<?xml version="1.0" encoding="UTF-8"?>
<edgarSubmission xmlns:com="http://www.sec.gov/edgar/common" xmlns="http://www.sec.gov/edgar/ncen">
  <schemaVersion>X0201</schemaVersion>
  <headerData>
    <submissionType>N-CEN</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <issuerCredentials>
          <cik>0000792359</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>
      <flags>
        <returnCopyFlag>false</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
        <confirmingCopyFlag>false</confirmingCopyFlag>
      </flags>
      <investmentCompanyType>N-1A</investmentCompanyType>
    </filerInfo>
    <seriesClass>
      <reportSeriesClass>
        <rptIncludeAllSeriesFlag>true</rptIncludeAllSeriesFlag>
      </reportSeriesClass>
    </seriesClass>
  </headerData>
  <formData>
    <generalInfo reportEndingPeriod="2018-12-31" isReportPeriodLt12="N"/>
    <registrantInfo>
      <registrantFullName>Virtus Variable Insurance Trust</registrantFullName>
      <investmentCompFileNo>811-04642</investmentCompFileNo>
      <registrantCik>0000792359</registrantCik>
      <registrantLei>5493003VWTC7OD2WQT04</registrantLei>
      <registrantstreet1>One Financial Plaza</registrantstreet1>
      <registrantcity>Hartford</registrantcity>
      <registrantzipCode>06103</registrantzipCode>
      <registrantstate>US-CT</registrantstate>
      <registrantcountry>US</registrantcountry>
      <registrantphoneNumber>800-367-5877</registrantphoneNumber>
      <websites>
        <website webpage="www.virtus.com"/>
      </websites>
      <locationBooksRecords>
        <locationBooksRecord>
          <officeName>Rampart Investment Management Company, LLC</officeName>
          <officeAddress1>1540 Broadway</officeAddress1>
          <officeAddress2>16th Floor</officeAddress2>
          <officeCity>New York</officeCity>
          <officeStateCountry officeState="US-NY" officeCountry="US"/>
          <officeRecordsZipCode>10036</officeRecordsZipCode>
          <officePhone>212-395-9470</officePhone>
          <booksRecordsDesc>Records related to its functions as Subadviser</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Rampart Investment Management Company, LLC</officeName>
          <officeAddress1>One Financial Plaza</officeAddress1>
          <officeCity>HARTFORD</officeCity>
          <officeStateCountry officeState="US-CT" officeCountry="US"/>
          <officeRecordsZipCode>06103</officeRecordsZipCode>
          <officePhone>800-248-7971</officePhone>
          <booksRecordsDesc>Records related to its functions as Subadviser</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Virtus Fund Services, LLC</officeName>
          <officeAddress1>One Financial Plaza</officeAddress1>
          <officeCity>Hartford</officeCity>
          <officeStateCountry officeState="US-CT" officeCountry="US"/>
          <officeRecordsZipCode>06103</officeRecordsZipCode>
          <officePhone>860-263-4790</officePhone>
          <booksRecordsDesc>Records related to its functions as Administrator</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>BNY Mellon Investment Servicing (US) Inc.</officeName>
          <officeAddress1>301 Bellevue Parkway</officeAddress1>
          <officeCity>Wilmington</officeCity>
          <officeStateCountry officeState="US-DE" officeCountry="US"/>
          <officeRecordsZipCode>19809</officeRecordsZipCode>
          <officePhone>302-791-1700</officePhone>
          <booksRecordsDesc>Records related to its functions as Transfer Agent, Fund Accountant, Subadministrator and Dividend Dispersing Agent</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Jennifer Fromm, Esq.</officeName>
          <officeAddress1>One Financial Plaza</officeAddress1>
          <officeCity>Hartford</officeCity>
          <officeStateCountry officeState="US-CT" officeCountry="US"/>
          <officeRecordsZipCode>06103</officeRecordsZipCode>
          <officePhone>(800)-243-1574</officePhone>
          <booksRecordsDesc>Records related to her functions as Secretary of the Trust</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>The Bank of New York Mellon</officeName>
          <officeAddress1>240 Greenwich Street</officeAddress1>
          <officeCity>New York</officeCity>
          <officeStateCountry officeState="US-NY" officeCountry="US"/>
          <officeRecordsZipCode>10286</officeRecordsZipCode>
          <officePhone>1-212-495-1784</officePhone>
          <booksRecordsDesc>Records related to its functions as Custodian</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Newfleet Asset Management, LLC</officeName>
          <officeAddress1>One Financial Plaza</officeAddress1>
          <officeCity>Hartford</officeCity>
          <officeStateCountry officeState="US-CT" officeCountry="US"/>
          <officeRecordsZipCode>06103</officeRecordsZipCode>
          <officePhone>877-332-8172</officePhone>
          <booksRecordsDesc>Records related to its functions as Subadviser</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>VP Distributors, LLC</officeName>
          <officeAddress1>One Financial Plaza</officeAddress1>
          <officeCity>Hartford</officeCity>
          <officeStateCountry officeState="US-CT" officeCountry="US"/>
          <officeRecordsZipCode>06103</officeRecordsZipCode>
          <officePhone>860-263-4736</officePhone>
          <booksRecordsDesc>Records related to its functions as Principal Underwriter</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Virtus Investment Advisers, Inc.</officeName>
          <officeAddress1>One Financial Plaza</officeAddress1>
          <officeCity>Hartford</officeCity>
          <officeStateCountry officeState="US-CT" officeCountry="US"/>
          <officeRecordsZipCode>06103</officeRecordsZipCode>
          <officePhone>800-248-7971</officePhone>
          <booksRecordsDesc>Records related to its functions as Investment Adviser</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Duff &amp; Phelps Investment Management Co.</officeName>
          <officeAddress1>200 South Wacker Drive</officeAddress1>
          <officeAddress2>Suite 500</officeAddress2>
          <officeCity>Chicago</officeCity>
          <officeStateCountry officeState="US-IL" officeCountry="US"/>
          <officeRecordsZipCode>60606-5802</officeRecordsZipCode>
          <officePhone>312-368-5510</officePhone>
          <booksRecordsDesc>Records related to its functions as Subadviser</booksRecordsDesc>
        </locationBooksRecord>
      </locationBooksRecords>
      <isRegistrantFirstFiling>Y</isRegistrantFirstFiling>
      <isRegistrantLastFiling>N</isRegistrantLastFiling>
      <registrantFamilyInvComp isRegistrantFamilyInvComp="Y" familyInvCompFullName="Virtus Funds"/>
      <registrantClassificationType>N-1A</registrantClassificationType>
      <totalSeries>8</totalSeries>
      <terminatedSeries>
        <terminatedSeriesInfo seriesName="Virtus Rampart Equity Trend Series" seriesId="S000031271" terminationDate="06/2018"/>
      </terminatedSeries>
      <isSecuritiesActRegistration>Y</isSecuritiesActRegistration>
      <directors>
        <director>
          <directorName>Philip R. McLoughlin</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-22533"/>
            <fileNumberInfo fileNumber="811-22608"/>
            <fileNumberInfo fileNumber="811-22958"/>
            <fileNumberInfo fileNumber="811-05620"/>
            <fileNumberInfo fileNumber="811-04739"/>
            <fileNumberInfo fileNumber="811-22906"/>
            <fileNumberInfo fileNumber="811-07455"/>
            <fileNumberInfo fileNumber="811-07705"/>
            <fileNumberInfo fileNumber="811-04915"/>
            <fileNumberInfo fileNumber="811-06416"/>
            <fileNumberInfo fileNumber="811-07358"/>
            <fileNumberInfo fileNumber="811-00945"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Richard E. Segerson</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-22906"/>
            <fileNumberInfo fileNumber="811-07455"/>
            <fileNumberInfo fileNumber="811-07705"/>
            <fileNumberInfo fileNumber="811-00945"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>George R. Aylward</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>Y</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-04739"/>
            <fileNumberInfo fileNumber="811-05620"/>
            <fileNumberInfo fileNumber="811-22608"/>
            <fileNumberInfo fileNumber="811-22958"/>
            <fileNumberInfo fileNumber="811-23078"/>
            <fileNumberInfo fileNumber="811-22906"/>
            <fileNumberInfo fileNumber="811-07455"/>
            <fileNumberInfo fileNumber="811-07705"/>
            <fileNumberInfo fileNumber="811-00945"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Thomas J. Brown</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-08789"/>
            <fileNumberInfo fileNumber="811-03738"/>
            <fileNumberInfo fileNumber="811-22906"/>
            <fileNumberInfo fileNumber="811-07455"/>
            <fileNumberInfo fileNumber="811-07705"/>
            <fileNumberInfo fileNumber="811-00945"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Donald C. Burke</directorName>
          <crdNumber>001849255</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-04915"/>
            <fileNumberInfo fileNumber="811-06416"/>
            <fileNumberInfo fileNumber="811-07358"/>
            <fileNumberInfo fileNumber="811-22533"/>
            <fileNumberInfo fileNumber="811-22906"/>
            <fileNumberInfo fileNumber="811-07455"/>
            <fileNumberInfo fileNumber="811-07705"/>
            <fileNumberInfo fileNumber="811-00945"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Roger A. Gelfenbien</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-09491"/>
            <fileNumberInfo fileNumber="811-22906"/>
            <fileNumberInfo fileNumber="811-07455"/>
            <fileNumberInfo fileNumber="811-07705"/>
            <fileNumberInfo fileNumber="811-00945"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Sidney E. Harris</directorName>
          <crdNumber>004994519</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-22906"/>
            <fileNumberInfo fileNumber="811-07455"/>
            <fileNumberInfo fileNumber="811-07705"/>
            <fileNumberInfo fileNumber="811-00945"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>John R. Mallin</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-22906"/>
            <fileNumberInfo fileNumber="811-07455"/>
            <fileNumberInfo fileNumber="811-07705"/>
            <fileNumberInfo fileNumber="811-00945"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Hassell H. McClellan</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-04146"/>
            <fileNumberInfo fileNumber="811-22056"/>
            <fileNumberInfo fileNumber="811-04651"/>
            <fileNumberInfo fileNumber="811-02402"/>
            <fileNumberInfo fileNumber="811-05908"/>
            <fileNumberInfo fileNumber="811-21287"/>
            <fileNumberInfo fileNumber="811-21202"/>
            <fileNumberInfo fileNumber="811-21131"/>
            <fileNumberInfo fileNumber="811-21416"/>
            <fileNumberInfo fileNumber="811-05968"/>
            <fileNumberInfo fileNumber="811-4173"/>
            <fileNumberInfo fileNumber="811-04630"/>
            <fileNumberInfo fileNumber="811-03999"/>
            <fileNumberInfo fileNumber="811-00560"/>
            <fileNumberInfo fileNumber="811-4186"/>
            <fileNumberInfo fileNumber="811-22441"/>
            <fileNumberInfo fileNumber="811-21777"/>
            <fileNumberInfo fileNumber="811-21779"/>
            <fileNumberInfo fileNumber="811-22733"/>
            <fileNumberInfo fileNumber="811-2485"/>
            <fileNumberInfo fileNumber="811-23027"/>
            <fileNumberInfo fileNumber="811-01677"/>
            <fileNumberInfo fileNumber="811-05979"/>
            <fileNumberInfo fileNumber="811-03006"/>
            <fileNumberInfo fileNumber="811-8568"/>
            <fileNumberInfo fileNumber="811-22906"/>
            <fileNumberInfo fileNumber="811-07455"/>
            <fileNumberInfo fileNumber="811-07705"/>
            <fileNumberInfo fileNumber="811-00945"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Connie D. McDaniel</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-22906"/>
            <fileNumberInfo fileNumber="811-07455"/>
            <fileNumberInfo fileNumber="811-07705"/>
            <fileNumberInfo fileNumber="811-00945"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Geraldine M. McNamara</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-04915"/>
            <fileNumberInfo fileNumber="811-06416"/>
            <fileNumberInfo fileNumber="811-07358"/>
            <fileNumberInfo fileNumber="811-22533"/>
            <fileNumberInfo fileNumber="811-22906"/>
            <fileNumberInfo fileNumber="811-07455"/>
            <fileNumberInfo fileNumber="811-07705"/>
            <fileNumberInfo fileNumber="811-00945"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>James M. Oates</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-03006"/>
            <fileNumberInfo fileNumber="811-8568"/>
            <fileNumberInfo fileNumber="811-22608"/>
            <fileNumberInfo fileNumber="811-22958"/>
            <fileNumberInfo fileNumber="811-04739"/>
            <fileNumberInfo fileNumber="811-05620"/>
            <fileNumberInfo fileNumber="811-22906"/>
            <fileNumberInfo fileNumber="811-07455"/>
            <fileNumberInfo fileNumber="811-07705"/>
            <fileNumberInfo fileNumber="811-00945"/>
            <fileNumberInfo fileNumber="811-04146"/>
            <fileNumberInfo fileNumber="811-22056"/>
            <fileNumberInfo fileNumber="811-04651"/>
            <fileNumberInfo fileNumber="811-02402"/>
            <fileNumberInfo fileNumber="811-05908"/>
            <fileNumberInfo fileNumber="811-21287"/>
            <fileNumberInfo fileNumber="811-21202"/>
            <fileNumberInfo fileNumber="811-21131"/>
            <fileNumberInfo fileNumber="811-21416"/>
            <fileNumberInfo fileNumber="811-05968"/>
            <fileNumberInfo fileNumber="811-4173"/>
            <fileNumberInfo fileNumber="811-04630"/>
            <fileNumberInfo fileNumber="811-03999"/>
            <fileNumberInfo fileNumber="811-00560"/>
            <fileNumberInfo fileNumber="811-4186"/>
            <fileNumberInfo fileNumber="811-22441"/>
            <fileNumberInfo fileNumber="811-21777"/>
            <fileNumberInfo fileNumber="811-21779"/>
            <fileNumberInfo fileNumber="811-22733"/>
            <fileNumberInfo fileNumber="811-2485"/>
            <fileNumberInfo fileNumber="811-23027"/>
            <fileNumberInfo fileNumber="811-01677"/>
            <fileNumberInfo fileNumber="811-05979"/>
          </fileNumbers>
        </director>
      </directors>
      <chiefComplianceOfficers>
        <chiefComplianceOfficer>
          <ccoName>Nancy J. Engberg</ccoName>
          <crdNumber>002952960</crdNumber>
          <ccoStreet1>One Financial Plaza</ccoStreet1>
          <ccoCity>Hartford</ccoCity>
          <ccoStateCountry ccoState="US-CT" ccoCountry="US"/>
          <ccoZipCode>06103</ccoZipCode>
          <ccoPhone>XXXXXX</ccoPhone>
          <isCcoChangedSinceLastFiling>N</isCcoChangedSinceLastFiling>
          <ccoEmployers>
            <ccoEmployer ccoEmployerName="N/A" ccoEmployerId="N/A"/>
          </ccoEmployers>
        </chiefComplianceOfficer>
      </chiefComplianceOfficers>
      <isRegistrantSubmittedMatter>N</isRegistrantSubmittedMatter>
      <isPreviousLegalProceeding>N</isPreviousLegalProceeding>
      <isPreviousProceedingTerminated>N</isPreviousProceedingTerminated>
      <isClaimFiled>N</isClaimFiled>
      <coveredByInsurancePolicy isCoveredByInsurancePolicy="Y" isClaimFiledDuringPeriod="N"/>
      <isFinancialSupportDuringPeriod>N</isFinancialSupportDuringPeriod>
      <releaseNumbers isExemptionFromAct="Y">
        <releaseNumberInfo releaseNumber="IC-32327"/>
      </releaseNumbers>
      <principalUnderwriters>
        <principalUnderwriter>
          <principalUnderwriterName>VP Distributors, LLC</principalUnderwriterName>
          <principalUnderwriterFileNumber>008-14100</principalUnderwriterFileNumber>
          <principalUnderwriterCrdNumber>000003036</principalUnderwriterCrdNumber>
          <principalUnderwriterLei>N/A</principalUnderwriterLei>
          <principalUnderWriterStateCountry principalUnderWriterState="US-CT" principalUnderWriterCountry="US"/>
          <isPrincipalUnderwriterAffiliatedWithRegistrant>Y</isPrincipalUnderwriterAffiliatedWithRegistrant>
        </principalUnderwriter>
      </principalUnderwriters>
      <isUnderwriterHiredOrTerminated>N</isUnderwriterHiredOrTerminated>
      <publicAccountants>
        <publicAccountant>
          <publicAccountantName>PricewaterhouseCoopers LLP</publicAccountantName>
          <pcaobNumber>238</pcaobNumber>
          <publicAccountantLei>5493002GVO7EO8RNNS37</publicAccountantLei>
          <publicAccountantStateCountry publicAccountantState="US-PA" publicAccountantCountry="US"/>
        </publicAccountant>
      </publicAccountants>
      <isPublicAccountantChanged>N</isPublicAccountantChanged>
      <isMaterialWeakness>N</isMaterialWeakness>
      <isOpinionOffered>N</isOpinionOffered>
      <isMaterialChange>N</isMaterialChange>
      <isAccountingPrincipleChange>N</isAccountingPrincipleChange>
      <isPaymentErrorInNetAssetValue>N</isPaymentErrorInNetAssetValue>
      <isPaymentDividend>N</isPaymentDividend>
    </registrantInfo>
    <managementInvestmentQuestionSeriesInfo>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Virtus Strategic Allocation Series</mgmtInvFundName>
        <mgmtInvSeriesId>S000001966</mgmtInvSeriesId>
        <mgmtInvLei>549300DQUY8629YQT565</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Class A" sharesOutstandingClassId="C000005150" sharesOutstandingTickerSymbol="N/A"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Underlying fund</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>BNY Mellon</securitiesAgentName>
            <securitiesAgentLei>HPFHU0OQ28E4N0NFVK49</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>524525.140000000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>5342.780000000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>Y</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Virtus Investment Advisers, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-5995</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000106982</investmentAdviserCrdNo>
            <investmentAdviserLei>5493008GM1PP47SEXR11</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-CT" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <subAdvisers>
          <subAdviser>
            <subAdviserName>Newfleet Asset Management, LLC</subAdviserName>
            <subAdviserFileNo>801-51559</subAdviserFileNo>
            <subAdviserCrdNo>000104532</subAdviserCrdNo>
            <subAdviserLei>549300FZNGRGI1YVNB75</subAdviserLei>
            <isSubAdviserAffiliated>Y</isSubAdviserAffiliated>
            <subAdviserStateCountry subAdviserState="US-CT" subAdviserCountry="US"/>
            <isSubAdviserHired>N</isSubAdviserHired>
          </subAdviser>
        </subAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>BNY Mellon Investment Servicing (US) Inc.</transferAgentName>
            <transferAgentFileNo>084-01761</transferAgentFileNo>
            <transferAgentLei>549300CFZQLI9QMJ1Z03</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-DE" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
            <pricingServiceLei>549300B56MD0ZC402L06</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Thomson Reuters Corporation</pricingServiceName>
            <pricingServiceLei>549300561UZND4C7B569</pricingServiceLei>
            <pricingServiceCountry>CA</pricingServiceCountry>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Itau Corpbanca Corredores De Bolsa S.A.</custodianName>
            <custodianLei>549300626NYNXUSVCY49</custodianLei>
            <custodianCountry>CL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB, Stockholm</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>SE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>MUFG Bank, Ltd.</custodianName>
            <custodianLei>C3GTMMZIHMY46P4OIX74</custodianLei>
            <custodianCountry>JP</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB, Oslo Branch</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>NO</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank Australia Limited</custodianName>
            <custodianLei>DY9DBNI4W8J63Z298033</custodianLei>
            <custodianCountry>AU</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank AG, Seoul Branch</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>KR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank N.A., Sucursal De Lima</custodianName>
            <custodianLei>MYTK5NHHP1G8TVFGT193</custodianLei>
            <custodianCountry>PE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank Argentina</custodianName>
            <custodianLei>579100KKDGKCFFKKF005</custodianLei>
            <custodianCountry>AR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>UBS Switzerland AG</custodianName>
            <custodianLei>549300WOIFUSNYH0FL22</custodianLei>
            <custodianCountry>CH</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Stanbic IBTC Bank Plc.</custodianName>
            <custodianLei>549300NIVXF92ZIOVW61</custodianLei>
            <custodianCountry>NG</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank (Taiwan) Limited</custodianName>
            <custodianLei>549300SG184IVNYDMN03</custodianLei>
            <custodianCountry>TW</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Euroclear Bank SA/NV</custodianName>
            <custodianLei>549300OZ46BRLZ8Y6F65</custodianLei>
            <custodianCountry>GB</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank A.S. (Turkey)</custodianName>
            <custodianLei>789000N5SE3LWDK7OI11</custodianLei>
            <custodianCountry>TR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Cititrust Colombia</custodianName>
            <custodianLei>549300242J3IJCOSGI49</custodianLei>
            <custodianCountry>CO</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibanamex</custodianName>
            <custodianLei>5493004NLEXB8DK06353</custodianLei>
            <custodianCountry>MX</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>CIBC Mellon Trust Company (Canada)</custodianName>
            <custodianLei>549300IYUUH221WBZ505</custodianLei>
            <custodianCountry>CA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Bank Polska Kasa Opieki S.A.</custodianName>
            <custodianLei>5493000LKS7B3UTF7H35</custodianLei>
            <custodianCountry>PL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
            <custodianLei>HPFHU0OQ28E4N0NFVK49</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC New Zealand</custodianName>
            <custodianLei>213800NHDWIZKO5KIH05</custodianLei>
            <custodianCountry>NZ</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon (Netherlands)</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>NL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank N.A., Brazilian Branch</custodianName>
            <custodianLei>1P0UUG7LC1S92QTNHG39</custodianLei>
            <custodianCountry>BR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Standard Bank of South Africa Limited</custodianName>
            <custodianLei>QFC8ZCW3Q5PRXU1XTM60</custodianLei>
            <custodianCountry>ZA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank AG, Jakarta</custodianName>
            <custodianLei>254900XBQBHM0QPI0V70</custodianLei>
            <custodianCountry>ID</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon, SA/NV (Netherlands)</custodianName>
            <custodianLei>MMYX0N4ZEZ13Z4XCG897</custodianLei>
            <custodianCountry>NL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon (United Kingdom)</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>GB</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Virtus Fund Services, LLC</shareholderServiceAgentName>
            <shareholderServiceAgentLei>084-06485</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>SEC file number</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-CT" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Virtus Fund Services, LLC</adminName>
            <adminLei>084-06485</adminLei>
            <idNumberDesc>SEC file number</idNumberDesc>
            <adminStateCountry adminState="US-CT" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>BNY Mellon Investment Servicing (US) Inc.</adminName>
            <adminLei>549300CFZQLI9QMJ1Z03</adminLei>
            <adminStateCountry adminState="US-DE" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>ETF Distributors LLC</brokerDealerName>
            <brokerDealerFileNo>008-69191</brokerDealerFileNo>
            <brokerDealerCrdNo>000166181</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-NY" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.000000000000</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>VP Distributors, LLC</brokerDealerName>
            <brokerDealerFileNo>008-14100</brokerDealerFileNo>
            <brokerDealerCrdNo>000003036</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-CT" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.000000000000</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
            <brokerName>Strategas Securities, LLC</brokerName>
            <brokerFileNo>008-68138</brokerFileNo>
            <brokerCrdNo>000149326</brokerCrdNo>
            <brokerLei>254900D5NQ2O9DJLKH96</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>715.600000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BTIG, LLC</brokerName>
            <brokerFileNo>008-65473</brokerFileNo>
            <brokerCrdNo>000122225</brokerCrdNo>
            <brokerLei>549300GTG9PL6WO3EC51</brokerLei>
            <brokerStateCountry brokerState="US-CA" brokerCountry="US"/>
            <grossCommission>329.280000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>NOMURA SECURITIES INTERNATIONAL, INC.</brokerName>
            <brokerFileNo>008-15255</brokerFileNo>
            <brokerCrdNo>000004297</brokerCrdNo>
            <brokerLei>OXTKY6Q8X53C9ILVV871</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>588.400000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>MORGAN STANLEY &amp; CO. LLC</brokerName>
            <brokerFileNo>008-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>197.200000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>GOLDMAN SACHS &amp; CO. LLC</brokerName>
            <brokerFileNo>008-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1472.800000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Stifel, Nicolaus &amp; Co., Inc.</brokerName>
            <brokerFileNo>008-01447</brokerFileNo>
            <brokerCrdNo>000000793</brokerCrdNo>
            <brokerLei>5WUVMA08EYG4KEUPW589</brokerLei>
            <brokerStateCountry brokerState="US-MO" brokerCountry="US"/>
            <grossCommission>208.720000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Raymond James &amp; Associates, Inc.</brokerName>
            <brokerFileNo>008-10999</brokerFileNo>
            <brokerCrdNo>000000705</brokerCrdNo>
            <brokerLei>U4ONQX15J3RO8XCKE979</brokerLei>
            <brokerStateCountry brokerState="US-FL" brokerCountry="US"/>
            <grossCommission>737.240000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>J.P. MORGAN SECURITIES LLC</brokerName>
            <brokerFileNo>008-35008</brokerFileNo>
            <brokerCrdNo>000000079</brokerCrdNo>
            <brokerLei>ZBUT11V806EZRVTWT807</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>397.290000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>LIQUIDNET, INC.</brokerName>
            <brokerFileNo>008-52461</brokerFileNo>
            <brokerCrdNo>000103987</brokerCrdNo>
            <brokerLei>213800HSKBBO1GCVRG79</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>841.790000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BARCLAYS CAPITAL, INC.</brokerName>
            <brokerFileNo>008-41342</brokerFileNo>
            <brokerCrdNo>000019714</brokerCrdNo>
            <brokerLei>AC28XWWI3WIBK2824319</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>458.050000000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>6154.160000000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Strategas Securities, LLC</principalName>
            <principalFileNo>008-68138</principalFileNo>
            <principalCrdNo>000149326</principalCrdNo>
            <principalLei>254900D5NQ2O9DJLKH96</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>2713304.850000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BARCLAYS CAPITAL, INC.</principalName>
            <principalFileNo>008-41342</principalFileNo>
            <principalCrdNo>000019714</principalCrdNo>
            <principalLei>AC28XWWI3WIBK2824319</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>6419316.740000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Goldman Sachs &amp; Co. LLC</principalName>
            <principalFileNo>008-00129</principalFileNo>
            <principalCrdNo>000000361</principalCrdNo>
            <principalLei>FOR8UP27PHTHYVLBNG30</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>2755809.510000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Merrill Lynch Professional Clearing Corp.</principalName>
            <principalFileNo>008-33359</principalFileNo>
            <principalCrdNo>000016139</principalCrdNo>
            <principalLei>549300PMHS66E71I2D34</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>4322342.520000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>J.P. Morgan Securities LLC</principalName>
            <principalFileNo>008-35008</principalFileNo>
            <principalCrdNo>000000079</principalCrdNo>
            <principalLei>ZBUT11V806EZRVTWT807</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>9180947.930000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>WELLS FARGO SECURITIES LLC</principalName>
            <principalFileNo>008-65876</principalFileNo>
            <principalCrdNo>000126292</principalCrdNo>
            <principalLei>VYVVCKR63DVZZN70PB21</principalLei>
            <principalStateCountry principalState="US-NC" principalCountry="US"/>
            <principalTotalPurchaseSale>3298670.220000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>RAYMOND JAMES &amp; ASSOCIATES, INC.</principalName>
            <principalFileNo>008-10999</principalFileNo>
            <principalCrdNo>000000705</principalCrdNo>
            <principalLei>U4ONQX15J3RO8XCKE979</principalLei>
            <principalStateCountry principalState="US-FL" principalCountry="US"/>
            <principalTotalPurchaseSale>3011273.500000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>NOMURA SECURITIES INTERNATIONAL, INC.</principalName>
            <principalFileNo>008-15255</principalFileNo>
            <principalCrdNo>000004297</principalCrdNo>
            <principalLei>OXTKY6Q8X53C9ILVV871</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>2429660.510000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>CREDIT SUISSE SECURITIES (USA) LLC</principalName>
            <principalFileNo>008-00422</principalFileNo>
            <principalCrdNo>000000816</principalCrdNo>
            <principalLei>1V8Y6QCX6YMJ2OELII46</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>3314623.400000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>CitiGroup Global Markets Inc.</principalName>
            <principalFileNo>008-08177</principalFileNo>
            <principalCrdNo>000007059</principalCrdNo>
            <principalLei>MBNUM2BPBDO7JBLYG310</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>3631039.950000000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>71083000.000000000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>92612868.000000000000</mnthlyAvgNetAssets>
        <dailyAvgNetAssets>0.000000000000</dailyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>150000000.000000000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Virtus Seix Corporate Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Zevenbergen Innovative Growth Stock Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Short-Term Municipal Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus KAR Small-Cap Growth Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus Duff &amp; Phelps Real Estate Securities Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus Duff &amp; Phelps International Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus KAR Small-Cap Value Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus Rampart Enhanced Core Equity Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus Duff &amp; Phelps Real Estate Securities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Seix High Grade Municipal Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus WCM International Equity Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus KAR Capital Growth Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus Duff &amp; Phelps International Real Estate Securities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Duff &amp; Phelps Select MLP and Midstream Energy Fund Inc." secFileNo="811-22906"/>
                <creditUser fundName="Virtus Vontobel Emerging Markets Opportunities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet Low Duration Income Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus KAR Small-Cap Value Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus KAR Mid-Cap Core Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus KAR Global Quality Dividend Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus Newfleet Credit Opportunities Fund" secFileNo="811-22906"/>
                <creditUser fundName="Virtus Seix High Yield Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Aviva Multi-Strategy Target Return Fund" secFileNo="811-22906"/>
                <creditUser fundName="Virtus Newfleet CA Tax-Exempt Bond Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet Bond Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Horizon Wealth Masters Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Herzfeld Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Rampart Equity Trend Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Rampart Alternatives Diversifier Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet Multi-Sector Intermediate Bond Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus KAR International Small-Cap Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Strategic Allocation Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus Seix Core Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Rampart Enhanced Core Equity Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus KAR Small-Cap Core Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus KAR Mid-Cap Growth Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus Newfleet Multi-Sector Intermediate Bond Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus Vontobel Foreign Opportunities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Duff &amp; Phelps Global Infrastructure Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Rampart Sector Trend Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet Multi-Sector Short Term Bond Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Duff &amp; Phelps Global Real Estate Securities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Tactical Allocation Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus Seix U.S. Mortgage Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus KAR Small-Cap Growth Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus KAR Capital Growth Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus Vontobel Greater European Opportunities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Vontobel Global Opportunities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Rampart Multi-Asset Trend Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet Tax-Exempt Bond Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet High Yield Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus KAR Emerging Markets Small-Cap Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Silvant Small-Cap Growth Stock Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Silvant Large-Cap Growth Stock Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Ceredex Small-Cap Value Equity Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix U.S. Government Securities Ultra-Short Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Ceredex Mid-Cap Value Equity Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Ceredex Large-Cap Value Equity Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Ultra-Short Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Short-Term Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Virginia Intermediate Municipal Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix North Carolina Tax-Exempt Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Investment Grade Tax-Exempt Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Georgia Tax-Exempt Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix High Income Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Total Return Bond Fund" secFileNo="811-07705"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Virtus KAR Capital Growth Series</mgmtInvFundName>
        <mgmtInvSeriesId>S000001963</mgmtInvSeriesId>
        <mgmtInvLei>549300NHKW2V5WOVDF18</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Class A" sharesOutstandingClassId="C000005147" sharesOutstandingTickerSymbol="N/A"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Underlying fund</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Virtus Investment Advisers, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-5995</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000106982</investmentAdviserCrdNo>
            <investmentAdviserLei>5493008GM1PP47SEXR11</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-CT" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <subAdvisers>
          <subAdviser>
            <subAdviserName>Kayne Anderson Rudnick Investment Management LLC</subAdviserName>
            <subAdviserFileNo>801-24241</subAdviserFileNo>
            <subAdviserCrdNo>000104599</subAdviserCrdNo>
            <subAdviserLei>549300W19TN6A5K46H71</subAdviserLei>
            <isSubAdviserAffiliated>Y</isSubAdviserAffiliated>
            <subAdviserStateCountry subAdviserState="US-CA" subAdviserCountry="US"/>
            <isSubAdviserHired>N</isSubAdviserHired>
          </subAdviser>
        </subAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>BNY Mellon Investment Servicing (US) Inc.</transferAgentName>
            <transferAgentFileNo>084-01761</transferAgentFileNo>
            <transferAgentLei>549300CFZQLI9QMJ1Z03</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-DE" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
            <pricingServiceLei>549300B56MD0ZC402L06</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Thomson Reuters Corporation</pricingServiceName>
            <pricingServiceLei>549300561UZND4C7B569</pricingServiceLei>
            <pricingServiceCountry>CA</pricingServiceCountry>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>The Bank of New York Mellon (Netherlands)</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>NL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon, SA/NV (Netherlands)</custodianName>
            <custodianLei>MMYX0N4ZEZ13Z4XCG897</custodianLei>
            <custodianCountry>NL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
            <custodianLei>HPFHU0OQ28E4N0NFVK49</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Virtus Fund Services, LLC</shareholderServiceAgentName>
            <shareholderServiceAgentLei>084-06485</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>SEC file number</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-CT" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Virtus Fund Services, LLC</adminName>
            <adminLei>084-06485</adminLei>
            <idNumberDesc>SEC file number</idNumberDesc>
            <adminStateCountry adminState="US-CT" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>BNY Mellon Investment Servicing (US) Inc.</adminName>
            <adminLei>549300CFZQLI9QMJ1Z03</adminLei>
            <adminStateCountry adminState="US-DE" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>ETF Distributors LLC</brokerDealerName>
            <brokerDealerFileNo>008-69191</brokerDealerFileNo>
            <brokerDealerCrdNo>000166181</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-NY" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.000000000000</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>VP Distributors, LLC</brokerDealerName>
            <brokerDealerFileNo>008-14100</brokerDealerFileNo>
            <brokerDealerCrdNo>000003036</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-CT" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.000000000000</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
            <brokerName>Strategas Securities, LLC</brokerName>
            <brokerFileNo>008-68138</brokerFileNo>
            <brokerCrdNo>000149326</brokerCrdNo>
            <brokerLei>254900D5NQ2O9DJLKH96</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2927.760000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BTIG, LLC</brokerName>
            <brokerFileNo>008-65473</brokerFileNo>
            <brokerCrdNo>000122225</brokerCrdNo>
            <brokerLei>549300GTG9PL6WO3EC51</brokerLei>
            <brokerStateCountry brokerState="US-CA" brokerCountry="US"/>
            <grossCommission>1712.980000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>NOMURA SECURITIES INTERNATIONAL, INC.</brokerName>
            <brokerFileNo>008-15255</brokerFileNo>
            <brokerCrdNo>000004297</brokerCrdNo>
            <brokerLei>OXTKY6Q8X53C9ILVV871</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>4067.880000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Merrill Lynch Professional Clearing Corp.</brokerName>
            <brokerFileNo>008-33359</brokerFileNo>
            <brokerCrdNo>000016139</brokerCrdNo>
            <brokerLei>549300PMHS66E71I2D34</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>878.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>MORGAN STANLEY &amp; CO. LLC</brokerName>
            <brokerFileNo>008-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1032.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>GOLDMAN SACHS &amp; CO. LLC</brokerName>
            <brokerFileNo>008-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>7716.040000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Stifel, Nicolaus &amp; Co., Inc.</brokerName>
            <brokerFileNo>008-01447</brokerFileNo>
            <brokerCrdNo>000000793</brokerCrdNo>
            <brokerLei>5WUVMA08EYG4KEUPW589</brokerLei>
            <brokerStateCountry brokerState="US-MO" brokerCountry="US"/>
            <grossCommission>1090.320000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Raymond James &amp; Associates, Inc.</brokerName>
            <brokerFileNo>008-10999</brokerFileNo>
            <brokerCrdNo>000000705</brokerCrdNo>
            <brokerLei>U4ONQX15J3RO8XCKE979</brokerLei>
            <brokerStateCountry brokerState="US-FL" brokerCountry="US"/>
            <grossCommission>3774.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>J.P. MORGAN SECURITIES LLC</brokerName>
            <brokerFileNo>008-35008</brokerFileNo>
            <brokerCrdNo>000000079</brokerCrdNo>
            <brokerLei>ZBUT11V806EZRVTWT807</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1097.500000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>LIQUIDNET, INC.</brokerName>
            <brokerFileNo>008-52461</brokerFileNo>
            <brokerCrdNo>000103987</brokerCrdNo>
            <brokerLei>213800HSKBBO1GCVRG79</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>4404.610000000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>30129.430000000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Strategas Securities, LLC</principalName>
            <principalFileNo>008-68138</principalFileNo>
            <principalCrdNo>000149326</principalCrdNo>
            <principalLei>254900D5NQ2O9DJLKH96</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>16047308.280000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BARCLAYS CAPITAL, INC.</principalName>
            <principalFileNo>008-41342</principalFileNo>
            <principalCrdNo>000019714</principalCrdNo>
            <principalLei>AC28XWWI3WIBK2824319</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>2674783.280000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Goldman Sachs &amp; Co. LLC</principalName>
            <principalFileNo>008-00129</principalFileNo>
            <principalCrdNo>000000361</principalCrdNo>
            <principalLei>FOR8UP27PHTHYVLBNG30</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>8020663.010000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>J.P. Morgan Securities LLC</principalName>
            <principalFileNo>008-35008</principalFileNo>
            <principalCrdNo>000000079</principalCrdNo>
            <principalLei>ZBUT11V806EZRVTWT807</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>13579109.800000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>WILLIAM BLAIR &amp; COMPANY, LLC</principalName>
            <principalFileNo>008-02698</principalFileNo>
            <principalCrdNo>000001252</principalCrdNo>
            <principalLei>549300J0P7XYE8BMZ775</principalLei>
            <principalStateCountry principalState="US-IL" principalCountry="US"/>
            <principalTotalPurchaseSale>2373887.790000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>SANFORD C. BERNSTEIN &amp; CO., LLC</principalName>
            <principalFileNo>008-52942</principalFileNo>
            <principalCrdNo>000104474</principalCrdNo>
            <principalLei>549300I7JYZHT7D5CO04</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>5096777.640000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>RAYMOND JAMES &amp; ASSOCIATES, INC.</principalName>
            <principalFileNo>008-10999</principalFileNo>
            <principalCrdNo>000000705</principalCrdNo>
            <principalLei>U4ONQX15J3RO8XCKE979</principalLei>
            <principalStateCountry principalState="US-FL" principalCountry="US"/>
            <principalTotalPurchaseSale>14787944.600000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>NOMURA SECURITIES INTERNATIONAL, INC.</principalName>
            <principalFileNo>008-15255</principalFileNo>
            <principalCrdNo>000004297</principalCrdNo>
            <principalLei>OXTKY6Q8X53C9ILVV871</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>12681593.590000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>LIQUIDNET, INC.</principalName>
            <principalFileNo>008-52461</principalFileNo>
            <principalCrdNo>000103987</principalCrdNo>
            <principalLei>213800HSKBBO1GCVRG79</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>8477184.040000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>CREDIT SUISSE SECURITIES (USA) LLC</principalName>
            <principalFileNo>008-00422</principalFileNo>
            <principalCrdNo>000000816</principalCrdNo>
            <principalLei>1V8Y6QCX6YMJ2OELII46</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>2825149.960000000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>95345000.000000000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>225927391.000000000000</mnthlyAvgNetAssets>
        <dailyAvgNetAssets>0.000000000000</dailyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>150000000.000000000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Virtus Seix Corporate Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Zevenbergen Innovative Growth Stock Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Short-Term Municipal Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus KAR Small-Cap Growth Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus Duff &amp; Phelps Real Estate Securities Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus Duff &amp; Phelps International Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus KAR Small-Cap Value Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus Rampart Enhanced Core Equity Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus WCM International Equity Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix High Grade Municipal Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Duff &amp; Phelps International Real Estate Securities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Duff &amp; Phelps Select MLP and Midstream Energy Fund Inc." secFileNo="811-22906"/>
                <creditUser fundName="Virtus Vontobel Emerging Markets Opportunities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet Low Duration Income Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Duff &amp; Phelps Real Estate Securities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus KAR Small-Cap Value Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus KAR Mid-Cap Core Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus KAR Global Quality Dividend Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus Strategic Allocation Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus Newfleet Credit Opportunities Fund" secFileNo="811-22906"/>
                <creditUser fundName="Virtus Seix High Yield Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Aviva Multi-Strategy Target Return Fund" secFileNo="811-22906"/>
                <creditUser fundName="Virtus Newfleet CA Tax-Exempt Bond Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet Bond Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Horizon Wealth Masters Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Herzfeld Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Rampart Equity Trend Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Rampart Alternatives Diversifier Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet Multi-Sector Intermediate Bond Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus KAR International Small-Cap Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Strategic Allocation Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus Seix Core Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Rampart Enhanced Core Equity Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus KAR Small-Cap Core Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus KAR Mid-Cap Growth Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus Newfleet Multi-Sector Intermediate Bond Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus Vontobel Foreign Opportunities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Duff &amp; Phelps Global Infrastructure Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Rampart Sector Trend Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet Multi-Sector Short Term Bond Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Duff &amp; Phelps Global Real Estate Securities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Tactical Allocation Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus Seix U.S. Mortgage Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus KAR Small-Cap Growth Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus KAR Capital Growth Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus Vontobel Greater European Opportunities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Vontobel Global Opportunities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Rampart Multi-Asset Trend Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet Tax-Exempt Bond Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet High Yield Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus KAR Emerging Markets Small-Cap Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Silvant Small-Cap Growth Stock Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Silvant Large-Cap Growth Stock Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Ceredex Small-Cap Value Equity Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix U.S. Government Securities Ultra-Short Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Ceredex Mid-Cap Value Equity Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Ceredex Large-Cap Value Equity Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Ultra-Short Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Short-Term Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Virginia Intermediate Municipal Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix North Carolina Tax-Exempt Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Investment Grade Tax-Exempt Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Georgia Tax-Exempt Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix High Income Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Total Return Bond Fund" secFileNo="811-07705"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Virtus KAR Small-Cap Value Series</mgmtInvFundName>
        <mgmtInvSeriesId>S000001958</mgmtInvSeriesId>
        <mgmtInvLei>549300BR56P85EVCTD13</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Class A" sharesOutstandingClassId="C000005142" sharesOutstandingTickerSymbol="N/A"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Underlying fund</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Virtus Investment Advisers, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-5995</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000106982</investmentAdviserCrdNo>
            <investmentAdviserLei>5493008GM1PP47SEXR11</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-CT" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <subAdvisers>
          <subAdviser>
            <subAdviserName>Kayne Anderson Rudnick Investment Management LLC</subAdviserName>
            <subAdviserFileNo>801-24241</subAdviserFileNo>
            <subAdviserCrdNo>000104599</subAdviserCrdNo>
            <subAdviserLei>549300W19TN6A5K46H71</subAdviserLei>
            <isSubAdviserAffiliated>Y</isSubAdviserAffiliated>
            <subAdviserStateCountry subAdviserState="US-CA" subAdviserCountry="US"/>
            <isSubAdviserHired>N</isSubAdviserHired>
          </subAdviser>
        </subAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>BNY Mellon Investment Servicing (US) Inc.</transferAgentName>
            <transferAgentFileNo>084-01761</transferAgentFileNo>
            <transferAgentLei>549300CFZQLI9QMJ1Z03</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-DE" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Thomson Reuters Corporation</pricingServiceName>
            <pricingServiceLei>549300561UZND4C7B569</pricingServiceLei>
            <pricingServiceCountry>CA</pricingServiceCountry>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
            <pricingServiceLei>549300B56MD0ZC402L06</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
            <custodianLei>HPFHU0OQ28E4N0NFVK49</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Virtus Fund Services, LLC</shareholderServiceAgentName>
            <shareholderServiceAgentLei>084-06485</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>SEC file number</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-CT" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Virtus Fund Services, LLC</adminName>
            <adminLei>084-06485</adminLei>
            <idNumberDesc>SEC file number</idNumberDesc>
            <adminStateCountry adminState="US-CT" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>BNY Mellon Investment Servicing (US) Inc.</adminName>
            <adminLei>549300CFZQLI9QMJ1Z03</adminLei>
            <adminStateCountry adminState="US-DE" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>ETF Distributors LLC</brokerDealerName>
            <brokerDealerFileNo>008-69191</brokerDealerFileNo>
            <brokerDealerCrdNo>000166181</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-NY" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.000000000000</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>VP Distributors, LLC</brokerDealerName>
            <brokerDealerFileNo>008-14100</brokerDealerFileNo>
            <brokerDealerCrdNo>000003036</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-CT" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.000000000000</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
            <brokerName>Robert W. Baird &amp; Co. Incorporated</brokerName>
            <brokerFileNo>008-00497</brokerFileNo>
            <brokerCrdNo>000008158</brokerCrdNo>
            <brokerLei>549300772UJAHRD6LO53</brokerLei>
            <brokerStateCountry brokerState="US-WI" brokerCountry="US"/>
            <grossCommission>1835.320000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BARCLAYS CAPITAL, INC.</brokerName>
            <brokerFileNo>008-41342</brokerFileNo>
            <brokerCrdNo>000019714</brokerCrdNo>
            <brokerLei>AC28XWWI3WIBK2824319</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2248.020000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Numis Securites Ltd.</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>213800P3F4RT97WDSX47</brokerLei>
            <brokerCountry>GB</brokerCountry>
            <grossCommission>2048.160000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>MERRILL LYNCH PROFESSIONAL CLEARING CORP.</brokerName>
            <brokerFileNo>008-33359</brokerFileNo>
            <brokerCrdNo>000016139</brokerCrdNo>
            <brokerLei>549300PMHS66E71I2D34</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>4693.830000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Berenberg Capital Markets LLC</brokerName>
            <brokerFileNo>008-68821</brokerFileNo>
            <brokerCrdNo>000156757</brokerCrdNo>
            <brokerLei>5493007EG0CYRKKG9L11</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2315.890000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>JEFFERIES LLC</brokerName>
            <brokerFileNo>008-15074</brokerFileNo>
            <brokerCrdNo>000002347</brokerCrdNo>
            <brokerLei>58PU97L1C0WSRCWADL48</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1638.880000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>MORGAN STANLEY &amp; CO. LLC</brokerName>
            <brokerFileNo>008-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2455.350000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>GOLDMAN SACHS &amp; CO. LLC</brokerName>
            <brokerFileNo>008-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1607.490000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Raymond James &amp; Associates, Inc.</brokerName>
            <brokerFileNo>008-10999</brokerFileNo>
            <brokerCrdNo>000000705</brokerCrdNo>
            <brokerLei>U4ONQX15J3RO8XCKE979</brokerLei>
            <brokerStateCountry brokerState="US-FL" brokerCountry="US"/>
            <grossCommission>3177.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>LIQUIDNET, INC.</brokerName>
            <brokerFileNo>008-52461</brokerFileNo>
            <brokerCrdNo>000103987</brokerCrdNo>
            <brokerLei>213800HSKBBO1GCVRG79</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1088.130000000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>27858.100000000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Robert W. Baird &amp; Co. Incorporated</principalName>
            <principalFileNo>008-00497</principalFileNo>
            <principalCrdNo>000008158</principalCrdNo>
            <principalLei>549300772UJAHRD6LO53</principalLei>
            <principalStateCountry principalState="US-WI" principalCountry="US"/>
            <principalTotalPurchaseSale>1700446.580000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BARCLAYS CAPITAL, INC.</principalName>
            <principalFileNo>008-41342</principalFileNo>
            <principalCrdNo>000019714</principalCrdNo>
            <principalLei>AC28XWWI3WIBK2824319</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>4060596.630000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Goldman Sachs &amp; Co. LLC</principalName>
            <principalFileNo>008-00129</principalFileNo>
            <principalCrdNo>000000361</principalCrdNo>
            <principalLei>FOR8UP27PHTHYVLBNG30</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>3014357.590000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Merrill Lynch Professional Clearing Corp.</principalName>
            <principalFileNo>008-33359</principalFileNo>
            <principalCrdNo>000016139</principalCrdNo>
            <principalLei>549300PMHS66E71I2D34</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>8321595.700000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>ITG INC</principalName>
            <principalFileNo>008-44218</principalFileNo>
            <principalCrdNo>000029299</principalCrdNo>
            <principalLei>549300S41SMIODVIT266</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1557683.250000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>SANFORD C. BERNSTEIN &amp; CO., LLC</principalName>
            <principalFileNo>008-52942</principalFileNo>
            <principalCrdNo>000104474</principalCrdNo>
            <principalLei>549300I7JYZHT7D5CO04</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1830599.380000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>RAYMOND JAMES &amp; ASSOCIATES, INC.</principalName>
            <principalFileNo>008-10999</principalFileNo>
            <principalCrdNo>000000705</principalCrdNo>
            <principalLei>U4ONQX15J3RO8XCKE979</principalLei>
            <principalStateCountry principalState="US-FL" principalCountry="US"/>
            <principalTotalPurchaseSale>4210018.800000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>NOMURA SECURITIES INTERNATIONAL, INC.</principalName>
            <principalFileNo>008-15255</principalFileNo>
            <principalCrdNo>000004297</principalCrdNo>
            <principalLei>OXTKY6Q8X53C9ILVV871</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1943479.260000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>MORGAN STANLEY &amp; CO. LLC</principalName>
            <principalFileNo>008-15869</principalFileNo>
            <principalCrdNo>000008209</principalCrdNo>
            <principalLei>9R7GPTSO7KV3UQJZQ078</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>2291692.980000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>LIQUIDNET, INC.</principalName>
            <principalFileNo>008-52461</principalFileNo>
            <principalCrdNo>000103987</principalCrdNo>
            <principalLei>213800HSKBBO1GCVRG79</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>2547451.990000000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>30014000.000000000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>86568928.000000000000</mnthlyAvgNetAssets>
        <dailyAvgNetAssets>0.000000000000</dailyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>150000000.000000000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Virtus Seix Corporate Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Zevenbergen Innovative Growth Stock Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Short-Term Municipal Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus KAR Small-Cap Growth Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus Duff &amp; Phelps Real Estate Securities Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus Duff &amp; Phelps International Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus Rampart Enhanced Core Equity Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus WCM International Equity Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Rampart Enhanced Core Equity Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus Seix High Grade Municipal Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus KAR Capital Growth Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus Duff &amp; Phelps International Real Estate Securities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Duff &amp; Phelps Select MLP and Midstream Energy Fund Inc." secFileNo="811-22906"/>
                <creditUser fundName="Virtus Vontobel Emerging Markets Opportunities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet Low Duration Income Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Duff &amp; Phelps Real Estate Securities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus KAR Small-Cap Value Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus KAR Mid-Cap Core Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus KAR Global Quality Dividend Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus Strategic Allocation Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus Seix High Yield Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Newfleet Credit Opportunities Fund" secFileNo="811-22906"/>
                <creditUser fundName="Virtus Aviva Multi-Strategy Target Return Fund" secFileNo="811-22906"/>
                <creditUser fundName="Virtus Newfleet CA Tax-Exempt Bond Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet Bond Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Horizon Wealth Masters Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Herzfeld Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Rampart Alternatives Diversifier Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus KAR International Small-Cap Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Strategic Allocation Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus Seix Core Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Rampart Equity Trend Fund" secFileNo="811-7455"/>
                <creditUser fundName="Virtus KAR Small-Cap Core Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus KAR Mid-Cap Growth Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus Newfleet Multi-Sector Intermediate Bond Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus Vontobel Foreign Opportunities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Duff &amp; Phelps Global Infrastructure Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Rampart Sector Trend Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet Multi-Sector Short Term Bond Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Duff &amp; Phelps Global Real Estate Securities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Tactical Allocation Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus Seix U.S. Mortgage Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus KAR Small-Cap Growth Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus KAR Capital Growth Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus Vontobel Greater European Opportunities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Vontobel Global Opportunities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Rampart Multi-Asset Trend Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet Tax-Exempt Bond Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet High Yield Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus KAR Emerging Markets Small-Cap Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Silvant Small-Cap Growth Stock Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Silvant Large-Cap Growth Stock Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Ceredex Small-Cap Value Equity Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix U.S. Government Securities Ultra-Short Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Ceredex Mid-Cap Value Equity Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Ceredex Large-Cap Value Equity Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Ultra-Short Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Short-Term Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Virginia Intermediate Municipal Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix North Carolina Tax-Exempt Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Investment Grade Tax-Exempt Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Georgia Tax-Exempt Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix High Income Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Total Return Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Newfleet Multi-Sector Intermediate Bond Fund" secFileNo="811-07455"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Virtus Duff &amp; Phelps International Series</mgmtInvFundName>
        <mgmtInvSeriesId>S000002231</mgmtInvSeriesId>
        <mgmtInvLei>549300Z1M2ELIDGVV206</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>2</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Class A" sharesOutstandingClassId="C000005730" sharesOutstandingTickerSymbol="N/A"/>
          <sharesOutstanding sharesOutstandingClassName="Class I" sharesOutstandingClassId="C000126196" sharesOutstandingTickerSymbol="N/A"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Underlying fund</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>BNY Mellon</securitiesAgentName>
            <securitiesAgentLei>HPFHU0OQ28E4N0NFVK49</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>1274521.410000000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>2131.710000000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>Y</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Virtus Investment Advisers, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-5995</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000106982</investmentAdviserCrdNo>
            <investmentAdviserLei>5493008GM1PP47SEXR11</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-CT" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <subAdvisers>
          <subAdviser>
            <subAdviserName>Duff &amp; Phelps Investment Management Co.</subAdviserName>
            <subAdviserFileNo>801-14813</subAdviserFileNo>
            <subAdviserCrdNo>000107296</subAdviserCrdNo>
            <subAdviserLei>549300W01Z54L5RHPJ40</subAdviserLei>
            <isSubAdviserAffiliated>Y</isSubAdviserAffiliated>
            <subAdviserStateCountry subAdviserState="US-IL" subAdviserCountry="US"/>
            <isSubAdviserHired>N</isSubAdviserHired>
          </subAdviser>
        </subAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>BNY Mellon Investment Servicing (US) Inc.</transferAgentName>
            <transferAgentFileNo>084-01761</transferAgentFileNo>
            <transferAgentLei>549300CFZQLI9QMJ1Z03</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-DE" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
            <pricingServiceLei>549300B56MD0ZC402L06</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Thomson Reuters Corporation</pricingServiceName>
            <pricingServiceLei>549300561UZND4C7B569</pricingServiceLei>
            <pricingServiceCountry>CA</pricingServiceCountry>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Deutsche Bank AG, Jakarta</custodianName>
            <custodianLei>254900XBQBHM0QPI0V70</custodianLei>
            <custodianCountry>ID</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon (China)</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>CN</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon (France)</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>FR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon (Greece)</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>GR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Cititrust Colombia S A Sociedad Fiduciaria</custodianName>
            <custodianLei>549300242J3IJCOSGI49</custodianLei>
            <custodianCountry>CO</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon (Spain)</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>ES</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon (Portugal)</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>PT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon (Finland)</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>FI</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon (Austria)</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>AT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank N.A., Brazilian Branch</custodianName>
            <custodianLei>1P0UUG7LC1S92QTNHG39</custodianLei>
            <custodianCountry>BR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Standard Bank of South Africa Limited</custodianName>
            <custodianLei>QFC8ZCW3Q5PRXU1XTM60</custodianLei>
            <custodianCountry>ZA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank (Istanbul)</custodianName>
            <custodianLei>789000N5SE3LWDK7OI11</custodianLei>
            <custodianCountry>TR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon SA/NV (Belgium)</custodianName>
            <custodianLei>MMYX0N4ZEZ13Z4XCG897</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Hongkong and Shanghai Banking Corporation, Seoul</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>KR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon SA/NV (Germany)</custodianName>
            <custodianLei>MMYX0N4ZEZ13Z4XCG897</custodianLei>
            <custodianCountry>DE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Hongkong and Shanghai Banking Corporation (Thailand)</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>TH</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon, SA/NV (Netherlands)</custodianName>
            <custodianLei>MMYX0N4ZEZ13Z4XCG897</custodianLei>
            <custodianCountry>NL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon (Ireland)</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>IE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon (United Kingdom)</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>GB</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB, Stockholm</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>SE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>MUFG Bank, Ltd.</custodianName>
            <custodianLei>C3GTMMZIHMY46P4OIX74</custodianLei>
            <custodianCountry>JP</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>ESES FRANCE REGISTERED</custodianName>
            <custodianLei>54930060MY6S68NEUP16</custodianLei>
            <custodianCountry>FR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Itau Corpbanca Corredores De Bolsa S.A.</custodianName>
            <custodianLei>549300626NYNXUSVCY49</custodianLei>
            <custodianCountry>CL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>ESES FRANCE BEARER</custodianName>
            <custodianLei>54930060MY6S68NEUP16</custodianLei>
            <custodianCountry>FR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB, Helsinki Branch</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>FI</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Euroclear SA/NV</custodianName>
            <custodianLei>549300CBNW05DILT6870</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB, Oslo Branch</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>NO</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank Australia Limited</custodianName>
            <custodianLei>DY9DBNI4W8J63Z298033</custodianLei>
            <custodianCountry>AU</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB, Copenhagen Branch</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>DK</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>National Bank of Belgium</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank International Limited (Portugal)</custodianName>
            <custodianLei>31OGKFG0Y1795OV0AK56</custodianLei>
            <custodianCountry>PT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon, SA/NV (Italy)</custodianName>
            <custodianLei>MMYX0N4ZEZ13Z4XCG897</custodianLei>
            <custodianCountry>IT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank N.A., Sucursal De Lima</custodianName>
            <custodianLei>MYTK5NHHP1G8TVFGT193</custodianLei>
            <custodianCountry>PE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon (Italy)</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>IT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank Argentina</custodianName>
            <custodianLei>579100KKDGKCFFKKF005</custodianLei>
            <custodianCountry>AR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>UniCredit Bank Austria AG</custodianName>
            <custodianLei>D1HEB8VEU6D9M8ZUXG17</custodianLei>
            <custodianCountry>AT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>UBS Switzerland AG</custodianName>
            <custodianLei>549300WOIFUSNYH0FL22</custodianLei>
            <custodianCountry>CH</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Hongkong and Shanghai Banking Corporation Limited</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>HK</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon SA/NV, Asset Servicing, Niederlassung Frankfurt am Main</custodianName>
            <custodianLei>5299008ORSGF0TGLSC98</custodianLei>
            <custodianCountry>DE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Santander Securities Services, S.A.</custodianName>
            <custodianLei>95980020140005970915</custodianLei>
            <custodianCountry>ES</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank (Taiwan) Limited</custodianName>
            <custodianLei>549300SG184IVNYDMN03</custodianLei>
            <custodianCountry>TW</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank Company Limited (Shanghai)</custodianName>
            <custodianLei>2CZOJRADNJXBLT55G526</custodianLei>
            <custodianCountry>CN</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Euroclear Bank SA/NV</custodianName>
            <custodianLei>549300OZ46BRLZ8Y6F65</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank AG, Manila Branch</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>PH</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC New Zealand</custodianName>
            <custodianLei>213800NHDWIZKO5KIH05</custodianLei>
            <custodianCountry>NZ</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank (Malaysia) Berhad</custodianName>
            <custodianLei>529900DLWFR8HK7DR278</custodianLei>
            <custodianCountry>MY</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>DBS Bank Ltd, Singapore</custodianName>
            <custodianLei>ATUEL7OJR5057F2PV266</custodianLei>
            <custodianCountry>SG</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank Europe plc. Hungarian Branch Office</custodianName>
            <custodianLei>549300UJQU5R5G17NH37</custodianLei>
            <custodianCountry>HU</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibanamex</custodianName>
            <custodianLei>5493004NLEXB8DK06353</custodianLei>
            <custodianCountry>MX</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>CIBC Mellon Trust Company (Canada)</custodianName>
            <custodianLei>549300IYUUH221WBZ505</custodianLei>
            <custodianCountry>CA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP Paribas Securities Services (Athens)</custodianName>
            <custodianLei>549300WCGB70D06XZS54</custodianLei>
            <custodianCountry>GR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Bank Polska Kasa Opieki S.A.</custodianName>
            <custodianLei>5493000LKS7B3UTF7H35</custodianLei>
            <custodianCountry>PL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Bank Hapoalim B.M.</custodianName>
            <custodianLei>B6ARUI4946ST4S7WOU88</custodianLei>
            <custodianCountry>IL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
            <custodianLei>HPFHU0OQ28E4N0NFVK49</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon (Netherlands)</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>NL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank Europe PLC (Czech Republic)</custodianName>
            <custodianLei>N1FBEDJ5J41VKZLO2475</custodianLei>
            <custodianCountry>CZ</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank (China) Company Limited - Shenzhen</custodianName>
            <custodianLei>2CZOJRADNJXBLT55G526</custodianLei>
            <custodianCountry>CN</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HONGKONG AND SHANGAI BANKING CORPORATION, COLOMBO</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>LK</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Virtus Fund Services, LLC</shareholderServiceAgentName>
            <shareholderServiceAgentLei>084-06485</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>SEC file number</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-CT" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Virtus Fund Services, LLC</adminName>
            <adminLei>084-06485</adminLei>
            <idNumberDesc>SEC file number</idNumberDesc>
            <adminStateCountry adminState="US-CT" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>BNY Mellon Investment Servicing (US) Inc.</adminName>
            <adminLei>549300CFZQLI9QMJ1Z03</adminLei>
            <adminStateCountry adminState="US-DE" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>ETF Distributors LLC</brokerDealerName>
            <brokerDealerFileNo>008-69191</brokerDealerFileNo>
            <brokerDealerCrdNo>000166181</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-NY" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.000000000000</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>VP Distributors, LLC</brokerDealerName>
            <brokerDealerFileNo>008-14100</brokerDealerFileNo>
            <brokerDealerCrdNo>000003036</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-CT" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.000000000000</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
            <brokerName>REDBURN PARTNERS (USA) LP</brokerName>
            <brokerFileNo>008-67320</brokerFileNo>
            <brokerCrdNo>000140564</brokerCrdNo>
            <brokerLei>213800TYRTQILMQQLV79</brokerLei>
            <brokerStateCountry brokerState="US-DE" brokerCountry="US"/>
            <grossCommission>35424.180000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Keefe, Bruyette &amp; Woods, Inc.</brokerName>
            <brokerFileNo>008-10888</brokerFileNo>
            <brokerCrdNo>000000481</brokerCrdNo>
            <brokerLei>549300OM47DQV01G4854</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>12898.460000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>CREDIT SUISSE SECURITIES (USA) LLC</brokerName>
            <brokerFileNo>008-00422</brokerFileNo>
            <brokerCrdNo>000000816</brokerCrdNo>
            <brokerLei>1V8Y6QCX6YMJ2OELII46</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>27218.580000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>DAIWA CAPITAL MARKETS AMERICA INC.</brokerName>
            <brokerFileNo>008-12242</brokerFileNo>
            <brokerCrdNo>000001576</brokerCrdNo>
            <brokerLei>M67H5PRC0NQKM73ZAS82</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>14955.920000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Strategas Securities, LLC</brokerName>
            <brokerFileNo>008-68138</brokerFileNo>
            <brokerCrdNo>000149326</brokerCrdNo>
            <brokerLei>254900D5NQ2O9DJLKH96</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>3719.910000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>MACQUARIE CAPITAL (USA), INC.</brokerName>
            <brokerFileNo>008-47198</brokerFileNo>
            <brokerCrdNo>000036368</brokerCrdNo>
            <brokerLei>549300670K07JRB5UQ40</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>20246.880000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Merrill Lynch Professional Clearing Corp.</brokerName>
            <brokerFileNo>008-33359</brokerFileNo>
            <brokerCrdNo>000016139</brokerCrdNo>
            <brokerLei>549300PMHS66E71I2D34</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>20802.920000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>CANTOR FITZGERALD &amp; CO.</brokerName>
            <brokerFileNo>008-00201</brokerFileNo>
            <brokerCrdNo>000000134</brokerCrdNo>
            <brokerLei>5493004J7H4GCPG6OB62</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>16195.800000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>UBS Securities LLC</brokerName>
            <brokerFileNo>008-22651</brokerFileNo>
            <brokerCrdNo>000007654</brokerCrdNo>
            <brokerLei>T6FIZBDPKLYJKFCRVK44</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>25946.630000000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>177409.280000000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Fan Asset Management LLC</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>000109418</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-CA" principalCountry="US"/>
            <principalTotalPurchaseSale>1.300000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>CREDIT SUISSE SECURITIES (USA) LLC</principalName>
            <principalFileNo>008-00422</principalFileNo>
            <principalCrdNo>000000816</principalCrdNo>
            <principalLei>1V8Y6QCX6YMJ2OELII46</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>30781994.960000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Daiwa Capital Markets America, Inc.</principalName>
            <principalFileNo>008-12242</principalFileNo>
            <principalCrdNo>000001576</principalCrdNo>
            <principalLei>M67H5PRC0NQKM73ZAS82</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>9976406.410000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Keefe, Bruyette &amp; Woods, Inc.</principalName>
            <principalFileNo>008-10888</principalFileNo>
            <principalCrdNo>000000481</principalCrdNo>
            <principalLei>549300OM47DQV01G4854</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>8627434.800000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Redburn Partners (USA) LP</principalName>
            <principalFileNo>008-67320</principalFileNo>
            <principalCrdNo>000140564</principalCrdNo>
            <principalLei>213800TYRTQILMQQLV79</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>24599677.360000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Strategas Securities, LLC</principalName>
            <principalFileNo>008-68138</principalFileNo>
            <principalCrdNo>000149326</principalCrdNo>
            <principalLei>254900D5NQ2O9DJLKH96</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>6433438.310000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Macquarie Capital (USA) Inc.</principalName>
            <principalFileNo>008-47198</principalFileNo>
            <principalCrdNo>000036368</principalCrdNo>
            <principalLei>549300670K07JRB5UQ40</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>16628209.390000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Merrill Lynch Professional Clearing Corp.</principalName>
            <principalFileNo>008-33359</principalFileNo>
            <principalCrdNo>000016139</principalCrdNo>
            <principalLei>549300PMHS66E71I2D34</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>18418543.810000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>CANTOR FITZGERALD &amp; CO.</principalName>
            <principalFileNo>008-00201</principalFileNo>
            <principalCrdNo>000000134</principalCrdNo>
            <principalLei>5493004J7H4GCPG6OB62</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>10807246.730000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>UBS SECURITIES LLC</principalName>
            <principalFileNo>008-22651</principalFileNo>
            <principalCrdNo>000007654</principalCrdNo>
            <principalLei>T6FIZBDPKLYJKFCRVK44</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>22719376.920000000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>148999000.000000000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>170899853.000000000000</mnthlyAvgNetAssets>
        <dailyAvgNetAssets>0.000000000000</dailyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>150000000.000000000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Virtus Seix Corporate Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Zevenbergen Innovative Growth Stock Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Short-Term Municipal Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus KAR Small-Cap Growth Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus Duff &amp; Phelps Real Estate Securities Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus KAR Small-Cap Value Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus Rampart Enhanced Core Equity Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus WCM International Equity Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus KAR Capital Growth Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus Seix High Grade Municipal Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Duff &amp; Phelps International Real Estate Securities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Duff &amp; Phelps Select MLP and Midstream Energy Fund Inc." secFileNo="811-22906"/>
                <creditUser fundName="Virtus Vontobel Emerging Markets Opportunities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet Low Duration Income Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Duff &amp; Phelps Real Estate Securities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus KAR Small-Cap Value Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus KAR Mid-Cap Core Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus KAR Global Quality Dividend Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus Strategic Allocation Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus Newfleet Credit Opportunities Fund" secFileNo="811-22906"/>
                <creditUser fundName="Virtus Seix High Yield Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Aviva Multi-Strategy Target Return Fund" secFileNo="811-22906"/>
                <creditUser fundName="Virtus Newfleet CA Tax-Exempt Bond Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet Bond Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Horizon Wealth Masters Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Herzfeld Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Rampart Equity Trend Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Rampart Alternatives Diversifier Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet Multi-Sector Intermediate Bond Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus KAR International Small-Cap Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Strategic Allocation Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus Seix Core Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Rampart Enhanced Core Equity Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus KAR Small-Cap Core Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus KAR Mid-Cap Growth Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus Newfleet Multi-Sector Intermediate Bond Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus Vontobel Foreign Opportunities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Duff &amp; Phelps Global Infrastructure Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Rampart Sector Trend Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet Multi-Sector Short Term Bond Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Duff &amp; Phelps Global Real Estate Securities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Tactical Allocation Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus Seix U.S. Mortgage Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus KAR Small-Cap Growth Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus KAR Capital Growth Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus Vontobel Greater European Opportunities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Vontobel Global Opportunities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Rampart Multi-Asset Trend Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet Tax-Exempt Bond Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet High Yield Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus KAR Emerging Markets Small-Cap Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Silvant Small-Cap Growth Stock Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Silvant Large-Cap Growth Stock Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Ceredex Small-Cap Value Equity Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix U.S. Government Securities Ultra-Short Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Ceredex Mid-Cap Value Equity Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Ceredex Large-Cap Value Equity Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Ultra-Short Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Short-Term Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Virginia Intermediate Municipal Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix North Carolina Tax-Exempt Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Investment Grade Tax-Exempt Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Georgia Tax-Exempt Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix High Income Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Total Return Bond Fund" secFileNo="811-07705"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Virtus KAR Small-Cap Growth Series</mgmtInvFundName>
        <mgmtInvSeriesId>S000001949</mgmtInvSeriesId>
        <mgmtInvLei>549300Q6LMM5SHUPN178</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>2</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Class I" sharesOutstandingClassId="C000126193" sharesOutstandingTickerSymbol="N/A"/>
          <sharesOutstanding sharesOutstandingClassName="Class A" sharesOutstandingClassId="C000005133" sharesOutstandingTickerSymbol="N/A"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Underlying fund</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>BNY Mellon</securitiesAgentName>
            <securitiesAgentLei>HPFHU0OQ28E4N0NFVK49</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>1092559.660000000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>1876.220000000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Virtus Investment Advisers, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-5995</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000106982</investmentAdviserCrdNo>
            <investmentAdviserLei>5493008GM1PP47SEXR11</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-CT" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <subAdvisers>
          <subAdviser>
            <subAdviserName>Kayne Anderson Rudnick Investment Management LLC</subAdviserName>
            <subAdviserFileNo>801-24241</subAdviserFileNo>
            <subAdviserCrdNo>000104599</subAdviserCrdNo>
            <subAdviserLei>549300W19TN6A5K46H71</subAdviserLei>
            <isSubAdviserAffiliated>Y</isSubAdviserAffiliated>
            <subAdviserStateCountry subAdviserState="US-CA" subAdviserCountry="US"/>
            <isSubAdviserHired>N</isSubAdviserHired>
          </subAdviser>
        </subAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>BNY Mellon Investment Servicing (US) Inc.</transferAgentName>
            <transferAgentFileNo>084-01761</transferAgentFileNo>
            <transferAgentLei>549300CFZQLI9QMJ1Z03</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-DE" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
            <pricingServiceLei>549300B56MD0ZC402L06</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Thomson Reuters Corporation</pricingServiceName>
            <pricingServiceLei>549300561UZND4C7B569</pricingServiceLei>
            <pricingServiceCountry>CA</pricingServiceCountry>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>The Bank of New York Mellon (United Kingdom)</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>GB</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
            <custodianLei>HPFHU0OQ28E4N0NFVK49</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Virtus Fund Services, LLC</shareholderServiceAgentName>
            <shareholderServiceAgentLei>084-06485</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>SEC file number</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-CT" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Virtus Fund Services, LLC</adminName>
            <adminLei>084-06485</adminLei>
            <idNumberDesc>SEC file number</idNumberDesc>
            <adminStateCountry adminState="US-CT" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>BNY Mellon Investment Servicing (US) Inc.</adminName>
            <adminLei>549300CFZQLI9QMJ1Z03</adminLei>
            <adminStateCountry adminState="US-DE" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>ETF Distributors LLC</brokerDealerName>
            <brokerDealerFileNo>008-69191</brokerDealerFileNo>
            <brokerDealerCrdNo>000166181</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-NY" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.000000000000</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>VP Distributors, LLC</brokerDealerName>
            <brokerDealerFileNo>008-14100</brokerDealerFileNo>
            <brokerDealerCrdNo>000003036</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-CT" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.000000000000</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
            <brokerName>Robert W. Baird &amp; Co. Incorporated</brokerName>
            <brokerFileNo>008-00497</brokerFileNo>
            <brokerCrdNo>000008158</brokerCrdNo>
            <brokerLei>549300772UJAHRD6LO53</brokerLei>
            <brokerStateCountry brokerState="US-WI" brokerCountry="US"/>
            <grossCommission>3455.960000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BTIG, LLC</brokerName>
            <brokerFileNo>008-65473</brokerFileNo>
            <brokerCrdNo>000122225</brokerCrdNo>
            <brokerLei>549300GTG9PL6WO3EC51</brokerLei>
            <brokerStateCountry brokerState="US-CA" brokerCountry="US"/>
            <grossCommission>1061.680000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>MERRILL LYNCH PROFESSIONAL CLEARING CORP.</brokerName>
            <brokerFileNo>008-33359</brokerFileNo>
            <brokerCrdNo>000016139</brokerCrdNo>
            <brokerLei>549300PMHS66E71I2D34</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>613.440000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>NOMURA SECURITIES INTERNATIONAL, INC.</brokerName>
            <brokerFileNo>008-15255</brokerFileNo>
            <brokerCrdNo>000004297</brokerCrdNo>
            <brokerLei>OXTKY6Q8X53C9ILVV871</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2838.780000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>GOLDMAN SACHS &amp; CO. LLC</brokerName>
            <brokerFileNo>008-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>648.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Stifel, Nicolaus &amp; Co., Inc.</brokerName>
            <brokerFileNo>008-01447</brokerFileNo>
            <brokerCrdNo>000000793</brokerCrdNo>
            <brokerLei>5WUVMA08EYG4KEUPW589</brokerLei>
            <brokerStateCountry brokerState="US-MO" brokerCountry="US"/>
            <grossCommission>465.880000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Raymond James &amp; Associates, Inc.</brokerName>
            <brokerFileNo>008-10999</brokerFileNo>
            <brokerCrdNo>000000705</brokerCrdNo>
            <brokerLei>U4ONQX15J3RO8XCKE979</brokerLei>
            <brokerStateCountry brokerState="US-FL" brokerCountry="US"/>
            <grossCommission>5936.840000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>J.P. MORGAN SECURITIES LLC</brokerName>
            <brokerFileNo>008-35008</brokerFileNo>
            <brokerCrdNo>000000079</brokerCrdNo>
            <brokerLei>ZBUT11V806EZRVTWT807</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>571.810000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>LIQUIDNET, INC.</brokerName>
            <brokerFileNo>008-52461</brokerFileNo>
            <brokerCrdNo>000103987</brokerCrdNo>
            <brokerLei>213800HSKBBO1GCVRG79</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1169.280000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BARCLAYS CAPITAL, INC.</brokerName>
            <brokerFileNo>008-41342</brokerFileNo>
            <brokerCrdNo>000019714</brokerCrdNo>
            <brokerLei>AC28XWWI3WIBK2824319</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>597.000000000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>18941.420000000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Robert W. Baird &amp; Co. Incorporated</principalName>
            <principalFileNo>008-00497</principalFileNo>
            <principalCrdNo>000008158</principalCrdNo>
            <principalLei>549300772UJAHRD6LO53</principalLei>
            <principalStateCountry principalState="US-WI" principalCountry="US"/>
            <principalTotalPurchaseSale>2370381.400000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BARCLAYS CAPITAL, INC.</principalName>
            <principalFileNo>008-41342</principalFileNo>
            <principalCrdNo>000019714</principalCrdNo>
            <principalLei>AC28XWWI3WIBK2824319</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>3016465.740000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Goldman Sachs &amp; Co. LLC</principalName>
            <principalFileNo>008-00129</principalFileNo>
            <principalCrdNo>000000361</principalCrdNo>
            <principalLei>FOR8UP27PHTHYVLBNG30</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>772258.800000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BTIG LLC</principalName>
            <principalFileNo>008-65473</principalFileNo>
            <principalCrdNo>000122225</principalCrdNo>
            <principalLei>549300GTG9PL6WO3EC51</principalLei>
            <principalStateCountry principalState="US-CA" principalCountry="US"/>
            <principalTotalPurchaseSale>1136516.240000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>J.P. Morgan Securities LLC</principalName>
            <principalFileNo>008-35008</principalFileNo>
            <principalCrdNo>000000079</principalCrdNo>
            <principalLei>ZBUT11V806EZRVTWT807</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>3063132.510000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>SANFORD C. BERNSTEIN &amp; CO., LLC</principalName>
            <principalFileNo>008-52942</principalFileNo>
            <principalCrdNo>000104474</principalCrdNo>
            <principalLei>549300I7JYZHT7D5CO04</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1159095.070000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>RAYMOND JAMES &amp; ASSOCIATES, INC.</principalName>
            <principalFileNo>008-10999</principalFileNo>
            <principalCrdNo>000000705</principalCrdNo>
            <principalLei>U4ONQX15J3RO8XCKE979</principalLei>
            <principalStateCountry principalState="US-FL" principalCountry="US"/>
            <principalTotalPurchaseSale>7699970.240000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>NOMURA SECURITIES INTERNATIONAL, INC.</principalName>
            <principalFileNo>008-15255</principalFileNo>
            <principalCrdNo>000004297</principalCrdNo>
            <principalLei>OXTKY6Q8X53C9ILVV871</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>4406407.590000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>MORGAN STANLEY &amp; CO. LLC</principalName>
            <principalFileNo>008-15869</principalFileNo>
            <principalCrdNo>000008209</principalCrdNo>
            <principalLei>9R7GPTSO7KV3UQJZQ078</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>2126250.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>CREDIT SUISSE SECURITIES (USA) LLC</principalName>
            <principalFileNo>008-00422</principalFileNo>
            <principalCrdNo>000000816</principalCrdNo>
            <principalLei>1V8Y6QCX6YMJ2OELII46</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1905014.020000000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>40317000.000000000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>91764550.000000000000</mnthlyAvgNetAssets>
        <dailyAvgNetAssets>0.000000000000</dailyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>150000000.000000000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Virtus Seix Corporate Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Zevenbergen Innovative Growth Stock Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Short-Term Municipal Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Duff &amp; Phelps Real Estate Securities Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus Duff &amp; Phelps International Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus KAR Small-Cap Value Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus Rampart Enhanced Core Equity Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus WCM International Equity Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus KAR Capital Growth Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus Seix High Grade Municipal Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Duff &amp; Phelps International Real Estate Securities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Duff &amp; Phelps Select MLP and Midstream Energy Fund Inc." secFileNo="811-22906"/>
                <creditUser fundName="Virtus Vontobel Emerging Markets Opportunities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet Low Duration Income Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Duff &amp; Phelps Real Estate Securities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus KAR Small-Cap Value Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus KAR Mid-Cap Core Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus KAR Global Quality Dividend Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus Strategic Allocation Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus Newfleet Credit Opportunities Fund" secFileNo="811-22906"/>
                <creditUser fundName="Virtus Seix High Yield Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Aviva Multi-Strategy Target Return Fund" secFileNo="811-22906"/>
                <creditUser fundName="Virtus Newfleet CA Tax-Exempt Bond Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet Bond Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Horizon Wealth Masters Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Herzfeld Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Rampart Equity Trend Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Rampart Alternatives Diversifier Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet Multi-Sector Intermediate Bond Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus KAR International Small-Cap Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Strategic Allocation Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus Seix Core Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Rampart Enhanced Core Equity Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus KAR Small-Cap Core Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus KAR Mid-Cap Growth Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus Newfleet Multi-Sector Intermediate Bond Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus Vontobel Foreign Opportunities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Duff &amp; Phelps Global Infrastructure Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Rampart Sector Trend Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet Multi-Sector Short Term Bond Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Duff &amp; Phelps Global Real Estate Securities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Tactical Allocation Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus Seix U.S. Mortgage Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus KAR Small-Cap Growth Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus KAR Capital Growth Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus Vontobel Greater European Opportunities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Vontobel Global Opportunities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Rampart Multi-Asset Trend Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet Tax-Exempt Bond Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet High Yield Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus KAR Emerging Markets Small-Cap Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Silvant Small-Cap Growth Stock Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Silvant Large-Cap Growth Stock Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Ceredex Small-Cap Value Equity Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix U.S. Government Securities Ultra-Short Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Ceredex Mid-Cap Value Equity Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Ceredex Large-Cap Value Equity Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Ultra-Short Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Short-Term Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Virginia Intermediate Municipal Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix North Carolina Tax-Exempt Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Investment Grade Tax-Exempt Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Georgia Tax-Exempt Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix High Income Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Total Return Bond Fund" secFileNo="811-07705"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Virtus Rampart Enhanced Core Equity Series</mgmtInvFundName>
        <mgmtInvSeriesId>S000001964</mgmtInvSeriesId>
        <mgmtInvLei>549300PC54UX0KQ8FZ02</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Class A" sharesOutstandingClassId="C000005148" sharesOutstandingTickerSymbol="N/A"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Underlying fund</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Virtus Investment Advisers, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-5995</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000106982</investmentAdviserCrdNo>
            <investmentAdviserLei>5493008GM1PP47SEXR11</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-CT" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <subAdvisers>
          <subAdviser>
            <subAdviserName>Rampart Investment Management Company, LLC</subAdviserName>
            <subAdviserFileNo>801-77244</subAdviserFileNo>
            <subAdviserCrdNo>000165089</subAdviserCrdNo>
            <subAdviserLei>5493004RE1YMFHPW0J97</subAdviserLei>
            <isSubAdviserAffiliated>Y</isSubAdviserAffiliated>
            <subAdviserStateCountry subAdviserState="US-NY" subAdviserCountry="US"/>
            <isSubAdviserHired>N</isSubAdviserHired>
          </subAdviser>
        </subAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>BNY Mellon Investment Servicing (US) Inc.</transferAgentName>
            <transferAgentFileNo>084-01761</transferAgentFileNo>
            <transferAgentLei>549300CFZQLI9QMJ1Z03</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-DE" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
            <pricingServiceLei>549300B56MD0ZC402L06</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Thomson Reuters Corporation</pricingServiceName>
            <pricingServiceLei>549300561UZND4C7B569</pricingServiceLei>
            <pricingServiceCountry>CA</pricingServiceCountry>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
            <custodianLei>HPFHU0OQ28E4N0NFVK49</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Virtus Fund Services, LLC</shareholderServiceAgentName>
            <shareholderServiceAgentLei>084-06485</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>SEC file number</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-CT" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Virtus Fund Services, LLC</adminName>
            <adminLei>084-06485</adminLei>
            <idNumberDesc>SEC file number</idNumberDesc>
            <adminStateCountry adminState="US-CT" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>BNY Mellon Investment Servicing (US) Inc.</adminName>
            <adminLei>549300CFZQLI9QMJ1Z03</adminLei>
            <adminStateCountry adminState="US-DE" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>ETF Distributors LLC</brokerDealerName>
            <brokerDealerFileNo>008-69191</brokerDealerFileNo>
            <brokerDealerCrdNo>000166181</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-NY" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.000000000000</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>VP Distributors, LLC</brokerDealerName>
            <brokerDealerFileNo>008-14100</brokerDealerFileNo>
            <brokerDealerCrdNo>000003036</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-CT" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.000000000000</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
            <brokerName>SG Cowen Securities Corporation</brokerName>
            <brokerFileNo>008-22522</brokerFileNo>
            <brokerCrdNo>000007616</brokerCrdNo>
            <brokerLei>549300WR155U7DVMIW58</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>524.060000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>NOMURA SECURITIES INTERNATIONAL, INC.</brokerName>
            <brokerFileNo>008-15255</brokerFileNo>
            <brokerCrdNo>000004297</brokerCrdNo>
            <brokerLei>OXTKY6Q8X53C9ILVV871</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>4125.480000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BARCLAYS CAPITAL, INC.</brokerName>
            <brokerFileNo>008-41342</brokerFileNo>
            <brokerCrdNo>000019714</brokerCrdNo>
            <brokerLei>AC28XWWI3WIBK2824319</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>989.330000000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>5638.870000000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>SG Cowen Securities Corporation</principalName>
            <principalFileNo>008-22522</principalFileNo>
            <principalCrdNo>000007616</principalCrdNo>
            <principalLei>549300WR155U7DVMIW58</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>4117668.100000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>NOMURA SECURITIES INTERNATIONAL, INC.</principalName>
            <principalFileNo>008-15255</principalFileNo>
            <principalCrdNo>000004297</principalCrdNo>
            <principalLei>OXTKY6Q8X53C9ILVV871</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>53011751.860000000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>70648000.000000000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>101012261.000000000000</mnthlyAvgNetAssets>
        <dailyAvgNetAssets>0.000000000000</dailyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>150000000.000000000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Virtus Seix Corporate Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Zevenbergen Innovative Growth Stock Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Short-Term Municipal Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus KAR Small-Cap Growth Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus Duff &amp; Phelps Real Estate Securities Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus Duff &amp; Phelps International Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus KAR Small-Cap Value Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus WCM International Equity Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Newfleet Multi-Sector Intermediate Bond Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus Seix High Grade Municipal Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus KAR Capital Growth Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus Duff &amp; Phelps International Real Estate Securities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Duff &amp; Phelps Select MLP and Midstream Energy Fund Inc." secFileNo="811-22906"/>
                <creditUser fundName="Virtus Vontobel Emerging Markets Opportunities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet Low Duration Income Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Duff &amp; Phelps Real Estate Securities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus KAR Small-Cap Value Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus KAR Mid-Cap Core Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus KAR Global Quality Dividend Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus Strategic Allocation Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus Seix High Yield Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Newfleet Credit Opportunities Fund" secFileNo="811-22906"/>
                <creditUser fundName="Virtus Aviva Multi-Strategy Target Return Fund" secFileNo="811-22906"/>
                <creditUser fundName="Virtus Newfleet CA Tax-Exempt Bond Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet Bond Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Horizon Wealth Masters Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Herzfeld Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Rampart Equity Trend Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Rampart Alternatives Diversifier Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet Multi-Sector Intermediate Bond Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus KAR International Small-Cap Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Seix Core Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Strategic Allocation Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus Rampart Enhanced Core Equity Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus KAR Small-Cap Core Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus KAR Mid-Cap Growth Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus Vontobel Foreign Opportunities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Duff &amp; Phelps Global Infrastructure Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Rampart Sector Trend Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet Multi-Sector Short Term Bond Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Duff &amp; Phelps Global Real Estate Securities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Tactical Allocation Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus Seix U.S. Mortgage Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus KAR Small-Cap Growth Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus KAR Capital Growth Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus Vontobel Greater European Opportunities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Vontobel Global Opportunities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Rampart Multi-Asset Trend Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet Tax-Exempt Bond Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet High Yield Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus KAR Emerging Markets Small-Cap Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Silvant Small-Cap Growth Stock Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Silvant Large-Cap Growth Stock Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Ceredex Small-Cap Value Equity Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix U.S. Government Securities Ultra-Short Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Ceredex Mid-Cap Value Equity Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Ceredex Large-Cap Value Equity Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Ultra-Short Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Short-Term Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Virginia Intermediate Municipal Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix North Carolina Tax-Exempt Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Investment Grade Tax-Exempt Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Georgia Tax-Exempt Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix High Income Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Total Return Bond Fund" secFileNo="811-07705"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Virtus Newfleet Multi-Sector Intermediate Bond Series</mgmtInvFundName>
        <mgmtInvSeriesId>S000001950</mgmtInvSeriesId>
        <mgmtInvLei>549300JZNZ5QA71A1O24</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>2</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Class A" sharesOutstandingClassId="C000005134" sharesOutstandingTickerSymbol="N/A"/>
          <sharesOutstanding sharesOutstandingClassName="Class I" sharesOutstandingClassId="C000126194" sharesOutstandingTickerSymbol="N/A"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Underlying fund</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>BNY Mellon</securitiesAgentName>
            <securitiesAgentLei>HPFHU0OQ28E4N0NFVK49</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <securityAgentIdemnity isSecurityAgentIdemnity="Y">
              <idemnityProviders>
                <idemnityProvider idemnityProviderName="N/A" idemnityProviderLei="N/A"/>
              </idemnityProviders>
              <didIndemnificationRights>N</didIndemnificationRights>
            </securityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>1261393.870000000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>5093.920000000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>Y</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Virtus Investment Advisers, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-5995</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000106982</investmentAdviserCrdNo>
            <investmentAdviserLei>5493008GM1PP47SEXR11</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-CT" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <subAdvisers>
          <subAdviser>
            <subAdviserName>Newfleet Asset Management, LLC</subAdviserName>
            <subAdviserFileNo>801-51559</subAdviserFileNo>
            <subAdviserCrdNo>000104532</subAdviserCrdNo>
            <subAdviserLei>549300FZNGRGI1YVNB75</subAdviserLei>
            <isSubAdviserAffiliated>Y</isSubAdviserAffiliated>
            <subAdviserStateCountry subAdviserState="US-CT" subAdviserCountry="US"/>
            <isSubAdviserHired>N</isSubAdviserHired>
          </subAdviser>
        </subAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>BNY Mellon Investment Servicing (US) Inc.</transferAgentName>
            <transferAgentFileNo>084-01761</transferAgentFileNo>
            <transferAgentLei>549300CFZQLI9QMJ1Z03</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-DE" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Thomson Reuters Corporation</pricingServiceName>
            <pricingServiceLei>549300561UZND4C7B569</pricingServiceLei>
            <pricingServiceCountry>CA</pricingServiceCountry>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
            <pricingServiceLei>549300B56MD0ZC402L06</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Itau Corpbanca Corredores De Bolsa S.A.</custodianName>
            <custodianLei>549300626NYNXUSVCY49</custodianLei>
            <custodianCountry>CL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>MUFG Bank, Ltd.</custodianName>
            <custodianLei>C3GTMMZIHMY46P4OIX74</custodianLei>
            <custodianCountry>JP</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Euroclear SA/NV</custodianName>
            <custodianLei>549300CBNW05DILT6870</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB, Oslo Branch</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>NO</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank Australia Limited</custodianName>
            <custodianLei>DY9DBNI4W8J63Z298033</custodianLei>
            <custodianCountry>AU</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank N.A., Sucursal De Lima</custodianName>
            <custodianLei>MYTK5NHHP1G8TVFGT193</custodianLei>
            <custodianCountry>PE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank Argentina</custodianName>
            <custodianLei>579100KKDGKCFFKKF005</custodianLei>
            <custodianCountry>AR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>UBS Switzerland AG</custodianName>
            <custodianLei>549300WOIFUSNYH0FL22</custodianLei>
            <custodianCountry>CH</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Stanbic IBTC Bank Plc.</custodianName>
            <custodianLei>549300NIVXF92ZIOVW61</custodianLei>
            <custodianCountry>NG</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank (Taiwan) Limited</custodianName>
            <custodianLei>549300SG184IVNYDMN03</custodianLei>
            <custodianCountry>TW</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank A.S. (Turkey)</custodianName>
            <custodianLei>789000N5SE3LWDK7OI11</custodianLei>
            <custodianCountry>TR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC New Zealand</custodianName>
            <custodianLei>213800NHDWIZKO5KIH05</custodianLei>
            <custodianCountry>NZ</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibanamex</custodianName>
            <custodianLei>5493004NLEXB8DK06353</custodianLei>
            <custodianCountry>MX</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>CIBC Mellon Trust Company (Canada)</custodianName>
            <custodianLei>549300IYUUH221WBZ505</custodianLei>
            <custodianCountry>CA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Bank Polska Kasa Opieki S.A.</custodianName>
            <custodianLei>5493000LKS7B3UTF7H35</custodianLei>
            <custodianCountry>PL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
            <custodianLei>HPFHU0OQ28E4N0NFVK49</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
          <custodian>
            <custodianName>Cititrust Colombia S A Sociedad Fiduciaria</custodianName>
            <custodianLei>549300242J3IJCOSGI49</custodianLei>
            <custodianCountry>CO</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank N.A., Brazilian Branch</custodianName>
            <custodianLei>1P0UUG7LC1S92QTNHG39</custodianLei>
            <custodianCountry>BR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Standard Bank of South Africa Limited</custodianName>
            <custodianLei>QFC8ZCW3Q5PRXU1XTM60</custodianLei>
            <custodianCountry>ZA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank AG, Jakarta</custodianName>
            <custodianLei>254900XBQBHM0QPI0V70</custodianLei>
            <custodianCountry>ID</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Hongkong and Shanghai Banking Corporation, Seoul</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>KR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon (United Kingdom)</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>GB</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB, Stockholm</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>SE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Virtus Fund Services, LLC</shareholderServiceAgentName>
            <shareholderServiceAgentLei>084-06485</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>SEC file number</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-CT" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Virtus Fund Services, LLC</adminName>
            <adminLei>084-06485</adminLei>
            <idNumberDesc>SEC file number</idNumberDesc>
            <adminStateCountry adminState="US-CT" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>BNY Mellon Investment Servicing (US) Inc.</adminName>
            <adminLei>549300CFZQLI9QMJ1Z03</adminLei>
            <adminStateCountry adminState="US-DE" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>ETF Distributors LLC</brokerDealerName>
            <brokerDealerFileNo>008-69191</brokerDealerFileNo>
            <brokerDealerCrdNo>000166181</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-NY" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.000000000000</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>VP Distributors, LLC</brokerDealerName>
            <brokerDealerFileNo>008-14100</brokerDealerFileNo>
            <brokerDealerCrdNo>000003036</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-CT" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.000000000000</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
            <brokerName>NOMURA SECURITIES INTERNATIONAL, INC.</brokerName>
            <brokerFileNo>008-15255</brokerFileNo>
            <brokerCrdNo>000004297</brokerCrdNo>
            <brokerLei>OXTKY6Q8X53C9ILVV871</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>471.190000000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>471.190000000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Goldman Sachs &amp; Co. LLC</principalName>
            <principalFileNo>008-00129</principalFileNo>
            <principalCrdNo>000000361</principalCrdNo>
            <principalLei>FOR8UP27PHTHYVLBNG30</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>8612971.420000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Merrill Lynch Professional Clearing Corp.</principalName>
            <principalFileNo>008-33359</principalFileNo>
            <principalCrdNo>000016139</principalCrdNo>
            <principalLei>549300PMHS66E71I2D34</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>20186475.720000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>J.P. Morgan Securities LLC</principalName>
            <principalFileNo>008-35008</principalFileNo>
            <principalCrdNo>000000079</principalCrdNo>
            <principalLei>ZBUT11V806EZRVTWT807</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>24280063.430000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>WELLS FARGO SECURITIES LLC</principalName>
            <principalFileNo>008-65876</principalFileNo>
            <principalCrdNo>000126292</principalCrdNo>
            <principalLei>VYVVCKR63DVZZN70PB21</principalLei>
            <principalStateCountry principalState="US-NC" principalCountry="US"/>
            <principalTotalPurchaseSale>6407729.760000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>NOMURA SECURITIES INTERNATIONAL, INC.</principalName>
            <principalFileNo>008-15255</principalFileNo>
            <principalCrdNo>000004297</principalCrdNo>
            <principalLei>OXTKY6Q8X53C9ILVV871</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>7181543.570000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>MORGAN STANLEY &amp; CO. LLC</principalName>
            <principalFileNo>008-15869</principalFileNo>
            <principalCrdNo>000008209</principalCrdNo>
            <principalLei>9R7GPTSO7KV3UQJZQ078</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>10869269.050000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>HSBC SECURITIES (USA), INC.</principalName>
            <principalFileNo>008-41562</principalFileNo>
            <principalCrdNo>000019585</principalCrdNo>
            <principalLei>CYYGQCGNHMHPSMRL3R97</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>6956522.010000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>CREDIT SUISSE SECURITIES (USA) LLC</principalName>
            <principalFileNo>008-00422</principalFileNo>
            <principalCrdNo>000000816</principalCrdNo>
            <principalLei>1V8Y6QCX6YMJ2OELII46</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>10446738.900000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>CitiGroup Global Markets Inc.</principalName>
            <principalFileNo>008-08177</principalFileNo>
            <principalCrdNo>000007059</principalCrdNo>
            <principalLei>MBNUM2BPBDO7JBLYG310</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>14160168.190000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BARCLAYS CAPITAL, INC.</principalName>
            <principalFileNo>008-41342</principalFileNo>
            <principalCrdNo>000019714</principalCrdNo>
            <principalLei>AC28XWWI3WIBK2824319</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>12390191.010000000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>169266000.000000000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>126687158.000000000000</mnthlyAvgNetAssets>
        <dailyAvgNetAssets>0.000000000000</dailyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>150000000.000000000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Virtus Seix Corporate Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Zevenbergen Innovative Growth Stock Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Short-Term Municipal Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus KAR Small-Cap Growth Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus Duff &amp; Phelps Real Estate Securities Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus Duff &amp; Phelps International Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus KAR Small-Cap Value Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus Rampart Enhanced Core Equity Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus WCM International Equity Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix High Grade Municipal Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Rampart Enhanced Core Equity Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus KAR Capital Growth Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus Duff &amp; Phelps International Real Estate Securities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Duff &amp; Phelps Select MLP and Midstream Energy Fund Inc." secFileNo="811-22906"/>
                <creditUser fundName="Virtus Vontobel Emerging Markets Opportunities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet Low Duration Income Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Duff &amp; Phelps Real Estate Securities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus KAR Small-Cap Value Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus KAR Mid-Cap Core Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus KAR Global Quality Dividend Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus Seix High Yield Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Strategic Allocation Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus Newfleet Credit Opportunities Fund" secFileNo="811-22906"/>
                <creditUser fundName="Virtus Aviva Multi-Strategy Target Return Fund" secFileNo="811-22906"/>
                <creditUser fundName="Virtus Newfleet CA Tax-Exempt Bond Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet Bond Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Horizon Wealth Masters Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Herzfeld Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Rampart Equity Trend Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Rampart Alternatives Diversifier Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet Multi-Sector Intermediate Bond Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Seix Core Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus KAR International Small-Cap Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Strategic Allocation Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus KAR Small-Cap Core Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus KAR Mid-Cap Growth Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus Vontobel Foreign Opportunities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Duff &amp; Phelps Global Infrastructure Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Rampart Sector Trend Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet Multi-Sector Short Term Bond Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Duff &amp; Phelps Global Real Estate Securities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Tactical Allocation Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus Seix U.S. Mortgage Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus KAR Small-Cap Growth Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus KAR Capital Growth Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus Vontobel Greater European Opportunities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Vontobel Global Opportunities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Rampart Multi-Asset Trend Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet Tax-Exempt Bond Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet High Yield Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus KAR Emerging Markets Small-Cap Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Silvant Small-Cap Growth Stock Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Silvant Large-Cap Growth Stock Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Ceredex Small-Cap Value Equity Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix U.S. Government Securities Ultra-Short Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Ceredex Mid-Cap Value Equity Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Ceredex Large-Cap Value Equity Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Ultra-Short Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Short-Term Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Virginia Intermediate Municipal Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix North Carolina Tax-Exempt Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Investment Grade Tax-Exempt Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Georgia Tax-Exempt Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix High Income Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Total Return Bond Fund" secFileNo="811-07705"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Virtus Duff &amp; Phelps Real Estate Securities Series</mgmtInvFundName>
        <mgmtInvSeriesId>S000001962</mgmtInvSeriesId>
        <mgmtInvLei>5493005DJ3IB0Z43U721</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>2</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Class I" sharesOutstandingClassId="C000126195" sharesOutstandingTickerSymbol="N/A"/>
          <sharesOutstanding sharesOutstandingClassName="Class A" sharesOutstandingClassId="C000005146" sharesOutstandingTickerSymbol="N/A"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Underlying fund</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Virtus Investment Advisers, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-5995</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000106982</investmentAdviserCrdNo>
            <investmentAdviserLei>5493008GM1PP47SEXR11</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-CT" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <subAdvisers>
          <subAdviser>
            <subAdviserName>Duff &amp; Phelps Investment Management Co.</subAdviserName>
            <subAdviserFileNo>801-14813</subAdviserFileNo>
            <subAdviserCrdNo>000107296</subAdviserCrdNo>
            <subAdviserLei>549300W01Z54L5RHPJ40</subAdviserLei>
            <isSubAdviserAffiliated>Y</isSubAdviserAffiliated>
            <subAdviserStateCountry subAdviserState="US-IL" subAdviserCountry="US"/>
            <isSubAdviserHired>N</isSubAdviserHired>
          </subAdviser>
        </subAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>BNY Mellon Investment Servicing (US) Inc.</transferAgentName>
            <transferAgentFileNo>084-01761</transferAgentFileNo>
            <transferAgentLei>549300CFZQLI9QMJ1Z03</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-DE" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
            <pricingServiceLei>549300B56MD0ZC402L06</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Thomson Reuters Corporation</pricingServiceName>
            <pricingServiceLei>549300561UZND4C7B569</pricingServiceLei>
            <pricingServiceCountry>CA</pricingServiceCountry>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Euroclear Bank SA/NV</custodianName>
            <custodianLei>549300OZ46BRLZ8Y6F65</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
            <custodianLei>HPFHU0OQ28E4N0NFVK49</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Virtus Fund Services, LLC</shareholderServiceAgentName>
            <shareholderServiceAgentLei>084-06485</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>SEC file number</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-CT" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Virtus Fund Services, LLC</adminName>
            <adminLei>084-06485</adminLei>
            <idNumberDesc>SEC file number</idNumberDesc>
            <adminStateCountry adminState="US-CT" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>BNY Mellon Investment Servicing (US) Inc.</adminName>
            <adminLei>549300CFZQLI9QMJ1Z03</adminLei>
            <adminStateCountry adminState="US-DE" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>ETF Distributors LLC</brokerDealerName>
            <brokerDealerFileNo>008-69191</brokerDealerFileNo>
            <brokerDealerCrdNo>000166181</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-NY" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.000000000000</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>VP Distributors, LLC</brokerDealerName>
            <brokerDealerFileNo>008-14100</brokerDealerFileNo>
            <brokerDealerCrdNo>000003036</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-CT" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.000000000000</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
            <brokerName>Green Street Advisors (UK) Limited</brokerName>
            <brokerFileNo>008-44110</brokerFileNo>
            <brokerCrdNo>000028937</brokerCrdNo>
            <brokerLei>549300K06R9ZUC3UEN80</brokerLei>
            <brokerCountry>GB</brokerCountry>
            <grossCommission>116.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>WELLS FARGO SECURITIES, LLC</brokerName>
            <brokerFileNo>008-65876</brokerFileNo>
            <brokerCrdNo>000126292</brokerCrdNo>
            <brokerLei>VYVVCKR63DVZZN70PB21</brokerLei>
            <brokerStateCountry brokerState="US-NC" brokerCountry="US"/>
            <grossCommission>2218.580000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>EVERCORE GROUP L.L.C.</brokerName>
            <brokerFileNo>008-49830</brokerFileNo>
            <brokerCrdNo>000042405</brokerCrdNo>
            <brokerLei>5493008F0LRLS5N8LZ81</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>651.090000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BNY MELLON CAPITAL MARKETS, LLC</brokerName>
            <brokerFileNo>008-35255</brokerFileNo>
            <brokerCrdNo>000017454</brokerCrdNo>
            <brokerLei>VJW2DOOHGDT6PR0ZRO63</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1714.730000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Merrill Lynch Professional Clearing Corp.</brokerName>
            <brokerFileNo>008-33359</brokerFileNo>
            <brokerCrdNo>000016139</brokerCrdNo>
            <brokerLei>549300PMHS66E71I2D34</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>38.900000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>CITIGROUP GLOBAL MARKETS INC.</brokerName>
            <brokerFileNo>008-08177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>246.300000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>UBS Securities LLC</brokerName>
            <brokerFileNo>008-22651</brokerFileNo>
            <brokerCrdNo>000007654</brokerCrdNo>
            <brokerLei>T6FIZBDPKLYJKFCRVK44</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>19.500000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>RBC CAPITAL MARKETS, LLC</brokerName>
            <brokerFileNo>008-45411</brokerFileNo>
            <brokerCrdNo>000031194</brokerCrdNo>
            <brokerLei>549300LCO2FLSSVFFR64</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1.170000000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>5006.270000000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>GREEN STREET TRADING, LLC</principalName>
            <principalFileNo>008-44110</principalFileNo>
            <principalCrdNo>000028937</principalCrdNo>
            <principalLei>254900S1ZHWIYRBIXI09</principalLei>
            <principalStateCountry principalState="US-CA" principalCountry="US"/>
            <principalTotalPurchaseSale>168749.840000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Merrill Lynch Professional Clearing Corp.</principalName>
            <principalFileNo>008-33359</principalFileNo>
            <principalCrdNo>000016139</principalCrdNo>
            <principalLei>549300PMHS66E71I2D34</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>21559.500000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>WELLS FARGO SECURITIES LLC</principalName>
            <principalFileNo>008-65876</principalFileNo>
            <principalCrdNo>000126292</principalCrdNo>
            <principalLei>VYVVCKR63DVZZN70PB21</principalLei>
            <principalStateCountry principalState="US-NC" principalCountry="US"/>
            <principalTotalPurchaseSale>1897017.990000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>UBS SECURITIES LLC</principalName>
            <principalFileNo>008-22651</principalFileNo>
            <principalCrdNo>000007654</principalCrdNo>
            <principalLei>T6FIZBDPKLYJKFCRVK44</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>145177.500000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>RBC CAPITAL MARKETS LLC</principalName>
            <principalFileNo>008-45411</principalFileNo>
            <principalCrdNo>000031194</principalCrdNo>
            <principalLei>549300LCO2FLSSVFFR64</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>9651.060000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>EVERCORE GROUP L.L.C.</principalName>
            <principalFileNo>008-49830</principalFileNo>
            <principalCrdNo>000042405</principalCrdNo>
            <principalLei>5493008F0LRLS5N8LZ81</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>3093783.080000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>CitiGroup Global Markets Inc.</principalName>
            <principalFileNo>008-08177</principalFileNo>
            <principalCrdNo>000007059</principalCrdNo>
            <principalLei>MBNUM2BPBDO7JBLYG310</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1659647.760000000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>34292000.000000000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>72865490.000000000000</mnthlyAvgNetAssets>
        <dailyAvgNetAssets>0.000000000000</dailyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>150000000.000000000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Bank of New York Mellon"/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Virtus Seix Corporate Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Zevenbergen Innovative Growth Stock Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Short-Term Municipal Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus KAR Small-Cap Growth Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus Duff &amp; Phelps International Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus KAR Small-Cap Value Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus Rampart Enhanced Core Equity Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus WCM International Equity Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus KAR Capital Growth Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus Seix High Grade Municipal Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Duff &amp; Phelps International Real Estate Securities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Duff &amp; Phelps Select MLP and Midstream Energy Fund Inc." secFileNo="811-22906"/>
                <creditUser fundName="Virtus Vontobel Emerging Markets Opportunities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet Low Duration Income Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Duff &amp; Phelps Real Estate Securities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus KAR Small-Cap Value Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus KAR Mid-Cap Core Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus KAR Global Quality Dividend Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus Strategic Allocation Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus Newfleet Credit Opportunities Fund" secFileNo="811-22906"/>
                <creditUser fundName="Virtus Seix High Yield Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Aviva Multi-Strategy Target Return Fund" secFileNo="811-22906"/>
                <creditUser fundName="Virtus Newfleet CA Tax-Exempt Bond Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet Bond Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Horizon Wealth Masters Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Herzfeld Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Rampart Equity Trend Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Rampart Alternatives Diversifier Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet Multi-Sector Intermediate Bond Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus KAR International Small-Cap Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Strategic Allocation Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus Seix Core Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Rampart Enhanced Core Equity Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus KAR Small-Cap Core Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus KAR Mid-Cap Growth Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus Newfleet Multi-Sector Intermediate Bond Series" secFileNo="811-04642"/>
                <creditUser fundName="Virtus Vontobel Foreign Opportunities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Duff &amp; Phelps Global Infrastructure Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Rampart Sector Trend Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet Multi-Sector Short Term Bond Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Duff &amp; Phelps Global Real Estate Securities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Tactical Allocation Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus Seix U.S. Mortgage Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus KAR Small-Cap Growth Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus KAR Capital Growth Fund" secFileNo="811-00945"/>
                <creditUser fundName="Virtus Vontobel Greater European Opportunities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Vontobel Global Opportunities Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Rampart Multi-Asset Trend Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet Tax-Exempt Bond Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Newfleet High Yield Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus KAR Emerging Markets Small-Cap Fund" secFileNo="811-07455"/>
                <creditUser fundName="Virtus Silvant Small-Cap Growth Stock Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Silvant Large-Cap Growth Stock Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Ceredex Small-Cap Value Equity Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix U.S. Government Securities Ultra-Short Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Ceredex Mid-Cap Value Equity Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Ceredex Large-Cap Value Equity Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Ultra-Short Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Short-Term Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Virginia Intermediate Municipal Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix North Carolina Tax-Exempt Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Investment Grade Tax-Exempt Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Georgia Tax-Exempt Bond Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix High Income Fund" secFileNo="811-07705"/>
                <creditUser fundName="Virtus Seix Total Return Bond Fund" secFileNo="811-07705"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <exchangeSeriesInfo/>
    <attachmentsTab>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
    </attachmentsTab>
    <signature registrantSignedName="Virtus Variable Insurance Trust" signedDate="2019-03-14" signature="Jennifer Fromm" title="Vice President, Chief Legal Officer, Counsel and Secretary"/>
  </formData>
</edgarSubmission>
