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Virtus Silvant Large-Cap Growth Stock Fund

Virtus Silvant Large-Cap Growth Stock Fund

Virtus Silvant Large-Cap Growth Stock Fund (the “Fund”),

a series of Virtus Asset Trust

Supplement dated December 15, 2023 to the Fund’s Summary Prospectus

and the Virtus Asset Trust Statutory Prospectus, each dated April 28, 2023, as supplemented

IMPORTANT NOTICE TO INVESTORS

Effective January 1, 2024, the Fund’s investment adviser, Virtus Fund Advisers, LLC, will implement new expense limitation arrangements to further limit the Fund’s expenses. The resulting changes to the Fund’s prospectuses are described in more detail below.

Under “Fees and Expenses” in the Fund’s summary prospectus and the summary section of the statutory prospectus, the “Shareholder Fees” and “Annual Fund Operating Expenses” tables and associated footnotes will be replaced with the following:

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees - Virtus Silvant Large-Cap Growth Stock Fund	Class A	Class I	Class R6
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price)	5.50%	none	none
Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds)	none	none	none

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses - Virtus Silvant Large-Cap Growth Stock Fund		Class A	Class I	Class R6
Management Fees		0.70%	0.70%	0.70%
Distribution and Shareholder Servicing (12b-1) Fees		0.25%	none	none
Other Expenses	[1]	0.31%	0.36%	0.23%
Total Annual Fund Operating Expenses		1.26%	1.06%	0.93%
Less: Fee Waiver and/or Expense Reimbursement	[2]	(0.23%)	(0.29%)	(0.21%)
Total Annual Fund Operating Expenses After Expense Reimbursement	[2]	1.03%	0.77%	0.72%

Under “Fees and Expenses,” the “Example” table will be replaced with the following:

Expense Example - Virtus Silvant Large-Cap Growth Stock Fund - USD ($)	1 Year	3 Years	5 Years	10 Years
Class A	649	906	1,183	1,970
Class I	79	308	557	1,268
Class R6	74	275	494	1,124

Expense Example No Redemption - Virtus Silvant Large-Cap Growth Stock Fund - USD ($)	1 Year	3 Years	5 Years	10 Years
Class A	649	906	1,183	1,970
Class I	79	308	557	1,268
Class R6	74	275	494	1,124

Investors should retain this supplement with the Prospectuses for future reference.

[1] Not included in the table are extraordinary proxy expenses. If such amounts were reflected in this table, the Other Expenses would have been 1.04% for Class A Shares, 0.78% for Class I Shares and 0.73% for Class R6 Shares.

[2] The fund’s investment adviser has contractually agreed to limit the fund’s total operating expenses (excluding certain expenses, such as 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) so that such expenses do not exceed 1.03% for Class A Shares, 0.77% for Class I Shares and 0.72% for Class R6 Shares through April 30, 2025. Following the contractual period, the adviser may discontinue these expense reimbursement arrangements at any time. Under certain conditions, the adviser may recapture operating expenses reimbursed and/or fees waived under these arrangements for a period of three years following the date such waiver or reimbursement occurred, provided that the recapture does not cause the fund to exceed its expense limit in effect at the time of the waiver or reimbursement, and any in effect at the time of recapture, after repayment is taken into account.