# EDGAR Filing Document

**Accession Number:** 0001018593
**File Stem:** 0001193125-26-093483
**Filing Date:** 2026-3
**Character Count:** 1018321
**Document Hash:** 2d3071a77b0d82e5f5d146942d7ab371
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-093483.hdr.sgml**: 20260305

**ACCESSION NUMBER**: 0001193125-26-093483

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 67

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260305

**DATE AS OF CHANGE**: 20260305

**EFFECTIVENESS DATE**: 20260305

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07705
- **FILM NUMBER:** 26725501

**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 Yield Fund (Series ID: S000057025)

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

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

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

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

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

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

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

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

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

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

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

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000181219 | Class A      | SCIIX           |
| C000181220 | Class I      | STITX           |
| C000181221 | Class R6     | SCIZX           |
| C000248388 | Class C      | VSGEX           |

### 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 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           |

?xml version='1.0' encoding='ASCII'? Virtus Asset Trust

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-07705

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

------

101 Munson Street

Greenfield, MA 01301-9668

------

Jennifer Fromm, Esq.

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

One Financial Plaza

Hartford, CT 06103-2608

(Name and address of agent for service)

------

#### Registrant's telephone number, including area code:

#### (800)-243-1574

#### Date of fiscal year end:

#### December 31

#### Date of reporting period:

#### December 31, 2025

------

#### Item 1. Report to Stockholders.
(a) The registrant's annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

![Virtus_FC_Logo](g65653images_30209.jpg)

## Virtus Ceredex Large-Cap Value Equity Fund
Class A / SVIIX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus Ceredex Large-Cap Value Equity Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Ceredex Large-Cap Value Equity Fund<br>Class A / SVIIX | $131 | 1.24% |

---

Portfolio Manager Commentary by Ceredex Value Advisors LLC

* For the fiscal year ended December 31, 2025, the Fund's Class A shares at NAV returned 11.77%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.13% and the Russell 1000<sup>®</sup> Value Index, which serves as the style-specific index, returned 15.91%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 1000<sup>®</sup> Value Index is a free float-adjusted market capitalization-weighted index of value-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, rigorous bottom-up fundamental research process to identify a select group of companies believed by the Fund's portfolio investment team to provide the potential for capital appreciation. The security selection process looks for three key factors: the existence of a dividend, an attractive valuation, and a forecasted improving fundamental situation in the form of a catalyst that should facilitate positive change to the security. Stock selection within the health care and materials sectors, as well as an underweight in communication services, detracted from performance relative to the Russell 1000<sup>®</sup> Value Index for the fiscal year. Stock selection within industrials and information technology, as well as an underweight to consumer staples, contributed to results. The biggest contributors to performance for the 12-month period were Western Digital, Lam Research, GE Vernova, Alphabet, and JPMorgan Chase. The biggest detractors from performance during the period were International Paper, Booz Allen Hamilton, Becton, Dickinson and Co., DOW, and UnitedHealth Group. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Western Digital<br>| Positive<br>| Western Digital outperformed due to strong demand for hard disk drives (HDD) and the expectation that continued strong demand and a capacity constrained market will lead to further strengthening in the HDD market.<br>|
| Lam Research<br>| Positive<br>| Lam, a supplier of wafer-fabrication equipment and related services to the semiconductor industry, outperformed due to strong results as well as strength across dynamic random-access memory (DRAM) and NAND flash memory. The company also benefited from the expectation that strong artificial intelligence (AI) data center demand will lead to upward revisions in Wafer Fabrication Equipment (WFE) for semiconductors in 2026.<br>|
| DOW<br>| Negative<br>| DOW, one of the largest chemical producers in the world, suffered from headwinds for the supply of feedstock, or unprocessed material used in manufacturing, due to higher natural gas prices. The company also wrestled with continued concerns about declining demand for its products and services. We continued to hold the stock through the end of the period.<br>|
| UnitedHealth Group | Negative | UnitedHealth's performance was adversely impacted by accelerating medical cost trends, which led to a series of earnings disappointments. Other headwinds included extensive management turnover, a broad strategic business review, and the downward adjustment of long-term financial targets. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g65653chartimages_11223763.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Ceredex Large-Cap Value Equity Fund (Class A/SVIIX) at NAV<sup>(1)</sup>** | 11.77% | 8.66% | 9.34% |
| **Virtus Ceredex Large-Cap Value Equity Fund (Class A/SVIIX) at POP<sup>(2),(3)</sup>** | 5.62% | 7.44% | 8.72% |
| **FT Wilshire 5000 Index** | 17.13% | 13.40% | 14.45% |
| **Russell 1000<sup>®</sup> Value Index** | 15.91% | 11.33% | 10.53% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

&nbsp;&nbsp;&nbsp;&nbsp;***(2)*** *"POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.* 

&nbsp;&nbsp;&nbsp;&nbsp;***(3)*** *"CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$258834 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$3010 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;157% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Financials | 20% |
| Industrials | 19 |
| Information Technology | 11 |
| Health Care | 9 |
| Consumer Discretionary | 8 |
| Consumer Staples | 7 |
| Energy | 7 |
| Other | 19 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g65653images_30343.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8117 Virtus Ceredex Large-Cap Value Equity Fund

![Virtus_FC_Logo](g65653images_30209.jpg)

## Virtus Ceredex Large-Cap Value Equity Fund
Class C / SVIFX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus Ceredex Large-Cap Value Equity Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Ceredex Large-Cap Value Equity Fund<br>Class C / SVIFX | $182 | 1.72% |

---

Portfolio Manager Commentary by Ceredex Value Advisors LLC

* For the fiscal year ended December 31, 2025, the Fund's Class C shares at NAV returned 11.25%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.13% and the Russell 1000<sup>®</sup> Value Index, which serves as the style-specific index, returned 15.91%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 1000<sup>®</sup> Value Index is a free float-adjusted market capitalization-weighted index of value-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, rigorous bottom-up fundamental research process to identify a select group of companies believed by the Fund's portfolio investment team to provide the potential for capital appreciation. The security selection process looks for three key factors: the existence of a dividend, an attractive valuation, and a forecasted improving fundamental situation in the form of a catalyst that should facilitate positive change to the security. Stock selection within the health care and materials sectors, as well as an underweight in communication services, detracted from performance relative to the Russell 1000<sup>®</sup> Value Index for the fiscal year. Stock selection within industrials and information technology, as well as an underweight to consumer staples, contributed to results. The biggest contributors to performance for the 12-month period were Western Digital, Lam Research, GE Vernova, Alphabet, and JPMorgan Chase. The biggest detractors from performance during the period were International Paper, Booz Allen Hamilton, Becton, Dickinson and Co., DOW, and UnitedHealth Group. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Western Digital<br>| Positive<br>| Western Digital outperformed due to strong demand for hard disk drives (HDD) and the expectation that continued strong demand and a capacity constrained market will lead to further strengthening in the HDD market.<br>|
| Lam Research<br>| Positive<br>| Lam, a supplier of wafer-fabrication equipment and related services to the semiconductor industry, outperformed due to strong results as well as strength across dynamic random-access memory (DRAM) and NAND flash memory. The company also benefited from the expectation that strong artificial intelligence (AI) data center demand will lead to upward revisions in Wafer Fabrication Equipment (WFE) for semiconductors in 2026.<br>|
| DOW<br>| Negative<br>| DOW, one of the largest chemical producers in the world, suffered from headwinds for the supply of feedstock, or unprocessed material used in manufacturing, due to higher natural gas prices. The company also wrestled with continued concerns about declining demand for its products and services. We continued to hold the stock through the end of the period.<br>|
| UnitedHealth Group | Negative | UnitedHealth's performance was adversely impacted by accelerating medical cost trends, which led to a series of earnings disappointments. Other headwinds included extensive management turnover, a broad strategic business review, and the downward adjustment of long-term financial targets. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g65653chartimages_11223634.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Ceredex Large-Cap Value Equity Fund (Class C/SVIFX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | 11.25% | 8.13% | 8.81% |
| **FT Wilshire 5000 Index** | 17.13% | 13.40% | 14.45% |
| **Russell 1000<sup>®</sup> Value Index** | 15.91% | 11.33% | 10.53% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

&nbsp;&nbsp;&nbsp;&nbsp;***(2)*** *"CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$258834 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$3010 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;157% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Financials | 20% |
| Industrials | 19 |
| Information Technology | 11 |
| Health Care | 9 |
| Consumer Discretionary | 8 |
| Consumer Staples | 7 |
| Energy | 7 |
| Other | 19 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Material Fund Changes**

Effective January 26, 2026, Class C shares were converted to Class A shares.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g65653images_30343.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8118 Virtus Ceredex Large-Cap Value Equity Fund

![Virtus_FC_Logo](g65653images_30209.jpg)

## Virtus Ceredex Large-Cap Value Equity Fund
Class I / STVTX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus Ceredex Large-Cap Value Equity Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Ceredex Large-Cap Value Equity Fund<br>Class I / STVTX | $103 | 0.97% |

---

Portfolio Manager Commentary by Ceredex Value Advisors LLC

* For the fiscal year ended December 31, 2025, the Fund's Class I shares at NAV returned 12.08%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.13% and the Russell 1000<sup>®</sup> Value Index, which serves as the style-specific index, returned 15.91%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 1000<sup>®</sup> Value Index is a free float-adjusted market capitalization-weighted index of value-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, rigorous bottom-up fundamental research process to identify a select group of companies believed by the Fund's portfolio investment team to provide the potential for capital appreciation. The security selection process looks for three key factors: the existence of a dividend, an attractive valuation, and a forecasted improving fundamental situation in the form of a catalyst that should facilitate positive change to the security. Stock selection within the health care and materials sectors, as well as an underweight in communication services, detracted from performance relative to the Russell 1000<sup>®</sup> Value Index for the fiscal year. Stock selection within industrials and information technology, as well as an underweight to consumer staples, contributed to results. The biggest contributors to performance for the 12-month period were Western Digital, Lam Research, GE Vernova, Alphabet, and JPMorgan Chase. The biggest detractors from performance during the period were International Paper, Booz Allen Hamilton, Becton, Dickinson and Co., DOW, and UnitedHealth Group. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Western Digital<br>| Positive<br>| Western Digital outperformed due to strong demand for hard disk drives (HDD) and the expectation that continued strong demand and a capacity constrained market will lead to further strengthening in the HDD market.<br>|
| Lam Research<br>| Positive<br>| Lam, a supplier of wafer-fabrication equipment and related services to the semiconductor industry, outperformed due to strong results as well as strength across dynamic random-access memory (DRAM) and NAND flash memory. The company also benefited from the expectation that strong artificial intelligence (AI) data center demand will lead to upward revisions in Wafer Fabrication Equipment (WFE) for semiconductors in 2026.<br>|
| DOW<br>| Negative<br>| DOW, one of the largest chemical producers in the world, suffered from headwinds for the supply of feedstock, or unprocessed material used in manufacturing, due to higher natural gas prices. The company also wrestled with continued concerns about declining demand for its products and services. We continued to hold the stock through the end of the period.<br>|
| UnitedHealth Group | Negative | UnitedHealth's performance was adversely impacted by accelerating medical cost trends, which led to a series of earnings disappointments. Other headwinds included extensive management turnover, a broad strategic business review, and the downward adjustment of long-term financial targets. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I shares. It assumes a $100,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $100,000
![Fund Performance - Growth of 10K](g65653chartimages_11223677.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Ceredex Large-Cap Value Equity Fund (Class I/STVTX) at NAV<sup>(1)</sup>** | 12.08% | 8.94% | 9.62% |
| **FT Wilshire 5000 Index** | 17.13% | 13.40% | 14.45% |
| **Russell 1000<sup>®</sup> Value Index** | 15.91% | 11.33% | 10.53% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$258834 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$3010 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;157% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Financials | 20% |
| Industrials | 19 |
| Information Technology | 11 |
| Health Care | 9 |
| Consumer Discretionary | 8 |
| Consumer Staples | 7 |
| Energy | 7 |
| Other | 19 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Material Fund Changes**

Effective January 1, 2026, a new expense limitation of 0.89% went into effect for Class I shares.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g65653images_30343.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8119 Virtus Ceredex Large-Cap Value Equity Fund

![Virtus_FC_Logo](g65653images_30209.jpg)

## Virtus Ceredex Large-Cap Value Equity Fund
Class R6 / STVZX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus Ceredex Large-Cap Value Equity Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Ceredex Large-Cap Value Equity Fund<br>Class R6 / STVZX | $76 | 0.72% |

---

Portfolio Manager Commentary by Ceredex Value Advisors LLC

* For the fiscal year ended December 31, 2025, the Fund's Class R6 shares at NAV returned 12.38%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.13% and the Russell 1000<sup>®</sup> Value Index, which serves as the style-specific index, returned 15.91%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 1000<sup>®</sup> Value Index is a free float-adjusted market capitalization-weighted index of value-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, rigorous bottom-up fundamental research process to identify a select group of companies believed by the Fund's portfolio investment team to provide the potential for capital appreciation. The security selection process looks for three key factors: the existence of a dividend, an attractive valuation, and a forecasted improving fundamental situation in the form of a catalyst that should facilitate positive change to the security. Stock selection within the health care and materials sectors, as well as an underweight in communication services, detracted from performance relative to the Russell 1000<sup>®</sup> Value Index for the fiscal year. Stock selection within industrials and information technology, as well as an underweight to consumer staples, contributed to results. The biggest contributors to performance for the 12-month period were Western Digital, Lam Research, GE Vernova, Alphabet, and JPMorgan Chase. The biggest detractors from performance during the period were International Paper, Booz Allen Hamilton, Becton, Dickinson and Co., DOW, and UnitedHealth Group. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Western Digital<br>| Positive<br>| Western Digital outperformed due to strong demand for hard disk drives (HDD) and the expectation that continued strong demand and a capacity constrained market will lead to further strengthening in the HDD market.<br>|
| Lam Research<br>| Positive<br>| Lam, a supplier of wafer-fabrication equipment and related services to the semiconductor industry, outperformed due to strong results as well as strength across dynamic random-access memory (DRAM) and NAND flash memory. The company also benefited from the expectation that strong artificial intelligence (AI) data center demand will lead to upward revisions in Wafer Fabrication Equipment (WFE) for semiconductors in 2026.<br>|
| DOW<br>| Negative<br>| DOW, one of the largest chemical producers in the world, suffered from headwinds for the supply of feedstock, or unprocessed material used in manufacturing, due to higher natural gas prices. The company also wrestled with continued concerns about declining demand for its products and services. We continued to hold the stock through the end of the period.<br>|
| UnitedHealth Group | Negative | UnitedHealth's performance was adversely impacted by accelerating medical cost trends, which led to a series of earnings disappointments. Other headwinds included extensive management turnover, a broad strategic business review, and the downward adjustment of long-term financial targets. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class R6 shares. It assumes a $2,500,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g65653chartimages_11223720.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Ceredex Large-Cap Value Equity Fund (Class R6/STVZX) at NAV<sup>(1)</sup>** | 12.38% | 9.23% | 9.91% |
| **FT Wilshire 5000 Index** | 17.13% | 13.40% | 14.45% |
| **Russell 1000<sup>®</sup> Value Index** | 15.91% | 11.33% | 10.53% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$258834 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$3010 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;157% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Financials | 20% |
| Industrials | 19 |
| Information Technology | 11 |
| Health Care | 9 |
| Consumer Discretionary | 8 |
| Consumer Staples | 7 |
| Energy | 7 |
| Other | 19 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g65653images_30343.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8120 Virtus Ceredex Large-Cap Value Equity Fund

![Virtus_FC_Logo](g65653images_30209.jpg)

## Virtus Ceredex Mid-Cap Value Equity Fund
Class A / SAMVX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus Ceredex Mid-Cap Value Equity Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Ceredex Mid-Cap Value Equity Fund<br>Class A / SAMVX | $142 | 1.31% |

---

Portfolio Manager Commentary by Ceredex Value Advisors LLC

* For the fiscal year ended December 31, 2025, the Fund's Class A shares at NAV returned 17.24%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.13% and the Russell Midcap<sup>®</sup> Value Index, which serves as the style-specific index, returned 11.05%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell Midcap<sup>®</sup> Value Index is a free float-adjusted market capitalization-weighted index of medium-capitalization, value-oriented stocks of U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, rigorous bottom-up fundamental research process to identify a select group of companies believed by the Fund's portfolio investment team to provide the potential for capital appreciation. The security selection process looks for three key factors: the existence of a dividend, an attractive valuation, and a forecasted improving fundamental situation in the form of a catalyst that should facilitate positive change to the security. Stock selection in the utilities and consumer staples sectors detracted from performance relative to the Russell Midcap<sup>®</sup> Value Index for the fiscal year. Stock selection within the industrials and information technology sectors was positive for the year. Additionally, an underweight to communication services contributed to results. The biggest contributors to performance for the 12-month period were Western Digital, Teradyne, Quanta Services, Corning, and Vertiv Holdings. The biggest detractors from performance during the period were Best Buy, Owens Corning, Blue Owl Capital, Jefferies Financial Group, and Marvell Technology. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Western Digital<br>| Positive<br>| Western Digital outperformed due to strong demand for hard disk drives (HDD) and the expectation that continued strong demand and a capacity constrained market will lead to further strengthening in the HDD market.<br>|
| Teradyne<br>| Positive<br>| Teradyne, an automatic test equipment designer and manufacturer, outperformed due to a strong earnings report and optimism about the company's ability to penetrate the merchant compute testing market, in which the company tests semiconductors for Apple and other hardware companies.<br>|
| Jefferies Financial Group<br>| Negative<br>| Jefferies underperformed as revenue was weaker across most businesses and mergers & acquisitions were on hold for much of the period. Jefferies' asset management business, in which the company invests alongside clients in various hedge fund strategies, was down materially during the reporting period.<br>|
| Marvell Technology | Negative | Marvell underperformed based on ongoing uncertainty around the company's application-specific integrated circuits (ASICs) business. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g65653chartimages_11223806.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Ceredex Mid-Cap Value Equity Fund (Class A/SAMVX) at NAV<sup>(1)</sup>** | 17.24% | 9.47% | 9.66% |
| **Virtus Ceredex Mid-Cap Value Equity Fund (Class A/SAMVX) at POP<sup>(2),(3)</sup>** | 10.79% | 8.24% | 9.05% |
| **FT Wilshire 5000 Index** | 17.13% | 13.40% | 14.45% |
| **Russell Midcap<sup>®</sup> Value Index** | 11.05% | 9.83% | 9.78% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

&nbsp;&nbsp;&nbsp;&nbsp;***(2)*** *"POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.* 

&nbsp;&nbsp;&nbsp;&nbsp;***(3)*** *"CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1051901 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$9384 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;192% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 27% |
| Financials | 19 |
| Information Technology | 16 |
| Consumer Discretionary | 11 |
| Energy | 8 |
| Utilities | 7 |
| Real Estate | 6 |
| Other (includes short-term investment) | 6 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g65653images_30343.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8121 Virtus Ceredex Mid-Cap Value Equity Fund

![Virtus_FC_Logo](g65653images_30209.jpg)

## Virtus Ceredex Mid-Cap Value Equity Fund
Class C / SMVFX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus Ceredex Mid-Cap Value Equity Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Ceredex Mid-Cap Value Equity Fund<br>Class C / SMVFX | $191 | 1.76% |

---

Portfolio Manager Commentary by Ceredex Value Advisors LLC

* For the fiscal year ended December 31, 2025, the Fund's Class C shares at NAV returned 16.76%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.13% and the Russell Midcap<sup>®</sup> Value Index, which serves as the style-specific index, returned 11.05%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell Midcap<sup>®</sup> Value Index is a free float-adjusted market capitalization-weighted index of medium-capitalization, value-oriented stocks of U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, rigorous bottom-up fundamental research process to identify a select group of companies believed by the Fund's portfolio investment team to provide the potential for capital appreciation. The security selection process looks for three key factors: the existence of a dividend, an attractive valuation, and a forecasted improving fundamental situation in the form of a catalyst that should facilitate positive change to the security. Stock selection in the utilities and consumer staples sectors detracted from performance relative to the Russell Midcap<sup>®</sup> Value Index for the fiscal year. Stock selection within the industrials and information technology sectors was positive for the year. Additionally, an underweight to communication services contributed to results. The biggest contributors to performance for the 12-month period were Western Digital, Teradyne, Quanta Services, Corning, and Vertiv Holdings. The biggest detractors from performance during the period were Best Buy, Owens Corning, Blue Owl Capital, Jefferies Financial Group, and Marvell Technology. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Western Digital<br>| Positive<br>| Western Digital outperformed due to strong demand for hard disk drives (HDD) and the expectation that continued strong demand and a capacity constrained market will lead to further strengthening in the HDD market.<br>|
| Teradyne<br>| Positive<br>| Teradyne, an automatic test equipment designer and manufacturer, outperformed due to a strong earnings report and optimism about the company's ability to penetrate the merchant compute testing market, in which the company tests semiconductors for Apple and other hardware companies.<br>|
| Jefferies Financial Group<br>| Negative<br>| Jefferies underperformed as revenue was weaker across most businesses and mergers & acquisitions were on hold for much of the period. Jefferies' asset management business, in which the company invests alongside clients in various hedge fund strategies, was down materially during the reporting period.<br>|
| Marvell Technology | Negative | Marvell underperformed based on ongoing uncertainty around the company's application-specific integrated circuits (ASICs) business. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g65653chartimages_11223849.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Ceredex Mid-Cap Value Equity Fund (Class C/SMVFX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | 16.76% | 8.93% | 9.17% |
| **FT Wilshire 5000 Index** | 17.13% | 13.40% | 14.45% |
| **Russell Midcap<sup>®</sup> Value Index** | 11.05% | 9.83% | 9.78% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

&nbsp;&nbsp;&nbsp;&nbsp;***(2)*** *"CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1051901 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$9384 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;192% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 27% |
| Financials | 19 |
| Information Technology | 16 |
| Consumer Discretionary | 11 |
| Energy | 8 |
| Utilities | 7 |
| Real Estate | 6 |
| Other (includes short-term investment) | 6 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Material Fund Changes**

Effective January 21, 2026, Class C shares were closed to new purchases by new or existing shareholders, except by existing shareholders through qualifying transactions.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g65653images_30343.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8122 Virtus Ceredex Mid-Cap Value Equity Fund

![Virtus_FC_Logo](g65653images_30209.jpg)

## Virtus Ceredex Mid-Cap Value Equity Fund
Class I / SMVTX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus Ceredex Mid-Cap Value Equity Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Ceredex Mid-Cap Value Equity Fund<br>Class I / SMVTX | $113 | 1.04% |

---

Portfolio Manager Commentary by Ceredex Value Advisors LLC

* For the fiscal year ended December 31, 2025, the Fund's Class I shares at NAV returned 17.66%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.13% and the Russell Midcap<sup>®</sup> Value Index, which serves as the style-specific index, returned 11.05%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell Midcap<sup>®</sup> Value Index is a free float-adjusted market capitalization-weighted index of medium-capitalization, value-oriented stocks of U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, rigorous bottom-up fundamental research process to identify a select group of companies believed by the Fund's portfolio investment team to provide the potential for capital appreciation. The security selection process looks for three key factors: the existence of a dividend, an attractive valuation, and a forecasted improving fundamental situation in the form of a catalyst that should facilitate positive change to the security. Stock selection in the utilities and consumer staples sectors detracted from performance relative to the Russell Midcap<sup>®</sup> Value Index for the fiscal year. Stock selection within the industrials and information technology sectors was positive for the year. Additionally, an underweight to communication services contributed to results. The biggest contributors to performance for the 12-month period were Western Digital, Teradyne, Quanta Services, Corning, and Vertiv Holdings. The biggest detractors from performance during the period were Best Buy, Owens Corning, Blue Owl Capital, Jefferies Financial Group, and Marvell Technology. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Western Digital<br>| Positive<br>| Western Digital outperformed due to strong demand for hard disk drives (HDD) and the expectation that continued strong demand and a capacity constrained market will lead to further strengthening in the HDD market.<br>|
| Teradyne<br>| Positive<br>| Teradyne, an automatic test equipment designer and manufacturer, outperformed due to a strong earnings report and optimism about the company's ability to penetrate the merchant compute testing market, in which the company tests semiconductors for Apple and other hardware companies.<br>|
| Jefferies Financial Group<br>| Negative<br>| Jefferies underperformed as revenue was weaker across most businesses and mergers & acquisitions were on hold for much of the period. Jefferies' asset management business, in which the company invests alongside clients in various hedge fund strategies, was down materially during the reporting period.<br>|
| Marvell Technology | Negative | Marvell underperformed based on ongoing uncertainty around the company's application-specific integrated circuits (ASICs) business. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I shares. It assumes a $100,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $100,000
![Fund Performance - Growth of 10K](g65653chartimages_11223892.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Ceredex Mid-Cap Value Equity Fund (Class I/SMVTX) at NAV<sup>(1)</sup>** | 17.66% | 9.77% | 9.99% |
| **FT Wilshire 5000 Index** | 17.13% | 13.40% | 14.45% |
| **Russell Midcap<sup>®</sup> Value Index** | 11.05% | 9.83% | 9.78% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1051901 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$9384 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;192% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 27% |
| Financials | 19 |
| Information Technology | 16 |
| Consumer Discretionary | 11 |
| Energy | 8 |
| Utilities | 7 |
| Real Estate | 6 |
| Other (includes short-term investment) | 6 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Material Fund Changes**

Effective January 1, 2026, a new expense limitation of 0.99% went into effect for Class I shares.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g65653images_30343.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8123 Virtus Ceredex Mid-Cap Value Equity Fund

![Virtus_FC_Logo](g65653images_30209.jpg)

## Virtus Ceredex Mid-Cap Value Equity Fund
Class R6 / SMVZX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus Ceredex Mid-Cap Value Equity Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Ceredex Mid-Cap Value Equity Fund<br>Class R6 / SMVZX | $86 | 0.79% |

---

Portfolio Manager Commentary by Ceredex Value Advisors LLC

* For the fiscal year ended December 31, 2025, the Fund's Class R6 shares at NAV returned 17.92%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.13% and the Russell Midcap<sup>®</sup> Value Index, which serves as the style-specific index, returned 11.05%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell Midcap<sup>®</sup> Value Index is a free float-adjusted market capitalization-weighted index of medium-capitalization, value-oriented stocks of U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, rigorous bottom-up fundamental research process to identify a select group of companies believed by the Fund's portfolio investment team to provide the potential for capital appreciation. The security selection process looks for three key factors: the existence of a dividend, an attractive valuation, and a forecasted improving fundamental situation in the form of a catalyst that should facilitate positive change to the security. Stock selection in the utilities and consumer staples sectors detracted from performance relative to the Russell Midcap<sup>®</sup> Value Index for the fiscal year. Stock selection within the industrials and information technology sectors was positive for the year. Additionally, an underweight to communication services contributed to results. The biggest contributors to performance for the 12-month period were Western Digital, Teradyne, Quanta Services, Corning, and Vertiv Holdings. The biggest detractors from performance during the period were Best Buy, Owens Corning, Blue Owl Capital, Jefferies Financial Group, and Marvell Technology. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Western Digital<br>| Positive<br>| Western Digital outperformed due to strong demand for hard disk drives (HDD) and the expectation that continued strong demand and a capacity constrained market will lead to further strengthening in the HDD market.<br>|
| Teradyne<br>| Positive<br>| Teradyne, an automatic test equipment designer and manufacturer, outperformed due to a strong earnings report and optimism about the company's ability to penetrate the merchant compute testing market, in which the company tests semiconductors for Apple and other hardware companies.<br>|
| Jefferies Financial Group<br>| Negative<br>| Jefferies underperformed as revenue was weaker across most businesses and mergers & acquisitions were on hold for much of the period. Jefferies' asset management business, in which the company invests alongside clients in various hedge fund strategies, was down materially during the reporting period.<br>|
| Marvell Technology | Negative | Marvell underperformed based on ongoing uncertainty around the company's application-specific integrated circuits (ASICs) business. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class R6 shares. It assumes a $2,500,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g65653chartimages_11223935.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Ceredex Mid-Cap Value Equity Fund (Class R6/SMVZX) at NAV<sup>(1)</sup>** | 17.92% | 10.03% | 10.26% |
| **FT Wilshire 5000 Index** | 17.13% | 13.40% | 14.45% |
| **Russell Midcap<sup>®</sup> Value Index** | 11.05% | 9.83% | 9.78% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1051901 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$9384 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;192% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 27% |
| Financials | 19 |
| Information Technology | 16 |
| Consumer Discretionary | 11 |
| Energy | 8 |
| Utilities | 7 |
| Real Estate | 6 |
| Other (includes short-term investment) | 6 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g65653images_30343.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8124 Virtus Ceredex Mid-Cap Value Equity Fund

![Virtus_FC_Logo](g65653images_30209.jpg)

## Virtus Ceredex Small-Cap Value Equity Fund
Class A / SASVX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus Ceredex Small-Cap Value Equity Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Ceredex Small-Cap Value Equity Fund<br>Class A / SASVX | $147 | 1.46% |

---

Portfolio Manager Commentary by Ceredex Value Advisors LLC

* For the fiscal year ended December 31, 2025, the Fund's Class A shares at NAV returned 1.05%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.13% and the Russell 2000<sup>®</sup> Value Index, which serves as the style-specific index, returned 12.59%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 2000<sup>®</sup> Value Index is a free float-adjusted market capitalization-weighted index of value-oriented stocks of the smallest 2,000 companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, rigorous bottom-up fundamental research process to identify a select group of companies believed by the Fund's portfolio investment team to provide the potential for capital appreciation. The security selection process looks for three key factors: the existence of a dividend, an attractive valuation, and a forecasted improving fundamental situation in the form of a catalyst that should facilitate positive change to the security. Stock selection within the financials and materials sectors had a negative impact on performance relative to the Russell 2000<sup>®</sup> Value Index. Additionally, the Fund's underweight to health care detracted from results. The industrials and energy sectors were positive for the 12-month period. The Fund's overweight to materials also assisted returns for the year. The biggest contributors to performance for the 12-month period were Advanced Energy Industries, Amkor Technologies, Solaris Energy Infrastructure, nVent Electric, and TD SYNNEX. The biggest detractors from performance during the period were Kulicke & Soffa Industries, Cactus, Primo Brands, Power Integrations, and Cogent Communications Holdings. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Advanced Energy Industries<br>| Positive<br>| Advanced Energy's performance was driven by an acceleration in sales of power components to data center customers despite a weaker backdrop in the semiconductor and industrial & medical segments. The company also provided a positive outlook for the entire business, which helped drive sentiment in the stock.<br>|
| Amkor Technology<br>| Positive<br>| Amkor outperformed due to strong results driven by market share gains in the latest iPhone launch and broad strength across PCs, networking, and data center products. The stock also benefited from investor enthusiasm around its advanced semiconductor packaging solutions and potential approval of H200 AI chip exports to China.<br>|
| Power Integrations<br>| Negative<br>| Power Integrations' lack of recovery in key end markets including power management, along with management changes at the company, drove the stock's underperformance during the reporting period.<br>|
| Cogent Communications Holdings | Negative | Cogent underperformed as the company continued to post subpar results. The Fund continued to hold the stock due to the subadviser's expectation of demand for Cogent's excess wave spectrum, which is used by cell phone carriers, and exposure to the data center sector. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g65653chartimages_11223978.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Ceredex Small-Cap Value Equity Fund (Class A/SASVX) at NAV<sup>(1)</sup>** | 1.05% | 7.39% | 7.62% |
| **Virtus Ceredex Small-Cap Value Equity Fund (Class A/SASVX) at POP<sup>(2),(3)</sup>** | (4.51)% | 6.18% | 7.01% |
| **FT Wilshire 5000 Index** | 17.13% | 13.40% | 14.45% |
| **Russell 2000<sup>®</sup> Value Index** | 12.59% | 8.88% | 9.27% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

&nbsp;&nbsp;&nbsp;&nbsp;***(2)*** *"POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.* 

&nbsp;&nbsp;&nbsp;&nbsp;***(3)*** *"CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$91527 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;77% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Financials | 26% |
| Industrials | 24 |
| Information Technology | 12 |
| Consumer Discretionary | 9 |
| Energy | 8 |
| Materials | 7 |
| Real Estate | 5 |
| Other | 9 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Material Fund Changes**

Effective January 1, 2026, a new expense limitation of 1.41% went into effect for Class A shares.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g65653images_30343.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8125 Virtus Ceredex Small-Cap Value Equity Fund

![Virtus_FC_Logo](g65653images_30209.jpg)

## Virtus Ceredex Small-Cap Value Equity Fund
Class C / STCEX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus Ceredex Small-Cap Value Equity Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Ceredex Small-Cap Value Equity Fund<br>Class C / STCEX | $182 | 1.81% |

---

Portfolio Manager Commentary by Ceredex Value Advisors LLC

* For the fiscal year ended December 31, 2025, the Fund's Class C shares at NAV returned 0.61%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.13% and the Russell 2000<sup>®</sup> Value Index, which serves as the style-specific index, returned 12.59%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 2000<sup>®</sup> Value Index is a free float-adjusted market capitalization-weighted index of value-oriented stocks of the smallest 2,000 companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, rigorous bottom-up fundamental research process to identify a select group of companies believed by the Fund's portfolio investment team to provide the potential for capital appreciation. The security selection process looks for three key factors: the existence of a dividend, an attractive valuation, and a forecasted improving fundamental situation in the form of a catalyst that should facilitate positive change to the security. Stock selection within the financials and materials sectors had a negative impact on performance relative to the Russell 2000<sup>®</sup> Value Index. Additionally, the Fund's underweight to health care detracted from results. The industrials and energy sectors were positive for the 12-month period. The Fund's overweight to materials also assisted returns for the year. The biggest contributors to performance for the 12-month period were Advanced Energy Industries, Amkor Technologies, Solaris Energy Infrastructure, nVent Electric, and TD SYNNEX. The biggest detractors from performance during the period were Kulicke & Soffa Industries, Cactus, Primo Brands, Power Integrations, and Cogent Communications Holdings. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Advanced Energy Industries<br>| Positive<br>| Advanced Energy's performance was driven by an acceleration in sales of power components to data center customers despite a weaker backdrop in the semiconductor and industrial & medical segments. The company also provided a positive outlook for the entire business, which helped drive sentiment in the stock.<br>|
| Amkor Technology<br>| Positive<br>| Amkor outperformed due to strong results driven by market share gains in the latest iPhone launch and broad strength across PCs, networking, and data center products. The stock also benefited from investor enthusiasm around its advanced semiconductor packaging solutions and potential approval of H200 AI chip exports to China.<br>|
| Power Integrations<br>| Negative<br>| Power Integrations' lack of recovery in key end markets including power management, along with management changes at the company, drove the stock's underperformance during the reporting period.<br>|
| Cogent Communications Holdings | Negative | Cogent underperformed as the company continued to post subpar results. The Fund continued to hold the stock due to the subadviser's expectation of demand for Cogent's excess wave spectrum, which is used by cell phone carriers, and exposure to the data center sector. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g65653chartimages_11224021.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Ceredex Small-Cap Value Equity Fund (Class C/STCEX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | 0.61% | 7.00% | 7.21% |
| **FT Wilshire 5000 Index** | 17.13% | 13.40% | 14.45% |
| **Russell 2000<sup>®</sup> Value Index** | 12.59% | 8.88% | 9.27% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

&nbsp;&nbsp;&nbsp;&nbsp;***(2)*** *"CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$91527 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;77% |

---

#### Asset Allocation<sup>(1)</sup>

---

| | |
|:---|:---|
| Financials | 26% |
| Industrials | 24 |
| Information Technology | 12 |
| Consumer Discretionary | 9 |
| Energy | 8 |
| Materials | 7 |
| Real Estate | 5 |
| Other | 9 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Material Fund Changes**

Effective January 26, 2026, Class C shares were converted to Class A shares.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g65653images_30343.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8126 Virtus Ceredex Small-Cap Value Equity Fund

![Virtus_FC_Logo](g65653images_30209.jpg)

## Virtus Ceredex Small-Cap Value Equity Fund
Class I / SCETX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus Ceredex Small-Cap Value Equity Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Ceredex Small-Cap Value Equity Fund<br>Class I / SCETX | $83 | 0.82% |

---

Portfolio Manager Commentary by Ceredex Value Advisors LLC

* For the fiscal year ended December 31, 2025, the Fund's Class I shares at NAV returned 1.61%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.13% and the Russell 2000<sup>®</sup> Value Index, which serves as the style-specific index, returned 12.59%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 2000<sup>®</sup> Value Index is a free float-adjusted market capitalization-weighted index of value-oriented stocks of the smallest 2,000 companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, rigorous bottom-up fundamental research process to identify a select group of companies believed by the Fund's portfolio investment team to provide the potential for capital appreciation. The security selection process looks for three key factors: the existence of a dividend, an attractive valuation, and a forecasted improving fundamental situation in the form of a catalyst that should facilitate positive change to the security. Stock selection within the financials and materials sectors had a negative impact on performance relative to the Russell 2000<sup>®</sup> Value Index. Additionally, the Fund's underweight to health care detracted from results. The industrials and energy sectors were positive for the 12-month period. The Fund's overweight to materials also assisted returns for the year. The biggest contributors to performance for the 12-month period were Advanced Energy Industries, Amkor Technologies, Solaris Energy Infrastructure, nVent Electric, and TD SYNNEX. The biggest detractors from performance during the period were Kulicke & Soffa Industries, Cactus, Primo Brands, Power Integrations, and Cogent Communications Holdings. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Advanced Energy Industries<br>| Positive<br>| Advanced Energy's performance was driven by an acceleration in sales of power components to data center customers despite a weaker backdrop in the semiconductor and industrial & medical segments. The company also provided a positive outlook for the entire business, which helped drive sentiment in the stock.<br>|
| Amkor Technology<br>| Positive<br>| Amkor outperformed due to strong results driven by market share gains in the latest iPhone launch and broad strength across PCs, networking, and data center products. The stock also benefited from investor enthusiasm around its advanced semiconductor packaging solutions and potential approval of H200 AI chip exports to China.<br>|
| Power Integrations<br>| Negative<br>| Power Integrations' lack of recovery in key end markets including power management, along with management changes at the company, drove the stock's underperformance during the reporting period.<br>|
| Cogent Communications Holdings | Negative | Cogent underperformed as the company continued to post subpar results. The Fund continued to hold the stock due to the subadviser's expectation of demand for Cogent's excess wave spectrum, which is used by cell phone carriers, and exposure to the data center sector. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I shares. It assumes a $100,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $100,000
![Fund Performance - Growth of 10K](g65653chartimages_11224064.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Ceredex Small-Cap Value Equity Fund (Class I/SCETX) at NAV<sup>(1)</sup>** | 1.61% | 7.76% | 7.96% |
| **FT Wilshire 5000 Index** | 17.13% | 13.40% | 14.45% |
| **Russell 2000<sup>®</sup> Value Index** | 12.59% | 8.88% | 9.27% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$91527 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;77% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Financials | 26% |
| Industrials | 24 |
| Information Technology | 12 |
| Consumer Discretionary | 9 |
| Energy | 8 |
| Materials | 7 |
| Real Estate | 5 |
| Other | 9 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g65653images_30343.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8127 Virtus Ceredex Small-Cap Value Equity Fund

![Virtus_FC_Logo](g65653images_30209.jpg)

## Virtus Ceredex Small-Cap Value Equity Fund
Class R6 / VVERX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus Ceredex Small-Cap Value Equity Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Ceredex Small-Cap Value Equity Fund<br>Class R6 / VVERX | $78 | 0.77% |

---

Portfolio Manager Commentary by Ceredex Value Advisors LLC

* For the fiscal year ended December 31, 2025, the Fund's Class R6 shares at NAV returned 1.76%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.13% and the Russell 2000<sup>®</sup> Value Index, which serves as the style-specific index, returned 12.59%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 2000<sup>®</sup> Value Index is a free float-adjusted market capitalization-weighted index of value-oriented stocks of the smallest 2,000 companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, rigorous bottom-up fundamental research process to identify a select group of companies believed by the Fund's portfolio investment team to provide the potential for capital appreciation. The security selection process looks for three key factors: the existence of a dividend, an attractive valuation, and a forecasted improving fundamental situation in the form of a catalyst that should facilitate positive change to the security. Stock selection within the financials and materials sectors had a negative impact on performance relative to the Russell 2000<sup>®</sup> Value Index. Additionally, the Fund's underweight to health care detracted from results. The industrials and energy sectors were positive for the 12-month period. The Fund's overweight to materials also assisted returns for the year. The biggest contributors to performance for the 12-month period were Advanced Energy Industries, Amkor Technologies, Solaris Energy Infrastructure, nVent Electric, and TD SYNNEX. The biggest detractors from performance during the period were Kulicke & Soffa Industries, Cactus, Primo Brands, Power Integrations, and Cogent Communications Holdings. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Advanced Energy Industries<br>| Positive<br>| Advanced Energy's performance was driven by an acceleration in sales of power components to data center customers despite a weaker backdrop in the semiconductor and industrial & medical segments. The company also provided a positive outlook for the entire business, which helped drive sentiment in the stock.<br>|
| Amkor Technology<br>| Positive<br>| Amkor outperformed due to strong results driven by market share gains in the latest iPhone launch and broad strength across PCs, networking, and data center products. The stock also benefited from investor enthusiasm around its advanced semiconductor packaging solutions and potential approval of H200 AI chip exports to China.<br>|
| Power Integrations<br>| Negative<br>| Power Integrations' lack of recovery in key end markets including power management, along with management changes at the company, drove the stock's underperformance during the reporting period.<br>|
| Cogent Communications Holdings | Negative | Cogent underperformed as the company continued to post subpar results. The Fund continued to hold the stock due to the subadviser's expectation of demand for Cogent's excess wave spectrum, which is used by cell phone carriers, and exposure to the data center sector. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class R6 shares from inception (February 26, 2019). It assumes a $2,500,000 initial investment from inception, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g65653chartimages_11224107.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **Since Inception** |
| **Virtus Ceredex Small-Cap Value Equity Fund (Class R6/VVERX) at NAV<sup>(1)</sup>** | 1.76% | 8.05% | 6.56% |
| **FT Wilshire 5000 Index** | 17.13% | 13.40% | 15.18% |
| **Russell 2000<sup>®</sup> Value Index** | 12.59% | 8.88% | 8.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$91527 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;77% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Financials | 26% |
| Industrials | 24 |
| Information Technology | 12 |
| Consumer Discretionary | 9 |
| Energy | 8 |
| Materials | 7 |
| Real Estate | 5 |
| Other | 9 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g65653images_30343.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8128 Virtus Ceredex Small-Cap Value Equity Fund

![Virtus_FC_Logo](g65653images_30209.jpg)

## Virtus Seix Core Bond Fund
Class A / STGIX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus Seix Core Bond Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix Core Bond Fund<br>Class A / STGIX | $66 | 0.64% |

---

Portfolio Manager Commentary by Seix Investment Advisors

* For the fiscal year ended December 31, 2025, the Fund's Class A shares at NAV returned 6.37%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 7.30%. 

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

#### What factors impacted Fund performance over the reporting period?
The Federal Reserve (the "Fed") reduced its target interest rate three times in 2025, for a total of 0.75%, bringing the rate to a range of 3.50% to 3.75% by December. Intermediate and longer-term rates also fell, but by varying amounts as shorter rates fell more than longer-term rates, a phenomenon described as yield curve steepening. A falling interest rate environment is supportive of bond prices, as bond prices and yields move in opposite directions. The rise in bond prices had the largest positive impact on the Fund's performance in the fiscal year. The Fund's underweight to the corporate bond sector relative to the Bloomberg U.S. Aggregate Bond Index (the "Index") had a modestly negative impact on relative performance. Offsetting the corporate underweight, the Fund was overweight to the agency residential mortgage-backed security (RMBS) sector, particularly in higher-coupon mortgages. The Fund's allocation to the RMBS sector was a positive contributor to relative performance. The Fund had a neutral weight to the U.S. Treasury sector, but had an allocation to U.S. Treasury Inflation-Protected Securities (TIPS), which had a slightly negative effect on relative performance. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Higher-coupon mortgage-backedsecurity selection and allocation<br>| Positive<br>| The Fund's decision to hold more mortgage-backed securities than the Index made a positive contribution to relative performance. Along with the higher allocation, the Fund's holdings of higher-coupon mortgages also contributed to relative performance.<br>|
| Lower short- and long-term interest rates<br>| Positive<br>| The Fed lowered its target interest rate by 0.75% during the fiscal year. Most U.S. Treasury interest rates also moved lower during the year. Lower interest rates are generally positive for bond prices, as bond rates and prices move inversely to each other.<br>|
| Corporate bond sector allocation<br>| Negative<br>| The Fund's decision to have an underweight allocation to the corporate credit sector negatively impacted relative performance, as corporate securities generally outperformed U.S. Treasury securities during the reporting period.<br>|
| U.S. Treasury sector selection | Negative | The Fund's decision to own TIPS was a slight detractor from relative performance, as TIPS underperformed nominal U.S. Treasury securities, that is, those with fixed dollar amounts for principal and interest payments. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in an appropriate broad-based securities market index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g65653chartimages_11224150.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Seix Core Bond Fund (Class A/STGIX) at NAV<sup>(1)</sup>** | 6.37% | (0.88)% | 1.70% |
| **Virtus Seix Core Bond Fund (Class A/STGIX) at POP<sup>(2),(3)</sup>** | 2.38% | (1.63)% | 1.31% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | (0.36)% | 2.01% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

&nbsp;&nbsp;&nbsp;&nbsp;***(2)*** *"POP" (Public Offering Price) total returns include the effect of the maximum front-end 3.75% sales charge.* 

&nbsp;&nbsp;&nbsp;&nbsp;***(3)*** *"CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$120419 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;173% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| U.S. Government Securities |  | 40.0% |
| Mortgage-Backed Securities |  | 35.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency | 35.0 |  |
| Corporate Bonds and Notes |  | 19.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 9.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 3.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 2.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 5.0 |  |
| Asset-Backed Securities |  | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Automobiles | 2.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit Card | 2.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 2.0 |  |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g65653images_30343.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8321 Virtus Seix Core Bond Fund

![Virtus_FC_Logo](g65653images_30209.jpg)

## Virtus Seix Core Bond Fund
Class I / STIGX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus Seix Core Bond Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix Core Bond Fund<br>Class I / STIGX | $52 | 0.50% |

---

Portfolio Manager Commentary by Seix Investment Advisors

* For the fiscal year ended December 31, 2025, the Fund's Class I shares at NAV returned 6.51%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 7.30%. 

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

#### What factors impacted Fund performance over the reporting period?
The Federal Reserve (the "Fed") reduced its target interest rate three times in 2025, for a total of 0.75%, bringing the rate to a range of 3.50% to 3.75% by December. Intermediate and longer-term rates also fell, but by varying amounts as shorter rates fell more than longer-term rates, a phenomenon described as yield curve steepening. A falling interest rate environment is supportive of bond prices, as bond prices and yields move in opposite directions. The rise in bond prices had the largest positive impact on the Fund's performance in the fiscal year. The Fund's underweight to the corporate bond sector relative to the Bloomberg U.S. Aggregate Bond Index (the "Index") had a modestly negative impact on relative performance. Offsetting the corporate underweight, the Fund was overweight to the agency residential mortgage-backed security (RMBS) sector, particularly in higher-coupon mortgages. The Fund's allocation to the RMBS sector was a positive contributor to relative performance. The Fund had a neutral weight to the U.S. Treasury sector, but had an allocation to U.S. Treasury Inflation-Protected Securities (TIPS), which had a slightly negative effect on relative performance. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Higher-coupon mortgage-backedsecurity selection and allocation<br>| Positive<br>| The Fund's decision to hold more mortgage-backed securities than the Index made a positive contribution to relative performance. Along with the higher allocation, the Fund's holdings of higher-coupon mortgages also contributed to relative performance.<br>|
| Lower short- and long-term interest rates<br>| Positive<br>| The Fed lowered its target interest rate by 0.75% during the fiscal year. Most U.S. Treasury interest rates also moved lower during the year. Lower interest rates are generally positive for bond prices, as bond rates and prices move inversely to each other.<br>|
| Corporate bond sector allocation<br>| Negative<br>| The Fund's decision to have an underweight allocation to the corporate credit sector negatively impacted relative performance, as corporate securities generally outperformed U.S. Treasury securities during the reporting period.<br>|
| U.S. Treasury sector selection | Negative | The Fund's decision to own TIPS was a slight detractor from relative performance, as TIPS underperformed nominal U.S. Treasury securities, that is, those with fixed dollar amounts for principal and interest payments. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I shares. It assumes a $100,000 initial investment at the beginning of the first fiscal year, in an appropriate broad-based securities market index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $100,000
![Fund Performance - Growth of 10K](g65653chartimages_11224193.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Seix Core Bond Fund (Class I/STIGX) at NAV<sup>(1)</sup>** | 6.51% | (0.76)% | 1.83% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | (0.36)% | 2.01% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$120419 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;173% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| U.S. Government Securities |  | 40.0% |
| Mortgage-Backed Securities |  | 35.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency | 35.0 |  |
| Corporate Bonds and Notes |  | 19.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 9.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 3.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 2.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 5.0 |  |
| Asset-Backed Securities |  | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Automobiles | 2.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit Card | 2.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 2.0 |  |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g65653images_30343.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8322 Virtus Seix Core Bond Fund

![Virtus_FC_Logo](g65653images_30209.jpg)

## Virtus Seix Core Bond Fund
Class R6 / STGZX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus Seix Core Bond Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix Core Bond Fund<br>Class R6 / STGZX | $37 | 0.36% |

---

Portfolio Manager Commentary by Seix Investment Advisors

* For the fiscal year ended December 31, 2025, the Fund's Class R6 shares at NAV returned 6.78%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 7.30%. 

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

#### What factors impacted Fund performance over the reporting period?
The Federal Reserve (the "Fed") reduced its target interest rate three times in 2025, for a total of 0.75%, bringing the rate to a range of 3.50% to 3.75% by December. Intermediate and longer-term rates also fell, but by varying amounts as shorter rates fell more than longer-term rates, a phenomenon described as yield curve steepening. A falling interest rate environment is supportive of bond prices, as bond prices and yields move in opposite directions. The rise in bond prices had the largest positive impact on the Fund's performance in the fiscal year. The Fund's underweight to the corporate bond sector relative to the Bloomberg U.S. Aggregate Bond Index (the "Index") had a modestly negative impact on relative performance. Offsetting the corporate underweight, the Fund was overweight to the agency residential mortgage-backed security (RMBS) sector, particularly in higher-coupon mortgages. The Fund's allocation to the RMBS sector was a positive contributor to relative performance. The Fund had a neutral weight to the U.S. Treasury sector, but had an allocation to U.S. Treasury Inflation-Protected Securities (TIPS), which had a slightly negative effect on relative performance. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Higher-coupon mortgage-backedsecurity selection and allocation<br>| Positive<br>| The Fund's decision to hold more mortgage-backed securities than the Index made a positive contribution to relative performance. Along with the higher allocation, the Fund's holdings of higher-coupon mortgages also contributed to relative performance.<br>|
| Lower short- and long-term interest rates<br>| Positive<br>| The Fed lowered its target interest rate by 0.75% during the fiscal year. Most U.S. Treasury interest rates also moved lower during the year. Lower interest rates are generally positive for bond prices, as bond rates and prices move inversely to each other.<br>|
| Corporate bond sector allocation<br>| Negative<br>| The Fund's decision to have an underweight allocation to the corporate credit sector negatively impacted relative performance, as corporate securities generally outperformed U.S. Treasury securities during the reporting period.<br>|
| U.S. Treasury sector selection | Negative | The Fund's decision to own TIPS was a slight detractor from relative performance, as TIPS underperformed nominal U.S. Treasury securities, that is, those with fixed dollar amounts for principal and interest payments. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class R6 shares. It assumes a $2,500,000 initial investment at the beginning of the first fiscal year, in an appropriate broad-based securities market index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g65653chartimages_11224236.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Seix Core Bond Fund (Class R6/STGZX) at NAV<sup>(1)</sup>** | 6.78% | (0.60)% | 1.99% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | (0.36)% | 2.01% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$120419 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;173% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| U.S. Government Securities |  | 40.0% |
| Mortgage-Backed Securities |  | 35.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency | 35.0 |  |
| Corporate Bonds and Notes |  | 19.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 9.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 3.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 2.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 5.0 |  |
| Asset-Backed Securities |  | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Automobiles | 2.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit Card | 2.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 2.0 |  |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g65653images_30343.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8323 Virtus Seix Core Bond Fund

![Virtus_FC_Logo](g65653images_30209.jpg)

## Virtus Seix Floating Rate High Income Fund
Class A / SFRAX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus Seix Floating Rate High Income Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix Floating Rate High Income Fund<br>Class A / SFRAX | $98 | 0.95% |

---

Portfolio Manager Commentary by Seix Investment Advisors

* For the fiscal year ended December 31, 2025, the Fund's Class A shares at NAV returned 5.49%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 7.30% and the S&P UBS Leveraged Loan Index, which serves as the style-specific index, returned 5.94%. 

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

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

#### What factors impacted Fund performance over the reporting period?
While the first half of 2025 saw underperformance from the Fund relative to the S&P UBS Leveraged Loan Index (the "Index"), a strong rebound in several high conviction credits in the second half allowed the Fund to significantly close the gap. Within the leveraged loan market, single-B rated credits outperformed the other ratings groups with a 6.53% return, outperforming BBs, which were up 6.41%, and split B/CCCs, which returned 2.72% for the year. Issue selection within chemicals, health care, and utilities detracted from Fund performance. This was partially offset by positive selection in automotive, food/tobacco, and cable wireless. The top individual detractors from relative performance for the 12-month period were Ascend Performance, New Fortress Energy, and Trinseo. The top individual contributors to relative performance were Longview Power, Inmarsat, and not owning First Brands, which appears in the Index and declared bankruptcy during the period. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Ratings allocation<br>| Negative<br>| The Fund's underweight to the best-performing ratings group, unrated credits, hindered performance versus the Index, although security selection within this group was positive. Unrated credits are those that do not have a formal rating issued by a rating agency.<br>|
| Issue selection<br>| Negative<br>| Unforeseen events in a small number of issues negatively affected performance. These included liability management exercises, in which certain companies proactively restructured their debt, as well as the chemical industry failing to meet the market's expectations. When an issuer undergoes a debt restructuring, whether by reducing the interest rate or other maneuvers, it typically has negative implications for the loan holder, causing prices to drop. However, overall performance improved during the third and fourth quarters of the year, benefiting the Fund.<br>|
| Industry selection<br>| Positive<br>| The Fund's industry allocation decisions, which included being underweight in automotive and overweight in telecommunications, made a positive aggregate contribution to performance in 2025.<br>|
| Credit spreads tightened | Positive | Credit spread refers to the additional yield of a particular bond over the yield of a risk-free government bond. As spreads tighten, indicating that investors view the bonds as less risky, the value of the bonds goes up. Higher quality issues benefited from spread tightening, which improved the total return for the Fund. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g65653chartimages_11224279.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Seix Floating Rate High Income Fund (Class A/SFRAX) at NAV<sup>(1)</sup>** | 5.49% | 5.78% | 4.90% |
| **Virtus Seix Floating Rate High Income Fund (Class A/SFRAX) at POP<sup>(2),(3)</sup>** | 2.59% | 5.19% | 4.61% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | (0.36)% | 2.01% |
| **S&P UBS Leveraged Loan Index** | 5.94% | 6.37% | 5.78% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

&nbsp;&nbsp;&nbsp;&nbsp;***(2)*** *"POP" (Public Offering Price) total returns include the effect of the maximum front-end 2.75% sales charge.* 

&nbsp;&nbsp;&nbsp;&nbsp;***(3)*** *"CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1193893 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;272 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$4187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;63% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Leveraged Loans |  | 95.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 14 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 13 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service | 9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Chemicals | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gaming / Leisure | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Media / Telecom - Telecommunications | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Leveraged Loans | 39 |  |
| Corporate Bonds and Notes |  | 3 |
| Asset-Backed Securities |  | 1 |
| Common Stocks |  | 1 |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g65653images_30343.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8328 Virtus Seix Floating Rate High Income Fund

![Virtus_FC_Logo](g65653images_30209.jpg)

## Virtus Seix Floating Rate High Income Fund
Class C / SFRCX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus Seix Floating Rate High Income Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix Floating Rate High Income Fund<br>Class C / SFRCX | $157 | 1.53% |

---

Portfolio Manager Commentary by Seix Investment Advisors

* For the fiscal year ended December 31, 2025, the Fund's Class C shares at NAV returned 4.89%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 7.30% and the S&P UBS Leveraged Loan Index, which serves as the style-specific index, returned 5.94%. 

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

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

#### What factors impacted Fund performance over the reporting period?
While the first half of 2025 saw underperformance from the Fund relative to the S&P UBS Leveraged Loan Index (the "Index"), a strong rebound in several high conviction credits in the second half allowed the Fund to significantly close the gap. Within the leveraged loan market, single-B rated credits outperformed the other ratings groups with a 6.53% return, outperforming BBs, which were up 6.41%, and split B/CCCs, which returned 2.72% for the year. Issue selection within chemicals, health care, and utilities detracted from Fund performance. This was partially offset by positive selection in automotive, food/tobacco, and cable wireless. The top individual detractors from relative performance for the 12-month period were Ascend Performance, New Fortress Energy, and Trinseo. The top individual contributors to relative performance were Longview Power, Inmarsat, and not owning First Brands, which appears in the Index and declared bankruptcy during the period. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Ratings allocation<br>| Negative<br>| The Fund's underweight to the best-performing ratings group, unrated credits, hindered performance versus the Index, although security selection within this group was positive. Unrated credits are those that do not have a formal rating issued by a rating agency.<br>|
| Issue selection<br>| Negative<br>| Unforeseen events in a small number of issues negatively affected performance. These included liability management exercises, in which certain companies proactively restructured their debt, as well as the chemical industry failing to meet the market's expectations. When an issuer undergoes a debt restructuring, whether by reducing the interest rate or other maneuvers, it typically has negative implications for the loan holder, causing prices to drop. However, overall performance improved during the third and fourth quarters of the year, benefiting the Fund.<br>|
| Industry selection<br>| Positive<br>| The Fund's industry allocation decisions, which included being underweight in automotive and overweight in telecommunications, made a positive aggregate contribution to performance in 2025.<br>|
| Credit spreads tightened | Positive | Credit spread refers to the additional yield of a particular bond over the yield of a risk-free government bond. As spreads tighten, indicating that investors view the bonds as less risky, the value of the bonds goes up. Higher quality issues benefited from spread tightening, which improved the total return for the Fund. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g65653chartimages_11224322.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Seix Floating Rate High Income Fund (Class C/SFRCX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | 4.89% | 5.17% | 4.30% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | (0.36)% | 2.01% |
| **S&P UBS Leveraged Loan Index** | 5.94% | 6.37% | 5.78% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

&nbsp;&nbsp;&nbsp;&nbsp;***(2)*** *"CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1193893 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;272 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$4187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;63% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Leveraged Loans |  | 95.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 14 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 13 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service | 9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Chemicals | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gaming / Leisure | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Media / Telecom - Telecommunications | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Leveraged Loans | 39 |  |
| Corporate Bonds and Notes |  | 3 |
| Asset-Backed Securities |  | 1 |
| Common Stocks |  | 1 |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Material Fund Changes**

Effective January 21, 2026, Class C shares were closed to new purchases by new or existing shareholders, except by existing shareholders through qualifying transactions.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g65653images_30343.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8329 Virtus Seix Floating Rate High Income Fund

![Virtus_FC_Logo](g65653images_30209.jpg)

## Virtus Seix Floating Rate High Income Fund
Class I / SAMBX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus Seix Floating Rate High Income Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix Floating Rate High Income Fund<br>Class I / SAMBX | $65 | 0.63% |

---

Portfolio Manager Commentary by Seix Investment Advisors

* For the fiscal year ended December 31, 2025, the Fund's Class I shares at NAV returned 5.83%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 7.30% and the S&P UBS Leveraged Loan Index, which serves as the style-specific index, returned 5.94%. 

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

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

#### What factors impacted Fund performance over the reporting period?
While the first half of 2025 saw underperformance from the Fund relative to the S&P UBS Leveraged Loan Index (the "Index"), a strong rebound in several high conviction credits in the second half allowed the Fund to significantly close the gap. Within the leveraged loan market, single-B rated credits outperformed the other ratings groups with a 6.53% return, outperforming BBs, which were up 6.41%, and split B/CCCs, which returned 2.72% for the year. Issue selection within chemicals, health care, and utilities detracted from Fund performance. This was partially offset by positive selection in automotive, food/tobacco, and cable wireless. The top individual detractors from relative performance for the 12-month period were Ascend Performance, New Fortress Energy, and Trinseo. The top individual contributors to relative performance were Longview Power, Inmarsat, and not owning First Brands, which appears in the Index and declared bankruptcy during the period. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Ratings allocation<br>| Negative<br>| The Fund's underweight to the best-performing ratings group, unrated credits, hindered performance versus the Index, although security selection within this group was positive. Unrated credits are those that do not have a formal rating issued by a rating agency.<br>|
| Issue selection<br>| Negative<br>| Unforeseen events in a small number of issues negatively affected performance. These included liability management exercises, in which certain companies proactively restructured their debt, as well as the chemical industry failing to meet the market's expectations. When an issuer undergoes a debt restructuring, whether by reducing the interest rate or other maneuvers, it typically has negative implications for the loan holder, causing prices to drop. However, overall performance improved during the third and fourth quarters of the year, benefiting the Fund.<br>|
| Industry selection<br>| Positive<br>| The Fund's industry allocation decisions, which included being underweight in automotive and overweight in telecommunications, made a positive aggregate contribution to performance in 2025.<br>|
| Credit spreads tightened | Positive | Credit spread refers to the additional yield of a particular bond over the yield of a risk-free government bond. As spreads tighten, indicating that investors view the bonds as less risky, the value of the bonds goes up. Higher quality issues benefited from spread tightening, which improved the total return for the Fund. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I shares. It assumes a $100,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $100,000
![Fund Performance - Growth of 10K](g65653chartimages_11224365.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Seix Floating Rate High Income Fund (Class I/SAMBX) at NAV<sup>(1)</sup>** | 5.83% | 6.11% | 5.23% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | (0.36)% | 2.01% |
| **S&P UBS Leveraged Loan Index** | 5.94% | 6.37% | 5.78% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1193893 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;272 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$4187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;63% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Leveraged Loans |  | 95.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 14 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 13 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service | 9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Chemicals | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gaming / Leisure | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Media / Telecom - Telecommunications | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Leveraged Loans | 39 |  |
| Corporate Bonds and Notes |  | 3 |
| Asset-Backed Securities |  | 1 |
| Common Stocks |  | 1 |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g65653images_30343.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8330 Virtus Seix Floating Rate High Income Fund

![Virtus_FC_Logo](g65653images_30209.jpg)

## Virtus Seix Floating Rate High Income Fund
Class R6 / SFRZX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus Seix Floating Rate High Income Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix Floating Rate High Income Fund<br>Class R6 / SFRZX | $55 | 0.53% |

---

Portfolio Manager Commentary by Seix Investment Advisors

* For the fiscal year ended December 31, 2025, the Fund's Class R6 shares at NAV returned 5.80%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 7.30% and the S&P UBS Leveraged Loan Index, which serves as the style-specific index, returned 5.94%. 

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

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

#### What factors impacted Fund performance over the reporting period?
While the first half of 2025 saw underperformance from the Fund relative to the S&P UBS Leveraged Loan Index (the "Index"), a strong rebound in several high conviction credits in the second half allowed the Fund to significantly close the gap. Within the leveraged loan market, single-B rated credits outperformed the other ratings groups with a 6.53% return, outperforming BBs, which were up 6.41%, and split B/CCCs, which returned 2.72% for the year. Issue selection within chemicals, health care, and utilities detracted from Fund performance. This was partially offset by positive selection in automotive, food/tobacco, and cable wireless. The top individual detractors from relative performance for the 12-month period were Ascend Performance, New Fortress Energy, and Trinseo. The top individual contributors to relative performance were Longview Power, Inmarsat, and not owning First Brands, which appears in the Index and declared bankruptcy during the period. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Ratings allocation<br>| Negative<br>| The Fund's underweight to the best-performing ratings group, unrated credits, hindered performance versus the Index, although security selection within this group was positive. Unrated credits are those that do not have a formal rating issued by a rating agency.<br>|
| Issue selection<br>| Negative<br>| Unforeseen events in a small number of issues negatively affected performance. These included liability management exercises, in which certain companies proactively restructured their debt, as well as the chemical industry failing to meet the market's expectations. When an issuer undergoes a debt restructuring, whether by reducing the interest rate or other maneuvers, it typically has negative implications for the loan holder, causing prices to drop. However, overall performance improved during the third and fourth quarters of the year, benefiting the Fund.<br>|
| Industry selection<br>| Positive<br>| The Fund's industry allocation decisions, which included being underweight in automotive and overweight in telecommunications, made a positive aggregate contribution to performance in 2025.<br>|
| Credit spreads tightened | Positive | Credit spread refers to the additional yield of a particular bond over the yield of a risk-free government bond. As spreads tighten, indicating that investors view the bonds as less risky, the value of the bonds goes up. Higher quality issues benefited from spread tightening, which improved the total return for the Fund. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class R6 shares. It assumes a $2,500,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g65653chartimages_11224408.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Seix Floating Rate High Income Fund (Class R6/SFRZX) at NAV<sup>(1)</sup>** | 5.80% | 6.22% | 5.34% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | (0.36)% | 2.01% |
| **S&P UBS Leveraged Loan Index** | 5.94% | 6.37% | 5.78% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1193893 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;272 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$4187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;63% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Leveraged Loans |  | 95.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 14 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 13 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service | 9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Chemicals | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gaming / Leisure | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Media / Telecom - Telecommunications | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Leveraged Loans | 39 |  |
| Corporate Bonds and Notes |  | 3 |
| Asset-Backed Securities |  | 1 |
| Common Stocks |  | 1 |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g65653images_30343.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8331 Virtus Seix Floating Rate High Income Fund

![Virtus_FC_Logo](g65653images_30209.jpg)

## Virtus Seix High Grade Municipal Bond Fund
Class A / SFLTX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus Seix High Grade Municipal Bond Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix High Grade Municipal Bond Fund<br>Class A / SFLTX | $75 | 0.74% |

---

Portfolio Manager Commentary by Seix Investment Advisors

* For the fiscal year ended December 31, 2025, the Fund's Class A shares at NAV returned 3.50%. For the same period, the Bloomberg Municipal Bond Index, a broad-based securities market index, returned 4.25%. 

* The Bloomberg Municipal Bond Index is a market capitalization-weighted index that measures the long-term tax-exempt bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund's overweight allocations to the transportation sector and local general obligation (GO) bonds, along with underweights in the hospital and education sectors, contributed to performance relative to the Bloomberg Municipal Bond Index (the "Index") for the fiscal year. Underweight allocations to industrial revenue bonds (IDR), health care, and housing detracted from performance. Issue selection in transportation and state GO contributed to performance, while selection in lower coupon, longer maturities detracted. The biggest contributors to performance for the 12-month period were holdings of New Jersey Transit Trust, Pennsylvania Turnpike, and Texas Water. The biggest detractors from performance during the period were New York Transitional Finance, Illinois GO, and Washington GO. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| The municipal yield curve steepened, with intermediate-term bonds outperforming short-term and long-term bonds<br>| Negative<br>| The municipal yield curve returned to its typical shape, in which longer-term bonds yield more than shorter maturities, as investors grew more confident that the Federal Reserve (the "Fed") would start cutting interest rates. Following this, the 10-year and 7-year were the best performing parts of the yield curve. The Fund was underweight both maturities versus the Index, and performance was negatively impacted.<br>|
| Industrial revenue bonds outperformed<br>| Negative<br>| With strong inflows investor demand for industrial revenue securities increased, which led to the sector being the strongest performer for the fiscal year. The Fund's underweight to the IDR sector versus the Index negatively impacted performance.<br>|
| Credit spreads moved wider<br>| Mixed<br>| Credit spread refers to the additional yield of a particular bond over the yield of a risk-free government bond. The Fund held fewer bonds that typically offer higher income (AA-and BBB-rated securities) and more bonds with the highest credit quality (AAA-rated securities) compared to the benchmark. Because A-rated and BBB-rated bonds were paying higher income than higher quality bonds, this positioning reduced income slightly while providing greater overall credit stability.<br>|
| Strong performance in transportation credits | Positive | While the transportation sector was a mid-level performer, the Fund benefited from an overweight and strong security selection, which emphasized high quality credits in areas with favorable demographics and growing demand. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in an appropriate broad-based securities market index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g65653chartimages_11224451.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Seix High Grade Municipal Bond Fund (Class A/SFLTX) at NAV<sup>(1)</sup>** | 3.50% | 0.19% | 2.14% |
| **Virtus Seix High Grade Municipal Bond Fund (Class A/SFLTX) at POP<sup>(2),(3)</sup>** | 0.65% | (0.37)% | 1.86% |
| **Bloomberg Municipal Bond Index** | 4.25% | 0.80% | 2.34% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

&nbsp;&nbsp;&nbsp;&nbsp;***(2)*** *"POP" (Public Offering Price) total returns include the effect of the maximum front-end 2.75% sales charge.* 

&nbsp;&nbsp;&nbsp;&nbsp;***(3)*** *"CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$14276 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$- |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;51% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Municipal Bonds | 100% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Material Fund Changes**

As approved by the Board of Trustees of the Trust, pursuant to an Agreement and Plan of Reorganization, the Fund (the "Acquired Fund") will reorganize with and into Seix Investment Grade Tax-Exempt Bond Fund (the "Acquiring Fund"), a separate series of the Trust, on or about April 10, 2026. The Acquired Fund and the Acquiring Fund have the same Board of Trustees and subadviser, as well as the same portfolio manager.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g65653images_30343.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8332 Virtus Seix High Grade Municipal Bond Fund

![Virtus_FC_Logo](g65653images_30209.jpg)

## Virtus Seix High Grade Municipal Bond Fund
Class I / SCFTX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus Seix High Grade Municipal Bond Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix High Grade Municipal Bond Fund<br>Class I / SCFTX | $60 | 0.59% |

---

Portfolio Manager Commentary by Seix Investment Advisors

* For the fiscal year ended December 31, 2025, the Fund's Class I shares at NAV returned 3.65%. For the same period, the Bloomberg Municipal Bond Index, a broad-based securities market index, returned 4.25%. 

* The Bloomberg Municipal Bond Index is a market capitalization-weighted index that measures the long-term tax-exempt bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund's overweight allocations to the transportation sector and local general obligation (GO) bonds, along with underweights in the hospital and education sectors, contributed to performance relative to the Bloomberg Municipal Bond Index (the "Index") for the fiscal year. Underweight allocations to industrial revenue bonds (IDR), health care, and housing detracted from performance. Issue selection in transportation and state GO contributed to performance, while selection in lower coupon, longer maturities detracted. The biggest contributors to performance for the 12-month period were holdings of New Jersey Transit Trust, Pennsylvania Turnpike, and Texas Water. The biggest detractors from performance during the period were New York Transitional Finance, Illinois GO, and Washington GO. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| The municipal yield curve steepened, with intermediate-term bonds outperforming short-term and long-term bonds<br>| Negative<br>| The municipal yield curve returned to its typical shape, in which longer-term bonds yield more than shorter maturities, as investors grew more confident that the Federal Reserve (the "Fed") would start cutting interest rates. Following this, the 10-year and 7-year were the best performing parts of the yield curve. The Fund was underweight both maturities versus the Index, and performance was negatively impacted.<br>|
| Industrial revenue bonds outperformed<br>| Negative<br>| With strong inflows investor demand for industrial revenue securities increased, which led to the sector being the strongest performer for the fiscal year. The Fund's underweight to the IDR sector versus the Index negatively impacted performance.<br>|
| Credit spreads moved wider<br>| Mixed<br>| Credit spread refers to the additional yield of a particular bond over the yield of a risk-free government bond. The Fund held fewer bonds that typically offer higher income (AA-and BBB-rated securities) and more bonds with the highest credit quality (AAA-rated securities) compared to the benchmark. Because A-rated and BBB-rated bonds were paying higher income than higher quality bonds, this positioning reduced income slightly while providing greater overall credit stability.<br>|
| Strong performance in transportation credits | Positive | While the transportation sector was a mid-level performer, the Fund benefited from an overweight and strong security selection, which emphasized high quality credits in areas with favorable demographics and growing demand. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I shares. It assumes a $100,000 initial investment at the beginning of the first fiscal year, in an appropriate broad-based securities market index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $100,000
![Fund Performance - Growth of 10K](g65653chartimages_11224494.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Seix High Grade Municipal Bond Fund (Class I/SCFTX) at NAV<sup>(1)</sup>** | 3.65% | 0.34% | 2.30% |
| **Bloomberg Municipal Bond Index** | 4.25% | 0.80% | 2.34% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$14276 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$- |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;51% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Municipal Bonds | 100% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Material Fund Changes**

As approved by the Board of Trustees of the Trust, pursuant to an Agreement and Plan of Reorganization, the Fund (the "Acquired Fund") will reorganize with and into Seix Investment Grade Tax-Exempt Bond Fund (the "Acquiring Fund"), a separate series of the Trust, on or about April 10, 2026. The Acquired Fund and the Acquiring Fund have the same Board of Trustees and subadviser, as well as the same portfolio manager.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g65653images_30343.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8333 Virtus Seix High Grade Municipal Bond Fund

![Virtus_FC_Logo](g65653images_30209.jpg)

## Virtus Seix High Yield Fund
Class A / HYPSX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus Seix High Yield Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix High Yield Fund<br>Class A / HYPSX | $85 | 0.82% |

---

Portfolio Manager Commentary by Seix Investment Advisors

* For the fiscal year ended December 31, 2025, the Fund's Class A shares at NAV returned 7.15%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 7.30% and the ICE BofA U.S. High Yield BB-B Constrained Index, which serves as the style-specific index, returned 8.73%. 

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

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

#### What factors impacted Fund performance over the reporting period?
The Fund's underweight to the riskiest parts of the high yield market led it to underperform the ICE BofA U.S. High Yield BB-B Constrained Index (the "Index") for the 12-month period. Lower-rated and distressed credits outpaced higher-rated credits during the fiscal year. The Fund's focus has always been on higher quality within the high yield space. While the allocation to higher quality enabled the Fund to participate in the market's performance overall, it was a detractor for the year on a relative basis. For the 12-month period, top industry contributors to relative performance included paper & packaging, financials, and telecommunications. Industry detractors from relative performance included cable satellite, retailers, and energy. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Ratings allocation<br>| Negative<br>| The Fund's overweight to unrated credits – those without formal ratings issued by a rating agency – detracted from relative performance. This was partially offset by an overweight to CCC-rated bonds.<br>|
| Issue selection<br>| Negative<br>| The Fund's issue selection detracted from performance relative to the Index. Negative issue selection within cable satellite, retailers, and energy offset successful selection within paper & packaging, financials, and telecommunications.<br>|
| Credit spreads tightened<br>| Positive<br>| Credit spread refers to the additional yield of a particular bond over the yield of a risk-free government bond. As spreads tighten, indicating that investors view the bonds as less risky, the value of the bonds goes up. While certain ratings groups performed better than others during the period – spreads tightened more in lower quality than in higher quality bonds – higher quality issues also benefited from spread tightening, which improved the total return for the Fund.<br>|

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g65653chartimages_11224537.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Seix High Yield Fund (Class A/HYPSX) at NAV<sup>(1)</sup>** | 7.15% | 3.62% | 5.75% |
| **Virtus Seix High Yield Fund (Class A/HYPSX) at POP<sup>(2),(3)</sup>** | 3.13% | 2.83% | 5.35% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | (0.36)% | 2.01% |
| **ICE BofA U.S. High Yield BB-B Constrained Index** | 8.73% | 4.11% | 6.05% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

&nbsp;&nbsp;&nbsp;&nbsp;***(2)*** *"POP" (Public Offering Price) total returns include the effect of the maximum front-end 3.75% sales charge.* 

&nbsp;&nbsp;&nbsp;&nbsp;***(3)*** *"CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$417379 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;69% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 94.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 31 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 11 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 10 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | 8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 12 |  |
| Affiliated Exchange-Traded Fund |  | 3 |
| Leveraged Loans |  | 1 |
| Other (includes securities lending collateral) |  | 2 |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g65653images_30343.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8334 Virtus Seix High Yield Fund

![Virtus_FC_Logo](g65653images_30209.jpg)

## Virtus Seix High Yield Fund
Class I / SAMHX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus Seix High Yield Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix High Yield Fund<br>Class I / SAMHX | $66 | 0.64% |

---

Portfolio Manager Commentary by Seix Investment Advisors

* For the fiscal year ended December 31, 2025, the Fund's Class I shares at NAV returned 7.33%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 7.30% and the ICE BofA U.S. High Yield BB-B Constrained Index, which serves as the style-specific index, returned 8.73%. 

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

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

#### What factors impacted Fund performance over the reporting period?
The Fund's underweight to the riskiest parts of the high yield market led it to underperform the ICE BofA U.S. High Yield BB-B Constrained Index (the "Index") for the 12-month period. Lower-rated and distressed credits outpaced higher-rated credits during the fiscal year. The Fund's focus has always been on higher quality within the high yield space. While the allocation to higher quality enabled the Fund to participate in the market's performance overall, it was a detractor for the year on a relative basis. For the 12-month period, top industry contributors to relative performance included paper & packaging, financials, and telecommunications. Industry detractors from relative performance included cable satellite, retailers, and energy. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Ratings allocation<br>| Negative<br>| The Fund's overweight to unrated credits – those without formal ratings issued by a rating agency – detracted from relative performance. This was partially offset by an overweight to CCC-rated bonds.<br>|
| Issue selection<br>| Negative<br>| The Fund's issue selection detracted from performance relative to the Index. Negative issue selection within cable satellite, retailers, and energy offset successful selection within paper & packaging, financials, and telecommunications.<br>|
| Credit spreads tightened<br>| Positive<br>| Credit spread refers to the additional yield of a particular bond over the yield of a risk-free government bond. As spreads tighten, indicating that investors view the bonds as less risky, the value of the bonds goes up. While certain ratings groups performed better than others during the period – spreads tightened more in lower quality than in higher quality bonds – higher quality issues also benefited from spread tightening, which improved the total return for the Fund.<br>|

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I shares. It assumes a $100,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $100,000
![Fund Performance - Growth of 10K](g65653chartimages_11224580.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Seix High Yield Fund (Class I/SAMHX) at NAV<sup>(1)</sup>** | 7.33% | 3.81% | 5.95% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | (0.36)% | 2.01% |
| **ICE BofA U.S. High Yield BB-B Constrained Index** | 8.73% | 4.11% | 6.05% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$417379 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;69% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 94.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 31 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 11 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 10 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | 8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 12 |  |
| Affiliated Exchange-Traded Fund |  | 3 |
| Leveraged Loans |  | 1 |
| Other (includes securities lending collateral) |  | 2 |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g65653images_30343.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8335 Virtus Seix High Yield Fund

![Virtus_FC_Logo](g65653images_30209.jpg)

## Virtus Seix High Yield Fund
Class R6 / HYIZX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus Seix High Yield Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix High Yield Fund<br>Class R6 / HYIZX | $55 | 0.53% |

---

Portfolio Manager Commentary by Seix Investment Advisors

* For the fiscal year ended December 31, 2025, the Fund's Class R6 shares at NAV returned 7.31%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 7.30% and the ICE BofA U.S. High Yield BB-B Constrained Index, which serves as the style-specific index, returned 8.73%. 

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

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

#### What factors impacted Fund performance over the reporting period?
The Fund's underweight to the riskiest parts of the high yield market led it to underperform the ICE BofA U.S. High Yield BB-B Constrained Index (the "Index") for the 12-month period. Lower-rated and distressed credits outpaced higher-rated credits during the fiscal year. The Fund's focus has always been on higher quality within the high yield space. While the allocation to higher quality enabled the Fund to participate in the market's performance overall, it was a detractor for the year on a relative basis. For the 12-month period, top industry contributors to relative performance included paper & packaging, financials, and telecommunications. Industry detractors from relative performance included cable satellite, retailers, and energy. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Ratings allocation<br>| Negative<br>| The Fund's overweight to unrated credits – those without formal ratings issued by a rating agency – detracted from relative performance. This was partially offset by an overweight to CCC-rated bonds.<br>|
| Issue selection<br>| Negative<br>| The Fund's issue selection detracted from performance relative to the Index. Negative issue selection within cable satellite, retailers, and energy offset successful selection within paper & packaging, financials, and telecommunications.<br>|
| Credit spreads tightened<br>| Positive<br>| Credit spread refers to the additional yield of a particular bond over the yield of a risk-free government bond. As spreads tighten, indicating that investors view the bonds as less risky, the value of the bonds goes up. While certain ratings groups performed better than others during the period – spreads tightened more in lower quality than in higher quality bonds – higher quality issues also benefited from spread tightening, which improved the total return for the Fund.<br>|

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class R6 shares from inception (August 1, 2016). It assumes a $2,500,000 initial investment from inception, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g65653chartimages_11224623.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **Since Inception** |
| **Virtus Seix High Yield Fund (Class R6/HYIZX) at NAV<sup>(1)</sup>** | 7.31% | 3.92% | 5.47% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | (0.36)% | 1.53% |
| **ICE BofA U.S. High Yield BB-B Constrained Index** | 8.73% | 4.11% | 5.31% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$417379 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;69% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 94.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 31 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 11 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 10 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | 8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 12 |  |
| Affiliated Exchange-Traded Fund |  | 3 |
| Leveraged Loans |  | 1 |
| Other (includes securities lending collateral) |  | 2 |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g65653images_30343.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8336 Virtus Seix High Yield Fund

![Virtus_FC_Logo](g65653images_30209.jpg)

## Virtus Seix Investment Grade Tax-Exempt Bond Fund
Class A / SISIX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus Seix Investment Grade Tax-Exempt Bond Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix Investment Grade Tax-Exempt Bond Fund<br>Class A / SISIX | $69 | 0.68% |

---

Portfolio Manager Commentary by Seix Investment Advisors

* For the fiscal year ended December 31, 2025, the Fund's Class A shares at NAV returned 3.70%. For the same period, the Bloomberg Municipal Bond Index, a broad-based securities market index, returned 4.25% and the Bloomberg Municipal 1-15 Yr Blend (1-17) Index, which serves as the style-specific index, returned 5.18%. 

* The Bloomberg Municipal Bond Index is a market capitalization-weighted index that measures the long-term tax-exempt bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Bloomberg Municipal 1-15 Yr Blend (1-17) Index is a market capitalization-weighted index of investment grade tax-exempt bonds with maturities of 1-17 years. The index includes investment grade bonds, general obligations, revenue bonds, insured bonds, and pre-refunded bonds. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The municipal yield curve returned to its typical shape, in which longer-term bonds yield more than shorter maturities, as investors grew more confident that the Federal Reserve (the "Fed") would start cutting interest rates. Following this, the 10-year and 7-year areas were the best-performing parts of the yield curve. The Fund was underweight to both maturities versus the Bloomberg Municipal 1-15 Yr Blend (1-17) Index (the "Index"), as well as overweight to the 20-year area, which detracted from performance relative to the Index for the fiscal year. Underweight allocations to industrial revenue bonds (IDR), health care, and housing also detracted from performance. Issue selection in the education and power sectors contributed to performance, while selection in transportation and local general obligation (GO) bonds detracted from performance. The biggest contributors to performance for the 12-month period were holdings of Dallas Waterworks, Philadelphia GO, Ohio GO, and New Jersey Transportation Trust. The biggest detractors from performance during the period were Illinois GO, Dallas Independent School District, New Jersey Econ Development, and Colorado Bridge and Tunnel. The following table outlines key factors that materially affected the Fund's relative performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| The municipal yield curve steepened, with intermediate-term bonds outperforming short-term and long-term bonds<br>| Negative<br>| The 10-year and 7-year areas were the best-performing parts of the yield curve for the period. The Fund was underweight to both maturities versus the Index, which negatively impacted performance.<br>|
| Industrial revenue bonds outperformed<br>| Negative<br>| With strong inflows into high yield municipal funds, investor demand for industrial revenue securities increased, which led to the sector being the strongest performer for the fiscal year. The Fund's underweight to the IDR sector versus the Index negatively impacted performance.<br>|
| Credit spreads moved wider<br>| Mixed<br>| Credit spread refers to the additional yield of a particular bond over the yield of a risk-free government bond. The Fund held fewer bonds that typically offer higher income (AA-and BBB-rated securities) and more bonds with the highest credit quality (AAA-rated securities) compared to the benchmark. Because A-rated and BBB-rated bonds were paying higher income than higher quality bonds, this positioning reduced income slightly while providing greater overall credit stability.<br>|
| Strong performance in transportation credits | Positive | While the transportation sector was a mid-level performer, the Fund benefited from an overweight and strong security selection, which emphasized high quality credits in areas with favorable demographics and growing demand. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g65653chartimages_11224666.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Seix Investment Grade Tax-Exempt Bond Fund (Class A/SISIX) at NAV<sup>(1)</sup>** | 3.70% | 0.56% | 1.89% |
| **Virtus Seix Investment Grade Tax-Exempt Bond Fund (Class A/SISIX) at POP<sup>(2),(3)</sup>** | 0.85% | 0.00% | 1.61% |
| **Bloomberg Municipal Bond Index** | 4.25% | 0.80% | 2.34% |
| **Bloomberg Municipal 1-15 Yr Blend (1-17) Index** | 5.18% | 1.16% | 2.27% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

&nbsp;&nbsp;&nbsp;&nbsp;***(2)*** *"POP" (Public Offering Price) total returns include the effect of the maximum front-end 2.75% sales charge.* 

&nbsp;&nbsp;&nbsp;&nbsp;***(3)*** *"CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$123091 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$149 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;51% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Municipal Bonds | 97% |
| Short-Term Investment | 3 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

#### Material Fund Changes
As approved by the Board of Trustees of Virtus Opportunities Trust ("VOT") and Virtus Asset Trust ("VAT"), pursuant to an Agreement and Plan of Reorganization, Virtus Seix Tax-Exempt Bond Fund, a series of VOT, and Virtus Seix High Grade Municipal Bond Fund, a series of VAT, (the "Acquired Funds") will reorganize with and into the Fund (the "Acquiring Fund"), on or about April 10, 2026. The Acquired Funds and the Acquiring Fund have the same Board of Trustees and subadviser, as well as the same portfolio manager.

Effective April 10, 2026, Seix Investment Grade Tax-Exempt Bond Fund will change its name to Virtus Newfleet Intermediate Municipal Bond Fund and Newfleet will replace Seix as the subadviser.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g65653images_30343.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8337 Virtus Seix Investment Grade Tax-Exempt Bond Fund

![Virtus_FC_Logo](g65653images_30209.jpg)

## Virtus Seix Investment Grade Tax-Exempt Bond Fund
Class I / STTBX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus Seix Investment Grade Tax-Exempt Bond Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix Investment Grade Tax-Exempt Bond Fund<br>Class I / STTBX | $52 | 0.51% |

---

Portfolio Manager Commentary by Seix Investment Advisors

* For the fiscal year ended December 31, 2025, the Fund's Class I shares at NAV returned 3.88%. For the same period, the Bloomberg Municipal Bond Index, a broad-based securities market index, returned 4.25% and the Bloomberg Municipal 1-15 Yr Blend (1-17) Index, which serves as the style-specific index, returned 5.18%. 

* The Bloomberg Municipal Bond Index is a market capitalization-weighted index that measures the long-term tax-exempt bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Bloomberg Municipal 1-15 Yr Blend (1-17) Index is a market capitalization-weighted index of investment grade tax-exempt bonds with maturities of 1-17 years. The index includes investment grade bonds, general obligations, revenue bonds, insured bonds, and pre-refunded bonds. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The municipal yield curve returned to its typical shape, in which longer-term bonds yield more than shorter maturities, as investors grew more confident that the Federal Reserve (the "Fed") would start cutting interest rates. Following this, the 10-year and 7-year areas were the best-performing parts of the yield curve. The Fund was underweight to both maturities versus the Bloomberg Municipal 1-15 Yr Blend (1-17) Index (the "Index"), as well as overweight to the 20-year area, which detracted from performance relative to the Index for the fiscal year. Underweight allocations to industrial revenue bonds (IDR), health care, and housing also detracted from performance. Issue selection in the education and power sectors contributed to performance, while selection in transportation and local general obligation (GO) bonds detracted from performance. The biggest contributors to performance for the 12-month period were holdings of Dallas Waterworks, Philadelphia GO, Ohio GO, and New Jersey Transportation Trust. The biggest detractors from performance during the period were Illinois GO, Dallas Independent School District, New Jersey Econ Development, and Colorado Bridge and Tunnel. The following table outlines key factors that materially affected the Fund's relative performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| The municipal yield curve steepened, with intermediate-term bonds outperforming short-term and long-term bonds<br>| Negative<br>| The 10-year and 7-year areas were the best-performing parts of the yield curve for the period. The Fund was underweight to both maturities versus the Index, which negatively impacted performance.<br>|
| Industrial revenue bonds outperformed<br>| Negative<br>| With strong inflows into high yield municipal funds, investor demand for industrial revenue securities increased, which led to the sector being the strongest performer for the fiscal year. The Fund's underweight to the IDR sector versus the Index negatively impacted performance.<br>|
| Credit spreads moved wider<br>| Mixed<br>| Credit spread refers to the additional yield of a particular bond over the yield of a risk-free government bond. The Fund held fewer bonds that typically offer higher income (AA-and BBB-rated securities) and more bonds with the highest credit quality (AAA-rated securities) compared to the benchmark. Because A-rated and BBB-rated bonds were paying higher income than higher quality bonds, this positioning reduced income slightly while providing greater overall credit stability.<br>|
| Strong performance in transportation credits | Positive | While the transportation sector was a mid-level performer, the Fund benefited from an overweight and strong security selection, which emphasized high quality credits in areas with favorable demographics and growing demand. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I shares. It assumes a $100,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $100,000
![Fund Performance - Growth of 10K](g65653chartimages_11224709.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Seix Investment Grade Tax-Exempt Bond Fund (Class I/STTBX) at NAV<sup>(1)</sup>** | 3.88% | 0.70% | 2.05% |
| **Bloomberg Municipal Bond Index** | 4.25% | 0.80% | 2.34% |
| **Bloomberg Municipal 1-15 Yr Blend (1-17) Index** | 5.18% | 1.16% | 2.27% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$123091 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$149 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;51% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Municipal Bonds | 97% |
| Short-Term Investment | 3 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

#### Material Fund Changes
As approved by the Board of Trustees of Virtus Opportunities Trust ("VOT") and Virtus Asset Trust ("VAT"), pursuant to an Agreement and Plan of Reorganization, Virtus Seix Tax-Exempt Bond Fund, a series of VOT, and Virtus Seix High Grade Municipal Bond Fund, a series of VAT, (the "Acquired Funds") will reorganize with and into the Fund (the "Acquiring Fund"), on or about April 10, 2026. The Acquired Funds and the Acquiring Fund have the same Board of Trustees and subadviser, as well as the same portfolio manager.

Effective April 10, 2026, Seix Investment Grade Tax-Exempt Bond Fund will change its name to Virtus Newfleet Intermediate Municipal Bond Fund and Newfleet will replace Seix as the subadviser.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g65653images_30343.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8338 Virtus Seix Investment Grade Tax-Exempt Bond Fund

![Virtus_FC_Logo](g65653images_30209.jpg)

## Virtus Seix Total Return Bond Fund
Class A / CBPSX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus Seix Total Return Bond Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix Total Return Bond Fund<br>Class A / CBPSX | $72 | 0.70% |

---

Portfolio Manager Commentary by Seix Investment Advisors

* For the fiscal year ended December 31, 2025, the Fund's Class A shares at NAV returned 6.63%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 7.30%. 

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

#### What factors impacted Fund performance over the reporting period?
The Federal Reserve (the "Fed") reduced its target interest rate three times in 2025, for a total of 0.75%, bringing the rate to a range of 3.50% to 3.75% by December. Intermediate and longer-term rates also fell, but by varying amounts as shorter rates fell more than longer-term rates, a phenomenon described as yield curve steepening. A falling interest rate environment is supportive of bond prices, as bond prices and yields move in opposite directions. The rise in bond prices had the largest positive impact on the Fund's performance in the fiscal year. The Fund's underweight to the corporate bond sector relative to the Bloomberg U.S. Aggregate Bond Index (the "Index") had a modestly negative impact on relative performance. Offsetting the corporate underweight, the Fund was overweight to the agency residential mortgage-backed security (RMBS) sector, particularly in higher-coupon mortgages. The Fund's allocation to the RMBS sector was a positive contributor to relative performance. The Fund owned nine issues of high yield securities (non-investment grade) totaling approximately 5% of the Fund, which were positive contributors to relative performance, as these holdings generally outperformed the broader investment grade corporate bond market. The Fund had a neutral weight to the U.S. Treasury sector, but had an allocation to U.S. Treasury Inflation-Protected Securities (TIPS), which had a slightly negative effect on relative performance. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Corporate bond security selection<br>| Positive<br>| The Fund's decision to hold certain individual high yield (non-investment grade) bonds, including Vistra Operations, ADT, and Rocket Mortgage, contributed to relative performance, as those securities generally outperformed the broader investment grade corporate bond market.<br>|
| Lower short- and long-term interest rates<br>| Positive<br>| The Fed lowered its target interest rate by 0.75% during the fiscal year. Most U.S. Treasury interest rates also moved lower during the year. Lower interest rates are generally positive for bond prices, as bond rates and prices move inversely to each other.<br>|
| Corporate bond sector allocation<br>| Negative<br>| The Fund's decision to have an underweight allocation to the corporate credit sector negatively impacted relative performance, as corporate securities generally outperformed U.S. Treasury securities during the reporting period.<br>|
| U.S. Treasury sector selection | Negative | The Fund's decision to own TIPS was a slight detractor from relative performance, as TIPS underperformed nominal U.S. Treasury securities, that is, those with fixed dollar amounts for principal and interest payments. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in an appropriate broad-based securities market index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g65653chartimages_11224752.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Seix Total Return Bond Fund (Class A/CBPSX) at NAV<sup>(1)</sup>** | 6.63% | (0.93)% | 1.70% |
| **Virtus Seix Total Return Bond Fund (Class A/CBPSX) at POP<sup>(2),(3)</sup>** | 2.63% | (1.68)% | 1.31% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | (0.36)% | 2.01% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

&nbsp;&nbsp;&nbsp;&nbsp;***(2)*** *"POP" (Public Offering Price) total returns include the effect of the maximum front-end 3.75% sales charge.* 

&nbsp;&nbsp;&nbsp;&nbsp;***(3)*** *"CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$92198 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;147% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| U.S. Government Securities |  | 38.0% |
| Mortgage-Backed Securities |  | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency | 37 |  |
| Corporate Bonds and Notes |  | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 5 |  |
| Asset-Backed Securities |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit Card | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Automobiles | 1 |  |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g65653images_30343.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8343 Virtus Seix Total Return Bond Fund

![Virtus_FC_Logo](g65653images_30209.jpg)

## Virtus Seix Total Return Bond Fund
Class I / SAMFX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus Seix Total Return Bond Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix Total Return Bond Fund<br>Class I / SAMFX | $48 | 0.46% |

---

Portfolio Manager Commentary by Seix Investment Advisors

* For the fiscal year ended December 31, 2025, the Fund's Class I shares at NAV returned 6.86%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 7.30%. 

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

#### What factors impacted Fund performance over the reporting period?
The Federal Reserve (the "Fed") reduced its target interest rate three times in 2025, for a total of 0.75%, bringing the rate to a range of 3.50% to 3.75% by December. Intermediate and longer-term rates also fell, but by varying amounts as shorter rates fell more than longer-term rates, a phenomenon described as yield curve steepening. A falling interest rate environment is supportive of bond prices, as bond prices and yields move in opposite directions. The rise in bond prices had the largest positive impact on the Fund's performance in the fiscal year. The Fund's underweight to the corporate bond sector relative to the Bloomberg U.S. Aggregate Bond Index (the "Index") had a modestly negative impact on relative performance. Offsetting the corporate underweight, the Fund was overweight to the agency residential mortgage-backed security (RMBS) sector, particularly in higher-coupon mortgages. The Fund's allocation to the RMBS sector was a positive contributor to relative performance. The Fund owned nine issues of high yield securities (non-investment grade) totaling approximately 5% of the Fund, which were positive contributors to relative performance, as these holdings generally outperformed the broader investment grade corporate bond market. The Fund had a neutral weight to the U.S. Treasury sector, but had an allocation to U.S. Treasury Inflation-Protected Securities (TIPS), which had a slightly negative effect on relative performance. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Corporate bond security selection<br>| Positive<br>| The Fund's decision to hold certain individual high yield (non-investment grade) bonds, including Vistra Operations, ADT, and Rocket Mortgage, contributed to relative performance, as those securities generally outperformed the broader investment grade corporate bond market.<br>|
| Lower short- and long-term interest rates<br>| Positive<br>| The Fed lowered its target interest rate by 0.75% during the fiscal year. Most U.S. Treasury interest rates also moved lower during the year. Lower interest rates are generally positive for bond prices, as bond rates and prices move inversely to each other.<br>|
| Corporate bond sector allocation<br>| Negative<br>| The Fund's decision to have an underweight allocation to the corporate credit sector negatively impacted relative performance, as corporate securities generally outperformed U.S. Treasury securities during the reporting period.<br>|
| U.S. Treasury sector selection | Negative | The Fund's decision to own TIPS was a slight detractor from relative performance, as TIPS underperformed nominal U.S. Treasury securities, that is, those with fixed dollar amounts for principal and interest payments. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I shares. It assumes a $100,000 initial investment at the beginning of the first fiscal year, in an appropriate broad-based securities market index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $100,000
![Fund Performance - Growth of 10K](g65653chartimages_11224838.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Seix Total Return Bond Fund (Class I/SAMFX) at NAV<sup>(1)</sup>** | 6.86% | (0.70)% | 1.94% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | (0.36)% | 2.01% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$92198 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;147% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| U.S. Government Securities |  | 38.0% |
| Mortgage-Backed Securities |  | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency | 37 |  |
| Corporate Bonds and Notes |  | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 5 |  |
| Asset-Backed Securities |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit Card | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Automobiles | 1 |  |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g65653images_30343.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8344 Virtus Seix Total Return Bond Fund

![Virtus_FC_Logo](g65653images_30209.jpg)

## Virtus Seix Total Return Bond Fund
Class R6 / SAMZX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus Seix Total Return Bond Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix Total Return Bond Fund<br>Class R6 / SAMZX | $32 | 0.31% |

---

Portfolio Manager Commentary by Seix Investment Advisors

* For the fiscal year ended December 31, 2025, the Fund's Class R6 shares at NAV returned 7.02%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 7.30%. 

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

#### What factors impacted Fund performance over the reporting period?
The Federal Reserve (the "Fed") reduced its target interest rate three times in 2025, for a total of 0.75%, bringing the rate to a range of 3.50% to 3.75% by December. Intermediate and longer-term rates also fell, but by varying amounts as shorter rates fell more than longer-term rates, a phenomenon described as yield curve steepening. A falling interest rate environment is supportive of bond prices, as bond prices and yields move in opposite directions. The rise in bond prices had the largest positive impact on the Fund's performance in the fiscal year. The Fund's underweight to the corporate bond sector relative to the Bloomberg U.S. Aggregate Bond Index (the "Index") had a modestly negative impact on relative performance. Offsetting the corporate underweight, the Fund was overweight to the agency residential mortgage-backed security (RMBS) sector, particularly in higher-coupon mortgages. The Fund's allocation to the RMBS sector was a positive contributor to relative performance. The Fund owned nine issues of high yield securities (non-investment grade) totaling approximately 5% of the Fund, which were positive contributors to relative performance, as these holdings generally outperformed the broader investment grade corporate bond market. The Fund had a neutral weight to the U.S. Treasury sector, but had an allocation to U.S. Treasury Inflation-Protected Securities (TIPS), which had a slightly negative effect on relative performance. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Corporate bond security selection<br>| Positive<br>| The Fund's decision to hold certain individual high yield (non-investment grade) bonds, including Vistra Operations, ADT, and Rocket Mortgage, contributed to relative performance, as those securities generally outperformed the broader investment grade corporate bond market.<br>|
| Lower short- and long-term interest rates<br>| Positive<br>| The Fed lowered its target interest rate by 0.75% during the fiscal year. Most U.S. Treasury interest rates also moved lower during the year. Lower interest rates are generally positive for bond prices, as bond rates and prices move inversely to each other.<br>|
| Corporate bond sector allocation<br>| Negative<br>| The Fund's decision to have an underweight allocation to the corporate credit sector negatively impacted relative performance, as corporate securities generally outperformed U.S. Treasury securities during the reporting period.<br>|
| U.S. Treasury sector selection | Negative | The Fund's decision to own TIPS was a slight detractor from relative performance, as TIPS underperformed nominal U.S. Treasury securities, that is, those with fixed dollar amounts for principal and interest payments. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class R6 shares. It assumes a $2,500,000 initial investment at the beginning of the first fiscal year, in an appropriate broad-based securities market index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g65653chartimages_11224795.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Seix Total Return Bond Fund (Class R6/SAMZX) at NAV<sup>(1)</sup>** | 7.02% | (0.54)% | 2.09% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | (0.36)% | 2.01% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$92198 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;147% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| U.S. Government Securities |  | 38.0% |
| Mortgage-Backed Securities |  | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency | 37 |  |
| Corporate Bonds and Notes |  | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 5 |  |
| Asset-Backed Securities |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit Card | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Automobiles | 1 |  |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g65653images_30343.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8345 Virtus Seix Total Return Bond Fund

![Virtus_FC_Logo](g65653images_30209.jpg)

## Virtus Seix U.S. Government Securities Ultra-Short Bond Fund
Class A / SSAGX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus Seix U.S. Government Securities Ultra-Short Bond Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix U.S. Government Securities Ultra-Short Bond Fund<br>Class A / SSAGX | $67 | 0.65% |

---

Portfolio Manager Commentary by Seix Investment Advisors

* For the fiscal year ended December 31, 2025, the Fund's Class A shares at NAV returned 5.13%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 7.30% and the Bloomberg U.S. Treasury Bills 3-6 Months Index, which serves as the style-specific index, returned 4.32%. 

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

* The Bloomberg U.S. Treasury Bills 3-6 Months Index measures performance of U.S. Treasury bills with a remaining maturity from one up to (but not including) 12 months. The index excludes zero coupon strips. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Shorter-term U.S. Treasury bills and agency securitized assets such as Fannie Mae and Freddie Mac offered attractive returns for most of 2025, as the Federal Reserve (the "Fed") cut short-term interest rates by 0.75% during the fiscal year. The Fed lowered the target interest rate to a range of 3.5% to 3.75% by December. A falling interest rate environment is supportive of bond prices, as bond prices and yields move in opposite directions. In this favorable interest rate environment, the Fund's out-of-index holdings provided solid returns for investors. The decision to hold mostly short-term agency securitized assets, which are not included in the benchmark Bloomberg U.S. Treasury Bill 3-6 Month Index (the "Index"), was the largest contributor to Fund returns. The higher yields of these securities and positive price performance provided additional income and appreciation relative to the Index. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Securitized assets allocation decision<br>| Positive<br>| The Fund's allocation to short-term agency securitized assets, which are not included in the Index, was the largest contributor to performance for the year, as these assets provided additional income and price appreciation relative to the Index.<br>|
| U.S. Treasury allocation decision<br>| Negative<br>| The Fund managers' decision to hold a modest allocation to U.S. Treasury bills at various times throughout the year detracted from relative performance, as agency securitized assets generally outperformed U.S. Treasury bills.<br>|

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class A shares from inception (July 24, 2018). It assumes a $10,000 initial investment from inception, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g65653chartimages_11224967.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **Since Inception** |
| **Virtus Seix U.S. Government Securities Ultra-Short Bond Fund (Class A/SSAGX) at NAV<sup>(1)</sup>** | 5.13% | 2.80% | 2.40% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | (0.36)% | 2.10% |
| **Bloomberg U.S. Treasury Bills 3-6 Months Index** | 4.32% | 3.21% | 2.73% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$410048 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$278 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Mortgage-Backed Securities |  | 96.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency | 96.0 |  |
| U.S. Government Securities |  | 4.0 |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g65653images_30343.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8346 Virtus Seix U.S. Government Securities Ultra-Short Bond Fund

![Virtus_FC_Logo](g65653images_30209.jpg)

## Virtus Seix U.S. Government Securities Ultra-Short Bond Fund
Class I / SIGVX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus Seix U.S. Government Securities Ultra-Short Bond Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix U.S. Government Securities Ultra-Short Bond Fund<br>Class I / SIGVX | $41 | 0.40% |

---

Portfolio Manager Commentary by Seix Investment Advisors

* For the fiscal year ended December 31, 2025, the Fund's Class I shares at NAV returned 5.39%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 7.30% and the Bloomberg U.S. Treasury Bills 3-6 Months Index, which serves as the style-specific index, returned 4.32%. 

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

* The Bloomberg U.S. Treasury Bills 3-6 Months Index measures performance of U.S. Treasury bills with a remaining maturity from one up to (but not including) 12 months. The index excludes zero coupon strips. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Shorter-term U.S. Treasury bills and agency securitized assets such as Fannie Mae and Freddie Mac offered attractive returns for most of 2025, as the Federal Reserve (the "Fed") cut short-term interest rates by 0.75% during the fiscal year. The Fed lowered the target interest rate to a range of 3.5% to 3.75% by December. A falling interest rate environment is supportive of bond prices, as bond prices and yields move in opposite directions. In this favorable interest rate environment, the Fund's out-of-index holdings provided solid returns for investors. The decision to hold mostly short-term agency securitized assets, which are not included in the benchmark Bloomberg U.S. Treasury Bill 3-6 Month Index (the "Index"), was the largest contributor to Fund returns. The higher yields of these securities and positive price performance provided additional income and appreciation relative to the Index. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Securitized assets allocation decision<br>| Positive<br>| The Fund's allocation to short-term agency securitized assets, which are not included in the Index, was the largest contributor to performance for the year, as these assets provided additional income and price appreciation relative to the Index.<br>|
| U.S. Treasury allocation decision<br>| Negative<br>| The Fund managers' decision to hold a modest allocation to U.S. Treasury bills at various times throughout the year detracted from relative performance, as agency securitized assets generally outperformed U.S. Treasury bills.<br>|

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I shares. It assumes a $100,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $100,000
![Fund Performance - Growth of 10K](g65653chartimages_11224881.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Seix U.S. Government Securities Ultra-Short Bond Fund (Class I/SIGVX) at NAV<sup>(1)</sup>** | 5.39% | 3.04% | 2.24% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | (0.36)% | 2.01% |
| **Bloomberg U.S. Treasury Bills 3-6 Months Index** | 4.32% | 3.21% | 2.25% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

#### KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$410048 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$278 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

#### Asset Allocation<sup>(1)</sup>

---

| | | |
|:---|:---|:---|
| Mortgage-Backed Securities |  | 96.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency | 96.0 |  |
| U.S. Government Securities |  | 4.0 |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g65653images_30343.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8347 Virtus Seix U.S. Government Securities Ultra-Short Bond Fund

![Virtus_FC_Logo](g65653images_30209.jpg)

## Virtus Seix U.S. Government Securities Ultra-Short Bond Fund
Class R6 / SIGZX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus Seix U.S. Government Securities Ultra-Short Bond Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix U.S. Government Securities Ultra-Short Bond Fund<br>Class R6 / SIGZX | $27 | 0.26% |

---

Portfolio Manager Commentary by Seix Investment Advisors

* For the fiscal year ended December 31, 2025, the Fund's Class R6 shares at NAV returned 5.54%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 7.30% and the Bloomberg U.S. Treasury Bills 3-6 Months Index, which serves as the style-specific index, returned 4.32%. 

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

* The Bloomberg U.S. Treasury Bills 3-6 Months Index measures performance of U.S. Treasury bills with a remaining maturity from one up to (but not including) 12 months. The index excludes zero coupon strips. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Shorter-term U.S. Treasury bills and agency securitized assets such as Fannie Mae and Freddie Mac offered attractive returns for most of 2025, as the Federal Reserve (the "Fed") cut short-term interest rates by 0.75% during the fiscal year. The Fed lowered the target interest rate to a range of 3.5% to 3.75% by December. A falling interest rate environment is supportive of bond prices, as bond prices and yields move in opposite directions. In this favorable interest rate environment, the Fund's out-of-index holdings provided solid returns for investors. The decision to hold mostly short-term agency securitized assets, which are not included in the benchmark Bloomberg U.S. Treasury Bill 3-6 Month Index (the "Index"), was the largest contributor to Fund returns. The higher yields of these securities and positive price performance provided additional income and appreciation relative to the Index. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Securitized assets allocation decision<br>| Positive<br>| The Fund's allocation to short-term agency securitized assets, which are not included in the Index, was the largest contributor to performance for the year, as these assets provided additional income and price appreciation relative to the Index.<br>|
| U.S. Treasury allocation decision<br>| Negative<br>| The Fund managers' decision to hold a modest allocation to U.S. Treasury bills at various times throughout the year detracted from relative performance, as agency securitized assets generally outperformed U.S. Treasury bills.<br>|

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class R6 shares from inception (August 1, 2016). It assumes a $2,500,000 initial investment from inception, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g65653chartimages_11224924.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **Since Inception** |
| **Virtus Seix U.S. Government Securities Ultra-Short Bond Fund (Class R6/SIGZX) at NAV<sup>(1)</sup>** | 5.54% | 3.21% | 2.51% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | (0.36)% | 1.53% |
| **Bloomberg U.S. Treasury Bills 3-6 Months Index** | 4.32% | 3.21% | 2.36% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

#### KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$410048 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$278 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

#### Asset Allocation<sup>(1)</sup>

---

| | | |
|:---|:---|:---|
| Mortgage-Backed Securities |  | 96.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency | 96.0 |  |
| U.S. Government Securities |  | 4.0 |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g65653images_30343.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8348 Virtus Seix U.S. Government Securities Ultra-Short Bond Fund

![Virtus_FC_Logo](g65653images_30209.jpg)

## Virtus SGA International Growth Fund
Class A / SCIIX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus SGA International Growth Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus SGA International Growth Fund<br>Class A / SCIIX | $137 | 1.31% |

---

Portfolio Manager Commentary by Sustainable Growth Advisers, LP

* For the fiscal year ended December 31, 2025, the Fund's Class A shares at NAV returned 9.39%. For the same period, the MSCI All Country World ex USA Index (net), a broad-based securities market index, returned 32.39%. 

* The MSCI All Country World ex USA Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets, excluding the United States. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Stock selection is expected to be the primary driver of the Fund's returns, while allocation effects are purely a byproduct of SGA's fundamental, bottom-up investment process. The Fund underperformed the MSCI All Country World ex USA Index (net) (the "Index") for the 12-month period. Emerging markets and non-U.S. developed markets both performed exceptionally well in 2025, but the Fund's overweight exposures in industries which typically possess more reliable revenue and earnings growth, such as software, health care equipment, and professional services, detracted from relative returns. The Fund was also hampered by underweights or lack of exposure to the more cyclical industries that drove the Index's returns, including banks, metals and mining, and technology hardware. From a regional perspective, stock selection was the primary driver of relative underperformance, particularly in developed European markets where aerospace and defense companies and banks performed well. At the sector level, stock selection in the information technology, industrials, and financials sectors detracted the most from relative returns. This was marginally offset by positive selection effects in the consumer staples and consumer discretionary sectors. Overweight exposures to the health care and consumer staples sectors detracted on a relative basis, as did an underweight to financials, while an overweight exposure to the information technology sector and a lack of exposure to energy contributed. The five largest contributors to Fund performance were Galderma, Taiwan Semiconductor Manufacturing, Shopify, Alibaba, and Steris. The largest detractors from Fund performance were Icon, Novo Nordisk, Atlassian, Dassault, and Recruit. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Galderma<br>| Positive<br>| Galderma, a global dermatology leader based in Switzerland, benefited from solid organic revenue growth and strong growth for Nemo, its new biologic product.<br>|
| Taiwan Semiconductor Manufacturing Company (TSMC)<br>| Positive<br>| TSMC commands a leading position as a semiconductor foundry. The company's shares benefited from continued enthusiasm about artificial intelligence (AI) as demand for its products remained robust and gross profit margins improved.<br>|
| Icon<br>| Negative<br>| Icon, a global contract research organization, continued to face uncertainty on several fronts, including customer demand and increased cancellations. The position was liquidated from the Fund during the year.<br>|
| Novo Nordisk | Negative | Novo Nordisk, a global pharmaceutical company with a leadership position in diabetes and obesity drugs, came under pressure due to copycatting of the company's drugs and negative safety data from ongoing drug trials. The position was liquidated from the Fund during the year. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in an appropriate broad-based securities market index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g65653chartimages_11225139.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus SGA International Growth Fund (Class A/SCIIX) at NAV<sup>(1)</sup>** | 9.39% | 0.99% | 7.16% |
| **Virtus SGA International Growth Fund (Class A/SCIIX) at POP<sup>(2),(3)</sup>** | 3.38% | (0.15)% | 6.56% |
| **MSCI All Country World ex USA Index (net)** | 32.39% | 7.91% | 8.41% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

&nbsp;&nbsp;&nbsp;&nbsp;***(2)*** *"POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.* 

&nbsp;&nbsp;&nbsp;&nbsp;***(3)*** *"CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

#### KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$282815 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$2438 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

#### Asset Allocation<sup>(1)</sup>

---

| | |
|:---|:---|
| Information Technology | 20% |
| Health Care | 16 |
| Financials | 16 |
| Industrials | 13 |
| Consumer Discretionary | 13 |
| Consumer Staples | 10 |
| Communication Services | 5 |
| Other | 7 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g65653images_30343.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8357 Virtus SGA International Growth Fund

![Virtus_FC_Logo](g65653images_30209.jpg)

## Virtus SGA International Growth Fund
Class C / VSGEX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus SGA International Growth Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus SGA International Growth Fund<br>Class C / VSGEX | $215 | 2.06% |

---

Portfolio Manager Commentary by Sustainable Growth Advisers, LP

* For the fiscal year ended December 31, 2025, the Fund's Class C shares at NAV returned 8.61%. For the same period, the MSCI All Country World ex USA Index (net), a broad-based securities market index, returned 32.39%. 

* The MSCI All Country World ex USA Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets, excluding the United States. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Stock selection is expected to be the primary driver of the Fund's returns, while allocation effects are purely a byproduct of SGA's fundamental, bottom-up investment process. The Fund underperformed the MSCI All Country World ex USA Index (net) (the "Index") for the 12-month period. Emerging markets and non-U.S. developed markets both performed exceptionally well in 2025, but the Fund's overweight exposures in industries which typically possess more reliable revenue and earnings growth, such as software, health care equipment, and professional services, detracted from relative returns. The Fund was also hampered by underweights or lack of exposure to the more cyclical industries that drove the Index's returns, including banks, metals and mining, and technology hardware. From a regional perspective, stock selection was the primary driver of relative underperformance, particularly in developed European markets where aerospace and defense companies and banks performed well. At the sector level, stock selection in the information technology, industrials, and financials sectors detracted the most from relative returns. This was marginally offset by positive selection effects in the consumer staples and consumer discretionary sectors. Overweight exposures to the health care and consumer staples sectors detracted on a relative basis, as did an underweight to financials, while an overweight exposure to the information technology sector and a lack of exposure to energy contributed. The five largest contributors to Fund performance were Galderma, Taiwan Semiconductor Manufacturing, Shopify, Alibaba, and Steris. The largest detractors from Fund performance were Icon, Novo Nordisk, Atlassian, Dassault, and Recruit. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Galderma<br>| Positive<br>| Galderma, a global dermatology leader based in Switzerland, benefited from solid organic revenue growth and strong growth for Nemo, its new biologic product.<br>|
| Taiwan Semiconductor Manufacturing Company (TSMC)<br>| Positive<br>| TSMC commands a leading position as a semiconductor foundry. The company's shares benefited from continued enthusiasm about artificial intelligence (AI) as demand for its products remained robust and gross profit margins improved.<br>|
| Icon<br>| Negative<br>| Icon, a global contract research organization, continued to face uncertainty on several fronts, including customer demand and increased cancellations. The position was liquidated from the Fund during the year.<br>|
| Novo Nordisk | Negative | Novo Nordisk, a global pharmaceutical company with a leadership position in diabetes and obesity drugs, came under pressure due to copycatting of the company's drugs and negative safety data from ongoing drug trials. The position was liquidated from the Fund during the year. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class C shares from inception (March 8, 2024). It assumes a $10,000 initial investment from inception, in an appropriate broad-based securities market index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g65653chartimages_11225397.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **Since Inception** |
| **Virtus SGA International Growth Fund (Class C/VSGEX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | 8.61% | (0.61)% |
| **MSCI All Country World ex USA Index (net)** | 32.39% | 17.45% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

&nbsp;&nbsp;&nbsp;&nbsp;***(2)*** *"CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.* 

#### KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$282815 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$2438 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

#### Asset Allocation<sup>(1)</sup>

---

| | |
|:---|:---|
| Information Technology | 20% |
| Health Care | 16 |
| Financials | 16 |
| Industrials | 13 |
| Consumer Discretionary | 13 |
| Consumer Staples | 10 |
| Communication Services | 5 |
| Other | 7 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Material Fund Changes**

Effective January 26, 2026, Class C shares were converted to Class A shares.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g65653images_30343.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8358 Virtus SGA International Growth Fund

![Virtus_FC_Logo](g65653images_30209.jpg)

## Virtus SGA International Growth Fund
Class I / STITX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus SGA International Growth Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus SGA International Growth Fund<br>Class I / STITX | $111 | 1.06% |

---

Portfolio Manager Commentary by Sustainable Growth Advisers, LP

* For the fiscal year ended December 31, 2025, the Fund's Class I shares at NAV returned 9.66%. For the same period, the MSCI All Country World ex USA Index (net), a broad-based securities market index, returned 32.39%. 

* The MSCI All Country World ex USA Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets, excluding the United States. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Stock selection is expected to be the primary driver of the Fund's returns, while allocation effects are purely a byproduct of SGA's fundamental, bottom-up investment process. The Fund underperformed the MSCI All Country World ex USA Index (net) (the "Index") for the 12-month period. Emerging markets and non-U.S. developed markets both performed exceptionally well in 2025, but the Fund's overweight exposures in industries which typically possess more reliable revenue and earnings growth, such as software, health care equipment, and professional services, detracted from relative returns. The Fund was also hampered by underweights or lack of exposure to the more cyclical industries that drove the Index's returns, including banks, metals and mining, and technology hardware. From a regional perspective, stock selection was the primary driver of relative underperformance, particularly in developed European markets where aerospace and defense companies and banks performed well. At the sector level, stock selection in the information technology, industrials, and financials sectors detracted the most from relative returns. This was marginally offset by positive selection effects in the consumer staples and consumer discretionary sectors. Overweight exposures to the health care and consumer staples sectors detracted on a relative basis, as did an underweight to financials, while an overweight exposure to the information technology sector and a lack of exposure to energy contributed. The five largest contributors to Fund performance were Galderma, Taiwan Semiconductor Manufacturing, Shopify, Alibaba, and Steris. The largest detractors from Fund performance were Icon, Novo Nordisk, Atlassian, Dassault, and Recruit. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Galderma<br>| Positive<br>| Galderma, a global dermatology leader based in Switzerland, benefited from solid organic revenue growth and strong growth for Nemo, its new biologic product.<br>|
| Taiwan Semiconductor Manufacturing Company (TSMC)<br>| Positive<br>| TSMC commands a leading position as a semiconductor foundry. The company's shares benefited from continued enthusiasm about artificial intelligence (AI) as demand for its products remained robust and gross profit margins improved.<br>|
| Icon<br>| Negative<br>| Icon, a global contract research organization, continued to face uncertainty on several fronts, including customer demand and increased cancellations. The position was liquidated from the Fund during the year.<br>|
| Novo Nordisk | Negative | Novo Nordisk, a global pharmaceutical company with a leadership position in diabetes and obesity drugs, came under pressure due to copycatting of the company's drugs and negative safety data from ongoing drug trials. The position was liquidated from the Fund during the year. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I shares. It assumes a $100,000 initial investment at the beginning of the first fiscal year, in an appropriate broad-based securities market index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $100,000
![Fund Performance - Growth of 10K](g65653chartimages_11225182.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus SGA International Growth Fund (Class I/STITX) at NAV<sup>(1)</sup>** | 9.66% | 1.23% | 7.42% |
| **MSCI All Country World ex USA Index (net)** | 32.39% | 7.91% | 8.41% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

#### KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$282815 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$2438 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

#### Asset Allocation<sup>(1)</sup>

---

| | |
|:---|:---|
| Information Technology | 20% |
| Health Care | 16 |
| Financials | 16 |
| Industrials | 13 |
| Consumer Discretionary | 13 |
| Consumer Staples | 10 |
| Communication Services | 5 |
| Other | 7 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g65653images_30343.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8359 Virtus SGA International Growth Fund

![Virtus_FC_Logo](g65653images_30209.jpg)

## Virtus SGA International Growth Fund
Class R6 / SCIZX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus SGA International Growth Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus SGA International Growth Fund<br>Class R6 / SCIZX | $101 | 0.96% |

---

Portfolio Manager Commentary by Sustainable Growth Advisers, LP

* For the fiscal year ended December 31, 2025, the Fund's Class R6 shares at NAV returned 9.74%. For the same period, the MSCI All Country World ex USA Index (net), a broad-based securities market index, returned 32.39%. 

* The MSCI All Country World ex USA Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets, excluding the United States. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Stock selection is expected to be the primary driver of the Fund's returns, while allocation effects are purely a byproduct of SGA's fundamental, bottom-up investment process. The Fund underperformed the MSCI All Country World ex USA Index (net) (the "Index") for the 12-month period. Emerging markets and non-U.S. developed markets both performed exceptionally well in 2025, but the Fund's overweight exposures in industries which typically possess more reliable revenue and earnings growth, such as software, health care equipment, and professional services, detracted from relative returns. The Fund was also hampered by underweights or lack of exposure to the more cyclical industries that drove the Index's returns, including banks, metals and mining, and technology hardware. From a regional perspective, stock selection was the primary driver of relative underperformance, particularly in developed European markets where aerospace and defense companies and banks performed well. At the sector level, stock selection in the information technology, industrials, and financials sectors detracted the most from relative returns. This was marginally offset by positive selection effects in the consumer staples and consumer discretionary sectors. Overweight exposures to the health care and consumer staples sectors detracted on a relative basis, as did an underweight to financials, while an overweight exposure to the information technology sector and a lack of exposure to energy contributed. The five largest contributors to Fund performance were Galderma, Taiwan Semiconductor Manufacturing, Shopify, Alibaba, and Steris. The largest detractors from Fund performance were Icon, Novo Nordisk, Atlassian, Dassault, and Recruit. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Galderma<br>| Positive<br>| Galderma, a global dermatology leader based in Switzerland, benefited from solid organic revenue growth and strong growth for Nemo, its new biologic product.<br>|
| Taiwan Semiconductor Manufacturing Company (TSMC)<br>| Positive<br>| TSMC commands a leading position as a semiconductor foundry. The company's shares benefited from continued enthusiasm about artificial intelligence (AI) as demand for its products remained robust and gross profit margins improved.<br>|
| Icon<br>| Negative<br>| Icon, a global contract research organization, continued to face uncertainty on several fronts, including customer demand and increased cancellations. The position was liquidated from the Fund during the year.<br>|
| Novo Nordisk | Negative | Novo Nordisk, a global pharmaceutical company with a leadership position in diabetes and obesity drugs, came under pressure due to copycatting of the company's drugs and negative safety data from ongoing drug trials. The position was liquidated from the Fund during the year. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class R6 shares. It assumes a $2,500,000 initial investment at the beginning of the first fiscal year, in an appropriate broad-based securities market index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g65653chartimages_11225225.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus SGA International Growth Fund (Class R6/SCIZX) at NAV<sup>(1)</sup>** | 9.74% | 1.34% | 7.52% |
| **MSCI All Country World ex USA Index (net)** | 32.39% | 7.91% | 8.41% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$282815 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$2438 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Information Technology | 20% |
| Health Care | 16 |
| Financials | 16 |
| Industrials | 13 |
| Consumer Discretionary | 13 |
| Consumer Staples | 10 |
| Communication Services | 5 |
| Other | 7 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g65653images_30343.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8360 Virtus SGA International Growth Fund

![Virtus_FC_Logo](g65653images_30209.jpg)

## Virtus Silvant Large-Cap Growth Stock Fund
Class A / STCIX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus Silvant Large-Cap Growth Stock Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Silvant Large-Cap Growth Stock Fund<br>Class A / STCIX | $113 | 1.03% |

---

Portfolio Manager Commentary by Silvant Capital Management LLC

* For the fiscal year ended December 31, 2025, the Fund's Class A shares at NAV returned 18.86%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.13% and the Russell 1000<sup>®</sup> Growth Index, which serves as the style-specific index, returned 18.56%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 1000<sup>®</sup> Growth Index is a free float-adjusted market capitalization-weighted index of growth-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Silvant believes companies that exceed investor expectations are likely to outperform the broader market. The Fund's investment process seeks to identify fundamental bottom-up key metrics that drive stock price performance. As those metrics change over time, investor expectations change, leading to positive or negative stock price reactions. For the 12-month period, the majority of the Fund's investment performance, both positive and negative, was driven by stock selection. Stock selection within industrials, consumer discretionary, and financials added the most to the Fund's performance relative to the Russell 1000<sup>®</sup> Growth Index, while the technology and utilities sectors were the largest relative detractors. The biggest contributors to relative investment performance for the 12-month period were NVIDIA, Alphabet, and Eli Lilly. The biggest detractors were UnitedHealth Group, Fair Isaac, and Amazon. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| NVIDIA<br>| Positive<br>| Over the 12-month period, the company grew revenue and earnings faster than investors expected, driven by increased global spending on semiconductor chips with increased artificial intelligence (AI) capabilities. As demand exceeded supply, the company's stock price rose significantly.<br>|
| Alphabet<br>| Positive<br>| The company's revenue grew throughout the year, with the fourth quarter exceeding expectations. Search revenue accelerated over 2024 rates and also came in above expectations. Strength in search was broad-based, with the largest contributions from retail and financial services. The company's AI Mode grew to 75 million daily average users in the U.S. Google Cloud revenue also accelerated and came in above expectations.<br>|
| UnitedHealth Group<br>| Negative<br>| The company underperformed after reporting a weak first quarter of 2025 that missed both revenue and earnings expectations. While the key metric of membership loss ratio (MLR) was better than expected, the company's Optum segment caused the shortfall. Optum experienced significantly higher than expected activity from Medicare Advantage (MedAdv) members, driven by wellness and primary care visits. Subsequently, the CEO resigned and the company withdrew its earnings guidance for 2025.<br>|
| Fair Isaac | Negative | On July 8, 2025, Federal Housing Finance Agency Director Bill Pulte announced that Fannie Mae and Freddie Mac would permit lenders to use VantageScore 4.0 as an alternative to Classic FICO (a key product for Fair Isaac) for mortgage credit decisions. This implemented the process required by the Credit Score Competition Act signed in 2018, and ended FICO's exclusive position in the government-sponsored enterprise market. This news drove Fair Isaac's stock price down throughout the year. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g65653chartimages_11225010.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Silvant Large-Cap Growth Stock Fund (Class A/STCIX) at NAV<sup>(1)</sup>** | 18.86% | 15.40% | 16.29% |
| **Virtus Silvant Large-Cap Growth Stock Fund (Class A/STCIX) at POP<sup>(2),(3)</sup>** | 12.32% | 14.10% | 15.63% |
| **FT Wilshire 5000 Index** | 17.13% | 13.40% | 14.45% |
| **Russell 1000<sup>®</sup> Growth Index** | 18.56% | 15.32% | 18.13% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

&nbsp;&nbsp;&nbsp;&nbsp;***(2)*** *"POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.* 

&nbsp;&nbsp;&nbsp;&nbsp;***(3)*** *"CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$260030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Information Technology | 49% |
| Communication Services | 14 |
| Consumer Discretionary | 13 |
| Health Care | 8 |
| Financials | 7 |
| Industrials | 6 |
| Consumer Staples | 2 |
| Other | 1 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Material Fund Changes**

Effective January 1, 2026, the Fund's investment adviser has reduced the investment advisory fee to 0.45%.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g65653images_30343.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8367 Virtus Silvant Large-Cap Growth Stock Fund

![Virtus_FC_Logo](g65653images_30209.jpg)

## Virtus Silvant Large-Cap Growth Stock Fund
Class I / STCAX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus Silvant Large-Cap Growth Stock Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Silvant Large-Cap Growth Stock Fund<br>Class I / STCAX | $84 | 0.77% |

---

Portfolio Manager Commentary by Silvant Capital Management LLC

* For the fiscal year ended December 31, 2025, the Fund's Class I shares at NAV returned 19.05%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.13% and the Russell 1000<sup>®</sup> Growth Index, which serves as the style-specific index, returned 18.56%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 1000<sup>®</sup> Growth Index is a free float-adjusted market capitalization-weighted index of growth-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Silvant believes companies that exceed investor expectations are likely to outperform the broader market. The Fund's investment process seeks to identify fundamental bottom-up key metrics that drive stock price performance. As those metrics change over time, investor expectations change, leading to positive or negative stock price reactions. For the 12-month period, the majority of the Fund's investment performance, both positive and negative, was driven by stock selection. Stock selection within industrials, consumer discretionary, and financials added the most to the Fund's performance relative to the Russell 1000<sup>®</sup> Growth Index, while the technology and utilities sectors were the largest relative detractors. The biggest contributors to relative investment performance for the 12-month period were NVIDIA, Alphabet, and Eli Lilly. The biggest detractors were UnitedHealth Group, Fair Isaac, and Amazon. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| NVIDIA<br>| Positive<br>| Over the 12-month period, the company grew revenue and earnings faster than investors expected, driven by increased global spending on semiconductor chips with increased artificial intelligence (AI) capabilities. As demand exceeded supply, the company's stock price rose significantly.<br>|
| Alphabet<br>| Positive<br>| The company's revenue grew throughout the year, with the fourth quarter exceeding expectations. Search revenue accelerated over 2024 rates and also came in above expectations. Strength in search was broad-based, with the largest contributions from retail and financial services. The company's AI Mode grew to 75 million daily average users in the U.S. Google Cloud revenue also accelerated and came in above expectations.<br>|
| UnitedHealth Group<br>| Negative<br>| The company underperformed after reporting a weak first quarter of 2025 that missed both revenue and earnings expectations. While the key metric of membership loss ratio (MLR) was better than expected, the company's Optum segment caused the shortfall. Optum experienced significantly higher than expected activity from Medicare Advantage (MedAdv) members, driven by wellness and primary care visits. Subsequently, the CEO resigned and the company withdrew its earnings guidance for 2025.<br>|
| Fair Isaac | Negative | On July 8, 2025, Federal Housing Finance Agency Director Bill Pulte announced that Fannie Mae and Freddie Mac would permit lenders to use VantageScore 4.0 as an alternative to Classic FICO (a key product for Fair Isaac) for mortgage credit decisions. This implemented the process required by the Credit Score Competition Act signed in 2018, and ended FICO's exclusive position in the government-sponsored enterprise market. This news drove Fair Isaac's stock price down throughout the year. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I shares. It assumes a $100,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $100,000
![Fund Performance - Growth of 10K](g65653chartimages_11225053.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Silvant Large-Cap Growth Stock Fund (Class I/STCAX) at NAV<sup>(1)</sup>** | 19.05% | 15.68% | 16.59% |
| **FT Wilshire 5000 Index** | 17.13% | 13.40% | 14.45% |
| **Russell 1000<sup>®</sup> Growth Index** | 18.56% | 15.32% | 18.13% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$260030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Information Technology | 49% |
| Communication Services | 14 |
| Consumer Discretionary | 13 |
| Health Care | 8 |
| Financials | 7 |
| Industrials | 6 |
| Consumer Staples | 2 |
| Other | 1 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

#### Material Fund Changes
Effective January 1, 2026, the Fund's investment adviser has reduced the investment advisory fee to 0.45%.

Effective January 1, 2026, a new expense limitation of 0.67% went into effect for Class I shares.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g65653images_30343.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8368 Virtus Silvant Large-Cap Growth Stock Fund

![Virtus_FC_Logo](g65653images_30209.jpg)

## Virtus Silvant Large-Cap Growth Stock Fund
Class R6 / STCZX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus Silvant Large-Cap Growth Stock Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Silvant Large-Cap Growth Stock Fund<br>Class R6 / STCZX | $79 | 0.72% |

---

Portfolio Manager Commentary by Silvant Capital Management LLC

* For the fiscal year ended December 31, 2025, the Fund's Class R6 shares at NAV returned 19.11%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.13% and the Russell 1000<sup>®</sup> Growth Index, which serves as the style-specific index, returned 18.56%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 1000<sup>®</sup> Growth Index is a free float-adjusted market capitalization-weighted index of growth-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Silvant believes companies that exceed investor expectations are likely to outperform the broader market. The Fund's investment process seeks to identify fundamental bottom-up key metrics that drive stock price performance. As those metrics change over time, investor expectations change, leading to positive or negative stock price reactions. For the 12-month period, the majority of the Fund's investment performance, both positive and negative, was driven by stock selection. Stock selection within industrials, consumer discretionary, and financials added the most to the Fund's performance relative to the Russell 1000<sup>®</sup> Growth Index, while the technology and utilities sectors were the largest relative detractors. The biggest contributors to relative investment performance for the 12-month period were NVIDIA, Alphabet, and Eli Lilly. The biggest detractors were UnitedHealth Group, Fair Isaac, and Amazon. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| NVIDIA<br>| Positive<br>| Over the 12-month period, the company grew revenue and earnings faster than investors expected, driven by increased global spending on semiconductor chips with increased artificial intelligence (AI) capabilities. As demand exceeded supply, the company's stock price rose significantly.<br>|
| Alphabet<br>| Positive<br>| The company's revenue grew throughout the year, with the fourth quarter exceeding expectations. Search revenue accelerated over 2024 rates and also came in above expectations. Strength in search was broad-based, with the largest contributions from retail and financial services. The company's AI Mode grew to 75 million daily average users in the U.S. Google Cloud revenue also accelerated and came in above expectations.<br>|
| UnitedHealth Group<br>| Negative<br>| The company underperformed after reporting a weak first quarter of 2025 that missed both revenue and earnings expectations. While the key metric of membership loss ratio (MLR) was better than expected, the company's Optum segment caused the shortfall. Optum experienced significantly higher than expected activity from Medicare Advantage (MedAdv) members, driven by wellness and primary care visits. Subsequently, the CEO resigned and the company withdrew its earnings guidance for 2025.<br>|
| Fair Isaac | Negative | On July 8, 2025, Federal Housing Finance Agency Director Bill Pulte announced that Fannie Mae and Freddie Mac would permit lenders to use VantageScore 4.0 as an alternative to Classic FICO (a key product for Fair Isaac) for mortgage credit decisions. This implemented the process required by the Credit Score Competition Act signed in 2018, and ended FICO's exclusive position in the government-sponsored enterprise market. This news drove Fair Isaac's stock price down throughout the year. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class R6 shares. It assumes a $2,500,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g65653chartimages_11225096.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Silvant Large-Cap Growth Stock Fund (Class R6/STCZX) at NAV<sup>(1)</sup>** | 19.11% | 15.78% | 16.69% |
| **FT Wilshire 5000 Index** | 17.13% | 13.40% | 14.45% |
| **Russell 1000<sup>®</sup> Growth Index** | 18.56% | 15.32% | 18.13% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$260030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Information Technology | 49% |
| Communication Services | 14 |
| Consumer Discretionary | 13 |
| Health Care | 8 |
| Financials | 7 |
| Industrials | 6 |
| Consumer Staples | 2 |
| Other | 1 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

#### Material Fund Changes
Effective January 1, 2026, the Fund's investment adviser has reduced the investment advisory fee to 0.45%.

Effective January 1, 2026, a new expense limitation of 0.62% went into effect for Class R6 shares.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g65653images_30343.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8369 Virtus Silvant Large-Cap Growth Stock Fund

![Virtus_FC_Logo](g65653images_30209.jpg)

## Virtus Zevenbergen Innovative Growth Stock Fund
Class A / SAGAX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus Zevenbergen Innovative Growth Stock Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Zevenbergen Innovative Growth Stock Fund<br>Class A / SAGAX | $131 | 1.25% |

---

Portfolio Manager Commentary by Zevenbergen Capital Investments LLC

* For the fiscal year ended December 31, 2025, the Fund's Class A shares at NAV returned 9.94%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.13% and the Russell 3000<sup>®</sup> Growth Index, which serves as the style-specific index, returned 18.15%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 3000<sup>®</sup> Growth Index is a free float-adjusted market capitalization-weighted index of growth-oriented stocks of U.S. companies. The index is calculated on a total return basis with dividends reinvested. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach in which stock selection is based on revenue, cash flow, and earnings growth as the essential catalysts of stock price appreciation. Those fundamental factors are combined with companies that the Fund's subadviser believes demonstrate financial flexibility and experienced management teams. During the fiscal year, adverse stock selection in communication services and real estate, as well as an underweight to information technology, contributed to the Fund's underperformance relative to the Russell 3000<sup>®</sup> Growth Index. Stock selection in industrials, as well as underweights in financials and energy, were positive for performance. The largest individual contributors to performance during the 12-month period were NVIDIA, Shopify, MercadoLibre, and Exact Sciences. The largest detractors from performance during the period were Trade Desk, ServiceNow, DexCom, and e.l.f. Beauty. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Tariff uncertainty<br>| Negative<br>| In March 2025 the U.S. enacted its highest effective tariff rates since 1935, introducing significant geopolitical uncertainty to domestic equity markets. As the year progressed, companies looked for ways to protect profit margins while delivering value to price-sensitive U.S. consumers.<br>|
| Artificial intelligence (AI) revolution<br>| Mixed<br>| AI remained a dominant market driver this year across the Fund. In January, the Chinese AI startup DeepSeek released a new and more efficient AI model, which briefly challenged the justification for billions of dollars in investments in graphics processing units (GPU) being made by the hyperscalers. This initially had a negative impact on the companies providing the AI infrastructure buildout. As the year progressed, however, announcements by the largest hyperscalers showed further investment in data center infrastructure and AI-related hardware. Concurrently, investors questioned the likely impact of AI on software, resulting in software-related names being sold in favor of hardware and semiconductor companies.<br>|
| Household balance sheets and stable employment<br>| Positive<br>| Homeowners, particularly those with fixed-rate mortgages from before 2022, benefited from high housing values, and household net worth stood at a record $31 trillion. Combined with a stable "no hire, no fire" employment environment, U.S. consumers showed continued resiliency in spending, which benefited discretionary purchases across a range of goods and services.<br>|
| Interest rate trends | Positive | The Federal Reserve (the "Fed") reduced interest rates three times in 2025. This action had a positive impact on short-term lending rates for both consumers and businesses, and reopened the window for merger and acquisition activity. Lower rates allowed companies to finance mergers and refinance floating rate debt, resulting in lower interest expenses. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g65653chartimages_11225268.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Zevenbergen Innovative Growth Stock Fund (Class A/SAGAX) at NAV<sup>(1)</sup>** | 9.94% | (0.29)% | 15.65% |
| **Virtus Zevenbergen Innovative Growth Stock Fund (Class A/SAGAX) at POP<sup>(2),(3)</sup>** | 3.90% | (1.42)% | 15.00% |
| **FT Wilshire 5000 Index** | 17.13% | 13.40% | 14.45% |
| **Russell 3000<sup>®</sup> Growth Index** | 18.15% | 14.59% | 17.59% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

&nbsp;&nbsp;&nbsp;&nbsp;***(2)*** *"POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.* 

&nbsp;&nbsp;&nbsp;&nbsp;***(3)*** *"CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

#### KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$453362 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$3543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

#### Asset Allocation<sup>(1)</sup>

---

| | |
|:---|:---|
| Information Technology | 35% |
| Consumer Discretionary | 22 |
| Industrials | 17 |
| Communication Services | 14 |
| Health Care | 9 |
| Financials | 2 |
| Real Estate | 1 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g65653images_30343.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8395 Virtus Zevenbergen Innovative Growth Stock Fund

![Virtus_FC_Logo](g65653images_30209.jpg)

## Virtus Zevenbergen Innovative Growth Stock Fund
Class I / SCATX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus Zevenbergen Innovative Growth Stock Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Zevenbergen Innovative Growth Stock Fund<br>Class I / SCATX | $105 | 1.00% |

---

Portfolio Manager Commentary by Zevenbergen Capital Investments LLC

* For the fiscal year ended December 31, 2025, the Fund's Class I shares at NAV returned 10.22%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.13% and the Russell 3000<sup>®</sup> Growth Index, which serves as the style-specific index, returned 18.15%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 3000<sup>®</sup> Growth Index is a free float-adjusted market capitalization-weighted index of growth-oriented stocks of U.S. companies. The index is calculated on a total return basis with dividends reinvested. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach in which stock selection is based on revenue, cash flow, and earnings growth as the essential catalysts of stock price appreciation. Those fundamental factors are combined with companies that the Fund's subadviser believes demonstrate financial flexibility and experienced management teams. During the fiscal year, adverse stock selection in communication services and real estate, as well as an underweight to information technology, contributed to the Fund's underperformance relative to the Russell 3000<sup>®</sup> Growth Index. Stock selection in industrials, as well as underweights in financials and energy, were positive for performance. The largest individual contributors to performance during the 12-month period were NVIDIA, Shopify, MercadoLibre, and Exact Sciences. The largest detractors from performance during the period were Trade Desk, ServiceNow, DexCom, and e.l.f. Beauty. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Tariff uncertainty<br>| Negative<br>| In March 2025 the U.S. enacted its highest effective tariff rates since 1935, introducing significant geopolitical uncertainty to domestic equity markets. As the year progressed, companies looked for ways to protect profit margins while delivering value to price-sensitive U.S. consumers.<br>|
| Artificial intelligence (AI) revolution<br>| Mixed<br>| AI remained a dominant market driver this year across the Fund. In January, the Chinese AI startup DeepSeek released a new and more efficient AI model, which briefly challenged the justification for billions of dollars in investments in graphics processing units (GPU) being made by the hyperscalers. This initially had a negative impact on the companies providing the AI infrastructure buildout. As the year progressed, however, announcements by the largest hyperscalers showed further investment in data center infrastructure and AI-related hardware. Concurrently, investors questioned the likely impact of AI on software, resulting in software-related names being sold in favor of hardware and semiconductor companies.<br>|
| Household balance sheets and stable employment<br>| Positive<br>| Homeowners, particularly those with fixed-rate mortgages from before 2022, benefited from high housing values, and household net worth stood at a record $31 trillion. Combined with a stable "no hire, no fire" employment environment, U.S. consumers showed continued resiliency in spending, which benefited discretionary purchases across a range of goods and services.<br>|
| Interest rate trends | Positive | The Federal Reserve (the "Fed") reduced interest rates three times in 2025. This action had a positive impact on short-term lending rates for both consumers and businesses, and reopened the window for merger and acquisition activity. Lower rates allowed companies to finance mergers and refinance floating rate debt, resulting in lower interest expenses. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I shares. It assumes a $100,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $100,000
![Fund Performance - Growth of 10K](g65653chartimages_11225311.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Zevenbergen Innovative Growth Stock Fund (Class I/SCATX) at NAV<sup>(1)</sup>** | 10.22% | (0.05)% | 15.93% |
| **FT Wilshire 5000 Index** | 17.13% | 13.40% | 14.45% |
| **Russell 3000<sup>®</sup> Growth Index** | 18.15% | 14.59% | 17.59% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

#### KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$453362 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$3543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

#### Asset Allocation<sup>(1)</sup>

---

| | |
|:---|:---|
| Information Technology | 35% |
| Consumer Discretionary | 22 |
| Industrials | 17 |
| Communication Services | 14 |
| Health Care | 9 |
| Financials | 2 |
| Real Estate | 1 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g65653images_30343.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8396 Virtus Zevenbergen Innovative Growth Stock Fund

![Virtus_FC_Logo](g65653images_30209.jpg)

## Virtus Zevenbergen Innovative Growth Stock Fund
Class R6 / VZGRX

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Virtus Zevenbergen Innovative Growth Stock Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Zevenbergen Innovative Growth Stock Fund<br>Class R6 / VZGRX | $95 | 0.90% |

---

Portfolio Manager Commentary by Zevenbergen Capital Investments LLC

* For the fiscal year ended December 31, 2025, the Fund's Class R6 shares at NAV returned 10.33%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.13% and the Russell 3000<sup>®</sup> Growth Index, which serves as the style-specific index, returned 18.15%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 3000<sup>®</sup> Growth Index is a free float-adjusted market capitalization-weighted index of growth-oriented stocks of U.S. companies. The index is calculated on a total return basis with dividends reinvested. All companies that have a weight greater than 4.5% in aggregate are no more than 45% of the Index and no individual company has a weight greater than 22.5% of the Index. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach in which stock selection is based on revenue, cash flow, and earnings growth as the essential catalysts of stock price appreciation. Those fundamental factors are combined with companies that the Fund's subadviser believes demonstrate financial flexibility and experienced management teams. During the fiscal year, adverse stock selection in communication services and real estate, as well as an underweight to information technology, contributed to the Fund's underperformance relative to the Russell 3000<sup>®</sup> Growth Index. Stock selection in industrials, as well as underweights in financials and energy, were positive for performance. The largest individual contributors to performance during the 12-month period were NVIDIA, Shopify, MercadoLibre, and Exact Sciences. The largest detractors from performance during the period were Trade Desk, ServiceNow, DexCom, and e.l.f. Beauty. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Tariff uncertainty<br>| Negative<br>| In March 2025 the U.S. enacted its highest effective tariff rates since 1935, introducing significant geopolitical uncertainty to domestic equity markets. As the year progressed, companies looked for ways to protect profit margins while delivering value to price-sensitive U.S. consumers.<br>|
| Artificial intelligence (AI) revolution<br>| Mixed<br>| AI remained a dominant market driver this year across the Fund. In January, the Chinese AI startup DeepSeek released a new and more efficient AI model, which briefly challenged the justification for billions of dollars in investments in graphics processing units (GPU) being made by the hyperscalers. This initially had a negative impact on the companies providing the AI infrastructure buildout. As the year progressed, however, announcements by the largest hyperscalers showed further investment in data center infrastructure and AI-related hardware. Concurrently, investors questioned the likely impact of AI on software, resulting in software-related names being sold in favor of hardware and semiconductor companies.<br>|
| Household balance sheets and stable employment<br>| Positive<br>| Homeowners, particularly those with fixed-rate mortgages from before 2022, benefited from high housing values, and household net worth stood at a record $31 trillion. Combined with a stable "no hire, no fire" employment environment, U.S. consumers showed continued resiliency in spending, which benefited discretionary purchases across a range of goods and services.<br>|
| Interest rate trends | Positive | The Federal Reserve (the "Fed") reduced interest rates three times in 2025. This action had a positive impact on short-term lending rates for both consumers and businesses, and reopened the window for merger and acquisition activity. Lower rates allowed companies to finance mergers and refinance floating rate debt, resulting in lower interest expenses. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class R6 shares from inception (October 20, 2020). It assumes a $2,500,000 initial investment from inception, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g65653chartimages_11225354.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25** | **1 Year** | **5 Years** | **Since Inception** |
| **Virtus Zevenbergen Innovative Growth Stock Fund (Class R6/VZGRX) at NAV<sup>(1)</sup>** | 10.33% | 0.06% | 2.77% |
| **FT Wilshire 5000 Index** | 17.13% | 13.40% | 15.17% |
| **Russell 3000<sup>®</sup> Growth Index** | 18.15% | 14.59% | 15.99% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(1)*** *"NAV" (Net Asset Value) total returns do not include the effect of any sales charge.* 

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

#### KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$453362 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$3543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

#### Asset Allocation<sup>(1)</sup>

---

| | |
|:---|:---|
| Information Technology | 35% |
| Consumer Discretionary | 22 |
| Industrials | 17 |
| Communication Services | 14 |
| Health Care | 9 |
| Financials | 2 |
| Real Estate | 1 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g65653images_30343.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8397 Virtus Zevenbergen Innovative Growth Stock Fund

------

(b) Not applicable

#### Item 2. Code of Ethics.
(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(c) There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics described in Item 2(b) of the instructions for completion of Form N-CSR. A copy of the currently applicable code is included as an exhibit.

(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item's instruction

(e) Not applicable.

(f) A copy of the Code of Ethics is filed as an Exhibit.

#### Item 3. Audit Committee Financial Expert.
(a)(1) The Registrant's Board of Trustees has determined that the Registrant has an "audit committee financial expert" serving on its Audit Committee.

---

| | |
|:---|:---|
| (a)(2) | The Registrant's Board of Trustees has determined that each of Donald C. Burke and Brian T. Zino possesses the technical attributes identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as an "audit committee financial expert." Each such individual is an "independent" trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.  |

---

(a)(3) Not applicable.

------

#### Item 4. Principal Accountant Fees and Services.
<u>Audit Fees</u> 

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $292,909 for 2025 and $313,812 for 2024.

<u>Audit-Related Fees</u> 

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $21,200 for 2025 and $27,274 for 2024. Such audit-related fees include out of pocket expenses and system conversion fees.

<u>Tax Fees</u> 

(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $61,448 for 2025 and $59,059 for 2024.

"Tax Fees" are those primarily associated with review of the Trust's tax provision and qualification as a regulated investment company (RIC) in connection with audits of the Trust's financial statement, review of year-end distributions by the Fund to avoid excise tax for the Trust, periodic discussion with management on tax issues affecting the Trust, and reviewing and signing the Fund's federal income tax returns.

<u>All Other Fees</u> 

(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2025 and $1,500 for 2024.

(e)(1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

The Board of Trustees of Virtus Asset Trust (the "Fund") has adopted policies and procedures with regard to the pre-approval of services provided by its independent auditors. Audit, audit-related and tax compliance services provided to the Fund on an annual basis require specific pre-approval by the Audit Committee. The Audit Committee must also approve other non-audit services provided to the Fund and those non-audit services provided to the Fund's Affiliated Service Providers that relate directly to the operations and financial reporting of the Fund. Certain of these non-audit services that the Audit Committee believes are a) consistent with the SEC's auditor independence rules and b) routine and recurring services that will not impair the independence of the independent auditors may be approved by the Audit Committee without consideration on a specific case-by-case basis ("general pre-approval").

------

The Audit Committee has determined that the Chair of the Audit Committee may provide pre-approval for such services that meet the above requirements but are not included in the general pre-approval in the event such approval is sought between regularly scheduled meetings. In any event, the Audit Committee is informed of, and ratifies, each service approved at the next regularly scheduled in-person Audit Committee meeting.

---

| | |
|:---|:---|
| (e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

(f) The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was less than fifty percent.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $82,648 for 2025 and $87,833 for 2024.

(h) The registrant's audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Disclosure not required for open-end management investment companies.

#### Item 6. Investments.
(a) Refer to Item 7(a)

(b) Not applicable.

------

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) and (b): The registrant's (annual) financial statements and financial highlights are as follows:

------

ANNUAL FINANCIALS (FORM N-CSR Item 7-11)

**VIRTUS ASSET TRUST**

![](g65653imgee9b7af21.gif)

December 31, 2025

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

---

| |
|:---|
| Virtus Seix Core Bond Fund |
| Virtus Seix Floating Rate High Income Fund |
| Virtus Seix High Grade Municipal Bond 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 |

---

**Not FDIC Insured • No Bank Guarantee • May Lose Value**

------

**Table of Contents** 

---

| | |
|:---|:---|
| [Key Investment Terms](#xx_b54517c5-f286-4a10-85ca-10553593b01f_KIT-TOC-KeyInvestmentTerms_1) | 1 |
| [Schedules of Investments](#xx_b54517c5-f286-4a10-85ca-10553593b01f_SOI-TOC-ScheduleofInvestments-296_1) |  |
| [Virtus Seix Core Bond Fund (](#xx_b54517c5-f286-4a10-85ca-10553593b01f_SOI-TOC-ScheduleofInvestments-296_1)["](#xx_b54517c5-f286-4a10-85ca-10553593b01f_SOI-TOC-ScheduleofInvestments-296_1)[Seix Core Bond Fund](#xx_b54517c5-f286-4a10-85ca-10553593b01f_SOI-TOC-ScheduleofInvestments-296_1)["](#xx_b54517c5-f286-4a10-85ca-10553593b01f_SOI-TOC-ScheduleofInvestments-296_1)[)](#xx_b54517c5-f286-4a10-85ca-10553593b01f_SOI-TOC-ScheduleofInvestments-296_1) | 3 |
| [Virtus Seix Floating Rate High Income Fund (](#xx_b54517c5-f286-4a10-85ca-10553593b01f_SOI-TOC-ScheduleofInvestments-298_1)["](#xx_b54517c5-f286-4a10-85ca-10553593b01f_SOI-TOC-ScheduleofInvestments-298_1)[Seix Floating Rate High Income Fund](#xx_b54517c5-f286-4a10-85ca-10553593b01f_SOI-TOC-ScheduleofInvestments-298_1)["](#xx_b54517c5-f286-4a10-85ca-10553593b01f_SOI-TOC-ScheduleofInvestments-298_1)[)](#xx_b54517c5-f286-4a10-85ca-10553593b01f_SOI-TOC-ScheduleofInvestments-298_1) | 7 |
| [Virtus Seix High Grade Municipal Bond Fund (](#xx_b54517c5-f286-4a10-85ca-10553593b01f_SOI-TOC-ScheduleofInvestments-300_1)["](#xx_b54517c5-f286-4a10-85ca-10553593b01f_SOI-TOC-ScheduleofInvestments-300_1)[Seix High Grade Municipal Bond Fund](#xx_b54517c5-f286-4a10-85ca-10553593b01f_SOI-TOC-ScheduleofInvestments-300_1)["](#xx_b54517c5-f286-4a10-85ca-10553593b01f_SOI-TOC-ScheduleofInvestments-300_1)[)](#xx_b54517c5-f286-4a10-85ca-10553593b01f_SOI-TOC-ScheduleofInvestments-300_1) | 17 |
| [Virtus Seix High Yield Fund (](#xx_b54517c5-f286-4a10-85ca-10553593b01f_SOI-TOC-ScheduleofInvestments-302_1)["](#xx_b54517c5-f286-4a10-85ca-10553593b01f_SOI-TOC-ScheduleofInvestments-302_1)[Seix High Yield Fund](#xx_b54517c5-f286-4a10-85ca-10553593b01f_SOI-TOC-ScheduleofInvestments-302_1)["](#xx_b54517c5-f286-4a10-85ca-10553593b01f_SOI-TOC-ScheduleofInvestments-302_1)[)](#xx_b54517c5-f286-4a10-85ca-10553593b01f_SOI-TOC-ScheduleofInvestments-302_1) | 19 |
| [Virtus Seix Investment Grade Tax-Exempt Bond Fund (](#xx_b54517c5-f286-4a10-85ca-10553593b01f_SOI-TOC-ScheduleofInvestments-303_1)["](#xx_b54517c5-f286-4a10-85ca-10553593b01f_SOI-TOC-ScheduleofInvestments-303_1)[Seix Investment Grade Tax-Exempt](#xx_b54517c5-f286-4a10-85ca-10553593b01f_SOI-TOC-ScheduleofInvestments-303_1)<br> [Bond Fund](#xx_b54517c5-f286-4a10-85ca-10553593b01f_SOI-TOC-ScheduleofInvestments-303_1)["](#xx_b54517c5-f286-4a10-85ca-10553593b01f_SOI-TOC-ScheduleofInvestments-303_1)[)](#xx_b54517c5-f286-4a10-85ca-10553593b01f_SOI-TOC-ScheduleofInvestments-303_1) | 25 |
| [Virtus Seix Total Return Bond Fund (](#xx_b54517c5-f286-4a10-85ca-10553593b01f_SOI-TOC-ScheduleofInvestments-308_1)["](#xx_b54517c5-f286-4a10-85ca-10553593b01f_SOI-TOC-ScheduleofInvestments-308_1)[Seix Total Return Bond Fund](#xx_b54517c5-f286-4a10-85ca-10553593b01f_SOI-TOC-ScheduleofInvestments-308_1)["](#xx_b54517c5-f286-4a10-85ca-10553593b01f_SOI-TOC-ScheduleofInvestments-308_1)[)](#xx_b54517c5-f286-4a10-85ca-10553593b01f_SOI-TOC-ScheduleofInvestments-308_1) | 28 |
| [Virtus Seix U.S. Government Securities Ultra-Short Bond Fund (](#xx_b54517c5-f286-4a10-85ca-10553593b01f_SOI-TOC-ScheduleofInvestments-309_1)["](#xx_b54517c5-f286-4a10-85ca-10553593b01f_SOI-TOC-ScheduleofInvestments-309_1)[Seix U.S. Government](#xx_b54517c5-f286-4a10-85ca-10553593b01f_SOI-TOC-ScheduleofInvestments-309_1)<br> [Securities Ultra-Short Bond Fund](#xx_b54517c5-f286-4a10-85ca-10553593b01f_SOI-TOC-ScheduleofInvestments-309_1)["](#xx_b54517c5-f286-4a10-85ca-10553593b01f_SOI-TOC-ScheduleofInvestments-309_1)[)](#xx_b54517c5-f286-4a10-85ca-10553593b01f_SOI-TOC-ScheduleofInvestments-309_1) | 32 |
| [Statements of Assets and Liabilities](#xx_b54517c5-f286-4a10-85ca-10553593b01f_SAL-SAL-Headerfooter-296_1) | 37 |
| [Statements of Operations](#xx_b54517c5-f286-4a10-85ca-10553593b01f_SOP-SOP-Headerfooter-296_1) | 41 |
| [Statements of Changes in Net Assets](#xx_b54517c5-f286-4a10-85ca-10553593b01f_SOC-SOC-HeaderFooter-296_1) | 43 |
| [Financial Highlights](#xx_b54517c5-f286-4a10-85ca-10553593b01f_FIHI-FIHI-Headerfooter-296_1) | 47 |
| [Notes to Financial Statements](#xx_b54517c5-f286-4a10-85ca-10553593b01f_NTF-TOC-NTF-296_1) | 51 |
| [Report of Independent Registered Public Accounting Firm](#xx_b54517c5-f286-4a10-85ca-10553593b01f_RIRPA-TOC-ReportofAccountingFirm_1) | 70 |
| [Other Information](#xx_b54517c5-f286-4a10-85ca-10553593b01f_OI-TOC-OtherInformation-296_1) | 71 |
| [Tax Information Notice](#xx_b54517c5-f286-4a10-85ca-10553593b01f_TIN-TOC-TIN_1) | 76 |

---

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

**Proxy Voting Procedures and Voting Record (Form N-PX)**<br> The subadviser votes proxies, if any, relating to portfolio securities in accordance with procedures that have been <br> approved by the Board of Trustees of the Trust ("Trustees", or the "Board"). You may obtain a description of these <br> procedures, along with information regarding how the Funds voted proxies during the most recent 12-month period <br> ended June 30, free of charge, by calling toll-free 1-800-243-1574. This information is also available through the <br> Securities and Exchange Commission's (the "SEC") website at https://www.sec.gov.<br>**PORTFOLIO HOLDINGS INFORMATION**<br> The Trust files a complete schedule of portfolio holdings for each Fund with the SEC for the first and third quarters of <br> each fiscal year as an exhibit to its reports on Form N-PORT-P. Form N-PORT-P is available on the SEC's website at <br> https://www.sec.gov.<br>

This report is not authorized for distribution to prospective investors in the Funds presented in this book unless preceded or accompanied by an effective prospectus which includes information concerning the sales charge, each Fund's record and other pertinent information.

------

**VIRTUS ASSET TRUST**

**KEY INVESTMENT TERMS (Unaudited)**

**December 31, 2025**

***Asset-Backed Securities***

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

***Assured Guaranty ("AG")***

Assured Guaranty operates as an insurance firm. The Company provides municipal bond insurance and financial guarantees for infrastructure and structured financings, as well as institutional asset management services.

***Collateralized Loan Obligation ("CLO")***

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

***Constant Maturity Treasury ("CMT")***

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

***Designated Activity Company ("DAC")***

A flexible legal structure chosen for specialized financial activities in Ireland. A DAC is incorporated as a private company with limitedliability.

***Exchange-Traded Fund ("ETF")***

An open-end fund that is traded on a stock exchange. Most ETFs have a portfolio of stocks or bonds that track a specific market index.

***Leveraged Loan***

Leveraged loans (also known as bank, senior or floating-rate loans) consists of below investment-grade credit quality loans that are arranged by banks and other financial institutions to help companies finance acquisitions, recapitalizations, or other highly leveraged transactions. Such loans may be especially vulnerable to adverse changes in economic or market conditions, although they are senior in the capital structure which typically provides investors/lenders a degree of potential credit risk protection.

***Mortgage-Backed Securities***

Mortgage-backed securities represent interests in pools of mortgage loans purchased from individual lenders by a federal agency or originated and issued by private lenders.

***Payment-in-Kind Security ("PIK")***

A bond which pays interest in the form of additional bonds, or preferred stock which pays dividends in the form of additional preferred stock.

***Permanent School Fund Guarantee Program ("PSF-GTD")***

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

***Prime Rate***

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

***Public Limited Company ("plc")***

A public limited company is a type of public company allowed to offer its shares to the public and is listed on a stock exchange. This designation is used in the United Kingdom.

***Real Estate Investment Trust ("REIT")***

A publicly traded company that owns, develops and operates income-producing real estate such as apartments, office buildings, hotels, shopping centers and other commercial properties.

***Real Estate Mortgage Investment Conduit ("REMIC")***

A pass-through investment vehicle that is used to pool mortgage loans and issue mortgage-backed securities.

***Refinitiv USD IBOR Consumer Cash Fallbacks ("RFUCCT")***

Refinitiv USD IBOR Cash Fallbacks are a set of benchmark rates published by Refinitiv to facilitate the transition away from US Dollar LIBOR ("London Interbank Offered Rate"). These fallbacks are designed to replace LIBOR in financial contracts, using SOFR as the underlying rate, plus a fixed spread adjustment. They are published for both consumer and institutional products, and are based on the recommendations of the Alternative Reference Rates Committee.

------

**VIRTUS ASSET TRUST**

**KEY INVESTMENT TERMS (Unaudited) (Continued)** 

**December 31, 2025**

***Secured Overnight Financing Rate ("SOFR")***

A broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities.

***Société à responsabilité limitée ("S.a.r.l")***

A French term for a limited liability company.

------

**Seix Core Bond Fund**

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **U.S. Government Securities—39.2%** | **U.S. Government Securities—39.2%** | **U.S. Government Securities—39.2%** |
| U.S. Treasury Bonds |  |  |
| 1.875%, 2/15/51 | $12077 | &nbsp;&nbsp; $6749 |
| 4.750%, 8/15/55 | 2284 | &nbsp;&nbsp; 2245 |
| U.S. Treasury Inflation Indexed Bond <br>1.125%, 10/15/30<br>| 7089 | &nbsp;&nbsp; 6981 |
| U.S. Treasury Notes |  |  |
| 3.500%, 10/15/28 | 16137 | &nbsp;&nbsp; 16121 |
| 3.625%, 9/30/30 | 11416 | &nbsp;&nbsp; 11372 |
| 4.000%, 11/15/35 | 3844 | &nbsp;&nbsp; 3789 |
| **Total U.S. Government Securities** <br>**(Identified Cost $47,463)** | **Total U.S. Government Securities** <br>**(Identified Cost $47,463)** | &nbsp;&nbsp; **47257** |
| **Mortgage-Backed Securities—34.4%** | **Mortgage-Backed Securities—34.4%** | **Mortgage-Backed Securities—34.4%** |
| **Agency—34.4%** | **Agency—34.4%** |  |
| Federal Home Loan Mortgage Corp. REMIC 5304, UB <br>4.000%, 2/25/52<br>| 112 | &nbsp;&nbsp; 105 |
| Federal Home Loan Mortgage Corporation |  |  |
| Pool #A95259 <br>4.000%, 12/1/40<br>| 191 | &nbsp;&nbsp; 188 |
| Pool #Q42921 <br>3.500%, 9/1/46<br>| 288 | &nbsp;&nbsp; 273 |
| Pool #Q53881 <br>4.500%, 1/1/48<br>| 142 | &nbsp;&nbsp; 141 |
| Pool #QA4766 <br>3.500%, 11/1/49<br>| 245 | &nbsp;&nbsp; 233 |
| Pool #QE1443 <br>4.000%, 5/1/52<br>| 160 | &nbsp;&nbsp; 153 |
| Pool #QE1985 <br>4.500%, 5/1/52<br>| 212 | &nbsp;&nbsp; 208 |
| Pool #QE2366 <br>5.000%, 5/1/52<br>| 59 | &nbsp;&nbsp; 60 |
| Pool #QE4826 <br>4.500%, 7/1/52<br>| 292 | &nbsp;&nbsp; 286 |
| Pool #QE9908 <br>5.500%, 9/1/52<br>| 137 | &nbsp;&nbsp; 140 |
| Pool #QF3223 <br>5.000%, 11/1/52<br>| 103 | &nbsp;&nbsp; 104 |
| Pool #QF8190 <br>6.000%, 2/1/53<br>| 187 | &nbsp;&nbsp; 194 |
| Pool #QF8551 <br>5.500%, 3/1/53<br>| 80 | &nbsp;&nbsp; 82 |
| Pool #QF8817 <br>6.000%, 3/1/53<br>| 162 | &nbsp;&nbsp; 167 |
| Pool #QG6239 <br>5.000%, 7/1/53<br>| 112 | &nbsp;&nbsp; 112 |
| Pool #QJ5568 <br>6.000%, 9/1/54<br>| 894 | &nbsp;&nbsp; 922 |
| Pool #RA2579 <br>3.000%, 5/1/50<br>| 1424 | &nbsp;&nbsp; 1265 |
| Pool #RA2622 <br>3.000%, 5/1/50<br>| 877 | &nbsp;&nbsp; 776 |
| Pool #RA6996 <br>2.500%, 3/1/47<br>| 332 | &nbsp;&nbsp; 285 |
| Pool #RA8285 <br>4.500%, 10/1/47<br>| 425 | &nbsp;&nbsp; 418 |
| Pool #SD0164 <br>3.500%, 12/1/49<br>| 60 | &nbsp;&nbsp; 56 |
| Pool #SD1218 <br>4.000%, 7/1/49<br>| 2525 | &nbsp;&nbsp; 2438 |
| Pool #SD1618 <br>5.000%, 9/1/52<br>| 367 | &nbsp;&nbsp; 368 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| Pool #SD3303 <br>3.000%, 2/1/50<br>| $738 | &nbsp;&nbsp; $654 |
| Pool #SD3993 <br>5.500%, 9/1/53<br>| 869 | &nbsp;&nbsp; 892 |
| Pool #SD5272 <br>6.000%, 5/1/54<br>| 652 | &nbsp;&nbsp; 677 |
| Pool #SD7310 <br>4.500%, 10/1/53<br>| 3349 | &nbsp;&nbsp; 3315 |
| Pool #SD7503 <br>3.500%, 8/1/49<br>| 753 | &nbsp;&nbsp; 709 |
| Pool #SD8222 <br>4.000%, 6/1/52<br>| 789 | &nbsp;&nbsp; 753 |
| Pool #SD8238 <br>4.500%, 8/1/52<br>| 740 | &nbsp;&nbsp; 726 |
| Pool #SD8246 <br>5.000%, 9/1/52<br>| 3447 | &nbsp;&nbsp; 3458 |
| Pool #SI2061 <br>3.500%, 9/1/50<br>| 474 | &nbsp;&nbsp; 441 |
| Pool #WN2149 <br>2.050%, 11/1/28<br>| 978 | &nbsp;&nbsp; 932 |
| Pool #ZM5226 <br>3.500%, 12/1/47<br>| 151 | &nbsp;&nbsp; 141 |
| Pool #ZT2423 <br>4.000%, 12/1/48<br>| 128 | &nbsp;&nbsp; 123 |
| Federal National Mortgage Association |  |  |
| Pool #AB3692 <br>4.000%, 10/1/41<br>| 175 | &nbsp;&nbsp; 170 |
| Pool #AB3878 <br>4.000%, 11/1/41<br>| 188 | &nbsp;&nbsp; 183 |
| Pool #AB5924 <br>3.000%, 8/1/42<br>| 298 | &nbsp;&nbsp; 273 |
| Pool #BL7779 <br>1.460%, 8/1/30<br>| 980 | &nbsp;&nbsp; 871 |
| Pool #BN4542 <br>4.500%, 2/1/49<br>| 61 | &nbsp;&nbsp; 61 |
| Pool #BO1277 <br>3.000%, 7/1/49<br>| 158 | &nbsp;&nbsp; 140 |
| Pool #BT7914 <br>5.000%, 10/1/52<br>| 262 | &nbsp;&nbsp; 264 |
| Pool #BV3044 <br>3.000%, 2/1/52<br>| 263 | &nbsp;&nbsp; 236 |
| Pool #BY8494 <br>5.500%, 8/1/53<br>| 128 | &nbsp;&nbsp; 131 |
| Pool #CA4166 <br>3.500%, 9/1/49<br>| 259 | &nbsp;&nbsp; 240 |
| Pool #CA5122 <br>3.000%, 2/1/50<br>| 149 | &nbsp;&nbsp; 134 |
| Pool #CB3110 <br>2.500%, 3/1/47<br>| 315 | &nbsp;&nbsp; 270 |
| Pool #CB3875 <br>3.500%, 6/1/47<br>| 414 | &nbsp;&nbsp; 386 |
| Pool #FA0011 <br>6.000%, 12/1/54<br>| 678 | &nbsp;&nbsp; 703 |
| Pool #FM4735 <br>3.000%, 4/1/47<br>| 1731 | &nbsp;&nbsp; 1561 |
| Pool #FM5810 <br>3.000%, 1/1/51<br>| 2248 | &nbsp;&nbsp; 1993 |
| Pool #FM7290 <br>3.000%, 5/1/51<br>| 147 | &nbsp;&nbsp; 133 |
| Pool #FM8210 <br>3.000%, 4/1/50<br>| 157 | &nbsp;&nbsp; 142 |

---

*See Notes to Financial Statements*

------

**Seix Core Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| Pool #FP0050 <br>3.500%, 10/1/50<br>| $2606 | &nbsp;&nbsp; $2415 |
| Pool #FS2249 <br>5.000%, 6/1/52<br>| 948 | &nbsp;&nbsp; 952 |
| Pool #FS2692 <br>5.000%, 8/1/52<br>| 418 | &nbsp;&nbsp; 420 |
| Pool #FS3262 <br>4.000%, 10/1/46<br>| 445 | &nbsp;&nbsp; 435 |
| Pool #FS3687 <br>5.000%, 11/1/52<br>| 389 | &nbsp;&nbsp; 394 |
| Pool #FS7629 <br>5.500%, 4/1/54<br>| 2378 | &nbsp;&nbsp; 2431 |
| Pool #FS9909 <br>5.000%, 11/1/54<br>| 507 | &nbsp;&nbsp; 512 |
| Pool #MA4600 <br>3.500%, 5/1/52<br>| 192 | &nbsp;&nbsp; 178 |
| Government National Mortgage Association |  |  |
| Pool #783745 <br>3.500%, 3/15/43<br>| 477 | &nbsp;&nbsp; 446 |
| Pool #786795 <br>6.000%, 7/20/53<br>| 1307 | &nbsp;&nbsp; 1361 |
| Pool #787186 <br>6.000%, 10/20/53<br>| 289 | &nbsp;&nbsp; 298 |
| Pool #787394 <br>5.500%, 5/20/54<br>| 437 | &nbsp;&nbsp; 445 |
| Pool #CR3025 <br>5.500%, 12/20/52<br>| 166 | &nbsp;&nbsp; 169 |
| Pool #CS2411 <br>6.000%, 3/20/53<br>| 19 | &nbsp;&nbsp; 20 |
| Pool #CS5448 <br>6.000%, 1/20/53<br>| 267 | &nbsp;&nbsp; 274 |
| Pool #CS7736 <br>6.000%, 4/20/53<br>| 102 | &nbsp;&nbsp; 105 |
| Pool #MA8151 <br>4.500%, 7/20/52<br>| 540 | &nbsp;&nbsp; 530 |
| Pool #MA8201 <br>4.500%, 8/20/52<br>| 255 | &nbsp;&nbsp; 250 |
| Pool #MA8347 <br>4.500%, 10/20/52<br>| 64 | &nbsp;&nbsp; 62 |
| **Total Mortgage-Backed Securities** <br>**(Identified Cost $40,964)** | **Total Mortgage-Backed Securities** <br>**(Identified Cost $40,964)** | &nbsp;&nbsp; **41383** |
| **Asset-Backed Securities—5.9%** | **Asset-Backed Securities—5.9%** | **Asset-Backed Securities—5.9%** |
| **Automobiles—2.3%** | **Automobiles—2.3%** |  |
| Ford Credit Auto Owner Trust 2023-1, A 144A <br>4.850%, 8/15/35<sup>(1)</sup> <br>| 820 | &nbsp;&nbsp; 836 |
| Honda Auto Receivables Owner Trust 2025-2, A4 <br>4.280%, 8/15/31<br>| 175 | &nbsp;&nbsp; 177 |
| Nissan Master Owner Trust Receivables 2024-B, A 144A <br>5.050%, 2/15/29<sup>(1)</sup> <br>| 640 | &nbsp;&nbsp; 648 |
| Oscar U.S. Funding XVII LLC 2024-2A, A3 144A <br>4.470%, 3/12/29<sup>(1)</sup> <br>| 705 | &nbsp;&nbsp; 708 |
| Toyota Auto Loan Extended Note Trust 2025-1A, A 144A <br>4.650%, 5/25/38<sup>(1)</sup> <br>| 395 | &nbsp;&nbsp; 403 |
|  |  | &nbsp;&nbsp; 2772 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Credit Card—2.1%** | **Credit Card—2.1%** |  |
| American Express Credit Account Master Trust |  |  |
| 2024-2, A <br>5.240%, 4/15/31<br>| $205 | &nbsp;&nbsp; $214 |
| 2025-5, A <br>4.510%, 7/15/32<br>| 195 | &nbsp;&nbsp; 199 |
| Barclays Dryrock Issuance Trust 2025-1, A <br>3.970%, 7/15/31<br>| 485 | &nbsp;&nbsp; 486 |
| Capital One Multi-Asset Execution Trust 2025-A3, A <br>4.650%, 10/15/37<br>| 235 | &nbsp;&nbsp; 235 |
| Citibank Credit Card Issuance Trust 2025-A2, A <br>4.490%, 6/21/32<br>| 485 | &nbsp;&nbsp; 494 |
| Synchrony Card Issuance Trust 2025-A3, A <br>4.060%, 11/15/31<br>| 225 | &nbsp;&nbsp; 226 |
| World Financial Network Credit Card Master Trust <br> 2024-A, A <br>5.470%, 2/15/31<br>| 630 | &nbsp;&nbsp; 642 |
|  |  | &nbsp;&nbsp; 2496 |
| **Other—1.5%** | **Other—1.5%** |  |
| PSNH Funding LLC 2018-1, A3 <br>3.814%, 2/1/35<br>| 100 | &nbsp;&nbsp; 98 |
| T-Mobile U.S. Trust 2025-1A, A 144A <br>4.740%, 11/20/29<sup>(1)</sup> <br>| 540 | &nbsp;&nbsp; 548 |
| Vantage Data Centers LLC 2020-2A, A2 144A <br>1.992%, 9/15/45<sup>(1)</sup> <br>| 240 | &nbsp;&nbsp; 228 |
| Verizon Master Trust |  |  |
| 2024-7, A 144A <br>4.350%, 8/20/32<sup>(1)</sup> <br>| 450 | &nbsp;&nbsp; 454 |
| 2025-4, A 144A <br>4.760%, 3/21/33<sup>(1)</sup> <br>| 450 | &nbsp;&nbsp; 461 |
|  |  | &nbsp;&nbsp; 1789 |
| **Total Asset-Backed Securities** <br>**(Identified Cost $6,988)** | **Total Asset-Backed Securities** <br>**(Identified Cost $6,988)** | &nbsp;&nbsp; **7057** |
| **Corporate Bonds and Notes—19.4%** | **Corporate Bonds and Notes—19.4%** | **Corporate Bonds and Notes—19.4%** |
| **Consumer Discretionary—1.1%** | **Consumer Discretionary—1.1%** |  |
| BorgWarner, Inc. <br>5.400%, 8/15/34<br>| 267 | &nbsp;&nbsp; 276 |
| Daimler Truck Finance North America LLC 144A <br>2.500%, 12/14/31<sup>(1)</sup> <br>| 332 | &nbsp;&nbsp; 296 |
| Hyundai Capital America 144A <br>5.700%, 6/26/30<sup>(1)</sup> <br>| 460 | &nbsp;&nbsp; 481 |
| Tapestry, Inc. <br>5.500%, 3/11/35<br>| 281 | &nbsp;&nbsp; 287 |
|  |  | &nbsp;&nbsp; 1340 |
| **Consumer Staples—1.2%** | **Consumer Staples—1.2%** |  |
| PepsiCo, Inc. <br>4.650%, 2/15/53<br>| 1028 | &nbsp;&nbsp; 905 |
| Philip Morris International, Inc. |  |  |
| 4.875%, 2/13/29 | 234 | &nbsp;&nbsp; 240 |
| 5.375%, 2/15/33 | 242 | &nbsp;&nbsp; 253 |
|  |  | &nbsp;&nbsp; 1398 |
| **Energy—1.5%** | **Energy—1.5%** |  |
| Boardwalk Pipelines LP |  |  |
| 4.450%, 7/15/27 | 150 | &nbsp;&nbsp; 151 |

---

*See Notes to Financial Statements*

------

**Seix Core Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| 3.400%, 2/15/31 | $222 | &nbsp;&nbsp; $210 |
| BP Capital Markets America, Inc. <br>4.812%, 2/13/33<br>| 388 | &nbsp;&nbsp; 393 |
| Energy Transfer LP <br>6.200%, 4/1/55<br>| 480 | &nbsp;&nbsp; 470 |
| Targa Resources Corp. <br>4.200%, 2/1/33<br>| 316 | &nbsp;&nbsp; 303 |
| Williams Cos., Inc. (The) <br>3.500%, 10/15/51<br>| 367 | &nbsp;&nbsp; 255 |
|  |  | &nbsp;&nbsp; 1782 |
| **Financials—8.8%** | **Financials—8.8%** |  |
| AerCap Ireland Capital DAC <br>3.000%, 10/29/28<br>| 300 | &nbsp;&nbsp; 291 |
| Amrize Finance U.S. LLC <br>5.400%, 4/7/35<br>| 285 | &nbsp;&nbsp; 294 |
| Avolon Holdings Funding Ltd. 144A <br>4.700%, 1/30/31<sup>(1)</sup> <br>| 279 | &nbsp;&nbsp; 277 |
| Bank of America Corp. |  |  |
| 2.087%, 6/14/29 | 354 | &nbsp;&nbsp; 338 |
| 2.572%, 10/20/32 | 512 | &nbsp;&nbsp; 462 |
| Brown & Brown, Inc. <br>6.250%, 6/23/55<br>| 245 | &nbsp;&nbsp; 255 |
| Centerpoint Energy Restoration Bond Co. II LLC Series <br> A-2 <br>4.826%, 6/15/39<br>| 345 | &nbsp;&nbsp; 342 |
| Consumers 2023 Securitization Funding LLC Series A2 <br>5.210%, 9/1/31<br>| 340 | &nbsp;&nbsp; 350 |
| Enact Holdings, Inc. <br>6.250%, 5/28/29<br>| 212 | &nbsp;&nbsp; 222 |
| Essent Group Ltd. <br>6.250%, 7/1/29<br>| 238 | &nbsp;&nbsp; 248 |
| Gallagher (Arthur J.) & Co. <br>4.850%, 12/15/29<br>| 197 | &nbsp;&nbsp; 202 |
| Global Payments, Inc. <br>5.550%, 11/15/35<br>| 538 | &nbsp;&nbsp; 535 |
| Goldman Sachs Group, Inc. (The) <br>1.542%, 9/10/27<br>| 764 | &nbsp;&nbsp; 751 |
| JPMorgan Chase & Co. |  |  |
| 1.578%, 4/22/27 | 94 | &nbsp;&nbsp; 93 |
| 5.576%, 7/23/36 | 491 | &nbsp;&nbsp; 508 |
| KeyBank N.A. <br>4.390%, 12/14/27<br>| 500 | &nbsp;&nbsp; 502 |
| Morgan Stanley <br>1.593%, 5/4/27<br>| 936 | &nbsp;&nbsp; 928 |
| NYSEG Storm Funding LLC Series A-3 <br>5.162%, 5/1/35<br>| 435 | &nbsp;&nbsp; 444 |
| PG&E Wildfire Recovery Funding LLC |  |  |
| Series A-2 4.263%, 6/1/38 | 316 | &nbsp;&nbsp; 307 |
| Series A-2 4.722%, 6/1/39 | 390 | &nbsp;&nbsp; 386 |
| PNC Financial Services Group, Inc. (The) |  |  |
| 6.615%, 10/20/27 | 368 | &nbsp;&nbsp; 375 |
| 5.222%, 1/29/31 | 264 | &nbsp;&nbsp; 273 |
| Radian Group, Inc. <br>6.200%, 5/15/29<br>| 232 | &nbsp;&nbsp; 243 |
| SCE Recovery Funding LLC <br>4.453%, 3/15/36<br>| 635 | &nbsp;&nbsp; 636 |
| Sigeco Securitization I LLC Series A1 <br>5.026%, 11/15/38<br>| 198 | &nbsp;&nbsp; 203 |
| U.S. Bancorp |  |  |
| 5.046%, 2/12/31 | 164 | &nbsp;&nbsp; 168 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| 5.678%, 1/23/35 | $260 | &nbsp;&nbsp; $275 |
| Wells Fargo & Co. |  |  |
| 3.526%, 3/24/28 | 457 | &nbsp;&nbsp; 454 |
| 3.350%, 3/2/33 | 273 | &nbsp;&nbsp; 255 |
|  |  | &nbsp;&nbsp; 10617 |
| **Health Care—1.7%** | **Health Care—1.7%** |  |
| AbbVie, Inc. <br>4.250%, 11/21/49<br>| 627 | &nbsp;&nbsp; 516 |
| Amgen, Inc. |  |  |
| 5.250%, 3/2/33 | 494 | &nbsp;&nbsp; 512 |
| 5.650%, 3/2/53 | 276 | &nbsp;&nbsp; 270 |
| Pfizer Investment Enterprises Pte Ltd. <br>5.300%, 5/19/53<br>| 787 | &nbsp;&nbsp; 745 |
|  |  | &nbsp;&nbsp; 2043 |
| **Industrials—2.8%** | **Industrials—2.8%** |  |
| Aircastle Ltd. 144A <br>5.950%, 2/15/29<sup>(1)</sup> <br>| 209 | &nbsp;&nbsp; 218 |
| BAE Systems plc 144A <br>5.300%, 3/26/34<sup>(1)</sup> <br>| 400 | &nbsp;&nbsp; 414 |
| Ferguson Enterprises, Inc. <br>5.000%, 10/3/34<br>| 485 | &nbsp;&nbsp; 489 |
| GATX Corp. <br>5.500%, 6/15/35<br>| 397 | &nbsp;&nbsp; 407 |
| Owens Corning <br>5.950%, 6/15/54<br>| 326 | &nbsp;&nbsp; 331 |
| Republic Services, Inc. <br>5.150%, 3/15/35<br>| 286 | &nbsp;&nbsp; 295 |
| United Airlines Pass-Through-Trust 2020-1, A <br>5.875%, 4/15/29<br>| 287 | &nbsp;&nbsp; 294 |
| United Parcel Service, Inc. <br>5.050%, 3/3/53<br>| 618 | &nbsp;&nbsp; 567 |
| Veralto Corp. <br>5.450%, 9/18/33<br>| 304 | &nbsp;&nbsp; 317 |
|  |  | &nbsp;&nbsp; 3332 |
| **Information Technology—1.3%** | **Information Technology—1.3%** |  |
| Amphenol Corp. <br>3.900%, 11/15/28<br>| 305 | &nbsp;&nbsp; 305 |
| Dell International LLC <br>3.450%, 12/15/51<br>| 518 | &nbsp;&nbsp; 353 |
| Motorola Solutions, Inc. <br>5.550%, 8/15/35<br>| 343 | &nbsp;&nbsp; 356 |
| NetApp, Inc. <br>5.700%, 3/17/35<br>| 557 | &nbsp;&nbsp; 583 |
|  |  | &nbsp;&nbsp; 1597 |
| **Materials—0.2%** | **Materials—0.2%** |  |
| Martin Marietta Materials, Inc. <br>5.150%, 12/1/34<br>| 264 | &nbsp;&nbsp; 269 |
| **Utilities—0.8%** | **Utilities—0.8%** |  |
| Consolidated Edison Co. of New York, Inc. <br>3.200%, 12/1/51<br>| 368 | &nbsp;&nbsp; 244 |
| Kansas Gas Service Securitization I LLC <br>5.486%, 8/1/34<br>| 384 | &nbsp;&nbsp; 398 |

---

*See Notes to Financial Statements*

------

**Seix Core Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| Southern Co. (The) Series A <br>3.700%, 4/30/30<br>| $383 | &nbsp;&nbsp; $374 |
|  |  | &nbsp;&nbsp; 1016 |
| **Total Corporate Bonds and Notes** <br>**(Identified Cost $23,294)** | **Total Corporate Bonds and Notes** <br>**(Identified Cost $23,294)** | &nbsp;&nbsp; **23394** |
| **Total Long-Term Investments—98.9%** <br>**(Identified Cost $118,709)** | **Total Long-Term Investments—98.9%** <br>**(Identified Cost $118,709)** | &nbsp;&nbsp; **119091** |
| **TOTAL INVESTMENTS—98.9%** <br>**(Identified Cost $118,709)** | **TOTAL INVESTMENTS—98.9%** <br>**(Identified Cost $118,709)** | &nbsp;&nbsp; **$119091** |
| Other assets and liabilities, net—1.1% | Other assets and liabilities, net—1.1% | &nbsp;&nbsp; 1328 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$120419** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| DAC | Designated Activity Company |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| plc | Public Limited Company |
| REMIC | Real Estate Mortgage Investment Conduit |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Security exempt from registration under Rule 144A of the Securities Act of 1933. <br> These securities may be resold in transactions exempt from registration, normally <br> to qualified institutional buyers. At December 31, 2025, these securities amounted <br> to a value of $5,972 or 5.0% of net assets.<br>|

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exchange-traded futures contracts as of December 31, 2025 were as follows:** | **Exchange-traded futures contracts as of December 31, 2025 were as follows:** | **Exchange-traded futures contracts as of December 31, 2025 were as follows:** | **Exchange-traded futures contracts as of December 31, 2025 were as follows:** | **Exchange-traded futures contracts as of December 31, 2025 were as follows:** | **Exchange-traded futures contracts as of December 31, 2025 were as follows:** |
| **Issue** | **Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contracts** <br>**Purchased/(Sold)**<br>| **Notional Value** | &nbsp;&nbsp; **Value /** <br>**Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp; **Value /** <br>**Unrealized** <br>**Depreciation**<br>|
| **Long Contracts:** |  |  |  |  |  |
| 2 Year U.S. Treasury Note Future | March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; $15659 | &nbsp;&nbsp;&nbsp; $4 | &nbsp;&nbsp;&nbsp; $— |
| **Short Contracts:** |  |  |  |  |  |
| 10 Year U.S. Ultra Future | March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33)<br>| &nbsp;&nbsp;&nbsp; (3795)<br>| &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; — |
| **Total** |  |  |  | &nbsp;&nbsp;&nbsp; $20 | &nbsp;&nbsp;&nbsp; $— |

---

The following table summarizes the value of the Fund's investments as of December 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | |
|:---|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 1 <br>Quoted Prices<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>|
| Assets: |  |  |  |
| Debt Instruments: |  |  |  |
| U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; $47257 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $47257 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; 41383 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41383 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; 7057 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7057 |
| Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp; 23394 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23394 |
| Other Financial Instruments: |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $119111 | &nbsp;&nbsp;&nbsp;&nbsp; $20 | &nbsp;&nbsp;&nbsp;&nbsp; $119091 |

---

There were no securities valued using significant unobservable inputs (Level 3) at December 31, 2025.

There were no transfers into or out of Level 3 related to securities held at December 31, 2025.

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**Seix Floating Rate High Income Fund**

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Asset-Backed Securities—1.4%** | **Asset-Backed Securities—1.4%** | **Asset-Backed Securities—1.4%** |
| **Collateralized Loan Obligations—1.4%** | **Collateralized Loan Obligations—1.4%** |  |
| Mountain View CLO XVI Ltd. 2022-1A, ERR (3 month <br> Term SOFR + 6.430%, Cap N/A, Floor 6.430%) 144A <br>10.254%, 3/15/38<sup>(1)(2)</sup> <br>| $10975 | &nbsp;&nbsp; $11063 |
| Mountain View CLO XVII Ltd. 2023-1A, D2R (3 month <br> Term SOFR + 4.500%, Cap N/A, Floor 4.500%) 144A <br>8.467%, 10/15/38<sup>(1)(2)</sup> <br>| 5110 | &nbsp;&nbsp; 5114 |
|  |  | &nbsp;&nbsp; 16177 |
| **Total Asset-Backed Securities** <br>**(Identified Cost $15,868)** | **Total Asset-Backed Securities** <br>**(Identified Cost $15,868)** | &nbsp;&nbsp; **16177** |
| **Corporate Bonds and Notes—2.8%** | **Corporate Bonds and Notes—2.8%** | **Corporate Bonds and Notes—2.8%** |
| **Communication Services—0.9%** | **Communication Services—0.9%** |  |
| Cable One, Inc. 144A <br>4.000%, 11/15/30<sup>(1)</sup> <br>| 3000 | &nbsp;&nbsp; 2313 |
| CCO Holdings LLC |  |  |
| <br>144A 4.750%, 3/1/30<sup>(1)</sup> <br>| 2000 | &nbsp;&nbsp; 1910 |
| <br>144A 4.250%, 2/1/31<sup>(1)</sup> <br>| 2000 | &nbsp;&nbsp; 1838 |
| Gray Media, Inc. 144A <br>4.750%, 10/15/30<sup>(1)</sup> <br>| 2000 | &nbsp;&nbsp; 1551 |
| Warnermedia Holdings, Inc. <br>4.279%, 3/15/32<br>| 3757 | &nbsp;&nbsp; 3299 |
|  |  | &nbsp;&nbsp; 10911 |
| **Consumer Discretionary—0.1%** | **Consumer Discretionary—0.1%** |  |
| Winnebago Industries, Inc. 144A <br>6.250%, 7/15/28<sup>(1)</sup> <br>| 1769 | &nbsp;&nbsp; 1765 |
| **Energy—0.1%** | **Energy—0.1%** |  |
| Transocean International Ltd. <br>7.500%, 4/15/31<br>| 1000 | &nbsp;&nbsp; 948 |
| **Financials—0.1%** | **Financials—0.1%** |  |
| ION Platform Finance U.S., Inc. 144A <br>7.875%, 9/30/32<sup>(1)</sup> <br>| 1000 | &nbsp;&nbsp; 949 |
| **Health Care—0.7%** | **Health Care—0.7%** |  |
| DaVita, Inc. 144A <br>4.625%, 6/1/30<sup>(1)</sup> <br>| 2500 | &nbsp;&nbsp; 2431 |
| Emergent BioSolutions, Inc. 144A <br>3.875%, 8/15/28<sup>(1)</sup> <br>| 5500 | &nbsp;&nbsp; 4931 |
| Tenet Healthcare Corp. <br>4.375%, 1/15/30<br>| 1090 | &nbsp;&nbsp; 1070 |
|  |  | &nbsp;&nbsp; 8432 |
| **Industrials—0.2%** | **Industrials—0.2%** |  |
| TMS International Corp. 144A <br>6.250%, 4/15/29<sup>(1)</sup> <br>| 2435 | &nbsp;&nbsp; 2353 |
| **Information Technology—0.6%** | **Information Technology—0.6%** |  |
| CoreWeave, Inc. 144A <br>9.250%, 6/1/30<sup>(1)</sup> <br>| 4000 | &nbsp;&nbsp; 3719 |
| Sensata Technologies B.V. 144A <br>4.000%, 4/15/29<sup>(1)</sup> <br>| 3089 | &nbsp;&nbsp; 3014 |
|  |  | &nbsp;&nbsp; 6733 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Materials—0.1%** | **Materials—0.1%** |  |
| Magnera Corp. |  |  |
| <br>144A 4.750%, 11/15/29<sup>(1)</sup> <br>| $1000 | &nbsp;&nbsp; $924 |
| <br>144A 7.250%, 11/15/31<sup>(1)</sup> <br>| 1000 | &nbsp;&nbsp; 982 |
|  |  | &nbsp;&nbsp; 1906 |
| **Total Corporate Bonds and Notes** <br>**(Identified Cost $34,341)** | **Total Corporate Bonds and Notes** <br>**(Identified Cost $34,341)** | &nbsp;&nbsp; **33997** |
| **Leveraged Loans—92.8%** | **Leveraged Loans—92.8%** | **Leveraged Loans—92.8%** |
| **Aerospace—4.6%** | **Aerospace—4.6%** |  |
| Cobham Ultra Seniorco S.a.r.l. (6 month Term SOFR + <br> 4.178%) <br>8.370%, 8/3/29<sup>(2)</sup> <br>| 10305 | &nbsp;&nbsp; 10330 |
| Dynasty Acquisition Co., Inc. |  |  |
| Tranche B-1 (1 month Term SOFR + 2.000%) <br>5.716%, 10/31/31<sup>(2)</sup> <br>| 4067 | &nbsp;&nbsp; 4080 |
| Tranche B-2 (1 month Term SOFR + 2.000%) <br>5.716%, 10/31/31<sup>(2)</sup> <br>| 1547 | &nbsp;&nbsp; 1552 |
| HDI Aerospace Intermediate Holding Iii Corp. (3 month <br> Term SOFR + 3.750%) <br>7.687%, 2/11/32<sup>(2)</sup> <br>| 7510 | &nbsp;&nbsp; 7538 |
| Rand Parent LLC 2025, Tranche B (3 month Term SOFR + <br> 3.000%) <br>6.672%, 3/18/30<sup>(2)</sup> <br>| 9586 | &nbsp;&nbsp; 9605 |
| TransDigm Tranche M (1 month Term SOFR + 2.500%) <br>6.216%, 8/19/32<sup>(2)</sup> <br>| 1925 | &nbsp;&nbsp; 1933 |
| TransDigm, Inc. |  |  |
| Tranche J (1 month Term SOFR + 2.500%) <br>6.216%, 2/28/31<sup>(2)</sup> <br>| 1867 | &nbsp;&nbsp; 1873 |
| Tranche K (1 month Term SOFR + 2.250%) <br>5.966%, 3/22/30<sup>(2)</sup> <br>| 4993 | &nbsp;&nbsp; 5007 |
| Tranche L (1 month Term SOFR + 2.500%) <br>6.216%, 1/19/32<sup>(2)</sup> <br>| 7470 | &nbsp;&nbsp; 7498 |
| Vertex Aerospace Services Corp. 2023 (1 month Term <br> SOFR + 2.250%) <br>5.966%, 12/6/30<sup>(2)</sup> <br>| 5020 | &nbsp;&nbsp; 5042 |
|  |  | &nbsp;&nbsp; 54458 |
| **Chemicals—5.4%** | **Chemicals—5.4%** |  |
| ARC Falcon I, Inc. |  |  |
| (1 month Term SOFR + 3.600%) <br>7.316%, 9/29/28<sup>(2)</sup> <br>| 6690 | &nbsp;&nbsp; 6682 |
| (1 month Term SOFR + 7.100%) <br>10.816%, 9/30/29<sup>(2)</sup> <br>| 7184 | &nbsp;&nbsp; 7171 |
| Bakelite U.S. Holdco, Inc. (3 month Term SOFR + <br> 3.750%) <br>7.422%, 12/23/31<sup>(2)</sup> <br>| 5029 | &nbsp;&nbsp; 4859 |
| Chemours Co. (The) Tranche B-4 (1 month Term SOFR + <br> 3.500%) <br>7.216%, 10/15/32<sup>(2)</sup> <br>| 5352 | &nbsp;&nbsp; 5279 |
| Consolidated Energy Finance S.A. 2024 (3 month Term <br> SOFR + 4.500%) <br>8.198%, 11/15/30<sup>(2)</sup> <br>| 2697 | &nbsp;&nbsp; 2197 |
| Hexion Holdings Corp. |  |  |
| 2024 (1 month Term SOFR + 4.000%) <br>7.734%, 3/15/29<sup>(2)</sup> <br>| 4482 | &nbsp;&nbsp; 4311 |
| Second Lien (1 month Term SOFR + 7.538%) <br>11.254%, 3/15/30<sup>(2)</sup> <br>| 1952 | &nbsp;&nbsp; 1890 |

---

*See Notes to Financial Statements*

------

**Seix Floating Rate High Income Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Chemicals—continued** | **Chemicals—continued** |  |
| Ineos Finance plc 2030 (1 month Term SOFR + 3.250%) <br>6.966%, 2/18/30<sup>(2)</sup> <br>| $12099 | &nbsp;&nbsp; $9755 |
| Ineos Quattro Holdings UK Ltd. 2031, Tranche B (1 <br> month Term SOFR + 4.250%) <br>7.966%, 10/7/31<sup>(2)</sup> <br>| 779 | &nbsp;&nbsp; 516 |
| Ineos Styrolution U.S. Holding LLC 2027 (1 month Term <br> SOFR + 2.100%) <br>5.816%, 1/29/27<sup>(2)</sup> <br>| 3884 | &nbsp;&nbsp; 3560 |
| Ineos U.S. Finance LLC 2031 (1 month Term SOFR + <br> 0.000%) <br>0.000%, 2/7/31<sup>(2)</sup> <br>| 6405 | &nbsp;&nbsp; 5116 |
| Ineos U.S. Petrochem LLC Tranche B (1 month Term <br> SOFR + 4.350%) <br>8.066%, 4/2/29<sup>(2)</sup> <br>| 3689 | &nbsp;&nbsp; 2582 |
| Manchester Acquisition Sub LLC (3 month Term SOFR + <br> 5.900%) <br>9.673%, 12/1/26<sup>(2)</sup> <br>| 2550 | &nbsp;&nbsp; 2422 |
| Natgasoline LLC 2025, Tranche B (1 month Term SOFR + <br> 5.500%) <br>9.216%, 3/29/30<sup>(2)</sup> <br>| 3860 | &nbsp;&nbsp; 3879 |
| Pasadena Performance Products LLC 2025 (3 month <br> Term SOFR + 3.250%) <br>6.922%, 2/27/32<sup>(2)</sup> <br>| 4088 | &nbsp;&nbsp; 4083 |
|  |  | &nbsp;&nbsp; 64302 |
| **Communication Services—0.1%** | **Communication Services—0.1%** |  |
| DMS Purchaser LLC (1 month Term SOFR + 7.500%) <br>11.216%, 2/28/30<sup>(2)(3)</sup> <br>| 1676 | &nbsp;&nbsp; 1689 |
| **Consumer Durables—0.6%** | **Consumer Durables—0.6%** |  |
| Skechers U.S.A., Inc. Tranche B-1 (3 month Term SOFR + <br> 3.250%) <br>6.922%, 9/13/32<sup>(2)</sup> <br>| 2770 | &nbsp;&nbsp; 2789 |
| Weber-Stephen Products LLC Tranche B (3 month Term <br> SOFR + 3.750%) <br>7.735%, 10/1/32<sup>(2)</sup> <br>| 4310 | &nbsp;&nbsp; 4312 |
|  |  | &nbsp;&nbsp; 7101 |
| **Consumer Non-Durables—0.9%** | **Consumer Non-Durables—0.9%** |  |
| ABG Intermediate Holdings 2 LLC 2024 (1 month Term <br> SOFR + 2.250%) <br>5.966%, 12/21/28<sup>(2)</sup> <br>| 4430 | &nbsp;&nbsp; 4433 |
| American Greetings Corp. Tranche C (1 month Term <br> SOFR + 5.750%) <br>9.466%, 10/30/29<sup>(2)</sup> <br>| 3008 | &nbsp;&nbsp; 2966 |
| Varsity Brands, Inc. (3 month Term SOFR + 3.000%) <br>6.672%, 8/26/31<sup>(2)</sup> <br>| 3731 | &nbsp;&nbsp; 3743 |
|  |  | &nbsp;&nbsp; 11142 |
| **Energy—4.6%** | **Energy—4.6%** |  |
| Brazos Delaware II LLC 2025, Tranche B-2 (1 month Term <br> SOFR + 2.500%) <br>6.272%, 2/11/30<sup>(2)</sup> <br>| 6134 | &nbsp;&nbsp; 6136 |
| Colossus Acquireco LLC Tranche B (3 month Term SOFR <br> + 1.750%) <br>5.410% - 5.468%, 7/30/32<sup>(2)</sup> <br>| 3591 | &nbsp;&nbsp; 3587 |
| CPPIB OVM Member U.S. LLC (3 month Term SOFR + <br> 2.500%) <br>6.172%, 8/20/31<sup>(2)</sup> <br>| 4123 | &nbsp;&nbsp; 4147 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| Deep Blue Operating I LLC (1 month Term SOFR + <br> 2.750%) <br>6.593%, 10/1/32<sup>(2)</sup> <br>| $2975 | &nbsp;&nbsp; $2982 |
| Fr Br Holdings LLC (3 month Term SOFR + 4.250%) <br>7.922%, 10/9/30<sup>(2)</sup> <br>| 2943 | &nbsp;&nbsp; 2950 |
| Goodnight Water Solutions Holdings LLC (1 month Term <br> SOFR + 4.000%) <br>7.716%, 6/4/29<sup>(2)</sup> <br>| 10330 | &nbsp;&nbsp; 10252 |
| NGL Energy Operating LLC (1 month Term SOFR + <br> 3.500%) <br>7.216%, 2/3/31<sup>(2)</sup> <br>| 3320 | &nbsp;&nbsp; 3348 |
| Par Petroleum LLC (3 month Term SOFR + 3.250%) <br>6.955%, 2/28/30<sup>(2)</sup> <br>| 5727 | &nbsp;&nbsp; 5744 |
| Rockpoint Gas Storage Partners LP (3 month Term SOFR <br> + 2.500%) <br>6.172%, 9/18/31<sup>(2)</sup> <br>| 8187 | &nbsp;&nbsp; 8218 |
| Third Coast Infrastructure LLC 2025 (1 month Term <br> SOFR + 3.750%) <br>7.466%, 9/25/30<sup>(2)</sup> <br>| 7957 | &nbsp;&nbsp; 8020 |
|  |  | &nbsp;&nbsp; 55384 |
| **Financials—12.4%** | **Financials—12.4%** |  |
| Aretec Group, Inc. Tranche B-4 (1 month Term SOFR + <br> 3.000%) <br>6.716%, 8/9/30<sup>(2)</sup> <br>| 5440 | &nbsp;&nbsp; 5456 |
| Asurion Tranche B-13 (1 month Term SOFR + 4.250%) <br>7.966%, 9/19/30<sup>(2)</sup> <br>| 17845 | &nbsp;&nbsp; 17831 |
| Asurion LLC Tranche B-4 (1 month Term SOFR + <br> 5.364%) <br>9.081%, 1/20/29<sup>(2)</sup> <br>| 8321 | &nbsp;&nbsp; 8155 |
| Blackhawk Network Holdings, Inc. Tranche B (3 month <br> Term SOFR + 4.000%) <br>7.672%, 3/12/29<sup>(2)</sup> <br>| 4180 | &nbsp;&nbsp; 4196 |
| Blackstone Mortgage Trust, Inc. Tranche B-6 (1 month <br> Term SOFR + 3.000%) <br>6.716%, 12/10/30<sup>(2)</sup> <br>| 2694 | &nbsp;&nbsp; 2703 |
| Brookfield Property REIT, Inc. 2025 (1 month Term SOFR <br> + 3.500%) <br>7.216%, 5/28/30<sup>(2)</sup> <br>| 3891 | &nbsp;&nbsp; 3907 |
| CFC Bidco 2022 Ltd. (3 month Term SOFR + 3.750%) <br>7.735%, 7/1/32<sup>(2)</sup> <br>| 3700 | &nbsp;&nbsp; 3594 |
| Citadel Securities LP 2024 (3 month Term SOFR + <br> 2.000%) <br>5.672%, 10/31/31<sup>(2)</sup> <br>| 6479 | &nbsp;&nbsp; 6511 |
| DRW Holdings LLC 2024 (1 month Term SOFR + <br> 3.500%) <br>7.216%, 6/26/31<sup>(2)</sup> <br>| 9885 | &nbsp;&nbsp; 9724 |
| EIG Management Co. LLC Tranche B (1 month Term <br> SOFR + 5.000%) <br>8.716%, 5/17/29<sup>(2)</sup> <br>| 4407 | &nbsp;&nbsp; 4385 |
| Finco I LLC 2025 (1 month Term SOFR + 1.750%) <br>5.466%, 6/27/29<sup>(2)</sup> <br>| 4835 | &nbsp;&nbsp; 4839 |
| First Eagle Holdings, Inc. (3 month Term SOFR + 3.500%) <br>7.172%, 8/16/32<sup>(2)</sup> <br>| 5843 | &nbsp;&nbsp; 5830 |
| FNZ Group Entities Ltd. (3 month Term SOFR + 5.000%) <br>8.901%, 11/5/31<sup>(2)</sup> <br>| 6153 | &nbsp;&nbsp; 4830 |
| Franklin Square Holdings LP 2024, Tranche B (1 month <br> Term SOFR + 2.250%) <br>5.966%, 4/25/31<sup>(2)</sup> <br>| 6091 | &nbsp;&nbsp; 5908 |
| HighTower Holding LLC (3 month Term SOFR + 2.750%) <br>6.651%, 2/3/32<sup>(2)</sup> <br>| 4917 | &nbsp;&nbsp; 4920 |

---

*See Notes to Financial Statements*

------

**Seix Floating Rate High Income Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Hudson River Trading LLC Tranche B-1 (1 month Term <br> SOFR + 2.750%) <br>6.486%, 3/18/30<sup>(2)</sup> <br>| $6789 | &nbsp;&nbsp; $6814 |
| Jane Street Group LLC (3 month Term SOFR + 2.000%) <br>5.822%, 12/15/31<sup>(2)</sup> <br>| 6011 | &nbsp;&nbsp; 5978 |
| Jefferies Finance LLC 2024 (1 month Term SOFR + <br> 2.750%) <br>6.500%, 10/21/31<sup>(2)</sup> <br>| 3950 | &nbsp;&nbsp; 3920 |
| Jump Financial LLC Tranche B-1 (3 month Term SOFR + <br> 3.500%) <br>7.172%, 2/26/32<sup>(2)</sup> <br>| 3435 | &nbsp;&nbsp; 3383 |
| Nexus Buyer LLC (1 month Term SOFR + 3.500%) <br>7.216%, 7/31/31<sup>(2)</sup> <br>| 9274 | &nbsp;&nbsp; 9136 |
| Osaic Holdings Inc (f/k/a Advisor Group Holdings, Inc.) (3 <br> month Term SOFR + 3.000%) <br>6.595%, 8/2/32<sup>(2)</sup> <br>| 5005 | &nbsp;&nbsp; 5023 |
| Pac Dac LLC (3 month Term SOFR + 3.250%) <br>7.108%, 10/28/30<sup>(2)</sup> <br>| 2960 | &nbsp;&nbsp; 2929 |
| Superannuation & Investments U.S. LLC (1 month Term <br> SOFR + 3.000%) <br>6.716%, 12/1/28<sup>(2)</sup> <br>| 4990 | &nbsp;&nbsp; 5009 |
| VFH Parent LLC Tranche B-2 (1 month Term SOFR + <br> 2.500%) <br>6.216%, 6/21/31<sup>(2)</sup> <br>| 3343 | &nbsp;&nbsp; 3350 |
| WH Borrower LLC Tranche B (3 month Term SOFR + <br> 4.500%) <br>8.389%, 2/20/32<sup>(2)</sup> <br>| 9094 | &nbsp;&nbsp; 9133 |
|  |  | &nbsp;&nbsp; 147464 |
| **Food / Tobacco—2.7%** | **Food / Tobacco—2.7%** |  |
| Aspire Bakeries Holdings LLC (1 month Term SOFR + <br> 3.500%) <br>7.221%, 12/23/30<sup>(2)</sup> <br>| 3267 | &nbsp;&nbsp; 3277 |
| Froneri International Ltd. Tranche B-6 (3 month Term <br> SOFR + 2.250%) <br>6.122%, 9/30/32<sup>(2)</sup> <br>| 4115 | &nbsp;&nbsp; 4113 |
| Golden State Foods LLC (3 month Term SOFR + 4.000%) <br>7.672%, 12/4/31<sup>(2)</sup> <br>| 2995 | &nbsp;&nbsp; 3010 |
| Nourish Buyer I, Inc. (1 month Term SOFR + 4.500%) <br>8.250%, 7/9/32<sup>(2)</sup> <br>| 2359 | &nbsp;&nbsp; 2369 |
| Pfi Lower Midco LLC (1 month Term SOFR + 4.000%) <br>7.873%, 12/1/32<sup>(2)</sup> <br>| 2680 | &nbsp;&nbsp; 2697 |
| Primary Products Finance LLC 2024, Tranche B (3 month <br> Term SOFR + 3.250%) <br>7.185%, 4/1/29<sup>(2)</sup> <br>| 4194 | &nbsp;&nbsp; 4130 |
| Red SPV LLC (1 month Term SOFR + 2.250%) <br>5.984%, 3/15/32<sup>(2)</sup> <br>| 3383 | &nbsp;&nbsp; 3382 |
| Savor Acquisition, Inc. Tranche B, First Lien (1 month <br> Term SOFR + 3.000%) <br>6.723% - 6.840%, 2/19/32<sup>(2)</sup> <br>| 3360 | &nbsp;&nbsp; 3371 |
| Sazerac Co., Inc. Tranche B-1 (1 month Term SOFR + <br> 2.500%) <br>6.280%, 7/9/32<sup>(2)</sup> <br>| 3207 | &nbsp;&nbsp; 3210 |
| Triton Water Holdings, Inc. 2025 (3 month Term SOFR + <br> 2.250%) <br>5.922%, 3/31/28<sup>(2)</sup> <br>| 2953 | &nbsp;&nbsp; 2960 |
|  |  | &nbsp;&nbsp; 32519 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Food and Drug—0.7%** | **Food and Drug—0.7%** |  |
| Opal Bidco SAS 2025, Tranche B-4, First Lien (3 month <br> Term SOFR + 3.000%) <br>6.686%, 4/28/32<sup>(2)</sup> <br>| $8434 | &nbsp;&nbsp; $8479 |
| **Forest Prod / Containers—1.9%** | **Forest Prod / Containers—1.9%** |  |
| Ahlstrom Holding 3 Oy |  |  |
| Tranche B (3 month Term SOFR + 4.262%) <br>7.934%, 2/4/28<sup>(2)</sup> <br>| 6015 | &nbsp;&nbsp; 6043 |
| Tranche B-1 (3 month Term SOFR + 4.512%) <br>8.513%, 5/23/30<sup>(2)</sup> <br>| 1177 | &nbsp;&nbsp; 1183 |
| Clydesdale Acquisition Holdings, Inc. 2025, Tranche B (1 <br> month Term SOFR + 3.250%) <br>6.966%, 4/1/32<sup>(2)</sup> <br>| 3919 | &nbsp;&nbsp; 3914 |
| Pregis Topco LLC (1 month Term SOFR + 4.000%) <br>7.716%, 2/1/29<sup>(2)</sup> <br>| 3813 | &nbsp;&nbsp; 3841 |
| Schweitzer-Mauduit International, Inc. Tranche B (1 <br> month Term SOFR + 3.864%) <br>7.581%, 4/20/28<sup>(2)</sup> <br>| 3664 | &nbsp;&nbsp; 3628 |
| Verde Purchaser LLC (3 month Term SOFR + 4.000%) <br>7.672%, 11/29/30<sup>(2)</sup> <br>| 4167 | &nbsp;&nbsp; 4162 |
|  |  | &nbsp;&nbsp; 22771 |
| **Gaming / Leisure—5.0%** | **Gaming / Leisure—5.0%** |  |
| Allwyn Entertainment Financing U.S. LLC |  |  |
| Tranche B <br>0.000%, 11/10/32<sup>(2)(4)</sup> <br>| 4320 | &nbsp;&nbsp; 4234 |
| Tranche B (3 month Term SOFR + 2.000%) <br>5.912%, 6/2/31<sup>(2)</sup> <br>| 3673 | &nbsp;&nbsp; 3514 |
| Bingo Holdings I LLC (3 month Term SOFR + 4.750%) <br>8.422%, 6/30/32<sup>(2)</sup> <br>| 5177 | &nbsp;&nbsp; 5073 |
| Bombardier Recreational Products, Inc. 2023 (1 month <br> Term SOFR + 2.250%) <br>5.966%, 12/13/29<sup>(2)</sup> <br>| 6792 | &nbsp;&nbsp; 6817 |
| Catawba Nation Gaming Authority Tranche B (1 month <br> Term SOFR + 4.750%) <br>8.466%, 3/29/32<sup>(2)</sup> <br>| 4800 | &nbsp;&nbsp; 4908 |
| Fitness International LLC Tranche B (1 month Term SOFR <br> + 4.500%) <br>8.216%, 2/12/29<sup>(2)</sup> <br>| 1060 | &nbsp;&nbsp; 1061 |
| GBT U.S. III LLC Tranche B-1 (3 month Term SOFR + <br> 2.500%) <br>6.358%, 7/25/31<sup>(2)</sup> <br>| 3269 | &nbsp;&nbsp; 3278 |
| Kingpin Intermediate Holdings LLC 2025, Tranche B, First <br> Lien (1 month Term SOFR + 3.250%) <br>6.966%, 9/22/32<sup>(2)</sup> <br>| 4555 | &nbsp;&nbsp; 4453 |
| Light & Wonder International, Inc. Tranche B-2 (1 month <br> Term SOFR + 2.250%) <br>5.986%, 4/14/29<sup>(2)</sup> <br>| 5861 | &nbsp;&nbsp; 5874 |
| Ontario Gaming GTA Ltd. Partnership Tranche B (3 month <br> Term SOFR + 4.250%) <br>7.922%, 8/1/30<sup>(2)</sup> <br>| 3867 | &nbsp;&nbsp; 3570 |
| Oravel Stays Private Ltd. Tranche B (3 month Term SOFR <br> + 8.000%) <br>11.672%, 12/20/29<sup>(2)</sup> <br>| 8832 | &nbsp;&nbsp; 9039 |
| Turquoise Topco Ltd. <br>0.000%, 12/30/32<sup>(2)(4)</sup> <br>| 2805 | &nbsp;&nbsp; 2766 |

---

*See Notes to Financial Statements*

------

**Seix Floating Rate High Income Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Gaming / Leisure—continued** | **Gaming / Leisure—continued** |  |
| Voyager Parent LLC Tranche B, First Lien (3 month Term <br> SOFR + 4.750%) <br>8.422%, 7/1/32<sup>(2)</sup> <br>| $5217 | &nbsp;&nbsp; $5214 |
|  |  | &nbsp;&nbsp; 59801 |
| **Health Care—3.3%** | **Health Care—3.3%** |  |
| AHP Health Partners, Inc. 2025, Tranche B (1 month Term <br> SOFR + 2.250%) <br>5.966%, 9/20/32<sup>(2)</sup> <br>| 3673 | &nbsp;&nbsp; 3673 |
| LifePoint Health, Inc. |  |  |
| Tranche B (3 month Term SOFR + 3.750%) <br>7.655%, 5/16/31<sup>(2)</sup> <br>| 11822 | &nbsp;&nbsp; 11855 |
| Tranche B-2 (1 month Term SOFR + 3.500%) <br>7.335%, 5/16/31<sup>(2)</sup> <br>| 2540 | &nbsp;&nbsp; 2541 |
| Medical Solutions Holdings, Inc. (3 month Term SOFR + <br> 3.600%) <br>7.440%, 11/1/28<sup>(2)</sup> <br>| 6353 | &nbsp;&nbsp; 1341 |
| Medline Borrower LP 2030 (1 month Term SOFR + <br> 1.750%) <br>5.466%, 10/23/30<sup>(2)</sup> <br>| 3955 | &nbsp;&nbsp; 3968 |
| MPH Acquisition Holdings LLC (3 month Term SOFR + <br> 4.862%) <br>8.702%, 12/31/30<sup>(2)</sup> <br>| — <br><sup>(5)</sup><br>| &nbsp;&nbsp; — <br><sup>(5)</sup><br>|
| Organon & Co. (1 month Term SOFR + 2.250%) <br>5.966%, 5/19/31<sup>(2)</sup> <br>| 2531 | &nbsp;&nbsp; 2433 |
| Physician Partners LLC |  |  |
| Tranche B-1, PIK (3 month Term SOFR + 4.150%) <br>7.822%, 12/31/29<sup>(2)(6)</sup> <br>| 3236 | &nbsp;&nbsp; 1525 |
| Tranche C, PIK (3 month Term SOFR + 1.650%) <br>5.322%, 12/31/30<sup>(2)(6)</sup> <br>| 2053 | &nbsp;&nbsp; 465 |
| Team Health Holdings, Inc. 2028 (3 month Term SOFR + <br> 4.500%) <br>8.340%, 6/30/28<sup>(2)</sup> <br>| 5209 | &nbsp;&nbsp; 5222 |
| Team Services Group LLC |  |  |
| (3 month Term SOFR + 5.250%) <br>9.090%, 12/20/27<sup>(2)</sup> <br>| 4262 | &nbsp;&nbsp; 4244 |
| 2022 (3 month Term SOFR + 5.150%) <br>8.990%, 12/20/27<sup>(2)</sup> <br>| 2041 | &nbsp;&nbsp; 2032 |
|  |  | &nbsp;&nbsp; 39299 |
| **Housing—1.0%** | **Housing—1.0%** |  |
| Oscar AcquisitionCo LLC Tranche B (3 month Term SOFR <br> + 4.250%) <br>7.922%, 4/29/29<sup>(2)</sup> <br>| 4560 | &nbsp;&nbsp; 3248 |
| Quikrete Holdings, Inc. Tranche B-3 (1 month Term SOFR <br> + 2.250%) <br>5.966%, 2/10/32<sup>(2)</sup> <br>| 4947 | &nbsp;&nbsp; 4962 |
| Smyrna Ready Mix Concrete LLC 2025 (1 month Term <br> SOFR + 3.000%) <br>6.716%, 4/2/29<sup>(2)</sup> <br>| 3400 | &nbsp;&nbsp; 3417 |
|  |  | &nbsp;&nbsp; 11627 |
| **Information Technology—13.4%** | **Information Technology—13.4%** |  |
| Adeia, Inc. Tranche B (1 month Term SOFR + 2.500%) <br>6.216%, 6/8/28<sup>(2)</sup> <br>| 6142 | &nbsp;&nbsp; 6161 |
| Ahead DB Holdings LLC Tranche B-2 (3 month Term <br> SOFR + 2.500%) <br>6.172%, 2/1/31<sup>(2)</sup> <br>| 6561 | &nbsp;&nbsp; 6547 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| BMC Software 2031 (3 month Term SOFR + 3.000%) <br>6.822%, 7/30/31<sup>(2)</sup> <br>| $6950 | &nbsp;&nbsp; $6926 |
| Cloud Software Group, Inc. |  |  |
| Tranche B (3 month Term SOFR + 3.250%) <br>6.922%, 8/13/32<sup>(2)</sup> <br>| 4719 | &nbsp;&nbsp; 4722 |
| Tranche B-2 (1-3 month Term SOFR + 3.250%) <br>6.922%, 3/21/31<sup>(2)</sup> <br>| 3985 | &nbsp;&nbsp; 3988 |
| Clover Holdings 2 LLC (1 month Term SOFR + 4.000%) <br>7.772%, 12/9/31<sup>(2)</sup> <br>| 4398 | &nbsp;&nbsp; 4394 |
| Creation Technologies, Inc. (3 month Term SOFR + <br> 5.762%) <br>9.696%, 10/5/28<sup>(2)</sup> <br>| 6917 | &nbsp;&nbsp; 6899 |
| Ensono LP First Lien (1 month Term SOFR + 4.114%) <br>7.831%, 5/26/28<sup>(2)</sup> <br>| 4918 | &nbsp;&nbsp; 4912 |
| Finastra USA, Inc. (2 month Term SOFR + 4.000%) <br>7.723%, 9/15/32<sup>(2)</sup> <br>| 5190 | &nbsp;&nbsp; 5073 |
| Ion Platform Finance U.S., Inc. (3 month Term SOFR + <br> 3.750%) <br>7.422%, 10/7/32<sup>(2)</sup> <br>| 1615 | &nbsp;&nbsp; 1512 |
| Knowbe4, Inc. (3 month Term SOFR + 3.750%) <br>7.590%, 7/23/32<sup>(2)</sup> <br>| 2985 | &nbsp;&nbsp; 2983 |
| Leia Finco U.S. LLC (3 month Term SOFR + 3.250%) <br>7.185%, 10/9/31<sup>(2)</sup> <br>| 6580 | &nbsp;&nbsp; 6600 |
| Lendingtree, Inc. Tranche B (1 month Term SOFR + <br> 4.500%) <br>8.216%, 8/21/30<sup>(2)</sup> <br>| 9509 | &nbsp;&nbsp; 9474 |
| Magnite, Inc. (1 month Term SOFR + 3.000%) <br>6.716%, 2/6/31<sup>(2)</sup> <br>| 6791 | &nbsp;&nbsp; 6766 |
| Mermaid Bidco, Inc. Tranche B (3 month Term SOFR + <br> 3.250%) <br>7.151%, 7/3/31<sup>(2)</sup> <br>| 8225 | &nbsp;&nbsp; 8246 |
| MKS Instruments, Inc. 2025, Tranche B (1 month Term <br> SOFR + 2.000%) <br>5.716%, 8/17/29<sup>(2)</sup> <br>| 6327 | &nbsp;&nbsp; 6349 |
| Modena Buyer LLC (3 month Term SOFR + 4.250%) <br>8.090%, 7/1/31<sup>(2)</sup> <br>| 4362 | &nbsp;&nbsp; 4335 |
| Neon Maple Purchaser, Inc. Tranche B-1 (1 month Term <br> SOFR + 2.500%) <br>6.216%, 11/17/31<sup>(2)</sup> <br>| 6516 | &nbsp;&nbsp; 6518 |
| Perforce Software, Inc. |  |  |
| (1 month Term SOFR + 4.750%) <br>8.466%, 3/21/31<sup>(2)</sup> <br>| 3640 | &nbsp;&nbsp; 3050 |
| 2024 (1 month Term SOFR + 4.750%) <br>8.466%, 7/2/29<sup>(2)</sup> <br>| 751 | &nbsp;&nbsp; 672 |
| Qnity Electronics, Inc. Tranche B (3 month Term SOFR + <br> 2.000%) <br>5.698%, 11/1/32<sup>(2)</sup> <br>| 3740 | &nbsp;&nbsp; 3754 |
| Rackspace Finance LLC First Lien (1 month Term SOFR + <br> 2.864%) <br>6.615%, 5/15/28<sup>(2)</sup> <br>| 5168 | &nbsp;&nbsp; 1877 |
| Red Planet Borrower LLC (1 month Term SOFR + <br> 4.000%) <br>7.716%, 9/8/32<sup>(2)</sup> <br>| 7115 | &nbsp;&nbsp; 7122 |
| Sabre GLBL, Inc. |  |  |
| 2025, Tranche B-1 (1 month Term SOFR + 6.350%) <br>10.066%, 7/30/29<sup>(2)(3)</sup> <br>| 6573 | &nbsp;&nbsp; 5849 |
| 2025, Tranche B-2 (1 month Term SOFR + 6.350%) <br>10.066%, 7/30/29<sup>(2)(3)</sup> <br>| 1693 | &nbsp;&nbsp; 1507 |
| Synechron Holdings, Inc. (3 month Term SOFR + <br> 3.750%) <br>7.572%, 10/3/31<sup>(2)</sup> <br>| 4228 | &nbsp;&nbsp; 4196 |

---

*See Notes to Financial Statements*

------

**Seix Floating Rate High Income Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Team Blue Finco S.a.r.l. (3 month Term SOFR + 3.250%) <br>7.252%, 7/12/32<sup>(2)</sup> <br>| $2980 | &nbsp;&nbsp; $2995 |
| Thryv, Inc. (1 month Term SOFR + 6.750%) <br>10.466%, 5/1/29<sup>(2)</sup> <br>| 1104 | &nbsp;&nbsp; 1097 |
| TripAdvisor, Inc. Tranche B (1 month Term SOFR + <br> 2.750%) <br>6.466%, 7/8/31<sup>(2)</sup> <br>| 4671 | &nbsp;&nbsp; 4490 |
| Ultra Clean Holdings, Inc. (1 month Term SOFR + <br> 2.750%) <br>6.466%, 2/25/28<sup>(2)</sup> <br>| 11965 | &nbsp;&nbsp; 12015 |
| UST Global, Inc. (1 month Term SOFR + 3.000%) <br>6.734%, 11/20/28<sup>(2)</sup> <br>| 4708 | &nbsp;&nbsp; 4720 |
| Virtusa Corp. Tranche B-2 (1 month Term SOFR + <br> 3.250%) <br>6.966%, 2/15/29<sup>(2)</sup> <br>| 4487 | &nbsp;&nbsp; 4494 |
|  |  | &nbsp;&nbsp; 160243 |
| **Manufacturing—3.1%** | **Manufacturing—3.1%** |  |
| A-Ag U.S. Gsi Bidco, Inc. (3 month Term SOFR + 5.000%) <br>8.672%, 10/31/31<sup>(2)</sup> <br>| 5260 | &nbsp;&nbsp; 5264 |
| Alliance Laundry Systems LLC Tranche B (1-3 month <br> Term SOFR + 2.250%) <br>5.984% - 6.107%, 8/19/31<sup>(2)</sup> <br>| 2730 | &nbsp;&nbsp; 2740 |
| Cimpress plc 2024, Tranche B-1 (1 month Term SOFR + <br> 2.500%) <br>6.216%, 5/17/28<sup>(2)</sup> <br>| 3213 | &nbsp;&nbsp; 3218 |
| Construction Partners, Inc. (1 month Term SOFR + <br> 2.500%) <br>6.216%, 11/3/31<sup>(2)</sup> <br>| 3000 | &nbsp;&nbsp; 3018 |
| Crown Equipment Corp. Tranche B-2 (1 month Term <br> SOFR + 2.000%) <br>5.772%, 10/10/31<sup>(2)</sup> <br>| 2477 | &nbsp;&nbsp; 2493 |
| Dynamo U.S. Bidco, Inc. Tranche B-1 (1 month Term <br> SOFR + 3.250%) <br>7.093%, 9/30/31<sup>(2)</sup> <br>| 3453 | &nbsp;&nbsp; 3483 |
| Glatfelter Corp. Tranche B (3 month Term SOFR + <br> 4.250%) <br>8.072%, 11/4/31<sup>(2)</sup> <br>| 3512 | &nbsp;&nbsp; 3483 |
| Lippert Components, Inc. 2025, Tranche B (1 month Term <br> SOFR + 2.250%) <br>5.966%, 3/25/32<sup>(2)</sup> <br>| 3434 | &nbsp;&nbsp; 3451 |
| LSF12 Crown U.S. Commercial Bidco LLC 2025 (1 month <br> Term SOFR + 3.500%) <br>7.373%, 12/2/31<sup>(2)</sup> <br>| 3308 | &nbsp;&nbsp; 3326 |
| U.S. Metalco Holdings LLC (1 month Term SOFR + <br> 3.250%) <br>6.981%, 12/20/32<sup>(2)</sup> <br>| 3330 | &nbsp;&nbsp; 3305 |
| VM Consolidated, Inc. Tranche B-4 (1 month Term SOFR <br> + 2.000%) <br>5.716%, 10/1/32<sup>(2)</sup> <br>| 3147 | &nbsp;&nbsp; 3167 |
|  |  | &nbsp;&nbsp; 36948 |
| **Media / Telecom - Broadcasting—2.0%** | **Media / Telecom - Broadcasting—2.0%** |  |
| DIRECTV Financing LLC |  |  |
| 2024, Tranche B (3 month Term SOFR + 5.512%) <br>9.352%, 8/2/29<sup>(2)</sup> <br>| 4550 | &nbsp;&nbsp; 4560 |
| 2025, Tranche B (3 month Term SOFR + 5.500%) <br>9.340%, 2/17/31<sup>(2)</sup> <br>| 2876 | &nbsp;&nbsp; 2868 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Media / Telecom - Broadcasting—continued** | **Media / Telecom - Broadcasting—continued** |  |
| EOC Borrower LLC Tranche B (1 month Term SOFR + <br> 3.000%) <br>6.716%, 3/24/32<sup>(2)</sup> <br>| $6627 | &nbsp;&nbsp; $6656 |
| Nexstar Media, Inc. Tranche B-5 (1 month Term SOFR + <br> 2.500%) <br>6.216%, 6/28/32<sup>(2)</sup> <br>| 3282 | &nbsp;&nbsp; 3295 |
| Univision Communications, Inc. 2024, First Lien (1 <br> month Term SOFR + 3.500%) <br>7.331%, 1/31/29<sup>(2)</sup> <br>| 6664 | &nbsp;&nbsp; 6641 |
|  |  | &nbsp;&nbsp; 24020 |
| **Media / Telecom - Cable/Wireless Video—3.3%** | **Media / Telecom - Cable/Wireless Video—3.3%** |  |
| Cable One, Inc. Tranche B-4 (1 month Term SOFR + <br> 2.114%) <br>5.831%, 5/3/28<sup>(2)</sup> <br>| 1557 | &nbsp;&nbsp; 1466 |
| Charter Communications Operating LLC |  |  |
| Tranche B-4 (3 month Term SOFR + 2.000%) <br>5.985%, 12/7/30<sup>(2)</sup> <br>| 6189 | &nbsp;&nbsp; 6181 |
| Tranche B-5 (3 month Term SOFR + 2.250%) <br>6.235%, 12/15/31<sup>(2)</sup> <br>| 6001 | &nbsp;&nbsp; 6004 |
| Cogeco Communications Finance USA LP Tranche B-1 (1 <br> month Term SOFR + 3.250%) <br>6.966%, 9/18/30<sup>(2)</sup> <br>| 3424 | &nbsp;&nbsp; 3298 |
| Coral-U.S. Co-Borrower LLC |  |  |
| Tranche B-6 (1 month Term SOFR + 3.114%) <br>6.865%, 10/15/29<sup>(2)</sup> <br>| 5000 | &nbsp;&nbsp; 4949 |
| Tranche B-7 (3 month Term SOFR + 3.250%) <br>7.155%, 1/31/32<sup>(2)</sup> <br>| 5035 | &nbsp;&nbsp; 4937 |
| Telenet Financing USD LLC Tranche AR (1 month Term <br> SOFR + 2.114%) <br>5.865%, 4/30/28<sup>(2)</sup> <br>| 3500 | &nbsp;&nbsp; 3497 |
| Virgin Media Bristol LLC |  |  |
| Tranche Q (1 month Term SOFR + 3.364%) <br>7.115%, 1/31/29<sup>(2)</sup> <br>| 4000 | &nbsp;&nbsp; 4005 |
| Tranche Y (6 month Term SOFR + 3.275%) <br>7.052%, 3/31/31<sup>(2)</sup> <br>| 5628 | &nbsp;&nbsp; 5569 |
|  |  | &nbsp;&nbsp; 39906 |
| **Media / Telecom - Diversified Media—3.6%** | **Media / Telecom - Diversified Media—3.6%** |  |
| AP Core Holdings II LLC |  |  |
| Tranche B-1 (1 month Term SOFR + 5.614%) <br>9.331%, 9/1/27<sup>(2)</sup> <br>| 4676 | &nbsp;&nbsp; 4666 |
| Tranche B-2 (1 month Term SOFR + 5.614%) <br>9.331%, 9/1/27<sup>(2)</sup> <br>| 4955 | &nbsp;&nbsp; 4944 |
| Banijay Entertainment SAS Tranche B-3 (1 month Term <br> SOFR + 2.750%) <br>6.614%, 3/1/28<sup>(2)</sup> <br>| 4205 | &nbsp;&nbsp; 4230 |
| Digital Media Solutions Tranche B, PIK (1 month Term <br> SOFR + 1.000%) <br>5.307%, 5/25/26<sup>(2)(3)(6)</sup> <br>| 351 | &nbsp;&nbsp; — |
| Digital Media Solutions LLC PIK (1 month Term SOFR + <br> 11.114%) <br>15.426%, 5/25/26<sup>(3)(6)(7)</sup> <br>| 3904 | &nbsp;&nbsp; — |
| MH Sub I LLC 2023 (1 month Term SOFR + 4.250%) <br>7.966%, 5/3/28<sup>(2)</sup> <br>| 998 | &nbsp;&nbsp; 925 |
| Neptune Bidco U.S., Inc. |  |  |
| Second Lien (3 month Term SOFR + 9.850%) <br>13.761%, 10/11/29<sup>(2)</sup> <br>| 2215 | &nbsp;&nbsp; 2212 |
| Tranche A (3 month Term SOFR + 4.850%) <br>8.762%, 10/11/28<sup>(2)</sup> <br>| 4171 | &nbsp;&nbsp; 4112 |

---

*See Notes to Financial Statements*

------

**Seix Floating Rate High Income Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Media / Telecom - Diversified Media—continued** | **Media / Telecom - Diversified Media—continued** |  |
| Tranche B (3 month Term SOFR + 5.100%) <br>9.012%, 4/11/29<sup>(2)</sup> <br>| $5540 | &nbsp;&nbsp; $5472 |
| Wasserman Media Group LLC (1 month Term SOFR + <br> 3.000%) <br>6.716%, 6/23/32<sup>(2)</sup> <br>| 2992 | &nbsp;&nbsp; 3004 |
| X Corp. |  |  |
| Tranche B-1 (6 month Term SOFR + 6.750%) <br>10.448%, 10/26/29<sup>(2)</sup> <br>| 4453 | &nbsp;&nbsp; 4371 |
| Tranche B-3 (9 month Term SOFR + 0.000%) <br>9.500%, 10/26/29<sup>(2)</sup> <br>| 8745 | &nbsp;&nbsp; 8707 |
|  |  | &nbsp;&nbsp; 42643 |
| **Media / Telecom - Telecommunications—4.9%** | **Media / Telecom - Telecommunications—4.9%** |  |
| Altice Financing S.A. 2022 (3 month Term SOFR + <br> 5.000%) <br>8.905%, 10/31/27<sup>(8)</sup> <br>| 4947 | &nbsp;&nbsp; 3645 |
| Crown Subsea Communications Holding, Inc. 2025 (1 <br> month Term SOFR + 3.500%) <br>7.216%, 1/30/31<sup>(2)</sup> <br>| 8910 | &nbsp;&nbsp; 8968 |
| Level 3 Financing, Inc. Tranche B-4 (1 month Term SOFR <br> + 3.250%) <br>6.966%, 3/29/32<sup>(2)</sup> <br>| 9635 | &nbsp;&nbsp; 9657 |
| Lumen Technologies, Inc. |  |  |
| Tranche A (1 month Term SOFR + 6.000%) <br>9.716%, 6/1/28<sup>(2)</sup> <br>| 8016 | &nbsp;&nbsp; 8044 |
| Tranche B <br>0.000%, 3/15/27<sup>(2)(4)</sup> <br>| 1775 | &nbsp;&nbsp; 1740 |
| Tranche B-2 (1 month Term SOFR + 2.464%) <br>6.181%, 4/15/30<sup>(2)</sup> <br>| 5294 | &nbsp;&nbsp; 5258 |
| Voyage Digital NZ Ltd. (3 month Term SOFR + 3.250%) <br>7.128%, 5/11/29<sup>(2)</sup> <br>| 3810 | &nbsp;&nbsp; 3815 |
| Zacapa S.a.r.l. (3 month Term SOFR + 3.750%) <br>7.422%, 3/22/29<sup>(2)</sup> <br>| 17284 | &nbsp;&nbsp; 17285 |
|  |  | &nbsp;&nbsp; 58412 |
| **Media / Telecom - Wireless Communications—2.0%** | **Media / Telecom - Wireless Communications—2.0%** |  |
| Connect U.S. Finco LLC (1 month Term SOFR + 4.500%) <br>8.216%, 9/27/29<sup>(2)</sup> <br>| 8755 | &nbsp;&nbsp; 8730 |
| Venga Finance S.a.r.l. 2025 (3 month Term SOFR + <br> 4.012%) <br>7.834%, 6/28/29<sup>(2)</sup> <br>| 11946 | &nbsp;&nbsp; 11964 |
| Viasat, Inc. |  |  |
| <br>0.000%, 3/2/29<sup>(2)(4)</sup> <br>| 2967 | &nbsp;&nbsp; 2954 |
| <br>0.000%, 5/30/30<sup>(2)(4)</sup> <br>| 424 | &nbsp;&nbsp; 422 |
|  |  | &nbsp;&nbsp; 24070 |
| **Metals / Minerals—1.0%** | **Metals / Minerals—1.0%** |  |
| AMG Advanced Metallurgical Group N.V. 2021 (1 month <br> Term SOFR + 3.614%) <br>7.331%, 11/30/28<sup>(2)</sup> <br>| 6048 | &nbsp;&nbsp; 6046 |
| Oxbow Carbon LLC Tranche B (1 month Term SOFR + <br> 3.500%) <br>7.216%, 5/10/30<sup>(2)</sup> <br>| 5975 | &nbsp;&nbsp; 5960 |
|  |  | &nbsp;&nbsp; 12006 |
| **Retail—2.1%** | **Retail—2.1%** |  |
| Boots Group Finco LP (3 month Term SOFR + 3.500%) <br>7.206%, 8/30/32<sup>(2)</sup> <br>| 3740 | &nbsp;&nbsp; 3757 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Retail—continued** | **Retail—continued** |  |
| CWGS Group LLC (1 month Term SOFR + 2.614%) <br>6.331%, 6/3/28<sup>(2)</sup> <br>| $4015 | &nbsp;&nbsp; $3918 |
| Peer Holding III B.V. Tranche B-8 (3 month Term SOFR + <br> 2.250%) <br>5.922%, 9/29/32<sup>(2)</sup> <br>| 3000 | &nbsp;&nbsp; 3003 |
| Restoration Hardware, Inc. |  |  |
| (1 month Term SOFR + 2.614%) <br>6.331%, 10/20/28<sup>(2)</sup> <br>| 1890 | &nbsp;&nbsp; 1861 |
| 2022 (1 month Term SOFR + 3.350%) <br>7.066%, 10/20/28<sup>(2)</sup> <br>| 2414 | &nbsp;&nbsp; 2394 |
| Rising Tide Holdings, Inc. Tranche C, PIK (2 month Term <br> SOFR + 7.250%) <br>10.939%, 9/12/28<sup>(2)(3)(6)</sup> <br>| 676 | &nbsp;&nbsp; 62 |
| Vestis Corp. Tranche B-1 (3 month Term SOFR + 2.250%) <br>6.072%, 2/22/31<sup>(2)</sup> <br>| 6265 | &nbsp;&nbsp; 5716 |
| Victra Holdings LLC (3 month Term SOFR + 3.750%) <br>7.422%, 3/29/29<sup>(2)</sup> <br>| 4172 | &nbsp;&nbsp; 4174 |
|  |  | &nbsp;&nbsp; 24885 |
| **Service—9.1%** | **Service—9.1%** |  |
| Amentum Holdings LLC (1 month Term SOFR + 2.000%) <br>5.716%, 9/29/31<sup>(2)</sup> <br>| 3582 | &nbsp;&nbsp; 3588 |
| American Public Education, Inc. (1 month Term SOFR + <br> 5.614%) <br>9.331%, 9/1/27<sup>(2)</sup> <br>| 3383 | &nbsp;&nbsp; 3341 |
| Apex Group Treasury Ltd. Tranche B (3 month Term SOFR <br> + 3.500%) <br>7.387%, 2/27/32<sup>(2)</sup> <br>| 5003 | &nbsp;&nbsp; 4695 |
| Belfor Holdings, Inc. Tranche B-5 (1 month Term SOFR + <br> 2.750%) <br>6.466%, 11/1/30<sup>(2)</sup> <br>| 6690 | &nbsp;&nbsp; 6715 |
| Camelot U.S. Acquisition I Co. |  |  |
| (1 month Term SOFR + 3.250%) <br>6.966%, 1/31/31<sup>(2)</sup> <br>| 1965 | &nbsp;&nbsp; 1966 |
| Tranche B-1 (1 month Term SOFR + 2.750%) <br>6.466%, 1/31/31<sup>(2)</sup> <br>| 2515 | &nbsp;&nbsp; 2479 |
| Cengage Learning, Inc. 2024 (1-3 month Term SOFR + <br> 3.500%) <br>7.227% - 7.322%, 3/22/31<sup>(2)</sup> <br>| 2981 | &nbsp;&nbsp; 2991 |
| Dayforce, Inc. Tranche B <br>0.000%, 8/20/32<sup>(2)(4)</sup> <br>| 3970 | &nbsp;&nbsp; 3956 |
| EverCommerce Solutions, Inc. (1 month Term SOFR + <br> 2.250%) <br>5.966%, 7/7/31<sup>(2)</sup> <br>| 3495 | &nbsp;&nbsp; 3503 |
| First Advantage Holdings LLC Tranche B (1 month Term <br> SOFR + 2.750%) <br>6.466%, 10/31/31<sup>(2)</sup> <br>| 3725 | &nbsp;&nbsp; 3682 |
| Fugue Finance B.V. (3 month Term SOFR + 2.750%) <br>6.572%, 1/9/32<sup>(2)</sup> <br>| 3372 | &nbsp;&nbsp; 3381 |
| Inmar, Inc. 2025, First Lien (1-3 month Term SOFR + <br> 4.500%) <br>8.172% - 8.340%, 10/30/31<sup>(2)</sup> <br>| 4295 | &nbsp;&nbsp; 4234 |
| Lakeland Tours LLC First Lien, PIK (6 month Term SOFR + <br> 0.000%) <br>10.000%, 9/25/27<sup>(2)(3)(6)</sup> <br>| 118 | &nbsp;&nbsp; 1 |
| LSF11 Trinity Bidco, Inc. 2025, Tranche B (1 month Term <br> SOFR + 2.500%) <br>6.230%, 6/14/30<sup>(2)</sup> <br>| 6562 | &nbsp;&nbsp; 6578 |
| Mister Car Wash Holdings, Inc. 2024 (1 month Term <br> SOFR + 2.500%) <br>6.216%, 3/27/31<sup>(2)</sup> <br>| 3542 | &nbsp;&nbsp; 3552 |

---

*See Notes to Financial Statements*

------

**Seix Floating Rate High Income Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Service—continued** | **Service—continued** |  |
| NAB Holdings LLC 2025 (3 month Term SOFR + 2.500%) <br>6.172%, 11/24/28<sup>(2)</sup> <br>| $4518 | &nbsp;&nbsp; $4309 |
| Nielsen Consumer, Inc. 2025 (1 month Term SOFR + <br> 2.250%) <br>5.966%, 10/31/30<sup>(2)</sup> <br>| 6333 | &nbsp;&nbsp; 6335 |
| Pitney Bowes, Inc. Tranche B (3 month Term SOFR + <br> 3.750%) <br>7.422%, 3/19/32<sup>(2)</sup> <br>| 8536 | &nbsp;&nbsp; 8472 |
| Priority Holdings LLC 2025 (1 month Term SOFR + <br> 3.750%) <br>7.466%, 7/30/32<sup>(2)</sup> <br>| 8089 | &nbsp;&nbsp; 7925 |
| Prometric Holdings, Inc. Tranche B (1 month Term SOFR <br> + 3.750%) <br>7.466%, 6/25/32<sup>(2)</sup> <br>| 2992 | &nbsp;&nbsp; 3011 |
| Soliant Lower Intermediate LLC (3 month Term SOFR + <br> 3.750%) <br>7.794%, 7/18/31<sup>(2)</sup> <br>| 5673 | &nbsp;&nbsp; 4552 |
| St. George's University Scholastic Services LLC (1 month <br> Term SOFR + 2.750%) <br>6.466%, 2/10/29<sup>(2)</sup> <br>| 3832 | &nbsp;&nbsp; 3697 |
| Summer BC Bidco B LLC Tranche B (3 month Term SOFR <br> + 5.260%) <br>8.932%, 2/15/29<sup>(2)</sup> <br>| 6478 | &nbsp;&nbsp; 6016 |
| TRC Cos. LLC 2025 (1 month Term SOFR + 3.000%) <br>6.716%, 12/8/28<sup>(2)</sup> <br>| 5233 | &nbsp;&nbsp; 5245 |
| Wash Multifamily Parent, Inc. Tranche B (1 month Term <br> SOFR + 3.250%) <br>6.966%, 9/10/32<sup>(2)</sup> <br>| 3745 | &nbsp;&nbsp; 3773 |
|  |  | &nbsp;&nbsp; 107997 |
| **Transportation - Automotive—1.1%** | **Transportation - Automotive—1.1%** |  |
| American Axle & Manufacturing, Inc. Tranche B (1-6 <br> month Term SOFR + 3.000%) <br>6.674% - 7.060%, 12/12/29<sup>(2)</sup> <br>| 5246 | &nbsp;&nbsp; 5261 |
| Autokiniton U.S. Holdings, Inc. 2024, Tranche B (1 month <br> Term SOFR + 4.114%) <br>7.831%, 4/6/28<sup>(2)</sup> <br>| 7588 | &nbsp;&nbsp; 7512 |
|  |  | &nbsp;&nbsp; 12773 |
| **Transportation - Land Transportation—0.5%** | **Transportation - Land Transportation—0.5%** |  |
| AIT Worldwide Logistics, Inc. 2025, Tranche B (3 month <br> Term SOFR + 4.000%) <br>7.887%, 4/8/30<sup>(2)</sup> <br>| 2623 | &nbsp;&nbsp; 2636 |
| Clue Opco LLC Tranche B (3 month Term SOFR + <br> 4.500%) <br>8.338%, 12/19/30<sup>(2)</sup> <br>| 3600 | &nbsp;&nbsp; 3567 |
|  |  | &nbsp;&nbsp; 6203 |
| **Transportation - Shipping—0.3%** | **Transportation - Shipping—0.3%** |  |
| Stonepeak Nile Parent LLC First Lien (3 month Term <br> SOFR + 2.250%) <br>6.162%, 4/9/32<sup>(2)</sup> <br>| 3105 | &nbsp;&nbsp; 3103 |
| **Utilities—3.2%** | **Utilities—3.2%** |  |
| Alpha Generation LLC Tranche B (1 month Term SOFR + <br> 2.000%) <br>5.716%, 9/30/31<sup>(2)</sup> <br>| 4482 | &nbsp;&nbsp; 4493 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| Bayonne Energy Center LLC (3 month Term SOFR + <br> 3.000%) <br>6.672%, 9/22/32<sup>(2)</sup> <br>| $3696 | &nbsp;&nbsp; $3717 |
| Cornerstone Generation LLC Tranche B (2 month Term <br> SOFR + 3.250%) <br>7.093%, 8/11/32<sup>(2)</sup> <br>| 3057 | &nbsp;&nbsp; 3081 |
| Eastern Power LLC Tranche B (1 month Term SOFR + <br> 5.250%) <br>8.966%, 4/3/28<sup>(2)</sup> <br>| 4056 | &nbsp;&nbsp; 4076 |
| EMG Utica Midstream Holdings LLC (3 month Term SOFR <br> + 4.000%) <br>7.672%, 4/1/30<sup>(2)</sup> <br>| 3454 | &nbsp;&nbsp; 3488 |
| Hunterstown Generation LLC (3 month Term SOFR + <br> 3.000%) <br>7.001%, 11/6/31<sup>(2)</sup> <br>| 4383 | &nbsp;&nbsp; 4383 |
| Invenergy Thermal Operating I LLC |  |  |
| Tranche B (1-3 month Term SOFR + 2.750%) <br>6.410% - 6.430%, 5/17/32<sup>(2)</sup> <br>| 3999 | &nbsp;&nbsp; 4010 |
| Tranche C (1-3 month Term SOFR + 2.750%) <br>6.410% - 6.430%, 5/17/32<sup>(2)</sup> <br>| 250 | &nbsp;&nbsp; 251 |
| MRP Buyer LLC |  |  |
| (3 month Term SOFR + 3.250%) <br>6.922%, 5/24/32<sup>(2)</sup> <br>| 6030 | &nbsp;&nbsp; 5976 |
| (3 month Term SOFR + 3.250%) <br>6.922%, 6/4/32<sup>(2)</sup> <br>| 463 | &nbsp;&nbsp; 459 |
| Talen Energy Supply LLC |  |  |
| 2024, Tranche B (3 month Term SOFR + 2.500%) <br>6.353%, 12/12/31<sup>(2)</sup> <br>| 1817 | &nbsp;&nbsp; 1823 |
| Tranche B (3 month Term SOFR + 2.500%) <br>6.353%, 5/17/30<sup>(2)</sup> <br>| 2903 | &nbsp;&nbsp; 2911 |
|  |  | &nbsp;&nbsp; 38668 |
| **Total Leveraged Loans** <br>**(Identified Cost $1,123,332)** | **Total Leveraged Loans** <br>**(Identified Cost $1,123,332)** | &nbsp;&nbsp; **1107913** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Common Stocks—1.2%** | **Common Stocks—1.2%** | **Common Stocks—1.2%** |
| **Communication Services—0.1%** | **Communication Services—0.1%** |  |
| Atento Luxco 1 S.A.<sup>(9)</sup> <br>| 10464 | &nbsp;&nbsp; 184 |
| Digital Media Solutions<sup>(3)(9)</sup> <br>| 14839 | &nbsp;&nbsp; 377 |
|  |  | &nbsp;&nbsp; 561 |
| **Consumer Discretionary—0.0%** | **Consumer Discretionary—0.0%** |  |
| West Marine<sup>(3)(9)</sup> <br>| 44603 | &nbsp;&nbsp; — |
| **Energy—0.2%** | **Energy—0.2%** |  |
| Summit Midstream Corp.<sup>(9)</sup> <br>| 108293 | &nbsp;&nbsp; 2889 |
| **Financials—0.0%** | **Financials—0.0%** |  |
| Copper Property CTL Pass Through Trust<sup>(3)</sup> <br>| 17816 | &nbsp;&nbsp; 203 |
| **Information Technology—0.0%** | **Information Technology—0.0%** |  |
| Bright Bidco<sup>(3)(9)</sup> <br>| 26953 | &nbsp;&nbsp; 9 |
| **Real Estate—0.0%** | **Real Estate—0.0%** |  |
| Altisource Portfolio Solutions S.A.<sup>(9)</sup> <br>| 2926 | &nbsp;&nbsp; 20 |

---

*See Notes to Financial Statements*

------

**Seix Floating Rate High Income Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Utilities—0.9%** | **Utilities—0.9%** |  |
| Longview Intermediate Holdings LLC<sup>(3)(9)</sup> <br>| 265938 | &nbsp;&nbsp; $10372 |
| **Total Common Stocks** <br>**(Identified Cost $4,483)** | **Total Common Stocks** <br>**(Identified Cost $4,483)** | &nbsp;&nbsp; **14054** |
| **Warrant—0.0%** | **Warrant—0.0%** | **Warrant—0.0%** |
| **Consumer Discretionary—0.0%** | **Consumer Discretionary—0.0%** |  |
| West Marine, 06/01/29<sup>(3)(9)</sup> <br>| 5583 | &nbsp;&nbsp; — |
| **Total Warrant** <br>**(Identified Cost $—)** | **Total Warrant** <br>**(Identified Cost $—)** | &nbsp;&nbsp; **—** |
| **Affiliated Exchange-Traded Fund—0.0%** | **Affiliated Exchange-Traded Fund—0.0%** | **Affiliated Exchange-Traded Fund—0.0%** |
| **Financials—0.0%** | **Financials—0.0%** |  |
| Virtus SEIX AAA Private Credit CLO ETF<sup>(10)(11)</sup> <br>| 24000 | &nbsp;&nbsp; 599 |
| **Total Affiliated Exchange-Traded Fund** <br>**(Identified Cost $599)** | **Total Affiliated Exchange-Traded Fund** <br>**(Identified Cost $599)** | &nbsp;&nbsp; **599** |
| **Total Long-Term Investments—98.2%** <br>**(Identified Cost $1,178,623)** | **Total Long-Term Investments—98.2%** <br>**(Identified Cost $1,178,623)** | &nbsp;&nbsp; **1172740** |
| **TOTAL INVESTMENTS—98.2%** <br>**(Identified Cost $1,178,623)** | **TOTAL INVESTMENTS—98.2%** <br>**(Identified Cost $1,178,623)** | &nbsp;&nbsp; **$1172740** |
| Other assets and liabilities, net—1.8% | Other assets and liabilities, net—1.8% | &nbsp;&nbsp; 21153 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$1193893** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| CLO | Collateralized Loan Obligation |
| ETF | Exchange-Traded Fund |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| PIK | Payment-in-Kind Security |
| plc | Public Limited Company |
| REIT | Real Estate Investment Trust |
| S.a.r.l. | Société à responsabilité limitée |
| SOFR | Secured Overnight Financing Rate |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Security exempt from registration under Rule 144A of the Securities Act of 1933. <br> These securities may be resold in transactions exempt from registration, <br> normally to qualified institutional buyers. At December 31, 2025, these securities <br> amounted to a value of $44,857 or 3.8% of net assets.<br>|
| <sup>(2)</sup> <br>| Variable rate security. Rate disclosed is as of December 31, 2025. Information in <br> parenthesis represents benchmark and reference rate for each security. Certain <br> variable rate securities are not based on a published reference rate and spread but <br> are determined by the issuer or agent and are based on current market <br> conditions, or, for mortgage-backed securities, are impacted by the individual <br> mortgages which are paying off over time. These securities do not indicate a <br> reference rate and spread in their descriptions.<br>|
| <sup>(3)</sup> <br>| The value of this security was determined using significant unobservable inputs <br> and is reported as a Level 3 security in the Fair Value Hierarchy table located after <br> the Schedule of Investments.<br>|
| <sup>(4)</sup> <br>| This loan will settle after December 31, 2025, at which time the interest rate, <br> calculated on the base lending rate and the agreed upon spread on trade date, will <br> be reflected.<br>|
| <sup>(5)</sup> <br>| Amount is less than $500 (not in thousands). |
| <sup>(6)</sup> <br>| Payment-in-kind security which may pay interest/dividends in additional <br> par/shares and/or in cash. Rates shown are the current rate and possible <br> payment rates.<br>|
| <sup>(7)</sup> <br>| Security in default; no interest payments are being received. |
| <sup>(8)</sup> <br>| Security in default; interest payments are being received. |
| <sup>(9)</sup> <br>| Non-income producing. |
| <sup>(10)</sup> <br>| Affiliated investment. See Note 4G in Notes to Financial Statements. |
| <sup>(11)</sup> <br>| Shares of this fund are publicly offered, and its prospectus and annual report are <br> publicly available.<br>|

---

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

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)**<sup>†</sup>  | **Country Weightings (Unaudited)**<sup>†</sup>  |
| United States | 90<br> %<br>|
| Luxembourg | 4 |
| Canada | 2 |
| Cayman Islands | 2 |
| Netherlands | 1 |
| Singapore | 1 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of December 31, 2025. | <sup>†</sup> % of total investments as of December 31, 2025. |

---

As of December 31, 2025, the Fund had the following unfunded loan commitment:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Borrower** | **Par Value** | **Commitment** | **Value** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| First Eagle Holdings, Inc., 8/16/32 | &nbsp;&nbsp; $997 | &nbsp;&nbsp; $990 | &nbsp;&nbsp; $995 | &nbsp;&nbsp; $5 |
| MRP Buyer LLC, 6/04/32 | &nbsp;&nbsp; 306 | &nbsp;&nbsp; 303 | &nbsp;&nbsp; 303 | &nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| Savor Acquisition, Inc., 2/19/32 | &nbsp;&nbsp; 319 | &nbsp;&nbsp; 319 | &nbsp;&nbsp; 320 | &nbsp;&nbsp; 1 |
| Total  | &nbsp;&nbsp; $1622 | &nbsp;&nbsp; $1612 | &nbsp;&nbsp; $1618 | &nbsp;&nbsp; $6 |

---

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

<sup>(1)</sup> Amount is less than $500 (not in thousands).

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**Seix Floating Rate High Income Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

($ reported in thousands)

The following table summarizes the value of the Fund's investments as of December 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 1 <br>Quoted Prices<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>| Level 3 <br>Significant <br>Unobservable <br>Inputs<br>|
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $16177 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $16177 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp; 33997 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33997 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp; 1107913 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1098805 | &nbsp;&nbsp;&nbsp;&nbsp; 9108 <br><sup>(1)</sup><br>|
| Equity Securities: |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 14054 | &nbsp;&nbsp;&nbsp;&nbsp; 3093 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10961 <br><sup>(1)</sup><br>|
| Warrant | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| Affiliated Exchange-Traded Fund | &nbsp;&nbsp;&nbsp;&nbsp; 599 | &nbsp;&nbsp;&nbsp;&nbsp; 599 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Other Financial Instruments: |  |  |  |  |
| Unfunded Loan Commitments<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $1172746 | &nbsp;&nbsp;&nbsp;&nbsp; $3692 | &nbsp;&nbsp;&nbsp;&nbsp; $1148985 | &nbsp;&nbsp;&nbsp;&nbsp; $20069 |

---

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

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

<sup>\*</sup> Unfunded Loan Commitments are valued at the net unrealized appreciation (depreciation).

Securities held by the Fund with an end of period value of $1 were transferred from Level 2 to Level 3 due to a decrease in trading activities at period end.

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Total | Leveraged <br>Loans<br>| Common <br>Stocks<br>| Warrants |
| **Investments in Securities** |  |  |  |  |
| **Balance as of December 31, 2024:** | &nbsp;&nbsp;&nbsp; $13766 | &nbsp;&nbsp;&nbsp; $2945 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; $10821 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; $— <br><sup>(a)</sup><br>|
| Accrued discount/(premium) | &nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (6066)<br>| &nbsp;&nbsp;&nbsp; (3996)<br>| &nbsp;&nbsp;&nbsp; (2070)<br>| &nbsp;&nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation)<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; 11172 | &nbsp;&nbsp;&nbsp; 3749 | &nbsp;&nbsp;&nbsp; 7423 | &nbsp;&nbsp;&nbsp; — |
| Purchases | &nbsp;&nbsp;&nbsp; 9597 | &nbsp;&nbsp;&nbsp; 8990 | &nbsp;&nbsp;&nbsp; 607 | &nbsp;&nbsp;&nbsp; — |
| Sales<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp; (8388)<br>| &nbsp;&nbsp;&nbsp; (2568)<br>| &nbsp;&nbsp;&nbsp; (5820)<br>| &nbsp;&nbsp;&nbsp; — |
| Transfers into Level 3<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Balance as of December 31, 2025** | &nbsp;&nbsp;&nbsp; $20069 | &nbsp;&nbsp;&nbsp; $9108 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; $10961 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; $— <br><sup>(a)</sup><br>|

---

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

<sup>(b)</sup> The change in unrealized appreciation (depreciation) on investments still held at December 31, 2025, was $6,321.

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

<sup>(d)</sup> Transfers into and/or from represent the ending value as of December 31, 2025, for any investment security where a change in the pricing level occurred from the beginning to the end of the period.

*See Notes to Financial Statements*

------

**Seix Floating Rate High Income Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

($ reported in thousands)

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 at December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in** <br>**Securities – Assets**<br>| **Ending** <br>**Balance at** <br>**December 31,** <br>**2025**<br>| **Valuation Technique** <br>**Used**<br>| **Unobservable** <br>**Inputs**<br>| **Input** <br>**Values**<br>| **Impact to Valuation** <br>**from an Increase** <br>**in Unobservable** <br>**Inputs**<sup>(a)</sup> <br>|
| **Common Stocks:** |  |  |  |  |  |
| Digital Media Solutions, Inc | &nbsp;&nbsp;&nbsp; $377 | &nbsp;&nbsp;&nbsp; Market and Company <br>Comparables<br>| EV Multiples | 0.93x (0.58x - 2.01x) | &nbsp;&nbsp;&nbsp; Increase |
|  |  |  |  | 7.31x (3.45x - 10.85x) |  |
|  |  |  | Recent Transaction | 25.00% | &nbsp;&nbsp;&nbsp; Increase |
|  |  |  | Illiquidity Discount | 30.00% | &nbsp;&nbsp;&nbsp; Decrease |
| West Marine | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; Market and Company <br>Comparables<br>| EV Multiples | 0.51x (0.22x - 1.30x) | &nbsp;&nbsp;&nbsp; Increase |
|  |  |  |  | 6.87x (5.04x - 13.90x) |  |
|  |  |  |  | 0.60x (0.29x-1.24x) |  |
|  |  |  | Illiquidity Discount | 30.00% | &nbsp;&nbsp;&nbsp; Decrease |
| **Leveraged Loans:** |  |  |  |  |  |
| Digital Media Solutions, Inc. | &nbsp;&nbsp;&nbsp; $1689 | Discounted cash flows | Discount rate | 7.28% (6.78% - 7.78%) | &nbsp;&nbsp;&nbsp; Decrease |
| Rising Tide Holdings Inc. | &nbsp;&nbsp;&nbsp; $62 | Discounted cash flows | Discount rate | 30.76% (30.26% - 31.26%) | &nbsp;&nbsp;&nbsp; Decrease |

---

<sup>(a)</sup> A significant change in unobservable inputs could result in a significantly higher or lower fair value.

*See Notes to Financial Statements*

------

**Seix High Grade Municipal Bond Fund**

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Municipal Bonds**<sup>(1)</sup>**—101.0%** | **Municipal Bonds**<sup>(1)</sup>**—101.0%** | **Municipal Bonds**<sup>(1)</sup>**—101.0%** |
| **Alabama—1.9%** | **Alabama—1.9%** |  |
| Southeast Energy Authority A Cooperative District, <br> Natural Gas Revenue, Series E <br>5.000%, 10/1/30<br>| $250 | &nbsp;&nbsp; $269 |
| **Colorado—0.7%** | **Colorado—0.7%** |  |
| Colorado Bridge & Tunnel Enterprise, Miscellaneous <br> Revenue, Series A (AG Insured) <br>5.250%, 12/1/54<br>| 100 | &nbsp;&nbsp; 106 |
| **Florida—8.9%** | **Florida—8.9%** |  |
| Marion County School Board, Certificates of Participation <br> (AG Insured) <br>5.000%, 6/1/43<br>| 345 | &nbsp;&nbsp; 366 |
| Orange County School Board, Certificates of <br> Participation, Series A <br>5.000%, 8/1/34<br>| 350 | &nbsp;&nbsp; 405 |
| Pasco County, H. Lee Moffitt Cancer Center Project <br> Revenue (AG Insured) <br>5.750%, 9/1/54<br>| 250 | &nbsp;&nbsp; 268 |
| Tampa Bay Water, Water Revenue, Series A <br>5.000%, 10/1/49<br>| 215 | &nbsp;&nbsp; 225 |
|  |  | &nbsp;&nbsp; 1264 |
| **Illinois—0.8%** | **Illinois—0.8%** |  |
| City of Chicago, General Obligation, Series E <br>6.000%, 1/1/42<br>| 100 | &nbsp;&nbsp; 107 |
| **Kentucky—1.5%** | **Kentucky—1.5%** |  |
| Fayette County School District Finance Corp., Lease <br> Revenue (ST INTERCEPT Insured) <br>5.000%, 6/1/43<br>| 200 | &nbsp;&nbsp; 210 |
| **Louisiana—4.2%** | **Louisiana—4.2%** |  |
| State of Louisiana, General Obligation, |  |  |
| Series B <br>5.000%, 6/1/37<br>| 175 | &nbsp;&nbsp; 202 |
| Series E <br>5.000%, 9/1/31<br>| 350 | &nbsp;&nbsp; 396 |
|  |  | &nbsp;&nbsp; 598 |
| **Massachusetts—2.0%** | **Massachusetts—2.0%** |  |
| Massachusetts Bay Transportation Authority, Sales Tax <br> Revenue, Series B <br>5.000%, 7/1/38<br>| 250 | &nbsp;&nbsp; 289 |
| **Nevada—1.7%** | **Nevada—1.7%** |  |
| Las Vegas Convention & Visitors Authority, Hotel <br> Occupancy Tax Revenue, Series A <br>5.000%, 7/1/49<br>| 240 | &nbsp;&nbsp; 247 |
| **New Jersey—6.4%** | **New Jersey—6.4%** |  |
| New Jersey Transportation Trust Fund Authority <br> Revenue,<br>|  |  |
| Series A <br>5.000%, 6/15/35<br>| 315 | &nbsp;&nbsp; 363 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **New Jersey—continued** | **New Jersey—continued** |  |
| Series AA <br>5.250%, 6/15/41<br>| $500 | &nbsp;&nbsp; $557 |
|  |  | &nbsp;&nbsp; 920 |
| **New York—19.3%** | **New York—19.3%** |  |
| Battery Park City Authority, Miscellaneous Revenue <br>5.000%, 11/1/50<br>| 160 | &nbsp;&nbsp; 168 |
| City of New York, General Obligation, |  |  |
| Series B-1 <br>5.250%, 10/1/47<br>| 500 | &nbsp;&nbsp; 522 |
| Series D-1 <br>5.500%, 5/1/44<br>| 1000 | &nbsp;&nbsp; 1078 |
| New York City Municipal Water Finance Authority, Water <br> Revenue, Series AA <br>5.000%, 6/15/49<br>| 210 | &nbsp;&nbsp; 219 |
| New York City Transitional Finance Authority, Income Tax <br> Revenue, Series G-1 <br>5.000%, 5/1/42<br>| 300 | &nbsp;&nbsp; 322 |
| Port Authority of New York & New Jersey, (AMT) <br>5.000%, 10/15/30<br>| 405 | &nbsp;&nbsp; 441 |
|  |  | &nbsp;&nbsp; 2750 |
| **North Carolina—1.2%** | **North Carolina—1.2%** |  |
| City of Fayetteville, Public Works Commission Revenue <br>4.000%, 3/1/55<br>| 185 | &nbsp;&nbsp; 175 |
| **Ohio—0.7%** | **Ohio—0.7%** |  |
| Franklin County, Nationwide Children's Hospital Revenue, <br> Series A <br>5.250%, 11/1/55<br>| 100 | &nbsp;&nbsp; 105 |
| **Oklahoma—1.5%** | **Oklahoma—1.5%** |  |
| Oklahoma Water Resources Board, Clean Water Program <br> Revenue <br>5.000%, 4/1/42<br>| 200 | &nbsp;&nbsp; 217 |
| **Pennsylvania—19.1%** | **Pennsylvania—19.1%** |  |
| City of Philadelphia, General Obligation, Series C <br>5.000%, 8/1/32<br>| 750 | &nbsp;&nbsp; 852 |
| City of Pittsburgh, General Obligation <br>5.000%, 9/1/41<br>| 375 | &nbsp;&nbsp; 404 |
| Pennsylvania Turnpike Commission, Toll Highway <br> Revenue,<br>|  |  |
| First Subordinate Series <br>5.000%, 12/1/40<br>| 1000 | &nbsp;&nbsp; 1099 |
| Series B <br>5.250%, 12/1/52<br>| 350 | &nbsp;&nbsp; 368 |
|  |  | &nbsp;&nbsp; 2723 |
| **South Carolina—4.1%** | **South Carolina—4.1%** |  |
| South Carolina Public Service Authority, Santee Cooper <br> Revenue, Series B <br>5.000%, 12/1/43<br>| 545 | &nbsp;&nbsp; 579 |
| **Texas—20.1%** | **Texas—20.1%** |  |
| Arlington Higher Education Finance Corp., Trinity Basin <br> Preparatory Revenue (PSF-GTD Insured) <br>4.500%, 8/15/53<br>| 130 | &nbsp;&nbsp; 130 |

---

*See Notes to Financial Statements*

------

**Seix High Grade Municipal Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Texas—continued** | **Texas—continued** |  |
| Katy Independent School District, General Obligation <br> (PSF-GTD Insured) <br>4.000%, 2/15/39<br>| $500 | &nbsp;&nbsp; $511 |
| Lovejoy Independent School District, General Obligation <br> (PSF-GTD Insured) <br>5.000%, 2/15/31<br>| 250 | &nbsp;&nbsp; 279 |
| Permanent University Fund - University of Texas System <br> Revenue, Series B <br>5.000%, 7/1/36<br>| 530 | &nbsp;&nbsp; 627 |
| State of Texas, General Obligation <br>5.000%, 10/1/43<br>| 250 | &nbsp;&nbsp; 273 |
| Texas Water Development Board, Water Revenue <br>4.650%, 10/15/40<br>| 1000 | &nbsp;&nbsp; 1055 |
|  |  | &nbsp;&nbsp; 2875 |
| **Utah—2.8%** | **Utah—2.8%** |  |
| City of Salt Lake City, Airport Revenue, Series A (AMT) <br>5.250%, 7/1/36<br>| 355 | &nbsp;&nbsp; 396 |
| **Washington—4.1%** | **Washington—4.1%** |  |
| State of Washington, General Obligation, Series C <br>5.000%, 8/1/40<br>| 530 | &nbsp;&nbsp; 592 |
| **Total Municipal Bonds** <br>**(Identified Cost $14,111)** | **Total Municipal Bonds** <br>**(Identified Cost $14,111)** | &nbsp;&nbsp; **14422** |
| **Total Long-Term Investments—101.0%** <br>**(Identified Cost $14,111)** | **Total Long-Term Investments—101.0%** <br>**(Identified Cost $14,111)** | &nbsp;&nbsp; **14422** |
| **TOTAL INVESTMENTS—101.0%** <br>**(Identified Cost $14,111)** | **TOTAL INVESTMENTS—101.0%** <br>**(Identified Cost $14,111)** | &nbsp;&nbsp; **$14422** |
| Other assets and liabilities, net—(1.0)% | Other assets and liabilities, net—(1.0)% | &nbsp;&nbsp; (146)<br>|
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$14276** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| AG | Assured Guaranty Inc. |
| AMT | Alternative Minimum Tax |
| PSF-GTD | Permanent School Fund Guarantee Program |
| ST INTERCEPT | State Intercept |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| At December 31, 2025, 13.0% of the securities in the portfolio are backed by <br> insurance of financial institutions and financial guaranty assurance agencies.<br>|

---

The following table summarizes the value of the Fund's investments as of December 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>|
| Assets: |  |  |
| Debt Instruments: |  |  |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; $14422 | &nbsp;&nbsp;&nbsp;&nbsp; $14422 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $14422 | &nbsp;&nbsp;&nbsp;&nbsp; $14422 |

---

There were no securities valued using quoted prices (Level 1) or significant unobservable inputs (Level 3) at December 31, 2025.

There were no transfers into or out of Level 3 related to securities held at December 31, 2025.

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**Seix High Yield Fund**

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Convertible Bonds and Notes—1.3%** | **Convertible Bonds and Notes—1.3%** | **Convertible Bonds and Notes—1.3%** |
| **Communication Services—1.0%** | **Communication Services—1.0%** |  |
| Cable One, Inc. <br>1.125%, 3/15/28<br>| $5315 | &nbsp;&nbsp; $4325 |
| **Consumer Discretionary—0.3%** | **Consumer Discretionary—0.3%** |  |
| Winnebago Industries, Inc. <br>3.250%, 1/15/30<br>| 1155 | &nbsp;&nbsp; 1083 |
| **Total Convertible Bonds and Notes** <br>**(Identified Cost $5,602)** | **Total Convertible Bonds and Notes** <br>**(Identified Cost $5,602)** | &nbsp;&nbsp; **5408** |
| **Corporate Bonds and Notes—91.2%** | **Corporate Bonds and Notes—91.2%** | **Corporate Bonds and Notes—91.2%** |
| **Communication Services—8.0%** | **Communication Services—8.0%** |  |
| ANGI Group LLC 144A <br>3.875%, 8/15/28<sup>(1)</sup> <br>| 2709 | &nbsp;&nbsp; 2502 |
| Cable One, Inc. 144A <br>4.000%, 11/15/30<sup>(1)</sup> <br>| 3670 | &nbsp;&nbsp; 2829 |
| Charter Communications Operating LLC |  |  |
| 6.650%, 2/1/34 | 1595 | &nbsp;&nbsp; 1680 |
| 6.484%, 10/23/45 | 4232 | &nbsp;&nbsp; 3979 |
| Connect Finco S.a.r.l. 144A <br>9.000%, 9/15/29<sup>(1)</sup> <br>| 1950 | &nbsp;&nbsp; 2068 |
| DIRECTV Financing LLC |  |  |
| <br>144A 5.875%, 8/15/27<sup>(1)</sup> <br>| 1333 | &nbsp;&nbsp; 1341 |
| <br>144A 8.875%, 2/1/30<sup>(1)</sup> <br>| 2158 | &nbsp;&nbsp; 2183 |
| Discovery Communications LLC <br>5.000%, 9/20/37<br>| 800 | &nbsp;&nbsp; 640 |
| Iliad Holding SAS 144A <br>8.500%, 4/15/31<sup>(1)</sup> <br>| 1925 | &nbsp;&nbsp; 2072 |
| Light & Wonder International, Inc. 144A <br>6.250%, 10/1/33<sup>(1)</sup> <br>| 1677 | &nbsp;&nbsp; 1698 |
| Sirius XM Radio LLC 144A <br>4.000%, 7/15/28<sup>(1)</sup> <br>| 2145 | &nbsp;&nbsp; 2097 |
| Snap, Inc. 144A <br>6.875%, 3/1/33<sup>(1)</sup> <br>| 2111 | &nbsp;&nbsp; 2188 |
| Time Warner Cable LLC <br>5.875%, 11/15/40<br>| 1150 | &nbsp;&nbsp; 1064 |
| Virgin Media Secured Finance plc 144A <br>5.500%, 5/15/29<sup>(1)</sup> <br>| 1450 | &nbsp;&nbsp; 1429 |
| Warnermedia Holdings, Inc. |  |  |
| 4.279%, 3/15/32 | 3550 | &nbsp;&nbsp; 3116 |
| 5.050%, 3/15/42 | 575 | &nbsp;&nbsp; 405 |
| ZipRecruiter, Inc. 144A <br>5.000%, 1/15/30<sup>(1)</sup> <br>| 2572 | &nbsp;&nbsp; 2019 |
|  |  | &nbsp;&nbsp; 33310 |
| **Consumer Discretionary—10.9%** | **Consumer Discretionary—10.9%** |  |
| Asbury Automotive Group, Inc. |  |  |
| 4.750%, 3/1/30 | 422 | &nbsp;&nbsp; 416 |
| <br>144A 5.000%, 2/15/32<sup>(1)</sup> <br>| 2663 | &nbsp;&nbsp; 2588 |
| Ashton Woods USA LLC 144A <br>6.875%, 8/1/33<sup>(1)</sup> <br>| 2105 | &nbsp;&nbsp; 2107 |
| Bath & Body Works, Inc. <br>6.750%, 7/1/36<br>| 2102 | &nbsp;&nbsp; 2086 |
| Caesars Entertainment, Inc. 144A <br>6.000%, 10/15/32<sup>(1)(2)</sup> <br>| 1045 | &nbsp;&nbsp; 1016 |
| Champ Acquisition Corp. 144A <br>8.375%, 12/1/31<sup>(1)</sup> <br>| 1102 | &nbsp;&nbsp; 1190 |
| Churchill Downs, Inc. 144A <br>6.750%, 5/1/31<sup>(1)</sup> <br>| 391 | &nbsp;&nbsp; 405 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Discretionary—continued** | **Consumer Discretionary—continued** |  |
| Dream Finders Homes, Inc. 144A <br>8.250%, 8/15/28<sup>(1)</sup> <br>| $3072 | &nbsp;&nbsp; $3162 |
| FirstCash, Inc. |  |  |
| <br>144A 5.625%, 1/1/30<sup>(1)</sup> <br>| 2070 | &nbsp;&nbsp; 2078 |
| <br>144A 6.875%, 3/1/32<sup>(1)</sup> <br>| 4606 | &nbsp;&nbsp; 4791 |
| Group 1 Automotive, Inc. 144A <br>6.375%, 1/15/30<sup>(1)</sup> <br>| 1410 | &nbsp;&nbsp; 1451 |
| Kingpin Intermediate Holdings LLC 144A <br>7.250%, 10/15/32<sup>(1)</sup> <br>| 1110 | &nbsp;&nbsp; 1049 |
| LGI Homes, Inc. 144A <br>8.750%, 12/15/28<sup>(1)</sup> <br>| 867 | &nbsp;&nbsp; 904 |
| Macy's Retail Holdings LLC <br>5.125%, 1/15/42<br>| 852 | &nbsp;&nbsp; 699 |
| New Home Co., Inc. (The) |  |  |
| <br>144A 9.250%, 10/1/29<sup>(1)</sup> <br>| 3022 | &nbsp;&nbsp; 3154 |
| <br>144A 8.500%, 11/1/30<sup>(1)</sup> <br>| 1500 | &nbsp;&nbsp; 1545 |
| Station Casinos LLC |  |  |
| <br>144A 4.500%, 2/15/28<sup>(1)</sup> <br>| 1930 | &nbsp;&nbsp; 1914 |
| <br>144A 4.625%, 12/1/31<sup>(1)</sup> <br>| 1720 | &nbsp;&nbsp; 1631 |
| <br>144A 6.625%, 3/15/32<sup>(1)</sup> <br>| 615 | &nbsp;&nbsp; 630 |
| Travel + Leisure Co. 144A <br>6.625%, 7/31/26<sup>(1)</sup> <br>| 1886 | &nbsp;&nbsp; 1899 |
| Under Armour, Inc. 144A <br>7.250%, 7/15/30<sup>(1)</sup> <br>| 1055 | &nbsp;&nbsp; 1056 |
| Upbound Group, Inc. 144A <br>6.375%, 2/15/29<sup>(1)</sup> <br>| 4399 | &nbsp;&nbsp; 4333 |
| Weekley Homes LLC 144A <br>6.750%, 1/15/34<sup>(1)</sup> <br>| 2075 | &nbsp;&nbsp; 2101 |
| Whirlpool Corp. <br>6.125%, 6/15/30<br>| 2088 | &nbsp;&nbsp; 2085 |
| Winnebago Industries, Inc. 144A <br>6.250%, 7/15/28<sup>(1)</sup> <br>| 1043 | &nbsp;&nbsp; 1041 |
|  |  | &nbsp;&nbsp; 45331 |
| **Consumer Staples—1.0%** | **Consumer Staples—1.0%** |  |
| Simmons Foods, Inc. 144A <br>4.625%, 3/1/29<sup>(1)</sup> <br>| 1830 | &nbsp;&nbsp; 1763 |
| Turning Point Brands, Inc. 144A <br>7.625%, 3/15/32<sup>(1)</sup> <br>| 2280 | &nbsp;&nbsp; 2427 |
|  |  | &nbsp;&nbsp; 4190 |
| **Energy—9.9%** | **Energy—9.9%** |  |
| Ascent Resources Utica Holdings LLC 144A <br>9.000%, 11/1/27<sup>(1)</sup> <br>| 329 | &nbsp;&nbsp; 418 |
| California Resources Corp. 144A <br>8.250%, 6/15/29<sup>(1)</sup> <br>| 1908 | &nbsp;&nbsp; 1996 |
| Chord Energy Corp. 144A <br>6.000%, 10/1/30<sup>(1)</sup> <br>| 4100 | &nbsp;&nbsp; 4150 |
| Coronado Finance Pty Ltd. 144A <br>9.250%, 10/1/29<sup>(1)</sup> <br>| 3241 | &nbsp;&nbsp; 3003 |
| Magnolia Oil & Gas Operating LLC 144A <br>6.875%, 12/1/32<sup>(1)</sup> <br>| 3020 | &nbsp;&nbsp; 3104 |
| Matador Resources Co. 144A <br>6.875%, 4/15/28<sup>(1)</sup> <br>| 2030 | &nbsp;&nbsp; 2074 |
| Noble Finance II LLC 144A <br>8.000%, 4/15/30<sup>(1)</sup> <br>| 2000 | &nbsp;&nbsp; 2078 |
| Prairie Acquiror LP 144A <br>9.000%, 8/1/29<sup>(1)</sup> <br>| 2020 | &nbsp;&nbsp; 2100 |
| Rockies Express Pipeline LLC |  |  |
| <br>144A 4.950%, 7/15/29<sup>(1)</sup> <br>| 1092 | &nbsp;&nbsp; 1090 |

---

*See Notes to Financial Statements*

------

**Seix High Yield Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| <br>144A 7.500%, 7/15/38<sup>(1)</sup> <br>| $2537 | &nbsp;&nbsp; $2760 |
| SESI LLC 144A <br>7.875%, 9/30/30<sup>(1)</sup> <br>| 2146 | &nbsp;&nbsp; 2113 |
| Tallgrass Energy Partners LP 144A <br>7.375%, 2/15/29<sup>(1)</sup> <br>| 992 | &nbsp;&nbsp; 1025 |
| Tidewater, Inc. 144A <br>9.125%, 7/15/30<sup>(1)</sup> <br>| 1886 | &nbsp;&nbsp; 2023 |
| Transocean Aquila Ltd. 144A <br>8.000%, 9/30/28<sup>(1)</sup> <br>| 1378 | &nbsp;&nbsp; 1412 |
| Transocean International Ltd. |  |  |
| 7.500%, 4/15/31 | 1295 | &nbsp;&nbsp; 1228 |
| <br>144A 8.750%, 2/15/30<sup>(1)</sup> <br>| 947 | &nbsp;&nbsp; 989 |
| <br>144A 8.500%, 5/15/31<sup>(1)</sup> <br>| 835 | &nbsp;&nbsp; 827 |
| Transocean Titan Financing Ltd. 144A <br>8.375%, 2/1/28<sup>(1)</sup> <br>| 1672 | &nbsp;&nbsp; 1707 |
| Valaris Ltd. 144A <br>8.375%, 4/30/30<sup>(1)</sup> <br>| 1999 | &nbsp;&nbsp; 2080 |
| Venture Global LNG, Inc. |  |  |
| <br>144A 9.000%<sup>(1)(3)</sup> <br>| 1777 | &nbsp;&nbsp; 1403 |
| <br>144A 9.500%, 2/1/29<sup>(1)</sup> <br>| 3775 | &nbsp;&nbsp; 3913 |
|  |  | &nbsp;&nbsp; 41493 |
| **Financials—29.9%** | **Financials—29.9%** |  |
| Alliant Holdings Intermediate LLC 144A <br>6.750%, 10/15/27<sup>(1)</sup> <br>| 1000 | &nbsp;&nbsp; 1006 |
| American Axle & Manufacturing, Inc. <br>6.875%, 7/1/28<br>| 626 | &nbsp;&nbsp; 626 |
| Apollo Commercial Real Estate Finance, Inc. 144A <br>4.625%, 6/15/29<sup>(1)</sup> <br>| 1170 | &nbsp;&nbsp; 1132 |
| Ardonagh Finco Ltd. 144A <br>7.750%, 2/15/31<sup>(1)</sup> <br>| 3842 | &nbsp;&nbsp; 4028 |
| Ardonagh Group Finance Ltd. 144A <br>8.875%, 2/15/32<sup>(1)</sup> <br>| 945 | &nbsp;&nbsp; 982 |
| Aretec Group, Inc. 144A <br>10.000%, 8/15/30<sup>(1)</sup> <br>| 1589 | &nbsp;&nbsp; 1715 |
| Arsenal AIC Parent LLC |  |  |
| <br>144A 8.000%, 10/1/30<sup>(1)</sup> <br>| 932 | &nbsp;&nbsp; 989 |
| <br>144A 11.500%, 10/1/31<sup>(1)</sup> <br>| 1905 | &nbsp;&nbsp; 2097 |
| Ascent Resources Utica Holdings LLC 144A <br>6.625%, 10/15/32<sup>(1)</sup> <br>| 1475 | &nbsp;&nbsp; 1523 |
| Baldwin Insurance Group Holdings LLC 144A <br>7.125%, 5/15/31<sup>(1)</sup> <br>| 2028 | &nbsp;&nbsp; 2101 |
| Blackstone Mortgage Trust, Inc. 144A <br>7.750%, 12/1/29<sup>(1)</sup> <br>| 1017 | &nbsp;&nbsp; 1085 |
| Block, Inc. 144A <br>5.625%, 8/15/30<sup>(1)</sup> <br>| 201 | &nbsp;&nbsp; 205 |
| Bread Financial Holdings, Inc. 144A <br>6.750%, 5/15/31<sup>(1)</sup> <br>| 1060 | &nbsp;&nbsp; 1097 |
| Burford Capital Global Finance LLC 144A <br>7.500%, 7/15/33<sup>(1)</sup> <br>| 1090 | &nbsp;&nbsp; 1040 |
| CCO Holdings LLC 144A <br>7.375%, 3/1/31<sup>(1)</sup> <br>| 3941 | &nbsp;&nbsp; 4022 |
| DBR Land Holdings LLC 144A <br>6.250%, 12/1/30<sup>(1)</sup> <br>| 423 | &nbsp;&nbsp; 433 |
| Encore Capital Group, Inc. 144A <br>9.250%, 4/1/29<sup>(1)</sup> <br>| 2940 | &nbsp;&nbsp; 3098 |
| Enova International, Inc. |  |  |
| <br>144A 11.250%, 12/15/28<sup>(1)</sup> <br>| 2393 | &nbsp;&nbsp; 2531 |
| <br>144A 9.125%, 8/1/29<sup>(1)</sup> <br>| 2024 | &nbsp;&nbsp; 2154 |
| Freedom Mortgage Corp. 144A <br>12.250%, 10/1/30<sup>(1)</sup> <br>| 957 | &nbsp;&nbsp; 1061 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Freedom Mortgage Holdings LLC |  |  |
| <br>144A 9.250%, 2/1/29<sup>(1)</sup> <br>| $1389 | &nbsp;&nbsp; $1457 |
| <br>144A 8.375%, 4/1/32<sup>(1)</sup> <br>| 1100 | &nbsp;&nbsp; 1158 |
| <br>144A 7.875%, 4/1/33<sup>(1)</sup> <br>| 369 | &nbsp;&nbsp; 382 |
| GGAM Finance Ltd. 144A <br>8.000%, 2/15/27<sup>(1)</sup> <br>| 1856 | &nbsp;&nbsp; 1898 |
| goeasy Ltd. |  |  |
| <br>144A 9.250%, 12/1/28<sup>(1)</sup> <br>| 2023 | &nbsp;&nbsp; 2080 |
| <br>144A 7.625%, 7/1/29<sup>(1)</sup> <br>| 2722 | &nbsp;&nbsp; 2692 |
| Gulfport Energy Operating Corp. 144A <br>6.750%, 9/1/29<sup>(1)</sup> <br>| 995 | &nbsp;&nbsp; 1027 |
| Hightower Holding LLC 144A <br>6.750%, 4/15/29<sup>(1)</sup> <br>| 1590 | &nbsp;&nbsp; 1584 |
| Hilcorp Energy I LP 144A <br>8.375%, 11/1/33<sup>(1)</sup> <br>| 4051 | &nbsp;&nbsp; 4136 |
| Howden UK Refinance plc 144A <br>8.125%, 2/15/32<sup>(1)</sup> <br>| 4210 | &nbsp;&nbsp; 4346 |
| INEOS Finance plc 144A <br>6.750%, 5/15/28<sup>(1)</sup> <br>| 2215 | &nbsp;&nbsp; 1960 |
| ION Platform Finance U.S., Inc. 144A <br>7.875%, 9/30/32<sup>(1)</sup> <br>| 1530 | &nbsp;&nbsp; 1452 |
| Jefferies Finance LLC |  |  |
| <br>144A 5.000%, 8/15/28<sup>(1)</sup> <br>| 2095 | &nbsp;&nbsp; 2017 |
| <br>144A 6.625%, 10/15/31<sup>(1)</sup> <br>| 2130 | &nbsp;&nbsp; 2096 |
| Jefferson Capital Holdings LLC |  |  |
| <br>144A 9.500%, 2/15/29<sup>(1)</sup> <br>| 1963 | &nbsp;&nbsp; 2061 |
| <br>144A 8.250%, 5/15/30<sup>(1)</sup> <br>| 1951 | &nbsp;&nbsp; 2052 |
| Level 3 Financing, Inc. 144A <br>7.000%, 3/31/34<sup>(1)</sup> <br>| 2507 | &nbsp;&nbsp; 2584 |
| OneMain Finance Corp. |  |  |
| 7.875%, 3/15/30 | 1972 | &nbsp;&nbsp; 2085 |
| 6.750%, 3/15/32 | 935 | &nbsp;&nbsp; 960 |
| Opal Bidco SAS 144A <br>6.500%, 3/31/32<sup>(1)</sup> <br>| 1020 | &nbsp;&nbsp; 1045 |
| Organon & Co. 144A <br>4.125%, 4/30/28<sup>(1)</sup> <br>| 1090 | &nbsp;&nbsp; 1062 |
| Osaic Holdings, Inc. 144A <br>6.750%, 8/1/32<sup>(1)</sup> <br>| 997 | &nbsp;&nbsp; 1041 |
| Panther Escrow Issuer LLC 144A <br>7.125%, 6/1/31<sup>(1)</sup> <br>| 145 | &nbsp;&nbsp; 150 |
| PennyMac Financial Services, Inc. |  |  |
| <br>144A 7.875%, 12/15/29<sup>(1)</sup> <br>| 1900 | &nbsp;&nbsp; 2022 |
| <br>144A 6.875%, 2/15/33<sup>(1)</sup> <br>| 992 | &nbsp;&nbsp; 1036 |
| Phoenix Aviation Capital Ltd. 144A <br>9.250%, 7/15/30<sup>(1)</sup> <br>| 984 | &nbsp;&nbsp; 1048 |
| PRA Group, Inc. |  |  |
| <br>144A 5.000%, 10/1/29<sup>(1)</sup> <br>| 2228 | &nbsp;&nbsp; 2095 |
| <br>144A 8.875%, 1/31/30<sup>(1)</sup> <br>| 1981 | &nbsp;&nbsp; 2055 |
| Provident Funding Associates LP 144A <br>9.750%, 9/15/29<sup>(1)</sup> <br>| 1952 | &nbsp;&nbsp; 2059 |
| Rocket Cos., Inc. |  |  |
| <br>144A 6.500%, 8/1/29<sup>(1)</sup> <br>| 882 | &nbsp;&nbsp; 910 |
| <br>144A 6.125%, 8/1/30<sup>(1)</sup> <br>| 2085 | &nbsp;&nbsp; 2155 |
| <br>144A 7.125%, 2/1/32<sup>(1)</sup> <br>| 511 | &nbsp;&nbsp; 538 |
| <br>144A 6.375%, 8/1/33<sup>(1)</sup> <br>| 970 | &nbsp;&nbsp; 1011 |
| Rocket Mortgage LLC 144A <br>4.000%, 10/15/33<sup>(1)</sup> <br>| 2434 | &nbsp;&nbsp; 2261 |
| Ryan Specialty LLC 144A <br>5.875%, 8/1/32<sup>(1)</sup> <br>| 4995 | &nbsp;&nbsp; 5104 |
| Sable International Finance Ltd. 144A <br>7.125%, 10/15/32<sup>(1)</sup> <br>| 1050 | &nbsp;&nbsp; 1064 |

---

*See Notes to Financial Statements*

------

**Seix High Yield Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Sabre Financial Borrower LLC 144A <br>11.125%, 6/15/29<sup>(1)</sup> <br>| $1036 | &nbsp;&nbsp; $1050 |
| Seadrill Finance Ltd. 144A <br>8.375%, 8/1/30<sup>(1)</sup> <br>| 1930 | &nbsp;&nbsp; 2007 |
| Standard Building Solutions, Inc. 144A <br>6.250%, 8/1/33<sup>(1)</sup> <br>| 513 | &nbsp;&nbsp; 524 |
| Starwood Property Trust, Inc. 144A <br>5.250%, 10/15/28<sup>(1)</sup> <br>| 1220 | &nbsp;&nbsp; 1229 |
| Transocean International Ltd. |  |  |
| 6.800%, 3/15/38 | 1360 | &nbsp;&nbsp; 1170 |
| <br>144A 7.875%, 10/15/32<sup>(1)</sup> <br>| 1024 | &nbsp;&nbsp; 1069 |
| United Wholesale Mortgage LLC 144A <br>5.500%, 4/15/29<sup>(1)</sup> <br>| 5127 | &nbsp;&nbsp; 5090 |
| UWM Holdings LLC |  |  |
| <br>144A 6.625%, 2/1/30<sup>(1)</sup> <br>| 990 | &nbsp;&nbsp; 1002 |
| <br>144A 6.250%, 3/15/31<sup>(1)</sup> <br>| 1390 | &nbsp;&nbsp; 1388 |
| VFH Parent LLC 144A <br>7.500%, 6/15/31<sup>(1)</sup> <br>| 1760 | &nbsp;&nbsp; 1844 |
| Viking Cruises Ltd. 144A <br>9.125%, 7/15/31<sup>(1)</sup> <br>| 5457 | &nbsp;&nbsp; 5844 |
| Vistra Operations Co. LLC 144A <br>7.750%, 10/15/31<sup>(1)</sup> <br>| 2122 | &nbsp;&nbsp; 2248 |
| Vmed O2 UK Financing I plc |  |  |
| <br>144A 4.750%, 7/15/31<sup>(1)</sup> <br>| 1580 | &nbsp;&nbsp; 1459 |
| <br>144A 7.750%, 4/15/32<sup>(1)</sup> <br>| 1195 | &nbsp;&nbsp; 1245 |
|  |  | &nbsp;&nbsp; 124777 |
| **Health Care—3.3%** | **Health Care—3.3%** |  |
| 1261229 BC Ltd. 144A <br>10.000%, 4/15/32<sup>(1)</sup> <br>| 2020 | &nbsp;&nbsp; 2101 |
| Centene Corp. <br>4.625%, 12/15/29<br>| 4264 | &nbsp;&nbsp; 4136 |
| DaVita, Inc. 144A <br>6.875%, 9/1/32<sup>(1)</sup> <br>| 1975 | &nbsp;&nbsp; 2056 |
| Emergent BioSolutions, Inc. 144A <br>3.875%, 8/15/28<sup>(1)</sup> <br>| 2015 | &nbsp;&nbsp; 1807 |
| Insulet Corp. 144A <br>6.500%, 4/1/33<sup>(1)</sup> <br>| 1565 | &nbsp;&nbsp; 1631 |
| LifePoint Health, Inc. |  |  |
| <br>144A 9.875%, 8/15/30<sup>(1)</sup> <br>| 945 | &nbsp;&nbsp; 1017 |
| <br>144A 11.000%, 10/15/30<sup>(1)</sup> <br>| 879 | &nbsp;&nbsp; 964 |
|  |  | &nbsp;&nbsp; 13712 |
| **Industrials—7.5%** | **Industrials—7.5%** |  |
| AAR Escrow Issuer LLC 144A <br>6.750%, 3/15/29<sup>(1)</sup> <br>| 172 | &nbsp;&nbsp; 178 |
| Allegiant Travel Co. 144A <br>7.250%, 8/15/27<sup>(1)</sup> <br>| 1537 | &nbsp;&nbsp; 1558 |
| Arcosa, Inc. 144A <br>6.875%, 8/15/32<sup>(1)</sup> <br>| 1005 | &nbsp;&nbsp; 1059 |
| Brundage-Bone Concrete Pumping Holdings, Inc. 144A <br>7.500%, 2/1/32<sup>(1)</sup> <br>| 4245 | &nbsp;&nbsp; 4332 |
| BWX Technologies, Inc. 144A <br>4.125%, 6/30/28<sup>(1)</sup> <br>| 4095 | &nbsp;&nbsp; 4032 |
| Cimpress plc 144A <br>7.375%, 9/15/32<sup>(1)</sup> <br>| 1990 | &nbsp;&nbsp; 2030 |
| Danaos Corp. 144A <br>6.875%, 10/15/32<sup>(1)</sup> <br>| 1105 | &nbsp;&nbsp; 1142 |
| Deluxe Corp. 144A <br>8.125%, 9/15/29<sup>(1)</sup> <br>| 782 | &nbsp;&nbsp; 824 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| FTAI Aviation Investors LLC 144A <br>7.875%, 12/1/30<sup>(1)</sup> <br>| $1853 | &nbsp;&nbsp; $1970 |
| LBM Acquisition LLC 144A <br>9.500%, 6/15/31<sup>(1)</sup> <br>| 1805 | &nbsp;&nbsp; 1882 |
| Manitowoc Co., Inc. (The) 144A <br>9.250%, 10/1/31<sup>(1)</sup> <br>| 1990 | &nbsp;&nbsp; 2137 |
| Masterbrand, Inc. 144A <br>7.000%, 7/15/32<sup>(1)</sup> <br>| 1465 | &nbsp;&nbsp; 1518 |
| Terex Corp. 144A <br>5.000%, 5/15/29<sup>(1)</sup> <br>| 1120 | &nbsp;&nbsp; 1116 |
| TMS International Corp. 144A <br>6.250%, 4/15/29<sup>(1)</sup> <br>| 845 | &nbsp;&nbsp; 817 |
| TransDigm, Inc. 144A <br>6.750%, 8/15/28<sup>(1)</sup> <br>| 4030 | &nbsp;&nbsp; 4101 |
| TrueNoord Capital DAC 144A <br>8.750%, 3/1/30<sup>(1)</sup> <br>| 1270 | &nbsp;&nbsp; 1341 |
| White Cap Supply Holdings LLC 144A <br>7.375%, 11/15/30<sup>(1)</sup> <br>| 1060 | &nbsp;&nbsp; 1097 |
|  |  | &nbsp;&nbsp; 31134 |
| **Information Technology—5.8%** | **Information Technology—5.8%** |  |
| Acrisure LLC 144A <br>7.500%, 11/6/30<sup>(1)</sup> <br>| 1375 | &nbsp;&nbsp; 1432 |
| Amentum Holdings, Inc. 144A <br>7.250%, 8/1/32<sup>(1)</sup> <br>| 3904 | &nbsp;&nbsp; 4115 |
| Boost Newco Borrower LLC 144A <br>7.500%, 1/15/31<sup>(1)</sup> <br>| 1840 | &nbsp;&nbsp; 1956 |
| Cloud Software Group, Inc. |  |  |
| <br>144A 6.500%, 3/31/29<sup>(1)</sup> <br>| 4199 | &nbsp;&nbsp; 4254 |
| <br>144A 9.000%, 9/30/29<sup>(1)</sup> <br>| 1940 | &nbsp;&nbsp; 2020 |
| CoreWeave, Inc. 144A <br>9.250%, 6/1/30<sup>(1)</sup> <br>| 1029 | &nbsp;&nbsp; 957 |
| Fair Isaac Corp. 144A <br>6.000%, 5/15/33<sup>(1)</sup> <br>| 2009 | &nbsp;&nbsp; 2064 |
| Sabre GLBL, Inc. |  |  |
| <br>144A 10.750%, 3/15/30<sup>(1)</sup> <br>| 409 | &nbsp;&nbsp; 336 |
| <br>144A 11.125%, 7/15/30<sup>(1)</sup> <br>| 1573 | &nbsp;&nbsp; 1304 |
| Shift4 Payments LLC 144A <br>6.750%, 8/15/32<sup>(1)</sup> <br>| 3875 | &nbsp;&nbsp; 4001 |
| Voyager Parent LLC 144A <br>9.250%, 7/1/32<sup>(1)</sup> <br>| 953 | &nbsp;&nbsp; 1011 |
| WESCO Distribution, Inc. |  |  |
| <br>144A 7.250%, 6/15/28<sup>(1)</sup> <br>| 345 | &nbsp;&nbsp; 350 |
| <br>144A 6.375%, 3/15/33<sup>(1)</sup> <br>| 424 | &nbsp;&nbsp; 443 |
|  |  | &nbsp;&nbsp; 24243 |
| **Materials—7.8%** | **Materials—7.8%** |  |
| Celanese U.S. Holdings LLC |  |  |
| 7.050%, 11/15/30 | 430 | &nbsp;&nbsp; 453 |
| 7.200%, 11/15/33 | 1921 | &nbsp;&nbsp; 2029 |
| Century Aluminum Co. 144A <br>6.875%, 8/1/32<sup>(1)</sup> <br>| 340 | &nbsp;&nbsp; 350 |
| Champion Iron Canada, Inc. 144A <br>7.875%, 7/15/32<sup>(1)</sup> <br>| 1002 | &nbsp;&nbsp; 1064 |
| Cleveland-Cliffs, Inc. |  |  |
| <br>144A 7.000%, 3/15/32<sup>(1)</sup> <br>| 3121 | &nbsp;&nbsp; 3199 |
| <br>144A 7.375%, 5/1/33<sup>(1)</sup> <br>| 580 | &nbsp;&nbsp; 603 |
| Enerflex, Inc. 144A <br>6.875%, 1/15/31<sup>(1)</sup> <br>| 1124 | &nbsp;&nbsp; 1149 |

---

*See Notes to Financial Statements*

------

**Seix High Yield Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Materials—continued** | **Materials—continued** |  |
| First Quantum Minerals Ltd. |  |  |
| <br>144A 9.375%, 3/1/29<sup>(1)</sup> <br>| $3757 | &nbsp;&nbsp; $3956 |
| <br>144A 8.000%, 3/1/33<sup>(1)</sup> <br>| 1045 | &nbsp;&nbsp; 1114 |
| <br>144A 7.250%, 2/15/34<sup>(1)</sup> <br>| 905 | &nbsp;&nbsp; 951 |
| Hecla Mining Co. <br>7.250%, 2/15/28<br>| 343 | &nbsp;&nbsp; 345 |
| Magnera Corp. |  |  |
| <br>144A 4.750%, 11/15/29<sup>(1)</sup> <br>| 490 | &nbsp;&nbsp; 453 |
| <br>144A 7.250%, 11/15/31<sup>(1)</sup> <br>| 1470 | &nbsp;&nbsp; 1443 |
| Mativ Holdings, Inc. 144A <br>8.000%, 10/1/29<sup>(1)(2)</sup> <br>| 3106 | &nbsp;&nbsp; 3137 |
| Mineral Resources Ltd. |  |  |
| <br>144A 8.000%, 11/1/27<sup>(1)</sup> <br>| 1020 | &nbsp;&nbsp; 1042 |
| <br>144A 9.250%, 10/1/28<sup>(1)</sup> <br>| 988 | &nbsp;&nbsp; 1037 |
| <br>144A 8.500%, 5/1/30<sup>(1)</sup> <br>| 410 | &nbsp;&nbsp; 426 |
| Quikrete Holdings, Inc. |  |  |
| <br>144A 6.375%, 3/1/32<sup>(1)</sup> <br>| 184 | &nbsp;&nbsp; 192 |
| <br>144A 6.750%, 3/1/33<sup>(1)</sup> <br>| 980 | &nbsp;&nbsp; 1023 |
| Sealed Air Corp. 144A <br>6.875%, 7/15/33<sup>(1)</sup> <br>| 985 | &nbsp;&nbsp; 1038 |
| Smyrna Ready Mix Concrete LLC |  |  |
| <br>144A 6.000%, 11/1/28<sup>(1)</sup> <br>| 879 | &nbsp;&nbsp; 883 |
| <br>144A 8.875%, 11/15/31<sup>(1)</sup> <br>| 2895 | &nbsp;&nbsp; 3097 |
| Warrior Met Coal, Inc. 144A <br>7.875%, 12/1/28<sup>(1)</sup> <br>| 1913 | &nbsp;&nbsp; 1950 |
| Windsor Holdings III LLC 144A <br>8.500%, 6/15/30<sup>(1)</sup> <br>| 1507 | &nbsp;&nbsp; 1592 |
|  |  | &nbsp;&nbsp; 32526 |
| **Real Estate—2.5%** | **Real Estate—2.5%** |  |
| Arbor Realty SR, Inc. 144A <br>8.500%, 12/15/28<sup>(1)</sup> <br>| 1265 | &nbsp;&nbsp; 1260 |
| Brandywine Operating Partnership LP <br>6.125%, 1/15/31<br>| 2146 | &nbsp;&nbsp; 2086 |
| Brookfield Property REIT, Inc. 144A <br>5.750%, 5/15/26<sup>(1)</sup> <br>| 2602 | &nbsp;&nbsp; 2587 |
| Global Net Lease, Inc. 144A <br>3.750%, 12/15/27<sup>(1)</sup> <br>| 1120 | &nbsp;&nbsp; 1091 |
| Howard Hughes Corp. (The) 144A <br>5.375%, 8/1/28<sup>(1)</sup> <br>| 3233 | &nbsp;&nbsp; 3245 |
|  |  | &nbsp;&nbsp; 10269 |
| **Utilities—4.6%** | **Utilities—4.6%** |  |
| Ferrellgas LP 144A <br>9.250%, 1/15/31<sup>(1)</sup> <br>| 1045 | &nbsp;&nbsp; 1076 |
| Hawaiian Electric Co., Inc. 144A <br>6.000%, 10/1/33<sup>(1)</sup> <br>| 1055 | &nbsp;&nbsp; 1070 |
| Lightning Power LLC 144A <br>7.250%, 8/15/32<sup>(1)</sup> <br>| 4035 | &nbsp;&nbsp; 4291 |
| NRG Energy, Inc. 144A <br>6.250%, 11/1/34<sup>(1)</sup> <br>| 2119 | &nbsp;&nbsp; 2176 |
| Talen Energy Supply LLC |  |  |
| <br>144A 6.250%, 2/1/34<sup>(1)</sup> <br>| 1065 | &nbsp;&nbsp; 1086 |
| <br>144A 6.500%, 2/1/36<sup>(1)</sup> <br>| 1065 | &nbsp;&nbsp; 1101 |
| Venture Global Calcasieu Pass LLC 144A <br>6.250%, 1/15/30<sup>(1)</sup> <br>| 413 | &nbsp;&nbsp; 418 |
| Venture Global Plaquemines LNG LLC |  |  |
| <br>144A 6.125%, 12/15/30<sup>(1)</sup> <br>| 2075 | &nbsp;&nbsp; 2113 |
| <br>144A 7.750%, 5/1/35<sup>(1)</sup> <br>| 2863 | &nbsp;&nbsp; 3135 |
| <br>144A 6.750%, 1/15/36<sup>(1)</sup> <br>| 850 | &nbsp;&nbsp; 871 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| Vistra Corp. 144A <br>8.000% <sup>(1)(3)</sup> <br>| $2044 | &nbsp;&nbsp; $2095 |
|  |  | &nbsp;&nbsp; 19432 |
| **Total Corporate Bonds and Notes** <br>**(Identified Cost $373,245)** | **Total Corporate Bonds and Notes** <br>**(Identified Cost $373,245)** | &nbsp;&nbsp; **380417** |
| **Leveraged Loans—0.8%** | **Leveraged Loans—0.8%** | **Leveraged Loans—0.8%** |
| **Financials—0.5%** | **Financials—0.5%** |  |
| Asurion LLC |  |  |
| Tranche B-12 (1 month Term SOFR + 4.250%) <br>7.966%, 9/19/30<sup>(4)</sup> <br>| 975 | &nbsp;&nbsp; 974 |
| Tranche B-4 (1 month Term SOFR + 5.364%) <br>9.081%, 1/20/29<sup>(4)</sup> <br>| 1125 | &nbsp;&nbsp; 1103 |
|  |  | &nbsp;&nbsp; 2077 |
| **Information Technology—0.3%** | **Information Technology—0.3%** |  |
| Sabre GLBL, Inc. 2025, Tranche B-1 (1 month Term <br> SOFR + 6.350%) <br>10.066%, 7/30/29<sup>(4)(5)</sup> <br>| 1270 | &nbsp;&nbsp; 1130 |
| **Total Leveraged Loans** <br>**(Identified Cost $3,075)** | **Total Leveraged Loans** <br>**(Identified Cost $3,075)** | &nbsp;&nbsp; **3207** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Preferred Stock—0.0%** | **Preferred Stock—0.0%** | **Preferred Stock—0.0%** |
| **Communication Services—0.0%** | **Communication Services—0.0%** |  |
| LiveStyle, Inc. Series B<sup>(5)(6)(7)</sup> <br>| 3156 | &nbsp;&nbsp; — |
| **Total Preferred Stock** <br>**(Identified Cost $309)** | **Total Preferred Stock** <br>**(Identified Cost $309)** | &nbsp;&nbsp; **—** |
| **Common Stocks—0.0%** | **Common Stocks—0.0%** | **Common Stocks—0.0%** |
| **Communication Services—0.0%** | **Communication Services—0.0%** |  |
| Atento Luxco 1 S.A.<sup>(6)</sup> <br>| 8058 | &nbsp;&nbsp; 142 |
| LiveStyle, Inc. <sup>(5)(6)(7)</sup> <br>| 67983 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; 142 |
| **Energy—0.0%** | **Energy—0.0%** |  |
| SandRidge Energy, Inc. | 159 | &nbsp;&nbsp; 2 |
| **Financials—0.0%** | **Financials—0.0%** |  |
| Erickson, Inc.<sup>(5)(6)</sup> <br>| 2675 | &nbsp;&nbsp; — |
| **Total Common Stocks** <br>**(Identified Cost $1,492)** | **Total Common Stocks** <br>**(Identified Cost $1,492)** | &nbsp;&nbsp; **144** |

---

*See Notes to Financial Statements*

------

**Seix High Yield Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Affiliated Exchange-Traded Fund—3.0%** | **Affiliated Exchange-Traded Fund—3.0%** | **Affiliated Exchange-Traded Fund—3.0%** |
| **Financials—3.0%** | **Financials—3.0%** |  |
| Virtus Seix Senior Loan ETF<sup>(8)(9)</sup> <br>| 543579 | &nbsp;&nbsp; $12690 |
| **Total Affiliated Exchange-Traded Fund** <br>**(Identified Cost $13,031)** | **Total Affiliated Exchange-Traded Fund** <br>**(Identified Cost $13,031)** | &nbsp;&nbsp; **12690** |
| **Total Long-Term Investments—96.3%** <br>**(Identified Cost $396,754)** | **Total Long-Term Investments—96.3%** <br>**(Identified Cost $396,754)** | &nbsp;&nbsp; **401866** |
| **Securities Lending Collateral—0.5%** | **Securities Lending Collateral—0.5%** | **Securities Lending Collateral—0.5%** |
| Dreyfus Government Cash Management Fund - <br> Institutional Shares (seven-day effective yield <br> 3.651%)<sup>(9)(10)</sup> <br>| 2328718 | &nbsp;&nbsp; 2329 |
| **Total Securities Lending Collateral** <br>**(Identified Cost $2,329)** | **Total Securities Lending Collateral** <br>**(Identified Cost $2,329)** | &nbsp;&nbsp; **2329** |
| **TOTAL INVESTMENTS—96.8%** <br>**(Identified Cost $399,083)** | **TOTAL INVESTMENTS—96.8%** <br>**(Identified Cost $399,083)** | &nbsp;&nbsp; **$404195** |
| Other assets and liabilities, net—3.2% | Other assets and liabilities, net—3.2% | &nbsp;&nbsp; 13184 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$417379** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| DAC | Designated Activity Company |
| ETF | Exchange-Traded Fund |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| plc | Public Limited Company |
| REIT | Real Estate Investment Trust |
| S.a.r.l. | Société à responsabilité limitée |
| SOFR | Secured Overnight Financing Rate |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Security exempt from registration under Rule 144A of the Securities Act of 1933. <br> These securities may be resold in transactions exempt from registration, <br> normally to qualified institutional buyers. At December 31, 2025, these securities <br> amounted to a value of $349,129 or 83.6% of net assets.<br>|

---

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

<sup>(2)</sup> All or a portion of security is on loan.

<sup>(3)</sup> No contractual maturity date.

<sup>(4)</sup> Variable rate security. Rate disclosed is as of December 31, 2025. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. 

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

<sup>(6)</sup> Non-income producing.

<sup>(7)</sup> All or a portion of the security is restricted.

<sup>(8)</sup> Affiliated investment. See Note 4G in Notes to Financial Statements.

<sup>(9)</sup> Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. 

<sup>(10)</sup> Represents security purchased with cash collateral received for securities on loan. 

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

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)**<sup>†</sup>  | **Country Weightings (Unaudited)**<sup>†</sup>  |
| United States | 84<br> %<br>|
| Canada | 3 |
| Cayman Islands | 3 |
| United Kingdom | 3 |
| Bermuda | 3 |
| Australia | 1 |
| Jersey | 1 |
| Other | 2 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of December 31, 2025. | <sup>†</sup> % of total investments as of December 31, 2025. |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**Seix High Yield Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

($ reported in thousands)

The following table summarizes the value of the Fund's investments as of December 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 1 <br>Quoted Prices<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>| Level 3 <br>Significant <br>Unobservable <br>Inputs<br>|
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| Convertible Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp; $5408 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5408 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp; 380417 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 380417 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp; 3207 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2077 | &nbsp;&nbsp;&nbsp;&nbsp; 1130 |
| Equity Securities: |  |  |  |  |
| Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| Affiliated Exchange-Traded Fund | &nbsp;&nbsp;&nbsp;&nbsp; 12690 | &nbsp;&nbsp;&nbsp;&nbsp; 12690 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp; 2329 | &nbsp;&nbsp;&nbsp;&nbsp; 2329 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $404195 | &nbsp;&nbsp;&nbsp;&nbsp; $15163 | &nbsp;&nbsp;&nbsp;&nbsp; $387902 | &nbsp;&nbsp;&nbsp;&nbsp; $1130 |

---

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

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

There were no transfers into or out of Level 3 related to securities held at December 31, 2025.

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

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the roll-forward of Level 3 securities and assumptions are not shown for the period ended December 31, 2025.

*See Notes to Financial Statements*

------

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

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Municipal Bonds**<sup>(1)</sup>**—92.7%** | **Municipal Bonds**<sup>(1)</sup>**—92.7%** | **Municipal Bonds**<sup>(1)</sup>**—92.7%** |
| **Alabama—1.3%** | **Alabama—1.3%** |  |
| Southeast Energy Authority A Cooperative District, <br> Natural Gas Revenue, Series E <br>5.000%, 10/1/30<br>| $1500 | &nbsp;&nbsp; $1611 |
| **California—0.2%** | **California—0.2%** |  |
| California County Tobacco Securitization Agency <br> Revenue, Series A<br>|  |  |
| <br>5.000%, 6/1/27 | 100 | &nbsp;&nbsp; 103 |
| <br>5.000%, 6/1/28 | 100 | &nbsp;&nbsp; 104 |
|  |  | &nbsp;&nbsp; 207 |
| **Colorado—4.3%** | **Colorado—4.3%** |  |
| Board of Governors of Colorado State University <br> System, System Enterprise Revenue, Series C <br>5.000%, 3/1/36<br>| 1360 | &nbsp;&nbsp; 1561 |
| City of Colorado Springs Co. Utilities System Revenue, <br> Series B <br>5.000%, 11/15/43<br>| 1180 | &nbsp;&nbsp; 1278 |
| Colorado Bridge & Tunnel Enterprise, Miscellaneous <br> Revenue, Series A (AG Insured) <br>5.250%, 12/1/54<br>| 500 | &nbsp;&nbsp; 529 |
| Regional Transportation District, Sales Tax Revenue, <br> Series A<br>|  |  |
| <br>5.000%, 1/15/27 | 900 | &nbsp;&nbsp; 915 |
| <br>5.000%, 7/15/27 | 1025 | &nbsp;&nbsp; 1050 |
|  |  | &nbsp;&nbsp; 5333 |
| **Connecticut—1.9%** | **Connecticut—1.9%** |  |
| State of Connecticut, General Obligation, Series B |  |  |
| <br>5.000%, 12/1/29 | 500 | &nbsp;&nbsp; 547 |
| <br>5.000%, 12/1/34 | 1500 | &nbsp;&nbsp; 1760 |
|  |  | &nbsp;&nbsp; 2307 |
| **Florida—8.2%** | **Florida—8.2%** |  |
| City of Jacksonville, General Fund Revenue <br>5.000%, 10/1/37<br>| 1155 | &nbsp;&nbsp; 1315 |
| Florida Municipal Power Agency Revenue, Series A |  |  |
| <br>3.000%, 10/1/32 | 750 | &nbsp;&nbsp; 745 |
| <br>3.000%, 10/1/33 | 750 | &nbsp;&nbsp; 740 |
| Marion County School Board, Certificates of <br> Participation (AG Insured) <br>5.000%, 6/1/43<br>| 1530 | &nbsp;&nbsp; 1624 |
| Miami-Dade Seaport Department County Revenue, <br> Senior Bonds, Series A (AMT) <br>5.000%, 10/1/40<br>| 2500 | &nbsp;&nbsp; 2632 |
| Orange County School Board, Certificates of <br> Participation, Series A <br>5.000%, 8/1/34<br>| 1650 | &nbsp;&nbsp; 1910 |
| Tampa Bay Water, Water Revenue, Series A <br>5.000%, 10/1/49<br>| 1040 | &nbsp;&nbsp; 1086 |
|  |  | &nbsp;&nbsp; 10052 |
| **Georgia—3.2%** | **Georgia—3.2%** |  |
| Atlanta Urban Redevelopment Agency, Surface <br> Transportation & Infrastructure Project Revenue, <br> Series B <br>5.000%, 7/1/37<br>| 1350 | &nbsp;&nbsp; 1553 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Georgia—continued** | **Georgia—continued** |  |
| Jackson County School District, General Obligation <br> State AID Withholding <br>5.000%, 3/1/35<br>| $2000 | &nbsp;&nbsp; $2356 |
|  |  | &nbsp;&nbsp; 3909 |
| **Illinois—5.8%** | **Illinois—5.8%** |  |
| Chicago O'Hare International Airport Revenue, Senior <br> Lien, Series D (AMT) <br>5.000%, 1/1/26<br>| 2600 | &nbsp;&nbsp; 2600 |
| City of Chicago Wastewater Transmission Revenue, <br> Second Lien,<br>|  |  |
| Series A (AG Insured) <br>5.250%, 1/1/40<br>| 2650 | &nbsp;&nbsp; 2871 |
| Series B (AG Insured) <br>5.000%, 1/1/38<br>| 1000 | &nbsp;&nbsp; 1084 |
| City of Chicago, General Obligation, Series E <br>6.000%, 1/1/42<br>| 525 | &nbsp;&nbsp; 563 |
|  |  | &nbsp;&nbsp; 7118 |
| **Indiana—3.4%** | **Indiana—3.4%** |  |
| Indianapolis Local Public Improvement Bond Bank, <br> Indianapolis Airport Authority Revenue <br>5.250%, 1/1/41<br>| 3870 | &nbsp;&nbsp; 4194 |
| **Louisiana—2.6%** | **Louisiana—2.6%** |  |
| State of Louisiana, General Obligation, |  |  |
| Series B <br>5.000%, 6/1/37<br>| 415 | &nbsp;&nbsp; 479 |
| Series E <br>5.000%, 9/1/27<br>| 1000 | &nbsp;&nbsp; 1041 |
| Series E <br>5.000%, 9/1/31<br>| 1550 | &nbsp;&nbsp; 1751 |
|  |  | &nbsp;&nbsp; 3271 |
| **Maryland—2.1%** | **Maryland—2.1%** |  |
| Anne Arundel County, General Obligation <br>5.000%, 10/1/30<br>| 2615 | &nbsp;&nbsp; 2660 |
| **Massachusetts—2.1%** | **Massachusetts—2.1%** |  |
| Commonwealth of Massachusetts, General Obligation, <br> Series E <br>5.000%, 8/1/41<br>| 1015 | &nbsp;&nbsp; 1132 |
| Massachusetts Bay Transportation Authority, Sales Tax <br> Revenue, Senior Bond, Series B <br>5.000%, 7/1/40<br>| 1250 | &nbsp;&nbsp; 1417 |
|  |  | &nbsp;&nbsp; 2549 |
| **Mississippi—2.6%** | **Mississippi—2.6%** |  |
| State of Mississippi, General Obligation, Series C <br>5.000%, 10/1/36<br>| 3000 | &nbsp;&nbsp; 3153 |
| **Nevada—0.6%** | **Nevada—0.6%** |  |
| Las Vegas Convention & Visitors Authority, Hotel <br> Occupancy Tax Revenue, Series A <br>5.000%, 7/1/49<br>| 760 | &nbsp;&nbsp; 783 |

---

*See Notes to Financial Statements*

------

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

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **New Jersey—3.1%** | **New Jersey—3.1%** |  |
| New Jersey Transportation Trust Fund Authority <br> Revenue,<br>|  |  |
| Series A <br>5.000%, 6/15/35<br>| $1390 | &nbsp;&nbsp; $1603 |
| Series AA <br>5.250%, 6/15/41<br>| 2000 | &nbsp;&nbsp; 2227 |
|  |  | &nbsp;&nbsp; 3830 |
| **New York—13.5%** | **New York—13.5%** |  |
| Battery Park City Authority, |  |  |
| Miscellaneous Revenue <br>5.000%, 11/1/43<br>| 1155 | &nbsp;&nbsp; 1280 |
| Miscellaneous Revenue <br>5.000%, 11/1/50<br>| 1255 | &nbsp;&nbsp; 1318 |
| City of New York, General Obligation, |  |  |
| Series A <br>5.000%, 8/1/40<br>| 1000 | &nbsp;&nbsp; 1085 |
| Series D-1 <br>5.500%, 5/1/46<br>| 500 | &nbsp;&nbsp; 533 |
| Series G-1 <br>5.000%, 2/1/43<br>| 1000 | &nbsp;&nbsp; 1070 |
| New York City Municipal Water Finance Authority, <br> Water Revenue,<br>|  |  |
| Series AA <br>5.000%, 6/15/49<br>| 915 | &nbsp;&nbsp; 953 |
| Series EE <br>5.000%, 6/15/45<br>| 1445 | &nbsp;&nbsp; 1475 |
| New York City Transitional Finance Authority, Income <br> Tax Revenue,<br>|  |  |
| Series A-1 <br>5.000%, 5/1/45<br>| 3000 | &nbsp;&nbsp; 3124 |
| Series H-1 <br>5.000%, 11/1/41<br>| 500 | &nbsp;&nbsp; 547 |
| Series H-1 <br>5.500%, 11/1/51<br>| 345 | &nbsp;&nbsp; 372 |
| Port Authority of New York & New Jersey, (AMT) <br>5.000%, 10/15/30<br>| 2595 | &nbsp;&nbsp; 2828 |
| Utility Debt Securitization Authority |  |  |
| Revenue, Series TE-2 <br>5.000%, 12/15/38<br>| 1005 | &nbsp;&nbsp; 1166 |
| Revenue, Series TE-2 <br>5.000%, 12/15/41<br>| 750 | &nbsp;&nbsp; 844 |
|  |  | &nbsp;&nbsp; 16595 |
| **North Carolina—1.0%** | **North Carolina—1.0%** |  |
| City of Fayetteville, Public Works Commission Revenue <br>4.000%, 3/1/55<br>| 1370 | &nbsp;&nbsp; 1294 |
| **Ohio—6.9%** | **Ohio—6.9%** |  |
| Franklin County, Nationwide Children's Hospital <br> Revenue, Series A <br>5.250%, 11/1/55<br>| 650 | &nbsp;&nbsp; 683 |
| State of Ohio, General Obligation, Series A <br>5.000%, 6/15/32<br>| 7735 | &nbsp;&nbsp; 7771 |
|  |  | &nbsp;&nbsp; 8454 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Oklahoma—1.0%** | **Oklahoma—1.0%** |  |
| Oklahoma Water Resources Board, Clean Water <br> Program Revenue <br>5.000%, 4/1/42<br>| $1100 | &nbsp;&nbsp; $1194 |
| **Oregon—1.9%** | **Oregon—1.9%** |  |
| Oregon State Lottery Revenue, Series A <br>5.250%, 4/1/42<br>| 500 | &nbsp;&nbsp; 563 |
| Port of Portland, Airport Revenue, Series 24B (AMT) |  |  |
| <br>5.000%, 7/1/26 | 750 | &nbsp;&nbsp; 758 |
| <br>5.000%, 7/1/30 | 1000 | &nbsp;&nbsp; 1018 |
|  |  | &nbsp;&nbsp; 2339 |
| **Pennsylvania—6.8%** | **Pennsylvania—6.8%** |  |
| City of Philadelphia, General Obligation, Series C <br>5.000%, 8/1/32<br>| 4300 | &nbsp;&nbsp; 4885 |
| Pennsylvania Economic Development Financing <br> Authority, PENNDOT Major Bridges Revenue (AMT) <br>5.250%, 6/30/35<br>| 750 | &nbsp;&nbsp; 825 |
| Pennsylvania Turnpike Commission, Toll Highway <br> Revenue,<br>|  |  |
| First Subordinate Series <br>5.000%, 12/1/39<br>| 1000 | &nbsp;&nbsp; 1107 |
| Series B <br>5.250%, 12/1/41<br>| 1000 | &nbsp;&nbsp; 1101 |
| Series B <br>5.250%, 12/1/52<br>| 400 | &nbsp;&nbsp; 420 |
|  |  | &nbsp;&nbsp; 8338 |
| **South Carolina—0.9%** | **South Carolina—0.9%** |  |
| South Carolina Jobs-Economic Development Authority, <br> Novant Health Obligated Group Revenue, Series A <br>5.250%, 11/1/41<br>| 1000 | &nbsp;&nbsp; 1103 |
| **Texas—18.3%** | **Texas—18.3%** |  |
| Arlington Higher Education Finance Corp., Trinity Basin <br> Preparatory Revenue (PSF-GTD Insured) <br>4.500%, 8/15/53<br>| 430 | &nbsp;&nbsp; 431 |
| Central Texas Regional Mobility Authority, Toll Highway <br> Revenue, Senior Lien, Series E<br>|  |  |
| <br>5.000%, 1/1/29 | 500 | &nbsp;&nbsp; 533 |
| <br>5.000%, 1/1/30 | 1300 | &nbsp;&nbsp; 1412 |
| City of Austin, General Obligation <br>5.000%, 9/1/28<br>| 10 | &nbsp;&nbsp; 11 |
| City of Corpus Christi, Utility System Revenue, Series B <br>5.000%, 7/15/40<br>| 1450 | &nbsp;&nbsp; 1556 |
| City of Dallas, Waterworks & Sewer System Revenue, <br> Series A <br>5.000%, 10/1/31<br>| 6845 | &nbsp;&nbsp; 6958 |
| City of Houston, Combined Utility System Revenue, <br> First Subordinate Lien, Series A <br>5.000%, 11/15/38<br>| 1400 | &nbsp;&nbsp; 1571 |
| Clifton Higher Education Finance Corp., Revenue <br> (PSF-GTD Insured) <br>5.000%, 8/15/35<br>| 1715 | &nbsp;&nbsp; 1787 |
| Lovejoy Independent School District, General <br> Obligation (PSF-GTD Insured) <br>5.000%, 2/15/31<br>| 1020 | &nbsp;&nbsp; 1138 |
| North Texas Municipal Water District Water System <br> Revenue <br>5.000%, 9/1/31<br>| 500 | &nbsp;&nbsp; 531 |

---

*See Notes to Financial Statements*

------

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

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Texas—continued** | **Texas—continued** |  |
| Permanent University Fund - University of Texas <br> System Revenue, Series B <br>5.000%, 7/1/36<br>| $1300 | &nbsp;&nbsp; $1539 |
| Spring Branch Independent School District, General <br> Obligation (PSF-GTD Insured) <br>5.000%, 2/1/29<br>| 1200 | &nbsp;&nbsp; 1287 |
| State of Texas, General Obligation <br>5.000%, 10/1/43<br>| 2500 | &nbsp;&nbsp; 2730 |
| Wichita Falls Independent School District, General <br> Obligation (PSF-GTD Insured) <br>4.000%, 2/1/29<br>| 1000 | &nbsp;&nbsp; 1038 |
|  |  | &nbsp;&nbsp; 22522 |
| **Utah—1.0%** | **Utah—1.0%** |  |
| City of Salt Lake City, Airport Revenue, Series A (AMT) <br>5.250%, 7/1/36<br>| 1145 | &nbsp;&nbsp; 1279 |
| **Total Municipal Bonds** <br>**(Identified Cost $113,153)** | **Total Municipal Bonds** <br>**(Identified Cost $113,153)** | &nbsp;&nbsp; **114095** |
| **Total Long-Term Investments—92.7%** <br>**(Identified Cost $113,153)** | **Total Long-Term Investments—92.7%** <br>**(Identified Cost $113,153)** | &nbsp;&nbsp; **114095** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Short-Term Investments—2.5%** | **Short-Term Investments—2.5%** | **Short-Term Investments—2.5%** |
| **Money Market Mutual Funds—2.5%** | **Money Market Mutual Funds—2.5%** | **Money Market Mutual Funds—2.5%** |
| Dreyfus Government Cash Management Fund - <br> Institutional Shares (seven-day effective yield <br> 3.651%)<sup>(2)</sup> <br>| 590293 | &nbsp;&nbsp; 590 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Mutual Funds—continued** | **Money Market Mutual Funds—continued** | **Money Market Mutual Funds—continued** |
| State Street Institutional U.S. Government Money <br> Market Fund - Institutional Shares (seven-day <br> effective yield 3.660%)<sup>(2)</sup> <br>| 2531257 | &nbsp;&nbsp; $2531 |
| **Total Short-Term Investments** <br>**(Identified Cost $3,121)** | **Total Short-Term Investments** <br>**(Identified Cost $3,121)** | &nbsp;&nbsp; **3121** |
| **TOTAL INVESTMENTS—95.2%** <br>**(Identified Cost $116,274)** | **TOTAL INVESTMENTS—95.2%** <br>**(Identified Cost $116,274)** | &nbsp;&nbsp; **$117216** |
| Other assets and liabilities, net—4.8% | Other assets and liabilities, net—4.8% | &nbsp;&nbsp; 5875 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$123091** |

---

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

---

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

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| At December 31, 2025, 12.1% of the securities in the portfolio are backed by <br> insurance of financial institutions and financial guaranty assurance agencies.<br>|
| <sup>(2)</sup> <br>| Shares of this fund are publicly offered, and its prospectus and annual report are <br> publicly available.<br>|

---

The following table summarizes the value of the Fund's investments as of December 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | |
|:---|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 1 <br>Quoted Prices<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>|
| Assets: |  |  |  |
| Debt Instruments: |  |  |  |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; $114095 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $114095 |
| Money Market Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp; 3121 | &nbsp;&nbsp;&nbsp;&nbsp; 3121 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $117216 | &nbsp;&nbsp;&nbsp;&nbsp; $3121 | &nbsp;&nbsp;&nbsp;&nbsp; $114095 |

---

There were no securities valued using significant unobservable inputs (Level 3) at December 31, 2025.

There were no transfers into or out of Level 3 related to securities held at December 31, 2025.

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**Seix Total Return Bond Fund**

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **U.S. Government Securities—37.4%** | **U.S. Government Securities—37.4%** | **U.S. Government Securities—37.4%** |
| U.S. Treasury Bonds |  |  |
| 1.875%, 2/15/51 | $9116 | &nbsp;&nbsp; $5094 |
| 4.750%, 8/15/55 | 1958 | &nbsp;&nbsp; 1925 |
| U.S. Treasury Inflation Indexed Bond <br>1.125%, 10/15/30<br>| 5455 | &nbsp;&nbsp; 5371 |
| U.S. Treasury Notes |  |  |
| 3.500%, 10/15/28 | 12755 | &nbsp;&nbsp; 12742 |
| 3.875%, 6/30/30 | 2422 | &nbsp;&nbsp; 2440 |
| 3.625%, 9/30/30 | 1850 | &nbsp;&nbsp; 1843 |
| 4.000%, 11/15/35 | 5161 | &nbsp;&nbsp; 5087 |
| **Total U.S. Government Securities** <br>**(Identified Cost $34,705)** | **Total U.S. Government Securities** <br>**(Identified Cost $34,705)** | &nbsp;&nbsp; **34502** |
| **Mortgage-Backed Securities—36.0%** | **Mortgage-Backed Securities—36.0%** | **Mortgage-Backed Securities—36.0%** |
| **Agency—36.0%** | **Agency—36.0%** |  |
| Federal Home Loan Mortgage Corp. REMIC 5304, UB <br>4.000%, 2/25/52<br>| 216 | &nbsp;&nbsp; 204 |
| Federal Home Loan Mortgage Corporation |  |  |
| Pool #A95259 <br>4.000%, 12/1/40<br>| 671 | &nbsp;&nbsp; 660 |
| Pool #Q42921 <br>3.500%, 9/1/46<br>| 836 | &nbsp;&nbsp; 794 |
| Pool #Q53881 <br>4.500%, 1/1/48<br>| 570 | &nbsp;&nbsp; 565 |
| Pool #QA3079 <br>3.500%, 10/1/49<br>| 213 | &nbsp;&nbsp; 200 |
| Pool #QA4766 <br>3.500%, 11/1/49<br>| 716 | &nbsp;&nbsp; 678 |
| Pool #QC2692 <br>3.000%, 6/1/51<br>| 244 | &nbsp;&nbsp; 220 |
| Pool #QE9908 <br>5.500%, 9/1/52<br>| 495 | &nbsp;&nbsp; 507 |
| Pool #QF8190 <br>6.000%, 2/1/53<br>| 635 | &nbsp;&nbsp; 659 |
| Pool #QG6239 <br>5.000%, 7/1/53<br>| 209 | &nbsp;&nbsp; 210 |
| Pool #QJ5568 <br>6.000%, 9/1/54<br>| 408 | &nbsp;&nbsp; 421 |
| Pool #RA2579 <br>3.000%, 5/1/50<br>| 2132 | &nbsp;&nbsp; 1893 |
| Pool #RA2622 <br>3.000%, 5/1/50<br>| 1099 | &nbsp;&nbsp; 973 |
| Pool #RA8285 <br>4.500%, 10/1/47<br>| 1439 | &nbsp;&nbsp; 1418 |
| Pool #SD0164 <br>3.500%, 12/1/49<br>| 434 | &nbsp;&nbsp; 410 |
| Pool #SD1618 <br>5.000%, 9/1/52<br>| 826 | &nbsp;&nbsp; 829 |
| Pool #SD5272 <br>6.000%, 5/1/54<br>| 1188 | &nbsp;&nbsp; 1235 |
| Pool #ZT2423 <br>4.000%, 12/1/48<br>| 303 | &nbsp;&nbsp; 293 |
| Federal National Mortgage Association |  |  |
| Pool #AB3692 <br>4.000%, 10/1/41<br>| 615 | &nbsp;&nbsp; 598 |
| Pool #AB3878 <br>4.000%, 11/1/41<br>| 659 | &nbsp;&nbsp; 642 |
| Pool #AB5924 <br>3.000%, 8/1/42<br>| 643 | &nbsp;&nbsp; 589 |
| Pool #BL7779 <br>1.460%, 8/1/30<br>| 1955 | &nbsp;&nbsp; 1737 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| Pool #BO1277 <br>3.000%, 7/1/49<br>| $406 | &nbsp;&nbsp; $360 |
| Pool #BO1345 <br>3.500%, 8/1/49<br>| 368 | &nbsp;&nbsp; 346 |
| Pool #BO1351 <br>4.000%, 8/1/49<br>| 331 | &nbsp;&nbsp; 320 |
| Pool #BT7914 <br>5.000%, 10/1/52<br>| 1121 | &nbsp;&nbsp; 1128 |
| Pool #BV3044 <br>3.000%, 2/1/52<br>| 642 | &nbsp;&nbsp; 577 |
| Pool #BW3311 <br>4.500%, 7/1/52<br>| 810 | &nbsp;&nbsp; 798 |
| Pool #BY8494 <br>5.500%, 8/1/53<br>| 405 | &nbsp;&nbsp; 412 |
| Pool #CA5122 <br>3.000%, 2/1/50<br>| 453 | &nbsp;&nbsp; 408 |
| Pool #CB3110 <br>2.500%, 3/1/47<br>| 531 | &nbsp;&nbsp; 455 |
| Pool #CB3630 <br>4.000%, 5/1/52<br>| 79 | &nbsp;&nbsp; 75 |
| Pool #CB3875 <br>3.500%, 6/1/47<br>| 941 | &nbsp;&nbsp; 878 |
| Pool #FM8210 <br>3.000%, 4/1/50<br>| 552 | &nbsp;&nbsp; 498 |
| Pool #FS2692 <br>5.000%, 8/1/52<br>| 1489 | &nbsp;&nbsp; 1494 |
| Pool #FS3262 <br>4.000%, 10/1/46<br>| 1353 | &nbsp;&nbsp; 1325 |
| Pool #FS3687 <br>5.000%, 11/1/52<br>| 701 | &nbsp;&nbsp; 709 |
| Pool #FS9909 <br>5.000%, 11/1/54<br>| 484 | &nbsp;&nbsp; 488 |
| Government National Mortgage Association |  |  |
| Pool #783745 <br>3.500%, 3/15/43<br>| 1547 | &nbsp;&nbsp; 1446 |
| Pool #787186 <br>6.000%, 10/20/53<br>| 458 | &nbsp;&nbsp; 473 |
| Pool #787394 <br>5.500%, 5/20/54<br>| 1341 | &nbsp;&nbsp; 1363 |
| Pool #CR3025 <br>5.500%, 12/20/52<br>| 564 | &nbsp;&nbsp; 572 |
| Pool #CS2411 <br>6.000%, 3/20/53<br>| 93 | &nbsp;&nbsp; 96 |
| Pool #CS5448 <br>6.000%, 1/20/53<br>| 882 | &nbsp;&nbsp; 908 |
| Pool #CS7736 <br>6.000%, 4/20/53<br>| 342 | &nbsp;&nbsp; 351 |
| Pool #MA8151 <br>4.500%, 7/20/52<br>| 517 | &nbsp;&nbsp; 508 |
| Pool #MA8201 <br>4.500%, 8/20/52<br>| 1470 | &nbsp;&nbsp; 1443 |
| **Total Mortgage-Backed Securities** <br>**(Identified Cost $33,332)** | **Total Mortgage-Backed Securities** <br>**(Identified Cost $33,332)** | &nbsp;&nbsp; **33166** |
| **Asset-Backed Securities—4.8%** | **Asset-Backed Securities—4.8%** | **Asset-Backed Securities—4.8%** |
| **Automobiles—1.3%** | **Automobiles—1.3%** |  |
| Ford Credit Auto Owner Trust 2023-1, A 144A <br>4.850%, 8/15/35<sup>(1)</sup> <br>| 515 | &nbsp;&nbsp; 525 |
| Honda Auto Receivables Owner Trust 2025-2, A4 <br>4.280%, 8/15/31<br>| 340 | &nbsp;&nbsp; 344 |

---

*See Notes to Financial Statements*

------

**Seix Total Return Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| Toyota Auto Loan Extended Note Trust 2025-1A, A 144A <br>4.650%, 5/25/38<sup>(1)</sup> <br>| $340 | &nbsp;&nbsp; $347 |
|  |  | &nbsp;&nbsp; 1216 |
| **Credit Card—1.4%** | **Credit Card—1.4%** |  |
| American Express Credit Account Master Trust 2025-5, A <br>4.510%, 7/15/32<br>| 155 | &nbsp;&nbsp; 158 |
| Barclays Dryrock Issuance Trust 2025-1, A <br>3.970%, 7/15/31<br>| 370 | &nbsp;&nbsp; 371 |
| Capital One Multi-Asset Execution Trust 2025-A3, A <br>4.650%, 10/15/37<br>| 180 | &nbsp;&nbsp; 180 |
| Citibank Credit Card Issuance Trust 2025-A2, A <br>4.490%, 6/21/32<br>| 410 | &nbsp;&nbsp; 418 |
| Synchrony Card Issuance Trust 2025-A3, A <br>4.060%, 11/15/31<br>| 170 | &nbsp;&nbsp; 171 |
|  |  | &nbsp;&nbsp; 1298 |
| **Other—2.1%** | **Other—2.1%** |  |
| PSNH Funding LLC 2018-1, A3 <br>3.814%, 2/1/35<br>| 255 | &nbsp;&nbsp; 250 |
| T-Mobile U.S. Trust 2025-1A, A 144A <br>4.740%, 11/20/29<sup>(1)</sup> <br>| 400 | &nbsp;&nbsp; 406 |
| Vantage Data Centers LLC 2020-2A, A2 144A <br>1.992%, 9/15/45<sup>(1)</sup> <br>| 805 | &nbsp;&nbsp; 766 |
| Verizon Master Trust 2025-4, A 144A <br>4.760%, 3/21/33<sup>(1)</sup> <br>| 495 | &nbsp;&nbsp; 507 |
|  |  | &nbsp;&nbsp; 1929 |
| **Total Asset-Backed Securities** <br>**(Identified Cost $4,425)** | **Total Asset-Backed Securities** <br>**(Identified Cost $4,425)** | &nbsp;&nbsp; **4443** |
| **Corporate Bonds and Notes—20.2%** | **Corporate Bonds and Notes—20.2%** | **Corporate Bonds and Notes—20.2%** |
| **Consumer Discretionary—2.4%** | **Consumer Discretionary—2.4%** |  |
| BorgWarner, Inc. <br>5.400%, 8/15/34<br>| 174 | &nbsp;&nbsp; 179 |
| Carnival Corp. 144A <br>6.125%, 2/15/33<sup>(1)</sup> <br>| 535 | &nbsp;&nbsp; 553 |
| Daimler Truck Finance North America LLC 144A <br>2.500%, 12/14/31<sup>(1)</sup> <br>| 267 | &nbsp;&nbsp; 238 |
| Lithia Motors, Inc. 144A <br>4.375%, 1/15/31<sup>(1)</sup> <br>| 570 | &nbsp;&nbsp; 548 |
| Tapestry, Inc. <br>5.500%, 3/11/35<br>| 188 | &nbsp;&nbsp; 192 |
| VOC Escrow Ltd. 144A <br>5.000%, 2/15/28<sup>(1)</sup> <br>| 545 | &nbsp;&nbsp; 545 |
|  |  | &nbsp;&nbsp; 2255 |
| **Consumer Staples—0.8%** | **Consumer Staples—0.8%** |  |
| PepsiCo, Inc. <br>4.650%, 2/15/53<br>| 785 | &nbsp;&nbsp; 691 |
| **Energy—0.9%** | **Energy—0.9%** |  |
| Boardwalk Pipelines LP <br>3.400%, 2/15/31<br>| 111 | &nbsp;&nbsp; 105 |
| Energy Transfer LP <br>6.200%, 4/1/55<br>| 351 | &nbsp;&nbsp; 344 |
| Targa Resources Corp. <br>4.200%, 2/1/33<br>| 223 | &nbsp;&nbsp; 213 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| Williams Cos., Inc. (The) <br>3.500%, 10/15/51<br>| $260 | &nbsp;&nbsp; $181 |
|  |  | &nbsp;&nbsp; 843 |
| **Financials—9.1%** | **Financials—9.1%** |  |
| AerCap Ireland Capital DAC <br>3.000%, 10/29/28<br>| 174 | &nbsp;&nbsp; 169 |
| Amrize Finance U.S. LLC <br>5.400%, 4/7/35<br>| 199 | &nbsp;&nbsp; 205 |
| Avolon Holdings Funding Ltd. 144A <br>4.700%, 1/30/31<sup>(1)</sup> <br>| 177 | &nbsp;&nbsp; 176 |
| Bank of America Corp. |  |  |
| 2.087%, 6/14/29 | 188 | &nbsp;&nbsp; 179 |
| 2.572%, 10/20/32 | 382 | &nbsp;&nbsp; 345 |
| Brown & Brown, Inc. <br>6.250%, 6/23/55<br>| 185 | &nbsp;&nbsp; 192 |
| Centerpoint Energy Restoration Bond Co. II LLC Series <br> A-2 <br>4.826%, 6/15/39<br>| 265 | &nbsp;&nbsp; 263 |
| Citigroup, Inc. <br>6.950% <sup>(2)</sup> <br>| 530 | &nbsp;&nbsp; 546 |
| Consumers 2023 Securitization Funding LLC Series A2 <br>5.210%, 9/1/31<br>| 305 | &nbsp;&nbsp; 314 |
| Enact Holdings, Inc. <br>6.250%, 5/28/29<br>| 111 | &nbsp;&nbsp; 116 |
| Essent Group Ltd. <br>6.250%, 7/1/29<br>| 117 | &nbsp;&nbsp; 122 |
| GGAM Finance Ltd. 144A <br>5.875%, 3/15/30<sup>(1)</sup> <br>| 525 | &nbsp;&nbsp; 532 |
| Global Payments, Inc. <br>5.550%, 11/15/35<br>| 406 | &nbsp;&nbsp; 404 |
| JPMorgan Chase & Co. <br>5.576%, 7/23/36<br>| 358 | &nbsp;&nbsp; 370 |
| Macquarie Airfinance Holdings Ltd. 144A <br>6.400%, 3/26/29<sup>(1)</sup> <br>| 250 | &nbsp;&nbsp; 262 |
| Morgan Stanley <br>1.593%, 5/4/27<br>| 703 | &nbsp;&nbsp; 697 |
| NYSEG Storm Funding LLC Series A-3 <br>5.162%, 5/1/35<br>| 460 | &nbsp;&nbsp; 470 |
| PG&E Wildfire Recovery Funding LLC Series A-2 <br>4.263%, 6/1/38<br>| 635 | &nbsp;&nbsp; 618 |
| Radian Group, Inc. <br>6.200%, 5/15/29<br>| 117 | &nbsp;&nbsp; 123 |
| Rocket Cos., Inc. 144A <br>6.125%, 8/1/30<sup>(1)</sup> <br>| 590 | &nbsp;&nbsp; 610 |
| SCE Recovery Funding LLC <br>4.453%, 3/15/36<br>| 480 | &nbsp;&nbsp; 481 |
| Sigeco Securitization I LLC Series A1 <br>5.026%, 11/15/38<br>| 207 | &nbsp;&nbsp; 212 |
| U.S. Bancorp |  |  |
| 5.046%, 2/12/31 | 88 | &nbsp;&nbsp; 90 |
| 5.678%, 1/23/35 | 174 | &nbsp;&nbsp; 184 |
| Vistra Operations Co. LLC 144A <br>4.375%, 5/1/29<sup>(1)</sup> <br>| 560 | &nbsp;&nbsp; 553 |
| Wells Fargo & Co. <br>3.350%, 3/2/33<br>| 204 | &nbsp;&nbsp; 190 |
|  |  | &nbsp;&nbsp; 8423 |

---

*See Notes to Financial Statements*

------

**Seix Total Return Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Health Care—1.3%** | **Health Care—1.3%** |  |
| AbbVie, Inc. <br>4.250%, 11/21/49<br>| $474 | &nbsp;&nbsp; $390 |
| Amgen, Inc. <br>5.650%, 3/2/53<br>| 201 | &nbsp;&nbsp; 197 |
| Pfizer Investment Enterprises Pte Ltd. <br>5.300%, 5/19/53<br>| 597 | &nbsp;&nbsp; 565 |
|  |  | &nbsp;&nbsp; 1152 |
| **Industrials—3.5%** | **Industrials—3.5%** |  |
| ADT Security Corp. (The) 144A <br>4.125%, 8/1/29<sup>(1)</sup> <br>| 575 | &nbsp;&nbsp; 561 |
| Aircastle Ltd. 144A <br>5.950%, 2/15/29<sup>(1)</sup> <br>| 137 | &nbsp;&nbsp; 143 |
| BAE Systems plc 144A <br>5.300%, 3/26/34<sup>(1)</sup> <br>| 386 | &nbsp;&nbsp; 400 |
| Ferguson Enterprises, Inc. <br>5.000%, 10/3/34<br>| 356 | &nbsp;&nbsp; 359 |
| GATX Corp. <br>5.500%, 6/15/35<br>| 294 | &nbsp;&nbsp; 301 |
| Owens Corning <br>5.950%, 6/15/54<br>| 239 | &nbsp;&nbsp; 242 |
| Republic Services, Inc. <br>5.150%, 3/15/35<br>| 201 | &nbsp;&nbsp; 207 |
| United Airlines Pass-Through-Trust |  |  |
| 2020-1, A 5.875%, 4/15/29 | 301 | &nbsp;&nbsp; 309 |
| 2020-1, B 4.875%, 7/15/27 | 110 | &nbsp;&nbsp; 110 |
| United Parcel Service, Inc. <br>5.050%, 3/3/53<br>| 467 | &nbsp;&nbsp; 428 |
| Veralto Corp. <br>5.450%, 9/18/33<br>| 152 | &nbsp;&nbsp; 159 |
|  |  | &nbsp;&nbsp; 3219 |
| **Information Technology—1.2%** | **Information Technology—1.2%** |  |
| Amphenol Corp. <br>3.900%, 11/15/28<br>| 232 | &nbsp;&nbsp; 232 |
| Dell International LLC <br>3.450%, 12/15/51<br>| 385 | &nbsp;&nbsp; 262 |
| Motorola Solutions, Inc. <br>5.550%, 8/15/35<br>| 218 | &nbsp;&nbsp; 227 |
| NetApp, Inc. <br>5.700%, 3/17/35<br>| 393 | &nbsp;&nbsp; 411 |
|  |  | &nbsp;&nbsp; 1132 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Materials—0.2%** | **Materials—0.2%** |  |
| Martin Marietta Materials, Inc. <br>5.150%, 12/1/34<br>| $187 | &nbsp;&nbsp; $191 |
| **Utilities—0.8%** | **Utilities—0.8%** |  |
| Consolidated Edison Co. of New York, Inc. <br>3.200%, 12/1/51<br>| 275 | &nbsp;&nbsp; 183 |
| NRG Energy, Inc. 144A <br>3.375%, 2/15/29<sup>(1)</sup> <br>| 575 | &nbsp;&nbsp; 550 |
|  |  | &nbsp;&nbsp; 733 |
| **Total Corporate Bonds and Notes** <br>**(Identified Cost $18,742)** | **Total Corporate Bonds and Notes** <br>**(Identified Cost $18,742)** | &nbsp;&nbsp; **18639** |
| **Total Long-Term Investments—98.4%** <br>**(Identified Cost $91,204)** | **Total Long-Term Investments—98.4%** <br>**(Identified Cost $91,204)** | &nbsp;&nbsp; **90750** |
| **TOTAL INVESTMENTS—98.4%** <br>**(Identified Cost $91,204)** | **TOTAL INVESTMENTS—98.4%** <br>**(Identified Cost $91,204)** | &nbsp;&nbsp; **$90750** |
| Other assets and liabilities, net—1.6% | Other assets and liabilities, net—1.6% | &nbsp;&nbsp; 1448 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$92198** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| DAC | Designated Activity Company |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| plc | Public Limited Company |
| REMIC | Real Estate Mortgage Investment Conduit |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Security exempt from registration under Rule 144A of the Securities Act of 1933. <br> These securities may be resold in transactions exempt from registration, normally <br> to qualified institutional buyers. At December 31, 2025, these securities amounted <br> to a value of $8,222 or 8.9% of net assets.<br>|
| <sup>(2)</sup> <br>| No contractual maturity date. |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exchange-traded futures contracts as of December 31, 2025 were as follows:** | **Exchange-traded futures contracts as of December 31, 2025 were as follows:** | **Exchange-traded futures contracts as of December 31, 2025 were as follows:** | **Exchange-traded futures contracts as of December 31, 2025 were as follows:** | **Exchange-traded futures contracts as of December 31, 2025 were as follows:** | **Exchange-traded futures contracts as of December 31, 2025 were as follows:** |
| **Issue** | **Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contracts** <br>**Purchased/(Sold)**<br>| **Notional Value** | &nbsp;&nbsp; **Value /** <br>**Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp; **Value /** <br>**Unrealized** <br>**Depreciation**<br>|
| **Long Contracts:** |  |  |  |  |  |
| 2 Year U.S. Treasury Note Future | March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp; $11692 | &nbsp;&nbsp;&nbsp; $3 | &nbsp;&nbsp;&nbsp; $— |
| **Short Contracts:** |  |  |  |  |  |
| 10 Year U.S. Ultra Future | March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp; (2875)<br>| &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; — |
| **Total** |  |  |  | &nbsp;&nbsp;&nbsp; $15 | &nbsp;&nbsp;&nbsp; $— |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**Seix Total Return Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

($ reported in thousands)

The following table summarizes the value of the Fund's investments as of December 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | |
|:---|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 1 <br>Quoted Prices<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>|
| Assets: |  |  |  |
| Debt Instruments: |  |  |  |
| U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; $34502 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $34502 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; 33166 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33166 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; 4443 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4443 |
| Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp; 18639 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18639 |
| Other Financial Instruments: |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $90765 | &nbsp;&nbsp;&nbsp;&nbsp; $15 | &nbsp;&nbsp;&nbsp;&nbsp; $90750 |

---

There were no securities valued using significant unobservable inputs (Level 3) at December 31, 2025.

There were no transfers into or out of Level 3 related to securities held at December 31, 2025.

*See Notes to Financial Statements*

------

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

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Mortgage-Backed Securities—93.9%** | **Mortgage-Backed Securities—93.9%** | **Mortgage-Backed Securities—93.9%** |
| **Agency—93.9%** | **Agency—93.9%** |  |
| Federal Home Loan Mortgage Corp. Multifamily <br> Structured Pass-Through Certificates<br>|  |  |
| K058, A1 <br>2.340%, 7/25/26<br>| $2482 | &nbsp;&nbsp; $2465 |
| K537, AS (SOFR30A + 0.520%, Cap N/A, Floor <br> 0.520%) <br>4.529%, 1/25/30<sup>(1)</sup> <br>| 4250 | &nbsp;&nbsp; 4245 |
| K542, AS (SOFR30A + 0.530%, Cap N/A, Floor <br> 0.530%) <br>4.539%, 1/25/30<sup>(1)</sup> <br>| 4998 | &nbsp;&nbsp; 4995 |
| K546, AS (SOFR30A + 0.530%, Cap N/A, Floor <br> 0.530%) <br>4.539%, 3/25/30<sup>(1)</sup> <br>| 3998 | &nbsp;&nbsp; 3998 |
| K-549, AS (SOFR30A + 0.520%, Cap N/A, Floor <br> 0.520%) <br>4.529%, 7/25/30<sup>(1)</sup> <br>| 7994 | &nbsp;&nbsp; 7991 |
| K-550, AS (SOFR30A + 0.540%, Cap N/A, Floor <br> 0.540%) <br>4.742%, 9/25/30<sup>(1)</sup> <br>| 4999 | &nbsp;&nbsp; 4995 |
| KG09, AS (SOFR30A + 0.560%, Cap N/A, Floor <br> 0.560%) <br>4.569%, 8/25/29<sup>(1)</sup> <br>| 9993 | &nbsp;&nbsp; 9987 |
| KIR1, A1 <br>2.446%, 3/25/26<br>| 384 | &nbsp;&nbsp; 382 |
| KJ49, AFL (SOFR30A + 0.600%, Cap N/A, Floor <br> 0.600%) <br>4.609%, 1/25/31<sup>(1)</sup> <br>| 6391 | &nbsp;&nbsp; 6407 |
| KW07, A1 <br>3.600%, 7/25/28<br>| 95 | &nbsp;&nbsp; 95 |
| Federal Home Loan Mortgage Corp. REMIC |  |  |
| 2980, FJ (SOFR30A + 0.414%, Cap 7.000%, Floor <br> 0.300%) <br>4.398%, 11/15/34<sup>(1)</sup> <br>| 3607 | &nbsp;&nbsp; 3574 |
| 4248, FT (SOFR30A + 0.614%, Cap 6.500%, Floor <br> 0.500%) <br>4.598%, 9/15/43<sup>(1)</sup> <br>| 7755 | &nbsp;&nbsp; 7686 |
| 4794, WF (SOFR30A + 0.464%) <br>4.673%, 3/15/43<sup>(1)</sup> <br>| 4060 | &nbsp;&nbsp; 3999 |
| 4838, VA <br>4.000%, 3/15/36<br>| 552 | &nbsp;&nbsp; 552 |
| 4863, JF (SOFR30A + 0.514%, Cap 6.500%, Floor <br> 0.400%) <br>4.498%, 7/15/38<sup>(1)</sup> <br>| 5325 | &nbsp;&nbsp; 5279 |
| 4942, FB (SOFR30A + 0.614%, Cap 6.000%, Floor <br> 0.500%) <br>4.598%, 4/15/40<sup>(1)</sup> <br>| 5145 | &nbsp;&nbsp; 5092 |
| 5237, MV <br>4.500%, 8/25/33<br>| 736 | &nbsp;&nbsp; 739 |
| 5251, FG (SOFR30A + 0.450%, Cap 6.500%, Floor <br> 0.450%) <br>4.324%, 8/25/52<sup>(1)</sup> <br>| 6004 | &nbsp;&nbsp; 5938 |
| Federal Home Loan Mortgage Corp. Structured <br> Pass-Through Certificates FRESR 2017-SR01, A3 <br>3.089%, 11/25/27<br>| 1029 | &nbsp;&nbsp; 1012 |
| Federal Home Loan Mortgage Corporation |  |  |
| Pool #1Q1195 (RFUCCT1Y + 1.583%, Cap 10.115%, <br> Floor 1.583%) <br>6.450%, 5/1/37<sup>(1)</sup> <br>| 1243 | &nbsp;&nbsp; 1290 |
| Pool #1Q1420 (RFUCCT1Y + 1.759%, Cap 10.574%, <br> Floor 1.759%) <br>6.541%, 9/1/39<sup>(1)</sup> <br>| 883 | &nbsp;&nbsp; 912 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| Pool #2B5891 (RFUCCT1Y + 1.640%, Cap 7.997%, <br> Floor 1.640%) <br>6.571%, 2/1/47<sup>(1)</sup> <br>| $1381 | &nbsp;&nbsp; $1434 |
| Pool #840337 (RFUCCT1Y + 1.576%, Cap 7.657%, <br> Floor 1.576%) <br>6.286%, 7/1/46<sup>(1)</sup> <br>| 601 | &nbsp;&nbsp; 623 |
| Pool #840617 (U.S. Treasury Yield Curve CMT 1 year + <br> 2.082%, Cap 7.748%, Floor 2.082%) <br>6.148%, 7/1/47<sup>(1)</sup> <br>| 1134 | &nbsp;&nbsp; 1179 |
| Pool #841083 (RFUCCT1Y + 1.645%, Cap 7.826%, <br> Floor 1.645%) <br>6.342%, 5/1/49<sup>(1)</sup> <br>| 3601 | &nbsp;&nbsp; 3745 |
| Pool #841345 (RFUCCT1Y + 1.628%, Cap 7.722%, <br> Floor 1.628%) <br>6.371%, 1/1/47<sup>(1)</sup> <br>| 1155 | &nbsp;&nbsp; 1200 |
| Pool #848736 (RFUCCT1Y + 1.750%, Cap 9.563%, <br> Floor 1.750%) <br>6.445%, 5/1/35<sup>(1)</sup> <br>| 2952 | &nbsp;&nbsp; 3070 |
| Pool #848744 (RFUCCT1Y + 1.789%, Cap 9.092%, <br> Floor 1.789%) <br>6.523%, 5/1/34<sup>(1)</sup> <br>| 1663 | &nbsp;&nbsp; 1727 |
| Pool #848747 (RFUCCT1Y + 1.863%, Cap 9.992%, <br> Floor 1.863%) <br>6.638%, 7/1/36<sup>(1)</sup> <br>| 1602 | &nbsp;&nbsp; 1665 |
| Pool #848796 (RFUCCT1Y + 1.797%, Cap 9.848%, <br> Floor 1.797%) <br>6.563%, 5/1/37<sup>(1)</sup> <br>| 2881 | &nbsp;&nbsp; 3001 |
| Pool #E04116 <br>2.500%, 11/1/27<br>| 406 | &nbsp;&nbsp; 402 |
| Pool #E09000 <br>3.000%, 6/1/27<br>| 166 | &nbsp;&nbsp; 165 |
| Pool #G15863 <br>3.000%, 7/1/31<br>| 584 | &nbsp;&nbsp; 573 |
| Pool #G18622 <br>2.500%, 12/1/31<br>| 297 | &nbsp;&nbsp; 288 |
| Pool #J20464 <br>2.500%, 9/1/27<br>| 199 | &nbsp;&nbsp; 197 |
| Pool #J36146 <br>2.500%, 1/1/27<br>| 106 | &nbsp;&nbsp; 105 |
| Pool #SB1351 <br>5.000%, 11/1/39<br>| 5824 | &nbsp;&nbsp; 5927 |
| Pool #SB1701 <br>2.500%, 12/1/32<br>| 6325 | &nbsp;&nbsp; 6143 |
| Pool #WN2145 <br>1.700%, 10/1/28<br>| 540 | &nbsp;&nbsp; 510 |
| Pool #ZS8563 <br>3.000%, 4/1/30<br>| 614 | &nbsp;&nbsp; 604 |
| Federal National Mortgage Association |  |  |
| (SOFR + 0.260%) <br>3.970%, 11/5/27<sup>(1)</sup> <br>| 5000 | &nbsp;&nbsp; 5008 |
| 2016-M5, A2 <br>2.469%, 4/25/26<br>| 3133 | &nbsp;&nbsp; 3117 |
| 2016-M8, FA (SOFR30A + 0.614%, Cap N/A, Floor <br> 0.500%) <br>4.700%, 7/25/26<sup>(1)</sup> <br>| 1029 | &nbsp;&nbsp; 1028 |
| Pool #462207 (U.S. Treasury Yield Curve CMT 1 year + <br> 2.175%, Cap 8.813%, Floor 2.175%) <br>5.922%, 1/1/36<sup>(1)</sup> <br>| 704 | &nbsp;&nbsp; 702 |
| Pool #462210 (U.S. Treasury Yield Curve CMT 1 year + <br> 2.175%, Cap 8.889%, Floor 2.175%) <br>5.825%, 1/1/36<sup>(1)</sup> <br>| 266 | &nbsp;&nbsp; 266 |

---

*See Notes to Financial Statements*

------

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

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| Pool #462306 (U.S. Treasury Yield Curve CMT 1 year + <br> 2.379%, Cap 10.975%, Floor 2.379%) <br>6.378%, 4/1/37<sup>(1)</sup> <br>| $1087 | &nbsp;&nbsp; $1084 |
| Pool #462410 (U.S. Treasury Yield Curve CMT 1 year + <br> 2.375%, Cap 10.630%, Floor 2.375%) <br>6.350%, 9/1/37<sup>(1)</sup> <br>| 548 | &nbsp;&nbsp; 542 |
| Pool #AB5239 <br>3.000%, 5/1/27<br>| 328 | &nbsp;&nbsp; 325 |
| Pool #AB8787 <br>2.000%, 3/1/28<br>| 193 | &nbsp;&nbsp; 189 |
| Pool #AD0064 (RFUCCT6M + 1.545%, Cap 10.920%, <br> Floor 1.545%) <br>6.144%, 1/1/35<sup>(1)</sup> <br>| 582 | &nbsp;&nbsp; 604 |
| Pool #AE0544 (RFUCCT1Y + 1.748%, Cap 8.132%, <br> Floor 1.748%) <br>6.353%, 11/1/40<sup>(1)</sup> <br>| 1238 | &nbsp;&nbsp; 1291 |
| Pool #AJ6967 <br>3.000%, 11/1/26<br>| 83 | &nbsp;&nbsp; 82 |
| Pool #AL0270 (RFUCCT1Y + 1.669%, Cap 10.500%, <br> Floor 1.669%) <br>6.415%, 8/1/38<sup>(1)</sup> <br>| 331 | &nbsp;&nbsp; 340 |
| Pool #AL0323 (RFUCCT1Y + 1.819%, Cap 8.274%, <br> Floor 1.819%) <br>6.659%, 6/1/41<sup>(1)</sup> <br>| 761 | &nbsp;&nbsp; 795 |
| Pool #AL0960 (RFUCCT1Y + 1.683%, Cap 9.737%, <br> Floor 1.683%) <br>6.346%, 7/1/37<sup>(1)</sup> <br>| 1686 | &nbsp;&nbsp; 1748 |
| Pool #AL1886 (RFUCCT1Y + 1.752%, Cap 8.453%, <br> Floor 1.752%) <br>6.527%, 6/1/42<sup>(1)</sup> <br>| 242 | &nbsp;&nbsp; 253 |
| Pool #AL2202 (RFUCCT1Y + 1.670%, Cap 9.443%, <br> Floor 1.670%) <br>6.519%, 6/1/36<sup>(1)</sup> <br>| 619 | &nbsp;&nbsp; 642 |
| Pool #AL3421 (U.S. Treasury Yield Curve CMT 1 year + <br> 2.375%, Cap 10.750%, Floor 2.375%) <br>6.411%, 9/1/37<sup>(1)</sup> <br>| 632 | &nbsp;&nbsp; 639 |
| Pool #AL3765 <br>3.000%, 3/1/28<br>| 237 | &nbsp;&nbsp; 235 |
| Pool #AL3794 <br>3.000%, 6/1/28<br>| 455 | &nbsp;&nbsp; 451 |
| Pool #AL3803 <br>3.000%, 6/1/28<br>| 428 | &nbsp;&nbsp; 425 |
| Pool #AL6227 <br>2.500%, 12/1/29<br>| 135 | &nbsp;&nbsp; 132 |
| Pool #AL6516 (RFUCCT1Y + 1.752%, Cap 8.706%, <br> Floor 1.752%) <br>6.509%, 4/1/40<sup>(1)</sup> <br>| 1258 | &nbsp;&nbsp; 1309 |
| Pool #AL7477 (RFUCCT1Y + 1.798%, Cap 8.604%, <br> Floor 1.798%) <br>6.448%, 12/1/40<sup>(1)</sup> <br>| 956 | &nbsp;&nbsp; 996 |
| Pool #AL7812 (RFUCCT1Y + 1.730%, Cap 8.376%, <br> Floor 1.730%) <br>6.359%, 11/1/40<sup>(1)</sup> <br>| 2145 | &nbsp;&nbsp; 2236 |
| Pool #AL8796 (RFUCCT1Y + 1.827%, Cap 8.461%, <br> Floor 1.827%) <br>6.629%, 9/1/41<sup>(1)</sup> <br>| 2318 | &nbsp;&nbsp; 2425 |
| Pool #AL8827 <br>3.000%, 2/1/29<br>| 125 | &nbsp;&nbsp; 124 |
| Pool #AL8872 (RFUCCT1Y + 1.802%, Cap 8.299%, <br> Floor 1.802%) <br>6.528%, 7/1/42<sup>(1)</sup> <br>| 2994 | &nbsp;&nbsp; 3117 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| Pool #AL9329 (RFUCCT1Y + 1.571%, Cap 10.676%, <br> Floor 1.571%) <br>6.312%, 7/1/38<sup>(1)</sup> <br>| $436 | &nbsp;&nbsp; $451 |
| Pool #AL9996 <br>3.000%, 4/1/32<br>| 359 | &nbsp;&nbsp; 351 |
| Pool #AO3261 <br>3.000%, 10/1/27<br>| 805 | &nbsp;&nbsp; 798 |
| Pool #AP2717 <br>2.500%, 10/1/27<br>| 194 | &nbsp;&nbsp; 192 |
| Pool #AT2769 <br>2.000%, 5/1/28<br>| 120 | &nbsp;&nbsp; 118 |
| Pool #BE3734 (RFUCCT1Y + 1.620%, Cap 8.028%, <br> Floor 1.620%) <br>6.270%, 7/1/47<sup>(1)</sup> <br>| 663 | &nbsp;&nbsp; 689 |
| Pool #BL6487 (SOFR30A + 0.874%, Cap 98.510%, <br> Floor 0.760%) <br>4.883%, 4/1/30<sup>(1)</sup> <br>| 9857 | &nbsp;&nbsp; 9869 |
| Pool #BM1022 <br>2.500%, 1/1/27<br>| 134 | &nbsp;&nbsp; 133 |
| Pool #BM1805 (RFUCCT1Y + 1.603%, Cap 7.825%, <br> Floor 1.603%) <br>6.353%, 9/1/47<sup>(1)</sup> <br>| 1595 | &nbsp;&nbsp; 1662 |
| Pool #BM3981 (RFUCCT1Y + 1.747%, Cap 8.601%, <br> Floor 1.747%) <br>6.466%, 2/1/42<sup>(1)</sup> <br>| 331 | &nbsp;&nbsp; 345 |
| Pool #BM4556 (RFUCCT1Y + 1.595%, Cap 8.536%, <br> Floor 1.595%) <br>6.299%, 10/1/48<sup>(1)</sup> <br>| 1882 | &nbsp;&nbsp; 1957 |
| Pool #BM4557 (RFUCCT1Y + 1.776%, Cap 7.960%, <br> Floor 1.776%) <br>6.522%, 5/1/45<sup>(1)</sup> <br>| 1301 | &nbsp;&nbsp; 1360 |
| Pool #BM5826 <br>4.000%, 4/1/29<br>| 324 | &nbsp;&nbsp; 324 |
| Pool #BM6134 (RFUCCT1Y + 1.590%, Cap 7.505%, <br> Floor 1.590%) <br>6.352%, 9/1/47<sup>(1)</sup> <br>| 4351 | &nbsp;&nbsp; 4533 |
| Pool #BM7024 (RFUCCT1Y + 1.705%, Cap 8.718%, <br> Floor 1.705%) <br>6.471%, 6/1/49<sup>(1)</sup> <br>| 363 | &nbsp;&nbsp; 375 |
| Pool #BM7025 (RFUCCT1Y + 1.691%, Cap 8.886%, <br> Floor 1.691%) <br>6.533%, 5/1/42<sup>(1)</sup> <br>| 4447 | &nbsp;&nbsp; 4632 |
| Pool #BM7473 (SOFR30A + 2.247%, Cap 10.766%, <br> Floor 2.247%) <br>5.764%, 3/1/54<sup>(1)</sup> <br>| 5604 | &nbsp;&nbsp; 5736 |
| Pool #BW7240 (SOFR30A + 2.120%, Cap 8.848%, <br> Floor 2.120%) <br>3.849%, 10/1/52<sup>(1)</sup> <br>| 5899 | &nbsp;&nbsp; 6036 |
| Pool #CA1310 <br>3.000%, 10/1/27<br>| 231 | &nbsp;&nbsp; 229 |
| Pool #CB8382 (SOFR30A + 2.329%, Cap 10.070%, <br> Floor 2.329%) <br>5.070%, 4/1/54<sup>(1)</sup> <br>| 9718 | &nbsp;&nbsp; 9872 |
| Pool #DB0740 (SOFR30A + 2.340%, Cap 10.468%, <br> Floor 2.340%) <br>5.468%, 4/1/54<sup>(1)</sup> <br>| 1830 | &nbsp;&nbsp; 1859 |
| Pool #DD4389 (SOFR30A + 2.300%, Cap 10.509%, <br> Floor 2.300%) <br>5.509%, 4/1/55<sup>(1)</sup> <br>| 4223 | &nbsp;&nbsp; 4282 |
| Pool #FM6371 <br>4.500%, 1/1/27<br>| 6 | &nbsp;&nbsp; 6 |

---

*See Notes to Financial Statements*

------

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

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| Pool #FS1845 <br>3.500%, 12/1/29<br>| $343 | &nbsp;&nbsp; $340 |
| Pool #FS6125 <br>2.000%, 7/1/32<br>| 533 | &nbsp;&nbsp; 510 |
| Pool #FS7243 <br>3.000%, 11/1/31<br>| 621 | &nbsp;&nbsp; 611 |
| Pool #FS9546 <br>4.000%, 1/1/36<br>| 2461 | &nbsp;&nbsp; 2471 |
| Pool #MA2589 <br>3.000%, 4/1/26<br>| 14 | &nbsp;&nbsp; 14 |
| Pool #MA2869 <br>2.500%, 1/1/27<br>| 156 | &nbsp;&nbsp; 155 |
| Pool #MA2899 <br>2.500%, 2/1/27<br>| 119 | &nbsp;&nbsp; 118 |
| Pool #MA2924 <br>2.500%, 3/1/27<br>| 122 | &nbsp;&nbsp; 121 |
| Pool #MA3220 <br>2.500%, 12/1/27<br>| 299 | &nbsp;&nbsp; 295 |
| Pool #MA3221 <br>3.000%, 12/1/27<br>| 313 | &nbsp;&nbsp; 310 |
| Pool #MA3395 <br>3.500%, 6/1/28<br>| 253 | &nbsp;&nbsp; 251 |
| Pool #MA3680 <br>3.500%, 6/1/29<br>| 382 | &nbsp;&nbsp; 379 |
| Pool #MA4172 <br>1.500%, 11/1/30<br>| 326 | &nbsp;&nbsp; 311 |
| Federal National Mortgage Association REMIC |  |  |
| 2005-103, FC (SOFR30A + 0.614%, Cap 7.500%, <br> Floor 0.500%) <br>4.489%, 7/25/35<sup>(1)</sup> <br>| 5732 | &nbsp;&nbsp; 5712 |
| 2005-17, FA (SOFR30A + 0.414%, Cap 7.000%, Floor <br> 0.300%) <br>4.289%, 3/25/35<sup>(1)</sup> <br>| 2379 | &nbsp;&nbsp; 2356 |
| 2005-64, UF (SOFR30A + 1.464%, Cap 6.000%, Floor <br> 1.350%) <br>5.339%, 7/25/35<sup>(1)</sup> <br>| 6206 | &nbsp;&nbsp; 6323 |
| 2005-74, NA (SOFR30A + 0.534%, Cap 6.500%, Floor <br> 0.420%) <br>4.409%, 5/25/35<sup>(1)</sup> <br>| 4099 | &nbsp;&nbsp; 4084 |
| 2010-107, PF (SOFR30A + 0.484%, Cap 7.000%, <br> Floor 0.370%) <br>4.359%, 6/25/40<sup>(1)</sup> <br>| 3567 | &nbsp;&nbsp; 3549 |
| 2011-62, LF (SOFR30A + 0.514%, Cap 7.000%, Floor <br> 0.400%) <br>4.389%, 1/25/32<sup>(1)</sup> <br>| 2674 | &nbsp;&nbsp; 2660 |
| 2012-102, BG <br>1.600%, 9/25/27<br>| 161 | &nbsp;&nbsp; 158 |
| 2013-129, KB <br>3.000%, 1/25/29<br>| 314 | &nbsp;&nbsp; 312 |
| 2015-96, EA <br>3.000%, 12/25/26<br>| 204 | &nbsp;&nbsp; 203 |
| 2016-48, UF (SOFR30A + 0.514%, Cap 6.500%, Floor <br> 0.400%) <br>4.389%, 8/25/46<sup>(1)</sup> <br>| 3603 | &nbsp;&nbsp; 3576 |
| 2016-65, F (SOFR30A + 0.514%, Cap 6.500%, Floor <br> 0.400%) <br>4.389%, 9/25/46<sup>(1)</sup> <br>| 3981 | &nbsp;&nbsp; 3945 |
| 2017-33, LF (SOFR30A + 0.514%, Cap 6.500%, Floor <br> 0.400%) <br>4.389%, 5/25/39<sup>(1)</sup> <br>| 10441 | &nbsp;&nbsp; 10341 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| 2018-92, AF (SOFR30A + 0.514%, Cap 6.500%, Floor <br> 0.400%) <br>4.389%, 5/25/33<sup>(1)</sup> <br>| $2732 | &nbsp;&nbsp; $2713 |
| 2018-96, FC (SOFR30A + 0.564%, Cap 6.500%, Floor <br> 0.450%) <br>4.439%, 10/25/35<sup>(1)</sup> <br>| 2867 | &nbsp;&nbsp; 2850 |
| 2019-13, FG (SOFR30A + 0.514%, Cap 6.500%, Floor <br> 0.400%) <br>4.389%, 4/25/49<sup>(1)</sup> <br>| 5680 | &nbsp;&nbsp; 5624 |
| 2021-97, B <br>3.000%, 5/25/33<br>| 313 | &nbsp;&nbsp; 311 |
| FRESB Mortgage Trust |  |  |
| 2016-SB13, A5H (SOFR30A + 0.814%, Cap N/A, Floor <br> 0.700%) <br>4.823%, 1/25/36<sup>(1)</sup> <br>| 4453 | &nbsp;&nbsp; 4437 |
| 2018-SB49, A5H (SOFR30A + 0.814%, Cap N/A, Floor <br> 0.700%) <br>4.823%, 4/25/38<sup>(1)</sup> <br>| 5653 | &nbsp;&nbsp; 5629 |
| 2018-SB51, A7H (SOFR30A + 0.814%, Cap N/A, Floor <br> 0.700%) <br>4.823%, 4/25/38<sup>(1)</sup> <br>| 734 | &nbsp;&nbsp; 731 |
| 2019-SB66, A7H <br>2.390%, 6/25/39<sup>(1)</sup> <br>| 1169 | &nbsp;&nbsp; 1154 |
| 2020-SB76, A5H (SOFR30A + 0.814%, Cap N/A, Floor <br> 0.700%) <br>4.621%, 4/25/40<sup>(1)</sup> <br>| 6765 | &nbsp;&nbsp; 6735 |
| Government National Mortgage Association |  |  |
| 2009-88, FA (1 month Term SOFR + 0.864%, Cap <br> 7.000%, Floor 0.750%) <br>4.599%, 10/16/39<sup>(1)</sup> <br>| 2712 | &nbsp;&nbsp; 2720 |
| 2010-159, D <br>4.558%, 9/16/44<sup>(1)</sup> <br>| 820 | &nbsp;&nbsp; 818 |
| 2010-20, FD (1 month Term SOFR + 0.934%, Cap <br> 6.500%, Floor 0.820%) <br>4.668%, 2/20/40<sup>(1)</sup> <br>| 5617 | &nbsp;&nbsp; 5649 |
| 2010-20, FE (1 month Term SOFR + 0.864%, Cap <br> 7.000%, Floor 0.750%) <br>4.598%, 2/20/40<sup>(1)</sup> <br>| 10000 | &nbsp;&nbsp; 10041 |
| 2017-134, VD <br>3.000%, 4/20/38<br>| 865 | &nbsp;&nbsp; 834 |
| 2019-11, FD (1 month Term SOFR + 0.494%, Cap N/A, <br> Floor 0.380%) <br>4.367%, 8/20/45<sup>(1)</sup> <br>| 5295 | &nbsp;&nbsp; 5240 |
| Pool #5276 <br>3.000%, 1/20/27<br>| 213 | &nbsp;&nbsp; 212 |
| Pool #783018 <br>5.200%, 10/15/29<br>| 207 | &nbsp;&nbsp; 210 |
| Pool #787184 (U.S. Treasury Yield Curve CMT 1 year + <br> 1.500%, Cap 7.515%, Floor 1.500%) <br>5.294%, 8/20/49<sup>(1)</sup> <br>| 3070 | &nbsp;&nbsp; 3126 |
| Pool #787870 (U.S. Treasury Yield Curve CMT 1 year + <br> 1.500%, Cap 9.500%, Floor 1.500%) <br>4.500%, 1/20/55<sup>(1)</sup> <br>| 9370 | &nbsp;&nbsp; 9389 |
| Pool #787907 (U.S. Treasury Yield Curve CMT 1 year + <br> 1.502%, Cap 7.655%, Floor 1.502%) <br>5.275%, 8/20/49<sup>(1)</sup> <br>| 9855 | &nbsp;&nbsp; 10075 |
| Pool #787937 (U.S. Treasury Yield Curve CMT 1 year + <br> 1.658%, Cap 9.733%, Floor 1.658%) <br>4.733%, 4/20/55<sup>(1)</sup> <br>| 8188 | &nbsp;&nbsp; 8215 |
| Pool #DG4178 (U.S. Treasury Yield Curve CMT 1 year <br> + 2.000%, Cap 10.000%, Floor 2.000%) <br>5.000%, 2/20/55<sup>(1)</sup> <br>| 3707 | &nbsp;&nbsp; 3734 |

---

*See Notes to Financial Statements*

------

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

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| Pool #DI5711 (U.S. Treasury Yield Curve CMT 1 year + <br> 2.000%, Cap 10.000%, Floor 2.000%) <br>5.000%, 3/20/55<sup>(1)</sup> <br>| $1229 | &nbsp;&nbsp; $1239 |
| Pool #MA0513 <br>2.500%, 11/20/27<br>| 282 | &nbsp;&nbsp; 279 |
| Pool #MA0601 <br>2.500%, 12/20/27<br>| 346 | &nbsp;&nbsp; 341 |
| Pool #MA9679 (U.S. Treasury Yield Curve CMT 1 year <br> + 1.500%, Cap 9.500%, Floor 1.500%) <br>4.500%, 5/20/54<sup>(1)</sup> <br>| 3337 | &nbsp;&nbsp; 3346 |
| Pool #MA9735 (U.S. Treasury Yield Curve CMT 1 year <br> + 1.500%, Cap 9.500%, Floor 1.500%) <br>4.500%, 6/20/54<sup>(1)</sup> <br>| 1739 | &nbsp;&nbsp; 1746 |
| Pool #MA9791 (U.S. Treasury Yield Curve CMT 1 year <br> + 1.500%, Cap 10.500%, Floor 1.500%) <br>5.500%, 7/20/54<sup>(1)</sup> <br>| 4677 | &nbsp;&nbsp; 4756 |
| Pool #MB0038 (U.S. Treasury Yield Curve CMT 1 year <br> + 1.500%, Cap 10.500%, Floor 1.500%) <br>5.500%, 11/20/54<sup>(1)</sup> <br>| 1008 | &nbsp;&nbsp; 1024 |
| Pool #MB0158 (U.S. Treasury Yield Curve CMT 1 year <br> + 1.500%, Cap 10.000%, Floor 1.500%) <br>5.000%, 1/20/55<sup>(1)</sup> <br>| 5965 | &nbsp;&nbsp; 6027 |
| Pool #MB0763 (U.S. Treasury Yield Curve CMT 1 year <br> + 1.500%, Cap 9.500%, Floor 1.500%) <br>4.500%, 11/20/55<sup>(1)</sup> <br>| 1638 | &nbsp;&nbsp; 1643 |
| Small Business Administration |  |  |
| Pool #510254 (PRIME minus 2.600%) <br>4.650%, 5/25/28<sup>(1)</sup> <br>| 810 | &nbsp;&nbsp; 808 |
| Pool #510256 (PRIME minus 2.600%) <br>4.650%, 12/25/28<sup>(1)</sup> <br>| 1346 | &nbsp;&nbsp; 1343 |
| Pool #510273 (PRIME minus 2.500%) <br>4.750%, 11/25/28<sup>(1)</sup> <br>| 639 | &nbsp;&nbsp; 639 |
| Pool #530241 (PRIME minus 2.500%) <br>4.750%, 10/25/32<sup>(1)</sup> <br>| 2219 | &nbsp;&nbsp; 2199 |
| Pool #530251 (PRIME minus 2.375%) <br>4.875%, 4/25/32<sup>(1)</sup> <br>| 3974 | &nbsp;&nbsp; 3940 |
| Pool #530835 (PRIME minus 2.600%) <br>4.650%, 5/25/35<sup>(1)</sup> <br>| 10752 | &nbsp;&nbsp; 10704 |
| Pool #530885 (PRIME minus 2.550%) <br>4.700%, 7/25/35<sup>(1)</sup> <br>| 5473 | &nbsp;&nbsp; 5457 |
| **Total Mortgage-Backed Securities** <br>**(Identified Cost $382,684)** | **Total Mortgage-Backed Securities** <br>**(Identified Cost $382,684)** | &nbsp;&nbsp; **385148** |
| **Total Long-Term Investments—93.9%** <br>**(Identified Cost $382,684)** | **Total Long-Term Investments—93.9%** <br>**(Identified Cost $382,684)** | &nbsp;&nbsp; **385148** |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Short-Term Investments—3.9%** | **Short-Term Investments—3.9%** | **Short-Term Investments—3.9%** |
| **U.S. Government Securities—3.9%** | **U.S. Government Securities—3.9%** | **U.S. Government Securities—3.9%** |
| U.S. Treasury Bills |  |  |
| <br>0.000%, 1/20/26<sup>(2)</sup> <br>| $3000 | &nbsp;&nbsp; $2995 |
| <br>0.000%, 2/10/26<sup>(2)</sup> <br>| 5000 | &nbsp;&nbsp; 4981 |
| <br>0.000%, 3/5/26<sup>(2)</sup> <br>| 5000 | &nbsp;&nbsp; 4969 |
| <br>0.000%, 3/31/26<sup>(2)</sup> <br>| 3000 | &nbsp;&nbsp; 2974 |
| **Total Short-Term Investments** <br>**(Identified Cost $15,916)** | **Total Short-Term Investments** <br>**(Identified Cost $15,916)** | &nbsp;&nbsp; **15919** |
| **TOTAL INVESTMENTS—97.8%** <br>**(Identified Cost $398,600)** | **TOTAL INVESTMENTS—97.8%** <br>**(Identified Cost $398,600)** | &nbsp;&nbsp; **$401067** |
| Other assets and liabilities, net—2.2% | Other assets and liabilities, net—2.2% | &nbsp;&nbsp; 8981 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$410048** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| CMT | Constant Maturity Treasury |
| REMIC | Real Estate Mortgage Investment Conduit |
| RFUCCT1Y | Refinitiv USD IBOR Consumer Cash Fallbacks Term 1 Year |
| RFUCCT6M | Refinitiv USD IBOR Consumer Cash Fallbacks Term 6 Months |
| SOFR | Secured Overnight Financing Rate |
| SOFR30A | Secured Overnight Financing Rate 30 Day Average |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Variable rate security. Rate disclosed is as of December 31, 2025. Information in <br> parenthesis represents benchmark and reference rate for each security. Certain <br> variable rate securities are not based on a published reference rate and spread but <br> are determined by the issuer or agent and are based on current market conditions, <br> or, for mortgage-backed securities, are impacted by the individual mortgages <br> which are paying off over time. These securities do not indicate a reference rate <br> and spread in their descriptions.<br>|
| <sup>(2)</sup> <br>| Issued with a zero coupon. Income is recognized through the accretion of <br> discount.<br>|

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

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

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

($ reported in thousands)

The following table summarizes the value of the Fund's investments as of December 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>|
| Assets: |  |  |
| Debt Instruments: |  |  |
| U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; $15919 | &nbsp;&nbsp;&nbsp;&nbsp; $15919 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; 385148 | &nbsp;&nbsp;&nbsp;&nbsp; 385148 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $401067 | &nbsp;&nbsp;&nbsp;&nbsp; $401067 |

---

There were no securities valued using quoted prices (Level 1) or significant unobservable inputs (Level 3) at December 31, 2025.

There were no transfers into or out of Level 3 related to securities held at December 31, 2025.

*See Notes to Financial Statements*

------

**VIRTUS ASSET TRUST**

**STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7)** 

**December 31, 2025**

(Reported in thousands except shares and per share amounts)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Seix Core Bond** <br> **Fund**<br>| **Seix Floating Rate** <br> **High Income Fund**<br>| **Seix High Grade** <br> **Municipal Bond** <br> **Fund**<br>| **Seix High Yield** <br> **Fund**<br>|
| **Assets** |  |  |  |  |
| Investment in securities at value<sup>(1)</sup><sup>(2)</sup> | &nbsp;&nbsp; $119091 | &nbsp;&nbsp; $1172141 | &nbsp;&nbsp; $14422 | &nbsp;&nbsp; $391505 |
| Investment in affiliates at value<sup>(3)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; 599 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12690 |
| Cash  | &nbsp;&nbsp; 582 | &nbsp;&nbsp; 24564 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 7380 |
| Cash pledged as collateral for futures contracts | &nbsp;&nbsp; 97 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Variation margin receivable on futures contracts | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivables |  |  |  |  |
| Investment securities sold  | &nbsp;&nbsp; — | &nbsp;&nbsp; 25366 | &nbsp;&nbsp; 525 | &nbsp;&nbsp; — |
| Fund shares sold  | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 1198 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1545 |
| Dividends and interest | &nbsp;&nbsp; 822 | &nbsp;&nbsp; 5649 | &nbsp;&nbsp; 163 | &nbsp;&nbsp; 7650 |
| Receivable from adviser | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — |
| Unrealized appreciation on unfunded loan commitment<sup>(4)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; 6 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Tax reclaims  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 |
| Securities lending income | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8 |
| Prepaid expenses  | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 121 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 58 |
| Other assets  | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 195 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 66 |
| Total assets | &nbsp;&nbsp; 120624 | &nbsp;&nbsp; 1229839 | &nbsp;&nbsp; 15132 | &nbsp;&nbsp; 420905 |
| **Liabilities** |  |  |  |  |
| Payables |  |  |  |  |
| Fund shares repurchased  | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 15175 | &nbsp;&nbsp; 787 | &nbsp;&nbsp; 463 |
| Investment securities purchased  | &nbsp;&nbsp; — | &nbsp;&nbsp; 18949 | &nbsp;&nbsp; — | &nbsp;&nbsp; 216 |
| Collateral on securities loaned | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2329 |
| Dividend distributions  | &nbsp;&nbsp; — | &nbsp;&nbsp; 476 | &nbsp;&nbsp; — | &nbsp;&nbsp; 65 |
| Investment advisory fees  | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 361 | &nbsp;&nbsp; — | &nbsp;&nbsp; 136 |
| Distribution and service fees  | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 6 |
| Administration and accounting fees | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 298 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 65 |
| Transfer agent and sub-transfer agent fees and expenses | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 271 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 90 |
| Professional fees  | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 34 |
| Trustee deferred compensation plan  | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 195 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 66 |
| Interest expense and/or commitment fees | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 41 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 1 |
| Other accrued expenses | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 129 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 55 |
| Total liabilities | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 35946 | &nbsp;&nbsp; 856 | &nbsp;&nbsp; 3526 |
| **Commitments and contingencies (Note 4D)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net Assets** | &nbsp;&nbsp; $120419 | &nbsp;&nbsp; $1193893 | &nbsp;&nbsp; $14276 | &nbsp;&nbsp; $417379 |
| **Net Assets Consist of:** |  |  |  |  |
| Capital paid in on shares of beneficial interest | &nbsp;&nbsp; $133699 | &nbsp;&nbsp; $2100469 | &nbsp;&nbsp; $16734 | &nbsp;&nbsp; $668332 |
| Accumulated earnings (loss) | &nbsp;&nbsp; (13280)<br>| &nbsp;&nbsp; (906576)<br>| &nbsp;&nbsp; (2458)<br>| &nbsp;&nbsp; (250953)<br>|
| **Net Assets** | &nbsp;&nbsp; $120419 | &nbsp;&nbsp; $1193893 | &nbsp;&nbsp; $14276 | &nbsp;&nbsp; $417379 |
| **Net Assets:** |  |  |  |  |
| Class A | &nbsp;&nbsp; $4033 | &nbsp;&nbsp; $44881 | &nbsp;&nbsp; $3391 | &nbsp;&nbsp; $26579 |
| Class C | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4597 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Class I | &nbsp;&nbsp; $24072 | &nbsp;&nbsp; $890135 | &nbsp;&nbsp; $10885 | &nbsp;&nbsp; $280556 |
| Class R6 | &nbsp;&nbsp; $92314 | &nbsp;&nbsp; $254280 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $110244 |
| **Shares Outstanding (unlimited number of shares authorized, no par value):** |  |  |  |  |
| Class A | &nbsp;&nbsp; 427546 | &nbsp;&nbsp; 5870085 | &nbsp;&nbsp; 306707 | &nbsp;&nbsp; 3435641 |
| Class C | &nbsp;&nbsp; — | &nbsp;&nbsp; 600840 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class I | &nbsp;&nbsp; 2551970 | &nbsp;&nbsp; 116391384 | &nbsp;&nbsp; 985118 | &nbsp;&nbsp; 35353967 |
| Class R6 | &nbsp;&nbsp; 9781186 | &nbsp;&nbsp; 33221088 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13886151 |

---

*See Notes to Financial Statements*

------

**VIRTUS ASSET TRUST**

**STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Continued)**

**December 31, 2025**

(Reported in thousands except shares and per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Seix Core Bond** <br> **Fund**<br>| **Seix Floating Rate** <br> **High Income Fund**<br>| **Seix High Grade** <br> **Municipal Bond** <br> **Fund**<br>| **Seix High Yield** <br> **Fund**<br>|
| **Net Asset Value and Redemption Price Per Share:**<sup>\*</sup> <br>|  |  |  |  |
| Class A | &nbsp;&nbsp; $9.43 | &nbsp;&nbsp; $7.65 | &nbsp;&nbsp; $11.05 | &nbsp;&nbsp; $7.74 |
| Class C | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7.65 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Class I | &nbsp;&nbsp; $9.43 | &nbsp;&nbsp; $7.65 | &nbsp;&nbsp; $11.05 | &nbsp;&nbsp; $7.94 |
| Class R6 | &nbsp;&nbsp; $9.44 | &nbsp;&nbsp; $7.65 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7.94 |
| **Maximum Offering Price Per Share** (NAV/(1-Maximum Sales Charge)): |  |  |  |  |
| Class A | &nbsp;&nbsp; $9.80 | &nbsp;&nbsp; $7.87 | &nbsp;&nbsp; $11.36 | &nbsp;&nbsp; $8.04 |
| Maximum Sales Charge - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 3.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.75<br> %<br>|
| <sup>(1)</sup> Investment in securities at cost | &nbsp;&nbsp; $118709 | &nbsp;&nbsp; $1178024 | &nbsp;&nbsp; $14111 | &nbsp;&nbsp; $386052 |
| <sup>(2)</sup> Market value of securities on loan | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2229 |
| <sup>(3)</sup> Investment in affiliates at cost | &nbsp;&nbsp; $— | &nbsp;&nbsp; $599 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13031 |
| <sup>(4)</sup> See Schedule of Investments for schedule of unfunded loan commitments. |  |  |  |  |

---

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

<sup>(a)</sup> Amount is less than $500 (not in thousands).

\* Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. 

*See Notes to Financial Statements*

------

**VIRTUS ASSET TRUST**

**STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Continued)**

**December 31, 2025**

(Reported in thousands except shares and per share amounts)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Seix Investment** <br> **Grade Tax-Exempt** <br> **Bond Fund**<br>| **Seix Total Return** <br> **Bond Fund**<br>| **Seix** <br> **U.S. Government** <br> **Securities** <br> **Ultra-Short Bond** <br> **Fund**<br>|
| **Assets** |  |  |  |
| Investment in securities at value<sup>(1)</sup> | &nbsp;&nbsp; $117216 | &nbsp;&nbsp; $90750 | &nbsp;&nbsp; $401067 |
| Cash  | &nbsp;&nbsp; 4616 | &nbsp;&nbsp; 1202 | &nbsp;&nbsp; 6531 |
| Cash pledged as collateral for futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 74 | &nbsp;&nbsp; — |
| Variation margin receivable on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — |
| Receivables |  |  |  |
| Investment securities sold  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 788 |
| Fund shares sold  | &nbsp;&nbsp; 176 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 949 |
| Dividends and interest | &nbsp;&nbsp; 1463 | &nbsp;&nbsp; 631 | &nbsp;&nbsp; 1383 |
| Securities lending income | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — |
| Prepaid expenses  | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 16 |
| Other assets  | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 64 |
| Total assets | &nbsp;&nbsp; 123491 | &nbsp;&nbsp; 92737 | &nbsp;&nbsp; 410798 |
| **Liabilities** |  |  |  |
| Payables |  |  |  |
| Fund shares repurchased  | &nbsp;&nbsp; 194 | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 362 |
| Investment securities purchased  | &nbsp;&nbsp; — | &nbsp;&nbsp; 285 | &nbsp;&nbsp; — |
| Dividend distributions  | &nbsp;&nbsp; 56 | &nbsp;&nbsp; — | &nbsp;&nbsp; 83 |
| Investment advisory fees  | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 37 |
| Distribution and service fees  | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 6 |
| Administration and accounting fees | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 63 |
| Transfer agent and sub-transfer agent fees and expenses | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 64 |
| Professional fees  | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 29 |
| Trustee deferred compensation plan  | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 64 |
| Interest expense and/or commitment fees | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 1 |
| Other accrued expenses | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 41 |
| Total liabilities | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 539 | &nbsp;&nbsp; 750 |
| **Commitments and contingencies (Note 4D)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net Assets** | &nbsp;&nbsp; $123091 | &nbsp;&nbsp; $92198 | &nbsp;&nbsp; $410048 |
| **Net Assets Consist of:** |  |  |  |
| Capital paid in on shares of beneficial interest | &nbsp;&nbsp; $132169 | &nbsp;&nbsp; $138796 | &nbsp;&nbsp; $422124 |
| Accumulated earnings (loss) | &nbsp;&nbsp; (9078)<br>| &nbsp;&nbsp; (46598)<br>| &nbsp;&nbsp; (12076)<br>|
| **Net Assets** | &nbsp;&nbsp; $123091 | &nbsp;&nbsp; $92198 | &nbsp;&nbsp; $410048 |
| **Net Assets:** |  |  |  |
| Class A | &nbsp;&nbsp; $5937 | &nbsp;&nbsp; $5533 | &nbsp;&nbsp; $27801 |
| Class I | &nbsp;&nbsp; $117154 | &nbsp;&nbsp; $64580 | &nbsp;&nbsp; $233379 |
| Class R6 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22085 | &nbsp;&nbsp; $148868 |
| **Shares Outstanding (unlimited number of shares authorized, no par value):** |  |  |  |
| Class A | &nbsp;&nbsp; 536873 | &nbsp;&nbsp; 565897 | &nbsp;&nbsp; 2795228 |
| Class I | &nbsp;&nbsp; 10608530 | &nbsp;&nbsp; 6833566 | &nbsp;&nbsp; 23471130 |
| Class R6 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2337537 | &nbsp;&nbsp; 14952033 |
| **Net Asset Value and Redemption Price Per Share:**<sup>\*</sup> <br>|  |  |  |
| Class A | &nbsp;&nbsp; $11.06 | &nbsp;&nbsp; $9.78 | &nbsp;&nbsp; $9.95 |
| Class I | &nbsp;&nbsp; $11.04 | &nbsp;&nbsp; $9.45 | &nbsp;&nbsp; $9.94 |
| Class R6 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9.45 | &nbsp;&nbsp; $9.96 |

---

*See Notes to Financial Statements*

------

**VIRTUS ASSET TRUST**

**STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Continued)**

**December 31, 2025**

(Reported in thousands except shares and per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | **Seix Investment** <br> **Grade Tax-Exempt** <br> **Bond Fund**<br>| **Seix Total Return** <br> **Bond Fund**<br>| **Seix** <br> **U.S. Government** <br> **Securities** <br> **Ultra-Short Bond** <br> **Fund**<br>|
| **Maximum Offering Price Per Share** (NAV/(1-Maximum Sales Charge)): |  |  |  |
| Class A | &nbsp;&nbsp; $11.37 | &nbsp;&nbsp; $10.16 | &nbsp;&nbsp; $— |
| Maximum Sales Charge - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 2.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.75<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| <sup>(1)</sup> Investment in securities at cost | &nbsp;&nbsp; $116274 | &nbsp;&nbsp; $91204 | &nbsp;&nbsp; $398600 |

---

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

<sup>(a)</sup> Amount is less than $500 (not in thousands).

\* Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. 

*See Notes to Financial Statements*

------

**VIRTUS ASSET TRUST**

**STATEMENTS OF OPERATIONS (FORM N-CSR ITEM 7)** 

**YEAR ENDED December 31, 2025**

($ reported in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Seix Core Bond** <br> **Fund**<br>| **Seix Floating Rate** <br> **High Income Fund**<br>| **Seix High Grade** <br> **Municipal Bond** <br> **Fund**<br>| **Seix High Yield** <br> **Fund**<br>|
| **Investment Income** |  |  |  |  |
| Dividends  | &nbsp;&nbsp;&nbsp; $48 | &nbsp;&nbsp;&nbsp; $3339 | &nbsp;&nbsp;&nbsp; $31 | &nbsp;&nbsp;&nbsp; $382 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1253 |
| Interest  | &nbsp;&nbsp;&nbsp; 4507 | &nbsp;&nbsp;&nbsp; 110711 | &nbsp;&nbsp;&nbsp; 694 | &nbsp;&nbsp;&nbsp; 28748 |
| Securities lending, net of fees | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 233 |
| Total investment income | &nbsp;&nbsp;&nbsp; 4558 | &nbsp;&nbsp;&nbsp; 114064 | &nbsp;&nbsp;&nbsp; 725 | &nbsp;&nbsp;&nbsp; 30616 |
| **Expenses** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 244 | &nbsp;&nbsp;&nbsp; 5846 | &nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp; 1873 |
| Distribution and service fees, Class A | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 75 |
| Distribution and service fees, Class C | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Administration and accounting fees | &nbsp;&nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp; 1558 | &nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; 437 |
| Transfer agent fees and expenses | &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; 583 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 180 |
| Sub-transfer agent fees and expenses, Class A | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 33 |
| Sub-transfer agent fees and expenses, Class C | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Sub-transfer agent fees and expenses, Class I | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 1276 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 347 |
| Custodian fees  | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; — |
| Printing fees and expenses  | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 27 |
| Professional fees  | &nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; 49 |
| Interest expense and/or commitment fees | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 2 |
| Registration fees  | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 45 |
| Trustees' fees and expenses  | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 30 |
| Miscellaneous expenses | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 62 |
| Total expenses | &nbsp;&nbsp;&nbsp; 569 | &nbsp;&nbsp;&nbsp; 10179 | &nbsp;&nbsp;&nbsp; 251 | &nbsp;&nbsp;&nbsp; 3160 |
| Less net expenses reimbursed and/or waived by investment adviser<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; (165)<br>| &nbsp;&nbsp;&nbsp; (1659)<br>| &nbsp;&nbsp;&nbsp; (131)<br>| &nbsp;&nbsp;&nbsp; (549)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 404 | &nbsp;&nbsp;&nbsp; 8520 | &nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp; 2611 |
| **Net investment income (loss)** | &nbsp;&nbsp;&nbsp; 4154 | &nbsp;&nbsp;&nbsp; 105544 | &nbsp;&nbsp;&nbsp; 605 | &nbsp;&nbsp;&nbsp; 28005 |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; (66)<br>| &nbsp;&nbsp;&nbsp; (46394)<br>| &nbsp;&nbsp;&nbsp; (568)<br>| &nbsp;&nbsp;&nbsp; (4385)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (143)<br>|
| Futures | &nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; 2582 | &nbsp;&nbsp;&nbsp; 14807 | &nbsp;&nbsp;&nbsp; 506 | &nbsp;&nbsp;&nbsp; 5475 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (285)<br>|
| Futures | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Net realized and unrealized gain (loss) on investments** | &nbsp;&nbsp;&nbsp; 2527 | &nbsp;&nbsp;&nbsp; (31587)<br>| &nbsp;&nbsp;&nbsp; (62)<br>| &nbsp;&nbsp;&nbsp; 662 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $6681 | &nbsp;&nbsp;&nbsp; $73957 | &nbsp;&nbsp;&nbsp; $543 | &nbsp;&nbsp;&nbsp; $28667 |

---

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

<sup>(a)</sup> Amount is less than $500 (not in thousands).

<sup>(1)</sup> See Note 4D in Notes to Financial Statements.

*See Notes to Financial Statements*

------

**VIRTUS ASSET TRUST**

**STATEMENTS OF OPERATIONS (FORM N-CSR ITEM 7) (Continued)**

**YEAR ENDED December 31, 2025**

($ reported in thousands)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Seix Investment** <br> **Grade Tax-Exempt** <br> **Bond Fund**<br>| **Seix Total Return** <br> **Bond Fund**<br>| **Seix** <br> **U.S. Government** <br> **Securities** <br> **Ultra-Short Bond** <br> **Fund**<br>|
| **Investment Income** |  |  |  |
| Dividends  | &nbsp;&nbsp;&nbsp; $276 | &nbsp;&nbsp;&nbsp; $60 | &nbsp;&nbsp;&nbsp; $168 |
| Interest  | &nbsp;&nbsp;&nbsp; 3588 | &nbsp;&nbsp;&nbsp; 5131 | &nbsp;&nbsp;&nbsp; 18958 |
| Securities lending, net of fees | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Total investment income | &nbsp;&nbsp;&nbsp; 3864 | &nbsp;&nbsp;&nbsp; 5195 | &nbsp;&nbsp;&nbsp; 19126 |
| **Expenses** |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 599 | &nbsp;&nbsp;&nbsp; 272 | &nbsp;&nbsp;&nbsp; 757 |
| Distribution and service fees, Class A | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 59 |
| Administration and accounting fees | &nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp; 399 |
| Transfer agent fees and expenses | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; 168 |
| Sub-transfer agent fees and expenses, Class A | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 12 |
| Sub-transfer agent fees and expenses, Class I | &nbsp;&nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp; 289 |
| Custodian fees  | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 2 |
| Printing fees and expenses  | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 22 |
| Professional fees  | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 43 |
| Interest expense and/or commitment fees | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 2 |
| Registration fees  | &nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 42 |
| Trustees' fees and expenses  | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 26 |
| Miscellaneous expenses | &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; 54 |
| Total expenses | &nbsp;&nbsp;&nbsp; 1070 | &nbsp;&nbsp;&nbsp; 707 | &nbsp;&nbsp;&nbsp; 1875 |
| Less net expenses reimbursed and/or waived by investment adviser<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; (450)<br>| &nbsp;&nbsp;&nbsp; (228)<br>| &nbsp;&nbsp;&nbsp; (479)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 620 | &nbsp;&nbsp;&nbsp; 479 | &nbsp;&nbsp;&nbsp; 1396 |
| **Net investment income (loss)** | &nbsp;&nbsp;&nbsp; 3244 | &nbsp;&nbsp;&nbsp; 4716 | &nbsp;&nbsp;&nbsp; 17730 |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; (1636)<br>| &nbsp;&nbsp;&nbsp; (724)<br>| &nbsp;&nbsp;&nbsp; (244)<br>|
| Futures | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp; 31 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; 2894 | &nbsp;&nbsp;&nbsp; 3215 | &nbsp;&nbsp;&nbsp; 2461 |
| Futures | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; — |
| **Net realized and unrealized gain (loss) on investments** | &nbsp;&nbsp;&nbsp; 1258 | &nbsp;&nbsp;&nbsp; 2499 | &nbsp;&nbsp;&nbsp; 2248 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $4502 | &nbsp;&nbsp;&nbsp; $7215 | &nbsp;&nbsp;&nbsp; $19978 |

---

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

<sup>(a)</sup> Amount is less than $500 (not in thousands).

<sup>(1)</sup> See Note 4D in Notes to Financial Statements.

*See Notes to Financial Statements*

------

**VIRTUS ASSET TRUST**

**STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7)** 

($ reported in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Seix Core Bond Fund** | **Seix Core Bond Fund** | **Seix Floating Rate High Income** <br> **Fund** | **Seix Floating Rate High Income** <br> **Fund** |
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>| **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $4154 | &nbsp;&nbsp;&nbsp; $2277 | &nbsp;&nbsp;&nbsp; $105544 | &nbsp;&nbsp;&nbsp; $129394 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (75)<br>| &nbsp;&nbsp;&nbsp; (700)<br>| &nbsp;&nbsp;&nbsp; (46394)<br>| &nbsp;&nbsp;&nbsp; (31596)<br>|
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; 2602 | &nbsp;&nbsp;&nbsp; (2196)<br>| &nbsp;&nbsp;&nbsp; 14807 | &nbsp;&nbsp;&nbsp; 22163 |
| **Increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; 6681 | &nbsp;&nbsp;&nbsp; (619)<br>| &nbsp;&nbsp;&nbsp; 73957 | &nbsp;&nbsp;&nbsp; 119961 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| **Net Investment Income and Net Realized Gains:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (211)<br>| &nbsp;&nbsp;&nbsp; (239)<br>| &nbsp;&nbsp;&nbsp; (3290)<br>| &nbsp;&nbsp;&nbsp; (3716)<br>|
| Class C | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (387)<br>| &nbsp;&nbsp;&nbsp; (595)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (1121)<br>| &nbsp;&nbsp;&nbsp; (1627)<br>| &nbsp;&nbsp;&nbsp; (76846)<br>| &nbsp;&nbsp;&nbsp; (116324)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (2821)<br>| &nbsp;&nbsp;&nbsp; (410)<br>| &nbsp;&nbsp;&nbsp; (22829)<br>| &nbsp;&nbsp;&nbsp; (19244)<br>|
| **Return of Capital:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (73)<br>| &nbsp;&nbsp;&nbsp; — |
| Class C | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp; — |
| Class I | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1633)<br>| &nbsp;&nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (479)<br>| &nbsp;&nbsp;&nbsp; — |
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; (4153)<br>| &nbsp;&nbsp;&nbsp; (2276)<br>| &nbsp;&nbsp;&nbsp; (105546)<br>| &nbsp;&nbsp;&nbsp; (139879)<br>|
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (1804)<br>| &nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp; 825 | &nbsp;&nbsp;&nbsp; 12333 |
| Class C | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1673)<br>| &nbsp;&nbsp;&nbsp; (688)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (10136)<br>| &nbsp;&nbsp;&nbsp; (10624)<br>| &nbsp;&nbsp;&nbsp; (195822)<br>| &nbsp;&nbsp;&nbsp; (177489)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 61415 | &nbsp;&nbsp;&nbsp; 28527 | &nbsp;&nbsp;&nbsp; (6888)<br>| &nbsp;&nbsp;&nbsp; 82913 |
| **Increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; 49475 | &nbsp;&nbsp;&nbsp; 17897 | &nbsp;&nbsp;&nbsp; (203558)<br>| &nbsp;&nbsp;&nbsp; (82931)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; 52003 | &nbsp;&nbsp;&nbsp; 15002 | &nbsp;&nbsp;&nbsp; (235147)<br>| &nbsp;&nbsp;&nbsp; (102849)<br>|
| **Net Assets** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 68416 | &nbsp;&nbsp;&nbsp; 53414 | &nbsp;&nbsp;&nbsp; 1429040 | &nbsp;&nbsp;&nbsp; 1531889 |
| **End of Period** | &nbsp;&nbsp;&nbsp; $120419 | &nbsp;&nbsp;&nbsp; $68416 | &nbsp;&nbsp;&nbsp; $1193893 | &nbsp;&nbsp;&nbsp; $1429040 |

---

*See Notes to Financial Statements*

------

**VIRTUS ASSET TRUST**

**STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7) (Continued)**

($ reported in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Seix High Grade Municipal Bond** <br> **Fund** | **Seix High Grade Municipal Bond** <br> **Fund** | **Seix High Yield Fund** | **Seix High Yield Fund** |
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>| **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $605 | &nbsp;&nbsp;&nbsp; $871 | &nbsp;&nbsp;&nbsp; $28005 | &nbsp;&nbsp;&nbsp; $25815 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (568)<br>| &nbsp;&nbsp;&nbsp; (91)<br>| &nbsp;&nbsp;&nbsp; (4528)<br>| &nbsp;&nbsp;&nbsp; (3753)<br>|
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; 506 | &nbsp;&nbsp;&nbsp; (774)<br>| &nbsp;&nbsp;&nbsp; 5190 | &nbsp;&nbsp;&nbsp; 3781 |
| **Increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; 543 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 28667 | &nbsp;&nbsp;&nbsp; 25843 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| **Net Investment Income and Net Realized Gains:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (106)<br>| &nbsp;&nbsp;&nbsp; (103)<br>| &nbsp;&nbsp;&nbsp; (1956)<br>| &nbsp;&nbsp;&nbsp; (1932)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (500)<br>| &nbsp;&nbsp;&nbsp; (767)<br>| &nbsp;&nbsp;&nbsp; (19313)<br>| &nbsp;&nbsp;&nbsp; (18669)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6740)<br>| &nbsp;&nbsp;&nbsp; (4961)<br>|
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; (606)<br>| &nbsp;&nbsp;&nbsp; (870)<br>| &nbsp;&nbsp;&nbsp; (28009)<br>| &nbsp;&nbsp;&nbsp; (25562)<br>|
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (185)<br>| &nbsp;&nbsp;&nbsp; (550)<br>| &nbsp;&nbsp;&nbsp; (5504)<br>| &nbsp;&nbsp;&nbsp; 21440 |
| Class I | &nbsp;&nbsp;&nbsp; (11532)<br>| &nbsp;&nbsp;&nbsp; (10052)<br>| &nbsp;&nbsp;&nbsp; (21413)<br>| &nbsp;&nbsp;&nbsp; 129002 |
| Class R6 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 17494 | &nbsp;&nbsp;&nbsp; 37749 |
| **Increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; (11717)<br>| &nbsp;&nbsp;&nbsp; (10602)<br>| &nbsp;&nbsp;&nbsp; (9423)<br>| &nbsp;&nbsp;&nbsp; 188191 |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; (11780)<br>| &nbsp;&nbsp;&nbsp; (11466)<br>| &nbsp;&nbsp;&nbsp; (8765)<br>| &nbsp;&nbsp;&nbsp; 188472 |
| **Net Assets** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 26056 | &nbsp;&nbsp;&nbsp; 37522 | &nbsp;&nbsp;&nbsp; 426144 | &nbsp;&nbsp;&nbsp; 237672 |
| **End of Period** | &nbsp;&nbsp;&nbsp; $14276 | &nbsp;&nbsp;&nbsp; $26056 | &nbsp;&nbsp;&nbsp; $417379 | &nbsp;&nbsp;&nbsp; $426144 |

---

*See Notes to Financial Statements*

------

**VIRTUS ASSET TRUST**

**STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7) (Continued)**

($ reported in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Seix Investment Grade Tax-Exempt** <br> **Bond Fund** | **Seix Investment Grade Tax-Exempt** <br> **Bond Fund** | **Seix Total Return Bond Fund** | **Seix Total Return Bond Fund** |
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>| **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $3244 | &nbsp;&nbsp;&nbsp; $3396 | &nbsp;&nbsp;&nbsp; $4716 | &nbsp;&nbsp;&nbsp; $6203 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (1636)<br>| &nbsp;&nbsp;&nbsp; 207 | &nbsp;&nbsp;&nbsp; (731)<br>| &nbsp;&nbsp;&nbsp; (936)<br>|
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; 2894 | &nbsp;&nbsp;&nbsp; (2043)<br>| &nbsp;&nbsp;&nbsp; 3230 | &nbsp;&nbsp;&nbsp; (3745)<br>|
| **Increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; 4502 | &nbsp;&nbsp;&nbsp; 1560 | &nbsp;&nbsp;&nbsp; 7215 | &nbsp;&nbsp;&nbsp; 1522 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| **Net Investment Income and Net Realized Gains:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (150)<br>| &nbsp;&nbsp;&nbsp; (149)<br>| &nbsp;&nbsp;&nbsp; (236)<br>| &nbsp;&nbsp;&nbsp; (244)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (3095)<br>| &nbsp;&nbsp;&nbsp; (3271)<br>| &nbsp;&nbsp;&nbsp; (3394)<br>| &nbsp;&nbsp;&nbsp; (4723)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1086)<br>| &nbsp;&nbsp;&nbsp; (1228)<br>|
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; (3245)<br>| &nbsp;&nbsp;&nbsp; (3420)<br>| &nbsp;&nbsp;&nbsp; (4716)<br>| &nbsp;&nbsp;&nbsp; (6195)<br>|
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp; (940)<br>| &nbsp;&nbsp;&nbsp; (828)<br>| &nbsp;&nbsp;&nbsp; 215 |
| Class I | &nbsp;&nbsp;&nbsp; (7546)<br>| &nbsp;&nbsp;&nbsp; (8787)<br>| &nbsp;&nbsp;&nbsp; (35014)<br>| &nbsp;&nbsp;&nbsp; (15480)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4690)<br>| &nbsp;&nbsp;&nbsp; (9438)<br>|
| **Increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; (7555)<br>| &nbsp;&nbsp;&nbsp; (9727)<br>| &nbsp;&nbsp;&nbsp; (40532)<br>| &nbsp;&nbsp;&nbsp; (24703)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; (6298)<br>| &nbsp;&nbsp;&nbsp; (11587)<br>| &nbsp;&nbsp;&nbsp; (38033)<br>| &nbsp;&nbsp;&nbsp; (29376)<br>|
| **Net Assets** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 129389 | &nbsp;&nbsp;&nbsp; 140976 | &nbsp;&nbsp;&nbsp; 130231 | &nbsp;&nbsp;&nbsp; 159607 |
| **End of Period** | &nbsp;&nbsp;&nbsp; $123091 | &nbsp;&nbsp;&nbsp; $129389 | &nbsp;&nbsp;&nbsp; $92198 | &nbsp;&nbsp;&nbsp; $130231 |

---

*See Notes to Financial Statements*

------

**VIRTUS ASSET TRUST**

**STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7) (Continued)**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Seix U.S. Government Securities** <br> **Ultra-Short Bond Fund** | **Seix U.S. Government Securities** <br> **Ultra-Short Bond Fund** |
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $17730 | &nbsp;&nbsp;&nbsp; $14918 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (213)<br>| &nbsp;&nbsp;&nbsp; 57 |
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; 2461 | &nbsp;&nbsp;&nbsp; 878 |
| **Increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; 19978 | &nbsp;&nbsp;&nbsp; 15853 |
| **Dividends and Distributions to Shareholders** |  |  |
| **Net Investment Income and Net Realized Gains:** |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (1029)<br>| &nbsp;&nbsp;&nbsp; (929)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (10586)<br>| &nbsp;&nbsp;&nbsp; (10670)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (6112)<br>| &nbsp;&nbsp;&nbsp; (3317)<br>|
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; (17727)<br>| &nbsp;&nbsp;&nbsp; (14916)<br>|
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 6070 | &nbsp;&nbsp;&nbsp; 6525 |
| Class I | &nbsp;&nbsp;&nbsp; 9973 | &nbsp;&nbsp;&nbsp; 17050 |
| Class R6 | &nbsp;&nbsp;&nbsp; 41451 | &nbsp;&nbsp;&nbsp; 64261 |
| **Increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; 57494 | &nbsp;&nbsp;&nbsp; 87836 |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; 59745 | &nbsp;&nbsp;&nbsp; 88773 |
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 350303 | &nbsp;&nbsp;&nbsp; 261530 |
| **End of Period** | &nbsp;&nbsp;&nbsp; $410048 | &nbsp;&nbsp;&nbsp; $350303 |

---

*See Notes to Financial Statements*

------

**VIRTUS ASSET TRUST**

**FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7)**

**SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING**

**THROUGHOUT EACH PERIOD**

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

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,** <br>**Beginning of Period** | **Net Investment Income (Loss)**<sup>(1)</sup> <br>| **Net Realized** <br>**and Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from** <br>**Net Investment Income** | **Return of Capital** | **Distributions from** <br>**Net Realized Gains** | **Total Distributions** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return**<sup>(2)(3)(4)</sup> <br>| **Net Assets, End of Period** <br>**(in thousands)** | **Ratio of Net Expenses to** <br>**Average Net Assets**<sup>(5)(6)</sup> <br>| **Ratio of Gross Expenses to** <br>**Average Net Assets**<sup>(5)(6)</sup> <br>| **Ratio of Net Investment Income (Loss)** <br>**to Average Net Assets**<sup>(5)(7)</sup> <br>| **Portfolio Turnover Rate**<sup>(3)</sup> <br>|
| **Seix Core Bond Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $9.23  | 0.38  | 0.20  | 0.58  | (0.38)  | —  | —  | (0.38)  | 0.20  | $9.43  | 6.37 %  | $4033  | 0.64 %  | 0.93 %  | 4.06 %  | 173 %  |
| 1/1/24 to 12/31/24 | 9.51  | 0.38  | (0.28)  | 0.10  | (0.38)  | —  | —  | (0.38)  | (0.28)  | 9.23  | 1.02  | 5739  | 0.64  | 0.99  | 4.00  | 177  |
| 1/1/23 to 12/31/23 | 9.40  | 0.34  | 0.11  | 0.45  | (0.34)  | —  | —  | (0.34)  | 0.11  | 9.51  | 4.86  | 5908  | 0.64  | 1.02  | 3.59  | 161  |
| 1/1/22 to 12/31/22 | 11.20  | 0.21  | (1.75)  | (1.54)  | (0.22)  | —  | (0.04)  | (0.26)  | (1.80)  | 9.40  | (13.85)  | 6240  | 0.66 <sup>(8)</sup> <br>| 0.95  | 2.13  | 175  |
| 1/1/21 to 12/31/21 | 11.52  | 0.09  | (0.26)  | (0.17)  | (0.09)  | —  | (0.06)  | (0.15)  | (0.32)  | 11.20  | (1.43)  | 8651  | 0.64  | 0.88  | 0.82  | 149  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $9.23  | 0.39  | 0.20  | 0.59  | (0.39)  | —  | —  | (0.39)  | 0.20  | $9.43  | 6.51 %  | $24072  | 0.50 %  | 0.66 %  | 4.19 %  | 173 %  |
| 1/1/24 to 12/31/24 | 9.52  | 0.39  | (0.29)  | 0.10  | (0.39)  | —  | —  | (0.39)  | (0.29)  | 9.23  | 1.06  | 33605  | 0.50  | 0.69  | 4.14  | 177  |
| 1/1/23 to 12/31/23 | 9.40  | 0.35  | 0.12  | 0.47  | (0.35)  | —  | —  | (0.35)  | 0.12  | 9.52  | 5.11  | 45509  | 0.50  | 0.71  | 3.72  | 161  |
| 1/1/22 to 12/31/22 | 11.20  | 0.22  | (1.75)  | (1.53)  | (0.23)  | —  | (0.04)  | (0.27)  | (1.80)  | 9.40  | (13.72)  | 52113  | 0.51 <sup>(8)</sup> <br>| 0.66  | 2.21  | 175  |
| 1/1/21 to 12/31/21 | 11.53  | 0.11  | (0.27)  | (0.16)  | (0.11)  | —  | (0.06)  | (0.17)  | (0.33)  | 11.20  | (1.38)  | 96081  | 0.50  | 0.60  | 0.94  | 149  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $9.23  | 0.40  | 0.21  | 0.61  | (0.40)  | —  | —  | (0.40)  | 0.21  | $9.44  | 6.78 %  | $92314  | 0.36 %  | 0.53 %  | 4.29 %  | 173 %  |
| 1/1/24 to 12/31/24 | 9.52  | 0.39  | (0.28)  | 0.11  | (0.40)  | —  | —  | (0.40)  | (0.29)  | 9.23  | 1.20  | 29072  | 0.36  | 0.57  | 4.15  | 177  |
| 1/1/23 to 12/31/23 | 9.40  | 0.36  | 0.12  | 0.48  | (0.36)  | —  | —  | (0.36)  | 0.12  | 9.52  | 5.26  | 1997  | 0.36  | 0.60  | 3.90  | 161  |
| 1/1/22 to 12/31/22 | 11.20  | 0.24  | (1.75)  | (1.51)  | (0.25)  | —  | (0.04)  | (0.29)  | (1.80)  | 9.40  | (13.60)  | 1573  | 0.38 <sup>(8)</sup> <br>| 0.53  | 2.40  | 175  |
| 1/1/21 to 12/31/21 | 11.53  | 0.13  | (0.27)  | (0.14)  | (0.13)  | —  | (0.06)  | (0.19)  | (0.33)  | 11.20  | (1.24)  | 2526  | 0.36  | 0.48  | 1.12  | 149  |
| **Seix Floating Rate High** <br> **Income Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $7.81  | 0.57  | (0.16)  | 0.41  | (0.56)  | (0.01)  | —  | (0.57)  | (0.16)  | $7.65  | 5.49 %  | $44881  | 0.95 % <sup>(9)</sup> <br>| 0.98 %  | 7.44 %  | 63 %  |
| 1/1/24 to 12/31/24 | 7.92  | 0.67  | (0.05)  | 0.62  | (0.73)  | —  | —  | (0.73)  | (0.11)  | 7.81  | 8.22  | 45058  | 0.96 <sup>(9)</sup> <br>| 0.96  | 8.55  | 110  |
| 1/1/23 to 12/31/23 | 7.74  | 0.69  | 0.18  | 0.87  | (0.69)  | —  | —  | (0.69)  | 0.18  | 7.92  | 11.65  | 33242  | 0.96 <sup>(9)</sup> <br>| 0.99  | 8.76  | 45  |
| 1/1/22 to 12/31/22 | 8.23  | 0.38  | (0.48)  | (0.10)  | (0.39)  | —  | —  | (0.39)  | (0.49)  | 7.74  | (1.20)  | 32916  | 0.97 <sup>(8)(9)(10)</sup> <br>| 0.97  | 4.84  | 57  |
| 1/1/21 to 12/31/21 | 8.09  | 0.28  | 0.13  | 0.41  | (0.27)  | —  | —  | (0.27)  | 0.14  | 8.23  | 5.14  | 42301  | 0.95 <sup>(9)(10)(11)</sup> <br>| 0.95  | 3.35  | 72  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $7.81  | 0.53  | (0.16)  | 0.37  | (0.52)  | (0.01)  | —  | (0.53)  | (0.16)  | $7.65  | 4.89 %  | $4597  | 1.53 % <sup>(9)</sup> <br>| 1.74 %  | 6.86 %  | 63 %  |
| 1/1/24 to 12/31/24 | 7.92  | 0.63  | (0.05)  | 0.58  | (0.69)  | —  | —  | (0.69)  | (0.11)  | 7.81  | 7.60  | 6404  | 1.54 <sup>(9)</sup> <br>| 1.72  | 8.02  | 110  |
| 1/1/23 to 12/31/23 | 7.75  | 0.64  | 0.17  | 0.81  | (0.64)  | —  | —  | (0.64)  | 0.17  | 7.92  | 10.87  | 7183  | 1.54 <sup>(9)</sup> <br>| 1.75  | 8.14  | 45  |
| 1/1/22 to 12/31/22 | 8.24  | 0.33  | (0.48)  | (0.15)  | (0.34)  | —  | —  | (0.34)  | (0.49)  | 7.75  | (1.77)  | 10793  | 1.55 <sup>(8)(9)</sup> <br>| 1.73  | 4.22  | 57  |
| 1/1/21 to 12/31/21 | 8.09  | 0.23  | 0.14  | 0.37  | (0.22)  | —  | —  | (0.22)  | 0.15  | 8.24  | 4.65  | 14303  | 1.54 <sup>(9)</sup> <br>| 1.73  | 2.74  | 72  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $7.81  | 0.59  | (0.15)  | 0.44  | (0.59)  | (0.01)  | —  | (0.60)  | (0.16)  | $7.65  | 5.83 %  | $890135  | 0.63 % <sup>(9)</sup> <br>| 0.76 %  | 7.75 %  | 63 %  |
| 1/1/24 to 12/31/24 | 7.92  | 0.70  | (0.05)  | 0.65  | (0.76)  | —  | —  | (0.76)  | (0.11)  | 7.81  | 8.57  | 1109864  | 0.64 <sup>(9)</sup> <br>| 0.75  | 8.93  | 110  |
| 1/1/23 to 12/31/23 | 7.74  | 0.71  | 0.18  | 0.89  | (0.71)  | —  | —  | (0.71)  | 0.18  | 7.92  | 12.00  | 1303700  | 0.64 <sup>(9)</sup> <br>| 0.77  | 9.02  | 45  |
| 1/1/22 to 12/31/22 | 8.23  | 0.40  | (0.48)  | (0.08)  | (0.41)  | —  | —  | (0.41)  | (0.49)  | 7.74  | (0.89)  | 1795243  | 0.65 <sup>(8)(9)</sup> <br>| 0.75  | 5.09  | 57  |
| 1/1/21 to 12/31/21 | 8.09  | 0.30  | 0.14  | 0.44  | (0.30)  | —  | —  | (0.30)  | 0.14  | 8.23  | 5.47  | 2102532  | 0.64 <sup>(9)</sup> <br>| 0.73  | 3.65  | 72  |

---

The footnote legend is at the end of the financial highlights.

*See Notes to Financial Statements*

------

**VIRTUS ASSET TRUST**

**FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)**

**SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING**

**THROUGHOUT EACH PERIOD**

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,** <br>**Beginning of Period** | **Net Investment Income (Loss)**<sup>(1)</sup> | **Net Realized** <br>**and Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from** <br>**Net Investment Income** | **Return of Capital** | **Distributions from** <br>**Net Realized Gains** | **Total Distributions** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return**<sup>(2)(3)(4)</sup> | **Net Assets, End of Period** <br>**(in thousands)** | **Ratio of Net Expenses to** <br>**Average Net Assets**<sup>(5)(6)</sup> | **Ratio of Gross Expenses to** <br>**Average Net Assets**<sup>(5)(6)</sup> | **Ratio of Net Investment Income (Loss)** <br>**to Average Net Assets**<sup>(5)(7)</sup> | **Portfolio Turnover Rate**<sup>(3)</sup> |
| **Seix Floating Rate High** <br> **Income** <br> **Fund (Continued)**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $7.82  | 0.60  | (0.17)  | 0.43  | (0.59)  | (0.01)  | —  | (0.60)  | (0.17)  | $7.65  | 5.80 %  | $254280  | 0.53 % <sup>(9)</sup> <br>| 0.64 %  | 7.85 %  | 63 %  |
| 1/1/24 to 12/31/24 | 7.92  | 0.71  | (0.04)  | 0.67  | (0.77)  | —  | —  | (0.77)  | (0.10)  | 7.82  | 8.82  | 267714  | 0.54 <sup>(9)</sup> <br>| 0.62  | 8.97  | 110  |
| 1/1/23 to 12/31/23 | 7.75  | 0.72  | 0.17  | 0.89  | (0.72)  | —  | —  | (0.72)  | 0.17  | 7.92  | 11.97  | 187764  | 0.54 <sup>(9)</sup> <br>| 0.64  | 9.13  | 45  |
| 1/1/22 to 12/31/22 | 8.24  | 0.42  | (0.49)  | (0.07)  | (0.42)  | —  | —  | (0.42)  | (0.49)  | 7.75  | (0.78)  | 252100  | 0.55 <sup>(8)(9)</sup> <br>| 0.63  | 5.26  | 57  |
| 1/1/21 to 12/31/21 | 8.10  | 0.31  | 0.14  | 0.45  | (0.31)  | —  | —  | (0.31)  | 0.14  | 8.24  | 5.57  | 255611  | 0.54 <sup>(9)</sup> <br>| 0.62  | 3.76  | 72  |
| **Seix High Grade** <br> **Municipal Bond Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $11.00  | 0.32  | 0.05  | 0.37  | (0.32)  | —  | —  | (0.32)  | 0.05  | $11.05  | 3.50 %  | $3391  | 0.74 % <sup>(12)</sup> <br>| 1.38 %  | 2.98 %  | 51 %  |
| 1/1/24 to 12/31/24 | 11.31  | 0.30  | (0.31)  | (0.01)  | (0.30)  | —  | —  | (0.30)  | (0.31)  | 11.00  | (0.07)  | 3558  | 0.73  | 1.14  | 2.70  | 44  |
| 1/1/23 to 12/31/23 | 10.90  | 0.29  | 0.41  | 0.70  | (0.29)  | —  | —  | (0.29)  | 0.41  | 11.31  | 6.53  | 4215  | 0.73  | 1.05  | 2.65  | 64  |
| 1/1/22 to 12/31/22 | 12.18  | 0.18  | (1.24)  | (1.06)  | (0.18)  | —  | (0.04)  | (0.22)  | (1.28)  | 10.90  | (8.69)  | 5217  | 0.74 <sup>(8)</sup> <br>| 1.03  | 1.60  | 99  |
| 1/1/21 to 12/31/21 | 12.42  | 0.11  | (0.07)  | 0.04  | (0.11)  | —  | (0.17)  | (0.28)  | (0.24)  | 12.18  | 0.35  | 6711  | 0.73  | 0.94  | 0.91  | 48  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $11.00  | 0.34  | 0.05  | 0.39  | (0.34)  | —  | —  | (0.34)  | 0.05  | $11.05  | 3.65 %  | $10885  | 0.59 % <sup>(12)</sup> <br>| 1.26 %  | 3.11 %  | 51 %  |
| 1/1/24 to 12/31/24 | 11.30  | 0.32  | (0.30)  | 0.02  | (0.32)  | —  | —  | (0.32)  | (0.30)  | 11.00  | 0.16  | 22498  | 0.58  | 1.03  | 2.85  | 44  |
| 1/1/23 to 12/31/23 | 10.90  | 0.31  | 0.40  | 0.71  | (0.31)  | —  | —  | (0.31)  | 0.40  | 11.30  | 6.60  | 33307  | 0.58  | 0.96  | 2.80  | 64  |
| 1/1/22 to 12/31/22 | 12.18  | 0.19  | (1.23)  | (1.04)  | (0.20)  | —  | (0.04)  | (0.24)  | (1.28)  | 10.90  | (8.56)  | 37813  | 0.59 <sup>(8)</sup> <br>| 0.94  | 1.73  | 99  |
| 1/1/21 to 12/31/21 | 12.42  | 0.13  | (0.07)  | 0.06  | (0.13)  | —  | (0.17)  | (0.30)  | (0.24)  | 12.18  | 0.50  | 51358  | 0.58  | 0.85  | 1.06  | 48  |
| **Seix High Yield Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $7.71  | 0.50  | 0.03  | 0.53  | (0.50)  | —  | —  | (0.50)  | 0.03  | $7.74  | 7.15 %  | $26579  | 0.82 %  | 1.02 %  | 6.55 %  | 69 %  |
| 1/1/24 to 12/31/24 | 7.71  | 0.52  | (0.01)  | 0.51  | (0.51)  | —  | —  | (0.51)  | —  | 7.71  | 6.85  | 31997  | 0.82  | 1.08  | 6.73  | 72  |
| 1/1/23 to 12/31/23 | 7.27  | 0.45  | 0.44  | 0.89  | (0.45)  | —  | —  | (0.45)  | 0.44  | 7.71  | 12.68  | 10498  | 0.81  | 1.10  | 6.11  | 74  |
| 1/1/22 to 12/31/22 | 8.56  | 0.38  | (1.29)  | (0.91)  | (0.38)  | —  | —  | (0.38)  | (1.29)  | 7.27  | (10.70)  | 11178  | 0.84 <sup>(8)</sup> <br>| 1.04  | 4.99  | 66  |
| 1/1/21 to 12/31/21 | 8.59  | 0.34  | (0.03)  | 0.31  | (0.34)  | —  | —  | (0.34)  | (0.03)  | 8.56  | 3.69  | 18370  | 0.82  | 1.01  | 4.01  | 93  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $7.91  | 0.53  | 0.03  | 0.56  | (0.53)  | —  | —  | (0.53)  | 0.03  | $7.94  | 7.33 %  | $280556  | 0.64 %  | 0.77 %  | 6.72 %  | 69 %  |
| 1/1/24 to 12/31/24 | 7.91  | 0.55  | (0.01)  | 0.54  | (0.54)  | —  | —  | (0.54)  | —  | 7.91  | 7.04  | 301682  | 0.64  | 0.81  | 6.89  | 72  |
| 1/1/23 to 12/31/23 | 7.46  | 0.48  | 0.45  | 0.93  | (0.48)  | —  | —  | (0.48)  | 0.45  | 7.91  | 12.87  | 172351  | 0.63  | 0.78  | 6.28  | 74  |
| 1/1/22 to 12/31/22 | 8.78  | 0.40  | (1.32)  | (0.92)  | (0.40)  | —  | —  | (0.40)  | (1.32)  | 7.46  | (10.51)  | 208171  | 0.65 <sup>(8)</sup> <br>| 0.77  | 5.12  | 66  |
| 1/1/21 to 12/31/21 | 8.81  | 0.37  | (0.03)  | 0.34  | (0.37)  | —  | —  | (0.37)  | (0.03)  | 8.78  | 3.88  | 430620  | 0.64  | 0.73  | 4.21  | 93  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $7.92  | 0.54  | 0.02  | 0.56  | (0.54)  | —  | —  | (0.54)  | 0.02  | $7.94  | 7.31 %  | $110244  | 0.53 %  | 0.65 %  | 6.82 %  | 69 %  |
| 1/1/24 to 12/31/24 | 7.91  | 0.55  | 0.01  | 0.56  | (0.55)  | —  | —  | (0.55)  | 0.01  | 7.92  | 7.29  | 92465  | 0.53  | 0.68  | 6.99  | 72  |
| 1/1/23 to 12/31/23 | 7.46  | 0.49  | 0.45  | 0.94  | (0.49)  | —  | —  | (0.49)  | 0.45  | 7.91  | 12.99  | 54823  | 0.52  | 0.66  | 6.47  | 74  |
| 1/1/22 to 12/31/22 | 8.78  | 0.42  | (1.33)  | (0.91)  | (0.41)  | —  | —  | (0.41)  | (1.32)  | 7.46  | (10.41)  | 40199  | 0.55 <sup>(8)</sup> <br>| 0.67  | 5.45  | 66  |
| 1/1/21 to 12/31/21 | 8.81  | 0.38  | (0.03)  | 0.35  | (0.38)  | —  | —  | (0.38)  | (0.03)  | 8.78  | 4.00  | 19943  | 0.53  | 0.64  | 4.32  | 93  |

---

The footnote legend is at the end of the financial highlights.

*See Notes to Financial Statements*

------

**VIRTUS ASSET TRUST**

**FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)**

**SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING**

**THROUGHOUT EACH PERIOD**

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,** <br>**Beginning of Period** | **Net Investment Income (Loss)**<sup>(1)</sup> | **Net Realized** <br>**and Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from** <br>**Net Investment Income** | **Return of Capital** | **Distributions from** <br>**Net Realized Gains** | **Total Distributions** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return**<sup>(2)(3)(4)</sup> | **Net Assets, End of Period** <br>**(in thousands)** | **Ratio of Net Expenses to** <br>**Average Net Assets**<sup>(5)(6)</sup> | **Ratio of Gross Expenses to** <br>**Average Net Assets**<sup>(5)(6)</sup> | **Ratio of Net Investment Income (Loss)** <br>**to Average Net Assets**<sup>(5)(7)</sup> | **Portfolio Turnover Rate**<sup>(3)</sup> |
| **Seix Investment Grade** <br> **Tax-Exempt Bond Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $10.94  | 0.28  | 0.12  | 0.40  | (0.28)  | —  | —  | (0.28)  | 0.12  | $11.06  | 3.70 %  | $5937  | 0.68 % <sup>(12)</sup> <br>| 1.08 %  | 2.55 %  | 51 %  |
| 1/1/24 to 12/31/24 | 11.08  | 0.26  | (0.13)  | 0.13  | (0.27)  | —  | —  | (0.27)  | (0.14)  | 10.94  | 1.15  | 5881  | 0.67  | 1.06  | 2.39  | 41  |
| 1/1/23 to 12/31/23 | 10.79  | 0.25  | 0.29  | 0.54  | (0.25)  | —  | —  | (0.25)  | 0.29  | 11.08  | 5.04  | 6902  | 0.66  | 1.03  | 2.28  | 56  |
| 1/1/22 to 12/31/22 | 11.73  | 0.15  | (0.93)  | (0.78)  | (0.15)  | —  | (0.01)  | (0.16)  | (0.94)  | 10.79  | (6.62)  | 7086  | 0.69 <sup>(8)</sup> <br>| 1.04  | 1.37  | 71  |
| 1/1/21 to 12/31/21 | 11.99  | 0.07  | (0.08)  | (0.01)  | (0.07)  | —  | (0.18)  | (0.25)  | (0.26)  | 11.73  | (0.04)  | 7592  | 0.71 <sup>(13)</sup> <br>| 1.01  | 0.58  | 95  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $10.92  | 0.30  | 0.12  | 0.42  | (0.30)  | —  | —  | (0.30)  | 0.12  | $11.04  | 3.88 %  | $117154  | 0.51 % <sup>(12)</sup> <br>| 0.88 %  | 2.71 %  | 51 %  |
| 1/1/24 to 12/31/24 | 11.07  | 0.28  | (0.15)  | 0.13  | (0.28)  | —  | —  | (0.28)  | (0.15)  | 10.92  | 1.21  | 123508  | 0.52  | 0.87  | 2.54  | 41  |
| 1/1/23 to 12/31/23 | 10.78  | 0.26  | 0.29  | 0.55  | (0.26)  | —  | —  | (0.26)  | 0.29  | 11.07  | 5.19  | 134074  | 0.51  | 0.83  | 2.42  | 56  |
| 1/1/22 to 12/31/22 | 11.72  | 0.16  | (0.93)  | (0.77)  | (0.16)  | —  | (0.01)  | (0.17)  | (0.94)  | 10.78  | (6.49)  | 152491  | 0.53 <sup>(8)</sup> <br>| 0.84  | 1.48  | 71  |
| 1/1/21 to 12/31/21 | 11.98  | 0.09  | (0.08)  | 0.01  | (0.09)  | —  | (0.18)  | (0.27)  | (0.26)  | 11.72  | 0.11  | 249172  | 0.56 <sup>(13)</sup> <br>| 0.80  | 0.73  | 95  |
| **Seix Total Return Bond** <br> **Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $9.55  | 0.39  | 0.23  | 0.62  | (0.39)  | —  | —  | (0.39)  | 0.23  | $9.78  | 6.63 %  | $5533  | 0.70 %  | 0.97 %  | 4.06 %  | 147 %  |
| 1/1/24 to 12/31/24 | 9.85  | 0.39  | (0.30)  | 0.09  | (0.39)  | —  | —  | (0.39)  | (0.30)  | 9.55  | 0.88  | 6223  | 0.70  | 0.88  | 3.98  | 149  |
| 1/1/23 to 12/31/23 | 9.75  | 0.34  | 0.08  | 0.42  | (0.32)  | —  | —  | (0.32)  | 0.10  | 9.85  | 4.37  | 6198  | 0.69  | 0.94  | 3.52  | 167  |
| 1/1/22 to 12/31/22 | 11.63  | 0.22  | (1.80)  | (1.58)  | (0.19)  | —  | (0.11)  | (0.30)  | (1.88)  | 9.75  | (13.70)  | 7707  | 0.72 <sup>(8)</sup> <br>| 0.89  | 2.08  | 169  |
| 1/1/21 to 12/31/21 | 11.93  | 0.12  | (0.30)  | (0.18)  | (0.09)  | —  | (0.03)  | (0.12)  | (0.30)  | 11.63  | (1.47)  | 11991  | 0.70  | 0.86  | 1.01  | 131  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $9.23  | 0.40  | 0.22  | 0.62  | (0.40)  | —  | —  | (0.40)  | 0.22  | $9.45  | 6.86 %  | $64580  | 0.46 %  | 0.66 %  | 4.32 %  | 147 %  |
| 1/1/24 to 12/31/24 | 9.52  | 0.39  | (0.29)  | 0.10  | (0.39)  | —  | —  | (0.39)  | (0.29)  | 9.23  | 1.13  | 97792  | 0.46  | 0.64  | 4.21  | 149  |
| 1/1/23 to 12/31/23 | 9.42  | 0.35  | 0.08  | 0.43  | (0.33)  | —  | —  | (0.33)  | 0.10  | 9.52  | 4.65  | 116684  | 0.45  | 0.60  | 3.75  | 167  |
| 1/1/22 to 12/31/22 | 11.25  | 0.23  | (1.74)  | (1.51)  | (0.21)  | —  | (0.11)  | (0.32)  | (1.83)  | 9.42  | (13.57)  | 152706  | 0.48 <sup>(8)</sup> <br>| 0.59  | 2.30  | 169  |
| 1/1/21 to 12/31/21 | 11.54  | 0.14  | (0.28)  | (0.14)  | (0.12)  | —  | (0.03)  | (0.15)  | (0.29)  | 11.25  | (1.23)  | 274304  | 0.46  | 0.56  | 1.25  | 131  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $9.23  | 0.42  | 0.22  | 0.64  | (0.42)  | —  | —  | (0.42)  | 0.22  | $9.45  | 7.02 %  | $22085  | 0.31 %  | 0.53 %  | 4.46 %  | 147 %  |
| 1/1/24 to 12/31/24 | 9.52  | 0.41  | (0.29)  | 0.12  | (0.41)  | —  | —  | (0.41)  | (0.29)  | 9.23  | 1.28  | 26216  | 0.31  | 0.47  | 4.36  | 149  |
| 1/1/23 to 12/31/23 | 9.42  | 0.37  | 0.07  | 0.44  | (0.34)  | —  | —  | (0.34)  | 0.10  | 9.52  | 4.81  | 36725  | 0.30  | 0.48  | 3.92  | 167  |
| 1/1/22 to 12/31/22 | 11.24  | 0.24  | (1.73)  | (1.49)  | (0.22)  | —  | (0.11)  | (0.33)  | (1.82)  | 9.42  | (13.36)  | 41237  | 0.32 <sup>(8)</sup> <br>| 0.46  | 2.35  | 169  |
| 1/1/21 to 12/31/21 | 11.53  | 0.16  | (0.28)  | (0.12)  | (0.14)  | —  | (0.03)  | (0.17)  | (0.29)  | 11.24  | (1.08)  | 92787  | 0.31  | 0.45  | 1.40  | 131  |

---

The footnote legend is at the end of the financial highlights.

*See Notes to Financial Statements*

------

**VIRTUS ASSET TRUST**

**FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)**

**SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING**

**THROUGHOUT EACH PERIOD**

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,** <br>**Beginning of Period** | **Net Investment Income (Loss)**<sup>(1)</sup> | **Net Realized** <br>**and Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from** <br>**Net Investment Income** | **Return of Capital** | **Distributions from** <br>**Net Realized Gains** | **Total Distributions** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return**<sup>(2)(3)(4)</sup> | **Net Assets, End of Period** <br>**(in thousands)** | **Ratio of Net Expenses to** <br>**Average Net Assets**<sup>(5)(6)</sup> | **Ratio of Gross Expenses to** <br>**Average Net Assets**<sup>(5)(6)</sup> | **Ratio of Net Investment Income (Loss)** <br>**to Average Net Assets**<sup>(5)(7)</sup> | **Portfolio Turnover Rate**<sup>(3)</sup> |
| **Seix U.S. Government** <br> **Securities Ultra-Short** <br> **Bond Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $9.89  | 0.44  | 0.06  | 0.50  | (0.44)  | —  | —  | (0.44)  | 0.06  | $9.95  | 5.13 %  | $27801  | 0.65 %  | 0.72 %  | 4.40 %  | 37 %  |
| 1/1/24 to 12/31/24 | 9.84  | 0.49  | 0.05  | 0.54  | (0.49)  | —  | —  | (0.49)  | 0.05  | 9.89  | 5.62  | 21590  | 0.65  | 0.79  | 4.97  | 37  |
| 1/1/23 to 12/31/23 | 9.75  | 0.41  | 0.08  | 0.49  | (0.40)  | —  | —  | (0.40)  | 0.09  | 9.84  | 5.17  | 14985  | 0.65  | 0.68  | 4.15  | 4  |
| 1/1/22 to 12/31/22 | 10.01  | 0.12  | (0.26)  | (0.14)  | (0.12)  | —  | —  | (0.12)  | (0.26)  | 9.75  | (1.39)  | 13607  | 0.68 <sup>(8)(10)(11)</sup> <br>| 0.66  | 1.17  | 37  |
| 1/1/21 to 12/31/21 | 10.04  | (0.01)  | (0.02)  | (0.03)  | — <sup>(14)</sup> <br>| — <sup>(14)</sup> <br>| —  | — <sup>(14)</sup> <br>| (0.03)  | 10.01  | (0.29)  | 15323  | 0.66  | 0.67  | (0.07)  | 52  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $9.88  | 0.46  | 0.06  | 0.52  | (0.46)  | —  | —  | (0.46)  | 0.06  | $9.94  | 5.39 %  | $233379  | 0.40 %  | 0.53 %  | 4.66 %  | 37 %  |
| 1/1/24 to 12/31/24 | 9.84  | 0.51  | 0.05  | 0.56  | (0.52)  | —  | —  | (0.52)  | 0.04  | 9.88  | 5.77  | 222103  | 0.40  | 0.58  | 5.21  | 37  |
| 1/1/23 to 12/31/23 | 9.75  | 0.42  | 0.10  | 0.52  | (0.43)  | —  | —  | (0.43)  | 0.09  | 9.84  | 5.44  | 204124  | 0.40  | 0.51  | 4.33  | 4  |
| 1/1/22 to 12/31/22 | 10.00  | 0.12  | (0.23)  | (0.11)  | (0.14)  | —  | —  | (0.14)  | (0.25)  | 9.75  | (1.05)  | 343827  | 0.43 <sup>(8)</sup> <br>| 0.57  | 1.22  | 37  |
| 1/1/21 to 12/31/21 | 10.04  | 0.02  | (0.03)  | (0.01)  | (0.02)  | (0.01)  | —  | (0.03)  | (0.04)  | 10.00  | (0.13)  | 710303  | 0.41  | 0.49  | 0.18  | 52  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $9.90  | 0.47  | 0.07  | 0.54  | (0.48)  | —  | —  | (0.48)  | 0.06  | $9.96  | 5.54 %  | $148868  | 0.26 %  | 0.40 %  | 4.78 %  | 37 %  |
| 1/1/24 to 12/31/24 | 9.85  | 0.53  | 0.05  | 0.58  | (0.53)  | —  | —  | (0.53)  | 0.05  | 9.90  | 6.03  | 106610  | 0.26  | 0.47  | 5.32  | 37  |
| 1/1/23 to 12/31/23 | 9.77  | 0.44  | 0.08  | 0.52  | (0.44)  | —  | —  | (0.44)  | 0.08  | 9.85  | 5.48  | 42421  | 0.25  | 0.40  | 4.45  | 4  |
| 1/1/22 to 12/31/22 | 10.02  | 0.14  | (0.23)  | (0.09)  | (0.16)  | —  | —  | (0.16)  | (0.25)  | 9.77  | (0.90)  | 74922  | 0.28 <sup>(8)</sup> <br>| 0.40  | 1.41  | 37  |
| 1/1/21 to 12/31/21 | 10.05  | 0.03  | (0.02)  | 0.01  | (0.03)  | (0.01)  | —  | (0.04)  | (0.03)  | 10.02  | 0.12  | 157768  | 0.26  | 0.35  | 0.32  | 52  |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Calculated using average shares outstanding.  |
| <sup>(2)</sup> <br>| Sales charges, where applicable, are not reflected in the total return calculation. |
| <sup>(3)</sup> <br>| Not annualized for periods less than one year.  |
| <sup>(4)</sup> <br>| Total Return is calculated based on the NAV at which shareholder transactions were processed, but also takes into account certain adjustments that are necessary <br> under generally accepted accounting principles required in the annual report.<br>|
| <sup>(5)</sup> <br>| Annualized for periods less than one year. |
| <sup>(6)</sup> <br>| The Funds will also indirectly bear their prorated share of expenses of any underlying funds in which they invest. Such expenses are not included in the calculation <br> of this ratio.<br>|
| <sup>(7)</sup> <br>| Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests. |
| <sup>(8)</sup> <br>| Net expense ratio includes extraordinary proxy expenses. |
| <sup>(9)</sup> <br>| Ratio of total expenses excluding interest expense on borrowings for the year ended December 31, 2025 were 0.94% (Class A), 1.52% (Class C), 0.62% (Class I) <br> and 0.52% (Class R6), for the year ended December 31, 2024 were 0.94% (Class A), 1.52% (Class C), 0.62% (Class I) and 0.52% (Class R6), for the year ended <br> December 31, 2023 were 0.93% (Class A), 1.51% (Class C), 0.61% (Class I) and 0.51% (Class R6), for the year ended December 31, 2022 were 0.96% (Class A), <br> 1.54% (Class C), 0.64% (Class I) and 0.54% (Class R6), for the year ended December 31, 2021 were 0.93% (Class A), 1.52% (Class C), 0.62% (Class I) and <br> 0.52% (Class R6).<br>|
| <sup>(10)</sup> <br>| The share class is currently under its expense limitation.  |
| <sup>(11)</sup> <br>| See Note 4D in the Notes to Financial Statements for information on recapture of expenses previously reimbursed and/or waived. |
| <sup>(12)</sup> <br>| Net expense ratio includes extraordinary reorganization expenses. |
| <sup>(13)</sup> <br>| Due to a change in expense cap, the ratio shown is a blended expense ratio. |
| <sup>(14)</sup> <br>| Amount is less than $0.005 per share. |

---

*See Notes to Financial Statements*

------

**VIRTUS ASSET TRUST**

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025**

**Note 1. Organization**

Virtus Asset Trust (the "Trust") is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

As of the date of these financial statements, 13 funds of the Trust are offered for sale, of which 7 (each a "Fund" or collectively, the "Funds") are reported in these financial statements. Each Fund has a distinct investment objective and is diversified. *There is no guarantee that a Fund will achieve its objective(s).*

The Seix High Grade Municipal Bond Fund and Seix Investment Grade Tax-Exempt Bond Fund offer Class I shares and Class A shares. The Seix Core Bond Fund, Seix High Yield Fund, Seix Total Return Fund, and Seix U.S. Government Securities Ultra-Short Bond Fund offer Class A shares, Class I shares and Class R6 shares. The Seix Floating Rate High Income Fund offer Class A shares, Class C shares, Class I shares and Class R6 shares.

Class A shares of the Seix Core Bond Fund, Seix High Yield Fund and Seix Total Return Bond Fund are sold with a front-end sales charge of up to 3.75%. Class A shares of the Seix Floating Rate High Income Fund, Seix High Grade Municipal Bond Fund, and Seix Investment Grade Tax-Exempt Bond Fund are sold with a front-end sales charge of up to 2.75%. Class A shares of the Seix U.S. Government Securities Ultra-Short Bond Fund are not sold with a front-end sales charge. Generally, Class A shares are not subject to any charges by the Funds when redeemed; however, a 0.50% contingent deferred sales charge ("CDSC") may be imposed on certain redemptions made within a certain period following purchases on which a finder's fee has been paid. The period for which such CDSC applies for the Funds is 18 months (except the Seix U.S. Government Securities Ultra-Short Bond Fund, which is not subject to a CDSC). No front-end sales load is applied to purchases of $1,000,000 or more. The CDSC period begins on the last day of the month preceding the month in which the purchase was made.

Class C shares are generally sold with a 1% CDSC, applicable if redeemed within one year of purchase. Class C shares and any reinvested dividends and other distributions paid on such shares, will be automatically converted to Class A shares of the same Fund following a required holding period, which as of March 1, 2021, was eight years. Effective January 1, 2019 to February 28, 2021, with certain exceptions, Class C shares and any reinvested dividends and other distributions paid on such shares, were automatically converted to Class A shares of the same Fund ten years after the purchase date. If an investor intends to purchase greater than $999,999 of Class C shares, and the purchase would qualify for Class A shares with no load, then the purchase will automatically be made into a purchase of Class A shares, thus reducing expenses.

Class I shares are offered primarily to clients of financial intermediaries that (i) charge such clients an ongoing fee for advisory, investment, consulting, or similar services; or (ii) have entered into an agreement with the funds' distributor to offer Class I shares through a no-load network or platform. Such clients may include pension and profit sharing plans, other employee benefit trusts, endowments, foundations and corporations. Class I shares are also offered to private and institutional clients of, or referred by, the adviser, a subadviser or their affiliates, and to Trustees of the funds and trustees/directors of affiliated open- and closed-end funds, and directors, officers and employees of Virtus and its affiliates. If you are eligible to purchase and do purchase Class I shares, you will pay no sales charge at any time. There are no distribution and service fees applicable to Class I shares.

Class R6 shares are offered without a minimum initial investment to the following investors in plan level or omnibus accounts only (provided that they do not require or receive any compensation, administrative payments, sub-transfer agency payments or service payments with respect to Class R6 shares): (i) qualified retirement plans, including, but not limited to, 401(k) plans, 457 plans, employer-sponsored 403(b) plans, and defined benefit plans; (ii) banks and trust companies; (iii) insurance companies; (iv) financial intermediaries utilizing such shares in fee-based investment advisory programs; (v) registered investment companies; and (vi) non-qualified deferred compensation plans. Other institutional investors may be permitted to purchase Class R6 shares subject to the applicable Fund's determination of eligibility and may be subject to a $2,500,000 minimum initial investment requirement. In addition, without a minimum initial investment requirement, Class R6 shares are available to any Trustee of the Virtus Funds and trustees/directors of affiliated open- and closed-end funds, directors, officers and employees of Virtus and its affiliates, and a spouse or domestic partner, child or minor grandchild of any such qualifying individual (in each case either individually or jointly with other investors), provided in each case that those shares are held directly with the Transfer Agent or in an eligible account. Class R6 shares do not carry sales commissions or pay Rule 12b-1 fees. No compensation, administrative payments, sub-transfer agency payments or service payments are paid to brokers or other entities from Fund assets or the Funds' distributor's or an affiliate's resources on sales of or investments in Class R6 shares. Class R6 shares are sold without a front-end sales charge or CDSC.

The Funds may impose an annual fee on accounts having balances of less than $2,500. The small account fee may be waived in certain circumstances, as disclosed in the prospectuses and/or statement of additional information. The fees collected will be used to offset certain expenses of the Funds. These fees are reflected as "Less low balance account fees" in each Fund's Statement of Operations for the period, as applicable.

Each class of shares has identical voting, dividend, liquidation and other rights and the same terms and conditions, except that each class bears any expenses attributable specifically to that class ("class-specific expenses") and has exclusive voting rights with respect to any Rule 12b-1 and/or shareholder service plan ("12b-1 Plan") approved by the Board. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. Class-specific expenses may include shareholder servicing fees, sub-transfer agency fees, and fees under a 12b-1 Plan, as well as certain other expenses as designated by the Funds' Treasurer and approved by the Board. Investment income, common operating expenses and realized and unrealized gains and losses of each Fund are borne pro-rata by the holders of each class of shares.

**Note 2. Significant Accounting Policies**

**($ reported in thousands)** 

The Funds are investment companies that follow the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements and for derivatives, included in Note 3 below. The preparation of

------

**VIRTUS ASSET TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and those differences could be significant.

&nbsp;&nbsp;&nbsp;&nbsp;**A.**

**Security Valuation** 

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

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

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

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

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

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

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

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

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

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

A summary of the inputs used to value a Fund's net assets by each major security type is disclosed at the end of the Schedule of Investments for each Fund. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

&nbsp;&nbsp;&nbsp;&nbsp;**B.**

**Security Transactions and Investment Income**

Security transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income and capital gain distributions are recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as a Fund is notified. Interest income is recorded on the accrual basis. Each Fund amortizes premiums and accretes discounts using the effective interest method. Premiums on callable debt instruments are amortized to interest income to the earliest call date using the effective interest method. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.

------

**VIRTUS ASSET TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

Dividend income from REITs is recorded using management's estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed their cost basis, the distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

&nbsp;&nbsp;&nbsp;&nbsp;**C.**

**Income Taxes** 

Each Fund is treated as a separate taxable entity. It is the intention of each Fund to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code") and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made.

Certain Funds may invest in securities of foreign issuers which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Each Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests.

For the year ended December 31, 2025, each Fund did not incur a material income tax expense. Accordingly, the disclosures required by FASB Accounting Standards Update ("ASU") No. 2023-09, Income Taxes (Codification Topic 740) – Improvements to Income Tax Disclosures, are not applicable or are not material to the Funds.

Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Each Fund's U.S. federal income tax return is generally subject to examination by the Internal Revenue Service for a period of three years after it is filed. State, local and/or non-U.S. tax returns and/or other filings may be subject to examination for different periods, depending upon the tax rules of each applicable jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;**D.**

**Distributions to Shareholders**

Distributions are recorded by each Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;**E.**

**Expenses**

Expenses incurred together by a Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expenses to each Fund and each such other fund, or an alternative allocation method, can be more appropriately used.

In addition to the net annual operating expenses that a Fund bears directly, the shareholders of a Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;**F.**

**Foreign Currency Transactions**

Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. For fixed income instruments, the Funds bifurcate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on foreign currency transactions. For equity securities, the Funds do not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on investments.

&nbsp;&nbsp;&nbsp;&nbsp;**G.**

**Payment-In-Kind Securities**

Certain Funds may invest in payment-in-kind securities, which are debt or preferred stock securities that require or permit payment of interest in the form of additional securities. Payment-in-kind securities allow the issuer to avoid or delay the need to generate cash to meet current interest payments and, as a result, may involve greater risk than securities that pay interest currently or in cash.

&nbsp;&nbsp;&nbsp;&nbsp;**H.**

**Securities Traded on a To-Be-Announced Basis** 

Certain Funds may trade securities on a to-be-announced ("TBA") basis. In a TBA transaction, a Fund commits to purchasing or selling securities which have not yet been issued by the issuer and for which specific information, such as the face amount, maturity date and underlying pool of investments in U.S. government agency mortgage pass-through securities, is not announced. Securities purchased on a TBA basis are not settled until they are delivered to the Fund. Beginning on the date a Fund enters into a TBA transaction, cash, U.S. government securities or other liquid high-grade debt obligations are segregated in an amount equal in value to the purchase price of the TBA security. These securities are subject to market fluctuations and their current value is determined in the same manner as for other securities.

&nbsp;&nbsp;&nbsp;&nbsp;**I.**

**When-Issued Purchases and Forward Commitments (Delayed Delivery)**

Certain Funds may engage in when-issued or forward commitment transactions. Securities purchased on a when-issued or forward commitment basis are also known as delayed delivery transactions. Delayed delivery transactions involve a commitment by a Fund to purchase or sell a security at a future date (ordinarily up to 90 days later). When-issued or forward commitments enable the Funds to lock in what is believed to be an attractive price or yield on a particular security for a period of time, regardless of future changes in interest rates. Each Fund records when-issued

------

**VIRTUS ASSET TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

and forward commitment securities on the trade date. Each Fund maintains collateral for the securities purchased. Securities purchased on a when-issued or forward commitment basis begin earning interest on the settlement date.

&nbsp;&nbsp;&nbsp;&nbsp;**J.**

**Leveraged Loans**

Certain Funds may invest in direct debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. Leveraged loans are generally non-investment grade and often involve borrowers that are highly leveraged. The Funds may invest in obligations of borrowers who are in bankruptcy proceedings. Leveraged loans are typically senior in the corporate capital structure of the borrower. A loan is often administered by a bank or other financial institution (the "lender") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the leveraged loan. A Fund's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When investing in loan participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan participation and only upon receipt by the lender of payments from the borrower. A Fund generally has no right to enforce compliance with the terms of the leveraged loan with the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the lender that is selling the leveraged loan. When a Fund purchases assignments from lenders it acquires direct rights against the borrower on the loan.

A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. Leveraged loans may involve foreign borrowers and investments may be denominated in foreign currencies. Direct indebtedness of emerging countries involves a risk that the government entities responsible for the repayment of the debt may be unable, or unwilling, to pay the principal and interest when due.

The leveraged loans have floating rate loan interests which generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. The base lending rates are generally SOFR, the prime rate offered by one or more U.S. banks or the certificate of deposit rate. When a leveraged loan is purchased, a Fund may pay an assignment fee. On an ongoing basis, a Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a leveraged loan. Prepayment penalty fees are received upon the prepayment of a leveraged loan by a borrower. Prepayment penalty, facility, commitment, consent and amendment fees are recorded to income as earned or paid.

A Fund may invest in both secured loans and "covenant lite" loans which have few or no financial maintenance covenants that would require a borrower to maintain certain financial metrics. The lack of financial maintenance covenants in covenant lite loans increases the risk that the applicable Fund will experience difficulty or delays in enforcing its rights on its holdings of such loans, which may result in losses, especially during a downturn in the credit cycle.

&nbsp;&nbsp;&nbsp;&nbsp;**K.**

**Warrants**

The Funds may receive warrants. Warrants are securities that are usually issued together with a debt instrument or preferred stock and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants may be freely transferable and are often traded on major exchanges. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt instruments. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt instruments at the same coupon rate. A decline in interest rates would permit a Fund to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value.

&nbsp;&nbsp;&nbsp;&nbsp;**L.**

**Securities Lending**

The Funds may loan securities to qualified brokers through a securities lending agency agreement with The Bank of New York ("BNY"). Under the securities lending policy, when lending securities a Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan bringing the collateral market value in line with the required percent. Due to timing of collateral adjustments, the market value of collateral held with respect to a loaned security, may be more or less than the value of the security on loan.

Collateral may consist of cash and securities issued by the U.S. government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged/paid by BNY for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral.

Securities lending transactions are entered into by each Fund under a Master Securities Lending Agreement ("MSLA") which permits the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund.

------

**VIRTUS ASSET TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

At December 31, 2025, the securities loaned were subject to a MSLA on a net payment basis as follows:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp; **Value of** <br>**Securities** <br>**on Loan**<br>| &nbsp;&nbsp; **Cash** <br>**Collateral** <br>**Received(1)** <br>| &nbsp;&nbsp; **Net** <br>**Amount(2)** <br>|
| Seix High Yield Fund | &nbsp;&nbsp;&nbsp; $2229 | &nbsp;&nbsp;&nbsp; $2229 | &nbsp;&nbsp;&nbsp; $—<br>|

---

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

<sup>(1)</sup> Collateral received in excess of the value of securities on loan is not presented in this table. The cash collateral received in connection with securities lending transactions has been used for the purchase of securities as disclosed in the Fund's Schedule of Investments. 

<sup>(2)</sup> Net amount represents the net amount receivable due from the counterparty in the event of default.

The following table reflects a breakdown of investments made from cash collateral received from lending activities and the remaining contractual maturity of those transactions as of December 31, 2025 for the Funds:

---

| | | |
|:---|:---|:---|
| **Fund** | **Investment of** <br>**Cash Collateral**<br>| **Overnight** <br>**and** <br>**Continuous**<br>|
| Seix High Yield Fund | Money Market Mutual Fund | &nbsp;&nbsp;&nbsp; $2329 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**M.**

**Segment Reporting**

Accounting Standards Codification ("ASC") 280, Segment Reporting, established disclosure requirements relating to operating segments in financial statements. The Funds have adopted FASB ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which is intended to enhance reportable operating segment disclosure requirements. Operating segments are defined as components of a reporting entity about which separate financial information, including disclosures about income and expenses, is available that is regularly evaluated by the chief operating decision maker ("CODM") in deciding how to allocate resources and assess its performance. The Trust is organized as a series of funds, each of which is structured as an investment company and represents a single operating segment. Subject to the oversight and, when applicable, approval of the Trust's Board of Trustees, each Fund's Adviser acts as the respective Fund's CODM. The CODM monitors the Fund's operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on its defined investment objective. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Funds financial statement note disclosures only and did not affect any Fund's financial position or the results of its operations.

**Note 3. Derivative Financial Instruments and Transactions**

**($ reported in thousands)**

Disclosures about derivative instruments and hedging activities are intended to enable investors to understand how and why a Fund uses derivatives, how derivatives are accounted for, and how derivative instruments affect a Fund's results of operations and financial position. Summarized below are such disclosures and accounting policies for each specific type of derivative instrument used by certain Funds.

&nbsp;&nbsp;&nbsp;&nbsp;**A.**

**Futures Contracts**

A futures contract is an agreement between two parties to purchase (long) or sell (short) a security at a set price for delivery on a future date. Upon entering into a futures contract, a Fund is required to pledge to the broker an amount of cash and/or securities equal to the "initial margin" requirements of the futures exchange on which the contract is traded. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by a Fund for financial statement purposes on a daily basis as unrealized appreciation or depreciation. When the contract expires or is closed, gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed is realized. This is presented in the Statement of Operations as net realized gain (loss) from futures.

During the year ended December 31, 2025, the Seix Core Bond Fund, Seix Total Return Fund and Seix U.S. Government Securities Ultra-Short Bond Fund utilized futures to optimize performance by gaining exposure to broad markets or to hedge the risk of securities within the portfolios. The potential risks of doing so are that 1) the use of futures may result in larger losses or smaller gains than the use of more traditional investments, 2) the prices of futures and the price movements of the securities that the future is intended to simulate may not correlate well, 3) the Fund's success in using futures will be dependent upon the subadviser's ability to correctly predict such price movements, 4) liquidity of futures can be adversely affected by market factors, and the prices of such securities may move in unexpected ways, and 5) if the Fund cannot close out a futures position, it may be compelled to continue to make daily cash payments to the broker to meet margin requirements, thus increasing transaction costs. Futures contracts outstanding at period end, if any, are listed after each Fund's Schedule of Investments. Securities deposited as margin are designated on the Schedule of Investments and cash deposited is recorded on the Statements of Assets and Liabilities as "Cash pledged as collateral for futures contracts."

&nbsp;&nbsp;&nbsp;&nbsp;**B.**

**Swaps**

Certain Funds enter into swap agreements, in which the Fund and a counterparty agree either to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are negotiated in the OTC market and may be entered into as a bilateral contract ("OTC swaps") or centrally cleared ("centrally cleared swaps"). The value of the swap is reflected on the Statements of Assets and

------

**VIRTUS ASSET TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

Liabilities as "Over-the-counter swaps at value" for OTC swaps and as "Variation margin receivable/payable on cleared swaps" for centrally cleared swaps. Swaps are marked-to-market daily and changes in value are recorded as "Net change in unrealized appreciation (depreciation) on swaps" in the Statements of Operations.

Any upfront premiums paid are recorded as assets and any upfront fees received are recorded as liabilities and are shown under "Over-the-counter swaps at value" in the Statements of Assets and Liabilities and are amortized over the term of the swap for OTC swaps. When a swap is terminated, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund's basis in the contract, if any. Generally, the basis of the contracts is the unamortized premium received or paid. Cash settlements between the Fund and the counterparty are recognized as "Net realized gain (loss) from swaps" in the Statements of Operations. Swap contracts outstanding at period end, if any, are listed after each Fund's Schedule of Investments.

In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is submitted to a central counterparty (the "CCP") and the Fund's counterparty on the swap agreement becomes the CCP. The Fund is required to interface with the CCP through a clearing broker. Upon entering into a centrally cleared swap, a Fund is required to deposit initial margin with the clearing broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap.

Securities deposited as margin are designated on the Schedule of Investments and cash deposited is recorded on the Statements of Assets and Liabilities as "Cash pledged as collateral for derivatives."

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risk in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

*Credit default swaps (CDS)* – A Fund may either buy or sell (write) CDS on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. CDS on single-name issuers are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the protection seller to make specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation accelerators, repudiation, moratorium or restructuring). CDS on a combination or basket of single-name issuers are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the protection seller to make specific payment should a negative credit event take place with respect to any of the referenced entities (e.g., bankruptcy, failure to pay, obligation accelerators, repudiation, moratorium or restructuring). CDS on traded indexes are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the seller to make a specific payment should a write-down, principal or interest shortfall or default of all or individual underlying securities included in the index occurs. As a buyer, if an underlying credit event occurs, the Fund will either receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index or receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the Fund will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. The Funds may enter into CDS to manage their exposure to the market or certain sectors of the market, to reduce their risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed (credit risk).

The following is a summary of derivative instruments categorized by primary risk exposure, and location as presented in the Statements of Assets and Liabilities at December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Statement Line** <br> **Description**<br>| **Primary Risk** | **Seix Core Bond** <br> **Fund**<br>| **Seix Total Return** <br> **Bond Fund**<br>|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |  |
| Variation margin <br> receivable on futures <br> contracts<sup>(1)</sup> <br>| &nbsp;&nbsp;&nbsp; Interest rate <br> contracts<br>| &nbsp;&nbsp; $20 | &nbsp;&nbsp; $15 |
| Total Assets |  | &nbsp;&nbsp; $20 | &nbsp;&nbsp; $15 |
| Total Liabilities |  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

<br> <sup>(1)</sup> Represents cumulative appreciation (depreciation) on futures contracts as reported in the Schedules of Investments. Only current day's variation margin is shown in the Statements of Assets and Liabilities for exchange-traded futures contracts.

------

**VIRTUS ASSET TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

The following is a summary of derivative instruments categorized by primary risk exposure, and location as presented in the Statements of Operations for the year ended December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Statement Line** <br> **Description**<br>| **Primary Risk** | **Seix Core Bond** <br> **Fund**<br>| **Seix Total Return** <br> **Bond Fund**<br>| **Seix** <br> **U.S. Government** <br> **Securities** <br> **Ultra-Short Bond** <br> **Fund**<br>|
| **Net Realized Gain (Loss) from** | **Net Realized Gain (Loss) from** | **Net Realized Gain (Loss) from** | **Net Realized Gain (Loss) from** | **Net Realized Gain (Loss) from** |
| Futures | &nbsp;&nbsp;&nbsp; Interest rate <br> contracts<br>| &nbsp;&nbsp; $(9)<br>| &nbsp;&nbsp; $(7)<br>| &nbsp;&nbsp; $31 |
| Total |  | &nbsp;&nbsp; $(9)<br>| &nbsp;&nbsp; $(7)<br>| &nbsp;&nbsp; $31 |
| **Net Change in Unrealized Appreciation (Depreciation) on** | **Net Change in Unrealized Appreciation (Depreciation) on** | **Net Change in Unrealized Appreciation (Depreciation) on** | **Net Change in Unrealized Appreciation (Depreciation) on** | **Net Change in Unrealized Appreciation (Depreciation) on** |
| Futures | &nbsp;&nbsp;&nbsp; Interest rate <br> contracts<br>| &nbsp;&nbsp; $20 | &nbsp;&nbsp; $15 | &nbsp;&nbsp; $— |
| Total |  | &nbsp;&nbsp; $20 | &nbsp;&nbsp; $15 | &nbsp;&nbsp; $— |

---

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

The futures contracts as disclosed on the Statements of Operations at period end serves as an indicator of the volume for the Seix Core Bond Fund, Seix Total Return Bond Fund and Seix U.S. GovernmentSecurities Ultra-Short Bond Fund.

&nbsp;&nbsp;&nbsp;&nbsp;**C.**

**Derivative Risks**

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

A Fund's risk of loss from counterparty credit risk on derivatives bought or sold OTC rather than traded on a securities exchange, is generally limited to the aggregate unrealized gain netted against any collateral held by such Fund. For OTC purchased options, each Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by such Fund should the counterparty fail to perform under the contracts. Options written by a Fund do not typically give rise to counterparty credit risk, as options written generally obligate the Fund, and not the counterparty to perform.

With exchange traded purchased options and futures and centrally cleared swaps generally speaking, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency) of the clearing broker or clearinghouse. Additionally, credit risk exists in exchange traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker's customers, potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, each Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event a Fund's net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.

&nbsp;&nbsp;&nbsp;&nbsp;**D.**

**Collateral Requirements and Master Netting Agreements ("MNA")**

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty.

Cash collateral that has been pledged to cover obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments. Typically, the Funds and counterparties are not permitted to sell, re-pledge or use the collateral they receive. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or

------

**VIRTUS ASSET TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

otherwise, the Fund bears the risk of loss from counterparty non-performance. The Funds attempt to mitigate counterparty risk by only entering into agreements with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities.

**Note 4. Investment Advisory Fees and Related Party Transactions**

**($ reported in thousands)**

&nbsp;&nbsp;&nbsp;&nbsp;**A.**

**Investment Adviser**

Virtus Investment Advisers, LLC ("Adviser"), an indirect, wholly-owned subsidiary of Virtus Investment Partners, Inc. ("Virtus"), is the investment adviser to the Funds. The Adviser manages the Funds' investment programs and general operations of the Funds, including oversight of the Funds' subadviser.

As compensation for its services to the Funds, the Adviser is entitled to a fee, which is calculated daily and paid monthly based upon the following annual rates as a percentage of the average daily net assets of each Fund:

---

| | |
|:---|:---|
|  | **First $500 Million** |
| Seix Core Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Seix Floating Rate High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br>|
| Seix High Grade Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br>|
| Seix High Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br>|
| Seix Investment Grade Tax-Exempt Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br>|
| Seix Total Return Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br>|
| Seix U.S. Government Securities Ultra-Short Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br>|

---

The above fees are also subject to breakpoint discounts at the following asset levels for each Fund:

First $500 million = none — no discount from full fee

Next $500 million = 5% discount from full fee

Next $4 billion = 10% discount from full fee

Over $5 billion = 15% discount from full fee

During the year ended December 31, 2025, Seix Floating Rate High Income Fund and Seix High Yield Fund invested a portion of their assets in affiliated mutual and exchange-traded funds. In order to avoid any duplication of advisory fees, the Adviser voluntarily waived its advisory fees in an amount equal to that which would otherwise be paid by the Funds on the assets in the affiliated funds. For the year ended December 31, 2025, the waiver amounted to $1 for Seix Floating Rate High Income Fund and $81 for Seix High Yield Fund. This waiver was in addition to the expense limitation and/or fee waiver covered elsewhere in these financial statements and is included in the Statements of Operations in "Less expenses reimbursed and/or waived by investment adviser."

&nbsp;&nbsp;&nbsp;&nbsp;**B.**

**Subadviser**

Seix Investment Advisors ("Subadviser"), a division of Virtus Fixed Income Advisers LLC, an indirect, wholly-owned subsidiary of Virtus, is the subadviser to the Funds. The Subadviser manages the investments of each Fund, for which it is paid a fee by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;**C.**

**Expense Limitations**

The Adviser has contractually agreed to limit each Fund's annual total operating expenses, subject to the exceptions listed below, so that such expenses do not exceed, on an annualized basis, the following respective percentages of average daily net assets through April 30, 2026. Following the contractual period, the Adviser may discontinue these expense limitation arrangements at any time. The waivers and reimbursements are accrued daily and received monthly. The exclusions include front-end or contingent deferred sales charges, taxes, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on credit or redemption facilities), interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any.

------

**VIRTUS ASSET TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Class A**  | **Class C**  | **Class I** | **Class R6** |
| Seix Core Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>|
| Seix Floating Rate High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp; 1.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Seix High Grade Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp; N/A |
| Seix High Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| Seix Investment Grade Tax-Exempt Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp; N/A |
| Seix Total Return Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| Seix U.S. Government Securities Ultra-Short Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**D.**

**Expense Recapture**

Under certain conditions, the Adviser may recapture operating expenses reimbursed or fees waived under these arrangements within three years after the date on which such amounts were incurred or waived. A Fund must pay its ordinary operating expenses before the Adviser is entitled to any reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time of the waiver or reimbursement. All or a portion of the following Adviser reimbursed expenses may be recaptured by the year ending December 31:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration**  | **Expiration**  | **Expiration**  |  |
| **Fund** | **2026** | **2027** | **2028** | **Total** |
| Virtus Seix Core Bond Fund |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $22<br>| &nbsp;&nbsp;&nbsp; $21 | &nbsp;&nbsp;&nbsp; $16<br>| &nbsp;&nbsp;&nbsp; $59<br>|
| Class I | &nbsp;&nbsp;&nbsp; 107<br>| &nbsp;&nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp; 43<br>| &nbsp;&nbsp;&nbsp; 231<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 4<br>| &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 107<br>| &nbsp;&nbsp;&nbsp; 131<br>|
| Virtus Seix Floating Rate High Income Fund |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 8<br>| &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 14<br>| &nbsp;&nbsp;&nbsp; 25<br>|
| Class C | &nbsp;&nbsp;&nbsp; 19<br>| &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 12<br>| &nbsp;&nbsp;&nbsp; 44<br>|
| Class I | &nbsp;&nbsp;&nbsp; 1846<br>| &nbsp;&nbsp;&nbsp; 1362 | &nbsp;&nbsp;&nbsp; 1321<br>| &nbsp;&nbsp;&nbsp; 4529<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 228<br>| &nbsp;&nbsp;&nbsp; 158 | &nbsp;&nbsp;&nbsp; 312<br>| &nbsp;&nbsp;&nbsp; 698<br>|
| Virtus Seix High Grade Municipal Bond Fund |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 15<br>| &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 23<br>| &nbsp;&nbsp;&nbsp; 54<br>|
| Class I | &nbsp;&nbsp;&nbsp; 150<br>| &nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp; 108<br>| &nbsp;&nbsp;&nbsp; 378<br>|
| Virtus Seix High Yield Fund |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 32<br>| &nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp; 53<br>| &nbsp;&nbsp;&nbsp; 159<br>|
| Class I | &nbsp;&nbsp;&nbsp; 278<br>| &nbsp;&nbsp;&nbsp; 456 | &nbsp;&nbsp;&nbsp; 317<br>| &nbsp;&nbsp;&nbsp; 1051<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 62<br>| &nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 98<br>| &nbsp;&nbsp;&nbsp; 260<br>|
| Virtus Seix Investment Grade Tax-Exempt Bond Fund |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 26<br>| &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 23<br>| &nbsp;&nbsp;&nbsp; 73<br>|
| Class I | &nbsp;&nbsp;&nbsp; 470<br>| &nbsp;&nbsp;&nbsp; 443 | &nbsp;&nbsp;&nbsp; 427<br>| &nbsp;&nbsp;&nbsp; 1340<br>|
| Virtus Seix Total Return Bond Fund |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 17<br>| &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 15<br>| &nbsp;&nbsp;&nbsp; 43<br>|
| Class I | &nbsp;&nbsp;&nbsp; 201<br>| &nbsp;&nbsp;&nbsp; 196 | &nbsp;&nbsp;&nbsp; 159<br>| &nbsp;&nbsp;&nbsp; 556<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 70<br>| &nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; 54<br>| &nbsp;&nbsp;&nbsp; 170<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virtus Seix U.S. Government Securities Ultra-Short Bond <br> Fund<br>|  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 5<br>| &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 16<br>| &nbsp;&nbsp;&nbsp; 47<br>|
| Class I | &nbsp;&nbsp;&nbsp; 308<br>| &nbsp;&nbsp;&nbsp; 367 | &nbsp;&nbsp;&nbsp; 285<br>| &nbsp;&nbsp;&nbsp; 960<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 78<br>| &nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp; 178<br>| &nbsp;&nbsp;&nbsp; 384<br>|

---

During the year ended December 31, 2025, the Adviser recaptured expenses previously waived for the following Funds:

---

| | |
|:---|:---|
| **Fund** | **Class A** |
| Seix Core Bond Fund | &nbsp;&nbsp;&nbsp; $1 |
| Seix Floating Rate High Income Fund | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>|

---

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

<sup>(1)</sup> Amount is less than $500 (not in thousands).

&nbsp;&nbsp;&nbsp;&nbsp;**E.**

**Distributor**

VP Distributors, LLC ("VP Distributors"), an indirect, wholly-owned subsidiary of Virtus, serves as the distributor of each Fund's shares. VP Distributors has advised the Funds that for the year ended December 31, 2025, it retained net commissions of $12 for Class A shares and CDSC of $1 and $3 for Class A shares and Class C shares, respectively.

------

**VIRTUS ASSET TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

In addition, each Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class at the annual rates of 0.25% for Class A shares (0.15% for Seix High Grade Municipal Bond Fund), and 1.00% for Class C shares. Class I shares and Class R6 shares are not subject to a 12b-1 Plan.

Under certain circumstances, shares of certain Virtus Funds may be exchanged for shares of the same class of certain other Virtus Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply.

&nbsp;&nbsp;&nbsp;&nbsp;**F.**

**Administrator and Transfer Agent**

Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as the administrator and transfer agent to the Funds.

For the year ended December 31, 2025, the Funds incurred administration fees totaling $2,372 which are included in the Statements of Operations within the line item "Administration and accounting fees." The fees are calculated daily and paid monthly.

For the year ended December 31, 2025, the Funds incurred transfer agent fees totaling $1,062 which are included in the Statements of Operations within the line item "Transfer agent fees and expenses." The fees are calculated daily and paid monthly.

&nbsp;&nbsp;&nbsp;&nbsp;**G.**

**Investments with Affiliates** 

The Funds are permitted to purchase assets from or sell assets to certain related affiliates under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of assets by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers comply with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. During the year ended December 31, 2025, the Funds did not engage in any transactions pursuant to Rule 17a-7 under the 1940 Act.

A summary of the Fund's total long-term and short-term purchases and sales of the respective shares of the affiliated underlying funds<sup>(1)</sup> during the year ended December 31, 2025, is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value,** <br>**beginning** <br>**of period**<br>| **Purchases** | **Sales** <br>**proceeds**<br>| **Net** <br>**realized** <br>**gain** <br>**(loss)** <br>**on** <br>**affiliated** <br>**securities**<br>| **Net** <br>**change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)** <br>**on affiliated** <br>**securities**<br>| **Value,** <br>**end of** <br>**period**<br>| **Shares** | **Dividend** <br>**income**<br>| **Distributions** <br>**of realized** <br>**gains**<br>|
| **Seix Floating Rate High Income Fund** | **Seix Floating Rate High Income Fund** | **Seix Floating Rate High Income Fund** | **Seix Floating Rate High Income Fund** | **Seix Floating Rate High Income Fund** | **Seix Floating Rate High Income Fund** | **Seix Floating Rate High Income Fund** | **Seix Floating Rate High Income Fund** | **Seix Floating Rate High Income Fund** | **Seix Floating Rate High Income Fund** |
| **Affiliated Exchange-Traded Fund—0.1%** | **Affiliated Exchange-Traded Fund—0.1%** | **Affiliated Exchange-Traded Fund—0.1%** | **Affiliated Exchange-Traded Fund—0.1%** | **Affiliated Exchange-Traded Fund—0.1%** | **Affiliated Exchange-Traded Fund—0.1%** | **Affiliated Exchange-Traded Fund—0.1%** | **Affiliated Exchange-Traded Fund—0.1%** | **Affiliated Exchange-Traded Fund—0.1%** | **Affiliated Exchange-Traded Fund—0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virtus SEIX AAA Private <br> Credit CLO ETF<sup>(2),(3)</sup><br>| $— | $599 | $— | $— | $— <br><sup>(4)</sup><br>| $599 | 24000 | $14 | $— |
| Total | $— | $599 | $— | $— | $— | $599 |  | $14 | $— |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value,** <br>**beginning** <br>**of period**<br>| **Purchases** | **Sales** <br>**proceeds**<br>| **Net** <br>**realized** <br>**gain** <br>**(loss)** <br>**on** <br>**affiliated** <br>**securities**<br>| **Net** <br>**change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)** <br>**on affiliated** <br>**securities**<br>| **Value,** <br>**end of** <br>**period**<br>| **Shares** | **Dividend** <br>**income**<br>| **Distributions** <br>**of realized** <br>**gains**<br>|
| **Seix High Yield Fund** | **Seix High Yield Fund** | **Seix High Yield Fund** | **Seix High Yield Fund** | **Seix High Yield Fund** | **Seix High Yield Fund** | **Seix High Yield Fund** | **Seix High Yield Fund** | **Seix High Yield Fund** | **Seix High Yield Fund** |
| **Affiliated Exchange-Traded Fund—3.0%** | **Affiliated Exchange-Traded Fund—3.0%** | **Affiliated Exchange-Traded Fund—3.0%** | **Affiliated Exchange-Traded Fund—3.0%** | **Affiliated Exchange-Traded Fund—3.0%** | **Affiliated Exchange-Traded Fund—3.0%** | **Affiliated Exchange-Traded Fund—3.0%** | **Affiliated Exchange-Traded Fund—3.0%** | **Affiliated Exchange-Traded Fund—3.0%** | **Affiliated Exchange-Traded Fund—3.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virtus Seix Senior Loan <br> ETF<sup>(3)</sup><br>| $12656 | $6569 | $6107 | $(143)<br>| $(285)<br>| $12690 | 543579 | $1253 | $— |
| Total | $12656 | $6569 | $6107 | $(143)<br>| $(285)<br>| $12690 |  | $1253 | $— |

---

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

---

| | |
|:---|:---|
| <sup>Footnote Legend:</sup> | <sup>Footnote Legend:</sup> |
| <sup>(1)</sup> | The Funds do not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Fund within each of its <br> principal investment strategies may represent a significant portion of an underlying fund's net assets. At December 31, 2025, the Seix Floating Rate High Income <br> Fund was the owner of record of less than 10% of the Virtus Seix AAA Private Credit CLO ETF. The Virtus Seix High Yield Fund was the owner of record of less <br> than 10% of the Virtus Seix Senior Loan ETF.<br>|
| <sup>(2)</sup> | Issuer not an investment of the Fund at December 31, 2024. |
| <sup>(3)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |

---

------

**VIRTUS ASSET TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

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

<sup>(4)</sup> Amount is less than $500 (not in thousands).

&nbsp;&nbsp;&nbsp;&nbsp;**H.**

**Trustee Deferred Compensation Plan** 

The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in "Other assets" in the Statements of Assets and Liabilities at December 31, 2025.

**Note 5. Purchases and Sales of Securities**

**($ reported in thousands)**

Purchases and sales of securities (excluding U.S. government and agency securities, short-term securities and certain derivatives) during the year ended December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases**  | **Sales** |
| Seix Core Bond Fund | &nbsp;&nbsp;&nbsp; $23008<br>| &nbsp;&nbsp;&nbsp; $8282<br>|
| Seix Floating Rate High Income Fund | &nbsp;&nbsp;&nbsp; 833142<br>| &nbsp;&nbsp;&nbsp; 1032988<br>|
| Seix High Grade Municipal Bond Fund | &nbsp;&nbsp;&nbsp; 9614<br>| &nbsp;&nbsp;&nbsp; 19752<br>|
| Seix High Yield Fund | &nbsp;&nbsp;&nbsp; 275605<br>| &nbsp;&nbsp;&nbsp; 281916<br>|
| Seix Investment Grade Tax-Exempt Bond Fund | &nbsp;&nbsp;&nbsp; 58398<br>| &nbsp;&nbsp;&nbsp; 65785<br>|
| Seix Total Return Bond Fund | &nbsp;&nbsp;&nbsp; 15007<br>| &nbsp;&nbsp;&nbsp; 25442<br>|

---

Purchases and sales of long-term U.S. government and agency securities during the year ended December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases**  | **Sales** |
| Seix Core Bond Fund | &nbsp;&nbsp;&nbsp; $191774<br>| &nbsp;&nbsp;&nbsp; $156607<br>|
| Seix Total Return Bond Fund | &nbsp;&nbsp;&nbsp; 143222<br>| &nbsp;&nbsp;&nbsp; 171189<br>|
| Seix U.S. Government Securities Ultra-Short Bond Fund | &nbsp;&nbsp;&nbsp; 193306<br>| &nbsp;&nbsp;&nbsp; 132659<br>|

---

**Note 6. Capital Share Transactions**

**(reported in thousands)**

Transactions in shares of capital stock, during the years ended as indicated below, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Seix Core Bond Fund** | **Seix Core Bond Fund** | **Seix Core Bond Fund** | **Seix Core Bond Fund** | **Seix Floating Rate High Income Fund** | **Seix Floating Rate High Income Fund** | **Seix Floating Rate High Income Fund** | **Seix Floating Rate High Income Fund** |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 109 | &nbsp;&nbsp; $1019 | &nbsp;&nbsp; 144 | &nbsp;&nbsp; $1341 | &nbsp;&nbsp; 1286 | &nbsp;&nbsp; $9876 | &nbsp;&nbsp; 2204 | &nbsp;&nbsp; $17322 |
| Reinvestment of distributions | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 408 | &nbsp;&nbsp; 3127 | &nbsp;&nbsp; 437 | &nbsp;&nbsp; 3430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (322) <br>| &nbsp;&nbsp; (3003) <br>| &nbsp;&nbsp; (163) <br>| &nbsp;&nbsp; (1537) <br>| &nbsp;&nbsp; (1593) <br>| &nbsp;&nbsp; (12178) <br>| &nbsp;&nbsp; (1070) <br>| &nbsp;&nbsp; (8419) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (194)<br>| &nbsp;&nbsp; $(1804)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; $(6)<br>| &nbsp;&nbsp; 101 | &nbsp;&nbsp; $825 | &nbsp;&nbsp; 1571 | &nbsp;&nbsp; $12333 |
| **Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; 111 | &nbsp;&nbsp; $862 | &nbsp;&nbsp; 217 | &nbsp;&nbsp; $1706 |
| Reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 389 | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (381) <br>| &nbsp;&nbsp; (2924) <br>| &nbsp;&nbsp; (378) <br>| &nbsp;&nbsp; (2979) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; (219)<br>| &nbsp;&nbsp; $(1673)<br>| &nbsp;&nbsp; (87)<br>| &nbsp;&nbsp; $(688)<br>|

---

------

**VIRTUS ASSET TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Seix Core Bond Fund** | **Seix Core Bond Fund** | **Seix Core Bond Fund** | **Seix Core Bond Fund** | **Seix Floating Rate High Income Fund** | **Seix Floating Rate High Income Fund** | **Seix Floating Rate High Income Fund** | **Seix Floating Rate High Income Fund** |
|  | **Year Ended**<br> **December 31, 2025** | **Year Ended**<br> **December 31, 2025** | **Year Ended**<br> **December 31, 2024** | **Year Ended**<br> **December 31, 2024** | **Year Ended**<br> **December 31, 2025** | **Year Ended**<br> **December 31, 2025** | **Year Ended**<br> **December 31, 2024** | **Year Ended**<br> **December 31, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 124 | &nbsp;&nbsp; $1148 | &nbsp;&nbsp; 504 | &nbsp;&nbsp; $4707 | &nbsp;&nbsp; 31402 | &nbsp;&nbsp; $241075 | &nbsp;&nbsp; 38224 | &nbsp;&nbsp; $300903 |
| Reinvestment of distributions | &nbsp;&nbsp; 111 | &nbsp;&nbsp; 1045 | &nbsp;&nbsp; 168 | &nbsp;&nbsp; 1569 | &nbsp;&nbsp; 9615 | &nbsp;&nbsp; 73785 | &nbsp;&nbsp; 13979 | &nbsp;&nbsp; 109874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (1324) <br>| &nbsp;&nbsp; (12329) <br>| &nbsp;&nbsp; (1813) <br>| &nbsp;&nbsp; (16900) <br>| &nbsp;&nbsp; (66703) <br>| &nbsp;&nbsp; (510682) <br>| &nbsp;&nbsp; (74765) <br>| &nbsp;&nbsp; (588266) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (1089)<br>| &nbsp;&nbsp; $(10136)<br>| &nbsp;&nbsp; (1141)<br>| &nbsp;&nbsp; $(10624)<br>| &nbsp;&nbsp; (25686)<br>| &nbsp;&nbsp; $(195822)<br>| &nbsp;&nbsp; (22562)<br>| &nbsp;&nbsp; $(177489)<br>|
| **Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 9755 | &nbsp;&nbsp; $90740 | &nbsp;&nbsp; 3145 | &nbsp;&nbsp; $30464 | &nbsp;&nbsp; 15660 | &nbsp;&nbsp; $120860 | &nbsp;&nbsp; 14803 | &nbsp;&nbsp; $116499 |
| Reinvestment of distributions | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 2821 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 414 | &nbsp;&nbsp; 2519 | &nbsp;&nbsp; 19341 | &nbsp;&nbsp; 2064 | &nbsp;&nbsp; 16222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (3422) <br>| &nbsp;&nbsp; (32146) <br>| &nbsp;&nbsp; (251) <br>| &nbsp;&nbsp; (2351) <br>| &nbsp;&nbsp; (19199) <br>| &nbsp;&nbsp; (147089) <br>| &nbsp;&nbsp; (6319) <br>| &nbsp;&nbsp; (49808) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 6633 | &nbsp;&nbsp; $61415 | &nbsp;&nbsp; 2938 | &nbsp;&nbsp; $28527 | &nbsp;&nbsp; (1020)<br>| &nbsp;&nbsp; $(6888)<br>| &nbsp;&nbsp; 10548 | &nbsp;&nbsp; $82913 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Seix High Grade Municipal Bond Fund** | **Seix High Grade Municipal Bond Fund** | **Seix High Grade Municipal Bond Fund** | **Seix High Grade Municipal Bond Fund** | **Seix High Yield Fund** | **Seix High Yield Fund** | **Seix High Yield Fund** | **Seix High Yield Fund** |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 54 | &nbsp;&nbsp; $582 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; $49 | &nbsp;&nbsp; 340 | &nbsp;&nbsp; $2611 | &nbsp;&nbsp; 692 | &nbsp;&nbsp; $5328 |
| Shares Issued-Merger | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3515 | &nbsp;&nbsp; 27059 |
| Reinvestment of distributions | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 106 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 236 | &nbsp;&nbsp; 1812 | &nbsp;&nbsp; 238 | &nbsp;&nbsp; 1836 <br><sup>(1)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (80) <br>| &nbsp;&nbsp; (873) <br>| &nbsp;&nbsp; (63) <br>| &nbsp;&nbsp; (701) <br>| &nbsp;&nbsp; (1288) <br>| &nbsp;&nbsp; (9927) <br>| &nbsp;&nbsp; (1658) <br>| &nbsp;&nbsp; (12783) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (16)<br>| &nbsp;&nbsp; $(185)<br>| &nbsp;&nbsp; (49)<br>| &nbsp;&nbsp; $(550)<br>| &nbsp;&nbsp; (712)<br>| &nbsp;&nbsp; $(5504)<br>| &nbsp;&nbsp; 2787 | &nbsp;&nbsp; $21440 |
| **Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 88 | &nbsp;&nbsp; $954 | &nbsp;&nbsp; 318 | &nbsp;&nbsp; $3532 | &nbsp;&nbsp; 6678 | &nbsp;&nbsp; $52633 | &nbsp;&nbsp; 8717 | &nbsp;&nbsp; $68988 |
| Shares Issued-Merger | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14925 | &nbsp;&nbsp; 117864 |
| Reinvestment of distributions | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 498 | &nbsp;&nbsp; 67 | &nbsp;&nbsp; 743 | &nbsp;&nbsp; 2362 | &nbsp;&nbsp; 18637 | &nbsp;&nbsp; 2350 | &nbsp;&nbsp; 18586 <br><sup>(1)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (1194) <br>| &nbsp;&nbsp; (12984) <br>| &nbsp;&nbsp; (1286) <br>| &nbsp;&nbsp; (14327) <br>| &nbsp;&nbsp; (11818) <br>| &nbsp;&nbsp; (92683) <br>| &nbsp;&nbsp; (9660) <br>| &nbsp;&nbsp; (76436) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (1060)<br>| &nbsp;&nbsp; $(11532)<br>| &nbsp;&nbsp; (901)<br>| &nbsp;&nbsp; $(10052)<br>| &nbsp;&nbsp; (2778)<br>| &nbsp;&nbsp; $(21413)<br>| &nbsp;&nbsp; 16332 | &nbsp;&nbsp; $129002 |
| **Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; 2492 | &nbsp;&nbsp; $19754 | &nbsp;&nbsp; 4326 | &nbsp;&nbsp; $34377 |
| Shares Issued-Merger | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1005 | &nbsp;&nbsp; 7945 |
| Reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 731 | &nbsp;&nbsp; 5776 | &nbsp;&nbsp; 497 | &nbsp;&nbsp; 3931 <br><sup>(1)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (1019) <br>| &nbsp;&nbsp; (8036) <br>| &nbsp;&nbsp; (1077) <br>| &nbsp;&nbsp; (8504) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; 2204 | &nbsp;&nbsp; $17494 | &nbsp;&nbsp; 4751 | &nbsp;&nbsp; $37749 |

---

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

------

**VIRTUS ASSET TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Seix Investment Grade Tax-Exempt Bond Fund** | **Seix Investment Grade Tax-Exempt Bond Fund** | **Seix Investment Grade Tax-Exempt Bond Fund** | **Seix Investment Grade Tax-Exempt Bond Fund** | **Seix Total Return Bond Fund** | **Seix Total Return Bond Fund** | **Seix Total Return Bond Fund** | **Seix Total Return Bond Fund** |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 23 | &nbsp;&nbsp; $256 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; $138 | &nbsp;&nbsp; 133 | &nbsp;&nbsp; $1284 | &nbsp;&nbsp; 162 | &nbsp;&nbsp; $1571 |
| Reinvestment of distributions | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 143 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 143 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (37) <br>| &nbsp;&nbsp; (408) <br>| &nbsp;&nbsp; (111) <br>| &nbsp;&nbsp; (1221) <br>| &nbsp;&nbsp; (243) <br>| &nbsp;&nbsp; (2347) <br>| &nbsp;&nbsp; (165) <br>| &nbsp;&nbsp; (1599) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; $(9)<br>| &nbsp;&nbsp; (85)<br>| &nbsp;&nbsp; $(940)<br>| &nbsp;&nbsp; (86)<br>| &nbsp;&nbsp; $(828)<br>| &nbsp;&nbsp; 22 | &nbsp;&nbsp; $215 |
| **Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 2995 | &nbsp;&nbsp; $32628 | &nbsp;&nbsp; 2639 | &nbsp;&nbsp; $29018 | &nbsp;&nbsp; 388 | &nbsp;&nbsp; $3630 | &nbsp;&nbsp; 2346 | &nbsp;&nbsp; $21944 |
| Reinvestment of distributions | &nbsp;&nbsp; 217 | &nbsp;&nbsp; 2368 | &nbsp;&nbsp; 232 | &nbsp;&nbsp; 2547 | &nbsp;&nbsp; 361 | &nbsp;&nbsp; 3384 | &nbsp;&nbsp; 504 | &nbsp;&nbsp; 4716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (3911) <br>| &nbsp;&nbsp; (42542) <br>| &nbsp;&nbsp; (3676) <br>| &nbsp;&nbsp; (40352) <br>| &nbsp;&nbsp; (4512) <br>| &nbsp;&nbsp; (42028) <br>| &nbsp;&nbsp; (4510) <br>| &nbsp;&nbsp; (42140) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (699)<br>| &nbsp;&nbsp; $(7546)<br>| &nbsp;&nbsp; (805)<br>| &nbsp;&nbsp; $(8787)<br>| &nbsp;&nbsp; (3763)<br>| &nbsp;&nbsp; $(35014)<br>| &nbsp;&nbsp; (1660)<br>| &nbsp;&nbsp; $(15480)<br>|
| **Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; 469 | &nbsp;&nbsp; $4375 | &nbsp;&nbsp; 619 | &nbsp;&nbsp; $5792 |
| Reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 116 | &nbsp;&nbsp; 1085 | &nbsp;&nbsp; 128 | &nbsp;&nbsp; 1197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (1089) <br>| &nbsp;&nbsp; (10150) <br>| &nbsp;&nbsp; (1765) <br>| &nbsp;&nbsp; (16427) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; (504)<br>| &nbsp;&nbsp; $(4690)<br>| &nbsp;&nbsp; (1018)<br>| &nbsp;&nbsp; $(9438)<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Seix U.S. Government Securities Ultra-Short Bond** <br> **Fund** | **Seix U.S. Government Securities Ultra-Short Bond** <br> **Fund** | **Seix U.S. Government Securities Ultra-Short Bond** <br> **Fund** | **Seix U.S. Government Securities Ultra-Short Bond** <br> **Fund** |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 1531 | &nbsp;&nbsp; $15179 | &nbsp;&nbsp; 608 | &nbsp;&nbsp; $6016 |
| Shares Issued-Merger | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 426 | &nbsp;&nbsp; 4196 |
| Reinvestment of distributions | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 994 | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 937 <br><sup>(1)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (1019) <br>| &nbsp;&nbsp; (10103) <br>| &nbsp;&nbsp; (469) <br>| &nbsp;&nbsp; (4624) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 612 | &nbsp;&nbsp; $6070 | &nbsp;&nbsp; 660 | &nbsp;&nbsp; $6525 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 8392 | &nbsp;&nbsp; $83184 | &nbsp;&nbsp; 6707 | &nbsp;&nbsp; $66256 |
| Shares Issued-Merger | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1494 | &nbsp;&nbsp; 14724 |
| Reinvestment of distributions | &nbsp;&nbsp; 1033 | &nbsp;&nbsp; 10240 | &nbsp;&nbsp; 1029 | &nbsp;&nbsp; 10161 <br><sup>(1)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (8423) <br>| &nbsp;&nbsp; (83451) <br>| &nbsp;&nbsp; (7507) <br>| &nbsp;&nbsp; (74091) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 1002 | &nbsp;&nbsp; $9973 | &nbsp;&nbsp; 1723 | &nbsp;&nbsp; $17050 |

---

------

**VIRTUS ASSET TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Seix U.S. Government Securities Ultra-Short Bond** <br> **Fund** | **Seix U.S. Government Securities Ultra-Short Bond** <br> **Fund** | **Seix U.S. Government Securities Ultra-Short Bond** <br> **Fund** | **Seix U.S. Government Securities Ultra-Short Bond** <br> **Fund** |
|  | **Year Ended**<br> **December 31, 2025** | **Year Ended**<br> **December 31, 2025** | **Year Ended**<br> **December 31, 2024** | **Year Ended**<br> **December 31, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 9201 | &nbsp;&nbsp; $91315 | &nbsp;&nbsp; 9487 | &nbsp;&nbsp; $94113 |
| Reinvestment of distributions | &nbsp;&nbsp; 495 | &nbsp;&nbsp; 4918 | &nbsp;&nbsp; 138 | &nbsp;&nbsp; 1367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (5516) <br>| &nbsp;&nbsp; (54782) <br>| &nbsp;&nbsp; (3159) <br>| &nbsp;&nbsp; (31219) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 4180 | &nbsp;&nbsp; $41451 | &nbsp;&nbsp; 6466 | &nbsp;&nbsp; $64261 |

---

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

<sup>(1)</sup> Includes reinvestment of distributions of acquired funds. See Note 13 in Notes to Financial Statements.

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

**Note 7. 10% Shareholders**

As of December 31, 2025, the Funds had individual shareholder account(s) and/or omnibus shareholder account(s) (comprised of a group of individual shareholders), which individually amounted to more than 10% of the total shares outstanding of such Fund as detailed below:

---

| | | |
|:---|:---|:---|
|  | **% of Shares** <br>**Outstanding**<br>| **Number of** <br>**Accounts**<sup>\*</sup> <br>|
| Seix Core Bond Fund | &nbsp;&nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp;&nbsp; 4 |
| Seix Floating Rate High Income Fund | &nbsp;&nbsp;&nbsp; 45<br>| &nbsp;&nbsp;&nbsp; 2 |
| Seix High Grade Municipal Bond Fund | &nbsp;&nbsp;&nbsp; 47<br>| &nbsp;&nbsp;&nbsp; 2 |
| Seix High Yield Fund | &nbsp;&nbsp;&nbsp; 49<br>| &nbsp;&nbsp;&nbsp; 2 |
| Seix Investment Grade Tax-Exempt Bond Fund | &nbsp;&nbsp;&nbsp; 60<br>| &nbsp;&nbsp;&nbsp; 3 |
| Seix Total Return Bond Fund | &nbsp;&nbsp;&nbsp; 47<br>| &nbsp;&nbsp;&nbsp; 1 |
| Seix U.S. Government Securities Ultra-Short Bond Fund | &nbsp;&nbsp;&nbsp; 47<br>| &nbsp;&nbsp;&nbsp; 2 |

---

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

<sup>\*</sup> None of the accounts are affiliated.

**Note 8. Credit and Market Risk and Asset Concentration**

Local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on a Fund and its investments, including hampering the ability of each Fund's portfolio manager(s) to invest each Fund's assets as intended.

High-yield/high-risk securities typically entail greater price volatility and/or principal and interest rate risk. There is a greater chance that an issuer will not be able to make principal and interest payments on time. Analysis of the creditworthiness of issuers of high-yield/high-risk securities may be complex, and as a result, it may be more difficult for the Adviser and/or Subadviser to accurately predict risk.

Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that the market may fluctuate for other reasons, and there is no assurance that the insurance company will meet its obligations. Insured securities have been identified in the Schedule of Investments. A real or perceived decline in creditworthiness of a bond insurer can have an adverse impact on the value of insured bonds held in the Funds.

Certain Funds may invest a high percentage of their assets in specific sectors of the market in the pursuit of their investment objectives. Fluctuations in these sectors of concentration may have a greater impact on a Fund, positive or negative, than if the Fund did not concentrate its investments in such sectors.

At December 31, 2025, the following Fund held securities issued by various companies in specific sector(s) as detailed below:

---

| | | |
|:---|:---|:---|
| **Fund** | **Sector** | **Percentage of** <br>**Total Investments**<br>|
| Seix High Yield Fund | Financials | &nbsp;&nbsp;&nbsp; 31<br> %<br>|

---

**Note 9. Indemnifications**

Under the Trust's organizational documents and in separate agreements between each Trustee and the Trust, its Trustees and officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust and its funds. In addition, in the normal course of business, the Trust and the Funds enter into contracts that provide a variety of indemnifications to other parties. The Trust's and/or the Funds' maximum exposure under

------

**VIRTUS ASSET TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

these arrangements is unknown, as this would involve future claims that may be made against the Trust or the Funds and that have not occurred. However, neither the Trust nor the Funds have had prior claims or losses pursuant to these arrangements, and they expect the risk of loss to be remote.

**Note 10. Restricted Securities**

Restricted securities are not registered under the Securities Act of 1933, as amended (the "1933 Act"). Generally, 144A securities are excluded from this category. Each Fund will bear any costs, including those involved in registration under the 1933 Act, in connection with the disposition of such securities. The following Fund held securities that were considered to be restricted at December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Investment** | **Date of** <br>**Acquisition**<br>| **Cost** | **Value** | **Percentage of** <br>**Net Assets**<br>|
| Seix High Yield Fund | LiveStyle, Inc. | 12/1/2016 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; 0.0<br> %<br>|
|  | LiveStyle, Inc. Series B | 2/10/2016-11/30/2016 | &nbsp;&nbsp;&nbsp; 309 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |

---

**Note 11. Redemption Facility**

**($ reported in thousands)**

The Funds (other than the Seix Floating Rate High Income Fund) ("Seix Fund") and certain other affiliated funds are parties to a $250,000 unsecured line of credit agreement dated September 18, 2017, as amended ("Credit Agreement") with a commercial bank. During the reporting period, the Credit Agreement was renewed with $35,000 of the total line of credit of $250,000 being allocated to one other affiliated fund and $215,000 being available to the Funds and certain other affiliated funds. Unless renewed, the Credit Agreement will terminate on July 2, 2026. The Credit Agreement allows the Funds to borrow cash from the bank to manage large, unexpected redemptions and trade fails, up to a limit of one-third or one-fifth, as applicable, of each Fund's total net assets in accordance with the terms of the agreement. Each fund, that is a party to the Credit Agreement, is individually, and not jointly, liable for its borrowings, if any. The lending bank could require repayment of outstanding borrowings upon certain circumstances such as an event of default.

The Seix Fund and one other affiliated fund entered into a $125,000 unsecured syndicated line of credit agreement dated March 15, 2018, as amended, ("Seix Credit Agreement"), with two commercial banks. On March 8, 2024, the unsecured line of credit was renewed as a bilateral credit agreement with one of the commercial banks and the credit amount was reduced to $100,000. The Seix Credit Agreement allows the Seix Fund to borrow cash from the bank to manage large, unexpected redemptions and trade fails, up to a limit of one-fifth its total net assets. Each fund, that is a party to the Seix Credit Agreement, is individually, and not jointly, liable for its borrowings, if any. The lending bank could require repayment of outstanding borrowings upon certain circumstances such as an event of default. Unless renewed, the Seix Credit Agreement will terminate on March 6, 2026.

Under both Credit Agreements interest is charged at the higher of a SOFR or the Federal Funds Rate plus an additional percentage rate on the amount borrowed. Commitment fees are charged on the undrawn balance. Total commitment fees paid for the year ended December 31, 2025, are included in the "Interest expense and/or commitment fees" line on the Statements of Operations.

At December 31, 2025, the Funds did not have outstanding borrowings.

**Note 12. Federal Income Tax Information**

**($ reported in thousands)**

At December 31, 2025, the approximate aggregate cost basis and the unrealized appreciation (depreciation) of investments and other financial instruments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Federal** <br>**Tax Cost**<br>| **Unrealized** <br>**Appreciation**<br>| **Unrealized** <br>**(Depreciation)**<br>| **Net Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| Seix Core Bond Fund | &nbsp;&nbsp;&nbsp; $118714<br>| $1089 | $(712) <br>| $377<br>|
| Seix Floating Rate High Income Fund | &nbsp;&nbsp;&nbsp; 1180438<br>| 23528 | (31226) <br>| (7698) <br>|
| Seix High Grade Municipal Bond Fund | &nbsp;&nbsp;&nbsp; 14112<br>| 352 | (42) <br>| 310<br>|
| Seix High Yield Fund | &nbsp;&nbsp;&nbsp; 399126<br>| 10393 | (5324) <br>| 5069<br>|
| Seix Investment Grade Tax-Exempt Bond Fund | &nbsp;&nbsp;&nbsp; 116273<br>| 1679 | (736) <br>| 943<br>|
| Seix Total Return Bond Fund | &nbsp;&nbsp;&nbsp; 91233<br>| 779 | (1262) <br>| (483) <br>|
| Seix U.S. Government Securities Ultra-Short Bond Fund | &nbsp;&nbsp;&nbsp; 398600<br>| 3034 | (567) <br>| 2467<br>|

---

The Funds have capital loss carryforwards available to offset future realized capital gains, if any, to the extent permitted by the Code. Net capital losses are carried forward without expiration and generally retain their short-term and/or long-term tax character, as applicable. For the year ended December 31, 2025, the Funds' capital loss carryovers were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** |
| Seix Core Bond Fund | &nbsp;&nbsp;&nbsp; $9079 | &nbsp;&nbsp;&nbsp; $4572 |

---

------

**VIRTUS ASSET TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** |
| Seix Floating Rate High Income Fund | &nbsp;&nbsp;&nbsp; $180461 | &nbsp;&nbsp;&nbsp; $718174 |
| Seix High Grade Municipal Bond Fund | &nbsp;&nbsp;&nbsp; 1545 | &nbsp;&nbsp;&nbsp; 1166 |
| Seix High Yield Fund | &nbsp;&nbsp;&nbsp; 50169 | &nbsp;&nbsp;&nbsp; 205821 |
| Seix Investment Grade Tax-Exempt Bond Fund | &nbsp;&nbsp;&nbsp; 3523 | &nbsp;&nbsp;&nbsp; 6420 |
| Seix Total Return Bond Fund | &nbsp;&nbsp;&nbsp; 29987 | &nbsp;&nbsp;&nbsp; 17420 |
| Seix U.S. Government Securities Ultra-Short Bond Fund | &nbsp;&nbsp;&nbsp; 9177 | &nbsp;&nbsp;&nbsp; 5486 |

---

The components of distributable earnings on a tax basis and certain tax attributes for the Funds consist of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed** <br>**Ordinary** <br>**Income**<br>| **Undistributed** <br>**Tax-Exempt** <br>**Income**<br>| **Post-October** <br>**Capital Loss** <br>**Deferred**<br>| **Capital Loss** <br>**Deferred**<br>|
| Seix Core Bond Fund | $13 | $—<br>| $—<br>| $13651<br>|
| Seix Floating Rate High Income Fund |  | —<br>| —<br>| 898635<br>|
| Seix High Grade Municipal Bond Fund |  | —<br>| 54<br>| 2711<br>|
| Seix High Yield Fund | 210 | —<br>| —<br>| 255990<br>|
| Seix Investment Grade Tax-Exempt Bond Fund |  | 6<br>| 62<br>| 9943<br>|
| Seix Total Return Bond Fund | 1290 | —<br>| —<br>| 47407<br>|
| Seix U.S. Government Securities Ultra-Short Bond Fund | 184 | —<br>| —<br>| 14663<br>|

---

The differences between the book and tax basis of distributable earnings relate principally to the timing of recognition of income and gains for federal income tax purposes. Short-term gain distributions, if any, are reported as ordinary income for federal tax purposes. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes.

The tax character of dividends and distributions paid during the years ended December 31, 2025 and December 31, 2024, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary** <br>**Income**<br>| **Tax-Exempt** <br>**Distributions**<br>| **Return of** <br>**Capital**<br>| **Total** |
| Seix Core Bond Fund |  |  |  |  |
| 12/31/25 | &nbsp;&nbsp;&nbsp; $4153<br>| &nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp; $4153<br>|
| 12/31/24 | &nbsp;&nbsp;&nbsp; 2276<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 2276<br>|
| Seix Floating Rate High Income Fund |  |  |  |  |
| 12/31/25 | &nbsp;&nbsp;&nbsp; 103352<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 2194<br>| &nbsp;&nbsp;&nbsp; 105546<br>|
| 12/31/24 | &nbsp;&nbsp;&nbsp; 139879<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 139879<br>|
| Seix High Grade Municipal Bond Fund |  |  |  |  |
| 12/31/25 | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 606<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 606<br>|
| 12/31/24 | &nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp; 869<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 870<br>|
| Seix High Yield Fund |  |  |  |  |
| 12/31/25 | &nbsp;&nbsp;&nbsp; 28009<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 28009<br>|
| 12/31/24 | &nbsp;&nbsp;&nbsp; 25562<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 25562<br>|
| Seix Investment Grade Tax-Exempt Bond Fund |  |  |  |  |
| 12/31/25 | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 3245<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 3245<br>|
| 12/31/24 | &nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp; 3419<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 3420<br>|
| Seix Total Return Bond Fund |  |  |  |  |
| 12/31/25 | &nbsp;&nbsp;&nbsp; 4716<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 4716<br>|
| 12/31/24 | &nbsp;&nbsp;&nbsp; 6195<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 6195<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix U.S. Government Securities Ultra-Short Bond <br> Fund<br>|  |  |  |  |
| 12/31/25 | &nbsp;&nbsp;&nbsp; 17727<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 17727<br>|
| 12/31/24 | &nbsp;&nbsp;&nbsp; 14916<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 14916<br>|

---

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

<sup>(a)</sup> Amount is less than $500 (not in thousands).

Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. Permanent reclassifications can arise from differing treatment of certain income and gain transactions and nondeductible current year net operating losses. These adjustments have no impact on net assets or net asset value per share of the Funds. Temporary differences that arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will likely reverse at some time in the future.

------

**VIRTUS ASSET TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

**Note 13. Reorganization**

**($ reported in thousands)**

**<u>Seix High Yield Fund</u>**

On November 1, 2023, the Board of Trustees of the Trust approved an Agreement and Plan of Reorganization (the "Plan") with respect to Virtus Seix High Yield Income Fund, a series of the Virtus Strategy Trust, Virtus Seix High Income Fund, a series of the Virtus Asset Trust, (the "Acquired Funds"), and the Virtus Seix High Yield Fund (the "Acquiring Fund"), which provided for the transfer of all of the assets of the Acquired Funds for shares of the Acquiring Fund and the assumption of the liabilities of the Acquired Funds. The purpose of the transaction was to allow shareholders of all of the funds to own shares of a larger combined fund and to allow shareholders of the Acquired Funds to own shares of a fund with a similar investment objective and style as, and potentially lower expenses than, the Acquired Funds. The reorganization was accomplished by a tax-free exchange of shares on March 15, 2024. For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Funds were carried forward to align ongoing reporting of the Acquiring Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The share transactions associated with the merger are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Acquired Funds** | **Shares Outstanding** | &nbsp;&nbsp;&nbsp; **Acquiring Fund** | **Shares Converted** | **Net Asset Value of** <br>**Converted Shares**<br>|
| **Seix High Yield Income Fund** |  | **Seix High Yield** |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1505 | Class A | &nbsp;&nbsp;&nbsp; 1511 | &nbsp;&nbsp;&nbsp; $11633 |
| Class C | &nbsp;&nbsp;&nbsp; 81 | Class A | &nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 629 |
| Class P | &nbsp;&nbsp;&nbsp; 182 | Institutional Class | &nbsp;&nbsp;&nbsp; 168 | &nbsp;&nbsp;&nbsp; 1327 |
| Administrative Class | &nbsp;&nbsp;&nbsp; 17 | Institutional Class | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 124 |
| Institutional Class | &nbsp;&nbsp;&nbsp; 1881 | Institutional Class | &nbsp;&nbsp;&nbsp; 1745 | &nbsp;&nbsp;&nbsp; 13779 |
| **Seix High Income Fund** |  | **Seix High Yield** |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 2583 | Class A | &nbsp;&nbsp;&nbsp; 1922 | &nbsp;&nbsp;&nbsp; $14797 |
| Institutional Class | &nbsp;&nbsp;&nbsp; 17940 | Institutional Class | &nbsp;&nbsp;&nbsp; 12996 | &nbsp;&nbsp;&nbsp; 102634 |
| Class R6 | &nbsp;&nbsp;&nbsp; 1390 | Class R6 | &nbsp;&nbsp;&nbsp; 1005 | &nbsp;&nbsp;&nbsp; 7945 |

---

The net assets and net unrealized appreciation (depreciation) before the acquisition were as follows:

---

| | | |
|:---|:---|:---|
|  | **Net Assets** | **Unrealized Appreciation** <br>**(Depreciation)**<br>|
| **Acquired Funds** |  |  |
| Seix High Yield Income Fund | &nbsp;&nbsp;&nbsp; $27492 | &nbsp;&nbsp;&nbsp; $(1881)<br>|
| Seix High Income Fund | &nbsp;&nbsp;&nbsp; 125376 | &nbsp;&nbsp;&nbsp; (727)<br>|
| **Acquiring Fund** |  |  |
| Seix High Yield | &nbsp;&nbsp;&nbsp; $248923 |  |

---

The net assets of the Acquiring Fund immediately following the acquisition were $401,791.

Assuming the acquisition had been completed on January 1, 2024, the Seix High Yield Fund's pro-forma results of operations for the period ended December 31, 2024 would have been as follows:

---

| | |
|:---|:---|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; $28.532<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp; (148)<sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets <br> resulting from operations<br>| &nbsp;&nbsp;&nbsp; $28384 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup> $25,815, as reported in the Statement of Operations, plus $2,717 net investment loss from the Acquired Funds pre-merger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup> $28, as reported in the Statement of Operations, plus $(176) net realized and unrealized gain (loss) on investments from Acquired Funds pre-merger.

Because the Acquired Funds and the Acquiring Fund have been managed as an integrated single Fund since the completion date it is not feasible to separate the income/(losses) and gains/(losses) of the Acquired Funds that have been included in the Acquiring Fund's Statement of Operations since March 15, 2024.

------

**VIRTUS ASSET TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

**<u>Seix U.S. Government Securities Ultra-Short Bond Fund</u>**

On November 1, 2023, the Board of Trustees of the Trust approved an Agreement and Plan of Reorganization (the "Plan") with respect to Virtus Seix Ultra-Short Bond Fund, (the "Acquired Fund"), a series of the Virtus Asset Trust, and the Virtus Seix U.S. Government Securities Ultra-Short Bond Fund (the "Acquiring Fund"), which provided for the transfer of all of the assets of the Acquired Fund for shares of the Acquiring Fund and the assumption of the liabilities of the Acquired Fund. The purpose of the transaction was to allow shareholders of all of the funds to own shares of a larger combined fund and to allow shareholders of the Acquired Fund to own shares of a fund with a similar investment objective and style as, and potentially lower expenses than, the Acquired Fund. The reorganization was accomplished by a tax-free exchange of shares on March 15, 2024. For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund were carried forward to align ongoing reporting of the Acquiring Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The share transactions associated with the merger are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Acquired Fund** | **Shares Outstanding** | **Shares Converted** | **Acquired Fund Net** <br>**Asset Value of** <br>**Converted Shares**<br>|
| Class A Shares | &nbsp;&nbsp;&nbsp; 426 | &nbsp;&nbsp;&nbsp; 426 | &nbsp;&nbsp;&nbsp; $4196 |
| Class I Shares | &nbsp;&nbsp;&nbsp; 1496 | &nbsp;&nbsp;&nbsp; 1494 | &nbsp;&nbsp;&nbsp; 14724 |

---

The net assets and net unrealized appreciation (depreciation) before the acquisition were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Acquired Fund** <br>**Net Assets**<br>| **Acquired Fund Unrealized** <br>**Appreciation (Depreciation)**<br>| **Acquiring** <br>**Fund Net Assets**<br>|
| $18920 | &nbsp;&nbsp; $(21)<br>| &nbsp;&nbsp; $259764 |

---

The net assets of the Acquiring Fund immediately following the acquisition were $278,684.

Assuming the acquisition had been completed on January 1, 2024, the Seix U.S. Government Securities Ultra-Short Bond Fund's pro-forma results of operations for the period ended December 31, 2024 would have been as follows:

---

| | |
|:---|:---|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; $15128<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp; 967<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets <br> resulting from operations<br>| &nbsp;&nbsp;&nbsp; $16095 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup> $14,918, as reported in the Statement of Operations, plus $210 net investment loss from the Acquired Fund pre-merger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup> $935, as reported in the Statement of Operations, plus $32 net realized and unrealized gain (loss) on investments from Acquired Fund pre-merger.

Because the Acquired Fund and the Acquiring Fund have been managed as an integrated single Fund since the completion date it is not feasible to separate the income/(losses) and gains/(losses) of the Acquired Fund that have been included in the Acquiring Fund's Statement of Operations since March 15, 2024.

**Note 14. Regulatory Matters and Litigation**

From time to time, the Trust, the Funds, the Adviser and/or the Subadviser and/or their affiliates may be involved in litigation and arbitration as well as examinations and investigations by various regulatory bodies, including the SEC, involving compliance with, among other things, securities laws, client investment guidelines, laws governing the activities of broker-dealers and other laws and regulations affecting their activities. At this time, the Adviser believes that the outcomes of such matters are not likely, either individually or in aggregate, to be material to these financial statements.

**Note 15. Subsequent Events**

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available for issuance, and has determined that the following subsequent events require recognition or disclosure in these financial statements.

Effective on January 21, 2026 (the "Closing Date"), Class C shares of the Seix Floating Rate High Income Fund were closed for purchase by new or existing shareholders, except by existing shareholders through qualifying transactions. Shareholders who own Class C shares as of the Closing Date may continue to hold such shares until they convert to Class A shares, as described in the Statutory Prospectus or other written notice. All other Class C share characteristics, including but not limited to 12b-1 plan fees, contingent deferred sales charges, and shareholder service fees, will remain unchanged.

------

**VIRTUS ASSET TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

As approved by the Board of Trustees of the Trust, pursuant to an Agreement and Plan of Reorganization, Seix High Grade Municipal Bond Fund (the "Acquired Fund") will reorganize with and into Seix Investment Grade Tax-Exempt Bond Fund (the "Acquiring Fund"), a separate series of the Trust, on or about April 10, 2026. The Acquired Fund and the Acquiring Fund have the same Board of Trustees and subadviser, as well as the same portfolio manager.

As approved by the Board of Trustees of Virtus Opportunities Trust, pursuant to an Agreement and Plan of Reorganization, Virtus Seix Tax-Exempt Bond Fund (the "Acquired Fund") will reorganize with and into Virtus Seix Investment Grade Tax-Exempt Bond Fund (the "Acquiring Fund"), a series of Virtus Asset Trust, on or about April 10, 2026. The Acquired Fund and the Acquiring Fund have the same Board of Trustees and subadviser, as well as the same portfolio manager.

Effective April 10, 2026, Seix Investment Grade Tax-Exempt Bond Fund will change its name to Virtus Newfleet Intermediate Municipal Bond Fund and Newfleet will replace Seix as the Subadviser.

------

![](g65653img71a74f6b2.jpg)

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Virtus Asset Trust and Shareholders of Virtus Seix Core Bond Fund, Virtus Seix Floating Rate High Income Fund, Virtus Seix High Grade Municipal Bond Fund, Virtus Seix High Yield Fund, Virtus Seix Investment Grade Tax-Exempt Bond Fund, Virtus Seix Total Return Bond Fund, and Virtus Seix U.S. Government Securities Ultra-Short Bond Fund

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Virtus Seix Core Bond Fund, Virtus Seix Floating Rate High Income Fund, Virtus Seix High Grade Municipal Bond Fund, Virtus Seix High Yield Fund, Virtus Seix Investment Grade Tax-Exempt Bond Fund, Virtus Seix Total Return Bond Fund, and Virtus Seix U.S. Government Securities Ultra-Short Bond Fund (seven of the Funds constituting Virtus Asset Trust, hereafter collectively referred to as the "Funds") as of December 31, 2025, the related statements of operations for the year ended December 31, 2025, the statements of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2025 and each of the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agents, agent banks, and brokers; when replies were not received from agent banks and brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 23, 2026

We have served as the auditor of one or more of the investment companies in the Virtus group of investment companies since at least 1977. We have not been able to determine the specific year we began serving as auditor.

------

**VIRTUS ASSET TRUST**

**OTHER INFORMATION** 

**December 31, 2025**

**FORM N-CSR ITEM 8 - Changes in and Disagreements with Accountants** 

None

**FORM N-CSR ITEM 9 - Proxy Disclosure**

None

**FORM N-CSR ITEM 10 - Remuneration Paid to Trustees**

**($ reported in thousands)**

For the year ended December 31, 2025, the Funds incurred independent Trustee's fees totaling $174 which are included in the Statement of Operations within the line item "Trustees fees and expenses". No remuneration was paid to the officers or affiliated trustee.

**FORM N-CSR ITEM 11 – Statement Regarding Basis for Approval of Investment Advisory Contract**

**CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS FOR VIRTUS SEIX CORE BOND FUND, VIRTUS SEIX FLOATING RATE HIGH INCOME FUND, VIRTUS SEIX HIGH GRADE MUNICIPAL BOND FUND, VIRTUS SEIX HIGH YIELD FUND, VIRTUS SEIX INVESTMENT GRADE TAX-EXEMPT BOND FUND, VIRTUS SEIX TOTAL RETURN BOND FUND, AND VIRTUS SEIX U.S. GOVERNMENT SECURITIES ULTRA-SHORT BOND FUND (each a "FUND" and collectively, the "FUNDS") BY THE BOARD OF TRUSTEES**

The Board of Trustees (the "Board") of Virtus Asset Trust (the "Trust") is responsible for determining whether to approve the continuation of the investment advisory agreement (the "Advisory Agreement") between the Trust and Virtus Investment Advisers, LLC ("VIA"), as successor in interest to Virtus Fund Advisers, LLC (now known as Virtus Capital Advisers, LLC) ("VFA") and of the subadvisory agreement (the "Subadvisory Agreement" and together with the Advisory Agreement, the "Agreements") among the Trust, and VIA, as successor in interest to VFA (the "Subadviser"), with respect to the Funds. At meetings held on August 27, 2025, October 30, 2025, and November 17-18, 2025 (the "Meetings"), the Board, including a majority of the Trustees who are not interested persons of the Trust as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (such Act, the "1940 Act" and such Trustees, the "Independent Trustees"), considered the continuation of each Agreement, as further discussed below. The Agreements were approved at the November 17-18, 2025 meeting.

In connection with the approval of the Agreements, the Independent Trustees and independent legal counsel requested and evaluated information provided by VIA and the Subadviser which, in the Board's view, constituted information necessary for the Board to form a judgment as to whether the renewal of each of the Agreements would be in the best interests of each applicable Fund and its respective shareholders. The Board also considered information furnished throughout the year at regular Board meetings with respect to the services provided by VIA and the Subadviser, including quarterly performance reports prepared by management containing reviews of investment results, compliance reports, and periodic presentations from the Subadviser with respect to the Funds. The Board noted the affiliation of the Subadviser with VIA and any potential conflicts of interest.

The Board was separately advised by independent legal counsel throughout the process. Prior to the Meetings, the Independent Trustees met with their independent legal counsel to evaluate information provided by management. For each Agreement, the Board considered each of the relevant factors with respect to the applicable Fund and its shareholders. The Independent Trustees also submitted written information requests to VIA and the Subadviser and considered the responses provided. In its deliberations, the Board considered various factors, including those discussed below, none of which were controlling, and each Trustee may have attributed different weights to the various factors. The Independent Trustees also discussed the proposed approval of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.

In considering whether to approve the renewal of the Agreements with respect to each Fund, the Board reviewed and analyzed the factors it deemed relevant, including: (a) the nature, extent and quality of the services provided to the Fund by VIA and the Subadviser; (b) the performance of the Fund as compared to an appropriate peer group and an appropriate index and comparable funds/accounts; (c) the level and method of computing the Fund's advisory and subadvisory fees, and comparisons of the Fund's advisory fee rates and total expenses with those of a group of funds with similar investment strategies; (d) the profitability of VIA under the Advisory Agreement; (e) any "fall-out" benefits to VIA, the Subadviser and their affiliates (i.e., ancillary benefits realized by VIA, the Subadviser or their affiliates from VIA's or the Subadviser's relationship with the Trust); (f) the anticipated effect of growth in size on the Fund's performance and expenses; (g) fees paid to VIA and the Subadviser by comparable funds/accounts, as applicable; (h) possible conflicts of interest; and (i) the terms of the Agreements.

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**VIRTUS ASSET TRUST**

**OTHER INFORMATION (Continued)**

**December 31, 2025**

<u>Nature, Extent and Quality of Services</u>

In response to the Independent Trustees' request, the Trustees received in advance of the Meetings information provided by VIA and the Subadviser, including completed questionnaires, concerning a number of topics, including, among other items, such company's investment philosophy, investment process and strategies, resources and personnel, operations, compliance structure and procedures, and overall performance. In considering the Advisory Agreement with VIA, the Board considered that VIA is responsible for management of the Funds' investment programs and for evaluating and selecting subadvisers on an ongoing basis and making any recommendations to the Board regarding hiring, retaining, or replacing subadvisers, subject to shareholder approval, as applicable. In considering the Advisory Agreement with VIA, the Board considered VIA's process for supervising and managing the Funds' subadviser, including (a) VIA's ability to select and monitor subadvisers; (b) VIA's ability to provide the services necessary to monitor a subadviser's compliance with the Funds' respective investment objectives, policies and restrictions as well as provide other oversight activities; and (c) VIA's ability and willingness to identify instances in which a subadviser should be replaced and to carry out the required changes. The Trustees also considered: (a) the experience and capability of VIA's management and other personnel; (b) the financial condition of VIA, and whether it had the financial wherewithal to provide a high level

and quality of services to the Funds; (c) the quality of VIA's own regulatory and legal compliance policies, procedures and systems; (d) the nature, extent and quality of administrative, transfer agency and other services provided by VIA and its affiliates to the Funds; (e) VIA's supervision of the Funds' other service providers; and (f) VIA's risk management processes. It was noted that affiliates of VIA serve as administrator, transfer agent and distributor of the Funds. The Board also took into account its knowledge of VIA's management and the quality of the performance of VIA's duties to the Funds and other funds managed through Board meetings, discussions and reports during the preceding year, as well as information from the Trust's Chief Compliance Officer regarding the Funds' compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act.

With respect to the services provided by the Subadviser, the Board considered information provided to the Board by the Subadviser, as well as information provided throughout the past year. With respect to the Subadvisory Agreement, the Board noted that the Subadviser provided portfolio management, compliance with the Funds' investment policies and procedures, compliance with applicable securities laws and assurances thereof. The Board also noted that VIA's and the Subadviser's management of the Funds is subject to the oversight of the Board and must be carried out in accordance with the investment objective(s), policies and restrictions set forth in the Funds' prospectuses and statement of additional information. In considering the renewal of the Subadvisory Agreement, the Board also considered the Subadviser's investment management process, including (a) the experience and capability of the Subadviser's management and other personnel committed by the Subadviser to the Funds; (b) the financial condition of the Subadviser; (c) the quality of the Subadviser's regulatory and legal compliance policies, procedures and systems; and (d) the Subadviser's brokerage and trading practices, including with respect to best execution and use of soft dollars. The Board also took into account the Subadviser's risk assessment and monitoring process. The Board noted the Subadviser's regulatory history, including whether it was currently involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as appropriate.

After considering all of the information provided to them, the Trustees concluded that the nature, extent and quality of the services provided by VIA and the Subadviser were satisfactory and that there was a reasonable basis on which to conclude that each would continue to provide a high quality of investment services to the Funds.

<u>Investment Performance</u>

The Board considered performance reports and discussions at Board meetings throughout the year, as well as a report for the Funds prepared by Broadridge (the "Broadridge Report"), an independent third-party provider of investment company data, furnished in connection with the contract renewal process. The Broadridge Report presented each Fund's performance relative to a peer group of other mutual funds (the "Performance Universe"), as selected by Broadridge, and relevant indexes. The Board also considered performance information presented by management and took into account management's discussion of the same, including the effect of market conditions on each Fund's performance. The Board noted that it also reviews on a quarterly basis detailed information about both the Funds' performance results and portfolio compositions, as well as the Subadviser's investment strategy(ies). The Board noted VIA's expertise and resources in monitoring the performance, investment style and risk-adjusted performance of the Subadviser. The Board also noted the Subadviser's performance record with respect to each Fund. The Board was mindful of VIA's focus on the Subadviser's performance and noted VIA's performance in monitoring and responding to any performance issues with respect to the Funds. The Board also took into account its discussions with management regarding factors that contributed to the performance of each Fund.

The Board considered, among other performance data, including the performance of comparable funds/accounts managed by the Adviser and Subadviser, if any, the information set forth below with respect to the performance of each Fund for the period ended March 31, 2025. The Board also reviewed comparisons of each Fund's contractual and net management fee and net total expense levels to those of its peer universe as of April 30, 2025 when considering Fund performance.

*<u>Virtus Seix Core Bond Fund</u>*. The Board noted that the Fund underperformed both the median of its Performance Universe and its benchmark for the 1-, 3-, 5- and 10-year periods. The Board also noted that the Fund underperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the fourth quintile of the Performance Universe for the 1- and 10-year periods and the fifth quintile of the Performance Universe for the 3- and 5-year periods.

*<u>Virtus Seix Floating Rate High Income Fund</u>*. The Board noted that the Fund outperformed the median of its Performance Universe for the 1-, 3-, 5-, and 10-year periods. The Board also noted that the Fund underperformed its benchmark for the 1-, 3-, 5-, and 10-year periods. The Board also noted that the Fund underperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the second quintile of the Performance Universe for the 1-, 3-, 5-, and 10-year periods.

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**VIRTUS ASSET TRUST**

**OTHER INFORMATION (Continued)**

**December 31, 2025**

*<u>Virtus Seix High Grade Municipal Bond Fund</u>*. The Board noted that the Fund underperformed the median of its Performance Universe for the 1-, and 5-year periods and outperformed the median of its Performance Universe for the 3- and 10-year periods. The Board also noted that the Fund underperformed its benchmark for the 1-, 3-, 5-, and 10-year periods. The Board also noted that the Fund underperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the fifth quintile of the Performance Universe for the 1-year period, the third quintile of the Performance Universe for the 3- and 10-year periods, and the fourth quintile of the Performance Universe for the 5-year period.

*<u>Virtus Seix High Yield Fund</u>*. The Board noted that the Fund underperformed the median of its Performance Universe for the 1-year period and outperformed the median of its Performance Universe for the 3-, 5-, and 10-year periods. The Board also noted that the Fund underperformed its benchmark for the 1-, 3-, and 10-year periods and outperformed its benchmark for the 5-year period. The Board also noted that the Fund underperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the fifth quintile of the Performance Universe for the 1-year period, the third quintile of the Performance Universe for the 3- and 5-year periods, and the second quintile of the Performance Universe for the 10-year period.

*<u>Virtus Seix Investment Grade Tax-Exempt Bond Fund</u>*. The Board noted that the Fund underperformed the median of its Performance Universe for the 1-, 5- and 10-year periods and outperformed the median of its Performance Universe for the 3-year period. The Board also noted that the Fund underperformed its benchmark for the 1-, 3-, 5-, and 10-year periods. The Board also noted that the Fund underperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the fourth quintile of the Performance Universe for the 1- and 5-year periods and the third quintile of the Performance Universe for the 3- and 10-year periods.

*<u>Virtus Seix Total Return Bond Fund</u>*. The Board noted that the Fund underperformed both the median of its Performance Universe and its benchmark for the 1-, 3-, 5- and 10-year periods. The Board also noted that the Fund underperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the fourth quintile of the Performance Universe for the 1- and 5-year periods, the fifth quintile of the Performance Universe for the 3-year period, and the third quintile of the Performance Universe for the 10-year period.

*<u>Virtus Seix U.S. Government Securities Ultra-Short Bond Fund</u>*. The Board noted that the Fund outperformed both the median of its Performance Universe and its benchmark for the 1-year period. The Board also noted that the Fund underperformed both the median of its Performance Universe and its benchmark for the 3-, 5-, and 10-year periods. The Board also noted that the Fund outperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the second quintile of the Performance Universe for the 1-year period, the fifth quintile of the Performance Universe for the 3- and 5-year periods, and the fourth quintile of the Performance Universe for the 10-year period.

The Board also considered management's discussion about the reasons for each applicable Fund's performance relative to its peer group or benchmark, including the reasons discussed for any underperformance and/or actions taken to address the underperformance. The Board also considered Management's discussion of any limitations on the comparability of the peer funds presented, if applicable.

<u>Management Fees and Total Expenses</u>

The Board considered the fees charged to the Funds for advisory services as well as the total expense levels of the Funds. This information included comparisons of each Fund's contractual and net management fee and net total expense level to those of its peer universe (the "Expense Universe") and ranked according to quintile (the first quintile being lowest and, therefore, most favorable in these expense component rankings, and fifth being highest and, therefore, least favorable in these expense component rankings). In comparing each Fund's net management fee to that of peer funds, the Board noted that in the materials presented by management such fee was comprised of advisory and administration fees. The Board also noted that each of the Funds had expense limitations in place to limit the total expenses incurred by the Funds and their shareholders. The Board also noted that any subadvisory fees were paid by VIA out of its advisory fees rather than paid separately by the Funds. In this regard, the Board took into account management's discussion with respect to the advisory/subadvisory fee structure, including the amount of the advisory fee retained by VIA after payment of a subadvisory fee. The Board also took into account the size of each of the Funds and the impact on expenses and economies of scale. The Adviser and Subadviser provided, and the Board considered, fee information of comparable funds/accounts managed by the Adviser and Subadviser, as applicable.

In addition to the foregoing, the Board considered, among other data, the information set forth below with respect to each Fund's fees and expenses. In each case, the Board took into account management's discussion of the Fund's expenses, including the type and size of the Fund relative to the other funds in its Expense Universe.

*<u>Virtus Seix Core Bond Fund</u>*. The Board considered that the Fund's net management fee was in the first quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile of the Expense Universe. The Board also considered that the Fund's gross management fee was below the median of the Expense Universe and net total expenses after waivers were above the median of the Expense Universe.

*<u>Virtus Seix Floating Rate High Income Fund</u>*. The Board considered that both the Fund's net management fee and net total expenses after waivers were each in the first quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses after waivers were each below the median of the Expense Universe.

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**VIRTUS ASSET TRUST**

**OTHER INFORMATION (Continued)**

**December 31, 2025**

*<u>Virtus Seix High Grade Municipal Bond Fund</u>*. The Board considered that the Fund's net management fee was in the first quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses after waivers were each above the median of the Expense Universe.

*<u>Virtus Seix High Yield Fund</u>*. The Board considered that the Fund's net management fee was in the first quintile of the Expense Universe and net total expenses after waivers were in the second quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses after waivers were each below the median of the Expense Universe.

*<u>Virtus Seix Investment Grade Tax-Exempt Bond Fund</u>*. The Board considered that the Fund's net management fee was in the first quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses after waivers were each above the median of the Expense Universe.

*<u>Virtus Seix Total Return Bond Fund</u>*. The Board considered that the Fund's net management fee was in the first quintile of the Expense Universe and net total expenses after waivers were in the third quintile of the Expense Universe. The Board also considered that the Fund's gross management fee was below the median of the Expense Universe and net total expenses after waivers were above the median of the Expense Universe.

*<u>Virtus Seix U.S. Government Securities Ultra-Short Bond Fund</u>*. The Board considered that the Fund's net management fee was in the first quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile of the Expense Universe. The Board also considered that the Fund's gross management fee was below the median of the Expense Universe and net total expenses after waivers were above the median of the Expense Universe.

The Board concluded that the advisory and subadvisory fees for each Fund, including any proposed amendments, were fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered.

<u>Profitability</u>

The Board also considered certain information relating to profitability that had been provided by VIA. In this regard, the Board considered information regarding the overall profitability, as well as on a fund-by-fund basis, of VIA for its management of the Funds, as well as its profits and those of its affiliates for managing and providing other services to the Trust, such as distribution, transfer agency and administrative services provided to the Funds by VIA's affiliates. In addition to the fees paid to VIA and its affiliates, including the Subadviser, the Board considered any other benefits derived by VIA or its affiliates from their relationships with the Funds. The Board reviewed the methodology used to allocate costs to each Fund, taking into account the fact that allocation methodologies are inherently subjective and various allocation methodologies may each be reasonable while producing different results. The Board concluded that the profitability to VIA and its affiliates from each Fund was not excessive in light of the quality of the services rendered to the Funds by VIA and its affiliates as well as other factors.

In considering the profitability to the Subadviser in connection with its relationship to the Funds, the Board noted that the fees under the Subadvisory Agreement are paid by VIA out of the fees that VIA receives under the Advisory Agreement, so that Fund shareholders are not directly impacted by those fees. In considering the reasonableness of the fees payable by VIA to the Subadviser and the profitability to the Subadviser, the Board noted that, because the Subadviser is an affiliate of VIA, such profitability might be directly or indirectly shared by VIA.

<u>Economies of Scale</u>

The Board received and discussed information concerning whether VIA realizes economies of scale as the Funds' assets grow. The Board noted that expense limitations were in place for the Funds. The Board also took into account management's discussion of the Funds' advisory fee and subadvisory fee structure. The Board also took into account the current sizes of the Funds, among other factors. The Board also noted that VIA had agreed to implement an extension of each Fund's expense limitations through at least the end of 2026. The Board noted that VIA and the Funds may realize certain economies of scale if the assets of the Funds were to increase, particularly in relationship to certain fixed costs, and that shareholders of the Funds would have an opportunity to benefit from these economies of scale.

With respect to whether the Subadviser would realize economies of scale as the Funds' assets grow, the Board noted that because the subadvisory fee rate paid by VIA to the Subadviser was a percentage of the net advisory fee, both any increase in the advisory fee due to an increase in assets and any decrease in the advisory fee due to the implementation of expense limitations would affect the subadvisory fees paid to the Subadviser. As a result, the Board concluded that the Subadviser would share in any economies of scale realized by VIA.

<u>Other Factors</u>

The Board considered other benefits that may be realized by VIA and the Subadviser and their respective affiliates from their relationships with the Funds. Among them, the Board recognized that VP Distributors, LLC, an affiliate of VIA and the Subadviser, serves as the distributor for the Trust, and, as such, receives payments pursuant to Rule 12b-1 from the Funds to compensate it for providing selling activities, which could lead to growth in the Trust's assets and corresponding benefits from such growth, including economies of scale. The Board noted that an affiliate of VIA and the Subadviser also provides administrative and transfer agency services to the Trust. The Board noted management's discussion of the fact that, while the Subadviser is an affiliate of VIA, there are no other direct benefits to the Subadviser or VIA in providing investment advisory services to the Funds, other than the fees to be earned under the applicable Agreements.

The Board considered that there may be certain indirect or ancillary benefits which may accrue to VIA, the Subadvisers and their affiliates, including (but not limited to): (a) the ability to leverage relationships with service providers to obtain more favorable terms or rates, (b) reputational benefits, (c) the receipt of research products and services acquired through commissions paid on portfolio transactions, and (d) the potential to attract other business.

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**VIRTUS ASSET TRUST**

**OTHER INFORMATION (Continued)**

**December 31, 2025**

<u>Conclusion</u>

Based on all of the foregoing considerations, the Board, including a majority of the Independent Trustees, determined that approval of each Agreement, including any proposed amendments, was in the best interests of each applicable Fund and its respective shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Agreements, as amended, with respect to each Fund.

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**VIRTUS ASSET TRUST**

**TAX INFORMATION NOTICE (Unaudited)**

**December 31, 2025**

The following information ($ reported in thousands) is being provided in order to meet reporting requirements set forth by the Code and/or to meet state specific requirements. In early 2026, the Funds will notify applicable shareholders of amounts for use in preparing 2025 U.S. federal income tax forms. Shareholders should consult their tax advisors.

With respect to distributions paid during the year ended December 31, 2025, the Funds designate the following amounts (or, if subsequently determined to be different, the maximum amount allowable):

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| | | | |
|:---|:---|:---|:---|
|  | **QDI** | **DRD** | **Long-Term** <br>**Capital Gain** <br>**Distributions ($)**<br>|
| Seix Core Bond Fund | 0.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $0<br>|
| Seix Floating Rate High Income Fund | 0.03 | &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0<br>|
| Seix High Grade Municipal Bond Fund | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0<br>|
| Seix High Yield Fund | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0<br>|
| Seix Investment Grade Tax-Exempt Bond Fund | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0<br>|
| Seix Total Return Bond Fund | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0<br>|
| Seix U.S. Government Securities Ultra-Short Bond Fund | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0<br>|

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For federal income tax purposes, 100% of the income dividends paid by the Seix High Grade Municipal Bond Fund and Seix Investment Grade Tax-Exempt Bond Fund qualify as exempt-interest dividends.

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**VIRTUS ASSET TRUST**

101 Munson Street

Greenfield, MA 01301-9668

**Trustees**

Connie D. McDaniel, Chair

George R. Aylward

Donald C. Burke

Sarah E. Cogan

Deborah A. DeCotis

F. Ford Drummond

R. Keith Walton

Brian T. Zino

**Principal Officers**

George R. Aylward, President

Peter Batchelar, Senior Vice President

&nbsp;&nbsp;&nbsp;&nbsp;W. Patrick Bradley, Executive Vice President, Chief Financial Officer and Treasurer

Timothy Branigan, Vice President and Fund Chief Compliance Officer

Jennifer Fromm, Vice President, Chief Legal Officer, Counsel and Secretary

Julia R. Short, Senior Vice President

Richard W. Smirl, Executive Vice President

**Investment Adviser**

Virtus Investment Advisers, LLC

One Financial Plaza

Hartford, CT 06103-2608

**Principal Underwriter**

VP Distributors, LLC

One Financial Plaza

Hartford, CT 06103-2608

**Administrator and Transfer Agent**

Virtus Fund Services, LLC

One Financial Plaza

Hartford, CT 06103-2608

**Custodian**

The Bank of New York

240 Greenwich Street

New York, NY 10286-1048

**Independent Registered Public**

**Accounting Firm**

PricewaterhouseCoopers LLP

2001 Market Street

Philadelphia, PA 19103-7042

**How to Contact Us**

Mutual Fund Services

1-800-243-1574

Adviser Consulting Group

1-800-243-4361

Website

**Virtus.com**

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![](g65653imge4075b4e3.gif)

P.O. Box 534470

Pittsburgh, PA 15253-4470

For more information about Virtus Funds,

please contact us at **1-800-243-1574**, or visit **Virtus.com**.

8636 02-26

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ANNUAL FINANCIALS (FORM N-CSR Item 7-11)

**VIRTUS ASSET TRUST**

![](g40328imgd0997c8d1.gif)

December 31, 2025

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

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| |
|:---|
| 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 |
| Virtus Zevenbergen Innovative Growth Stock Fund |

---

**Not FDIC Insured • No Bank Guarantee • May Lose Value**

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**Table of Contents** 

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| | |
|:---|:---|
| [Key Investment Terms](#xx_d4f120b3-969b-4cd3-a5a0-e29ebc39cb91_KIT-TOC-KeyInvestmentTerms_1) | 1 |
| [Schedules of Investments](#xx_d4f120b3-969b-4cd3-a5a0-e29ebc39cb91_SOI-TOC-ScheduleofInvestments-291_1) |  |
| [Virtus Ceredex Large-Cap Value Equity Fund (](#xx_d4f120b3-969b-4cd3-a5a0-e29ebc39cb91_SOI-TOC-ScheduleofInvestments-291_1)["](#xx_d4f120b3-969b-4cd3-a5a0-e29ebc39cb91_SOI-TOC-ScheduleofInvestments-291_1)[Ceredex Large-Cap Value Equity Fund](#xx_d4f120b3-969b-4cd3-a5a0-e29ebc39cb91_SOI-TOC-ScheduleofInvestments-291_1)["](#xx_d4f120b3-969b-4cd3-a5a0-e29ebc39cb91_SOI-TOC-ScheduleofInvestments-291_1)[)](#xx_d4f120b3-969b-4cd3-a5a0-e29ebc39cb91_SOI-TOC-ScheduleofInvestments-291_1) | 2 |
| [Virtus Ceredex Mid-Cap Value Equity Fund (](#xx_d4f120b3-969b-4cd3-a5a0-e29ebc39cb91_SOI-TOC-ScheduleofInvestments-292_1)["](#xx_d4f120b3-969b-4cd3-a5a0-e29ebc39cb91_SOI-TOC-ScheduleofInvestments-292_1)[Ceredex Mid-Cap Value Equity Fund](#xx_d4f120b3-969b-4cd3-a5a0-e29ebc39cb91_SOI-TOC-ScheduleofInvestments-292_1)["](#xx_d4f120b3-969b-4cd3-a5a0-e29ebc39cb91_SOI-TOC-ScheduleofInvestments-292_1)[)](#xx_d4f120b3-969b-4cd3-a5a0-e29ebc39cb91_SOI-TOC-ScheduleofInvestments-292_1) | 3 |
| [Virtus Ceredex Small-Cap Value Equity Fund (](#xx_d4f120b3-969b-4cd3-a5a0-e29ebc39cb91_SOI-TOC-ScheduleofInvestments-293_1)["](#xx_d4f120b3-969b-4cd3-a5a0-e29ebc39cb91_SOI-TOC-ScheduleofInvestments-293_1)[Ceredex Small-Cap Value Equity Fund](#xx_d4f120b3-969b-4cd3-a5a0-e29ebc39cb91_SOI-TOC-ScheduleofInvestments-293_1)["](#xx_d4f120b3-969b-4cd3-a5a0-e29ebc39cb91_SOI-TOC-ScheduleofInvestments-293_1)[)](#xx_d4f120b3-969b-4cd3-a5a0-e29ebc39cb91_SOI-TOC-ScheduleofInvestments-293_1) | 4 |
| [Virtus SGA International Growth Fund (](#xx_d4f120b3-969b-4cd3-a5a0-e29ebc39cb91_SOI-TOC-ScheduleofInvestments-315_1)["](#xx_d4f120b3-969b-4cd3-a5a0-e29ebc39cb91_SOI-TOC-ScheduleofInvestments-315_1)[SGA International Growth Fund](#xx_d4f120b3-969b-4cd3-a5a0-e29ebc39cb91_SOI-TOC-ScheduleofInvestments-315_1)["](#xx_d4f120b3-969b-4cd3-a5a0-e29ebc39cb91_SOI-TOC-ScheduleofInvestments-315_1)[)](#xx_d4f120b3-969b-4cd3-a5a0-e29ebc39cb91_SOI-TOC-ScheduleofInvestments-315_1) | 6 |
| [Virtus Silvant Large-Cap Growth Stock Fund (](#xx_d4f120b3-969b-4cd3-a5a0-e29ebc39cb91_SOI-TOC-ScheduleofInvestments-313_1)["](#xx_d4f120b3-969b-4cd3-a5a0-e29ebc39cb91_SOI-TOC-ScheduleofInvestments-313_1)[Silvant Large-Cap Growth Stock Fund](#xx_d4f120b3-969b-4cd3-a5a0-e29ebc39cb91_SOI-TOC-ScheduleofInvestments-313_1)["](#xx_d4f120b3-969b-4cd3-a5a0-e29ebc39cb91_SOI-TOC-ScheduleofInvestments-313_1)[)](#xx_d4f120b3-969b-4cd3-a5a0-e29ebc39cb91_SOI-TOC-ScheduleofInvestments-313_1) | 8 |
| [Virtus Zevenbergen Innovative Growth Stock Fund (](#xx_d4f120b3-969b-4cd3-a5a0-e29ebc39cb91_SOI-TOC-ScheduleofInvestments-316_1)["](#xx_d4f120b3-969b-4cd3-a5a0-e29ebc39cb91_SOI-TOC-ScheduleofInvestments-316_1)[Zevenbergen Innovative Growth Stock](#xx_d4f120b3-969b-4cd3-a5a0-e29ebc39cb91_SOI-TOC-ScheduleofInvestments-316_1)<br> [Fund](#xx_d4f120b3-969b-4cd3-a5a0-e29ebc39cb91_SOI-TOC-ScheduleofInvestments-316_1)["](#xx_d4f120b3-969b-4cd3-a5a0-e29ebc39cb91_SOI-TOC-ScheduleofInvestments-316_1)[)](#xx_d4f120b3-969b-4cd3-a5a0-e29ebc39cb91_SOI-TOC-ScheduleofInvestments-316_1) | 9 |
| [Statements of Assets and Liabilities](#xx_d4f120b3-969b-4cd3-a5a0-e29ebc39cb91_SAL-SAL-Headerfooter-291_1) | 10 |
| [Statements of Operations](#xx_d4f120b3-969b-4cd3-a5a0-e29ebc39cb91_SOP-SOP-Headerfooter-291_1) | 14 |
| [Statements of Changes in Net Assets](#xx_d4f120b3-969b-4cd3-a5a0-e29ebc39cb91_SOC-SOC-HeaderFooter-291_1) | 16 |
| [Financial Highlights](#xx_d4f120b3-969b-4cd3-a5a0-e29ebc39cb91_FIHI-FIHI-Headerfooter-291_1) | 19 |
| [Notes to Financial Statements](#xx_d4f120b3-969b-4cd3-a5a0-e29ebc39cb91_NTF-TOC-NTF-291_1) | 23 |
| [Report of Independent Registered Public Accounting Firm](#xx_d4f120b3-969b-4cd3-a5a0-e29ebc39cb91_RIRPA-TOC-ReportofAccountingFirm_1) | 36 |
| [Other Information](#xx_d4f120b3-969b-4cd3-a5a0-e29ebc39cb91_OI-TOC-OtherInformation-291_1) | 37 |
| [Tax Information Notice](#xx_d4f120b3-969b-4cd3-a5a0-e29ebc39cb91_TIN-TOC-TIN_1) | 41 |

---

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

**Proxy Voting Procedures and Voting Record (Form N-PX)**<br> The subadvisers vote proxies, if any, relating to portfolio securities in accordance with procedures that have been <br> approved by the Board of Trustees of the Trust ("Trustees", or the "Board"). You may obtain a description of these <br> procedures, along with information regarding how the Funds voted proxies during the most recent 12-month period <br> ended June 30, free of charge, by calling toll-free 1-800-243-1574. This information is also available through the <br> Securities and Exchange Commission's (the "SEC") website at https://www.sec.gov.<br>**PORTFOLIO HOLDINGS INFORMATION**<br> The Trust files a complete schedule of portfolio holdings for each Fund with the SEC for the first and third quarters of <br> each fiscal year as an exhibit to its reports on Form N-PORT-P. Form N-PORT-P is available on the SEC's website at <br> https://www.sec.gov.<br>

This report is not authorized for distribution to prospective investors in the Funds presented in this book unless preceded or accompanied by an effective prospectus which includes information concerning the sales charge, each Fund's record and other pertinent information.

------

**VIRTUS ASSET TRUST**

**KEY INVESTMENT TERMS (Unaudited)**

**December 31, 2025**

***American Depositary Receipt ("ADR")***

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

***Exchange-Traded Fund ("ETF")***

An open-end fund that is traded on a stock exchange. Most ETFs have a portfolio of stocks or bonds that track a specific market index.

***Federal Reserve ("Fed")***

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

***Real Estate Investment Trust ("REIT")***

A publicly traded company that owns, develops and operates income-producing real estate such as apartments, office buildings, hotels, shopping centers and other commercial properties.

***Sponsored ADR***

An ADR which is issued with the cooperation of the company whose stock will underlie the ADR. Sponsored ADRs generally carry the same rights normally given to stockholders, such as voting rights. ADRs must be sponsored to be able to trade on a major U.S. exchange such as the New York Stock Exchange ("NYSE").

***Public Limited Company ("plc")***

A public limited company is a type of public company allowed to offer its shares to the public and is listed on a stock exchange. This designation is used in the United Kingdom.

------

**Ceredex Large-Cap Value Equity Fund**

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—97.2%** | **Common Stocks—97.2%** | **Common Stocks—97.2%** |
| **Communication Services—5.7%** | **Communication Services—5.7%** |  |
| Alphabet, Inc. Class C | 31925 | &nbsp;&nbsp; $10018 |
| Meta Platforms, Inc. Class A | 7177 | &nbsp;&nbsp; 4738 |
|  |  | &nbsp;&nbsp; 14756 |
| **Consumer Discretionary—7.3%** | **Consumer Discretionary—7.3%** |  |
| Domino's Pizza, Inc. | 10079 | &nbsp;&nbsp; 4201 |
| Home Depot, Inc. (The) | 14735 | &nbsp;&nbsp; 5070 |
| Lennar Corp. Class A | 35358 | &nbsp;&nbsp; 3635 |
| Starbucks Corp. | 72685 | &nbsp;&nbsp; 6121 |
|  |  | &nbsp;&nbsp; 19027 |
| **Consumer Staples—7.0%** | **Consumer Staples—7.0%** |  |
| Brown-Forman Corp. Class B | 127291 | &nbsp;&nbsp; 3317 |
| Church & Dwight Co., Inc. | 63826 | &nbsp;&nbsp; 5352 |
| Mondelez International, Inc. <br> Class A<br>| 102513 | &nbsp;&nbsp; 5518 |
| Target Corp. | 41008 | &nbsp;&nbsp; 4009 |
|  |  | &nbsp;&nbsp; 18196 |
| **Energy—6.5%** | **Energy—6.5%** |  |
| Chevron Corp. | 41931 | &nbsp;&nbsp; 6391 |
| Expand Energy Corp. | 44607 | &nbsp;&nbsp; 4923 |
| SLB Ltd. | 146499 | &nbsp;&nbsp; 5622 |
|  |  | &nbsp;&nbsp; 16936 |
| **Financials—19.4%** | **Financials—19.4%** |  |
| Apollo Global Management, <br> Inc.<br>| 21999 | &nbsp;&nbsp; 3185 |
| Blackrock, Inc. | 4914 | &nbsp;&nbsp; 5260 |
| Capital One Financial Corp. | 22725 | &nbsp;&nbsp; 5508 |
| Gallagher (Arthur J.) & Co. | 15605 | &nbsp;&nbsp; 4038 |
| JPMorgan Chase & Co. | 29200 | &nbsp;&nbsp; 9409 |
| KeyCorp | 290614 | &nbsp;&nbsp; 5998 |
| Moody's Corp. | 10605 | &nbsp;&nbsp; 5417 |
| Progressive Corp. (The) | 25733 | &nbsp;&nbsp; 5860 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Raymond James Financial, <br> Inc.<br>| 33799 | &nbsp;&nbsp; $5428 |
|  |  | &nbsp;&nbsp; 50103 |
| **Health Care—9.2%** | **Health Care—9.2%** |  |
| Becton Dickinson & Co. | 19878 | &nbsp;&nbsp; 3858 |
| Bio-Techne Corp. | 66720 | &nbsp;&nbsp; 3924 |
| Humana, Inc. | 14271 | &nbsp;&nbsp; 3655 |
| Merck & Co., Inc. | 55011 | &nbsp;&nbsp; 5790 |
| Thermo Fisher Scientific, Inc. | 11310 | &nbsp;&nbsp; 6554 |
|  |  | &nbsp;&nbsp; 23781 |
| **Industrials—18.3%** | **Industrials—18.3%** |  |
| Booz Allen Hamilton Holding <br> Corp. Class A<br>| 56357 | &nbsp;&nbsp; 4754 |
| Carpenter Technology Corp. | 12679 | &nbsp;&nbsp; 3992 |
| Flowserve Corp. | 73104 | &nbsp;&nbsp; 5072 |
| Ingersoll Rand, Inc. | 66896 | &nbsp;&nbsp; 5299 |
| Johnson Controls <br> International plc<br>| 47203 | &nbsp;&nbsp; 5653 |
| Knight-Swift Transportation <br> Holdings, Inc. Class A<br>| 84059 | &nbsp;&nbsp; 4395 |
| Rockwell Automation, Inc. | 9924 | &nbsp;&nbsp; 3861 |
| Union Pacific Corp. | 24075 | &nbsp;&nbsp; 5569 |
| United Rentals, Inc. | 6386 | &nbsp;&nbsp; 5168 |
| Vertiv Holdings Co. Class A | 21820 | &nbsp;&nbsp; 3535 |
|  |  | &nbsp;&nbsp; 47298 |
| **Information Technology—11.1%** | **Information Technology—11.1%** |  |
| Jabil, Inc. | 22906 | &nbsp;&nbsp; 5223 |
| Nokia Oyj Sponsored ADR | 774084 | &nbsp;&nbsp; 5008 |
| Oracle Corp. | 13789 | &nbsp;&nbsp; 2688 |
| Qnity Electronics, Inc. | 47109 | &nbsp;&nbsp; 3847 |
| Salesforce, Inc. | 14735 | &nbsp;&nbsp; 3903 |
| Teradyne, Inc. | 18756 | &nbsp;&nbsp; 3630 |
| Western Digital Corp. | 25901 | &nbsp;&nbsp; 4462 |
|  |  | &nbsp;&nbsp; 28761 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials—5.5%** | **Materials—5.5%** |  |
| International Paper Co. | 162124 | &nbsp;&nbsp; $6386 |
| Mosaic Co. (The) | 163319 | &nbsp;&nbsp; 3935 |
| Westlake Corp. | 52182 | &nbsp;&nbsp; 3858 |
|  |  | &nbsp;&nbsp; 14179 |
| **Real Estate—2.4%** | **Real Estate—2.4%** |  |
| Equity LifeStyle Properties, <br> Inc.<br>| 101436 | &nbsp;&nbsp; 6148 |
| **Utilities—4.8%** | **Utilities—4.8%** |  |
| Ameren Corp. | 62414 | &nbsp;&nbsp; 6232 |
| PPL Corp. | 174549 | &nbsp;&nbsp; 6113 |
|  |  | &nbsp;&nbsp; 12345 |
| **Total Common Stocks** <br>**(Identified Cost $224,662)** | **Total Common Stocks** <br>**(Identified Cost $224,662)** | &nbsp;&nbsp; **251530** |
| **Total Long-Term** <br> **Investments—97.2%** <br>**(Identified Cost $224,662)** | **Total Long-Term** <br> **Investments—97.2%** <br>**(Identified Cost $224,662)** | &nbsp;&nbsp; **251530** |
| **TOTAL INVESTMENTS—97.2%** <br>**(Identified Cost $224,662)** | **TOTAL INVESTMENTS—97.2%** <br>**(Identified Cost $224,662)** | &nbsp;&nbsp; **$251530** |
| Other assets and liabilities, net—2.8% | Other assets and liabilities, net—2.8% | &nbsp;&nbsp; 7304 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$258834** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| plc | Public Limited Company |

---

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

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)**<sup>†</sup>  | **Country Weightings (Unaudited)**<sup>†</sup>  |
| United States | 94<br> %<br>|
| Ireland | 2 |
| Curaçao | 2 |
| Finland | 2 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of December 31, 2025. | <sup>†</sup> % of total investments as of December 31, 2025. |

---

The following table summarizes the value of the Fund's investments as of December 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $251530 | &nbsp;&nbsp;&nbsp;&nbsp; $251530 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $251530 | &nbsp;&nbsp;&nbsp;&nbsp; $251530 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2025.

There were no transfers into or out of Level 3 related to securities held at December 31, 2025.

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**Ceredex Mid-Cap Value Equity Fund**

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—100.6%** | **Common Stocks—100.6%** | **Common Stocks—100.6%** |
| **Consumer Discretionary—10.9%** | **Consumer Discretionary—10.9%** |  |
| Academy Sports & <br> Outdoors, Inc.<br>| 221600 | &nbsp;&nbsp; $11071 |
| Best Buy Co., Inc. | 170000 | &nbsp;&nbsp; 11378 |
| Garmin Ltd. | 70000 | &nbsp;&nbsp; 14200 |
| Gildan Activewear, Inc. | 220000 | &nbsp;&nbsp; 13741 |
| Macy's, Inc. | 600000 | &nbsp;&nbsp; 13230 |
| Ross Stores, Inc. | 67000 | &nbsp;&nbsp; 12069 |
| Somnigroup International, <br> Inc.<br>| 110000 | &nbsp;&nbsp; 9821 |
| VF Corp. | 825000 | &nbsp;&nbsp; 14916 |
| Yum! Brands, Inc. | 95000 | &nbsp;&nbsp; 14372 |
|  |  | &nbsp;&nbsp; 114798 |
| **Energy—8.5%** | **Energy—8.5%** |  |
| Cameco Corp. | 230000 | &nbsp;&nbsp; 21043 |
| Diamondback Energy, Inc. | 115000 | &nbsp;&nbsp; 17288 |
| EQT Corp. | 335000 | &nbsp;&nbsp; 17956 |
| Solaris Energy <br> Infrastructure, Inc. <br> Class A<br>| 390000 | &nbsp;&nbsp; 17928 |
| TechnipFMC plc | 350000 | &nbsp;&nbsp; 15596 |
|  |  | &nbsp;&nbsp; 89811 |
| **Financials—18.7%** | **Financials—18.7%** |  |
| Ally Financial, Inc. | 425000 | &nbsp;&nbsp; 19248 |
| Apollo Global Management, <br> Inc.<br>| 100000 | &nbsp;&nbsp; 14476 |
| Citizens Financial Group, <br> Inc.<br>| 350000 | &nbsp;&nbsp; 20444 |
| CME Group, Inc. Class A | 75000 | &nbsp;&nbsp; 20481 |
| Evercore, Inc. Class A | 60000 | &nbsp;&nbsp; 20415 |
| Gallagher (Arthur J.) & Co. | 80000 | &nbsp;&nbsp; 20703 |
| KeyCorp | 970000 | &nbsp;&nbsp; 20021 |
| Moody's Corp. | 40000 | &nbsp;&nbsp; 20434 |
| Southstate Bank Corp. | 215000 | &nbsp;&nbsp; 20234 |
| Stifel Financial Corp. | 160000 | &nbsp;&nbsp; 20035 |
|  |  | &nbsp;&nbsp; 196491 |
| **Health Care—5.4%** | **Health Care—5.4%** |  |
| Agilent Technologies, Inc. | 130000 | &nbsp;&nbsp; 17689 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Bio-Techne Corp. | 335000 | &nbsp;&nbsp; $19701 |
| Regeneron <br> Pharmaceuticals, Inc.<br>| 25000 | &nbsp;&nbsp; 19297 |
|  |  | &nbsp;&nbsp; 56687 |
| **Industrials—27.5%** | **Industrials—27.5%** |  |
| AAON, Inc. | 250000 | &nbsp;&nbsp; 19062 |
| Carpenter Technology Corp. | 62000 | &nbsp;&nbsp; 19520 |
| Crane Co. | 95000 | &nbsp;&nbsp; 17521 |
| Delta Air Lines, Inc. | 245000 | &nbsp;&nbsp; 17003 |
| Dover Corp. | 105000 | &nbsp;&nbsp; 20500 |
| EMCOR Group, Inc. | 35000 | &nbsp;&nbsp; 21413 |
| Ferguson Enterprises, Inc. | 75000 | &nbsp;&nbsp; 16697 |
| Herc Holdings, Inc. | 105000 | &nbsp;&nbsp; 15580 |
| Hexcel Corp. | 250000 | &nbsp;&nbsp; 18475 |
| Knight-Swift Transportation <br> Holdings, Inc. Class A<br>| 250000 | &nbsp;&nbsp; 13070 |
| Lincoln Electric Holdings, <br> Inc.<br>| 75000 | &nbsp;&nbsp; 17973 |
| Quanta Services, Inc. | 42000 | &nbsp;&nbsp; 17727 |
| Rockwell Automation, Inc. | 50000 | &nbsp;&nbsp; 19453 |
| Vertiv Holdings Co. Class A | 110000 | &nbsp;&nbsp; 17821 |
| Waste Management, Inc. | 80000 | &nbsp;&nbsp; 17577 |
| Woodward, Inc. | 65000 | &nbsp;&nbsp; 19651 |
|  |  | &nbsp;&nbsp; 289043 |
| **Information Technology—15.9%** | **Information Technology—15.9%** |  |
| Corning, Inc. | 235000 | &nbsp;&nbsp; 20577 |
| Jabil, Inc. | 90000 | &nbsp;&nbsp; 20522 |
| MKS, Inc. | 85000 | &nbsp;&nbsp; 13583 |
| Motorola Solutions, Inc. | 55000 | &nbsp;&nbsp; 21083 |
| Nokia Oyj Sponsored ADR | 3200000 | &nbsp;&nbsp; 20704 |
| TD SYNNEX Corp. | 100000 | &nbsp;&nbsp; 15023 |
| TE Connectivity plc | 85000 | &nbsp;&nbsp; 19338 |
| Teradyne, Inc. | 100000 | &nbsp;&nbsp; 19356 |
| Western Digital Corp. | 100200 | &nbsp;&nbsp; 17261 |
|  |  | &nbsp;&nbsp; 167447 |
| **Materials—1.5%** | **Materials—1.5%** |  |
| Vulcan Materials Co. | 55000 | &nbsp;&nbsp; 15687 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate—5.6%** | **Real Estate—5.6%** |  |
| EastGroup Properties, Inc. | 115000 | &nbsp;&nbsp; $20486 |
| Equinix, Inc. | 27000 | &nbsp;&nbsp; 20686 |
| Ventas, Inc. | 225000 | &nbsp;&nbsp; 17411 |
|  |  | &nbsp;&nbsp; 58583 |
| **Utilities—6.6%** | **Utilities—6.6%** |  |
| American Water Works Co., <br> Inc.<br>| 120000 | &nbsp;&nbsp; 15660 |
| CenterPoint Energy, Inc. | 465000 | &nbsp;&nbsp; 17828 |
| Entergy Corp. | 210000 | &nbsp;&nbsp; 19410 |
| NiSource, Inc. | 400000 | &nbsp;&nbsp; 16704 |
|  |  | &nbsp;&nbsp; 69602 |
| **Total Common Stocks** <br>**(Identified Cost $924,663)** | **Total Common Stocks** <br>**(Identified Cost $924,663)** | &nbsp;&nbsp; **1058149** |
| **Total Long-Term** <br> **Investments—100.6%** <br>**(Identified Cost $924,663)** | **Total Long-Term** <br> **Investments—100.6%** <br>**(Identified Cost $924,663)** | &nbsp;&nbsp; **1058149** |
| **TOTAL INVESTMENTS—100.6%** <br>**(Identified Cost $924,663)** | **TOTAL INVESTMENTS—100.6%** <br>**(Identified Cost $924,663)** | &nbsp;&nbsp; **$1058149** |
| Other assets and liabilities, net—(0.6)% | Other assets and liabilities, net—(0.6)% | &nbsp;&nbsp; (6248)<br>|
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$1051901** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| plc | Public Limited Company |

---

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

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)**<sup>†</sup>  | **Country Weightings (Unaudited)**<sup>†</sup>  |
| United States | 90<br> %<br>|
| Canada | 3 |
| Finland | 2 |
| Ireland | 2 |
| United Kingdom | 2 |
| Switzerland | 1 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of December 31, 2025. | <sup>†</sup> % of total investments as of December 31, 2025. |

---

The following table summarizes the value of the Fund's investments as of December 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $1058149 | &nbsp;&nbsp;&nbsp;&nbsp; $1058149 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $1058149 | &nbsp;&nbsp;&nbsp;&nbsp; $1058149 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2025.

There were no transfers into or out of Level 3 related to securities held at December 31, 2025.

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**Ceredex Small-Cap Value Equity Fund**

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—98.9%** | **Common Stocks—98.9%** | **Common Stocks—98.9%** |
| **Consumer Discretionary—9.0%** | **Consumer Discretionary—9.0%** |  |
| Academy Sports & Outdoors, <br> Inc.<br>| 24000 | &nbsp;&nbsp; $1199 |
| Autoliv, Inc. | 8000 | &nbsp;&nbsp; 950 |
| Gildan Activewear, Inc. | 16800 | &nbsp;&nbsp; 1049 |
| Macy's, Inc. | 31500 | &nbsp;&nbsp; 695 |
| Meritage Homes Corp. | 14400 | &nbsp;&nbsp; 947 |
| Murphy USA, Inc. | 1850 | &nbsp;&nbsp; 746 |
| Steven Madden Ltd. | 18100 | &nbsp;&nbsp; 754 |
| Vail Resorts, Inc. | 7000 | &nbsp;&nbsp; 930 |
| VF Corp. | 55300 | &nbsp;&nbsp; 1000 |
|  |  | &nbsp;&nbsp; 8270 |
| **Consumer Staples—1.0%** | **Consumer Staples—1.0%** |  |
| Reynolds Consumer <br> Products, Inc.<br>| 38600 | &nbsp;&nbsp; 885 |
| **Energy—7.5%** | **Energy—7.5%** |  |
| DT Midstream, Inc. | 11250 | &nbsp;&nbsp; 1347 |
| Matador Resources Co. | 31700 | &nbsp;&nbsp; 1345 |
| NOV, Inc. | 84350 | &nbsp;&nbsp; 1318 |
| Range Resources Corp. | 35900 | &nbsp;&nbsp; 1266 |
| Solaris Energy Infrastructure, <br> Inc. Class A<br>| 33700 | &nbsp;&nbsp; 1549 |
|  |  | &nbsp;&nbsp; 6825 |
| **Financials—26.2%** | **Financials—26.2%** |  |
| Ally Financial, Inc. | 37200 | &nbsp;&nbsp; 1685 |
| Axis Capital Holdings Ltd. | 8750 | &nbsp;&nbsp; 937 |
| Columbia Banking System, <br> Inc.<br>| 58800 | &nbsp;&nbsp; 1643 |
| Cullen/Frost Bankers, Inc. | 12000 | &nbsp;&nbsp; 1520 |
| Evercore, Inc. Class A | 2900 | &nbsp;&nbsp; 987 |
| First Merchants Corp. | 38750 | &nbsp;&nbsp; 1452 |
| FNB Corp. | 91650 | &nbsp;&nbsp; 1567 |
| Glacier Bancorp, Inc. | 34900 | &nbsp;&nbsp; 1537 |
| NBT Bancorp, Inc. | 32200 | &nbsp;&nbsp; 1337 |
| Perella Weinberg Partners <br> Class A<br>| 55900 | &nbsp;&nbsp; 967 |
| Prosperity Bancshares, Inc. | 21600 | &nbsp;&nbsp; 1493 |
| Ryan Specialty Holdings, Inc. <br> Class A<br>| 19000 | &nbsp;&nbsp; 981 |
| Seacoast Banking Corp. of <br> Florida<br>| 49350 | &nbsp;&nbsp; 1551 |
| Southstate Bank Corp. | 18250 | &nbsp;&nbsp; 1717 |
| UMB Financial Corp. | 15150 | &nbsp;&nbsp; 1743 |
| Voya Financial, Inc. | 16100 | &nbsp;&nbsp; 1199 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Wintrust Financial Corp. | 11900 | &nbsp;&nbsp; $1664 |
|  |  | &nbsp;&nbsp; 23980 |
| **Health Care—2.9%** | **Health Care—2.9%** |  |
| Bruker Corp. | 33600 | &nbsp;&nbsp; 1583 |
| Concentra Group Holdings <br> Parent, Inc.<br>| 53200 | &nbsp;&nbsp; 1047 |
|  |  | &nbsp;&nbsp; 2630 |
| **Industrials—23.5%** | **Industrials—23.5%** |  |
| AAON, Inc. | 22000 | &nbsp;&nbsp; 1678 |
| Crane Co. | 6450 | &nbsp;&nbsp; 1190 |
| Esab Corp. | 10600 | &nbsp;&nbsp; 1184 |
| ESCO Technologies, Inc. | 6650 | &nbsp;&nbsp; 1299 |
| Helios Technologies, Inc. | 17900 | &nbsp;&nbsp; 957 |
| Herc Holdings, Inc. | 8850 | &nbsp;&nbsp; 1313 |
| Hexcel Corp. | 20200 | &nbsp;&nbsp; 1493 |
| MSC Industrial Direct Co., Inc. <br> Class A<br>| 10500 | &nbsp;&nbsp; 883 |
| nVent Electric plc | 13900 | &nbsp;&nbsp; 1417 |
| Primoris Services Corp. | 10550 | &nbsp;&nbsp; 1310 |
| Regal Rexnord Corp. | 8900 | &nbsp;&nbsp; 1249 |
| Schneider National, Inc. <br> Class B<br>| 35450 | &nbsp;&nbsp; 940 |
| Simpson Manufacturing Co., <br> Inc.<br>| 5600 | &nbsp;&nbsp; 904 |
| Tennant Co. | 13850 | &nbsp;&nbsp; 1021 |
| Timken Co. (The) | 13100 | &nbsp;&nbsp; 1102 |
| Toro Co. (The) | 13650 | &nbsp;&nbsp; 1075 |
| Valmont Industries, Inc. | 3050 | &nbsp;&nbsp; 1227 |
| WESCO International, Inc. | 5350 | &nbsp;&nbsp; 1309 |
|  |  | &nbsp;&nbsp; 21551 |
| **Information Technology—12.4%** | **Information Technology—12.4%** |  |
| Advanced Energy Industries, <br> Inc.<br>| 7350 | &nbsp;&nbsp; 1539 |
| Amkor Technology, Inc. | 35400 | &nbsp;&nbsp; 1398 |
| Belden, Inc. | 13050 | &nbsp;&nbsp; 1521 |
| Littelfuse, Inc. | 5750 | &nbsp;&nbsp; 1454 |
| MKS, Inc. | 8500 | &nbsp;&nbsp; 1358 |
| Power Integrations, Inc. | 41900 | &nbsp;&nbsp; 1489 |
| Ralliant Corp. | 27800 | &nbsp;&nbsp; 1415 |
| TD SYNNEX Corp. | 7600 | &nbsp;&nbsp; 1142 |
|  |  | &nbsp;&nbsp; 11316 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials—6.5%** | **Materials—6.5%** |  |
| Element Solutions, Inc. | 66700 | &nbsp;&nbsp; $1667 |
| HB Fuller Co. | 18000 | &nbsp;&nbsp; 1070 |
| Hudbay Minerals, Inc. | 48250 | &nbsp;&nbsp; 958 |
| Louisiana-Pacific Corp. | 12050 | &nbsp;&nbsp; 973 |
| Scotts Miracle-Gro Co. (The) | 22350 | &nbsp;&nbsp; 1304 |
|  |  | &nbsp;&nbsp; 5972 |
| **Real Estate—5.0%** | **Real Estate—5.0%** |  |
| Agree Realty Corp. | 16650 | &nbsp;&nbsp; 1199 |
| Brixmor Property Group, Inc. | 45400 | &nbsp;&nbsp; 1191 |
| Colliers International Group, <br> Inc.<br>| 6550 | &nbsp;&nbsp; 963 |
| EastGroup Properties, Inc. | 7000 | &nbsp;&nbsp; 1247 |
|  |  | &nbsp;&nbsp; 4600 |
| **Utilities—4.9%** | **Utilities—4.9%** |  |
| IDACORP, Inc. | 12450 | &nbsp;&nbsp; 1576 |
| OGE Energy Corp. | 35400 | &nbsp;&nbsp; 1511 |
| Pinnacle West Capital Corp. | 15550 | &nbsp;&nbsp; 1379 |
|  |  | &nbsp;&nbsp; 4466 |
| **Total Common Stocks** <br>**(Identified Cost $76,239)** | **Total Common Stocks** <br>**(Identified Cost $76,239)** | &nbsp;&nbsp; **90495** |
| **Total Long-Term** <br> **Investments—98.9%** <br>**(Identified Cost $76,239)** | **Total Long-Term** <br> **Investments—98.9%** <br>**(Identified Cost $76,239)** | &nbsp;&nbsp; **90495** |
| **TOTAL INVESTMENTS—98.9%** <br>**(Identified Cost $76,239)** | **TOTAL INVESTMENTS—98.9%** <br>**(Identified Cost $76,239)** | &nbsp;&nbsp; **$90495** |
| Other assets and liabilities, net—1.1% | Other assets and liabilities, net—1.1% | &nbsp;&nbsp; 1032 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$91527** |

---

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

---

| | |
|:---|:---|
| **Abbreviation:** | **Abbreviation:** |
| plc | Public Limited Company |

---

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

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)**<sup>†</sup>  | **Country Weightings (Unaudited)**<sup>†</sup>  |
| United States | 94<br> %<br>|
| Canada | 3 |
| Ireland | 2 |
| Bermuda | 1 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of December 31, 2025. | <sup>†</sup> % of total investments as of December 31, 2025. |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**Ceredex Small-Cap Value Equity Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

($ reported in thousands)

The following table summarizes the value of the Fund's investments as of December 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $90495 | &nbsp;&nbsp;&nbsp;&nbsp; $90495 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $90495 | &nbsp;&nbsp;&nbsp;&nbsp; $90495 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2025.

There were no transfers into or out of Level 3 related to securities held at December 31, 2025.

*See Notes to Financial Statements*

------

**SGA International Growth Fund**

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Preferred Stock—2.5%** | **Preferred Stock—2.5%** | **Preferred Stock—2.5%** |
| **Germany—2.5%** | **Germany—2.5%** |  |
| Sartorius AG, 0.280% | 24320 | &nbsp;&nbsp; $7065 |
| **Total Preferred Stock** <br>**(Identified Cost $6,401)** | **Total Preferred Stock** <br>**(Identified Cost $6,401)** | &nbsp;&nbsp; **7065** |
| **Common Stocks—96.0%** | **Common Stocks—96.0%** | **Common Stocks—96.0%** |
| **Brazil—2.0%** | **Brazil—2.0%** |  |
| MercadoLibre, Inc.<sup>(1)</sup> <br>| 2747 | &nbsp;&nbsp; 5533 |
| **Canada—9.0%** | **Canada—9.0%** |  |
| Canadian Pacific Kansas <br> City Ltd.<sup>(2)</sup> <br>| 152185 | &nbsp;&nbsp; 11206 |
| Shopify, Inc. Class A<sup>(1)</sup> <br>| 34984 | &nbsp;&nbsp; 5631 |
| Waste Connections, Inc. | 49565 | &nbsp;&nbsp; 8692 |
|  |  | &nbsp;&nbsp; 25529 |
| **China—10.3%** | **China—10.3%** |  |
| AIA Group Ltd. (Hong <br> Kong)<br>| 1111933 | &nbsp;&nbsp; 11415 |
| Alibaba Group Holding Ltd. <br> (Hong Kong) Sponsored <br> ADR<br>| 82253 | &nbsp;&nbsp; 12057 |
| Yum China Holdings, Inc.  | 117375 | &nbsp;&nbsp; 5559 |
|  |  | &nbsp;&nbsp; 29031 |
| **France—5.6%** | **France—5.6%** |  |
| Dassault Systemes SE | 259683 | &nbsp;&nbsp; 7275 |
| L'Oreal S.A. | 19801 | &nbsp;&nbsp; 8531 |
|  |  | &nbsp;&nbsp; 15806 |
| **Germany—4.4%** | **Germany—4.4%** |  |
| SAP SE Sponsored ADR | 51520 | &nbsp;&nbsp; 12515 |
| **India—4.6%** | **India—4.6%** |  |
| HDFC Bank Ltd. ADR | 315405 | &nbsp;&nbsp; 11525 |
| Infosys Ltd. Sponsored <br> ADR<sup>(2)</sup> <br>| 82746 | &nbsp;&nbsp; 1474 |
|  |  | &nbsp;&nbsp; 12999 |
| **Ireland—3.1%** | **Ireland—3.1%** |  |
| Experian plc | 191255 | &nbsp;&nbsp; 8670 |
| **Japan—6.1%** | **Japan—6.1%** |  |
| Fast Retailing Co., Ltd. | 30776 | &nbsp;&nbsp; 11187 |
| Recruit Holdings Co., Ltd. | 105750 | &nbsp;&nbsp; 5973 |
|  |  | &nbsp;&nbsp; 17160 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Mexico—2.9%** | **Mexico—2.9%** |  |
| Fomento Economico <br> Mexicano SAB de C.V. <br> Sponsored ADR<br>| 41956 | &nbsp;&nbsp; $4241 |
| Wal-Mart de Mexico SAB <br> de C.V.<br>| 1316699 | &nbsp;&nbsp; 4095 |
|  |  | &nbsp;&nbsp; 8336 |
| **Netherlands—10.5%** | **Netherlands—10.5%** |  |
| Adyen N.V.<sup>(1)</sup> <br>| 7309 | &nbsp;&nbsp; 11811 |
| Heineken N.V. | 53618 | &nbsp;&nbsp; 4394 |
| Universal Music Group <br> N.V.<br>| 512537 | &nbsp;&nbsp; 13390 |
|  |  | &nbsp;&nbsp; 29595 |
| **Singapore—2.9%** | **Singapore—2.9%** |  |
| Grab Holdings Ltd. <br> Class A<sup>(1)</sup> <br>| 803732 | &nbsp;&nbsp; 4011 |
| Sea Ltd. ADR<sup>(1)</sup> <br>| 32104 | &nbsp;&nbsp; 4095 |
|  |  | &nbsp;&nbsp; 8106 |
| **Switzerland—5.9%** | **Switzerland—5.9%** |  |
| Alcon AG | 141404 | &nbsp;&nbsp; 11144 |
| Galderma Group AG | 27604 | &nbsp;&nbsp; 5649 |
|  |  | &nbsp;&nbsp; 16793 |
| **Taiwan—5.1%** | **Taiwan—5.1%** |  |
| Taiwan Semiconductor <br> Manufacturing Co., Ltd. <br> Sponsored ADR<br>| 47083 | &nbsp;&nbsp; 14308 |
| **United Kingdom—18.8%** | **United Kingdom—18.8%** |  |
| Aon plc Class A | 32536 | &nbsp;&nbsp; 11481 |
| ARM Holdings plc ADR<sup>(1)</sup> <br>| 49668 | &nbsp;&nbsp; 5429 |
| Haleon plc | 1789193 | &nbsp;&nbsp; 9039 |
| Linde plc | 17315 | &nbsp;&nbsp; 7383 |
| Sage Group plc (The) | 783915 | &nbsp;&nbsp; 11444 |
| Unilever plc Sponsored <br> ADR<br>| 130637 | &nbsp;&nbsp; 8544 |
|  |  | &nbsp;&nbsp; 53320 |
| **United States—4.8%** | **United States—4.8%** |  |
| STERIS plc | 53856 | &nbsp;&nbsp; 13654 |
| **Total Common Stocks** <br>**(Identified Cost $232,860)** | **Total Common Stocks** <br>**(Identified Cost $232,860)** | &nbsp;&nbsp; **271355** |
| **Total Long-Term** <br> **Investments—98.5%** <br>**(Identified Cost $239,261)** | **Total Long-Term** <br> **Investments—98.5%** <br>**(Identified Cost $239,261)** | &nbsp;&nbsp; **278420** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Securities Lending Collateral—4.5%** | **Securities Lending Collateral—4.5%** | **Securities Lending Collateral—4.5%** |
| Dreyfus Government Cash <br> Management Fund - <br> Institutional Shares <br> (seven-day effective <br> yield 3.651%)<sup>(3)(4)</sup> <br>| 12805051 | &nbsp;&nbsp; $12805 |
| **Total Securities Lending** <br> **Collateral** <br>**(Identified Cost $12,805)** | **Total Securities Lending** <br> **Collateral** <br>**(Identified Cost $12,805)** | &nbsp;&nbsp; **12805** |
| **TOTAL INVESTMENTS—103.0%** <br>**(Identified Cost $252,066)** | **TOTAL INVESTMENTS—103.0%** <br>**(Identified Cost $252,066)** | &nbsp;&nbsp; **$291225** |
| Other assets and liabilities, net—(3.0)% | Other assets and liabilities, net—(3.0)% | &nbsp;&nbsp; (8410)<br>|
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$282815** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| plc | Public Limited Company |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Non-income producing. |
| <sup>(2)</sup> <br>| All or a portion of security is on loan. |
| <sup>(3)</sup> <br>| Shares of this fund are publicly offered, and its <br> prospectus and annual report are publicly available.<br>|
| <sup>(4)</sup> <br>| Represents security purchased with cash collateral <br> received for securities on loan.<br>|

---

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

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)**<sup>†</sup>  | **Country Weightings (Unaudited)**<sup>†</sup>  |
| United Kingdom | 18<br> %<br>|
| Netherlands | 10 |
| China | 10 |
| United States | 9 |
| Canada | 9 |
| Germany | 7 |
| Japan | 6 |
| Other | 31 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of December 31, 2025. | <sup>†</sup> % of total investments as of December 31, 2025. |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**SGA International Growth Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**December 31, 2025**

($ reported in thousands)

The following table summarizes the value of the Fund's investments as of December 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp; $7065 | &nbsp;&nbsp;&nbsp;&nbsp; $7065 |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 271355 | &nbsp;&nbsp;&nbsp;&nbsp; 271355 |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp; 12805 | &nbsp;&nbsp;&nbsp;&nbsp; 12805 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $291225 | &nbsp;&nbsp;&nbsp;&nbsp; $291225 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2025.

There were no transfers into or out of Level 3 related to securities held at December 31, 2025.

*See Notes to Financial Statements*

------

**Silvant Large-Cap Growth Stock Fund**

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—98.2%** | **Common Stocks—98.2%** | **Common Stocks—98.2%** |
| **Communication Services—14.1%** | **Communication Services—14.1%** |  |
| Alphabet, Inc. Class A | 40036 | &nbsp;&nbsp; $12531 |
| Alphabet, Inc. Class C | 21846 | &nbsp;&nbsp; 6855 |
| Meta Platforms, Inc. Class A | 16820 | &nbsp;&nbsp; 11103 |
| Netflix, Inc.<sup>(1)</sup> <br>| 42000 | &nbsp;&nbsp; 3938 |
| Reddit, Inc. Class A<sup>(1)</sup> <br>| 9647 | &nbsp;&nbsp; 2218 |
| Snap, Inc. Class A<sup>(1)</sup> <br>| 8366 | &nbsp;&nbsp; 67 |
|  |  | &nbsp;&nbsp; 36712 |
| **Consumer Discretionary—12.6%** | **Consumer Discretionary—12.6%** |  |
| Amazon.com, Inc.<sup>(1)</sup> <br>| 68593 | &nbsp;&nbsp; 15833 |
| Booking Holdings, Inc. | 609 | &nbsp;&nbsp; 3261 |
| DraftKings, Inc. Class A<sup>(1)</sup> <br>| 31232 | &nbsp;&nbsp; 1076 |
| Las Vegas Sands Corp. | 16445 | &nbsp;&nbsp; 1071 |
| Lululemon Athletica, Inc.<sup>(1)</sup> <br>| 2104 | &nbsp;&nbsp; 437 |
| MercadoLibre, Inc.<sup>(1)</sup> <br>| 716 | &nbsp;&nbsp; 1442 |
| O'Reilly Automotive, Inc.<sup>(1)</sup> <br>| 23438 | &nbsp;&nbsp; 2138 |
| Royal Caribbean Cruises Ltd. | 13703 | &nbsp;&nbsp; 3822 |
| TJX Cos., Inc. (The) | 23681 | &nbsp;&nbsp; 3638 |
|  |  | &nbsp;&nbsp; 32718 |
| **Consumer Staples—1.7%** | **Consumer Staples—1.7%** |  |
| Costco Wholesale Corp. | 5189 | &nbsp;&nbsp; 4475 |
| **Financials—6.7%** | **Financials—6.7%** |  |
| American Express Co. | 8407 | &nbsp;&nbsp; 3110 |
| Mastercard, Inc. Class A | 8441 | &nbsp;&nbsp; 4819 |
| S&P Global, Inc. | 4970 | &nbsp;&nbsp; 2597 |
| Visa, Inc. Class A | 15427 | &nbsp;&nbsp; 5410 |
| Wells Fargo & Co. | 16887 | &nbsp;&nbsp; 1574 |
|  |  | &nbsp;&nbsp; 17510 |
| **Health Care—7.7%** | **Health Care—7.7%** |  |
| Boston Scientific Corp.<sup>(1)</sup> <br>| 5445 | &nbsp;&nbsp; 519 |
| Eli Lilly & Co. | 11101 | &nbsp;&nbsp; 11930 |
| Insulet Corp.<sup>(1)</sup> <br>| 2062 | &nbsp;&nbsp; 586 |
| Intuitive Surgical, Inc.<sup>(1)</sup> <br>| 6809 | &nbsp;&nbsp; 3856 |
| Natera, Inc.<sup>(1)</sup> <br>| 8612 | &nbsp;&nbsp; 1973 |
| Thermo Fisher Scientific, Inc. | 1782 | &nbsp;&nbsp; 1033 |
|  |  | &nbsp;&nbsp; 19897 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials—5.9%** | **Industrials—5.9%** |  |
| Deere & Co. | 2574 | &nbsp;&nbsp; $1198 |
| Eaton Corp. plc | 4531 | &nbsp;&nbsp; 1443 |
| Emerson Electric Co. | 8208 | &nbsp;&nbsp; 1089 |
| Fair Isaac Corp.<sup>(1)</sup> <br>| 1412 | &nbsp;&nbsp; 2387 |
| GE Vernova, Inc. | 3969 | &nbsp;&nbsp; 2594 |
| General Electric Co. | 12966 | &nbsp;&nbsp; 3994 |
| Honeywell International, Inc. | 2392 | &nbsp;&nbsp; 467 |
| Rockwell Automation, Inc. | 2677 | &nbsp;&nbsp; 1042 |
| Union Pacific Corp. | 4838 | &nbsp;&nbsp; 1119 |
|  |  | &nbsp;&nbsp; 15333 |
| **Information Technology—48.5%** | **Information Technology—48.5%** |  |
| Apple, Inc. | 85379 | &nbsp;&nbsp; 23211 |
| Applied Materials, Inc. | 8326 | &nbsp;&nbsp; 2140 |
| AppLovin Corp. Class A<sup>(1)</sup> <br>| 5845 | &nbsp;&nbsp; 3939 |
| ARM Holdings plc ADR<sup>(1)</sup> <br>| 6515 | &nbsp;&nbsp; 712 |
| ASML Holding N.V. Registered <br> Shares<br>| 788 | &nbsp;&nbsp; 843 |
| Autodesk, Inc.<sup>(1)</sup> <br>| 7217 | &nbsp;&nbsp; 2136 |
| Broadcom, Inc. | 27030 | &nbsp;&nbsp; 9355 |
| Cloudflare, Inc. Class A<sup>(1)</sup> <br>| 11140 | &nbsp;&nbsp; 2196 |
| Crowdstrike Holdings, Inc. <br> Class A<sup>(1)</sup> <br>| 3532 | &nbsp;&nbsp; 1656 |
| HubSpot, Inc.<sup>(1)</sup> <br>| 1456 | &nbsp;&nbsp; 584 |
| Lattice Semiconductor <br> Corp.<sup>(1)</sup> <br>| 5863 | &nbsp;&nbsp; 431 |
| Microsoft Corp. | 61258 | &nbsp;&nbsp; 29626 |
| NVIDIA Corp. | 205257 | &nbsp;&nbsp; 38281 |
| Onto Innovation, Inc.<sup>(1)</sup> <br>| 2997 | &nbsp;&nbsp; 473 |
| Palantir Technologies, Inc. <br> Class A<sup>(1)</sup> <br>| 25269 | &nbsp;&nbsp; 4492 |
| QUALCOMM, Inc. | 10057 | &nbsp;&nbsp; 1720 |
| Roper Technologies, Inc. | 1484 | &nbsp;&nbsp; 661 |
| Salesforce, Inc. | 5018 | &nbsp;&nbsp; 1329 |
| ServiceNow, Inc.<sup>(1)</sup> <br>| 5675 | &nbsp;&nbsp; 869 |
| Workday, Inc. Class A<sup>(1)</sup> <br>| 7101 | &nbsp;&nbsp; 1525 |
|  |  | &nbsp;&nbsp; 126179 |
| **Materials—0.4%** | **Materials—0.4%** |  |
| Solstice Advanced Materials, <br> Inc.<sup>(1)</sup> <br>| 598 | &nbsp;&nbsp; 29 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials—continued** | **Materials—continued** |  |
| Vulcan Materials Co. | 3463 | &nbsp;&nbsp; $988 |
|  |  | &nbsp;&nbsp; 1017 |
| **Utilities—0.6%** | **Utilities—0.6%** |  |
| Vistra Corp. | 9322 | &nbsp;&nbsp; 1504 |
| **Total Common Stocks** <br>**(Identified Cost $81,127)** | **Total Common Stocks** <br>**(Identified Cost $81,127)** | &nbsp;&nbsp; **255345** |
| **Total Long-Term** <br> **Investments—98.2%** <br>**(Identified Cost $81,127)** | **Total Long-Term** <br> **Investments—98.2%** <br>**(Identified Cost $81,127)** | &nbsp;&nbsp; **255345** |
| **Short-Term Investment—0.2%** | **Short-Term Investment—0.2%** | **Short-Term Investment—0.2%** |
| **Money Market Mutual Fund—0.2%** | **Money Market Mutual Fund—0.2%** | **Money Market Mutual Fund—0.2%** |
| State Street Institutional <br> U.S. Government Money <br> Market Fund - Institutional <br> Shares (seven-day effective <br> yield 3.660%)<sup>(2)</sup> <br>| 543780 | &nbsp;&nbsp; 544 |
| **Total Short-Term Investment** <br>**(Identified Cost $544)** | **Total Short-Term Investment** <br>**(Identified Cost $544)** | &nbsp;&nbsp; **544** |
| **TOTAL INVESTMENTS—98.4%** <br>**(Identified Cost $81,671)** | **TOTAL INVESTMENTS—98.4%** <br>**(Identified Cost $81,671)** | &nbsp;&nbsp; **$255889** |
| Other assets and liabilities, net—1.6% | Other assets and liabilities, net—1.6% | &nbsp;&nbsp; 4141 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$260030** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| plc | Public Limited Company |
| S&P | Standard & Poor's |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Non-income producing. |
| <sup>(2)</sup> <br>| Shares of this fund are publicly offered, and its <br> prospectus and annual report are publicly available.<br>|

---

The following table summarizes the value of the Fund's investments as of December 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $255345 | &nbsp;&nbsp;&nbsp;&nbsp; $255345 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp; 544 | &nbsp;&nbsp;&nbsp;&nbsp; 544 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $255889 | &nbsp;&nbsp;&nbsp;&nbsp; $255889 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2025.

There were no transfers into or out of Level 3 related to securities held at December 31, 2025.

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**Zevenbergen Innovative Growth Stock Fund**

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—98.9%** | **Common Stocks—98.9%** | **Common Stocks—98.9%** |
| **Communication Services—13.8%** | **Communication Services—13.8%** |  |
| Alphabet, Inc. Class A | 61000 | &nbsp;&nbsp; $19093 |
| Meta Platforms, Inc. Class A | 30000 | &nbsp;&nbsp; 19803 |
| Netflix, Inc.<sup>(1)</sup> <br>| 120000 | &nbsp;&nbsp; 11251 |
| Spotify Technology S.A.<sup>(1)</sup> <br>| 12000 | &nbsp;&nbsp; 6969 |
| Trade Desk, Inc. (The) <br> Class A<sup>(1)</sup> <br>| 140000 | &nbsp;&nbsp; 5314 |
|  |  | &nbsp;&nbsp; 62430 |
| **Consumer Discretionary—21.5%** | **Consumer Discretionary—21.5%** |  |
| Amazon.com, Inc.<sup>(1)</sup> <br>| 92625 | &nbsp;&nbsp; 21380 |
| MercadoLibre, Inc.<sup>(1)</sup> <br>| 12550 | &nbsp;&nbsp; 25279 |
| On Holding AG Class A<sup>(1)</sup> <br>| 120000 | &nbsp;&nbsp; 5577 |
| Tesla, Inc.<sup>(1)</sup> <br>| 86780 | &nbsp;&nbsp; 39027 |
| Wingstop, Inc. | 26000 | &nbsp;&nbsp; 6201 |
|  |  | &nbsp;&nbsp; 97464 |
| **Financials—2.4%** | **Financials—2.4%** |  |
| Ares Management Corp. <br> Class A<br>| 16230 | &nbsp;&nbsp; 2623 |
| Toast, Inc. Class A<sup>(1)</sup> <br>| 235000 | &nbsp;&nbsp; 8345 |
|  |  | &nbsp;&nbsp; 10968 |
| **Health Care—8.5%** | **Health Care—8.5%** |  |
| Arcutis Biotherapeutics, Inc.<sup>(1)</sup> <br>| 90000 | &nbsp;&nbsp; 2614 |
| Caris Life Sciences, Inc.<sup>(1)</sup> <br>| 121000 | &nbsp;&nbsp; 3264 |
| Insulet Corp.<sup>(1)</sup> <br>| 22800 | &nbsp;&nbsp; 6481 |
| Natera, Inc.<sup>(1)</sup> <br>| 58000 | &nbsp;&nbsp; 13287 |
| TransMedics Group, Inc.<sup>(1)</sup> <br>| 61500 | &nbsp;&nbsp; 7481 |
| Veeva Systems, Inc. Class A<sup>(1)</sup> <br>| 25000 | &nbsp;&nbsp; 5581 |
|  |  | &nbsp;&nbsp; 38708 |
| **Industrials—16.5%** | **Industrials—16.5%** |  |
| Axon Enterprise, Inc.<sup>(1)</sup> <br>| 45000 | &nbsp;&nbsp; 25557 |
| Karman Holdings, Inc.<sup>(1)</sup> <br>| 93000 | &nbsp;&nbsp; 6805 |
| Quanta Services, Inc. | 21500 | &nbsp;&nbsp; 9074 |
| Rocket Lab Corp.<sup>(1)</sup> <br>| 196000 | &nbsp;&nbsp; 13673 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| Uber Technologies, Inc.<sup>(1)</sup> <br>| 130000 | &nbsp;&nbsp; $10622 |
| Vertiv Holdings Co. Class A | 56500 | &nbsp;&nbsp; 9154 |
|  |  | &nbsp;&nbsp; 74885 |
| **Information Technology—34.7%** | **Information Technology—34.7%** |  |
| Advanced Micro Devices, <br> Inc.<sup>(1)</sup> <br>| 53800 | &nbsp;&nbsp; 11522 |
| AppLovin Corp. Class A<sup>(1)</sup> <br>| 12500 | &nbsp;&nbsp; 8423 |
| Credo Technology Group <br> Holding Ltd.<sup>(1)</sup> <br>| 23000 | &nbsp;&nbsp; 3309 |
| Crowdstrike Holdings, Inc. <br> Class A<sup>(1)</sup> <br>| 26600 | &nbsp;&nbsp; 12469 |
| Monolithic Power Systems, <br> Inc.<br>| 8500 | &nbsp;&nbsp; 7704 |
| NVIDIA Corp. | 242100 | &nbsp;&nbsp; 45152 |
| Palo Alto Networks, Inc.<sup>(1)</sup> <br>| 35000 | &nbsp;&nbsp; 6447 |
| Samsara, Inc. Class A<sup>(1)</sup> <br>| 133300 | &nbsp;&nbsp; 4725 |
| ServiceNow, Inc.<sup>(1)</sup> <br>| 70000 | &nbsp;&nbsp; 10723 |
| Shopify, Inc. Class A<sup>(1)</sup> <br>| 200000 | &nbsp;&nbsp; 32194 |
| Snowflake, Inc. Class A<sup>(1)</sup> <br>| 66000 | &nbsp;&nbsp; 14478 |
|  |  | &nbsp;&nbsp; 157146 |
| **Real Estate—1.5%** | **Real Estate—1.5%** |  |
| Zillow Group, Inc. Class C<sup>(1)</sup> <br>| 101000 | &nbsp;&nbsp; 6890 |
| **Total Common Stocks** <br>**(Identified Cost $179,478)** | **Total Common Stocks** <br>**(Identified Cost $179,478)** | &nbsp;&nbsp; **448491** |
| **Total Long-Term** <br> **Investments—98.9%** <br>**(Identified Cost $179,478)** | **Total Long-Term** <br> **Investments—98.9%** <br>**(Identified Cost $179,478)** | &nbsp;&nbsp; **448491** |
| **TOTAL INVESTMENTS—98.9%** <br>**(Identified Cost $179,478)** | **TOTAL INVESTMENTS—98.9%** <br>**(Identified Cost $179,478)** | &nbsp;&nbsp; **$448491** |
| Other assets and liabilities, net—1.1% | Other assets and liabilities, net—1.1% | &nbsp;&nbsp; 4871 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$453362** |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Non-income producing. |

---

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

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)**<sup>†</sup>  | **Country Weightings (Unaudited)**<sup>†</sup>  |
| United States | 84<br> %<br>|
| Canada | 7 |
| Uruguay | 6 |
| Luxembourg | 1 |
| Switzerland | 1 |
| Cayman Islands | 1 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of December 31, 2025. | <sup>†</sup> % of total investments as of December 31, 2025. |

---

The following table summarizes the value of the Fund's investments as of December 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $448491 | &nbsp;&nbsp;&nbsp;&nbsp; $448491 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $448491 | &nbsp;&nbsp;&nbsp;&nbsp; $448491 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2025.

There were no transfers into or out of Level 3 related to securities held at December 31, 2025.

*See Notes to Financial Statements*

------

**VIRTUS ASSET TRUST**

**STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7)** 

**December 31, 2025**

(Reported in thousands except shares and per share amounts)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Ceredex Large-Cap** <br> **Value Equity Fund**<br>| **Ceredex Mid-Cap** <br> **Value Equity Fund**<br>| **Ceredex Small-Cap** <br> **Value Equity Fund**<br>|
| **Assets** |  |  |  |
| Investment in securities at value<sup>(1)</sup> | &nbsp;&nbsp; $251530 | &nbsp;&nbsp; $1058149 | &nbsp;&nbsp; $90495 |
| Cash  | &nbsp;&nbsp; 7384 | &nbsp;&nbsp; 14447 | &nbsp;&nbsp; 1212 |
| Receivables |  |  |  |
| Fund shares sold  | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 914 | &nbsp;&nbsp; 43 |
| Dividends | &nbsp;&nbsp; 311 | &nbsp;&nbsp; 873 | &nbsp;&nbsp; 92 |
| Tax reclaims  | &nbsp;&nbsp; — | &nbsp;&nbsp; 16 | &nbsp;&nbsp; — |
| Securities lending income | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — |
| Prepaid expenses  | &nbsp;&nbsp; 7 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35 |
| Other assets  | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 172 | &nbsp;&nbsp; 15 |
| Total assets | &nbsp;&nbsp; 259382 | &nbsp;&nbsp; 1074571 | &nbsp;&nbsp; 91892 |
| **Liabilities** |  |  |  |
| Payables |  |  |  |
| Fund shares repurchased  | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 21401 | &nbsp;&nbsp; 205 |
| Dividend distributions  | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — |
| Investment advisory fees  | &nbsp;&nbsp; 164 | &nbsp;&nbsp; 652 | &nbsp;&nbsp; 51 |
| Distribution and service fees  | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 5 |
| Administration and accounting fees | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 142 | &nbsp;&nbsp; 31 |
| Transfer agent and sub-transfer agent fees and expenses | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 97 | &nbsp;&nbsp; 19 |
| Professional fees  | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 25 |
| Trustee deferred compensation plan  | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 172 | &nbsp;&nbsp; 15 |
| Interest expense and/or commitment fees | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Other accrued expenses | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 137 | &nbsp;&nbsp; 14 |
| Total liabilities | &nbsp;&nbsp; 548 | &nbsp;&nbsp; 22670 | &nbsp;&nbsp; 365 |
| **Commitments and contingencies (Note 3D)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net Assets** | &nbsp;&nbsp; $258834 | &nbsp;&nbsp; $1051901 | &nbsp;&nbsp; $91527 |
| **Net Assets Consist of:** |  |  |  |
| Capital paid in on shares of beneficial interest | &nbsp;&nbsp; $223149 | &nbsp;&nbsp; $885538 | &nbsp;&nbsp; $82997 |
| Accumulated earnings (loss) | &nbsp;&nbsp; 35685 | &nbsp;&nbsp; 166363 | &nbsp;&nbsp; 8530 |
| **Net Assets** | &nbsp;&nbsp; $258834 | &nbsp;&nbsp; $1051901 | &nbsp;&nbsp; $91527 |
| **Net Assets:** |  |  |  |
| Class A | &nbsp;&nbsp; $90099 | &nbsp;&nbsp; $140367 | &nbsp;&nbsp; $20864 |
| Class C | &nbsp;&nbsp; $878 | &nbsp;&nbsp; $4496 | &nbsp;&nbsp; $412 |
| Class I | &nbsp;&nbsp; $84733 | &nbsp;&nbsp; $582333 | &nbsp;&nbsp; $22365 |
| Class R6 | &nbsp;&nbsp; $83124 | &nbsp;&nbsp; $324705 | &nbsp;&nbsp; $47886 |
| **Shares Outstanding (unlimited number of shares authorized, no par value):** |  |  |  |
| Class A | &nbsp;&nbsp; 9859132 | &nbsp;&nbsp; 12054732 | &nbsp;&nbsp; 3106324 |
| Class C | &nbsp;&nbsp; 103368 | &nbsp;&nbsp; 406125 | &nbsp;&nbsp; 84379 |
| Class I | &nbsp;&nbsp; 8751649 | &nbsp;&nbsp; 48240387 | &nbsp;&nbsp; 2922079 |
| Class R6 | &nbsp;&nbsp; 8503410 | &nbsp;&nbsp; 26839378 | &nbsp;&nbsp; 6446451 |
| **Net Asset Value and Redemption Price Per Share:**<sup>\*</sup> <br>|  |  |  |
| Class A | &nbsp;&nbsp; $9.14 | &nbsp;&nbsp; $11.64 | &nbsp;&nbsp; $6.72 |
| Class C | &nbsp;&nbsp; $8.49 | &nbsp;&nbsp; $11.07 | &nbsp;&nbsp; $4.89 |
| Class I | &nbsp;&nbsp; $9.68 | &nbsp;&nbsp; $12.07 | &nbsp;&nbsp; $7.65 |
| Class R6 | &nbsp;&nbsp; $9.78 | &nbsp;&nbsp; $12.10 | &nbsp;&nbsp; $7.43 |

---

*See Notes to Financial Statements*

------

**VIRTUS ASSET TRUST**

**STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Continued)**

**December 31, 2025**

(Reported in thousands except shares and per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | **Ceredex Large-Cap** <br> **Value Equity Fund**<br>| **Ceredex Mid-Cap** <br> **Value Equity Fund**<br>| **Ceredex Small-Cap** <br> **Value Equity Fund**<br>|
| **Maximum Offering Price Per Share** (NAV/(1-Maximum Sales Charge)): |  |  |  |
| Class A | &nbsp;&nbsp; $9.67 | &nbsp;&nbsp; $12.32 | &nbsp;&nbsp; $7.11 |
| Maximum Sales Charge - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>|
| <sup>(1)</sup> Investment in securities at cost | &nbsp;&nbsp; $224662 | &nbsp;&nbsp; $924663 | &nbsp;&nbsp; $76239 |

---

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

<sup>(a)</sup> Amount is less than $500 (not in thousands).

\* Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. 

*See Notes to Financial Statements*

------

**VIRTUS ASSET TRUST**

**STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Continued)**

**December 31, 2025**

(Reported in thousands except shares and per share amounts)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **SGA International** <br> **Growth Fund**<br>| **Silvant Large-Cap** <br> **Growth Stock Fund**<br>| **Zevenbergen** <br> **Innovative Growth** <br> **Stock Fund**<br>|
| **Assets** |  |  |  |
| Investment in securities at value<sup>(1)</sup><sup>(2)</sup> | &nbsp;&nbsp; $291225 | &nbsp;&nbsp; $255889 | &nbsp;&nbsp; $448491 |
| Cash  | &nbsp;&nbsp; 3380 | &nbsp;&nbsp; 4211 | &nbsp;&nbsp; 5975 |
| Receivables |  |  |  |
| Fund shares sold  | &nbsp;&nbsp; 328 | &nbsp;&nbsp; 186 | &nbsp;&nbsp; 130 |
| Dividends | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 16 |
| Tax reclaims  | &nbsp;&nbsp; 1208 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Securities lending income | &nbsp;&nbsp; 36 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Foreign capital gains tax refund  | &nbsp;&nbsp; 324 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Prepaid expenses  | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 10 |
| Other assets  | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 75 |
| Total assets | &nbsp;&nbsp; 296613 | &nbsp;&nbsp; 260367 | &nbsp;&nbsp; 454697 |
| **Liabilities** |  |  |  |
| Due to custodian | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payables |  |  |  |
| Fund shares repurchased  | &nbsp;&nbsp; 504 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 704 |
| Collateral on securities loaned | &nbsp;&nbsp; 12805 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Dividend distributions  | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Investment advisory fees  | &nbsp;&nbsp; 244 | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 301 |
| Distribution and service fees  | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 25 |
| Administration and accounting fees | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 72 |
| Transfer agent and sub-transfer agent fees and expenses | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 95 |
| Professional fees  | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 25 |
| Trustee deferred compensation plan  | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 75 |
| Interest expense and/or commitment fees | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 3 |
| Other accrued expenses | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 35 |
| Total liabilities | &nbsp;&nbsp; 13798 | &nbsp;&nbsp; 337 | &nbsp;&nbsp; 1335 |
| **Commitments and contingencies (Note 3D)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net Assets** | &nbsp;&nbsp; $282815 | &nbsp;&nbsp; $260030 | &nbsp;&nbsp; $453362 |
| **Net Assets Consist of:** |  |  |  |
| Capital paid in on shares of beneficial interest | &nbsp;&nbsp; $251173 | &nbsp;&nbsp; $84232 | &nbsp;&nbsp; $170729 |
| Accumulated earnings (loss) | &nbsp;&nbsp; 31642 | &nbsp;&nbsp; 175798 | &nbsp;&nbsp; 282633 |
| **Net Assets** | &nbsp;&nbsp; $282815 | &nbsp;&nbsp; $260030 | &nbsp;&nbsp; $453362 |
| **Net Assets:** |  |  |  |
| Class A | &nbsp;&nbsp; $101065 | &nbsp;&nbsp; $149607 | &nbsp;&nbsp; $113113 |
| Class C | &nbsp;&nbsp; $1216 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Class I | &nbsp;&nbsp; $148040 | &nbsp;&nbsp; $106778 | &nbsp;&nbsp; $314545 |
| Class R6 | &nbsp;&nbsp; $32494 | &nbsp;&nbsp; $3645 | &nbsp;&nbsp; $25704 |
| **Shares Outstanding (unlimited number of shares authorized, no par value):** |  |  |  |
| Class A | &nbsp;&nbsp; 14025178 | &nbsp;&nbsp; 14626940 | &nbsp;&nbsp; 1919144 |
| Class C | &nbsp;&nbsp; 160652 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class I | &nbsp;&nbsp; 19425647 | &nbsp;&nbsp; 5866564 | &nbsp;&nbsp; 4918715 |
| Class R6 | &nbsp;&nbsp; 4218110 | &nbsp;&nbsp; 196645 | &nbsp;&nbsp; 399864 |
| **Net Asset Value and Redemption Price Per Share:**<sup>\*</sup> <br>|  |  |  |
| Class A | &nbsp;&nbsp; $7.21 | &nbsp;&nbsp; $10.23 | &nbsp;&nbsp; $58.94 |
| Class C | &nbsp;&nbsp; $7.57 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Class I | &nbsp;&nbsp; $7.62 | &nbsp;&nbsp; $18.20 | &nbsp;&nbsp; $63.95 |
| Class R6 | &nbsp;&nbsp; $7.70 | &nbsp;&nbsp; $18.53 | &nbsp;&nbsp; $64.28 |

---

*See Notes to Financial Statements*

------

**VIRTUS ASSET TRUST**

**STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Continued)**

**December 31, 2025**

(Reported in thousands except shares and per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | **SGA International** <br> **Growth Fund**<br>| **Silvant Large-Cap** <br> **Growth Stock Fund**<br>| **Zevenbergen** <br> **Innovative Growth** <br> **Stock Fund**<br>|
| **Maximum Offering Price Per Share** (NAV/(1-Maximum Sales Charge)): |  |  |  |
| Class A | &nbsp;&nbsp; $7.63 | &nbsp;&nbsp; $10.83 | &nbsp;&nbsp; $62.37 |
| Maximum Sales Charge - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>|
| <sup>(1)</sup> Investment in securities at cost | &nbsp;&nbsp; $252066 | &nbsp;&nbsp; $81671 | &nbsp;&nbsp; $179478 |
| <sup>(2)</sup> Market value of securities on loan | &nbsp;&nbsp; $12426 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

<sup>(a)</sup> Amount is less than $500 (not in thousands).

\* Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. 

*See Notes to Financial Statements*

------

**VIRTUS ASSET TRUST**

**STATEMENTS OF OPERATIONS (FORM N-CSR ITEM 7)** 

**YEAR ENDED December 31, 2025**

($ reported in thousands)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Ceredex Large-Cap** <br> **Value Equity Fund**<br>| **Ceredex Mid-Cap** <br> **Value Equity Fund**<br>| **Ceredex Small-Cap** <br> **Value Equity Fund**<br>|
| **Investment Income** |  |  |  |
| Dividends  | &nbsp;&nbsp;&nbsp; $10684 | &nbsp;&nbsp;&nbsp; $24292 | &nbsp;&nbsp;&nbsp; $2092 |
| Securities lending, net of fees | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; — |
| Foreign taxes withheld  | &nbsp;&nbsp;&nbsp; (53)<br>| &nbsp;&nbsp;&nbsp; (44)<br>| &nbsp;&nbsp;&nbsp; (4)<br>|
| Total investment income | &nbsp;&nbsp;&nbsp; 10637 | &nbsp;&nbsp;&nbsp; 24255 | &nbsp;&nbsp;&nbsp; 2088 |
| **Expenses** |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 3610 | &nbsp;&nbsp;&nbsp; 9782 | &nbsp;&nbsp;&nbsp; 716 |
| Distribution and service fees, Class A | &nbsp;&nbsp;&nbsp; 221 | &nbsp;&nbsp;&nbsp; 349 | &nbsp;&nbsp;&nbsp; 58 |
| Distribution and service fees, Class C | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp; 4 |
| Administration and accounting fees | &nbsp;&nbsp;&nbsp; 538 | &nbsp;&nbsp;&nbsp; 1370 | &nbsp;&nbsp;&nbsp; 121 |
| Transfer agent fees and expenses | &nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp; 589 | &nbsp;&nbsp;&nbsp; 42 |
| Sub-transfer agent fees and expenses, Class A | &nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp; 219 | &nbsp;&nbsp;&nbsp; 40 |
| Sub-transfer agent fees and expenses, Class C | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Sub-transfer agent fees and expenses, Class I | &nbsp;&nbsp;&nbsp; 429 | &nbsp;&nbsp;&nbsp; 1269 | &nbsp;&nbsp;&nbsp; 40 |
| Custodian fees  | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 1 |
| Printing fees and expenses  | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp; 18 |
| Professional fees  | &nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp; 28 |
| Interest expense and/or commitment fees | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 1 |
| Registration fees  | &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; 44 |
| Trustees' fees and expenses  | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp; 7 |
| Miscellaneous expenses | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp; 12 |
| Total expenses | &nbsp;&nbsp;&nbsp; 5380 | &nbsp;&nbsp;&nbsp; 14137 | &nbsp;&nbsp;&nbsp; 1132 |
| Less net expenses reimbursed and/or waived by investment adviser<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; (600)<br>| &nbsp;&nbsp;&nbsp; (398)<br>| &nbsp;&nbsp;&nbsp; (221)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 4780 | &nbsp;&nbsp;&nbsp; 13739 | &nbsp;&nbsp;&nbsp; 911 |
| **Net investment income (loss)** | &nbsp;&nbsp;&nbsp; 5857 | &nbsp;&nbsp;&nbsp; 10516 | &nbsp;&nbsp;&nbsp; 1177 |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; 63329 | &nbsp;&nbsp;&nbsp; 199885 | &nbsp;&nbsp;&nbsp; (5280)<br>|
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; (9431)<br>| &nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp; 5101 |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| **Net realized and unrealized gain (loss) on investments** | &nbsp;&nbsp;&nbsp; 53898 | &nbsp;&nbsp;&nbsp; 199973 | &nbsp;&nbsp;&nbsp; (179)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $59755 | &nbsp;&nbsp;&nbsp; $210489 | &nbsp;&nbsp;&nbsp; $998 |

---

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

<sup>(a)</sup> Amount is less than $500 (not in thousands).

<sup>(1)</sup> See Note 3D in Notes to Financial Statements.

*See Notes to Financial Statements*

------

**VIRTUS ASSET TRUST**

**STATEMENTS OF OPERATIONS (FORM N-CSR ITEM 7) (Continued)**

**YEAR ENDED December 31, 2025**

($ reported in thousands)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **SGA International** <br> **Growth Fund**<br>| **Silvant Large-Cap** <br> **Growth Stock Fund**<br>| **Zevenbergen** <br> **Innovative Growth** <br> **Stock Fund**<br>|
| **Investment Income** |  |  |  |
| Dividends  | &nbsp;&nbsp;&nbsp; $4642 | &nbsp;&nbsp;&nbsp; $1249 | &nbsp;&nbsp;&nbsp; $348 |
| European Union tax reclaims<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Securities lending, net of fees | &nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; — |
| Foreign taxes withheld  | &nbsp;&nbsp;&nbsp; (420)<br>| &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp;&nbsp; 4538 | &nbsp;&nbsp;&nbsp; 1248 | &nbsp;&nbsp;&nbsp; 348 |
| **Expenses** |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 2840 | &nbsp;&nbsp;&nbsp; 1621 | &nbsp;&nbsp;&nbsp; 4034 |
| Distribution and service fees, Class A | &nbsp;&nbsp;&nbsp; 268 | &nbsp;&nbsp;&nbsp; 349 | &nbsp;&nbsp;&nbsp; 308 |
| Distribution and service fees, Class C | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Administration and accounting fees | &nbsp;&nbsp;&nbsp; 354 | &nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp; 524 |
| Transfer agent fees and expenses | &nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp; 220 |
| Sub-transfer agent fees and expenses, Class A | &nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp; 146 |
| Sub-transfer agent fees and expenses, Class I | &nbsp;&nbsp;&nbsp; 177 | &nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp; 372 |
| European Union tax reclaim fees | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Custodian fees  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
| Printing fees and expenses  | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 41 |
| Professional fees  | &nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; 41 |
| Interest expense and/or commitment fees | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 12 |
| Registration fees  | &nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; 62 |
| Trustees' fees and expenses  | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 39 |
| Miscellaneous expenses | &nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 34 |
| Total expenses | &nbsp;&nbsp;&nbsp; 4175 | &nbsp;&nbsp;&nbsp; 2687 | &nbsp;&nbsp;&nbsp; 5834 |
| Less net expenses reimbursed and/or waived by investment adviser<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; (402)<br>| &nbsp;&nbsp;&nbsp; (542)<br>| &nbsp;&nbsp;&nbsp; (491)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 3773 | &nbsp;&nbsp;&nbsp; 2145 | &nbsp;&nbsp;&nbsp; 5343 |
| **Net investment income (loss)** | &nbsp;&nbsp;&nbsp; 765 | &nbsp;&nbsp;&nbsp; (897)<br>| &nbsp;&nbsp;&nbsp; (4995)<br>|
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; (5136)<br>| &nbsp;&nbsp;&nbsp; 5471 | &nbsp;&nbsp;&nbsp; 110232 |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; 35349 | &nbsp;&nbsp;&nbsp; 36412 | &nbsp;&nbsp;&nbsp; (58530)<br>|
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Net realized and unrealized gain (loss) on investments** | &nbsp;&nbsp;&nbsp; 30373 | &nbsp;&nbsp;&nbsp; 41883 | &nbsp;&nbsp;&nbsp; 51702 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $31138 | &nbsp;&nbsp;&nbsp; $40986 | &nbsp;&nbsp;&nbsp; $46707 |

---

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

<sup>(a)</sup> Amount is less than $500 (not in thousands).

<sup>(1)</sup> See Note 2C in Notes to Financial Statements.

<sup>(2)</sup> See Note 3D in Notes to Financial Statements.

*See Notes to Financial Statements*

------

**VIRTUS ASSET TRUST**

**STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7)** 

($ reported in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ceredex Large-Cap Value Equity** <br> **Fund** | **Ceredex Large-Cap Value Equity** <br> **Fund** | **Ceredex Mid-Cap Value Equity Fund** | **Ceredex Mid-Cap Value Equity Fund** |
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>| **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $5857 | &nbsp;&nbsp;&nbsp; $7197 | &nbsp;&nbsp;&nbsp; $10516 | &nbsp;&nbsp;&nbsp; $16079 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 63329 | &nbsp;&nbsp;&nbsp; 117669 | &nbsp;&nbsp;&nbsp; 199884 | &nbsp;&nbsp;&nbsp; 263848 |
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; (9431)<br>| &nbsp;&nbsp;&nbsp; (56376)<br>| &nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp; (80268)<br>|
| **Increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; 59755 | &nbsp;&nbsp;&nbsp; 68490 | &nbsp;&nbsp;&nbsp; 210489 | &nbsp;&nbsp;&nbsp; 199659 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| **Net Investment Income and Net Realized Gains:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (13877)<br>| &nbsp;&nbsp;&nbsp; (16261)<br>| &nbsp;&nbsp;&nbsp; (21797)<br>| &nbsp;&nbsp;&nbsp; (10971)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (142)<br>| &nbsp;&nbsp;&nbsp; (253)<br>| &nbsp;&nbsp;&nbsp; (723)<br>| &nbsp;&nbsp;&nbsp; (452)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (14822)<br>| &nbsp;&nbsp;&nbsp; (55829)<br>| &nbsp;&nbsp;&nbsp; (103681)<br>| &nbsp;&nbsp;&nbsp; (84645)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (15099)<br>| &nbsp;&nbsp;&nbsp; (42232)<br>| &nbsp;&nbsp;&nbsp; (51842)<br>| &nbsp;&nbsp;&nbsp; (30885)<br>|
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; (43940)<br>| &nbsp;&nbsp;&nbsp; (114575)<br>| &nbsp;&nbsp;&nbsp; (178043)<br>| &nbsp;&nbsp;&nbsp; (126953)<br>|
| **Change in Net Assets from Capital Transactions (See Note 5):** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 9371 | &nbsp;&nbsp;&nbsp; (13137)<br>| &nbsp;&nbsp;&nbsp; (6922)<br>| &nbsp;&nbsp;&nbsp; (33454)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (312)<br>| &nbsp;&nbsp;&nbsp; (217)<br>| &nbsp;&nbsp;&nbsp; (1498)<br>| &nbsp;&nbsp;&nbsp; (3023)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (216595)<br>| &nbsp;&nbsp;&nbsp; (67982)<br>| &nbsp;&nbsp;&nbsp; (575641)<br>| &nbsp;&nbsp;&nbsp; (358932)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (152246)<br>| &nbsp;&nbsp;&nbsp; 1171 | &nbsp;&nbsp;&nbsp; (72893)<br>| &nbsp;&nbsp;&nbsp; (195442)<br>|
| **Increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; (359782)<br>| &nbsp;&nbsp;&nbsp; (80165)<br>| &nbsp;&nbsp;&nbsp; (656954)<br>| &nbsp;&nbsp;&nbsp; (590851)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; (343967)<br>| &nbsp;&nbsp;&nbsp; (126250)<br>| &nbsp;&nbsp;&nbsp; (624508)<br>| &nbsp;&nbsp;&nbsp; (518145)<br>|
| **Net Assets** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 602801 | &nbsp;&nbsp;&nbsp; 729051 | &nbsp;&nbsp;&nbsp; 1676409 | &nbsp;&nbsp;&nbsp; 2194554 |
| **End of Period** | &nbsp;&nbsp;&nbsp; $258834 | &nbsp;&nbsp;&nbsp; $602801 | &nbsp;&nbsp;&nbsp; $1051901 | &nbsp;&nbsp;&nbsp; $1676409 |

---

*See Notes to Financial Statements*

------

**VIRTUS ASSET TRUST**

**STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7) (Continued)**

($ reported in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ceredex Small-Cap Value Equity** <br> **Fund** | **Ceredex Small-Cap Value Equity** <br> **Fund** | **SGA International Growth Fund** | **SGA International Growth Fund** |
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>| **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $1177 | &nbsp;&nbsp;&nbsp; $1103 | &nbsp;&nbsp;&nbsp; $765 | &nbsp;&nbsp;&nbsp; $1179 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (5280)<br>| &nbsp;&nbsp;&nbsp; 10894 | &nbsp;&nbsp;&nbsp; (5112)<br>| &nbsp;&nbsp;&nbsp; 168002 |
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; 5101 | &nbsp;&nbsp;&nbsp; (3240)<br>| &nbsp;&nbsp;&nbsp; 35485 | &nbsp;&nbsp;&nbsp; (216251)<br>|
| **Increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; 998 | &nbsp;&nbsp;&nbsp; 8757 | &nbsp;&nbsp;&nbsp; 31138 | &nbsp;&nbsp;&nbsp; (47070)<br>|
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| **Net Investment Income and Net Realized Gains:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (127)<br>| &nbsp;&nbsp;&nbsp; (3307)<br>| &nbsp;&nbsp;&nbsp; (1296)<br>| &nbsp;&nbsp;&nbsp; (25691)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; (71)<br>| &nbsp;&nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp; (583)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (243)<br>| &nbsp;&nbsp;&nbsp; (3506)<br>| &nbsp;&nbsp;&nbsp; (2030)<br>| &nbsp;&nbsp;&nbsp; (54534)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (585)<br>| &nbsp;&nbsp;&nbsp; (6076)<br>| &nbsp;&nbsp;&nbsp; (791)<br>| &nbsp;&nbsp;&nbsp; (9237)<br>|
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; (960)<br>| &nbsp;&nbsp;&nbsp; (12960)<br>| &nbsp;&nbsp;&nbsp; (4133)<br>| &nbsp;&nbsp;&nbsp; (90045)<br>|
| **Change in Net Assets from Capital Transactions (See Note 5):** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (5374)<br>| &nbsp;&nbsp;&nbsp; (1829)<br>| &nbsp;&nbsp;&nbsp; (9626)<br>| &nbsp;&nbsp;&nbsp; 131504 |
| Class C | &nbsp;&nbsp;&nbsp; (20)<br>| &nbsp;&nbsp;&nbsp; (90)<br>| &nbsp;&nbsp;&nbsp; (1166)<br>| &nbsp;&nbsp;&nbsp; 3149 |
| Class I | &nbsp;&nbsp;&nbsp; (8632)<br>| &nbsp;&nbsp;&nbsp; (4203)<br>| &nbsp;&nbsp;&nbsp; (93929)<br>| &nbsp;&nbsp;&nbsp; 246831 |
| Class R6 | &nbsp;&nbsp;&nbsp; (3360)<br>| &nbsp;&nbsp;&nbsp; 19051 | &nbsp;&nbsp;&nbsp; (10646)<br>| &nbsp;&nbsp;&nbsp; 47808 |
| **Increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; (17386)<br>| &nbsp;&nbsp;&nbsp; 12929 | &nbsp;&nbsp;&nbsp; (115367)<br>| &nbsp;&nbsp;&nbsp; 429292 |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; (17348)<br>| &nbsp;&nbsp;&nbsp; 8726 | &nbsp;&nbsp;&nbsp; (88362)<br>| &nbsp;&nbsp;&nbsp; 292177 |
| **Net Assets** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 108875 | &nbsp;&nbsp;&nbsp; 100149 | &nbsp;&nbsp;&nbsp; 371177 | &nbsp;&nbsp;&nbsp; 79000 |
| **End of Period** | &nbsp;&nbsp;&nbsp; $91527 | &nbsp;&nbsp;&nbsp; $108875 | &nbsp;&nbsp;&nbsp; $282815 | &nbsp;&nbsp;&nbsp; $371177 |

---

*See Notes to Financial Statements*

------

**VIRTUS ASSET TRUST**

**STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7) (Continued)**

($ reported in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Silvant Large-Cap Growth Stock** <br> **Fund** | **Silvant Large-Cap Growth Stock** <br> **Fund** | **Zevenbergen Innovative Growth** <br> **Stock Fund** | **Zevenbergen Innovative Growth** <br> **Stock Fund** |
|  | **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>| **Year Ended** <br>**December 31,** <br>**2025**<br>| **Year Ended** <br>**December 31,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $(897)<br>| &nbsp;&nbsp;&nbsp; $(661)<br>| &nbsp;&nbsp;&nbsp; $(4995)<br>| &nbsp;&nbsp;&nbsp; $(5420)<br>|
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 5471 | &nbsp;&nbsp;&nbsp; 2089 | &nbsp;&nbsp;&nbsp; 110232 | &nbsp;&nbsp;&nbsp; 55508 |
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; 36412 | &nbsp;&nbsp;&nbsp; 47312 | &nbsp;&nbsp;&nbsp; (58530)<br>| &nbsp;&nbsp;&nbsp; 111735 |
| **Increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; 40986 | &nbsp;&nbsp;&nbsp; 48740 | &nbsp;&nbsp;&nbsp; 46707 | &nbsp;&nbsp;&nbsp; 161823 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| **Net Investment Income and Net Realized Gains:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (3196)<br>| &nbsp;&nbsp;&nbsp; (1219)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class I | &nbsp;&nbsp;&nbsp; (1263)<br>| &nbsp;&nbsp;&nbsp; (273)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp;&nbsp; (42)<br>| &nbsp;&nbsp;&nbsp; (63)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; (4501)<br>| &nbsp;&nbsp;&nbsp; (1555)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Change in Net Assets from Capital Transactions (See Note 5):** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (9106)<br>| &nbsp;&nbsp;&nbsp; (6201)<br>| &nbsp;&nbsp;&nbsp; (29309)<br>| &nbsp;&nbsp;&nbsp; (34894)<br>|
| Class I | &nbsp;&nbsp;&nbsp; 25826 | &nbsp;&nbsp;&nbsp; 25580 | &nbsp;&nbsp;&nbsp; (95696)<br>| &nbsp;&nbsp;&nbsp; (120780)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (913)<br>| &nbsp;&nbsp;&nbsp; 1810 | &nbsp;&nbsp;&nbsp; (8881)<br>| &nbsp;&nbsp;&nbsp; (1273)<br>|
| **Increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; 15807 | &nbsp;&nbsp;&nbsp; 21189 | &nbsp;&nbsp;&nbsp; (133886)<br>| &nbsp;&nbsp;&nbsp; (156947)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; 52292 | &nbsp;&nbsp;&nbsp; 68374 | &nbsp;&nbsp;&nbsp; (87179)<br>| &nbsp;&nbsp;&nbsp; 4876 |
| **Net Assets** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 207738 | &nbsp;&nbsp;&nbsp; 139364 | &nbsp;&nbsp;&nbsp; 540541 | &nbsp;&nbsp;&nbsp; 535665 |
| **End of Period** | &nbsp;&nbsp;&nbsp; $260030 | &nbsp;&nbsp;&nbsp; $207738 | &nbsp;&nbsp;&nbsp; $453362 | &nbsp;&nbsp;&nbsp; $540541 |

---

*See Notes to Financial Statements*

------

**VIRTUS ASSET TRUST**

**FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7)**

**SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING**

**THROUGHOUT EACH PERIOD**

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

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,** <br>**Beginning of Period** | **Net Investment Income (Loss)**<sup>(1)</sup> <br>| **Net Realized** <br>**and Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from** <br>**Net Investment Income** | **Distributions from** <br>**Net Realized Gains** | **Total Distributions** | **Payments from Affiliates**<sup>(1)</sup> <br>| **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return**<sup>(2)(3)(4)</sup> <br>| **Net Assets, End of Period** <br>**(in thousands)** | **Ratio of Net Expenses to** <br>**Average Net Assets**<sup>(5)(6)</sup> <br>| **Ratio of Gross Expenses to** <br>**Average Net Assets**<sup>(5)(6)</sup> <br>| **Ratio of Net Investment Income (Loss)** <br>**to Average Net Assets**<sup>(5)(7)</sup> <br>| **Portfolio Turnover Rate**<sup>(2)</sup> <br>|
| **Ceredex Large-Cap Value Equity** <br> **Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $9.64  | 0.08  | 1.03  | 1.11  | (0.31)  | (1.30)  | (1.61)  | —  | (0.50)  | $9.14  | 11.77 %  | $90099  | 1.24 %  | 1.25 %  | 0.83 %  | 157 %  |
| 1/1/24 to 12/31/24 | 10.75  | 0.08  | 1.00  | 1.08  | (0.11)  | (2.08)  | (2.19)  | —  | (1.11)  | 9.64  | 10.26  | 84613  | 1.24  | 1.25  | 0.75  | 112  |
| 1/1/23 to 12/31/23 | 9.62  | 0.11  | 1.28  | 1.39  | (0.15)  | (0.11)  | (0.26)  | —  | 1.13  | 10.75  | 14.57  | 104316  | 1.24  | 1.27  | 1.12  | 132  |
| 1/1/22 to 12/31/22 | 12.54  | 0.07  | (1.90)  | (1.83)  | (0.11)  | (0.98)  | (1.09)  | — <sup>(8)</sup> <br>| (2.92)  | 9.62  | (14.34)  | 138781  | 1.26 <sup>(9)</sup> <br>| 1.28  | 0.64  | 146  |
| 1/1/21 to 12/31/21 | 13.29  | 0.08  | 3.15  | 3.23  | (0.10)  | (3.88)  | (3.98)  | —  | (0.75)  | 12.54  | 25.24  | 195762  | 1.24 <sup>(10)(11)</sup> <br>| 1.24  | 0.55  | 159  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $9.05  | 0.03  | 0.96  | 0.99  | (0.25)  | (1.30)  | (1.55)  | —  | (0.56)  | $8.49  | 11.25 %  | $878  | 1.72 %  | 2.05 %  | 0.33 %  | 157 %  |
| 1/1/24 to 12/31/24 | 10.23  | 0.03  | 0.94  | 0.97  | (0.07)  | (2.08)  | (2.15)  | —  | (1.18)  | 9.05  | 9.68  | 1237  | 1.72  | 2.04  | 0.26  | 112  |
| 1/1/23 to 12/31/23 | 9.14  | 0.06  | 1.20  | 1.26  | (0.06)  | (0.11)  | (0.17)  | —  | 1.09  | 10.23  | 13.95  | 1581  | 1.72  | 2.02  | 0.61  | 132  |
| 1/1/22 to 12/31/22 | 11.95  | 0.02  | (1.80)  | (1.78)  | (0.05)  | (0.98)  | (1.03)  | — <sup>(8)</sup> <br>| (2.81)  | 9.14  | (14.64)  | 2277  | 1.73 <sup>(9)</sup> <br>| 1.96  | 0.16  | 146  |
| 1/1/21 to 12/31/21 | 12.82  | 0.01  | 3.02  | 3.03  | (0.02)  | (3.88)  | (3.90)  | —  | (0.87)  | 11.95  | 24.57  | 3294  | 1.72  | 1.92  | 0.06  | 159  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $9.96  | 0.11  | 1.07  | 1.18  | (0.16)  | (1.30)  | (1.46)  | —  | (0.28)  | $9.68  | 12.08 %  | $84733  | 0.97 %  | 1.08 %  | 1.03 %  | 157 %  |
| 1/1/24 to 12/31/24 | 11.04  | 0.12  | 1.02  | 1.14  | (0.14)  | (2.08)  | (2.22)  | —  | (1.08)  | 9.96  | 10.51  | 291616  | 0.97  | 1.10  | 1.01  | 112  |
| 1/1/23 to 12/31/23 | 9.86  | 0.14  | 1.31  | 1.45  | (0.16)  | (0.11)  | (0.27)  | —  | 1.18  | 11.04  | 14.87  | 380748  | 0.97  | 1.12  | 1.42  | 132  |
| 1/1/22 to 12/31/22 | 12.79  | 0.10  | (1.93)  | (1.83)  | (0.12)  | (0.98)  | (1.10)  | — <sup>(8)</sup> <br>| (2.93)  | 9.86  | (14.07)  | 327199  | 0.98 <sup>(9)</sup> <br>| 1.08  | 0.88  | 146  |
| 1/1/21 to 12/31/21 | 13.50  | 0.12  | 3.20  | 3.32  | (0.15)  | (3.88)  | (4.03)  | —  | (0.71)  | 12.79  | 25.48  | 632220  | 0.97  | 1.00  | 0.82  | 159  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $10.10  | 0.14  | 1.08  | 1.22  | (0.24)  | (1.30)  | (1.54)  | —  | (0.32)  | $9.78  | 12.38 %  | $83124  | 0.72 %  | 0.89 %  | 1.37 %  | 157 %  |
| 1/1/24 to 12/31/24 | 11.17  | 0.15  | 1.04  | 1.19  | (0.18)  | (2.08)  | (2.26)  | —  | (1.07)  | 10.10  | 10.87  | 225335  | 0.72  | 0.89  | 1.26  | 112  |
| 1/1/23 to 12/31/23 | 9.99  | 0.17  | 1.32  | 1.49  | (0.20)  | (0.11)  | (0.31)  | —  | 1.18  | 11.17  | 15.09  | 242406  | 0.72  | 0.87  | 1.65  | 132  |
| 1/1/22 to 12/31/22 | 12.96  | 0.13  | (1.96)  | (1.83)  | (0.16)  | (0.98)  | (1.14)  | — <sup>(8)</sup> <br>| (2.97)  | 9.99  | (13.85)  | 268455  | 0.73 <sup>(9)</sup> <br>| 0.87  | 1.14  | 146  |
| 1/1/21 to 12/31/21 | 13.61  | 0.16  | 3.23  | 3.39  | (0.16)  | (3.88)  | (4.04)  | —  | (0.65)  | 12.96  | 25.85  | 406381  | 0.72  | 0.83  | 1.05  | 159  |
| **Ceredex Mid-Cap Value Equity** <br> **Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $11.70  | 0.06  | 1.89  | 1.95  | (0.11)  | (1.90)  | (2.01)  | —  | (0.06)  | $11.64  | 17.24 %  | $140367  | 1.31 % <sup>(11)</sup> <br>| 1.31 %  | 0.48 %  | 192 %  |
| 1/1/24 to 12/31/24 | 11.52  | 0.06  | 1.05  | 1.11  | (0.10)  | (0.83)  | (0.93)  | —  | 0.18  | 11.70  | 9.76  | 146811  | 1.29 <sup>(11)</sup> <br>| 1.29  | 0.51  | 141  |
| 1/1/23 to 12/31/23 | 10.51  | 0.06  | 1.06  | 1.12  | (0.11)  | —  | (0.11)  | —  | 1.01  | 11.52  | 10.63  | 175541  | 1.29 <sup>(11)</sup> <br>| 1.29  | 0.56  | 140  |
| 1/1/22 to 12/31/22 | 13.14  | 0.05  | (1.98)  | (1.93)  | (0.07)  | (0.63)  | (0.70)  | —  | (2.63)  | 10.51  | (14.22)  | 208364  | 1.29 <sup>(9)(11)</sup> <br>| 1.29  | 0.45  | 166  |
| 1/1/21 to 12/31/21 | 12.15  | 0.01  | 3.42  | 3.43  | —  | (2.44)  | (2.44)  | —  | 0.99  | 13.14  | 28.73  | 280185  | 1.28 <sup>(11)</sup> <br>| 1.28  | 0.05  | 157  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $11.20  | — <sup>(8)</sup> <br>| 1.81  | 1.81  | (0.04)  | (1.90)  | (1.94)  | —  | (0.13)  | $11.07  | 16.76 %  | $4496  | 1.76 %  | 2.01 %  | 0.03 %  | 192 %  |
| 1/1/24 to 12/31/24 | 11.06  | — <sup>(8)</sup> <br>| 1.00  | 1.00  | (0.03)  | (0.83)  | (0.86)  | —  | 0.14  | 11.20  | 9.17  | 6037  | 1.76  | 2.00  | 0.03  | 141  |
| 1/1/23 to 12/31/23 | 10.08  | 0.01  | 1.01  | 1.02  | (0.04)  | —  | (0.04)  | —  | 0.98  | 11.06  | 10.10  | 8833  | 1.76  | 1.91  | 0.07  | 140  |
| 1/1/22 to 12/31/22 | 12.63  | (0.01)  | (1.89)  | (1.90)  | (0.02)  | (0.63)  | (0.65)  | —  | (2.55)  | 10.08  | (14.62)  | 13743  | 1.80 <sup>(9)</sup> <br>| 2.01  | (0.12)  | 166  |
| 1/1/21 to 12/31/21 | 11.82  | (0.06)  | 3.31  | 3.25  | —  | (2.44)  | (2.44)  | —  | 0.81  | 12.63  | 28.01  | 26690  | 1.79  | 1.97  | (0.46)  | 157  |

---

The footnote legend is at the end of the financial highlights.

*See Notes to Financial Statements*

------

**VIRTUS ASSET TRUST**

**FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)**

**SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING**

**THROUGHOUT EACH PERIOD**

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,** <br>**Beginning of Period** | **Net Investment Income (Loss)**<sup>(1)</sup> | **Net Realized** <br>**and Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from** <br>**Net Investment Income** | **Distributions from** <br>**Net Realized Gains** | **Total Distributions** | **Payments from Affiliates**<sup>(1)</sup> | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return**<sup>(2)(3)(4)</sup> | **Net Assets, End of Period** <br>**(in thousands)** | **Ratio of Net Expenses to** <br>**Average Net Assets**<sup>(5)(6)</sup> | **Ratio of Gross Expenses to** <br>**Average Net Assets**<sup>(5)(6)</sup> | **Ratio of Net Investment Income (Loss)** <br>**to Average Net Assets**<sup>(5)(7)</sup> | **Portfolio Turnover Rate**<sup>(2)</sup> |
| **Ceredex Mid-Cap Value Equity** <br> **Fund (Continued)**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $12.00  | 0.09  | 1.96  | 2.05  | (0.08)  | (1.90)  | (1.98)  | —  | 0.07  | $12.07  | 17.66 %  | $582333  | 1.04 % <sup>(11)</sup> <br>| 1.04 %  | 0.72 %  | 192 %  |
| 1/1/24 to 12/31/24 | 11.80  | 0.10  | 1.06  | 1.16  | (0.13)  | (0.83)  | (0.96)  | —  | 0.20  | 12.00  | 9.95  | 1131149  | 1.01 <sup>(11)</sup> <br>| 1.01  | 0.79  | 141  |
| 1/1/23 to 12/31/23 | 10.76  | 0.09  | 1.09  | 1.18  | (0.14)  | —  | (0.14)  | —  | 1.04  | 11.80  | 10.97  | 1441449  | 1.02 <sup>(11)</sup> <br>| 1.02  | 0.85  | 140  |
| 1/1/22 to 12/31/22 | 13.41  | 0.08  | (2.01)  | (1.93)  | (0.09)  | (0.63)  | (0.72)  | —  | (2.65)  | 10.76  | (13.92)  | 1608611  | 1.02 <sup>(9)(11)</sup> <br>| 1.02  | 0.70  | 166  |
| 1/1/21 to 12/31/21 | 12.37  | 0.05  | 3.48  | 3.53  | (0.05)  | (2.44)  | (2.49)  | —  | 1.04  | 13.41  | 28.99  | 2383753  | 1.00 <sup>(11)</sup> <br>| 1.00  | 0.34  | 157  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $12.07  | 0.12  | 1.98  | 2.10  | (0.17)  | (1.90)  | (2.07)  | —  | 0.03  | $12.10  | 17.92 %  | $324705  | 0.79 %  | 0.90 %  | 1.00 %  | 192 %  |
| 1/1/24 to 12/31/24 | 11.86  | 0.13  | 1.07  | 1.20  | (0.16)  | (0.83)  | (0.99)  | —  | 0.21  | 12.07  | 10.24  | 392412  | 0.79  | 0.88  | 1.00  | 141  |
| 1/1/23 to 12/31/23 | 10.81  | 0.12  | 1.09  | 1.21  | (0.16)  | —  | (0.16)  | —  | 1.05  | 11.86  | 11.21  | 568731  | 0.79  | 0.87  | 1.06  | 140  |
| 1/1/22 to 12/31/22 | 13.48  | 0.11  | (2.03)  | (1.92)  | (0.12)  | (0.63)  | (0.75)  | —  | (2.67)  | 10.81  | (13.76)  | 726488  | 0.80 <sup>(9)</sup> <br>| 0.88  | 0.94  | 166  |
| 1/1/21 to 12/31/21 | 12.42  | 0.08  | 3.50  | 3.58  | (0.08)  | (2.44)  | (2.52)  | —  | 1.06  | 13.48  | 29.34  | 999171  | 0.79  | 0.85  | 0.54  | 157  |
| **Ceredex Small-Cap Value Equity** <br> **Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $6.69  | 0.05  | 0.02  | 0.07  | (0.04)  | —  | (0.04)  | —  | 0.03  | $6.72  | 1.05 %  | $20864  | 1.46 %  | 1.46 %  | 0.73 %  | 77 %  |
| 1/1/24 to 12/31/24 | 7.03  | 0.05  | 0.55  | 0.60  | (0.07)  | (0.87)  | (0.94)  | —  | (0.34)  | 6.69  | 8.67  | 26271  | 1.46  | 1.54  | 0.71  | 79  |
| 1/1/23 to 12/31/23 | 7.15  | 0.07  | 0.92  | 0.99  | (0.27)  | (0.84)  | (1.11)  | —  | (0.12)  | 7.03  | 14.30  | 29003  | 1.45  | 1.46  | 0.91  | 94  |
| 1/1/22 to 12/31/22 | 9.88  | 0.05  | (1.11)  | (1.06)  | (0.06)  | (1.61)  | (1.67)  | —  | (2.73)  | 7.15  | (10.31)  | 29680  | 1.47 <sup>(9)</sup> <br>| 1.50  | 0.52  | 73  |
| 1/1/21 to 12/31/21 | 9.31  | 0.04  | 2.41  | 2.45  | (0.09)  | (1.79)  | (1.88)  | —  | 0.57  | 9.88  | 26.91  | 53388  | 1.45 <sup>(12)</sup> <br>| 1.46  | 0.39  | 69  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $4.92  | 0.02  | 0.01  | 0.03  | (0.06)  | —  | (0.06)  | —  | (0.03)  | $4.89  | 0.61 %  | $412  | 1.81 %  | 2.18 %  | 0.39 %  | 77 %  |
| 1/1/24 to 12/31/24 | 5.41  | 0.02  | 0.42  | 0.44  | (0.06)  | (0.87)  | (0.93)  | —  | (0.49)  | 4.92  | 8.35  | 434  | 1.81  | 2.24  | 0.35  | 79  |
| 1/1/23 to 12/31/23 | 5.75  | 0.03  | 0.74  | 0.77  | (0.27)  | (0.84)  | (1.11)  | —  | (0.34)  | 5.41  | 13.95  | 548  | 1.80  | 2.15  | 0.53  | 94  |
| 1/1/22 to 12/31/22 | 8.38  | 0.01  | (0.94)  | (0.93)  | (0.09)  | (1.61)  | (1.70)  | —  | (2.63)  | 5.75  | (10.67)  | 646  | 1.83 <sup>(9)</sup> <br>| 2.28  | 0.19  | 73  |
| 1/1/21 to 12/31/21 | 8.11  | 0.01  | 2.08  | 2.09  | (0.03)  | (1.79)  | (1.82)  | —  | 0.27  | 8.38  | 26.42  | 987  | 1.84 <sup>(12)</sup> <br>| 2.20  | 0.06  | 69  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $7.61  | 0.10  | 0.02  | 0.12  | (0.08)  | —  | (0.08)  | —  | 0.04  | $7.65  | 1.61 %  | $22365  | 0.82 %  | 1.21 %  | 1.36 %  | 77 %  |
| 1/1/24 to 12/31/24 | 7.86  | 0.08  | 0.62  | 0.70  | (0.08)  | (0.87)  | (0.95)  | —  | (0.25)  | 7.61  | 9.00  | 30771  | 1.15  | 1.29  | 1.02  | 79  |
| 1/1/23 to 12/31/23 | 7.66  | 0.09  | 1.00  | 1.09  | (0.05)  | (0.84)  | (0.89)  | —  | 0.20  | 7.86  | 14.70  | 35343  | 1.14  | 1.22  | 1.11  | 94  |
| 1/1/22 to 12/31/22 | 10.48  | 0.08  | (1.18)  | (1.10)  | (0.11)  | (1.61)  | (1.72)  | —  | (2.82)  | 7.66  | (10.09)  | 159199  | 1.17 <sup>(9)</sup> <br>| 1.25  | 0.83  | 73  |
| 1/1/21 to 12/31/21 | 9.77  | 0.08  | 2.53  | 2.61  | (0.11)  | (1.79)  | (1.90)  | —  | 0.71  | 10.48  | 27.20  | 282308  | 1.18 <sup>(12)</sup> <br>| 1.20  | 0.68  | 69  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $7.39  | 0.10  | 0.03  | 0.13  | (0.09)  | —  | (0.09)  | —  | 0.04  | $7.43  | 1.76 %  | $47886  | 0.77 %  | 1.04 %  | 1.42 %  | 77 %  |
| 1/1/24 to 12/31/24 | 7.68  | 0.11  | 0.60  | 0.71  | (0.13)  | (0.87)  | (1.00)  | —  | (0.29)  | 7.39  | 9.34  | 51399  | 0.88  | 1.11  | 1.32  | 79  |
| 1/1/23 to 12/31/23 | 7.69  | 0.12  | 1.00  | 1.12  | (0.29)  | (0.84)  | (1.13)  | —  | (0.01)  | 7.68  | 14.97  | 35255  | 0.87  | 1.06  | 1.47  | 94  |
| 1/1/22 to 12/31/22 | 10.48  | 0.10  | (1.17)  | (1.07)  | (0.11)  | (1.61)  | (1.72)  | —  | (2.79)  | 7.69  | (9.79)  | 61439  | 0.89 <sup>(9)</sup> <br>| 1.06  | 1.06  | 73  |
| 1/1/21 to 12/31/21 | 9.79  | 0.11  | 2.54  | 2.65  | (0.17)  | (1.79)  | (1.96)  | —  | 0.69  | 10.48  | 27.61  | 129173  | 0.88  | 1.03  | 0.94  | 69  |

---

The footnote legend is at the end of the financial highlights.

*See Notes to Financial Statements*

------

**VIRTUS ASSET TRUST**

**FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)**

**SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING**

**THROUGHOUT EACH PERIOD**

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,** <br>**Beginning of Period** | **Net Investment Income (Loss)**<sup>(1)</sup> | **Net Realized** <br>**and Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from** <br>**Net Investment Income** | **Distributions from** <br>**Net Realized Gains** | **Total Distributions** | **Payments from Affiliates**<sup>(1)</sup> | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return**<sup>(2)(3)(4)</sup> | **Net Assets, End of Period** <br>**(in thousands)** | **Ratio of Net Expenses to** <br>**Average Net Assets**<sup>(5)(6)</sup> | **Ratio of Gross Expenses to** <br>**Average Net Assets**<sup>(5)(6)</sup> | **Ratio of Net Investment Income (Loss)** <br>**to Average Net Assets**<sup>(5)(7)</sup> | **Portfolio Turnover Rate**<sup>(2)</sup> |
| **SGA International Growth Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $6.67  | — <sup>(8)</sup> <br>| 0.63  | 0.63  | (0.02)  | (0.07)  | (0.09)  | —  | 0.54  | $7.21  | 9.39 %  | $101065  | 1.31 %  | 1.42 %  | 0.05 %  | 33 %  |
| 1/1/24 to 12/31/24 | 9.41  | 0.01  | (0.66)  | (0.65)  | — <sup>(8)</sup> <br>| (2.09)  | (2.09)  | —  | (2.74)  | 6.67  | (7.20)  | 102204  | 1.31 <sup>(13)</sup> <br>| 1.49  | 0.07  | 22 <sup>(14)</sup> <br>|
| 1/1/23 to 12/31/23 | 8.05  | 0.01  | 1.36  | 1.37  | —  | (0.01)  | (0.01)  | —  | 1.36  | 9.41  | 17.05  | 7708  | 1.32  | 1.57  | 0.09  | 10  |
| 1/1/22 to 12/31/22 | 10.45  | (0.02)  | (1.94)  | (1.96)  | —  | (0.44)  | (0.44)  | —  | (2.40)  | 8.05  | (18.42)  | 7530  | 1.33 <sup>(9)</sup> <br>| 1.62  | (0.20)  | 36  |
| 1/1/21 to 12/31/21 | 10.42  | (0.04)  | 0.90  | 0.86  | —  | (0.83)  | (0.83)  | —  | 0.03  | 10.45  | 8.36  | 7129  | 1.32  | 1.55  | (0.39)  | 44  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $7.03  | (0.05)  | 0.66  | 0.61  | —  | (0.07)  | (0.07)  | —  | 0.54  | $7.57  | 8.61 %  | $1216  | 2.06 %  | 2.09 %  | (0.69) %  | 33 %  |
| 3/8/2024<sup>(15)</sup> to 12/31/24 | 9.98  | (0.05)  | (0.81)  | (0.86)  | — <sup>(8)</sup> <br>| (2.09)  | (2.09)  | —  | (2.95)  | 7.03  | (8.94)  | 2234  | 2.06 <sup>(13)</sup> <br>| 2.09  | (0.65)  | 22 <sup>(14)</sup> <br>|
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $7.03  | 0.02  | 0.66  | 0.68  | (0.02)  | (0.07)  | (0.09)  | —  | 0.59  | $7.62  | 9.66 %  | $148040  | 1.06 %  | 1.18 %  | 0.31 %  | 33 %  |
| 1/1/24 to 12/31/24 | 9.77  | 0.03  | (0.68)  | (0.65)  | — <sup>(8)</sup> <br>| (2.09)  | (2.09)  | —  | (2.74)  | 7.03  | (6.95)  | 225840  | 1.06 <sup>(13)</sup> <br>| 1.24  | 0.33  | 22 <sup>(14)</sup> <br>|
| 1/1/23 to 12/31/23 | 8.36  | 0.03  | 1.41  | 1.44  | (0.02)  | (0.01)  | (0.03)  | —  | 1.41  | 9.77  | 17.25  | 64471  | 1.07  | 1.32  | 0.37  | 10  |
| 1/1/22 to 12/31/22 | 10.80  | — <sup>(8)</sup> <br>| (2.00)  | (2.00)  | —  | (0.44)  | (0.44)  | —  | (2.44)  | 8.36  | (18.19)  | 28164  | 1.08 <sup>(9)</sup> <br>| 1.37  | 0.03  | 36  |
| 1/1/21 to 12/31/21 | 10.72  | (0.02)  | 0.93  | 0.91  | —  | (0.83)  | (0.83)  | —  | 0.08  | 10.80  | 8.59  | 39493  | 1.07  | 1.29  | (0.14)  | 44  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $7.11  | 0.03  | 0.67  | 0.70  | (0.04)  | (0.07)  | (0.11)  | —  | 0.59  | $7.70  | 9.74 %  | $32494  | 0.96 %  | 1.08 %  | 0.36 %  | 33 %  |
| 1/1/24 to 12/31/24 | 9.85  | 0.04  | (0.69)  | (0.65)  | — <sup>(8)</sup> <br>| (2.09)  | (2.09)  | —  | (2.74)  | 7.11  | (6.89)  | 40899  | 0.96 <sup>(13)</sup> <br>| 1.11  | 0.43  | 22 <sup>(14)</sup> <br>|
| 1/1/23 to 12/31/23 | 8.42  | 0.04  | 1.43  | 1.47  | (0.03)  | (0.01)  | (0.04)  | —  | 1.43  | 9.85  | 17.53  | 6821  | 0.95  | 1.18  | 0.45  | 10  |
| 1/1/22 to 12/31/22 | 10.87  | 0.01  | (2.02)  | (2.01)  | —  | (0.44)  | (0.44)  | —  | (2.45)  | 8.42  | (18.17)  | 2662  | 0.97 <sup>(9)</sup> <br>| 1.26  | 0.16  | 36  |
| 1/1/21 to 12/31/21 | 10.77  | — <sup>(8)</sup> <br>| 0.93  | 0.93  | —  | (0.83)  | (0.83)  | —  | 0.10  | 10.87  | 8.74  | 2058  | 0.95  | 1.19  | (0.03)  | 44  |
| **Silvant Large-Cap Growth Stock** <br> **Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $8.80  | (0.05)  | 1.70  | 1.65  | —  | (0.22)  | (0.22)  | —  | 1.43  | $10.23  | 18.86 %  | $149607  | 1.03 %  | 1.24 %  | (0.49) %  | 12 %  |
| 1/1/24 to 12/31/24 | 6.71  | (0.04)  | 2.21  | 2.17  | —  | (0.08)  | (0.08)  | —  | 2.09  | 8.80  | 32.32  | 137857  | 1.03  | 1.25  | (0.44)  | 12  |
| 1/1/23 to 12/31/23 | 4.67  | (0.03)  | 2.31  | 2.28  | —  | (0.24)  | (0.24)  | —  | 2.04  | 6.71  | 48.98  | 110076  | 1.24 <sup>(9)</sup> <br>| 1.27  | (0.53)  | 17  |
| 1/1/22 to 12/31/22 | 7.12  | (0.04)  | (2.05)  | (2.09)  | —  | (0.36)  | (0.36)  | —  | (2.45)  | 4.67  | (29.42)  | 79935  | 1.24 <sup>(9)</sup> <br>| 1.27  | (0.66)  | 3  |
| 1/1/21 to 12/31/21 | 6.50  | (0.05)  | 1.55  | 1.50  | —  | (0.88)  | (0.88)  | —  | 0.62  | 7.12  | 23.74  | 123191  | 1.23  | 1.24  | (0.75)  | 5  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $15.48  | (0.04)  | 2.98  | 2.94  | —  | (0.22)  | (0.22)  | —  | 2.72  | $18.20  | 19.05 %  | $106778  | 0.77 %  | 1.05 %  | (0.23) %  | 12 %  |
| 1/1/24 to 12/31/24 | 11.71  | (0.03)  | 3.88  | 3.85  | —  | (0.08)  | (0.08)  | —  | 3.77  | 15.48  | 32.87  | 65908  | 0.77  | 1.06  | (0.18)  | 12  |
| 1/1/23 to 12/31/23 | 8.01  | (0.03)  | 3.97  | 3.94  | —  | (0.24)  | (0.24)  | —  | 3.70  | 11.71  | 49.28  | 28986  | 0.98 <sup>(9)</sup> <br>| 1.08  | (0.29)  | 17  |
| 1/1/22 to 12/31/22 | 11.82  | (0.04)  | (3.41)  | (3.45)  | —  | (0.36)  | (0.36)  | —  | (3.81)  | 8.01  | (29.23)  | 8399  | 0.98 <sup>(9)</sup> <br>| 1.08  | (0.41)  | 3  |
| 1/1/21 to 12/31/21 | 10.28  | (0.05)  | 2.47  | 2.42  | —  | (0.88)  | (0.88)  | —  | 1.54  | 11.82  | 23.97  | 13693  | 0.97  | 1.06  | (0.48)  | 5  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $15.75  | (0.03)  | 3.03  | 3.00  | —  | (0.22)  | (0.22)  | —  | 2.78  | $18.53  | 19.11 %  | $3645  | 0.72 %  | 0.91 %  | (0.19) %  | 12 %  |
| 1/1/24 to 12/31/24 | 11.91  | (0.03)  | 3.95  | 3.92  | —  | (0.08)  | (0.08)  | —  | 3.84  | 15.75  | 32.91  | 3973  | 0.72  | 0.92  | (0.18)  | 12  |
| 1/1/23 to 12/31/23 | 8.14  | (0.02)  | 4.03  | 4.01  | —  | (0.24)  | (0.24)  | —  | 3.77  | 11.91  | 49.35  | 302  | 0.91 <sup>(9)</sup> <br>| 0.96  | (0.20)  | 17  |
| 1/1/22 to 12/31/22 | 11.98  | (0.03)  | (3.45)  | (3.48)  | —  | (0.36)  | (0.36)  | —  | (3.84)  | 8.14  | (29.08)  | 102  | 0.91 <sup>(9)</sup> <br>| 0.94  | (0.35)  | 3  |
| 1/1/21 to 12/31/21 | 10.40  | (0.05)  | 2.51  | 2.46  | —  | (0.88)  | (0.88)  | —  | 1.58  | 11.98  | 24.08  | 2237  | 0.90  | 0.91  | (0.42)  | 5  |

---

The footnote legend is at the end of the financial highlights.

*See Notes to Financial Statements*

------

**VIRTUS ASSET TRUST**

**FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)**

**SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING**

**THROUGHOUT EACH PERIOD**

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,** <br>**Beginning of Period** | **Net Investment Income (Loss)**<sup>(1)</sup> | **Net Realized** <br>**and Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from** <br>**Net Investment Income** | **Distributions from** <br>**Net Realized Gains** | **Total Distributions** | **Payments from Affiliates**<sup>(1)</sup> | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return**<sup>(2)(3)(4)</sup> | **Net Assets, End of Period** <br>**(in thousands)** | **Ratio of Net Expenses to** <br>**Average Net Assets**<sup>(5)(6)</sup> | **Ratio of Gross Expenses to** <br>**Average Net Assets**<sup>(5)(6)</sup> | **Ratio of Net Investment Income (Loss)** <br>**to Average Net Assets**<sup>(5)(7)</sup> | **Portfolio Turnover Rate**<sup>(2)</sup> |
| **Zevenbergen Innovative Growth** <br> **Stock Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $53.61  | (0.66)  | 5.99  | 5.33  | —  | —  | —  | —  | 5.33  | $58.94  | 9.94 %  | $113113  | 1.25 %  | 1.36 %  | (1.18) %  | 22 %  |
| 1/1/24 to 12/31/24 | 39.57  | (0.55)  | 14.59  | 14.04  | —  | —  | —  | —  | 14.04  | 53.61  | 35.48  | 131261  | 1.25  | 1.35  | (1.20)  | 13  |
| 1/1/23 to 12/31/23 | 23.96  | (0.39)  | 16.00  | 15.61  | —  | —  | —  | —  | 15.61  | 39.57  | 65.15  | 127623  | 1.24  | 1.37  | (1.17)  | 20  |
| 1/1/22 to 12/31/22 | 56.07  | (0.43)  | (30.57)  | (31.00)  | —  | (1.11)  | (1.11)  | —  | (32.11)  | 23.96  | (55.42)  | 87437  | 1.27 <sup>(9)</sup> <br>| 1.40  | (1.26)  | 17  |
| 1/1/21 to 12/31/21 | 62.40  | (0.75)  | (5.58)  | (6.33)  | —  | —  | —  | —  | (6.33)  | 56.07  | (10.14)  | 266661  | 1.25  | 1.32  | (1.24)  | 53  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $58.02  | (0.57)  | 6.50  | 5.93  | —  | —  | —  | —  | 5.93  | $63.95  | 10.22 %  | $314545  | 1.00 %  | 1.10 %  | (0.93) %  | 22 %  |
| 1/1/24 to 12/31/24 | 42.72  | (0.47)  | 15.77  | 15.30  | —  | —  | —  | —  | 15.30  | 58.02  | 35.81  | 377637  | 1.00  | 1.10  | (0.95)  | 13  |
| 1/1/23 to 12/31/23 | 25.80  | (0.33)  | 17.25  | 16.92  | —  | —  | —  | —  | 16.92  | 42.72  | 65.58  | 386061  | 0.99  | 1.09  | (0.92)  | 20  |
| 1/1/22 to 12/31/22 | 60.05  | (0.37)  | (32.77)  | (33.14)  | —  | (1.11)  | (1.11)  | —  | (34.25)  | 25.80  | (55.31)  | 221530  | 1.02 <sup>(9)</sup> <br>| 1.16  | (1.01)  | 17  |
| 1/1/21 to 12/31/21 | 66.67  | (0.64)  | (5.98)  | (6.62)  | —  | —  | —  | —  | (6.62)  | 60.05  | (9.93)  | 823212  | 1.00  | 1.05  | (0.99)  | 53  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1/1/25 to 12/31/25 | $58.26  | (0.51)  | 6.53  | 6.02  | —  | —  | —  | —  | 6.02  | $64.28  | 10.33 %  | $25704  | 0.90 %  | 0.99 %  | (0.83) %  | 22 %  |
| 1/1/24 to 12/31/24 | 42.86  | (0.42)  | 15.82  | 15.40  | —  | —  | —  | —  | 15.40  | 58.26  | 35.93  | 31643  | 0.90  | 0.99  | (0.85)  | 13  |
| 1/1/23 to 12/31/23 | 25.86  | (0.30)  | 17.30  | 17.00  | —  | —  | —  | —  | 17.00  | 42.86  | 65.74  | 21981  | 0.89  | 0.98  | (0.82)  | 20  |
| 1/1/22 to 12/31/22 | 60.12  | (0.32)  | (32.83)  | (33.15)  | —  | (1.11)  | (1.11)  | —  | (34.26)  | 25.86  | (55.26)  | 9019  | 0.92 <sup>(9)</sup> <br>| 1.01  | (0.91)  | 17  |
| 1/1/21 to 12/31/21 | 66.67  | (0.58)  | (5.97)  | (6.55)  | —  | —  | —  | —  | (6.55)  | 60.12  | (9.82)  | 17098  | 0.90  | 0.95  | (0.90)  | 53  |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Calculated using average shares outstanding.  |
| <sup>(2)</sup> <br>| Not annualized for periods less than one year.  |
| <sup>(3)</sup> <br>| Total Return is calculated based on the NAV at which shareholder transactions were processed, but also takes into account certain adjustments that are necessary <br> under generally accepted accounting principles required in the annual report.<br>|
| <sup>(4)</sup> <br>| Sales charges, where applicable, are not reflected in the total return calculation. |
| <sup>(5)</sup> <br>| Annualized for periods less than one year. |
| <sup>(6)</sup> <br>| The Funds will also indirectly bear their prorated share of expenses of any underlying funds in which they invest. Such expenses are not included in the calculation <br> of this ratio.<br>|
| <sup>(7)</sup> <br>| Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests. |
| <sup>(8)</sup> <br>| Amount is less than $0.005 per share. |
| <sup>(9)</sup> <br>| Net expense ratio includes extraordinary proxy expenses. |
| <sup>(10)</sup> <br>| See Note 3D in Notes to Financial Statements for information on recapture of expenses previously reimbursed and/or waived. |
| <sup>(11)</sup> <br>| The share class is currently under its expense limitation.  |
| <sup>(12)</sup> <br>| Due to a change in expense cap, the ratio shown is a blended expense ratio. |
| <sup>(13)</sup> <br>| Ratios of total expenses excluding interest expense on borrowings for the year ended December 31, 2024 were 1.30% (Class A), 2.05% (Class C), 1.05% (Class I) <br> and 0.95% (Class R6).<br>|
| <sup>(14)</sup> <br>| The cost of purchases and proceeds from sales related to the merger excluded from the portfolio turnover were $502,251 and $537,375, respectively. Please see <br> Note 12 in Notes to Financial Statements.<br>|
| <sup>(15)</sup> <br>| Inception date. |

---

*See Notes to Financial Statements*

------

**VIRTUS ASSET TRUST**

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025**

**Note 1. Organization**

Virtus Asset Trust (the "Trust") is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

As of the date of these financial statements, 13 funds of the Trust are offered for sale, of which 6 (each a "Fund" or collectively, the "Funds") are reported in these financial statements. Each Fund has a distinct investment objective and each Fund (other than the Virtus Silvant Large-Cap Growth Stock Fund) is diversified. The Virtus Silvant Large-Cap Growth Stock Fund is non-diversified. *There is no guarantee that a Fund will achieve its objective(s).*

All of the Funds offer Class A shares, Class I shares and Class R6 shares. Class C shares are offered by the Ceredex Large Cap Value Equity Fund, Ceredex Mid-Cap Value Equity Fund, Ceredex Small-Cap Value Equity Fund and SGA International Growth Fund.

Class A shares of the Funds are sold with a front-end sales charge of up to 5.50% with some exceptions. Generally, Class A shares are not subject to any charges by the Funds when redeemed; however, a 1% contingent deferred sales charge ("CDSC") may be imposed on certain redemptions made within a certain period following purchases on which a finder's fee has been paid. The period for which such CDSC applies for the Funds is 18 months. No front-end sales load is applied to purchases of $1,000,000 or more. The CDSC period begins on the last day of the month preceding the month in which the purchase was made.

Class C shares are generally sold with a 1% CDSC, applicable if redeemed within one year of purchase. Class C shares and any reinvested dividends and other distributions paid on such shares, will be automatically converted to Class A shares of the same Fund following a required holding period, which as of March 1, 2021, was eight years. Effective January 1, 2019 to February 28, 2021, with certain exceptions, Class C shares and any reinvested dividends and other distributions paid on such shares, were automatically converted to Class A shares of the same Fund ten years after the purchase date. If an investor intends to purchase greater than $999,999 of Class C shares, and the purchase would qualify for Class A shares with no load, then the purchase will automatically be made into a purchase of Class A shares, thus reducing expenses.

Class I shares are offered primarily to clients of financial intermediaries that (i) charge such clients an ongoing fee for advisory, investment, consulting, or similar services; or (ii) have entered into an agreement with the funds' distributor to offer Class I shares through a no-load network or platform. Such clients may include pension and profit sharing plans, other employee benefit trusts, endowments, foundations and corporations. Class I shares are also offered to private and institutional clients of, or referred by, the adviser, a subadviser or their affiliates, and to Trustees of the funds and trustees/directors of affiliated open- and closed-end funds, and directors, officers and employees of Virtus and its affiliates. If you are eligible to purchase and do purchase Class I shares, you will pay no sales charge at any time. There are no distribution and service fees applicable to Class I shares.

Class R6 shares are offered without a minimum initial investment to the following investors in plan level or omnibus accounts only (provided that they do not require or receive any compensation, administrative payments, sub-transfer agency payments or service payments with respect to Class R6 shares): (i) qualified retirement plans, including, but not limited to, 401(k) plans, 457 plans, employer-sponsored 403(b) plans, and defined benefit plans; (ii) banks and trust companies; (iii) insurance companies; (iv) financial intermediaries utilizing such shares in fee-based investment advisory programs; (v) registered investment companies; and (vi) non-qualified deferred compensation plans. Other institutional investors may be permitted to purchase Class R6 shares subject to the applicable Fund's determination of eligibility and may be subject to a $2,500,000 minimum initial investment requirement. In addition, without a minimum initial investment requirement, Class R6 shares are available to any Trustee of the Virtus Funds and trustees/directors of affiliated open- and closed-end funds, directors, officers and employees of Virtus and its affiliates, and a spouse or domestic partner, child or minor grandchild of any such qualifying individual (in each case either individually or jointly with other investors), provided in each case that those shares are held directly with the Transfer Agent or in an eligible account. Class R6 shares do not carry sales commissions or pay Rule 12b-1 fees. No compensation, administrative payments, sub-transfer agency payments or service payments are paid to brokers or other entities from Fund assets or the Funds' distributor's or an affiliate's resources on sales of or investments in Class R6 shares. Class R6 shares are sold without a front-end sales charge or CDSC.

The Funds may impose an annual fee on accounts having balances of less than $2,500. The small account fee may be waived in certain circumstances, as disclosed in the prospectuses and/or statement of additional information. The fees collected will be used to offset certain expenses of the Funds. These fees are reflected as "Less low balance account fees" in each Fund's Statement of Operations for the period, as applicable.

Each class of shares has identical voting, dividend, liquidation and other rights and the same terms and conditions, except that each class bears any expenses attributable specifically to that class ("class-specific expenses") and has exclusive voting rights with respect to any Rule 12b-1 and/or shareholder service plan ("12b-1 Plan") approved by the Board. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. Class-specific expenses may include shareholder servicing fees, sub-transfer agency fees, and fees under a 12b-1 Plan, as well as certain other expenses as designated by the Funds' Treasurer and approved by the Board. Investment income, common operating expenses and realized and unrealized gains and losses of each Fund are borne pro-rata by the holders of each class of shares.

**Note 2. Significant Accounting Policies**

**($ reported in thousands)** 

The Funds are investment companies that follow the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and those differences could be significant.

------

**VIRTUS ASSET TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

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

&nbsp;&nbsp;&nbsp;&nbsp;**A.**

**Security Valuation** 

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

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

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

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

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

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

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

Listed derivatives, such as options, that are actively traded are valued at the last posted settlement price from the exchange where they are principally traded and are categorized as Level 1 in the hierarchy. Over-the-counter ("OTC") derivative contracts, which include forward currency contracts and equity-linked instruments, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in the hierarchy.

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

A summary of the inputs used to value a Fund's net assets by each major security type is disclosed at the end of the Schedule of Investments for each Fund. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

&nbsp;&nbsp;&nbsp;&nbsp;**B.**

**Security Transactions and Investment Income**

Security transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income and capital gain distributions are recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as a Fund is notified. Interest income is recorded on the accrual basis. Each Fund amortizes premiums and accretes discounts using the effective interest method. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.

Dividend income from REITs is recorded using management's estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed their cost basis, the distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

&nbsp;&nbsp;&nbsp;&nbsp;**C.**

**Income Taxes** 

Each Fund is treated as a separate taxable entity. It is the intention of each Fund to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code") and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made.

Certain Funds may invest in securities of foreign issuers which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Each Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests.

For the year ended December 31, 2025, each Fund did not incur a material income tax expense. Accordingly, the disclosures required by FASB Accounting Standards Update ("ASU") No. 2023-09, Income Taxes (Codification Topic 740) – Improvements to Income Tax Disclosures, are not applicable or are not material to the Funds.

As a result of court cases involving several countries across the European Union, certain Funds have filed tax reclaims in addition to treaty-based claims, in respect of previously withheld taxes on dividends earned ("EU tax reclaims"). These filings are subject to various administrative

------

**VIRTUS ASSET TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

proceedings by each local jurisdiction's tax authority, as well as judicial proceedings. EU tax reclaims and associated interest entitlements that have been recognized, if any, are reflected as European Union tax reclaims in the Statements of Operations. Related receivables, if any, are reflected as European Union tax reclaims receivable in the Statements of Assets and Liabilities. Generally, unless Management of the Funds believes that recovery amounts are collectible and free from significant contingencies, recoveries will not be reflected in a Fund's net asset value. EU tax reclaims and related interest entitlements recognized by a Fund, if any, may reduce the amount of foreign taxes, if any, that a Fund could elect to pass-through- to its shareholders from a U.S. federal tax perspective. In certain circumstances, and to the extent that EU tax reclaims recovered by a Fund were previously pass-through as foreign tax credits to its U.S. taxable shareholders, a Fund may enter into a closing agreement with the U.S. Internal Revenue Service (the "IRS"). Doing so will enable a Fund to quantify and remit its tax liability related to any recoveries (on behalf of its shareholders).

Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Each Fund's U.S. federal income tax return is generally subject to examination by the Internal Revenue Service for a period of three years after it is filed. State, local and/or non-U.S. tax returns and/or other filings may be subject to examination for different periods, depending upon the tax rules of each applicable jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;**D.**

**Distributions to Shareholders**

Distributions are recorded by each Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;**E.**

**Expenses**

Expenses incurred together by a Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expenses to each Fund and each such other fund, or an alternative allocation method, can be more appropriately used.

In addition to the net annual operating expenses that a Fund bears directly, the shareholders of a Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;**F.**

**Foreign Currency Transactions**

Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. For fixed income instruments, the Funds bifurcate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on foreign currency transactions. For equity securities, the Funds do not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on investments.

&nbsp;&nbsp;&nbsp;&nbsp;**G.**

**Securities Lending**

The Funds may loan securities to qualified brokers through a securities lending agency agreement with The Bank of New York ("BNY"). Under the securities lending policy, when lending securities a Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan bringing the collateral market value in line with the required percent. Due to timing of collateral adjustments, the market value of collateral held with respect to a loaned security, may be more or less than the value of the security on loan.Collateral may consist of cash and securities issued by the U.S. government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged/paid by BNY for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral.

Securities lending transactions are entered into by each Fund under a Master Securities Lending Agreement ("MSLA") which permits the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund.

------

**VIRTUS ASSET TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

At December 31, 2025, the securities loaned were subject to a MSLA on a net payment basis as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Value of** <br>**Securities** <br>**on Loan**<br>| **Cash** <br>**Collateral** <br>**Received(1)** <br>| **Net** <br>**Amount(2)** <br>|
| SGA International Growth Fund | $12426 | $12426 | $—<br>|

---

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

<sup>(1)</sup> Collateral received in excess of the value of securities on loan is not presented in this table. The cash collateral received in connection with securities lending transactions has been used for the purchase of securities as disclosed in the Fund's Schedule of Investments. 

<sup>(2)</sup> Net amount represents the net amount receivable due from the counterparty in the event of default.

The following table reflects a breakdown of investments made from cash collateral received from lending activities and the remaining contractual maturity of those transactions as of December 31, 2025 for the Fund:

---

| | | |
|:---|:---|:---|
| **Fund** | **Investment of** <br>**Cash Collateral**<br>| **Overnight** <br>**and** <br>**Continuous**<br>|
| SGA International Growth Fund | Money Market Mutual Fund | &nbsp;&nbsp;&nbsp; $12805 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**H.**

**Segment Reporting**

Accounting Standards Codification ("ASC") 280, Segment Reporting, established disclosure requirements relating to operating segments in financial statements. The Funds have adopted FASB ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which is intended to enhance reportable operating segment disclosure requirements. Operating segments are defined as components of a reporting entity about which separate financial information, including disclosures about income and expenses, is available that is regularly evaluated by the chief operating decision maker ("CODM") in deciding how to allocate resources and assess its performance. The Trust is organized as a series of funds, each of which is structured as an investment company and represents a single operating segment. Subject to the oversight and, when applicable, approval of the Trust's Board of Trustees, each Fund's Adviser acts as the respective Fund's CODM. The CODM monitors the Fund's operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on its defined investment objective. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement note disclosures only and did not affect any Fund's financial position or the results of its operations.

**Note 3. Investment Advisory Fees and Related Party Transactions**

**($ reported in thousands)**

&nbsp;&nbsp;&nbsp;&nbsp;**A.**

**Investment Adviser**

Virtus Investment Advisers, LLC ("Adviser"), an indirect, wholly-owned subsidiary of Virtus Investment Partners, Inc. ("Virtus"), is the investment adviser to the Funds. The Adviser manages the Funds' investment programs and general operations of the Funds, including oversight of the Funds' subadvisers.

As compensation for its services to the Funds, the Adviser is entitled to a fee, which is calculated daily and paid monthly based upon the following annual rates as a percentage of the average daily net assets of each Fund:

---

| | |
|:---|:---|
|  | **First $500 Million** |
| Ceredex Large-Cap Value Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>|
| Ceredex Mid-Cap Value Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br>|
| Ceredex Small-Cap Value Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br>|
| SGA International Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br>|
| Silvant Large-Cap Growth Stock Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br>|
| Zevenbergen Innovative Growth Stock Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br>|

---

The above fees are also subject to breakpoint discounts at the following asset levels for each Fund:

First $500 million = none — no discount from full fee

Next $500 million = 5% discount from full fee

Next $4 billion = 10% discount from full fee

Over $5 billion = 15% discount from full fee

------

**VIRTUS ASSET TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

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

&nbsp;&nbsp;&nbsp;&nbsp;**B.**

**Subadvisers**

The subadvisers manage the investments of each Fund for which they are paid a fee by the Adviser. A list of the subadvisers and the Funds they serve as of the end of the year is as follows:

---

| |
|:---|
| **Fund** |
| Ceredex Large-Cap Value Equity Fund <br> &nbsp;&nbsp;&nbsp; Ceredex<sup>(1)</sup> <br>|
| Ceredex Mid-Cap Value Equity Fund <br> &nbsp;&nbsp;&nbsp; Ceredex<sup>(1)</sup> <br>|
| Ceredex Small-Cap Value Equity Fund <br> &nbsp;&nbsp;&nbsp; Ceredex<sup>(1)</sup> <br>|
| SGA International Growth Fund <br> &nbsp;&nbsp;&nbsp; SGA<sup>(2)</sup> <br>|
| Silvant Large-Cap Growth Stock Fund <br> &nbsp;&nbsp;&nbsp; Silvant<sup>(3)</sup> <br>|
| Zevenbergen Innovative Growth Stock Fund <br> &nbsp;&nbsp;&nbsp; Zevenbergen<sup>(4)</sup> <br>|

---

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

<sup>(1)</sup> Ceredex Value Advisors LLC ("Ceredex"), an indirect, wholly-owned subsidiary of Virtus.

<sup>(2)</sup> Sustainable Growth Advisers, LP ("SGA"), an indirect, majority-owned subsidiary of Virtus.

<sup>(3)</sup> Silvant Capital Management LLC ("Silvant"), an indirect, wholly-owned subsidiary of Virtus.

<sup>(4)</sup> Zevenbergen Capital Investments LLC ("Zevenbergen"), a minority-owned affiliate of Virtus.

&nbsp;&nbsp;&nbsp;&nbsp;**C.**

**Expense Limitations**

The Adviser has contractually agreed to limit each Fund's annual total operating expenses, subject to the exceptions listed below, so that such expenses do not exceed, on an annualized basis, the following respective percentages of average daily net assets through April 30, 2026. Following the contractual period, the Adviser may discontinue these expense limitation arrangements at any time. The waivers and reimbursements are accrued daily and received monthly.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Class A**  | **Class C**  | **Class I** | **Class R6** |
| Ceredex Large-Cap Value Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>|
| Ceredex Mid-Cap Value Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Ceredex Small-Cap Value Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| SGA International Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 |
| Silvant Large-Cap Growth Stock Fund | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Zevenbergen Innovative Growth Stock Fund | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |

---

The exclusions include front-end or contingent deferred sales charges, taxes, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on credit or redemption facilities), interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any.

&nbsp;&nbsp;&nbsp;&nbsp;**D.**

**Expense Recapture**

Under certain conditions, the Adviser may recapture operating expenses reimbursed or fees waived under these arrangements within three years after the date on which such amounts were incurred or waived. A Fund must pay its ordinary operating expenses before the Adviser is entitled to any reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time of the waiver or reimbursement. All or a portion of the following Adviser reimbursed expenses may be recaptured by the year ending December 31:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration**  | **Expiration**  | **Expiration**  |  |
| **Fund** | **2026** | **2027** | **2028** | **Total** |
| Virtus Ceredex Large-Cap Value Equity Fund |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $32<br>| &nbsp;&nbsp;&nbsp; $18 | &nbsp;&nbsp;&nbsp; $19<br>| &nbsp;&nbsp;&nbsp; $69<br>|
| Class C | &nbsp;&nbsp;&nbsp; 6<br>| &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 3<br>| &nbsp;&nbsp;&nbsp; 13<br>|
| Class I | &nbsp;&nbsp;&nbsp; 643<br>| &nbsp;&nbsp;&nbsp; 560 | &nbsp;&nbsp;&nbsp; 256<br>| &nbsp;&nbsp;&nbsp; 1459<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 374<br>| &nbsp;&nbsp;&nbsp; 394 | &nbsp;&nbsp;&nbsp; 339<br>| &nbsp;&nbsp;&nbsp; 1107<br>|
| Virtus Ceredex Mid-Cap Value Equity Fund |  |  |  |  |
| Class C | &nbsp;&nbsp;&nbsp; 16<br>| &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 12<br>| &nbsp;&nbsp;&nbsp; 46<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 544<br>| &nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp;&nbsp; 386<br>| &nbsp;&nbsp;&nbsp; 1370<br>|
| Virtus Ceredex Small-Cap Value Equity Fund |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 5<br>| &nbsp;&nbsp;&nbsp; 27<br>|
| Class C | &nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp; 5<br>|
| Class I | &nbsp;&nbsp;&nbsp; 107<br>| &nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; 91<br>| &nbsp;&nbsp;&nbsp; 244<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 82<br>| &nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp; 128<br>| &nbsp;&nbsp;&nbsp; 307<br>|

---

------

**VIRTUS ASSET TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration**  | **Expiration**  | **Expiration**  |  |
| **Fund** | **2026** | **2027** | **2028** | **Total** |
| Virtus SGA International Growth Fund |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $12<br>| &nbsp;&nbsp;&nbsp; $201 | &nbsp;&nbsp;&nbsp; $129<br>| &nbsp;&nbsp;&nbsp; $342<br>|
| Class C | &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp; 2<br>|
| Class I | &nbsp;&nbsp;&nbsp; 87<br>| &nbsp;&nbsp;&nbsp; 522 | &nbsp;&nbsp;&nbsp; 248<br>| &nbsp;&nbsp;&nbsp; 857<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 8<br>| &nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp; 59<br>| &nbsp;&nbsp;&nbsp; 115<br>|
| Virtus Silvant Large-Cap Growth Stock Fund |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 25<br>| &nbsp;&nbsp;&nbsp; 282 | &nbsp;&nbsp;&nbsp; 291<br>| &nbsp;&nbsp;&nbsp; 598<br>|
| Class I | &nbsp;&nbsp;&nbsp; 25<br>| &nbsp;&nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp; 245<br>| &nbsp;&nbsp;&nbsp; 402<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 6<br>| &nbsp;&nbsp;&nbsp; 20<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virtus Zevenbergen Innovative Growth Stock <br> Fund<br>|  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 150<br>| &nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp; 136<br>| &nbsp;&nbsp;&nbsp; 417<br>|
| Class I | &nbsp;&nbsp;&nbsp; 327<br>| &nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp; 330<br>| &nbsp;&nbsp;&nbsp; 1037<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 11<br>| &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 25<br>| &nbsp;&nbsp;&nbsp; 64<br>|

---

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

During the fiscal year ended December 31, 2025, the Adviser recaptured expenses previously waived for the following Funds:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Class A** | **Class C** | **Class I** | **Class R6** | **Total** |
| Ceredex Large-Cap Value Equity Fund | &nbsp;&nbsp;&nbsp; $7 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $10 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $17 |
| Ceredex Small-Cap Value Equity Fund | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4 |
| SGA International Growth Fund | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 35 |

---

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

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

<sup>(1)</sup> Amount is less than $500 (not in thousands).

&nbsp;&nbsp;&nbsp;&nbsp;**E.**

**Distributor**

VP Distributors, LLC ("VP Distributors"), an indirect, wholly-owned subsidiary of Virtus, serves as the distributor of each Fund's shares. VP Distributors has advised the Funds that for the year ended December 31, 2025, it retained net commissions of $29 for Class A shares and CDSC of $—<sup>(1)</sup> for Class C shares.

In addition, each Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class at the annual rates of 0.25% for Class A shares and 1.00% for Class C shares. Class I shares and Class R6 shares are not subject to a 12b-1 Plan.

Under certain circumstances, shares of certain Virtus Funds may be exchanged for shares of the same class of certain other Virtus Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Amount is less than $500 (not in thousands).

&nbsp;&nbsp;&nbsp;&nbsp;**F.**

**Administrator and Transfer Agent**

Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as the administrator and transfer agent to the Funds.

For the year ended December 31, 2025, the Funds incurred administration fees totaling $2,894 which are included in the Statements of Operations within the line item "Administration and accounting fees." The fees are calculated daily and paid monthly.

For the year ended December 31, 2025, the Funds incurred transfer agent fees totaling $1,296 which are included in the Statements of Operations within the line item "Transfer agent fees and expenses." The fees are calculated daily and paid monthly.

&nbsp;&nbsp;&nbsp;&nbsp;**G.**

**Investments with Affiliates**

The Funds are permitted to purchase assets from or sell assets to certain related affiliates under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of assets by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers comply with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.

During the year ended December 31, 2025, the Funds did not engage in any transactions pursuant to Rule 17a-7 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;**H.**

**Trustee Deferred Compensation Plan** 

The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in "Other assets" in the Statements of Assets and Liabilities at December 31, 2025.

------

**VIRTUS ASSET TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

**Note 4. Purchases and Sales of Securities**

**($ reported in thousands)**

Purchases and sales of securities (excluding U.S. government and agency securities and short-term securities) during the year ended December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases**  | **Sales** |
| Ceredex Large-Cap Value Equity Fund | &nbsp;&nbsp;&nbsp; $778319<br>| &nbsp;&nbsp;&nbsp; $1169917<br>|
| Ceredex Mid-Cap Value Equity Fund | &nbsp;&nbsp;&nbsp; 2535768<br>| &nbsp;&nbsp;&nbsp; 3324794<br>|
| Ceredex Small-Cap Value Equity Fund | &nbsp;&nbsp;&nbsp; 72695<br>| &nbsp;&nbsp;&nbsp; 90063<br>|
| SGA International Growth Fund | &nbsp;&nbsp;&nbsp; 107623<br>| &nbsp;&nbsp;&nbsp; 220469<br>|
| Silvant Large-Cap Growth Stock Fund | &nbsp;&nbsp;&nbsp; 36370<br>| &nbsp;&nbsp;&nbsp; 27790<br>|
| Zevenbergen Innovative Growth Stock Fund | &nbsp;&nbsp;&nbsp; 112696<br>| &nbsp;&nbsp;&nbsp; 252457<br>|

---

There were no purchases or sales of long-term U.S. government and agency securities during the year ended December 31, 2025.

**Note 5. Capital Share Transactions**

**(reported in thousands)**

Transactions in shares of capital stock, during the years ended as indicated below, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ceredex Large-Cap Value Equity Fund** | **Ceredex Large-Cap Value Equity Fund** | **Ceredex Large-Cap Value Equity Fund** | **Ceredex Large-Cap Value Equity Fund** | **Ceredex Mid-Cap Value Equity Fund** | **Ceredex Mid-Cap Value Equity Fund** | **Ceredex Mid-Cap Value Equity Fund** | **Ceredex Mid-Cap Value Equity Fund** |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 1234 | &nbsp;&nbsp; $11949 | &nbsp;&nbsp; 621 | &nbsp;&nbsp; $6911 | &nbsp;&nbsp; 905 | &nbsp;&nbsp; $10698 | &nbsp;&nbsp; 1338 | &nbsp;&nbsp; $16333 |
| Reinvestment of distributions | &nbsp;&nbsp; 1479 | &nbsp;&nbsp; 13555 | &nbsp;&nbsp; 1623 | &nbsp;&nbsp; 15771 | &nbsp;&nbsp; 1776 | &nbsp;&nbsp; 20563 | &nbsp;&nbsp; 898 | &nbsp;&nbsp; 10364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (1635) <br>| &nbsp;&nbsp; (16133) <br>| &nbsp;&nbsp; (3169) <br>| &nbsp;&nbsp; (35819) <br>| &nbsp;&nbsp; (3179) <br>| &nbsp;&nbsp; (38183) <br>| &nbsp;&nbsp; (4918) <br>| &nbsp;&nbsp; (60151) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 1078 | &nbsp;&nbsp; $9371 | &nbsp;&nbsp; (925)<br>| &nbsp;&nbsp; $(13137)<br>| &nbsp;&nbsp; (498)<br>| &nbsp;&nbsp; $(6922)<br>| &nbsp;&nbsp; (2682)<br>| &nbsp;&nbsp; $(33454)<br>|
| **Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; $91 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; $144 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; $273 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; $368 |
| Reinvestment of distributions | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 134 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 232 | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 702 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (59) <br>| &nbsp;&nbsp; (537) <br>| &nbsp;&nbsp; (57) <br>| &nbsp;&nbsp; (593) <br>| &nbsp;&nbsp; (222) <br>| &nbsp;&nbsp; (2473) <br>| &nbsp;&nbsp; (330) <br>| &nbsp;&nbsp; (3822) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (33)<br>| &nbsp;&nbsp; $(312)<br>| &nbsp;&nbsp; (18)<br>| &nbsp;&nbsp; $(217)<br>| &nbsp;&nbsp; (133)<br>| &nbsp;&nbsp; $(1498)<br>| &nbsp;&nbsp; (260)<br>| &nbsp;&nbsp; $(3023)<br>|
| **Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 3618 | &nbsp;&nbsp; $36254 | &nbsp;&nbsp; 9416 | &nbsp;&nbsp; $107409 | &nbsp;&nbsp; 6061 | &nbsp;&nbsp; $73424 | &nbsp;&nbsp; 8607 | &nbsp;&nbsp; $107216 |
| Reinvestment of distributions | &nbsp;&nbsp; 1510 | &nbsp;&nbsp; 14694 | &nbsp;&nbsp; 5523 | &nbsp;&nbsp; 55518 | &nbsp;&nbsp; 8485 | &nbsp;&nbsp; 101230 | &nbsp;&nbsp; 7040 | &nbsp;&nbsp; 83381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (25652) <br>| &nbsp;&nbsp; (267543) <br>| &nbsp;&nbsp; (20155) <br>| &nbsp;&nbsp; (230909) <br>| &nbsp;&nbsp; (60553) <br>| &nbsp;&nbsp; (750295) <br>| &nbsp;&nbsp; (43607) <br>| &nbsp;&nbsp; (549529) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (20524)<br>| &nbsp;&nbsp; $(216595)<br>| &nbsp;&nbsp; (5216)<br>| &nbsp;&nbsp; $(67982)<br>| &nbsp;&nbsp; (46007)<br>| &nbsp;&nbsp; $(575641)<br>| &nbsp;&nbsp; (27960)<br>| &nbsp;&nbsp; $(358932)<br>|
| **Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 8301 | &nbsp;&nbsp; $86261 | &nbsp;&nbsp; 5336 | &nbsp;&nbsp; $63588 | &nbsp;&nbsp; 4112 | &nbsp;&nbsp; $50956 | &nbsp;&nbsp; 4901 | &nbsp;&nbsp; $61904 |
| Reinvestment of distributions | &nbsp;&nbsp; 1531 | &nbsp;&nbsp; 15064 | &nbsp;&nbsp; 4130 | &nbsp;&nbsp; 42007 | &nbsp;&nbsp; 3810 | &nbsp;&nbsp; 45766 | &nbsp;&nbsp; 2321 | &nbsp;&nbsp; 27623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (23645) <br>| &nbsp;&nbsp; (253571) <br>| &nbsp;&nbsp; (8848) <br>| &nbsp;&nbsp; (104424) <br>| &nbsp;&nbsp; (13603) <br>| &nbsp;&nbsp; (169615) <br>| &nbsp;&nbsp; (22672) <br>| &nbsp;&nbsp; (284969) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (13813)<br>| &nbsp;&nbsp; $(152246)<br>| &nbsp;&nbsp; 618 | &nbsp;&nbsp; $1171 | &nbsp;&nbsp; (5681)<br>| &nbsp;&nbsp; $(72893)<br>| &nbsp;&nbsp; (15450)<br>| &nbsp;&nbsp; $(195442)<br>|

---

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

------

**VIRTUS ASSET TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ceredex Small-Cap Value Equity Fund** | **Ceredex Small-Cap Value Equity Fund** | **Ceredex Small-Cap Value Equity Fund** | **Ceredex Small-Cap Value Equity Fund** | **SGA International Growth Fund** | **SGA International Growth Fund** | **SGA International Growth Fund** | **SGA International Growth Fund** |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 313 | &nbsp;&nbsp; $1997 | &nbsp;&nbsp; 265 | &nbsp;&nbsp; $1904 | &nbsp;&nbsp; 2586 | &nbsp;&nbsp; $17698 | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; $10222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued-merger (See <br> Note 12)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15893 | &nbsp;&nbsp; 151272 |
| Reinvestment of distributions | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 127 | &nbsp;&nbsp; 493 | &nbsp;&nbsp; 3296 | &nbsp;&nbsp; 169 | &nbsp;&nbsp; 1225 | &nbsp;&nbsp; 3573 | &nbsp;&nbsp; 24193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (1152) <br>| &nbsp;&nbsp; (7498) <br>| &nbsp;&nbsp; (958) <br>| &nbsp;&nbsp; (7029) <br>| &nbsp;&nbsp; (4060) <br>| &nbsp;&nbsp; (28549) <br>| &nbsp;&nbsp; (6156) <br>| &nbsp;&nbsp; (54183) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (820)<br>| &nbsp;&nbsp; $(5374)<br>| &nbsp;&nbsp; (200)<br>| &nbsp;&nbsp; $(1829)<br>| &nbsp;&nbsp; (1305)<br>| &nbsp;&nbsp; $(9626)<br>| &nbsp;&nbsp; 14510 | &nbsp;&nbsp; $131504 |
| **Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; $10 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; $18 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; $80 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; $68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued-merger (See <br> Note 12)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 443 | &nbsp;&nbsp; 4416 |
| Reinvestment of distributions | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (7) <br>| &nbsp;&nbsp; (35) <br>| &nbsp;&nbsp; (31) <br>| &nbsp;&nbsp; (179) <br>| &nbsp;&nbsp; (170) <br>| &nbsp;&nbsp; (1262) <br>| &nbsp;&nbsp; (213) <br>| &nbsp;&nbsp; (1916) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (4)<br>| &nbsp;&nbsp; $(20)<br>| &nbsp;&nbsp; (13)<br>| &nbsp;&nbsp; $(90)<br>| &nbsp;&nbsp; (157)<br>| &nbsp;&nbsp; $(1166)<br>| &nbsp;&nbsp; 318 | &nbsp;&nbsp; $3149 |
| **Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 270 | &nbsp;&nbsp; $1987 | &nbsp;&nbsp; 244 | &nbsp;&nbsp; $1969 | &nbsp;&nbsp; 3291 | &nbsp;&nbsp; $24410 | &nbsp;&nbsp; 9017 | &nbsp;&nbsp; $76579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued-merger (See <br> Note 12)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 41885 | &nbsp;&nbsp; 414406 |
| Reinvestment of distributions | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 237 | &nbsp;&nbsp; 452 | &nbsp;&nbsp; 3435 | &nbsp;&nbsp; 259 | &nbsp;&nbsp; 1983 | &nbsp;&nbsp; 7357 | &nbsp;&nbsp; 52532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (1422) <br>| &nbsp;&nbsp; (10856) <br>| &nbsp;&nbsp; (1151) <br>| &nbsp;&nbsp; (9607) <br>| &nbsp;&nbsp; (16245) <br>| &nbsp;&nbsp; (120322) <br>| &nbsp;&nbsp; (32734) <br>| &nbsp;&nbsp; (296686) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (1121)<br>| &nbsp;&nbsp; $(8632)<br>| &nbsp;&nbsp; (455)<br>| &nbsp;&nbsp; $(4203)<br>| &nbsp;&nbsp; (12695)<br>| &nbsp;&nbsp; $(93929)<br>| &nbsp;&nbsp; 25525 | &nbsp;&nbsp; $246831 |
| **Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 1381 | &nbsp;&nbsp; $9685 | &nbsp;&nbsp; 2671 | &nbsp;&nbsp; $22068 | &nbsp;&nbsp; 3850 | &nbsp;&nbsp; $30134 | &nbsp;&nbsp; 2712 | &nbsp;&nbsp; $25826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued-merger (See <br> Note 12)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4366 | &nbsp;&nbsp; 43554 |
| Reinvestment of distributions | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 585 | &nbsp;&nbsp; 825 | &nbsp;&nbsp; 6076 | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 788 | &nbsp;&nbsp; 1268 | &nbsp;&nbsp; 9152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (1964) <br>| &nbsp;&nbsp; (13630) <br>| &nbsp;&nbsp; (1133) <br>| &nbsp;&nbsp; (9093) <br>| &nbsp;&nbsp; (5485) <br>| &nbsp;&nbsp; (41568) <br>| &nbsp;&nbsp; (3287) <br>| &nbsp;&nbsp; (30724) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (505)<br>| &nbsp;&nbsp; $(3360)<br>| &nbsp;&nbsp; 2363 | &nbsp;&nbsp; $19051 | &nbsp;&nbsp; (1533)<br>| &nbsp;&nbsp; $(10646)<br>| &nbsp;&nbsp; 5059 | &nbsp;&nbsp; $47808 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Silvant Large-Cap Growth Stock Fund** | **Silvant Large-Cap Growth Stock Fund** | **Silvant Large-Cap Growth Stock Fund** | **Silvant Large-Cap Growth Stock Fund** | **Zevenbergen Innovative Growth Stock Fund** | **Zevenbergen Innovative Growth Stock Fund** | **Zevenbergen Innovative Growth Stock Fund** | **Zevenbergen Innovative Growth Stock Fund** |
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 288 | &nbsp;&nbsp; $2564 | &nbsp;&nbsp; 574 | &nbsp;&nbsp; $4397 | &nbsp;&nbsp; 319 | &nbsp;&nbsp; $17897 | &nbsp;&nbsp; 355 | &nbsp;&nbsp; $16093 |
| Reinvestment of distributions | &nbsp;&nbsp; 320 | &nbsp;&nbsp; 3144 | &nbsp;&nbsp; 141 | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (1638) <br>| &nbsp;&nbsp; (14814) <br>| &nbsp;&nbsp; (1469) <br>| &nbsp;&nbsp; (11798) <br>| &nbsp;&nbsp; (848) <br>| &nbsp;&nbsp; (47206) <br>| &nbsp;&nbsp; (1132) <br>| &nbsp;&nbsp; (50987) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (1030)<br>| &nbsp;&nbsp; $(9106)<br>| &nbsp;&nbsp; (754)<br>| &nbsp;&nbsp; $(6201)<br>| &nbsp;&nbsp; (529)<br>| &nbsp;&nbsp; $(29309)<br>| &nbsp;&nbsp; (777)<br>| &nbsp;&nbsp; $(34894)<br>|

---

------

**VIRTUS ASSET TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Silvant Large-Cap Growth Stock Fund** | **Silvant Large-Cap Growth Stock Fund** | **Silvant Large-Cap Growth Stock Fund** | **Silvant Large-Cap Growth Stock Fund** | **Zevenbergen Innovative Growth Stock Fund** | **Zevenbergen Innovative Growth Stock Fund** | **Zevenbergen Innovative Growth Stock Fund** | **Zevenbergen Innovative Growth Stock Fund** |
|  | **Year Ended**<br> **December 31, 2025** | **Year Ended**<br> **December 31, 2025** | **Year Ended**<br> **December 31, 2024** | **Year Ended**<br> **December 31, 2024** | **Year Ended**<br> **December 31, 2025** | **Year Ended**<br> **December 31, 2025** | **Year Ended**<br> **December 31, 2024** | **Year Ended**<br> **December 31, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 2730 | &nbsp;&nbsp; $44305 | &nbsp;&nbsp; 2917 | &nbsp;&nbsp; $41207 | &nbsp;&nbsp; 841 | &nbsp;&nbsp; $49944 | &nbsp;&nbsp; 1287 | &nbsp;&nbsp; $62849 |
| Reinvestment of distributions | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 1243 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 265 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (1193) <br>| &nbsp;&nbsp; (19722) <br>| &nbsp;&nbsp; (1151) <br>| &nbsp;&nbsp; (15892) <br>| &nbsp;&nbsp; (2431) <br>| &nbsp;&nbsp; (145640) <br>| &nbsp;&nbsp; (3815) <br>| &nbsp;&nbsp; (183629) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 1608 | &nbsp;&nbsp; $25826 | &nbsp;&nbsp; 1784 | &nbsp;&nbsp; $25580 | &nbsp;&nbsp; (1590)<br>| &nbsp;&nbsp; $(95696)<br>| &nbsp;&nbsp; (2528)<br>| &nbsp;&nbsp; $(120780)<br>|
| **Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 43 | &nbsp;&nbsp; $712 | &nbsp;&nbsp; 1297 | &nbsp;&nbsp; $17647 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; $4160 | &nbsp;&nbsp; 282 | &nbsp;&nbsp; $12338 |
| Reinvestment of distributions | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (101) <br>| &nbsp;&nbsp; (1667) <br>| &nbsp;&nbsp; (1074) <br>| &nbsp;&nbsp; (15900) <br>| &nbsp;&nbsp; (214) <br>| &nbsp;&nbsp; (13041) <br>| &nbsp;&nbsp; (252) <br>| &nbsp;&nbsp; (13611) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (56)<br>| &nbsp;&nbsp; $(913)<br>| &nbsp;&nbsp; 227 | &nbsp;&nbsp; $1810 | &nbsp;&nbsp; (143)<br>| &nbsp;&nbsp; $(8881)<br>| &nbsp;&nbsp; 30 | &nbsp;&nbsp; $(1273)<br>|

---

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

**Note 6. 10% Shareholders**

As of December 31, 2025, the Funds had individual shareholder account(s) and/or omnibus shareholder account(s) (comprised of a group of individual shareholders), which individually amounted to more than 10% of the total shares outstanding of such Fund as detailed below:

---

| | | |
|:---|:---|:---|
|  | **% of Shares** <br>**Outstanding**<br>| **Number of** <br>**Accounts**<sup>\*</sup> <br>|
| Ceredex Mid-Cap Value Equity Fund | &nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 2 |
| Ceredex Small-Cap Value Equity Fund | &nbsp;&nbsp;&nbsp; 47<br>| &nbsp;&nbsp;&nbsp; 3 |
| SGA International Growth Fund | &nbsp;&nbsp;&nbsp; 23<br>| &nbsp;&nbsp;&nbsp; 1 |
| Silvant Large-Cap Growth Stock Fund | &nbsp;&nbsp;&nbsp; 41<br>| &nbsp;&nbsp;&nbsp; 1 |
| Zevenbergen Innovative Growth Stock Fund | &nbsp;&nbsp;&nbsp; 27<br>| &nbsp;&nbsp;&nbsp; 2 |

---

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

<sup>\*</sup> None of the accounts are affiliated.

**Note 7. Credit and Market Risk and Asset Concentration**

Local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on a Fund and its investments, including hampering the ability of each Fund's portfolio manager(s) to invest each Fund's assets as intended.

Emerging market countries typically have economic and political systems that are less fully developed, and can be expected to be less stable than those of more developed countries. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation. Since these markets are often small, they may be more likely to suffer sharp and frequent price changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few large investors. They may also have policies that restrict investment by foreigners, or that prevent foreign investors from withdrawing their money at will.

Certain emerging markets may also face other significant internal or external risks, including the risk of war and civil unrest. Each of these factors can affect the value and liquidity of the assets of a Fund. Failure to generate adequate earnings from foreign trade would make it difficult for an emerging market country to service foreign debt. Disruptions resulting from social and political factors may cause the securities markets of emerging market countries to close. If this were to occur, the liquidity and value of a Fund's assets invested in corporate debt obligations of emerging market companies would decline.

The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund's liquidity and performance. The Fund is unable to receive and repatriate proceeds and/or interest payments due to U.S. and Russian sanctions related to the Russia/Ukraine war.

------

**VIRTUS ASSET TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

The markets of the Greater China region functions in many ways as emerging markets and carry the high level of risks associated with emerging markets. The government of China maintains strict currency controls in order to achieve economic, trade and political objectives and regularly intervenes in the currency market. The Chinese government also plays a major role in the country's economic policies regarding foreign investments. Foreign investors are subject to the risk of loss from expropriation or nationalization of their investment assets and property, governmental restrictions on foreign investments and the repatriation of capital invested. In addition, the rapid growth rate of the Chinese economy over the past several years may not continue, and the trend toward economic liberalization and disparities in wealth may result in social disorder, including violence and labor unrest. These and other factors could have a negative impact on a Fund's performance and increase the volatility of an investment in a Fund. Certain securities issued by companies located or operating in China, such as China A-shares, are also subject to trading restrictions, quota limitations and less market liquidity, which could pose risks to a Fund.

Sanctions threatened or imposed may result in a decline in the value and liquidity of a Fund's assets. The securities of the Fund may be deemed to have a zero value. A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors' interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect a Fund's NAV and dilute remaining investors' interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with the Fund's investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund's liquidity.

For all these reasons, investments in emerging markets may be considered speculative. To the extent that a Fund invests a significant portion of its assets in a particular emerging market, the Fund will be more vulnerable to financial, economic, political and other developments in that country, and conditions that negatively impact that country will have a greater impact on the Fund as compared with a fund that does not have its holdings concentrated in a particular country.

Certain Funds may invest a high percentage of their assets in specific sectors of the market in the pursuit of their investment objectives. Fluctuations in these sectors of concentration may have a greater impact on a Fund, positive or negative, than if the Fund did not concentrate its investments in such sectors.

At December 31, 2025, the following Funds held securities issued by various companies in specific sectors as detailed below:

---

| | | |
|:---|:---|:---|
|  | **Sector** | **Percentage of** <br>**Total Investments**<br>|
| Ceredex Mid-Cap Value Equity Fund | Industrials | &nbsp;&nbsp;&nbsp; 28<br> %<br>|
| Ceredex Small-Cap Value Equity Fund | Financials | &nbsp;&nbsp;&nbsp; 26 |
| Silvant Large-Cap Growth Stock Fund | Information Technology | &nbsp;&nbsp;&nbsp; 49 |
| Zevenbergen Innovative Growth Stock Fund | Information Technology | &nbsp;&nbsp;&nbsp; 35 |

---

**Note 8. Indemnifications**

Under the Trust's organizational documents and in separate agreements between each Trustee and the Trust, its Trustees and officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust and its funds. In addition, in the normal course of business, the Trust and the Funds enter into contracts that provide a variety of indemnifications to other parties. The Trust's and/or the Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust or the Funds and that have not occurred. However, neither the Trust nor the Funds have had prior claims or losses pursuant to these arrangements, and they expect the risk of loss to be remote.

**Note 9. Restricted Securities**

Restricted securities are not registered under the Securities Act of 1933, as amended (the "1933 Act"). Generally, 144A securities are excluded from this category. Each Fund will bear any costs, including those involved in registration under the 1933 Act, in connection with the disposition of such securities.

At December 31, 2025, the Funds did not hold any securities that were restricted.

**Note 10. Redemption Facility**

**($ reported in thousands)**

The Funds and certain other affiliated funds are parties to a $250,000 unsecured line of credit agreement dated September 18, 2017, as amended ("Credit Agreement") with a commercial bank. During the reporting period, the Credit Agreement was renewed with $35,000 of the total line of credit of $250,000 being allocated to one other affiliated fund and $215,000 being available to the Funds and certain other affiliated funds. Unless renewed, the Credit Agreement will terminate on July 2, 2026. The Credit Agreement allows the funds to borrow cash from the bank to manage large, unexpected redemptions and trade fails, up to a limit of one-third or one-fifth, as applicable of each Fund's total net assets in accordance with the terms of the agreement. Each fund that is a party to the Credit Agreement, is individually, and not jointly, liable for its borrowings, if any. The lending bank could

------

**VIRTUS ASSET TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

require repayment of outstanding borrowings upon certain circumstances such as an event of default. Interest is charged at the higher of a SOFR or the Federal Funds Rate plus an additional percentage rate on the amount borrowed. Commitment fees are charged on the undrawn balance. Total commitment fees paid for the year ended December 31, 2025, are included in the "Interest expense and/or commitment fees" line on the Statements of Operations. At December 31, 2025, the Funds did not have outstanding borrowings.

The following Funds had outstanding loans during the year. The borrowings were valued at cost, which approximates fair value.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Interest** <br>**Incurred on** <br>**Borrowing**<br>| **Average** <br>**Borrowing**<br>| **Weighted Average** <br>**Interest Rate**<br>| **Days** <br>**Outstanding**<br>|
| Ceredex Large-Cap Value Equity Fund | &nbsp;&nbsp;&nbsp; $— <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; $2200 | &nbsp;&nbsp;&nbsp;&nbsp; 4.93<br> %<br>| &nbsp;&nbsp;&nbsp; 1 |
| Ceredex Small-Cap Value Equity Fund | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp;5.44 | &nbsp;&nbsp;&nbsp; 2 |
| SGA International Growth Fund | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 3896 | &nbsp;&nbsp;&nbsp;&nbsp;5.13 | &nbsp;&nbsp;&nbsp; 10 |
| Zevenbergen Innovative Growth Stock Fund | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 3986 | &nbsp;&nbsp;&nbsp;&nbsp;5.04 | &nbsp;&nbsp;&nbsp; 11 |

---

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

<sup>(1)</sup> Amount is less than $500 (not in thousands).

**Note 11. Federal Income Tax Information**

**($ reported in thousands)**

At December 31, 2025, the approximate aggregate cost basis and the unrealized appreciation (depreciation) of investments and other financial instruments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Federal** <br>**Tax Cost**<br>| **Unrealized** <br>**Appreciation**<br>| **Unrealized** <br>**(Depreciation)**<br>| **Net Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| Ceredex Large-Cap Value Equity Fund | &nbsp;&nbsp;&nbsp; $227057<br>| $32184 | $(7711) <br>| $24473<br>|
| Ceredex Mid-Cap Value Equity Fund | &nbsp;&nbsp;&nbsp; 930005<br>| 146517 | (18373) <br>| 128144<br>|
| Ceredex Small-Cap Value Equity Fund | &nbsp;&nbsp;&nbsp; 76811<br>| 15853 | (2169) <br>| 13684<br>|
| SGA International Growth Fund | &nbsp;&nbsp;&nbsp; 253698<br>| 51687 | (14160) <br>| 37527<br>|
| Silvant Large-Cap Growth Stock Fund | &nbsp;&nbsp;&nbsp; 81806<br>| 176007 | (1924) <br>| 174083<br>|
| Zevenbergen Innovative Growth Stock Fund | &nbsp;&nbsp;&nbsp; 180779<br>| 271672 | (3960) <br>| 267712<br>|

---

Certain Funds have capital loss carryforwards available to offset future realized capital gains, if any, to the extent permitted by the Code. Net capital losses are carried forward without expiration and generally retain their short-term and/or long-term tax character, as applicable. For the year ended December 31, 2025, the Funds' capital loss carryovers were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** |
| Ceredex Small-Cap Value Equity Fund | $4408 | $414 |
| SGA International Growth Fund |  | 6023 |

---

The components of distributable earnings on a tax basis and certain tax attributes for the Funds consist of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed** <br>**Ordinary** <br>**Income**<br>| **Undistributed** <br>**Long-Term** <br>**Capital Gains**<br>| **Post-October** <br>**Capital Loss** <br>**Deferred**<br>| **Capital Loss** <br>**Deferred**<br>|
| Ceredex Large-Cap Value Equity Fund | $6978 | $4275 | $—<br>| $—<br>|
| Ceredex Mid-Cap Value Equity Fund | 22424 | 15968 | —<br>| —<br>|
| Ceredex Small-Cap Value Equity Fund | 286 |  | 603<br>| 4822<br>|
| SGA International Growth Fund | 118 |  | —<br>| 6023<br>|
| Silvant Large-Cap Growth Stock Fund |  | 1757 | —<br>| —<br>|
| Zevenbergen Innovative Growth Stock Fund |  | 14996 | —<br>| —<br>|

---

The differences between the book and tax basis of distributable earnings relate principally to the timing of recognition of income and gains for federal income tax purposes. Short-term gain distributions, if any, are reported as ordinary income for federal tax purposes. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes.

------

**VIRTUS ASSET TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

The tax character of dividends and distributions paid during the fiscal years ended December 31, 2025 and 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary** <br>**Income**<br>| **Long-Term** <br>**Capital Gains**<br>| **Total** |
| Ceredex Large-Cap Value Equity Fund |  |  |  |
| 12/31/25 | &nbsp;&nbsp;&nbsp; $28685<br>| &nbsp;&nbsp;&nbsp; $15255<br>| &nbsp;&nbsp;&nbsp; $43940<br>|
| 12/31/24 | &nbsp;&nbsp;&nbsp; 64975<br>| &nbsp;&nbsp;&nbsp; 49600<br>| &nbsp;&nbsp;&nbsp; 114575<br>|
| Ceredex Mid-Cap Value Equity Fund |  |  |  |
| 12/31/25 | &nbsp;&nbsp;&nbsp; 111943<br>| &nbsp;&nbsp;&nbsp; 66100<br>| &nbsp;&nbsp;&nbsp; 178043<br>|
| 12/31/24 | &nbsp;&nbsp;&nbsp; 49953<br>| &nbsp;&nbsp;&nbsp; 77000<br>| &nbsp;&nbsp;&nbsp; 126953<br>|
| Ceredex Small-Cap Value Equity Fund |  |  |  |
| 12/31/25 | &nbsp;&nbsp;&nbsp; 960<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 960<br>|
| 12/31/24 | &nbsp;&nbsp;&nbsp; 5680<br>| &nbsp;&nbsp;&nbsp; 7280<br>| &nbsp;&nbsp;&nbsp; 12960<br>|
| SGA International Growth Fund |  |  |  |
| 12/31/25 | &nbsp;&nbsp;&nbsp; 3782<br>| &nbsp;&nbsp;&nbsp; 351<br>| &nbsp;&nbsp;&nbsp; 4133<br>|
| 12/31/24 | &nbsp;&nbsp;&nbsp; 10045<br>| &nbsp;&nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 90045<br>|
| Silvant Large-Cap Growth Stock Fund |  |  |  |
| 12/31/25 | &nbsp;&nbsp;&nbsp; 386<br>| &nbsp;&nbsp;&nbsp; 4115<br>| &nbsp;&nbsp;&nbsp; 4501<br>|
| 12/31/24 | &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 1555<br>| &nbsp;&nbsp;&nbsp; 1555<br>|

---

Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. Permanent reclassifications can arise from differing treatment of certain income and gain transactions and nondeductible current year net operating losses. These adjustments have no impact on net assets or net asset value per share of the Funds. Temporary differences that arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will likely reverse at some time in the future.

**Note 12. Reorganization**

**($ reported in thousands)**

On November 15, 2023, the Board of Trustees of the Trust approved an Agreement and Plan of Reorganization (the "Plan") with respect to Vontobel Foreign Opportunities Fund, a series of the Virtus Opportunities Trust, (the "Acquired Fund), and the Virtus SGA International Growth Fund (the "Acquiring Fund"), which provided for the transfer of all of the assets of the Acquired Funds for shares of the Acquiring Fund and the assumption of the liabilities of the Acquired Funds. The purpose of the transaction was to allow shareholders of all of the funds to own shares of a larger combined fund and to allow shareholders of the Acquired Funds to own shares of a fund with a similar investment objective and style as, and potentially lower expenses than, the Acquired Funds. The reorganization was accomplished by a tax-free exchange of shares on March 8, 2024. For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Funds were carried forward to align ongoing reporting of the Acquiring Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The share transactions associated with the merger are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Acquired Fund** | **Shares Outstanding** | **Shares Converted** | **Acquired Fund Net** <br>**Asset Value of** <br>**Converted Shares**<br>|
| Class A Shares | &nbsp;&nbsp;&nbsp; 5679 | &nbsp;&nbsp;&nbsp; 15893 | &nbsp;&nbsp;&nbsp; 151272 |
| Class C Shares | &nbsp;&nbsp;&nbsp; 179 | &nbsp;&nbsp;&nbsp; 443 | &nbsp;&nbsp;&nbsp; 4416 |
| Class I Shares | &nbsp;&nbsp;&nbsp; 15408 | &nbsp;&nbsp;&nbsp; 41885 | &nbsp;&nbsp;&nbsp; 414406 |
| Class R6 Shares | &nbsp;&nbsp;&nbsp; 1613 | &nbsp;&nbsp;&nbsp; 4366 | &nbsp;&nbsp;&nbsp; 43554 |

---

The net assets and net unrealized appreciation (depreciation) before the acquisition were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Acquired Fund** <br>**Net Assets**<br>| **Acquired Fund Unrealized** <br>**Appreciation (Depreciation)**<br>| **Acquiring** <br>**Fund Net Assets**<br>|
| $613648 | &nbsp;&nbsp; $206883 | &nbsp;&nbsp; $79404 |

---

The net assets of the Acquiring Fund immediately following the acquisition were $693,052.

------

**VIRTUS ASSET TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**December 31, 2025**

Assuming the acquisition had been completed on January 1, 2024, the SGA International Growth Fund's pro-forma results of operations for the year ended December 31, 2024 would have been as follows:

---

| | |
|:---|:---|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; $(382)<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp; 56350<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets <br> resulting from operations<br>| &nbsp;&nbsp;&nbsp; $55968 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup> $1,179, as reported in the Statement of Operations, plus $(1,561) net investment loss from the Acquired Fund pre-merger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup> $(48,249), as reported in the Statements of Operations, plus $104,599 net realized and unrealized gain (loss) on investments from Acquired Fund pre-merger.

Because the Acquired Fund and the Acquiring Fund have been managed as an integrated single Fund since the completion date it is not feasible to separate the income/(losses) and gains/(losses) of the Acquired Fund that have been included in the Acquiring Fund's Statement of Operations since March 8, 2024.

**Note 13. Regulatory Matters and Litigation**

From time to time, the Trust, the Funds, the Adviser and/or the subadvisers and/or their affiliates may be involved in litigation and arbitration as well as examinations and investigations by various regulatory bodies, including the SEC, involving compliance with, among other things, securities laws, client investment guidelines, laws governing the activities of broker-dealers and other laws and regulations affecting their activities. At this time, the Adviser believes that the outcomes of such matters are not likely, either individually or in aggregate, to be material to these financial statements.

**Note 14. Subsequent Events**

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available for issuance, and has determined that the following are subsequent events requiring recognition or disclosure in these financial statements.

Effective on January 21, 2026 (the "Closing Date"), Class C shares of Virtus Ceredex Large-Cap Value Equity Fund, Virtus Ceredex Mid-Cap Value Equity Fund, Virtus Ceredex Small-Cap Value Equity Fund and Virtus SGA International Growth Fund were closed for purchase by new or existing shareholders, except by existing shareholders through qualifying transactions. Shareholders who own Class C shares as of the Closing Date may continue to hold such shares until they convert to Class A shares, as described in the Statutory Prospectus or other written notice. All other Class C share characteristics, including but not limited to 12b-1 plan fees, contingent deferred sales charges, and shareholder service fees, will remain unchanged.

Effiective January 26, 2026, Class C of each of Virtus Ceredex Large-Cap Value Equity Fund, Virtus Ceredex Small-Cap Value Equity Fund and Virtus SGA International Growth Fund were eliminated as a share class and existing Class C Shares of those funds were converted to Class A Shares of each respective fund. Shareholders holding Class C Shares at the time of the conversion received Class A Shares having an aggregate net asset value equal to the aggregate net asset value of their Class C Shares immediately prior to the conversion. No sales charges were imposed in connection with this conversion, and the conversion is not expected to be treated as a taxable event by the U.S. Internal Revenue Service. Please refer to each Fund's Prospectuses for any differences between share classes, including sales charge structure, expenses and other options.

Effective January 26, 2026, Class C shares of the Virtus Ceredex Large-Cap Value Equity Fund, Virtus Ceredex Small-Cap Value Equity Fund and Virtus SGA International Growth Fund were converted to Class A shares.

Effective January 1, 2026, a new expense limitation of 0.89% went into effect for Class I shares for the Ceredex Large-Cap Value Equity Fund through April 30, 2027.

Effective January 1, 2026, a new expense limitation of 0.99% went into effect for Class I shares for the Ceredex Mid-Cap Value Equity Fund through April 30, 2027.

Effective January 1, 2026, a new expense limitation of 1.41% went into effect for Class A shares for the Ceredex Small-Cap Value Equity Fund through April 30, 2027.

Effective January 1, 2026, a new expense limitation of 0.67% and 0.62% went into effect for Class I and R6 shares respectively for the Silvant Large-Cap Growth Stock Fund through April 30, 2027. In addition, effective on the same date, the adviser reduced the investment advisory fee to 0.45%.

------

![](g40328img5b54f5dd2.jpg)

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Virtus Asset Trust and Shareholders of Virtus Ceredex Large-Cap Value Equity Fund, Virtus Ceredex Mid-Cap Value Equity Fund, Virtus Ceredex Small-Cap Value Equity Fund, Virtus SGA International Growth Fund, Virtus Silvant Large-Cap Growth Stock Fund, and Virtus Zevenbergen Innovative Growth Stock Fund

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Virtus Ceredex Large-Cap Value Equity Fund, Virtus Ceredex Mid-Cap Value Equity Fund, Virtus Ceredex Small-Cap Value Equity Fund, Virtus SGA International Growth Fund, Virtus Silvant Large-Cap Growth Stock Fund, and Virtus Zevenbergen Innovative Growth Stock Fund (six of the Funds constituting Virtus Asset Trust, hereafter collectively referred to as the "Funds") as of December 31, 2025, the related statements of operations for the year ended December 31, 2025, the statements of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2025 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 23, 2026

We have served as the auditor of one or more of the investment companies in the Virtus group of investment companies since at least 1977. We have not been able to determine the specific year we began serving as auditor.

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**VIRTUS ASSET TRUST**

**OTHER INFORMATION** 

**December 31, 2025**

**FORM N-CSR ITEM 8 - Changes in and Disagreements with Accountants** 

None

**FORM N-CSR ITEM 9 - Proxy Disclosure**

None

**FORM N-CSR ITEM 10 - Remuneration Paid to Trustees**

**($ reported in thousands)**

For the year ended December 31, 2025, the Funds incurred independent Trustee's fees totaling $232 which are included in the Statement of Operations within the line item "Trustees fees and expenses". No remuneration was paid to the officers or affiliated trustee.

**FORM N-CSR ITEM 11 – Statement Regarding Basis for Approval of Investment Advisory Contract**

**CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS FOR VIRTUS CEREDEX LARGE-CAP VALUE EQUITY FUND, VIRTUS CEREDEX MID-CAP VALUE EQUITY FUND, VIRTUS CEREDEX SMALL-CAP VALUE EQUITY FUND, VIRTUS SGA INTERNATIONAL GROWTH FUND, VIRTUS SILVANT LARGE-CAP GROWTH STOCK FUND, AND VIRTUS ZEVENBERGEN INNOVATIVE GROWTH STOCK FUND (each a "FUND" and collectively, the "FUNDS") BY THE BOARD OF TRUSTEES**

The Board of Trustees (the "Board") of Virtus Asset Trust (the "Trust") is responsible for determining whether to approve the continuation of the investment advisory agreement (the "Advisory Agreement") between the Trust and Virtus Investment Advisers, LLC ("VIA"), as successor in interest to Virtus Fund Advisers, LLC (now known as Virtus Capital Advisers, LLC) ("VFA") and of each subadvisory agreement (each, a "Subadvisory Agreement" and collectively, the "Subadvisory Agreements" and together with the Advisory Agreements, the "Agreements") among the Trust, VIA and Ceredex Value Advisors LLC ("Ceredex"), with respect to Virtus Ceredex Large-Cap Value Equity Fund, Virtus Ceredex Mid-Cap Value Equity Fund and Virtus Ceredex Small-Cap Value Equity Fund; among the Trust, VIA and Silvant Capital Management LLC ("Silvant"), with respect to Virtus Silvant Large-Cap Growth Stock Fund; among the Trust, VIA and Sustainable Growth Advisers LP ("SGA"), with respect to Virtus SGA International Growth Fund; and among the Trust, VIA and Zevenbergen Capital Investments LLC ("Zevenbergen"), with respect to Virtus Zevenbergen Innovative Growth Stock Fund (each of Ceredex, Silvant, SGA, and Zevenbergen, a "Subadviser" and collectively, the "Subadvisers"). At meetings held on August 27, 2025, October 30, 2025, and November 17-18, 2025 (the "Meetings"), the Board, including a majority of the Trustees who are not interested persons of the Trust as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (such Act, the "1940 Act" and such Trustees, the "Independent Trustees"), considered the continuation of each Agreement, as further discussed below. The Agreements were approved at the November 17-18, 2025 meeting.

In connection with the approval of the Agreements, the Independent Trustees and independent legal counsel requested and evaluated information provided by VIA and each Subadviser which, in the Board's view, constituted information necessary for the Board to form a judgment as to whether the renewal of each of the Agreements would be in the best interests of each applicable Fund and its respective shareholders. The Board also considered information furnished throughout the year at regular Board meetings with respect to the services provided by VIA and the Subadvisers, including quarterly performance reports prepared by management containing reviews of investment results, compliance reports, and periodic presentations from the Subadvisers with respect to the Fund(s) they manage. The Board noted the affiliation of each Subadviser with VIA and any potential conflicts of interest.

The Board was separately advised by independent legal counsel throughout the process. Prior to the Meetings, the Independent Trustees met with their independent legal counsel to evaluate information provided by management. For each Agreement, the Board considered each of the relevant factors with respect to the applicable Fund and its shareholders. The Independent Trustees also submitted written information requests to VIA and the Subadvisers and considered the responses provided. In its deliberations, the Board considered various factors, including those discussed below, none of which were controlling, and each Trustee may have attributed different weights to the various factors. The Independent Trustees also discussed the proposed approval of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.

In considering whether to approve the renewal of the Agreements with respect to each Fund, the Board reviewed and analyzed the factors it deemed relevant, including: (a) the nature, extent and quality of the services provided to the Fund by VIA and each of the Subadvisers; (b) the performance of the Fund as compared to an appropriate peer group and an appropriate index and comparable funds/accounts; (c) the level and method of computing the Fund's advisory and subadvisory fees, and comparisons of the Fund's advisory fee rates and total expenses with those of a group of funds with similar investment strategies; (d) the profitability of VIA under the Advisory Agreement; (e) any "fall-out" benefits to VIA, the Subadvisers and their affiliates (i.e., ancillary benefits realized by VIA, the Subadvisers or their affiliates from VIA's or the applicable Subadviser's relationship with the Trust); (f) the anticipated effect of growth in size on the Fund's performance and expenses; (g) fees paid to VIA and the Subadvisers by comparable funds/accounts, as applicable; (h) possible conflicts of interest; and (i) the terms of the Agreements.

------

**VIRTUS ASSET TRUST**

**OTHER INFORMATION (Continued)**

**December 31, 2025**

<u>Nature, Extent and Quality of Services</u>

In response to the Independent Trustees' request, the Trustees received in advance of the Meetings information provided by VIA and each Subadviser, including completed questionnaires, concerning a number of topics, including, among other items, such company's investment philosophy, investment process and strategies, resources and personnel, operations, compliance structure and procedures, and overall performance. In considering the Advisory Agreement with VIA, the Board considered that VIA is responsible for management of the Funds' investment programs and for evaluating and selecting subadvisers on an ongoing basis and making any recommendations to the Board regarding hiring, retaining, or replacing subadvisers, subject to shareholder approval, as applicable. In considering the Advisory Agreement with VIA, the Board considered VIA's process for supervising and managing the Funds' subadvisers, including (a) VIA's ability to select and monitor subadvisers; (b) VIA's ability to provide the services necessary to monitor a subadviser's compliance with the Funds' respective investment objectives, policies and restrictions as well as provide other oversight activities; and (c) VIA's ability and willingness to identify instances in which a subadviser should be replaced and to carry out the required changes. The Trustees also considered: (a) the experience and capability of VIA's management and other personnel; (b) the financial condition of VIA, and whether it had the financial wherewithal to provide a high level and quality of services to the Funds; (c) the quality of VIA's own regulatory and legal compliance policies, procedures and systems; (d) the nature, extent and quality of administrative, transfer agency and other services provided by VIA and its affiliates to the Funds; (e) VIA's supervision of the Funds' other service providers; and (f) VIA's risk management processes. It was noted that affiliates of VIA serve as administrator, transfer agent and distributor of the Funds. The Board also took into account its knowledge of VIA's management and the quality of the performance of VIA's duties to the Funds and other funds managed through Board meetings, discussions and reports during the preceding year, as well as information from the Trust's Chief Compliance Officer regarding the Funds' compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act.

With respect to the services provided by each of the Subadvisers, the Board considered information provided to the Board by each Subadviser, as well as information provided throughout the past year. With respect to the Subadvisory Agreements, the Board noted that each Subadviser provided portfolio management, compliance with the respective Fund's(s') investment policies and procedures, compliance with applicable securities laws and assurances thereof. The Board also noted that VIA's and each Subadviser's management of the respective Fund(s) is subject to the oversight of the Board and must be carried out in accordance with the investment objective(s), policies and restrictions set forth in the Fund's(s') prospectuses and statement of additional information. In considering the renewal of the Subadvisory Agreements, the Board also considered each Subadviser's investment management process, including (a) the experience and capability of the Subadviser's management and other personnel committed by the Subadviser to the respective Fund(s); (b) the financial condition of the Subadviser; (c) the quality of the Subadviser's regulatory and legal compliance policies, procedures and systems; and (d) the Subadviser's brokerage and trading practices, including with respect to best execution and use of soft dollars. The Board also took into account each Subadviser's risk assessment and monitoring process. The Board noted each Subadviser's regulatory history, including whether it was currently involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as appropriate.

After considering all of the information provided to them, the Trustees concluded that the nature, extent and quality of the services provided by VIA and each Subadviser were satisfactory and that there was a reasonable basis on which to conclude that each would continue to provide a high quality of investment services to the applicable Fund(s).

<u>Investment Performance</u>

The Board considered performance reports and discussions at Board meetings throughout the year, as well as a report for the Funds prepared by Broadridge (the "Broadridge Report"), an independent third-party provider of investment company data, furnished in connection with the contract renewal process. The Broadridge Report presented each Fund's performance relative to a peer group of other mutual funds (the "Performance Universe"), as selected by Broadridge, and relevant indexes. The Board also considered performance information presented by management and took into account management's discussion of the same, including the effect of market conditions on each Fund's performance. The Board noted that it also reviews on a quarterly basis detailed information about both the Funds' performance results and portfolio compositions, as well as each Subadviser's investment strategy(ies). The Board noted VIA's expertise and resources in monitoring the performance, investment style and risk-adjusted performance of each Subadviser. The Board also noted each Subadviser's performance record with respect to each applicable Fund. The Board was mindful of VIA's focus on each Subadviser's performance and noted VIA's performance in monitoring and responding to any performance issues with respect to the Funds. The Board also took into account its discussions with management regarding factors that contributed to the performance of each Fund.

The Board considered, among other performance data, including the performance of comparable accounts managed by the Adviser and Subadviser, if any, the information set forth below with respect to the performance of each Fund for the period ended March 31, 2025. The Board also reviewed comparisons of each Fund's contractual and net management fee and net total expense levels to those of its peer universe as of April 30, 2025 when considering Fund performance.

*<u>Virtus Ceredex Large-Cap Value Equity Fund</u>*. The Board noted that the Fund underperformed both the median of its Performance Universe and its benchmark for the 1-, 3-, 5- and 10-year periods. The Board also noted that the Fund underperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the fifth quintile of the Performance Universe for the 1- and 3-year periods and the fourth quintile of the Performance Universe for the 5- and 10-year periods.

*<u>Virtus Ceredex Mid-Cap Value Equity Fund</u>*. The Board noted that the Fund underperformed both the median of its Performance Universe and its benchmark for the 1-, 3-, 5- and 10-year periods. The Board also noted that the Fund underperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the fifth quintile of the Performance Universe for the 1-, 3-, and 5-year periods and the fourth quintile of the Performance Universe for the 10-year period.

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**VIRTUS ASSET TRUST**

**OTHER INFORMATION (Continued)**

**December 31, 2025**

*<u>Virtus Ceredex Small-Cap Value Equity Fund</u>*. The Board noted that the Fund outperformed the median of its Performance Universe for the 1-, 3-, and 5-year periods and underperformed the median of its Performance Universe for the 10-year period. The Board also noted that the Fund underperformed its benchmark for the 1-, 5-, and 10-year periods and outperformed its benchmark for the 3-year period. The Board also noted that the Fund outperformed the median of its Performance Universe and underperformed its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the third quintile of the Performance Universe for the 1- and 5-year periods, the second quintile of the Performance Universe for the 3-year period, and the fourth quintile of the Performance Universe for the 10-year period.

*<u>Virtus SGA International Growth Fund</u>*. The Board noted that the Fund underperformed both the median of its Performance Universe and its benchmark for the 1-, 3-, and 5-year periods and outperformed both the median of its Performance Universe and its benchmark for the 10-year period. The Board also noted that the Fund underperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the fifth quintile of the Performance Universe for the 1-year period, the fourth quintile of the Performance Universe for the 3- and 5-year periods, and the second quintile of the Performance Universe for the 10-year period.

*<u>Virtus Silvant Large-Cap Growth Stock Fund</u>*. The Board noted that the Fund outperformed the median of its Performance Universe for the 1-, 3-, 5-, and 10-year periods. The Board also noted that the Fund outperformed its benchmark for the 3-year period and underperformed its benchmark for the 1-, 5- and 10-year periods. The Board also noted that the Fund underperformed the median of its Performance Universe and outperformed its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the second quintile of the Performance Universe for the 1- and 10-year periods and the first quintile of the Performance Universe for the 3- and 5-year periods.

*<u>Virtus Zevenbergen Innovative Growth Stock Fund</u>*. The Board noted that the Fund underperformed the median of its Performance Universe for the 1-, 3-, and 5-year periods and outperformed the median of its Performance Universe for the 10-year period. The Board also noted that the Fund underperformed its benchmark for the 1-, 3-, 5- and 10-year periods. The Board also noted that the Fund underperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the fourth quintile of the Performance Universe for the 1-year period, the fifth quintile of the Performance Universe for the 3- and 5-year periods, and the second quintile of the Performance Universe for the 10-year period.

The Board also considered management's discussion about the reasons for each applicable Fund's performance relative to its peer group or benchmark benchmark, including the reasons discussed for any underperformance and/or actions taken to address the underperformance. The Board also considered Management's discussion of any limitations on the comparability of the peer funds presented, if applicable.

<u>Management Fees and Total Expenses</u>

The Board considered the fees charged to the Funds for advisory services as well as the total expense levels of the Funds. This information included comparisons of each Fund's contractual and net management fee and net total expense level to those of its peer universe (the "Expense Universe") and ranked according to quintile (the first quintile being lowest and, therefore, most favorable in these expense component rankings, and fifth being highest and, therefore, least favorable in these expense component rankings). In comparing each Fund's net management fee to that of peer funds, the Board noted that in the materials presented by management such fee was comprised of advisory and administration fees. The Board also noted that each of the Funds had expense limitations in place to limit the total expenses incurred by the Funds and their shareholders, and that VIA had proposed to lower the expense limitations in place for Class I shares of each of Virtus Ceredex Large-Cap Value Equity Fund and Virtus Ceredex Mid-Cap Value Equity Fund, Class A shares of Virtus Ceredex Small-Cap Value Equity Fund, and Class I and R6 shares of Virtus Silvant Large-Cap Growth Stock Fund. The Board also noted that any subadvisory fees were paid by VIA out of its advisory fees rather than paid separately by the Funds. In this regard, the Board took into account management's discussion with respect to the advisory/subadvisory fee structure, including the amount of the advisory fee retained by VIA after payment of a subadvisory fee. The Board also noted that VIA had proposed to lower the investment advisory fee for Virtus Silvant Large Cap Growth Stock Fund. The Board also took into account the size of each of the Funds and the impact on expenses and economies of scale. The Adviser and Subadvisers provided, and the Board considered, fee information of comparable funds/accounts managed by the Adviser and Subadvisers, as applicable.

In addition to the foregoing, the Board considered, among other data, the information set forth below with respect to each Fund's fees and expenses. In each case, the Board took into account management's discussion of the Fund's expenses, including the type and size of the Fund relative to the other funds in its Expense Universe.

*<u>Virtus Ceredex Large-Cap Value Equity Fund</u>*. The Board considered that the Fund's net management fee was in the fourth quintile of the Expense Universe and net total expenses after waivers were in the fifth quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses after waivers were each above the median of the Expense Universe.

*<u>Virtus Ceredex Mid-Cap Value Equity Fund</u>*. The Board considered that the Fund's net management fee and net total expenses after waivers were each in the fourth quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses were each above the median of the Expense Universe.

*<u>Virtus Ceredex Small-Cap Value Equity Fund</u>*. The Board considered that the Fund's net management fee was in the first quintile of the Expense Universe and net total expenses after waivers were in the second quintile of the Expense Universe. The Board also considered that the Fund's gross management fee was above the median of the Expense Universe and net total expenses after waivers were below the median of the Expense Universe.

*<u>Virtus SGA International Growth Fund</u>*. The Board considered that the Fund's net management fee was in the third quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses after waivers were each above the median of the Expense Universe.

------

**VIRTUS ASSET TRUST**

**OTHER INFORMATION (Continued)**

**December 31, 2025**

*<u>Virtus Silvant Large-Cap Growth Stock Fund</u>*. The Board considered that the Fund's net management fee was in the second quintile of the Expense Universe and net total expenses after waivers were in the third quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses after waivers were each above the median of the Expense Universe.

*<u>Virtus Zevenbergen Innovative Growth Stock Fund</u>*. The Board considered that the Fund's net management fee and net total expenses after waivers were each in the fourth quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses after waivers were each above the median of the Expense Universe.

The Board concluded that the advisory and subadvisory fees for each Fund, including any proposed amendments, were fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered. The Board also approved the proposed lower expense limitations to limit the total expenses for Class I shares of each of Virtus Ceredex Large-Cap Value Equity Fund and Virtus Ceredex Mid-Cap Value Equity Fund, Class A shares of Virtus Ceredex Small-Cap Value Equity Fund, and Class I and R6 shares of Virtus Silvant Large-Cap Growth Stock Fund and the proposed lower investment advisory fee for Virtus Silvant Large Cap Growth Stock Fund.

<u>Profitability</u>

The Board also considered certain information relating to profitability that had been provided by VIA. In this regard, the Board considered information regarding the overall profitability, as well as on a fund-by-fund basis, of VIA for its management of the Funds, as well as its profits and those of its affiliates for managing and providing other services to the Trust, such as distribution, transfer agency and administrative services provided to the Funds by VIA's affiliates. In addition to the fees paid to VIA and its affiliates, including the Subadvisers, the Board considered any other benefits derived by VIA or its affiliates from their relationships with the Funds. The Board reviewed the methodology used to allocate costs to each Fund, taking into account the fact that allocation methodologies are inherently subjective and various allocation methodologies may each be reasonable while producing different results. The Board concluded that the profitability to VIA and its affiliates from each Fund was not excessive in light of the quality of the services rendered to the Funds by VIA and its affiliates as well as other factors.

In considering the profitability to the Subadvisers in connection with their relationships to the Funds, the Board noted that the fees under the Subadvisory Agreements are paid by VIA out of the fees that VIA receives under the Advisory Agreement, so that Fund shareholders are not directly impacted by those fees. In considering the reasonableness of the fees payable by VIA to the affiliated Subadvisers and the profitability to the affiliated Subadvisers, the Board noted that, because such Subadvisers are affiliates of VIA, such profitability might be directly or indirectly shared by VIA.

<u>Economies of Scale</u>

The Board received and discussed information concerning whether VIA realizes economies of scale as the Funds' assets grow. The Board noted that expense limitations were in place for the Funds. The Board also took into account management's discussion of the Funds' advisory fee and subadvisory fee structure. The Board also took into account the current sizes of the Funds, among other factors. The Board also noted that VIA had agreed to implement an extension of each Fund's expense limitations through at least the end of 2026, and that VIA had agreed to lower the expense limitations applicable to Class I shares of each of Virtus Ceredex Large-Cap Value Equity Fund and Virtus Ceredex Mid-Cap Value Equity Fund, Class A shares of Virtus Ceredex Small-Cap Value Equity Fund, and Class I and R6 shares of Virtus Silvant Large-Cap Growth Stock Fund. The Board noted that VIA and the Funds may realize certain economies of scale if the assets of the Funds were to increase, particularly in relationship to certain fixed costs, and that shareholders of the Funds would have an opportunity to benefit from these economies of scale.

With respect to whether the Subadvisers would realize economies of scale as the Funds' assets grow, the Board noted that because the subadvisory fee rate paid by VIA to each Subadviser was a percentage of the net advisory fee, both any increase in the advisory fee due to an increase in assets and any decrease in the advisory fee due to the implementation of expense limitations would affect the subadvisory fees paid to the Subadvisers. As a result, the Board concluded that the Subadvisers would share in any economies of scale realized by VIA.

<u>Other Factors</u>

The Board considered other benefits that may be realized by VIA and each Subadviser and their respective affiliates from their relationships with the applicable Fund(s). Among them, the Board recognized that VP Distributors, LLC, an affiliate of VIA and the Subadvisers, serves as the distributor for the Trust, and, as such, receives payments pursuant to Rule 12b-1 from the Funds to compensate it for providing selling activities, which could lead to growth in the Trust's assets and corresponding benefits from such growth, including economies of scale. The Board noted that an affiliate of VIA and the Subadvisers also provides administrative and transfer agency services to the Trust. The Board noted management's discussion of the fact that, while certain of the Subadvisers are affiliates of VIA, there are no other direct benefits to the Subadvisers or VIA in providing investment advisory services to the Fund(s), other than the fees to be earned under the applicable Agreement(s).

The Board considered that there may be certain indirect or ancillary benefits which may accrue to VIA, the Subadvisers and their affiliates, including (but not limited to): (a) the ability to leverage relationships with service providers to obtain more favorable terms or rates, (b) reputational benefits, (c) the receipt of research products and services acquired through commissions paid on portfolio transactions, and (d) the potential to attract other business.

<u>Conclusion</u>

Based on all of the foregoing considerations, the Board, including a majority of the Independent Trustees, determined that approval of each Agreement, including any proposed amendments, was in the best interests of each applicable Fund and its respective shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Agreements, as amended, with respect to each Fund.

------

**VIRTUS ASSET TRUST**

**TAX INFORMATION NOTICE (Unaudited)**

**December 31, 2025**

The following information ($ reported in thousands) is being provided in order to meet reporting requirements set forth by the Code and/or to meet state specific requirements. In early 2026, the Funds will notify applicable shareholders of amounts for use in preparing 2025 U.S. federal income tax forms. Shareholders should consult their tax advisors.

With respect to distributions paid during the fiscal year ended December 31, 2025, the Funds designate the following amounts (or, if subsequently determined to be different, the maximum amount allowable):

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Qualified** <br>**Dividend** <br>**Income %** <br>**(non-corporate** <br>**shareholder)**<br>| **Dividend** <br>**Received** <br>**Deduction %** <br>**(corporate** <br>**shareholders)**<br>| **Long-Term** <br>**Capital Gain** <br>**Distributions ($)**<br>|
| Ceredex Large-Cap Value Equity Fund | 30.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $38211 |
| Ceredex Mid-Cap Value Equity Fund | 15.97 | &nbsp;&nbsp;&nbsp;&nbsp;15.95 | &nbsp;&nbsp;&nbsp;&nbsp; 112401 |
| Ceredex Small-Cap Value Equity Fund | 100.00 | &nbsp;&nbsp;&nbsp;&nbsp;100.00 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| SGA International Growth Fund | 92.93 | &nbsp;&nbsp;&nbsp;&nbsp;3.52 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Silvant Large-Cap Growth Stock Fund | 100.00 | &nbsp;&nbsp;&nbsp;&nbsp;100.00 | &nbsp;&nbsp;&nbsp;&nbsp; 5266 |
| Zevenbergen Innovative Growth Stock Fund | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp; 14996 |

---

For the fiscal year ended December 31, 2025, the following Fund is disclosing the following information pursuant to notice requirements of Section 853(a) and 855(d) of the Code, and the Treasury Regulations thereunder.

---

| | | |
|:---|:---|:---|
|  | **Foreign Source** <br>**Income** <br>**Recognized**<br>| **Foreign Taxes** <br>**Paid on** <br>**Foreign** <br>**Source** <br>**Income**<br>|
| SGA International Growth Fund | &nbsp;&nbsp; $4270<br>| &nbsp;&nbsp;&nbsp;&nbsp; $198<br>|

---

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**VIRTUS ASSET TRUST**

101 Munson Street

Greenfield, MA 01301-9668

**Trustees**

Connie D. McDaniel, Chair

George R. Aylward

Donald C. Burke

Sarah E. Cogan

Deborah A. DeCotis

F. Ford Drummond

R. Keith Walton

Brian T. Zino

**Principal Officers**

George R. Aylward, President

Peter Batchelar, Senior Vice President

&nbsp;&nbsp;&nbsp;&nbsp;W. Patrick Bradley, Executive Vice President, Chief Financial Officer and Treasurer

Timothy Branigan, Vice President and Fund Chief Compliance Officer

Jennifer Fromm, Vice President, Chief Legal Officer, Counsel and Secretary

Julia R. Short, Senior Vice President

Richard W. Smirl, Executive Vice President

**Investment Adviser**

Virtus Investment Advisers, LLC

One Financial Plaza

Hartford, CT 06103-2608

**Principal Underwriter**

VP Distributors, LLC

One Financial Plaza

Hartford, CT 06103-2608

**Administrator and Transfer Agent**

Virtus Fund Services, LLC

One Financial Plaza

Hartford, CT 06103-2608

**Custodian**

The Bank of New York

240 Greenwich Street

New York, NY 10286-1048

**Independent Registered Public**

**Accounting Firm**

PricewaterhouseCoopers LLP

2001 Market Street

Philadelphia, PA 19103-7042

**How to Contact Us**

Mutual Fund Services

1-800-243-1574

Adviser Consulting Group

1-800-243-4361

Website

**Virtus.com**

------

![](g40328imgda2077763.gif)

P.O. Box 534470

Pittsburgh, PA 15253-4470

For more information about Virtus Funds,

please contact us at **1-800-243-1574**, or visit **Virtus.com**.

8635 02-26

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Please refer to the Other Information Section in Item 7(a).

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Please refer to the Other Information Section in Item 7(a).

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Please refer to the Other Information Section in Item 7(a).

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Please refer to the Other Information Section in Item 7(a).

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Disclosure not required for open-end management investment companies.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Disclosure not required for open-end management investment companies.

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Disclosure not required for open-end management investment companies.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

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#### Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are effective to provide reasonable assurance that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that information required to be disclosed by the registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Disclosure not required for open-end management investment companies.

**Item 18. Recovery of Erroneously Awarded Compensation**.

Not Applicable.

#### Item 19. Exhibits.

---

| | |
|:---|:---|
|  (a)(1) | [The registrant's Code of Ethics is attached hereto.](d65653dex99codeeth.htm) |
|  (a)(2) | Not applicable. |
|  (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d65653dex99cert.htm) |
|  (a)(4) | Disclosure not required for open-end management investment companies. |
|  (a)(5) | There was no change in the Registrant's independent public accountant during the period covered by the report. |
| (b) | [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.](d65653dex99906cert.htm) |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) <u>Virtus Asset Trust</u> 

---

| | |
|:---|:---|
| By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ George R. Aylward</u>  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;George R. Aylward, President |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal executive officer) |
| Date 03/04/2026 | Date 03/04/2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
|  By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ George R. Aylward</u>  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;George R. Aylward, President |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal executive officer) |
| Date 03/04/2026 | Date 03/04/2026 |
|  By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ W. Patrick Bradley</u>  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W. Patrick Bradley, Executive Vice President, |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer and Treasurer |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal financial officer) |
| Date 03/03/2026 | Date 03/03/2026 |

---

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

**CODE OF ETHICS FOR** 

**CHIEF EXECUTIVE AND SENIOR FINANCIAL OFFICERS** 

Each Fund is committed to conducting business in accordance with applicable laws, rules and regulations and the highest standards of business ethics, and to full and accurate disclosure — financial and otherwise — in compliance with applicable law. This Code of Ethics applies to each Fund's Chief Executive Officer, President, Chief Financial Officer and Treasurer (or persons performing similar functions) (together, "Senior Officers").

Senior Officers must comply with applicable law and have a responsibility to conduct themselves in an honest and ethical manner. They have leadership responsibilities that include creating a culture of high ethical standards and a commitment to compliance, maintaining a work environment that encourages the internal reporting of compliance concerns and promptly addressing compliance concerns.

Senior Officers may be subject to certain conflicts of interest inherent in the operation of the Funds, because the Senior Officers (in addition to their role as senior officers of the Fund) currently or may in the future serve as officers or employees of a Virtus affiliated investment adviser<sup>1</sup> (the "Adviser"), Virtus Investment Partners, Inc. or other affiliates thereof (collectively, "Virtus") and as officers or trustees/directors of other registered investment companies and unregistered investment funds advised by Virtus.

A variety of laws and regulations applicable to, and certain policies and procedures adopted by, the Fund, the Adviser or Virtus govern certain conduct in connection with many of the conflict of interest situations that arise in connection with the operations of the Fund, including:

• the Investment Company Act of 1940, as amended, and the rules and regulation promulgated thereunder by the Securities
and Exchange Commission (the "1940 Act");

• the Investment Advisers Act of 1940, as amended, and the rules and regulations promulgated thereunder by the Securities
and Exchange Commission (the "Advisers Act");

• the Code of Ethics adopted by the Fund pursuant to Rule 17j-1(c) under the 1940
Act (collectively, the "Fund's 1940 Act Code of Ethics");

• one or more codes of ethics adopted by the Adviser that have been reviewed and approved by those Members of the Board
that are not "interested persons" of the Fund (the "Independen <u>t</u> Members") within the meaning of the 1940 Act (the "Adviser's 1940 Act Code of Ethics" and, together with the Fund's 1940 Act Code
of Ethics, the "1940 Act Codes of Ethics");

• the policies and procedures adopted by the Fund pursuant to Rule 38a-1 under the
1940 Act (collectively, the "Fund Policies"); and

• each Adviser's general policies and procedures (collectively, the "Adviser Policies").

<sup>1</sup> Virtus Investment Advisers, LLC; Virtus Alternative Investment Advisers, LLC; Virtus Capital Advisers, LLC; AlphaSimplex Group, LLC; Ceredex Value Advisors LLC; Duff & Phelps Investment Management Co.; Kayne Anderson Rudnick Investment Management LLC; NFJ Investment Group, LLC; Silvant Capital Management LLC; Sustainable Growth Advisers, LP; Virtus Advisers, LLC; Virtus Fixed Income Advisers, LLC; Westchester Capital Management, LLC. (2025.1)

Tab 2

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The provisions of the 1940 Act, the Advisers Act, the 1940 Act Codes of Ethics, the Fund Policies and the Adviser Policies are referred to herein collectively as the "Additional Conflict Rules".

This Code of Ethics is different from, and is intended to supplement, the Additional Conflict Rules. Accordingly, a violation of the Additional Conflict Rules by a Senior Officer is hereby deemed not to be a violation of this Code of Ethics, unless and until the Board of the Fund (the "Board") shall determine that any such violation of the Additional Conflict Rules is also a violation of this Code of Ethics.

**Senior Officers Should Act Honestly and Candidly** 

Each Senior Officer must:

• act with integrity, including being honest and candid while still maintaining the confidentiality of information where
required by law or the Additional Conflict Rules;

• comply with the laws, rules and regulations that govern the conduct of the Fund's operations and report any
suspected violations thereof in accordance with the section below entitled "Compliance With Code Of Ethics"; and

• adhere to a high standard of business ethics.

**Conflicts Of Interest** 

A conflict of interest for the purpose of this Code of Ethics occurs when private interests interfere in any way, or even appear to interfere, with the interests of the Fund. Senior Officers are expected to use objective and unbiased standards when making decisions that affect the Fund, keeping in mind that Senior Officers are subject to certain inherent conflicts of interest because Senior Officers of a Fund also are or may be officers of the Adviser and other funds advised or serviced by Virtus.

Questions regarding the application or interpretation of this Code of Ethics should be raised with the Chief Compliance Officer of the Fund (the "Chief Compliance Officer") prior to taking action.

Some conflict of interest situations that should be approved by the Chief Compliance Officer, if material, include the following:

• the receipt of any entertainment or non-nominal gift by the Senior Officer, or a
member of his or her family, from any company with which the Fund has current or prospective business dealings (other than the Adviser or Virtus), unless such entertainment or gift is business related, reasonable in cost, appropriate as to time and
place, and not so frequent as to raise any question of impropriety;

• any ownership interest in, or any consulting or employment relationship with, any of the Fund's service providers,
other than the Adviser or Virtus; or

• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Fund for effecting
portfolio transactions or for selling or redeeming shares other than an interest arising from the Senior Officer's employment by the Adviser or Virtus, such as compensation or equity ownership.

**Disclosures** 

It is the policy of the Funds to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable laws and regulations in all reports and documents that the Fund files with,

Tab 2

------

or submits to, the Securities and Exchange Commission or a national securities exchange and in all other public communications made by the Fund. Senior Officers are required to promote compliance with this policy and to abide by the Fund's standards, policies and procedures designed to promote compliance with this policy.

Each Senior Officer must:

• familiarize himself or herself with the disclosure requirements applicable to the Fund as well as the business and
financial operations of the Fund; and

• not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, including to the Board, the
Fund's independent auditors, the Fund's counsel, counsel to the Independent Members, governmental regulators or self-regulatory organizations.

**Compliance With Code Of Ethics** 

Known or suspected violations of this Code of Ethics or other laws, regulations, policies or procedures applicable to the Fund, should be reported on a timely basis to the Chief Compliance Officer or may be reported to the Virtus compliance hotline maintained in accordance with the Fund's Procedures for Complaints Regarding Accounting, Internal Accounting Controls or Auditing Matters (the "Whistleblower Policy"). In accordance with that Policy, no one will be subject to retaliation because of a good faith report of a suspected violation.

The Fund will follow these procedures (or, alternatively, the procedures set forth in the Whistleblower Policy) in investigating and enforcing this Code of Ethics, and in reporting on this Code of Ethics:

• the Chief Compliance Officer will take all appropriate action to investigate any actual or potential violations reported
to him or her;

• violations and potential violations will be reported to the applicable Fund Board after such investigation;

• if the Fund Board determines that a violation has occurred, it will take all appropriate disciplinary or preventive
action; and

• appropriate disciplinary or preventive action may include a letter of censure, suspension, dismissal or, in the event of
criminal or other serious violations of law, notification of the Securities and Exchange Commission or other appropriate law enforcement authorities.

**Waivers Of Code Of Ethics** 

Except as otherwise provided in this Code of Ethics, the Chief Compliance Officer is responsible for applying this Code of Ethics to specific situations in which questions are presented to the Chief Compliance Officer and has the authority to interpret this Code of Ethics in any particular situation.

Each Fund Board, or any duly designated committee thereof, is responsible for granting waivers of this Code of Ethics, as appropriate. Any changes to or waivers of this Code of Ethics will, to the extent required, be disclosed on Form N-CSR, or otherwise, as provided by Securities and Exchange Commission rules.

Tab 2

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**Recordkeeping** 

Records pertaining to the matters covered by this Policy will be maintained and preserved in accordance with applicable laws and regulations and the Fund's Books and Records Policy.

All reports and records prepared or maintained pursuant to this Code of Ethics shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code of Ethics, such matters shall not be disclosed to anyone other than the Independent Members and their counsel, the Fund and its counsel, the Adviser and/or other Virtus entity and its counsel and any other advisors, consultants or counsel retained by the Members, the Independent Members or any committee of the Board.

Tab 2

## Ex-99.Cert

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, George R. Aylward, certify that:

1. I have reviewed this report on Form N-CSR of Virtus Asset Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially

------

affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: 03/04/2026 | <u>/s/ George R. Aylward</u>  |
|  | George R. Aylward, President |
|  | (principal executive officer) |

---

------

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, W. Patrick Bradley, certify that:

1. I have reviewed this report on Form N-CSR of Virtus Asset Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: 03/03/2026 | <u>/s/ W. Patrick Bradley</u>  |
|  | W. Patrick Bradley, Executive Vice President, |
|  | Chief Financial Officer and Treasurer |
|  | (principal financial officer) |

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## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act** 

I, George R. Aylward, President of Virtus Asset Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant containing the financial statements
(the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

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| | |
|:---|:---|
| Date: 03/04/2026 | <u>/s/ George R. Aylward</u>  |
|  | George R. Aylward, President |
|  | (principal executive officer) |

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I, W. Patrick Bradley, Executive Vice President, Chief Financial Officer and Treasurer of Virtus Asset Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant containing the financial statements
(the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

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| | |
|:---|:---|
| Date: 03/03/2026 | <u>/s/ W. Patrick Bradley</u>  |
|  | W. Patrick Bradley, Executive Vice President, |
|  | Chief Financial Officer and Treasurer |
|  | (principal financial officer) |

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