0001018593 2025-12-31 2025-12-31 0001018593 cik0001018593:S000057022Member 2025-12-31 2025-12-31 0001018593 cik0001018593:S000057033Member 2025-12-31 2025-12-31 0001018593 cik0001018593:S000057041Member 2025-12-31 2025-12-31 Virtus Ceredex Large-Cap Value Equity Fund Supplement dated September 25, 2026, to the Summary and Statutory Prospectuses (the “Prospectuses”) dated April 28, 2026, as supplementedIMPORTANT NOTICE TO INVESTORSEffective September 30, 2026, the “Principal Investment Strategies” in the “Investments, Risks and Performance” section of the Fund’s summary prospectus and the summary section of the statutory prospectus applicable to the Fund will be replaced with the following: Principal Investment Strategies Under normal circumstances, the fund invests at least 80% of its net assets in U.S.-traded equity securities of large-capitalization companies. U.S.-traded equity securities may include American Depositary Receipts (“ADRs”). As of the date of this prospectus, the fund’s subadviser considers large-capitalization companies for this purpose to be those companies that, at the time of initial purchase, have market capitalizations generally within the range of companies included in the Russell 1000® Value Index.ΩAs of June 30, 2026, the market capitalization range of the companies in the Russell 1000® Value Index was $777 million to $4.25 trillion. As a result of its investment strategy, the fund’s portfolio turnover rate may be 100% or more and the fund may focus its investments in one or more sectors.In selecting investments for purchase and sale, the subadviser chooses companies that it believes are undervalued in the market relative to the industry sector and the company’s own valuation history. The subadviser evaluates potential catalysts that may cause an upward re-rating of the stock’s valuation. The common stocks purchased for the fund generally pay dividends at the time of purchase or are expected to pay dividends soon after their purchase. The fund may also invest in companies that do not pay dividends when the subadviser believes such companies present attractive investment opportunities and are otherwise consistent with the fund’s investment objective and strategies. Under normal circumstances, the fund invests at least 80% of its net assets in U.S.-traded equity securities of large-capitalization companies. U.S.-traded equity securities may include American Depositary Receipts (“ADRs”). Under normal circumstances, the fund invests at least 80% of its net assets in U.S.-traded equity securities of large-capitalization companies. U.S.-traded equity securities may include American Depositary Receipts (“ADRs”). As of the date of this prospectus, the fund’s subadviser considers large-capitalization companies for this purpose to be those companies that, at the time of initial purchase, have market capitalizations generally within the range of companies included in the Russell 1000® Value Index. Virtus Ceredex Mid-Cap Value Equity Fund Supplement dated September 25, 2026, to the Summary and Statutory Prospectuses (the “Prospectuses”) dated April 28, 2026, as supplementedIMPORTANT NOTICE TO INVESTORSEffective September 30, 2026, the “Principal Investment Strategies” in the “Investments, Risks and Performance” section of the Fund’s summary prospectus and the summary section of the statutory prospectus applicable to the Fund will be replaced with the following: Principal Investment Strategies Under normal circumstances, the fund invests at least 80% of its net assets in U.S.-traded equity securities of mid-capitalization companies. U.S.-traded equity securities may include American Depositary Receipts (“ADRs”). As of the date of this prospectus, the fund’s subadviser considers mid-capitalization companies for this purpose to be those companies that, at the time of initial purchase, have market capitalizations generally within the range of companies included in the Russell Midcap® Index.ΩAs of June 30, 2026, the market capitalization range of the companies in the Russell Midcap® Index was $777 million to $92.7 billion. As a result of its investment strategy, the fund’s portfolio turnover rate may be 100% or more and the fund may focus its investments in one or more sectors.In selecting investments for purchase and sale, the subadviser chooses companies that it believes are undervalued in the market relative to the industry sector and the company’s own valuation history. The subadviser evaluates potential catalysts that may cause an upward re-rating of the stock’s valuation. The common stocks purchased for the fund generally pay dividends at the time of purchase or are expected to pay dividends soon after their purchase. The fund may also invest in companies that do not pay dividends when the subadviser believes such companies present attractive investment opportunities and are otherwise consistent with the fund’s investment objective and strategies. Under normal circumstances, the fund invests at least 80% of its net assets in U.S.-traded equity securities of mid-capitalization companies. U.S.-traded equity securities may include American Depositary Receipts (“ADRs”). Under normal circumstances, the fund invests at least 80% of its net assets in U.S.-traded equity securities of mid-capitalization companies. U.S.-traded equity securities may include American Depositary Receipts (“ADRs”). As of the date of this prospectus, the fund’s subadviser considers mid-capitalization companies for this purpose to be those companies that, at the time of initial purchase, have market capitalizations generally within the range of companies included in the Russell Midcap® Index. Virtus Ceredex Small-Cap Value Equity Fund Supplement dated September 25, 2026, to the Summary and Statutory Prospectuses (the “Prospectuses”) dated April 28, 2026, as supplementedIMPORTANT NOTICE TO INVESTORSEffective September 30, 2026, the “Principal Investment Strategies” in the “Investments, Risks and Performance” section of the Fund’s summary prospectus and the summary section of the statutory prospectus applicable to the Fund will be replaced with the following: Principal Investment Strategies Under normal circumstances, the fund invests at least 80% of its net assets in U.S.-traded equity securities of small-capitalization companies. U.S.-traded equity securities may include American Depositary Receipts (“ADRs”).ΩAs of the date of this prospectus, the fund’s subadviser considers small-capitalization companies for this purpose to be those companies that, at the time of initial purchase, have market capitalizations generally within the range of companies included in the Russell 2000® Index on a rolling three-year basis. On this basis, as of June 30, 2026, the total market capitalization range of companies included in the Russell 2000® Index over the past three years was $93.6 thousand to $81.1 billion. As a result of its investment strategy, the fund may focus its investments in one or more sectors.In selecting investments for purchase and sale, the subadviser chooses companies that it believes are undervalued in the market relative to the industry sector and the company’s own valuation history. The subadviser evaluates potential catalysts that may cause an upward re-rating of the stock’s valuation. The common stocks purchased for the fund generally pay dividends at the time of purchase or are expected to pay dividends soon after their purchase. The fund may also invest in companies that do not pay dividends when the subadviser believes such companies present attractive investment opportunities and are otherwise consistent with the fund’s investment objective and strategies. Under normal circumstances, the fund invests at least 80% of its net assets in U.S.-traded equity securities of small-capitalization companies. U.S.-traded equity securities may include American Depositary Receipts (“ADRs”). Under normal circumstances, the fund invests at least 80% of its net assets in U.S.-traded equity securities of small-capitalization companies. U.S.-traded equity securities may include American Depositary Receipts (“ADRs”). N-1A 497 2025-12-31 0001018593 false 2026-09-30 2026-09-24 VIRTUS ASSET TRUST