# EDGAR Filing Document

**Accession Number:** 0001018593
**File Stem:** 0001752724-23-053222
**Filing Date:** 2023-3
**Character Count:** 422785
**Document Hash:** da65206750b5f29ea5bd1fe0238f617c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-053222.hdr.sgml**: 20230313

**ACCESSION NUMBER**: 0001752724-23-053222

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230313

**DATE AS OF CHANGE**: 20230313

**EFFECTIVENESS DATE**: 20230313

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07705
- **FILM NUMBER:** 23727201

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

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

### Virtus Seix Short-Term Bond Fund (Series ID: S000057029)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000181180 | Class A      | STSBX           |
| C000181181 | Class C      | SCBSX           |
| C000181182 | Class I      | SSBTX           |

### Virtus Seix Short-Term Municipal Bond Fund (Series ID: S000057030)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000181184 | Class A      | SMMAX           |
| C000181185 | Class I      | CMDTX           |

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

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

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

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

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

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

### Virtus Seix U.S. Mortgage Fund (Series ID: S000057034)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000181200 | Class A      | SLTMX           |
| C000181201 | Class C      | SCLFX           |
| C000181202 | Class I      | SLMTX           |

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

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

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

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

### Virtus Silvant Small-Cap Growth Stock Fund (Series ID: S000057038)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000181214 | Class A      | SCGIX           |
| C000181216 | Class I      | SSCTX           |

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

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

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

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

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

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

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

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

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

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

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

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

## Internal

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Virtus Asset Trust and Shareholders of Virtus Seix Core Bond Fund, Virtus Seix Corporate Bond Fund, Virtus Seix Floating Rate High Income Fund, Virtus Seix High Grade Municipal Bond Fund, Virtus Seix High Income Fund, Virtus Seix High Yield Fund, Virtus Seix Investment Grade Tax-Exempt Bond Fund, Virtus Seix Total Return Bond Fund, Virtus Seix U.S. Government Securities Ultra-Short Bond Fund, Virtus Seix Ultra-Short Bond Fund, Virtus Ceredex Large-Cap Value Equity Fund, Virtus Ceredex Mid-Cap Value Equity Fund, Virtus Ceredex Small-Cap Value Equity Fund, Virtus SGA International Growth Fund, Virtus Silvant Large-Cap Growth Stock Fund, and Virtus Zevenbergen Innovative Growth Stock Fund

In planning and performing our audits of the financial statements of Virtus Seix Core Bond Fund, Virtus Seix Corporate Bond Fund, Virtus Seix Floating Rate High Income Fund, Virtus Seix High Grade Municipal Bond Fund, Virtus Seix High Income Fund, Virtus Seix High Yield Fund, Virtus Seix Investment Grade Tax-Exempt Bond Fund, Virtus Seix Total Return Bond Fund, Virtus Seix U.S. Government Securities Ultra-Short Bond Fund, Virtus Seix Ultra-Short Bond Fund, Virtus Ceredex Large-Cap Value Equity Fund, Virtus Ceredex Mid-Cap Value Equity Fund, Virtus Ceredex Small-Cap Value Equity Fund, Virtus SGA International Growth Fund, Virtus Silvant Large-Cap Growth Stock Fund, and Virtus Zevenbergen Innovative Growth Stock Fund (constituting Virtus Asset Trust, hereafter collectively referred to as the "Funds"), as of and for the year ended December 31, 2022, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Funds' internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Funds' internal control over financial reporting.

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

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

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

Our consideration of the Funds' internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Funds' internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of December 31, 2022.

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

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 24, 2023

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

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

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0001018593

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

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

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

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

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

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

- **Item B.1.b - Investment Company Act file number:** 811-07705

- **Item B.1.c - CIK:** 0001018593

- **Item B.1.d - LEI:** 5493001887IYOL1CRU72

- **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:** 800-263-4790

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

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

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** Virtus Fund 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 functions as Investment Adviser

**Location books Record: 2**

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

- **b. Street 1:** 3333 Piedmont Road

- **c. City:** Atlanta

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

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

- **f. Zip code and zip code extension, or foreign postal code:** 30305

- **g. Telephone number:** 404-845-7696

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

**Location books Record: 3**

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

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

- **c. City:** New York

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

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

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

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

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

**Location books Record: 4**

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

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

- **c. City:** Hartford

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

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

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

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

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

**Location books Record: 5**

- **a. Name of person (e.g., a custodian of records):** Zevenbergen Capital Investments LLC

- **b. Street 1:** 601 Union Street, Suite 4600

- **c. City:** Seattle

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

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

- **f. Zip code and zip code extension, or foreign postal code:** 98101

- **g. Telephone number:** 206-682-8469

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

**Location books Record: 6**

- **a. Name of person (e.g., a custodian of records):** 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: 7**

- **a. Name of person (e.g., a custodian of records):** Ceredex Value Advisors LLC

- **b. Street 1:** 301 East Pine Street, Suite 500

- **c. City:** Orlando

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

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

- **f. Zip code and zip code extension, or foreign postal code:** 32801

- **g. Telephone number:** 407-674-1270

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

**Location books Record: 8**

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

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

- **c. City:** Wilmington

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

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

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

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

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

**Location books Record: 9**

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

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

- **c. City:** Hartford

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

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

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

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

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

**Location books Record: 10**

- **a. Name of person (e.g., a custodian of records):** Silvant Capital Management LLC

- **b. Street 1:** 3333 Piedmont Road, Suite 1500

- **c. City:** Atlanta

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

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

- **f. Zip code and zip code extension, or foreign postal code:** 30305

- **g. Telephone number:** 800.243.4361

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

**Location books Record: 11**

- **a. Name of person (e.g., a custodian of records):** Seix Investment Advisors, a division of Virtus Fixed Income Advisers, LLC

- **b. Street 1:** One Maynard Drive, Suite 3200

- **c. City:** Park Ridge

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

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

- **f. Zip code and zip code extension, or foreign postal code:** 07656

- **g. Telephone number:** 201-391-0300

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

- **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:** 16

- **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, 811-23241, 811-21338, 811-10377, 811-21417, 811-21188, 811-00945, 811-06161, 811-08216, 811-21311, 811-22716, 811-23505, 811-22906, 811-23749, 811-10381, 811-21284, 811-21734, 811-21374, 811-22473, 811-10379, 811-21187, 811-23390, 811-21989, 811-07816, 811-22608, 811-23314, 811-09721, 811-10555, 811-21279, 811-23039, 811-21076, 811-21077, 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, 811-22716, 811-23446, 811-23039, 811-23241, 811-22906, 811-06161, 811-21989, 811-22608, 811-21417, 811-22473, 811-22818, 811-21338, 811-05620, 811-00945, 811-03445, 811-22167, 811-21279                                                                                                                                                                                                                                                                                    |
| Sidney E. Harris      | No                      | 811-21279, 811-22716, 811-00945, 811-22818, 811-06161, 811-22473, 811-03445, 811-22608, 811-22906, 811-05620, 811-22167, 811-07455, 811-09140, 811-04642                                                                                                                                                                                                                                                                                                                                                                 |
| R. Keith Walton       | No                      | 811-22167, 811-22818, 811-22906, 811-23039, 811-06161, 811-07912, 811-22473, 811-00945, 811-03445, 811-21284, 811-22716, 811-22608, 811-21279, 811-07455, 811-21989, 811-05620, 811-23446, 811-04642, 811-09140                                                                                                                                                                                                                                                                                                          |
| John R. Mallin        | No                      | 811-22608, 811-22716, 811-05620, 811-22906, 811-09140, 811-00945, 811-22167, 811-22473, 811-07455, 811-21279, 811-06161, 811-03445, 811-22818, 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, 811-00945, 811-09721, 811-22818, 811-10377, 811-23505, 811-22906, 811-23241, 811-21734, 811-21284, 811-23749, 811-23211, 811-21188, 811-23390, 811-04642, 811-22716, 811-07816, 811-21078, 811-21279, 811-23781, 811-21417, 811-21077, 811-23446, 811-21238, 811-06161, 811-21189, 811-21187 |
| F. Ford Drummond      | No                      | 811-07455, 811-22473, 811-06161, 811-22608, 811-23039, 811-21417, 811-22818, 811-22906, 811-22167, 811-03445, 811-21989, 811-21284, 811-23446, 811-05620, 811-00945, 811-21279, 811-22716, 811-21338, 811-04642, 811-23241                                                                                                                                                                                                                                                                                               |
| Philip R. McLoughlin  | No                      | 811-00945, 811-22473, 811-05620, 811-06161, 811-04915, 811-23446, 811-23241, 811-04642, 811-22533, 811-06416, 811-22906, 811-21279, 811-22608, 811-03445, 811-21284, 811-23039, 811-22716, 811-22167, 811-21989, 811-09140, 811-21338, 811-07455, 811-21417, 811-22818                                                                                                                                                                                                                                                   |
| George R. Aylward     | Yes                     | 811-21279, 811-03445, 811-23446, 811-23241, 811-21417, 811-22167, 811-21989, 811-22608, 811-23039, 811-06161, 811-00945, 811-22716, 811-09140, 811-21338, 811-22473, 811-21284, 811-04642, 811-23078, 811-07455, 811-22906, 811-05620, 811-22818                                                                                                                                                                                                                                                                         |
| Connie D. McDaniel    | No                      | 811-22906, 811-22818, 811-09140, 811-05620, 811-04642, 811-06161, 811-07455, 811-00945, 811-22608, 811-03445, 811-22167, 811-21279, 811-22473, 811-22716                                                                                                                                                                                                                                                                                                                                                                 |
| Geraldine M. McNamara | No                      | 811-22533, 811-03445, 811-23446, 811-09140, 811-06161, 811-22608, 811-04642, 811-22906, 811-21989, 811-06416, 811-22167, 811-22818, 811-22473, 811-22716, 811-00945, 811-21279, 811-07455, 811-04915, 811-05620                                                                                                                                                                                                                                                                                                          |
| Donald C. Burke       | No                      | 811-22167, 811-04915, 811-06416, 811-22533, 811-21279, 811-03445, 811-22608, 811-05620, 811-22818, 811-09140, 811-22716, 811-07455, 811-06161, 811-00945, 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:** 06013

- **h. Telephone number:** XXXXXX

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

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

**CCO employer Record: 1**

- **i. Name of the person:** —

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

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

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

| Series Name                                                  | Series ID   |
|:---|:---|
| Virtus Seix Core Bond Fund                                   | S000057044  |
| Virtus Ceredex Mid-Cap Value Equity Fund                     | S000057033  |
| Virtus Zevenbergen Innovative Growth Stock Fund              | S000057040  |
| Virtus Seix Total Return Bond Fund                           | S000057031  |
| Virtus Seix U.S. Government Securities Ultra-Short Bond Fund | S000057032  |
| Virtus Seix Corporate Bond Fund                              | S000057045  |
| Virtus Ceredex Large-Cap Value Equity Fund                   | S000057022  |
| Virtus Seix High Yield Fund                                  | S000057025  |
| Virtus Seix High Income Fund                                 | S000057024  |
| Virtus Seix High Grade Municipal Bond Fund                   | S000057023  |
| Virtus SGA International Growth Fund                         | S000057039  |
| Virtus Silvant Large-Cap Growth Stock Fund                   | S000057037  |
| Virtus Ceredex Small-Cap Value Equity Fund                   | S000057041  |
| Virtus Seix Floating Rate High Income Fund                   | S000057046  |
| Virtus Seix Ultra-Short Bond Fund                            | S000057035  |
| Virtus Seix Investment Grade Tax-Exempt Bond Fund            | S000057026  |

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

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

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

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

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

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

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

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

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

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

- **iii. CRD number:** 000003036

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

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

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

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

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

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

**Public accountant Record: 1**

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

- **b. PCAOB Number:** 238

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

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

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

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

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

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

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

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

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

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - Virtus Seix Core Bond Fund

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

- **a. Full Name of the Fund:** Virtus Seix Core Bond Fund

- **b. Series identification number, if any:** S000057044

- **c. LEI:** 549300YU1SX4KT6M9G41

- **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?:** 3

- **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                | C000181240                                | STGZX                        |
|                           2 | Class I                 | C000181239                                | STIGX                        |
|                           3 | Class A                 | C000181238                                | STGIX                        |

**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:** $437,448.82

- **g. Provide the net income from securities lending activities:** $1,753.04

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

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

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

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

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

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

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

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

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

**Investment Advisers Record: 1**

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

- **ii. SEC file number:** 801-23163

- **iii. CRD number:** 000107346

- **iv. LEI, if any:** 5493003H4QV0TBBXX123

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

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

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

**Investment Advisers Record: 2**

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

- **ii. SEC file number:** 801-23163

- **iii. CRD number:** 000107346

- **iv. LEI, if any:** 5493003H4QV0TBBXX123

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

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

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

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

**Sub-adviser Record: 1**

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

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

- **iii. CRD number:** 000146029

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

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

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

**Transfer Agents Record: 1**

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

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

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

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

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

**Pricing Services Record: 2**

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

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

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

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

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

**Pricing Services Record: 3**

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

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

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

**Pricing Services Record: 4**

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

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

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

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

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

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

**Item C.12. Custodians.**

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

**Custodians Record: 1**

- **i. Full name:** 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: 2**

- **i. Full name:** Deutsche Bank AG (Indonesia)

- **ii. LEI, if any:** 529900BYFVEGGOM24P36

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

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

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

**Custodians Record: 3**

- **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: 4**

- **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: 5**

- **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: 6**

- **i. Full name:** Citibank N.A., Sucursal De Lima

- **ii. LEI, if any:** MYTK5NHHP1G8TVFGT193

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

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

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

**Custodians Record: 7**

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

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

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

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

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

**Custodians Record: 8**

- **i. Full name:** Bank Hapoalim B.M.

- **ii. LEI, if any:** B6ARUI4946ST4S7WOU88

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

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

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

**Custodians Record: 9**

- **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: 10**

- **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: 11**

- **i. Full name:** Standard Chartered Bank Malaysia Berhad

- **ii. LEI, if any:** 549300JTJBG2QBI8KD48

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

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

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

**Custodians Record: 12**

- **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: 13**

- **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: 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)

**Custodians Record: 15**

- **i. Full name:** Skandinaviska Enskilda Banken AB, Oslo Branch

- **ii. LEI, if any:** F3JS33DEI6XQ4ZBPTN86

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

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

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

**Custodians Record: 16**

- **i. Full name:** 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: 17**

- **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: 18**

- **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: 19**

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

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

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

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

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

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

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

**Custodians Record: 20**

- **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: 21**

- **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: 22**

- **i. Full name:** HSBC NOMINEES (NEW ZEALAND) LIMITED

- **ii. LEI, if any:** 213800NHDWIZKO5KIH05

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

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

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

**Custodians Record: 23**

- **i. Full name:** Citibanamex, Mexico City

- **ii. LEI, if any:** 5493004NLEXB8DK06353

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

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

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

**Custodians Record: 24**

- **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: 25**

- **i. Full name:** Bank Polska Kasa Opieki S.A.

- **ii. LEI, if any:** 5493000LKS7B3UTF7H35

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

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

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

**Custodians Record: 26**

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

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

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

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

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

**Custodians Record: 27**

- **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: 28**

- **i. Full name:** Citibank Europe PLC (Czech Republic)

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

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

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

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

**Custodians Record: 29**

- **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)

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

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

**Shareholder Servicing Agents Record: 1**

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

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

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

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

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

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

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

**Item C.14. Administrators.**

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

**Administrators Record: 1**

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

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

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

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

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

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

**Administrators Record: 2**

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

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

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

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

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

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

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

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

**Broker Dealers Record: 1**

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

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

- **c. CRD number:** 000003036

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

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

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

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

**Item C.16. Brokers.**

No Brokers reported.

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

| Name                                  | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| CitiGroup Global Markets Inc.         | 008-08177         |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $25,508,728.00            |
| J.P. Morgan Securities LLC            | 008-35008         |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $10,117,138.00            |
| BOFA SECURITIES, INC.                 | 008-69787         |    000283942 | 549300HN4UKV1E2R3U73 | NY      | US        | $12,572,172.00            |
| HSBC SECURITIES (USA), INC.           | 008-41562         |    000019585 | CYYGQCGNHMHPSMRL3R97 | NY      | US        | $46,518,426.00            |
| WELLS FARGO SECURITIES, LLC           | 008-65876         |    000126292 | VYVVCKR63DVZZN70PB21 | NC      | US        | $8,778,736.00             |
| STONEX FINANCIAL INC.                 | 008-51269         |    000045993 | 549300LNKU6K5TJCRG93 | FL      | US        | $7,922,833.00             |
| CITADEL SECURITIES LLC                | 008-53574         |    000116797 | 12UUJYTN7D3SW8KCSG25 | IL      | US        | $31,295,588.00            |
| NOMURA SECURITIES INTERNATIONAL, INC. | 008-15255         |    000004297 | OXTKY6Q8X53C9ILVV871 | NY      | US        | $85,304,404.00            |
| BARCLAYS CAPITAL, INC.                | 008-41342         |    000019714 | AC28XWWI3WIBK2824319 | NY      | US        | $15,740,700.00            |
| MORGAN STANLEY & CO. LLC              | 008-15869         |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $7,574,465.00             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $301,528,625.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $80,015,863.00

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

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

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

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

**Line of Credit details Record: 1**

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

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

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

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

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

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

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

- **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: 2 - Virtus Ceredex Mid-Cap Value Equity Fund

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

- **a. Full Name of the Fund:** Virtus Ceredex Mid-Cap Value Equity Fund

- **b. Series identification number, if any:** S000057033

- **c. LEI:** 54930071WX6W52LFTU13

- **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                | C000181199                                | SMVZX                        |
|                           2 | Class I                 | C000181198                                | SMVTX                        |
|                           3 | Class C                 | C000181197                                | SMVFX                        |
|                           4 | Class A                 | C000181196                                | SAMVX                        |

**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:** $1,538,112.65

- **g. Provide the net income from securities lending activities:** $5,031.14

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

Did the Fund rely on the following rules?

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

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

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

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

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

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

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

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

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

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

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

**Investment Advisers Record: 1**

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

- **ii. SEC file number:** 801-23163

- **iii. CRD number:** 000107346

- **iv. LEI, if any:** 5493003H4QV0TBBXX123

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

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

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

**Investment Advisers Record: 2**

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

- **ii. SEC file number:** 801-23163

- **iii. CRD number:** 000107346

- **iv. LEI, if any:** 5493003H4QV0TBBXX123

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

- **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:** Ceredex Value Advisors LLC

- **ii. SEC file number:** 801-68739

- **iii. CRD number:** 000014023

- **iv. LEI, if any:** 549300XJ44OJZRRKLX83

- **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 Finance L.P.

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

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

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

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

**Pricing Services Record: 2**

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

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

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

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

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

**Pricing Services Record: 3**

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

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

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

**Pricing Services Record: 4**

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

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

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

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

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

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

**Item C.12. Custodians.**

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

**Custodians Record: 1**

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

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

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

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

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

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

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

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

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

**Shareholder Servicing Agents Record: 1**

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

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

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

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

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

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

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

**Item C.14. Administrators.**

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

**Administrators Record: 1**

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

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

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

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

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

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

**Administrators Record: 2**

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

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

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

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

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

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

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

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

**Broker Dealers Record: 1**

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

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

- **c. CRD number:** 000003036

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

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

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

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

**Item C.16. Brokers.**

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

**Brokers Record: 1**

- **i. Full name of broker:** 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:** $202,137.00

**Brokers Record: 2**

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

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

- **iii. CRD number:** 000008209

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

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $145,513.00

**Brokers Record: 3**

- **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:** $115,518.00

**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:** $210,352.00

**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:** $131,731.00

**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:** $108,107.00

**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:** $122,303.00

**Brokers Record: 8**

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

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

- **iii. CRD number:** 000000566

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

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $123,704.00

**Brokers Record: 9**

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

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

- **iii. CRD number:** 000007897

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

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $108,638.00

**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:** $89,266.00

**Aggregate Commission:** $2,276,073.00

**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        | $280,000.00               |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $280,000.00

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

- **Item C.19.a - Fund's monthly average net assets:** $2,969,557,300.00

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

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

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

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

**Line of Credit details Record: 1**

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

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

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

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

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

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

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

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

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

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

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

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

### Management Investment Record: 3 - Virtus Zevenbergen Innovative Growth Stock Fund

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

- **a. Full Name of the Fund:** Virtus Zevenbergen Innovative Growth Stock Fund

- **b. Series identification number, if any:** S000057040

- **c. LEI:** 549300JUIZNKCUX1OE74

- **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?:** 3

- **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                | C000224214                                | VZGRX                        |
|                           2 | Class A                 | C000181224                                | SAGAX                        |
|                           3 | Class I                 | C000181225                                | SCATX                        |

**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(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 Fund Advisers, LLC

- **ii. SEC file number:** 801-23163

- **iii. CRD number:** 000107346

- **iv. LEI, if any:** 5493003H4QV0TBBXX123

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

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

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

**Investment Advisers Record: 2**

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

- **ii. SEC file number:** 801-23163

- **iii. CRD number:** 000107346

- **iv. LEI, if any:** 5493003H4QV0TBBXX123

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

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

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

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

**Sub-adviser Record: 1**

- **i. Full name:** Zevenbergen Capital Investments LLC

- **ii. SEC file number:** 801-62477

- **iii. CRD number:** 000128990

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

- **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:** Intercontinental Exchange, Inc.

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

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

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

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

**Pricing Services Record: 2**

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

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

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

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

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

**Pricing Services Record: 3**

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

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

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

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

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

**Pricing Services Record: 4**

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

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

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

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

**Item C.12. Custodians.**

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

**Custodians Record: 1**

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

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

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

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

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

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

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

**Custodians Record: 2**

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

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

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

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

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

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

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

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

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

**Shareholder Servicing Agents Record: 1**

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

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

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

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

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

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

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

**Item C.14. Administrators.**

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

**Administrators Record: 1**

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

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

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

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

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

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

**Administrators Record: 2**

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

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

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

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

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

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

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

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

**Broker Dealers Record: 1**

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

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

- **c. CRD number:** 000003036

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

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

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

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

**Item C.16. Brokers.**

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

**Brokers Record: 1**

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

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

- **iii. CRD number:** 000007897

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

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $29,431.00

**Brokers Record: 2**

- **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:** $4,264.00

**Brokers Record: 3**

- **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:** $5,086.00

**Brokers Record: 4**

- **i. Full name of broker:** PIPER SANDLER & CO.

- **ii. SEC file number:** 008-15204

- **iii. CRD number:** 000000665

- **iv. LEI, if any:** 549300GRQCWQ3XGH0H10

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $8,033.00

**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:** $6,602.00

**Brokers Record: 6**

- **i. Full name of broker:** Cowen and Company, LLC

- **ii. SEC file number:** 008-22522

- **iii. CRD number:** 000007616

- **iv. LEI, if any:** 549300WR155U7DVMIW58

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $6,522.00

**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:** $21,570.00

**Brokers Record: 8**

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

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

- **iii. CRD number:** 000000566

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

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $6,182.00

**Brokers Record: 9**

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

- **ii. SEC file number:** 008-22273

- **iii. CRD number:** 000007551

- **iv. LEI, if any:** 54930061X8RDWFDJIS05

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $14,368.00

**Brokers Record: 10**

- **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:** $8,515.00

**Aggregate Commission:** $137,158.00

- **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:** $547,345,301.00

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

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

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

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

**Line of Credit details Record: 1**

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

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

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

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

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

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

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

- **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: 4 - Virtus Seix Total Return Bond Fund

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

- **a. Full Name of the Fund:** Virtus Seix Total Return Bond Fund

- **b. Series identification number, if any:** S000057031

- **c. LEI:** 549300IWC5TV58FXZZ22

- **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?:** 3

- **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                 | C000181187                                | CBPSX                        |
|                           2 | Class R6                | C000181189                                | SAMZX                        |
|                           3 | Class I                 | C000181188                                | SAMFX                        |

**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:** $1,184,002.28

- **g. Provide the net income from securities lending activities:** $3,846.61

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

Did the Fund rely on the following rules?

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

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

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

- 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 Fund Advisers, LLC

- **ii. SEC file number:** 801-23163

- **iii. CRD number:** 000107346

- **iv. LEI, if any:** 5493003H4QV0TBBXX123

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

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

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

**Investment Advisers Record: 2**

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

- **ii. SEC file number:** 801-23163

- **iii. CRD number:** 000107346

- **iv. LEI, if any:** 5493003H4QV0TBBXX123

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

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

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

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

**Sub-adviser Record: 1**

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

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

- **iii. CRD number:** 000146029

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

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

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

**Transfer Agents Record: 1**

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

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

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

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

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

**Pricing Services Record: 2**

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

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

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

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

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

**Pricing Services Record: 3**

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

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

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

**Pricing Services Record: 4**

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

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

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

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

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

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

**Item C.12. Custodians.**

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

**Custodians Record: 1**

- **i. Full name:** 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: 2**

- **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: 3**

- **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: 4**

- **i. Full name:** Standard Chartered Bank Malaysia Berhad

- **ii. LEI, if any:** 549300JTJBG2QBI8KD48

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

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

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

**Custodians Record: 5**

- **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: 6**

- **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: 7**

- **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: 8**

- **i. Full name:** Citibank N.A., Sucursal De Lima

- **ii. LEI, if any:** MYTK5NHHP1G8TVFGT193

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

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

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

**Custodians Record: 9**

- **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: 10**

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

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

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

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

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

**Custodians Record: 11**

- **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: 12**

- **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: 13**

- **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: 14**

- **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: 15**

- **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: 16**

- **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: 17**

- **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: 18**

- **i. Full name:** Citibank Europe PLC (Czech Republic)

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

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

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

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

**Custodians Record: 19**

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

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

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

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

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

**Custodians Record: 20**

- **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: 21**

- **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: 22**

- **i. Full name:** Bank Polska Kasa Opieki S.A.

- **ii. LEI, if any:** 5493000LKS7B3UTF7H35

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

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

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

**Custodians Record: 23**

- **i. Full name:** Deutsche Bank AG (Indonesia)

- **ii. LEI, if any:** 529900BYFVEGGOM24P36

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

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

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

**Custodians Record: 24**

- **i. Full name:** Citibanamex, Mexico City

- **ii. LEI, if any:** 5493004NLEXB8DK06353

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

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

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

**Custodians Record: 25**

- **i. Full name:** HSBC NOMINEES (NEW ZEALAND) LIMITED

- **ii. LEI, if any:** 213800NHDWIZKO5KIH05

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

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

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

**Custodians Record: 26**

- **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: 27**

- **i. Full name:** Bank Hapoalim B.M.

- **ii. LEI, if any:** B6ARUI4946ST4S7WOU88

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

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

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

**Custodians Record: 28**

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

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

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

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

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

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

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

**Custodians Record: 29**

- **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)

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

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

**Shareholder Servicing Agents Record: 1**

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

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

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

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

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

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

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

**Item C.14. Administrators.**

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

**Administrators Record: 1**

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

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

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

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

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

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

**Administrators Record: 2**

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

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

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

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

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

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

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

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

**Broker Dealers Record: 1**

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

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

- **c. CRD number:** 000003036

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

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

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

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

**Item C.16. Brokers.**

No Brokers reported.

**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        | $27,566,320.00            |
| NOMURA SECURITIES INTERNATIONAL, INC. | 008-15255         |    000004297 | OXTKY6Q8X53C9ILVV871 | NY      | US        | $288,748,498.00           |
| J.P. Morgan Securities LLC            | 008-35008         |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $30,708,697.00            |
| BOFA SECURITIES, INC.                 | 008-69787         |    000283942 | 549300HN4UKV1E2R3U73 | NY      | US        | $37,728,460.00            |
| STONEX FINANCIAL INC.                 | 008-51269         |    000045993 | 549300LNKU6K5TJCRG93 | FL      | US        | $28,603,867.00            |
| CitiGroup Global Markets Inc.         | 008-08177         |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $77,426,814.00            |
| CITADEL SECURITIES LLC                | 008-53574         |    000116797 | 12UUJYTN7D3SW8KCSG25 | IL      | US        | $119,883,220.00           |
| BARCLAYS CAPITAL, INC.                | 008-41342         |    000019714 | AC28XWWI3WIBK2824319 | NY      | US        | $62,407,220.00            |
| WELLS FARGO SECURITIES, LLC           | 008-65876         |    000126292 | VYVVCKR63DVZZN70PB21 | NC      | US        | $30,689,633.00            |
| HSBC SECURITIES (USA), INC.           | 008-41562         |    000019585 | CYYGQCGNHMHPSMRL3R97 | NY      | US        | $158,302,313.00           |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $1,039,700,383.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $282,420,551.00

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

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

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

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

**Line of Credit details Record: 1**

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

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

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

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

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

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

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

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

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

- **a. Full Name of the Fund:** Virtus Seix U.S. Government Securities Ultra-Short Bond Fund

- **b. Series identification number, if any:** S000057032

- **c. LEI:** 5493004FW06DQKUXKI57

- **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?:** 3

- **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                 | C000203236                                | SSAGX                        |
|                           2 | Class R6                | C000181193                                | SIGZX                        |
|                           3 | Class I                 | C000181192                                | SIGVX                        |

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

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

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

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

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

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

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

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

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

**Investment Advisers Record: 1**

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

- **ii. SEC file number:** 801-23163

- **iii. CRD number:** 000107346

- **iv. LEI, if any:** 5493003H4QV0TBBXX123

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

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

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

**Investment Advisers Record: 2**

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

- **ii. SEC file number:** 801-23163

- **iii. CRD number:** 000107346

- **iv. LEI, if any:** 5493003H4QV0TBBXX123

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

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

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

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

**Sub-adviser Record: 1**

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

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

- **iii. CRD number:** 000146029

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

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

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

**Transfer Agents Record: 1**

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

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

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

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

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

**Pricing Services Record: 2**

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

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

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

**Pricing Services Record: 3**

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

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

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

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

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

**Pricing Services Record: 4**

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

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

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

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

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

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

**Item C.12. Custodians.**

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

**Custodians Record: 1**

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

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

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

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

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

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

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

**Custodians Record: 2**

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

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

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

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

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

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

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

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

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

**Shareholder Servicing Agents Record: 1**

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

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

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

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

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

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

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

**Item C.14. Administrators.**

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

**Administrators Record: 1**

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

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

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

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

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

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

**Administrators Record: 2**

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

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

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

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

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

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

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

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

**Broker Dealers Record: 1**

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

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

- **c. CRD number:** 000003036

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

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

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

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

**Item C.16. Brokers.**

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

**Brokers Record: 1**

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

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

- **iii. CRD number:** 000000079

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

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

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

- **vii. Gross commissions paid by the Fund for the reporting period:** $8,173.00

**Aggregate Commission:** $8,173.00

**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        | $48,698,026.00            |
| STONEX FINANCIAL INC.         | 008-51269         |    000045993 | 549300LNKU6K5TJCRG93 | FL      | US        | $62,193,986.00            |
| BREAN CAPITAL, LLC            | 008-40742         |    000023723 | 254900ZZA1UBVDCNQ378 | NY      | US        | $80,857,970.00            |
| CitiGroup Global Markets Inc. | 008-08177         |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $31,636,718.00            |
| MORGAN STANLEY & CO. LLC      | 008-15869         |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $33,009,223.00            |
| PNC INVESTMENTS               | 008-66195         |    000129052 | N/A                  | PA      | US        | $61,455,993.00            |
| TRUIST SECURITIES, INC.       | 008-17212         |    000006271 | CSVTK36R0PNGXEM7NS14 | GA      | US        | $28,640,965.00            |
| BOFA SECURITIES, INC.         | 008-69787         |    000283942 | 549300HN4UKV1E2R3U73 | NY      | US        | $35,803,277.00            |
| MIZUHO SECURITIES USA, INC.   | 008-37710         |    000019647 | 7TK5RJIZDFROZCA6XF66 | NY      | US        | $57,332,411.00            |
| J.P. Morgan Securities LLC    | 008-35008         |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $41,164,709.00            |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $610,462,736.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $625,060,472.00

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

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

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

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

**Line of Credit details Record: 1**

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

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

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

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

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

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

| Name of fund                                                   | SEC File number   |
|:---|:---|
| Virtus KAR Small-Mid Cap Growth Fund                           | 811-00945         |
| Virtus KAR Equity Income Fund                                  | 811-00945         |
| Virtus Seix Tax-Exempt Bond Fund                               | 811-07455         |
| Virtus Silvant Large-Cap Growth Stock Fund                     | 811-07705         |
| Virtus NFJ Emerging Markets Value Fund                         | 811-22167         |
| Virtus KAR Health Sciences Fund                                | 811-06161         |
| Virtus KAR Small-Cap Growth Series                             | 811-04642         |
| Virtus Newfleet Core Plus Bond Fund                            | 811-07455         |
| The Merger Fund                                                | 811-03445         |
| Virtus NFJ Large-Cap Value Fund                                | 811-06161         |
| Virtus KAR Emerging Markets Small-Cap Fund                     | 811-07455         |
| Virtus Seix Investment Grade Tax-Exempt Bond Fund              | 811-07705         |
| Virtus KAR Capital Growth Fund                                 | 811-00945         |
| Virtus Seix Total Return Bond Fund                             | 811-07705         |
| Virtus Emerging Markets Opportunities Fund                     | 811-06161         |
| Virtus KAR Long/Short Equity Fund                              | 811-22906         |
| Virtus SGA International Growth Series                         | 811-04642         |
| Virtus KAR Small-Mid Cap Value Fund                            | 811-00945         |
| Virtus Stone Harbor Local Markets Fund                         | 811-07455         |
| Virtus SGA New Leaders Growth Fund                             | 811-00945         |
| Virtus KAR Small-Mid Cap Core Fund                             | 811-00945         |
| Virtus Duff & Phelps Water Fund                                | 811-22167         |
| Virtus Newfleet Short Duration High Income Fund                | 811-22167         |
| Virtus Stone Harbor Emerging Markets Debt Income Fund          | 811-07455         |
| The Merger Fund VL                                             | 811-21279         |
| Virtus Stone Harbor Strategic Income Fund                      | 811-07455         |
| Virtus NFJ Small-Cap Value Fund                                | 811-06161         |
| Virtus Stone Harbor Emerging Markets Bond Fund                 | 811-07455         |
| Virtus KAR Developing Markets Fund                             | 811-07455         |
| Virtus Duff & Phelps Real Estate Securities Series             | 811-04642         |
| Virtus KAR Equity Income Series                                | 811-04642         |
| Virtus Zevenbergen Technology Fund                             | 811-06161         |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund            | 811-07455         |
| Virtus KAR Global Small-Cap Fund                               | 811-06161         |
| Virtus SGA International Growth Fund                           | 811-07705         |
| Virtus KAR Mid-Cap Growth Fund                                 | 811-00945         |
| Virtus Silvant Mid-Cap Growth Fund                             | 811-06161         |
| Virtus NFJ Global Sustainability Fund                          | 811-22167         |
| Virtus KAR International Small-Mid Cap Fund                    | 811-07455         |
| Virtus Ceredex Small-Cap Value Equity Fund                     | 811-07705         |
| Virtus Seix High Yield Fund                                    | 811-07705         |
| Virtus KAR Mid-Cap Core Fund                                   | 811-00945         |
| Virtus Newfleet High Yield Fund                                | 811-07455         |
| Virtus FORT Trend Fund                                         | 811-07455         |
| Virtus Global Allocation Fund                                  | 811-22167         |
| Virtus Zevenbergen Innovative Growth Stock Fund                | 811-07705         |
| Virtus International Small-Cap Fund                            | 811-22167         |
| Virtus Ceredex Mid-Cap Value Equity Fund                       | 811-07705         |
| Virtus Duff & Phelps International Real Estate Securities Fund | 811-07455         |
| Virtus Seix High Grade Municipal Bond Fund                     | 811-07705         |
| Virtus Vontobel Global Opportunities Fund                      | 811-07455         |
| Virtus Tactical Allocation Fund                                | 811-00945         |
| Virtus Newfleet Low Duration Core Plus Bond Fund               | 811-07455         |
| Virtus KAR Small-Cap Value Fund                                | 811-00945         |
| Virtus SGA Emerging Markets Growth Fund                        | 811-00945         |
| Virtus Seix Ultra-Short Bond Fund                              | 811-07705         |
| Virtus Vontobel Foreign Opportunities Fund                     | 811-07455         |
| Virtus Vontobel Emerging Markets Opportunities Fund            | 811-07455         |
| Virtus Newfleet Multi-Sector Short Term Bond Fund              | 811-07455         |
| Virtus Income & Growth Fund                                    | 811-06161         |
| Virtus Ceredex Large-Cap Value Equity Fund                     | 811-07705         |
| Virtus Duff & Phelps Real Estate Securities Fund               | 811-07455         |
| Virtus Seix High Income Fund                                   | 811-07705         |
| Virtus KAR Small-Cap Value Series                              | 811-04642         |
| Virtus KAR Capital Growth Series                               | 811-04642         |
| Virtus Seix Corporate Bond Fund                                | 811-07705         |
| Virtus Westchester Event-Driven Fund                           | 811-22818         |
| Virtus Duff & Phelps Real Asset Fund                           | 811-07455         |
| Virtus KAR Global Quality Dividend Fund                        | 811-00945         |
| Virtus NFJ International Value Fund                            | 811-06161         |
| Virtus Stone Harbor High Yield Bond Fund                       | 811-07455         |
| Virtus Stone Harbor Emerging Markets Debt Allocation Fund      | 811-07455         |
| Virtus Duff & Phelps Global Real Estate Securities Fund        | 811-07455         |
| Virtus KAR Small-Cap Growth Fund                               | 811-00945         |
| Virtus Convertible Fund                                        | 811-22167         |
| Virtus Vontobel Greater European Opportunities Fund            | 811-07455         |
| Virtus KAR Small-Cap Core Fund                                 | 811-00945         |
| Virtus Strategic Allocation Series                             | 811-04642         |
| Virtus Westchester Credit Event Fund                           | 811-22818         |
| Virtus Duff & Phelps Select MLP and Energy Fund                | 811-22906         |
| Virtus Small-Cap Fund                                          | 811-06161         |
| Virtus Newfleet Multi-Sector Intermediate Bond Series          | 811-04642         |
| Virtus Seix Core Bond Fund                                     | 811-07705         |
| Virtus Seix High Yield Income Fund                             | 811-22167         |
| Virtus Silvant Focused Growth Fund                             | 811-06161         |
| Virtus NFJ Dividend Value Fund                                 | 811-06161         |
| Virtus SGA Global Growth Fund                                  | 811-00945         |
| Virtus NFJ Mid-Cap Value Fund                                  | 811-06161         |
| Virtus Duff & Phelps Global Infrastructure 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: 6 - Virtus Seix Corporate Bond Fund

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

- **a. Full Name of the Fund:** Virtus Seix Corporate Bond Fund

- **b. Series identification number, if any:** S000057045

- **c. LEI:** 549300Y22B6O36DJFV76

- **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                 | C000181244                                | STIFX                        |
|                           2 | Class A                 | C000181243                                | SAINX                        |
|                           3 | Class R6                | C000224215                                | VRSBX                        |
|                           4 | Class I                 | C000181245                                | STICX                        |

**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:** $347,593.67

- **g. Provide the net income from securities lending activities:** $642.39

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

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

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

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

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

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

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

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

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

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

**Investment Advisers Record: 1**

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

- **ii. SEC file number:** 801-23163

- **iii. CRD number:** 000107346

- **iv. LEI, if any:** 5493003H4QV0TBBXX123

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

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

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

**Investment Advisers Record: 2**

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

- **ii. SEC file number:** 801-23163

- **iii. CRD number:** 000107346

- **iv. LEI, if any:** 5493003H4QV0TBBXX123

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

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

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

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

**Sub-adviser Record: 1**

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

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

- **iii. CRD number:** 000146029

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

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

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

**Transfer Agents Record: 1**

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

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

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

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

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

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

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

**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:** 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 Finance L.P.

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

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

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

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

**Pricing Services Record: 3**

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

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

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

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

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

**Pricing Services Record: 4**

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

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

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

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

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

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

**Item C.12. Custodians.**

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

**Custodians Record: 1**

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

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

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

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

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

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

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

**Custodians Record: 2**

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

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

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

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

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

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

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

**Custodians Record: 3**

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

- **ii. LEI, if any:** 549300OZ46BRLZ8Y6F65

- **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: 4**

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

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

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

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

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

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

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

**Shareholder Servicing Agents Record: 1**

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

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

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

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

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

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

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

**Item C.14. Administrators.**

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

**Administrators Record: 1**

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

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

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

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

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

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

**Administrators Record: 2**

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

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

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

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

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

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

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

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

**Broker Dealers Record: 1**

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

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

- **c. CRD number:** 000003036

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

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

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

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

**Item C.16. Brokers.**

No Brokers reported.

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

| Name                                  | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| J.P. Morgan Securities LLC            | 008-35008         |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $11,738,322.00            |
| NOMURA SECURITIES INTERNATIONAL, INC. | 008-15255         |    000004297 | OXTKY6Q8X53C9ILVV871 | NY      | US        | $12,400,584.00            |
| BOFA SECURITIES, INC.                 | 008-69787         |    000283942 | 549300HN4UKV1E2R3U73 | NY      | US        | $7,695,623.00             |
| GOLDMAN SACHS & CO. LLC               | 008-00129         |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $10,089,812.00            |
| MORGAN STANLEY & CO. LLC              | 008-15869         |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $9,422,325.00             |
| BARCLAYS CAPITAL, INC.                | 008-41342         |    000019714 | AC28XWWI3WIBK2824319 | NY      | US        | $17,816,797.00            |
| MARKETAXESS CORPORATION               | 008-50727         |    000044542 | GPSMMRI21JE7ZCVYF972 | NY      | US        | $3,787,658.00             |
| HSBC SECURITIES (USA), INC.           | 008-41562         |    000019585 | CYYGQCGNHMHPSMRL3R97 | NY      | US        | $9,078,751.00             |
| WELLS FARGO SECURITIES, LLC           | 008-65876         |    000126292 | VYVVCKR63DVZZN70PB21 | NC      | US        | $5,573,270.00             |
| CitiGroup Global Markets Inc.         | 008-08177         |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $6,717,904.00             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $114,803,814.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $59,815,802.00

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

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

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

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

**Line of Credit details Record: 1**

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

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

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

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

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                   | SEC File number   |
|:---|:---|
| Virtus Tactical Allocation Fund                                | 811-00945         |
| Virtus Zevenbergen Innovative Growth Stock Fund                | 811-07705         |
| Virtus Convertible Fund                                        | 811-22167         |
| Virtus Ceredex Mid-Cap Value Equity Fund                       | 811-07705         |
| Virtus Vontobel Global Opportunities Fund                      | 811-07455         |
| Virtus KAR Emerging Markets Small-Cap Fund                     | 811-07455         |
| Virtus KAR International Small-Mid Cap Fund                    | 811-07455         |
| Virtus Duff & Phelps Select MLP and Energy Fund                | 811-22906         |
| Virtus Stone Harbor High Yield Bond Fund                       | 811-07455         |
| Virtus Newfleet High Yield Fund                                | 811-07455         |
| Virtus Duff & Phelps International Real Estate Securities Fund | 811-07455         |
| Virtus Seix Ultra-Short Bond Fund                              | 811-07705         |
| Virtus KAR Mid-Cap Core Fund                                   | 811-00945         |
| The Merger Fund                                                | 811-03445         |
| Virtus KAR Developing Markets Fund                             | 811-07455         |
| Virtus KAR Mid-Cap Growth Fund                                 | 811-00945         |
| Virtus KAR Health Sciences Fund                                | 811-06161         |
| Virtus Ceredex Large-Cap Value Equity Fund                     | 811-07705         |
| Virtus International Small-Cap Fund                            | 811-22167         |
| Virtus Seix Investment Grade Tax-Exempt Bond Fund              | 811-07705         |
| Virtus KAR Small-Mid Cap Growth Fund                           | 811-00945         |
| Virtus KAR Global Quality Dividend Fund                        | 811-00945         |
| Virtus Duff & Phelps Real Estate Securities Series             | 811-04642         |
| Virtus KAR Small-Cap Growth Fund                               | 811-00945         |
| Virtus NFJ Global Sustainability Fund                          | 811-22167         |
| Virtus Seix Total Return Bond Fund                             | 811-07705         |
| Virtus Duff & Phelps Water Fund                                | 811-22167         |
| Virtus Vontobel Greater European Opportunities Fund            | 811-07455         |
| Virtus KAR Global Small-Cap Fund                               | 811-06161         |
| Virtus NFJ Emerging Markets Value Fund                         | 811-22167         |
| Virtus Newfleet Core Plus Bond Fund                            | 811-07455         |
| Virtus KAR Small-Cap Value Fund                                | 811-00945         |
| Virtus Emerging Markets Opportunities Fund                     | 811-06161         |
| Virtus Seix U.S. Government Securities Ultra-Short Bond Fund   | 811-07705         |
| Virtus SGA Emerging Markets Growth Fund                        | 811-00945         |
| Virtus KAR Capital Growth Series                               | 811-04642         |
| Virtus Duff & Phelps Real Estate Securities Fund               | 811-07455         |
| Virtus KAR Small-Cap Growth Series                             | 811-04642         |
| Virtus Newfleet Short Duration High Income Fund                | 811-22167         |
| Virtus NFJ Large-Cap Value Fund                                | 811-06161         |
| Virtus Seix High Yield Income Fund                             | 811-22167         |
| Virtus Zevenbergen Technology Fund                             | 811-06161         |
| Virtus SGA International Growth Fund                           | 811-07705         |
| The Merger Fund VL                                             | 811-21279         |
| Virtus Duff & Phelps Real Asset Fund                           | 811-07455         |
| Virtus SGA New Leaders Growth Fund                             | 811-00945         |
| Virtus Newfleet Low Duration Core Plus Bond Fund               | 811-07455         |
| Virtus Ceredex Small-Cap Value Equity Fund                     | 811-07705         |
| Virtus KAR Equity Income Series                                | 811-04642         |
| Virtus KAR Small-Cap Value Series                              | 811-04642         |
| Virtus Vontobel Emerging Markets Opportunities Fund            | 811-07455         |
| Virtus KAR Small-Mid Cap Value Fund                            | 811-00945         |
| Virtus KAR Equity Income Fund                                  | 811-00945         |
| Virtus Duff & Phelps Global Real Estate Securities Fund        | 811-07455         |
| Virtus Seix Tax-Exempt Bond Fund                               | 811-07455         |
| Virtus Newfleet Multi-Sector Intermediate Bond Series          | 811-04642         |
| Virtus NFJ Dividend Value Fund                                 | 811-06161         |
| Virtus Westchester Credit Event Fund                           | 811-22818         |
| Virtus FORT Trend Fund                                         | 811-07455         |
| Virtus KAR Capital Growth Fund                                 | 811-00945         |
| Virtus Stone Harbor Local Markets Fund                         | 811-07455         |
| Virtus Seix High Yield Fund                                    | 811-07705         |
| Virtus NFJ Small-Cap Value Fund                                | 811-06161         |
| Virtus Stone Harbor Emerging Markets Debt Income Fund          | 811-07455         |
| Virtus Silvant Focused Growth Fund                             | 811-06161         |
| Virtus Vontobel Foreign Opportunities Fund                     | 811-07455         |
| Virtus KAR Small-Cap Core Fund                                 | 811-00945         |
| Virtus Seix Core Bond Fund                                     | 811-07705         |
| Virtus Stone Harbor Emerging Markets Bond Fund                 | 811-07455         |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund            | 811-07455         |
| Virtus Duff & Phelps Global Infrastructure Fund                | 811-07455         |
| Virtus NFJ Mid-Cap Value Fund                                  | 811-06161         |
| Virtus KAR Small-Mid Cap Core Fund                             | 811-00945         |
| Virtus Global Allocation Fund                                  | 811-22167         |
| Virtus Income & Growth Fund                                    | 811-06161         |
| Virtus Small-Cap Fund                                          | 811-06161         |
| Virtus Strategic Allocation Series                             | 811-04642         |
| Virtus NFJ International Value Fund                            | 811-06161         |
| Virtus Seix High Grade Municipal Bond Fund                     | 811-07705         |
| Virtus Stone Harbor Strategic Income Fund                      | 811-07455         |
| Virtus KAR Long/Short Equity Fund                              | 811-22906         |
| Virtus Westchester Event-Driven Fund                           | 811-22818         |
| Virtus SGA Global Growth Fund                                  | 811-00945         |
| Virtus Stone Harbor Emerging Markets Debt Allocation Fund      | 811-07455         |
| Virtus Silvant Large-Cap Growth Stock Fund                     | 811-07705         |
| Virtus Seix High Income Fund                                   | 811-07705         |
| Virtus Silvant Mid-Cap Growth Fund                             | 811-06161         |
| Virtus SGA International Growth Series                         | 811-04642         |
| Virtus Newfleet Multi-Sector Short Term 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 Ceredex Large-Cap Value Equity Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Virtus Ceredex Large-Cap Value Equity Fund

- **b. Series identification number, if any:** S000057022

- **c. LEI:** 549300S0GXLATV0V4E13

- **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                 | C000181156                                | SVIFX                        |
|                           2 | Class R6                | C000181158                                | STVZX                        |
|                           3 | Class I                 | C000181157                                | STVTX                        |
|                           4 | Class A                 | C000181155                                | SVIIX                        |

**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:** $62,703.94

- **g. Provide the net income from securities lending activities:** $1,305.95

**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 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?** 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 Fund Advisers, LLC

- **ii. SEC file number:** 801-23163

- **iii. CRD number:** 000107346

- **iv. LEI, if any:** 5493003H4QV0TBBXX123

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Investment Advisers Record: 2**

- **i. Full name:** Virtus Fund Advisers, LLC

- **ii. SEC file number:** 801-23163

- **iii. CRD number:** 000107346

- **iv. LEI, if any:** 5493003H4QV0TBBXX123

- **v. State, if applicable:** GA

- **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:** Ceredex Value Advisors LLC

- **ii. SEC file number:** 801-68739

- **iii. CRD number:** 000014023

- **iv. LEI, if any:** 549300XJ44OJZRRKLX83

- **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:** Intercontinental Exchange, Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000F4ZO33MV32P92

- **iii. State, if applicable:** GA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** JPMorgan Chase & Co.

- **ii. LEI, if any, or provide and describe other identifying number:** 8I5DZWZKVSZI1NUHU748

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Bloomberg Finance L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493001KJTIIGC8Y1R12

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** IHS Markit Ltd.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300HLPTRASHS0E726

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** Yes

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** The Depository Trust Company

- **ii. LEI, if any:** 549300HBJLRO8YFMI370

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Securities depository - rule 17f-4 (17 CFR 270.17f-4)

**Custodians Record: 2**

- **i. Full name:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any:** 084-06485

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** 084-06485

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

**Administrators Record: 2**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. LEI, if any, or other identifying number:** 549300CFZQLI9QMJ1Z03

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** VP Distributors, LLC

- **b. SEC file number:** 008-14100

- **c. CRD number:** 000003036

- **d. LEI, if any:** 549300IW1QX018U5W603

- **e. State, if applicable:** CT

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** LUMINEX TRADING & ANALYTICS LLC

- **ii. SEC file number:** 008-69476

- **iii. CRD number:** 000171752

- **iv. LEI, if any:** 254900ZBK50B4Y36MJ33

- **v. State, if applicable:** MA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $31,783.00

**Brokers Record: 2**

- **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:** $39,943.00

**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:** $45,044.00

**Brokers Record: 4**

- **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:** $59,077.00

**Brokers Record: 5**

- **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:** $34,221.00

**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:** $36,689.00

**Brokers Record: 7**

- **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:** $39,734.00

**Brokers Record: 8**

- **i. Full name of broker:** J.P. Morgan Securities LLC

- **ii. SEC file number:** 008-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $32,711.00

**Brokers Record: 9**

- **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:** $42,820.00

**Brokers Record: 10**

- **i. Full name of broker:** CitiGroup Global Markets Inc.

- **ii. SEC file number:** 008-08177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** MBNUM2BPBDO7JBLYG310

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $39,330.00

**Aggregate Commission:** $672,295.00

**Item C.17.a. Principal transaction counterparties.**

| Name                       | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| J.P. Morgan Securities LLC | 008-35008         |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $1,108,629.00             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $1,108,629.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** Yes

- **Item C.19.a - Fund's monthly average net assets:** $935,283,928.00

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $250,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** The Bank of New York Mellon

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                   | SEC File number   |
|:---|:---|
| Virtus Seix Corporate Bond Fund                                | 811-07705         |
| Virtus KAR Small-Mid Cap Value Fund                            | 811-00945         |
| Virtus KAR Small-Cap Core Fund                                 | 811-00945         |
| Virtus Vontobel Greater European Opportunities Fund            | 811-07455         |
| Virtus Silvant Mid-Cap Growth Fund                             | 811-06161         |
| Virtus Vontobel Foreign Opportunities Fund                     | 811-07455         |
| The Merger Fund                                                | 811-03445         |
| Virtus KAR Equity Income Series                                | 811-04642         |
| Virtus Silvant Focused Growth Fund                             | 811-06161         |
| Virtus NFJ Large-Cap Value Fund                                | 811-06161         |
| Virtus SGA International Growth Series                         | 811-04642         |
| Virtus Seix Tax-Exempt Bond Fund                               | 811-07455         |
| Virtus Seix High Grade Municipal Bond Fund                     | 811-07705         |
| Virtus Westchester Event-Driven Fund                           | 811-22818         |
| Virtus KAR Global Small-Cap Fund                               | 811-06161         |
| The Merger Fund VL                                             | 811-21279         |
| Virtus FORT Trend Fund                                         | 811-07455         |
| Virtus KAR Mid-Cap Growth Fund                                 | 811-00945         |
| Virtus Seix Total Return Bond Fund                             | 811-07705         |
| Virtus KAR Long/Short Equity Fund                              | 811-22906         |
| Virtus Vontobel Emerging Markets Opportunities Fund            | 811-07455         |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund            | 811-07455         |
| Virtus NFJ International Value Fund                            | 811-06161         |
| Virtus Duff & Phelps Global Real Estate Securities Fund        | 811-07455         |
| Virtus Zevenbergen Innovative Growth Stock Fund                | 811-07705         |
| Virtus Income & Growth Fund                                    | 811-06161         |
| Virtus Zevenbergen Technology Fund                             | 811-06161         |
| Virtus Duff & Phelps Global Infrastructure Fund                | 811-07455         |
| Virtus KAR Health Sciences Fund                                | 811-06161         |
| Virtus NFJ Emerging Markets Value Fund                         | 811-22167         |
| Virtus Newfleet Multi-Sector Short Term Bond Fund              | 811-07455         |
| Virtus Ceredex Small-Cap Value Equity Fund                     | 811-07705         |
| Virtus Duff & Phelps Real Estate Securities Fund               | 811-07455         |
| Virtus Emerging Markets Opportunities Fund                     | 811-06161         |
| Virtus Seix Core Bond Fund                                     | 811-07705         |
| Virtus Ceredex Mid-Cap Value Equity Fund                       | 811-07705         |
| Virtus Stone Harbor Emerging Markets Bond Fund                 | 811-07455         |
| Virtus KAR Small-Cap Growth Series                             | 811-04642         |
| Virtus Seix High Yield Fund                                    | 811-07705         |
| Virtus Stone Harbor Strategic Income Fund                      | 811-07455         |
| Virtus KAR Developing Markets Fund                             | 811-07455         |
| Virtus Convertible Fund                                        | 811-22167         |
| Virtus Newfleet High Yield Fund                                | 811-07455         |
| Virtus SGA Emerging Markets Growth Fund                        | 811-00945         |
| Virtus Tactical Allocation Fund                                | 811-00945         |
| Virtus Newfleet Core Plus Bond Fund                            | 811-07455         |
| Virtus Newfleet Multi-Sector Intermediate Bond Series          | 811-04642         |
| Virtus Seix U.S. Government Securities Ultra-Short Bond Fund   | 811-07705         |
| Virtus Stone Harbor High Yield Bond Fund                       | 811-07455         |
| Virtus KAR Capital Growth Series                               | 811-04642         |
| 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 Westchester Credit Event Fund                           | 811-22818         |
| Virtus KAR Small-Cap Value Fund                                | 811-00945         |
| Virtus KAR Small-Mid Cap Growth Fund                           | 811-00945         |
| Virtus KAR International Small-Mid Cap Fund                    | 811-07455         |
| Virtus Duff & Phelps Real Asset Fund                           | 811-07455         |
| Virtus KAR Small-Mid Cap Core Fund                             | 811-00945         |
| Virtus Small-Cap Fund                                          | 811-06161         |
| Virtus NFJ Dividend Value Fund                                 | 811-06161         |
| Virtus KAR Small-Cap Value Series                              | 811-04642         |
| Virtus Silvant Large-Cap Growth Stock Fund                     | 811-07705         |
| Virtus Seix Ultra-Short Bond Fund                              | 811-07705         |
| Virtus KAR Global Quality Dividend Fund                        | 811-00945         |
| Virtus Stone Harbor Emerging Markets Debt Allocation Fund      | 811-07455         |
| Virtus Newfleet Low Duration Core Plus Bond Fund               | 811-07455         |
| Virtus KAR Small-Cap Growth Fund                               | 811-00945         |
| Virtus KAR Emerging Markets Small-Cap Fund                     | 811-07455         |
| Virtus Stone Harbor Local Markets Fund                         | 811-07455         |
| Virtus NFJ Mid-Cap Value Fund                                  | 811-06161         |
| Virtus Duff & Phelps Real Estate Securities Series             | 811-04642         |
| Virtus KAR Equity Income Fund                                  | 811-00945         |
| Virtus KAR Capital Growth Fund                                 | 811-00945         |
| Virtus Stone Harbor Emerging Markets Debt Income Fund          | 811-07455         |
| Virtus Seix High Income Fund                                   | 811-07705         |
| Virtus NFJ Global Sustainability Fund                          | 811-22167         |
| Virtus Vontobel Global Opportunities Fund                      | 811-07455         |
| Virtus SGA New Leaders Growth Fund                             | 811-00945         |
| Virtus Strategic Allocation Series                             | 811-04642         |
| Virtus Duff & Phelps International Real Estate Securities Fund | 811-07455         |
| Virtus Global Allocation Fund                                  | 811-22167         |
| Virtus Seix High Yield Income Fund                             | 811-22167         |
| Virtus International Small-Cap Fund                            | 811-22167         |
| Virtus SGA International Growth Fund                           | 811-07705         |
| Virtus NFJ Small-Cap Value Fund                                | 811-06161         |
| Virtus Duff & Phelps Select MLP and Energy Fund                | 811-22906         |
| Virtus Duff & Phelps Water Fund                                | 811-22167         |
| Virtus Newfleet Short Duration High Income Fund                | 811-22167         |

- **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 Seix High Yield Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Virtus Seix High Yield Fund

- **b. Series identification number, if any:** S000057025

- **c. LEI:** 549300JK6ZT0B425KK09

- **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?:** 3

- **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                 | C000181168                                | HYPSX                        |
|                           2 | Class I                 | C000181169                                | SAMHX                        |
|                           3 | Class R6                | C000181170                                | HYIZX                        |

**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:** $4,156,305.49

- **g. Provide the net income from securities lending activities:** $69,670.71

**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?** 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 Fund Advisers, LLC

- **ii. SEC file number:** 801-23163

- **iii. CRD number:** 000107346

- **iv. LEI, if any:** 5493003H4QV0TBBXX123

- **v. State, if applicable:** GA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Investment Advisers Record: 2**

- **i. Full name:** Virtus Fund Advisers, LLC

- **ii. SEC file number:** 801-23163

- **iii. CRD number:** 000107346

- **iv. LEI, if any:** 5493003H4QV0TBBXX123

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Virtus Fixed Income Advisers, LLC

- **ii. SEC file number:** 801-68743

- **iii. CRD number:** 000146029

- **iv. LEI, if any:** 549300L7I4W19C7JV575

- **v. Is the sub-adviser an affiliated person?:** Yes

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. SEC file number:** 084-01761

- **iii. LEI, if any:** 549300CFZQLI9QMJ1Z03

- **iv. State, if applicable:** DE

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** Yes

**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:** 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:** Intercontinental Exchange, Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000F4ZO33MV32P92

- **iii. State, if applicable:** GA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** JPMorgan Chase & Co.

- **ii. LEI, if any, or provide and describe other identifying number:** 8I5DZWZKVSZI1NUHU748

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** Bloomberg Finance L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493001KJTIIGC8Y1R12

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** Yes

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** 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: 2**

- **i. Full name:** The Depository Trust Company

- **ii. LEI, if any:** 549300HBJLRO8YFMI370

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Securities depository - rule 17f-4 (17 CFR 270.17f-4)

**Custodians Record: 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))

**Custodians Record: 4**

- **i. Full name:** The Bank of New York Mellon (Belgium)

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any:** 084-06485

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. LEI, if any, or other identifying number:** 549300CFZQLI9QMJ1Z03

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

**Administrators Record: 2**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** 084-06485

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** VP Distributors, LLC

- **b. SEC file number:** 008-14100

- **c. CRD number:** 000003036

- **d. LEI, if any:** 549300IW1QX018U5W603

- **e. State, if applicable:** CT

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

No Brokers reported.

**Item C.17.a. Principal transaction counterparties.**

| Name                               | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| J.P. Morgan Securities LLC         | 008-35008         |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $204,509,038.00           |
| GOLDMAN SACHS & CO. LLC            | 008-00129         |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $70,941,782.00            |
| MORGAN STANLEY & CO. LLC           | 008-15869         |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $19,803,727.00            |
| CitiGroup Global Markets Inc.      | 008-08177         |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $53,864,212.00            |
| WELLS FARGO SECURITIES, LLC        | 008-65876         |    000126292 | VYVVCKR63DVZZN70PB21 | NC      | US        | $12,986,150.00            |
| CREDIT SUISSE SECURITIES (USA) LLC | 008-00422         |    000000816 | 1V8Y6QCX6YMJ2OELII46 | NY      | US        | $18,842,775.00            |
| BOFA SECURITIES, INC.              | 008-69787         |    000283942 | 549300HN4UKV1E2R3U73 | NY      | US        | $30,825,794.00            |
| JEFFERIES LLC                      | 008-15074         |    000002347 | 58PU97L1C0WSRCWADL48 | NY      | US        | $21,417,345.00            |
| BARCLAYS CAPITAL, INC.             | 008-41342         |    000019714 | AC28XWWI3WIBK2824319 | NY      | US        | $29,212,638.00            |
| DEUTSCHE BANK SECURITIES, INC.     | 008-17822         |    000002525 | 9J6MBOOO7BECTDTUZW19 | NY      | US        | $14,083,549.00            |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $548,325,953.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $342,583,507.00

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $250,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** The Bank of New York Mellon

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                   | SEC File number   |
|:---|:---|
| Virtus KAR Health Sciences Fund                                | 811-06161         |
| Virtus KAR Mid-Cap Growth Fund                                 | 811-00945         |
| Virtus Seix High Grade Municipal Bond Fund                     | 811-07705         |
| Virtus Newfleet Low Duration Core Plus Bond Fund               | 811-07455         |
| Virtus KAR Capital Growth Fund                                 | 811-00945         |
| Virtus Stone Harbor Local Markets Fund                         | 811-07455         |
| Virtus KAR Small-Mid Cap Value Fund                            | 811-00945         |
| Virtus KAR Small-Mid Cap Growth Fund                           | 811-00945         |
| Virtus Seix Ultra-Short Bond Fund                              | 811-07705         |
| Virtus Global Allocation Fund                                  | 811-22167         |
| Virtus Vontobel Foreign Opportunities Fund                     | 811-07455         |
| Virtus Income & Growth Fund                                    | 811-06161         |
| Virtus Seix U.S. Government Securities Ultra-Short Bond Fund   | 811-07705         |
| Virtus Silvant Focused Growth Fund                             | 811-06161         |
| Virtus KAR Global Small-Cap Fund                               | 811-06161         |
| Virtus Ceredex Small-Cap Value Equity Fund                     | 811-07705         |
| Virtus Emerging Markets Opportunities Fund                     | 811-06161         |
| Virtus KAR Small-Mid Cap Core Fund                             | 811-00945         |
| Virtus SGA Emerging Markets Growth Fund                        | 811-00945         |
| Virtus KAR Long/Short Equity Fund                              | 811-22906         |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund            | 811-07455         |
| Virtus Duff & Phelps Global Infrastructure Fund                | 811-07455         |
| Virtus Duff & Phelps Select MLP and Energy Fund                | 811-22906         |
| Virtus NFJ Small-Cap Value Fund                                | 811-06161         |
| Virtus Seix Tax-Exempt Bond Fund                               | 811-07455         |
| Virtus Seix Investment Grade Tax-Exempt Bond Fund              | 811-07705         |
| Virtus International Small-Cap Fund                            | 811-22167         |
| Virtus KAR Emerging Markets Small-Cap Fund                     | 811-07455         |
| Virtus Duff & Phelps Real Asset Fund                           | 811-07455         |
| Virtus FORT Trend Fund                                         | 811-07455         |
| Virtus Seix Core Bond Fund                                     | 811-07705         |
| Virtus Stone Harbor High Yield Bond Fund                       | 811-07455         |
| Virtus Newfleet High Yield Fund                                | 811-07455         |
| Virtus Stone Harbor Emerging Markets Bond Fund                 | 811-07455         |
| Virtus Vontobel Global Opportunities Fund                      | 811-07455         |
| The Merger Fund                                                | 811-03445         |
| Virtus Vontobel Greater European Opportunities Fund            | 811-07455         |
| Virtus KAR International Small-Mid Cap Fund                    | 811-07455         |
| Virtus Stone Harbor Emerging Markets Debt Allocation Fund      | 811-07455         |
| Virtus Newfleet Short Duration High Income Fund                | 811-22167         |
| Virtus Westchester Credit Event Fund                           | 811-22818         |
| Virtus NFJ Global Sustainability Fund                          | 811-22167         |
| Virtus KAR Small-Cap Core Fund                                 | 811-00945         |
| Virtus Ceredex Mid-Cap Value Equity Fund                       | 811-07705         |
| Virtus Seix High Yield Income Fund                             | 811-22167         |
| Virtus KAR Small-Cap Value Fund                                | 811-00945         |
| Virtus Duff & Phelps Global Real Estate Securities Fund        | 811-07455         |
| Virtus Ceredex Large-Cap Value Equity Fund                     | 811-07705         |
| Virtus Vontobel Emerging Markets Opportunities Fund            | 811-07455         |
| Virtus Zevenbergen Technology Fund                             | 811-06161         |
| The Merger Fund VL                                             | 811-21279         |
| Virtus KAR Global Quality Dividend Fund                        | 811-00945         |
| Virtus Tactical Allocation Fund                                | 811-00945         |
| Virtus Duff & Phelps Water Fund                                | 811-22167         |
| Virtus KAR Equity Income Fund                                  | 811-00945         |
| Virtus SGA Global Growth Fund                                  | 811-00945         |
| Virtus SGA International Growth Fund                           | 811-07705         |
| Virtus Seix Total Return Bond Fund                             | 811-07705         |
| Virtus NFJ Dividend Value Fund                                 | 811-06161         |
| Virtus Strategic Allocation Series                             | 811-04642         |
| Virtus NFJ Large-Cap Value Fund                                | 811-06161         |
| Virtus KAR Small-Cap Growth Series                             | 811-04642         |
| Virtus Convertible Fund                                        | 811-22167         |
| Virtus SGA International Growth Series                         | 811-04642         |
| Virtus Newfleet Multi-Sector Intermediate Bond Series          | 811-04642         |
| Virtus Seix High Income Fund                                   | 811-07705         |
| Virtus Duff & Phelps International Real Estate Securities Fund | 811-07455         |
| Virtus Silvant Mid-Cap Growth Fund                             | 811-06161         |
| Virtus KAR Small-Cap Growth Fund                               | 811-00945         |
| Virtus Newfleet Core Plus Bond Fund                            | 811-07455         |
| Virtus Seix Corporate Bond Fund                                | 811-07705         |
| Virtus Stone Harbor Emerging Markets Debt Income Fund          | 811-07455         |
| Virtus NFJ Mid-Cap Value Fund                                  | 811-06161         |
| Virtus KAR Mid-Cap Core Fund                                   | 811-00945         |
| Virtus KAR Capital Growth Series                               | 811-04642         |
| Virtus Small-Cap Fund                                          | 811-06161         |
| Virtus KAR Developing Markets Fund                             | 811-07455         |
| Virtus Duff & Phelps Real Estate Securities Fund               | 811-07455         |
| Virtus NFJ Emerging Markets Value Fund                         | 811-22167         |
| Virtus SGA New Leaders Growth Fund                             | 811-00945         |
| Virtus Stone Harbor Strategic Income Fund                      | 811-07455         |
| Virtus NFJ International Value Fund                            | 811-06161         |
| Virtus Duff & Phelps Real Estate Securities Series             | 811-04642         |
| Virtus KAR Small-Cap Value Series                              | 811-04642         |
| Virtus Newfleet Multi-Sector Short Term Bond Fund              | 811-07455         |
| Virtus Zevenbergen Innovative Growth Stock Fund                | 811-07705         |
| Virtus KAR Equity Income Series                                | 811-04642         |
| Virtus Silvant Large-Cap Growth Stock Fund                     | 811-07705         |
| Virtus Westchester Event-Driven Fund                           | 811-22818         |

- **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: 9 - Virtus Seix High Income Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Virtus Seix High Income Fund

- **b. Series identification number, if any:** S000057024

- **c. LEI:** 5493003O6KUNBVKBLW51

- **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?:** 3

- **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                | C000181165                                | STHZX                        |
|                           2 | Class I                 | C000181164                                | STHTX                        |
|                           3 | Class A                 | C000181163                                | SAHIX                        |

**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:** $3,226,395.36

- **g. Provide the net income from securities lending activities:** $43,586.87

**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 18f-4 (17 CFR 270.18f-4)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

- Rule 12d1-1 (17 CFR 270.12d1-1)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Virtus Fund Advisers, LLC

- **ii. SEC file number:** 801-23163

- **iii. CRD number:** 000107346

- **iv. LEI, if any:** 5493003H4QV0TBBXX123

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Investment Advisers Record: 2**

- **i. Full name:** Virtus Fund Advisers, LLC

- **ii. SEC file number:** 801-23163

- **iii. CRD number:** 000107346

- **iv. LEI, if any:** 5493003H4QV0TBBXX123

- **v. State, if applicable:** GA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Virtus Fixed Income Advisers, LLC

- **ii. SEC file number:** 801-68743

- **iii. CRD number:** 000146029

- **iv. LEI, if any:** 549300L7I4W19C7JV575

- **v. Is the sub-adviser an affiliated person?:** Yes

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** 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 Finance L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493001KJTIIGC8Y1R12

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Intercontinental Exchange, Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000F4ZO33MV32P92

- **iii. State, if applicable:** GA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** JPMorgan Chase & Co.

- **ii. LEI, if any, or provide and describe other identifying number:** 8I5DZWZKVSZI1NUHU748

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** Yes

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** The Bank of New York Mellon (Belgium)

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 2**

- **i. Full name:** The Depository Trust Company

- **ii. LEI, if any:** 549300HBJLRO8YFMI370

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Securities depository - rule 17f-4 (17 CFR 270.17f-4)

**Custodians Record: 3**

- **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: 4**

- **i. Full name:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any:** 084-06485

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. LEI, if any, or other identifying number:** 549300CFZQLI9QMJ1Z03

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

**Administrators Record: 2**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** 084-06485

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** VP Distributors, LLC

- **b. SEC file number:** 008-14100

- **c. CRD number:** 000003036

- **d. LEI, if any:** 549300IW1QX018U5W603

- **e. State, if applicable:** CT

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

No Brokers reported.

**Item C.17.a. Principal transaction counterparties.**

| Name                               | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| DEUTSCHE BANK SECURITIES, INC.     | 008-17822         |    000002525 | 9J6MBOOO7BECTDTUZW19 | NY      | US        | $5,697,505.00             |
| JEFFERIES LLC                      | 008-15074         |    000002347 | 58PU97L1C0WSRCWADL48 | NY      | US        | $13,020,311.00            |
| BOFA SECURITIES, INC.              | 008-69787         |    000283942 | 549300HN4UKV1E2R3U73 | NY      | US        | $14,173,454.00            |
| GOLDMAN SACHS & CO. LLC            | 008-00129         |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $37,062,467.00            |
| CitiGroup Global Markets Inc.      | 008-08177         |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $19,791,495.00            |
| CREDIT SUISSE SECURITIES (USA) LLC | 008-00422         |    000000816 | 1V8Y6QCX6YMJ2OELII46 | NY      | US        | $9,375,056.00             |
| MORGAN STANLEY & CO. LLC           | 008-15869         |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $9,883,699.00             |
| BARCLAYS CAPITAL, INC.             | 008-41342         |    000019714 | AC28XWWI3WIBK2824319 | NY      | US        | $12,984,981.00            |
| ROBERT W BAIRD & CO. INC.          | 008-00497         |    000008158 | 549300772UJAHRD6LO53 | WI      | US        | $4,865,444.00             |
| J.P. Morgan Securities LLC         | 008-35008         |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $89,880,445.00            |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $247,041,739.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $164,263,483.00

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $250,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** The Bank of New York Mellon

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                   | SEC File number   |
|:---|:---|
| Virtus Small-Cap Fund                                          | 811-06161         |
| Virtus SGA International Growth Fund                           | 811-07705         |
| Virtus KAR Emerging Markets Small-Cap Fund                     | 811-07455         |
| Virtus Ceredex Small-Cap Value Equity Fund                     | 811-07705         |
| Virtus Zevenbergen Innovative Growth Stock Fund                | 811-07705         |
| Virtus Ceredex Large-Cap Value Equity Fund                     | 811-07705         |
| Virtus KAR Long/Short Equity Fund                              | 811-22906         |
| Virtus FORT Trend Fund                                         | 811-07455         |
| Virtus KAR Capital Growth Series                               | 811-04642         |
| Virtus Silvant Focused Growth Fund                             | 811-06161         |
| Virtus Stone Harbor Emerging Markets Debt Allocation Fund      | 811-07455         |
| Virtus Vontobel Global Opportunities Fund                      | 811-07455         |
| Virtus Duff & Phelps Real Estate Securities Fund               | 811-07455         |
| Virtus NFJ Global Sustainability Fund                          | 811-22167         |
| Virtus KAR Mid-Cap Core Fund                                   | 811-00945         |
| Virtus SGA International Growth Series                         | 811-04642         |
| Virtus Emerging Markets Opportunities Fund                     | 811-06161         |
| Virtus Newfleet Multi-Sector Intermediate Bond Series          | 811-04642         |
| Virtus KAR Global Quality Dividend Fund                        | 811-00945         |
| Virtus Duff & Phelps Global Infrastructure Fund                | 811-07455         |
| Virtus Convertible Fund                                        | 811-22167         |
| Virtus NFJ Small-Cap Value Fund                                | 811-06161         |
| Virtus Stone Harbor Emerging Markets Bond Fund                 | 811-07455         |
| Virtus Seix Core Bond Fund                                     | 811-07705         |
| Virtus KAR Equity Income Series                                | 811-04642         |
| Virtus Vontobel Greater European Opportunities Fund            | 811-07455         |
| Virtus Ceredex Mid-Cap Value Equity Fund                       | 811-07705         |
| Virtus Seix Tax-Exempt Bond Fund                               | 811-07455         |
| Virtus International Small-Cap Fund                            | 811-22167         |
| Virtus Seix Corporate Bond Fund                                | 811-07705         |
| Virtus Newfleet Core Plus Bond Fund                            | 811-07455         |
| Virtus Stone Harbor High Yield Bond Fund                       | 811-07455         |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund            | 811-07455         |
| Virtus SGA Global Growth Fund                                  | 811-00945         |
| Virtus SGA New Leaders Growth Fund                             | 811-00945         |
| Virtus Stone Harbor Emerging Markets Debt Income Fund          | 811-07455         |
| Virtus KAR Small-Cap Value Fund                                | 811-00945         |
| Virtus KAR Small-Cap Growth Fund                               | 811-00945         |
| Virtus Tactical Allocation Fund                                | 811-00945         |
| Virtus Zevenbergen Technology Fund                             | 811-06161         |
| Virtus Stone Harbor Strategic Income Fund                      | 811-07455         |
| Virtus NFJ Dividend Value Fund                                 | 811-06161         |
| Virtus Seix U.S. Government Securities Ultra-Short Bond Fund   | 811-07705         |
| Virtus Westchester Event-Driven Fund                           | 811-22818         |
| Virtus KAR International Small-Mid Cap Fund                    | 811-07455         |
| The Merger Fund                                                | 811-03445         |
| Virtus NFJ Large-Cap Value Fund                                | 811-06161         |
| Virtus KAR Global Small-Cap Fund                               | 811-06161         |
| Virtus KAR Small-Cap Core Fund                                 | 811-00945         |
| Virtus Duff & Phelps Real Estate Securities Series             | 811-04642         |
| Virtus Silvant Large-Cap Growth Stock Fund                     | 811-07705         |
| Virtus Strategic Allocation Series                             | 811-04642         |
| Virtus Stone Harbor Local Markets Fund                         | 811-07455         |
| Virtus Duff & Phelps Select MLP and Energy Fund                | 811-22906         |
| Virtus Newfleet Multi-Sector Short Term Bond Fund              | 811-07455         |
| Virtus KAR Small-Cap Growth Series                             | 811-04642         |
| Virtus KAR Small-Mid Cap Value Fund                            | 811-00945         |
| Virtus Seix Investment Grade Tax-Exempt Bond Fund              | 811-07705         |
| Virtus KAR Mid-Cap Growth Fund                                 | 811-00945         |
| Virtus Westchester Credit Event Fund                           | 811-22818         |
| The Merger Fund VL                                             | 811-21279         |
| Virtus SGA Emerging Markets Growth Fund                        | 811-00945         |
| Virtus Newfleet Low Duration Core Plus Bond Fund               | 811-07455         |
| Virtus NFJ Emerging Markets Value Fund                         | 811-22167         |
| Virtus Newfleet High Yield Fund                                | 811-07455         |
| Virtus Income & Growth Fund                                    | 811-06161         |
| Virtus Seix Total Return Bond Fund                             | 811-07705         |
| Virtus Duff & Phelps Real Asset Fund                           | 811-07455         |
| Virtus Duff & Phelps International Real Estate Securities Fund | 811-07455         |
| Virtus Seix Ultra-Short Bond Fund                              | 811-07705         |
| Virtus KAR Health Sciences Fund                                | 811-06161         |
| Virtus KAR Small-Cap Value Series                              | 811-04642         |
| Virtus Seix High Grade Municipal Bond Fund                     | 811-07705         |
| Virtus Newfleet Short Duration High Income Fund                | 811-22167         |
| Virtus NFJ International Value Fund                            | 811-06161         |
| Virtus Duff & Phelps Global Real Estate Securities Fund        | 811-07455         |
| Virtus KAR Small-Mid Cap Growth Fund                           | 811-00945         |
| Virtus KAR Developing Markets Fund                             | 811-07455         |
| Virtus Duff & Phelps Water Fund                                | 811-22167         |
| Virtus KAR Capital Growth Fund                                 | 811-00945         |
| Virtus KAR Equity Income Fund                                  | 811-00945         |
| Virtus Seix High Yield Income Fund                             | 811-22167         |
| Virtus Vontobel Emerging Markets Opportunities Fund            | 811-07455         |
| Virtus Global Allocation Fund                                  | 811-22167         |
| Virtus KAR Small-Mid Cap Core Fund                             | 811-00945         |
| Virtus NFJ Mid-Cap Value Fund                                  | 811-06161         |
| Virtus Silvant Mid-Cap Growth Fund                             | 811-06161         |
| Virtus Vontobel Foreign Opportunities 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: 10 - Virtus Seix High Grade Municipal Bond Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Virtus Seix High Grade Municipal Bond Fund

- **b. Series identification number, if any:** S000057023

- **c. LEI:** 549300Z30AGMO5EEOT47

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 2

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Class A                 | C000181160                                | SFLTX                        |
|                           2 | Class I                 | C000181161                                | SCFTX                        |

**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 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 Fund Advisers, LLC

- **ii. SEC file number:** 801-23163

- **iii. CRD number:** 000107346

- **iv. LEI, if any:** 5493003H4QV0TBBXX123

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Investment Advisers Record: 2**

- **i. Full name:** Virtus Fund Advisers, LLC

- **ii. SEC file number:** 801-23163

- **iii. CRD number:** 000107346

- **iv. LEI, if any:** 5493003H4QV0TBBXX123

- **v. State, if applicable:** GA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Virtus Fixed Income Advisers, LLC

- **ii. SEC file number:** 801-68743

- **iii. CRD number:** 000146029

- **iv. LEI, if any:** 549300L7I4W19C7JV575

- **v. Is the sub-adviser an affiliated person?:** Yes

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. SEC file number:** 084-01761

- **iii. LEI, if any:** 549300CFZQLI9QMJ1Z03

- **iv. State, if applicable:** DE

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** Yes

**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 Finance L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493001KJTIIGC8Y1R12

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** IHS Markit Ltd.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300HLPTRASHS0E726

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Intercontinental Exchange, Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000F4ZO33MV32P92

- **iii. State, if applicable:** GA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** JPMorgan Chase & Co.

- **ii. LEI, if any, or provide and describe other identifying number:** 8I5DZWZKVSZI1NUHU748

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** Yes

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** 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 Depository Trust Company

- **ii. LEI, if any:** 549300HBJLRO8YFMI370

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Securities depository - rule 17f-4 (17 CFR 270.17f-4)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any:** 084-06485

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. LEI, if any, or other identifying number:** 549300CFZQLI9QMJ1Z03

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

**Administrators Record: 2**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** 084-06485

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** VP Distributors, LLC

- **b. SEC file number:** 008-14100

- **c. CRD number:** 000003036

- **d. LEI, if any:** 549300IW1QX018U5W603

- **e. State, if applicable:** CT

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

No Brokers reported.

**Item C.17.a. Principal transaction counterparties.**

| Name                          | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| HILLTOP SECURITIES INC.       | 008-45123         | 000006220    | 549300IXU82PMU6XZT45 | TX      | US        | $4,220,573.00             |
| JEFFERIES LLC                 | 008-15074         | 000002347    | 58PU97L1C0WSRCWADL48 | NY      | US        | $4,236,626.00             |
| J.P. Morgan Securities LLC    | 008-35008         | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $3,331,420.00             |
| BOFA SECURITIES, INC.         | 008-69787         | 000283942    | 549300HN4UKV1E2R3U73 | NY      | US        | $18,075,990.00            |
| GOLDMAN SACHS & CO. LLC       | 008-00129         | 000000361    | FOR8UP27PHTHYVLBNG30 | NY      | US        | $3,502,670.00             |
| Truist Securities, Inc.       | 008-17212         | 000006271    | CSVTK36R0PNGXEM7NS14 | GA      | US        | $11,305,944.00            |
| WELLS FARGO SECURITIES, LLC   | 008-65876         | 000126292    | VYVVCKR63DVZZN70PB21 | NC      | US        | $8,385,905.00             |
| CitiGroup Global Markets Inc. | 008-08177         | 000007059    | MBNUM2BPBDO7JBLYG310 | NY      | US        | $10,491,401.00            |
| BARCLAYS CAPITAL, INC.        | 008-41342         | 000019714    | AC28XWWI3WIBK2824319 | NY      | US        | $6,410,822.00             |
| SEIBERT BRANDFORD             | N/A               | N/A          | N/A                  | NY      | US        | $3,287,729.00             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $87,759,100.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $40,430,640.00

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $250,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** The Bank of New York Mellon

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                   | SEC File number   |
|:---|:---|
| Virtus International Small-Cap Fund                            | 811-22167         |
| Virtus KAR Global Quality Dividend Fund                        | 811-00945         |
| Virtus KAR Small-Mid Cap Core Fund                             | 811-00945         |
| Virtus Convertible Fund                                        | 811-22167         |
| Virtus KAR Equity Income Fund                                  | 811-00945         |
| Virtus Westchester Credit Event Fund                           | 811-22818         |
| Virtus Seix Ultra-Short Bond Fund                              | 811-07705         |
| Virtus KAR Developing Markets Fund                             | 811-07455         |
| Virtus Stone Harbor Local Markets Fund                         | 811-07455         |
| Virtus Stone Harbor Emerging Markets Bond Fund                 | 811-07455         |
| Virtus NFJ Global Sustainability Fund                          | 811-22167         |
| Virtus Westchester Event-Driven Fund                           | 811-22818         |
| Virtus Income & Growth Fund                                    | 811-06161         |
| Virtus Tactical Allocation Fund                                | 811-00945         |
| Virtus Zevenbergen Technology Fund                             | 811-06161         |
| Virtus KAR Small-Cap Value Series                              | 811-04642         |
| The Merger Fund VL                                             | 811-21279         |
| Virtus Stone Harbor High Yield Bond Fund                       | 811-07455         |
| Virtus SGA New Leaders Growth Fund                             | 811-00945         |
| Virtus NFJ Emerging Markets Value Fund                         | 811-22167         |
| Virtus KAR Global Small-Cap Fund                               | 811-06161         |
| Virtus Vontobel Emerging Markets Opportunities Fund            | 811-07455         |
| Virtus KAR Small-Mid Cap Value Fund                            | 811-00945         |
| Virtus Vontobel Global Opportunities Fund                      | 811-07455         |
| Virtus KAR Small-Cap Value Fund                                | 811-00945         |
| Virtus Newfleet Core Plus Bond Fund                            | 811-07455         |
| Virtus Duff & Phelps Real Asset Fund                           | 811-07455         |
| Virtus Seix Total Return Bond Fund                             | 811-07705         |
| Virtus SGA Global Growth Fund                                  | 811-00945         |
| Virtus SGA Emerging Markets Growth Fund                        | 811-00945         |
| Virtus KAR International Small-Mid Cap Fund                    | 811-07455         |
| Virtus KAR Small-Cap Growth Series                             | 811-04642         |
| Virtus Newfleet Multi-Sector Intermediate Bond Series          | 811-04642         |
| Virtus Seix High Yield Income Fund                             | 811-22167         |
| Virtus Zevenbergen Innovative Growth Stock Fund                | 811-07705         |
| Virtus Emerging Markets Opportunities Fund                     | 811-06161         |
| Virtus Stone Harbor Emerging Markets Debt Income Fund          | 811-07455         |
| Virtus Stone Harbor Emerging Markets Debt Allocation Fund      | 811-07455         |
| Virtus SGA International Growth Fund                           | 811-07705         |
| Virtus KAR Equity Income Series                                | 811-04642         |
| Virtus Duff & Phelps International Real Estate Securities Fund | 811-07455         |
| Virtus Duff & Phelps Real Estate Securities Series             | 811-04642         |
| Virtus SGA International Growth Series                         | 811-04642         |
| Virtus NFJ Mid-Cap Value Fund                                  | 811-06161         |
| Virtus Stone Harbor Strategic Income Fund                      | 811-07455         |
| Virtus FORT Trend Fund                                         | 811-07455         |
| Virtus NFJ International Value Fund                            | 811-06161         |
| Virtus Strategic Allocation Series                             | 811-04642         |
| Virtus Ceredex Small-Cap Value Equity Fund                     | 811-07705         |
| Virtus Vontobel Foreign Opportunities Fund                     | 811-07455         |
| Virtus Seix High Yield Fund                                    | 811-07705         |
| Virtus KAR Mid-Cap Core Fund                                   | 811-00945         |
| Virtus KAR Small-Mid Cap Growth Fund                           | 811-00945         |
| Virtus NFJ Large-Cap Value Fund                                | 811-06161         |
| Virtus KAR Health Sciences Fund                                | 811-06161         |
| Virtus Newfleet Short Duration High Income Fund                | 811-22167         |
| Virtus Vontobel Greater European Opportunities Fund            | 811-07455         |
| Virtus KAR Capital Growth Fund                                 | 811-00945         |
| Virtus Duff & Phelps Global Real Estate Securities Fund        | 811-07455         |
| Virtus KAR Long/Short Equity Fund                              | 811-22906         |
| Virtus Global Allocation Fund                                  | 811-22167         |
| Virtus Duff & Phelps Water Fund                                | 811-22167         |
| Virtus Seix Corporate Bond Fund                                | 811-07705         |
| Virtus NFJ Dividend Value Fund                                 | 811-06161         |
| Virtus Seix Core Bond Fund                                     | 811-07705         |
| Virtus KAR Emerging Markets Small-Cap Fund                     | 811-07455         |
| Virtus KAR Small-Cap Core Fund                                 | 811-00945         |
| Virtus Seix U.S. Government Securities Ultra-Short Bond Fund   | 811-07705         |
| Virtus KAR Mid-Cap Growth Fund                                 | 811-00945         |
| Virtus Newfleet Multi-Sector Short Term Bond Fund              | 811-07455         |
| Virtus Seix High Income Fund                                   | 811-07705         |
| Virtus NFJ Small-Cap Value Fund                                | 811-06161         |
| Virtus Small-Cap Fund                                          | 811-06161         |
| Virtus Duff & Phelps Real Estate Securities Fund               | 811-07455         |
| Virtus Newfleet Low Duration Core Plus Bond Fund               | 811-07455         |
| Virtus Seix Tax-Exempt Bond Fund                               | 811-07455         |
| Virtus Silvant Focused Growth Fund                             | 811-06161         |
| Virtus Silvant Large-Cap Growth Stock Fund                     | 811-07705         |
| Virtus KAR Capital Growth Series                               | 811-04642         |
| Virtus KAR Small-Cap Growth Fund                               | 811-00945         |
| Virtus Duff & Phelps Global Infrastructure Fund                | 811-07455         |
| Virtus Newfleet High Yield Fund                                | 811-07455         |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund            | 811-07455         |
| Virtus Duff & Phelps Select MLP and Energy Fund                | 811-22906         |
| Virtus Ceredex Mid-Cap Value Equity Fund                       | 811-07705         |
| Virtus Seix Investment Grade Tax-Exempt Bond Fund              | 811-07705         |
| The Merger Fund                                                | 811-03445         |
| Virtus Silvant Mid-Cap Growth Fund                             | 811-06161         |
| Virtus Ceredex Large-Cap Value Equity Fund                     | 811-07705         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 11 - Virtus SGA International Growth Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Virtus SGA International Growth Fund

- **b. Series identification number, if any:** S000057039

- **c. LEI:** 5493000X0M0KMG2CRK03

- **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?:** 3

- **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                 | C000181219                                | SCIIX                        |
|                           2 | Class I                 | C000181220                                | STITX                        |
|                           3 | Class R6                | C000181221                                | SCIZX                        |

**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:** $576,303.77

- **g. Provide the net income from securities lending activities:** $1,617.24

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 22d-1 (17 CFR 270.22d-1)

- Rule 12d1-1 (17 CFR 270.12d1-1)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Virtus Fund Advisers, LLC

- **ii. SEC file number:** 801-23163

- **iii. CRD number:** 000107346

- **iv. LEI, if any:** 5493003H4QV0TBBXX123

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Investment Advisers Record: 2**

- **i. Full name:** Virtus Fund Advisers, LLC

- **ii. SEC file number:** 801-23163

- **iii. CRD number:** 000107346

- **iv. LEI, if any:** 5493003H4QV0TBBXX123

- **v. State, if applicable:** GA

- **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:** Bloomberg Finance L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493001KJTIIGC8Y1R12

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** IHS Markit Ltd.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300HLPTRASHS0E726

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** JPMorgan Chase & Co.

- **ii. LEI, if any, or provide and describe other identifying number:** 8I5DZWZKVSZI1NUHU748

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** Intercontinental Exchange, Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000F4ZO33MV32P92

- **iii. State, if applicable:** GA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** Yes

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** 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: 2**

- **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: 3**

- **i. Full name:** The Bank of New York Mellon SA/NV (Belgium)

- **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: 4**

- **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: 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, 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: 7**

- **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: 8**

- **i. Full name:** Deutsche Bank AG (India)

- **ii. LEI, if any:** 529900XJG4R4MYZD2W75

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 9**

- **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: 10**

- **i. Full name:** Citibank N.A., Brazilian Branch

- **ii. LEI, if any:** 1P0UUG7LC1S92QTNHG39

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 11**

- **i. Full name:** 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: 12**

- **i. Full name:** PJSC ROSBANK

- **ii. LEI, if any:** HOXMZG026UQNRK6J0C60

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 13**

- **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: 14**

- **i. Full name:** Citibanamex, Mexico City

- **ii. LEI, if any:** 5493004NLEXB8DK06353

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 15**

- **i. Full name:** Euroclear Belgium

- **ii. LEI, if any:** 21380014SJC1QPK8O356

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)

**Custodians Record: 16**

- **i. Full name:** 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: 17**

- **i. Full name:** The Depository Trust Company

- **ii. LEI, if any:** 549300HBJLRO8YFMI370

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Securities depository - rule 17f-4 (17 CFR 270.17f-4)

**Custodians Record: 18**

- **i. Full name:** HSBC Bank (China) Company Limited

- **ii. LEI, if any:** 2CZOJRADNJXBLT55G526

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 19**

- **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: 20**

- **i. Full name:** Standard Chartered Bank (Makati City, Metro Manila, PH, Branch)

- **ii. LEI, if any:** RILFO74KP1CM8P6PCT96

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 21**

- **i. Full name:** Skandinaviska Enskilda Banken AB, Copenhagen Branch

- **ii. LEI, if any:** F3JS33DEI6XQ4ZBPTN86

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 22**

- **i. Full name:** The Bank of New York Mellon SA/NV (Germany)

- **ii. LEI, if any:** MMYX0N4ZEZ13Z4XCG897

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 23**

- **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: 24**

- **i. Full name:** The Bank of New York Mellon (Ireland)

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 25**

- **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: 26**

- **i. Full name:** Clearstream Banking S.A. (Luxembourg)

- **ii. LEI, if any:** 549300OL514RA0SXJJ44

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)

**Custodians Record: 27**

- **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: 28**

- **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: 29**

- **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: 30**

- **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: 31**

- **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: 32**

- **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:** 084-06485

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** 084-06485

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

**Administrators Record: 2**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. LEI, if any, or other identifying number:** 549300CFZQLI9QMJ1Z03

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** VP Distributors, LLC

- **b. SEC file number:** 008-14100

- **c. CRD number:** 000003036

- **d. LEI, if any:** 549300IW1QX018U5W603

- **e. State, if applicable:** CT

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** 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:** $532.00

**Brokers Record: 2**

- **i. Full name of broker:** NOMURA SECURITIES INTERNATIONAL, INC.

- **ii. SEC file number:** 008-15255

- **iii. CRD number:** 000004297

- **iv. LEI, if any:** OXTKY6Q8X53C9ILVV871

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,820.00

**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:** $2,216.00

**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:** $4,645.00

**Brokers Record: 5**

- **i. Full name of broker:** EVERCORE GROUP L.L.C.

- **ii. SEC file number:** 008-49830

- **iii. CRD number:** 000042405

- **iv. LEI, if any:** 5493008F0LRLS5N8LZ81

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,330.00

**Brokers Record: 6**

- **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:** $2,939.00

**Brokers Record: 7**

- **i. Full name of broker:** Cowen and Company, LLC

- **ii. SEC file number:** 008-22522

- **iii. CRD number:** 000007616

- **iv. LEI, if any:** 549300WR155U7DVMIW58

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $4,618.00

**Brokers Record: 8**

- **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:** $6,516.00

**Brokers Record: 9**

- **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:** $3,943.00

**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:** $1,032.00

**Aggregate Commission:** $32,490.00

- **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:** $39,376,897.00

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $250,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** The Bank of New York Mellon

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                   | SEC File number   |
|:---|:---|
| Virtus KAR Long/Short Equity Fund                              | 811-22906         |
| Virtus KAR Health Sciences Fund                                | 811-06161         |
| The Merger Fund                                                | 811-03445         |
| Virtus Stone Harbor Local Markets Fund                         | 811-07455         |
| Virtus KAR International Small-Mid Cap Fund                    | 811-07455         |
| Virtus NFJ Dividend Value Fund                                 | 811-06161         |
| Virtus Vontobel Foreign Opportunities Fund                     | 811-07455         |
| The Merger Fund VL                                             | 811-21279         |
| Virtus Seix U.S. Government Securities Ultra-Short Bond Fund   | 811-07705         |
| Virtus Duff & Phelps Water Fund                                | 811-22167         |
| Virtus SGA International Growth Series                         | 811-04642         |
| Virtus Stone Harbor High Yield Bond Fund                       | 811-07455         |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund            | 811-07455         |
| Virtus Global Allocation Fund                                  | 811-22167         |
| Virtus KAR Equity Income Series                                | 811-04642         |
| Virtus Seix Total Return Bond Fund                             | 811-07705         |
| Virtus Ceredex Large-Cap Value Equity Fund                     | 811-07705         |
| Virtus Stone Harbor Emerging Markets Bond Fund                 | 811-07455         |
| Virtus KAR Small-Mid Cap Value Fund                            | 811-00945         |
| Virtus Silvant Focused Growth Fund                             | 811-06161         |
| Virtus NFJ Small-Cap Value Fund                                | 811-06161         |
| Virtus KAR Global Small-Cap Fund                               | 811-06161         |
| Virtus KAR Small-Cap Value Fund                                | 811-00945         |
| Virtus Vontobel Global Opportunities Fund                      | 811-07455         |
| Virtus NFJ Global Sustainability Fund                          | 811-22167         |
| Virtus KAR Equity Income Fund                                  | 811-00945         |
| Virtus Newfleet Multi-Sector Short Term Bond Fund              | 811-07455         |
| Virtus KAR Small-Mid Cap Growth Fund                           | 811-00945         |
| Virtus Newfleet Low Duration Core Plus Bond Fund               | 811-07455         |
| Virtus Westchester Event-Driven Fund                           | 811-22818         |
| Virtus Seix Tax-Exempt Bond Fund                               | 811-07455         |
| Virtus Seix High Yield Fund                                    | 811-07705         |
| Virtus Vontobel Greater European Opportunities Fund            | 811-07455         |
| Virtus NFJ Large-Cap Value Fund                                | 811-06161         |
| Virtus Income & Growth Fund                                    | 811-06161         |
| Virtus Emerging Markets Opportunities Fund                     | 811-06161         |
| Virtus KAR Capital Growth Fund                                 | 811-00945         |
| Virtus Ceredex Mid-Cap Value Equity Fund                       | 811-07705         |
| Virtus Zevenbergen Innovative Growth Stock Fund                | 811-07705         |
| Virtus Seix High Yield Income Fund                             | 811-22167         |
| Virtus SGA New Leaders Growth Fund                             | 811-00945         |
| Virtus KAR Small-Mid Cap Core Fund                             | 811-00945         |
| Virtus Tactical Allocation Fund                                | 811-00945         |
| Virtus KAR Developing Markets Fund                             | 811-07455         |
| Virtus SGA Global Growth Fund                                  | 811-00945         |
| Virtus Duff & Phelps Global Infrastructure Fund                | 811-07455         |
| Virtus NFJ Emerging Markets Value Fund                         | 811-22167         |
| Virtus Duff & Phelps Real Asset Fund                           | 811-07455         |
| Virtus KAR Small-Cap Growth Series                             | 811-04642         |
| Virtus KAR Small-Cap Core Fund                                 | 811-00945         |
| Virtus Newfleet Core Plus Bond Fund                            | 811-07455         |
| Virtus Seix Core Bond Fund                                     | 811-07705         |
| Virtus Seix Investment Grade Tax-Exempt Bond Fund              | 811-07705         |
| Virtus Newfleet High Yield Fund                                | 811-07455         |
| Virtus Silvant Large-Cap Growth Stock Fund                     | 811-07705         |
| Virtus Newfleet Multi-Sector Intermediate Bond Series          | 811-04642         |
| Virtus International Small-Cap Fund                            | 811-22167         |
| Virtus Zevenbergen Technology Fund                             | 811-06161         |
| Virtus Duff & Phelps Global Real Estate Securities Fund        | 811-07455         |
| Virtus KAR Mid-Cap Growth Fund                                 | 811-00945         |
| Virtus Seix Ultra-Short Bond Fund                              | 811-07705         |
| Virtus KAR Small-Cap Value Series                              | 811-04642         |
| Virtus NFJ International Value Fund                            | 811-06161         |
| Virtus Strategic Allocation Series                             | 811-04642         |
| Virtus KAR Emerging Markets Small-Cap Fund                     | 811-07455         |
| Virtus Duff & Phelps Real Estate Securities Fund               | 811-07455         |
| Virtus Duff & Phelps Real Estate Securities Series             | 811-04642         |
| Virtus Duff & Phelps International Real Estate Securities Fund | 811-07455         |
| Virtus Duff & Phelps Select MLP and Energy Fund                | 811-22906         |
| Virtus Stone Harbor Strategic Income Fund                      | 811-07455         |
| Virtus Seix Corporate Bond Fund                                | 811-07705         |
| Virtus Small-Cap Fund                                          | 811-06161         |
| Virtus Stone Harbor Emerging Markets Debt Allocation Fund      | 811-07455         |
| Virtus Ceredex Small-Cap Value Equity Fund                     | 811-07705         |
| Virtus Newfleet Short Duration High Income Fund                | 811-22167         |
| Virtus KAR Small-Cap Growth Fund                               | 811-00945         |
| Virtus KAR Capital Growth Series                               | 811-04642         |
| Virtus SGA Emerging Markets Growth Fund                        | 811-00945         |
| Virtus Seix High Grade Municipal Bond Fund                     | 811-07705         |
| Virtus KAR Global Quality Dividend Fund                        | 811-00945         |
| Virtus Seix High Income Fund                                   | 811-07705         |
| Virtus Westchester Credit Event Fund                           | 811-22818         |
| Virtus Convertible Fund                                        | 811-22167         |
| Virtus FORT Trend Fund                                         | 811-07455         |
| Virtus Silvant Mid-Cap Growth Fund                             | 811-06161         |
| Virtus NFJ Mid-Cap Value Fund                                  | 811-06161         |
| Virtus KAR Mid-Cap Core Fund                                   | 811-00945         |
| Virtus Vontobel Emerging Markets Opportunities Fund            | 811-07455         |
| Virtus Stone Harbor Emerging Markets Debt Income 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: 12 - Virtus Silvant Large-Cap Growth Stock Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Virtus Silvant Large-Cap Growth Stock Fund

- **b. Series identification number, if any:** S000057037

- **c. LEI:** 549300HQWTPU2SXNW537

- **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?:** 3

- **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                | C000181212                                | STCZX                        |
|                           2 | Class I                 | C000181211                                | STCAX                        |
|                           3 | Class A                 | C000181209                                | STCIX                        |

**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'?** Yes

**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:** $296,478.41

- **g. Provide the net income from securities lending activities:** $2,160.53

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 22d-1 (17 CFR 270.22d-1)

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Virtus Fund Advisers, LLC

- **ii. SEC file number:** 801-23163

- **iii. CRD number:** 000107346

- **iv. LEI, if any:** 5493003H4QV0TBBXX123

- **v. State, if applicable:** GA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Investment Advisers Record: 2**

- **i. Full name:** Virtus Fund Advisers, LLC

- **ii. SEC file number:** 801-23163

- **iii. CRD number:** 000107346

- **iv. LEI, if any:** 5493003H4QV0TBBXX123

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Silvant Capital Management LLC

- **ii. SEC file number:** 801-68741

- **iii. CRD number:** 000146025

- **iv. LEI, if any:** 549300E0RSKF6HZZI673

- **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:** JPMorgan Chase & Co.

- **ii. LEI, if any, or provide and describe other identifying number:** 8I5DZWZKVSZI1NUHU748

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** Intercontinental Exchange, Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000F4ZO33MV32P92

- **iii. State, if applicable:** GA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Bloomberg Finance L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493001KJTIIGC8Y1R12

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** IHS Markit Ltd.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300HLPTRASHS0E726

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** Yes

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** The 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 Depository Trust Company

- **ii. LEI, if any:** 549300HBJLRO8YFMI370

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Securities depository - rule 17f-4 (17 CFR 270.17f-4)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any:** 084-06485

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. LEI, if any, or other identifying number:** 549300CFZQLI9QMJ1Z03

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

**Administrators Record: 2**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** 084-06485

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** VP Distributors, LLC

- **b. SEC file number:** 008-14100

- **c. CRD number:** 000003036

- **d. LEI, if any:** 549300IW1QX018U5W603

- **e. State, if applicable:** CT

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** J.P. Morgan Securities LLC

- **ii. SEC file number:** 008-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $721.00

**Brokers Record: 2**

- **i. Full name of broker:** JEFFERIES LLC

- **ii. SEC file number:** 008-15074

- **iii. CRD number:** 000002347

- **iv. LEI, if any:** 58PU97L1C0WSRCWADL48

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $187.00

**Brokers Record: 3**

- **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:** $116.00

**Brokers Record: 4**

- **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:** $410.00

**Brokers Record: 5**

- **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:** $133.00

**Brokers Record: 6**

- **i. Full name of broker:** Stifel, Nicolaus & Company, Incorporated

- **ii. SEC file number:** 008-01447

- **iii. CRD number:** 000000793

- **iv. LEI, if any:** 5WUVMA08EYG4KEUPW589

- **v. State, if applicable:** MO

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $374.00

**Brokers Record: 7**

- **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:** $109.00

**Brokers Record: 8**

- **i. Full name of broker:** BARCLAYS CAPITAL, INC.

- **ii. SEC file number:** 008-41342

- **iii. CRD number:** 000019714

- **iv. LEI, if any:** AC28XWWI3WIBK2824319

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $556.00

**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:** $251.00

**Brokers Record: 10**

- **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:** $183.00

**Aggregate Commission:** $3,245.00

- **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:** $107,170,598.00

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $250,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** The Bank of New York Mellon

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                   | SEC File number   |
|:---|:---|
| Virtus Duff & Phelps Real Asset Fund                           | 811-07455         |
| Virtus Tactical Allocation Fund                                | 811-00945         |
| Virtus Ceredex Large-Cap Value Equity Fund                     | 811-07705         |
| Virtus Seix High Grade Municipal Bond Fund                     | 811-07705         |
| Virtus SGA International Growth Fund                           | 811-07705         |
| Virtus Newfleet Low Duration Core Plus Bond Fund               | 811-07455         |
| Virtus Newfleet Multi-Sector Short Term Bond Fund              | 811-07455         |
| Virtus Duff & Phelps Global Infrastructure Fund                | 811-07455         |
| Virtus KAR Developing Markets Fund                             | 811-07455         |
| Virtus KAR Small-Mid Cap Core Fund                             | 811-00945         |
| Virtus Vontobel Global Opportunities Fund                      | 811-07455         |
| Virtus Stone Harbor Emerging Markets Bond Fund                 | 811-07455         |
| Virtus Duff & Phelps Real Estate Securities Series             | 811-04642         |
| Virtus NFJ Emerging Markets Value Fund                         | 811-22167         |
| Virtus Duff & Phelps Global Real Estate Securities Fund        | 811-07455         |
| Virtus Stone Harbor Emerging Markets Debt Income Fund          | 811-07455         |
| Virtus Seix Tax-Exempt Bond Fund                               | 811-07455         |
| Virtus SGA New Leaders Growth Fund                             | 811-00945         |
| Virtus Vontobel Emerging Markets Opportunities Fund            | 811-07455         |
| Virtus FORT Trend Fund                                         | 811-07455         |
| Virtus KAR Mid-Cap Core Fund                                   | 811-00945         |
| Virtus Ceredex Small-Cap Value Equity Fund                     | 811-07705         |
| Virtus NFJ Small-Cap Value Fund                                | 811-06161         |
| Virtus Strategic Allocation Series                             | 811-04642         |
| Virtus KAR Small-Mid Cap Value Fund                            | 811-00945         |
| Virtus KAR Emerging Markets Small-Cap Fund                     | 811-07455         |
| Virtus NFJ Mid-Cap Value Fund                                  | 811-06161         |
| Virtus Global Allocation Fund                                  | 811-22167         |
| Virtus KAR International Small-Mid Cap Fund                    | 811-07455         |
| Virtus Stone Harbor Local Markets Fund                         | 811-07455         |
| Virtus KAR Equity Income Fund                                  | 811-00945         |
| Virtus Duff & Phelps Select MLP and Energy Fund                | 811-22906         |
| Virtus NFJ Large-Cap Value Fund                                | 811-06161         |
| Virtus Westchester Event-Driven Fund                           | 811-22818         |
| Virtus KAR Small-Cap Growth Fund                               | 811-00945         |
| Virtus SGA Emerging Markets Growth Fund                        | 811-00945         |
| Virtus SGA Global Growth Fund                                  | 811-00945         |
| Virtus Newfleet Short Duration High Income Fund                | 811-22167         |
| Virtus Seix High Yield Fund                                    | 811-07705         |
| Virtus KAR Global Quality Dividend Fund                        | 811-00945         |
| Virtus KAR Equity Income Series                                | 811-04642         |
| Virtus Stone Harbor High Yield Bond Fund                       | 811-07455         |
| Virtus Seix Ultra-Short Bond Fund                              | 811-07705         |
| Virtus Seix High Yield Income Fund                             | 811-22167         |
| Virtus Seix U.S. Government Securities Ultra-Short Bond Fund   | 811-07705         |
| Virtus Westchester Credit Event Fund                           | 811-22818         |
| Virtus Small-Cap Fund                                          | 811-06161         |
| Virtus Seix Core Bond Fund                                     | 811-07705         |
| Virtus Newfleet Multi-Sector Intermediate Bond Series          | 811-04642         |
| Virtus KAR Global Small-Cap Fund                               | 811-06161         |
| Virtus Seix Corporate Bond Fund                                | 811-07705         |
| Virtus Seix High Income Fund                                   | 811-07705         |
| Virtus Duff & Phelps Water Fund                                | 811-22167         |
| Virtus International Small-Cap Fund                            | 811-22167         |
| Virtus Convertible Fund                                        | 811-22167         |
| Virtus NFJ Global Sustainability Fund                          | 811-22167         |
| Virtus Silvant Focused Growth Fund                             | 811-06161         |
| Virtus Duff & Phelps Real Estate Securities Fund               | 811-07455         |
| Virtus KAR Small-Cap Core Fund                                 | 811-00945         |
| Virtus Newfleet High Yield Fund                                | 811-07455         |
| Virtus Seix Total Return Bond Fund                             | 811-07705         |
| Virtus Ceredex Mid-Cap Value Equity Fund                       | 811-07705         |
| Virtus KAR Capital Growth Series                               | 811-04642         |
| The Merger Fund VL                                             | 811-21279         |
| Virtus KAR Small-Cap Value Fund                                | 811-00945         |
| Virtus Silvant Mid-Cap Growth Fund                             | 811-06161         |
| Virtus NFJ Dividend Value Fund                                 | 811-06161         |
| The Merger Fund                                                | 811-03445         |
| Virtus Vontobel Foreign Opportunities Fund                     | 811-07455         |
| Virtus Stone Harbor Strategic Income Fund                      | 811-07455         |
| Virtus KAR Small-Cap Growth Series                             | 811-04642         |
| Virtus Vontobel Greater European Opportunities Fund            | 811-07455         |
| Virtus Newfleet Core Plus Bond Fund                            | 811-07455         |
| Virtus SGA International Growth Series                         | 811-04642         |
| Virtus Stone Harbor Emerging Markets Debt Allocation Fund      | 811-07455         |
| Virtus KAR Capital Growth Fund                                 | 811-00945         |
| Virtus KAR Long/Short Equity Fund                              | 811-22906         |
| Virtus Income & Growth Fund                                    | 811-06161         |
| Virtus KAR Health Sciences Fund                                | 811-06161         |
| Virtus KAR Small-Cap Value Series                              | 811-04642         |
| Virtus Duff & Phelps International Real Estate Securities Fund | 811-07455         |
| Virtus Emerging Markets Opportunities Fund                     | 811-06161         |
| Virtus KAR Mid-Cap Growth Fund                                 | 811-00945         |
| Virtus Zevenbergen Innovative Growth Stock Fund                | 811-07705         |
| Virtus KAR Small-Mid Cap Growth Fund                           | 811-00945         |
| Virtus Zevenbergen Technology Fund                             | 811-06161         |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund            | 811-07455         |
| Virtus Seix Investment Grade Tax-Exempt Bond Fund              | 811-07705         |
| Virtus NFJ International Value 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: 13 - Virtus Ceredex Small-Cap Value Equity Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Virtus Ceredex Small-Cap Value Equity Fund

- **b. Series identification number, if any:** S000057041

- **c. LEI:** 54930068N867YSPRX748

- **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                 | C000181228                                | SCETX                        |
|                           2 | Class C                 | C000181227                                | STCEX                        |
|                           3 | Class A                 | C000181226                                | SASVX                        |
|                           4 | Class R6                | C000211610                                | VVERX                        |

**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 18f-4 (17 CFR 270.18f-4)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

- Rule 22d-1 (17 CFR 270.22d-1)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** Yes

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Virtus Fund Advisers, LLC

- **ii. SEC file number:** 801-23163

- **iii. CRD number:** 000107346

- **iv. LEI, if any:** 5493003H4QV0TBBXX123

- **v. State, if applicable:** GA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Investment Advisers Record: 2**

- **i. Full name:** Virtus Fund Advisers, LLC

- **ii. SEC file number:** 801-23163

- **iii. CRD number:** 000107346

- **iv. LEI, if any:** 5493003H4QV0TBBXX123

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Ceredex Value Advisors LLC

- **ii. SEC file number:** 801-68739

- **iii. CRD number:** 000014023

- **iv. LEI, if any:** 549300XJ44OJZRRKLX83

- **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 Finance L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493001KJTIIGC8Y1R12

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** Intercontinental Exchange, Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000F4ZO33MV32P92

- **iii. State, if applicable:** GA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** IHS Markit Ltd.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300HLPTRASHS0E726

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** JPMorgan Chase & Co.

- **ii. LEI, if any, or provide and describe other identifying number:** 8I5DZWZKVSZI1NUHU748

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** Yes

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** 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 Depository Trust Company

- **ii. LEI, if any:** 549300HBJLRO8YFMI370

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Securities depository - rule 17f-4 (17 CFR 270.17f-4)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any:** 084-06485

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. LEI, if any, or other identifying number:** 549300CFZQLI9QMJ1Z03

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

**Administrators Record: 2**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** 084-06485

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** VP Distributors, LLC

- **b. SEC file number:** 008-14100

- **c. CRD number:** 000003036

- **d. LEI, if any:** 549300IW1QX018U5W603

- **e. State, if applicable:** CT

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** 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:** $53,763.00

**Brokers Record: 2**

- **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:** $12,178.00

**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:** $32,090.00

**Brokers Record: 4**

- **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:** $6,254.00

**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:** $9,198.00

**Brokers Record: 6**

- **i. Full name of broker:** Stifel, Nicolaus & Company, Incorporated

- **ii. SEC file number:** 008-01447

- **iii. CRD number:** 000000793

- **iv. LEI, if any:** 5WUVMA08EYG4KEUPW589

- **v. State, if applicable:** MO

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $39,119.00

**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:** $10,037.00

**Brokers Record: 8**

- **i. Full name of broker:** BARCLAYS CAPITAL, INC.

- **ii. SEC file number:** 008-41342

- **iii. CRD number:** 000019714

- **iv. LEI, if any:** AC28XWWI3WIBK2824319

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $13,697.00

**Brokers Record: 9**

- **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:** $6,508.00

**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:** $6,957.00

**Aggregate Commission:** $243,242.00

- **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:** $318,303,546.00

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $250,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** The Bank of New York Mellon

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                   | SEC File number   |
|:---|:---|
| Virtus Seix Ultra-Short Bond Fund                              | 811-07705         |
| The Merger Fund                                                | 811-03445         |
| Virtus Seix High Grade Municipal Bond Fund                     | 811-07705         |
| Virtus KAR Small-Cap Value Fund                                | 811-00945         |
| Virtus Global Allocation Fund                                  | 811-22167         |
| Virtus NFJ Dividend Value Fund                                 | 811-06161         |
| Virtus Duff & Phelps Global Real Estate Securities Fund        | 811-07455         |
| Virtus KAR Mid-Cap Core Fund                                   | 811-00945         |
| Virtus SGA Global Growth Fund                                  | 811-00945         |
| Virtus Newfleet Short Duration High Income Fund                | 811-22167         |
| Virtus International Small-Cap Fund                            | 811-22167         |
| Virtus KAR Small-Mid Cap Value Fund                            | 811-00945         |
| Virtus Westchester Event-Driven Fund                           | 811-22818         |
| Virtus Duff & Phelps Select MLP and Energy Fund                | 811-22906         |
| Virtus Newfleet High Yield Fund                                | 811-07455         |
| Virtus Stone Harbor High Yield Bond Fund                       | 811-07455         |
| Virtus KAR Small-Mid Cap Growth Fund                           | 811-00945         |
| Virtus Newfleet Low Duration Core Plus Bond Fund               | 811-07455         |
| Virtus KAR Developing Markets Fund                             | 811-07455         |
| Virtus NFJ Mid-Cap Value Fund                                  | 811-06161         |
| Virtus SGA New Leaders Growth Fund                             | 811-00945         |
| Virtus KAR Health Sciences Fund                                | 811-06161         |
| Virtus Seix Total Return Bond Fund                             | 811-07705         |
| Virtus NFJ Large-Cap Value Fund                                | 811-06161         |
| Virtus NFJ International Value Fund                            | 811-06161         |
| Virtus KAR Small-Mid Cap Core Fund                             | 811-00945         |
| Virtus KAR Small-Cap Core Fund                                 | 811-00945         |
| Virtus KAR Small-Cap Growth Fund                               | 811-00945         |
| Virtus KAR Equity Income Series                                | 811-04642         |
| Virtus Newfleet Multi-Sector Intermediate Bond Series          | 811-04642         |
| Virtus SGA International Growth Fund                           | 811-07705         |
| Virtus Duff & Phelps Real Estate Securities Series             | 811-04642         |
| Virtus KAR International Small-Mid Cap Fund                    | 811-07455         |
| Virtus Stone Harbor Local Markets Fund                         | 811-07455         |
| The Merger Fund VL                                             | 811-21279         |
| Virtus KAR Capital Growth Series                               | 811-04642         |
| Virtus Duff & Phelps Global Infrastructure Fund                | 811-07455         |
| Virtus Income & Growth Fund                                    | 811-06161         |
| Virtus KAR Small-Cap Growth Series                             | 811-04642         |
| Virtus Seix U.S. Government Securities Ultra-Short Bond Fund   | 811-07705         |
| Virtus Silvant Large-Cap Growth Stock Fund                     | 811-07705         |
| Virtus Stone Harbor Emerging Markets Debt Income Fund          | 811-07455         |
| Virtus Duff & Phelps Real Estate Securities Fund               | 811-07455         |
| Virtus KAR Long/Short Equity Fund                              | 811-22906         |
| Virtus Silvant Focused Growth Fund                             | 811-06161         |
| Virtus Duff & Phelps Real Asset Fund                           | 811-07455         |
| Virtus Seix High Yield Income Fund                             | 811-22167         |
| Virtus Zevenbergen Innovative Growth Stock Fund                | 811-07705         |
| Virtus Ceredex Mid-Cap Value Equity Fund                       | 811-07705         |
| Virtus KAR Emerging Markets Small-Cap Fund                     | 811-07455         |
| Virtus Seix Corporate Bond Fund                                | 811-07705         |
| Virtus KAR Small-Cap Value Series                              | 811-04642         |
| Virtus Vontobel Emerging Markets Opportunities Fund            | 811-07455         |
| Virtus Vontobel Greater European Opportunities Fund            | 811-07455         |
| Virtus NFJ Emerging Markets Value Fund                         | 811-22167         |
| Virtus Seix High Income Fund                                   | 811-07705         |
| Virtus KAR Equity Income Fund                                  | 811-00945         |
| Virtus Zevenbergen Technology Fund                             | 811-06161         |
| Virtus Seix Core Bond Fund                                     | 811-07705         |
| Virtus Tactical Allocation Fund                                | 811-00945         |
| Virtus Stone Harbor Emerging Markets Debt Allocation Fund      | 811-07455         |
| Virtus KAR Global Small-Cap Fund                               | 811-06161         |
| Virtus Emerging Markets Opportunities Fund                     | 811-06161         |
| Virtus Stone Harbor Emerging Markets Bond Fund                 | 811-07455         |
| Virtus Seix High Yield Fund                                    | 811-07705         |
| Virtus KAR Capital Growth Fund                                 | 811-00945         |
| Virtus Small-Cap Fund                                          | 811-06161         |
| Virtus Convertible Fund                                        | 811-22167         |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund            | 811-07455         |
| Virtus Vontobel Foreign Opportunities Fund                     | 811-07455         |
| Virtus Vontobel Global Opportunities Fund                      | 811-07455         |
| Virtus FORT Trend Fund                                         | 811-07455         |
| Virtus NFJ Small-Cap Value Fund                                | 811-06161         |
| Virtus Silvant Mid-Cap Growth Fund                             | 811-06161         |
| Virtus Duff & Phelps Water Fund                                | 811-22167         |
| Virtus Stone Harbor Strategic Income Fund                      | 811-07455         |
| Virtus Seix Tax-Exempt Bond Fund                               | 811-07455         |
| Virtus Ceredex Large-Cap Value Equity Fund                     | 811-07705         |
| Virtus Westchester Credit Event Fund                           | 811-22818         |
| Virtus Duff & Phelps International Real Estate Securities Fund | 811-07455         |
| Virtus Seix Investment Grade Tax-Exempt Bond Fund              | 811-07705         |
| Virtus KAR Mid-Cap Growth Fund                                 | 811-00945         |
| Virtus Newfleet Core Plus Bond Fund                            | 811-07455         |
| Virtus SGA Emerging Markets Growth Fund                        | 811-00945         |
| Virtus Strategic Allocation Series                             | 811-04642         |
| Virtus NFJ Global Sustainability Fund                          | 811-22167         |
| Virtus Newfleet Multi-Sector Short Term Bond Fund              | 811-07455         |
| Virtus SGA International Growth Series                         | 811-04642         |
| Virtus KAR Global Quality Dividend Fund                        | 811-00945         |

- **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: 14 - Virtus Seix Floating Rate High Income Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Virtus Seix Floating Rate High Income Fund

- **b. Series identification number, if any:** S000057046

- **c. LEI:** 549300RKGX6P36UJVL84

- **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                 | C000181249                                | SAMBX                        |
|                           2 | Class C                 | C000181248                                | SFRCX                        |
|                           3 | Class R6                | C000181250                                | SFRZX                        |
|                           4 | Class A                 | C000181247                                | SFRAX                        |

**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 32a-4 (17 CFR 270.32a-4)

- Rule 18f-4(f)(17 CFR 270.18f-4(f))

- 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)

**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 Fund Advisers, LLC

- **ii. SEC file number:** 801-23163

- **iii. CRD number:** 000107346

- **iv. LEI, if any:** 5493003H4QV0TBBXX123

- **v. State, if applicable:** GA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Investment Advisers Record: 2**

- **i. Full name:** Virtus Fund Advisers, LLC

- **ii. SEC file number:** 801-23163

- **iii. CRD number:** 000107346

- **iv. LEI, if any:** 5493003H4QV0TBBXX123

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Virtus Fixed Income Advisers, LLC

- **ii. SEC file number:** 801-68743

- **iii. CRD number:** 000146029

- **iv. LEI, if any:** 549300L7I4W19C7JV575

- **v. Is the sub-adviser an affiliated person?:** Yes

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** 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:** JPMorgan Chase & Co.

- **ii. LEI, if any, or provide and describe other identifying number:** 8I5DZWZKVSZI1NUHU748

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** Intercontinental Exchange, Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000F4ZO33MV32P92

- **iii. State, if applicable:** GA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** IHS Markit Ltd.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300HLPTRASHS0E726

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** Bloomberg Finance L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493001KJTIIGC8Y1R12

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** Yes

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** 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: 2**

- **i. Full name:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 3**

- **i. Full name:** The Depository Trust Company

- **ii. LEI, if any:** 549300HBJLRO8YFMI370

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Securities depository - rule 17f-4 (17 CFR 270.17f-4)

**Custodians Record: 4**

- **i. Full name:** The Bank of New York Mellon (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: 5**

- **i. Full name:** The Bank of New York Mellon (Belgium)

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any:** 084-06485

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** 084-06485

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

**Administrators Record: 2**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. LEI, if any, or other identifying number:** 549300CFZQLI9QMJ1Z03

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** VP Distributors, LLC

- **b. SEC file number:** 008-14100

- **c. CRD number:** 000003036

- **d. LEI, if any:** 549300IW1QX018U5W603

- **e. State, if applicable:** CT

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

No Brokers reported.

**Item C.17.a. Principal transaction counterparties.**

| Name                               | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| DEUTSCHE BANK SECURITIES, INC.     | 008-17822         |    000002525 | 9J6MBOOO7BECTDTUZW19 | NY      | US        | $98,328,325.00            |
| BARCLAYS CAPITAL, INC.             | 008-41342         |    000019714 | AC28XWWI3WIBK2824319 | NY      | US        | $232,219,761.00           |
| J.P. Morgan Securities LLC         | 008-35008         |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $513,804,542.00           |
| CitiGroup Global Markets Inc.      | 008-08177         |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $173,803,201.00           |
| MORGAN STANLEY & CO. LLC           | 008-15869         |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $212,407,214.00           |
| JEFFERIES LLC                      | 008-15074         |    000002347 | 58PU97L1C0WSRCWADL48 | NY      | US        | $132,564,072.00           |
| BOFA SECURITIES, INC.              | 008-69787         |    000283942 | 549300HN4UKV1E2R3U73 | NY      | US        | $467,745,801.00           |
| WELLS FARGO SECURITIES, LLC        | 008-65876         |    000126292 | VYVVCKR63DVZZN70PB21 | NC      | US        | $94,766,583.00            |
| CREDIT SUISSE SECURITIES (USA) LLC | 008-00422         |    000000816 | 1V8Y6QCX6YMJ2OELII46 | NY      | US        | $143,290,450.00           |
| GOLDMAN SACHS & CO. LLC            | 008-00129         |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $192,207,681.00           |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $2,539,707,850.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $2,500,283,017.00

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $125,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** Bank Nova Scotia

- **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: 15 - Virtus Seix Ultra-Short Bond Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Virtus Seix Ultra-Short Bond Fund

- **b. Series identification number, if any:** S000057035

- **c. LEI:** 549300B7VOYVER79VC11

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 2

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Class A                 | C000203237                                | SASSX                        |
|                           2 | Class I                 | C000181204                                | SISSX                        |

**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:** $139,047.33

- **g. Provide the net income from securities lending activities:** $368.44

**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 22d-1 (17 CFR 270.22d-1)

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Virtus Fund Advisers, LLC

- **ii. SEC file number:** 801-23163

- **iii. CRD number:** 000107346

- **iv. LEI, if any:** 5493003H4QV0TBBXX123

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Investment Advisers Record: 2**

- **i. Full name:** Virtus Fund Advisers, LLC

- **ii. SEC file number:** 801-23163

- **iii. CRD number:** 000107346

- **iv. LEI, if any:** 5493003H4QV0TBBXX123

- **v. State, if applicable:** GA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Virtus Fixed Income Advisers, LLC

- **ii. SEC file number:** 801-68743

- **iii. CRD number:** 000146029

- **iv. LEI, if any:** 549300L7I4W19C7JV575

- **v. Is the sub-adviser an affiliated person?:** Yes

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. SEC file number:** 084-01761

- **iii. LEI, if any:** 549300CFZQLI9QMJ1Z03

- **iv. State, if applicable:** DE

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** Yes

**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:** JPMorgan Chase & Co.

- **ii. LEI, if any, or provide and describe other identifying number:** 8I5DZWZKVSZI1NUHU748

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** Intercontinental Exchange, Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000F4ZO33MV32P92

- **iii. State, if applicable:** GA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** IHS Markit Ltd.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300HLPTRASHS0E726

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** Bloomberg Finance L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493001KJTIIGC8Y1R12

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** Yes

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** The 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 Depository Trust Company

- **ii. LEI, if any:** 549300HBJLRO8YFMI370

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Securities depository - rule 17f-4 (17 CFR 270.17f-4)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any:** 084-06485

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** 084-06485

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

**Administrators Record: 2**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. LEI, if any, or other identifying number:** 549300CFZQLI9QMJ1Z03

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** VP Distributors, LLC

- **b. SEC file number:** 008-14100

- **c. CRD number:** 000003036

- **d. LEI, if any:** 549300IW1QX018U5W603

- **e. State, if applicable:** CT

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** 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:** $550.00

**Aggregate Commission:** $550.00

**Item C.17.a. Principal transaction counterparties.**

| Name                          | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| J.P. Morgan Securities LLC    | 008-35008         |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $4,230,627.00             |
| MARKETAXESS CORPORATION       | 008-50727         |    000044542 | GPSMMRI21JE7ZCVYF972 | NY      | US        | $2,544,599.00             |
| Mizuho Securities USA LLC     | 008-37710         |    000019647 | 7TK5RJIZDFROZCA6XF66 | NY      | US        | $2,145,075.00             |
| RBC CAPITAL MARKETS LLC       | 008-45411         |    000031194 | 549300LCO2FLSSVFFR64 | NY      | US        | $2,213,079.00             |
| MORGAN STANLEY & CO. LLC      | 008-15869         |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $4,749,580.00             |
| TD SECURITIES (USA) LLC       | 008-36747         |    000018476 | SUVUFHICNZMP2WKHG940 | NY      | US        | $2,308,251.00             |
| WELLS FARGO SECURITIES, LLC   | 008-65876         |    000126292 | VYVVCKR63DVZZN70PB21 | NC      | US        | $5,563,952.00             |
| BARCLAYS CAPITAL, INC.        | 008-41342         |    000019714 | AC28XWWI3WIBK2824319 | NY      | US        | $2,071,199.00             |
| BREAN CAPITAL, LLC            | 008-40742         |    000023723 | 254900ZZA1UBVDCNQ378 | NY      | US        | $2,059,088.00             |
| MUFG SECURITIES AMERICAS INC. | 008-43026         |    000019685 | K5HU16E3LMSVCCJJJ255 | NY      | US        | $2,212,175.00             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $44,118,219.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $41,241,085.00

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $250,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** The Bank of New York Mellon

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                   | SEC File number   |
|:---|:---|
| Virtus KAR Emerging Markets Small-Cap Fund                     | 811-07455         |
| Virtus SGA Emerging Markets Growth Fund                        | 811-00945         |
| Virtus Vontobel Emerging Markets Opportunities Fund            | 811-07455         |
| Virtus KAR Small-Cap Core Fund                                 | 811-00945         |
| Virtus Duff & Phelps Real Estate Securities Series             | 811-04642         |
| Virtus KAR Small-Cap Value Fund                                | 811-00945         |
| Virtus SGA Global Growth Fund                                  | 811-00945         |
| Virtus Income & Growth Fund                                    | 811-06161         |
| Virtus Strategic Allocation Series                             | 811-04642         |
| Virtus SGA International Growth Series                         | 811-04642         |
| Virtus Silvant Large-Cap Growth Stock Fund                     | 811-07705         |
| Virtus Duff & Phelps Real Asset Fund                           | 811-07455         |
| Virtus KAR Small-Mid Cap Core Fund                             | 811-00945         |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund            | 811-07455         |
| Virtus KAR Capital Growth Series                               | 811-04642         |
| Virtus KAR Equity Income Series                                | 811-04642         |
| Virtus Newfleet Multi-Sector Intermediate Bond Series          | 811-04642         |
| Virtus Westchester Event-Driven Fund                           | 811-22818         |
| Virtus KAR Small-Mid Cap Growth Fund                           | 811-00945         |
| Virtus KAR International Small-Mid Cap Fund                    | 811-07455         |
| Virtus KAR Mid-Cap Growth Fund                                 | 811-00945         |
| Virtus Westchester Credit Event Fund                           | 811-22818         |
| Virtus Seix High Grade Municipal Bond Fund                     | 811-07705         |
| Virtus Seix Tax-Exempt Bond Fund                               | 811-07455         |
| Virtus Vontobel Global Opportunities Fund                      | 811-07455         |
| Virtus Convertible Fund                                        | 811-22167         |
| Virtus Global Allocation Fund                                  | 811-22167         |
| Virtus KAR Capital Growth Fund                                 | 811-00945         |
| Virtus KAR Global Small-Cap Fund                               | 811-06161         |
| Virtus KAR Global Quality Dividend Fund                        | 811-00945         |
| Virtus Newfleet Short Duration High Income Fund                | 811-22167         |
| Virtus KAR Health Sciences Fund                                | 811-06161         |
| Virtus Seix Investment Grade Tax-Exempt Bond Fund              | 811-07705         |
| Virtus Seix U.S. Government Securities Ultra-Short Bond Fund   | 811-07705         |
| Virtus Duff & Phelps Global Infrastructure Fund                | 811-07455         |
| Virtus Seix High Income Fund                                   | 811-07705         |
| Virtus FORT Trend Fund                                         | 811-07455         |
| Virtus KAR Small-Cap Growth Series                             | 811-04642         |
| Virtus Stone Harbor Local Markets Fund                         | 811-07455         |
| Virtus Vontobel Foreign Opportunities Fund                     | 811-07455         |
| Virtus Tactical Allocation Fund                                | 811-00945         |
| Virtus Seix Core Bond Fund                                     | 811-07705         |
| Virtus Newfleet Multi-Sector Short Term Bond Fund              | 811-07455         |
| Virtus Newfleet Low Duration Core Plus Bond Fund               | 811-07455         |
| Virtus NFJ Dividend Value Fund                                 | 811-06161         |
| Virtus KAR Equity Income Fund                                  | 811-00945         |
| Virtus Ceredex Large-Cap Value Equity Fund                     | 811-07705         |
| Virtus NFJ International Value Fund                            | 811-06161         |
| Virtus NFJ Mid-Cap Value Fund                                  | 811-06161         |
| Virtus Duff & Phelps Real Estate Securities Fund               | 811-07455         |
| Virtus Seix High Yield Fund                                    | 811-07705         |
| Virtus Silvant Mid-Cap Growth Fund                             | 811-06161         |
| Virtus KAR Small-Mid Cap Value Fund                            | 811-00945         |
| Virtus Seix Total Return Bond Fund                             | 811-07705         |
| Virtus Seix High Yield Income Fund                             | 811-22167         |
| Virtus Duff & Phelps International Real Estate Securities Fund | 811-07455         |
| Virtus SGA International Growth Fund                           | 811-07705         |
| The Merger Fund VL                                             | 811-21279         |
| Virtus Seix Corporate Bond Fund                                | 811-07705         |
| Virtus International Small-Cap Fund                            | 811-22167         |
| Virtus Stone Harbor Emerging Markets Debt Income Fund          | 811-07455         |
| Virtus KAR Developing Markets Fund                             | 811-07455         |
| Virtus Silvant Focused Growth Fund                             | 811-06161         |
| Virtus KAR Small-Cap Value Series                              | 811-04642         |
| Virtus Small-Cap Fund                                          | 811-06161         |
| Virtus NFJ Small-Cap Value Fund                                | 811-06161         |
| Virtus KAR Long/Short Equity Fund                              | 811-22906         |
| Virtus Newfleet Core Plus Bond Fund                            | 811-07455         |
| Virtus Duff & Phelps Select MLP and Energy Fund                | 811-22906         |
| Virtus Zevenbergen Innovative Growth Stock Fund                | 811-07705         |
| Virtus Stone Harbor High Yield Bond Fund                       | 811-07455         |
| Virtus Stone Harbor Strategic Income Fund                      | 811-07455         |
| Virtus Zevenbergen Technology Fund                             | 811-06161         |
| Virtus Duff & Phelps Global Real Estate Securities Fund        | 811-07455         |
| Virtus KAR Mid-Cap Core Fund                                   | 811-00945         |
| Virtus NFJ Global Sustainability Fund                          | 811-22167         |
| Virtus Stone Harbor Emerging Markets Debt Allocation Fund      | 811-07455         |
| Virtus Emerging Markets Opportunities Fund                     | 811-06161         |
| Virtus Ceredex Mid-Cap Value Equity Fund                       | 811-07705         |
| Virtus Vontobel Greater European Opportunities Fund            | 811-07455         |
| Virtus KAR Small-Cap Growth Fund                               | 811-00945         |
| Virtus SGA New Leaders Growth Fund                             | 811-00945         |
| Virtus Stone Harbor Emerging Markets Bond Fund                 | 811-07455         |
| Virtus NFJ Large-Cap Value Fund                                | 811-06161         |
| Virtus Ceredex Small-Cap Value Equity Fund                     | 811-07705         |
| Virtus Duff & Phelps Water Fund                                | 811-22167         |
| Virtus Newfleet High Yield Fund                                | 811-07455         |
| Virtus NFJ Emerging Markets Value Fund                         | 811-22167         |
| The Merger Fund                                                | 811-03445         |

- **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: 16 - Virtus Seix Investment Grade Tax-Exempt Bond Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Virtus Seix Investment Grade Tax-Exempt Bond Fund

- **b. Series identification number, if any:** S000057026

- **c. LEI:** 549300LNKCL4VRVSKI97

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 2

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Class A                 | C000181173                                | SISIX                        |
|                           2 | Class I                 | C000181174                                | STTBX                        |

**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 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 22d-1 (17 CFR 270.22d-1)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Virtus Fund Advisers, LLC

- **ii. SEC file number:** 801-23163

- **iii. CRD number:** 000107346

- **iv. LEI, if any:** 5493003H4QV0TBBXX123

- **v. State, if applicable:** GA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Investment Advisers Record: 2**

- **i. Full name:** Virtus Fund Advisers, LLC

- **ii. SEC file number:** 801-23163

- **iii. CRD number:** 000107346

- **iv. LEI, if any:** 5493003H4QV0TBBXX123

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Virtus Fixed Income Advisers, LLC

- **ii. SEC file number:** 801-68743

- **iii. CRD number:** 000146029

- **iv. LEI, if any:** 549300L7I4W19C7JV575

- **v. Is the sub-adviser an affiliated person?:** Yes

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** 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:** JPMorgan Chase & Co.

- **ii. LEI, if any, or provide and describe other identifying number:** 8I5DZWZKVSZI1NUHU748

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** IHS Markit Ltd.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300HLPTRASHS0E726

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Intercontinental Exchange, Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000F4ZO33MV32P92

- **iii. State, if applicable:** GA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** Bloomberg Finance L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493001KJTIIGC8Y1R12

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** Yes

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** The 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 Depository Trust Company

- **ii. LEI, if any:** 549300HBJLRO8YFMI370

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Securities depository - rule 17f-4 (17 CFR 270.17f-4)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any:** 084-06485

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** 084-06485

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

**Administrators Record: 2**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. LEI, if any, or other identifying number:** 549300CFZQLI9QMJ1Z03

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** VP Distributors, LLC

- **b. SEC file number:** 008-14100

- **c. CRD number:** 000003036

- **d. LEI, if any:** 549300IW1QX018U5W603

- **e. State, if applicable:** CT

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

No Brokers reported.

**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        | $16,222,458.00            |
| BOFA SECURITIES, INC.         | 008-69787         |    000283942 | 549300HN4UKV1E2R3U73 | NY      | US        | $48,736,792.00            |
| Loop Capital Markets LLC      | 008-50140         |    000043098 | 254900FPPM2WN90D4786 | IL      | US        | $21,929,118.00            |
| BARCLAYS CAPITAL, INC.        | 008-41342         |    000019714 | AC28XWWI3WIBK2824319 | NY      | US        | $52,997,748.00            |
| TRUIST SECURITIES, INC.       | 008-17212         |    000006271 | CSVTK36R0PNGXEM7NS14 | GA      | US        | $29,863,992.00            |
| J.P. Morgan Securities LLC    | 008-35008         |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $25,525,310.00            |
| GOLDMAN SACHS & CO. LLC       | 008-00129         |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $25,722,745.00            |
| CitiGroup Global Markets Inc. | 008-08177         |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $41,240,950.00            |
| PIPER SANDLER & CO.           | 008-15204         |    000000665 | 549300GRQCWQ3XGH0H10 | MN      | US        | $14,305,162.00            |
| JEFFERIES LLC                 | 008-15074         |    000002347 | 58PU97L1C0WSRCWADL48 | NY      | US        | $14,630,594.00            |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $342,937,361.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $200,241,729.00

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $250,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** The Bank of New York Mellon

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                   | SEC File number   |
|:---|:---|
| Virtus Ceredex Small-Cap Value Equity Fund                     | 811-07705         |
| Virtus KAR Emerging Markets Small-Cap Fund                     | 811-07455         |
| Virtus Ceredex Mid-Cap Value Equity Fund                       | 811-07705         |
| Virtus KAR Small-Mid Cap Value Fund                            | 811-00945         |
| Virtus Small-Cap Fund                                          | 811-06161         |
| Virtus Seix Corporate Bond Fund                                | 811-07705         |
| Virtus KAR Small-Cap Value Series                              | 811-04642         |
| Virtus Silvant Focused Growth Fund                             | 811-06161         |
| Virtus Seix U.S. Government Securities Ultra-Short Bond Fund   | 811-07705         |
| Virtus Duff & Phelps Real Estate Securities Fund               | 811-07455         |
| Virtus Stone Harbor Emerging Markets Debt Allocation Fund      | 811-07455         |
| Virtus Strategic Allocation Series                             | 811-04642         |
| Virtus Emerging Markets Opportunities Fund                     | 811-06161         |
| Virtus NFJ International Value Fund                            | 811-06161         |
| Virtus KAR Long/Short Equity Fund                              | 811-22906         |
| Virtus NFJ Global Sustainability Fund                          | 811-22167         |
| Virtus SGA Emerging Markets Growth Fund                        | 811-00945         |
| Virtus Income & Growth Fund                                    | 811-06161         |
| Virtus Newfleet High Yield Fund                                | 811-07455         |
| Virtus Vontobel Foreign Opportunities Fund                     | 811-07455         |
| Virtus NFJ Large-Cap Value Fund                                | 811-06161         |
| Virtus KAR Capital Growth Series                               | 811-04642         |
| Virtus Seix Tax-Exempt Bond Fund                               | 811-07455         |
| Virtus Convertible Fund                                        | 811-22167         |
| Virtus Duff & Phelps Global Real Estate Securities Fund        | 811-07455         |
| Virtus Seix Ultra-Short Bond Fund                              | 811-07705         |
| Virtus Stone Harbor Local Markets Fund                         | 811-07455         |
| Virtus Silvant Mid-Cap Growth Fund                             | 811-06161         |
| Virtus NFJ Dividend Value Fund                                 | 811-06161         |
| Virtus KAR International Small-Mid Cap Fund                    | 811-07455         |
| Virtus Stone Harbor Emerging Markets Bond Fund                 | 811-07455         |
| Virtus Zevenbergen Technology Fund                             | 811-06161         |
| Virtus KAR Equity Income Fund                                  | 811-00945         |
| Virtus SGA New Leaders Growth Fund                             | 811-00945         |
| Virtus Seix High Grade Municipal Bond Fund                     | 811-07705         |
| Virtus Global Allocation Fund                                  | 811-22167         |
| Virtus FORT Trend Fund                                         | 811-07455         |
| Virtus NFJ Emerging Markets Value Fund                         | 811-22167         |
| Virtus Seix High Yield Income Fund                             | 811-22167         |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund            | 811-07455         |
| Virtus KAR Developing Markets Fund                             | 811-07455         |
| Virtus SGA Global Growth Fund                                  | 811-00945         |
| Virtus Duff & Phelps Select MLP and Energy Fund                | 811-22906         |
| Virtus Duff & Phelps Water Fund                                | 811-22167         |
| Virtus Vontobel Global Opportunities Fund                      | 811-07455         |
| The Merger Fund VL                                             | 811-21279         |
| Virtus Newfleet Multi-Sector Intermediate Bond Series          | 811-04642         |
| Virtus KAR Capital Growth Fund                                 | 811-00945         |
| Virtus Westchester Event-Driven Fund                           | 811-22818         |
| Virtus Seix High Yield Fund                                    | 811-07705         |
| Virtus International Small-Cap Fund                            | 811-22167         |
| Virtus Duff & Phelps Real Asset Fund                           | 811-07455         |
| Virtus KAR Small-Cap Growth Series                             | 811-04642         |
| Virtus Newfleet Short Duration High Income Fund                | 811-22167         |
| Virtus Duff & Phelps Global Infrastructure Fund                | 811-07455         |
| Virtus Seix Core Bond Fund                                     | 811-07705         |
| Virtus SGA International Growth Fund                           | 811-07705         |
| Virtus KAR Health Sciences Fund                                | 811-06161         |
| Virtus KAR Equity Income Series                                | 811-04642         |
| Virtus KAR Global Quality Dividend Fund                        | 811-00945         |
| Virtus KAR Mid-Cap Core Fund                                   | 811-00945         |
| The Merger Fund                                                | 811-03445         |
| Virtus Stone Harbor High Yield Bond Fund                       | 811-07455         |
| Virtus Duff & Phelps International Real Estate Securities Fund | 811-07455         |
| Virtus KAR Mid-Cap Growth Fund                                 | 811-00945         |
| Virtus KAR Small-Cap Growth Fund                               | 811-00945         |
| Virtus Stone Harbor Strategic Income Fund                      | 811-07455         |
| Virtus KAR Global Small-Cap Fund                               | 811-06161         |
| Virtus Seix Total Return Bond Fund                             | 811-07705         |
| Virtus KAR Small-Cap Value Fund                                | 811-00945         |
| Virtus Stone Harbor Emerging Markets Debt Income Fund          | 811-07455         |
| Virtus Vontobel Greater European Opportunities Fund            | 811-07455         |
| Virtus KAR Small-Cap Core Fund                                 | 811-00945         |
| Virtus Newfleet Low Duration Core Plus Bond Fund               | 811-07455         |
| Virtus Seix High Income Fund                                   | 811-07705         |
| Virtus KAR Small-Mid Cap Growth Fund                           | 811-00945         |
| Virtus Tactical Allocation Fund                                | 811-00945         |
| Virtus Vontobel Emerging Markets Opportunities Fund            | 811-07455         |
| Virtus KAR Small-Mid Cap Core Fund                             | 811-00945         |
| Virtus NFJ Small-Cap Value Fund                                | 811-06161         |
| Virtus Zevenbergen Innovative Growth Stock Fund                | 811-07705         |
| Virtus SGA International Growth Series                         | 811-04642         |
| Virtus Ceredex Large-Cap Value Equity Fund                     | 811-07705         |
| Virtus Westchester Credit Event Fund                           | 811-22818         |
| Virtus NFJ Mid-Cap Value Fund                                  | 811-06161         |
| Virtus Duff & Phelps Real Estate Securities Series             | 811-04642         |
| Virtus Silvant Large-Cap Growth Stock Fund                     | 811-07705         |
| Virtus Newfleet Multi-Sector Short Term Bond Fund              | 811-07455         |
| Virtus Newfleet 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

## 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 Asset Trust

**Date:** 2023-03-13

**Signature:** Benjamin Lowe

**Title:** Vice President