID:** C000199780

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

**Item A.1.a - Report for period ending:** 2025-09-30

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

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

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

- **Item B.1.b - Investment Company Act file number:** 811-00945

- **Item B.1.c - CIK:** 0000034273

- **Item B.1.d - LEI:** 549300BN8LS7IJSSNN03

- **Item B.2.a - Street 1:** 101 Munson Street

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

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

- **Item B.2.e - Zip Code:** 01301-9668

- **Item B.2.f - Telephone:** 800-243-1574

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

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

**Location books Record: 1**

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

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

- **Street 2:** Suite 1110

- **c. City:** Los Angeles

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

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

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

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

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

**Location books Record: 2**

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

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

- **c. City:** New York

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

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

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

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

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

**Location books Record: 3**

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

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

- **c. City:** Hartford

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

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

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

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

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

**Location books Record: 4**

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

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

- **Street 2:** Suite 1310

- **c. City:** Stamford

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

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

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

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

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

**Location books Record: 5**

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

- **b. Street 1:** 103 Bellevue Parkway

- **c. City:** Wilmington

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

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

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

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

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

**Location books Record: 6**

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

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

- **c. City:** Hartford

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

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

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

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

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

**Location books Record: 7**

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

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

- **c. City:** Hartford

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

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

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

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

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

**Location books Record: 8**

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

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

- **c. City:** Hartford

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

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

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

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

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

**Location books Record: 9**

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

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

- **c. City:** Hartford

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

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

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

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

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

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

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

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

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

### Item B.6 - Organization

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

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

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

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

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

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

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

- **Item B.6.i - Total number of Series:** 12

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

### Item B.8 - Directors

| Name               | Is Interested Person?   | Other Investment Company File Numbers                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|:---|:---|:---|
| Sarah E. Cogan     | No                      | 811-21078, 811-07455, 811-22818, 811-04642, 811-23648, 811-23781, 811-21601, 811-21238, 811-21338, 811-10377, 811-21417, 811-21188, 811-06161, 811-08216, 811-21311, 811-23505, 811-22906, 811-23749, 811-10381, 811-21284, 811-21734, 811-21374, 811-22473, 811-10379, 811-21187, 811-23390, 811-21989, 811-07816, 811-22608, 811-23314, 811-09721, 811-10555, 811-21279, 811-23039, 811-21076, 811-07705, 811-21077, 811-23211, 811-22167, 811-03445, 811-22673, 811-05620, 811-21189, 811-23446 |
| Brian T. Zino      | No                      | 811-07455, 811-09140, 811-04642, 811-21284, 811-23446, 811-23039, 811-22906, 811-06161, 811-21989, 811-22608, 811-21417, 811-22473, 811-22818, 811-21338, 811-05620, 811-07705, 811-03445, 811-22167, 811-21279                                                                                                                                                                                                                                                                                    |
| R. Keith Walton    | No                      | 811-22167, 811-22818, 811-21338, 811-22906, 811-23039, 811-06161, 811-07912, 811-22473, 811-23968, 811-03445, 811-21284, 811-07705, 811-22608, 811-21279, 811-21417, 811-24038, 811-07455, 811-21989, 811-05620, 811-23446, 811-04642, 811-09140                                                                                                                                                                                                                                                   |
| John R. Mallin     | No                      | 811-22608, 811-05620, 811-22906, 811-09140, 811-22167, 811-22473, 811-07455, 811-21279, 811-06161, 811-03445, 811-07705, 811-22818, 811-04642                                                                                                                                                                                                                                                                                                                                                      |
| Deborah A. DeCotis | No                      | 811-21076, 811-03445, 811-21989, 811-22673, 811-22608, 811-21311, 811-08216, 811-23648, 811-23314, 811-23039, 811-21374, 811-22473, 811-07455, 811-10555, 811-22167, 811-21338, 811-05620, 811-10379, 811-21601, 811-10381, 811-07705, 811-09721, 811-22818, 811-10377, 811-23505, 811-22906, 811-21734, 811-21284, 811-23749, 811-23211, 811-21188, 811-23390, 811-04642, 811-07816, 811-21078, 811-21279, 811-23781, 811-21417, 811-21077, 811-23446, 811-21238, 811-06161, 811-21189, 811-21187 |
| F. Ford Drummond   | No                      | 811-07455, 811-22473, 811-06161, 811-22608, 811-23039, 811-21417, 811-22818, 811-22906, 811-22167, 811-03445, 811-21989, 811-21284, 811-23446, 811-05620, 811-21279, 811-21338, 811-04642, 811-07705                                                                                                                                                                                                                                                                                               |
| George R. Aylward  | Yes                     | 811-21279, 811-03445, 811-23446, 811-21417, 811-22167, 811-21989, 811-22608, 811-23039, 811-07705, 811-06161, 811-09140, 811-21338, 811-22473, 811-21284, 811-06416, 811-04642, 811-23968, 811-22533, 811-04915, 811-23078, 811-07455, 811-24038, 811-22906, 811-05620, 811-22818                                                                                                                                                                                                                  |
| Connie D. McDaniel | No                      | 811-21417, 811-23446, 811-22906, 811-22818, 811-07705, 811-09140, 811-05620, 811-04642, 811-06161, 811-07455, 811-21989, 811-22608, 811-03445, 811-22167, 811-23968, 811-24038, 811-21279, 811-22473, 811-21338, 811-21284, 811-23039                                                                                                                                                                                                                                                              |
| Donald C. Burke    | No                      | 811-24038, 811-23968, 811-22167, 811-04915, 811-07705, 811-23039, 811-21338, 811-06416, 811-22533, 811-21279, 811-03445, 811-22608, 811-21284, 811-05620, 811-22818, 811-09140, 811-23446, 811-21417, 811-07455, 811-06161, 811-21989, 811-04642, 811-22473, 811-22906                                                                                                                                                                                                                             |

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

**Chief compliance officer Record: 1**

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

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

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

- **   Street Address 2:** 26th Floor

- **d. City:** Hartford

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

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

- **g. Zip code:** 06103

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** No

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

**CCO employer Record: 1**

- **i. Name of the person:** —

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

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

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** No

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

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

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

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

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

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

- **Item B.15.a - Did the Registrant rely on any exemptive orders from the Commission?:** No

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

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

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

- **iii. CRD number:** 000003036

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

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

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

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

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

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

**Public accountant Record: 1**

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

- **b. PCAOB Number:** 238

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

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

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

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

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

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

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

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

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

## Part C: Additional Questions for Management Investment Companies

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

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

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

- **b. Series identification number, if any:** S000021181

- **c. LEI:** 5493006KGNA2FHX40515

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

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

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 4

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

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

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

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Class A                 | C000060298                                | PQSAX                        |
|                           2 | Class I                 | C000060300                                | PXQSX                        |
|                           3 | Class R6                | C000176670                                | VQSRX                        |
|                           4 | Class C                 | C000060299                                | PQSCX                        |

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

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

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

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

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

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

- [x] N/A

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

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

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

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

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

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

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

Did the Fund rely on the following rules?

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

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

- Rule 22d-1 (17 CFR 270.22d-1)

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

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

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

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

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

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

**Investment Advisers Record: 1**

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

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

- **iii. CRD number:** 000106982

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

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

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

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

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

**Sub-adviser Record: 1**

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

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

- **iii. CRD number:** 000104599

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

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

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

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

**Transfer Agents Record: 1**

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

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

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

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

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

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

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

**Transfer Agents Record: 2**

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

- **ii. SEC file number:** 084-06485

- **iii. LEI, if any:** N/A

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

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

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

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

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

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

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Services, Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **Description of other identifying number:** Tax ID

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

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

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

**Pricing Services Record: 2**

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

- **ii. LEI, if any, or provide and describe other identifying number:** 549300B56MD0ZC402L06

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

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

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

**Pricing Services Record: 3**

- **i. Full name:** LSEG Data & Analytics

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

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

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

**Item C.12. Custodians.**

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

**Custodians Record: 1**

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

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

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

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

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

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

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

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

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

**Shareholder Servicing Agents Record: 1**

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

- **ii. LEI, if any:** N/A

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

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

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

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

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

**Item C.14. Administrators.**

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

**Administrators Record: 1**

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

- **ii. LEI, if any, or other identifying number:** N/A

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

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

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

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

**Administrators Record: 2**

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

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

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

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

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

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

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

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

**Broker Dealers Record: 1**

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

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

- **c. CRD number:** 000003036

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

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

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

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

**Item C.16. Brokers.**

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

**Brokers Record: 1**

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

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

- **iii. CRD number:** 000104474

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

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $18,119.00

**Brokers Record: 2**

- **i. Full name of broker:** STIFEL FINANCIAL CORP.

- **ii. SEC file number:** N/A

- **iii. CRD number:** N/A

- **iv. LEI, if any:** 549300E5F07FE5GHJX84

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $4,342.00

**Brokers Record: 3**

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

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

- **iii. CRD number:** 000019714

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

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $4,954.00

**Brokers Record: 4**

- **i. Full name of broker:** KEEFE, BRUYETTE & WOODS, INC.

- **ii. SEC file number:** 008-10888

- **iii. CRD number:** 000000481

- **iv. LEI, if any:** 549300OM47DQV01G4854

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $15,547.00

**Brokers Record: 5**

- **i. Full name of broker:** WILLIAM BLAIR

- **ii. SEC file number:** 008-02698

- **iii. CRD number:** 000001252

- **iv. LEI, if any:** 549300J0P7XYE8BMZ775

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $7,693.00

**Brokers Record: 6**

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

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

- **iii. CRD number:** 000000705

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

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $13,787.00

**Brokers Record: 7**

- **i. Full name of broker:** BOFA SECURITIES, INC.

- **ii. SEC file number:** 008-69787

- **iii. CRD number:** 000283942

- **iv. LEI, if any:** 549300HN4UKV1E2R3U73

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $6,062.00

**Brokers Record: 8**

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

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

- **iii. CRD number:** 000103987

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

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $6,434.00

**Brokers Record: 9**

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

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

- **iii. CRD number:** 000008158

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

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $5,651.00

**Brokers Record: 10**

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

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

- **iii. CRD number:** 000002347

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

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $9,838.00

**Aggregate Commission:** $97,892.00

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

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

- **Item C.19.a - Fund's monthly average net assets:** $793,128,478.42

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

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

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

**Line of Credit details Record: 1**

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

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

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

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

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

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

| Name of fund                                                 | SEC File number   |
|:---|:---|
| Virtus KAR Small-Mid Cap Core Fund                           | 811-00945         |
| Stone Harbor Emerging Markets Debt Blend Portfolio           | N/A               |
| Virtus Income & Growth Fund                                  | 811-06161         |
| Virtus AlphaSimplex Global Alternatives Fund                 | 811-22906         |
| Virtus Westchester Credit Event Fund                         | 811-22818         |
| Virtus Seix High Yield MACS                                  | 811-23968         |
| Virtus KAR Small-Cap Value Series                            | 811-04642         |
| Virtus Newfleet High Yield Fund                              | 811-07455         |
| Virtus KAR Health Sciences Fund                              | 811-06161         |
| Virtus Newfleet ABS MACS                                     | 811-23968         |
| Virtus Ceredex Large-Cap Value Equity Fund                   | 811-07705         |
| Virtus KAR Small-Mid Cap Value Fund                          | 811-00945         |
| Virtus KAR Equity Income Series                              | 811-04642         |
| Stone Harbor Global Investment Grade Corporate Bond Fund     | N/A               |
| Virtus NFJ Mid-Cap Value Fund                                | 811-06161         |
| Virtus Small-Cap Fund                                        | 811-06161         |
| Stone Harbor Emerging Markets Local Currency Debt Fund       | N/A               |
| Virtus GF U.S. Small Cap Focus Fund                          | N/A               |
| Virtus NFJ International Value Fund                          | 811-06161         |
| Virtus Westchester Event-Driven Fund                         | 811-22818         |
| Virtus Seix Tax-Exempt Bond Fund                             | 811-07455         |
| Virtus GF Clean Energy Fund                                  | N/A               |
| Virtus GF Multi-Sector Income Fund                           | N/A               |
| Virtus Newfleet HighYield MACS                               | 811-23968         |
| The Merger Fund VL                                           | 811-21279         |
| Virtus KAR Developing Markets Fund                           | 811-07455         |
| Virtus GF Global Small Cap Fund                              | N/A               |
| Virtus Duff & Phelps Global Real Estate Securities Fund      | 811-07455         |
| Virtus SGA International Growth Series                       | 811-04642         |
| Virtus Duff & Phelps Real Estate Securities Series           | 811-04642         |
| Virtus KAR Capital Growth Series                             | 811-04642         |
| Stone Harbor Investment Grade Emerging Market Debt Fund      | N/A               |
| Virtus Seix High Yield Fund                                  | 811-07705         |
| Virtus Duff & Phelps Global Infrastructure Fund              | 811-07455         |
| Virtus Newfleet Floating Rate MACS                           | 811-23968         |
| Virtus Newfleet Low Duration Core Plus Bond Fund             | 811-07455         |
| Stone Harbor Multi Asset Credit Opportunistic Fund           | N/A               |
| Stone Harbor Securitised Bond Fund                           | N/A               |
| Virtus Silvant Focused Growth Fund                           | 811-06161         |
| Virtus Global Allocation Fund                                | 811-22167         |
| Stone Harbor ESG Emerging Markets Debt Blend Fund            | N/A               |
| Virtus Silvant Large-Cap Growth Stock Fund                   | 811-07705         |
| Virtus SGA International Growth Fund                         | 811-07705         |
| Virtus KAR Small-Mid Cap Growth Fund                         | 811-00945         |
| Virtus Newfleet Core Plus Bond Fund                          | 811-07455         |
| Virtus NFJ Dividend Value Fund                               | 811-06161         |
| Virtus SGA Global Growth Fund                                | 811-00945         |
| Virtus GF Select High Yield Fund                             | N/A               |
| Virtus Newfleet CMBS MACS                                    | 811-23968         |
| Virtus Convertible Fund                                      | 811-22167         |
| Stone Harbor Emerging Markets Debt Fund                      | N/A               |
| Virtus Emerging Markets Opportunities Fund                   | 811-06161         |
| Virtus Seix U.S. Government Securities Ultra-Short Bond Fund | 811-07705         |
| Virtus Stone Harbor Emerging Markets Debt Income Fund        | 811-07455         |
| Stone Harbor Emerging Markets Corporate Debt Fund            | N/A               |
| Stone Harbor High Yield Bond Fund                            | N/A               |
| Virtus Zevenbergen Technology Fund                           | 811-06161         |
| Virtus Seix Total Return Bond Fund                           | 811-07705         |
| Virtus Stone Harbor EMD MACS                                 | 811-23968         |
| Virtus Duff & Phelps Real Asset Fund                         | 811-07455         |
| Virtus Stone Harbor Local Markets Fund                       | 811-07455         |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund          | 811-07455         |
| Virtus Ceredex Mid-Cap Value Equity Fund                     | 811-07705         |
| Virtus KAR Small-Cap Growth Series                           | 811-04642         |
| Virtus Ceredex Small-Cap Value Equity Fund                   | 811-07705         |
| Virtus GF Multi-Sector Short Duration Bond Fund              | N/A               |
| Virtus KAR Capital Growth Fund                               | 811-00945         |
| Stone Harbor Emerging Markets Debt Explorer Fund             | N/A               |
| Virtus KAR International Small-Mid Cap Fund                  | 811-07455         |
| Virtus Duff & Phelps Water Fund                              | 811-22167         |
| Virtus Seix High Grade Municipal Bond Fund                   | 811-07705         |
| Virtus GF U.S. Small-Mid Cap Fund                            | N/A               |
| The Merger Fund                                              | 811-03445         |
| Virtus Newfleet Short Duration High Income Fund              | 811-22167         |
| Virtus Newfleet Multi-Sector Intermediate Bond Series        | 811-04642         |
| Virtus GF Emerging Markets High Dividend Fund                | N/A               |
| Virtus Newfleet Multi-Sector Short Term Bond Fund            | 811-07455         |
| Virtus GF SGA Global Growth Fund                             | N/A               |
| Virtus Newfleet RMBS MACS                                    | 811-23968         |
| Virtus Seix Core Bond Fund                                   | 811-07705         |
| Stone Harbor Multi Asset Credit Portfolio                    | N/A               |
| Virtus Seix Investment Grade Tax-Exempt Bond Fund            | 811-07705         |
| Virtus SGA Emerging Markets Equity Fund                      | 811-07455         |
| Stone Harbor High Yield Emerging Markets Corporate Debt Fund | N/A               |
| Virtus KAR Mid-Cap Core Fund                                 | 811-00945         |
| Virtus KAR Small-Cap Growth Fund                             | 811-00945         |
| Virtus Zevenbergen Innovative Growth Stock Fund              | 811-07705         |
| Stone Harbor Multi Asset Credit (No. 2) Portfolio            | N/A               |
| Virtus NFJ Small-Cap Value Fund                              | 811-06161         |
| Virtus KAR Global Small-Cap Fund                             | 811-06161         |
| Virtus KAR Equity Income Fund                                | 811-00945         |
| Virtus International Small-Cap Fund                          | 811-22167         |
| Virtus NFJ Emerging Markets Value Fund                       | 811-22167         |
| Virtus Tactical Allocation Fund                              | 811-00945         |
| Virtus KAR Emerging Markets Small-Cap Fund                   | 811-07455         |
| Virtus Duff & Phelps Real Estate Securities Fund             | 811-07455         |
| Stone Harbor Investment Grade Emerging Market Corporate Fund | N/A               |
| Virtus Stone Harbor Emerging Markets Bond Fund               | 811-07455         |
| Virtus NFJ Large-Cap Value Fund                              | 811-06161         |
| Virtus Tactical Allocation Series                            | 811-04642         |
| Virtus KAR Small-Cap Core Fund                               | 811-00945         |
| Virtus AlphaSimplex Managed Futures Strategy Fund            | 811-22906         |
| Virtus Newfleet Senior Floating Rate Fund                    | 811-07455         |
| Virtus Silvant Mid-Cap Growth Fund                           | 811-06161         |
| Virtus KAR Mid-Cap Growth Fund                               | 811-00945         |
| Virtus Duff & Phelps Select MLP and Energy Fund              | 811-22906         |

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

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

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

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

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

### Management Investment Record: 2 - Virtus KAR Capital Growth Fund

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

- **a. Full Name of the Fund:** Virtus KAR Capital Growth Fund

- **b. Series identification number, if any:** S000021173

- **c. LEI:** 549300KDRHFIG6ZL0U43

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

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

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 4

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

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

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

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Class C                 | C000060275                                | SSTFX                        |
|                           2 | Class A                 | C000060273                                | PSTAX                        |
|                           3 | Class R6                | C000199781                                | VCGRX                        |
|                           4 | Class I                 | C000060276                                | PLXGX                        |

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

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

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

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

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

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

- [x] N/A

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

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

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

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

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

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

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

Did the Fund rely on the following rules?

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

- Rule 22d-1 (17 CFR 270.22d-1)

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

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

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

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

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

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

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

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

**Investment Advisers Record: 1**

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

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

- **iii. CRD number:** 000106982

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

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

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

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

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

**Sub-adviser Record: 1**

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

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

- **iii. CRD number:** 000104599

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

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

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

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

**Transfer Agents Record: 1**

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

- **ii. SEC file number:** 084-06485

- **iii. LEI, if any:** N/A

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

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

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

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

**Transfer Agents Record: 2**

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

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

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

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

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

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

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

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

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

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Services, Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **Description of other identifying number:** Tax ID

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

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

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

**Pricing Services Record: 2**

- **i. Full name:** LSEG Data & Analytics

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

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

**Pricing Services Record: 3**

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

- **ii. LEI, if any, or provide and describe other identifying number:** 549300B56MD0ZC402L06

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

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

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

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

**Item C.12. Custodians.**

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

**Custodians Record: 1**

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

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

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

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

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

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

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

**Custodians Record: 2**

- **i. Full name:** The Bank of New York Mellon, SA/NV (Netherlands)

- **ii. LEI, if any:** MMYX0N4ZEZ13Z4XCG897

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

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

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

**Custodians Record: 3**

- **i. Full name:** The Hongkong and Shanghai Banking Corporation Limited

- **ii. LEI, if any:** 2HI3YI5320L3RW6NJ957

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

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

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

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

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

**Shareholder Servicing Agents Record: 1**

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

- **ii. LEI, if any:** N/A

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

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

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

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

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

**Item C.14. Administrators.**

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

**Administrators Record: 1**

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

- **ii. LEI, if any, or other identifying number:** N/A

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

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

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

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

**Administrators Record: 2**

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

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

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

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

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

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

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

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

**Broker Dealers Record: 1**

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

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

- **c. CRD number:** 000003036

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

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

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

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

**Item C.16. Brokers.**

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

**Brokers Record: 1**

- **i. Full name of broker:** Needham & Company, LLC

- **ii. SEC file number:** 008-33772

- **iii. CRD number:** 000016360

- **iv. LEI, if any:** 254900J2GFQ4J4NK1J89

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $4,453.00

**Brokers Record: 2**

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

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

- **iii. CRD number:** 000103987

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

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,060.00

**Brokers Record: 3**

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

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

- **iii. CRD number:** 000126292

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

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,864.00

**Brokers Record: 4**

- **i. Full name of broker:** BOFA SECURITIES, INC.

- **ii. SEC file number:** 008-69787

- **iii. CRD number:** 000283942

- **iv. LEI, if any:** 549300HN4UKV1E2R3U73

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $457.00

**Brokers Record: 5**

- **i. Full name of broker:** MORGAN STANLEY & CO. LLC

- **ii. SEC file number:** 008-15869

- **iii. CRD number:** 000008209

- **iv. LEI, if any:** 9R7GPTSO7KV3UQJZQ078

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $5,889.00

**Brokers Record: 6**

- **i. Full name of broker:** UBS Securities LLC

- **ii. SEC file number:** 008-22651

- **iii. CRD number:** 000007654

- **iv. LEI, if any:** T6FIZBDPKLYJKFCRVK44

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,225.00

**Brokers Record: 7**

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

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

- **iii. CRD number:** 000000705

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

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,497.00

**Brokers Record: 8**

- **i. Full name of broker:** STIFEL FINANCIAL CORP.

- **ii. SEC file number:** N/A

- **iii. CRD number:** N/A

- **iv. LEI, if any:** 549300E5F07FE5GHJX84

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $7,699.00

**Brokers Record: 9**

- **i. Full name of broker:** WILLIAM BLAIR

- **ii. SEC file number:** 008-02698

- **iii. CRD number:** 000001252

- **iv. LEI, if any:** 549300J0P7XYE8BMZ775

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,345.00

**Brokers Record: 10**

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

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

- **iii. CRD number:** 000008158

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

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,291.00

**Aggregate Commission:** $33,271.00

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

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

- **Item C.19.a - Fund's monthly average net assets:** $660,903,375.69

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

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

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

**Line of Credit details Record: 1**

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

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

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

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

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

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

| Name of fund                                                 | SEC File number   |
|:---|:---|
| Virtus Seix Total Return Bond Fund                           | 811-07705         |
| Virtus Newfleet Multi-Sector Intermediate Bond Series        | 811-04642         |
| Virtus Newfleet ABS MACS                                     | 811-23968         |
| Stone Harbor Global Investment Grade Corporate Bond Fund     | N/A               |
| Virtus KAR Health Sciences Fund                              | 811-06161         |
| Virtus NFJ Dividend Value Fund                               | 811-06161         |
| Virtus KAR Small-Cap Growth Series                           | 811-04642         |
| Virtus Income & Growth Fund                                  | 811-06161         |
| Virtus Stone Harbor Local Markets Fund                       | 811-07455         |
| Virtus Small-Cap Fund                                        | 811-06161         |
| Virtus GF Multi-Sector Short Duration Bond Fund              | N/A               |
| Virtus KAR Capital Growth Series                             | 811-04642         |
| Stone Harbor Emerging Markets Debt Fund                      | N/A               |
| Stone Harbor Multi Asset Credit Opportunistic Fund           | N/A               |
| Stone Harbor Investment Grade Emerging Market Debt Fund      | N/A               |
| Virtus SGA Emerging Markets Equity Fund                      | 811-07455         |
| Virtus GF Multi-Sector Income Fund                           | N/A               |
| Virtus Convertible Fund                                      | 811-22167         |
| Virtus Duff & Phelps Real Asset Fund                         | 811-07455         |
| Virtus NFJ Emerging Markets Value Fund                       | 811-22167         |
| Virtus Seix High Grade Municipal Bond Fund                   | 811-07705         |
| Virtus KAR Equity Income Fund                                | 811-00945         |
| Virtus KAR Mid-Cap Growth Fund                               | 811-00945         |
| Virtus Newfleet Floating Rate MACS                           | 811-23968         |
| Virtus KAR Small-Mid Cap Growth Fund                         | 811-00945         |
| Virtus Newfleet RMBS MACS                                    | 811-23968         |
| Virtus GF Global Small Cap Fund                              | N/A               |
| Virtus Newfleet Core Plus Bond Fund                          | 811-07455         |
| Virtus Newfleet Multi-Sector Short Term Bond Fund            | 811-07455         |
| Virtus Ceredex Small-Cap Value Equity Fund                   | 811-07705         |
| Virtus KAR Mid-Cap Core Fund                                 | 811-00945         |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund          | 811-07455         |
| Virtus NFJ Large-Cap Value Fund                              | 811-06161         |
| Stone Harbor Investment Grade Emerging Market Corporate Fund | N/A               |
| Virtus Seix Investment Grade Tax-Exempt Bond Fund            | 811-07705         |
| Stone Harbor High Yield Bond Fund                            | N/A               |
| Virtus Ceredex Large-Cap Value Equity Fund                   | 811-07705         |
| Virtus GF U.S. Small Cap Focus Fund                          | N/A               |
| Stone Harbor Multi Asset Credit Portfolio                    | N/A               |
| Virtus SGA Global Growth Fund                                | 811-00945         |
| Virtus AlphaSimplex Global Alternatives Fund                 | 811-22906         |
| Virtus Newfleet CMBS MACS                                    | 811-23968         |
| Virtus Duff & Phelps Select MLP and Energy Fund              | 811-22906         |
| Virtus KAR Emerging Markets Small-Cap Fund                   | 811-07455         |
| Virtus Seix Core Bond Fund                                   | 811-07705         |
| Virtus Seix High Yield MACS                                  | 811-23968         |
| Virtus Stone Harbor Emerging Markets Debt Income Fund        | 811-07455         |
| Virtus Zevenbergen Innovative Growth Stock Fund              | 811-07705         |
| Virtus KAR Small-Mid Cap Core Fund                           | 811-00945         |
| Virtus GF SGA Global Growth Fund                             | N/A               |
| Virtus AlphaSimplex Managed Futures Strategy Fund            | 811-22906         |
| Virtus Ceredex Mid-Cap Value Equity Fund                     | 811-07705         |
| Virtus KAR Small-Cap Core Fund                               | 811-00945         |
| The Merger Fund VL                                           | 811-21279         |
| Virtus Tactical Allocation Series                            | 811-04642         |
| Stone Harbor Emerging Markets Local Currency Debt Fund       | N/A               |
| Stone Harbor High Yield Emerging Markets Corporate Debt Fund | N/A               |
| Virtus NFJ Small-Cap Value Fund                              | 811-06161         |
| Stone Harbor Emerging Markets Debt Blend Portfolio           | N/A               |
| Virtus GF Select High Yield Fund                             | N/A               |
| Virtus Seix High Yield Fund                                  | 811-07705         |
| Virtus Silvant Mid-Cap Growth Fund                           | 811-06161         |
| Virtus International Small-Cap Fund                          | 811-22167         |
| Virtus GF Clean Energy Fund                                  | N/A               |
| Virtus KAR Global Small-Cap Fund                             | 811-06161         |
| Virtus KAR Small-Cap Growth Fund                             | 811-00945         |
| Virtus KAR Equity Income Series                              | 811-04642         |
| Stone Harbor Multi Asset Credit (No. 2) Portfolio            | N/A               |
| Virtus Newfleet HighYield MACS                               | 811-23968         |
| The Merger Fund                                              | 811-03445         |
| Virtus GF Emerging Markets High Dividend Fund                | N/A               |
| Virtus Newfleet Senior Floating Rate Fund                    | 811-07455         |
| Virtus Duff & Phelps Global Real Estate Securities Fund      | 811-07455         |
| Stone Harbor ESG Emerging Markets Debt Blend Fund            | N/A               |
| Virtus KAR Small-Cap Value Series                            | 811-04642         |
| Virtus Westchester Credit Event Fund                         | 811-22818         |
| Virtus Stone Harbor Emerging Markets Bond Fund               | 811-07455         |
| Virtus Duff & Phelps Real Estate Securities Fund             | 811-07455         |
| Virtus Westchester Event-Driven Fund                         | 811-22818         |
| Virtus Tactical Allocation Fund                              | 811-00945         |
| Virtus Emerging Markets Opportunities Fund                   | 811-06161         |
| Stone Harbor Emerging Markets Corporate Debt Fund            | N/A               |
| Stone Harbor Emerging Markets Debt Explorer Fund             | N/A               |
| Stone Harbor Securitised Bond Fund                           | N/A               |
| Virtus SGA International Growth Series                       | 811-04642         |
| Virtus Newfleet High Yield Fund                              | 811-07455         |
| Virtus Seix U.S. Government Securities Ultra-Short Bond Fund | 811-07705         |
| Virtus Silvant Focused Growth Fund                           | 811-06161         |
| Virtus SGA International Growth Fund                         | 811-07705         |
| Virtus KAR Developing Markets Fund                           | 811-07455         |
| Virtus Seix Tax-Exempt Bond Fund                             | 811-07455         |
| Virtus Duff & Phelps Global Infrastructure Fund              | 811-07455         |
| Virtus Duff & Phelps Real Estate Securities Series           | 811-04642         |
| Virtus KAR Small-Mid Cap Value Fund                          | 811-00945         |
| Virtus NFJ International Value Fund                          | 811-06161         |
| Virtus Duff & Phelps Water Fund                              | 811-22167         |
| Virtus Newfleet Short Duration High Income Fund              | 811-22167         |
| Virtus Stone Harbor EMD MACS                                 | 811-23968         |
| Virtus Silvant Large-Cap Growth Stock Fund                   | 811-07705         |
| Virtus Global Allocation Fund                                | 811-22167         |
| Virtus Newfleet Low Duration Core Plus Bond Fund             | 811-07455         |
| Virtus NFJ Mid-Cap Value Fund                                | 811-06161         |
| Virtus KAR International Small-Mid Cap Fund                  | 811-07455         |
| Virtus KAR Small-Cap Value Fund                              | 811-00945         |
| Virtus GF U.S. Small-Mid Cap Fund                            | N/A               |
| Virtus Zevenbergen Technology Fund                           | 811-06161         |

- **v. Did the Fund draw on the line of credit this period?** —

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

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

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

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

### Management Investment Record: 3 - Virtus KAR Small-Cap Core Fund

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

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

- **b. Series identification number, if any:** S000021172

- **c. LEI:** 5493001OXV2WNT52UF64

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

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

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 4

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

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

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

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Class I                 | C000060272                                | PKSFX                        |
|                           2 | Class R6                | C000148845                                | VSCRX                        |
|                           3 | Class C                 | C000060271                                | PKSCX                        |
|                           4 | Class A                 | C000060269                                | PKSAX                        |

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

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

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

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

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

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

- [x] N/A

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

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

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

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

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

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

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

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

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

**Securities Lending Record: 1**

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

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

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

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

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

  **Idemnity Providers Record: 1**

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

  - **2. LEI, if any:** —

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

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

- [x] Revenue sharing split

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

- [ ] Administrative fee

- [ ] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $542,659.10

- **g. Provide the net income from securities lending activities:** $548.38

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

Did the Fund rely on the following rules?

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

- Rule 22d-1 (17 CFR 270.22d-1)

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

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

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

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

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

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

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

**Investment Advisers Record: 1**

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

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

- **iii. CRD number:** 000106982

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

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

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

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

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

**Sub-adviser Record: 1**

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

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

- **iii. CRD number:** 000104599

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

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

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

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

**Transfer Agents Record: 1**

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

- **ii. SEC file number:** 084-06485

- **iii. LEI, if any:** N/A

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

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

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

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

**Transfer Agents Record: 2**

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

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

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

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

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

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

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

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

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

**Pricing Services Record: 1**

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

- **ii. LEI, if any, or provide and describe other identifying number:** 549300B56MD0ZC402L06

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

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

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

**Pricing Services Record: 2**

- **i. Full name:** ICE Data Services, Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **Description of other identifying number:** Tax ID

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

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

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

**Pricing Services Record: 3**

- **i. Full name:** LSEG Data & Analytics

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

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

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

**Item C.12. Custodians.**

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

**Custodians Record: 1**

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

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

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

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

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

**Custodians Record: 2**

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

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

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

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

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

**Custodians Record: 3**

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

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

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

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

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

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

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

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

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

**Shareholder Servicing Agents Record: 1**

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

- **ii. LEI, if any:** N/A

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

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

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

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

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

**Item C.14. Administrators.**

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

**Administrators Record: 1**

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

- **ii. LEI, if any, or other identifying number:** N/A

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

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

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

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

**Administrators Record: 2**

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

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

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

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

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

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

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

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

**Broker Dealers Record: 1**

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

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

- **c. CRD number:** 000003036

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

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

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

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

**Item C.16. Brokers.**

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

**Brokers Record: 1**

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

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

- **iii. CRD number:** 000126292

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

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $8,211.00

**Brokers Record: 2**

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

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

- **iii. CRD number:** 000104474

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

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $16,149.00

**Brokers Record: 3**

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

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

- **iii. CRD number:** 000103987

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

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $14,563.00

**Brokers Record: 4**

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

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

- **iii. CRD number:** 000000705

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

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $37,292.00

**Brokers Record: 5**

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

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

- **iii. CRD number:** 000019714

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

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $11,369.00

**Brokers Record: 6**

- **i. Full name of broker:** BOFA SECURITIES, INC.

- **ii. SEC file number:** 008-69787

- **iii. CRD number:** 000283942

- **iv. LEI, if any:** 549300HN4UKV1E2R3U73

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $11,290.00

**Brokers Record: 7**

- **i. Full name of broker:** Carnegie AS

- **ii. SEC file number:** N/A

- **iii. CRD number:** N/A

- **iv. LEI, if any:** 5967007LIEEXZX57BC18

- **vii. Gross commissions paid by the Fund for the reporting period:** $10,732.00

**Brokers Record: 8**

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

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

- **iii. CRD number:** 000008158

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

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $13,806.00

**Brokers Record: 9**

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

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

- **iii. CRD number:** 000000079

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

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $33,706.00

**Brokers Record: 10**

- **i. Full name of broker:** Stephens, Inc.

- **ii. SEC file number:** 008-01927

- **iii. CRD number:** 000003496

- **iv. LEI, if any:** 213800LH6T9XDYZCA534

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $7,844.00

**Aggregate Commission:** $193,636.00

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

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

- **Item C.19.a - Fund's monthly average net assets:** $2,199,887,564.57

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

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

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

**Line of Credit details Record: 1**

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

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

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

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

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

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

| Name of fund                                                 | SEC File number   |
|:---|:---|
| Virtus Tactical Allocation Series                            | 811-04642         |
| Virtus NFJ Mid-Cap Value Fund                                | 811-06161         |
| Virtus GF Multi-Sector Income Fund                           | N/A               |
| Virtus GF Multi-Sector Short Duration Bond Fund              | N/A               |
| The Merger Fund                                              | 811-03445         |
| Virtus Duff & Phelps Select MLP and Energy Fund              | 811-22906         |
| The Merger Fund VL                                           | 811-21279         |
| Virtus NFJ Large-Cap Value Fund                              | 811-06161         |
| Virtus Newfleet Floating Rate MACS                           | 811-23968         |
| Virtus KAR Small-Mid Cap Core Fund                           | 811-00945         |
| Stone Harbor Multi Asset Credit Portfolio                    | N/A               |
| Virtus Newfleet Short Duration High Income Fund              | 811-22167         |
| Virtus Seix U.S. Government Securities Ultra-Short Bond Fund | 811-07705         |
| Virtus Ceredex Small-Cap Value Equity Fund                   | 811-07705         |
| Virtus Newfleet High Yield Fund                              | 811-07455         |
| Virtus Duff & Phelps Water Fund                              | 811-22167         |
| Virtus Duff & Phelps Real Estate Securities Series           | 811-04642         |
| Virtus AlphaSimplex Managed Futures Strategy Fund            | 811-22906         |
| Virtus Global Allocation Fund                                | 811-22167         |
| Virtus KAR Capital Growth Series                             | 811-04642         |
| Virtus Convertible Fund                                      | 811-22167         |
| Stone Harbor High Yield Emerging Markets Corporate Debt Fund | N/A               |
| Stone Harbor Investment Grade Emerging Market Debt Fund      | N/A               |
| Virtus Seix High Grade Municipal Bond Fund                   | 811-07705         |
| Virtus GF U.S. Small-Mid Cap Fund                            | N/A               |
| Virtus NFJ Dividend Value Fund                               | 811-06161         |
| Virtus GF Global Small Cap Fund                              | N/A               |
| Virtus Silvant Mid-Cap Growth Fund                           | 811-06161         |
| Virtus Seix High Yield Fund                                  | 811-07705         |
| Virtus KAR Small-Mid Cap Value Fund                          | 811-00945         |
| Stone Harbor Emerging Markets Local Currency Debt Fund       | N/A               |
| Virtus Zevenbergen Innovative Growth Stock Fund              | 811-07705         |
| Virtus SGA Global Growth Fund                                | 811-00945         |
| Virtus GF Emerging Markets High Dividend Fund                | N/A               |
| Stone Harbor Global Investment Grade Corporate Bond Fund     | N/A               |
| Virtus Seix Tax-Exempt Bond Fund                             | 811-07455         |
| Virtus Stone Harbor Local Markets Fund                       | 811-07455         |
| Virtus GF U.S. Small Cap Focus Fund                          | N/A               |
| Virtus Westchester Event-Driven Fund                         | 811-22818         |
| Virtus Newfleet HighYield MACS                               | 811-23968         |
| Virtus SGA Emerging Markets Equity Fund                      | 811-07455         |
| Virtus Ceredex Large-Cap Value Equity Fund                   | 811-07705         |
| Virtus Newfleet Low Duration Core Plus Bond Fund             | 811-07455         |
| Stone Harbor Investment Grade Emerging Market Corporate Fund | N/A               |
| Virtus Seix Investment Grade Tax-Exempt Bond Fund            | 811-07705         |
| Stone Harbor Emerging Markets Debt Explorer Fund             | N/A               |
| Virtus KAR Capital Growth Fund                               | 811-00945         |
| Virtus Newfleet Multi-Sector Intermediate Bond Series        | 811-04642         |
| Virtus Newfleet ABS MACS                                     | 811-23968         |
| Virtus Stone Harbor Emerging Markets Debt Income Fund        | 811-07455         |
| Virtus Silvant Focused Growth Fund                           | 811-06161         |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund          | 811-07455         |
| Virtus KAR Small-Cap Growth Series                           | 811-04642         |
| Virtus Seix Core Bond Fund                                   | 811-07705         |
| Virtus Income & Growth Fund                                  | 811-06161         |
| Stone Harbor Securitised Bond Fund                           | N/A               |
| Virtus SGA International Growth Series                       | 811-04642         |
| Virtus AlphaSimplex Global Alternatives Fund                 | 811-22906         |
| Virtus Newfleet Multi-Sector Short Term Bond Fund            | 811-07455         |
| Virtus Westchester Credit Event Fund                         | 811-22818         |
| Virtus KAR Small-Cap Growth Fund                             | 811-00945         |
| Virtus KAR Small-Mid Cap Growth Fund                         | 811-00945         |
| Virtus GF SGA Global Growth Fund                             | N/A               |
| Stone Harbor Multi Asset Credit Opportunistic Fund           | N/A               |
| Virtus KAR Mid-Cap Core Fund                                 | 811-00945         |
| Virtus KAR Health Sciences Fund                              | 811-06161         |
| Virtus Duff & Phelps Real Asset Fund                         | 811-07455         |
| Virtus KAR Equity Income Fund                                | 811-00945         |
| Virtus Stone Harbor EMD MACS                                 | 811-23968         |
| Virtus NFJ Emerging Markets Value Fund                       | 811-22167         |
| Virtus Newfleet Senior Floating Rate Fund                    | 811-07455         |
| Virtus Seix High Yield MACS                                  | 811-23968         |
| Virtus Newfleet CMBS MACS                                    | 811-23968         |
| Virtus GF Clean Energy Fund                                  | N/A               |
| Virtus Tactical Allocation Fund                              | 811-00945         |
| Stone Harbor Multi Asset Credit (No. 2) Portfolio            | N/A               |
| Virtus Silvant Large-Cap Growth Stock Fund                   | 811-07705         |
| Virtus Newfleet RMBS MACS                                    | 811-23968         |
| Virtus Seix Total Return Bond Fund                           | 811-07705         |
| Stone Harbor High Yield Bond Fund                            | N/A               |
| Virtus Duff & Phelps Global Infrastructure Fund              | 811-07455         |
| Virtus GF Select High Yield Fund                             | N/A               |
| Virtus Small-Cap Fund                                        | 811-06161         |
| Virtus Emerging Markets Opportunities Fund                   | 811-06161         |
| Virtus KAR International Small-Mid Cap Fund                  | 811-07455         |
| Virtus KAR Equity Income Series                              | 811-04642         |
| Virtus NFJ International Value Fund                          | 811-06161         |
| Virtus KAR Small-Cap Value Series                            | 811-04642         |
| Virtus Newfleet Core Plus Bond Fund                          | 811-07455         |
| Virtus Duff & Phelps Real Estate Securities Fund             | 811-07455         |
| Stone Harbor Emerging Markets Corporate Debt Fund            | N/A               |
| Virtus KAR Mid-Cap Growth Fund                               | 811-00945         |
| Virtus KAR Small-Cap Value Fund                              | 811-00945         |
| Virtus Duff & Phelps Global Real Estate Securities Fund      | 811-07455         |
| Virtus Zevenbergen Technology Fund                           | 811-06161         |
| Virtus KAR Emerging Markets Small-Cap Fund                   | 811-07455         |
| Virtus KAR Global Small-Cap Fund                             | 811-06161         |
| Stone Harbor Emerging Markets Debt Blend Portfolio           | N/A               |
| Stone Harbor Emerging Markets Debt Fund                      | N/A               |
| Virtus SGA International Growth Fund                         | 811-07705         |
| Virtus Stone Harbor Emerging Markets Bond Fund               | 811-07455         |
| Virtus Ceredex Mid-Cap Value Equity Fund                     | 811-07705         |
| Virtus KAR Developing Markets Fund                           | 811-07455         |
| Stone Harbor ESG Emerging Markets Debt Blend Fund            | N/A               |
| Virtus International Small-Cap Fund                          | 811-22167         |
| Virtus NFJ Small-Cap Value Fund                              | 811-06161         |

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

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

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

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

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

### Management Investment Record: 4 - Virtus KAR Small-Mid Cap Core Fund

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

- **a. Full Name of the Fund:** Virtus KAR Small-Mid Cap Core Fund

- **b. Series identification number, if any:** S000061485

- **c. LEI:** 549300PCYWUCTLW37P50

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

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

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 4

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

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

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

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Class I                 | C000199120                                | VKSIX                        |
|                           2 | Class A                 | C000199118                                | VKSAX                        |
|                           3 | Class C                 | C000199119                                | VKSCX                        |
|                           4 | Class R6                | C000199121                                | VKSRX                        |

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

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

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

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

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

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

- [x] N/A

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

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

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

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

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

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

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

Did the Fund rely on the following rules?

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

- Rule 22d-1 (17 CFR 270.22d-1)

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

- Rule 12d1-4 (17 CFR 270.12d1-4)

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

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

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

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

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

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

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

**Investment Advisers Record: 1**

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

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

- **iii. CRD number:** 000106982

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

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

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

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

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

**Sub-adviser Record: 1**

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

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

- **iii. CRD number:** 000104599

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

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

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

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

**Transfer Agents Record: 1**

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

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

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

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

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

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

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

**Transfer Agents Record: 2**

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

- **ii. SEC file number:** 084-06485

- **iii. LEI, if any:** N/A

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

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

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

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

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

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

**Pricing Services Record: 1**

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

- **ii. LEI, if any, or provide and describe other identifying number:** 549300B56MD0ZC402L06

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

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

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

**Pricing Services Record: 2**

- **i. Full name:** ICE Data Services, Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **Description of other identifying number:** Tax ID

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

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

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

**Pricing Services Record: 3**

- **i. Full name:** LSEG Data & Analytics

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

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

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

**Item C.12. Custodians.**

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

**Custodians Record: 1**

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

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

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

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

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

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

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

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

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

**Shareholder Servicing Agents Record: 1**

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

- **ii. LEI, if any:** N/A

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

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

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

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

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

**Item C.14. Administrators.**

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

**Administrators Record: 1**

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

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

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

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

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

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

**Administrators Record: 2**

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

- **ii. LEI, if any, or other identifying number:** N/A

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

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

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

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

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

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

**Broker Dealers Record: 1**

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

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

- **c. CRD number:** 000003036

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

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

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

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

**Item C.16. Brokers.**

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

**Brokers Record: 1**

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

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

- **iii. CRD number:** 000104474

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

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $73,745.00

**Brokers Record: 2**

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

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

- **iii. CRD number:** 000103987

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

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $35,180.00

**Brokers Record: 3**

- **i. Full name of broker:** STIFEL FINANCIAL CORP.

- **ii. SEC file number:** N/A

- **iii. CRD number:** N/A

- **iv. LEI, if any:** 549300E5F07FE5GHJX84

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $14,337.00

**Brokers Record: 4**

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

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

- **iii. CRD number:** 000019714

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

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $5,130.00

**Brokers Record: 5**

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

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

- **iii. CRD number:** 000000361

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

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $38,230.00

**Brokers Record: 6**

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

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

- **iii. CRD number:** 000000705

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

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $6,042.00

**Brokers Record: 7**

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

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

- **iii. CRD number:** 000002347

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

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $4,438.00

**Brokers Record: 8**

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

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

- **iii. CRD number:** 000008158

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

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $11,944.00

**Brokers Record: 9**

- **i. Full name of broker:** BOFA SECURITIES, INC.

- **ii. SEC file number:** 008-69787

- **iii. CRD number:** 000283942

- **iv. LEI, if any:** 549300HN4UKV1E2R3U73

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,729.00

**Brokers Record: 10**

- **i. Full name of broker:** J.P. MORGAN SECURITIES LLC

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

- **iii. CRD number:** 000000079

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

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $10,471.00

**Aggregate Commission:** $207,483.00

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

| Name                    | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| GOLDMAN SACHS & CO. LLC | 008-00129         |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $6,909,649.00             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $6,909,649.00

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

- **Item C.19.a - Fund's monthly average net assets:** $2,189,442,881.98

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

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

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

**Line of Credit details Record: 1**

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

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

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

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

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

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

| Name of fund                                                 | SEC File number   |
|:---|:---|
| Virtus Duff & Phelps Select MLP and Energy Fund              | 811-22906         |
| Virtus Convertible Fund                                      | 811-22167         |
| Virtus GF Global Small Cap Fund                              | N/A               |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund          | 811-07455         |
| Virtus GF SGA Global Growth Fund                             | N/A               |
| Virtus Ceredex Small-Cap Value Equity Fund                   | 811-07705         |
| Stone Harbor High Yield Bond Fund                            | N/A               |
| Stone Harbor Emerging Markets Debt Blend Portfolio           | N/A               |
| Virtus Newfleet Low Duration Core Plus Bond Fund             | 811-07455         |
| Virtus Tactical Allocation Fund                              | 811-00945         |
| Virtus NFJ International Value Fund                          | 811-06161         |
| Stone Harbor Multi Asset Credit Opportunistic Fund           | N/A               |
| Virtus Newfleet Multi-Sector Short Term Bond Fund            | 811-07455         |
| Virtus SGA Global Growth Fund                                | 811-00945         |
| Virtus Ceredex Large-Cap Value Equity Fund                   | 811-07705         |
| Virtus AlphaSimplex Managed Futures Strategy Fund            | 811-22906         |
| Virtus AlphaSimplex Global Alternatives Fund                 | 811-22906         |
| Virtus Emerging Markets Opportunities Fund                   | 811-06161         |
| Virtus Duff & Phelps Global Infrastructure Fund              | 811-07455         |
| Virtus Westchester Event-Driven Fund                         | 811-22818         |
| Virtus KAR Small-Cap Growth Fund                             | 811-00945         |
| Virtus Newfleet ABS MACS                                     | 811-23968         |
| Virtus NFJ Emerging Markets Value Fund                       | 811-22167         |
| Virtus Small-Cap Fund                                        | 811-06161         |
| Virtus Duff & Phelps Real Asset Fund                         | 811-07455         |
| Stone Harbor Global Investment Grade Corporate Bond Fund     | N/A               |
| Virtus GF U.S. Small-Mid Cap Fund                            | N/A               |
| Virtus Global Allocation Fund                                | 811-22167         |
| Virtus NFJ Dividend Value Fund                               | 811-06161         |
| Virtus KAR Equity Income Series                              | 811-04642         |
| Virtus Duff & Phelps Real Estate Securities Fund             | 811-07455         |
| Virtus KAR Mid-Cap Growth Fund                               | 811-00945         |
| Stone Harbor Emerging Markets Local Currency Debt Fund       | N/A               |
| Virtus KAR Small-Cap Growth Series                           | 811-04642         |
| Virtus Newfleet High Yield Fund                              | 811-07455         |
| Virtus Newfleet Multi-Sector Intermediate Bond Series        | 811-04642         |
| Stone Harbor High Yield Emerging Markets Corporate Debt Fund | N/A               |
| Virtus Seix U.S. Government Securities Ultra-Short Bond Fund | 811-07705         |
| Virtus Duff & Phelps Real Estate Securities Series           | 811-04642         |
| Stone Harbor Investment Grade Emerging Market Corporate Fund | N/A               |
| Virtus GF Clean Energy Fund                                  | N/A               |
| Virtus KAR Small-Cap Core Fund                               | 811-00945         |
| Virtus SGA Emerging Markets Equity Fund                      | 811-07455         |
| Virtus Stone Harbor Local Markets Fund                       | 811-07455         |
| Virtus GF Select High Yield Fund                             | N/A               |
| Virtus Duff & Phelps Water Fund                              | 811-22167         |
| Virtus Stone Harbor EMD MACS                                 | 811-23968         |
| Virtus Silvant Large-Cap Growth Stock Fund                   | 811-07705         |
| Virtus Seix High Yield Fund                                  | 811-07705         |
| Virtus GF Emerging Markets High Dividend Fund                | N/A               |
| Virtus Westchester Credit Event Fund                         | 811-22818         |
| Virtus KAR Small-Mid Cap Value Fund                          | 811-00945         |
| Virtus Zevenbergen Technology Fund                           | 811-06161         |
| Stone Harbor Emerging Markets Debt Explorer Fund             | N/A               |
| Virtus KAR Small-Cap Value Fund                              | 811-00945         |
| Virtus Zevenbergen Innovative Growth Stock Fund              | 811-07705         |
| The Merger Fund VL                                           | 811-21279         |
| Stone Harbor ESG Emerging Markets Debt Blend Fund            | N/A               |
| Virtus KAR Global Small-Cap Fund                             | 811-06161         |
| Virtus Silvant Focused Growth Fund                           | 811-06161         |
| Virtus NFJ Mid-Cap Value Fund                                | 811-06161         |
| Virtus KAR Emerging Markets Small-Cap Fund                   | 811-07455         |
| Stone Harbor Investment Grade Emerging Market Debt Fund      | N/A               |
| Virtus NFJ Small-Cap Value Fund                              | 811-06161         |
| The Merger Fund                                              | 811-03445         |
| Virtus Newfleet HighYield MACS                               | 811-23968         |
| Virtus KAR Capital Growth Series                             | 811-04642         |
| Virtus Newfleet CMBS MACS                                    | 811-23968         |
| Virtus Newfleet Floating Rate MACS                           | 811-23968         |
| Virtus KAR Equity Income Fund                                | 811-00945         |
| Virtus International Small-Cap Fund                          | 811-22167         |
| Virtus KAR Small-Mid Cap Growth Fund                         | 811-00945         |
| Stone Harbor Multi Asset Credit (No. 2) Portfolio            | N/A               |
| Virtus Tactical Allocation Series                            | 811-04642         |
| Virtus Seix High Yield MACS                                  | 811-23968         |
| Virtus Stone Harbor Emerging Markets Debt Income Fund        | 811-07455         |
| Virtus SGA International Growth Series                       | 811-04642         |
| Virtus KAR Mid-Cap Core Fund                                 | 811-00945         |
| Virtus Seix High Grade Municipal Bond Fund                   | 811-07705         |
| Virtus NFJ Large-Cap Value Fund                              | 811-06161         |
| Virtus KAR Small-Cap Value Series                            | 811-04642         |
| Virtus Seix Core Bond Fund                                   | 811-07705         |
| Virtus KAR Capital Growth Fund                               | 811-00945         |
| Virtus Newfleet Core Plus Bond Fund                          | 811-07455         |
| Virtus Seix Investment Grade Tax-Exempt Bond Fund            | 811-07705         |
| Virtus Income & Growth Fund                                  | 811-06161         |
| Virtus Seix Tax-Exempt Bond Fund                             | 811-07455         |
| Virtus Newfleet Senior Floating Rate Fund                    | 811-07455         |
| Virtus Silvant Mid-Cap Growth Fund                           | 811-06161         |
| Virtus Newfleet Short Duration High Income Fund              | 811-22167         |
| Stone Harbor Securitised Bond Fund                           | N/A               |
| Virtus Ceredex Mid-Cap Value Equity Fund                     | 811-07705         |
| Virtus KAR International Small-Mid Cap Fund                  | 811-07455         |
| Stone Harbor Multi Asset Credit Portfolio                    | N/A               |
| Virtus Stone Harbor Emerging Markets Bond Fund               | 811-07455         |
| Virtus SGA International Growth Fund                         | 811-07705         |
| Virtus GF Multi-Sector Short Duration Bond Fund              | N/A               |
| Virtus Seix Total Return Bond Fund                           | 811-07705         |
| Virtus Newfleet RMBS MACS                                    | 811-23968         |
| Virtus GF Multi-Sector Income Fund                           | N/A               |
| Stone Harbor Emerging Markets Debt Fund                      | N/A               |
| Stone Harbor Emerging Markets Corporate Debt Fund            | N/A               |
| Virtus KAR Health Sciences Fund                              | 811-06161         |
| Virtus Duff & Phelps Global Real Estate Securities Fund      | 811-07455         |
| Virtus KAR Developing Markets Fund                           | 811-07455         |
| Virtus GF U.S. Small Cap Focus Fund                          | N/A               |

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

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

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

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

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

### Management Investment Record: 5 - Virtus KAR Mid-Cap Growth Fund

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

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

- **b. Series identification number, if any:** S000021180

- **c. LEI:** 549300QUG60QH8NY9I96

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

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

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 4

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

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

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

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Class A                 | C000060294                                | PHSKX                        |
|                           2 | Class I                 | C000060297                                | PICMX                        |
|                           3 | Class R6                | C000199783                                | VRMGX                        |
|                           4 | Class C                 | C000060296                                | PSKCX                        |

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

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

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

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

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

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

- [x] N/A

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

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

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

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

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

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

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

Did the Fund rely on the following rules?

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

- Rule 22d-1 (17 CFR 270.22d-1)

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

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

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

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

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

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

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

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

**Investment Advisers Record: 1**

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

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

- **iii. CRD number:** 000106982

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

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

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

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

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

**Sub-adviser Record: 1**

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

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

- **iii. CRD number:** 000104599

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

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

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

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

**Transfer Agents Record: 1**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. SEC file number:** 084-06485

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** CT

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

**Transfer Agents Record: 2**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. SEC file number:** 084-01761

- **iii. LEI, if any:** 549300CFZQLI9QMJ1Z03

- **iv. State, if applicable:** DE

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** Yes

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** IHS Markit Ltd.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300HLPTRASHS0E726

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** Bloomberg L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300B56MD0ZC402L06

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** ICE Data Services, Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **Description of other identifying number:** Tax ID

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** LSEG Data & Analytics

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 2**

- **i. Full name:** The Bank of New York Mellon, SA/NV (Netherlands)

- **ii. LEI, if any:** MMYX0N4ZEZ13Z4XCG897

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** N/A

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

**Administrators Record: 2**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. LEI, if any, or other identifying number:** 549300CFZQLI9QMJ1Z03

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** VP Distributors, LLC

- **b. SEC file number:** 008-14100

- **c. CRD number:** 000003036

- **d. LEI, if any:** 549300IW1QX018U5W603

- **e. State, if applicable:** CT

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** SANFORD C. BERNSTEIN & CO., LLC

- **ii. SEC file number:** 008-52942

- **iii. CRD number:** 000104474

- **iv. LEI, if any:** 549300I7JYZHT7D5CO04

- **v. State, if applicable:** DE

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $34,912.00

**Brokers Record: 2**

- **i. Full name of broker:** LIQUIDNET, INC.

- **ii. SEC file number:** 008-52461

- **iii. CRD number:** 000103987

- **iv. LEI, if any:** 213800HSKBBO1GCVRG79

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $15,462.00

**Brokers Record: 3**

- **i. Full name of broker:** ROBERT W. BAIRD & CO. INC.

- **ii. SEC file number:** 008-00497

- **iii. CRD number:** 000008158

- **iv. LEI, if any:** 549300772UJAHRD6LO53

- **v. State, if applicable:** WI

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $18,975.00

**Brokers Record: 4**

- **i. Full name of broker:** J.P. Morgan Securities LLC

- **ii. SEC file number:** 008-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $10,539.00

**Brokers Record: 5**

- **i. Full name of broker:** JEFFERIES LLC

- **ii. SEC file number:** 008-15074

- **iii. CRD number:** 000002347

- **iv. LEI, if any:** 58PU97L1C0WSRCWADL48

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $23,859.00

**Brokers Record: 6**

- **i. Full name of broker:** BARCLAYS CAPITAL, INC.

- **ii. SEC file number:** 008-41342

- **iii. CRD number:** 000019714

- **iv. LEI, if any:** AC28XWWI3WIBK2824319

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $20,873.00

**Brokers Record: 7**

- **i. Full name of broker:** Raymond James & Associates, Inc.

- **ii. SEC file number:** 008-10999

- **iii. CRD number:** 000000705

- **iv. LEI, if any:** U4ONQX15J3RO8XCKE979

- **v. State, if applicable:** FL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $10,682.00

**Brokers Record: 8**

- **i. Full name of broker:** STIFEL FINANCIAL CORP.

- **ii. SEC file number:** N/A

- **iii. CRD number:** N/A

- **iv. LEI, if any:** 549300E5F07FE5GHJX84

- **v. State, if applicable:** MO

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $16,566.00

**Brokers Record: 9**

- **i. Full name of broker:** GOLDMAN SACHS & CO. LLC

- **ii. SEC file number:** 008-00129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $34,151.00

**Brokers Record: 10**

- **i. Full name of broker:** BOFA SECURITIES, INC.

- **ii. SEC file number:** 008-69787

- **iii. CRD number:** 000283942

- **iv. LEI, if any:** 549300HN4UKV1E2R3U73

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $41,223.00

**Aggregate Commission:** $254,200.00

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $1,158,778,588.35

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $250,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** Bank of New York Mellon

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                 | SEC File number   |
|:---|:---|
| Stone Harbor Emerging Markets Local Currency Debt Fund       | N/A               |
| Virtus Convertible Fund                                      | 811-22167         |
| Virtus NFJ Mid-Cap Value Fund                                | 811-06161         |
| Virtus Seix High Yield Fund                                  | 811-07705         |
| Virtus AlphaSimplex Managed Futures Strategy Fund            | 811-22906         |
| Virtus GF Global Small Cap Fund                              | N/A               |
| Virtus NFJ Large-Cap Value Fund                              | 811-06161         |
| Virtus SGA International Growth Fund                         | 811-07705         |
| Virtus GF Clean Energy Fund                                  | N/A               |
| Stone Harbor Investment Grade Emerging Market Debt Fund      | N/A               |
| Stone Harbor Multi Asset Credit (No. 2) Portfolio            | N/A               |
| Virtus GF Multi-Sector Income Fund                           | N/A               |
| Virtus Ceredex Small-Cap Value Equity Fund                   | 811-07705         |
| Virtus Newfleet RMBS MACS                                    | 811-23968         |
| Virtus Tactical Allocation Fund                              | 811-00945         |
| Virtus Seix Investment Grade Tax-Exempt Bond Fund            | 811-07705         |
| Virtus Zevenbergen Innovative Growth Stock Fund              | 811-07705         |
| Virtus Newfleet Multi-Sector Short Term Bond Fund            | 811-07455         |
| Stone Harbor Investment Grade Emerging Market Corporate Fund | N/A               |
| Virtus Silvant Focused Growth Fund                           | 811-06161         |
| Virtus KAR Small-Cap Value Fund                              | 811-00945         |
| Virtus GF Emerging Markets High Dividend Fund                | N/A               |
| Virtus KAR Small-Mid Cap Value Fund                          | 811-00945         |
| Virtus Silvant Large-Cap Growth Stock Fund                   | 811-07705         |
| Virtus Newfleet Multi-Sector Intermediate Bond Series        | 811-04642         |
| Virtus Silvant Mid-Cap Growth Fund                           | 811-06161         |
| Stone Harbor Emerging Markets Debt Explorer Fund             | N/A               |
| Virtus Seix High Yield MACS                                  | 811-23968         |
| Virtus KAR Small-Cap Growth Series                           | 811-04642         |
| Stone Harbor Multi Asset Credit Opportunistic Fund           | N/A               |
| Stone Harbor ESG Emerging Markets Debt Blend Fund            | N/A               |
| Virtus Newfleet CMBS MACS                                    | 811-23968         |
| Stone Harbor Securitised Bond Fund                           | N/A               |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund          | 811-07455         |
| Virtus Duff & Phelps Real Asset Fund                         | 811-07455         |
| Virtus NFJ Emerging Markets Value Fund                       | 811-22167         |
| Virtus GF U.S. Small Cap Focus Fund                          | N/A               |
| Virtus Global Allocation Fund                                | 811-22167         |
| Virtus KAR Small-Cap Value Series                            | 811-04642         |
| Virtus Newfleet Short Duration High Income Fund              | 811-22167         |
| Virtus KAR Mid-Cap Core Fund                                 | 811-00945         |
| Virtus Seix Total Return Bond Fund                           | 811-07705         |
| Virtus Newfleet Core Plus Bond Fund                          | 811-07455         |
| Virtus Zevenbergen Technology Fund                           | 811-06161         |
| Virtus KAR Capital Growth Series                             | 811-04642         |
| Virtus Stone Harbor Emerging Markets Bond Fund               | 811-07455         |
| Virtus KAR Small-Mid Cap Core Fund                           | 811-00945         |
| Virtus Duff & Phelps Real Estate Securities Series           | 811-04642         |
| Virtus Stone Harbor Local Markets Fund                       | 811-07455         |
| Stone Harbor High Yield Emerging Markets Corporate Debt Fund | N/A               |
| The Merger Fund VL                                           | 811-21279         |
| Virtus Ceredex Large-Cap Value Equity Fund                   | 811-07705         |
| Virtus Newfleet HighYield MACS                               | 811-23968         |
| Virtus SGA Global Growth Fund                                | 811-00945         |
| Stone Harbor High Yield Bond Fund                            | N/A               |
| Virtus KAR Equity Income Fund                                | 811-00945         |
| Virtus KAR Small-Cap Core Fund                               | 811-00945         |
| Virtus Emerging Markets Opportunities Fund                   | 811-06161         |
| Virtus Newfleet High Yield Fund                              | 811-07455         |
| Virtus Stone Harbor Emerging Markets Debt Income Fund        | 811-07455         |
| Virtus Westchester Credit Event Fund                         | 811-22818         |
| Virtus Seix Tax-Exempt Bond Fund                             | 811-07455         |
| Virtus Tactical Allocation Series                            | 811-04642         |
| Virtus KAR International Small-Mid Cap Fund                  | 811-07455         |
| Virtus GF U.S. Small-Mid Cap Fund                            | N/A               |
| Virtus Seix U.S. Government Securities Ultra-Short Bond Fund | 811-07705         |
| Virtus KAR Small-Mid Cap Growth Fund                         | 811-00945         |
| Virtus KAR Developing Markets Fund                           | 811-07455         |
| Virtus GF Multi-Sector Short Duration Bond Fund              | N/A               |
| Virtus Seix High Grade Municipal Bond Fund                   | 811-07705         |
| Stone Harbor Global Investment Grade Corporate Bond Fund     | N/A               |
| Virtus NFJ Dividend Value Fund                               | 811-06161         |
| Virtus Newfleet Senior Floating Rate Fund                    | 811-07455         |
| Virtus NFJ Small-Cap Value Fund                              | 811-06161         |
| Virtus GF Select High Yield Fund                             | N/A               |
| Virtus Small-Cap Fund                                        | 811-06161         |
| Stone Harbor Emerging Markets Debt Fund                      | N/A               |
| Virtus International Small-Cap Fund                          | 811-22167         |
| Virtus Newfleet Floating Rate MACS                           | 811-23968         |
| Virtus Duff & Phelps Real Estate Securities Fund             | 811-07455         |
| Virtus NFJ International Value Fund                          | 811-06161         |
| Virtus Seix Core Bond Fund                                   | 811-07705         |
| Virtus AlphaSimplex Global Alternatives Fund                 | 811-22906         |
| Virtus Westchester Event-Driven Fund                         | 811-22818         |
| Stone Harbor Emerging Markets Corporate Debt Fund            | N/A               |
| Virtus Stone Harbor EMD MACS                                 | 811-23968         |
| Virtus KAR Equity Income Series                              | 811-04642         |
| Virtus Duff & Phelps Water Fund                              | 811-22167         |
| Virtus Newfleet ABS MACS                                     | 811-23968         |
| Virtus KAR Small-Cap Growth Fund                             | 811-00945         |
| Virtus Duff & Phelps Global Real Estate Securities Fund      | 811-07455         |
| Virtus KAR Global Small-Cap Fund                             | 811-06161         |
| The Merger Fund                                              | 811-03445         |
| Virtus KAR Emerging Markets Small-Cap Fund                   | 811-07455         |
| Stone Harbor Emerging Markets Debt Blend Portfolio           | N/A               |
| Virtus Duff & Phelps Select MLP and Energy Fund              | 811-22906         |
| Virtus KAR Capital Growth Fund                               | 811-00945         |
| Virtus Duff & Phelps Global Infrastructure Fund              | 811-07455         |
| Virtus Income & Growth Fund                                  | 811-06161         |
| Virtus KAR Health Sciences Fund                              | 811-06161         |
| Virtus Newfleet Low Duration Core Plus Bond Fund             | 811-07455         |
| Virtus SGA International Growth Series                       | 811-04642         |
| Virtus GF SGA Global Growth Fund                             | N/A               |
| Virtus Ceredex Mid-Cap Value Equity Fund                     | 811-07705         |
| Stone Harbor Multi Asset Credit Portfolio                    | N/A               |
| Virtus SGA Emerging Markets Equity Fund                      | 811-07455         |

- **v. Did the Fund draw on the line of credit this period?** —

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 6 - Virtus KAR Small-Mid Cap Value Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Virtus KAR Small-Mid Cap Value Fund

- **b. Series identification number, if any:** S000072656

- **c. LEI:** 5493004RG2JWDMIBBB46

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 4

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Class C                 | C000229071                                | VKSEX                        |
|                           2 | Class R6                | C000229069                                | VKSGX                        |
|                           3 | Class I                 | C000229072                                | VKSFX                        |
|                           4 | Class A                 | C000229070                                | VKSDX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 22d-1 (17 CFR 270.22d-1)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Virtus Investment Advisers, LLC

- **ii. SEC file number:** 801-5995

- **iii. CRD number:** 000106982

- **iv. LEI, if any:** 5493008GM1PP47SEXR11

- **v. State, if applicable:** DE

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Kayne Anderson Rudnick Investment Management LLC

- **ii. SEC file number:** 801-24241

- **iii. CRD number:** 000104599

- **iv. LEI, if any:** 549300W19TN6A5K46H71

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. SEC file number:** 084-06485

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** CT

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

**Transfer Agents Record: 2**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. SEC file number:** 084-01761

- **iii. LEI, if any:** 549300CFZQLI9QMJ1Z03

- **iv. State, if applicable:** DE

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** Yes

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** LSEG Data & Analytics

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** ICE Data Services, Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **Description of other identifying number:** Tax ID

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Bloomberg L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300B56MD0ZC402L06

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. LEI, if any, or other identifying number:** 549300CFZQLI9QMJ1Z03

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

**Administrators Record: 2**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** N/A

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** VP Distributors, LLC

- **b. SEC file number:** 008-14100

- **c. CRD number:** 000003036

- **d. LEI, if any:** 549300IW1QX018U5W603

- **e. State, if applicable:** CT

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** BOFA SECURITIES, INC.

- **ii. SEC file number:** 008-69787

- **iii. CRD number:** 000283942

- **iv. LEI, if any:** 549300HN4UKV1E2R3U73

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $14.00

**Brokers Record: 2**

- **i. Full name of broker:** LIQUIDNET, INC.

- **ii. SEC file number:** 008-52461

- **iii. CRD number:** 000103987

- **iv. LEI, if any:** 213800HSKBBO1GCVRG79

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $10.00

**Brokers Record: 3**

- **i. Full name of broker:** WELLS FARGO SECURITIES, LLC

- **ii. SEC file number:** 008-65876

- **iii. CRD number:** 000126292

- **iv. LEI, if any:** VYVVCKR63DVZZN70PB21

- **v. State, if applicable:** NC

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $19.00

**Brokers Record: 4**

- **i. Full name of broker:** STIFEL FINANCIAL CORP.

- **ii. SEC file number:** N/A

- **iii. CRD number:** N/A

- **iv. LEI, if any:** 549300E5F07FE5GHJX84

- **v. State, if applicable:** MO

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $12.00

**Brokers Record: 5**

- **i. Full name of broker:** SANFORD C. BERNSTEIN & CO., LLC

- **ii. SEC file number:** 008-52942

- **iii. CRD number:** 000104474

- **iv. LEI, if any:** 549300I7JYZHT7D5CO04

- **v. State, if applicable:** DE

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $224.00

**Brokers Record: 6**

- **i. Full name of broker:** GOLDMAN SACHS & CO. LLC

- **ii. SEC file number:** 008-00129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $70.00

**Brokers Record: 7**

- **i. Full name of broker:** Raymond James & Associates, Inc.

- **ii. SEC file number:** 008-10999

- **iii. CRD number:** 000000705

- **iv. LEI, if any:** U4ONQX15J3RO8XCKE979

- **v. State, if applicable:** FL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $153.00

**Brokers Record: 8**

- **i. Full name of broker:** JEFFERIES LLC

- **ii. SEC file number:** 008-15074

- **iii. CRD number:** 000002347

- **iv. LEI, if any:** 58PU97L1C0WSRCWADL48

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $34.00

**Brokers Record: 9**

- **i. Full name of broker:** ROBERT W. BAIRD & CO. INC.

- **ii. SEC file number:** 008-00497

- **iii. CRD number:** 000008158

- **iv. LEI, if any:** 549300772UJAHRD6LO53

- **v. State, if applicable:** WI

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $128.00

**Brokers Record: 10**

- **i. Full name of broker:** WILLIAM BLAIR

- **ii. SEC file number:** 008-02698

- **iii. CRD number:** 000001252

- **iv. LEI, if any:** 549300J0P7XYE8BMZ775

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $15.00

**Aggregate Commission:** $696.00

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $6,073,478.13

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $250,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** Bank of New York Mellon

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                 | SEC File number   |
|:---|:---|
| Virtus KAR Equity Income Fund                                | 811-00945         |
| Virtus Newfleet CMBS MACS                                    | 811-23968         |
| Stone Harbor Investment Grade Emerging Market Debt Fund      | N/A               |
| The Merger Fund VL                                           | 811-21279         |
| Virtus NFJ Emerging Markets Value Fund                       | 811-22167         |
| Virtus Tactical Allocation Fund                              | 811-00945         |
| Virtus GF Global Small Cap Fund                              | N/A               |
| Virtus Small-Cap Fund                                        | 811-06161         |
| Stone Harbor Emerging Markets Debt Fund                      | N/A               |
| Virtus GF Emerging Markets High Dividend Fund                | N/A               |
| Virtus KAR Small-Mid Cap Core Fund                           | 811-00945         |
| Virtus GF U.S. Small Cap Focus Fund                          | N/A               |
| Stone Harbor Global Investment Grade Corporate Bond Fund     | N/A               |
| Virtus Newfleet HighYield MACS                               | 811-23968         |
| Virtus SGA International Growth Series                       | 811-04642         |
| Stone Harbor Emerging Markets Debt Explorer Fund             | N/A               |
| Virtus Westchester Credit Event Fund                         | 811-22818         |
| Virtus Silvant Mid-Cap Growth Fund                           | 811-06161         |
| Virtus KAR Small-Cap Core Fund                               | 811-00945         |
| Virtus KAR Small-Cap Value Fund                              | 811-00945         |
| Virtus GF Select High Yield Fund                             | N/A               |
| Virtus GF Clean Energy Fund                                  | N/A               |
| Virtus Westchester Event-Driven Fund                         | 811-22818         |
| Stone Harbor High Yield Emerging Markets Corporate Debt Fund | N/A               |
| Virtus SGA International Growth Fund                         | 811-07705         |
| Virtus Duff & Phelps Global Real Estate Securities Fund      | 811-07455         |
| Virtus Silvant Large-Cap Growth Stock Fund                   | 811-07705         |
| Virtus International Small-Cap Fund                          | 811-22167         |
| Stone Harbor Emerging Markets Local Currency Debt Fund       | N/A               |
| Virtus AlphaSimplex Managed Futures Strategy Fund            | 811-22906         |
| Stone Harbor Investment Grade Emerging Market Corporate Fund | N/A               |
| Virtus Newfleet High Yield Fund                              | 811-07455         |
| Stone Harbor Multi Asset Credit Opportunistic Fund           | N/A               |
| Virtus KAR Small-Mid Cap Growth Fund                         | 811-00945         |
| Virtus NFJ International Value Fund                          | 811-06161         |
| Virtus Ceredex Mid-Cap Value Equity Fund                     | 811-07705         |
| Virtus Seix U.S. Government Securities Ultra-Short Bond Fund | 811-07705         |
| Virtus NFJ Dividend Value Fund                               | 811-06161         |
| Virtus KAR Small-Cap Growth Fund                             | 811-00945         |
| Virtus Newfleet Short Duration High Income Fund              | 811-22167         |
| Virtus KAR Capital Growth Fund                               | 811-00945         |
| Virtus Seix Investment Grade Tax-Exempt Bond Fund            | 811-07705         |
| Virtus KAR Mid-Cap Core Fund                                 | 811-00945         |
| Virtus SGA Global Growth Fund                                | 811-00945         |
| Virtus Ceredex Large-Cap Value Equity Fund                   | 811-07705         |
| Virtus Zevenbergen Technology Fund                           | 811-06161         |
| Virtus Stone Harbor EMD MACS                                 | 811-23968         |
| Virtus NFJ Large-Cap Value Fund                              | 811-06161         |
| Stone Harbor Emerging Markets Corporate Debt Fund            | N/A               |
| Virtus KAR Health Sciences Fund                              | 811-06161         |
| Virtus Seix High Grade Municipal Bond Fund                   | 811-07705         |
| Virtus KAR International Small-Mid Cap Fund                  | 811-07455         |
| Virtus KAR Developing Markets Fund                           | 811-07455         |
| Virtus Newfleet RMBS MACS                                    | 811-23968         |
| Virtus Duff & Phelps Real Asset Fund                         | 811-07455         |
| Stone Harbor Multi Asset Credit (No. 2) Portfolio            | N/A               |
| Stone Harbor Emerging Markets Debt Blend Portfolio           | N/A               |
| Virtus Seix High Yield MACS                                  | 811-23968         |
| Virtus Newfleet Multi-Sector Intermediate Bond Series        | 811-04642         |
| Virtus Seix Tax-Exempt Bond Fund                             | 811-07455         |
| Virtus Stone Harbor Local Markets Fund                       | 811-07455         |
| Virtus Silvant Focused Growth Fund                           | 811-06161         |
| Virtus Emerging Markets Opportunities Fund                   | 811-06161         |
| Virtus KAR Capital Growth Series                             | 811-04642         |
| Virtus SGA Emerging Markets Equity Fund                      | 811-07455         |
| Virtus Duff & Phelps Water Fund                              | 811-22167         |
| Virtus NFJ Small-Cap Value Fund                              | 811-06161         |
| Virtus Duff & Phelps Select MLP and Energy Fund              | 811-22906         |
| Virtus Newfleet Senior Floating Rate Fund                    | 811-07455         |
| Virtus GF SGA Global Growth Fund                             | N/A               |
| Virtus Tactical Allocation Series                            | 811-04642         |
| Virtus Duff & Phelps Real Estate Securities Series           | 811-04642         |
| Virtus Duff & Phelps Global Infrastructure Fund              | 811-07455         |
| Virtus GF U.S. Small-Mid Cap Fund                            | N/A               |
| Virtus AlphaSimplex Global Alternatives Fund                 | 811-22906         |
| Virtus GF Multi-Sector Short Duration Bond Fund              | N/A               |
| Virtus KAR Small-Cap Value Series                            | 811-04642         |
| Virtus KAR Emerging Markets Small-Cap Fund                   | 811-07455         |
| Virtus Newfleet ABS MACS                                     | 811-23968         |
| Virtus Stone Harbor Emerging Markets Bond Fund               | 811-07455         |
| Virtus Seix Total Return Bond Fund                           | 811-07705         |
| Virtus KAR Small-Cap Growth Series                           | 811-04642         |
| Virtus Duff & Phelps Real Estate Securities Fund             | 811-07455         |
| Virtus Global Allocation Fund                                | 811-22167         |
| Virtus KAR Mid-Cap Growth Fund                               | 811-00945         |
| Virtus KAR Equity Income Series                              | 811-04642         |
| Virtus Newfleet Multi-Sector Short Term Bond Fund            | 811-07455         |
| Virtus Newfleet Core Plus Bond Fund                          | 811-07455         |
| Stone Harbor Securitised Bond Fund                           | N/A               |
| Virtus Ceredex Small-Cap Value Equity Fund                   | 811-07705         |
| Virtus NFJ Mid-Cap Value Fund                                | 811-06161         |
| Virtus Zevenbergen Innovative Growth Stock Fund              | 811-07705         |
| Virtus Seix Core Bond Fund                                   | 811-07705         |
| Virtus Stone Harbor Emerging Markets Debt Income Fund        | 811-07455         |
| Stone Harbor Multi Asset Credit Portfolio                    | N/A               |
| Virtus Newfleet Floating Rate MACS                           | 811-23968         |
| The Merger Fund                                              | 811-03445         |
| Stone Harbor High Yield Bond Fund                            | N/A               |
| Virtus Convertible Fund                                      | 811-22167         |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund          | 811-07455         |
| Virtus Seix High Yield Fund                                  | 811-07705         |
| Virtus Income & Growth Fund                                  | 811-06161         |
| Stone Harbor ESG Emerging Markets Debt Blend Fund            | N/A               |
| Virtus KAR Global Small-Cap Fund                             | 811-06161         |
| Virtus GF Multi-Sector Income Fund                           | N/A               |
| Virtus Newfleet Low Duration Core Plus Bond Fund             | 811-07455         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 7 - Virtus KAR Equity Income Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Virtus KAR Equity Income Fund

- **b. Series identification number, if any:** S000021177

- **c. LEI:** 549300VHDE2UVG8NBW96

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 4

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Class A                 | C000060285                                | PDIAX                        |
|                           2 | Class R6                | C000199782                                | VECRX                        |
|                           3 | Class C                 | C000060287                                | PGICX                        |
|                           4 | Class I                 | C000060288                                | PXIIX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** BNY Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [ ] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $1,337,706.81

- **g. Provide the net income from securities lending activities:** $25,182.87

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

- Rule 17a-8 (17 CFR 270.17a-8)

- Rule 22d-1 (17 CFR 270.22d-1)

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 18f-4 (17 CFR 270.18f-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Virtus Investment Advisers, LLC

- **ii. SEC file number:** 801-5995

- **iii. CRD number:** 000106982

- **iv. LEI, if any:** 5493008GM1PP47SEXR11

- **v. State, if applicable:** DE

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Kayne Anderson Rudnick Investment Management LLC

- **ii. SEC file number:** 801-24241

- **iii. CRD number:** 000104599

- **iv. LEI, if any:** 549300W19TN6A5K46H71

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. SEC file number:** 084-06485

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** CT

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

**Transfer Agents Record: 2**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. SEC file number:** 084-01761

- **iii. LEI, if any:** 549300CFZQLI9QMJ1Z03

- **iv. State, if applicable:** DE

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** Yes

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** LSEG Data & Analytics

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** Bloomberg L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300B56MD0ZC402L06

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** ICE Data Services, Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **Description of other identifying number:** Tax ID

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** Skandinaviska Enskilda Banken AB, Oslo Branch

- **ii. LEI, if any:** F3JS33DEI6XQ4ZBPTN86

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 2**

- **i. Full name:** The Bank of New York Mellon, SA/NV (Italy)

- **ii. LEI, if any:** MMYX0N4ZEZ13Z4XCG897

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 3**

- **i. Full name:** The Bank of New York Mellon SA/NV, Asset Servicing, Niederlassung Frankfurt am Main

- **ii. LEI, if any:** 5299008ORSGF0TGLSC98

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 4**

- **i. Full name:** Euroclear France

- **ii. LEI, if any:** 54930060MY6S68NEUP16

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)

**Custodians Record: 5**

- **i. Full name:** The Bank of New York Mellon, SA/NV (Netherlands)

- **ii. LEI, if any:** MMYX0N4ZEZ13Z4XCG897

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 6**

- **i. Full name:** Standard Chartered Bank (Singapore) Limited

- **ii. LEI, if any:** 549300MDYVVHJ8D1DW28

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 7**

- **i. Full name:** The Bank of New York Mellon (United Kingdom)

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 8**

- **i. Full name:** UBS Switzerland AG

- **ii. LEI, if any:** 549300WOIFUSNYH0FL22

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 9**

- **i. Full name:** HSBC Bank Australia Limited

- **ii. LEI, if any:** DY9DBNI4W8J63Z298033

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 10**

- **i. Full name:** UBS SWITZERLAND AG (T2S)

- **ii. LEI, if any:** 549300WOIFUSNYH0FL22

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 11**

- **i. Full name:** CIBC Mellon Trust Company

- **ii. LEI, if any:** 549300IYUUH221WBZ505

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 12**

- **i. Full name:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 13**

- **i. Full name:** Euroclear Bank

- **ii. LEI, if any:** 549300CBNW05DILT6870

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)

**Custodians Record: 14**

- **i. Full name:** MUFG Bank, Ltd.

- **ii. LEI, if any:** C3GTMMZIHMY46P4OIX74

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. LEI, if any, or other identifying number:** 549300CFZQLI9QMJ1Z03

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

**Administrators Record: 2**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** N/A

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** VP Distributors, LLC

- **b. SEC file number:** 008-14100

- **c. CRD number:** 000003036

- **d. LEI, if any:** 549300IW1QX018U5W603

- **e. State, if applicable:** CT

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** SANFORD C. BERNSTEIN & CO., LLC

- **ii. SEC file number:** 008-52942

- **iii. CRD number:** 000104474

- **iv. LEI, if any:** 549300I7JYZHT7D5CO04

- **v. State, if applicable:** DE

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $6,102.00

**Brokers Record: 2**

- **i. Full name of broker:** BOFA SECURITIES, INC.

- **ii. SEC file number:** 008-69787

- **iii. CRD number:** 000283942

- **iv. LEI, if any:** 549300HN4UKV1E2R3U73

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $10,272.00

**Brokers Record: 3**

- **i. Full name of broker:** J.P. Morgan Securities LLC

- **ii. SEC file number:** 008-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,455.00

**Brokers Record: 4**

- **i. Full name of broker:** WELLS FARGO SECURITIES, LLC

- **ii. SEC file number:** 008-65876

- **iii. CRD number:** 000126292

- **iv. LEI, if any:** VYVVCKR63DVZZN70PB21

- **v. State, if applicable:** NC

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $8,219.00

**Brokers Record: 5**

- **i. Full name of broker:** Robert W. Baird & Co. Incorporated

- **ii. SEC file number:** 008-00497

- **iii. CRD number:** 000008158

- **iv. LEI, if any:** 549300772UJAHRD6LO53

- **v. State, if applicable:** WI

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $22,229.00

**Brokers Record: 6**

- **i. Full name of broker:** STIFEL FINANCIAL CORP.

- **ii. SEC file number:** N/A

- **iii. CRD number:** N/A

- **iv. LEI, if any:** 549300E5F07FE5GHJX84

- **v. State, if applicable:** MO

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,979.00

**Brokers Record: 7**

- **i. Full name of broker:** Raymond James & Associates, Inc.

- **ii. SEC file number:** 008-10999

- **iii. CRD number:** 000000705

- **iv. LEI, if any:** U4ONQX15J3RO8XCKE979

- **v. State, if applicable:** FL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,458.00

**Brokers Record: 8**

- **i. Full name of broker:** GOLDMAN SACHS & CO. LLC

- **ii. SEC file number:** 008-00129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $623.00

**Brokers Record: 9**

- **i. Full name of broker:** JEFFERIES LLC

- **ii. SEC file number:** 008-15074

- **iii. CRD number:** 000002347

- **iv. LEI, if any:** 58PU97L1C0WSRCWADL48

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $6,314.00

**Brokers Record: 10**

- **i. Full name of broker:** Needham & Company, LLC

- **ii. SEC file number:** 008-33772

- **iii. CRD number:** 000016360

- **iv. LEI, if any:** 254900J2GFQ4J4NK1J89

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $5,771.00

**Aggregate Commission:** $66,333.00

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $128,538,743.84

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $250,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** Bank of New York Mellon

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                 | SEC File number   |
|:---|:---|
| Virtus Seix High Yield Fund                                  | 811-07705         |
| Virtus Newfleet Multi-Sector Intermediate Bond Series        | 811-04642         |
| Virtus GF Multi-Sector Income Fund                           | N/A               |
| Virtus Stone Harbor EMD MACS                                 | 811-23968         |
| Virtus KAR Small-Cap Growth Series                           | 811-04642         |
| Virtus KAR Capital Growth Series                             | 811-04642         |
| Virtus Seix Tax-Exempt Bond Fund                             | 811-07455         |
| Virtus Zevenbergen Technology Fund                           | 811-06161         |
| Virtus KAR Small-Mid Cap Core Fund                           | 811-00945         |
| Virtus Seix Total Return Bond Fund                           | 811-07705         |
| Virtus KAR Capital Growth Fund                               | 811-00945         |
| Virtus KAR International Small-Mid Cap Fund                  | 811-07455         |
| Virtus KAR Small-Cap Value Fund                              | 811-00945         |
| Virtus GF Select High Yield Fund                             | N/A               |
| Virtus Convertible Fund                                      | 811-22167         |
| Virtus KAR Small-Cap Value Series                            | 811-04642         |
| Virtus Duff & Phelps Global Infrastructure Fund              | 811-07455         |
| Virtus Seix Core Bond Fund                                   | 811-07705         |
| Stone Harbor Emerging Markets Local Currency Debt Fund       | N/A               |
| Virtus KAR Mid-Cap Growth Fund                               | 811-00945         |
| Virtus KAR Mid-Cap Core Fund                                 | 811-00945         |
| Virtus SGA International Growth Series                       | 811-04642         |
| Virtus Ceredex Small-Cap Value Equity Fund                   | 811-07705         |
| Virtus Duff & Phelps Select MLP and Energy Fund              | 811-22906         |
| Virtus Newfleet High Yield Fund                              | 811-07455         |
| Virtus Stone Harbor Emerging Markets Bond Fund               | 811-07455         |
| Virtus NFJ International Value Fund                          | 811-06161         |
| Virtus GF Emerging Markets High Dividend Fund                | N/A               |
| Stone Harbor Multi Asset Credit Portfolio                    | N/A               |
| Virtus Tactical Allocation Series                            | 811-04642         |
| Virtus SGA International Growth Fund                         | 811-07705         |
| Virtus Duff & Phelps Water Fund                              | 811-22167         |
| Virtus NFJ Dividend Value Fund                               | 811-06161         |
| Virtus Zevenbergen Innovative Growth Stock Fund              | 811-07705         |
| Stone Harbor Securitised Bond Fund                           | N/A               |
| Stone Harbor Emerging Markets Debt Explorer Fund             | N/A               |
| Virtus NFJ Emerging Markets Value Fund                       | 811-22167         |
| Virtus Newfleet Low Duration Core Plus Bond Fund             | 811-07455         |
| Stone Harbor Emerging Markets Corporate Debt Fund            | N/A               |
| Virtus Seix High Grade Municipal Bond Fund                   | 811-07705         |
| Virtus Silvant Large-Cap Growth Stock Fund                   | 811-07705         |
| Virtus Emerging Markets Opportunities Fund                   | 811-06161         |
| Virtus Ceredex Mid-Cap Value Equity Fund                     | 811-07705         |
| The Merger Fund VL                                           | 811-21279         |
| Stone Harbor Multi Asset Credit (No. 2) Portfolio            | N/A               |
| Virtus GF U.S. Small-Mid Cap Fund                            | N/A               |
| Virtus SGA Emerging Markets Equity Fund                      | 811-07455         |
| Virtus AlphaSimplex Global Alternatives Fund                 | 811-22906         |
| Virtus Silvant Mid-Cap Growth Fund                           | 811-06161         |
| Virtus Stone Harbor Local Markets Fund                       | 811-07455         |
| Virtus Newfleet Multi-Sector Short Term Bond Fund            | 811-07455         |
| Virtus Global Allocation Fund                                | 811-22167         |
| Virtus Seix High Yield MACS                                  | 811-23968         |
| Virtus Duff & Phelps Global Real Estate Securities Fund      | 811-07455         |
| Virtus International Small-Cap Fund                          | 811-22167         |
| Virtus Newfleet HighYield MACS                               | 811-23968         |
| Virtus Westchester Event-Driven Fund                         | 811-22818         |
| Virtus Stone Harbor Emerging Markets Debt Income Fund        | 811-07455         |
| Stone Harbor ESG Emerging Markets Debt Blend Fund            | N/A               |
| Virtus Newfleet Floating Rate MACS                           | 811-23968         |
| Virtus Silvant Focused Growth Fund                           | 811-06161         |
| Stone Harbor Investment Grade Emerging Market Corporate Fund | N/A               |
| Virtus KAR Global Small-Cap Fund                             | 811-06161         |
| Stone Harbor Multi Asset Credit Opportunistic Fund           | N/A               |
| Virtus Tactical Allocation Fund                              | 811-00945         |
| Virtus KAR Small-Cap Core Fund                               | 811-00945         |
| Virtus Income & Growth Fund                                  | 811-06161         |
| Virtus Newfleet Senior Floating Rate Fund                    | 811-07455         |
| Stone Harbor Global Investment Grade Corporate Bond Fund     | N/A               |
| Virtus AlphaSimplex Managed Futures Strategy Fund            | 811-22906         |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund          | 811-07455         |
| Virtus Duff & Phelps Real Estate Securities Fund             | 811-07455         |
| Stone Harbor Emerging Markets Debt Blend Portfolio           | N/A               |
| Stone Harbor High Yield Emerging Markets Corporate Debt Fund | N/A               |
| Virtus GF Multi-Sector Short Duration Bond Fund              | N/A               |
| Virtus GF U.S. Small Cap Focus Fund                          | N/A               |
| Virtus GF Clean Energy Fund                                  | N/A               |
| Virtus Westchester Credit Event Fund                         | 811-22818         |
| Virtus Duff & Phelps Real Asset Fund                         | 811-07455         |
| Virtus GF Global Small Cap Fund                              | N/A               |
| Virtus Newfleet RMBS MACS                                    | 811-23968         |
| Virtus Seix Investment Grade Tax-Exempt Bond Fund            | 811-07705         |
| Virtus Ceredex Large-Cap Value Equity Fund                   | 811-07705         |
| Stone Harbor Investment Grade Emerging Market Debt Fund      | N/A               |
| The Merger Fund                                              | 811-03445         |
| Virtus NFJ Mid-Cap Value Fund                                | 811-06161         |
| Virtus Newfleet CMBS MACS                                    | 811-23968         |
| Virtus Newfleet Short Duration High Income Fund              | 811-22167         |
| Virtus NFJ Small-Cap Value Fund                              | 811-06161         |
| Virtus NFJ Large-Cap Value Fund                              | 811-06161         |
| Virtus KAR Developing Markets Fund                           | 811-07455         |
| Virtus SGA Global Growth Fund                                | 811-00945         |
| Virtus KAR Health Sciences Fund                              | 811-06161         |
| Virtus Small-Cap Fund                                        | 811-06161         |
| Virtus KAR Small-Mid Cap Value Fund                          | 811-00945         |
| Virtus Newfleet ABS MACS                                     | 811-23968         |
| Virtus GF SGA Global Growth Fund                             | N/A               |
| Stone Harbor Emerging Markets Debt Fund                      | N/A               |
| Virtus KAR Equity Income Series                              | 811-04642         |
| Virtus KAR Small-Mid Cap Growth Fund                         | 811-00945         |
| Virtus Seix U.S. Government Securities Ultra-Short Bond Fund | 811-07705         |
| Virtus KAR Emerging Markets Small-Cap Fund                   | 811-07455         |
| Virtus KAR Small-Cap Growth Fund                             | 811-00945         |
| Virtus Duff & Phelps Real Estate Securities Series           | 811-04642         |
| Virtus Newfleet Core Plus Bond Fund                          | 811-07455         |
| Stone Harbor High Yield Bond Fund                            | N/A               |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 8 - Virtus SGA Global Growth Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Virtus SGA Global Growth Fund

- **b. Series identification number, if any:** S000064774

- **c. LEI:** 54930070DOV5E3T28H77

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 4

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Class C                 | C000209771                                | SGACX                        |
|                           2 | Class A                 | C000209770                                | SGAAX                        |
|                           3 | Class I                 | C000209768                                | SGAPX                        |
|                           4 | Class R6                | C000209769                                | SGARX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** BNY Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [ ] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $2,645,165.17

- **g. Provide the net income from securities lending activities:** $24,253.89

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

- Rule 22d-1 (17 CFR 270.22d-1)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** Yes

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Virtus Investment Advisers, LLC

- **ii. SEC file number:** 801-5995

- **iii. CRD number:** 000106982

- **iv. LEI, if any:** 5493008GM1PP47SEXR11

- **v. State, if applicable:** DE

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Sustainable Growth Advisers, LP

- **ii. SEC file number:** 801-62151

- **iii. CRD number:** 000127447

- **iv. LEI, if any:** 254900YJCQ391O8UQ071

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. SEC file number:** 084-06485

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** CT

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

**Transfer Agents Record: 2**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. SEC file number:** 084-01761

- **iii. LEI, if any:** 549300CFZQLI9QMJ1Z03

- **iv. State, if applicable:** DE

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** Yes

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Services, Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **Description of other identifying number:** Tax ID

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** LSEG Data & Analytics

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Bloomberg L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300B56MD0ZC402L06

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** Standard Chartered Bank, Philippines Branch

- **ii. LEI, if any:** RILFO74KP1CM8P6PCT96

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 2**

- **i. Full name:** The Hongkong and Shanghai Banking Corporation Limited, Bangkok Branch

- **ii. LEI, if any:** 2HI3YI5320L3RW6NJ957

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 3**

- **i. Full name:** Standard Chartered Bank, India Branch

- **ii. LEI, if any:** 335800S2ENIXDK4PJG40

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 4**

- **i. Full name:** HSBC Bank (Taiwan) Limited

- **ii. LEI, if any:** 549300SG184IVNYDMN03

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 5**

- **i. Full name:** MUFG Bank, Ltd.

- **ii. LEI, if any:** C3GTMMZIHMY46P4OIX74

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 6**

- **i. Full name:** The Hongkong and Shanghai Banking Corporation Limited

- **ii. LEI, if any:** 2HI3YI5320L3RW6NJ957

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 7**

- **i. Full name:** UBS Switzerland AG

- **ii. LEI, if any:** 549300WOIFUSNYH0FL22

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 8**

- **i. Full name:** CIBC Mellon Trust Company

- **ii. LEI, if any:** 549300IYUUH221WBZ505

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 9**

- **i. Full name:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 10**

- **i. Full name:** CBM BANCO, S.A., INSTITUCION DE BANCA MULTIPLE, INTEGRANTE DEL GRUPO FINANCIERO

- **ii. LEI, if any:** 529900H31AYI6WA1J534

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 11**

- **i. Full name:** Standard Chartered Bank, Indonesia Branch

- **ii. LEI, if any:** 254900XJQ7BKPSDXNP74

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 12**

- **i. Full name:** CACEIS BANK SPAIN S.A.

- **ii. LEI, if any:** 95980020140005970915

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 13**

- **i. Full name:** Euroclear France

- **ii. LEI, if any:** 54930060MY6S68NEUP16

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)

**Custodians Record: 14**

- **i. Full name:** Euroclear Belgium

- **ii. LEI, if any:** 21380014SJC1QPK8O356

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)

**Custodians Record: 15**

- **i. Full name:** The Bank of New York Mellon SA/NV (Denmark)

- **ii. LEI, if any:** N/A

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 16**

- **i. Full name:** Skandinaviska Enskilda Banken AB, Stockholm

- **ii. LEI, if any:** F3JS33DEI6XQ4ZBPTN86

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 17**

- **i. Full name:** Banque Nationale de Belgique SA/NV

- **ii. LEI, if any:** CGYP50QBGGR6NCHTSN68

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 18**

- **i. Full name:** The Bank of New York Mellon (United Kingdom)

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 19**

- **i. Full name:** THE STANDARD BANK OF SOUTH AFRICA

- **ii. LEI, if any:** QFC8ZCW3Q5PRXU1XTM60

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 20**

- **i. Full name:** UBS SWITZERLAND AG (T2S)

- **ii. LEI, if any:** 549300WOIFUSNYH0FL22

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 21**

- **i. Full name:** Euroclear Bank

- **ii. LEI, if any:** 549300CBNW05DILT6870

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)

**Custodians Record: 22**

- **i. Full name:** Citibank N.A., Brazilian Branch

- **ii. LEI, if any:** 1P0UUG7LC1S92QTNHG39

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 23**

- **i. Full name:** HSBC HK Bond Connect - China

- **ii. LEI, if any:** 2CZOJRADNJXBLT55G526

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 24**

- **i. Full name:** HSBC Bank Australia Limited

- **ii. LEI, if any:** DY9DBNI4W8J63Z298033

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 25**

- **i. Full name:** The Bank of New York Mellon, SA/NV (Netherlands)

- **ii. LEI, if any:** MMYX0N4ZEZ13Z4XCG897

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 26**

- **i. Full name:** The Hongkong and Shanghai Banking Corporation, Seoul

- **ii. LEI, if any:** 2HI3YI5320L3RW6NJ957

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 27**

- **i. Full name:** The Bank of New York Mellon SA/NV, Asset Servicing, Niederlassung Frankfurt am Main

- **ii. LEI, if any:** 5299008ORSGF0TGLSC98

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. LEI, if any, or other identifying number:** 549300CFZQLI9QMJ1Z03

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

**Administrators Record: 2**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** N/A

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** VP Distributors, LLC

- **b. SEC file number:** 008-14100

- **c. CRD number:** 000003036

- **d. LEI, if any:** 549300IW1QX018U5W603

- **e. State, if applicable:** CT

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** JEFFERIES LLC

- **ii. SEC file number:** 008-15074

- **iii. CRD number:** 000002347

- **iv. LEI, if any:** 58PU97L1C0WSRCWADL48

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $7,773.00

**Brokers Record: 2**

- **i. Full name of broker:** JONESTRADING

- **ii. SEC file number:** 008-26089

- **iii. CRD number:** 000006888

- **iv. LEI, if any:** 2138008JJ5PA8H5UIL69

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $25,181.00

**Brokers Record: 3**

- **i. Full name of broker:** CITIGROUP GLOBAL MARKETS INC.

- **ii. SEC file number:** 008-08177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** MBNUM2BPBDO7JBLYG310

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $12,914.00

**Brokers Record: 4**

- **i. Full name of broker:** MORGAN STANLEY & CO. LLC

- **ii. SEC file number:** 008-15869

- **iii. CRD number:** 000008209

- **iv. LEI, if any:** 9R7GPTSO7KV3UQJZQ078

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $9,449.00

**Brokers Record: 5**

- **i. Full name of broker:** J.P. Morgan Securities LLC

- **ii. SEC file number:** 008-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $18,039.00

**Brokers Record: 6**

- **i. Full name of broker:** TD SECURITIES (USA) LLC

- **ii. SEC file number:** 008-36747

- **iii. CRD number:** 000018476

- **iv. LEI, if any:** SUVUFHICNZMP2WKHG940

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $4,358.00

**Brokers Record: 7**

- **i. Full name of broker:** EVERCORE GROUP L.L.C.

- **ii. SEC file number:** 008-49830

- **iii. CRD number:** 000042405

- **iv. LEI, if any:** 5493008F0LRLS5N8LZ81

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $5,090.00

**Brokers Record: 8**

- **i. Full name of broker:** RBC CAPITAL MARKETS, LLC

- **ii. SEC file number:** 008-45411

- **iii. CRD number:** 000031194

- **iv. LEI, if any:** 549300LCO2FLSSVFFR64

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $9,449.00

**Brokers Record: 9**

- **i. Full name of broker:** BOFA SECURITIES, INC.

- **ii. SEC file number:** 008-69787

- **iii. CRD number:** 000283942

- **iv. LEI, if any:** 549300HN4UKV1E2R3U73

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $16,454.00

**Brokers Record: 10**

- **i. Full name of broker:** BARCLAYS CAPITAL, INC.

- **ii. SEC file number:** 008-41342

- **iii. CRD number:** 000019714

- **iv. LEI, if any:** AC28XWWI3WIBK2824319

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $11,917.00

**Aggregate Commission:** $141,764.00

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $264,980,199.44

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $250,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** Bank of New York Mellon

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                 | SEC File number   |
|:---|:---|
| Virtus Ceredex Mid-Cap Value Equity Fund                     | 811-07705         |
| Stone Harbor Investment Grade Emerging Market Corporate Fund | N/A               |
| Virtus Ceredex Large-Cap Value Equity Fund                   | 811-07705         |
| Virtus Seix High Grade Municipal Bond Fund                   | 811-07705         |
| Virtus Seix High Yield MACS                                  | 811-23968         |
| Virtus KAR Small-Mid Cap Value Fund                          | 811-00945         |
| Virtus GF Select High Yield Fund                             | N/A               |
| Virtus Duff & Phelps Select MLP and Energy Fund              | 811-22906         |
| Virtus GF Multi-Sector Income Fund                           | N/A               |
| Virtus GF Emerging Markets High Dividend Fund                | N/A               |
| Virtus Tactical Allocation Series                            | 811-04642         |
| Virtus KAR Global Small-Cap Fund                             | 811-06161         |
| Stone Harbor Emerging Markets Corporate Debt Fund            | N/A               |
| Virtus KAR Mid-Cap Growth Fund                               | 811-00945         |
| Virtus Newfleet Short Duration High Income Fund              | 811-22167         |
| Virtus KAR Small-Cap Growth Fund                             | 811-00945         |
| Virtus Seix Investment Grade Tax-Exempt Bond Fund            | 811-07705         |
| Virtus Tactical Allocation Fund                              | 811-00945         |
| Virtus KAR Small-Mid Cap Growth Fund                         | 811-00945         |
| Virtus KAR Developing Markets Fund                           | 811-07455         |
| Virtus Newfleet Multi-Sector Intermediate Bond Series        | 811-04642         |
| Stone Harbor Investment Grade Emerging Market Debt Fund      | N/A               |
| Virtus NFJ Dividend Value Fund                               | 811-06161         |
| Virtus Westchester Credit Event Fund                         | 811-22818         |
| Stone Harbor Emerging Markets Debt Explorer Fund             | N/A               |
| Virtus Newfleet HighYield MACS                               | 811-23968         |
| Virtus GF Clean Energy Fund                                  | N/A               |
| Virtus KAR Health Sciences Fund                              | 811-06161         |
| Virtus Seix Core Bond Fund                                   | 811-07705         |
| Virtus KAR Small-Cap Value Fund                              | 811-00945         |
| Virtus Newfleet ABS MACS                                     | 811-23968         |
| Virtus KAR Capital Growth Series                             | 811-04642         |
| Virtus AlphaSimplex Global Alternatives Fund                 | 811-22906         |
| Virtus Convertible Fund                                      | 811-22167         |
| Virtus AlphaSimplex Managed Futures Strategy Fund            | 811-22906         |
| Virtus GF SGA Global Growth Fund                             | N/A               |
| Virtus Stone Harbor Emerging Markets Bond Fund               | 811-07455         |
| Virtus SGA Emerging Markets Equity Fund                      | 811-07455         |
| Virtus Income & Growth Fund                                  | 811-06161         |
| Virtus Small-Cap Fund                                        | 811-06161         |
| Virtus Newfleet Floating Rate MACS                           | 811-23968         |
| Virtus Newfleet CMBS MACS                                    | 811-23968         |
| Stone Harbor Multi Asset Credit Opportunistic Fund           | N/A               |
| Stone Harbor High Yield Emerging Markets Corporate Debt Fund | N/A               |
| Virtus Zevenbergen Technology Fund                           | 811-06161         |
| Virtus NFJ Mid-Cap Value Fund                                | 811-06161         |
| Stone Harbor Securitised Bond Fund                           | N/A               |
| Virtus NFJ Small-Cap Value Fund                              | 811-06161         |
| Virtus Newfleet Low Duration Core Plus Bond Fund             | 811-07455         |
| Virtus KAR Mid-Cap Core Fund                                 | 811-00945         |
| Virtus KAR Small-Cap Growth Series                           | 811-04642         |
| Virtus Newfleet RMBS MACS                                    | 811-23968         |
| Virtus KAR International Small-Mid Cap Fund                  | 811-07455         |
| Virtus KAR Small-Cap Core Fund                               | 811-00945         |
| Virtus Newfleet Multi-Sector Short Term Bond Fund            | 811-07455         |
| Virtus KAR Capital Growth Fund                               | 811-00945         |
| Virtus Duff & Phelps Water Fund                              | 811-22167         |
| Virtus Seix Total Return Bond Fund                           | 811-07705         |
| Virtus NFJ Large-Cap Value Fund                              | 811-06161         |
| Virtus Duff & Phelps Real Asset Fund                         | 811-07455         |
| Virtus Silvant Large-Cap Growth Stock Fund                   | 811-07705         |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund          | 811-07455         |
| Virtus NFJ Emerging Markets Value Fund                       | 811-22167         |
| Stone Harbor Multi Asset Credit Portfolio                    | N/A               |
| Virtus GF Global Small Cap Fund                              | N/A               |
| Virtus Stone Harbor EMD MACS                                 | 811-23968         |
| Virtus KAR Small-Mid Cap Core Fund                           | 811-00945         |
| Stone Harbor Emerging Markets Debt Fund                      | N/A               |
| Virtus International Small-Cap Fund                          | 811-22167         |
| Virtus SGA International Growth Fund                         | 811-07705         |
| Virtus Global Allocation Fund                                | 811-22167         |
| Virtus Duff & Phelps Global Infrastructure Fund              | 811-07455         |
| Stone Harbor Emerging Markets Local Currency Debt Fund       | N/A               |
| Virtus Newfleet Core Plus Bond Fund                          | 811-07455         |
| Virtus Seix High Yield Fund                                  | 811-07705         |
| The Merger Fund VL                                           | 811-21279         |
| Virtus KAR Equity Income Fund                                | 811-00945         |
| Virtus Silvant Focused Growth Fund                           | 811-06161         |
| Virtus Duff & Phelps Real Estate Securities Series           | 811-04642         |
| Virtus KAR Emerging Markets Small-Cap Fund                   | 811-07455         |
| Virtus Newfleet High Yield Fund                              | 811-07455         |
| Stone Harbor Emerging Markets Debt Blend Portfolio           | N/A               |
| Virtus Westchester Event-Driven Fund                         | 811-22818         |
| Virtus GF U.S. Small Cap Focus Fund                          | N/A               |
| Stone Harbor High Yield Bond Fund                            | N/A               |
| Virtus GF Multi-Sector Short Duration Bond Fund              | N/A               |
| Virtus Seix Tax-Exempt Bond Fund                             | 811-07455         |
| Virtus Duff & Phelps Global Real Estate Securities Fund      | 811-07455         |
| Virtus Ceredex Small-Cap Value Equity Fund                   | 811-07705         |
| Virtus Stone Harbor Emerging Markets Debt Income Fund        | 811-07455         |
| Virtus Zevenbergen Innovative Growth Stock Fund              | 811-07705         |
| Virtus KAR Equity Income Series                              | 811-04642         |
| Virtus Emerging Markets Opportunities Fund                   | 811-06161         |
| Virtus Seix U.S. Government Securities Ultra-Short Bond Fund | 811-07705         |
| Virtus NFJ International Value Fund                          | 811-06161         |
| Virtus Newfleet Senior Floating Rate Fund                    | 811-07455         |
| Stone Harbor Global Investment Grade Corporate Bond Fund     | N/A               |
| Stone Harbor ESG Emerging Markets Debt Blend Fund            | N/A               |
| Virtus Silvant Mid-Cap Growth Fund                           | 811-06161         |
| Virtus KAR Small-Cap Value Series                            | 811-04642         |
| Virtus Duff & Phelps Real Estate Securities Fund             | 811-07455         |
| The Merger Fund                                              | 811-03445         |
| Virtus GF U.S. Small-Mid Cap Fund                            | N/A               |
| Virtus SGA International Growth Series                       | 811-04642         |
| Virtus Stone Harbor Local Markets Fund                       | 811-07455         |
| Stone Harbor Multi Asset Credit (No. 2) Portfolio            | N/A               |

- **v. Did the Fund draw on the line of credit this period?** —

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 9 - Virtus Tactical Allocation Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Virtus Tactical Allocation Fund

- **b. Series identification number, if any:** S000021179

- **c. LEI:** 5493000BQ75WRC0WLH98

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 4

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Class R6                | C000224195                                | VTARX                        |
|                           2 | Class I                 | C000211088                                | VTAIX                        |
|                           3 | Class C                 | C000060293                                | POICX                        |
|                           4 | Class A                 | C000060291                                | NAINX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** BNY Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [ ] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $246,502.97

- **g. Provide the net income from securities lending activities:** $2,871.42

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 18f-4(f)(17 CFR 270.18f-4(f))

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 22d-1 (17 CFR 270.22d-1)

- Rule 18f-4 (17 CFR 270.18f-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Virtus Investment Advisers, LLC

- **ii. SEC file number:** 801-5995

- **iii. CRD number:** 000106982

- **iv. LEI, if any:** 5493008GM1PP47SEXR11

- **v. State, if applicable:** DE

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Virtus Fixed Income Advisers, LLC

- **ii. SEC file number:** 801-68743

- **iii. CRD number:** 000146029

- **iv. LEI, if any:** 549300L7I4W19C7JV575

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Sub-adviser Record: 2**

- **i. Full name:** Kayne Anderson Rudnick Investment Management LLC

- **ii. SEC file number:** 801-24241

- **iii. CRD number:** 000104599

- **iv. LEI, if any:** 549300W19TN6A5K46H71

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. SEC file number:** 084-06485

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** CT

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

**Transfer Agents Record: 2**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. SEC file number:** 084-01761

- **iii. LEI, if any:** 549300CFZQLI9QMJ1Z03

- **iv. State, if applicable:** DE

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** Yes

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Services, Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **Description of other identifying number:** Tax ID

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** LSEG Data & Analytics

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Bloomberg L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300B56MD0ZC402L06

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. LEI, if any, or other identifying number:** 549300CFZQLI9QMJ1Z03

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

**Administrators Record: 2**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** N/A

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** VP Distributors, LLC

- **b. SEC file number:** 008-14100

- **c. CRD number:** 000003036

- **d. LEI, if any:** 549300IW1QX018U5W603

- **e. State, if applicable:** CT

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** BOFA SECURITIES, INC.

- **ii. SEC file number:** 008-69787

- **iii. CRD number:** 000283942

- **iv. LEI, if any:** 549300HN4UKV1E2R3U73

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $6,187.00

**Brokers Record: 2**

- **i. Full name of broker:** AUERBACH GRAYSON & COMPANY LLC

- **ii. SEC file number:** 008-45136

- **iii. CRD number:** 000030761

- **iv. LEI, if any:** 254900THN5ANAH8X1V30

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $8,577.00

**Brokers Record: 3**

- **i. Full name of broker:** SANFORD C. BERNSTEIN & CO., LLC

- **ii. SEC file number:** 008-52942

- **iii. CRD number:** 000104474

- **iv. LEI, if any:** 549300I7JYZHT7D5CO04

- **v. State, if applicable:** DE

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $22,368.00

**Brokers Record: 4**

- **i. Full name of broker:** MACQUARIE CAPITAL (USA), INC.

- **ii. SEC file number:** 008-47198

- **iii. CRD number:** 000036368

- **iv. LEI, if any:** 549300670K07JRB5UQ40

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $8,929.00

**Brokers Record: 5**

- **i. Full name of broker:** Joh. Berenberg, Gossler & Co. KG

- **ii. SEC file number:** N/A

- **iii. CRD number:** N/A

- **iv. LEI, if any:** 529900UC2OD7II24Z667

- **vii. Gross commissions paid by the Fund for the reporting period:** $12,489.00

**Brokers Record: 6**

- **i. Full name of broker:** ROBERT W. BAIRD & CO. INC.

- **ii. SEC file number:** 008-00497

- **iii. CRD number:** 000008158

- **iv. LEI, if any:** 549300772UJAHRD6LO53

- **v. State, if applicable:** WI

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $6,270.00

**Brokers Record: 7**

- **i. Full name of broker:** JEFFERIES LLC

- **ii. SEC file number:** 008-15074

- **iii. CRD number:** 000002347

- **iv. LEI, if any:** 58PU97L1C0WSRCWADL48

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $5,973.00

**Brokers Record: 8**

- **i. Full name of broker:** KEPLER CAPITAL MARKETS, INC.

- **ii. SEC file number:** 008-67194

- **iii. CRD number:** 000139148

- **iv. LEI, if any:** 254900VCHS9DMDUVZN16

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $11,717.00

**Brokers Record: 9**

- **i. Full name of broker:** LIQUIDNET, INC.

- **ii. SEC file number:** 008-52461

- **iii. CRD number:** 000103987

- **iv. LEI, if any:** 213800HSKBBO1GCVRG79

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $27,328.00

**Brokers Record: 10**

- **i. Full name of broker:** Carnegie AS

- **ii. SEC file number:** N/A

- **iii. CRD number:** N/A

- **iv. LEI, if any:** 5967007LIEEXZX57BC18

- **vii. Gross commissions paid by the Fund for the reporting period:** $11,076.00

**Aggregate Commission:** $157,403.00

**Item C.17.a. Principal transaction counterparties.**

| Name                           | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| WELLS FARGO SECURITIES, LLC    | 008-65876         |    000126292 | VYVVCKR63DVZZN70PB21 | NC      | US        | $11,272,078.00            |
| MORGAN STANLEY & CO. LLC       | 008-15869         |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $14,969,573.00            |
| HSBC SECURITIES (USA), INC.    | 008-41562         |    000019585 | CYYGQCGNHMHPSMRL3R97 | NY      | US        | $3,812,096.00             |
| PERSHING LLC                   | 008-17574         |    000007560 | ZI8Q1A8EI8LQFJNM0D94 | NJ      | US        | $9,814,804.00             |
| CitiGroup Global Markets Inc.  | 008-08177         |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $6,111,865.00             |
| DEUTSCHE BANK SECURITIES, INC. | 008-17822         |    000002525 | 9J6MBOOO7BECTDTUZW19 | NY      | US        | $3,885,556.00             |
| J.P. Morgan Securities LLC     | 008-35008         |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $11,857,112.00            |
| BOFA SECURITIES, INC.          | 008-69787         |    000283942 | 549300HN4UKV1E2R3U73 | NY      | US        | $27,454,390.00            |
| Truist Securities, Inc.        | 008-17212         |    000006271 | CSVTK36R0PNGXEM7NS14 | GA      | US        | $5,950,365.00             |
| GOLDMAN SACHS & CO. LLC        | 008-00129         |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $16,386,687.00            |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $138,428,856.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $644,917,445.60

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $250,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** Bank of New York Mellon

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                 | SEC File number   |
|:---|:---|
| Virtus NFJ Large-Cap Value Fund                              | 811-06161         |
| Virtus KAR Small-Cap Value Series                            | 811-04642         |
| Virtus GF Emerging Markets High Dividend Fund                | N/A               |
| Virtus KAR Small-Mid Cap Value Fund                          | 811-00945         |
| Virtus Duff & Phelps Global Infrastructure Fund              | 811-07455         |
| Virtus Income & Growth Fund                                  | 811-06161         |
| Virtus NFJ Small-Cap Value Fund                              | 811-06161         |
| Virtus Newfleet ABS MACS                                     | 811-23968         |
| Stone Harbor Investment Grade Emerging Market Corporate Fund | N/A               |
| Virtus Seix High Yield Fund                                  | 811-07705         |
| Stone Harbor Multi Asset Credit Portfolio                    | N/A               |
| Virtus Global Allocation Fund                                | 811-22167         |
| Virtus KAR Health Sciences Fund                              | 811-06161         |
| Virtus KAR Small-Mid Cap Growth Fund                         | 811-00945         |
| Virtus KAR Mid-Cap Growth Fund                               | 811-00945         |
| The Merger Fund                                              | 811-03445         |
| Virtus KAR Small-Cap Value Fund                              | 811-00945         |
| Virtus Newfleet Core Plus Bond Fund                          | 811-07455         |
| Virtus KAR Small-Cap Growth Fund                             | 811-00945         |
| Virtus KAR Capital Growth Fund                               | 811-00945         |
| Virtus KAR Small-Cap Core Fund                               | 811-00945         |
| Virtus Duff & Phelps Select MLP and Energy Fund              | 811-22906         |
| Virtus Small-Cap Fund                                        | 811-06161         |
| Virtus Duff & Phelps Real Estate Securities Fund             | 811-07455         |
| Stone Harbor Emerging Markets Debt Explorer Fund             | N/A               |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund          | 811-07455         |
| Virtus Duff & Phelps Global Real Estate Securities Fund      | 811-07455         |
| Stone Harbor Securitised Bond Fund                           | N/A               |
| Virtus Silvant Large-Cap Growth Stock Fund                   | 811-07705         |
| Virtus KAR Equity Income Fund                                | 811-00945         |
| Virtus GF Multi-Sector Income Fund                           | N/A               |
| Virtus Duff & Phelps Water Fund                              | 811-22167         |
| Virtus Convertible Fund                                      | 811-22167         |
| Virtus Ceredex Mid-Cap Value Equity Fund                     | 811-07705         |
| Virtus Stone Harbor Local Markets Fund                       | 811-07455         |
| Virtus SGA Global Growth Fund                                | 811-00945         |
| Stone Harbor Multi Asset Credit (No. 2) Portfolio            | N/A               |
| Virtus KAR Small-Cap Growth Series                           | 811-04642         |
| Virtus Newfleet High Yield Fund                              | 811-07455         |
| Virtus KAR International Small-Mid Cap Fund                  | 811-07455         |
| Stone Harbor Emerging Markets Debt Blend Portfolio           | N/A               |
| Virtus Newfleet Low Duration Core Plus Bond Fund             | 811-07455         |
| Virtus KAR Capital Growth Series                             | 811-04642         |
| Virtus Newfleet RMBS MACS                                    | 811-23968         |
| Virtus Seix High Yield MACS                                  | 811-23968         |
| Virtus NFJ Mid-Cap Value Fund                                | 811-06161         |
| Virtus Westchester Event-Driven Fund                         | 811-22818         |
| Virtus International Small-Cap Fund                          | 811-22167         |
| Stone Harbor Global Investment Grade Corporate Bond Fund     | N/A               |
| Virtus Seix Investment Grade Tax-Exempt Bond Fund            | 811-07705         |
| Virtus Seix High Grade Municipal Bond Fund                   | 811-07705         |
| Virtus Emerging Markets Opportunities Fund                   | 811-06161         |
| Virtus KAR Emerging Markets Small-Cap Fund                   | 811-07455         |
| Virtus Seix Core Bond Fund                                   | 811-07705         |
| Virtus Stone Harbor EMD MACS                                 | 811-23968         |
| Virtus GF SGA Global Growth Fund                             | N/A               |
| Virtus SGA International Growth Series                       | 811-04642         |
| Virtus KAR Developing Markets Fund                           | 811-07455         |
| Virtus Duff & Phelps Real Estate Securities Series           | 811-04642         |
| Virtus Stone Harbor Emerging Markets Debt Income Fund        | 811-07455         |
| Virtus Zevenbergen Technology Fund                           | 811-06161         |
| Virtus KAR Equity Income Series                              | 811-04642         |
| The Merger Fund VL                                           | 811-21279         |
| Virtus GF Multi-Sector Short Duration Bond Fund              | N/A               |
| Virtus SGA International Growth Fund                         | 811-07705         |
| Virtus Ceredex Small-Cap Value Equity Fund                   | 811-07705         |
| Virtus GF U.S. Small Cap Focus Fund                          | N/A               |
| Virtus GF Select High Yield Fund                             | N/A               |
| Virtus GF U.S. Small-Mid Cap Fund                            | N/A               |
| Virtus Newfleet Floating Rate MACS                           | 811-23968         |
| Virtus Seix Total Return Bond Fund                           | 811-07705         |
| Virtus Newfleet Multi-Sector Short Term Bond Fund            | 811-07455         |
| Virtus NFJ International Value Fund                          | 811-06161         |
| Virtus Newfleet Multi-Sector Intermediate Bond Series        | 811-04642         |
| Stone Harbor High Yield Bond Fund                            | N/A               |
| Virtus AlphaSimplex Managed Futures Strategy Fund            | 811-22906         |
| Virtus Duff & Phelps Real Asset Fund                         | 811-07455         |
| Stone Harbor ESG Emerging Markets Debt Blend Fund            | N/A               |
| Virtus Seix Tax-Exempt Bond Fund                             | 811-07455         |
| Virtus NFJ Emerging Markets Value Fund                       | 811-22167         |
| Virtus Westchester Credit Event Fund                         | 811-22818         |
| Virtus Newfleet Short Duration High Income Fund              | 811-22167         |
| Virtus KAR Small-Mid Cap Core Fund                           | 811-00945         |
| Virtus Ceredex Large-Cap Value Equity Fund                   | 811-07705         |
| Virtus Seix U.S. Government Securities Ultra-Short Bond Fund | 811-07705         |
| Virtus Zevenbergen Innovative Growth Stock Fund              | 811-07705         |
| Virtus KAR Mid-Cap Core Fund                                 | 811-00945         |
| Virtus Newfleet Senior Floating Rate Fund                    | 811-07455         |
| Virtus SGA Emerging Markets Equity Fund                      | 811-07455         |
| Virtus GF Clean Energy Fund                                  | N/A               |
| Stone Harbor Emerging Markets Debt Fund                      | N/A               |
| Stone Harbor Investment Grade Emerging Market Debt Fund      | N/A               |
| Virtus KAR Global Small-Cap Fund                             | 811-06161         |
| Virtus AlphaSimplex Global Alternatives Fund                 | 811-22906         |
| Virtus Newfleet HighYield MACS                               | 811-23968         |
| Stone Harbor High Yield Emerging Markets Corporate Debt Fund | N/A               |
| Virtus GF Global Small Cap Fund                              | N/A               |
| Virtus NFJ Dividend Value Fund                               | 811-06161         |
| Virtus Stone Harbor Emerging Markets Bond Fund               | 811-07455         |
| Virtus Silvant Focused Growth Fund                           | 811-06161         |
| Stone Harbor Emerging Markets Corporate Debt Fund            | N/A               |
| Stone Harbor Emerging Markets Local Currency Debt Fund       | N/A               |
| Stone Harbor Multi Asset Credit Opportunistic Fund           | N/A               |
| Virtus Silvant Mid-Cap Growth Fund                           | 811-06161         |
| Virtus Newfleet CMBS MACS                                    | 811-23968         |
| Virtus Tactical Allocation Series                            | 811-04642         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 10 - Virtus KAR Mid-Cap Core Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Virtus KAR Mid-Cap Core Fund

- **b. Series identification number, if any:** S000025925

- **c. LEI:** 549300QFF23HRQSQI170

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 4

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Class C                 | C000077896                                | VMCCX                        |
|                           2 | Class I                 | C000077897                                | VIMCX                        |
|                           3 | Class R6                | C000199784                                | VRMCX                        |
|                           4 | Class A                 | C000077895                                | VMACX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 22d-1 (17 CFR 270.22d-1)

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 12d1-4 (17 CFR 270.12d1-4)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Virtus Investment Advisers, LLC

- **ii. SEC file number:** 801-5995

- **iii. CRD number:** 000106982

- **iv. LEI, if any:** 5493008GM1PP47SEXR11

- **v. State, if applicable:** DE

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Kayne Anderson Rudnick Investment Management LLC

- **ii. SEC file number:** 801-24241

- **iii. CRD number:** 000104599

- **iv. LEI, if any:** 549300W19TN6A5K46H71

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. SEC file number:** 084-01761

- **iii. LEI, if any:** 549300CFZQLI9QMJ1Z03

- **iv. State, if applicable:** DE

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** Yes

**Transfer Agents Record: 2**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. SEC file number:** 084-06485

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** CT

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Bloomberg L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300B56MD0ZC402L06

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** LSEG Data & Analytics

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** ICE Data Services, Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **Description of other identifying number:** Tax ID

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. LEI, if any, or other identifying number:** 549300CFZQLI9QMJ1Z03

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

**Administrators Record: 2**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** N/A

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** VP Distributors, LLC

- **b. SEC file number:** 008-14100

- **c. CRD number:** 000003036

- **d. LEI, if any:** 549300IW1QX018U5W603

- **e. State, if applicable:** CT

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** Raymond James & Associates, Inc.

- **ii. SEC file number:** 008-10999

- **iii. CRD number:** 000000705

- **iv. LEI, if any:** U4ONQX15J3RO8XCKE979

- **v. State, if applicable:** FL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $17,839.00

**Brokers Record: 2**

- **i. Full name of broker:** WELLS FARGO SECURITIES, LLC

- **ii. SEC file number:** 008-65876

- **iii. CRD number:** 000126292

- **iv. LEI, if any:** VYVVCKR63DVZZN70PB21

- **v. State, if applicable:** NC

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $13,221.00

**Brokers Record: 3**

- **i. Full name of broker:** MORGAN STANLEY & CO. LLC

- **ii. SEC file number:** 008-15869

- **iii. CRD number:** 000008209

- **iv. LEI, if any:** 9R7GPTSO7KV3UQJZQ078

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $6,805.00

**Brokers Record: 4**

- **i. Full name of broker:** BOFA SECURITIES, INC.

- **ii. SEC file number:** 008-69787

- **iii. CRD number:** 000283942

- **iv. LEI, if any:** 549300HN4UKV1E2R3U73

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $28,984.00

**Brokers Record: 5**

- **i. Full name of broker:** LIQUIDNET, INC.

- **ii. SEC file number:** 008-52461

- **iii. CRD number:** 000103987

- **iv. LEI, if any:** 213800HSKBBO1GCVRG79

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $19,953.00

**Brokers Record: 6**

- **i. Full name of broker:** Robert W. Baird & Co. Incorporated

- **ii. SEC file number:** 008-00497

- **iii. CRD number:** 000008158

- **iv. LEI, if any:** 549300772UJAHRD6LO53

- **v. State, if applicable:** WI

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $44,550.00

**Brokers Record: 7**

- **i. Full name of broker:** SANFORD C. BERNSTEIN & CO., LLC

- **ii. SEC file number:** 008-52942

- **iii. CRD number:** 000104474

- **iv. LEI, if any:** 549300I7JYZHT7D5CO04

- **v. State, if applicable:** DE

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $22,783.00

**Brokers Record: 8**

- **i. Full name of broker:** WILLIAM BLAIR

- **ii. SEC file number:** 008-02698

- **iii. CRD number:** 000001252

- **iv. LEI, if any:** 549300J0P7XYE8BMZ775

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $14,950.00

**Brokers Record: 9**

- **i. Full name of broker:** GOLDMAN SACHS & CO. LLC

- **ii. SEC file number:** 008-00129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $34,402.00

**Brokers Record: 10**

- **i. Full name of broker:** JEFFERIES LLC

- **ii. SEC file number:** 008-15074

- **iii. CRD number:** 000002347

- **iv. LEI, if any:** 58PU97L1C0WSRCWADL48

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $14,799.00

**Aggregate Commission:** $229,822.00

**Item C.17.a. Principal transaction counterparties.**

| Name                     | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| MORGAN STANLEY & CO. LLC | 008-15869         |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $21,585,966.00            |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $21,585,966.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $2,792,719,311.04

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $250,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** Bank of New York Mellon

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                 | SEC File number   |
|:---|:---|
| Virtus Newfleet CMBS MACS                                    | 811-23968         |
| Virtus Ceredex Small-Cap Value Equity Fund                   | 811-07705         |
| The Merger Fund VL                                           | 811-21279         |
| Virtus International Small-Cap Fund                          | 811-22167         |
| Virtus GF SGA Global Growth Fund                             | N/A               |
| Virtus GF Clean Energy Fund                                  | N/A               |
| Virtus Stone Harbor Emerging Markets Bond Fund               | 811-07455         |
| Virtus GF U.S. Small-Mid Cap Fund                            | N/A               |
| Virtus AlphaSimplex Global Alternatives Fund                 | 811-22906         |
| Virtus SGA Emerging Markets Equity Fund                      | 811-07455         |
| Virtus GF Select High Yield Fund                             | N/A               |
| Virtus Seix High Grade Municipal Bond Fund                   | 811-07705         |
| Virtus NFJ Mid-Cap Value Fund                                | 811-06161         |
| Virtus Newfleet Multi-Sector Intermediate Bond Series        | 811-04642         |
| Virtus Stone Harbor Emerging Markets Debt Income Fund        | 811-07455         |
| Virtus Stone Harbor Local Markets Fund                       | 811-07455         |
| Virtus Duff & Phelps Select MLP and Energy Fund              | 811-22906         |
| Virtus Zevenbergen Technology Fund                           | 811-06161         |
| Stone Harbor Global Investment Grade Corporate Bond Fund     | N/A               |
| Stone Harbor Emerging Markets Local Currency Debt Fund       | N/A               |
| Virtus KAR Small-Cap Value Series                            | 811-04642         |
| Virtus Duff & Phelps Global Real Estate Securities Fund      | 811-07455         |
| Virtus Duff & Phelps Real Estate Securities Fund             | 811-07455         |
| Virtus Newfleet Senior Floating Rate Fund                    | 811-07455         |
| Virtus Newfleet ABS MACS                                     | 811-23968         |
| Virtus Newfleet High Yield Fund                              | 811-07455         |
| Virtus KAR Global Small-Cap Fund                             | 811-06161         |
| Virtus AlphaSimplex Managed Futures Strategy Fund            | 811-22906         |
| Virtus Newfleet Low Duration Core Plus Bond Fund             | 811-07455         |
| Virtus SGA Global Growth Fund                                | 811-00945         |
| Virtus Zevenbergen Innovative Growth Stock Fund              | 811-07705         |
| Virtus NFJ International Value Fund                          | 811-06161         |
| Virtus KAR Small-Cap Value Fund                              | 811-00945         |
| Virtus KAR Health Sciences Fund                              | 811-06161         |
| Virtus KAR Small-Mid Cap Growth Fund                         | 811-00945         |
| Virtus Emerging Markets Opportunities Fund                   | 811-06161         |
| Stone Harbor Emerging Markets Corporate Debt Fund            | N/A               |
| Stone Harbor Securitised Bond Fund                           | N/A               |
| Virtus KAR Small-Cap Growth Fund                             | 811-00945         |
| Stone Harbor ESG Emerging Markets Debt Blend Fund            | N/A               |
| Virtus GF Multi-Sector Income Fund                           | N/A               |
| Virtus Global Allocation Fund                                | 811-22167         |
| Virtus KAR Capital Growth Series                             | 811-04642         |
| Virtus KAR Small-Mid Cap Value Fund                          | 811-00945         |
| Virtus Seix Tax-Exempt Bond Fund                             | 811-07455         |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund          | 811-07455         |
| Virtus NFJ Small-Cap Value Fund                              | 811-06161         |
| Virtus Seix High Yield Fund                                  | 811-07705         |
| Virtus NFJ Large-Cap Value Fund                              | 811-06161         |
| Virtus GF Global Small Cap Fund                              | N/A               |
| Virtus Silvant Focused Growth Fund                           | 811-06161         |
| Stone Harbor Investment Grade Emerging Market Debt Fund      | N/A               |
| Virtus Ceredex Mid-Cap Value Equity Fund                     | 811-07705         |
| Virtus Newfleet RMBS MACS                                    | 811-23968         |
| Virtus Seix Total Return Bond Fund                           | 811-07705         |
| Virtus Duff & Phelps Real Asset Fund                         | 811-07455         |
| Stone Harbor Multi Asset Credit Portfolio                    | N/A               |
| Virtus KAR Small-Cap Core Fund                               | 811-00945         |
| Stone Harbor Emerging Markets Debt Explorer Fund             | N/A               |
| Virtus KAR Small-Cap Growth Series                           | 811-04642         |
| Stone Harbor Investment Grade Emerging Market Corporate Fund | N/A               |
| Virtus Newfleet Core Plus Bond Fund                          | 811-07455         |
| Stone Harbor Multi Asset Credit Opportunistic Fund           | N/A               |
| Virtus Newfleet HighYield MACS                               | 811-23968         |
| Virtus GF Multi-Sector Short Duration Bond Fund              | N/A               |
| Virtus NFJ Dividend Value Fund                               | 811-06161         |
| Virtus Silvant Large-Cap Growth Stock Fund                   | 811-07705         |
| Virtus Seix U.S. Government Securities Ultra-Short Bond Fund | 811-07705         |
| Virtus NFJ Emerging Markets Value Fund                       | 811-22167         |
| Virtus Seix Investment Grade Tax-Exempt Bond Fund            | 811-07705         |
| Virtus KAR Developing Markets Fund                           | 811-07455         |
| Virtus Ceredex Large-Cap Value Equity Fund                   | 811-07705         |
| Virtus GF Emerging Markets High Dividend Fund                | N/A               |
| Virtus KAR Emerging Markets Small-Cap Fund                   | 811-07455         |
| Virtus KAR International Small-Mid Cap Fund                  | 811-07455         |
| Virtus SGA International Growth Fund                         | 811-07705         |
| Stone Harbor High Yield Bond Fund                            | N/A               |
| Virtus KAR Mid-Cap Growth Fund                               | 811-00945         |
| Stone Harbor High Yield Emerging Markets Corporate Debt Fund | N/A               |
| Virtus Tactical Allocation Fund                              | 811-00945         |
| Virtus Tactical Allocation Series                            | 811-04642         |
| Virtus Duff & Phelps Water Fund                              | 811-22167         |
| Stone Harbor Multi Asset Credit (No. 2) Portfolio            | N/A               |
| Stone Harbor Emerging Markets Debt Fund                      | N/A               |
| Virtus Duff & Phelps Global Infrastructure Fund              | 811-07455         |
| Virtus Seix Core Bond Fund                                   | 811-07705         |
| The Merger Fund                                              | 811-03445         |
| Virtus Newfleet Multi-Sector Short Term Bond Fund            | 811-07455         |
| Virtus Westchester Credit Event Fund                         | 811-22818         |
| Virtus Convertible Fund                                      | 811-22167         |
| Virtus KAR Equity Income Fund                                | 811-00945         |
| Stone Harbor Emerging Markets Debt Blend Portfolio           | N/A               |
| Virtus Seix High Yield MACS                                  | 811-23968         |
| Virtus Silvant Mid-Cap Growth Fund                           | 811-06161         |
| Virtus Duff & Phelps Real Estate Securities Series           | 811-04642         |
| Virtus Newfleet Short Duration High Income Fund              | 811-22167         |
| Virtus KAR Small-Mid Cap Core Fund                           | 811-00945         |
| Virtus Small-Cap Fund                                        | 811-06161         |
| Virtus Newfleet Floating Rate MACS                           | 811-23968         |
| Virtus GF U.S. Small Cap Focus Fund                          | N/A               |
| Virtus Income & Growth Fund                                  | 811-06161         |
| Virtus SGA International Growth Series                       | 811-04642         |
| Virtus KAR Equity Income Series                              | 811-04642         |
| Virtus Westchester Event-Driven Fund                         | 811-22818         |
| Virtus Stone Harbor EMD MACS                                 | 811-23968         |
| Virtus KAR Capital Growth Fund                               | 811-00945         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 11 - Virtus KAR Small-Mid Cap Growth Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Virtus KAR Small-Mid Cap Growth Fund

- **b. Series identification number, if any:** S000070232

- **c. LEI:** 549300PPA2XA5NY29T36

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 4

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Class A                 | C000223339                                | VAKSX                        |
|                           2 | Class R6                | C000223338                                | VRKSX                        |
|                           3 | Class I                 | C000223337                                | VIKSX                        |
|                           4 | Class C                 | C000223336                                | VCKSX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** BNY Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [ ] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $136.13

- **g. Provide the net income from securities lending activities:** $5.05

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 22d-1 (17 CFR 270.22d-1)

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** Yes

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Virtus Investment Advisers, LLC

- **ii. SEC file number:** 801-5995

- **iii. CRD number:** 000106982

- **iv. LEI, if any:** 5493008GM1PP47SEXR11

- **v. State, if applicable:** DE

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Kayne Anderson Rudnick Investment Management LLC

- **ii. SEC file number:** 801-24241

- **iii. CRD number:** 000104599

- **iv. LEI, if any:** 549300W19TN6A5K46H71

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. SEC file number:** 084-01761

- **iii. LEI, if any:** 549300CFZQLI9QMJ1Z03

- **iv. State, if applicable:** DE

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** Yes

**Transfer Agents Record: 2**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. SEC file number:** 084-06485

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** CT

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Bloomberg L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300B56MD0ZC402L06

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** ICE Data Services, Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **Description of other identifying number:** Tax ID

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** LSEG Data & Analytics

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 2**

- **i. Full name:** CIBC Mellon Trust Company

- **ii. LEI, if any:** 549300IYUUH221WBZ505

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. LEI, if any, or other identifying number:** 549300CFZQLI9QMJ1Z03

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

**Administrators Record: 2**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** N/A

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** VP Distributors, LLC

- **b. SEC file number:** 008-14100

- **c. CRD number:** 000003036

- **d. LEI, if any:** 549300IW1QX018U5W603

- **e. State, if applicable:** CT

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** WILLIAM BLAIR

- **ii. SEC file number:** 008-02698

- **iii. CRD number:** 000001252

- **iv. LEI, if any:** 549300J0P7XYE8BMZ775

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $141.00

**Brokers Record: 2**

- **i. Full name of broker:** OPPENHEIMER & CO. INC.

- **ii. SEC file number:** 008-04077

- **iii. CRD number:** 000000249

- **iv. LEI, if any:** 254900VH02JQR2L8XD64

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $317.00

**Brokers Record: 3**

- **i. Full name of broker:** Stephens, Inc.

- **ii. SEC file number:** 008-01927

- **iii. CRD number:** 000003496

- **iv. LEI, if any:** 213800LH6T9XDYZCA534

- **v. State, if applicable:** AR

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $320.00

**Brokers Record: 4**

- **i. Full name of broker:** LIQUIDNET, INC.

- **ii. SEC file number:** 008-52461

- **iii. CRD number:** 000103987

- **iv. LEI, if any:** 213800HSKBBO1GCVRG79

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $60.00

**Brokers Record: 5**

- **i. Full name of broker:** Raymond James & Associates, Inc.

- **ii. SEC file number:** 008-10999

- **iii. CRD number:** 000000705

- **iv. LEI, if any:** U4ONQX15J3RO8XCKE979

- **v. State, if applicable:** FL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $198.00

**Brokers Record: 6**

- **i. Full name of broker:** Wells Fargo Securities LLC

- **ii. SEC file number:** 008-15074

- **iii. CRD number:** 000002347

- **iv. LEI, if any:** 58PU97L1C0WSRCWADL48

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $73.00

**Brokers Record: 7**

- **i. Full name of broker:** SANFORD C. BERNSTEIN & CO., LLC

- **ii. SEC file number:** 008-52942

- **iii. CRD number:** 000104474

- **iv. LEI, if any:** 549300I7JYZHT7D5CO04

- **v. State, if applicable:** DE

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $207.00

**Brokers Record: 8**

- **i. Full name of broker:** MORGAN STANLEY & CO. LLC

- **ii. SEC file number:** 008-15869

- **iii. CRD number:** 000008209

- **iv. LEI, if any:** 9R7GPTSO7KV3UQJZQ078

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $57.00

**Brokers Record: 9**

- **i. Full name of broker:** UBS Securities LLC

- **ii. SEC file number:** 008-22651

- **iii. CRD number:** 000007654

- **iv. LEI, if any:** T6FIZBDPKLYJKFCRVK44

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $535.00

**Brokers Record: 10**

- **i. Full name of broker:** BOFA SECURITIES, INC.

- **ii. SEC file number:** 008-69787

- **iii. CRD number:** 000283942

- **iv. LEI, if any:** 549300HN4UKV1E2R3U73

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $106.00

**Aggregate Commission:** $2,095.00

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $7,965,160.32

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $250,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** Bank of New York Mellon

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                 | SEC File number   |
|:---|:---|
| Virtus KAR Capital Growth Series                             | 811-04642         |
| Virtus GF Global Small Cap Fund                              | N/A               |
| Virtus Stone Harbor Emerging Markets Debt Income Fund        | 811-07455         |
| Virtus Newfleet Core Plus Bond Fund                          | 811-07455         |
| Stone Harbor Multi Asset Credit Portfolio                    | N/A               |
| Stone Harbor Investment Grade Emerging Market Corporate Fund | N/A               |
| Virtus KAR Small-Mid Cap Value Fund                          | 811-00945         |
| Virtus Seix Core Bond Fund                                   | 811-07705         |
| Virtus Silvant Large-Cap Growth Stock Fund                   | 811-07705         |
| Stone Harbor Investment Grade Emerging Market Debt Fund      | N/A               |
| Virtus KAR Global Small-Cap Fund                             | 811-06161         |
| Virtus Duff & Phelps Water Fund                              | 811-22167         |
| Virtus Newfleet ABS MACS                                     | 811-23968         |
| Virtus GF Select High Yield Fund                             | N/A               |
| Virtus GF Multi-Sector Income Fund                           | N/A               |
| Virtus Duff & Phelps Global Real Estate Securities Fund      | 811-07455         |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund          | 811-07455         |
| Virtus Newfleet Multi-Sector Intermediate Bond Series        | 811-04642         |
| Virtus NFJ Emerging Markets Value Fund                       | 811-22167         |
| Virtus GF Multi-Sector Short Duration Bond Fund              | N/A               |
| Virtus Westchester Event-Driven Fund                         | 811-22818         |
| Stone Harbor Emerging Markets Debt Blend Portfolio           | N/A               |
| Virtus Stone Harbor Emerging Markets Bond Fund               | 811-07455         |
| Virtus Newfleet Low Duration Core Plus Bond Fund             | 811-07455         |
| Virtus Tactical Allocation Series                            | 811-04642         |
| Virtus SGA Global Growth Fund                                | 811-00945         |
| Virtus Newfleet CMBS MACS                                    | 811-23968         |
| Stone Harbor Securitised Bond Fund                           | N/A               |
| Virtus GF U.S. Small-Mid Cap Fund                            | N/A               |
| Virtus AlphaSimplex Managed Futures Strategy Fund            | 811-22906         |
| Stone Harbor High Yield Bond Fund                            | N/A               |
| Virtus Newfleet Multi-Sector Short Term Bond Fund            | 811-07455         |
| Virtus Zevenbergen Technology Fund                           | 811-06161         |
| Virtus KAR Mid-Cap Growth Fund                               | 811-00945         |
| Stone Harbor Emerging Markets Debt Explorer Fund             | N/A               |
| Stone Harbor Multi Asset Credit Opportunistic Fund           | N/A               |
| Virtus Stone Harbor EMD MACS                                 | 811-23968         |
| Virtus KAR Small-Cap Growth Fund                             | 811-00945         |
| Virtus KAR Small-Mid Cap Core Fund                           | 811-00945         |
| Virtus Zevenbergen Innovative Growth Stock Fund              | 811-07705         |
| Virtus Silvant Mid-Cap Growth Fund                           | 811-06161         |
| Virtus KAR Emerging Markets Small-Cap Fund                   | 811-07455         |
| Virtus Duff & Phelps Real Asset Fund                         | 811-07455         |
| Virtus NFJ Mid-Cap Value Fund                                | 811-06161         |
| Virtus Income & Growth Fund                                  | 811-06161         |
| Virtus KAR Mid-Cap Core Fund                                 | 811-00945         |
| Virtus Duff & Phelps Select MLP and Energy Fund              | 811-22906         |
| Virtus Global Allocation Fund                                | 811-22167         |
| Virtus GF Emerging Markets High Dividend Fund                | N/A               |
| Virtus KAR Small-Cap Growth Series                           | 811-04642         |
| Virtus NFJ Dividend Value Fund                               | 811-06161         |
| Virtus NFJ Large-Cap Value Fund                              | 811-06161         |
| Virtus KAR Health Sciences Fund                              | 811-06161         |
| Virtus KAR Equity Income Fund                                | 811-00945         |
| Virtus AlphaSimplex Global Alternatives Fund                 | 811-22906         |
| Stone Harbor Emerging Markets Debt Fund                      | N/A               |
| Virtus Seix High Grade Municipal Bond Fund                   | 811-07705         |
| Virtus Newfleet Floating Rate MACS                           | 811-23968         |
| Stone Harbor Global Investment Grade Corporate Bond Fund     | N/A               |
| Virtus GF SGA Global Growth Fund                             | N/A               |
| Virtus KAR Equity Income Series                              | 811-04642         |
| Stone Harbor High Yield Emerging Markets Corporate Debt Fund | N/A               |
| Virtus Seix Investment Grade Tax-Exempt Bond Fund            | 811-07705         |
| Virtus KAR Small-Cap Core Fund                               | 811-00945         |
| Virtus SGA International Growth Fund                         | 811-07705         |
| Virtus Tactical Allocation Fund                              | 811-00945         |
| The Merger Fund                                              | 811-03445         |
| Virtus NFJ Small-Cap Value Fund                              | 811-06161         |
| Virtus Newfleet HighYield MACS                               | 811-23968         |
| Virtus Convertible Fund                                      | 811-22167         |
| Virtus Westchester Credit Event Fund                         | 811-22818         |
| Virtus Newfleet RMBS MACS                                    | 811-23968         |
| Virtus KAR Small-Cap Value Series                            | 811-04642         |
| Stone Harbor Multi Asset Credit (No. 2) Portfolio            | N/A               |
| Virtus SGA International Growth Series                       | 811-04642         |
| Virtus Silvant Focused Growth Fund                           | 811-06161         |
| Virtus Duff & Phelps Real Estate Securities Series           | 811-04642         |
| The Merger Fund VL                                           | 811-21279         |
| Virtus NFJ International Value Fund                          | 811-06161         |
| Virtus Seix Tax-Exempt Bond Fund                             | 811-07455         |
| Virtus Ceredex Large-Cap Value Equity Fund                   | 811-07705         |
| Virtus KAR Developing Markets Fund                           | 811-07455         |
| Virtus GF U.S. Small Cap Focus Fund                          | N/A               |
| Virtus Emerging Markets Opportunities Fund                   | 811-06161         |
| Virtus Duff & Phelps Real Estate Securities Fund             | 811-07455         |
| Stone Harbor ESG Emerging Markets Debt Blend Fund            | N/A               |
| Virtus Newfleet Short Duration High Income Fund              | 811-22167         |
| Stone Harbor Emerging Markets Corporate Debt Fund            | N/A               |
| Virtus Seix Total Return Bond Fund                           | 811-07705         |
| Virtus KAR Capital Growth Fund                               | 811-00945         |
| Virtus International Small-Cap Fund                          | 811-22167         |
| Virtus Duff & Phelps Global Infrastructure Fund              | 811-07455         |
| Virtus Ceredex Mid-Cap Value Equity Fund                     | 811-07705         |
| Virtus Ceredex Small-Cap Value Equity Fund                   | 811-07705         |
| Virtus Newfleet High Yield Fund                              | 811-07455         |
| Virtus KAR Small-Cap Value Fund                              | 811-00945         |
| Virtus SGA Emerging Markets Equity Fund                      | 811-07455         |
| Virtus Newfleet Senior Floating Rate Fund                    | 811-07455         |
| Virtus KAR International Small-Mid Cap Fund                  | 811-07455         |
| Virtus Small-Cap Fund                                        | 811-06161         |
| Stone Harbor Emerging Markets Local Currency Debt Fund       | N/A               |
| Virtus Stone Harbor Local Markets Fund                       | 811-07455         |
| Virtus Seix High Yield Fund                                  | 811-07705         |
| Virtus Seix U.S. Government Securities Ultra-Short Bond Fund | 811-07705         |
| Virtus Seix High Yield MACS                                  | 811-23968         |
| Virtus GF Clean Energy Fund                                  | N/A               |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 12 - Virtus KAR Small-Cap Growth Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Virtus KAR Small-Cap Growth Fund

- **b. Series identification number, if any:** S000021170

- **c. LEI:** 549300XYP5FI9C1IIT49

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 4

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Class A                 | C000060263                                | PSGAX                        |
|                           2 | Class C                 | C000060264                                | PSGCX                        |
|                           3 | Class I                 | C000060265                                | PXSGX                        |
|                           4 | Class R6                | C000199780                                | VRSGX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** BNY Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [ ] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $565,252.35

- **g. Provide the net income from securities lending activities:** $1,872.73

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

- Rule 22d-1 (17 CFR 270.22d-1)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Virtus Investment Advisers, LLC

- **ii. SEC file number:** 801-5995

- **iii. CRD number:** 000106982

- **iv. LEI, if any:** 5493008GM1PP47SEXR11

- **v. State, if applicable:** DE

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Kayne Anderson Rudnick Investment Management LLC

- **ii. SEC file number:** 801-24241

- **iii. CRD number:** 000104599

- **iv. LEI, if any:** 549300W19TN6A5K46H71

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. SEC file number:** 084-01761

- **iii. LEI, if any:** 549300CFZQLI9QMJ1Z03

- **iv. State, if applicable:** DE

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** Yes

**Transfer Agents Record: 2**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. SEC file number:** 084-06485

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** CT

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Bloomberg L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300B56MD0ZC402L06

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** ICE Data Services, Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **Description of other identifying number:** Tax ID

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** LSEG Data & Analytics

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 2**

- **i. Full name:** Euroclear Bank

- **ii. LEI, if any:** 549300CBNW05DILT6870

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)

**Custodians Record: 3**

- **i. Full name:** The Bank of New York Mellon (United Kingdom)

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. LEI, if any, or other identifying number:** 549300CFZQLI9QMJ1Z03

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

**Administrators Record: 2**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** N/A

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** VP Distributors, LLC

- **b. SEC file number:** 008-14100

- **c. CRD number:** 000003036

- **d. LEI, if any:** 549300IW1QX018U5W603

- **e. State, if applicable:** CT

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** ROBERT W. BAIRD & CO. INC.

- **ii. SEC file number:** 008-00497

- **iii. CRD number:** 000008158

- **iv. LEI, if any:** 549300772UJAHRD6LO53

- **v. State, if applicable:** WI

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $33,049.00

**Brokers Record: 2**

- **i. Full name of broker:** WILLIAM BLAIR

- **ii. SEC file number:** 008-02698

- **iii. CRD number:** 000001252

- **iv. LEI, if any:** 549300J0P7XYE8BMZ775

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $62,792.00

**Brokers Record: 3**

- **i. Full name of broker:** BOFA SECURITIES, INC.

- **ii. SEC file number:** 008-69787

- **iii. CRD number:** 000283942

- **iv. LEI, if any:** 549300HN4UKV1E2R3U73

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $110,113.00

**Brokers Record: 4**

- **i. Full name of broker:** JEFFERIES LLC

- **ii. SEC file number:** 008-15074

- **iii. CRD number:** 000002347

- **iv. LEI, if any:** 58PU97L1C0WSRCWADL48

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $37,112.00

**Brokers Record: 5**

- **i. Full name of broker:** GOLDMAN SACHS & CO. LLC

- **ii. SEC file number:** 008-00129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $46,993.00

**Brokers Record: 6**

- **i. Full name of broker:** LIQUIDNET, INC.

- **ii. SEC file number:** 008-52461

- **iii. CRD number:** 000103987

- **iv. LEI, if any:** 213800HSKBBO1GCVRG79

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $99,072.00

**Brokers Record: 7**

- **i. Full name of broker:** SANFORD C. BERNSTEIN & CO., LLC

- **ii. SEC file number:** 008-52942

- **iii. CRD number:** 000104474

- **iv. LEI, if any:** 549300I7JYZHT7D5CO04

- **v. State, if applicable:** DE

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $283,261.00

**Brokers Record: 8**

- **i. Full name of broker:** REDBURN (USA) LLC

- **ii. SEC file number:** 008-67320

- **iii. CRD number:** 000140564

- **iv. LEI, if any:** 213800TYRTQILMQQLV79

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $32,478.00

**Brokers Record: 9**

- **i. Full name of broker:** Raymond James & Associates, Inc.

- **ii. SEC file number:** 008-10999

- **iii. CRD number:** 000000705

- **iv. LEI, if any:** U4ONQX15J3RO8XCKE979

- **v. State, if applicable:** FL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $148,100.00

**Brokers Record: 10**

- **i. Full name of broker:** STIFEL FINANCIAL CORP.

- **ii. SEC file number:** N/A

- **iii. CRD number:** N/A

- **iv. LEI, if any:** 549300E5F07FE5GHJX84

- **v. State, if applicable:** MO

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $27,602.00

**Aggregate Commission:** $1,119,355.00

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $2,373,929,599.92

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $250,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** Bank of New York Mellon

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                 | SEC File number   |
|:---|:---|
| Virtus NFJ Large-Cap Value Fund                              | 811-06161         |
| Virtus Duff & Phelps Select MLP and Energy Fund              | 811-22906         |
| Stone Harbor Emerging Markets Corporate Debt Fund            | N/A               |
| Virtus KAR Small-Mid Cap Growth Fund                         | 811-00945         |
| Virtus AlphaSimplex Global Alternatives Fund                 | 811-22906         |
| Virtus KAR Small-Cap Growth Series                           | 811-04642         |
| Virtus KAR Equity Income Fund                                | 811-00945         |
| Virtus KAR Small-Cap Value Fund                              | 811-00945         |
| Virtus Emerging Markets Opportunities Fund                   | 811-06161         |
| Virtus KAR Emerging Markets Small-Cap Fund                   | 811-07455         |
| Virtus GF Multi-Sector Short Duration Bond Fund              | N/A               |
| Virtus Seix High Yield Fund                                  | 811-07705         |
| Stone Harbor High Yield Emerging Markets Corporate Debt Fund | N/A               |
| Virtus Ceredex Large-Cap Value Equity Fund                   | 811-07705         |
| Virtus Newfleet Floating Rate MACS                           | 811-23968         |
| Stone Harbor Global Investment Grade Corporate Bond Fund     | N/A               |
| Virtus Income & Growth Fund                                  | 811-06161         |
| Virtus NFJ Emerging Markets Value Fund                       | 811-22167         |
| Stone Harbor High Yield Bond Fund                            | N/A               |
| Virtus Seix Tax-Exempt Bond Fund                             | 811-07455         |
| Virtus Duff & Phelps Global Infrastructure Fund              | 811-07455         |
| Virtus Tactical Allocation Series                            | 811-04642         |
| The Merger Fund                                              | 811-03445         |
| Virtus Seix U.S. Government Securities Ultra-Short Bond Fund | 811-07705         |
| Virtus Seix Core Bond Fund                                   | 811-07705         |
| Virtus Newfleet Short Duration High Income Fund              | 811-22167         |
| Virtus Duff & Phelps Real Estate Securities Fund             | 811-07455         |
| Virtus Newfleet HighYield MACS                               | 811-23968         |
| Virtus KAR Small-Mid Cap Core Fund                           | 811-00945         |
| Virtus KAR Small-Mid Cap Value Fund                          | 811-00945         |
| Stone Harbor Securitised Bond Fund                           | N/A               |
| Virtus Ceredex Mid-Cap Value Equity Fund                     | 811-07705         |
| Virtus Stone Harbor Emerging Markets Debt Income Fund        | 811-07455         |
| Virtus KAR International Small-Mid Cap Fund                  | 811-07455         |
| Virtus Seix High Yield MACS                                  | 811-23968         |
| Virtus KAR Health Sciences Fund                              | 811-06161         |
| Virtus Newfleet Multi-Sector Intermediate Bond Series        | 811-04642         |
| Virtus Newfleet High Yield Fund                              | 811-07455         |
| Virtus SGA Emerging Markets Equity Fund                      | 811-07455         |
| Virtus NFJ Mid-Cap Value Fund                                | 811-06161         |
| Virtus GF SGA Global Growth Fund                             | N/A               |
| Stone Harbor Multi Asset Credit Opportunistic Fund           | N/A               |
| Virtus Newfleet Low Duration Core Plus Bond Fund             | 811-07455         |
| Virtus KAR Developing Markets Fund                           | 811-07455         |
| Stone Harbor Emerging Markets Local Currency Debt Fund       | N/A               |
| Virtus KAR Capital Growth Series                             | 811-04642         |
| Virtus KAR Equity Income Series                              | 811-04642         |
| Virtus GF Select High Yield Fund                             | N/A               |
| Virtus Silvant Large-Cap Growth Stock Fund                   | 811-07705         |
| Stone Harbor ESG Emerging Markets Debt Blend Fund            | N/A               |
| Virtus Newfleet CMBS MACS                                    | 811-23968         |
| Virtus Stone Harbor Emerging Markets Bond Fund               | 811-07455         |
| Virtus Westchester Credit Event Fund                         | 811-22818         |
| Stone Harbor Emerging Markets Debt Blend Portfolio           | N/A               |
| Virtus Newfleet Multi-Sector Short Term Bond Fund            | 811-07455         |
| Virtus GF Multi-Sector Income Fund                           | N/A               |
| Stone Harbor Emerging Markets Debt Explorer Fund             | N/A               |
| Virtus Newfleet ABS MACS                                     | 811-23968         |
| Virtus Silvant Mid-Cap Growth Fund                           | 811-06161         |
| Virtus Zevenbergen Technology Fund                           | 811-06161         |
| Virtus KAR Mid-Cap Core Fund                                 | 811-00945         |
| Virtus NFJ International Value Fund                          | 811-06161         |
| Stone Harbor Emerging Markets Debt Fund                      | N/A               |
| Virtus Small-Cap Fund                                        | 811-06161         |
| Virtus KAR Small-Cap Core Fund                               | 811-00945         |
| Stone Harbor Multi Asset Credit (No. 2) Portfolio            | N/A               |
| Virtus KAR Capital Growth Fund                               | 811-00945         |
| Virtus GF Global Small Cap Fund                              | N/A               |
| Virtus Duff & Phelps Real Asset Fund                         | 811-07455         |
| Virtus GF Emerging Markets High Dividend Fund                | N/A               |
| Virtus Stone Harbor Local Markets Fund                       | 811-07455         |
| Virtus GF Clean Energy Fund                                  | N/A               |
| Virtus Seix High Grade Municipal Bond Fund                   | 811-07705         |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund          | 811-07455         |
| Virtus Newfleet Senior Floating Rate Fund                    | 811-07455         |
| Virtus International Small-Cap Fund                          | 811-22167         |
| Virtus Tactical Allocation Fund                              | 811-00945         |
| Virtus Ceredex Small-Cap Value Equity Fund                   | 811-07705         |
| Virtus Duff & Phelps Real Estate Securities Series           | 811-04642         |
| Virtus NFJ Dividend Value Fund                               | 811-06161         |
| Virtus Newfleet RMBS MACS                                    | 811-23968         |
| Virtus GF U.S. Small Cap Focus Fund                          | N/A               |
| Virtus KAR Small-Cap Value Series                            | 811-04642         |
| Virtus GF U.S. Small-Mid Cap Fund                            | N/A               |
| Virtus SGA International Growth Series                       | 811-04642         |
| Virtus SGA International Growth Fund                         | 811-07705         |
| Stone Harbor Multi Asset Credit Portfolio                    | N/A               |
| Stone Harbor Investment Grade Emerging Market Debt Fund      | N/A               |
| Virtus Seix Total Return Bond Fund                           | 811-07705         |
| Virtus Silvant Focused Growth Fund                           | 811-06161         |
| Stone Harbor Investment Grade Emerging Market Corporate Fund | N/A               |
| Virtus Duff & Phelps Water Fund                              | 811-22167         |
| Virtus Duff & Phelps Global Real Estate Securities Fund      | 811-07455         |
| Virtus Westchester Event-Driven Fund                         | 811-22818         |
| Virtus AlphaSimplex Managed Futures Strategy Fund            | 811-22906         |
| Virtus SGA Global Growth Fund                                | 811-00945         |
| Virtus KAR Mid-Cap Growth Fund                               | 811-00945         |
| Virtus Convertible Fund                                      | 811-22167         |
| Virtus Newfleet Core Plus Bond Fund                          | 811-07455         |
| Virtus KAR Global Small-Cap Fund                             | 811-06161         |
| Virtus Stone Harbor EMD MACS                                 | 811-23968         |
| Virtus Zevenbergen Innovative Growth Stock Fund              | 811-07705         |
| Virtus NFJ Small-Cap Value Fund                              | 811-06161         |
| Virtus Seix Investment Grade Tax-Exempt Bond Fund            | 811-07705         |
| Virtus Global Allocation Fund                                | 811-22167         |
| The Merger Fund VL                                           | 811-21279         |

- **v. Did the Fund draw on the line of credit this period?** —

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** Virtus Equity Trust

**Date:** 2025-12-11

**Signature:** Benjamin Lowe

**Title:** Vice President