Virtus Ceredex Small-Cap Value Equity
Fund (the “Fund”),
a series of Virtus Asset Trust
Supplement dated July 10, 2026 to the
Fund’s Summary Prospectus and the Virtus Asset Trust
Statutory Prospectus, each dated April 28, 2026, as supplemented
Important Notice to Investors
Effective July 10, 2026, Jason E. Fraser, CFA, is hereby added as a portfolio manager of the Fund. Following are the resulting changes to the Prospectuses.
The disclosure under “Portfolio Management” in the Fund’s summary prospectus and in the summary section of the Fund’s statutory prospectus is hereby replaced in its entirety with the following:
The following individuals are primarily responsible for the day-to-day management of the fund’s portfolio.
| > | Jason E. Fraser, CFA, Managing Director at Ceredex, has managed the fund since July 2026. | |
| > | Don Wordell, CFA, Managing Director at Ceredex, has managed the fund since February 2023. |
In the Management of the Funds section under “Portfolio Management” on page 82 of the Fund’s statutory prospectus, the row for the Fund in the table under the subheading “Ceredex” is hereby replaced with the following:
| Fund | Portfolio Managers |
| Virtus Ceredex Small-Cap Value Equity Fund | Jason
E. Fraser, CFA (since July 2026) Don Wordell, CFA (since February 2023) |
The portfolio manager biographies under the referenced table are hereby amended by adding the following for Mr. Fraser:
Jason E. Fraser, CFA. Mr. Fraser currently serves as a Managing Director at Ceredex. He has worked in investment management since 2011.
Investors should retain this supplement with the Prospectuses for future reference.
VAT 8622/Ceredex SCV PM Changes (7/2026)
Virtus Ceredex Small-Cap Value Equity
Fund (the “Fund”),
a series of Virtus Asset Trust
Supplement dated July 10, 2026 to the
Statement of Additional Information (“SAI”)
dated April 28, 2026, as supplemented
IMPORTANT NOTICE TO INVESTORS
Effective July 10, 2026, Jason E. Fraser, CFA, is hereby added as a portfolio manager of the Fund. Following are the resulting changes to the SAI.
The disclosure in the table under “Portfolio Managers” on page 81 of the SAI is hereby amended by adding Mr. Fraser in the row for the Fund.
The disclosure in the “Other Accounts Managed (No Performance-Based Fees)” table beginning on page 82 of the SAI is hereby amended by adding a row and associated footnote for Mr. Fraser as follows:
| Registered
Investment Companies |
Other
Pooled Investment Vehicles |
Other Accounts | ||||
| Portfolio Manager | Number
of Accounts |
Total Assets | Number
of Accounts |
Total Assets | Number of Accounts | Total Assets |
| Jason E. Fraser (*) | 0 | N/A | 0 | N/A | 0 | N/A |
(*) As of May 31, 2026.
The disclosure in the table under “Portfolio Manager Fund Ownership” beginning on page 84 of the SAI is hereby amended by adding a row and associated footnote for Mr. Fraser as follows:
| Portfolio Manager | Fund | Dollar
Range of Equity Securities Beneficially Owned in Fund Managed |
Dollar
Range of Financial Exposure Through Similar Strategies |
| Jason E. Fraser (*) | Ceredex Small-Cap Value Equity Fund | None | None |
(*) As of May 31, 2026. Mr. Fraser became a Portfolio Manager of the Small-Cap Value Equity Fund effective July 10, 2026.
Investors should retain this supplement with the SAI for future reference.
VAT 8622B/Ceredex SCV PM Changes (7/2026)