# EDGAR Filing Document

**Accession Number:** 0000867297
**File Stem:** 0000930413-25-003255
**Filing Date:** 2025-10
**Character Count:** 1591030
**Document Hash:** d69fdef0886d244ba86bf62c128ee767
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-25-003255.hdr.sgml**: 20251022

**ACCESSION NUMBER**: 0000930413-25-003255

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 59

**FILED AS OF DATE**: 20251022

**DATE AS OF CHANGE**: 20251022

**EFFECTIVENESS DATE**: 20251028

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Virtus Investment Trust
- **CENTRAL INDEX KEY:** 0000867297

**ORGANIZATION NAME:**
- **EIN:** 330457728
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06161
- **FILM NUMBER:** 251409700

**BUSINESS ADDRESS:**
- **STREET 1:** 101 MUNSON STEET
- **CITY:** GREENFIELD
- **STATE:** MA
- **ZIP:** 01301
- **BUSINESS PHONE:** 800-243-1574

**MAIL ADDRESS:**
- **STREET 1:** ONE FINANCIAL PLAZA
- **STREET 2:** 26TH FLOOR
- **CITY:** HARTFORD
- **STATE:** CT
- **ZIP:** 06103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALLIANZ FUNDS
- **DATE OF NAME CHANGE:** 20050330

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PIMCO FUNDS MULTI MANAGER SERIES
- **DATE OF NAME CHANGE:** 19970626

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PIMCO FUNDS EQUITY ADVISORS SERIES
- **DATE OF NAME CHANGE:** 19960227
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Virtus Investment Trust
- **CENTRAL INDEX KEY:** 0000867297

**ORGANIZATION NAME:**
- **EIN:** 330457728
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-36528
- **FILM NUMBER:** 251409699

**BUSINESS ADDRESS:**
- **STREET 1:** 101 MUNSON STEET
- **CITY:** GREENFIELD
- **STATE:** MA
- **ZIP:** 01301
- **BUSINESS PHONE:** 800-243-1574

**MAIL ADDRESS:**
- **STREET 1:** ONE FINANCIAL PLAZA
- **STREET 2:** 26TH FLOOR
- **CITY:** HARTFORD
- **STATE:** CT
- **ZIP:** 06103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALLIANZ FUNDS
- **DATE OF NAME CHANGE:** 20050330

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PIMCO FUNDS MULTI MANAGER SERIES
- **DATE OF NAME CHANGE:** 19970626

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PIMCO FUNDS EQUITY ADVISORS SERIES
- **DATE OF NAME CHANGE:** 19960227

## Series and Classes Contracts Data

### Virtus NFJ Dividend Value Fund (Series ID: S000007963)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000021605 | A             | PNEAX           |
| C000021607 | C             | PNECX           |
| C000021609 | Institutional | NFJEX           |
| C000135573 | R6            | ANDVX           |

### Virtus NFJ International Value Fund (Series ID: S000007964)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000021611 | A             | AFJAX           |
| C000021612 | C             | AFJCX           |
| C000021614 | Institutional | ANJIX           |
| C000135574 | R6            | ANAVX           |

### Virtus NFJ Large-Cap Value Fund (Series ID: S000007965)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000021616 | A             | PNBAX           |
| C000021618 | C             | PNBCX           |
| C000021620 | Institutional | ANVIX           |
| C000204677 | R6            | VAAGX           |

### Virtus NFJ Small-Cap Value Fund (Series ID: S000007966)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000021621 | A             | PCVAX           |
| C000021624 | C             | PCVCX           |
| C000021626 | Institutional | PSVIX           |
| C000135575 | R6            | ANFVX           |

### Virtus NFJ Mid-Cap Value Fund (Series ID: S000007968)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000021632 | A             | PQNAX           |
| C000021635 | C             | PQNCX           |
| C000021637 | Institutional | PRNIX           |
| C000196957 | Class R6      | ANPRX           |

### Virtus Silvant Focused Growth Fund (Series ID: S000007971)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000021653 | A             | PGWAX           |
| C000021656 | C             | PGWCX           |
| C000021658 | Institutional | PGFIX           |
| C000164304 | R6            | AFGFX           |

### Virtus KAR Health Sciences Fund (Series ID: S000007977)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000021683 | A                   | RAGHX           |
| C000021685 | C                   | RCGHX           |
| C000150255 | Institutional Class | HLHIX           |

### Virtus KAR Global Small-Cap Fund (Series ID: S000007979)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000021688 | A             | RGSAX           |
| C000021690 | C             | RGSCX           |
| C000021692 | Institutional | DGSCX           |

### Virtus Zevenbergen Technology Fund (Series ID: S000007980)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000021693 | A             | RAGTX           |
| C000021696 | C             | RCGTX           |
| C000021698 | Institutional | DRGTX           |

### Virtus Silvant Mid-Cap Growth Fund (Series ID: S000007984)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000021714 | A             | RMDAX           |
| C000021717 | C             | RMDCX           |
| C000021719 | Institutional | DRMCX           |
| C000204682 | R6            | RMDZX           |

### Virtus Emerging Markets Opportunities Fund (Series ID: S000012942)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000034948 | A             | AOTAX           |
| C000034949 | C             | AOTCX           |
| C000034951 | Institutional | AOTIX           |
| C000164305 | R6            | AEMOX           |

### Virtus Income & Growth Fund (Series ID: S000015823)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000043488 | Class A             | AZNAX           |
| C000043489 | Class C             | AZNCX           |
| C000043491 | Institutional Class | AZNIX           |

### Virtus Small-Cap Fund (Series ID: S000041383)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000128360 | Class A             | AZBAX           |
| C000128361 | Class C             | AZBCX           |
| C000128362 | Institutional Class | AZBIX           |
| C000164306 | R6                  | ASCFX           |

?xml version='1.0' encoding='ASCII'?

#### As filed with the Securities and Exchange Commission on October 22, 2025
**File No. 33-36528**

**File No. 811-06161**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-1A**

**REGISTRATION STATEMENT**

---

| | |
|:---|:---|
| ***Under the SECURITIES ACT OF 1933*** | **☒** |
| **Pre-Effective Amendment No.** | **☐** |
| **Post-Effective Amendment No. 223** | **☒** |
| **and/or** |  |
| **REGISTRATION STATEMENT** |  |
| ***Under the INVESTMENT COMPANY ACT OF 1940*** | **☒** |
| **Amendment No. 229** | **☒** |
| **(Check appropriate box or boxes)** |  |

---

### VIRTUS INVESTMENT TRUST
**(Exact Name of Registrant as Specified in Charter)**

**Area Code and Telephone Number: (800) 243-1574101 Munson Street**

**Greenfield, Massachusetts 01301**

**(Address of Principal Executive Offices)**

**Jennifer Fromm, Esq.**

**Vice President, Chief Legal Officer, Counsel and Secretary**

**Virtus Investment Partners, Inc.**

**One Financial Plaza**

**Hartford, Connecticut 06103-2608**

**(Name and Address of Agent for Service)**

#### Copies of All Correspondence to:

#### Mark D. Perlow, Esq. Dechert LLP 45 Fremont Street, 26 <sup>th</sup> Floor

#### San Francisco, CA 94105
It is proposed that this filing will become effective (check appropriate box):

☐ immediately upon filing pursuant to paragraph (b)

☒ on <u>October 28, 2025</u> pursuant to paragraph (b) of Rule 485

☐ 60 days after filing pursuant to paragraph (a)(1)

☐ on _____________ or at such later date as the Commission shall order pursuant to paragraph (a)(2)

☐ 75 days after filing pursuant to paragraph (a)(2)

☐ on _____________ pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

<br> ☐ this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

------

---

| |
|:---|
| **VIRTUS INVESTMENT TRUST** |
| **PROSPECTUS** |

---

October 28, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TICKER SYMBOL BY CLASS** | **TICKER SYMBOL BY CLASS** | **TICKER SYMBOL BY CLASS** | **TICKER SYMBOL BY CLASS** |
| **FUND** | **A** | **C** | **Institutional** | **R6** |
| Virtus Emerging Markets Opportunities Fund | AOTAX | AOTCX | AOTIX | AEMOX |
| Virtus Income & Growth Fund | AZNAX | AZNCX | AZNIX |  |
| Virtus KAR Global Small-Cap Fund | RGSAX | RGSCX | DGSCX |  |
| Virtus KAR Health Sciences Fund | RAGHX | RCGHX | HLHIX |  |
| Virtus NFJ Dividend Value Fund | PNEAX | PNECX | NFJEX | ANDVX |
| Virtus NFJ International Value Fund | AFJAX | AFJCX | ANJIX | ANAVX |
| Virtus NFJ Large-Cap Value Fund | PNBAX | PNBCX | ANVIX | VAAGX |
| Virtus NFJ Mid-Cap Value Fund | PQNAX | PQNCX | PRNIX | ANPRX |
| Virtus NFJ Small-Cap Value Fund | PCVAX | PCVCX | PSVIX | ANFVX |
| Virtus Silvant Focused Growth Fund | PGWAX | PGWCX | PGFIX | AFGFX |
| Virtus Silvant Mid-Cap Growth Fund | RMDAX | RMDCX | DRMCX | RMDZX |
| *Virtus Small-Cap Fund* | AZBAX | AZBCX | AZBIX | ASCFX |
| Virtus Zevenbergen Technology Fund | RAGTX | RCGTX | DRGTX |  |

---

---

| |
|:---|
| Neither the Securities and Exchange Commission ("SEC") nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense. This prospectus contains important information that you should know before investing in Virtus Mutual Funds. Please read it carefully and retain it for future reference. |
| **Not FDIC Insured • No Bank Guarantee • May Lose Value** |

---

------

**Virtus Mutual Funds**

#### **Table of Contents**

#### FUND SUMMARIES

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;[Virtus Emerging Markets Opportunities Fund](#x1x2) | [1](#x1x2) |
| &nbsp;&nbsp;&nbsp;[Virtus Income & Growth Fund](#x2x2) | [6](#x2x2) |
| &nbsp;&nbsp;&nbsp;[Virtus KAR Global Small-Cap Fund](#x3x2) | [10](#x3x2) |
| &nbsp;&nbsp;&nbsp;[Virtus KAR Health Sciences Fund](#x4x2) | [14](#x4x2) |
| &nbsp;&nbsp;&nbsp;[Virtus NFJ Dividend Value Fund](#x5x2) | [18](#x5x2) |
| &nbsp;&nbsp;&nbsp;[Virtus NFJ International Value Fund](#x6x2) | [23](#x6x2) |
| &nbsp;&nbsp;&nbsp;[Virtus NFJ Large-Cap Value Fund](#x7x2) | [27](#x7x2) |
| &nbsp;&nbsp;&nbsp;[Virtus NFJ Mid-Cap Value Fund](#x8x2) | [32](#x8x2) |
| &nbsp;&nbsp;&nbsp;[Virtus NFJ Small-Cap Value Fund](#x9x2) | [37](#x9x2) |
| &nbsp;&nbsp;&nbsp;[Virtus Silvant Focused Growth Fund](#x10x2) | [42](#x10x2) |
| &nbsp;&nbsp;&nbsp;[Virtus Silvant Mid-Cap Growth Fund](#x11x2) | [46](#x11x2) |
| &nbsp;&nbsp;&nbsp;[Virtus Small-Cap Fund](#x12x2) | [50](#x12x2) |
| &nbsp;&nbsp;&nbsp;[Virtus Zevenbergen Technology Fund](#x13x2) | [55](#x13x2) |
| **[MORE INFORMATION ABOUT INVESTMENT OBJECTIVES AND PRINCIPAL INVESTMENT STRATEGIES](#x14x2)** | **[59](#x14x2)** |
| &nbsp;&nbsp;&nbsp;[Virtus Emerging Markets Opportunities Fund](#x15x2) | [60](#x15x2) |
| &nbsp;&nbsp;&nbsp;[Virtus Income & Growth Fund](#x16x2) | [61](#x16x2) |
| &nbsp;&nbsp;&nbsp;[Virtus KAR Global Small-Cap Fund](#x17x2) | [63](#x17x2) |
| &nbsp;&nbsp;&nbsp;[Virtus KAR Health Sciences Fund](#x18x2) | [64](#x18x2) |
| &nbsp;&nbsp;&nbsp;[Virtus NFJ Dividend Value Fund](#x19x2) | [65](#x19x2) |
| &nbsp;&nbsp;&nbsp;[Virtus NFJ International Value Fund](#x20x2) | [66](#x20x2) |
| &nbsp;&nbsp;&nbsp;[Virtus NFJ Large-Cap Value Fund](#x21x2) | [67](#x21x2) |
| &nbsp;&nbsp;&nbsp;[Virtus NFJ Mid-Cap Value Fund](#x22x2) | [68](#x22x2) |
| &nbsp;&nbsp;&nbsp;[Virtus NFJ Small-Cap Value Fund](#x23x2) | [69](#x23x2) |
| &nbsp;&nbsp;&nbsp;[Virtus Silvant Focused Growth Fund](#x24x2) | [70](#x24x2) |
| &nbsp;&nbsp;&nbsp;[Virtus Silvant Mid-Cap Growth Fund](#x25x2) | [71](#x25x2) |
| &nbsp;&nbsp;&nbsp;[Virtus Small-Cap Fund](#x26x2) | [72](#x26x2) |
| &nbsp;&nbsp;&nbsp;[Virtus Zevenbergen Technology Fund](#x27x2) | [74](#x27x2) |
| **[MORE INFORMATION ABOUT RISKS OF INVESTING IN THE FUNDS](#x28x2)** | **[75](#x28x2)** |
| **[MANAGEMENT OF THE FUNDS](#x29x2)** | **[88](#x29x2)** |
| **[PRICING OF FUND SHARES](#x30x2)** | **[93](#x30x2)** |
| **[SALES CHARGES](#x31x2)** | **[94](#x31x2)** |
| **[YOUR ACCOUNT](#x32x2)** | **[99](#x32x2)** |
| **[HOW TO BUY SHARES](#x33x2)** | **[101](#x33x2)** |
| **[HOW TO SELL SHARES](#x34x2)** | **[102](#x34x2)** |
| **[THINGS YOU SHOULD KNOW WHEN SELLING SHARES](#x35x2)** | **[103](#x35x2)** |
| **[ACCOUNT POLICIES](#x36x2)** | **[104](#x36x2)** |
| **[COST BASIS REPORTING](#x37x2)** | **[106](#x37x2)** |
| **[INVESTOR SERVICES AND OTHER INFORMATION](#x38x2)** | **[106](#x38x2)** |
| **[TAX STATUS OF DISTRIBUTIONS](#x39x2)** | **[107](#x39x2)** |
| **[FINANCIAL HIGHLIGHTS](#x40x2)** | **[109](#x40x2)** |
| **[APPENDIX A—Intermediary Sales Charge Discounts and Waivers](#x41x2)** | **[135](#x41x2)** |

---

This prospectus provides information concerning the funds that you should consider in determining whether to purchase shares of the funds. None of this prospectus, the statement of additional information ("SAI") or any contract that is an exhibit to the funds' registration statement is intended to give rise to any

------

agreement or contract between the funds and any investor, or give rise to any contract or other rights in any individual shareholder, group of shareholders or other person other than any rights conferred explicitly by federal or state securities laws that may not be waived.

------

**Virtus Emerging Markets Opportunities Fund**

#### Investment Objective
The fund seeks maximum long-term capital appreciation.

#### Fees and Expenses
The tables below illustrate the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales charge discounts in Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Funds. More information on these and other discounts is available: (i) from your financial professional or other financial intermediary; (ii) under "Sales Charges" on page 93 of the fund's prospectus; and (iii) with respect to purchase of shares through specific intermediaries, in Appendix A to the fund's prospectus, entitled "Intermediary Sales Charge Discounts and Waivers."

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shareholder Fees *(fees paid directly from your investment)*** | **Class A** | **Class C** | **Institutional** | **Class R6** |
| Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) | 5.50% |  |  |  |
| Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds)  |  | 1.00%<sup>(a)</sup> |  |  |
| **Annual Fund Operating Expenses *(expenses that you pay each year as* <br>*a percentage of the value of your investment)*** | **Class A** | **Class C** | **Institutional** | **Class R6** |
| Management Fees | 0.85% | 0.85% | 0.85% | 0.85% |
| Distribution and Shareholder Servicing (12b-1) Fees | 0.25% | 1.00% |  |  |
| Other Expenses | 0.40% | 0.45% | 0.37% | 0.26% |
| Total Annual Fund Operating Expenses | 1.50% | 2.30% | 1.22% | 1.11% |
| Less: Fee Waiver and/or Expense Reimbursement<sup>(b)</sup> | (0.21)% | (0.26)% | (0.28)% | (0.22)% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(b)</sup> | 1.29% | 2.04% | 0.94% | 0.89% |

---

(a) The deferred sales
charge is imposed on Class C Shares redeemed during the first year only.

(b) The fund's investment adviser has contractually agreed to limit the fund's
total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales
charges, taxes, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on
credit or redemption facilities), interest, brokerage commissions, expenses incurred in connection with
any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired
fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 1.29% for
Class A Shares, 2.04% for Class C Shares, 0.94% for Institutional Class Shares and 0.89% for Class R6
Shares through October 31, 2026. Prior to October 31, 2026, only the fund's Board may modify or
terminate the expense limitation agreement. Following the contractual period, the adviser may discontinue
these expense reimbursement arrangements at any time. Under certain conditions, the adviser may recapture
operating expenses reimbursed and/or fees waived under these arrangements for a period of three years
following the date such waiver or reimbursement occurred, provided that the recapture does not cause
the fund to exceed its expense limit in effect at the time of the waiver or reimbursement, and any in
effect at the time of recapture, after repayment is taken into account.

#### Example
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods or continued to hold them. The example also assumes that your investment has a 5% return each year, that the fund's operating expenses remain the same and that the expense reimbursement agreement remains in place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class**  | **Share Status** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A  | Sold or Held | $674 | $979 | $1305 | $2225 |
| Class C  | Sold | $307 | $694 | $1207 | $2616 |
|  | Held | $207 | $694 | $1207 | $2616 |
| Institutional Class  | Sold or Held | $96 | $360 | $643 | $1453 |
| Class R6  | Sold or Held | $91 | $331 | $590 | $1332 |

---

#### Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 146% of the average value of its portfolio.

<br> Virtus Emerging Markets Opportunities Fund 1

------

#### Investments, Risks and Performance

#### Principal Investment Strategies
The fund seeks to achieve its investment objective by normally investing at least 80% of its net assets (plus borrowings made for investment purposes) in securities of companies that are tied economically to countries with emerging securities markets—that is, countries with securities markets that are, in the opinion of the portfolio managers, less sophisticated than more developed markets in terms of participation by investors, analyst coverage, liquidity and/or regulation. The fund will normally invest primarily in companies located in the countries represented in the fund's benchmark, the MSCI Emerging Markets Index ("Emerging Market Countries"), and have exposure to at least five Emerging Market Countries. The fund may invest a substantial portion of its assets in equity securities of companies located in China. The portfolio managers seek to invest in emerging markets equities which they believe are benefiting from change not yet fully reflected in the market. Members of the portfolio management team believe that behavioral biases of investors contribute to market inefficiencies. Their quantitative investment process begins with a proprietary investment-return forecasting model which combines behavioral factors (which seek to capitalize on human behavioral biases (i.e., systematic tendencies) from financial analysts, company management and investors), with intrinsic and valuation factors (which are expected to provide tangible measures of a company's true worth). The portfolio managers integrate this multi-factor approach with a proprietary risk model to form the basis of portfolio construction, with constraints at the individual security, country and industry levels to manage exposures relative to the benchmark. Additionally, all investment recommendations are thoroughly vetted on an individual company level to confirm the investment rationale and suitability before a purchase or sale. The fund normally invests primarily in common stocks, either directly or indirectly through depositary receipts. In addition to common stocks, equity securities in which the fund may invest include, without limitation, preferred stocks, convertible securities and warrants. The fund may invest in issuers of any size market capitalization, including smaller capitalization companies. The fund may utilize foreign currency exchange contracts, options, stock index futures contracts and other derivative instruments. The fund may also use participatory notes ("P-Notes") or other equity-linked notes to gain exposure to issuers in certain countries. Although the fund did not invest significantly in derivative instruments as of the most recent fiscal year end, it may do so at any time.

#### Principal Risks
The fund may not achieve its objective(s), and it is not intended to be a complete investment program. The value of the fund's investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund's investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. Purchase and redemption activities by fund shareholders may impact the management of the fund and its ability to achieve its investment objective(s). The principal risks of investing in the fund are identified below (in alphabetical order after the first eight risks).

> ***Market Volatility Risk:*** The value of the securities in the fund may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional or global events such as war or military conflict (e.g., Russia's invasion of Ukraine), geopolitical risk, acts of terrorism, the spread of infectious illness or other public health issue, recessions, tariffs and other restrictions on trade, or the threat or potential of one or more such events and developments, could have a significant impact on the fund and its investments, including hampering the ability of the fund's portfolio manager(s) to invest the fund's assets as intended.

> ***Issuer Risk:*** The fund will be affected by factors specific to the issuers of securities and other instruments in which the fund invests, including actual or perceived changes in the financial condition or business prospects of such issuers.

> ***Equity Securities Risk:*** The value of the stocks held by the fund may be negatively affected by the financial market, industries in which the fund invests, or issuer-specific events. Focus on a particular style or in small or medium-sized companies may enhance that risk.

> ***Foreign Investing Risk:*** Investing in foreign securities subjects the fund to additional risks such as increased volatility; currency fluctuations; less liquidity; less publicly available information about the foreign investment; and political, regulatory, economic, and market risk.

> ***Emerging Market Risk:*** Emerging markets securities may be more volatile, or more greatly affected by negative conditions, than those of their counterparts in more established foreign markets. Such securities may also be subject to Sanctions Risk.

> ***Sanctions Risk:*** The imposition of sanctions and other similar measures could cause a decline in the value and/or liquidity of securities issued by or tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of transactions, and negatively impact the fund's liquidity and performance.

> ***Focused Investment Risk:*** To the extent the fund focuses its investments on a limited number of issuers, sectors, industries, geographic regions or portfolio themes, it may be subject to increased risk and volatility.

> ***China-Related Risk:*** Because the fund may invest a substantial portion of its assets in equity securities of Chinese companies, it is particularly affected by events or factors relating to China, which may increase risk and volatility.

> ***Small and Medium Market Capitalization Companies Risk:*** The fund's investments in small and medium market capitalization companies may increase the volatility and risk of loss to the fund, as compared with investments in larger, more established companies.

> ***Counterparty Risk:*** There is risk that a party upon whom the fund relies to complete a transaction will default.

> ***Credit Risk:*** If the issuer of a debt instrument fails to pay interest or principal in a timely manner, or negative perceptions exist in the market of the issuer's ability to make such payments, the price of the security may decline.

> ***Currency Rate Risk:*** Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect the value of the fund's shares.

<br> 2 Virtus Emerging Markets Opportunities Fund

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> ***Depositary Receipts Risk:*** Investments in foreign companies through depositary receipts may expose the fund to the same risks as direct investments in securities of foreign issuers.

> ***Derivatives Risk:*** Derivatives and other similar instruments (collectively referred to in this section as "derivatives") may include, among other things, futures, options, forwards and swap agreements and may be used in order to hedge portfolio risks, create leverage or attempt to increase returns. Investments in derivatives may result in increased volatility and the fund may incur a loss greater than its principal investment.

***> *Leverage Risk:* When the fund leverages its portfolio by borrowing or by engaging in certain types of transactions or instruments, including derivatives, the fund may be less liquid, may liquidate positions at an unfavorable time, and the volatility of the fund's value may increase.***

#### > Liquidity Risk: Certain instruments may be difficult or impossible to sell at a time and price beneficial to the fund.
> ***Portfolio Turnover Risk:*** The fund's principal investment strategies may result in a high portfolio turnover rate. See the "Portfolio Turnover" section above for more information about the impact that portfolio turnover can have on your investment.

> ***Preferred Stocks Risk:*** Preferred stocks may decline in price, fail to pay dividends when expected, or be illiquid.

> ***Redemption Risk:*** One or more large shareholders or groups of shareholders may redeem their holdings in the fund, resulting in an adverse impact on remaining shareholders in the fund by causing the fund to take actions it would not otherwise have taken. The effects of taxable gains resulting from large redemptions of fund shares would particularly impact non-redeeming shareholders who do not hold their fund shares in a tax-advantaged or tax-exempt vehicle. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the fund's NAV and liquidity. In addition, a large redemption could result in the fund's current expenses being allocated over a smaller asset base, leading to an increase in the fund's expense ratio.

*Please see "More Information About Risks of Investing in the Funds" in the fund's prospectus for a more detailed description of the fund's risks.*

#### Performance Information
The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund's past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows changes in the fund's performance from year to year over a 10-year period. The table shows how the fund's average annual returns compare to those of a broad-based securities market index. Updated performance information is available at virtus.com or by calling 800-243-1574.

---

| |
|:---|
| **Calendar year total returns for Institutional Class Shares**  |
| Returns do not reflect sales charges applicable to other share classes and would be lower if they did. |

---

![PerformanceBarChartData(2015:-15.04, 2016:6.84, 2017:38.36, 2018:-16.62, 2019:17.66, 2020:20.77, 2021:-0.25, 2022:-22.11, 2023:17.87, 2024:5.55)](img_7b5c951aae874f2.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Best Quarter: | 2020, Q2: | 19.07% | Worst Quarter: | 2020, Q1: | -23.46% | Year to Date (9/30/2025): | 20.92% |

---

<br> Virtus Emerging Markets Opportunities Fund 3

------

**Average Annual Total Returns** (for the periods ended 12/31/24)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  |  | **Since <br>Inception** |
|  |  |  |  | **Class R6** |
| **Class** | **1 Year** | **5 Years** | **10 Years** | **(12/14/2015)** |
| Institutional Class Shares |  |  |  |  |
| Return Before Taxes | 5.55% | 3.14% | 3.70% |  |
| Return After Taxes on Distributions | 5.14% | 3.25% | 3.33% |  |
| Return After Taxes on Distributions and Sale of Fund Shares | 5.37% | 3.26% | 3.12% |  |
| Class A Shares |  |  |  |  |
| Return Before Taxes | -0.61% | 1.63% | 2.75% |  |
| Class C Shares |  |  |  |  |
| Return Before Taxes | 4.42% | 2.02% | 2.57% |  |
| Class R6 Shares |  |  |  |  |
| Return Before Taxes | 5.58% | 3.19% |  | 6.26% |
| **Index** |  |  |  |  |
| MSCI Emerging Markets Index (net) (reflects no deduction for fees or expenses) | 7.50% | 1.70% | 3.64% | 6.26% |

---

The MSCI Emerging Markets Index (net) is a free float-adjusted market capitalization-weighted index designed to measure equity market performance in the global emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.

#### Management
The fund's investment adviser is Virtus Investment Advisers, LLC (formerly known as Virtus Investment Advisers, Inc.) ("VIA").

The fund's subadviser is Virtus Systematic ("Virtus Systematic"), an operating division of Virtus Advisers, LLC ("VA"), an affiliate of VIA.

#### Portfolio Management
The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

> ***Kunal Ghosh,*** Chief Investment Officer and Senior Managing Director, Virtus Systematic, has managed the fund since 2007.

> ***Lu Yu, CFA, CIPM,*** Lead Portfolio Manager and Managing Director, Virtus Systematic, has managed the fund since 2010.

#### Purchase and Sale of Fund Shares
As previously disclosed, on January 21, 2026, Class C Shares of the fund will no longer be available for purchase by new or existing shareholders, except by existing shareholders through reinvestment of dividends and/or capital gain distributions. More information is available in the "How to Buy Shares" section of the fund's prospectus.

On January 26, 2026, Class C will be eliminated as a share class of the fund and existing Class C Shares will be converted to Class A Shares of the fund.

Minimum initial investments applicable to Class A and Class C Shares:

 $2,500, generally

 $100 for Individual Retirement Accounts (IRAs), systematic purchase or exchange accounts

 No minimum for defined contribution plans, asset-based fee programs, profit-sharing plans or employee benefit plans.

Minimum additional investments applicable to Class A and Class C Shares:

 $100, generally

 No minimum for defined contribution plans, asset-based fee programs, profit-sharing plans or employee benefit plans.

For Institutional Class shares, the minimum initial investment in the fund is $1,000,000 and no minimum is needed to add to an existing account, though minimums may be modified for certain financial intermediaries that aggregate trades on behalf of investors.

Class R6 Shares are offered without a minimum initial investment to the following investors in plan level or omnibus accounts only (provided that they do not require or receive any compensation, administrative payments, sub-transfer agency payments or service payments with respect to Class R6 Shares): (i) qualified retirement plans, including, but not limited to, 401(k) plans, 457 plans, employer sponsored 403(b) plans, and defined benefit plans; (ii) banks and trust companies; (iii) insurance companies; (iv) financial intermediaries utilizing such shares in fee-based investment advisory programs; (v) registered investment companies; (vi) 529 portfolios that are advised or sub-advised by Virtus affiliates; and (vii) non-qualified deferred compensation plans. Other institutional

<br> 4 Virtus Emerging Markets Opportunities Fund

------

investors may be permitted to purchase Class R6 Shares subject to the fund's determination of eligibility and may be subject to a $2,500,000 minimum initial investment requirement.

The minimums may be reduced or waived in some circumstances. In general, you may buy or sell shares of the fund by mail or telephone on any business day. You also may buy and sell shares through a financial professional, broker-dealer or other financial intermediary.

#### Taxes
The fund's distributions are taxable to you as either ordinary income or capital gains, except when your investment is through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Such tax-deferred arrangements may be taxed later upon withdrawal of monies from those arrangements.

#### Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial professional to recommend the fund over another investment.

No compensation, administrative payments, sub-transfer agency payments or service payments are paid to brokers or other entities from fund assets or the Distributor's or an affiliate's resources on sales of or investments in Class R6 Shares. Class R6 Shares do not carry sales commissions or pay Rule 12b-1 fees, or make payments to brokers or other entities to assist in, or in connection with, the sale of the fund's shares. Ask your financial professional or visit your financial intermediary's website for more information.

<br> Virtus Emerging Markets Opportunities Fund 5

------

**Virtus Income & Growth Fund**

#### Investment Objective
The fund seeks total return comprised of current income, current gains and capital appreciation.

#### Fees and Expenses
The tables below illustrate the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales charge discounts in Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Funds. More information on these and other discounts is available: (i) from your financial professional or other financial intermediary; (ii) under "Sales Charges" on page 93 of the fund's prospectus; and (iii) with respect to purchase of shares through specific intermediaries, in Appendix A to the fund's prospectus, entitled "Intermediary Sales Charge Discounts and Waivers."

---

| | | | |
|:---|:---|:---|:---|
| **Shareholder Fees *(fees paid directly from your investment)*** | **Class A** | **Class C** | **Institutional** |
| Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) | 5.50% |  |  |
| Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds)  |  | 1.00%<sup>(a)</sup> |  |
| **Annual Fund Operating Expenses *(expenses that you pay each year as* <br>*a percentage of the value of your investment)*** | **Class A** | **Class C** | **Institutional** |
| Management Fees | 0.65% | 0.65% | 0.65% |
| Distribution and Shareholder Servicing (12b-1) Fees | 0.25% | 1.00% |  |
| Other Expenses | 0.24% | 0.25% | 0.25% |
| Total Annual Fund Operating Expenses | 1.14% | 1.90% | 0.90% |

---

(a) The deferred sales
charge is imposed on Class C Shares redeemed during the first year only.

#### Example
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods or continued to hold them. The example also assumes that your investment has a 5% return each year, that the fund's operating expenses remain the same and that the expense reimbursement agreement remains in place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class**  | **Share Status** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A  | Sold or Held | $660 | $892 | $1143 | $1860 |
| Class C  | Sold | $293 | $597 | $1026 | $2222 |
|  | Held | $193 | $597 | $1026 | $2222 |
| Institutional Class  | Sold or Held | $92 | $287 | $498 | $1108 |

---

#### Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 76% of the average value of its portfolio.

#### Investments, Risks and Performance

#### Principal Investment Strategies
The fund seeks to achieve its objective by investing primarily in a combination of common stocks and other equity securities, debt securities and convertible securities. The allocation of the fund's investments across asset classes will vary substantially from time to time. The fund's investments in each asset class are based upon the portfolio managers' assessment of economic conditions and market factors, including equity price levels, interest rate levels and their anticipated direction. The portfolio managers will select common stocks by utilizing a fundamental, bottom-up research process which facilitates the early identification of issuers demonstrating the ability to improve their fundamental characteristics. It is expected that a substantial portion of the fund's investments in debt securities and convertible securities will be rated below investment grade or unrated and determined to be of similar quality ("high-yield securities" or "junk bonds"). The fund may invest in issuers of any market capitalization (with a focus on $3 billion and above) and may invest a portion of its assets in non-U.S. securities (including emerging market securities). The fund also may employ a strategy of writing (selling) call options on the common stocks it holds; such strategy is intended to enhance Fund distributions and reduce overall portfolio risk, though there is no assurance that it will succeed. In addition to equity securities (such as preferred stocks and warrants), the fund may invest a significant portion of its assets in private placement securities (including Rule 144A securities) and may utilize foreign currency exchange contracts, options, stock index futures contracts and other derivative instruments.

<br> 6 Virtus Income & Growth Fund

------

#### Principal Risks
The fund may not achieve its objective(s), and it is not intended to be a complete investment program. The value of the fund's investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund's investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. Purchase and redemption activities by fund shareholders may impact the management of the fund and its ability to achieve its investment objective(s). The principal risks of investing in the fund are identified below (in alphabetical order after the first nine risks).

> ***Market Volatility Risk:*** The value of the securities in the fund may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional or global events such as war or military conflict (e.g., Russia's invasion of Ukraine), geopolitical risk, acts of terrorism, the spread of infectious illness or other public health issue, recessions, tariffs and other restrictions on trade, or the threat or potential of one or more such events and developments, could have a significant impact on the fund and its investments, including hampering the ability of the fund's portfolio manager(s) to invest the fund's assets as intended.

> ***Issuer Risk:*** The fund will be affected by factors specific to the issuers of securities and other instruments in which the fund invests, including actual or perceived changes in the financial condition or business prospects of such issuers.

> ***High-Yield/High-Risk Fixed Income Securities (Junk Bonds) Risk:*** There is a greater risk of issuer default, less liquidity, and increased price volatility related to high-yield/high-risk securities than investment grade securities, and high-yield/high-risk securities are generally considered to be speculative.

> ***Equity Securities Risk:*** The value of the stocks held by the fund may be negatively affected by the financial market, industries in which the fund invests, or issuer-specific events. Focus on a particular style or in small or medium-sized companies may enhance that risk.

> ***Unrated Fixed Income Securities Risk:*** If the subadviser is unable to accurately assess the quality of an unrated fixed income security, the fund may invest in a security with greater risk than intended, or the securities may be more difficult to sell than anticipated.

> ***Debt Instruments Risk:*** Debt instruments are subject to greater levels of credit and liquidity risk, may be speculative and may decline in value due to changes in interest rates or an issuer's or counterparty's deterioration or default.

> ***Derivatives Risk:*** Derivatives and other similar instruments (collectively referred to in this section as "derivatives") may include, among other things, futures, options, forwards and swap agreements and may be used in order to hedge portfolio risks, create leverage or attempt to increase returns. Investments in derivatives may result in increased volatility and the fund may incur a loss greater than its principal investment.

> ***Convertible Securities Risk:*** The value of a convertible security may decline as interest rates rise and/or vary with fluctuations in the market value of the underlying securities. The security may be called for redemption at a time and/or price unfavorable to the fund.

> ***Small and Medium Market Capitalization Companies Risk:*** The fund's investments in small and medium market capitalization companies may increase the volatility and risk of loss to the fund, as compared with investments in larger, more established companies.

> ***Allocation Risk:*** If the fund's exposure to equities and fixed income securities, or to other asset classes, deviates from the intended allocation, or if the fund's allocation is not optimal for market conditions at a given time, the fund's performance may suffer.

> ***Counterparty Risk:*** There is risk that a party upon whom the fund relies to complete a transaction will default.

> ***Credit Risk:*** If the issuer of a debt instrument fails to pay interest or principal in a timely manner, or negative perceptions exist in the market of the issuer's ability to make such payments, the price of the security may decline.

> ***Currency Rate Risk:*** Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect the value of the fund's shares.

> ***Emerging Market Risk:*** Emerging markets securities may be more volatile, or more greatly affected by negative conditions, than those of their counterparts in more established foreign markets. Such securities may also be subject to Sanctions Risk.

> ***Sanctions Risk:*** The imposition of sanctions and other similar measures could cause a decline in the value and/or liquidity of securities issued by or tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of transactions, and negatively impact the fund's liquidity and performance.

> ***Focused Investment Risk:*** To the extent the fund focuses its investments on a limited number of issuers, sectors, industries, geographic regions or portfolio themes, it may be subject to increased risk and volatility.

> ***Foreign Investing Risk:*** Investing in foreign securities subjects the fund to additional risks such as increased volatility; currency fluctuations; less liquidity; less publicly available information about the foreign investment; and political, regulatory, economic, and market risk.

> ***Income Risk:*** Income received from the fund may vary widely over the short- and long-term and/or be less than anticipated if the proceeds from maturing securities in the fund are reinvested in lower-yielding securities.

> ***Interest Rate Risk:*** The values of debt instruments may rise or fall in response to changes in interest rates, and this risk may be enhanced for securities with longer maturities.

***> *Leverage Risk:* When the fund leverages its portfolio by borrowing or by engaging in certain types of transactions or instruments, including derivatives, the fund may be less liquid, may liquidate positions at an unfavorable time, and the volatility of the fund's value may increase.***

<br> Virtus Income & Growth Fund 7

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#### > Liquidity Risk: Certain instruments may be difficult or impossible to sell at a time and price beneficial to the fund.
> ***Preferred Stocks Risk:*** Preferred stocks may decline in price, fail to pay dividends when expected, or be illiquid.

> ***Redemption Risk:*** One or more large shareholders or groups of shareholders may redeem their holdings in the fund, resulting in an adverse impact on remaining shareholders in the fund by causing the fund to take actions it would not otherwise have taken. The effects of taxable gains resulting from large redemptions of fund shares would particularly impact non-redeeming shareholders who do not hold their fund shares in a tax-advantaged or tax-exempt vehicle. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the fund's NAV and liquidity. In addition, a large redemption could result in the fund's current expenses being allocated over a smaller asset base, leading to an increase in the fund's expense ratio.

> ***U.S. Government Securities Risk:*** U.S. Government securities may be subject to price fluctuations. An agency may default on an obligation not backed by the full faith and credit of the United States. Any guarantee on U.S. government securities does not apply to the value of the fund's shares.

*Please see "More Information About Risks of Investing in the Funds" in the fund's prospectus for a more detailed description of the fund's risks.*

#### Performance Information
The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund's past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows changes in the fund's performance from year to year over a 10-year period. The table shows how the fund's average annual returns compare to those of two broad-based securities market indexes. Updated performance information is available at virtus.com or by calling 800-243-1574.

---

| |
|:---|
| **Calendar year total returns for Institutional Class Shares**  |
| Returns do not reflect sales charges applicable to other share classes and would be lower if they did. |

---

![PerformanceBarChartData(2015:-1.86, 2016:9.84, 2017:13.87, 2018:-3.82, 2019:20.23, 2020:23.36, 2021:11.82, 2022:-19.55, 2023:19.03, 2024:11.24)](img_80595e6259f84f2.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Best Quarter: | 2020, Q2: | 17.98% | Worst Quarter: | 2022, Q2: | -14.97% | Year to Date (9/30/2025): | 10.01% |

---

**Average Annual Total Returns** (for the periods ended 12/31/24)

---

| | | | |
|:---|:---|:---|:---|
| **Class** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class Shares |  |  |  |
| Return Before Taxes | 11.24% | 8.00% | 7.63% |
| Return After Taxes on Distributions | 8.96% | 5.31% | 4.39% |
| Return After Taxes on Distributions and Sale of Fund Shares | 6.70% | 4.98% | 4.35% |
| Class A Shares |  |  |  |
| Return Before Taxes | 4.95% | 6.53% | 6.71% |
| Class C Shares |  |  |  |
| Return Before Taxes | 10.16% | 6.93% | 6.51% |
| **Index** |  |  |  |
| S&P 500<sup>®</sup> Index (reflects no deduction for fees, expenses or taxes) | 25.02% | 14.53% | 13.10% |
| Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | 1.25% | -0.33% | 1.35% |

---

The S&P 500<sup>®</sup> Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The Bloomberg U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The index is calculated on a total return basis. The indexes are unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor's tax

<br> 8 Virtus Income & Growth Fund

------

situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities.

#### Management
The fund's investment adviser is Virtus Investment Advisers, LLC (formerly known as Virtus Investment Advisers, Inc.) ("VIA").

The fund's subadviser is Voya Investment Management Co. LLC ("Voya").

#### Portfolio Management
The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

> ***K. Mathew Axline, CFA,*** Portfolio Manager and Senior Vice President at Voya, has managed the fund since September 2025.

> ***Justin Kass, CFA,*** Portfolio Manager and Senior Managing Director at Voya, has managed the fund since 2007.

> ***David J. Oberto,*** Portfolio Manager and Senior Vice President at Voya, has managed the fund since 2020.

> ***Ethan Turner, CFA,*** Portfolio Manager and Vice President at Voya, has managed the fund since January 2023.

> ***Michael E. Yee,*** Portfolio Manager and Managing Director at Voya, has managed the fund since 2007.

#### Purchase and Sale of Fund Shares
As previously disclosed, on January 21, 2026, Class C Shares of the fund will no longer be available for purchase by new or existing shareholders, except by existing shareholders through reinvestment of dividends and/or capital gain distributions. More information is available in the "How to Buy Shares" section of the fund's prospectus.

Minimum initial investments applicable to Class A and Class C Shares:

 $2,500, generally

 $100 for Individual Retirement Accounts (IRAs), systematic purchase or exchange accounts

 No minimum for defined contribution plans, asset-based fee programs, profit-sharing plans or employee benefit plans.

Minimum additional investments applicable to Class A and Class C Shares:

 $100, generally

 No minimum for defined contribution plans, asset-based fee programs, profit-sharing plans or employee benefit plans.

For Institutional Class shares, the minimum initial investment in the fund is $1,000,000 and no minimum is needed to add to an existing account, though minimums may be modified for certain financial intermediaries that aggregate trades on behalf of investors.

The minimums may be reduced or waived in some circumstances. In general, you may buy or sell shares of the fund by mail or telephone on any business day. You also may buy and sell shares through a financial professional, broker-dealer or other financial intermediary.

#### Taxes
The fund's distributions are taxable to you as either ordinary income or capital gains, except when your investment is through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Such tax-deferred arrangements may be taxed later upon withdrawal of monies from those arrangements.

#### Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial professional to recommend the fund over another investment. Ask your financial professional or visit your financial intermediary's website for more information.

<br> Virtus Income & Growth Fund 9

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**Virtus KAR Global Small-Cap Fund**

#### Investment Objective
The fund seeks long-term capital appreciation.

#### Fees and Expenses
The tables below illustrate the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales charge discounts in Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Funds. More information on these and other discounts is available: (i) from your financial professional or other financial intermediary; (ii) under "Sales Charges" on page 93 of the fund's prospectus; and (iii) with respect to purchase of shares through specific intermediaries, in Appendix A to the fund's prospectus, entitled "Intermediary Sales Charge Discounts and Waivers."

---

| | | | |
|:---|:---|:---|:---|
| **Shareholder Fees *(fees paid directly from your investment)*** | **Class A** | **Class C** | **Institutional** |
| Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) | 5.50% |  |  |
| Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds)  |  | 1.00%<sup>(a)</sup> |  |
| **Annual Fund Operating Expenses *(expenses that you pay each year as* <br>*a percentage of the value of your investment)*** | **Class A** | **Class C** | **Institutional** |
| Management Fees | 0.90% | 0.90% | 0.90% |
| Distribution and Shareholder Servicing (12b-1) Fees | 0.25% | 1.00% |  |
| Other Expenses | 0.51% | 0.52% | 0.48% |
| Total Annual Fund Operating Expenses | 1.66% | 2.42% | 1.38% |
| Less: Fee Waiver and/or Expense Reimbursement<sup>(b)</sup> | (0.03)% | (0.04)% | (0.10)% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(b)</sup> | 1.63% | 2.38% | 1.28% |

---

(a) The deferred sales
charge is imposed on Class C Shares redeemed during the first year only.

(b) The fund's investment adviser has contractually agreed to limit the fund's
total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales
charges, taxes, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on
credit or redemption facilities), interest, brokerage commissions, expenses incurred in connection with
any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired
fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 1.63% for
Class A Shares, 2.38% for Class C Shares and 1.28% for Institutional Class Shares through October 31,
2026. Prior to October 31, 2026, only the fund's Board may modify or terminate the expense limitation
agreement. Following the contractual period, the adviser may discontinue these expense reimbursement
arrangements at any time. Under certain conditions, the adviser may recapture operating expenses reimbursed
and/or fees waived under these arrangements for a period of three years following the date such waiver
or reimbursement occurred, provided that the recapture does not cause the fund to exceed its expense
limit in effect at the time of the waiver or reimbursement, and any in effect at the time of recapture,
after repayment is taken into account.

#### Example
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods or continued to hold them. The example also assumes that your investment has a 5% return each year, that the fund's operating expenses remain the same and that the expense reimbursement agreement remains in place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class**  | **Share Status** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A  | Sold or Held | $707 | $1042 | $1400 | $2405 |
| Class C  | Sold | $341 | $751 | $1287 | $2753 |
|  | Held | $241 | $751 | $1287 | $2753 |
| Institutional Class  | Sold or Held | $130 | $427 | $746 | $1649 |

---

#### Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 25% of the average value of its portfolio.

#### Investments, Risks and Performance

#### Principal Investment Strategies
The fund pursues long-term capital appreciation in the small capitalization market while seeking to incur less risk than the small capitalization market. The fund invests in a select group of small market capitalization companies believed by the fund's subadviser to possess sustainable competitive advantages at prices the subadviser deems attractive. The fund invests in U.S. and non-U.S. companies.

<br> 10 Virtus KAR Global Small-Cap Fund

------

Under normal circumstances, the fund invests at least 80% of net assets (plus borrowing for investment purposes) in common stocks of global small-capitalization companies. The fund's subadviser considers small-capitalization companies to be those companies that, at the time of initial purchase, have market capitalizations of less than $10 billion. The fund intends to diversify its investments globally among countries and normally to have represented in the portfolio business activities of a number of different countries, both U.S. and non-U.S. In determining whether an issuer is economically tied to a non-U.S. country, the subadviser primarily considers: (i) whether at least 50% of the issuer's revenues or profits are attributable to goods produced or sold, investments made, or services performed in, a non-U.S. country; (ii) whether the issuer has at least 50% of its assets in a non-U.S. country; and (iii) whether the principal exchange listing for the issuer's securities or the issuer's headquarters is in a non-U.S. country. Equity securities in which the fund invests include common stocks, preferred stocks and Depositary Receipts (DRs). The fund may invest in emerging markets issuers. Generally, the fund invests in approximately 30-60 securities at any given time.

#### Principal Risks
The fund may not achieve its objective(s), and it is not intended to be a complete investment program. The value of the fund's investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund's investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. Purchase and redemption activities by fund shareholders may impact the management of the fund and its ability to achieve its investment objective(s). The principal risks of investing in the fund are identified below (in alphabetical order after the first six risks).

> ***Market Volatility Risk:*** The value of the securities in the fund may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional or global events such as war or military conflict (e.g., Russia's invasion of Ukraine), geopolitical risk, acts of terrorism, the spread of infectious illness or other public health issue, recessions, tariffs and other restrictions on trade, or the threat or potential of one or more such events and developments, could have a significant impact on the fund and its investments, including hampering the ability of the fund's portfolio manager(s) to invest the fund's assets as intended.

> ***Issuer Risk:*** The fund will be affected by factors specific to the issuers of securities and other instruments in which the fund invests, including actual or perceived changes in the financial condition or business prospects of such issuers.

> ***Equity Securities Risk:*** The value of the stocks held by the fund may be negatively affected by the financial market, industries in which the fund invests, or issuer-specific events. Focus on a particular style or in small or medium-sized companies may enhance that risk.

> ***Foreign Investing Risk:*** Investing in foreign securities subjects the fund to additional risks such as increased volatility; currency fluctuations; less liquidity; less publicly available information about the foreign investment; and political, regulatory, economic, and market risk.

> ***Emerging Market Risk:*** Emerging markets securities may be more volatile, or more greatly affected by negative conditions, than those of their counterparts in more established foreign markets. Such securities may also be subject to Sanctions Risk.

> ***Sanctions Risk:*** The imposition of sanctions and other similar measures could cause a decline in the value and/or liquidity of securities issued by or tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of transactions, and negatively impact the fund's liquidity and performance.

> ***Small and Medium Market Capitalization Companies Risk:*** The fund's investments in small and medium market capitalization companies may increase the volatility and risk of loss to the fund, as compared with investments in larger, more established companies.

> ***Currency Rate Risk:*** Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect the value of the fund's shares.

> ***Depositary Receipts Risk:*** Investments in foreign companies through depositary receipts may expose the fund to the same risks as direct investments in securities of foreign issuers.

***> *Limited Number of Investments Risk:* Because the fund may have a limited number of securities, it may be more susceptible to factors adversely affecting its securities than a fund with a greater number of securities.***

#### > Liquidity Risk: Certain instruments may be difficult or impossible to sell at a time and price beneficial to the fund.
> ***Preferred Stocks Risk:*** Preferred stocks may decline in price, fail to pay dividends when expected, or be illiquid.

> ***Redemption Risk:*** One or more large shareholders or groups of shareholders may redeem their holdings in the fund, resulting in an adverse impact on remaining shareholders in the fund by causing the fund to take actions it would not otherwise have taken. The effects of taxable gains resulting from large redemptions of fund shares would particularly impact non-redeeming shareholders who do not hold their fund shares in a tax-advantaged or tax-exempt vehicle. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the fund's NAV and liquidity. In addition, a large redemption could result in the fund's current expenses being allocated over a smaller asset base, leading to an increase in the fund's expense ratio.

*Please see "More Information About Risks of Investing in the Funds" in the fund's prospectus for a more detailed description of the fund's risks.*

#### Performance Information
The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund's past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. The current subadviser commenced providing services for the fund in July 2022 and therefore the returns shown in the table for periods prior to that date reflect the performance of other investment professionals.

<br> Virtus KAR Global Small-Cap Fund 11

------

The bar chart shows changes in the fund's performance from year to year over a 10-year period. The table shows how the fund's average annual returns compare to those of a broad-based securities market index and a style-specific index that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.

---

| |
|:---|
| **Calendar year total returns for Institutional Class Shares**  |
| Returns do not reflect sales charges applicable to other share classes and would be lower if they did. |

---

![PerformanceBarChartData(2015:2.52, 2016:1.67, 2017:27.33, 2018:-16.46, 2019:22.98, 2020:29.72, 2021:11.71, 2022:-24.13, 2023:24.04, 2024:2.23)](img_10ae5fb34a864f2.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Best Quarter: | 2020, Q2: | 27.60% | Worst Quarter: | 2020, Q1: | -26.34% | Year to Date (9/30/2025): | 4.51% |

---

**Average Annual Total Returns** (for the periods ended 12/31/24)

---

| | | | |
|:---|:---|:---|:---|
| **Class** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class Shares |  |  |  |
| Return Before Taxes | 2.23% | 6.87% | 6.63% |
| Return After Taxes on Distributions | 0.73% | 4.48% | 4.51% |
| Return After Taxes on Distributions and Sale of Fund Shares | 2.63% | 4.94% | 4.78% |
| Class A Shares |  |  |  |
| Return Before Taxes | -3.71% | 5.32% | 5.67% |
| Class C Shares |  |  |  |
| Return Before Taxes | 1.14% | 5.72% | 5.48% |
| **Index** |  |  |  |
| MSCI All Country World Index (net) (reflects no deduction for fees or expenses) | 17.49% | 10.06% | 9.23% |
| MSCI ACWI Small Cap Index (net) (reflects no deduction for fees or expenses) | 7.66% | 6.68% | 7.26% |

---

The MSCI All Country World Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets. The MSCI All Country World Index (net) is calculated on a total return basis with net dividends reinvested. The index is unmanaged and not available for direct investment.

The MSCI ACWI Small Cap Index (net) is a free float-adjusted market capitalization-weighted index that measures small cap equity performance of developed and emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.

#### Management
The fund's investment adviser is Virtus Investment Advisers, LLC (formerly known as Virtus Investment Advisers, Inc.) ("VIA").

The fund's subadviser is Kayne Anderson Rudnick Investment Management, LLC ("KAR"), an affiliate of VIA (since 2022).

#### Portfolio Management
The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

> ***Todd Beiley, CFA,*** Portfolio Manager and Senior Research Analyst at KAR. Mr. Beiley has served as a Portfolio Manager of the fund since 2022.

> ***Craig Thrasher, CFA,*** Portfolio Manager and Senior Research Analyst at KAR. Mr. Thrasher has served as a Portfolio Manager of the fund since 2022.

<br> 12 Virtus KAR Global Small-Cap Fund

------

#### Purchase and Sale of Fund Shares
As previously disclosed, on January 21, 2026, Class C Shares of the fund will no longer be available for purchase by new or existing shareholders, except by existing shareholders through reinvestment of dividends and/or capital gain distributions. More information is available in the "How to Buy Shares" section of the fund's prospectus.

On January 26, 2026, Class C will be eliminated as a share class of the fund and existing Class C Shares will be converted to Class A Shares of the fund.

Minimum initial investments applicable to Class A and Class C Shares:

 $2,500, generally

 $100 for Individual Retirement Accounts (IRAs), systematic purchase or exchange accounts

 No minimum for defined contribution plans, asset-based fee programs, profit-sharing plans or employee benefit plans.

Minimum additional investments applicable to Class A and Class C Shares:

 $100, generally

 No minimum for defined contribution plans, asset-based fee programs, profit-sharing plans or employee benefit plans.

For Institutional Class shares, the minimum initial investment in the fund is $1,000,000 and no minimum is needed to add to an existing account, though minimums may be modified for certain financial intermediaries that aggregate trades on behalf of investors.

The minimums may be reduced or waived in some circumstances. In general, you may buy or sell shares of the fund by mail or telephone on any business day. You also may buy and sell shares through a financial professional, broker-dealer or other financial intermediary.

#### Taxes
The fund's distributions are taxable to you as either ordinary income or capital gains, except when your investment is through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Such tax-deferred arrangements may be taxed later upon withdrawal of monies from those arrangements.

#### Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial professional to recommend the fund over another investment. Ask your financial professional or visit your financial intermediary's website for more information.

<br> Virtus KAR Global Small-Cap Fund 13

------

**Virtus KAR Health Sciences Fund**

#### Investment Objective
The fund seeks long-term capital appreciation.

#### Fees and Expenses
The tables below illustrate the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales charge discounts in Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Funds. More information on these and other discounts is available: (i) from your financial professional or other financial intermediary; (ii) under "Sales Charges" on page 93 of the fund's prospectus; and (iii) with respect to purchase of shares through specific intermediaries, in Appendix A to the fund's prospectus, entitled "Intermediary Sales Charge Discounts and Waivers."

---

| | | | |
|:---|:---|:---|:---|
| **Shareholder Fees *(fees paid directly from your investment)*** | **Class A** | **Class C** | **Institutional** |
| Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) | 5.50% |  |  |
| Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds)  |  | 1.00%<sup>(a)</sup> |  |
| **Annual Fund Operating Expenses *(expenses that you pay each year as* <br>*a percentage of the value of your investment)*** | **Class A** | **Class C** | **Institutional** |
| Management Fees | 0.80% | 0.80% | 0.80% |
| Distribution and Shareholder Servicing (12b-1) Fees | 0.25% | 1.00% |  |
| Other Expenses | 0.35% | 0.36% | 0.35% |
| Total Annual Fund Operating Expenses | 1.40% | 2.16% | 1.15% |
| Less: Fee Waiver and/or Expense Reimbursement<sup>(b)</sup> |  |  | (0.10)% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(b)</sup> | 1.40% | 2.16% | 1.05% |

---

(a) The deferred sales
charge is imposed on Class C Shares redeemed during the first year only.

(b) The fund's investment adviser has contractually agreed to limit the fund's
total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales
charges, taxes, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on
credit or redemption facilities), interest, brokerage commissions, expenses incurred in connection with
any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired
fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 1.05% for
Institutional Class Shares through October 31, 2026. Prior to October 31, 2026, only the fund's
Board may modify or terminate the expense limitation agreement. Following the contractual period, the
adviser may discontinue these expense reimbursement arrangements at any time. Under certain conditions,
the adviser may recapture operating expenses reimbursed and/or fees waived under these arrangements for
a period of three years following the date such waiver or reimbursement occurred, provided that the recapture
does not cause the fund to exceed its expense limit in effect at the time of the waiver or reimbursement,
and any in effect at the time of recapture, after repayment is taken into account.

#### Example
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods or continued to hold them. The example also assumes that your investment has a 5% return each year, that the fund's operating expenses remain the same and that the expense reimbursement agreement remains in place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class**  | **Share Status** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A  | Sold or Held | $685 | $969 | $1274 | $2137 |
| Class C  | Sold | $319 | $676 | $1159 | $2493 |
|  | Held | $219 | $676 | $1159 | $2493 |
| Institutional Class  | Sold or Held | $107 | $355 | $623 | $1389 |

---

#### Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 8% of the average value of its portfolio.

#### Investments, Risks and Performance

#### Principal Investment Strategies
The fund pursues long-term capital appreciation in health sciences-related companies. The fund invests in a select group of health science-related companies believed by the fund's subadviser to possess sustainable competitive advantages at prices the subadviser deems attractive.

<br> 14 Virtus KAR Health Sciences Fund

------

The fund seeks to achieve its objective by normally investing at least 80% of its net assets (plus borrowings made for investment purposes) in health sciences-related companies. The fund considers health sciences-related companies to include companies that design, manufacture or sell products or services used for or in connection with healthcare, medicine or life sciences. The fund will invest primarily in common stocks and other equity securities. Although the fund may invest in companies of any market capitalization, the fund does not currently intend to invest more than 15% of its assets in companies with market capitalizations below $1 billion. The fund may invest in U.S. and non-U.S. companies. The fund may invest in securities issued in initial public offerings (IPOs). Generally, the fund invests in approximately 25 to 40 securities at any given time.

#### Principal Risks
The fund may not achieve its objective(s), and it is not intended to be a complete investment program. The value of the fund's investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund's investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease.In addition, you will also be subject to the risks associated with the principal investment strategies of any closed-end funds and ETFs in which the fund invests. Purchase and redemption activities by fund shareholders may impact the management of the fund and its ability to achieve its investment objective(s). The principal risks of investing in the fund are identified below (in alphabetical order after the first six risks).

> ***Market Volatility Risk:*** The value of the securities in the fund may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional or global events such as war or military conflict (e.g., Russia's invasion of Ukraine), geopolitical risk, acts of terrorism, the spread of infectious illness or other public health issue, recessions, tariffs and other restrictions on trade, or the threat or potential of one or more such events and developments, could have a significant impact on the fund and its investments, including hampering the ability of the fund's portfolio manager(s) to invest the fund's assets as intended.

> ***Issuer Risk:*** The fund will be affected by factors specific to the issuers of securities and other instruments in which the fund invests, including actual or perceived changes in the financial condition or business prospects of such issuers.

> ***Equity Securities Risk:*** The value of the stocks held by the fund may be negatively affected by the financial market, industries in which the fund invests, or issuer-specific events. Focus on a particular style or in small or medium-sized companies may enhance that risk.

> ***Focused Investment Risk (Health Sciences-Related Risk):*** To the extent the fund focuses its investments on a limited number of issuers, sectors, industries or geographic regions, it may be subject to increased risk and volatility. Risks affecting companies in the health sciences sector include new government regulations or changes to existing regulations, changes in government subsidy and reimbursement levels and product or service approvals, rapid obsolescence of products or services, dramatic fluctuations of economic prospects and healthcare-related liability issues.

> ***Foreign Investing Risk:*** Investing in foreign securities subjects the fund to additional risks such as increased volatility; currency fluctuations; less liquidity; less publicly available information about the foreign investment; and political, regulatory, economic, and market risk.

> ***Small and Medium Market Capitalization Companies Risk:*** The fund's investments in small and medium market capitalization companies may increase the volatility and risk of loss to the fund, as compared with investments in larger, more established companies.

> ***Currency Rate Risk:*** Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect the value of the fund's shares.

> ***Depositary Receipts Risk:*** Investments in foreign companies through depositary receipts may expose the fund to the same risks as direct investments in securities of foreign issuers.

> ***IPO Risk:*** Securities purchased in initial public offerings have no trading history, limited issuer information and increased volatility.

#### > Liquidity Risk: Certain instruments may be difficult or impossible to sell at a time and price beneficial to the fund.
> ***Portfolio Turnover Risk:*** The fund's principal investment strategies may result in a high portfolio turnover rate. See the "Portfolio Turnover" section above for more information about the impact that portfolio turnover can have on your investment.

> ***Redemption Risk:*** One or more large shareholders or groups of shareholders may redeem their holdings in the fund, resulting in an adverse impact on remaining shareholders in the fund by causing the fund to take actions it would not otherwise have taken. The effects of taxable gains resulting from large redemptions of fund shares would particularly impact non-redeeming shareholders who do not hold their fund shares in a tax-advantaged or tax-exempt vehicle. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the fund's NAV and liquidity. In addition, a large redemption could result in the fund's current expenses being allocated over a smaller asset base, leading to an increase in the fund's expense ratio.

*Please see "More Information About Risks of Investing in the Funds" in the fund's prospectus for a more detailed description of the fund's risks.*

#### Performance Information
The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund's past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. The current subadviser commenced providing services for the fund in July 2022 and therefore the returns shown in the table for periods prior to that date reflect the performance of other investment professionals.

The bar chart shows changes in the fund's performance from year to year over a 10-year period. The table shows how the fund's average annual returns compare to those of a broad-based securities market index and a style-specific index that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.

<br> Virtus KAR Health Sciences Fund 15

------

---

| |
|:---|
| **Calendar year total returns for Institutional Class Shares**  |
| Returns do not reflect sales charges applicable to other share classes and would be lower if they did. |

---

![PerformanceBarChartData(2020:14.06, 2021:25.74, 2022:-11.57, 2023:2.84, 2024:-2.01)](img_1dd76fb6a4c14f2.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Best Quarter: | 2019, Q4: | 16.54% | Worst Quarter: | 2020, Q1: | -11.80% | Year to Date (9/30/2025): | -4.18% |

---

**Average Annual Total Returns** (for the periods ended 12/31/24)

---

| | | | |
|:---|:---|:---|:---|
| **Class** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class Shares |  |  |  |
| Return Before Taxes | -2.01% | 5.03% | 7.59% |
| Return After Taxes on Distributions | -2.01% | 2.59% | 5.12% |
| Return After Taxes on Distributions and Sale of Fund Shares | -1.19% | 3.46% | 5.40% |
| Class A Shares |  |  |  |
| Return Before Taxes | -7.70% | 3.54% | 6.64% |
| Class C Shares |  |  |  |
| Return Before Taxes | -3.07% | 3.93% | 6.44% |
| **Index** |  |  |  |
| FT Wilshire 5000 Index (reflects no deduction for fees, expenses or taxes) | 23.76% | 14.10% | 12.73% |
| Russell 3000<sup>®</sup> Health Care Index (reflects no deduction for fees, expenses or taxes) | 3.48% | 7.18% | 8.81% |

---

The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged and not available for direct investment.

The Russell 3000<sup>®</sup> Health Care Index is a free float-adjusted market capitalization-weighted index of companies involved in medical services or healthcare in the Russell 3000<sup>®</sup> Index, which includes the largest 3,000 US companies as determined by total market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.

#### Management
The fund's investment adviser is Virtus Investment Advisers, LLC (formerly known as Virtus Investment Advisers, Inc.) ("VIA").

The fund's subadviser is Kayne Anderson Rudnick Investment Management, LLC ("KAR"), an affiliate of VIA (since 2022).

#### Portfolio Management
The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

> ***Chris Armbruster, CFA,*** Portfolio Manager and Senior Research Analyst at KAR. Mr. Armbruster has served as a Portfolio Manager of the fund since 2022.

> ***Jon Christensen, CFA,*** Portfolio Manager and Senior Research Analyst at KAR. Mr. Christensen has served as a Portfolio Manager of the fund since 2022.

<br> 16 Virtus KAR Health Sciences Fund

------

#### Purchase and Sale of Fund Shares
As previously disclosed, on January 21, 2026, Class C Shares of the fund will no longer be available for purchase by new or existing shareholders, except by existing shareholders through reinvestment of dividends and/or capital gain distributions. More information is available in the "How to Buy Shares" section of the fund's prospectus.

On January 26, 2026, Class C will be eliminated as a share class of the fund and existing Class C Shares will be converted to Class A Shares of the fund.

Minimum initial investments applicable to Class A and Class C Shares:

 $2,500, generally

 $100 for Individual Retirement Accounts (IRAs), systematic purchase or exchange accounts

 No minimum for defined contribution plans, asset-based fee programs, profit-sharing plans or employee benefit plans.

Minimum additional investments applicable to Class A and Class C Shares:

 $100, generally

 No minimum for defined contribution plans, asset-based fee programs, profit-sharing plans or employee benefit plans.

For Institutional Class shares, the minimum initial investment in the fund is $1,000,000 and no minimum is needed to add to an existing account, though minimums may be modified for certain financial intermediaries that aggregate trades on behalf of investors.

The minimums may be reduced or waived in some circumstances. In general, you may buy or sell shares of the fund by mail or telephone on any business day. You also may buy and sell shares through a financial professional, broker-dealer or other financial intermediary.

#### Taxes
The fund's distributions are taxable to you as either ordinary income or capital gains, except when your investment is through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Such tax-deferred arrangements may be taxed later upon withdrawal of monies from those arrangements.

#### Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial professional to recommend the fund over another investment. Ask your financial professional or visit your financial intermediary's website for more information.

<br> Virtus KAR Health Sciences Fund 17

------

**Virtus NFJ Dividend Value Fund**

#### Investment Objective
The fund seeks long-term growth of capital and income.

#### Fees and Expenses
The tables below illustrate the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales charge discounts in Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Funds. More information on these and other discounts is available: (i) from your financial professional or other financial intermediary; (ii) under "Sales Charges" on page 93 of the fund's prospectus; and (iii) with respect to purchase of shares through specific intermediaries, in Appendix A to the fund's prospectus, entitled "Intermediary Sales Charge Discounts and Waivers."

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shareholder Fees *(fees paid directly from your investment)*** | **Class A** | **Class C** | **Institutional** | **Class R6** |
| Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) | 5.50% |  |  |  |
| Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds)  |  | 1.00%<sup>(a)</sup> |  |  |
| **Annual Fund Operating Expenses *(expenses that you pay each year as* <br>*a percentage of the value of your investment)*** | **Class A** | **Class C** | **Institutional** | **Class R6** |
| Management Fees | 0.45% | 0.45% | 0.45% | 0.45% |
| Distribution and Shareholder Servicing (12b-1) Fees | 0.25% | 1.00% |  |  |
| Other Expenses | 0.33% | 0.28% | 0.29% | 0.20% |
| Total Annual Fund Operating Expenses | 1.03% | 1.73% | 0.74% | 0.65% |
| Less: Fee Waiver and/or Expense Reimbursement<sup>(b)</sup> |  |  | (0.04)% |  |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(b)</sup> | 1.03% | 1.73% | 0.70% | 0.65% |

---

(a) The deferred sales
charge is imposed on Class C Shares redeemed during the first year only.

(b) The fund's investment adviser has contractually agreed to limit the fund's
total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales
charges, taxes, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on
credit or redemption facilities), interest, brokerage commissions, expenses incurred in connection with
any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired
fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 0.70% for
Institutional Class Shares through October 31, 2026. Prior to October 31, 2026, only the fund's
Board may modify or terminate the expense limitation agreement. Following the contractual period, the
adviser may discontinue these expense reimbursement arrangements at any time. Under certain conditions,
the adviser may recapture operating expenses reimbursed and/or fees waived under these arrangements for
a period of three years following the date such waiver or reimbursement occurred, provided that the recapture
does not cause the fund to exceed its expense limit in effect at the time of the waiver or reimbursement,
and any in effect at the time of recapture, after repayment is taken into account.

#### Example
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods or continued to hold them. The example also assumes that your investment has a 5% return each year, that the fund's operating expenses remain the same and that the expense reimbursement agreement remains in place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class**  | **Share Status** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A  | Sold or Held | $649 | $860 | $1087 | $1740 |
| Class C  | Sold | $276 | $545 | $939 | $2041 |
|  | Held | $176 | $545 | $939 | $2041 |
| Institutional Class  | Sold or Held | $72 | $233 | $408 | $915 |
| Class R6  | Sold or Held | $66 | $208 | $362 | $810 |

---

#### Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 36% of the average value of its portfolio.

<br> 18 Virtus NFJ Dividend Value Fund

------

#### Investments, Risks and Performance

#### Principal Investment Strategies
The fund seeks to achieve its investment objective by normally investing at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks and other equity securities of companies that pay or are expected to pay dividends. Under normal conditions, the fund will invest primarily in common stocks of companies with market capitalizations greater than $3.5 billion. The portfolio managers use a value investing style focusing on companies whose securities the portfolio managers believe have attractive valuation and fundamental strength. The portfolio managers partition the fund's selection universe by industry and then identify what they believe to be the most attractively valued securities in each industry to determine potential holdings for the fund representing a broad range of industry groups. The portfolio managers use initial parameters and quantitative tools to narrow the fund's selection universe and also review and consider fundamental changes. In selecting individual holdings and constructing the overall portfolio, the portfolio managers take into account the dividend yields of their investments. After narrowing the universe through a combination of qualitative analysis and fundamental research, the portfolio managers select securities for the fund. In addition to common stocks and other equity securities, the fund may also invest up to 25% of its assets in real estate investment trusts (REITs) and real estate-related investments, and a portion of its assets in non-U.S. securities (including through American Depositary Receipts (ADRs)), including emerging market securities. The fund may utilize foreign currency exchange contracts, options, stock index futures contracts and other derivative instruments. Although the fund did not invest significantly in derivative instruments as of the most recent fiscal year end, it may do so at any time.

#### Principal Risks
The fund may not achieve its objective(s), and it is not intended to be a complete investment program. The value of the fund's investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund's investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. Purchase and redemption activities by fund shareholders may impact the management of the fund and its ability to achieve its investment objective(s). The principal risks of investing in the fund are identified below (in alphabetical order after the first three risks).

> ***Market Volatility Risk:*** The value of the securities in the fund may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional or global events such as war or military conflict (e.g., Russia's invasion of Ukraine), geopolitical risk, acts of terrorism, the spread of infectious illness or other public health issue, recessions, tariffs and other restrictions on trade, or the threat or potential of one or more such events and developments, could have a significant impact on the fund and its investments, including hampering the ability of the fund's portfolio manager(s) to invest the fund's assets as intended.

> ***Issuer Risk:*** The fund will be affected by factors specific to the issuers of securities and other instruments in which the fund invests, including actual or perceived changes in the financial condition or business prospects of such issuers.

> ***Equity Securities Risk:*** The value of the stocks held by the fund may be negatively affected by the financial market, industries in which the fund invests, or issuer-specific events. Focus on a particular style or in small or medium-sized companies may enhance that risk.

> ***Value Stocks Risk:*** The fund may underperform when value investing is out of favor or the fund's investments may not appreciate in value as anticipated.

> ***Counterparty Risk:*** There is risk that a party upon whom the fund relies to complete a transaction will default.

> ***Credit Risk:*** If the issuer of a debt instrument fails to pay interest or principal in a timely manner, or negative perceptions exist in the market of the issuer's ability to make such payments, the price of the security may decline.

> ***Currency Rate Risk:*** Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect the value of the fund's shares.

> ***Depositary Receipts Risk:*** Investments in foreign companies through depositary receipts may expose the fund to the same risks as direct investments in securities of foreign issuers.

> ***Derivatives Risk:*** Derivatives and other similar instruments (collectively referred to in this section as "derivatives") may include, among other things, futures, options, forwards and swap agreements and may be used in order to hedge portfolio risks, create leverage or attempt to increase returns. Investments in derivatives may result in increased volatility and the fund may incur a loss greater than its principal investment.

> ***Emerging Market Risk:*** Emerging markets securities may be more volatile, or more greatly affected by negative conditions, than those of their counterparts in more established foreign markets. Such securities may also be subject to Sanctions Risk.

> ***Sanctions Risk:*** The imposition of sanctions and other similar measures could cause a decline in the value and/or liquidity of securities issued by or tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of transactions, and negatively impact the fund's liquidity and performance.

> ***Focused Investment Risk:*** To the extent the fund focuses its investments on a limited number of issuers, sectors, industries, geographic regions or portfolio themes, it may be subject to increased risk and volatility.

> ***Foreign Investing Risk:*** Investing in foreign securities subjects the fund to additional risks such as increased volatility; currency fluctuations; less liquidity; less publicly available information about the foreign investment; and political, regulatory, economic, and market risk.

#### > Liquidity Risk: Certain instruments may be difficult or impossible to sell at a time and price beneficial to the fund.
<br> Virtus NFJ Dividend Value Fund 19

------

> ***Portfolio Turnover Risk:*** The fund's principal investment strategies may result in a high portfolio turnover rate. See the "Portfolio Turnover" section above for more information about the impact that portfolio turnover can have on your investment.

> ***Real Estate Investment Risk:*** The fund may be negatively affected by changes in real estate values or economic conditions, credit risk and interest rate fluctuations, changes in the value of the underlying real estate and defaults by lessees and/or borrowers.

> ***Redemption Risk:*** One or more large shareholders or groups of shareholders may redeem their holdings in the fund, resulting in an adverse impact on remaining shareholders in the fund by causing the fund to take actions it would not otherwise have taken. The effects of taxable gains resulting from large redemptions of fund shares would particularly impact non-redeeming shareholders who do not hold their fund shares in a tax-advantaged or tax-exempt vehicle. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the fund's NAV and liquidity. In addition, a large redemption could result in the fund's current expenses being allocated over a smaller asset base, leading to an increase in the fund's expense ratio.

> ***Small and Medium Market Capitalization Companies Risk:*** The fund's investments in small and medium market capitalization companies may increase the volatility and risk of loss to the fund, as compared with investments in larger, more established companies.

*Please see "More Information About Risks of Investing in the Funds" in the fund's prospectus for a more detailed description of the fund's risks.*

#### Performance Information
The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund's past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows changes in the fund's performance from year to year over a 10-year period. The table shows how the fund's average annual returns compare to those of a broad-based securities market index and a style-specific index that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.

---

| |
|:---|
| **Calendar year total returns for Institutional Class Shares**  |
| Returns do not reflect sales charges applicable to other share classes and would be lower if they did. |

---

![PerformanceBarChartData(2015:-8.32, 2016:16.26, 2017:16.08, 2018:-9.77, 2019:25.08, 2020:-2.14, 2021:28.9, 2022:-13.51, 2023:19.65, 2024:5.36)](img_85d784fdb0104f2.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Best Quarter: | 2023, Q4: | 14.87% | Worst Quarter: | 2020, Q1: | -26.23% | Year to Date (9/30/2025): | 5.94% |

---

**Average Annual Total Returns** (for the periods ended 12/31/24)

---

| | | | |
|:---|:---|:---|:---|
| **Class** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class Shares |  |  |  |
| Return Before Taxes | 5.36% | 6.58% | 6.74% |
| Return After Taxes on Distributions | 4.49% | 4.25% | 3.65% |
| Return After Taxes on Distributions and Sale of Fund Shares | 3.78% | 4.69% | 4.46% |
| Class A Shares |  |  |  |
| Return Before Taxes | -0.83% | 5.03% | 5.78% |
| Class C Shares |  |  |  |
| Return Before Taxes | 4.27% | 5.47% | 5.60% |
| Class R6 Shares |  |  |  |
| Return Before Taxes | 5.38% | 6.63% | 6.80% |
| **Index** |  |  |  |
| FT Wilshire 5000 Index (reflects no deduction for fees, expenses or taxes) | 23.76% | 14.10% | 12.73% |
| Russell 1000<sup>®</sup> Value Index (reflects no deduction for fees, expenses or taxes) | 14.37% | 8.68% | 8.49% |

---

<br> 20 Virtus NFJ Dividend Value Fund

------

The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged and not available for direct investment.

The Russell 1000<sup>®</sup> Value Index is a free float-adjusted market capitalization-weighted index of value-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. Effective March 24, 2025, the index applies a capping methodology. Index constituents are capped quarterly so that no more than 22.5% of the index weight may be allocated to a single constituent, and the sum of the weights of all constituents representing more than 4.5% of the index should not exceed 45% of the total index weight. For periods prior to March 24, 2025, the index was uncapped. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.

#### Management
The fund's investment adviser is Virtus Investment Advisers, LLC (formerly known as Virtus Investment Advisers, Inc.) ("VIA").

The fund's subadviser is NFJ Investment Group, LLC ("NFJ").

#### Portfolio Management
The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

> ***R. Burns McKinney, CFA,*** senior portfolio manager, analyst, and managing director for the NFJ Investment team, has managed the fund since 2007.

> ***John R. Mowrey, CFA,*** senior portfolio manager, analyst, executive managing director, and Chief Investment Officer for the NFJ Investment team, has managed the fund since 2015.

> ***J. Garth Reilly,*** senior portfolio manager, analyst, and managing director for the NFJ Investment team, has managed the fund since August 2025.

> ***Jeff N. Reed, CFA, CMT, FDP,*** senior portfolio manager, analyst, and managing director for the NFJ Investment team, has managed the fund since 2011.

#### Purchase and Sale of Fund Shares
As previously disclosed, on January 21, 2026, Class C Shares of the fund will no longer be available for purchase by new or existing shareholders, except by existing shareholders through reinvestment of dividends and/or capital gain distributions. More information is available in the "How to Buy Shares" section of the fund's prospectus.

Minimum initial investments applicable to Class A and Class C Shares:

 $2,500, generally

 $100 for Individual Retirement Accounts (IRAs), systematic purchase or exchange accounts

 No minimum for defined contribution plans, asset-based fee programs, profit-sharing plans or employee benefit plans.

Minimum additional investments applicable to Class A and Class C Shares:

 $100, generally

 No minimum for defined contribution plans, asset-based fee programs, profit-sharing plans or employee benefit plans.

For Institutional Class shares, the minimum initial investment in the fund is $1,000,000 and no minimum is needed to add to an existing account, though minimums may be modified for certain financial intermediaries that aggregate trades on behalf of investors.

Class R6 Shares are offered without a minimum initial investment to the following investors in plan level or omnibus accounts only (provided that they do not require or receive any compensation, administrative payments, sub-transfer agency payments or service payments with respect to Class R6 Shares): (i) qualified retirement plans, including, but not limited to, 401(k) plans, 457 plans, employer sponsored 403(b) plans, and defined benefit plans; (ii) banks and trust companies; (iii) insurance companies; (iv) financial intermediaries utilizing such shares in fee-based investment advisory programs; (v) registered investment companies; (vi) 529 portfolios that are advised or sub-advised by Virtus affiliates; and (vii) non-qualified deferred compensation plans. Other institutional investors may be permitted to purchase Class R6 Shares subject to the fund's determination of eligibility and may be subject to a $2,500,000 minimum initial investment requirement.

The minimums may be reduced or waived in some circumstances. In general, you may buy or sell shares of the fund by mail or telephone on any business day. You also may buy and sell shares through a financial professional, broker-dealer or other financial intermediary.

#### Taxes
The fund's distributions are taxable to you as either ordinary income or capital gains, except when your investment is through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Such tax-deferred arrangements may be taxed later upon withdrawal of monies from those arrangements.

<br> Virtus NFJ Dividend Value Fund 21

------

#### Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial professional to recommend the fund over another investment.

No compensation, administrative payments, sub-transfer agency payments or service payments are paid to brokers or other entities from fund assets or the Distributor's or an affiliate's resources on sales of or investments in Class R6 Shares. Class R6 Shares do not carry sales commissions or pay Rule 12b-1 fees, or make payments to brokers or other entities to assist in, or in connection with, the sale of the fund's shares. Ask your financial professional or visit your financial intermediary's website for more information.

<br> 22 Virtus NFJ Dividend Value Fund

------

**Virtus NFJ International Value Fund**

#### Investment Objective
The fund seeks long-term growth of capital and income.

#### Fees and Expenses
The tables below illustrate the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales charge discounts in Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Funds. More information on these and other discounts is available: (i) from your financial professional or other financial intermediary; (ii) under "Sales Charges" on page 93 of the fund's prospectus; and (iii) with respect to purchase of shares through specific intermediaries, in Appendix A to the fund's prospectus, entitled "Intermediary Sales Charge Discounts and Waivers."

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shareholder Fees *(fees paid directly from your investment)*** | **Class A** | **Class C** | **Institutional** | **Class R6** |
| Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) | 5.50% |  |  |  |
| Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds)  |  | 1.00%<sup>(a)</sup> |  |  |
| **Annual Fund Operating Expenses *(expenses that you pay each year as* <br>*a percentage of the value of your investment)*** | **Class A** | **Class C** | **Institutional** | **Class R6** |
| Management Fees | 0.60% | 0.60% | 0.60% | 0.60% |
| Distribution and Shareholder Servicing (12b-1) Fees | 0.25% | 1.00% |  |  |
| Other Expenses | 0.52% | 0.49% | 0.53% | 0.37% |
| Total Annual Fund Operating Expenses | 1.37% | 2.09% | 1.13% | 0.97% |
| Less: Fee Waiver and/or Expense Reimbursement<sup>(b)</sup> | (0.07)% | (0.04)% | (0.18)% | (0.07)% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(b)</sup> | 1.30% | 2.05% | 0.95% | 0.90% |

---

(a) The deferred sales
charge is imposed on Class C Shares redeemed during the first year only.

(b) The fund's investment adviser has contractually agreed to limit the fund's
total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales
charges, taxes, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on
credit or redemption facilities), interest, brokerage commissions, expenses incurred in connection with
any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired
fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 1.30% for
Class A Shares, 2.05% for Class C Shares, 0.95% for Institutional Class Shares and 0.90% for Class R6
Shares through October 31, 2026. Prior to October 31, 2026, only the fund's Board may modify or
terminate the expense limitation agreement. Following the contractual period, the adviser may discontinue
these expense reimbursement arrangements at any time. Under certain conditions, the adviser may recapture
operating expenses reimbursed and/or fees waived under these arrangements for a period of three years
following the date such waiver or reimbursement occurred, provided that the recapture does not cause
the fund to exceed its expense limit in effect at the time of the waiver or reimbursement, and any in
effect at the time of recapture, after repayment is taken into account.

#### Example
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods or continued to hold them. The example also assumes that your investment has a 5% return each year, that the fund's operating expenses remain the same and that the expense reimbursement agreement remains in place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class**  | **Share Status** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A  | Sold or Held | $675 | $953 | $1252 | $2100 |
| Class C  | Sold | $308 | $651 | $1120 | $2418 |
|  | Held | $208 | $651 | $1120 | $2418 |
| Institutional Class  | Sold or Held | $97 | $341 | $605 | $1359 |
| Class R6  | Sold or Held | $92 | $302 | $529 | $1183 |

---

#### Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 56% of the average value of its portfolio.

<br> Virtus NFJ International Value Fund 23

------

#### Investments, Risks and Performance

#### Principal Investment Strategies
The fund seeks to achieve its objective by normally investing at least 65% of its net assets (plus borrowings made for investment purposes) in common stocks and other equity securities (such as preferred stocks, convertible securities and warrants) of non-U.S. companies with market capitalizations greater than $1 billion. The fund normally invests significantly in securities that the portfolio managers expect will generate income (for example, by paying dividends). The fund may invest up to 50% of its assets in emerging market securities and may invest a portion of its assets in equity securities of companies located in China. The fund may also achieve its exposure to non-U.S. equity securities through investing in American Depositary Receipts (ADRs). The fund may also invest in real estate investment trusts (REITs) and real estate-related investments. The portfolio managers use a value investing style focusing on companies whose securities the portfolio managers believe have attractive valuation and fundamental strength. The portfolio managers partition the fund's selection universe by industry and then identify what they believe to be the most attractively valued securities in each industry to determine potential holdings for the fund representing a broad range of industry groups. The portfolio managers use initial parameters and quantitative tools to narrow the fund's selection universe and also review and consider fundamental changes. After narrowing the universe through a combination of qualitative analysis and fundamental research, the portfolio managers select securities for the fund.

#### Principal Risks
The fund may not achieve its objective(s), and it is not intended to be a complete investment program. The value of the fund's investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund's investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. Purchase and redemption activities by fund shareholders may impact the management of the fund and its ability to achieve its investment objective(s). The principal risks of investing in the fund are identified below (in alphabetical order after the first six risks).

> ***Market Volatility Risk:*** The value of the securities in the fund may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional or global events such as war or military conflict (e.g., Russia's invasion of Ukraine), geopolitical risk, acts of terrorism, the spread of infectious illness or other public health issue, recessions, tariffs and other restrictions on trade, or the threat or potential of one or more such events and developments, could have a significant impact on the fund and its investments, including hampering the ability of the fund's portfolio manager(s) to invest the fund's assets as intended.

> ***Issuer Risk:*** The fund will be affected by factors specific to the issuers of securities and other instruments in which the fund invests, including actual or perceived changes in the financial condition or business prospects of such issuers.

> ***Equity Securities Risk:*** The value of the stocks held by the fund may be negatively affected by the financial market, industries in which the fund invests, or issuer-specific events. Focus on a particular style or in small or medium-sized companies may enhance that risk.

> ***Value Stocks Risk:*** The fund may underperform when value investing is out of favor or the fund's investments may not appreciate in value as anticipated.

> ***Foreign Investing Risk:*** Investing in foreign securities subjects the fund to additional risks such as increased volatility; currency fluctuations; less liquidity; less publicly available information about the foreign investment; and political, regulatory, economic, and market risk.

> ***Emerging Market Risk:*** Emerging markets securities may be more volatile, or more greatly affected by negative conditions, than those of their counterparts in more established foreign markets. Such securities may also be subject to Sanctions Risk.

> ***Sanctions Risk:*** The imposition of sanctions and other similar measures could cause a decline in the value and/or liquidity of securities issued by or tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of transactions, and negatively impact the fund's liquidity and performance.

> ***Small and Medium Market Capitalization Companies Risk:*** The fund's investments in small and medium market capitalization companies may increase the volatility and risk of loss to the fund, as compared with investments in larger, more established companies.

> ***China-Related Risk:*** Because the fund may invest a substantial portion of its assets in equity securities of Chinese companies, it is particularly affected by events or factors relating to China, which may increase risk and volatility.

> ***Counterparty Risk:*** There is risk that a party upon whom the fund relies to complete a transaction will default.

> ***Credit Risk:*** If the issuer of a debt instrument fails to pay interest or principal in a timely manner, or negative perceptions exist in the market of the issuer's ability to make such payments, the price of the security may decline.

> ***Currency Rate Risk:*** Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect the value of the fund's shares.

> ***Depositary Receipts Risk:*** Investments in foreign companies through depositary receipts may expose the fund to the same risks as direct investments in securities of foreign issuers.

> ***Focused Investment Risk:*** To the extent the fund focuses its investments on a limited number of issuers, sectors, industries, geographic regions or portfolio themes, it may be subject to increased risk and volatility.

#### > Liquidity Risk: Certain instruments may be difficult or impossible to sell at a time and price beneficial to the fund.
<br> 24 Virtus NFJ International Value Fund

------

> ***Portfolio Turnover Risk:*** The fund's principal investment strategies may result in a high portfolio turnover rate. See the "Portfolio Turnover" section above for more information about the impact that portfolio turnover can have on your investment.

> ***Preferred Stocks Risk:*** Preferred stocks may decline in price, fail to pay dividends when expected, or be illiquid.

> ***Real Estate Investment Risk:*** The fund may be negatively affected by changes in real estate values or economic conditions, credit risk and interest rate fluctuations, changes in the value of the underlying real estate and defaults by lessees and/or borrowers.

> ***Redemption Risk:*** One or more large shareholders or groups of shareholders may redeem their holdings in the fund, resulting in an adverse impact on remaining shareholders in the fund by causing the fund to take actions it would not otherwise have taken. The effects of taxable gains resulting from large redemptions of fund shares would particularly impact non-redeeming shareholders who do not hold their fund shares in a tax-advantaged or tax-exempt vehicle. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the fund's NAV and liquidity. In addition, a large redemption could result in the fund's current expenses being allocated over a smaller asset base, leading to an increase in the fund's expense ratio.

*Please see "More Information About Risks of Investing in the Funds" in the fund's prospectus for a more detailed description of the fund's risks.*

#### Performance Information
The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund's past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows changes in the fund's performance from year to year over a 10-year period. The table shows how the fund's average annual returns compare to those of a broad-based securities market index. Updated performance information is available at virtus.com or by calling 800-243-1574.

---

| |
|:---|
| **Calendar year total returns for Institutional Class Shares**  |
| Returns do not reflect sales charges applicable to other share classes and would be lower if they did. |

---

![PerformanceBarChartData(2015:-13.15, 2016:-6.23, 2017:23.16, 2018:-15.66, 2019:22.01, 2020:9.72, 2021:10.27, 2022:-19.02, 2023:10.67, 2024:-2.24)](img_6e6756c249954f2.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Best Quarter: | 2022, Q4: | 20.11% | Worst Quarter: | 2020, Q1: | -23.81% | Year to Date (9/30/2025): | 38.38% |

---

**Average Annual Total Returns** (for the periods ended 12/31/24)

---

| | | | |
|:---|:---|:---|:---|
| **Class** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class Shares |  |  |  |
| Return Before Taxes | -2.24% | 1.17% | 0.90% |
| Return After Taxes on Distributions | -2.88% | 0.76% | 0.15% |
| Return After Taxes on Distributions and Sale of Fund Shares | -0.92% | 1.05% | 0.50% |
| Class A Shares |  |  |  |
| Return Before Taxes | -7.96% | -0.31% | -0.01% |
| Class C Shares |  |  |  |
| Return Before Taxes | -3.30% | 0.09% | -0.19% |
| Class R6 Shares |  |  |  |
| Return Before Taxes | -2.21% | 1.22% | 0.95% |
| **Index** |  |  |  |
| MSCI All Country World ex USA Index (net) (reflects no deduction for fees or expenses) | 5.53% | 4.10% | 4.80% |

---

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

<br> Virtus NFJ International Value Fund 25

------

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.

#### Management
The fund's investment adviser is Virtus Investment Advisers, LLC (formerly known as Virtus Investment Advisers, Inc.) ("VIA").

The fund's subadviser is NFJ Investment Group, LLC ("NFJ").

#### Portfolio Management
The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

> ***R. Burns McKinney, CFA,*** senior portfolio manager, analyst, and managing director for the NFJ Investment team, has managed the fund since 2006.

> ***John R. Mowrey, CFA,*** senior portfolio manager, analyst, executive managing director, and Chief Investment Officer for the NFJ Investment team, has managed the fund since 2013.

> ***J. Garth Reilly,*** senior portfolio manager, analyst, and managing director for the NFJ Investment team, has managed the fund since 2018.

#### Purchase and Sale of Fund Shares
As previously disclosed, on January 21, 2026, Class C Shares of the fund will no longer be available for purchase by new or existing shareholders, except by existing shareholders through reinvestment of dividends and/or capital gain distributions. More information is available in the "How to Buy Shares" section of the fund's prospectus.

On January 26, 2026, Class C will be eliminated as a share class of the fund and existing Class C Shares will be converted to Class A Shares of the fund.

Minimum initial investments applicable to Class A and Class C Shares:

 $2,500, generally

 $100 for Individual Retirement Accounts (IRAs), systematic purchase or exchange accounts

 No minimum for defined contribution plans, asset-based fee programs, profit-sharing plans or employee benefit plans.

Minimum additional investments applicable to Class A and Class C Shares:

 $100, generally

 No minimum for defined contribution plans, asset-based fee programs, profit-sharing plans or employee benefit plans.

For Institutional Class shares, the minimum initial investment in the fund is $1,000,000 and no minimum is needed to add to an existing account, though minimums may be modified for certain financial intermediaries that aggregate trades on behalf of investors.

Class R6 Shares are offered without a minimum initial investment to the following investors in plan level or omnibus accounts only (provided that they do not require or receive any compensation, administrative payments, sub-transfer agency payments or service payments with respect to Class R6 Shares): (i) qualified retirement plans, including, but not limited to, 401(k) plans, 457 plans, employer sponsored 403(b) plans, and defined benefit plans; (ii) banks and trust companies; (iii) insurance companies; (iv) financial intermediaries utilizing such shares in fee-based investment advisory programs; (v) registered investment companies; (vi) 529 portfolios that are advised or sub-advised by Virtus affiliates; and (vii) non-qualified deferred compensation plans. Other institutional investors may be permitted to purchase Class R6 Shares subject to the fund's determination of eligibility and may be subject to a $2,500,000 minimum initial investment requirement.

The minimums may be reduced or waived in some circumstances. In general, you may buy or sell shares of the fund by mail or telephone on any business day. You also may buy and sell shares through a financial professional, broker-dealer or other financial intermediary.

#### Taxes
The fund's distributions are taxable to you as either ordinary income or capital gains, except when your investment is through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Such tax-deferred arrangements may be taxed later upon withdrawal of monies from those arrangements.

#### Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial professional to recommend the fund over another investment.

No compensation, administrative payments, sub-transfer agency payments or service payments are paid to brokers or other entities from fund assets or the Distributor's or an affiliate's resources on sales of or investments in Class R6 Shares. Class R6 Shares do not carry sales commissions or pay Rule 12b-1 fees, or make payments to brokers or other entities to assist in, or in connection with, the sale of the fund's shares. Ask your financial professional or visit your financial intermediary's website for more information.

<br> 26 Virtus NFJ International Value Fund

------

**Virtus NFJ Large-Cap Value Fund**

#### Investment Objective
The fund seeks long-term growth of capital and income.

#### Fees and Expenses
The tables below illustrate the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales charge discounts in Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Funds. More information on these and other discounts is available: (i) from your financial professional or other financial intermediary; (ii) under "Sales Charges" on page 93 of the fund's prospectus; and (iii) with respect to purchase of shares through specific intermediaries, in Appendix A to the fund's prospectus, entitled "Intermediary Sales Charge Discounts and Waivers."

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shareholder Fees *(fees paid directly from your investment)*** | **Class A** | **Class C** | **Institutional** | **Class R6** |
| Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) | 5.50% |  |  |  |
| Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds)  |  | 1.00%<sup>(a)</sup> |  |  |
| **Annual Fund Operating Expenses *(expenses that you pay each year as* <br>*a percentage of the value of your investment)*** | **Class A** | **Class C** | **Institutional** | **Class R6** |
| Management Fees | 0.45% | 0.45% | 0.45% | 0.45% |
| Distribution and Shareholder Servicing (12b-1) Fees | 0.25% | 1.00% |  |  |
| Other Expenses | 0.31% | 0.31% | 0.30% | 0.21% |
| Total Annual Fund Operating Expenses | 1.01% | 1.76% | 0.75% | 0.66% |
| Less: Fee Waiver and/or Expense Reimbursement<sup>(b)</sup> |  |  |  | (0.01)% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(b)</sup> | 1.01% | 1.76% | 0.75% | 0.65% |

---

(a) The deferred sales
charge is imposed on Class C Shares redeemed during the first year only.

(b) The fund's investment adviser has contractually agreed to limit the fund's
total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales
charges, taxes, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on
credit or redemption facilities), interest, brokerage commissions, expenses incurred in connection with
any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired
fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 0.65% for
Class R6 Shares through October 31, 2026. Prior to October 31, 2026, only the fund's Board may
modify or terminate the expense limitation agreement. Following the contractual period, the adviser may
discontinue these expense reimbursement arrangements at any time. Under certain conditions, the adviser
may recapture operating expenses reimbursed and/or fees waived under these arrangements for a period
of three years following the date such waiver or reimbursement occurred, provided that the recapture
does not cause the fund to exceed its expense limit in effect at the time of the waiver or reimbursement,
and any in effect at the time of recapture, after repayment is taken into account.

#### Example
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods or continued to hold them. The example also assumes that your investment has a 5% return each year, that the fund's operating expenses remain the same and that the expense reimbursement agreement remains in place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class**  | **Share Status** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A  | Sold or Held | $647 | $854 | $1077 | $1718 |
| Class C  | Sold | $279 | $554 | $954 | $2073 |
|  | Held | $179 | $554 | $954 | $2073 |
| Institutional Class  | Sold or Held | $77 | $240 | $417 | $930 |
| Class R6  | Sold or Held | $66 | $210 | $367 | $822 |

---

#### Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 41% of the average value of its portfolio.

<br> Virtus NFJ Large-Cap Value Fund 27

------

#### Investments, Risks and Performance

#### Principal Investment Strategies
The fund seeks to achieve its investment objective by normally investing at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks and other equity securities of companies with large market capitalizations. The fund currently considers a company's market capitalization to be large if it equals or exceeds $5 billion. The fund normally invests significantly in securities that the portfolio managers expect will generate income (for example, by paying dividends). The portfolio managers use a value investing style focusing on companies whose securities the portfolio managers believe have attractive valuation and fundamental strength. The portfolio managers partition the fund's selection universe by industry and then identify what they believe to be the most attractively valued securities in each industry. While the fund's portfolio selections are guided by this analysis, the fund's industry allocations may deviate from those of its primary benchmark and typically represent a broad range of industry groups. The portfolio managers use initial parameters and quantitative tools to narrow the fund's selection universe and also review and consider fundamental changes. After narrowing the universe through a combination of qualitative analysis and fundamental research, the portfolio managers select securities for the fund. In addition to common stocks and other equity securities (such as preferred stocks, convertible securities and warrants), the fund may invest up to 25% of its assets in real estate investment trusts (REITs) and real estate-related investments, and a portion of its assets in non-U.S. securities (including through American Depositary Receipts (ADRs)), including emerging market securities. The fund may utilize foreign currency exchange contracts, options, stock index futures contracts and other derivative instruments. Although the fund did not invest significantly in derivative instruments as of the most recent fiscal year end, it may do so at any time.

#### Principal Risks
The fund may not achieve its objective(s), and it is not intended to be a complete investment program. The value of the fund's investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund's investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. Purchase and redemption activities by fund shareholders may impact the management of the fund and its ability to achieve its investment objective(s). The principal risks of investing in the fund are identified below (in alphabetical order after the first three risks).

> ***Market Volatility Risk:*** The value of the securities in the fund may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional or global events such as war or military conflict (e.g., Russia's invasion of Ukraine), geopolitical risk, acts of terrorism, the spread of infectious illness or other public health issue, recessions, tariffs and other restrictions on trade, or the threat or potential of one or more such events and developments, could have a significant impact on the fund and its investments, including hampering the ability of the fund's portfolio manager(s) to invest the fund's assets as intended.

> ***Issuer Risk:*** The fund will be affected by factors specific to the issuers of securities and other instruments in which the fund invests, including actual or perceived changes in the financial condition or business prospects of such issuers.

> ***Equity Securities Risk:*** The value of the stocks held by the fund may be negatively affected by the financial market, industries in which the fund invests, or issuer-specific events. Focus on a particular style or in small or medium-sized companies may enhance that risk.

> ***Large Market Capitalization Companies Risk:*** The value of investments in larger companies may not rise as much as smaller companies, or larger companies may be unable to respond quickly to competitive challenges, such as changes in technology and consumer tastes.

> ***Value Stocks Risk:*** The fund may underperform when value investing is out of favor or the fund's investments may not appreciate in value as anticipated.

> ***Counterparty Risk:*** There is risk that a party upon whom the fund relies to complete a transaction will default.

> ***Credit Risk:*** If the issuer of a debt instrument fails to pay interest or principal in a timely manner, or negative perceptions exist in the market of the issuer's ability to make such payments, the price of the security may decline.

> ***Currency Rate Risk:*** Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect the value of the fund's shares.

> ***Depositary Receipts Risk:*** Investments in foreign companies through depositary receipts may expose the fund to the same risks as direct investments in securities of foreign issuers.

> ***Derivatives Risk:*** Derivatives and other similar instruments (collectively referred to in this section as "derivatives") may include, among other things, futures, options, forwards and swap agreements and may be used in order to hedge portfolio risks, create leverage or attempt to increase returns. Investments in derivatives may result in increased volatility and the fund may incur a loss greater than its principal investment.

> ***Emerging Market Risk:*** Emerging markets securities may be more volatile, or more greatly affected by negative conditions, than those of their counterparts in more established foreign markets. Such securities may also be subject to Sanctions Risk.

> ***Sanctions Risk:*** The imposition of sanctions and other similar measures could cause a decline in the value and/or liquidity of securities issued by or tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of transactions, and negatively impact the fund's liquidity and performance.

> ***Focused Investment Risk:*** To the extent the fund focuses its investments on a limited number of issuers, sectors, industries, geographic regions or portfolio themes, it may be subject to increased risk and volatility.

<br> 28 Virtus NFJ Large-Cap Value Fund

------

> ***Foreign Investing Risk:*** Investing in foreign securities subjects the fund to additional risks such as increased volatility; currency fluctuations; less liquidity; less publicly available information about the foreign investment; and political, regulatory, economic, and market risk.

#### > Liquidity Risk: Certain instruments may be difficult or impossible to sell at a time and price beneficial to the fund.
> ***Portfolio Turnover Risk:*** The fund's principal investment strategies may result in a high portfolio turnover rate. See the "Portfolio Turnover" section above for more information about the impact that portfolio turnover can have on your investment.

> ***Preferred Stocks Risk:*** Preferred stocks may decline in price, fail to pay dividends when expected, or be illiquid.

> ***Real Estate Investment Risk:*** The fund may be negatively affected by changes in real estate values or economic conditions, credit risk and interest rate fluctuations, changes in the value of the underlying real estate and defaults by lessees and/or borrowers.

> ***Redemption Risk:*** One or more large shareholders or groups of shareholders may redeem their holdings in the fund, resulting in an adverse impact on remaining shareholders in the fund by causing the fund to take actions it would not otherwise have taken. The effects of taxable gains resulting from large redemptions of fund shares would particularly impact non-redeeming shareholders who do not hold their fund shares in a tax-advantaged or tax-exempt vehicle. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the fund's NAV and liquidity. In addition, a large redemption could result in the fund's current expenses being allocated over a smaller asset base, leading to an increase in the fund's expense ratio.

*Please see "More Information About Risks of Investing in the Funds" in the fund's prospectus for a more detailed description of the fund's risks.*

#### Performance Information
The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund's past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows changes in the fund's performance from year to year over a 10-year period. The table shows how the fund's average annual returns compare to those of a broad-based securities market index and a style-specific index that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.

---

| |
|:---|
| **Calendar year total returns for Institutional Class Shares**  |
| Returns do not reflect sales charges applicable to other share classes and would be lower if they did. |

---

![PerformanceBarChartData(2015:-5.28, 2016:14.31, 2017:21.36, 2018:-9.36, 2019:25.01, 2020:2.29, 2021:26.53, 2022:-14.63, 2023:17.85, 2024:6.33)](img_af9910fd78224f2.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Best Quarter: | 2020, Q2: | 15.67% | Worst Quarter: | 2020, Q1: | -25.54% | Year to Date (9/30/2025): | 6.84% |

---

<br> Virtus NFJ Large-Cap Value Fund 29

------

**Average Annual Total Returns** (for the periods ended 12/31/24)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  |  | **Since <br>Inception** |
|  |  |  |  | **Class R6** |
| **Class** | **1 Year** | **5 Years** | **10 Years** | **(10/29/2021)** |
| Institutional Class Shares |  |  |  |  |
| Return Before Taxes | 6.33% | 6.73% | 7.50% |  |
| Return After Taxes on Distributions | 5.63% | 4.73% | 5.99% |  |
| Return After Taxes on Distributions and Sale of Fund Shares | 4.24% | 4.86% | 5.58% |  |
| Class A Shares |  |  |  |  |
| Return Before Taxes | 0.20% | 5.23% | 6.56% |  |
| Class C Shares |  |  |  |  |
| Return Before Taxes | 5.26% | 5.62% | 6.36% |  |
| Class R6 Shares |  |  |  |  |
| Return Before Taxes | 6.38% |  |  | 2.98% |
| **Index** |  |  |  |  |
| FT Wilshire 5000 Index (reflects no deduction for fees, expenses or taxes) | 23.76% | 14.10% | 12.73% | 8.54% |
| Russell 1000<sup>®</sup> Value Index (reflects no deduction for fees, expenses or taxes) | 14.37% | 8.68% | 8.49% | 6.16% |

---

The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged and not available for direct investment.

The Russell 1000<sup>®</sup> Value Index is a free float-adjusted market capitalization-weighted index of value-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. Effective March 24, 2025, the index applies a capping methodology. Index constituents are capped quarterly so that no more than 22.5% of the index weight may be allocated to a single constituent, and the sum of the weights of all constituents representing more than 4.5% of the index should not exceed 45% of the total index weight. For periods prior to March 24, 2025, the index was uncapped. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.

#### Management
The fund's investment adviser is Virtus Investment Advisers, LLC (formerly known as Virtus Investment Advisers, Inc.) ("VIA").

The fund's subadviser is NFJ Investment Group, LLC ("NFJ").

#### Portfolio Management
The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

> ***Paul A. Magnuson,*** senior portfolio manager, analyst, and managing director for the NFJ Investment team, has managed the fund since 2000.

> ***R. Burns McKinney, CFA,*** senior portfolio manager, analyst, and managing director for the NFJ Investment team, has managed the fund since 2010.

> ***John R. Mowrey, CFA,*** senior portfolio manager, analyst, executive managing director, and Chief Investment Officer for the NFJ Investment team, has managed the fund since August 2025.

> ***J. Garth Reilly,*** senior portfolio manager, analyst, and managing director for the NFJ Investment team, has managed the fund since August 2025.

> ***Jeff N. Reed, CFA, CMT, FDP,*** senior portfolio manager, analyst, and managing director for the NFJ Investment team, has managed the fund since 2011.

#### Purchase and Sale of Fund Shares
As previously disclosed, on January 21, 2026, Class C Shares of the fund will no longer be available for purchase by new or existing shareholders, except by existing shareholders through reinvestment of dividends and/or capital gain distributions. More information is available in the "How to Buy Shares" section of the fund's prospectus.

On January 26, 2026, Class C will be eliminated as a share class of the fund and existing Class C Shares will be converted to Class A Shares of the fund.

Minimum initial investments applicable to Class A and Class C Shares:

 $2,500, generally

 $100 for Individual Retirement Accounts (IRAs), systematic purchase or exchange accounts

 No minimum for defined contribution plans, asset-based fee programs, profit-sharing plans or employee benefit plans.

<br> 30 Virtus NFJ Large-Cap Value Fund

------

Minimum additional investments applicable to Class A and Class C Shares:

 $100, generally

 No minimum for defined contribution plans, asset-based fee programs, profit-sharing plans or employee benefit plans.

For Institutional Class shares, the minimum initial investment in the fund is $1,000,000 and no minimum is needed to add to an existing account, though minimums may be modified for certain financial intermediaries that aggregate trades on behalf of investors.

Class R6 Shares are offered without a minimum initial investment to the following investors in plan level or omnibus accounts only (provided that they do not require or receive any compensation, administrative payments, sub-transfer agency payments or service payments with respect to Class R6 Shares): (i) qualified retirement plans, including, but not limited to, 401(k) plans, 457 plans, employer sponsored 403(b) plans, and defined benefit plans; (ii) banks and trust companies; (iii) insurance companies; (iv) financial intermediaries utilizing such shares in fee-based investment advisory programs; (v) registered investment companies; (vi) 529 portfolios that are advised or sub-advised by Virtus affiliates; and (vii) non-qualified deferred compensation plans. Other institutional investors may be permitted to purchase Class R6 Shares subject to the fund's determination of eligibility and may be subject to a $2,500,000 minimum initial investment requirement.

The minimums may be reduced or waived in some circumstances. In general, you may buy or sell shares of the fund by mail or telephone on any business day. You also may buy and sell shares through a financial professional, broker-dealer or other financial intermediary.

#### Taxes
The fund's distributions are taxable to you as either ordinary income or capital gains, except when your investment is through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Such tax-deferred arrangements may be taxed later upon withdrawal of monies from those arrangements.

#### Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial professional to recommend the fund over another investment.

No compensation, administrative payments, sub-transfer agency payments or service payments are paid to brokers or other entities from fund assets or the Distributor's or an affiliate's resources on sales of or investments in Class R6 Shares. Class R6 Shares do not carry sales commissions or pay Rule 12b-1 fees, or make payments to brokers or other entities to assist in, or in connection with, the sale of the fund's shares. Ask your financial professional or visit your financial intermediary's website for more information.

<br> Virtus NFJ Large-Cap Value Fund 31

------

**Virtus NFJ Mid-Cap Value Fund**

#### Investment Objective
The fund seeks long-term growth of capital and income.

#### Fees and Expenses
The tables below illustrate the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales charge discounts in Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Funds. More information on these and other discounts is available: (i) from your financial professional or other financial intermediary; (ii) under "Sales Charges" on page 93 of the fund's prospectus; and (iii) with respect to purchase of shares through specific intermediaries, in Appendix A to the fund's prospectus, entitled "Intermediary Sales Charge Discounts and Waivers."

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shareholder Fees *(fees paid directly from your investment)*** | **Class A** | **Class C** | **Institutional** | **Class R6** |
| Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) | 5.50% |  |  |  |
| Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds)  |  | 1.00%<sup>(a)</sup> |  |  |
| **Annual Fund Operating Expenses *(expenses that you pay each year as* <br>*a percentage of the value of your investment)*** | **Class A** | **Class C** | **Institutional** | **Class R6** |
| Management Fees | 0.55% | 0.55% | 0.55% | 0.55% |
| Distribution and Shareholder Servicing (12b-1) Fees | 0.25% | 1.00% |  |  |
| Other Expenses | 0.32% | 0.31% | 0.29% | 0.21% |
| Total Annual Fund Operating Expenses | 1.12% | 1.86% | 0.84% | 0.76% |
| Less: Fee Waiver and/or Expense Reimbursement<sup>(b)</sup> | (0.12)% | (0.11)% | (0.19)% | (0.16)% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(b)</sup> | 1.00% | 1.75% | 0.65% | 0.60% |

---

(a) The deferred sales
charge is imposed on Class C Shares redeemed during the first year only.

(b) The fund's investment adviser has contractually agreed to limit the fund's
total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales
charges, taxes, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on
credit or redemption facilities), interest, brokerage commissions, expenses incurred in connection with
any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired
fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 1.00% for
Class A Shares, 1.75% for Class C Shares, 0.65% for Institutional Class Shares and 0.60% for Class R6
Shares through October 31, 2026. Prior to October 31, 2026, only the fund's Board may modify or
terminate the expense limitation agreement. Following the contractual period, the adviser may discontinue
these expense reimbursement arrangements at any time. Under certain conditions, the adviser may recapture
operating expenses reimbursed and/or fees waived under these arrangements for a period of three years
following the date such waiver or reimbursement occurred, provided that the recapture does not cause
the fund to exceed its expense limit in effect at the time of the waiver or reimbursement, and any in
effect at the time of recapture, after repayment is taken into account.

#### Example
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods or continued to hold them. The example also assumes that your investment has a 5% return each year, that the fund's operating expenses remain the same and that the expense reimbursement agreement remains in place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class**  | **Share Status** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A  | Sold or Held | $646 | $875 | $1122 | $1828 |
| Class C  | Sold | $278 | $574 | $996 | $2171 |
|  | Held | $178 | $574 | $996 | $2171 |
| Institutional Class  | Sold or Held | $66 | $249 | $447 | $1020 |
| Class R6  | Sold or Held | $61 | $227 | $407 | $927 |

---

#### Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 57% of the average value of its portfolio.

<br> 32 Virtus NFJ Mid-Cap Value Fund

------

#### Investments, Risks and Performance

#### Principal Investment Strategies
The fund seeks to achieve its investment objective by normally investing at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks and other equity securities of companies with medium market capitalizations. The fund currently defines medium market capitalization companies as companies with a market capitalization of at least $3 billion and up to the higher of $50 billion or the largest company held in the Russell Midcap Index. As of June 30, 2025, the largest company held in the Russell Midcap Index had a market capitalization of $89.27 billion. The fund may continue to hold securities of a portfolio company that subsequently appreciates above the medium market capitalization threshold. Because of this, the fund may have less than 80% of its net assets in medium market capitalization stocks at any given time. The fund normally invests significantly in securities that the portfolio managers expect will generate income (for example, by paying dividends). The portfolio managers use a value investing style focusing on companies whose securities the portfolio managers believe have attractive valuation and fundamental strength. The portfolio managers use initial parameters and quantitative tools to narrow the fund's selection universe and also review and consider fundamental changes. After narrowing the universe through a combination of qualitative analysis and fundamental research, the portfolio managers select securities for the fund. In addition to common stocks and other equity securities (such as preferred stocks, convertible securities and warrants), the fund may invest up to 25% of its assets in non-U.S. securities, including emerging market securities (but without limit in American Depositary Receipts (ADRs)) and may invest up to 25% of its assets in real estate investment trusts (REITs). The fund may utilize foreign currency exchange contracts, options, stock index futures contracts and other derivative instruments. Although the fund did not invest significantly in derivative instruments as of the most recent fiscal year end, it may do so at any time.

#### Principal Risks
The fund may not achieve its objective(s), and it is not intended to be a complete investment program. The value of the fund's investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund's investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. Purchase and redemption activities by fund shareholders may impact the management of the fund and its ability to achieve its investment objective(s). The principal risks of investing in the fund are identified below (in alphabetical order after the first four risks).

> ***Market Volatility Risk:*** The value of the securities in the fund may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional or global events such as war or military conflict (e.g., Russia's invasion of Ukraine), geopolitical risk, acts of terrorism, the spread of infectious illness or other public health issue, recessions, tariffs and other restrictions on trade, or the threat or potential of one or more such events and developments, could have a significant impact on the fund and its investments, including hampering the ability of the fund's portfolio manager(s) to invest the fund's assets as intended.

> ***Issuer Risk:*** The fund will be affected by factors specific to the issuers of securities and other instruments in which the fund invests, including actual or perceived changes in the financial condition or business prospects of such issuers.

> ***Equity Securities Risk:*** The value of the stocks held by the fund may be negatively affected by the financial market, industries in which the fund invests, or issuer-specific events. Focus on a particular style or in small or medium-sized companies may enhance that risk.

> ***Small and Medium Market Capitalization Companies Risk:*** The fund's investments in small and medium market capitalization companies may increase the volatility and risk of loss to the fund, as compared with investments in larger, more established companies.

> ***Value Stocks Risk:*** The fund may underperform when value investing is out of favor or the fund's investments may not appreciate in value as anticipated.

> ***Counterparty Risk:*** There is risk that a party upon whom the fund relies to complete a transaction will default.

> ***Credit Risk:*** If the issuer of a debt instrument fails to pay interest or principal in a timely manner, or negative perceptions exist in the market of the issuer's ability to make such payments, the price of the security may decline.

> ***Currency Rate Risk:*** Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect the value of the fund's shares.

> ***Depositary Receipts Risk:*** Investments in foreign companies through depositary receipts may expose the fund to the same risks as direct investments in securities of foreign issuers.

> ***Derivatives Risk:*** Derivatives and other similar instruments (collectively referred to in this section as "derivatives") may include, among other things, futures, options, forwards and swap agreements and may be used in order to hedge portfolio risks, create leverage or attempt to increase returns. Investments in derivatives may result in increased volatility and the fund may incur a loss greater than its principal investment.

> ***Emerging Market Risk:*** Emerging markets securities may be more volatile, or more greatly affected by negative conditions, than those of their counterparts in more established foreign markets. Such securities may also be subject to Sanctions Risk.

> ***Sanctions Risk:*** The imposition of sanctions and other similar measures could cause a decline in the value and/or liquidity of securities issued by or tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of transactions, and negatively impact the fund's liquidity and performance.

> ***Focused Investment Risk:*** To the extent the fund focuses its investments on a limited number of issuers, sectors, industries, geographic regions or portfolio themes, it may be subject to increased risk and volatility.

<br> Virtus NFJ Mid-Cap Value Fund 33

------

> ***Foreign Investing Risk:*** Investing in foreign securities subjects the fund to additional risks such as increased volatility; currency fluctuations; less liquidity; less publicly available information about the foreign investment; and political, regulatory, economic, and market risk.

#### > Liquidity Risk: Certain instruments may be difficult or impossible to sell at a time and price beneficial to the fund.
> ***Portfolio Turnover Risk:*** The fund's principal investment strategies may result in a high portfolio turnover rate. See the "Portfolio Turnover" section above for more information about the impact that portfolio turnover can have on your investment.

> ***Preferred Stocks Risk:*** Preferred stocks may decline in price, fail to pay dividends when expected, or be illiquid.

> ***Real Estate Investment Risk:*** The fund may be negatively affected by changes in real estate values or economic conditions, credit risk and interest rate fluctuations, changes in the value of the underlying real estate and defaults by lessees and/or borrowers.

> ***Redemption Risk:*** One or more large shareholders or groups of shareholders may redeem their holdings in the fund, resulting in an adverse impact on remaining shareholders in the fund by causing the fund to take actions it would not otherwise have taken. The effects of taxable gains resulting from large redemptions of fund shares would particularly impact non-redeeming shareholders who do not hold their fund shares in a tax-advantaged or tax-exempt vehicle. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the fund's NAV and liquidity. In addition, a large redemption could result in the fund's current expenses being allocated over a smaller asset base, leading to an increase in the fund's expense ratio.

*Please see "More Information About Risks of Investing in the Funds" in the fund's prospectus for a more detailed description of the fund's risks.*

#### Performance Information
The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund's past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows changes in the fund's performance from year to year over a 10-year period. The table shows how the fund's average annual returns compare to those of a broad-based securities market index and a style-specific index that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.

---

| |
|:---|
| **Calendar year total returns for Institutional Class Shares**  |
| Returns do not reflect sales charges applicable to other share classes and would be lower if they did. |

---

![PerformanceBarChartData(2015:-3.09, 2016:17.24, 2017:27.05, 2018:-15.99, 2019:29.42, 2020:1.32, 2021:26.37, 2022:-12.74, 2023:16.65, 2024:3.91)](img_0df77cbfcb924f2.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Best Quarter: | 2020, Q2: | 16.58% | Worst Quarter: | 2020, Q1: | -28.04% | Year to Date (9/30/2025): | 5.00% |

---

<br> 34 Virtus NFJ Mid-Cap Value Fund

------

**Average Annual Total Returns** (for the periods ended 12/31/24)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  |  | **Since <br>Inception** |
|  |  |  |  | **Class R6** |
| **Class** | **1 Year** | **5 Years** | **10 Years** | **(12/18/2017)** |
| Institutional Class Shares |  |  |  |  |
| Return Before Taxes | 3.91% | 6.25% | 7.83% |  |
| Return After Taxes on Distributions | 3.47% | 3.73% | 5.74% |  |
| Return After Taxes on Distributions and Sale of Fund Shares | 2.63% | 4.28% | 5.67% |  |
| Class A Shares |  |  |  |  |
| Return Before Taxes | -2.12% | 4.69% | 6.85% |  |
| Class C Shares |  |  |  |  |
| Return Before Taxes | 2.76% | 5.09% | 6.65% |  |
| Class R6 Shares |  |  |  |  |
| Return Before Taxes | 3.96% | 6.31% |  | 5.64% |
| **Index** |  |  |  |  |
| FT Wilshire 5000 Index (reflects no deduction for fees, expenses or taxes) | 23.76% | 14.10% | 12.73% | 13.15% |
| Russell Midcap<sup>®</sup> Value Index (reflects no deduction for fees, expenses or taxes) | 13.07% | 8.59% | 8.10% | 7.69% |

---

The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged and not available for direct investment.

The Russell Midcap<sup>®</sup> Value Index is a free float-adjusted market capitalization-weighted index of medium-capitalization, value-oriented stocks. Effective March 24, 2025, the index applies a capping methodology. Index constituents are capped quarterly so that no more than 22.5% of the index weight may be allocated to a single constituent, and the sum of the weights of all constituents representing more than 4.5% of the index should not exceed 45% of the total index weight. For periods prior to March 24, 2025, the index was uncapped. The index is calculated on a total-return basis with dividends reinvested. The index is unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.

#### Management
The fund's investment adviser is Virtus Investment Advisers, LLC (formerly known as Virtus Investment Advisers, Inc.) ("VIA").

The fund's subadviser is NFJ Investment Group, LLC ("NFJ").

#### Portfolio Management
The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

> ***Paul A. Magnuson,*** senior portfolio manager, analyst, and managing director for the NFJ Investment team, has managed the fund since 2009.

> ***Kris P. Marca, CFA,*** portfolio manager, analyst, and director for the NFJ Investment team, has managed the fund since October 2023.

> ***John R. Mowrey, CFA,*** senior portfolio manager, analyst, executive managing director, and Chief Investment Officer for the NFJ Investment team, has managed the fund since 2014.

> ***Jeff N. Reed, CFA, CMT, FDP,*** senior portfolio manager, analyst, and managing director for the NFJ Investment team, has managed the fund since 2011.

> ***J. Garth Reilly,*** senior portfolio manager, analyst, and managing director for the NFJ Investment team, has managed the fund since 2020.

#### Purchase and Sale of Fund Shares
As previously disclosed, on January 21, 2026, Class C Shares of the fund will no longer be available for purchase by new or existing shareholders, except by existing shareholders through reinvestment of dividends and/or capital gain distributions. More information is available in the "How to Buy Shares" section of the fund's prospectus.

Minimum initial investments applicable to Class A and Class C Shares:

 $2,500, generally

 $100 for Individual Retirement Accounts (IRAs), systematic purchase or exchange accounts

 No minimum for defined contribution plans, asset-based fee programs, profit-sharing plans or employee benefit plans.

<br> Virtus NFJ Mid-Cap Value Fund 35

------

Minimum additional investments applicable to Class A and Class C Shares:

 $100, generally

 No minimum for defined contribution plans, asset-based fee programs, profit-sharing plans or employee benefit plans.

For Institutional Class shares, the minimum initial investment in the fund is $1,000,000 and no minimum is needed to add to an existing account, though minimums may be modified for certain financial intermediaries that aggregate trades on behalf of investors.

Class R6 Shares are offered without a minimum initial investment to the following investors in plan level or omnibus accounts only (provided that they do not require or receive any compensation, administrative payments, sub-transfer agency payments or service payments with respect to Class R6 Shares): (i) qualified retirement plans, including, but not limited to, 401(k) plans, 457 plans, employer sponsored 403(b) plans, and defined benefit plans; (ii) banks and trust companies; (iii) insurance companies; (iv) financial intermediaries utilizing such shares in fee-based investment advisory programs; (v) registered investment companies; (vi) 529 portfolios that are advised or sub-advised by Virtus affiliates; and (vii) non-qualified deferred compensation plans. Other institutional investors may be permitted to purchase Class R6 Shares subject to the fund's determination of eligibility and may be subject to a $2,500,000 minimum initial investment requirement.

The minimums may be reduced or waived in some circumstances. In general, you may buy or sell shares of the fund by mail or telephone on any business day. You also may buy and sell shares through a financial professional, broker-dealer or other financial intermediary.

#### Taxes
The fund's distributions are taxable to you as either ordinary income or capital gains, except when your investment is through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Such tax-deferred arrangements may be taxed later upon withdrawal of monies from those arrangements.

#### Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial professional to recommend the fund over another investment.

No compensation, administrative payments, sub-transfer agency payments or service payments are paid to brokers or other entities from fund assets or the Distributor's or an affiliate's resources on sales of or investments in Class R6 Shares. Class R6 Shares do not carry sales commissions or pay Rule 12b-1 fees, or make payments to brokers or other entities to assist in, or in connection with, the sale of the fund's shares. Ask your financial professional or visit your financial intermediary's website for more information.

<br> 36 Virtus NFJ Mid-Cap Value Fund

------

**Virtus NFJ Small-Cap Value Fund**

#### Investment Objective
The fund seeks long-term growth of capital and income.

#### Fees and Expenses
The tables below illustrate the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales charge discounts in Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Funds. More information on these and other discounts is available: (i) from your financial professional or other financial intermediary; (ii) under "Sales Charges" on page 93 of the fund's prospectus; and (iii) with respect to purchase of shares through specific intermediaries, in Appendix A to the fund's prospectus, entitled "Intermediary Sales Charge Discounts and Waivers."

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shareholder Fees *(fees paid directly from your investment)*** | **Class A** | **Class C** | **Institutional** | **Class R6** |
| Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) | 5.50% |  |  |  |
| Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds)  |  | 1.00%<sup>(a)</sup> |  |  |
| **Annual Fund Operating Expenses *(expenses that you pay each year as* <br>*a percentage of the value of your investment)*** | **Class A** | **Class C** | **Institutional** | **Class R6** |
| Management Fees | 0.60% | 0.60% | 0.60% | 0.60% |
| Distribution and Shareholder Servicing (12b-1) Fees | 0.25% | 1.00% |  |  |
| Other Expenses | 0.39% | 0.43% | 0.31% | 0.22% |
| Total Annual Fund Operating Expenses | 1.24% | 2.03% | 0.91% | 0.82% |
| Less: Fee Waiver and/or Expense Reimbursement<sup>(b)</sup> | (0.07)% | (0.11)% | (0.09)% | (0.05)% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(b)</sup> | 1.17% | 1.92% | 0.82% | 0.77% |

---

(a) The deferred sales
charge is imposed on Class C Shares redeemed during the first year only.

(b) The fund's investment adviser has contractually agreed to limit the fund's
total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales
charges, taxes, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on
credit or redemption facilities), interest, brokerage commissions, expenses incurred in connection with
any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired
fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 1.17% for
Class A Shares, 1.92% for Class C Shares, 0.82% for Institutional Class Shares and 0.77% for Class R6
Shares through October 31, 2026. Prior to October 31, 2026, only the fund's Board may modify or
terminate the expense limitation agreement. Following the contractual period, the adviser may discontinue
these expense reimbursement arrangements at any time. Under certain conditions, the adviser may recapture
operating expenses reimbursed and/or fees waived under these arrangements for a period of three years
following the date such waiver or reimbursement occurred, provided that the recapture does not cause
the fund to exceed its expense limit in effect at the time of the waiver or reimbursement, and any in
effect at the time of recapture, after repayment is taken into account.

#### Example
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods or continued to hold them. The example also assumes that your investment has a 5% return each year, that the fund's operating expenses remain the same and that the expense reimbursement agreement remains in place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class**  | **Share Status** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A  | Sold or Held | $663 | $915 | $1187 | $1962 |
| Class C  | Sold | $295 | $626 | $1083 | $2350 |
|  | Held | $195 | $626 | $1083 | $2350 |
| Institutional Class  | Sold or Held | $84 | $281 | $495 | $1111 |
| Class R6  | Sold or Held | $79 | $257 | $450 | $1009 |

---

#### Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 48% of the average value of its portfolio.

<br> Virtus NFJ Small-Cap Value Fund 37

------

#### Investments, Risks and Performance

#### Principal Investment Strategies
The fund seeks to achieve its investment objective by normally investing at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks and other equity securities of companies with smaller market capitalizations. The fund currently considers smaller market capitalization companies to be companies with market capitalizations of between $100 million and the greater of $4 billion or the capitalization of the largest company in the Russell 2000 Index. As of June 30, 2025, the market capitalization of the largest company in the Russell 2000 Index was $15.72 billion. The fund may continue to hold securities of a portfolio company that subsequently appreciates above the smaller market capitalization threshold, including in situations where such securities continue to trade at valuations the portfolio managers consider attractive. Because of this, the fund may have less than 80% of its net assets in smaller market capitalization stocks at any given time. The fund normally invests significantly in securities of companies that the portfolio managers expect will generate income (for example, by paying dividends). The portfolio managers use a value investing style focusing on companies whose securities the portfolio managers believe have attractive valuation and fundamental strength. The portfolio managers use initial parameters and quantitative tools to narrow the fund's selection universe and also review and consider fundamental changes. After narrowing the universe through a combination of qualitative analysis and fundamental research, the portfolio managers select securities for the fund. In addition to common stocks and other equity securities (such as preferred stocks, convertible securities and warrants), the fund may invest a substantial portion of its assets in real estate investment trusts (REITs). The fund may also invest a portion of its assets in non-U.S. securities (including through American Depositary Receipts (ADRs)), including emerging market securities. The fund may utilize foreign currency exchange contracts, options, stock index futures contracts and other derivative instruments. Although the fund did not invest significantly in derivative instruments as of the most recent fiscal year end, it may do so at any time.

#### Principal Risks
The fund may not achieve its objective(s), and it is not intended to be a complete investment program. The value of the fund's investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund's investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. Purchase and redemption activities by fund shareholders may impact the management of the fund and its ability to achieve its investment objective(s). The principal risks of investing in the fund are identified below (in alphabetical order after the first five risks).

> ***Market Volatility Risk:*** The value of the securities in the fund may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional or global events such as war or military conflict (e.g., Russia's invasion of Ukraine), geopolitical risk, acts of terrorism, the spread of infectious illness or other public health issue, recessions, tariffs and other restrictions on trade, or the threat or potential of one or more such events and developments, could have a significant impact on the fund and its investments, including hampering the ability of the fund's portfolio manager(s) to invest the fund's assets as intended.

> ***Issuer Risk:*** The fund will be affected by factors specific to the issuers of securities and other instruments in which the fund invests, including actual or perceived changes in the financial condition or business prospects of such issuers.

> ***Equity Securities Risk:*** The value of the stocks held by the fund may be negatively affected by the financial market, industries in which the fund invests, or issuer-specific events. Focus on a particular style or in small or medium-sized companies may enhance that risk.

> ***Small and Medium Market Capitalization Companies Risk:*** The fund's investments in small and medium market capitalization companies may increase the volatility and risk of loss to the fund, as compared with investments in larger, more established companies.

> ***Value Stocks Risk:*** The fund may underperform when value investing is out of favor or the fund's investments may not appreciate in value as anticipated.

> ***Real Estate Investment Risk:*** The fund may be negatively affected by changes in real estate values or economic conditions, credit risk and interest rate fluctuations, changes in the value of the underlying real estate and defaults by lessees and/or borrowers.

> ***Counterparty Risk:*** There is risk that a party upon whom the fund relies to complete a transaction will default.

> ***Credit Risk:*** If the issuer of a debt instrument fails to pay interest or principal in a timely manner, or negative perceptions exist in the market of the issuer's ability to make such payments, the price of the security may decline.

> ***Currency Rate Risk:*** Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect the value of the fund's shares.

> ***Depositary Receipts Risk:*** Investments in foreign companies through depositary receipts may expose the fund to the same risks as direct investments in securities of foreign issuers.

> ***Derivatives Risk:*** Derivatives and other similar instruments (collectively referred to in this section as "derivatives") may include, among other things, futures, options, forwards and swap agreements and may be used in order to hedge portfolio risks, create leverage or attempt to increase returns. Investments in derivatives may result in increased volatility and the fund may incur a loss greater than its principal investment.

> ***Emerging Market Risk:*** Emerging markets securities may be more volatile, or more greatly affected by negative conditions, than those of their counterparts in more established foreign markets. Such securities may also be subject to Sanctions Risk.

> ***Sanctions Risk:*** The imposition of sanctions and other similar measures could cause a decline in the value and/or liquidity of securities issued by or tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of transactions, and negatively impact the fund's liquidity and performance.

<br> 38 Virtus NFJ Small-Cap Value Fund

------

> ***Focused Investment Risk:*** To the extent the fund focuses its investments on a limited number of issuers, sectors, industries, geographic regions or portfolio themes, it may be subject to increased risk and volatility.

> ***Foreign Investing Risk:*** Investing in foreign securities subjects the fund to additional risks such as increased volatility; currency fluctuations; less liquidity; less publicly available information about the foreign investment; and political, regulatory, economic, and market risk.

#### > Liquidity Risk: Certain instruments may be difficult or impossible to sell at a time and price beneficial to the fund.
> ***Portfolio Turnover Risk:*** The fund's principal investment strategies may result in a high portfolio turnover rate. See the "Portfolio Turnover" section above for more information about the impact that portfolio turnover can have on your investment.

> ***Redemption Risk:*** One or more large shareholders or groups of shareholders may redeem their holdings in the fund, resulting in an adverse impact on remaining shareholders in the fund by causing the fund to take actions it would not otherwise have taken. The effects of taxable gains resulting from large redemptions of fund shares would particularly impact non-redeeming shareholders who do not hold their fund shares in a tax-advantaged or tax-exempt vehicle. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the fund's NAV and liquidity. In addition, a large redemption could result in the fund's current expenses being allocated over a smaller asset base, leading to an increase in the fund's expense ratio.

*Please see "More Information About Risks of Investing in the Funds" in the fund's prospectus for a more detailed description of the fund's risks.*

#### Performance Information
The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund's past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows changes in the fund's performance from year to year over a 10-year period. The table shows how the fund's average annual returns compare to those of a broad-based securities market index and a style-specific index that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.

---

| |
|:---|
| **Calendar year total returns for Institutional Class Shares**  |
| Returns do not reflect sales charges applicable to other share classes and would be lower if they did. |

---

![PerformanceBarChartData(2015:-7.93, 2016:23.42, 2017:10.02, 2018:-19.03, 2019:24.79, 2020:-4.32, 2021:24.74, 2022:-16.01, 2023:23.53, 2024:6.03)](img_f0aa889e4dbd4f2.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Best Quarter: | 2020, Q4: | 23.37% | Worst Quarter: | 2020, Q1: | -32.42% | Year to Date (9/30/2025): | 0.19% |

---

**Average Annual Total Returns** (for the periods ended 12/31/24)

---

| | | | |
|:---|:---|:---|:---|
| **Class** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class Shares |  |  |  |
| Return Before Taxes | 6.03% | 5.60% | 5.19% |
| Return After Taxes on Distributions | 5.03% | 3.67% | 2.36% |
| Return After Taxes on Distributions and Sale of Fund Shares | 4.12% | 3.98% | 3.31% |
| Class A Shares |  |  |  |
| Return Before Taxes | -0.16% | 4.04% | 4.22% |
| Class C Shares |  |  |  |
| Return Before Taxes | 4.96% | 4.46% | 4.04% |
| Class R6 Shares |  |  |  |
| Return Before Taxes | 6.07% | 5.65% | 5.24% |
| **Index** |  |  |  |
| FT Wilshire 5000 Index (reflects no deduction for fees, expenses or taxes) | 23.76% | 14.10% | 12.73% |
| Russell 2000<sup>®</sup> Value Index (reflects no deduction for fees, expenses or taxes) | 8.05% | 7.29% | 7.14% |

---

<br> Virtus NFJ Small-Cap Value Fund 39

------

The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged and not available for direct investment.

The Russell 2000<sup>®</sup> Value Index is a free float-adjusted market capitalization-weighted index of value-oriented stocks of the smallest 2,000 companies in the Russell universe, which comprises the 3,000 largest U.S. companies. Effective March 24, 2025, the index applies a capping methodology. Index constituents are capped quarterly so that no more than 22.5% of the index weight may be allocated to a single constituent, and the sum of the weights of all constituents representing more than 4.5% of the index should not exceed 45% of the total index weight. For periods prior to March 24, 2025, the index was uncapped. The index is calculated on a total-return basis with dividends reinvested. The index is unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.

#### Management
The fund's investment adviser is Virtus Investment Advisers, LLC (formerly known as Virtus Investment Advisers, Inc.) ("VIA").

The fund's subadviser is NFJ Investment Group, LLC ("NFJ").

#### Portfolio Management
The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

> ***Paul A. Magnuson,*** senior portfolio manager, analyst, and managing director for the NFJ Investment team, has managed the fund since 1995.

> ***Kris P. Marca, CFA,*** portfolio manager, analyst, and director for the NFJ Investment team, has managed the fund since October 2023.

> ***John R. Mowrey, CFA,*** senior portfolio manager, analyst, executive managing director, and Chief Investment Officer for the NFJ Investment team, has managed the fund since 2013.

> ***Jeff N. Reed, CFA, CMT, FDP,*** senior portfolio manager, analyst, and managing director for the NFJ Investment team, has managed the fund since 2018.

> ***J. Garth Reilly,*** senior portfolio manager, analyst, and managing director for the NFJ Investment team, has managed the fund since 2020.

#### Purchase and Sale of Fund Shares
As previously disclosed, on January 21, 2026, Class C Shares of the fund will no longer be available for purchase by new or existing shareholders, except by existing shareholders through reinvestment of dividends and/or capital gain distributions. More information is available in the "How to Buy Shares" section of the fund's prospectus.

On January 26, 2026, Class C will be eliminated as a share class of the fund and existing Class C Shares will be converted to Class A Shares of the fund.

Minimum initial investments applicable to Class A and Class C Shares:

 $2,500, generally

 $100 for Individual Retirement Accounts (IRAs), systematic purchase or exchange accounts

 No minimum for defined contribution plans, asset-based fee programs, profit-sharing plans or employee benefit plans.

Minimum additional investments applicable to Class A and Class C Shares:

 $100, generally

 No minimum for defined contribution plans, asset-based fee programs, profit-sharing plans or employee benefit plans.

For Institutional Class shares, the minimum initial investment in the fund is $1,000,000 and no minimum is needed to add to an existing account, though minimums may be modified for certain financial intermediaries that aggregate trades on behalf of investors.

Class R6 Shares are offered without a minimum initial investment to the following investors in plan level or omnibus accounts only (provided that they do not require or receive any compensation, administrative payments, sub-transfer agency payments or service payments with respect to Class R6 Shares): (i) qualified retirement plans, including, but not limited to, 401(k) plans, 457 plans, employer sponsored 403(b) plans, and defined benefit plans; (ii) banks and trust companies; (iii) insurance companies; (iv) financial intermediaries utilizing such shares in fee-based investment advisory programs; (v) registered investment companies; (vi) 529 portfolios that are advised or sub-advised by Virtus affiliates; and (vii) non-qualified deferred compensation plans. Other institutional investors may be permitted to purchase Class R6 Shares subject to the fund's determination of eligibility and may be subject to a $2,500,000 minimum initial investment requirement.

The minimums may be reduced or waived in some circumstances. In general, you may buy or sell shares of the fund by mail or telephone on any business day. You also may buy and sell shares through a financial professional, broker-dealer or other financial intermediary.

#### Taxes
The fund's distributions are taxable to you as either ordinary income or capital gains, except when your investment is through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Such tax-deferred arrangements may be taxed later upon withdrawal of monies from those arrangements.

<br> 40 Virtus NFJ Small-Cap Value Fund

------

#### Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial professional to recommend the fund over another investment.

No compensation, administrative payments, sub-transfer agency payments or service payments are paid to brokers or other entities from fund assets or the Distributor's or an affiliate's resources on sales of or investments in Class R6 Shares. Class R6 Shares do not carry sales commissions or pay Rule 12b-1 fees, or make payments to brokers or other entities to assist in, or in connection with, the sale of the fund's shares. Ask your financial professional or visit your financial intermediary's website for more information.

<br> Virtus NFJ Small-Cap Value Fund 41

------

**Virtus Silvant Focused Growth Fund**

#### Investment Objective
The fund seeks long-term capital appreciation.

#### Fees and Expenses
The tables below illustrate the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales charge discounts in Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Funds. More information on these and other discounts is available: (i) from your financial professional or other financial intermediary; (ii) under "Sales Charges" on page 93 of the fund's prospectus; and (iii) with respect to purchase of shares through specific intermediaries, in Appendix A to the fund's prospectus, entitled "Intermediary Sales Charge Discounts and Waivers."

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shareholder Fees *(fees paid directly from your investment)*** | **Class A** | **Class C** | **Institutional** | **Class R6** |
| Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) | 5.50% |  |  |  |
| Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds)  |  | 1.00%<sup>(a)</sup> |  |  |
| **Annual Fund Operating Expenses *(expenses that you pay each year as* <br>*a percentage of the value of your investment)*** | **Class A** | **Class C** | **Institutional** | **Class R6** |
| Management Fees | 0.45% | 0.45% | 0.45% | 0.45% |
| Distribution and Shareholder Servicing (12b-1) Fees | 0.25% | 1.00% |  |  |
| Other Expenses | 0.26% | 0.27% | 0.26% | 0.18% |
| Total Annual Fund Operating Expenses | 0.96% | 1.72% | 0.71% | 0.63% |
| Less: Fee Waiver and/or Expense Reimbursement<sup>(b)</sup> |  |  | (0.04)% | (0.01)% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(b)</sup> | 0.96% | 1.72% | 0.67% | 0.62% |

---

(a) The deferred sales
charge is imposed on Class C Shares redeemed during the first year only.

(b) The fund's investment adviser has contractually agreed to limit the fund's
total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales
charges, taxes, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on
credit or redemption facilities), interest, brokerage commissions, expenses incurred in connection with
any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired
fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 0.67% for
Institutional Class Shares and 0.62% for Class R6 Shares through October 31, 2026. Prior to October 31,
2026, only the fund's Board may modify or terminate the expense limitation agreement. Following
the contractual period, the adviser may discontinue these expense reimbursement arrangements at any time.
Under certain conditions, the adviser may recapture operating expenses reimbursed and/or fees waived
under these arrangements for a period of three years following the date such waiver or reimbursement
occurred, provided that the recapture does not cause the fund to exceed its expense limit in effect at
the time of the waiver or reimbursement, and any in effect at the time of recapture, after repayment
is taken into account.

#### Example
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods or continued to hold them. The example also assumes that your investment has a 5% return each year, that the fund's operating expenses remain the same and that the expense reimbursement agreement remains in place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class**  | **Share Status** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A  | Sold or Held | $643 | $839 | $1052 | $1663 |
| Class C  | Sold | $275 | $542 | $933 | $2030 |
|  | Held | $175 | $542 | $933 | $2030 |
| Institutional Class  | Sold or Held | $68 | $223 | $391 | $879 |
| Class R6  | Sold or Held | $63 | $201 | $350 | $785 |

---

#### Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 20% of the average value of its portfolio.

<br> 42 Virtus Silvant Focused Growth Fund

------

#### Investments, Risks and Performance

#### Principal Investment Strategies
The fund seeks to achieve its investment objective by normally investing primarily in equity securities of U.S. companies with market capitalizations of at least $1 billion. The fund is "non-diversified," which means that it may invest a significant portion of its assets in a relatively small number of issuers, which may increase risk. The fund may also invest up to 20% of its assets in non-U.S. securities (but no more than 10% in any one non-U.S. country), including through American Depositary Receipts (ADRs). In addition to common stocks and other equity securities (such as preferred stocks, convertible securities and warrants), the fund may invest in securities issued in initial public offerings (IPOs) and real estate investment trusts (REITs). At times, depending on market conditions, the fund may also invest a significant percentage of its assets in a small number of business sectors or industries. The portfolio managers typically select 25 to 35 stocks for the fund's portfolio.

The portfolio managers attempt to include securities in the fund's portfolio that exhibit the greatest combination of earnings growth potential, quality (as reflected in consistent business fundamentals) and attractive valuation. The portfolio managers ordinarily look for several of the following characteristics when analyzing specific companies for possible investments: higher than average growth and strong potential for capital appreciation; substantial capacity for growth in revenue, cash flow or earnings through either an expanding market or expanding market share; a strong balance sheet; superior management; strong commitment to research and product development; and differentiated or superior products and services or a steady stream of new products and services.

#### Principal Risks
The fund may not achieve its objective(s), and it is not intended to be a complete investment program. The value of the fund's investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund's investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. Purchase and redemption activities by fund shareholders may impact the management of the fund and its ability to achieve its investment objective(s). The principal risks of investing in the fund are identified below (in alphabetical order after the first four risks).

> ***Market Volatility Risk:*** The value of the securities in the fund may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional or global events such as war or military conflict (e.g., Russia's invasion of Ukraine), geopolitical risk, acts of terrorism, the spread of infectious illness or other public health issue, recessions, tariffs and other restrictions on trade, or the threat or potential of one or more such events and developments, could have a significant impact on the fund and its investments, including hampering the ability of the fund's portfolio manager(s) to invest the fund's assets as intended.

> ***Issuer Risk:*** The fund will be affected by factors specific to the issuers of securities and other instruments in which the fund invests, including actual or perceived changes in the financial condition or business prospects of such issuers.

> ***Equity Securities Risk:*** The value of the stocks held by the fund may be negatively affected by the financial market, industries in which the fund invests, or issuer-specific events. Focus on a particular style or in small or medium-sized companies may enhance that risk.

> ***Growth Stocks Risk:*** The fund's investments in growth stocks may be more volatile than investments in other types of stocks, or may perform differently from the market as a whole and from other types of stocks.

> ***Focused Investment Risk:*** To the extent the fund focuses its investments on a limited number of issuers, sectors, industries, geographic regions or portfolio themes, it may be subject to increased risk and volatility.

> ***Currency Rate Risk:*** Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect the value of the fund's shares.

> ***Depositary Receipts Risk:*** Investments in foreign companies through depositary receipts may expose the fund to the same risks as direct investments in securities of foreign issuers.

> ***Foreign Investing Risk:*** Investing in foreign securities subjects the fund to additional risks such as increased volatility; currency fluctuations; less liquidity; less publicly available information about the foreign investment; and political, regulatory, economic, and market risk.

> ***IPO Risk:*** Securities purchased in initial public offerings have no trading history, limited issuer information and increased volatility.

#### > Liquidity Risk: Certain instruments may be difficult or impossible to sell at a time and price beneficial to the fund.
> ***Non-Diversification Risk:*** The fund is not diversified and may be more susceptible to factors negatively impacting its holdings to the extent the fund invests more of its assets in the securities of fewer issuers than would a diversified fund.

> ***Portfolio Turnover Risk:*** The fund's principal investment strategies may result in a high portfolio turnover rate. See the "Portfolio Turnover" section above for more information about the impact that portfolio turnover can have on your investment.

> ***Preferred Stocks Risk:*** Preferred stocks may decline in price, fail to pay dividends when expected, or be illiquid.

> ***Real Estate Investment Risk:*** The fund may be negatively affected by changes in real estate values or economic conditions, credit risk and interest rate fluctuations, changes in the value of the underlying real estate and defaults by lessees and/or borrowers.

> ***Redemption Risk:*** One or more large shareholders or groups of shareholders may redeem their holdings in the fund, resulting in an adverse impact on remaining shareholders in the fund by causing the fund to take actions it would not otherwise have taken. The effects of taxable gains resulting from large redemptions of fund shares would particularly impact non-redeeming shareholders who do not hold their fund shares in a tax-advantaged or tax-exempt vehicle. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a fund to sell portfolio securities at

<br> Virtus Silvant Focused Growth Fund 43

------

times when it would not otherwise do so, which may negatively impact the fund's NAV and liquidity. In addition, a large redemption could result in the fund's current expenses being allocated over a smaller asset base, leading to an increase in the fund's expense ratio.

*Please see "More Information About Risks of Investing in the Funds" in the fund's prospectus for a more detailed description of the fund's risks.*

#### Performance Information
The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund's past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. The current subadviser commenced providing services for the fund in July 2022 and therefore the returns shown in the table for periods prior to that date reflect the performance of other investment professionals.

The bar chart shows changes in the fund's performance from year to year over a 10-year period. The table shows how the fund's average annual returns compare to those of a broad-based securities market index and a style-specific index that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.

---

| |
|:---|
| **Calendar year total returns for Institutional Class Shares**  |
| Returns do not reflect sales charges applicable to other share classes and would be lower if they did. |

---

![PerformanceBarChartData(2015:10.46, 2016:1.84, 2017:31.88, 2018:-5.36, 2019:34.29, 2020:48.99, 2021:22.09, 2022:-34.35, 2023:53.94, 2024:37.15)](img_848e324fafec4f2.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Best Quarter: | 2020, Q2: | 30.97% | Worst Quarter: | 2022, Q2: | -23.08% | Year to Date (9/30/2025): | 17.63% |

---

**Average Annual Total Returns** (for the periods ended 12/31/24)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  |  | **Since <br>Inception** |
|  |  |  |  | **Class R6** |
| **Class** | **1 Year** | **5 Years** | **10 Years** | **(12/14/2015)** |
| Institutional Class Shares |  |  |  |  |
| Return Before Taxes | 37.15% | 20.32% | 16.87% |  |
| Return After Taxes on Distributions | 35.56% | 17.74% | 14.56% |  |
| Return After Taxes on Distributions and Sale of Fund Shares | 23.13% | 15.79% | 13.37% |  |
| Class A Shares |  |  |  |  |
| Return Before Taxes | 29.24% | 18.62% | 15.85% |  |
| Class C Shares |  |  |  |  |
| Return Before Taxes | 35.71% | 19.06% | 15.62% |  |
| Class R6 Shares |  |  |  |  |
| Return Before Taxes | 37.21% | 20.38% |  | 17.66% |
| **Index** |  |  |  |  |
| FT Wilshire 5000 Index (reflects no deduction for fees, expenses or taxes) | 23.76% | 14.10% | 12.73% | 14.23% |
| Russell 1000<sup>®</sup> Growth Index (reflects no deduction for fees, expenses or taxes) | 33.36% | 18.96% | 16.78% | 18.06% |

---

The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged and not available for direct investment.

The Russell 1000<sup>®</sup> Growth Index is a free float-adjusted market capitalization-weighted index of growth-oriented stocks of the 1,000 largest companies in the Russell universe, which comprises the 3,000 largest U.S. companies. Effective March 24, 2025, the index applies a capping methodology. Index constituents are capped quarterly so that no more than 22.5% of the index weight may be allocated to a single constituent, and the sum of the weights of all constituents representing more than 4.5% of the index should not exceed 45% of the total index weight. For periods prior to March 24, 2025, the index was uncapped. The index is calculated on a total-return basis with dividends reinvested. The index is unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor's tax

<br> 44 Virtus Silvant Focused Growth Fund

------

situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities.

#### Management
The fund's investment adviser is Virtus Investment Advisers, LLC (formerly known as Virtus Investment Advisers, Inc.) ("VIA").

The fund's subadviser is Silvant Capital Management LLC ("Silvant") (since 2022).

#### Portfolio Management
The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

> ***Brandi Allen,*** managing director and portfolio manager of Silvant. Ms. Allen has served as a portfolio manager of the fund since 2022.

> ***Sandeep Bhatia, Ph.D, CFA,*** Managing Director and Senior Portfolio Manager of Silvant. Mr. Bhatia has served as a Portfolio Manager of the fund since 2022.

> ***Michael A. Sansoterra,*** Chief Investment Officer and Senior Portfolio Manager of Silvant. Mr. Sansoterra has served as a Portfolio Manager of the fund since 2022.

#### Purchase and Sale of Fund Shares
As previously disclosed, on January 21, 2026, Class C Shares of the fund will no longer be available for purchase by new or existing shareholders, except by existing shareholders through reinvestment of dividends and/or capital gain distributions. More information is available in the "How to Buy Shares" section of the fund's prospectus.

Minimum initial investments applicable to Class A and Class C Shares:

 $2,500, generally

 $100 for Individual Retirement Accounts (IRAs), systematic purchase or exchange accounts

 No minimum for defined contribution plans, asset-based fee programs, profit-sharing plans or employee benefit plans.

Minimum additional investments applicable to Class A and Class C Shares:

 $100, generally

 No minimum for defined contribution plans, asset-based fee programs, profit-sharing plans or employee benefit plans.

For Institutional Class shares, the minimum initial investment in the fund is $1,000,000 and no minimum is needed to add to an existing account, though minimums may be modified for certain financial intermediaries that aggregate trades on behalf of investors.

Class R6 Shares are offered without a minimum initial investment to the following investors in plan level or omnibus accounts only (provided that they do not require or receive any compensation, administrative payments, sub-transfer agency payments or service payments with respect to Class R6 Shares): (i) qualified retirement plans, including, but not limited to, 401(k) plans, 457 plans, employer sponsored 403(b) plans, and defined benefit plans; (ii) banks and trust companies; (iii) insurance companies; (iv) financial intermediaries utilizing such shares in fee-based investment advisory programs; (v) registered investment companies; (vi) 529 portfolios that are advised or sub-advised by Virtus affiliates; and (vii) non-qualified deferred compensation plans. Other institutional investors may be permitted to purchase Class R6 Shares subject to the fund's determination of eligibility and may be subject to a $2,500,000 minimum initial investment requirement.

The minimums may be reduced or waived in some circumstances. In general, you may buy or sell shares of the fund by mail or telephone on any business day. You also may buy and sell shares through a financial professional, broker-dealer or other financial intermediary.

#### Taxes
The fund's distributions are taxable to you as either ordinary income or capital gains, except when your investment is through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Such tax-deferred arrangements may be taxed later upon withdrawal of monies from those arrangements.

#### Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial professional to recommend the fund over another investment.

No compensation, administrative payments, sub-transfer agency payments or service payments are paid to brokers or other entities from fund assets or the Distributor's or an affiliate's resources on sales of or investments in Class R6 Shares. Class R6 Shares do not carry sales commissions or pay Rule 12b-1 fees, or make payments to brokers or other entities to assist in, or in connection with, the sale of the fund's shares. Ask your financial professional or visit your financial intermediary's website for more information.

<br> Virtus Silvant Focused Growth Fund 45

------

**Virtus Silvant Mid-Cap Growth Fund**

#### Investment Objective
The fund seeks long-term capital appreciation.

#### Fees and Expenses
The tables below illustrate the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales charge discounts in Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Funds. More information on these and other discounts is available: (i) from your financial professional or other financial intermediary; (ii) under "Sales Charges" on page 93 of the fund's prospectus; and (iii) with respect to purchase of shares through specific intermediaries, in Appendix A to the fund's prospectus, entitled "Intermediary Sales Charge Discounts and Waivers."

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shareholder Fees *(fees paid directly from your investment)*** | **Class A** | **Class C** | **Institutional** | **Class R6** |
| Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) | 5.50% |  |  |  |
| Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds)  |  | 1.00%<sup>(a)</sup> |  |  |
| **Annual Fund Operating Expenses *(expenses that you pay each year as* <br>*a percentage of the value of your investment)*** | **Class A** | **Class C** | **Institutional** | **Class R6** |
| Management Fees | 0.47% | 0.47% | 0.47% | 0.47% |
| Distribution and Shareholder Servicing (12b-1) Fees | 0.25% | 1.00% |  |  |
| Other Expenses | 0.27% | 0.31% | 0.29% | 0.20% |
| Total Annual Fund Operating Expenses | 0.99% | 1.78% | 0.76% | 0.67% |

---

(a) The deferred sales
charge is imposed on Class C Shares redeemed during the first year only.

#### Example
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class**  | **Share Status** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A  | Sold or Held | $645 | $848 | $1067 | $1696 |
| Class C  | Sold | $281 | $560 | $964 | $2095 |
|  | Held | $181 | $560 | $964 | $2095 |
| Institutional Class  | Sold or Held | $78 | $243 | $422 | $942 |
| Class R6  | Sold or Held | $68 | $214 | $373 | $835 |

---

#### Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 43% of the average value of its portfolio.

#### Investments, Risks and Performance

#### Principal Investment Strategies
The fund seeks to achieve its objective by normally investing at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks and other equity securities of medium-sized companies. The fund currently defines medium-sized companies as those having market capitalizations comparable to those companies included in the Russell Midcap Growth Index (between $833 million and $89 billion as of June 30, 2025). The fund normally invests primarily in equity securities of U.S. companies. The portfolio managers ordinarily look for companies with the following characteristics: higher than average growth and strong potential for capital appreciation; substantial capacity for growth in revenue through an expanding market or market share; a strong balance sheet; superior management; strong commitment to research and product development; differentiated or superior products and services and a notable competitive advantage. In addition to common stocks and other equity securities (such as preferred stocks, convertible securities and warrants), the fund may invest in securities issued in initial public offerings (IPOs), real estate investment trusts (REITs) and in non-U.S. securities, including through American Depositary Receipts (ADRs).

<br> 46 Virtus Silvant Mid-Cap Growth Fund

------

#### Principal Risks
The fund may not achieve its objective(s), and it is not intended to be a complete investment program. The value of the fund's investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund's investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. Purchase and redemption activities by fund shareholders may impact the management of the fund and its ability to achieve its investment objective(s). The principal risks of investing in the fund are identified below (in alphabetical order after the first five risks).

> ***Market Volatility Risk:*** The value of the securities in the fund may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional or global events such as war or military conflict (e.g., Russia's invasion of Ukraine), geopolitical risk, acts of terrorism, the spread of infectious illness or other public health issue, recessions, tariffs and other restrictions on trade, or the threat or potential of one or more such events and developments, could have a significant impact on the fund and its investments, including hampering the ability of the fund's portfolio manager(s) to invest the fund's assets as intended.

> ***Issuer Risk:*** The fund will be affected by factors specific to the issuers of securities and other instruments in which the fund invests, including actual or perceived changes in the financial condition or business prospects of such issuers.

> ***Equity Securities Risk:*** The value of the stocks held by the fund may be negatively affected by the financial market, industries in which the fund invests, or issuer-specific events. Focus on a particular style or in small or medium-sized companies may enhance that risk.

> ***Growth Stocks Risk:*** The fund's investments in growth stocks may be more volatile than investments in other types of stocks, or may perform differently from the market as a whole and from other types of stocks.

> ***Small and Medium Market Capitalization Companies Risk:*** The fund's investments in small and medium market capitalization companies may increase the volatility and risk of loss to the fund, as compared with investments in larger, more established companies.

> ***Focused Investment Risk:*** To the extent the fund focuses its investments on a limited number of issuers, sectors, industries, geographic regions or portfolio themes, it may be subject to increased risk and volatility.

> ***Currency Rate Risk:*** Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect the value of the fund's shares.

> ***Depositary Receipts Risk:*** Investments in foreign companies through depositary receipts may expose the fund to the same risks as direct investments in securities of foreign issuers.

> ***Foreign Investing Risk:*** Investing in foreign securities subjects the fund to additional risks such as increased volatility; currency fluctuations; less liquidity; less publicly available information about the foreign investment; and political, regulatory, economic, and market risk.

> ***IPO Risk:*** Securities purchased in initial public offerings have no trading history, limited issuer information and increased volatility.

#### > Liquidity Risk: Certain instruments may be difficult or impossible to sell at a time and price beneficial to the fund.
> ***Portfolio Turnover Risk:*** The fund's principal investment strategies may result in a high portfolio turnover rate. See the "Portfolio Turnover" section above for more information about the impact that portfolio turnover can have on your investment.

> ***Preferred Stocks Risk:*** Preferred stocks may decline in price, fail to pay dividends when expected, or be illiquid.

> ***Real Estate Investment Risk:*** The fund may be negatively affected by changes in real estate values or economic conditions, credit risk and interest rate fluctuations, changes in the value of the underlying real estate and defaults by lessees and/or borrowers.

> ***Redemption Risk:*** One or more large shareholders or groups of shareholders may redeem their holdings in the fund, resulting in an adverse impact on remaining shareholders in the fund by causing the fund to take actions it would not otherwise have taken. The effects of taxable gains resulting from large redemptions of fund shares would particularly impact non-redeeming shareholders who do not hold their fund shares in a tax-advantaged or tax-exempt vehicle. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the fund's NAV and liquidity. In addition, a large redemption could result in the fund's current expenses being allocated over a smaller asset base, leading to an increase in the fund's expense ratio.

*Please see "More Information About Risks of Investing in the Funds" in the fund's prospectus for a more detailed description of the fund's risks.*

#### Performance Information
The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund's past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. The current subadviser commenced providing services for the fund in July 2022 and therefore the returns shown in the table for periods prior to that date reflect the performance of other investment professionals.

The bar chart shows changes in the fund's performance from year to year over a 10-year period. The table shows how the fund's average annual returns compare to those of a broad-based securities market index and a style-specific index that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.

<br> Virtus Silvant Mid-Cap Growth Fund 47

------

---

| |
|:---|
| **Calendar year total returns for Institutional Class Shares**  |
| Returns do not reflect sales charges applicable to other share classes and would be lower if they did. |

---

![PerformanceBarChartData(2015:3.13, 2016:7.19, 2017:25.11, 2018:-10.83, 2019:41.7, 2020:55.06, 2021:15.89, 2022:-32.59, 2023:24.81, 2024:20.49)](img_f1e57d5e62704f2.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Best Quarter: | 2020, Q2: | 32.90% | Worst Quarter: | 2022, Q2: | -24.08% | Year to Date (9/30/2025): | 22.11% |

---

**Average Annual Total Returns** (for the periods ended 12/31/24)

---

| | | | |
|:---|:---|:---|:---|
| **Class** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class Shares |  |  |  |
| Return Before Taxes | 20.49% | 12.75% | 12.28% |
| Return After Taxes on Distributions | 20.49% | 10.88% | 10.26% |
| Return After Taxes on Distributions and Sale of Fund Shares | 12.13% | 9.90% | 9.50% |
| Class A Shares |  |  |  |
| Return Before Taxes | 13.50% | 11.20% | 11.31% |
| Class C Shares |  |  |  |
| Return Before Taxes | 18.93% | 11.54% | 11.08% |
| **Index** |  |  |  |
| FT Wilshire 5000 Index (reflects no deduction for fees, expenses or taxes) | 23.76% | 14.10% | 12.73% |
| Russell Midcap<sup>®</sup> Growth Index (reflects no deduction for fees, expenses or taxes) | 22.10% | 11.47% | 11.54% |

---

The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged and not available for direct investment.

The Russell Midcap<sup>®</sup> Growth Index is a free float-adjusted market capitalization-weighted index of medium-capitalization, growth-oriented stocks of U.S. companies. The index is calculated on a total-return basis with dividends reinvested. Effective March 24, 2025, the index applies a capping methodology. Index constituents are capped quarterly so that no more than 22.5% of the index weight may be allocated to a single constituent, and the sum of the weights of all constituents representing more than 4.5% of the index should not exceed 45% of the total index weight. For periods prior to March 24, 2025, the index was uncapped. The index is unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities.

#### Management
The fund's investment adviser is Virtus Investment Advisers, LLC (formerly known as Virtus Investment Advisers, Inc.) ("VIA").

The fund's subadviser is Silvant Capital Management LLC ("Silvant") (since 2022).

#### Portfolio Management
The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

> ***Sandeep Bhatia, Ph.D, CFA,*** Managing Director and Senior Portfolio Manager of Silvant. Mr. Bhatia has served as a Portfolio Manager of the fund since 2022.

> ***Michael A. Sansoterra,*** Chief Investment Officer and Senior Portfolio Manager of Silvant. Mr. Sansoterra has served as a Portfolio Manager of the fund since 2022.

> ***Sowmdeb Sen, Ph.D,*** Managing Director and Senior Portfolio Manager of Silvant. Mr. Sen has served as a portfolio manager of the fund since 2022.

<br> 48 Virtus Silvant Mid-Cap Growth Fund

------

#### Purchase and Sale of Fund Shares
As previously disclosed, on January 21, 2026, Class C Shares of the fund will no longer be available for purchase by new or existing shareholders, except by existing shareholders through reinvestment of dividends and/or capital gain distributions. More information is available in the "How to Buy Shares" section of the fund's prospectus.

Minimum initial investments applicable to Class A and Class C Shares:

 $2,500, generally

 $100 for Individual Retirement Accounts (IRAs), systematic purchase or exchange accounts

 No minimum for defined contribution plans, asset-based fee programs, profit-sharing plans or employee benefit plans.

Minimum additional investments applicable to Class A and Class C Shares:

 $100, generally

 No minimum for defined contribution plans, asset-based fee programs, profit-sharing plans or employee benefit plans.

For Institutional Class shares, the minimum initial investment in the fund is $1,000,000 and no minimum is needed to add to an existing account, though minimums may be modified for certain financial intermediaries that aggregate trades on behalf of investors.

Class R6 Shares are offered without a minimum initial investment to the following investors in plan level or omnibus accounts only (provided that they do not require or receive any compensation, administrative payments, sub-transfer agency payments or service payments with respect to Class R6 Shares): (i) qualified retirement plans, including, but not limited to, 401(k) plans, 457 plans, employer sponsored 403(b) plans, and defined benefit plans; (ii) banks and trust companies; (iii) insurance companies; (iv) financial intermediaries utilizing such shares in fee-based investment advisory programs; (v) registered investment companies; (vi) 529 portfolios that are advised or sub-advised by Virtus affiliates; and (vii) non-qualified deferred compensation plans. Other institutional investors may be permitted to purchase Class R6 Shares subject to the fund's determination of eligibility and may be subject to a $2,500,000 minimum initial investment requirement.

The minimums may be reduced or waived in some circumstances. In general, you may buy or sell shares of the fund by mail or telephone on any business day. You also may buy and sell shares through a financial professional, broker-dealer or other financial intermediary.

#### Taxes
The fund's distributions are taxable to you as either ordinary income or capital gains, except when your investment is through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Such tax-deferred arrangements may be taxed later upon withdrawal of monies from those arrangements.

#### Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial professional to recommend the fund over another investment.

No compensation, administrative payments, sub-transfer agency payments or service payments are paid to brokers or other entities from fund assets or the Distributor's or an affiliate's resources on sales of or investments in Class R6 Shares. Class R6 Shares do not carry sales commissions or pay Rule 12b-1 fees, or make payments to brokers or other entities to assist in, or in connection with, the sale of the fund's shares. Ask your financial professional or visit your financial intermediary's website for more information.

<br> Virtus Silvant Mid-Cap Growth Fund 49

------

**Virtus Small-Cap Fund**

#### Investment Objective
The fund seeks long-term capital appreciation.

#### Fees and Expenses
The tables below illustrate the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales charge discounts in Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Funds. More information on these and other discounts is available: (i) from your financial professional or other financial intermediary; (ii) under "Sales Charges" on page 93 of the fund's prospectus; and (iii) with respect to purchase of shares through specific intermediaries, in Appendix A to the fund's prospectus, entitled "Intermediary Sales Charge Discounts and Waivers."

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shareholder Fees *(fees paid directly from your investment)*** | **Class A** | **Class C** | **Institutional** | **Class R6** |
| Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) | 5.50% |  |  |  |
| Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds)  |  | 1.00%<sup>(a)</sup> |  |  |
| **Annual Fund Operating Expenses *(expenses that you pay each year as* <br>*a percentage of the value of your investment)*** | **Class A** | **Class C** | **Institutional** | **Class R6** |
| Management Fees | 0.60% | 0.60% | 0.60% | 0.60% |
| Distribution and Shareholder Servicing (12b-1) Fees | 0.25% | 1.00% |  |  |
| Other Expenses<sup>(b)</sup> | 0.37% | 0.39% | 0.39% | 0.30% |
| Total Annual Fund Operating Expenses | 1.22% | 1.99% | 0.99% | 0.90% |
| Less: Fee Waiver and/or Expense Reimbursement<sup>(c)</sup> | (0.05)% | (0.07)% | (0.17)% | (0.13)% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(c)</sup> | 1.17% | 1.92% | 0.82% | 0.77% |

---

(a) The deferred sales
charge is imposed on Class C Shares redeemed during the first year only.

(b) Expenses have been restated to reflect that the fund does not expect to incur
Acquired Fund Fees and Expenses during the current fiscal year.

(c) The fund's investment adviser has contractually agreed to limit the fund's
total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales
charges, taxes, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on
credit or redemption facilities), interest, brokerage commissions, expenses incurred in connection with
any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired
fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 1.17% for
Class A Shares, 1.92% for Class C Shares, 0.82% for Institutional Class Shares and 0.77% for Class R6
Shares through October 31, 2026. Prior to October 31, 2026, only the fund's Board may modify or
terminate the expense limitation agreement. Following the contractual period, the adviser may discontinue
these expense reimbursement arrangements at any time. Under certain conditions, the adviser may recapture
operating expenses reimbursed and/or fees waived under these arrangements for a period of three years
following the date such waiver or reimbursement occurred, provided that the recapture does not cause
the fund to exceed its expense limit in effect at the time of the waiver or reimbursement, and any in
effect at the time of recapture, after repayment is taken into account.

#### Example
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods or continued to hold them. The example also assumes that your investment has a 5% return each year, that the fund's operating expenses remain the same and that the expense reimbursement agreement remains in place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class**  | **Share Status** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A  | Sold or Held | $663 | $911 | $1179 | $1942 |
| Class C  | Sold | $295 | $618 | $1066 | $2311 |
|  | Held | $195 | $618 | $1066 | $2311 |
| Institutional Class  | Sold or Held | $84 | $298 | $531 | $1198 |
| Class R6  | Sold or Held | $79 | $274 | $486 | $1096 |

---

#### Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 95% of the average value of its portfolio.

<br> 50 Virtus Small-Cap Fund

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#### Investments, Risks and Performance

#### Principal Investment Strategies
The fund seeks to achieve its objective by normally investing at least 80% of its net assets (plus borrowings made for investment purposes) in companies with smaller market capitalizations. The fund expects to invest principally in U.S. companies but may invest to a lesser extent in non-U.S. companies. The fund currently considers smaller market capitalization companies to be companies with market capitalizations that are smaller than the largest company in the fund's benchmark, the Russell 2000 Index (approximately $13.4 billion as of June 30, 2025). The fund's principal investment universe includes micro-cap companies, which the portfolio managers consider to be those with market capitalizations generally in the bottom half of the benchmark. The portfolio managers generally seek exposure to smaller capitalization companies, including micro-cap companies, by employing three distinct small-cap strategies or "sleeves" for selecting individual stocks:

 <u>Quantitative Core</u>. The Quantitative Core sleeve normally invests primarily in common stocks of companies with smaller market capitalizations that are listed on U.S. exchanges. The team's quantitative investment process begins with a proprietary alpha model which blends behavioral factors (e.g., human behaviors and biases) and intrinsic valuation factors (e.g., tangible measures of a company's underlying worth). The team utilizes a risk model for portfolio construction, with constraints at the individual security and industry levels to manage exposures relative to the benchmark. Additionally, all investment recommendations are thoroughly vetted at the individual company level to confirm the investment rationale and suitability before a purchase or sale.

 <u>Quantitative Growth</u>. The growth sleeve is managed similar to the core sleeve but against a growth index. This sleeve normally invests primarily in common stocks of companies with smaller market capitalizations that are listed on U.S. exchanges. The team's quantitative investment process begins with a proprietary alpha model which blends behavioral factors (e.g., human behaviors and biases) and intrinsic valuation factors (e.g., tangible measures of a company's underlying worth). The team utilizes a risk model for portfolio construction, with constraints at the individual security and industry levels to manage exposures relative to the benchmark. Additionally, all investment recommendations are thoroughly vetted at the individual company level to confirm the investment rationale and suitability before a purchase or sale.

 <u>Managed Volatility</u>. The Managed Volatility sleeve selects primarily common stocks of smaller-cap companies which in aggregate offer lower forecast risk and lower levels of correlation among the individual stocks. This focus may result in the sleeve outperforming the general securities market during periods of flat or negative market performance, and underperforming the general securities market during periods of strong positive market performance. This strategy utilizes both a quantitative and fundamental research process to make individual security and sector selection decisions.

The allocation of fund assets among the sleeves discussed above is set from time to time, may vary in size significantly from sleeve to sleeve and may periodically be adjusted through a collaborative effort among the portfolio managers. In addition to common stocks and other equity securities, the fund may invest a substantial portion of its assets in securities issued in initial public offerings (IPOs). The fund may invest up to 15% of its assets in non-U.S. securities, except that it may invest without limit in American Depositary Receipts (ADRs). The fund may also invest a portion of its assets in real estate investment trusts (REITs). In order to gain exposure to desired asset classes or securities, or for hedging or other investment purposes, the fund may also utilize foreign currency exchange contracts, options, stock index futures contracts, warrants and other derivative instruments. Although the fund did not invest significantly in derivative instruments as of the end of its most recent fiscal year, it may do so at any time.

#### Principal Risks
The fund may not achieve its objective(s), and it is not intended to be a complete investment program. The value of the fund's investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund's investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. Purchase and redemption activities by fund shareholders may impact the management of the fund and its ability to achieve its investment objective(s). The principal risks of investing in the fund are identified below (in alphabetical order after the first six risks).

> ***Market Volatility Risk:*** The value of the securities in the fund may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional or global events such as war or military conflict (e.g., Russia's invasion of Ukraine), geopolitical risk, acts of terrorism, the spread of infectious illness or other public health issue, recessions, tariffs and other restrictions on trade, or the threat or potential of one or more such events and developments, could have a significant impact on the fund and its investments, including hampering the ability of the fund's portfolio manager(s) to invest the fund's assets as intended.

> ***Issuer Risk:*** The fund will be affected by factors specific to the issuers of securities and other instruments in which the fund invests, including actual or perceived changes in the financial condition or business prospects of such issuers.

> ***Equity Securities Risk:*** The value of the stocks held by the fund may be negatively affected by the financial market, industries in which the fund invests, or issuer-specific events. Focus on a particular style or in small or medium-sized companies may enhance that risk.

> ***Foreign Investing Risk:*** Investing in foreign securities subjects the fund to additional risks such as increased volatility; currency fluctuations; less liquidity; less publicly available information about the foreign investment; and political, regulatory, economic, and market risk.

> ***Small and Medium Market Capitalization Companies Risk:*** The fund's investments in small and medium market capitalization companies may increase the volatility and risk of loss to the fund, as compared with investments in larger, more established companies.

> ***IPO Risk:*** Securities purchased in initial public offerings have no trading history, limited issuer information and increased volatility.

> ***Counterparty Risk:*** There is risk that a party upon whom the fund relies to complete a transaction will default.

<br> Virtus Small-Cap Fund 51

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> ***Credit Risk:*** If the issuer of a debt instrument fails to pay interest or principal in a timely manner, or negative perceptions exist in the market of the issuer's ability to make such payments, the price of the security may decline.

> ***Currency Rate Risk:*** Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect the value of the fund's shares.

> ***Depositary Receipts Risk:*** Investments in foreign companies through depositary receipts may expose the fund to the same risks as direct investments in securities of foreign issuers.

> ***Derivatives Risk:*** Derivatives and other similar instruments (collectively referred to in this section as "derivatives") may include, among other things, futures, options, forwards and swap agreements and may be used in order to hedge portfolio risks, create leverage or attempt to increase returns. Investments in derivatives may result in increased volatility and the fund may incur a loss greater than its principal investment.

> ***Focused Investment Risk:*** To the extent the fund focuses its investments on a limited number of issuers, sectors, industries, geographic regions or portfolio themes, it may be subject to increased risk and volatility.

***> *Leverage Risk:* When the fund leverages its portfolio by borrowing or by engaging in certain types of transactions or instruments, including derivatives, the fund may be less liquid, may liquidate positions at an unfavorable time, and the volatility of the fund's value may increase.***

#### > Liquidity Risk: Certain instruments may be difficult or impossible to sell at a time and price beneficial to the fund.
> ***Portfolio Turnover Risk:*** The fund's principal investment strategies may result in a high portfolio turnover rate. See the "Portfolio Turnover" section above for more information about the impact that portfolio turnover can have on your investment.

> ***Preferred Stocks Risk:*** Preferred stocks may decline in price, fail to pay dividends when expected, or be illiquid.

> ***Real Estate Investment Risk:*** The fund may be negatively affected by changes in real estate values or economic conditions, credit risk and interest rate fluctuations, changes in the value of the underlying real estate and defaults by lessees and/or borrowers.

> ***Redemption Risk:*** One or more large shareholders or groups of shareholders may redeem their holdings in the fund, resulting in an adverse impact on remaining shareholders in the fund by causing the fund to take actions it would not otherwise have taken. The effects of taxable gains resulting from large redemptions of fund shares would particularly impact non-redeeming shareholders who do not hold their fund shares in a tax-advantaged or tax-exempt vehicle. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the fund's NAV and liquidity. In addition, a large redemption could result in the fund's current expenses being allocated over a smaller asset base, leading to an increase in the fund's expense ratio.

*Please see "More Information About Risks of Investing in the Funds" in the fund's prospectus for a more detailed description of the fund's risks.*

#### Performance Information
The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund's past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

The bar chart shows changes in the fund's performance from year to year over a 10-year period. The table shows how the fund's average annual returns compare to those of a broad-based securities market index and a style-specific index that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.

---

| |
|:---|
| **Calendar year total returns for Institutional Class Shares**  |
| Returns do not reflect sales charges applicable to other share classes and would be lower if they did. |

---

![PerformanceBarChartData(2015:-1.04, 2016:15.46, 2017:21.22, 2018:-9.06, 2019:24.35, 2020:16.98, 2021:19.24, 2022:-18.11, 2023:14.13, 2024:19.54)](img_e90e019d525e4f2.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Best Quarter: | 2020, Q4: | 23.60% | Worst Quarter: | 2020, Q1: | -28.46% | Year to Date (9/30/2025): | 10.19% |

---

<br> 52 Virtus Small-Cap Fund

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**Average Annual Total Returns** (for the periods ended 12/31/24)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  |  | **Since <br>Inception** |
|  |  |  |  | **Class R6** |
| **Class** | **1 Year** | **5 Years** | **10 Years** | **(8/22/2018)** |
| Institutional Class Shares |  |  |  |  |
| Return Before Taxes | 19.54% | 9.28% | 9.33% |  |
| Return After Taxes on Distributions | 16.76% | 7.61% | 7.69% |  |
| Return After Taxes on Distributions and Sale of Fund Shares | 13.55% | 7.08% | 7.13% |  |
| Class A Shares |  |  |  |  |
| Return Before Taxes | 12.57% | 7.67% | 8.33% |  |
| Class C Shares |  |  |  |  |
| Return Before Taxes | 18.25% | 8.08% | 8.13% |  |
| Class R6 Shares |  |  |  |  |
| Return Before Taxes | 19.60% | 9.34% |  | 7.22% |
| **Index** |  |  |  |  |
| FT Wilshire 5000 Index (reflects no deduction for fees, expenses or taxes) | 23.76% | 14.10% | 12.73% | 13.23% |
| Russell 2000<sup>®</sup> Index (reflects no deduction for fees, expenses or taxes) | 11.54% | 7.40% | 7.82% | 5.58% |

---

The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged and not available for direct investment.

The Russell 2000<sup>®</sup> Index is a free float-adjusted market capitalization-weighted index of the 2,000 smallest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities.

#### Management
The fund's investment adviser is Virtus Investment Advisers, LLC (formerly known as Virtus Investment Advisers, Inc.) ("VIA").

The fund's subadviser is Virtus Systematic ("Virtus Systematic"), an operating division of Virtus Advisers, LLC ("VA"), an affiliate of VIA.

#### Portfolio Management
The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

> ***Kunal Ghosh,*** Chief Investment Officer and Senior Managing Director, Virtus Systematic, manages the Quantitative Core and Managed Volatility sleeves of the fund. He has been responsible for rebalancing the fund's different sleeves and the fund's investments in cash and cash equivalents since its inception in 2013.

> ***Jie Wei,*** Senior Portfolio Manager and Director, Virtus Systematic, manages the Quantitative Core, Quantitative Growth and Managed Volatility sleeves of the fund. He has managed the fund since 2022.

> ***Lu Yu, CFA, CIPM,*** Lead Portfolio Manager and Managing Director, Virtus Systematic, manages the Quantitative Core and Managed Volatility sleeves of the fund. She has managed the fund since 2018.

#### Purchase and Sale of Fund Shares
As previously disclosed, on January 21, 2026, Class C Shares of the fund will no longer be available for purchase by new or existing shareholders, except by existing shareholders through reinvestment of dividends and/or capital gain distributions. More information is available in the "How to Buy Shares" section of the fund's prospectus.

Minimum initial investments applicable to Class A and Class C Shares:

 $2,500, generally

 $100 for Individual Retirement Accounts (IRAs), systematic purchase or exchange accounts

 No minimum for defined contribution plans, asset-based fee programs, profit-sharing plans or employee benefit plans.

Minimum additional investments applicable to Class A and Class C Shares:

 $100, generally

 No minimum for defined contribution plans, asset-based fee programs, profit-sharing plans or employee benefit plans.

<br> Virtus Small-Cap Fund 53

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For Institutional Class shares, the minimum initial investment in the fund is $1,000,000 and no minimum is needed to add to an existing account, though minimums may be modified for certain financial intermediaries that aggregate trades on behalf of investors.

Class R6 Shares are offered without a minimum initial investment to the following investors in plan level or omnibus accounts only (provided that they do not require or receive any compensation, administrative payments, sub-transfer agency payments or service payments with respect to Class R6 Shares): (i) qualified retirement plans, including, but not limited to, 401(k) plans, 457 plans, employer sponsored 403(b) plans, and defined benefit plans; (ii) banks and trust companies; (iii) insurance companies; (iv) financial intermediaries utilizing such shares in fee-based investment advisory programs; (v) registered investment companies; (vi) 529 portfolios that are advised or sub-advised by Virtus affiliates; and (vii) non-qualified deferred compensation plans. Other institutional investors may be permitted to purchase Class R6 Shares subject to the fund's determination of eligibility and may be subject to a $2,500,000 minimum initial investment requirement.

The minimums may be reduced or waived in some circumstances. In general, you may buy or sell shares of the fund by mail or telephone on any business day. You also may buy and sell shares through a financial professional, broker-dealer or other financial intermediary.

#### Taxes
The fund's distributions are taxable to you as either ordinary income or capital gains, except when your investment is through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Such tax-deferred arrangements may be taxed later upon withdrawal of monies from those arrangements.

#### Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial professional to recommend the fund over another investment.

No compensation, administrative payments, sub-transfer agency payments or service payments are paid to brokers or other entities from fund assets or the Distributor's or an affiliate's resources on sales of or investments in Class R6 Shares. Class R6 Shares do not carry sales commissions or pay Rule 12b-1 fees, or make payments to brokers or other entities to assist in, or in connection with, the sale of the fund's shares. Ask your financial professional or visit your financial intermediary's website for more information.

<br> 54 Virtus Small-Cap Fund

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**Virtus Zevenbergen Technology Fund**

#### Investment Objective
The fund seeks long-term capital appreciation.

#### Fees and Expenses
The tables below illustrate the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales charge discounts in Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Funds. More information on these and other discounts is available: (i) from your financial professional or other financial intermediary; (ii) under "Sales Charges" on page 93 of the fund's prospectus; and (iii) with respect to purchase of shares through specific intermediaries, in Appendix A to the fund's prospectus, entitled "Intermediary Sales Charge Discounts and Waivers."

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| | | | |
|:---|:---|:---|:---|
| **Shareholder Fees *(fees paid directly from your investment)*** | **Class A** | **Class C** | **Institutional** |
| Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) | 5.50% |  |  |
| Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds)  |  | 1.00%<sup>(a)</sup> |  |
| **Annual Fund Operating Expenses *(expenses that you pay each year as* <br>*a percentage of the value of your investment)*** | **Class A** | **Class C** | **Institutional** |
| Management Fees | 0.90% | 0.90% | 0.90% |
| Distribution and Shareholder Servicing (12b-1) Fees | 0.25% | 1.00% |  |
| Other Expenses | 0.28% | 0.27% | 0.26% |
| Total Annual Fund Operating Expenses | 1.43% | 2.17% | 1.16% |

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(a) The deferred sales
charge is imposed on Class C Shares redeemed during the first year only.

#### Example
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class**  | **Share Status** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A  | Sold or Held | $688 | $978 | $1289 | $2169 |
| Class C  | Sold | $320 | $679 | $1164 | $2503 |
|  | Held | $220 | $679 | $1164 | $2503 |
| Institutional Class  | Sold or Held | $118 | $368 | $638 | $1409 |

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#### Portfolio Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 2% of the average value of its portfolio.

#### Investments, Risks and Performance

#### Principal Investment Strategies
The fund seeks to achieve its objective by normally investing at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks of U.S. companies and other U.S.-traded equity securities of technology companies. The fund considers U.S.-traded equity securities to include American Depositary Receipts ("ADRs"), as well as securities that are traded in the U.S. that have been issued by companies established, domiciled or operating in foreign countries. The fund intends to invest primarily in companies with market capitalizations greater than $500 million. The fund is "non-diversified," which means that it may invest a significant portion of its assets in a relatively small number of issuers, which may increase risk. The portfolio managers define technology companies as those that provide technology products or services, or those that benefit from utilizing technology to gain competitive advantages, improve their business processes, products or applications. These may include, but are not limited to, internet products and services (including e-commerce), computers and computer peripherals, software, electronic components and systems, communications equipment and services, semiconductors, transportation technology, transportation services and products, artificial intelligence technology, video gaming, security services and products, media and information services, environmental services, chemical products and synthetic materials, defense and aerospace products and services, nanotechnology, energy equipment and services, digital currency enablers, financial and payment technology and others. The portfolio managers evaluate fundamental value and growth prospects and focus on companies that they expect will have strong potential for capital appreciation. In addition to common stocks, the fund may invest in securities issued in initial public offerings (IPOs).

<br> Virtus Zevenbergen Technology Fund 55

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#### Principal Risks
The fund may not achieve its objective(s), and it is not intended to be a complete investment program. The value of the fund's investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund's investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. Purchase and redemption activities by fund shareholders may impact the management of the fund and its ability to achieve its investment objective(s). The principal risks of investing in the fund are identified below (in alphabetical order after the first six risks).

> ***Market Volatility Risk:*** The value of the securities in the fund may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional or global events such as war or military conflict (e.g., Russia's invasion of Ukraine), geopolitical risk, acts of terrorism, the spread of infectious illness or other public health issue, recessions, tariffs and other restrictions on trade, or the threat or potential of one or more such events and developments, could have a significant impact on the fund and its investments, including hampering the ability of the fund's portfolio manager(s) to invest the fund's assets as intended.

> ***Issuer Risk:*** The fund will be affected by factors specific to the issuers of securities and other instruments in which the fund invests, including actual or perceived changes in the financial condition or business prospects of such issuers.

> ***Equity Securities Risk:*** The value of the stocks held by the fund may be negatively affected by the financial market, industries in which the fund invests, or issuer-specific events. Focus on a particular style or in small or medium-sized companies may enhance that risk.

> ***Small and Medium Market Capitalization Companies Risk:*** The fund's investments in small and medium market capitalization companies may increase the volatility and risk of loss to the fund, as compared with investments in larger, more established companies.

> ***Focused Investment Risk (Technology-Related Risk):*** To the extent the fund focuses its investments on a limited number of issuers, sectors, industries or geographic regions, it may be subject to increased risk and volatility. Risks affecting companies in the technology sector include competition from new and existing companies, limited operating histories and management experience, patent and other intellectual property considerations and the commercial non-viability or rapid obsolescence of equipment, products or services.

> ***Foreign Investing Risk:*** Investing in foreign securities subjects the fund to additional risks such as increased volatility; currency fluctuations; less liquidity; less publicly available information about the foreign investment; and political, regulatory, economic, and market risk.

> ***Currency Rate Risk:*** Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect the value of the fund's shares.

> ***Depositary Receipts Risk:*** Investments in foreign companies through depositary receipts may expose the fund to the same risks as direct investments in securities of foreign issuers.

> ***IPO Risk:*** Securities purchased in initial public offerings have no trading history, limited issuer information and increased volatility.

#### > Liquidity Risk: Certain instruments may be difficult or impossible to sell at a time and price beneficial to the fund.
> ***Non-Diversification Risk:*** The fund is not diversified and may be more susceptible to factors negatively impacting its holdings to the extent the fund invests more of its assets in the securities of fewer issuers than would a diversified fund.

> ***Portfolio Turnover Risk:*** The fund's principal investment strategies may result in a high portfolio turnover rate. See the "Portfolio Turnover" section above for more information about the impact that portfolio turnover can have on your investment.

> ***Redemption Risk:*** One or more large shareholders or groups of shareholders may redeem their holdings in the fund, resulting in an adverse impact on remaining shareholders in the fund by causing the fund to take actions it would not otherwise have taken. The effects of taxable gains resulting from large redemptions of fund shares would particularly impact non-redeeming shareholders who do not hold their fund shares in a tax-advantaged or tax-exempt vehicle. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the fund's NAV and liquidity. In addition, a large redemption could result in the fund's current expenses being allocated over a smaller asset base, leading to an increase in the fund's expense ratio.

*Please see "More Information About Risks of Investing in the Funds" in the fund's prospectus for a more detailed description of the fund's risks.*

#### Performance Information
The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund's past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. The current subadviser commenced providing services for the fund in July 2022 and therefore the returns shown in the table for periods prior to that date reflect the performance of other investment professionals.

The bar chart shows changes in the fund's performance from year to year over a 10-year period. The table shows how the fund's average annual returns compare to those of a broad-based securities market index and two style-specific benchmarks that reflect the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.

<br> 56 Virtus Zevenbergen Technology Fund

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| |
|:---|
| **Calendar year total returns for Institutional Class Shares**  |
| Returns do not reflect sales charges applicable to other share classes and would be lower if they did. |

---

![PerformanceBarChartData(2015:5.68, 2016:4.73, 2017:47.22, 2018:5.62, 2019:29.32, 2020:69.58, 2021:13.26, 2022:-42.71, 2023:65.59, 2024:35.67)](img_7ba67338ce614f2.jpg)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Best Quarter: | 2020, Q2: | 35.47% | Worst Quarter: | 2022, Q2: | -25.79% | Year to Date (9/30/2025): | 22.25% |

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**Average Annual Total Returns** (for the periods ended 12/31/24)

---

| | | | |
|:---|:---|:---|:---|
| **Class** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class Shares |  |  |  |
| Return Before Taxes | 35.67% | 19.84% | 18.59% |
| Return After Taxes on Distributions | 35.67% | 16.26% | 14.78% |
| Return After Taxes on Distributions and Sale of Fund Shares | 21.12% | 14.79% | 13.94% |
| Class A Shares |  |  |  |
| Return Before Taxes | 27.86% | 18.16% | 17.55% |
| Class C Shares |  |  |  |
| Return Before Taxes | 34.31% | 18.62% | 17.34% |
| **Index** |  |  |  |
| FT Wilshire 5000 Index (reflects no deduction for fees, expenses or taxes) | 23.76% | 14.10% | 12.73% |
| S&P North American Technology Index (reflects no deduction for fees, expenses or taxes) | 29.57% | 17.49% | 16.20% |
| Nasdaq Composite<sup>®</sup> Index (reflects no deduction for fees, expenses or taxes) | 36.08% | 21.06% | 20.70% |

---

The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged and not available for direct investment.

The S&P North American Technology Sector Index is a modified capitalization-weighted index of selected technology and internet-related stocks. The Nasdaq Composite Index is a market capitalization-weighted index of all common stocks listed on the Nasdaq Stock Market. The indexes are calculated on a total return basis. The indexes are unmanaged and not available for direct investment.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities.

#### Management
The fund's investment adviser is Virtus Investment Advisers, LLC (formerly known as Virtus Investment Advisers, Inc.) ("VIA").

The fund's subadviser is Zevenbergen Capital Investments LLC ("Zevenbergen") (since 2022).

#### Portfolio Management
The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

> ***Joseph Dennison, CFA,*** Principal, a Portfolio Manager and Analyst of Zevenbergen, has co-managed the fund since 2022.

> ***Anthony Zackery, CFA,*** Principal, a Portfolio Manager and Analyst of Zevenbergen, has co-managed the fund since 2022.

> ***Nancy Zevenbergen, CFA,*** President, Chief Investment Officer and Analyst of Zevenbergen, has co-managed the fund since 2022.

<br> Virtus Zevenbergen Technology Fund 57

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#### Purchase and Sale of Fund Shares
As previously disclosed, on January 21, 2026, Class C Shares of the fund will no longer be available for purchase by new or existing shareholders, except by existing shareholders through reinvestment of dividends and/or capital gain distributions. More information is available in the "How to Buy Shares" section of the fund's prospectus.

Minimum initial investments applicable to Class A and Class C Shares:

 $2,500, generally

 $100 for Individual Retirement Accounts (IRAs), systematic purchase or exchange accounts

 No minimum for defined contribution plans, asset-based fee programs, profit-sharing plans or employee benefit plans.

Minimum additional investments applicable to Class A and Class C Shares:

 $100, generally

 No minimum for defined contribution plans, asset-based fee programs, profit-sharing plans or employee benefit plans.

For Institutional Class shares, the minimum initial investment in the fund is $1,000,000 and no minimum is needed to add to an existing account, though minimums may be modified for certain financial intermediaries that aggregate trades on behalf of investors.

The minimums may be reduced or waived in some circumstances. In general, you may buy or sell shares of the fund by mail or telephone on any business day. You also may buy and sell shares through a financial professional, broker-dealer or other financial intermediary.

#### Taxes
The fund's distributions are taxable to you as either ordinary income or capital gains, except when your investment is through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Such tax-deferred arrangements may be taxed later upon withdrawal of monies from those arrangements.

#### Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial professional to recommend the fund over another investment. Ask your financial professional or visit your financial intermediary's website for more information.

<br> 58 Virtus Zevenbergen Technology Fund

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**More Information About Investment Objectives and Principal Investment Strategies**

The investment objectives and principal strategies of each fund are described in this section. Each of the following funds has either a fundamental or a non-fundamental investment objective as noted below. A fundamental investment objective may only be changed with shareholder approval. A non-fundamental investment objective may be changed by the Board of Trustees of that fund without shareholder approval. If a fund's investment objective is changed, the prospectus will be supplemented to reflect the new investment objective and shareholders will be provided with at least 60 days advance notice of such change. There is no guarantee that a fund will achieve its objective.

Please see the SAI for additional information about the securities and investment strategies described in this prospectus and about additional securities and investment strategies that may be used by the funds.

<br> Virtus Mutual Funds 59

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**Virtus Emerging Markets Opportunities Fund**

#### Non-Fundamental Investment Objective:
The fund seeks maximum long-term capital appreciation.

#### Principal Investment Strategies:
The fund seeks to achieve its investment objective by normally investing at least 80% of its net assets (plus borrowings made for investment purposes) in securities of companies that are tied economically to countries with emerging securities markets—that is, countries with securities markets that are, in the opinion of the portfolio managers, less sophisticated than more developed markets in terms of participation by investors, analyst coverage, liquidity and/or regulation. The fund's portfolio managers consider a security to be tied economically to a country with an emerging securities market if it is classified as an emerging market security by MSCI Inc. ("MSCI"), incorporated in an Emerging Market Country (as defined below), traded on an exchange in an Emerging Market Country or if it has exposure to an Emerging Market Country. The fund will normally invest primarily in companies located in the countries represented in the fund's benchmark, the MSCI Emerging Markets Index ("Emerging Market Countries"), and have exposure to at least five Emerging Market Countries. The fund may invest a substantial portion of its assets in equity securities of companies located in China. The fund normally invests primarily in common stocks, either directly or indirectly through depositary receipts. In addition to common stocks, equity securities in which the fund may invest include, without limitation, preferred stocks, convertible securities and warrants. The fund may invest in issuers of any size market capitalization, including smaller capitalization companies. The fund may invest up to 20% of its net assets in securities of U.S. companies. Additionally, the fund may invest in certain eligible Chinese securities ("China A Shares") listed and traded on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange. The fund expects to access China A Shares through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program (each a "Stock Connect"), as applicable.

The portfolio managers seek to invest in emerging markets equities which they believe are benefiting from change not yet fully reflected in the market. Members of the portfolio management team believe that behavioral biases (i.e., systematic tendencies) of investors contribute to market inefficiencies. Their quantitative investment process begins with a proprietary investment-return forecasting model which combines behavioral factors (which seek to capitalize on human behavioral biases from financial analysts, company management and investors), with intrinsic valuation factors (which are expected to provide tangible measures of a company's true worth). The portfolio managers integrate this multi- factor approach with a proprietary risk model to form the basis of portfolio construction, with constraints at the individual security, country and industry level to manage exposures relative to the benchmark. Additionally, all investment recommendations are thoroughly vetted on an individual company level to confirm the investment rationale and suitability before a purchase or sale. The portfolio managers may consider whether to sell a particular security based on its attractiveness in the team's alpha model, an increase in stock-specific risk, or because the stock is highly correlated with other stocks in the portfolio. The integrated relationship between research and portfolio management combines the latest research from the academic and investment management communities with real-world portfolio management experience to attempt to maximize excess return opportunities within a framework that seeks to control risk. The investment approach is quantitative in nature, therefore the majority of research is conducted to improve the alpha model, risk model and portfolio construction process.

The fund may utilize foreign currency exchange contracts, options, stock index futures contracts and other derivative instruments. The fund typically does not seek to hedge its exposure to securities denominated in non-U.S. dollar currencies but retains the flexibility to do so at any time. The fund may also use participatory notes ("P-Notes") or other equity-linked securities to gain exposure to issuers in certain countries in circumstances where the portfolio managers consider use of these notes to be more efficient than gaining exposure through local shares. Although the fund did not invest significantly in derivative instruments as of the most recent fiscal year end, it may do so at any time. In response to adverse market, economic, political or other conditions, the fund may deviate from its principal strategies by making temporary investments of some or all of its assets in high-quality fixed income securities, cash and cash equivalents. The fund may be less likely to achieve its investment objective when it does so.

*Please see "More Information About Risks of Investing in the Funds" for information about the principal risks of investing in the fund and additional risks associated with investment techniques and fund operations.*

<br> 60 Virtus Emerging Markets Opportunities Fund

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**Virtus Income & Growth Fund**

#### Non-Fundamental Investment Objective:
The fund seeks total return comprised of current income, current gains and capital appreciation.

#### Principal Investment Strategies:
The fund seeks to achieve its investment objective by normally investing in a combination of common stocks and other equity securities, debt securities and convertible securities. It is expected that substantially all of the fund's debt securities and a substantial portion of its convertible securities will consist of securities rated below investment grade (sometimes referred to as "high yield securities" or "junk bonds"). The allocation of the fund's investments across these asset classes will vary from time to time, based upon the portfolio managers' consideration of factors such as changes in equity prices, changes in interest rates and other economic and market factors, such that an asset class may be more heavily weighted in the fund's portfolio than the other classes at any time and from time to time, and sometimes to a substantial extent. The fund may invest a portion of its assets in non-U.S. securities, including emerging market securities. The fund may invest in securities of companies with any size market capitalization, but ordinarily expects to focus its common stock investments in companies with market capitalizations of $3 billion or more.

The portfolio managers follow a disciplined, fundamental bottom-up research process, which facilitates the early identification of issuers demonstrating the ability to improve their fundamental characteristics. The portfolio managers use fundamental analysis and qualitative measures to assess and select issuers that they believe exhibit high visibility of future expected operating performance. The fundamental research process generally includes: a breakdown of a company and its growth by division and region, including revenue model analysis; profit margin analysis; analysis of experience and quality of its management; industry dynamics and competitive analysis; distribution channel and supply chain analysis; and macroeconomic climate analysis. Also, the portfolio managers typically look for the following in candidates: the potential for bond rating upgrades; debt reduction capabilities; the ability to secure other sources of capital; the potential to be recognized as an acquisition candidate; and corporate dividend policy. The managers may consider selling a particular security when the portfolio managers perceive a change in company fundamentals, a decline in relative attractiveness to other issues, and/or a decline in industry fundamentals, or if any of the original reasons for purchase materially changes. The convertible securities in which the fund may invest include bonds, debentures, notes, preferred stocks, "synthetic" convertibles and other securities or investments that may be converted or exchanged (by the holder or by the issuer) into equity securities of the issuer (or cash or securities of equivalent value). The weighted average maturity of the portion of the fund's assets invested in convertible and debt securities will typically be ten years or less, although the weighted average maturity may vary depending on market and other conditions. The fund may hold a relatively large number of securities at any given time (e.g., in excess of 400 across all asset classes).

With respect to convertible securities, the portfolio managers evaluate each such security's investment characteristics as a fixed income instrument as well as its potential for capital appreciation. Under normal market conditions, the portfolio managers seek to invest in securities that can participate in the upside of the underlying equity and provide downside protection from the bond.

Under normal market and other conditions, the fund also may employ a strategy of writing (selling) call options on the stocks held in its portfolio (the "Option Strategy"). It is expected that the fund may write call options on some or all of the individual stocks held in its portfolio. If the fund chooses to write a call option, it will ordinarily do so for up to 70% of the value of each such individual position. However, the fund's use of the Option Strategy may vary from time to time, depending on market conditions and other factors, and the fund retains the flexibility to write call options with respect to greater than 70% of the value of its position in any individual stock. The Option Strategy employed by the fund is described in this section; options generally are described below in this section and further under "Investment Objectives and Policies—Derivative Instruments" in the Statement of Additional Information. The Option Strategy is designed to generate gains from option premiums in an attempt to enhance distributions payable to the fund's shareholders and to reduce overall portfolio risk.

Call options on individual securities are contracts representing the right to purchase the underlying equity security at a specified price (the "strike price") at or before a specified future date (the "expiration date"). The price of the option is determined by trading activity in the broad options market and generally reflects the relationship between factors including the current value of the underlying equity security and the strike price, the volatility of the underlying equity security and the time remaining until the expiration date. As the writer (seller) of a call option, the fund would receive cash (the premium) from the purchaser of the option, and the purchaser would have the right to receive from the fund any appreciation in the value of the underlying security over the strike price upon exercise. In effect, the fund would forgo the potential appreciation in the underlying security in exchange for the premium, although it would retain the risk of loss should the price of the underlying security decline. Therefore, the fund's use of the Option Strategy will generally limit the fund's ability to benefit from the full upside potential of its equity portfolio. Notwithstanding the foregoing, the fund will be exposed to an increased risk of loss to the extent that it utilizes instruments that create leverage or otherwise engages in derivatives transactions (e.g., swaps or options) outside of the Options Strategy described herein.

As part of the Options Strategy, the fund generally will write call options with a strike price that is above ("out-of-the-money") the market value of the underlying security at the time the option is written. In addition to providing possible gains through premiums, out-of-the-money call options allow the fund to potentially benefit from appreciation in the underlying security held by the fund up to the strike price, but the fund forgoes any appreciation above the strike price. The fund also reserves the flexibility to write "at-the-money" (i.e., with a strike price equal to the market value of the underlying security) and "in-the-money" call options (i.e., with a strike price below the market value of the underlying security). The fund will only write call options on individual securities if those options are "covered." The fund's written call options on individual portfolio securities will be covered because the fund will hold the underlying security in its portfolio throughout the term of the option. The fund will not write options with respect to individual equity securities (other than equity indexes and exchange-traded funds ("ETFs"), as described below) that are not held in the fund's portfolio (i.e., "naked" options). The fund may also write call options on equity indexes and ETFs. In addition, opportunistically, the portfolio managers may also write (sell) put options for a range of investment purposes, including, but not limited to, seeking to augment returns through earning option premiums in periods of heightened market volatility. The fund would cover any such options either by segregating liquid assets in an amount equal to its net obligations under the contract or by entering into offsetting positions.

The fund generally will write "listed" call options that are originated and standardized by the Options Clearing Corporation and trade on a major exchange, although it also may write unlisted (or "over-the-counter") call options and so-called "flex" options (options that are traded on an exchange, but with customized strike prices and expiration dates). The fund's Option Strategy could cause the fund to recognize larger amounts of net short-term capital gains, which are taxable

<br> Virtus Income & Growth Fund 61

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at the higher ordinary income tax rates when distributed to individual shareholders, than it otherwise would in the absence of such strategy. The fund's Option Strategy also could terminate or suspend the fund's holding period in the underlying securities, and, as a result, any dividends received by the fund on those securities may not qualify for treatment as "qualified dividend income" (which is taxable to individual shareholders at the lower long-term capital gain rates). The fund's Option Strategy may not accomplish its intended objectives or produce the desired results.

The fund may invest a significant portion of its assets in securities that have not been registered for public sale, including those that are eligible for purchase and sale pursuant to Rule 144A under the Securities Act of 1933. In the markets where the fund invests, new issuance of high yield debt and convertible securities are, to a large degree, offered under Rule 144A.

In addition to gaining "synthetic" exposure to convertible securities through derivatives as outlined above, the fund may utilize foreign currency exchange contracts, options, stock index futures contracts and other derivative instruments. In response to adverse market, economic, political or other conditions, the fund may deviate from its principal strategies by making temporary investments of some or all of its assets in high-quality fixed income securities, cash and cash equivalents. The fund may be less likely to achieve its investment objective when it does so.

*Please see "More Information About Risks of Investing in the Funds" for information about the principal risks of investing in the fund and additional risks associated with investment techniques and fund operations.*

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**Virtus KAR Global Small-Cap Fund**

#### Non-Fundamental Investment Objective:
The fund seeks long-term capital appreciation.

#### Principal Investment Strategies:
The fund pursues long-term capital appreciation in the small capitalization market while seeking to incur less risk than the small capitalization market. The fund invests in a select group of small market capitalization companies believed by the fund's subadviser to possess sustainable competitive advantages at prices the subadviser deems attractive. The fund invests in U.S. and non-U.S. companies.

Under normal circumstances, the fund invests at least 80% of net assets (plus borrowing for investment purposes) in common stocks of global small--capitalization companies. The fund's subadviser considers small-capitalization companies to be those companies that, at the time of initial purchase, have market capitalizations of less than $10 billion. The fund intends to diversify its investments globally among countries and normally to have represented in the portfolio business activities of a number of different countries, both U.S. and non-U.S. In determining whether an issuer is economically tied to a non-U.S. country, the subadviser primarily considers: (i) whether at least 50% of the issuer's revenues or profits are attributable to goods produced or sold, investments made, or services performed in, a non-U.S. country; (ii) whether the issuer has at least 50% of its assets in a non-U.S. country; and (iii) whether the principal exchange listing for the issuer's securities or the issuer's headquarters is in a non-U.S. country. Equity securities in which the fund invests include common stocks, preferred stocks and Depositary Receipts (DRs). The fund may invest in emerging markets issuers.

To the extent consistent with the fund's investment objective and strategies, the subadviser may consider as an element of its investment research and decision making processes for the fund any environmental, social and/or governance ("ESG") factors that the subadviser believes may influence risks and rewards of companies under consideration. However, any consideration of ESG factors will be within the context of the subadviser's overall investment research and evaluation of whether such factors are relevant and financially material to a particular investment opportunity and, where deemed financially material to a particular investment opportunity, whether the subadviser believes such factors are likely to materially impact anticipated long-term capital appreciation of the investment opportunity. Although the specific ESG factors that will be relevant to each investment opportunity will differ, some examples of ESG factors the subadviser believes to be relevant to many investment opportunities are water stress, toxic emissions and waste, corporate governance, product safety and quality, labor management, and diversity & inclusion. In evaluating an existing or prospective investment, ESG is just one of several factors considered by the subadviser when making investments on behalf of the fund. In addition, ESG is not weighted more heavily than other considerations, and the fund could invest in a company even if such company scores poorly when any applicable ESG factors are considered. Generally, the fund invests in approximately 30-60 securities at any given time.

*Temporary Defensive Strategy:* If the subadviser does not believe that market conditions are favorable to the fund's principal investment strategies, the fund may take temporary defensive positions that are inconsistent with its principal strategies by investing in cash or money market instruments, including, but not limited to, U.S. Government obligations maturing within one year from the date of purchase. When this allocation happens, the fund may not achieve its investment objective.

*Please see "More Information About Risks of Investing in the Funds" for information about the principal risks of investing in the fund and additional risks associated with investment techniques and fund operations.*

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**Virtus KAR Health Sciences Fund**

#### Non-Fundamental Investment Objective:
The fund seeks long-term capital appreciation.

#### Principal Investment Strategies:
The fund pursues long-term capital appreciation in health sciences-related companies. The fund invests in a select group of health science-related companies believed by the fund's subadviser to possess sustainable competitive advantages at prices the subadviser deems attractive.

The fund seeks to achieve its investment objective by normally investing at least 80% of its net assets (plus borrowings made for investment purposes) in health sciences-related companies. The fund considers health sciences-related companies to include companies that design, manufacture or sell products or services used for or in connection with healthcare, medicine or life sciences, in each case as determined by the fund's portfolio managers. The fund will concentrate more than 25% of its assets in the healthcare industry. These companies include, but are not limited to, pharmaceutical companies, biotechnology research firms, companies that sell medical products, companies that own or operate healthcare facilities and companies provide healthcare services. The fund will invest primarily in common stocks and other equity securities, such as preferred stocks, depositary receipts and warrants. Although the fund may invest in companies of any market capitalization, the fund does not currently intend to invest more than 15% of its assets in companies with market capitalizations below $1 billion. The fund may invest in U.S. and non-U.S. companies. The fund may also invest a portion of its assets in securities issued in initial public offerings (IPOs).

To the extent consistent with the fund's investment objective and strategies, the subadviser may consider as an element of its investment research and decision making processes for the fund any environmental, social and/or governance ("ESG") factors that the subadviser believes may influence risks and rewards of companies under consideration. However, any consideration of ESG factors will be within the context of the subadviser's overall investment research and evaluation of whether such factors are relevant and financially material to a particular investment opportunity and, where deemed financially material to a particular investment opportunity, whether the subadviser believes such factors are likely to materially impact anticipated long-term capital appreciation of the investment opportunity. Although the specific ESG factors that will be relevant to each investment opportunity will differ, some examples of ESG factors the subadviser believes to be relevant to many investment opportunities are water stress, toxic emissions and waste, corporate governance, product safety and quality, labor management, and diversity & inclusion. In evaluating an existing or prospective investment, ESG is just one of several factors considered by the subadviser when making investments on behalf of the fund. In addition, ESG is not weighted more heavily than other considerations, and the fund could invest in a company even if such company scores poorly when any applicable ESG factors are considered. Generally, the fund invests in approximately 25 to 40 securities at any given time.

The fund typically seeks to invest across a range of different types of health sciences-related companies, although the sizes of allocations to individual issuers can vary significantly. The fund's portfolio managers believe that inefficiencies in the health care space create opportunities for an actively managed investment process. The team relies on its experience recognizing dynamic changes in health care trends, industries and companies to identify what it believes are the best opportunities from a top-down and bottom-up investment identification. The portfolio managers sell securities they deem appropriate in accordance with sound investment practices and the fund's investment objectives and as necessary for redemption purposes.

*Temporary Defensive Strategy:* If the subadviser does not believe that market conditions are favorable to the fund's principal investment strategies, the fund may take temporary defensive positions that are inconsistent with its principal strategies by investing in cash or money market instruments, including, but not limited to, U.S. Government obligations maturing within one year from the date of purchase. When this allocation happens, the fund may not achieve its investment objective.

*Please see "More Information About Risks of Investing in the Funds" for information about the principal risks of investing in the fund and additional risks associated with investment techniques and fund operations.*

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**Virtus NFJ Dividend Value Fund**

#### Non-Fundamental Investment Objective:
The fund seeks long-term growth of capital and income.

#### Principal Investment Strategies:
The fund seeks to achieve its investment objective by normally investing at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks and other equity securities of companies that pay or are expected to pay dividends. Under normal market conditions, the fund will invest primarily in common stocks of companies with market capitalizations greater than $3.5 billion. The fund may also invest up to 25% of its assets in real estate investment trusts (REITs) and real estate-related investments, and a portion of its assets in non-U.S. securities (including through American Depositary Receipts (ADRs)), including emerging market securities.

The portfolio managers use a value investing style focusing on companies whose securities the portfolio managers believe have attractive valuation and fundamental strength. The portfolio managers partition the fund's selection universe by industry and then identify what they believe to be the most attractively valued securities in each industry to determine potential holdings for the fund representing a broad range of industry groups. The portfolio managers use initial parameters and quantitative tools to narrow the fund's selection universe and also review and consider fundamental changes. In selecting individual holdings and constructing the overall portfolio, the portfolio managers take into account the dividend yields of their investments. After still further narrowing the universe through a combination of qualitative analysis and fundamental research, the portfolio managers select the securities to be included in the fund's portfolio. The portfolio managers consider selling a security when any of the considerations leading to its purchase materially changes or when a more attractive candidate is identified.

As part of the subadviser's fundamental research, and to the extent consistent with the fund's investment objective and strategies, the subadviser may consider environmental, social and/or governance ("ESG") factors that the subadviser believes may influence a prospective investment's risks and rewards. Any consideration of ESG factors will be within the context of the subadviser's overall investment approach. Evaluation of whether such factors are relevant and financially material to a particular investment opportunity are elements of the subadviser's investment research and decision making processes. Although the specific ESG factors that will be relevant to each investment opportunity will differ, some examples of ESG factors the subadviser believes to be relevant to many investment opportunities are labor/human capital management, corporate governance & quality of management, corporate behavior, product safety & quality, privacy & data security, climate risks, carbon management, and pollution & waste. In evaluating an existing or prospective investment, ESG is just one of many inputs considered by the subadviser when making investment decisions on behalf of the fund. In addition, ESG is not weighted more heavily than other considerations, and the fund could invest in a company even if that company scores poorly when any applicable ESG factors are considered.

In response to adverse market, economic, political or other conditions, the fund may deviate from its principal strategies by making temporary investments of some or all of its assets in high-quality fixed income securities, cash and cash equivalents. The fund may be less likely to achieve its investment objective when it does so. In addition to common stocks and other equity securities (such as preferred stocks, convertible securities and warrants), the fund may utilize foreign currency exchange contracts, options, stock index futures contracts and other derivative instruments. Although the fund did not invest significantly in derivative instruments as of the most recent fiscal year end, it may do so at any time.

*Please see "More Information About Risks of Investing in the Funds" for information about the principal risks of investing in the fund and additional risks associated with investment techniques and fund operations.*

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**Virtus NFJ International Value Fund**

#### Non-Fundamental Investment Objective:
The fund seeks long-term growth of capital and income.

#### Principal Investment Strategies:
The fund seeks to achieve its investment objective by normally investing at least 65% of its net assets (plus borrowings made for investment purposes) in common stocks and other equity securities of non-U.S. companies with market capitalizations greater than $1 billion. The fund normally invests a significant portion of its assets in securities that the portfolio managers expect will generate income (for example, by paying dividends). The fund may invest up to 50% of its assets in emerging market securities and may invest a portion of its assets in equity securities of companies located in China. The fund may also achieve its exposure to non-U.S. equity securities through investing in American Depositary Receipts (ADRs). The fund may also invest in real estate investment trusts (REITs) and real estate-related investments.

The portfolio managers use a value investing style focusing on companies whose securities the portfolio managers believe have attractive valuation and fundamental strength. The portfolio managers partition the fund's selection universe by industry and then identify what they believe to be the most attractively valued securities in each industry to determine potential holdings for the fund representing a broad range of industry groups. The portfolio managers use initial parameters and quantitative tools to narrow the fund's selection universe and also review and consider fundamental changes. After still further narrowing the universe through a combination of quantitative analysis and fundamental research, the portfolio managers select the securities to be included in the fund's portfolio. The portfolio managers consider selling a security when any of the considerations leading to its purchase materially changes or when a more attractive candidate is identified.

As part of the subadviser's fundamental research, and to the extent consistent with the fund's investment objective and strategies, the subadviser may consider environmental, social and/or governance ("ESG") factors that the subadviser believes may influence a prospective investment's risks and rewards. Any consideration of ESG factors will be within the context of the subadviser's overall investment approach. Evaluation of whether such factors are relevant and financially material to a particular investment opportunity are elements of the subadviser's investment research and decision making processes. Although the specific ESG factors that will be relevant to each investment opportunity will differ, some examples of ESG factors the subadviser believes to be relevant to many investment opportunities are labor/human capital management, corporate governance & quality of management, corporate behavior, product safety & quality, privacy & data security, climate risks, carbon management, and pollution & waste. In evaluating an existing or prospective investment, ESG is just one of many inputs considered by the subadviser when making investment decisions on behalf of the fund. In addition, ESG is not weighted more heavily than other considerations, and the fund could invest in a company even if that company scores poorly when any applicable ESG factors are considered.

The fund typically does not seek to hedge its exposure to securities denominated in non-U.S. dollar currencies but retains the flexibility to do so at any time. In response to adverse market, economic, political or other conditions, the fund may deviate from its principal strategies by making temporary investments of some or all of its assets in high-quality fixed income securities, cash and cash equivalents. The fund may be less likely to achieve its investment objective when it does so.

*Please see "More Information About Risks of Investing in the Funds" for information about the principal risks of investing in the fund and additional risks associated with investment techniques and fund operations.*

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**Virtus NFJ Large-Cap Value Fund**

#### Non-Fundamental Investment Objective:
The fund seeks long-term growth of capital and income.

#### Principal Investment Strategies:
The fund seeks to achieve its investment objective by normally investing at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks and other equity securities of companies with large market capitalizations. The fund currently considers a company's market capitalization to be large if it equals or exceeds $5 billion. The fund may invest up to 25% of its assets in real estate investment trusts (REITs) and real estate-related investments, a portion of its assets in non-U.S. securities (including through American Depositary Receipts (ADRs)), including emerging market securities, and normally invests a significant portion of its assets in securities that the portfolio managers expect will generate income (for example, by paying dividends).

The portfolio managers use a value investing style focusing on companies whose securities the portfolio managers believe have attractive valuation and fundamental strength. The portfolio managers partition the fund's selection universe by industry and then identify what they believe to be the most attractively valued securities in each industry. While the fund's portfolio selections are guided by this analysis, the fund's industry allocations may deviate from those of its primary benchmark and typically represent a broad range of industry groups. The portfolio managers use initial parameters and quantitative tools to narrow the fund's selection universe and also review and consider fundamental changes. After still further narrowing the universe through a combination of quantitative analysis and fundamental research, the portfolio managers select the securities to be included in the fund's portfolio. The portfolio managers consider selling a security when any of the considerations leading to its purchase materially changes or when a more attractive candidate is identified.

As part of the subadviser's fundamental research, and to the extent consistent with the fund's investment objective and strategies, the subadviser may consider environmental, social and/or governance ("ESG") factors that the subadviser believes may influence a prospective investment's risks and rewards. Any consideration of ESG factors will be within the context of the subadviser's overall investment approach. Evaluation of whether such factors are relevant and financially material to a particular investment opportunity are elements of the subadviser's investment research and decision making processes. Although the specific ESG factors that will be relevant to each investment opportunity will differ, some examples of ESG factors the subadviser believes to be relevant to many investment opportunities are labor/human capital management, corporate governance & quality of management, corporate behavior, product safety & quality, privacy & data security, climate risks, carbon management, and pollution & waste. In evaluating an existing or prospective investment, ESG is just one of many inputs considered by the subadviser when making investment decisions on behalf of the fund. In addition, ESG is not weighted more heavily than other considerations, and the fund could invest in a company even if that company scores poorly when any applicable ESG factors are considered.

In response to adverse market, economic, political or other conditions, the fund may deviate from its principal strategies by making temporary investments of some or all of its assets in high-quality fixed income securities, cash and cash equivalents. The fund may be less likely to achieve its investment objective when it does so. In addition to common stocks and other equity securities (such as preferred stocks, convertible securities and warrants), the fund may utilize foreign currency exchange contracts, options, stock index futures contracts and other derivative instruments. Although the fund did not invest significantly in derivative instruments as of the most recent fiscal year end, it may do so at any time.

*Please see "More Information About Risks of Investing in the Funds" for information about the principal risks of investing in the fund and additional risks associated with investment techniques and fund operations.*

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**Virtus NFJ Mid-Cap Value Fund**

#### Non-Fundamental Investment Objective:
The fund seeks long-term growth of capital and income.

#### Principal Investment Strategies:
The fund seeks to achieve its investment objective by normally investing at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks and other equity securities of companies with medium market capitalizations. The fund currently defines medium market capitalization companies as companies with a market capitalization of at least $3 billion and up to the higher of $50 billion or the largest company held in the Russell Midcap Index. As of June 30, 2025, the largest company held in the Russell Midcap Index had a market capitalization of $89.27 billion. The fund may continue to hold securities of a portfolio company that subsequently appreciates above the medium market capitalization threshold. Because of this, the fund may have less than 80% of its net assets in medium market capitalization stocks at any given time. The fund normally invests a significant portion of its assets in securities of companies that the portfolio managers expect will generate income (for example, by paying dividends).

The portfolio managers use a value investing style focusing on companies whose securities the portfolio managers believe have attractive valuation and fundamental strength. The portfolio managers use initial parameters and quantitative tools to narrow the fund's selection universe and also review and consider fundamental changes. After still further narrowing the universe through a combination of qualitative analysis and fundamental research, the portfolio managers select the securities to be included in the fund's portfolio. The portfolio managers consider selling a security when any of the considerations leading to its purchase materially changes or when a more attractive candidate is identified.

As part of the subadviser's fundamental research, and to the extent consistent with the fund's investment objective and strategies, the subadviser may consider environmental, social and/or governance ("ESG") factors that the subadviser believes may influence a prospective investment's risks and rewards. Any consideration of ESG factors will be within the context of the subadviser's overall investment approach. Evaluation of whether such factors are relevant and financially material to a particular investment opportunity are elements of the subadviser's investment research and decision making processes. Although the specific ESG factors that will be relevant to each investment opportunity will differ, some examples of ESG factors the subadviser believes to be relevant to many investment opportunities are labor/human capital management, corporate governance & quality of management, corporate behavior, product safety & quality, privacy & data security, climate risks, carbon management, and pollution & waste. In evaluating an existing or prospective investment, ESG is just one of many inputs considered by the subadviser when making investment decisions on behalf of the fund. In addition, ESG is not weighted more heavily than other considerations, and the fund could invest in a company even if that company scores poorly when any applicable ESG factors are considered.

The fund may also invest in other kinds of equity securities, including preferred stocks and convertible securities. The fund may invest up to 25% of its assets in non-U.S. securities, including emerging market securities, except that it may invest without limit in American Depositary Receipts (ADRs). The fund may invest up to 25% of its assets in real estate investment trusts (REITs). The fund may invest in securities of issuers deemed to be "acquired funds" for purposes of Acquired Fund Fees and Expenses determinations. Such investments may increase reported fund operating expenses.

In response to adverse market, economic, political or other conditions, the fund may deviate from its principal strategies by making temporary investments of some or all of its assets in high-quality fixed income securities, cash and cash equivalents. The fund may be less likely to achieve its investment objective when it does so. The fund may utilize foreign currency exchange contracts, options, stock index futures contracts and other derivative instruments. Although the fund did not invest significantly in derivative instruments as of the most recent fiscal year end, it may do so at any time.

*Please see "More Information About Risks of Investing in the Funds" for information about the principal risks of investing in the fund and additional risks associated with investment techniques and fund operations.*

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**Virtus NFJ Small-Cap Value Fund**

#### Non-Fundamental Investment Objective:
The fund seeks long-term growth of capital and income.

#### Principal Investment Strategies:
The fund seeks to achieve its investment objective by normally investing at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks and other equity securities of companies with smaller market capitalizations. The fund currently considers smaller market capitalization companies to be companies with market capitalizations of between $100 million and the greater of $4 billion or the capitalization of the largest company in the Russell 2000 Index. As of June 30, 2025, the market capitalization of the largest company in the Russell 2000 Index was $15.72 billion The fund may continue to hold securities of a portfolio company that subsequently appreciates above the smaller market capitalization threshold, including in situations where such securities continue to trade at valuations the portfolio managers consider attractive. Because of this, the fund may have less than 80% of its net assets in smaller market capitalization stocks at any given time. The fund normally invests a significant portion of its assets in securities that the portfolio managers expect will generate income (for example, by paying dividends). The fund may also invest a substantial portion of its assets in real estate investment trusts (REITs) and a portion of its assets in non-U.S. securities (including through American Depositary Receipts (ADRs)), including emerging market securities.

The portfolio managers use a value investing style focusing on companies whose securities the portfolio managers believe have attractive valuation and fundamental strength. The portfolio managers use initial parameters and quantitative tools to narrow the fund's selection universe and also review and consider fundamental changes. After still further narrowing the universe through a combination of qualitative analysis and fundamental research, the portfolio managers select the securities to be included in the fund's portfolio. The portfolio managers consider selling a security when any of the considerations leading to its purchase materially changes or when a more attractive candidate is identified.

As part of the subadviser's fundamental research, and to the extent consistent with the fund's investment objective and strategies, the subadviser may consider environmental, social and/or governance ("ESG") factors that the subadviser believes may influence a prospective investment's risks and rewards. Any consideration of ESG factors will be within the context of the subadviser's overall investment approach. Evaluation of whether such factors are relevant and financially material to a particular investment opportunity are elements of the subadviser's investment research and decision making processes. Although the specific ESG factors that will be relevant to each investment opportunity will differ, some examples of ESG factors the subadviser believes to be relevant to many investment opportunities are labor/human capital management, corporate governance & quality of management, corporate behavior, product safety & quality, privacy & data security, climate risks, carbon management, and pollution & waste. In evaluating an existing or prospective investment, ESG is just one of many inputs considered by the subadviser when making investment decisions on behalf of the fund. In addition, ESG is not weighted more heavily than other considerations, and the fund could invest in a company even if that company scores poorly when any applicable ESG factors are considered.

In response to adverse market, economic, political or other conditions, the fund may deviate from its principal strategies by making temporary investments of some or all of its assets in high-quality fixed income securities, cash and cash equivalents. The fund may be less likely to achieve its investment objective when it does so. In addition to common stocks and other equity securities (such as preferred stocks, convertible securities and warrants), the fund may utilize foreign currency exchange contracts, options, stock index futures contracts and other derivative instruments. Although the fund did not invest significantly in derivative instruments as of the most recent fiscal year end, it may do so at any time.

*Please see "More Information About Risks of Investing in the Funds" for information about the principal risks of investing in the fund and additional risks associated with investment techniques and fund operations.*

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**Virtus Silvant Focused Growth Fund**

#### Fundamental Investment Objective:
The fund seeks long-term capital appreciation.

#### Principal Investment Strategies:
The fund seeks to achieve its investment objective by normally investing primarily in equity securities of U.S. companies with market capitalizations of at least $1 billion. The fund is "non-diversified," which means that it may invest a significant portion of its assets in a relatively small number of issuers, which may increase risk. The fund may also invest up to 20% of its assets in non-U.S. securities (but no more than 10% in any one non-U.S. country), including through American Depositary Receipts (ADRs). In addition to common stocks and other equity securities (such as preferred stocks, convertible securities and warrants), the fund may invest in securities issued in initial public offerings (IPOs) and real estate investment trusts (REITs). At times, depending on market conditions, the fund may also invest a significant percentage of its assets in a small number of business sectors or industries. The portfolio managers typically select 25 to 35 stocks for the fund's portfolio. The portfolio managers attempt to include securities in the fund's portfolio that exhibit the greatest combination of earnings growth potential, quality (as reflected in consistent business fundamentals) and attractive valuation.

The portfolio managers ordinarily look for several of the following characteristics when analyzing specific companies for possible investments: higher than average growth and strong potential for capital appreciation; substantial capacity for growth in revenue, cash flow or earnings through either an expanding market or expanding market share; a strong balance sheet; superior management; strong commitment to research and product development; and differentiated or superior products and services or a steady stream of new products and services.

*Please see "More Information About Risks of Investing in the Funds" for information about the principal risks of investing in the fund and additional risks associated with investment techniques and fund operations.*

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**Virtus Silvant Mid-Cap Growth Fund**

#### Non-Fundamental Investment Objective:
The fund seeks long-term capital appreciation.

#### Principal Investment Strategies:
The fund seeks to achieve its objective by normally investing at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks and other equity securities of medium-sized companies. The fund currently defines medium-sized companies as those having market capitalizations comparable to those companies included in the Russell Midcap Growth Index (between $833 million and $89 billion as of June 30, 2025). The fund normally invests primarily in equity securities of U.S. companies.

The portfolio managers ordinarily look for companies with the following characteristics: higher than average growth and strong potential for capital appreciation; substantial capacity for growth in revenue through an expanding market or market share; a strong balance sheet; superior management; strong commitment to research and product development; differentiated or superior products and services; and a notable competitive advantage. In addition to common stocks and other equity securities preferred stocks, convertible securities and warrants), the fund may invest in securities issued in initial public offerings (IPOs), real estate investment trusts (REITs) and in non-U.S. securities, including through American Depositary Receipts (ADRs).

*Please see "More Information About Risks of Investing in the Funds" for information about the principal risks of investing in the fund and additional risks associated with investment techniques and fund operations.*

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**Virtus Small-Cap Fund**

#### Non-Fundamental Investment Objective:
The fund seeks long-term capital appreciation.

#### Principal Investment Strategies:
The fund seeks to achieve its objective by normally investing at least 80% of its net assets (plus borrowings made for investment purposes) in companies with smaller market capitalizations. The fund expects to invest principally in U.S. companies but may invest to a lesser extent in non-U.S. companies. The fund currently considers smaller market capitalization companies to be companies with market capitalizations that are smaller than the largest company in the fund's benchmark, the Russell 2000 Index (approximately $13.4 billion as of June 30, 2025). The fund's principal investment universe includes micro-cap companies, which the portfolio managers consider to be those with market capitalizations generally in the bottom half of the benchmark. The portfolio managers generally seek exposure to smaller capitalization companies, including micro-cap companies, by employing three distinct small-cap strategies or "sleeves" for selecting individual stocks:

 Quantitative Core;

 Quantitative Growth; and

 Managed Volatility.

The allocation of fund assets among these sleeves is set from time to time and may periodically be adjusted at the discretion of the portfolio management team. Such allocations will not be equal and will typically reflect significant variation across the sleeves.

The portfolio managers consider whether to sell a particular security when a factor applicable to the relevant sleeve, or to the fund as a whole, materially changes or when a more attractive investment candidate is available. The fund may experience a high portfolio turnover rate as a consequence of the investment strategies associated with each sleeve and the portfolio managers' optimization process.

The portion of the fund's assets allocated to the Quantitative Growth sleeve is managed similar to the core sleeve but against a growth index. This sleeve normally invests primarily in common stocks of companies with smaller market capitalizations that are listed on U.S. exchanges. The team's quantitative investment process begins with a proprietary alpha model which blends behavioral factors (e.g., human behaviors and biases) and intrinsic valuation factors (e.g., tangible measures of a company's underlying worth). The team utilizes a risk model for portfolio construction, with constraints at the individual security and industry levels to manage exposures relative to the benchmark. Additionally, all investment recommendations are thoroughly vetted at the individual company level to confirm the investment rationale and suitability before a purchase or sale.

The portion of the fund's assets allocated to the Quantitative Core sleeve will, under normal conditions, be invested primarily in common stocks of smaller-cap companies that are listed on U.S. exchanges. Members of the portfolio management team managing this sleeve believe that behavioral biases of investors contribute to market inefficiencies. Their quantitative investment process begins with a proprietary investment-return forecasting model which combines behavioral factors (which seek to capitalize on human behavioral biases (i.e., systematic tendencies) from financial analysts, company management and investors), with intrinsic and valuation factors (which are expected to provide tangible measures of a company's true worth). The portfolio managers integrate this multi-factor approach with a proprietary risk model to construct the fund's portfolio, with constraints at the individual security and industry level to manage exposures relative to the benchmark. Additionally, all investment recommendations are thoroughly vetted on an individual company level to confirm the investment rationale and suitability before a purchase or sale. The portfolio managers consider whether to sell a particular security based on the attractiveness in the team's relative performance (or "alpha") model, an increase in stock-specific risk, or because the stock is highly correlated with other stocks in the portfolio. The integrated relationship between research and portfolio management combines the latest research from the academic and investment management communities with real-world portfolio management experience to attempt to maximize excess return opportunities within a framework that seeks to control risk. The investment approach is quantitative in nature, therefore the majority of research is conducted through alpha model, risk model and portfolio construction research. The Quantitative Core sleeve is designed to perform well over a variety of market conditions given its core style and modest reduction in risk relative to the benchmark.

The portion of the fund's assets allocated to the Managed Volatility sleeve will, under normal conditions, be invested primarily in common stocks of smaller-cap companies which in aggregate offer lower forecast risk and lower levels of correlation among the individual stocks. This focus may result in the sleeve outperforming the general securities market during periods of flat or negative market performance, and underperforming the general securities market during periods of strong positive market performance that are typically led by growth oriented stocks with higher correlation to broader market movements. This strategy utilizes both a quantitative and fundamental research process to make individual security and sector selection decisions. Under the Managed Volatility strategy, the portfolio managers seek to emphasize stocks that exhibit a lower sensitivity to beta, or risk in relation to the overall market, as they believe that stocks with higher betas are not rewarded with commensurately higher returns by the market. The portfolio construction process for the Managed Volatility sleeve consists of multiple layers of review and analysis. Initially, the portfolio managers build a fully invested and diversified portfolio subject to sector and security constraints with a goal of minimizing total volatility as measured by the standard deviation of returns. The team then overlays a proprietary stock selection model and seeks to build a final portfolio of stocks that considers the trade-off between volatility and sources of outperformance relative to the benchmark. The Managed Volatility sleeve is designed to perform well during periods of volatile market conditions and protect capital on a relative basis through risk mitigation techniques.

In addition to common stocks and other equity securities (such as preferred stocks, convertible securities and warrants), the fund may invest a substantial portion of its assets in securities issued in initial public offerings (IPOs). The fund may invest up to 15% in non US securities trading in local markets and may invest without limit in American Depositary Receipts (ADRs). The fund may also invest a portion of its assets in real estate investment trusts (REITs). In order to gain exposure to desired asset classes or securities, or for hedging or other investment purposes, the fund may also utilize options, stock index futures contracts, warrants and other derivative instruments.

<br> 72 Virtus Small-Cap Fund

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In response to adverse market, economic, political and other conditions, the fund may deviate from its principal strategies by making temporary investments of some or all of its assets in high-quality fixed income securities, cash and cash equivalents. The fund may be less likely to achieve its investment objective when it does so.

*Please see "More Information About Risks of Investing in the Funds" for information about the principal risks of investing in the fund and additional risks associated with investment techniques and fund operations.*

<br> Virtus Small-Cap Fund 73

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**Virtus Zevenbergen Technology Fund**

#### Non-Fundamental Investment Objective:
The fund seeks long-term capital appreciation.

#### Principal Investment Strategies:
The fund seeks to achieve its investment objective by normally investing at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks of U.S. companies and other U.S traded equity securities of technology companies. The fund considers U.S.-traded equity securities to include American Depositary Receipts ("ADRs"), as well as securities that are traded in the U.S. that have been issued by companies established, domiciled or operating in foreign countries. The fund intends to invest primarily in companies with market capitalizations greater than $500 million. The fund is "non-diversified," which means that it may invest a significant portion of its assets in a relatively small number of issuers, which may increase risk. The fund may invest a portion of its assets in securities issued in initial public offerings (IPOs).

The portfolio managers define technology companies as those that provide technology products or services, or those that benefit from utilizing technology to gain competitive advantages, improve their business processes, products or applications. These may include, but are not limited to, internet products and services (including e-commerce), computers and computer peripherals, software, electronic components and systems, communications equipment and services, semiconductors, transportation technology, transportation services and products, artificial intelligence technology, video gaming, security services and products, media and information services, environmental services, chemical products and synthetic materials, defense and aerospace products and services, nanotechnology, energy equipment and services, digital currency enablers, financial and payment technology and others. The portfolio managers evaluate fundamental value and growth prospects of individual companies and focus on those companies that they expect will have strong potential for capital appreciation.

The fund's subadviser's fundamental approach to stock selection (i.e., use of qualitative and quantitative analysis to identify overvalued and undervalued securities) naturally embeds consideration of environmental, social and governance ("ESG") issues the subadviser believes to be material, as the subadviser believes companies with durable corporate governance and business practices, coupled with strong growth prospects, deliver compelling returns over time. The subadviser considers ESG analysis to be an innate component of its core research approach and helps the portfolio management team form a clearer understanding of potential business benefits and risks. The investment strategy incorporates formal research review of company-specific ESG factors in the decision-making process. However, ESG evaluation of a particular company is not the primary factor for inclusion in or exclusion from the fund's portfolio.

*Please see "More Information About Risks of Investing in the Funds" for information about the principal risks of investing in the fund and additional risks associated with investment techniques and fund operations.*

<br> 74 Virtus Zevenbergen Technology Fund

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**More Information About Risks of Investing in the Funds**

Each fund may not achieve its objective(s), and each fund is not intended to be a complete investment program.

Generally, the value of a fund's investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of such fund's investments decreases, you will lose money.

Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which a fund invests can be worse than expected and investments may fail to perform as the adviser or a subadviser expects. As a result, the value of your shares may decrease.

The risks of investing in each fund are identified in the below table and described in detail following the table. They include risks associated with each fund's principal investment strategies, risks associated with additional investment techniques in which each fund is expected to engage, and risks associated with each fund's operations. The risks are listed in alphabetical order, which is not necessarily indicative of importance.

Although the additional investment techniques in which a fund is expected to engage as of the date of this prospectus are indicated in the chart below, other techniques may be utilized from time to time. Many of the additional investment techniques that a fund may use, as well as other investment techniques that are relied upon to a lesser degree, are more fully described in the SAI.

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Risks**<br>**● Principal Risks**<br>**○ Additional Risks** | **Virtus Emerging Markets Opportunities Fund** | **Virtus Income & Growth Fund** | **Virtus KAR Global Small-Cap Fund** | **Virtus KAR Health Sciences Fund** | **Virtus** <br>**NFJ Dividend Value Fund** | **Virtus** <br>**NFJ International Value** <br>**Fund** | **Virtus** <br>**NFJ** <br>**Large-Cap Value** <br>**Fund** | **Virtus** <br>**NFJ** <br>**Mid-Cap Value** <br>**Fund** | **Virtus** <br>**NFJ** <br>**Small-Cap Value** <br>**Fund** | **Virtus Silvant Focused Growth** <br>**Fund** | **Virtus Silvant** <br>**Mid-Cap Growth** <br>**Fund** | **Virtus** <br>**Small-Cap Fund** | **Virtus Zevenbergen Technology Fund** |
| Allocation |  | ●  |  |  |  |  |  |  |  |  |  |  |  |
| Capitalization Criteria, Percentage Investment Limitations and Alternative Means of Gaining Exposure |  | ○ |  |  |  |  |  |  |  | ○ | ○ |  |  |
| China-Related | ●  |  |  |  |  | ●  |  |  |  |  |  |  |  |
| Common Stocks and Other Equity Securities | ○ | ○ |  |  |  |  |  |  |  |  |  | ○ |  |
| Convertible Securities |  | ●  |  |  |  |  |  |  |  |  |  |  |  |
| Corporate Debt Securities |  | ○ |  |  |  |  |  |  |  |  |  |  |  |
| Counterparty | ●  | ●  |  |  | ●  | ●  | ●  | ●  | ●  |  |  | ●  |  |
| Credit Ratings and Unrated Securities |  | ○ |  |  |  |  |  |  |  |  |  |  |  |
| Cybersecurity | ○ | ○ | ○ | ○ | ○ | ○ | ○ | ○ | ○ | ○ | ○ | ○ | ○ |
| Debt Instruments |  | ●  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit | ●  | ●  |  |  | ●  | ●  | ●  | ●  | ●  |  |  | ●  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Rate |  | ●  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Limited Voting Rights |  | ○ |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Liquidity |  | ○ |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-Term Maturities/Durations |  | ○ |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepayment/Call |  | ○ |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption |  | ○ |  |  |  |  |  |  |  |  |  |  |  |
| Depositary Receipts | ●  |  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  |
| Derivatives and Other Similar Transactions | ●  | ●  |  |  | ●  |  | ●  | ●  | ●  |  |  | ●  |  |
| Equity-Related Instruments | ○ | ○ | ○ | ○ |  |  |  |  |  |  |  |  |  |
| Equity Securities | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  |
| &nbsp;&nbsp;&nbsp;&nbsp;Growth Stocks |  |  |  |  |  |  |  |  |  | ●  | ●  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Large Market Capitalization Companies |  |  |  |  |  |  | ●  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Small and Medium Market Capitalization Companies | ●  | ●  | ●  | ●  | ●  | ●  |  | ●  | ●  |  | ●  | ●  | ●  |
| &nbsp;&nbsp;&nbsp;&nbsp;Small Market Capitalization Companies | ○ | ○ |  |  |  |  |  |  |  |  |  | ○ |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Value Stocks |  |  |  |  | ●  | ●  | ●  | ●  | ●  |  |  |  |  |
| ESG Consideration |  |  | ○ | ○ | ○ | ○ | ○ | ○ | ○ |  |  |  | ○ |

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<br> Virtus Mutual Funds 75

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Risks**<br>**● Principal Risks**<br>**○ Additional Risks** | **Virtus Emerging Markets Opportunities Fund** | **Virtus Income & Growth Fund** | **Virtus KAR Global Small-Cap Fund** | **Virtus KAR Health Sciences Fund** | **Virtus** <br>**NFJ Dividend Value Fund** | **Virtus** <br>**NFJ International Value** <br>**Fund** | **Virtus** <br>**NFJ** <br>**Large-Cap Value** <br>**Fund** | **Virtus** <br>**NFJ** <br>**Mid-Cap Value** <br>**Fund** | **Virtus** <br>**NFJ** <br>**Small-Cap Value** <br>**Fund** | **Virtus Silvant Focused Growth** <br>**Fund** | **Virtus Silvant** <br>**Mid-Cap Growth** <br>**Fund** | **Virtus** <br>**Small-Cap Fund** | **Virtus Zevenbergen Technology Fund** |
| Exchange-Traded Funds ("ETFs") | ○ |  |  |  |  |  |  |  |  |  |  | ○ |  |
| Focused Investment | ●  | ●  |  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  |
| Foreign Investing | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency Rate | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  |
| &nbsp;&nbsp;&nbsp;&nbsp;Emerging Market | ●  | ●  | ●  | ○ | ●  | ●  | ●  | ●  | ●  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sanctions | ●  | ●  | ●  | ○ | ●  | ●  | ●  | ●  | ●  |  |  |  |  |
| High Yield/High Risk Fixed Income Securities ("Junk Bonds") |  | ●  |  |  |  |  |  |  |  |  |  |  |  |
| Illiquid Securities |  | ○ | ○ | ○ |  |  |  |  |  |  |  |  |  |
| Income |  | ●  |  |  |  |  |  |  |  |  |  |  |  |
| Industry Focus |  |  | ○ |  |  |  |  |  |  |  |  |  | ○ |
| Initial Public Offerings ("IPOs") | ○ | ○ | ○ | ●  |  |  |  |  |  | ●  | ●  | ●  | ●  |
| Issuer | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  |
| Leverage | ●  | ●  |  |  |  |  |  |  |  |  |  | ●  |  |
| Limited Number of Investments |  |  | ●  |  |  |  |  |  |  |  |  |  |  |
| Liquidity | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  |
| Market Volatility | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  |
| Non-Diversification |  |  |  |  |  |  |  |  |  | ●  |  |  | ●  |
| Non-U.S. Securities | ○ | ○ |  |  |  |  |  |  |  |  |  |  |  |
| Operational | ○ | ○ | ○ | ○ | ○ | ○ | ○ | ○ | ○ | ○ | ○ | ○ | ○ |
| Portfolio Turnover | ●  |  |  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  |
| Preferred Stocks | ●  | ●  | ●  |  |  | ●  | ●  | ●  |  | ●  | ●  | ●  |  |
| Private Placement and Restricted Securities Risk |  | ○ | ○ | ○ |  |  |  |  |  |  |  |  |  |
| Real Estate Investment | ○ | ○ |  |  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  |  |
| Redemption | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  | ●  |
| Unrated Fixed Income Securities |  | ●  |  |  |  |  |  |  |  |  |  |  |  |
| U.S. Government Securities |  | ●  |  |  |  |  |  |  |  |  |  |  |  |
| Variable and Floating Rate Securities |  | ○ |  |  |  |  |  |  |  |  |  |  |  |

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#### Allocation
A fund's investment performance depends, in part, upon how its assets are allocated and reallocated by its subadviser. If the fund's exposure to equities and fixed income securities, or to other asset classes, deviates from the subadviser's intended allocation, or if the fund's allocation is not optimal for market conditions at a given time, the fund's performance may suffer. To the extent the portfolio managers employ quantitative models, whether proprietary or maintained by third parties, there can be no assurance that such models will behave as expected in all market conditions, including due to deviations between expected and actual relationships among variables. Any imperfections, errors, or limitations in such models could affect a fund's performance. By necessity, such models make simplifying assumptions that limit their effectiveness. In addition, the computer programming used to construct, or the data employed by, quantitative models may contain errors, which may cause losses for the fund or reduce performance. In the event third-party models become increasingly costly or unavailable, the portfolio managers may be forced to rely on proprietary models or to reduce or discontinue their use of quantitative models. The funds are also subject to the risk that deficiencies in the operational systems or controls of the subadviser or another service provider will cause losses for the funds or hinder fund operations. For example, trading delays or errors (both human and systemic) could prevent a fund from purchasing a security expected to appreciate in value. Additionally, legislative, regulatory, or tax developments may affect the investment techniques available to the subadviser and each individual portfolio manager in connection with managing the funds and may also adversely affect the ability of the funds to achieve their investment objectives. To the extent portfolio managers employ strategies that are not correlated to broader markets, or that are intended to seek returns under a variety of market conditions (such as managed volatility strategies), a fund may outperform the general securities market during periods of flat or negative market performance, and underperform the securities market during periods of strong market performance. In addition, to the extent portfolio managers consider environmental, social and governance ("ESG") factors as part of their investment process or strategy, there can be no guarantee that the portfolio managers' consideration of such factors or efforts to select investments based on ESG factors will be successful or produce the desired results.

<br> 76 Virtus Mutual Funds

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#### Capitalization Criteria, Percentage Investment Limitations and Alternative Means of Gaining Exposure
Unless otherwise stated, all market capitalization criteria and percentage limitations on fund investments listed in this Prospectus will apply at the time of investment. A fund would not violate these limitations unless an excess or deficiency occurs or exists immediately after and as a result of an investment. Unless otherwise indicated, references to assets in the percentage limitations on the funds' investments refer to total assets. Unless otherwise stated, if a fund is described as investing in a particular type of security or other instrument, either generally or subject to a minimum investment percentage, the fund may make such investments either directly or by gaining exposure through indirect means, such as depositary receipts, derivatives (based on either notional or mark-to-market value depending on the instrument and circumstances), placement warrants or other structured products. Such exposure may be achieved through a combination of multiple instruments or through a combination of one or more investment instruments and cash or cash equivalents. Certain funds are subject to market capitalization criteria or similar criteria, such as policies adopted pursuant to Rule 35d-1 under the Investment Company Act of 1940, as amended (the "1940 Act"), that are tied to specific securities indices ("reference indices"). When a reference index is periodically rebalanced or reconstituted, a fund may require a reasonable time period to align its investment portfolio with any new market capitalization or other criteria that result from changes to the reference index.

#### China-Related
The Chinese economy is generally considered an emerging and volatile market. Although China has experienced a relatively stable political environment in recent years, there is no guarantee that such stability will be maintained in the future. As an emerging market, many factors may affect such stability — such as increasing gaps between the rich and poor or agrarian unrest and instability of existing political structures—and may result in adverse consequences to a fund investing in securities and instruments economically tied to China. A small number of companies represent a large portion of the Chinese market as a whole, and prices for securities of these companies may be very sensitive to adverse political, economic, or regulatory developments in China and other Asian countries, and may experience significant losses in such conditions. The value of Chinese currencies may also vary significantly relative to the U.S. dollar, affecting a fund's investments, to the extent the Fund invests in China-related investments.

Historically, China's central government has exercised substantial control over the Chinese economy through administrative regulation, state ownership, the allocation, expropriation or nationalization of resources, by controlling payment of foreign currency-denominated obligations, by setting monetary policy and by providing preferential treatment to particular industries or companies. The emergence of domestic economic demand is still at an early stage, making China's economic health largely dependent upon exports. China's growing trade surplus with the U.S. has increased the risk of trade disputes. For example, recent developments in relations between the U.S. and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, which could have a negative impact on China's, or others countries', export industry and a commensurately negative impact on a fund that invests in securities and instruments that are economically tied to China. In addition, as China's economic and political strength has grown in recent years, it has shown a greater willingness to assert itself militarily in the region. Military or diplomatic moves to resolve any issues could adversely affect the economies in the region.

Despite economic reforms that have resulted in less direct central and local government control over Chinese businesses, actions of the Chinese central and local government authorities continue to have a substantial effect on economic conditions in China. These activities, which may include central planning, partial state ownership of or government actions designed to substantially influence certain Chinese industries, market sectors or particular Chinese companies, may adversely affect the public and private sector companies in which a fund invests. Government actions may also affect the economic prospects for, and the market prices and liquidity of, the securities of Chinese companies and the payments of dividends and interest by Chinese companies. In addition, currency fluctuations, monetary policies, competition, social instability or political unrest may adversely affect economic growth in China. The Chinese economy and Chinese companies may also be adversely affected by regional security threats, as well as adverse developments in Chinese trade policies, or in trade policies toward China by countries that are trading partners with China. The economies, industries, and securities and currency markets of the China region may also be adversely affected by slow economic activity worldwide, dependence on exports and international trade, increasing competition from Asia's other low-cost emerging economies, and environmental events and natural disasters that may occur in China.

In addition, the relationship between China and Taiwan is particularly sensitive, and hostilities between China and Taiwan may present a risk to a fund's investments in China.

#### Common Stocks and Other Equity Securities
Common stock represents an ownership interest in a company. Common stock may take the form of shares in a corporation, membership interests in a limited liability company, limited partnership interests, or other forms of ownership interests. The value of a company's stock may fall as a result of factors directly relating to that company, such as decisions made by its management or lower demand for the company's products or services. A stock's value may also fall because of factors affecting not just the company, but also companies in the same industry or in a number of different industries, such as increases in production costs. The value of a company's stock may also be affected by changes in financial markets that are relatively unrelated to the company or its industry, such as changes in interest rates or currency exchange rates or adverse circumstances involving the credit markets. In addition, a company's stock generally pays dividends only after the company invests in its own business and makes required payments to holders of its bonds, other debt and preferred securities. For this reason, the value of a company's stock will usually react more strongly than its bonds, other debt and preferred securities to actual or perceived changes in the company's financial condition or prospects.

To the extent that a fund focuses its investments on equity securities issued by dividend paying companies, fund performance may lag behind that of funds that do not place emphasis on dividends. During periods of market advance, dividend paying companies typically experience lower levels of earnings growth and/or capital appreciation than non-dividend paying companies. Furthermore, the dividend payments may vary over time, and there is no guarantee that a company will maintain any minimum level of dividend payments or pay a dividend at all.

Stocks of smaller companies may be more vulnerable to adverse developments than those of larger companies. Stocks of companies that the portfolio managers believe are fast-growing may trade at a higher multiple of current earnings than other stocks. The value of such stocks may be more sensitive to changes in current or expected earnings than the values of other stocks. Seeking earnings growth may result in significant investments in sectors that may be subject to greater volatility than other sectors of the economy. Companies that a fund's portfolio manager believes are undergoing positive change and whose stock the

<br> Virtus Mutual Funds 77

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portfolio manager believes is undervalued by the market may have experienced adverse business developments or may be subject to special risks that have caused their stocks to be out of favor. If a fund's portfolio manager's assessment of a company's earnings growth or other prospects is wrong, or if the portfolio manager's judgment of how other investors will value the company is wrong, then the price of the company's stock may fall or may not approach the value that the portfolio manager has placed on it.

Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Different types of equity securities provide different voting and dividend rights and priority in the event of the bankruptcy and/or insolvency of the issuer. In addition to common stocks, equity securities include, without limitation, preferred stocks, convertible securities and warrants. Equity securities other than common stocks are subject to many of the same risks as common stocks, although possibly to different degrees. A fund may invest in, and gain exposure to, common stocks and other equity securities through purchasing depositary receipts, such as ADRs, EDRs and GDRs, as described under "Non-U.S. Securities" below.

Preferred stock represents an equity interest in a company that generally entitles the holder to receive, in preference for the holders of other stocks such as common stocks, dividends and a fixed share of the proceeds resulting from a liquidation of the company. Preferred stock may pay fixed or adjustable rates of return. Preferred stock is subject to issuer-specified and market risks applicable generally to equity securities. In addition, a company's preferred stock generally pays dividends only after the company makes required payments to holders of its bonds and other debt.

#### Convertible Securities
Convertible securities are bonds, debentures, notes, preferred stock, rights, warrants or other securities that may be converted into or exchanged for a prescribed amount of common stock or other security of the same or a different issuer or into cash within a particular period of time at a specified price or formula. A convertible security generally entitles the holder to receive interest paid or accrued on debt instruments or the dividend paid on preferred stock until the convertible security matures or is redeemed, converted or exchanged. If a convertible security is called for redemption, the fund may have to redeem the security, convert it into common stock or sell it to a third party at a price and time that is not beneficial for the respective fund. The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities. The funds may also invest in synthetic convertible securities, which involve the combination of separate securities that possess the two principal characteristics of a traditional convertible security (i.e., an income-producing component and a right to acquire an equity security). Synthetic convertible securities are often achieved, in part, through investments in warrants or options to buy common stock (or options on a stock index), and therefore are subject to the risks associated with derivatives. Securities convertible into common stocks may have higher yields than common stocks but lower yields than comparable nonconvertible securities.

#### Corporate Debt Securities
Corporate debt securities are subject to the risk of the issuer's inability to meet principal and interest payments on the obligation and may also be subject to price volatility due to factors such as interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity. When interest rates rise, the value of corporate debt securities can be expected to decline. Debt securities with longer maturities or durations tend to be more sensitive to interest rate movements than those with shorter maturities.

#### Counterparty
A fund is also subject to the risk that a counterparty to a derivatives contract, repurchase agreement, a loan of portfolio securities or an unsettled transaction may be unable or unwilling to make timely settlement payments or otherwise honor its obligations to the fund. If a counterparty fails to meet its contractual obligations, goes bankrupt, or otherwise experiences a business interruption, the fund could miss investment opportunities or otherwise hold investments it would prefer to sell, resulting in losses for the fund. In addition, transactions in some types of swaps (including interest rate swaps and credit default swaps on North American and European indices) are required to be centrally cleared ("cleared swaps"). For over-the-counter swaps, there is a risk that the other party to certain of these instruments will not perform its obligations to the fund or that a fund may be unable to enter into offsetting positions to terminate its exposure or liquidate its position under certain of these instruments when it wishes to do so. Such occurrences could result in losses to such fund. For cleared swaps, a fund's counterparty is a clearinghouse rather than a bank or broker. In cleared swaps, such fund makes payments (including margin payments) to and receives payments from a clearinghouse through its account at clearing members. Clearing members guarantee performance of their clients' obligations to the clearinghouse. Counterparty risk may be pronounced during unusually adverse market conditions and may be particularly acute in environments in which financial services firms are exposed to systemic risks of the type evidenced by the 2008 insolvency of Lehman Brothers and subsequent market disruptions. See "Derivatives Risk" below.

#### Credit Ratings and Unrated Securities
A fund may invest in securities based on their credit ratings assigned by rating agencies such as Moody's, S&P and Fitch. Moody's, S&P, Fitch and other rating agencies are private services that provide ratings of the credit quality of fixed income securities, including convertible securities. An Appendix to the funds' Statement of Additional Information describes the various ratings assigned to fixed income securities by Moody's, S&P and Fitch. Ratings assigned by a rating agency are not absolute standards of credit quality and do not evaluate market risk. Rating agencies may fail to make timely changes in credit ratings and an issuer's current financial condition may be better or worse than a rating indicates. A fund will not necessarily sell a security when its rating is reduced below its rating at the time of purchase. The subadviser does not rely solely on credit ratings, and may develop their own analyses of issuer credit quality.

A fund may purchase unrated securities (which are not rated by a rating agency) if the subadviser determines that the security is of comparable quality to a rated security that the fund may purchase. Unrated securities may be less liquid than comparable rated securities and involve the risk that the subadviser may not accurately evaluate the security's comparative credit rating. Analysis of the creditworthiness of issuers of high yield securities may be more complex than for issuers of higher-quality fixed income securities. In the event a fund invests a significant portion of assets in high yield securities and/ or unrated securities, the fund's success in achieving its investment objective may depend more heavily on the subadviser's creditworthiness analysis than if the fund invested exclusively in higher-quality and rated securities.

#### Cybersecurity
With the increased use of technologies such as the Internet to conduct business, the funds are potentially more susceptible to operational and information security risks through breaches in cybersecurity. In general, a breach in cybersecurity can result from either a deliberate attack or an unintentional event.

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Cybersecurity breaches may involve, among other things, infection by computer viruses or other malicious software code or unauthorized access to the digital information systems, networks or devices of the funds or their service providers (including, but not limited to, the funds' investment adviser, transfer agent, custodian, administrators and other financial intermediaries) through "hacking" or other means, in each case for the purpose of misappropriating assets or sensitive information (including, for example, personal shareholder information), corrupting data or causing operational disruption or failures in the physical infrastructure or operating systems that support the funds. Any such cybersecurity breaches or losses of service may cause the funds to lose proprietary information, suffer data corruption or lose operational capacity, which, in turn, could cause the funds to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures, and/or financial loss. While the funds and their service providers have established business continuity plans and risk management systems designed to prevent or reduce the impact of cybersecurity attacks, there are inherent limitations in such plans and systems due in part to the ever-changing nature of technology and cybersecurity attack tactics, and there is a possibility that certain risks have not been adequately identified or prepared for. Substantial costs may be incurred in order to prevent future cybersecurity incidents. The use of cloud-based service providers could heighten or change these risks. Recently, geopolitical tensions may have increased the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing. Cybersecurity risks may also impact issuers of securities in which the funds invest, which may cause the funds' investments in such issuers to lose value.

#### Debt Instruments
Debt instruments are subject to various risks, the most prominent of which are credit risk and interest rate risk. These risks can affect an instrument's price volatility to varying degrees, depending upon the nature of the instrument. Risks associated with investing in debt instruments include the following:

 ***Credit.*** There is a risk that the issuer of an instrument will fail to pay interest or principal in a timely manner, or that negative perceptions exist in the market of the issuer's ability to make such payments will cause the price of the instrument to decline. Debt instruments rated below investment-grade are especially susceptible to this risk.

 ***Interest Rate.*** The values of debt instruments usually rise and fall in response to changes in interest rates. Declining interest rates generally increase the value of existing debt instruments, and rising interest rates generally decrease the value of existing debt instruments. Changes in a debt instrument's value usually will not affect the amount of interest income paid to a fund, but will affect the value of the fund's shares. Interest rate risk is generally greater for investments with longer maturities. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for investments.

Certain instruments pay interest at variable or floating rates. Variable rate instruments reset at specified intervals, while floating rate instruments reset whenever there is a change in a specified index rate. In most cases, these reset provisions reduce the effect of changes in market interest rates on the value of the instrument. However, some instruments do not track the underlying index directly, but reset based on formulas that can produce an effect similar to leveraging; others may also provide for interest payments that vary inversely with market rates. The market prices of these instruments may fluctuate significantly when interest rates change.

To the extent that a fund effectively has short positions with respect to fixed income instruments, the values of such short positions would generally be expected to rise when nominal interest rates rise and to decline when nominal interest rates decline. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate.

Some investments give the issuer the option to call or redeem an investment before its maturity date. If an issuer calls or redeems an investment during a time of declining interest rates, a fund might have to reinvest the proceeds in an investment offering a lower yield, and therefore it might not benefit from any increase in value as a result of declining interest rates.

 ***Limited Voting Rights.*** Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default.

 ***Liquidity.*** Certain debt instruments may be substantially less liquid than many other securities, such as U.S. Government securities or common stocks.

 ***Long-Term Maturities/Durations.*** Fixed income instruments with longer maturities or durations may be subject to greater price fluctuations due to interest rate, tax law, and general market changes than instruments with shorter maturities or durations.

 ***Prepayment/Call.*** There is a risk that issuers will prepay fixed rate obligations when interest rates fall. A fund holding callable instruments therefore may be forced to reinvest in obligations with lower interest rates than the original obligations and otherwise may not benefit fully from the increase in value that other fixed income investments experience when rates decline.

 ***Redemption.*** Debt instruments sometimes contain provisions that allow for redemption in the event of tax or security law changes, in addition to call features at the option of the issuer. In the event of a redemption, a fund may not be able to reinvest the proceeds at comparable rates of return.

#### Depositary Receipts
Certain funds may invest in American Depositary Receipts (ADRs) sponsored by U.S. banks, European Depositary Receipts (EDRs), Global Depositary Receipts (GDRs), ADRs not sponsored by U.S. banks, other types of depositary receipts (including non-voting depositary receipts), and other similar instruments representing securities of foreign companies.

Depositary receipts may be issued in sponsored or un-sponsored programs. In a sponsored program, a security issuer has made arrangements to have its securities traded in the form of depositary receipts. In an un-sponsored program, the issuer may not be directly involved in the creation of the program. Although the U.S. regulatory requirements applicable to ADRs generally are similar for both sponsored and un-sponsored programs, in some cases it may be easier to obtain financial and other information from an issuer that has participated in the creation of a sponsored program. To the extent a fund invests in depositary receipts of an un-sponsored program, there may be an increased possibility a fund would not become aware of and be able to respond to corporate actions such as stock splits or rights offerings involving the foreign issuer of the security underlying an ADR on a timely basis. While readily exchangeable with stock in local markets, the depositary receipts in an unsponsored program may be less liquid than those in a sponsored program.

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The issuers of Depositary Receipts may discontinue issuing new Depositary Receipts and withdraw existing Depositary Receipts at any time, which may result in costs and delays in the distribution of the underlying assets to a fund and may negatively impact a fund's performance.

Although certain depositary receipts may reduce or eliminate some of the risks associated with foreign investing, these types of securities generally are subject to many of the same risks as direct investment in securities of foreign issuers.

#### Derivatives and Other Similar Transactions
Derivative and other similar transactions (collectively referred to in this section as "derivatives" or "derivatives contracts") are contracts whose value is derived from the value of an underlying asset, index or rate, including futures, options, non-deliverable forwards, foreign currency forward contracts and swap agreements. A fund may use derivatives to hedge against factors that affect the value of its investments, such as interest rates and foreign currency exchange rates. A fund may also utilize derivatives as part of its overall investment technique to gain or lessen exposure to various securities, markets, volatility, dividend payments and currencies.

Derivatives may give rise to a form of leverage which magnifies the potential for gain and the risk of loss. It is generally more difficult to ascertain the risk of, and to properly value, derivative contracts. Many derivatives, and particularly those that are privately negotiated, are complex and often valued subjectively. Improper valuations can result in increased cash payment requirements to counterparties or a loss of value to the fund. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Derivatives are usually less liquid than traditional securities and are subject to counterparty risk (the risk that the other party to the contract will default or otherwise not be able to perform its contractual obligations). Changes in the value of a derivative may also create margin delivery or settlement payment obligations for the fund. In addition, some derivatives transactions may involve potentially unlimited losses.

As a seller of a credit default swap, a fund effectively adds economic leverage to its portfolio because, in addition to its total net assets, the fund is subject to investment exposure on the notional amount of the swap. Additionally, holding a position in a credit default swap could result in losses if the fund does not correctly evaluate the creditworthiness of the company on which the credit default swap is based. To the extent a fund writes call options on individual securities that it does not hold in its portfolio (i.e., "naked" call options), it is subject to the risk that a liquid market for the underlying security may not exist at the time an option is exercised or when the fund otherwise seeks to close out an option position. Naked call options have speculative characteristics and the potential for unlimited loss.

Derivative contracts entered into for hedging purposes may also subject a fund to losses if the contracts do not correlate with the assets, indexes or rates they were designed to hedge. In regard to currency hedging using forward contracts, it is generally not possible to precisely match the foreign currency exposure of such foreign currency forward contracts to the value of the securities involved due to fluctuations in the market values of such securities and cash flows into and out of the fund between the date a foreign currency forward contract is entered into and the date it expires.

Governments, agencies and/or other regulatory bodies may adopt or change laws or regulations that could adversely affect a fund's ability to invest in derivatives as the fund's subadviser intends. The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"), among other things, grants the Commodity Futures Trading Commission (the "CFTC") and SEC broad rulemaking authority to implement various provisions of the Dodd-Frank Act including comprehensive regulation of the over-the-counter ("OTC") derivatives market. Provisions in the Dodd-Frank Act include capital and margin requirements and the mandatory use of clearinghouse mechanisms for many OTC derivative transactions. The CFTC, SEC and other federal regulators have adopted rules and regulations enacting provisions of the Dodd-Frank Act. Some requirements may directly impact a fund, including, for example, the CFTC's rules that apply an aggregation standard for position limit purposes. Other requirements, even if not directly applicable to a fund (for example, limits or requirements imposed on the fund's transaction counterparties), may increase the cost of the fund's investments and cost of doing business, which could adversely affect investors.

There are also special tax rules applicable to certain types of derivatives, which could affect the amount, timing and character of a fund's income or loss and hence of its distributions to shareholders by causing holding period adjustments, converting short-term capital losses into long-term capital losses, and accelerating a fund's income or deferring its losses.

Under recently adopted rules and regulations, transactions in some types of swaps (including interest rate swaps and credit default swaps on North American and European indices) are required to be centrally cleared. In a cleared derivatives transaction, a fund's counterparty is a clearing house, rather than a bank or broker. Since the funds are not members of clearing houses and only members of a clearing house can participate directly in the clearing house, the funds will hold cleared derivatives through accounts at clearing members. In cleared derivatives transactions, the funds will make payments (including margin payments) to and receive payments from a clearing house through their accounts at clearing members. Clearing members guarantee performance of their clients' obligations to the clearing house.

Centrally cleared derivative arrangements may be less favorable to mutual funds than bilateral arrangements. For example, the funds may be required to provide greater amounts of margin for cleared derivatives transactions than for bilateral derivatives transactions. Also, in contrast to bilateral derivatives transactions, following a period of notice to a fund, a clearing member generally can require termination of existing cleared derivatives transactions at any time or increases in margin requirements above the margin that the clearing member required at the beginning of a transaction. Clearing houses also have broad rights to increase margin requirements for existing transactions or to terminate transactions at any time. In addition, derivatives that are centrally cleared are subject to the credit risk of the clearing house and the member of the clearing house through which a fund holds its cleared position. If a fund's counterparty or the relevant clearing house or clearing member were to default, the fund could lose a portion or all of the collateral held by the counterparty, clearing house, or clearing member on its behalf, or could suffer extended delays in recovering that collateral.

A fund's use of derivatives may also increase the amount of taxes payable by shareholders or the resources required by the fund or its adviser and/or subadviser(s) to comply with particular regulatory requirements.

#### Equity-Related Instruments
Equity-related instruments are securities and other instruments, including derivatives such as equity-linked securities, whose investment results are intended to correspond generally to the performance of one or more specified equity securities or of a specified equity index or analogous "basket" of equity securities. See "Common Stocks and Other Equity Securities" above. To the extent that a fund invests in equity-related instruments whose return corresponds to the performance of a non-U.S. securities index or one or more non-U.S. equity securities, investing in such equity-related instruments will involve risks similar to the risks of

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investing in non-U.S. securities. See "Non-U.S. Securities" above. In addition, a fund bears the risk that the issuer of an equity-related instrument may default on its obligations under the instrument. Equity-related instruments are often used for many of the same purposes as, and share many of the same risks with, other derivative instruments. See "Derivatives" above. Equity-related instruments may be considered illiquid and thus subject to a fund's restrictions on investments in illiquid securities.

#### Equity Securities
Generally, prices of equity securities are more volatile than those of fixed income securities. Equity securities may take the form of shares of common stock of a corporation, membership interests in a limited liability company, limited partnership interests, or other forms of ownership interests. Equity securities also include, among other things, preferred stocks, convertible securities and warrants. The prices of equity securities will rise and fall in response to a number of different factors. In particular, equity securities will respond to events that affect entire financial markets or industries (such as changes in inflation or consumer demand) and to events that affect particular issuers (such as news about the success or failure of a new product). Equity securities also are subject to "stock market risk," meaning that stock prices in general may decline over short or extended periods of time. When the value of the stocks held by the fund goes down, the value of the fund's shares will be affected. Dividend paying companies may underperform companies without a history of paying dividends. In addition, because a company's equity securities rank junior in priority to the interests of bond holders and other creditors, a company's equity securities will usually react more strongly than its bonds and other debt to actual or perceived changes in the company's financial condition or prospects. Risks associated with investing in equity securities include the following:

 ***Growth Stocks.*** Growth stocks can react differently to issuer, political, market, and economic developments than the market as a whole and other types of stocks. Growth stocks also tend to be more expensive relative to their earnings or assets compared to other types of stocks, and as a result they tend to be sensitive to changes in their earnings and more volatile than other types of stocks.

 ***Large Market Capitalization Companies.*** The value of investments in larger companies may not rise as much as investments in smaller companies, and larger companies may be unable to respond quickly to competitive challenges, such as changes in technology and consumer tastes.

 ***Small and Medium Market Capitalization Companies.*** Small and medium-sized companies often have narrower markets, fewer products or services to offer, and more limited managerial and financial resources than larger, more established companies. As a result, the performance of small and medium-sized companies may be more volatile, and they may face a greater risk of business failure, which could increase the volatility and risk of loss to the fund.

 ***Small Market Capitalization Companies.*** Small companies often have narrower markets, fewer products or services to offer, and more limited managerial and financial resources than larger, more established companies. As a result, the performance of small companies may be more volatile, and they may face a greater risk of business failure, which could increase the volatility and risk of loss to the fund.

 ***Value Stocks.*** A company may be undervalued due to market or economic conditions, temporary earnings declines, unfavorable developments affecting the company and other factors, or because it is associated with a market sector that generally is out of favor with investors. Undervalued stocks tend to be inexpensive relative to their earnings or assets compared to other types of stock. However, these stocks can continue to be inexpensive for long periods of time and may not realize their full economic value.

#### ESG Consideration
A fund's consideration of ESG factors could cause it to perform differently compared to funds that do not use such considerations. The relevance and weightings of specific ESG factors may vary across asset classes, sectors and strategies and no one factor is determinative. ESG factors are qualitative and subjective by nature and there are significant differences in interpretations of what it means for a company to have positive or negative ESG factors. There is no guarantee that the factors utilized by a fund's subadviser or any judgment exercised by the subadviser will reflect the opinions of any particular investor, and the factors analyzed by the subadviser may differ from the factors any particular investor considers relevant in evaluating ESG practices. When integrating ESG factors into the investment process, the subadviser may rely on third-party data that it believes to be reliable, but it does not guarantee the accuracy of such third-party data. ESG information from third-party data providers may be incomplete, inaccurate or unavailable, which may adversely impact the investment process. Moreover, the current lack of common standards may result in different approaches to integrating ESG factors. As a result, the funds may invest in companies that do not reflect the beliefs and values of any particular investor.

The ESG factors that may be evaluated as part of a fund's investment process are anticipated to evolve over time and one or more characteristics may not be relevant with respect to all issuers that are eligible for investment. Further, the regulatory landscape with respect to ESG integration in the United States is still developing and future rules and regulations may require a fund to modify or alter its investment process with respect to ESG integration.

#### Exchange-Traded Funds ("ETFs")
ETFs invest in a portfolio of securities designed to track a particular market segment or index. The risks associated with investing in ETFs generally reflect the risks of owning shares of the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio of securities. Assets invested in ETFs incur a layering of expenses, including operating costs and advisory fees that fund shareholders indirectly bear; such expenses may exceed the expenses the fund would incur if it invested directly in the underlying portfolio of securities the ETF is designed to track. Shares of ETFs trade on a securities exchange and may trade at, above, or below their net asset value.

#### Focused Investments
Focusing fund investments in a small number of issuers, industries, foreign currencies, regions or portfolio themes increases risk. Funds that are "non-diversified" because they may invest a significant portion of their assets in a relatively small number of issuers may have more risk because changes in the value of a single security or the impact of a single economic, political or regulatory occurrence may have a greater adverse impact on the fund's NAV. Some of those issuers also may present substantial credit or other risks. Diversified funds that invest in a relatively small number of issuers are subject to similar risks. In addition, the funds may be subject to increased risk to the extent they focus their investments in securities denominated in a particular foreign currency or in a narrowly defined geographic area, for example, regional economic risks relating to weather emergencies and natural disasters. Similarly, a fund that focuses its

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investments in a certain type of issuer is particularly vulnerable to events affecting such type of issuer. Also, a fund may have greater risk to the extent it invests a substantial portion of its assets in a group of related industries (or "sectors"). The industries comprising any particular sector and investments in a particular foreign currency or in a narrowly defined geographic area outside the United States may share common characteristics, are often subject to similar business risks and regulatory burdens, and react similarly to economic, market, political or other developments. A fund may be subject to increased risk to the extent they allocate assets among investment styles and certain styles underperform relative to other investment styles. Furthermore, certain issuers, industries and regions may be adversely affected by the impacts of climate change on the demand for and the development of goods and services and related production costs, and the impacts of legislation, regulation and international accords related to climate change, as well as any indirect consequences of regulation or business trends driven by climate change. Risks associated with focused investments include the following:

 ***Geographic Concentration.*** The value of the investments of a fund that focuses its investments in a particular geographic location will be highly sensitive to financial, economic, political and other developments affecting the fiscal stability of that location, and conditions that negatively impact that location will have a greater impact on the fund as compared with a fund that does not have its holdings similarly concentrated. Events negatively affecting such location are therefore likely to cause the value of the fund's shares to decrease, perhaps significantly.

 ***Industry/Sector Concentration.*** The value of the investments of a fund that focuses its investments in a particular industry or market sector will be highly sensitive to financial, economic, political and other developments affecting that industry or market sector, and conditions that negatively impact that industry or market sector will have a greater impact on the fund as compared with a fund that does not have its holdings similarly concentrated. Events negatively affecting the industries or market sectors in which a fund has invested are therefore likely to cause the value of the fund's shares to decrease, perhaps significantly.

 ***Limited Number of Investments.*** There is a risk that a fund's portfolio may be more susceptible to factors adversely affecting issuers of securities in the fund's portfolio than would a fund holding a greater number of securities.

 ***Sector Focused Investing.*** The value of the investments of a fund that focuses its investments in a particular market sector will be highly sensitive to financial, economic, political and other developments affecting that market sector, and conditions that negatively impact that market sector will have a greater impact on the fund as compared with a fund that does not have its holdings similarly focused. Events negatively affecting the market sectors in which a fund has invested are therefore likely to cause the value of the fund's shares to decrease, perhaps significantly.

*Health Sciences-Related Risks. Funds that focus their investments in the health sciences- related sector will be subject to risks particular to that sector, including rapid obsolescence of products and services, the potential and actual performance of a limited number of products and services, technological change, patent expirations, risks associated with new regulations and changes to existing regulations, changes in government subsidy and reimbursement levels, risks associated with the governmental approval process, and chances of lawsuits versus health sciences-related companies due to product or service liability issues.*

*Technology-Related Risks. Funds that make significant investments in the technology sectors will be subject to risks particularly affecting technology or technology-related companies, such as the risks of short product cycles and rapid obsolescence of products and services, competition from new and existing companies, significant losses and/or limited earnings, security price volatility, limited operating histories and management experience, and patent and other intellectual property considerations.*

#### Foreign Investing
Investing in securities of non-U.S. companies involves special risks and considerations not typically associated with investing in U.S. companies, and the values of non-U.S. securities may be more volatile than those of U.S. securities. The values of non-U.S. securities are subject to economic, geopolitical, and political developments in countries and regions where the issuers operate or are domiciled, or where the securities are traded, such as changes in economic or monetary policies, and to changes in currency exchange rates. Values may also be affected by restrictions on receiving the investment proceeds from a non-U.S. country. In the event of nationalization, expropriation or other confiscation, a fund could lose its entire investment in non-U.S. securities.

In general, less information is publicly available about non-U.S. companies than about U.S. companies. Non-U.S. companies are generally not subject to the same accounting, auditing and financial reporting standards as are U.S. companies. In addition, a fund's investments in non-U.S. securities may be subject to withholding and other taxes imposed by countries outside the U.S., which could reduce the return on an investment in a fund. Certain foreign issuers classified as passive foreign investment companies may be subject to additional taxation risk. Risks associated with foreign investing include the following:

 ***Currency Rate.*** Because the foreign securities in which a fund invests generally trade in currencies other than the U.S. dollar, changes in currency exchange rates will affect the fund's net asset value, the value of dividends and interest earned, and gains and losses realized on the sale of securities. Currency rates may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or non-U.S. governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. Because the value of each fund's shares is calculated in U.S. dollars, it is possible for a fund to lose money by investing in a foreign security if the local currency of a foreign market depreciates against the U.S. dollar, even if the local currency value of the fund's holdings goes up. Generally, a strengthening U.S. dollar relative to such other currencies will adversely affect the value of the fund's holdings in foreign securities. The local emerging market currencies in which a fund may be invested from time to time may experience substantially greater volatility against the U.S. dollar than the major convertible currencies of developed countries.

 ***Emerging Market.*** The risks of foreign investments are generally greater in countries whose markets are still developing than they are in more developed markets. Emerging market countries typically have economic and political systems that are less fully developed, and can be expected to be less stable than those of more developed countries. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation. Since these markets are often small, they may be more likely to suffer sharp and frequent price changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few large investors. They may also have policies that restrict investment by foreigners, or that prevent foreign investors from withdrawing their money at will. Certain emerging markets may also face other significant internal or external risks, including the imposition of sanctions, risk of war and civil unrest. Emerging market securities may have different clearance and settlement procedures, which may be unable to keep pace with the volume of securities transactions or otherwise make it difficult to engage in such

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transactions. Settlement problems may cause a fund to miss attractive investment opportunities, hold a portion of its assets in cash pending investment, or be delayed in disposing of a portfolio security, all of which would negatively affect a fund's performance.

A fund may also be subject to Emerging Market Risk if they invest in derivatives or other securities or instruments whose value or returns are related to the value or returns of emerging market securities.

A fund may invest in some emerging markets through trading structures or protocols that subject them to risks such as those associated with illiquidity, custodying assets, different settlement and clearance procedures and asserting legal title under a developing legal and regulatory regime to a greater degree than in developed markets or even in other emerging markets. For example, some of the funds may invest in certain eligible Chinese securities ("China A Shares") listed and traded on either the Shanghai Stock Exchange ("SSE") or the Shenzhen Stock Exchange ("SZSE"). Such funds expect to access China A Shares through the Shanghai-Hong Kong Stock Connect Program or the Shenzhen-Hong Kong Stock Connect Program (each, a "Stock Connect"). The Shanghai Stock Connect is a securities trading and clearing program developed by the Hong Kong Stock Exchange ("SEHK"), SSE, Hong Kong Securities Clearing Company Limited and China Securities Depository and Clearing Corporation Limited for the establishment of mutual market access between SEHK and SSE that commenced operations in November 2014. The Shenzhen Stock Connect subsequently commenced operations in December 2016. The Stock Connect programs are subject to regulations promulgated by regulatory authorities for both SSE, SZSE and SEHK, as applicable, and further regulations or restrictions, such as trading suspensions, may adversely affect the Stock Connects and the value of the China A Shares held by a fund. There is no guarantee that the systems required to operate each Stock Connect will function properly or will continue to be adapted to changes and developments in the applicable markets or that the relevant exchanges will continue to support the Stock Connects in the future. In the event that the relevant systems do not function properly, trading through a Stock Connect program could be disrupted. While Stock Connect is not subject to individual investment quotas, daily and aggregate investment quotas apply to the aggregate volume on each Stock Connect, which may restrict or preclude a fund's ability to invest in Stock Connect securities on a timely basis. In addition, Stock Connect securities generally may not be sold, purchased or otherwise transferred other than through Stock Connect in accordance with each program's rules, which may further subject the fund to liquidity risk with respect to China A Shares. A fund may be restricted in its ability to dispose of its China A Shares purchased through a Stock Connect in a timely manner. As an example, the Shanghai Stock Connect is generally available only on business days when both the SEHK and SSE are open. When either the SEHK or SSE is closed, a fund will not be able to trade Stock Connect securities at a time that may otherwise be beneficial to trade. Additionally, the SSE or SZSE may be open at a time when the Stock Connect program is not trading, with the result that prices of China A Shares may fluctuate at times when a fund is unable to add to or exit its position. Because of the way in which China A Shares are held in Stock Connect, a fund may not be able to exercise the rights of a shareholder and may be limited in its ability to pursue claims against the issuer of a security, and may suffer losses in the event the depository of the SSE or SZSE becomes insolvent. Only certain China A Shares are eligible to be accessed through the Stock Connect program. Such securities may lose their eligibility at any time, in which case they presumably could be sold but could no longer be purchased through the Stock Connect program. Investments in China A Shares may not be covered by the securities investor protection programs of either exchange and, without the protection of such programs, will be subject to the risk of default by the broker. For defaults occurring on or after January 1, 2020, the Hong Kong Investor Compensation Fund will cover the losses incurred by investors with respect to securities traded in a stock market operated by the SSE or SZSE and for which a buy or sell order may be directed through the Northbound Link of Stock Connect. The limitations and risks described above with respect to each Stock Connect are specific to the applicable program; however, these and other risks may exist to varying degrees in connection with the funds' investments through other trading structures, protocols and platforms in other emerging markets.

A fund may obtain exposure to companies based or operated in China by investing through legal structures known as variable interest entities ("VIEs"). Because of Chinese governmental restrictions on non-Chinese ownership of companies in certain industries in China, certain Chinese companies have used VIEs to facilitate foreign investment without distributing direct ownership of companies based or operated in China. In such cases, the Chinese operating company establishes an offshore company, and the offshore company enters into contractual arrangements (such as powers of attorney, equity pledge agreements and other services or business cooperation agreements) with the operating company. These contractual arrangements are intended to give the offshore company the ability to exercise power over and obtain economic rights from the operating company. Shares of the offshore company, in turn, are listed and traded on exchanges outside of China and are available to non-Chinese investors such as the fund. This arrangement allows non-Chinese investors in the offshore company to obtain economic exposure to the Chinese company without direct equity ownership in the Chinese company. Thus, VIE structures and its contractual arrangements are not equivalent to equity ownership in the operating Chinese company, which presents additional risks.

Although VIEs are a longstanding industry practice and well known to officials and regulators in China, VIEs are not formally recognized under Chinese law. On February 17, 2023, the China Securities Regulatory Commission ("CSRC") released the "Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies" (the "Trial Measures") which went into effect on March 31, 2023. The Trial Measures will require Chinese companies that pursue listings outside of mainland China, including those that do so using the VIE structure, to make a filing with the CSRC. While the Trial Measures do not prohibit the use of VIE structures, this does not serve as a formal endorsement either. There is a risk that China may cease to tolerate VIEs at any time or impose new restrictions on the structure, in each case either generally or with respect to specific industries, sectors or companies. Investments involving a VIE may also pose additional risks because such investments are made through a company whose interests in the underlying operating company are established through contract rather than through equity ownership. For example, in the event of a dispute, the offshore company's contractual claims with respect to the operating company may be deemed unenforceable in China, thus limiting (or eliminating) the remedies and rights available to the offshore company and its investors. Such legal uncertainty may also be exploited against the interests of the offshore company and its investors. There is also uncertainty related to the Chinese taxation of VIEs and the Chinese tax authorities could take positions that result in increased tax liabilities.

Further, the interests of the equity owners of the operating company may conflict with the interests of the investors of the offshore company, and the fiduciary duties of the officers and directors of the operating company may differ from, or conflict with, the fiduciary duties of the officers and directors of the offshore company. Foreign companies listed on U.S. exchanges, including offshore companies that utilize a VIE structure, also could face delisting or other ramifications for failure to meet the requirements of the SEC, the PCAOB or other United States regulators. Any of the foregoing risks and events could negatively impact the value and liquidity of the investment in the VIE, and therefore a fund's performance.

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For all of these reasons, investments in emerging markets may be considered speculative. To the extent that a fund invests a significant portion of its assets in a particular emerging market, a fund will be more vulnerable to financial, economic, political and other developments in that country, and conditions that negatively impact that country will have a greater impact on a fund as compared with a fund that does not have its holdings concentrated in a particular country.

 ***Sanctions.*** The imposition of sanctions and other similar measures could cause a decline in the value and/or liquidity of securities issued by or tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the funds from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of transactions, and negatively impact the funds' liquidity and performance.

#### High-Yield/High-Risk Fixed Income Securities ("Junk Bonds")
Securities rated below the four highest rating categories of a nationally recognized statistical rating organization, may be known as "high-yield" securities and commonly referred to as "junk bonds." The highest of the ratings among these nationally recognized statistical rating organizations is used to determine the security's classification. Such securities entail greater price volatility and credit and interest rate risk than investment-grade securities. Analysis of the creditworthiness of high-yield/high-risk issuers is more complex than for higher-rated securities, making it more difficult for a fund's subadviser to accurately predict risk. There is a greater risk with junk bonds that an issuer will not be able to make principal and interest payments when due. If the fund pursues missed payments, there is a risk that fund expenses could increase. In addition, lower-rated securities may not trade as often and may be less liquid than higher-rated securities, especially during periods of economic uncertainty or change. As a result of all of these factors, these bonds are generally considered to be speculative. In recent years, there has been a broad trend of weaker or less restrictive covenant protections in the high yield market. Among other things, under such weaker or less restrictive covenants, borrowers might be able to exercise more flexibility with respect to certain activities than borrowers who are subject to stronger or more protective covenants. For example, borrowers might be able to incur more debt, including secured debt, return more capital to shareholders, remove or reduce assets that are designated as collateral securing high yield securities, increase the claims against assets that are permitted against collateral securing high yield securities or otherwise manage their business in ways that could impact creditors negatively. In addition, certain privately held borrowers might be permitted to file less frequent, less detailed or less timely financial reporting or other information, which could negatively impact the value of the high yield securities issued by such borrowers. Each of these factors might negatively impact the high yield instruments held by a fund.

#### Illiquid Securities
A fund may not purchase or otherwise acquire any illiquid securities if, immediately after the acquisition, the value of illiquid securities held by such fund would exceed 15% of the fund's net assets. Certain illiquid securities may require pricing using fair valuation procedures approved by the Board of Trustees. The subadviser may be subject to significant delays in disposing of illiquid securities held by the fund, and transactions in illiquid securities may entail registration expenses and other transaction costs that are higher than those for transactions in liquid securities. The term "illiquid securities" for this purpose means securities that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the securities. Please see "Investment Objectives and Policies" in the Statement of Additional Information for a listing of various securities that are generally considered to be illiquid for these purposes. Restricted securities, i.e., securities subject to legal or contractual restrictions on resale, may be illiquid. However, some restricted securities may be treated as liquid, although they may be less liquid than registered securities traded on established secondary markets. This generally includes securities that are unregistered, such as securities issued pursuant to Rule 144A under the Securities Act, or that are otherwise exempt from registration under the Securities Act, such as commercial paper. If any fund determines at any time that it owns illiquid securities in excess of 15% of its net assets, it will cease to undertake new commitments to acquire illiquid securities until its holdings are no longer in excess of 15% of its NAV, report the occurrence in compliance with Rule 30b1-10 under the 1940 Act, and, depending on circumstances, may take additional steps to reduce its holdings of illiquid securities.

#### Income
The income shareholders receive from a fund is based primarily on the dividends and interest the fund earns from its investments, which can vary widely over the short- and long-term. If prevailing market interest rates drop, distribution rates of the fund's preferred stock holdings and any bond holdings could drop as well. The fund's income also would likely be affected adversely when prevailing short-term interest rates increase. In certain circumstances, a fund may be treated as receiving income even though no cash is received. A fund may not be able to pay distributions, or may have to reduce distribution levels, if the cash distributions that the fund receives from its investments decline. For investments in inflation-protected treasuries (TIPS), income may decline due to a decline in inflation (or deflation) or due to changes in inflation expectations.

#### Industry Focus
Market conditions, interest rates, and economic, regulatory or financial developments could significantly affect a single industry or a group of related industries, and the securities of companies in that industry or group of industries could react similarly to these or other developments. See "Summary of Principal Risks—Focused Investment Risk" above.

*<u>Health Sciences-Related Sector.</u>* Funds that focus their investments in the health sciences-related sector will be subject to risks particular to that sector, including those of the following related industries.

The healthcare industry can be significantly affected by such factors as government regulation and reimbursement levels, changes in government subsidies, government approval of products and services that could have a significant effect on price and availability and rising costs of medical products and services. Changes in government and private payment systems, such as increased use of managed-care arrangements also affect the volatility of the industry. A healthcare company's valuation is often based largely on potential and actual performance of a limited number of products.

The biotechnology industry can be significantly affected by rapid obsolescence of products, intense competition, patent expirations, risks associated with new regulations and changes to existing regulations. Other risks include dramatic fluctuation of economic prospects and share prices of biotechnology companies due to changes in the regulatory or completive environments and lengthy application processes and testing procedures for products.

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The medical equipment, systems and delivery industry is significantly affected by patent considerations, rapid technological change and obsolescence, extensive government regulation and government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure and an emphasis on outpatient services.

The healthy-lifestyle industry can be significantly affected by the potential and actual performance of a limited number of products and services.

*<u>Technology Sector.</u>* Funds that focus their investments in the technology sector will be subject to risks particular to that sector such as the risks of short product cycles of equipment, products and services, accelerated rates of product change and development, competition from new and existing companies, significant losses and/or limited earnings, security price volatility, limited operating histories and management experience, patent and other intellectual property considerations. Technology companies are also affected by the risk that new equipment, products and services will not be commercially successful, or will become rapidly obsolete.

#### Initial Public Offerings ("IPOs")
A fund may acquire common and preferred stock of issuers in an IPO. Investment returns from IPOs may be highly volatile and subject to varying patterns of trading volume, and these securities may at times be difficult to sell. In addition, information about the issuers of IPO securities is often difficult to obtain since they are new to the market and may not have lengthy operating histories. From time to time, a fund may purchase stock in an IPO and then immediately sell the stock. This practice will increase portfolio turnover rates and increase costs to the fund, affect fund performance, and may increase capital gain distributions, resulting in greater tax liability to the fund's shareholders. At any particular time or from time to time, a fund may not be able to invest in securities issued in IPOs, or invest to the extent desired, because, for example, only a small portion (if any) of the securities being offered in an IPO may be made available to the fund. In addition, under certain market conditions, a relatively small number of companies may issue securities in IPOs. Similarly, as the number of funds to which IPO securities are allocated increases, the number of securities issued to any one fund may decrease. The investment performance of a fund during periods when it is unable to invest significantly or at all in IPOs may be lower than during periods when the fund is able to do so. In addition, as a fund increases in size, the impact of IPOs on the fund's performance will generally decrease.

#### Issuer
The value of a security may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services as well as the historical and prospective earnings of the issuer and the value of its assets.

#### Leverage
When a fund makes investments in futures contracts, forward contracts, swaps and other derivative instruments, the futures contracts, forward contracts, swaps and certain other derivatives provide the economic effect of financial leverage by creating additional investment exposure, as well as the potential for greater loss. When a fund uses leverage through activities such as borrowing, entering into short sales, purchasing securities on a when-issued basis, or purchasing derivative instruments in an effort to increase its returns, the fund has the risk of magnified capital losses that occur when losses affect an asset base, enlarged by borrowings or the creation of liabilities, that exceeds the net assets of the fund. The value of the shares of a fund employing leverage will be more volatile and sensitive to market movements. The use of leverage may cause a fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations or to meet segregation requirements. Certain types of leveraging transactions, such as short sales that are not "against the box," could theoretically be subject to unlimited losses in cases where a fund, for any reason, is unable to close out the transaction. Leverage may also involve the creation of a liability that requires the fund to pay interest.

#### Liquidity
Certain securities in which a fund invests may be difficult to sell at the time and price beneficial to the fund, for example due to low trading volumes or legal restrictions. When there is no willing buyer or a security cannot be readily sold, the fund may have to sell at a lower price or may be unable to sell the security at all. The sale of such securities may also require the fund to incur expenses in addition to those normally associated with the sale of a security.

In addition to this, certain shareholders, including affiliates of a fund's investment adviser and/or subadviser(s), may from time to time own or control a significant percentage of the fund's shares. Redemptions by these shareholders of their shares of the fund may increase the fund's liquidity risk by causing the fund to have to sell securities at an unfavorable time and/or price.

#### Market Volatility
The value of the securities in which a fund invests may go up or down in response to the prospects of individual issuers and/or general economic conditions. Such price changes may be temporary or may last for extended periods.

Instability in the financial markets may expose each fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments that it holds. In response to financial markets that experienced extreme volatility, and in some cases a lack of liquidity, the U.S. Government and other governments have taken a number of unprecedented actions, including acquiring distressed assets from financial institutions and acquiring ownership interests in those institutions. The implications of government ownership and disposition of these assets are unclear. Additional legislation or government regulation may also change the way in which a fund is regulated, which could limit or preclude a fund's ability to achieve its investment objective. Local, regional or global events such as war or military conflict (e.g., Russia's invasion of Ukraine), geopolitical risk, acts of terrorism, the spread of infectious illness or other public health issue, recessions, tariffs and other restrictions on trade, inflation, rapid interest rate changes, supply chain disruptions, sanctions, or the threat or potential of one or more such events and developments, could have a significant impact on a fund and its investments, hampering the ability of a fund's portfolio manager(s) to invest a fund's assets as intended.

#### Non-Diversification
As a non-diversified investment company, the fund is not limited in the proportion of assets that it may invest in the securities of any one issuer. If the fund takes concentrated positions in a small number of issuers, the fund may be more susceptible to the risks associated with those issuers, or to a single economic, political, regulatory or other event affecting those issuers.

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#### Non-U.S. Securities
A fund may invest in non-U.S. securities. Non-U.S. securities may include, but are not limited to, securities of companies that are organized and headquartered outside the U.S. (including securities traded in local currencies); non-U.S. equity securities as designated by commonly-recognized market data services; U.S. dollar- or non-U.S. currency-denominated corporate debt securities of non-U.S. issuers; securities of U.S. issuers traded principally in non-U.S. markets; non-U.S. bank obligations; U.S. dollar-or non-U.S. currency-denominated obligations of non-U.S. governments or their subdivisions, agencies and instrumentalities, international agencies and supranational entities; and securities of other investment companies investing primarily in non-U.S. securities. When assessing compliance with investment policies that designate a minimum or maximum level of investment in "non-U.S. securities" for a fund, the subadviser may apply a variety of factors (either in addition to or in lieu of one or more of the categories described in the preceding sentence) in order to determine whether a particular security or instrument should be treated as U.S. or non-U.S. For more information about how the subadviser may define non-U.S. securities for purposes of a fund's asset tests and investment restrictions, see the fund's principal investments and strategies under "More Information About Investment Objectives and Principal Investment Strategies."

A fund may invest in American Depositary Receipts (ADRs), European Depositary Receipts (EDRs) and Global Depositary Receipts (GDRs). ADRs are dollar-denominated receipts issued generally by domestic banks and representing the deposit with the bank of a security of a non-U.S. issuer, and are publicly traded on exchanges or over-the-counter in the United States. EDRs are receipts similar to ADRs and are issued and traded in Europe. GDRs may be offered privately in the United States and also traded in public or private markets in other countries. Investing in these instruments exposes a fund to credit and counterparty risk with respect to the issuer of the ADR, EDR or GDR, in addition to the risks of the underlying investment.

Investing in non-U.S. securities involves special risks and considerations not typically associated with investing in U.S. securities and shareholders should consider carefully the substantial risks involved for funds that invest in these securities. These risks include: differences in accounting, auditing and financial reporting standards; generally higher commission rates on non-U.S. portfolio transactions; the possibility of nationalization, expropriation or confiscatory taxation; adverse changes in investment or exchange control regulations; market disruption; the possibility of security suspensions; and political instability. The Public Company Accounting Oversight Board ("PCAOB"), which regulates auditors of US public companies, for example, is unable to inspect audit work papers in certain foreign countries. Additionally, investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the SEC, the US Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited.

Individual non-U.S. economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rate of inflation, capital reinvestment, resources, self- sufficiency and balance of payments position. Other countries' financial infrastructure or settlement systems may be less developed than those of the United States. The securities markets, values of securities, yields and risks associated with non-U.S. securities markets may change independently of each other. Also, non-U.S. securities and dividends and interest payable on those securities could be subject to withholding and other foreign taxes. Non-U.S. securities often trade with less frequency and volume than domestic securities and therefore may exhibit greater price volatility. Investments in non-U.S. securities may also involve higher custodial costs than domestic investments and additional transaction costs with respect to foreign currency conversions. Changes in foreign exchange rates also will affect the value of securities denominated or quoted in foreign currencies. The currencies of non-U.S. countries may experience significant declines against the U.S. dollar, and devaluation may occur subsequent to investments in these currencies by a fund.

#### Operational
An investment in a fund, like any mutual fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on a fund. While the funds seek to minimize such events through controls and oversight, there may still be failures that could cause losses to a fund.

#### Portfolio Turnover
A fund's investment strategy may result in a frequently high turnover rate. A high portfolio turnover rate may result in correspondingly greater brokerage commission expenses and the distribution to shareholders of additional capital gains for tax purposes, some of which may be taxable at ordinary income rates. These factors may negatively affect a fund's performance.

#### Preferred Stocks
Preferred stocks may provide a higher dividend rate than the interest yield on debt instruments of the same issuer, but are subject to greater risk of fluctuation in market value and greater risk of non-receipt of income. Unlike interest on debt instruments, dividends on preferred stocks must be declared by the issuer's board of directors before becoming payable. Preferred stocks are in many ways like perpetual debt instruments, providing a stream of income but without stated maturity date. Because they often lack a fixed maturity or redemption date, preferred stocks are likely to fluctuate substantially in price when interest rates change. Such fluctuations generally are comparable to or exceed those of long-term government or corporate bonds (those with maturities of fifteen to thirty years). Preferred stocks have claims on assets and earnings of the issuer which are subordinate to the claims of all creditors but senior to the claims of common stockholders. A preferred stock rating differs from a bond rating because it applies to an equity issue which is intrinsically different from, and subordinated to, a debt issue. Preferred stock ratings generally represent an assessment of the capacity and willingness of an issuer to pay preferred stock dividends and any applicable sinking fund obligations. Preferred stock also may be subject to optional or mandatory redemption provisions, and may be significantly less liquid than many other securities, such as U.S. Government securities, corporate debt or common stock.

#### Private Placement and Restricted Securities Risk
A private placement involves the sale of securities that have not been registered under the Securities Act of 1933 (the "Securities Act"), or relevant provisions of applicable non-U.S. law. In addition to the general risks to which all securities are subject, securities acquired by a fund in a private placement are generally subject to strict restrictions on resale, and there may be no liquid secondary market or ready purchaser for such securities, and a liquid secondary market may never develop. Therefore, a fund may be unable to dispose of such securities when it desires to do so, or at a favorable time or price. Private placements may also

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present valuation risks. Private placement securities include Rule 144A securities, which are eligible for purchase and sale pursuant to Rule 144A under the Securities Act. Rule 144A permits certain qualified institutional buyers, such as the funds, to trade in privately placed securities. Private placement securities may be deemed illiquid and thus may be subject to each fund's limitation on illiquid investments, although the funds may determine that certain private placement securities are liquid in accordance with Rule 22e-4 under the 1940 Act. See "Illiquid Securities" above.

#### Real Estate Investment
Investing in companies that invest in real estate ("Real Estate Companies") exposes the fund to the risks of owning real estate directly, as well as to risks that relate specifically to the way in which Real Estate Companies are organized and operated. Real estate is highly sensitive to general and local economic conditions and developments, and characterized by intense competition and periodic overbuilding. Real Estate Companies may lack diversification due to ownership of a limited number of properties and concentration in a particular geographic region or property type. Risks associated with investing in Real Estate Companies include the following:

 ***Equity REIT Securities.*** REITs are financial vehicles that pool investor capital to purchase or finance real estate. Equity REITs invest primarily in direct ownership or lease of real property, and they derive most of their income from rents.

Equity REITs can also realize capital gains by selling properties that have appreciated in value. Investing in equity REITs and REIT-like entities involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. REITs and REIT-like entities are typically small or medium market capitalization companies, and they are subject to management fees and other expenses. A fund that invests in REITs and REIT-like entities will bear its proportionate share of the costs of the REITs' and REIT-like entities' operations. REITs and REIT-like entities are dependent upon management skill, may not be diversified, and are subject to heavy cash flow dependency and self-liquidation. REITs and REIT-like entities also are subject to the possibility of failing to qualify for tax-free pass-through of income. Also, because REITs and REIT-like entities typically are invested in a limited number of projects or in a particular market segment, these entities are more susceptible to adverse developments affecting a single project or market segment than more broadly diversified investments. In the event of a default by a borrower or lessee, a REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting its investments. In addition, investment in REITs could cause the fund to possibly fail to qualify as a regulated investment company, depending upon the nature of dividends received by the fund.

 ***REIT and REOC Securities.*** Investing in Real Estate Investment Trusts (REITs) and REIT-like entities involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. REITs and REIT-like entities are dependent upon management skill, may not be diversified, and are subject to heavy cash flow dependency and self-liquidation. REITs and REIT-like entities also are subject to the possibility of failing to qualify for tax-free pass-through of income. Also, because REITs and REIT-like entities typically are invested in a limited number of projects or in a particular market segment, these entities are more susceptible to adverse developments affecting a single project or market segment than more broadly diversified investments. In the event of a default by a borrower or lessee, a REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting its investments. In addition, investment in REITs could cause the fund to possibly fail to qualify as a regulated investment company. A Real Estate Operating Company ("REOC") is similar to an equity REIT in that it owns and operates commercial real estate, but unlike a REIT it has the freedom to retain all its funds from operations and, in general, faces fewer restrictions than a REIT. REOCs do not pay any specific level of income as dividends, if at all, and there is no minimum restriction on the number of owners nor limits on ownership concentration. The value of a fund's REOC securities may be adversely affected by the same factors that adversely affect REITs. In addition, a corporate REOC does not qualify for the federal tax treatment that is accorded a REIT. A fund also may experience a decline in its income from REOC securities due to falling interest rates or decreasing dividend payments.

#### Redemption
The redemption by one or more large shareholders or groups of shareholders of their holdings in a fund could have an adverse impact on the remaining shareholders in the fund by, for example, accelerating the realization of capital gains and/or increasing the fund's transaction costs. The effects of taxable gains resulting from large redemptions of fund shares would particularly impact non-redeeming shareholders who do not hold their fund shares in a tax-advantaged or tax-exempt vehicle. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the fund's NAV and liquidity. In addition, a large redemption could result in the fund's current expenses being allocated over a smaller asset base, leading to an increase in the fund's expense ratio.

#### Unrated Fixed Income Securities
A fund's subadviser has the authority to make determinations regarding the quality of unrated fixed income securities for the purposes of assessing whether they meet the fund's investment restrictions. However, analysis of unrated securities is more complex than that of rated securities, making it more difficult for the subadviser to accurately predict risk. Unrated fixed income securities may not be lower in quality than rated securities, but due to their perceived risk they may not have as broad a market as rated securities, making it more difficult to sell unrated securities.

#### U.S. Government Securities
Obligations issued or guaranteed by the U.S. Government, its agencies, authorities and instrumentalities and backed by the full faith and credit of the United States only guarantee principal and interest will be timely paid to holders of the securities. The entities do not guarantee that the value of fund shares will increase, and in fact, the market values of such obligations may fluctuate. In addition, not all U.S. Government securities are backed by the full faith and credit of the United States; some are the obligation solely of the entity through which they are issued. There is no guarantee that the U.S. Government would provide financial support to its agencies and instrumentalities if not required to do so by law.

#### Variable and Floating Rate Securities
Variable- and floating-rate securities provide for a periodic adjustment in the interest rate paid on the obligations. If a fund invests in floating-rate debt instruments ("floaters") or engages in credit-spread trades, it may gain a certain degree of protection against rises in interest rates, but will participate in any declines in interest rates as well. This is because variable- and floating-rate securities generally are less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating-rate securities will not generally increase in value

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if interest rates decline. A fund may also invest in inverse floating-rate debt instruments ("inverse floaters"). An inverse floater may exhibit greater price volatility than a fixed-rate obligation of similar credit quality. When a fund holds variable- or floating-rate securities, a decrease (or, in the case of inverse floating-rate securities, an increase) in market interest rates will adversely affect the income received from such securities and the net asset value of the fund's shares. Certain of a fund's investments, including variable- and floating-rate securities, may require the fund to accrue and distribute income not yet received. As a result, in order to generate cash to make the requisite distributions, the fund may be required to sell securities in its portfolio that it would otherwise have continued to hold.

*The funds may buy other types of securities or employ other portfolio management techniques. Please refer to the SAI for more detailed information about these and other investment techniques of the funds.*

**Management of the Funds**

#### The Adviser
Virtus Investment Advisers, LLC (formerly known as Virtus Investment Advisers, Inc.) ("VIA" or the "Adviser"), located at One Financial Plaza, Hartford, CT 06103, serves as the investment adviser to the funds. VIA, an indirect, wholly owned subsidiary of Virtus Investment Partners, Inc., a publicly traded multi-manager asset management business, acts as the investment adviser for over 100 mutual funds. VIA has acted as an investment adviser for over 80 years. As of June 30, 2025, VIA had approximately $53.9 billion in assets under management.

Subject to the direction of the funds' Board of Trustees, VIA is responsible for managing the funds' investment programs and for the general operations of the funds, including oversight of the funds' subadvisers and recommending their hiring, termination and replacement.

VIA has appointed and oversees the activities of each of the subadvisers for the funds as shown in the table below. Each subadviser manages the investments of its respective fund(s) to conform with its investment policies as described in this prospectus.

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|:---|:---|
| **Fund** | **Subadviser** |
| Virtus Emerging Markets Opportunites Fund | Virtus Systematic |
| Virtus Income & Growth Fund | Voya |
| Virtus KAR Global Small-Cap Fund | KAR |
| Virtus KAR Health Sciences Fund | KAR |
| Virtus NFJ Dividend Value Fund | NFJ |
| Virtus NFJ International Value Fund | NFJ |
| Virtus NFJ Large-Cap Value Fund | NFJ |
| Virtus NFJ Mid-Cap Value Fund | NFJ |
| Virtus NFJ Small-Cap Value Fund | NFJ |
| Virtus Silvant Focused Growth Fund | Silvant |
| Virtus Silvant Mid-Cap Growth Fund | Silvant |
| Virtus Small-Cap Fund | Virtus Systematic |
| Virtus Zevenbergen Technology Fund | Zevenbergen |

---

#### Management Fees
Each fund pays VIA an investment management fee that is accrued daily against the value of the fund's net assets at the following annual rates.

---

| | |
|:---|:---|
| **Fund** | **Management Fee** |
| Virtus Emerging Markets Opportunities Fund | 0.85% |
| Virtus Income & Growth Fund | 0.65% |
| Virtus KAR Global Small-Cap Fund | 0.90% |
| Virtus KAR Health Sciences Fund | 0.80% |
| Virtus NFJ Dividend Value Fund | 0.45% |
| Virtus NFJ International Value Fund | 0.60% |
| Virtus NFJ Large-Cap Value Fund | 0.45% |
| Virtus NFJ Mid-Cap Value Fund | 0.55% |
| Virtus NFJ Small-Cap Value Fund | 0.60% |
| Virtus Silvant Focused Growth Fund | 0.45% |
| Virtus Silvant Mid-Cap Growth Fund | 0.47% |
| Virtus Small-Cap Fund | 0.60% |
| Virtus Zevenbergen Technology Fund | 0.90% |

---

In the funds' last fiscal year, each fund paid fees to VIA at the same annual rates as those listed above.

#### The Subadvisers
KAR, an affiliate of VIA, is located at 2000 Avenue of the Stars, Suite 1110, Los Angeles, CA 90067. As of June 30, 2025, KAR managed approximately $65.8 billion, of which $44.5 billion was regulatory assets under management and $21.3 billion was model/emulation assets under contract. Model/emulation assets refer to assets that KAR is under contract to deliver a model portfolio to and are not considered regulatory assets under management.

NFJ, an affiliate of VIA, is located at 2100 Ross Avenue, Dallas, Texas 75201. As of June 30, 2025, NFJ managed approximately $5.094 billion, of which $3.791 billion was regulatory assets under management and $1.314 billion was model/emulation assets under contract. Model/emulation assets refer to assets that NFJ is under contract to deliver a model portfolio to and are not considered regulatory assets under management.

<br> 88 Virtus Mutual Funds

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Silvant, an affiliate of the Adviser, is located at 3333 Piedmont Road, Suite 1500, Atlanta, Georgia 30305. Silvant is an investment adviser registered with the SEC. The firm was established in 2008 after previously functioning as the growth style investment management team for RidgeWorth Capital Management, LLC which is now known as Virtus Capital Advisers, LLC and an affiliate of the Adviser. As of June 30, 2025, Silvant managed approximately $2.9 billion, of which $2.7 billion was regulatory assets under management and $178 million was model/emulation assets under contract. Model/emulation assets refer to assets that Silvant is under contract to deliver a model portfolio to and are not considered regulatory assets under management. Silvant focuses on managing growth equity products for a diverse range of institutional clients.

Virtus Advisers, LLC ("VA"), an affiliate of VIA, is located at One Financial Plaza, Hartford, CT 06103. VA operates through its division, Virtus Systematic, in subadvising certain funds as described herein. As of June 30, 2025, the divisions that now make up VA had approximately $625 million in aggregate assets under management.

The Virtus Systematic division of VA manages differentiated systematic global equity investment solutions across asset classes and regions. As of June 30, 2025, Virtus Systematic had approximately $509 million in assets under management.

Voya is located at 200 Park Avenue, New York, NY 10166 and is a wholly-owned subsidiary of Voya Investment Management LLC ("Voya IM LLC"), a registered investment adviser, which in turn is a wholly owned subsidiary of VIM Holdings LLC, a Delaware limited liability company. Voya Financial, Inc., a publicly traded company (NYSE: VOYA), holds a 76% economic stake in VIM Holdings LLC through its subsidiary Voya Holdings Inc. Allianz SE, a stock corporation organized and existing under the laws of the European Union and the Federal Republic of Germany, holds an indirect 24% economic stake in VIM Holdings LLC as a result of a transaction combining Voya IM LLC. Voya began business as an investment adviser on November 6, 1972, under the name of Aetna Capital Management, Inc. As of June 30, 2025, Voya managed $306 billion, of which $253 billion was regulatory assets under management, $53 billion was model/emulation assets under control. Model/emulation assets refer to assets that Voya is under contract to deliver a model portfolio to and are not considered regulatory assets under management.

Zevenbergen is a minority-owned affiliate of the Adviser located at 326 Admiral Way, Suite 200 Edmonds, WA 98020. Zevenbergen is an investment adviser registered with the SEC. The firm was established in 1987. As of June 30, 2025, Zevenbergen managed $5.5 billion, of which $5.3 billion is regulatory assets under management and $227 million was model/emulation assets under contract. Model/emulation assets refer to assets that Zevenbergen is under contract to deliver a model portfolio to and are not considered regulatory assets under management. Zevenbergen specializes in aggressive growth-equity investment advisory services for separately managed portfolios and mutual funds.

VIA pays each subadviser a subadvisory fee which is calculated on the fund's average daily net assets at the following annual rates:

---

| | |
|:---|:---|
| **Fund** | **Subadvisory Fee Rate** |
| Virtus Emerging Markets Opportunities Fund | 50% of net investment management fee |
| Virtus Income & Growth Fund | 50% of net investment management fee |
| Virtus KAR Global Small-Cap Fund | 50% of net investment management fee |
| Virtus KAR Health Sciences Fund | 50% of net investment management fee |
| Virtus NFJ Dividend Value Fund | 50% of net investment management fee |
| Virtus NFJ International Value Fund | 50% of net investment management fee |
| Virtus NFJ Large-Cap Value Fund | 50% of net investment management fee |
| Virtus NFJ Mid-Cap Value Fund | 50% of net investment management fee |
| Virtus NFJ Small-Cap Value Fund | 50% of net investment management fee |
| Virtus Silvant Focused Growth Fund | 50% of net investment management fee |
| Virtus Silvant Mid-Cap Growth Fund | 50% of net investment management fee |
| Virtus Small-Cap Value Fund | 50% of net investment management fee |
| Virtus Zevenbergen Technology Fund | 50% of net investment management fee |

---

A discussion regarding the basis for the Board of Trustees approving the investment advisory and subadvisory agreements for all of the funds is available in the funds' Financials Report filed on Form N-CSR, covering the period July 1, 2024 through December 31, 2024.

The funds operate under a "manager of managers" structure, in which the Adviser provides general management services to the funds, including overall supervisory responsibility for the general management and investment of the funds' assets, and the Adviser has the ultimate responsibility, subject to oversight by the funds' Board of Trustees, to oversee the funds' subadvisers and recommend their hiring, termination and replacement.

The funds and the Adviser have received shareholder approval to rely on an exemptive order and additional exemptive relief from the SEC that permits the Adviser, subject to certain conditions, and without the approval of shareholders, to: (a) select unaffiliated subadvisers, partially-owned affiliated subadvisers, and wholly-owned affiliated subadvisers, to manage all or a portion of the assets of the fund, and enter into subadvisory agreements with such subadvisers; (b) materially amend subadvisory agreements with such subadvisers; and (c) to continue the employment of existing subadvisers after events that under the 1940 Act, and the relevant subadvisory agreements would otherwise cause an automatic termination of the subadvisory agreements. In such circumstances, shareholders would receive notice of such action. In addition, the exemptive relief permits the fund to disclose its advisory fees as follows: (a) advisory fees paid by the fund to the Adviser and the subadvisory fees paid by the Adviser to wholly-owned affiliated subadvisers for the fund may be disclosed on an aggregate basis, rather than disclosing the amounts paid to each individually; and (b) subadvisory fees paid by the Adviser to multiple unaffiliated and partially-owned affiliated subadvisers for the fund may be disclosed on an aggregate basis, rather than disclosing the amounts paid to each such subadviser individually.

#### Portfolio Management
The following individuals are jointly and primarily responsible for the day-to-day management of the funds' portfolios.

#### KAR

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| | |
|:---|:---|
| **Fund** | **Portfolio Managers** |

---

<br> Virtus Mutual Funds 89

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<br> <u>Virtus KAR Global Small-Cap Fund</u> <u>Todd Beiley (since July 2022)Craig Thrasher (since July 2022)</u> <br> <u>Virtus KAR Health Sciences Fund</u> <u>Chris Armbruster (since July 2022)Jon Christensen (since July 2022)</u>

***Chris Armbruster, CFA.*** Mr. Armbruster is a Portfolio Manager and Senior Research Analyst at KAR with primary research responsibilities for the large-capitalization communication services, consumer discretionary, health care, and technology sectors. Before joining KAR in 2013, Mr. Armbruster worked at B. Riley & Co. as an associate analyst covering special situations, and at Al Frank Asset Management as a vice president in equity research. He began his career in the investment industry in 2004.

***Todd Beiley, CFA.*** Mr. Beiley is a Portfolio Manager and Senior Research Analyst at KAR with primary research responsibilities for the small- and mid-capitalization financials (insurance) sectors. Before joining KAR in 2002, Mr. Beiley was an associate analyst in equity research at Prudential Securities and before that was an equity research associate at RNC Capital Management. He began his career in the investment industry in 1999.

***Jon Christensen, CFA.*** Mr. Christensen is a Portfolio manager and Senior Research Analyst at KAR with primary research responsibilities for the small- and mid-capitalization health care and industrials sectors. Before joining KAR in 2001, he was a portfolio manager and senior research analyst for Doheny Asset Management. He began his career in the investment industry in 1987.

***Craig Thrasher, CFA.*** Mr. Thrasher is a Portfolio Manager and Senior Research Analyst at KAR with primary research responsibilities for the International and Emerging Markets Small Cap Portfolios. Before joining KAR in 2008, Mr. Thrasher was employed at Kirr, Marbach & Company as an equity analyst, and at Wedbush Morgan Securities in correspondent credit. He began his career in the investment industry in 1996.

#### NFJ

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| | |
|:---|:---|
| **Fund** | **Portfolio Managers** |
| Virtus NFJ Dividend Value Fund | R. Burns McKinney, CFA (since 2007)<br>John R. Mowrey, CFA (since 2015)<br>J. Garth Reilly (since August 2025)<br>Jeff N. Reed, CFA (since 2011) |
| Virtus NFJ International Value Fund | R. Burns McKinney, CFA (since 2006)<br>John R. Mowrey, CFA (since 2013)<br>J. Garth Reilly (since 2018) |
| Virtus NFJ Large-Cap Value Fund | Paul A. Magnuson (since 2000)<br>R. Burns McKinney, CFA (since 2010)<br>John R. Mowrey, CFA (since August 2025)<br>J. Garth Reilly (since August 2025)<br>Jeff N. Reed, CFA (since 2010) |
| Virtus NFJ Mid-Cap Value Fund | Paul A. Magnuson (since 2009)<br>Kris P. Marca, CFA (since October 2023)<br>John R. Mowrey, CFA (since 2014)<br>Jeff N. Reed, CFA (since 2011)<br>J. Garth Reilly (since 2020) |
| Virtus NFJ Small-Cap Value Fund | Paul A. Magnuson (since 1995) <br>Kris P. Marca, CFA (since October 2023)<br>John R. Mowrey, CFA (since 2013)<br>Jeff N. Reed, CFA (since 2018)<br>J. Garth Reilly (since 2020) |

---

***Paul A. Magnuson.*** Mr. Magnuson is a managing director and senior portfolio manager/analyst at NFJ Investment Group. He serves as a portfolio manager on the NFJ Large Cap Value, NFJ Mid Cap Value and NFJ Small Cap Value strategies. In 2010, he was nominated for Domestic-Stock Fund Manager of the Year by Morningstar. Prior to joining NFJ in 1992, Mr. Magnuson was a quantitative analyst in the trust investment department at NationsBank. Mr. Magnuson earned a B.B.A. in finance from the University of Nebraska. He began his career in the investment industry in 1985.

***Kris P. Marca, CFA.*** Mr. Marca is a director and senior portfolio manager/analyst at NFJ Investment Group. He serves as a portfolio manager on NFJ domestic strategies. Prior to joining NFJ in 2011, he was on the equity derivatives desk at HBK Capital Management. Mr. Marca earned a B.A. in biology from the University of Texas and an M.B.A. from Texas Christian University. He is a Chartered Financial Analyst<sup>®</sup> (CFA<sup>®</sup>) charterholder. He began his career in the investment industry in 2003.

***R. Burns McKinney, CFA.*** Mr. McKinney is a managing director and a senior portfolio manager/analyst at NFJ Investment Group. He serves as a portfolio manager on NFJ domestic and international strategies. He has been quoted and featured in a number of national publications, including the Wall Street Journal and Barron's, and has been a featured guest on CNBC and Bloomberg TV. Prior to joining NFJ in 2006, Mr. McKinney was an equity analyst at Evergreen Investments, an investment banking analyst at Alex. Brown & Sons, a vice president in equity research at Merrill Lynch, and an equity analyst at Morgan Stanley. Mr. McKinney earned a B.A. in economics from Dartmouth College and an M.B.A. from The Wharton School, The University of Pennsylvania. He is a Chartered Financial Analyst<sup>®</sup>(CFA<sup>®</sup>) charterholder. He began his career in the investment industry in 1996.

***John R. Mowrey, CFA.*** Mr. Mowrey is an executive managing director, senior portfolio manager/analyst, and chief investment officer of NFJ Investment Group, responsible for the overall investment policy for all value equity portfolios, hiring new talent, and building out the team's investment capabilities. He serves as portfolio manager on NFJ domestic and international strategies. Mr. Mowrey joined NFJ in 2007 and has been quoted and featured in a number of national publications, including Barron's, Fortune, Kiplinger's, Funds Europe, and MarketWatch, and has been a featured guest on CNBC, Bloomberg TV, Fox Business

<br> 90 Virtus Mutual Funds

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News, TD Ameritrade Network, and Yahoo! Finance. He earned a B.A. in political science from Rhodes College and an M.B.A. from Southern Methodist University. He is a Chartered Financial Analyst<sup>®</sup> (CFA<sup>®</sup>) charterholder. He began his career in the investment industry in 2006.

***Jeff N. Reed, CFA, CMT, FDP.*** Mr. Reed is a managing director and senior portfolio manager/analyst at NFJ Investment Group. He serves as a portfolio manager on NFJ domestic and international strategies. Prior to joining NFJ in 2007, Mr. Reed was a credit analyst at Frost Bank. Mr. Reed earned a B.B.A. in finance and e-business from Texas Christian University, an M.B.A. from the University of Texas, McCombs School of Business, and an M.S. in Data Science with a specialization in machine learning from Southern Methodist University. He is a Chartered Financial Analyst<sup>®</sup> (CFA<sup>®</sup>) charterholder and a Chartered Market Technician (CMT<sup>®</sup>) charterholder. He also is a Financial Data Professional<sup>®</sup> (FDP) charterholder, a credential that focuses on big data, artificial intelligence, and machine learning applications in the financial industry. He began his career in the investment industry in 2004.

***J. Garth Reilly.*** Mr. Reilly is a managing director and senior portfolio manager/analyst at NFJ Investment Group. He serves as a portfolio manager on NFJ domestic and international strategies. Prior to joining NFJ in 2005, he was an intern at Luther King Capital Management and Citigroup Alternative Investments. Mr. Reilly earned a B.A. in political economy from Princeton University and an M.B.A. from Southern Methodist University. He began his career in the investment industry in 2005.

#### Silvant

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| | |
|:---|:---|
| **Fund** | **Portfolio Managers** |
| Virtus Silvant Focused Growth Fund | Brandi Allen (since July 2022)<br>Sandeep Bhatia, Ph.D, CFA (since July 2022)<br>Michael A. Sansoterra (since July 2022) |
| Virtus Silvant Mid-Cap Growth Fund | Sandeep Bhatia, PhD, CFA (since July 2022)<br>Michael A. Sansoterra (since July 2022)<br>Sowmdeb Sen, Ph.D (since July 2022) |

---

***Brandi Allen.*** Ms. Allen currently serves as managing director of Silvant. Prior to joining in the Silvant team in 2006, Ms. Allen served as co-portfolio manager for the Oak Associates Live Oak Health Sciences Fund and the River Oak Discovery Fund as well as a research analyst from 1997 to 2006. She has worked in investment management since 1997.

***Sandeep Bhatia, Ph.D, CFA.*** Mr. Bhatia currently serves as managing director of Silvant. He has been associated with Silvant or an affiliate since 2007. Prior to joining the Silvant team, Mr. Bhatia served as a senior research analyst for Eagle Asset Management, focusing on the healthcare sector from 2005 to 2007. He has worked in investment management since 2000.

***Michael A. Sansoterra.*** Mr. Sansoterra currently serves as chief investment officer of Silvant. Prior to joining the Silvant team, Mr. Sansoterra served as Large Cap Diversified Growth Portfolio Manager and Senior Equity Analyst of Principal Global Investors from 2003 to 2007. He has worked in investment management since 1996.

***Sowmdeb Sen, Ph.D.* Mr. Sen currently serves as a managing director of Silvant. He has been associated with Silvant or an affiliate since 2008. Prior to joining the Silvant team, Mr. Sen served as a senior research analyst for Eagle Asset Management, focusing on the Financial Sector from 2000 to 2007. He has worked in investment management since 1999.***

#### Virtus Systematic

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| | |
|:---|:---|
| **Fund** | **Portfolio Managers** |
| Virtus Emerging Markets Opportunities Fund | Kunal Ghosh (since 2007)<br>Lu Yu, CFA, CIPM (since 2010) |
| Virtus Small-Cap Fund | Kunal Ghosh (since the fund's inception in 2013)<br>Jie Wei (since July 2022)<br>Lu Yu, CFA, CIPM (since 2018) |

---

***Kunal Ghosh.*** Mr. Ghosh is chief investment officer and senior managing director, Virtus Systematic, an operating division of Virtus Advisers, LLC, which he joined in 2022. Mr. Ghosh has investment industry experience since 2002. Previously, he was a managing director and head of the Systematic team with Allianz Global Investors, which he joined in 2006. Mr. Ghosh was previously a research associate and portfolio manager for Barclays Global Investors, and a quantitative analyst for the Cayuga Hedge Fund. He has a B.Tech. from the Indian Institute of Technology, an M.S. in material engineering from the University of British Columbia and an M.B.A. from Cornell University.

***Jie Wei.*** Mr. Wei is a senior portfolio manager and director, Virtus Systematic, an operating division of Virtus Advisers, LLC, which he joined in July 2022. He has been a portfolio manager and a director with Allianz Global Investors, which he joined in 2008. He has portfolio-management and research responsibilities for the Systematic team. Mr. Wei has 17 years of investment-industry experience. Previously, he was a quantitative strategist at GMN (GSA) Capital, where he built data systems for research, alpha generation and performance analysis. Before that, Mr. Wei was an intern with the fix-income research group at Barclays Global Investors, where he developed multi-factor risk models for US Treasury and Agency bonds. He has a B.S. from Wuhan University, China, an M. S. from the National University of Singapore and an MFE degree from the University of California, Berkeley. Mr. Wei is a CFA charter holder.

***Lu Yu, CFA, CIPM.*** Ms. Yu is a lead portfolio manager and managing director, Virtus Systematic, an operating division of Virtus Advisers, LLC, which she joined in July 2022. Previously, Ms. Yu was a managing director and had portfolio-management and research responsibilities for the Systematic team with Allianz Global Investors. She was previously a risk analyst for Provident Advisors LLC. Ms. Yu has a B.S. from Nanjing University, China, and an M.S. from the University of Southern California and the National University of Singapore. She holds CFA and CIPM designations. Ms. Yu began working in the investment industry in 2002.

<br> Virtus Mutual Funds 91

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#### Voya

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| | |
|:---|:---|
| **Fund** | **Portfolio Managers** |
| Virtus Income & Growth Fund | K. Mathew Axline, CFA (since September 2025)<br>Justin Kass, CFA (since 2007) <br>David J. Oberto (since 2020)<br>Ethan Turner, CFA (since January 2023)<br>Michael E. Yee (since 2007) |

---

***K. Mathew Axline, CFA.*** Mr. Axline is a portfolio manager, income and growth at Voya Investment Management. Prior to joining Voya in 2023, he was a portfolio manager, global small-cap team at Macquarie Investment Management, which he joined in 2020. Prior to that, he was a portfolio manager at Allianz Global Investors U.S. for the firm's global small-cap, global smid-cap, US small-cap, and US micro-cap portfolios. Previously, Mr. Axline was an associate with Pescadero Ventures, LLC, a business-development manager for Icarian, Inc. and a wealth management advisor with Merrill Lynch, Pierce, Fenner & Smith. He earned an MBA from Indiana University's Kelley School of Business and a B.S. from The Ohio State University. Mr. Axline is a CFA<sup>®</sup> Charterholder and began his career in the industry in 2003.

***Justin Kass, CFA.*** Mr. Kass, is chief investment officer, head of income and growth and portfolio manager at Voya. He joined the firm in July 2022 in conjunction with Voya's integration of certain assets and teams from Allianz Global Investors U.S. ("AllianzGI"), which he had joined in 2000, where he was a portfolio manager, managing director, CIO and co-head of the U.S. income and growth strategies team with portfolio management, research and trading responsibilities for the income and strategies team. Prior to that at AllianzGI, Mr. Kass held portfolio manager responsibilities for the U.S. convertible strategy and was a lead portfolio manager for the income and growth strategy since its inception and was also responsible for managing multiple closed-end and open-end mutual funds. Mr. Kass has a B.S. from the University of California, Davis, and an M.B.A. from the UCLA Anderson School of Management. He is a CFA<sup>®</sup> charterholder and began his career in the industry in 1998.

***David J. Oberto.*** Mr. Oberto is a lead portfolio manager and senior vice president with Voya. He joined the firm in July 2022 in conjunction with Voya's integration of certain assets and teams from AllianzGI, which he had joined in 2007, where he was a portfolio manager and director with portfolio management, research and trading responsibilities for the income and growth strategies team. Mr. Oberto served as portfolio manager for the U.S. High Yield Bond strategy and was also responsible for managing multiple closed-end and open-end mutual funds. Prior to that, he was a portfolio administrator, a credit default swaps (CDS) account manager and a trade-closer at Bain Capital. Mr. Oberto has a B.S.B.A. with a concentration in finance and a minor in economics from Fordham University and an M.S. in finance from the D'Amore-McKim School of Business at Northeastern University. Mr. Oberto began his career in the industry in 2003.

***Ethan Turner, CFA.*** Mr. Turner is a portfolio manager and vice president with Voya. He joined the firm in July 2022 in conjunction with Voya's integration of certain assets and teams from AllianzGI, which he had joined in 2012, where he was an analyst and vice president with research responsibilities for the income and growth strategies team. Prior to that at AllianzGI, he was a trading assistant. Prior to that, Mr. Turner was a lead analyst covering the financial sector at Relational Investors and a financial analyst at Sunstone Hotel Investors. Mr. Turner earned a BS from San Diego State University and an MBA from the Anderson School of Management at the University of California, Los Angeles. He is a CFA<sup>®</sup> Charterholder and began his career in the industry in 2005.

***Michael E. Yee.*** Mr. Yee is a lead portfolio manager and a managing director with Voya. He joined the firm in July 2022 in conjunction with Voya's integration of certain assets and teams from AllianzGI, which he had joined in 1995, where he was a portfolio manager and managing director with portfolio management, research and trading responsibilities for the income and growth strategies team. He served as a lead portfolio manager for the income and growth strategy since inception and was responsible for managing multiple closed-end and open-end mutual funds. Prior to that at AllianzGI, Mr. Yee was an analyst for the global and systematic team with responsibilities focused on U.S. large cap equity strategies and worked in global portfolio administration and client service. Previously, he was a financial consultant for Priority One Financial/Liberty Foundation. He has a B.S. from the University of California, San Diego, and an M.B.A. from San Diego State University. Mr. Yee began his career in the industry in 1994.

#### Zevenbergen

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| | |
|:---|:---|
| **Fund** | **Portfolio Managers** |
| Virtus Zevenbergen Technology Fund | Joseph Dennison, CFA (since July 2022)<br>Anthony Zackery, CFA (since July 2022)<br>Nancy Zevenbergen,CFA (since July 2022) |

---

***Joseph Dennison, CFA.*** Mr. Dennison joined Zevenbergen in 2011 and serves as principal, portfolio manager, and analyst of Zevenbergen. He is responsible for implementing the firm's investment strategies through security selection and asset allocation decisions. Additionally, he supports client communications and business development as a key advocate for the firm and its investment approach. Mr. Dennison's primary responsibilities include portfolio management and research analysis with specific sector responsibilities. Mr. Dennison has worked in investment management since 2011.

***Anthony Zackery, CFA.*** Mr. Zackery joined Zevenbergen in 2011 and serves as principal, portfolio manager, and analyst of Zevenbergen. He is responsible for implementing the firm's investment strategies through security selection and asset allocation decisions. Additionally, he supports client communications and business development as a key advocate for the firm and its investment approach. Mr. Zackery's primary responsibilities include portfolio management and research analysis with specific sector responsibilities. Mr. Zackery has worked in investment management since 2011.

***Nancy Zevenbergen, CFA****.* Ms. Zevenbergen established Zevenbergen Capital Investments in 1987, creating a responsive, research-focused investment firm. Since then, she serves as president and chief investment officer, implementing the firm's investment policies and portfolio management decisions while maintaining a strong commitment to original research. Ms. Zevenbergen's primary responsibilities include portfolio management and research analysis with specific sector responsibilities. Ms. Zevenbergen has worked in investment management since 1981.

<br> 92 Virtus Mutual Funds

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*Please refer to the SAI for additional information about the funds' portfolio managers, including the structure of and method of computing compensation, other accounts they manage and their ownership of shares of the funds.*

**Pricing of Fund Shares**

#### How is the Share Price determined?
The Board of Trustees has adopted a valuation policy and approved procedures for determining the value of investments of each fund. Pursuant to the valuation policy and Rule 2a-5 under the 1940 Act, the Board of Trustees has designated the Adviser as its "valuation designee" for fair value determinations.

Each fund calculates a share price for each class of its shares. The share price (net asset value or "NAV") for each class is based on the net assets of the fund and the number of outstanding shares of that class. In general, each fund calculates a share price for each class by:

 adding the values of all securities and other assets of the fund;

 subtracting liabilities; and

 dividing the result by the total number of outstanding shares of that class.

*Assets*: Equity securities are valued at the official closing price (typically last sale) on the exchange on which the securities are primarily traded, or, if no closing price is available, at the last bid price. Shares of other investment companies are valued at such companies' NAVs. Debt instruments, including restricted securities, are valued based on evaluated quotations received from independent pricing services or from dealers who make markets in such securities. Other assets, such as accrued interest, accrued dividends and cash are also included in determining a fund's NAV. As required, some securities and assets are valued at fair value as determined by the Adviser.

*Liabilities*: Accrued liabilities for class-specific expenses (if any), distribution fees, service fees and other liabilities are deducted from the assets of each class. Accrued expenses and liabilities that are not class-specific (such as management fees) are allocated to each class in proportion to each class's net assets except where an alternative allocation can be more appropriately made.

*Net Asset Value (NAV):* The liabilities allocated to a class are deducted from the proportionate interest of such class in the assets of the applicable fund. The resulting amount for each class is then divided by the number of shares outstanding of that class to produce each class's NAV per share.

The NAV per share of each class of each fund is determined as of the close of regular trading (generally 4:00 PM Eastern Time) on days when the New York Stock Exchange ("NYSE") is open for trading. A fund will not calculate its NAV per share class on days when the NYSE is closed for trading. If a fund (or underlying fund, as applicable) holds securities that are traded on foreign exchanges that trade on weekends or other holidays when the funds do not price their shares, the NAV of the fund's shares may change on days when shareholders will not be able to purchase or redeem the fund's shares.

#### How are securities fair valued?
If market quotations are not readily available or available prices are not reliable, the funds determine a "fair value" for an investment according to policies and procedures approved by the Board of Trustees. The types of assets for which such pricing might be required include: (i) securities whose trading has been suspended; (ii) securities where the trading market is unusually thin or trades have been infrequent; (iii) debt instruments that have recently gone into default and for which there is no current market quotation; (iv) a security whose market price is not available from an independent pricing source and for which otherwise reliable quotes are not available; (v) securities of an issuer that has entered into a restructuring; (vi) a security whose price as provided by any pricing source does not, in the opinion of the adviser/subadviser, reflect the security's market value; (vii) foreign securities subject to trading collars for which no or limited trading takes place; (viii) securities where the market quotations are not readily available as a result of "significant" events; and (ix) securities whose principal exchange or trading market is closed for an entire business day on which a fund needs to determine its NAV. This list is not inclusive of all situations that may require a security to be fair valued, nor is it intended to be conclusive in determining whether a specific event requires fair valuation.

The value of any portfolio security held by a fund for which market quotations are not readily available shall be determined in good faith and in a manner that assesses the security's "fair value" on the valuation date (i.e., the amount that the fund might reasonably expect to receive for the security upon its current sale), based on a consideration of all available facts and all available information, including, but not limited to, the following: (i) the fundamental analytical data relating to the investment; (ii) the value of other relevant financial instruments, including derivative securities, traded on other markets or among dealers; (iii) an evaluation of the forces which influence the market in which these securities are purchased and sold (e.g., the existence of merger proposals or tender offers that might affect the value of the security); (iv) the type of the security; (v) the size of the holding; (vi) the initial cost of the security; (vii) trading volumes on markets, exchanges or among broker-dealers; (viii) price quotes from dealers and/or pricing services; (ix) values of baskets of securities traded on other markets, exchanges, or among dealers; (x) changes in interest rates; (xi) information obtained from the issuer, analysts, other financial institutions and/or the appropriate stock exchange (for exchange traded securities); (xii) an analysis of the company's financial statements; (xiii) government (domestic or foreign) actions or pronouncements; (xiv) recent news about the security or issuer; (xv) whether two or more dealers with whom the adviser/subadviser regularly effects trades are willing to purchase or sell the security at comparable prices; and (xvi) other news events or relevant matters.

Certain non-U.S. securities may be fair valued in cases where closing prices are not readily available or are deemed not reflective of readily available market prices. For example, significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that non-U.S. markets close (where the security is principally traded) and the time that a fund calculates its NAV at the close of regular trading on the NYSE (generally 4:00 p.m. Eastern time) that may impact the value of securities traded in these non-U.S. markets. In such cases, the funds fair value non-U.S. securities using an independent pricing service which considers the correlation of the trading patterns of the non-U.S. security to the intraday trading in the U.S. markets for investments such as ADRs, financial futures, ETFs, and certain indexes, as well as prices for similar securities. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.

The value of a security, as determined using the fair value process, may not reflect such security's market value.

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#### At what price are shares purchased?
All investments received by the funds' authorized agents in good order prior to the close of regular trading on the NYSE (generally 4:00 PM Eastern Time) will be executed based on that day's NAV; investments received by the funds' authorized agent in good order after the close of regular trading on the NYSE will be executed based on the next business day's NAV. Shares credited to your account from the reinvestment of a fund's distributions will be in full and fractional shares that are purchased at the closing NAV on the next business day on which the fund's NAV is calculated following the dividend record date.

**Sales Charges**

An investor may be required to pay commissions and/or other forms of compensation to a broker for transactions in any share class, which are not reflected in the disclosure in this section.

#### What are the classes and how do they differ?
Each fund offers multiple classes of shares. Each class of shares has different sales and distribution charges. (See "Fund Fees and Expenses" in each fund's "Fund Summary," previously in this prospectus.) For certain classes of shares, the funds have adopted distribution and service plans allowed under Rule 12b-1 of the 1940 Act, that authorize the funds to pay distribution and service fees ("Rule 12b-1 Fees") for the sale of their shares and for services provided to shareholders.

The Rule 12b-1 Fees for each class of each fund are as follows ("N/A" indicates that the fund does not offer the referenced share class, whereas "None" indicates that the share class has no applicable fees.):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Class A**  | **Class C** | **Institutional Class** | **Class R6** |
| Virtus Emerging Markets Opportunities Fund | 0.25% | 1.00% |  |  |
| Virtus Income & Growth Fund | 0.25% | 1.00% |  | N/A |
| Virtus KAR Global Small-Cap Fund | 0.25% | 1.00% |  | N/A |
| Virtus KAR Health Sciences Fund | 0.25% | 1.00% |  | N/A |
| Virtus NFJ Dividend Value Fund | 0.25% | 1.00% |  |  |
| Virtus NFJ International Value Fund | 0.25% | 1.00% |  |  |
| Virtus NFJ Large-Cap Value Fund | 0.25% | 1.00% |  |  |
| Virtus NFJ Mid-Cap Value Fund | 0.25% | 1.00% |  |  |
| Virtus NFJ Small-Cap Value Fund | 0.25% | 1.00% |  |  |
| Virtus Silvant Focused Growth Fund | 0.25% | 1.00% |  |  |
| Virtus Silvant Mid-Cap Growth Fund | 0.25% | 1.00% |  |  |
| Virtus Small-Cap Fund | 0.25% | 1.00% |  |  |
| Virtus Zevenbergen Technology Fund | 0.25% | 1.00% |  | N/A |

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#### What arrangement is best for you?
The different classes of shares permit you to choose the method of purchasing shares that is most beneficial to you. In choosing a class of shares, consider the amount of your investment, the length of time you expect to hold the shares, whether you decide to receive distributions in cash or to reinvest them in additional shares, and any other personal circumstances. Depending upon these considerations, the accumulated distribution and service fees and contingent deferred sales charges of one class of shares may be more or less than the initial sales charge and accumulated distribution and service fees of another class of shares bought at the same time. Because distribution and service fees are paid out of a fund's assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

Your financial representative should recommend only those arrangements that are appropriate for you based on known information. In certain instances, you may be entitled to a reduction or waiver of sales charges. For instance, you may be entitled to a sales charge discount on Class A Shares if you purchase more than certain breakpoints.

To determine your eligibility for a sales charge discount on Class A Shares, you may aggregate all of your accounts (including joint accounts, retirement accounts such as individual retirement accounts ("IRAs"), non-IRAs, etc.) and those of your spouse, domestic partner, children and minor grandchildren.

The availability of certain sales charge waivers and discounts may depend on whether you purchase your shares directly from a fund or through a financial intermediary. Different intermediaries may impose different sales charges (including partial reduction in or waivers of sales charges) other than those listed in this section. Such intermediary-specific sales charge variations are described in Appendix A to this prospectus, entitled "Intermediary Sales Charge Discounts and Waivers." Appendix A is incorporated herein by reference and is legally part of this prospectus.

Your financial representative may request that you provide an account statement or other holdings information to determine your eligibility for a breakpoint and/or waiver and to make certain all involved parties have the necessary data. In all instances, it is the purchaser's responsibility to notify the fund or the purchaser's financial representative at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. For waivers and discounts not available through a particular intermediary, in order to receive these waivers or discounts shareholders will have to purchase fund shares through another intermediary offering such waivers or discounts or directly from the fund if the fund offers such waivers or discounts.

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Additional information about the classes of shares offered, sales charges, breakpoints and discounts follows in this section and also may be found in the SAI in the section entitled "How to Buy Shares." Intermediary-specific sales charge variations are described in Appendix A to this prospectus, entitled "Intermediary Sales Charge Discounts and Waivers." This information is available free of charge, and in a clear and prominent format, at the Individual Investors section of virtus.com. Please be sure that you fully understand these choices before investing. If you or your financial representative requires additional assistance, you may also contact Virtus Fund Services by calling toll-free 800-243-1574.

**Class A Shares (all funds).** If you purchase Class A Shares, you will pay a sales charge at the time of purchase at the rate provided under "Initial Sales Charge Alternative—Class A Shares. The sales charge may be reduced or waived under certain conditions. (See "Initial Sales Charge Alternative— Class A Shares" and "Class A Sales Charge Reductions and Waivers" below.) Generally, Class A Shares are not subject to any charges by the fund when redeemed; however, a contingent deferred sales charge ("CDSC") may be imposed on certain redemptions (including exchanges into the Virtus Seix U.S. Government Securities Ultra-Short Bond Fund) of purchases of $1,000,000 or more of Class A Shares within 18 months of a finder's fee being paid on such shares. The CDSC may be imposed on redemptions within 18 months of a finder's fee being paid. The Distributor may pay broker- dealers a finder's fee for Class A Share purchases in excess $1 million. The 18-month period, begins on the last day of the month preceding the month in which the purchase was made, and shares not subject to a finder's fee will be deemed to be redeemed first. Class A Shares have lower distribution and service fees (0.25%) and generally pay higher dividends than Class C Shares. If you transact in Class A Shares through a financial intermediary, your financial intermediary may charge you a fee outside of the fund, such as brokerage commission or an investment advisory fee. You should consult your financial intermediary regarding the different share classes available to you, how their fees and expenses differ, and whether the fees charged by your financial intermediary differ depending upon which share class you choose.

**Class C Shares (all funds).** If you purchase Class C Shares, you will not pay a sales charge at the time of purchase. If you sell your Class C Shares within the first year after they are purchased, you will pay a deferred sales charge of 1%. (See "Deferred Sales Charge Alternative— Class C Shares" below.) Class C Shares have higher distribution and services fees (1.00%) and pay lower dividends than Class A Shares. With certain exceptions, Class C Shares will convert to Class A Shares after eight years, thus reducing future annual expenses. If an investor intends to purchase greater than $999,999 of Class C Shares, and the purchase would qualify for Class A Shares with no load, then the purchase will automatically be made into a purchase of Class A Shares, thus reducing expenses. The funds may refuse any order to purchase shares. If you transact in Class C Shares through a financial intermediary, your financial intermediary may charge you a fee outside of the fund, such as brokerage commission or an investment advisory fee. You should consult your financial intermediary regarding the different share classes available to you, how their fees and expenses differ, and whether the fees charged by your financial intermediary differ depending upon which share class you choose.

**Institutional Class Shares (all funds).** Institutional Class Shares are offered primarily to clients of financial intermediaries that (i) charge such clients an ongoing fee for advisory, investment, consulting, or similar services; or (ii) have entered into an agreement with the funds' distributor to offer Institutional Class Shares through a no-load network or platform. Such clients may include pension and profit sharing plans, other employee benefit trusts, endowments, foundations and corporations. Institutional Class Shares are also offered to private and institutional clients of, or referred by, the Adviser, a subadviser or their affiliates, and to Trustees of the funds and trustees/directors of affiliated open- and closed-end funds, and directors, officers and employees of Virtus and its affiliates. If you are eligible to purchase and do purchase Institutional Class Shares, you will pay no sales charge at any time. There are no distribution and service fees applicable to Institutional Class Shares. If you transact in Institutional Class Shares through a financial intermediary, your financial intermediary may charge you a fee outside of the fund, such as brokerage commission or an investment advisory fee. You should consult your financial intermediary regarding the different share classes available to you, how their fees and expenses differ, and whether the fees charged by your financial intermediary differ depending upon which share class you choose.

**Class R6 Shares (not offered by Virtus Income & Growth Fund, Virtus KAR Global Small-Cap Fund, Virtus KAR Health Sciences Fund, and Virtus Zevenbergen Technology Fund).** Class R6 Shares are offered without a minimum initial investment to the following investors in plan level or omnibus accounts only (provided that they do not require or receive any compensation, administrative payments, sub-transfer agency payments or service payments with respect to Class R6 Shares): (i) qualified retirement plans, including, but not limited to, 401(k) plans, 457 plans, employer sponsored 403(b) plans, and defined benefit plans; (ii) banks and trust companies; (iii) insurance companies; (iv) financial intermediaries utilizing such shares in fee-based investment advisory programs; (v) registered investment companies; (vi) 529 portfolios that are advised or sub-advised by Virtus affiliates; and (vii) non-qualified deferred compensation plans. Other institutional investors may be permitted to purchase Class R6 Shares subject to the fund's determination of eligibility and may be subject to a $2,500,000 minimum initial investment requirement. In addition, without a minimum initial investment requirement, Class R6 Shares are available to any trustee of the Virtus Funds and trustees/directors of affiliated open- and closed-end funds, directors, officers and employees of Virtus and its affiliates, and a spouse or domestic partner, child or minor grandchild of any such qualifying individual (in each case either individually or jointly with other investors), provided in each case that those shares are held directly with the Transfer Agent or in an eligible account. The minimum initial investment amount may be waived subject to the fund's discretion. If you are eligible to purchase and do purchase Class R6 Shares, you will pay no sales charge at any time. There are no distribution and service fees applicable to Class R6 Shares. If you transact in Class R6 Shares through a financial intermediary, your financial intermediary may charge you a fee outside of the fund, such as brokerage commission or an investment advisory fee. You should consult your financial intermediary regarding the different share classes available to you, how their fees and expenses differ, and whether the fees charged by your financial intermediary differ depending upon which share class you choose.

**Initial Sales Charge Alternative—Class A Shares.** The public offering price of Class A Shares is the NAV plus a sales charge that varies depending on the size of your purchase. (See "Class A Shares—Reduced Initial Sales Charges" in the SAI.) Shares purchased based on the automatic reinvestment of income dividends or capital gain distributions are not subject to any sales charges. The sales charge is divided between your investment dealer and the fund's underwriter, VP Distributors, LLC ("VP Distributors" or the "Distributor").

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#### Sales Charge you may pay to purchase Class A Shares

#### All funds

---

| | | |
|:---|:---|:---|
|  | **Sales Charge as a percentage of** | **Sales Charge as a percentage of** |
| **Amount of Transaction at Offering Price** | **Offering Price** | **Amount Invested** |
| Under $50,000 | 5.50% | 5.82% |
| $50,000 but under $100,000 | 4.50 | 4.71 |
| $100,000 but under $250,000 | 3.50 | 3.63 |
| $250,000 but under $500,000 | 2.50 | 2.56 |
| $500,000 but under $1,000,000 | 2.00 | 2.04 |
| $1,000,000 or more |  |  |

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#### Class A Sales Charge Reductions and Waivers
Investors may qualify for reduced or no initial (front-end) sales charges, as shown in the table above, through utilization of Combination Purchase Privilege, Letter of Intent, Right of Accumulation, Gifting of Shares, Purchase by Associations or the Account Reinstatement Privilege. These programs are summarized below and are described in greater detail in the SAI. These reductions and waivers do not apply to any CDSC that may be applied to certain Class A Share redemptions.

*Combination Purchase Privilege.* Your purchase of any class of shares of these funds or any other Virtus Mutual Fund (other than Class A Shares of the Virtus Seix U.S. Government Securities Ultra-Short Bond Fund), if made at the same time by the same person, will be added together with any existing Virtus Mutual Fund account values to determine whether the combined sum entitles you to an immediate reduction in sales charges. A "person" is defined in this and the following sections as either: (a) any individual, his or her spouse or domestic partner, children and minor grandchildren purchasing shares for his, her or their own account (including an IRA account) including his, her or their own sole proprietorship or trust where any of the above is a named beneficiary; (b) a trustee or other fiduciary purchasing for a single trust, estate or single fiduciary account (even though more than one beneficiary may exist); (c) multiple accounts (up to 200) under a qualified employee benefit plan or administered by a third party administrator; or (d) trust companies, bank trust departments, registered investment advisers, and similar entities placing orders or providing administrative services with respect to accounts over which they exercise discretionary investment authority and which are held in a fiduciary, agency, custodial or similar capacity, provided all shares are held of record in the name, or nominee name, of the entity placing the order.

*Letter of Intent.* If you sign a Letter of Intent, your purchase of any class of shares of these funds or any other Virtus Mutual Fund, (other than Class A Shares of the Virtus Seix U.S. Government Securities Ultra-Short Bond Fund) if made by the same person within a 13-month period, will be added together to determine whether you are entitled to an immediate reduction in sales charges. Sales charges are reduced based on the overall amount you indicate that you will buy under the Letter of Intent. The Letter of Intent is a mutually non-binding arrangement between you and Virtus Mutual Funds. Shares worth 5% of the Letter of Intent amount will be held in escrow (while remaining registered in your name) to secure payment of the higher sales charges applicable to the shares actually purchased in the event the full intended amount is not purchased. When you buy enough shares to fulfill the Letter of Intent, these shares will no longer be restricted. If, on the other hand, you do not satisfy the Letter of Intent, or otherwise wish to sell any restricted shares, you will be given the choice of either buying enough shares to fulfill the Letter of Intent or paying the difference between any sales charge you previously paid and the otherwise applicable sales charge. You will be given 20 days to make this decision. If you do not exercise either election, the Transfer Agent will automatically redeem the number of your restricted shares needed to make up the deficiency in sales charges received. Oldest shares will be redeemed before selling newer shares. Any remaining shares will then be deposited to your account.

*Right of Accumulation*. The value of your account(s) in any class of shares of these funds or any other Virtus Mutual Fund, (other than Class A Shares of the Virtus Seix U.S. Government Securities Ultra-Short Bond Fund) if made over time by the same person, may be added together at the time of each purchase to determine whether the combined sum entitles you to a prospective reduction in sales charges. You must provide certain account information to Virtus Mutual Funds or their agents at the time of purchase to exercise this right.

*Gifting of Shares.* If you make a gift of shares of a Virtus Mutual Fund, upon your request you may combine purchases, if made at the same time, of any class of shares of these funds or any other Virtus Mutual Fund at the sales charge discount allowed for the combined purchase. The receiver of the gift may also be entitled to a prospective reduction in sales charges in accordance with the funds' right of accumulation or other provisions. You or the receiver of the gift must provide certain account information to Virtus Mutual Funds or their agents at the time of purchase to exercise this right.

*Purchase by Associations.* Certain groups or associations may be treated as a "person" and qualify for reduced Class A Share sales charges. The group or association must: (1) have been in existence for at least six months; (2) have a legitimate purpose other than to purchase mutual fund shares at a reduced sales charge; (3) work through an investment dealer; and (4) not be a group whose sole reason for existing is to consist of members who are credit card holders of a particular company, policyholders of an insurance company, customers of a bank or a broker-dealer or clients of an investment adviser.

*Account Reinstatement Privilege*. Subject to the funds' policies and procedures regarding market timing, for 180 days after you sell your Class A Shares on which you previously paid a sales charge, you may purchase Class A Shares of any Virtus Mutual Fund at NAV, with no sales charge, by reinvesting all or part of your proceeds, but not more.

*Sales at Net Asset Value*. In addition to the programs summarized above, the funds may sell their Class A Shares at NAV without an initial sales charge to certain types of accounts or account holders, as described below.

If you fall within any one of the following categories, you will not have to pay a sales charge on your purchase of Class A Shares, provided that such purchase is made upon the written assurance of the purchaser that the purchase is made for investment purposes and that the shares so acquired will not be resold except to the funds:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Trustee, director or officer of any Virtus Mutual Fund, or any other mutual fund advised, subadvised or distributed by the Adviser, Distributor or any of their corporate affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any director or officer, or any full-time employee or sales representative (for at least 90 days), of the applicable fund's Adviser, subadviser or Distributor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any private client of an Adviser or subadviser to any Virtus Mutual Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Registered representatives and employees of securities dealers with whom the Distributor has sales agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Any qualified retirement plan exclusively for persons described above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Any officer, director or employee of a corporate affiliate of the Adviser, a subadviser or the Distributor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Any spouse or domestic partner, child, parent, grandparent, brother or sister of any person named in (1), (2), (4) or (6) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Employee benefit plans for employees of the Adviser, Distributor and/or their corporate affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Any employee or agent who retires from the Distributor and/or their corporate affiliates or from Phoenix Life Insurance Company ("PNX"), as long as, with respect to PNX employees or agents, such individual was employed by PNX prior to December 31, 2008;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Any Virtus direct account held in the name of a qualified employee benefit plan, endowment fund or foundation if, on the date of the initial investment, the plan, fund or foundation has assets of $10,000,000 or more or at least 100 eligible employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) Any person with a direct rollover transfer of shares from an established Virtus Mutual Fund or Virtus qualified plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) Any state, county, city, department, authority or similar agency prohibited by law from paying a sales charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) Any unallocated account held by a third party administrator, registered investment adviser, trust company, or bank trust department which exercises discretionary authority and holds the account in a fiduciary, agency, custodial or similar capacity, if in the aggregate such accounts held by such entity equal or exceed $1,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) Any deferred compensation plan established for the benefit of any trustee or director of Virtus, any Virtus Mutual Fund, or any open- or closed-end fund advised, subadvised or distributed by the Adviser, the Distributor or any of their corporate affiliates.

If you fall within any one of the following categories, you also will not have to pay a sales charge on your purchase of Class A Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) Individuals purchasing through an account with an unaffiliated brokerage firm having an agreement with the Distributor to waive sales charges for its clients (see Appendix A to this prospectus for a description of broker-dealers offering various sales load waivers);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) Purchasers of Class A Shares bought through investment advisers and financial planners who charge an advisory, consulting or other fee for their services and buy shares for their own accounts or the accounts of their clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) Retirement plans and deferred compensation plans and trusts used to fund those plans (including, for example, certain plans qualified or created under Sections 401(a), 403(b) or 457 of the Internal Revenue Code (the "Code")), and "rabbi trusts" that buy shares for their own accounts, in each case if those purchases are made through a broker or agent or other financial intermediary that has made special arrangements with the Distributor for such purchases; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) Clients of investment professionals or financial planners who buy shares for their own accounts but only if their accounts are linked to a master account of their investment professional or financial planner on the books and records of the broker, agent or financial intermediary with which the Distributor has made such special arrangements. (See Appendix A to this prospectus for a description of broker-dealers offering various sales load waivers.)

Each of the investors described in (15) through (18) may be charged a fee by the broker, agent or financial intermediary for purchasing shares.

#### CDSC you may pay on Class A Shares (all funds)
Investors buying Class A Shares on which a finder's fee has been paid may incur a CDSC in an amount equal to 1.00% if they redeem their shares or exchange into the Virtus Seix U.S. Government Securities Ultra-Short Bond Fund within 18 months of a finder's fee being paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made, and shares not subject to a finder's fee will be deemed to be redeemed first. The CDSC will be multiplied by the then current market value or the initial cost of the shares being redeemed, whichever is less.

#### Deferred Sales Charge Alternative—Class C Shares
Class C Shares are purchased without an initial sales charge; however, shares sold within one year of purchase are subject to a CDSC of 1.00%. The sales charge will be multiplied by the then-current market value or the initial cost of the shares being redeemed, whichever is less. No sales charge will be imposed on increases in NAV or on shares purchased through the reinvestment of income dividends or capital gain distributions. To minimize the sales charge, shares not subject to any charge will be redeemed first, followed by shares held the longest. The date of purchase will be used to calculate the number of shares owned and time period held.

With certain exceptions, Class C Shares, and any reinvested dividends and other distributions paid on such shares, will automatically convert to Class A Shares after eight years. However, for investors invested in Class C Shares through a financial intermediary or recordkeeper, it is the responsibility of the financial

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intermediary or recordkeeper to ensure that the investor is credited with the proper holding period for the shares redeemed. The automatic conversion of Class C Shares to Class A Shares shall not apply to shares held through intermediaries or recordkeepers that do not track the length of time that a participant has held such shares or that are not otherwise able to operationally support the automatic conversion feature.

In addition, certain Class C Shares may be exchangeable in advance of the automatic conversion. If you hold your shares through a financial intermediary or recordkeeper, please contact your financial intermediary or recordkeeper for additional information. Class C Shares that have been held directly with the fund, and not through a financial intermediary, for fewer than the required number of years may be exchanged for Class A Shares at the fund's or transfer agent's discretion if (i) the Class C Shares are not subject to a CDSC, and (ii) a commission was not paid on the sale of such Class C Shares.

All conversions and exchanges from Class C Shares to Class A Shares will be on the basis of the relative NAVs per share, without the imposition of any sales load, fee or other charge. Automatic conversions of Class C Shares to Class A Shares will generally be processed monthly on or about the 10th day of the month, although for investors invested in Class C Shares through a financial intermediary or recordkeeper, it is the responsibility of the financial intermediary or recordkeeper to determine the timing of the conversions. As of the date of this Prospectus, conversions and exchanges from Class C Shares to Class A Shares of the same fund are not expected to be considered taxable events for Federal income tax purposes. Shareholders should consult their tax professionals regarding their own tax considerations.

#### Deferred Sales Charge you may pay to sell Class C Shares

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| | | |
|:---|:---|:---|
| **Year** | **1** | **2+** |
| CDSC | 1% | 0% |

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#### Class A Shares and Class C Shares CDSC Reductions and Waivers
The CDSC is waived on the redemption (sale) of Class A Shares and Class C Shares if the redemption is made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) within one year of death;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) of the sole shareholder on an individual account,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) of a joint tenant where the surviving joint tenant is the deceased's spouse or domestic partner,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) of the beneficiary of a Uniform Gifts to Minors Act (UGMA), Uniform Transfers to Minors Act (UTMA) or other custodial account, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) of the "grantor" on a trust account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) within one year of disability, as defined in Code Section 72(m)(7);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) as part of a required minimum distribution for IRA and other retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by 401(k) plans using an approved participant tracking system for participant hardships, death, disability or normal retirement, and loans which are subsequently repaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) based on the exercise of exchange privileges among Class A Shares and Class C Shares of these funds or any of the Virtus Mutual Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) based on any direct rollover transfer of shares from an established Virtus Mutual Fund qualified plan into a Virtus Mutual Fund IRA by participants terminating from the qualified plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) based on the systematic withdrawal program, provided such withdrawals do not exceed more than 1% monthly or 3% quarterly of the aggregate net investments. (See "Systematic Withdrawal" in this prospectus for additional information about these restrictions.)

If, as described in condition (a) above, an account is transferred to an account registered in the name of a deceased's estate, the CDSC will be waived on any redemption from the estate account occurring within one year of the death.

The availability of certain sales charge waivers and discounts may depend on whether you purchase your shares through a financial intermediary offering them. Different intermediaries may impose different sales charges (including partial reduction in or waivers of sales charges) other than those listed in this section, provided that they do not exceed the maximum sales charge listed. Such intermediary-specific sales charge variations are described in Appendix A to this prospectus, entitled "Intermediary Sales Charge Discounts and Waivers." Appendix A is incorporated herein by reference and is legally part of this prospectus.

#### Compensation to Dealers

#### Class A Shares, Class C Shares and Institutional Class Shares Only
Dealers with whom the Distributor has entered into sales agreements receive a discount or commission on Class A Shares as described below.

#### All funds

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Transaction at Offering Price** | **Sales Charge as a Percentage of Offering Price** | **Sales Charge as a Percentage of Amount Invested** | **Dealer Discount as a Percentage of Offering Price** |
| Under $50,000 | 5.50% | 5.82% | 4.75% |
| $50,000 but under $100,000 | 4.50 | 4.71 | 4.00 |
| $100,000 but under $250,000 | 3.50 | 3.63 | 3.00 |
| $250,000 but under $500,000 | 2.50 | 2.56 | 2.00 |
| $500,000 but under $1,000,000 | 2.00 | 2.04 | 1.75 |
| $1,000,000 or more |  |  |  |

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With respect to Class C Shares, the Distributor intends to pay investment dealers a sales commission of 1% of the sale price of Class C Shares sold by such dealers. Your broker, dealer or financial professional may also charge you additional commissions or fees for their services in selling shares to you provided they notify the Distributor of their intention to do so.

Dealers and other entities that enter into special arrangements with the Distributor or the funds' transfer agent, Virtus Fund Services, LLC (the "Transfer Agent"), may receive compensation for the sale and promotion of shares of these funds. Such fees are in addition to the sales commissions referenced above and may be based upon the amount of sales of fund shares by a dealer; the provision of assistance in marketing of fund shares; access to sales personnel and information dissemination services; and other criteria as established by the Distributor. Depending on the nature of the services, these fees may be paid either from the funds through distribution fees, service fees or, in some cases, the Distributor may pay certain fees from its own profits and resources.

Dealers and other entities that enter into special arrangements with the Distributor or the Transfer Agent may receive compensation from or on behalf of the funds for providing certain recordkeeping and related services to these funds or their shareholders. These fees may also be referred to as shareholder accounting fees, administrative services fees, sub-transfer agent fees or networking fees. They are not for the sale, promotion or marketing of fund shares.

From its own profits and resources, the Distributor may, from time to time, make payments to qualified wholesalers, registered financial institutions and third party marketers for marketing support services and/or retention of assets. These payments are sometimes referred to as "revenue sharing." Among others, the Distributor has agreed to make such payments for marketing support services to Equitable Advisors, LLC. For all Virtus Mutual Funds in this prospectus, the Distributor may pay broker-dealers a finder's fee in an amount equal to 1.00% of eligible Class A Share purchases from $1,000,000 to $3,000,000, 0.50% on amounts of $3,000,001 to $10,000,000, and 0.25% on amounts greater than $10,000,000. Purchases of Class A Shares by an account in the name of a qualified employee benefit plan are eligible for a finder's fee only if such plan has at least 100 eligible employees. A CDSC in an amount equal to 1.00% may be imposed on certain redemptions of such Class A investments. The CDSC may be imposed on redemptions (including exchanges into the Virtus Seix U.S. Government Securities Ultra-Short Bond Fund) within 18 months of a finder's fee being paid. For all Virtus Mutual Funds in this prospectus, the CDSC is 1.00%. For purposes of determining the applicability of the CDSC, the 18-month period, as applicable, begins on the last day of the month preceding the month in which the purchase was made. The Distributor will also pay broker-dealers a service fee of 0.25% beginning in the thirteenth month following purchase of Class A Shares on which a finder's fee has been paid. (For the exact rate for your fund(s), please refer to the chart in the section of this prospectus entitled "Sales Charges" under "What are the classes and how do they differ?") VP Distributors reserves the right to discontinue or alter such fee payment plans at any time.

From its own resources or pursuant to the distribution and shareholder servicing plans, and subject to the dealers' prior approval, the Distributor may provide additional compensation to registered representatives of dealers in the form of travel expenses, meals, and lodging associated with training and educational meetings sponsored by the Distributor. The Distributor may also provide gifts amounting in value to less than $100, and occasional meals or entertainment, to registered representatives of dealers. Any such travel expenses, meals, lodging, gifts or entertainment paid will not be preconditioned upon the registered representatives' or dealers' achievement of a sales target. The Distributor may, from time to time, reallow the entire portion of the sales charge on Class A Shares which it normally retains to individual selling dealers. However, such additional reallowance generally will be made only when the selling dealer commits to substantial marketing support such as internal wholesaling through dedicated personnel, internal communications and mass mailings.

The Distributor has also agreed to pay fees to certain distributors for preferred marketing opportunities. These arrangements may be viewed as creating a conflict of interest between these distributors and investors. Investors should make due inquiry of their selling agents to ensure that they are receiving the requisite point of sale disclosures and appropriate recommendations free of any influence by reason of these arrangements.

The categories of payments the Distributor and/or the Transfer Agent may make to other parties are not mutually exclusive, and such parties may receive payments under more than one or all categories. These payments could be significant to a party receiving them, creating a conflict of interest for such party in making investment recommendations to investors. Investors should make due inquiry of any party recommending the funds for purchase to ensure that such investors are receiving the requisite point of sale disclosures and appropriate recommendations free of any influence by reason of these arrangements.

A document containing information about sales charges, including breakpoint (volume) discounts, is available free of charge on the Internet at virtus.com. In the Our Products section, go to the "Mutual Funds" tab and click on the link for Breakpoint (Volume) Discounts.

#### Class R6 Shares Only
No compensation, administrative payments, sub-transfer agency payments or service payments are paid to brokers or other entities from fund assets or the Distributor's or an affiliate's resources on sales of or investments in Class R6 Shares. Class R6 Shares do not carry sales commissions or pay Rule 12b-1 fees, or make payments to brokers or other entities to assist in, or in connection with, the sale of the fund's shares.

**Your Account**

#### Opening an Account

#### Class A Shares, Class C Shares and Institutional Class Shares
Your financial professional can assist you with your initial purchase as well as all phases of your investment program. If you are opening an account by yourself, please follow the instructions outlined below.

The funds have established the following preferred methods of payment for fund shares:

 Checks drawn on an account in the name of the investor and made payable to Virtus Mutual Funds;

 Checks drawn on an account in the name of the investor's company or employer and made payable to Virtus Mutual Funds; or

 Wire transfers or Automated Clearing House ("ACH") transfers from an account in the name of the investor, or the investor's company or employer.

<br> Virtus Mutual Funds 99

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Payment in other forms may be accepted at the discretion of the funds; however, the funds generally do not accept such other forms of payment as cash equivalents (such as traveler's checks, cashier's checks, money orders or bank drafts), starter checks, credit card convenience checks, or certain third party checks. Please specify the name(s) of the fund or funds in which you would like to invest on the check or transfer instructions.

**To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. Accordingly, when you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may check the information you provide against publicly available databases, information obtained from consumer reporting agencies, other financial institutions or other sources. If, after reasonable effort, we cannot verify your identity, we reserve the right to close the account and redeem the shares at the NAV next calculated after the decision is made by us to close the account.**

#### Step 1
Your first choice will be the initial amount you intend to invest in each fund.

Minimum **initial** investments applicable to Class A and Class C Shares:

 $100 for individual retirement accounts ("IRAs"), accounts that use the systematic exchange privilege, or accounts that use the Systematic Purchase program. (See "Investor Services and Other Information" for additional details.)

 There is no initial dollar requirement for defined contribution plans, asset-based fee programs, profit-sharing plans, or employee benefit plans. There is also no minimum for reinvesting dividends and capital gains into another account.

 $2,500 for all other accounts.

Minimum **additional** investments applicable to Class A and Class C Shares:

 $100 for any account.

 There is no minimum additional investment requirement for defined contribution plans, asset-based fee programs, profit-sharing plans, or employee benefit plans. There is also no minimum additional investment requirement for reinvesting dividends and capital gains into another account.

Minimum **initial** investments applicable to Institutional Class Shares:

 $1,000,000 for any account for qualified investors. (Call Virtus Fund Services at 800-243-1574 for additional details.)

There is no minimum additional investment requirement applicable to Institutional Class Shares.

The minimums may be reduced or waived in some circumstances.

#### Step 2
Your second choice will be what class of shares to buy. Each share class except Institutional Class and Class R6 Shares has different sales and distribution charges. Because all future investments in your account will be made in the share class you choose when you open your account, you should make your decision carefully. Your financial professional can help you pick the share class that makes the most sense for your situation.

#### Step 3
Your next choice will be how you want to receive any dividends and capital gain distributions. Your options are:

 Receive both dividends and capital gain distributions in additional shares;

 Receive dividends in additional shares and capital gain distributions in cash;

 Receive dividends in cash and capital gain distributions in additional shares; or

 Receive both dividends and capital gain distributions in cash. No interest will be paid on uncashed distribution checks.

#### Class R6 Shares Only
If you are investing through a qualified retirement plan, bank or trust company, insurance company or other qualifying financial institution, registered investment company or non-qualified deferred compensation plan, your financial institution or financial intermediary will provide you with the information you need to open an account and buy Class R6 Shares. If you are a qualified institutional investor, or qualified individual investor as described under the heading "What arrangement is best for you?," please refer to the instructions above for Class A Shares, Class C Shares and Institutional Class Shares, except for the application of any minimum initial and/or additional purchase requirement.

#### All Share Classes
The funds reserve the right to refuse any purchase order for any reason. The funds will notify the investor of any such rejection in accordance with industry and regulatory standards, which is generally within three business days. The funds further reserve the right to close an account (or to take such other steps as the funds or their agents deem reasonable) for any lawful reason, including but not limited to the suspicion of fraud or other illegal activity in connection with the account.

A shareholder should contact his/her broker-dealer if he/she wishes to transfer shares from an existing broker-dealer street name account to a street name account with another broker-dealer. The funds have no specific procedures governing such account transfers.

#### Listing a Trusted Contact
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For shareholders who have a mutual fund account directly with Virtus, you have the option of adding a Trusted Contact to our records. The Trusted Contact is someone you authorize us to contact to address any concerns about fraudulent activity or financial exploitation; to inquire about your status as an active shareholder; and/or to disclose account activity or account details if necessary for protecting your account assets.

The Trusted Contact is not permitted to execute transactions or make changes to your account. Other than the shareholder, only the named financial professional of record on the account, or a Power of Attorney/guardian/conservator who is named on the account or has submitted instructions, signed in capacity with a Medallion Guarantee, are permitted to execute transactions or make account changes. Your Trusted Contact must be at least 18 years of age, and should not be your financial professional of record or an individual who is already named on the account.

**How to Buy Shares**

#### IMPORTANT INFORMATION FOR INVESTORS
As previously disclosed, on January 21, 2026 (the "Closing Date"), Class C Shares of the funds in this prospectus will no longer be available for purchase by new or existing shareholders, except by existing shareholders through reinvestment of dividends and/or capital gain distributions ("Reinvestment Transactions"). Any initial or additional purchase requests received for a fund's Class C Shares received on or after the Closing Date will be rejected (other than through a Reinvestment Transaction).

On and after the Closing Date, shareholders who own Class C Shares of a fund may purchase Class A Shares of the same fund without regard to the normal initial investment minimum for such shares. Such purchases will be subject to any applicable sales charges. For purposes of determining any applicable sales load, the value of an investor's account will be deemed to include the value of all applicable shares in eligible accounts, including a Class C Share account. For additional information see "What arrangement is best for you?" in this prospectus. You should consult your financial intermediary regarding the different share classes available to you, how their fees and expenses differ, and whether the fees charged by your financial intermediary differ depending upon which share class you choose. Notwithstanding the above exceptions, each fund may discontinue new and subsequent sales through any financial intermediary at the fund's discretion.

No purchases may be made into Class C shares of any fund after the close of business on January 21, 2026, provided that the funds' transfer agent may make exceptions at its discretion to address operational limitations.

**IMPORTANT INFORMATION TO CURRENT SHAREHOLDERS OF VIRTUS EMERGING MARKETS OPPORTUNITIES FUND, VIRTUS KAR GLOBAL SMALL-CAP FUND, VIRTUS KAR HEALTH SCIENCES FUND, VIRTUS NFJ INTERNATIONAL VALUE FUND, VIRTUS NFJ LARGE-CAP VALUE FUND AND VIRTUS NFJ SMALL-CAP VALUE FUND**

On January 26, 2026, Class C will be eliminated as a share class of each of Virtus Emerging Markets Opportunities Fund, Virtus KAR Global Small-Cap Fund, Virtus KAR Health Sciences Fund, Virtus NFJ International Value Fund, Virtus NFJ Large-Cap Value Fund and Virtus NFJ Small-Cap Value Fund and existing Class C Shares of those funds will be converted to Class A Shares of each respective fund. Shareholders holding Class C Shares at the time of the conversion will receive Class A Shares having an aggregate net asset value equal to the aggregate net asset value of their Class C Shares immediately prior to the conversion. No sales charges will be imposed in connection with this conversion, and the conversion is not expected to be treated as a taxable event by the U.S. Internal Revenue Service. Please refer to this prospectus and consult with your financial intermediary regarding any differences between share classes, including sales charge structure, expenses and other options.

As of January 26, 2026, references to Class C Shares in the Prospectuses and SAI for **Virtus Emerging Markets Opportunities Fund, Virtus KAR Global Small-Cap Fund, Virtus KAR Health Sciences Fund, Virtus NFJ International Value Fund, Virtus NFJ Large-Cap Value Fund and Virtus NFJ Small-Cap Value Fund** will be removed and Class C Shares for each of those funds will no longer be available. To the extent that Class C is eliminated for the other funds in the future, these prospectuses will be updated as appropriate at the time of the changes.

The funds and the Distributor reserve the right to modify these exceptions at any time, including on a case-by-case basis.

#### Class A Shares, Class C Shares and Institutional Class Shares

#### To Open An Account
* ***Through a financial professional:*** Contact your financial professional. Some financial professionals may charge a fee and may set different minimum investments or limitations on buying shares.*

*** *Through the mail:* Complete a new account application and send it with a check payable to the fund. Mail them to: Virtus Mutual Funds, P.O. Box 534470, Pittsburgh, PA 15253-4470.***

*** *Through express delivery:* Complete a new account application and send it with a check payable to the fund. Send them to: Virtus Mutual Funds, Attn. 534470 AIM 154-0520, 500 Ross Street, Pittsburgh, PA 15262.***

####  By Federal Funds wire: Call us at 800-243-1574 (press 1, then 0).
*** *By Systematic Purchase:* Complete the appropriate section on the application and send it with your initial investment payable to the fund. Mail them to: Virtus Mutual Funds, P.O. Box 534470, Pittsburgh, PA 15253-4470.***

####  By telephone exchange: Call us at 800-243-1574 (press 1, then 0).

#### Class R6 Shares Only
If you are investing through a qualified retirement plan, bank or trust company, insurance company or other qualifying financial institution, registered investment company or non-qualified deferred compensation plan, your financial institution or financial intermediary will provide you with the information you need to buy Class R6 Shares. If you are a qualified institutional investor, or qualified individual investor as described under the heading "What arrangement is best for you?," please refer to the instructions above for Class A Shares, Class C Shares and Institutional Class Shares.

<br> Virtus Mutual Funds 101

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#### All Share Classes
The price at which a purchase is effected is based on the NAV next determined after receipt of a purchase order in good order by the funds' Transfer Agent or an authorized agent. A purchase order is generally in "good order" if an acceptable form of payment accompanies the purchase order and the order includes the appropriate application(s) and/or other form(s) and any supporting legal documentation required by the funds' Transfer Agent or an authorized agent, each in legible form. However, the funds, their Transfer Agent or other authorized agent may consider a request to be not in good order even after receiving all required information if any of them suspects that the request is fraudulent or otherwise not valid.

The funds have authorized one or more brokers to receive on their behalf purchase and redemption orders. Such brokers are authorized to designate other intermediaries to accept purchase and redemption orders on the funds' behalf.

Each fund reserves the right to refuse any purchase order that may disrupt the efficient management of that fund.

**How to Sell Shares**

#### Class A Shares, Class C Shares and Institutional Class Shares

#### To Sell Shares
* ***Through a financial professional:*** Contact your financial professional. Some financial professionals may charge a fee and may set different minimums on redemptions of accounts.*

*** *Through the mail:* Send a letter of instruction to: Virtus Mutual Funds, P.O. Box 534470, Pittsburgh, PA 15253-4470. Be sure to include the registered owner's name, fund and account number and number of shares or dollar value you wish to sell.***

*** *Through express delivery:* Send a letter of instruction to: Virtus Mutual Funds, Attn. 534470 AIM 154-0520, 500 Ross Street, Pittsburgh, PA 15262. Be sure to include the registered owner's name, fund and account number and number of shares or dollar value you wish to sell.***

 ***By telephone:*** For sales up to $50,000, requests can be made by calling 800-243-1574.

####  By telephone exchange: Call us at 800-243-1574 (press 1, then 0).

#### Class R6 Shares Only
If you are investing through a qualified retirement plan, bank or trust company, insurance company or other qualifying financial institution, registered investment company or non-qualified deferred compensation plan, your financial institution or financial intermediary will provide you with the information you need to know when selling Class R6 Shares. If you are a qualified institutional investor, or qualified individual investor as described under the heading "What arrangement is best for you?," please refer to the instructions above for Class A Shares, Class C Shares and Institutional Class Shares.

#### All Share Classes
You have the right to have the funds buy back shares at the NAV next determined after receipt of a redemption request in good order by the funds' Transfer Agent or an authorized agent. In the case of a Class C Share redemption, and certain Class A Share redemptions, you will be subject to the applicable contingent deferred sales charge, if any, for such shares. Subject to certain restrictions, shares may be redeemed by telephone or in writing. In addition, shares may be sold through securities dealers, brokers or agents who may charge customary commissions or fees for their services. The funds do not charge any redemption fees.

Regardless of the method used by the funds for payment (e.g., check, wire or electronic transfer (ACH)), payment for shares redeemed will normally be sent one business day after the request is received in good order by the transfer agent, or one business day after the trade has settled for trades submitted through the NSCC, but will in any case be made within seven days after tender. The funds expect to meet redemption requests, both under normal circumstances and during periods of stressed market conditions, by using cash, by selling portfolio assets to generate cash, or by borrowing funds under a line of credit, subject to availability of capacity in such line of credit, or participating in an interfund lending program in reliance on exemptive relief from the SEC. The right to redeem shares may be suspended and payment postponed during periods when the NYSE is closed, other than customary weekend and holiday closings, or if permitted by rules of the SEC, during periods when trading on the NYSE is restricted or during any emergency which makes it impracticable for a fund to dispose of its securities or to determine fairly the value of its net assets or during any other period permitted by order of the SEC for the protection of investors. Furthermore, any shareholder who purchases shares via check and then requests to redeem those shares will not be entitled to, and the Transfer Agent will not mail, redemption proceeds until checks received for shares purchased have cleared, which may take up to 15 days.

If you are 65 years of age or older, or if we have reason to believe you have a mental or physical impairment that restricts you from protecting your own financial interests, we may temporarily delay the release of redemption proceeds from your account if we reasonably believe that you have been the victim of actual or attempted financial exploitation.

Notice of this temporary delay will be provided to you, and the delay will be for no more than 15 business days while we conduct a review of the suspected financial exploitation. Contacting your Trusted Contact, if you have selected one, may be part of the review. (See "Listing a Trusted Contact" in the section, "Your Account".)

We may delay an additional 10 business days if we reasonably believe that actual or attempted financial exploitation has occurred or will occur. At the expiration of the delay, if we have not concluded that such exploitation has occurred, the proceeds will be released to you.

<br> 102 Virtus Mutual Funds

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**Things You Should Know When Selling Shares**

You may realize a taxable gain or loss (for federal income tax purposes) if you redeem or exchange shares of the funds.

#### Class A Shares, Class C Shares and Institutional Class Shares
Redemption requests will not be honored until all required documents, in proper form, have been received. Additional documentation will be required for redemptions by organizations, fiduciaries, or retirement plans, or if a redemption is requested by anyone but the shareholder(s) of record. Even after all required documents have been received, a redemption request may not be considered in good order by the funds, their Transfer Agent or other authorized agents if any of them suspects that the request is fraudulent or otherwise not valid. To avoid delay in redemption or transfer, shareholders having questions about specific requirements should contact the funds' Transfer Agent at 800-243-1574.

Transfers between broker-dealer "street" accounts are governed by the accepting broker-dealer. Questions regarding this type of transfer should be directed to your financial professional.

As stated in the applicable account applications, accounts associated with certain types of retirement plans and individual retirement accounts may incur fees payable to the Transfer Agent in the event of redeeming an account in full. Shareholders with questions about this should contact the funds' Transfer Agent at 800-243-1574.

#### Redemptions by Mail
 If you are selling shares held individually, jointly, or as custodian under the Uniform Gifts to Minors Act or Uniform Transfers to Minors Act:

Send a clear letter of instruction if both of these apply:

 The proceeds do not exceed $50,000.

 The proceeds are payable to the registered owner at the address on record.

Send a clear letter of instructions with a signature guarantee when any of these apply:

 You are selling more than $50,000 worth of shares.

 The name or address on the account has changed within the last 30 days.

 You want the proceeds to go to a different name or address than on the account.

 If you are selling shares held in a corporate or fiduciary account, please contact the funds' Transfer Agent at 800-243-1574.

**The signature guarantee, if required, must be a STAMP 2000 Medallion guarantee made by an eligible guarantor institution as defined by the funds' Transfer Agent in accordance with its signature guarantee procedures. Guarantees using previous technology medallions will not be accepted. As of the date of this prospectus, the Transfer Agent's signature guarantee procedures generally permit guarantees by banks, broker-dealers, credit unions, national securities exchanges, registered securities associations, clearing agencies and savings associations.**

#### Selling Shares by Telephone
The Transfer Agent will use reasonable procedures to confirm that telephone instructions are genuine. Address and bank account information are verified, redemption instructions are taped, and all redemptions are confirmed in writing.

The individual investor bears the risk from instructions given by an unauthorized third party that the Transfer Agent reasonably believed to be genuine. The funds, their Transfer Agent and their other authorized agents will not be liable for any loss, liability, cost or expense resulting from acting upon telephone instructions that are reasonably believed to be genuine.

The Transfer Agent may modify or terminate the telephone redemption privilege at any time with 60 days' notice to shareholders, except for instances of disruptive trading or market timing; in such cases, the telephone redemption privilege may be suspended immediately, followed by written notice. (See "Disruptive Trading and Market Timing" in this prospectus.)

Generally, shareholders may redeem by telephone up to $50,000 worth of their shares held in book-entry form. Corporations that have completed a Corporate Authorized Trader form may redeem more than $50,000 worth of shares in most instances.

During times of drastic economic or market changes, telephone redemptions may be difficult to make or temporarily suspended; however, shareholders would be able to make redemptions through other methods described above.

#### Class R6 Shares Only
If you are investing through a qualified retirement plan, bank or trust company, insurance company or other qualifying financial institution, registered investment company or non-qualified deferred compensation plan, your financial institution or financial intermediary will provide you with the information you need to know when selling Class R6 Shares. If you are a qualified institutional investor, or qualified individual investor as described under the heading "What arrangement is best for you?," please refer to the instructions above for Class A Shares, Class C Shares and Institutional Class Shares.

#### All Share Classes

#### Payment of Redemptions In Kind
To the extent consistent with state and federal law, each Virtus Mutual Fund may make payment of the redemption price either in cash or in kind. However, the funds have elected to pay in cash all requests for redemption by any shareholder of record, limited in respect to each shareholder during any 90-day period to the

<br> Virtus Mutual Funds 103

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lesser of $250,000 or 1% of the NAV of the fund at the beginning of such period. This election has been made pursuant to Rule 18f-1 under the 1940 Act and is irrevocable while the Rule is in effect unless the SEC, by order, permits the withdrawal thereof. Each fund reserves the right to pay large redemptions "in kind" (i.e., in securities owned by the fund) rather than in cash. Large redemptions are those that exceed $250,000 or 1% of the fund's net assets, whichever is less, over any 90-day period. Additional documentation will be required for redemptions by organizations, fiduciaries, or retirement plans, or if a redemption is requested by anyone but the shareholder(s) of record. Investors who are paid redemption proceeds in kind generally will receive a pro rata share of the fund's portfolio, which may include illiquid securities. Any securities received remain at market risk until sold. Brokerage commissions and capital gains may be incurred when converting securities received into cash. On any illiquid securities received, the investor will bear the risk of not being able to sell the securities at all.

**Account Policies**

#### Account Reinstatement Privilege
Subject to the fund's policies and procedures regarding market timing, for 180 days after you sell your Class A Shares on which you previously paid a sales charge, you may purchase Class A Shares of any Virtus Mutual Fund at NAV, with no sales charge, by reinvesting all or part of your proceeds, but not more. Send your written request to Virtus Mutual Funds, P.O. Box 534470, Pittsburgh, PA 15253-4470. You can call Virtus Mutual Funds at 800-243-1574 for more information.

Please remember, a redemption and reinvestment are considered to be a sale and purchase for tax-reporting purposes.

#### Annual Fee on Small Accounts
To help offset the costs associated with maintaining small accounts, the funds reserve the right to assess an annual $25 small account fee on fund accounts with a balance below $2,500. The small account fee may be waived in certain circumstances, such as for accounts that have elected electronic delivery of statements/regulatory documents and accounts owned by shareholders having multiple accounts with a combined value of over $25,000. The small account fee does not apply to accounts held through a financial intermediary.

The small account fee will be collected through the automatic sale of shares in your account. We will send you written notice before we charge the $25 fee so that you may increase your account balance above the minimum, sign up for electronic delivery, consolidate your accounts or liquidate your account. You may take these actions at any time by contacting your investment professional or the Transfer Agent.

#### Redemption of Small Accounts
Due to the high cost of maintaining small accounts, if your account has been in existence for at least one year and your redemption activity causes your account balance to fall below $200, you may receive a notice requesting you to bring the balance up to $200 within 60 days. If you do not, the shares in the account will be sold at NAV, and a check will be mailed to the address of record. Any applicable sales charges will be deducted.

#### Distributions of Small Amounts
Distributions in amounts less than $10 will automatically be reinvested in additional shares of the applicable fund(s).

#### Returned/Uncashed Checks
If any correspondence sent by a fund is returned by the postal or other delivery service as "undeliverable" or you do not respond to mailings with regard to uncashed distribution checks, your dividends or any other distribution may be automatically reinvested in additional shares of the fund and any systematic withdrawal plan will be stopped.

If your distribution check is not cashed within six months, the distribution may be reinvested in the fund at the current NAV at the earliest date practicable after the waiting period. You will not receive any interest on uncashed distribution or redemption checks. This provision may not apply to certain retirement or qualified accounts.

Reinvestment of future distributions will continue until you notify us of your election to reinstate cash payment of the dividends and other distributions. You will also be required to confirm your current address and daytime telephone number.

#### Inactive Accounts
As required by the laws of certain states, if no activity occurs in an account within the time period specified by your state law, the funds or their agents may be required to transfer the assets to your state under the state's abandoned property law.

#### Exchange Privileges
You should read the prospectus of the Virtus Mutual Fund(s) into which you want to make an exchange before deciding to make an exchange. You can obtain a prospectus from your financial professional; by calling 800-243-4361; or on the Internet at virtus.com.

 You generally may exchange shares of one fund for an equivalent dollar value of the same class of shares of another Virtus Mutual Fund (e.g., Class A Shares for Class A Shares) on the basis of the relative NAVs per share at the time of the exchange. Class C Shares are also exchangeable for Class C1 Shares of those Virtus Mutual Funds offering them. Exchange privileges may not be available for all Virtus Mutual Funds and may be rejected or suspended.

 Exchanges may be made by telephone (800-243-1574) or by mail (Virtus Mutual Funds, P.O. Box 534470, Pittsburgh, PA 15253-4470).

 The amount of the exchange must be equal to or greater than the minimum initial investment required, unless the minimum has been made in connection with the Systematic Exchange privilege described elsewhere in the prospectus.

 Exchanges will be based upon each fund's NAV per share next computed following receipt of a properly executed exchange request without sales charge. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply (except for exchanges into

<br> 104 Virtus Mutual Funds

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the Class A Virtus Seix U.S. Government Securities Ultra-Short Bond Fund). For Class A shares of all Virtus fixed income funds, the CDSC is 0.50% (except Virtus Convertible Fund which has a 1.00% CDSC, and the Virtus Seix U.S. Government Securities Ultra-Short Bond Fund which does not have CDSC); for Class A shares of all other Virtus Mutual Funds, the CDSC is 1.00%.

 The exchange of shares of one fund for shares of a different fund is treated as a sale of the original fund's shares for federal income tax purposes, and any gain on the transaction may be subject to federal income tax.

 Financial intermediaries are permitted to initiate exchanges from one class of a fund into another class of the same fund if, among other things, the financial intermediary agrees to follow procedures established by the fund, the Distributor or the Transfer Agent, which generally will require that (i) the exchanges be carried out within accounts that are maintained and controlled by the intermediary and meet investor eligibility requirements, if applicable, for the share class or account type, and (ii) no contingent deferred sales charges are outstanding, or the applicable intermediary agrees to cause any outstanding contingent deferred sales charges to be paid in a manner agreed to by the fund, the Distributor or the Transfer Agent. The fund's ability to make this type of exchange may be limited by operational or other limitations, requiring the fund or its agent to process the transaction as a liquidation and purchase, at the same closing NAV. The financial intermediary will be ultimately responsible for reporting the transaction in accordance with their instruction.

Shareholders owning shares of a fund through accounts established directly with the Transfer Agent (i.e., not established with a financial intermediary who deals with the Transfer Agent exclusively on the investor's behalf) may be permitted to exchange shares of one class of the fund into another class of the same fund, if they meet the investor eligibility requirements associated with the class into which they wish to exchange, at the discretion of the fund or the Transfer Agent. A shareholder's ability to make this type of exchange may be limited by operational or other limitations of his or her financial intermediary or the fund.

Under the Code, generally if a shareholder exchanges shares from one class of a fund into another class of the same fund, the transaction should not be subject to U.S. federal income taxes; however, each shareholder should consult both the relevant financial intermediary (if applicable) and the shareholder's tax professional regarding the treatment of any specific exchange carried out under the terms of this subsection.

#### Disruptive Trading and Market Timing
These funds are not appropriate for market timers, and market timers are discouraged from becoming investors. Your ability to make exchanges among Virtus Mutual Funds is subject to modification if we determine, in our sole opinion, that your exercise of the exchange privilege may disadvantage or potentially harm the rights or interests of other shareholders.

Frequent purchases, redemptions and exchanges, programmed exchanges, exchanges into and then out of a fund in a short period of time, and exchanges of large amounts at one time may be indicative of market timing and otherwise disruptive trading ("Disruptive Trading") which can have risks and harmful effects for other shareholders. These risks and harmful effects include:

 dilution of the interests of long-term investors, if market timers or others exchange into a fund at prices that are below the true value or exchange out of a fund at prices that are higher than the true value;

 an adverse effect on portfolio management, as determined by the adviser or subadviser in its sole discretion, such as causing a fund to maintain a higher level of cash than would otherwise be the case, or causing a fund to liquidate investments prematurely; and

 reducing returns to long-term shareholders through increased brokerage and administrative expenses.

Additionally, the nature of the portfolio holdings of certain funds (or the underlying funds as applicable), may expose those funds to investors who engage in the type of market timing trading that seeks to take advantage of possible delays between the change in the value of a mutual fund's portfolio holdings and the reflection of the change in the NAV of the fund's shares, sometimes referred to as "time-zone arbitrage." Arbitrage market timers seek to exploit possible delays between the change in the value of a mutual fund's portfolio holdings and the NAV of the fund's shares in funds that hold significant investments in foreign securities because certain foreign markets close several hours ahead of the U.S. markets. If an arbitrageur is successful, the value of the fund's shares may be diluted if redeeming shareholders receive proceeds (and buying shareholders receive shares) based upon NAVs which do not reflect appropriate fair value prices.

In order to attempt to protect our shareholders from the potential harmful effects of Disruptive Trading, the funds' Board of Trustees has adopted a policy to safeguard against market timing designed to discourage Disruptive Trading. The Board of Trustees has adopted this policy as a preventive measure to protect all shareholders from the potential effects of Disruptive Trading, while also abiding by any rights that shareholders may have to make exchanges and provide reasonable and convenient methods of making exchanges that do not have the potential to harm other shareholders.

Excessive trading activity is measured by the number of roundtrip transactions in an account. A roundtrip transaction is one where a shareholder buys and then sells, or sells and then buys, shares of any fund within 30 days. Shareholders of the funds are limited to one roundtrip transaction within any rolling 30-day period. Roundtrip transactions are counted at the shareholder level. In considering a shareholder's trading activity, the funds may consider, among other factors, the shareholder's trading history both directly and, if known, through financial intermediaries, in the funds, in other funds within the Virtus Mutual Fund complex, in non-Virtus funds or in accounts under common control or ownership. We do not include exchanges made pursuant to the dollar cost averaging or other similar programs when applying our market timing policies. Systematic withdrawal and/or contribution programs, mandatory retirement distributions, and transactions initiated by a plan sponsor also will not count towards the roundtrip limits. The funds may permit exchanges that the funds' transfer agent believes, in the exercise of its judgment, are not disruptive. The funds also may permit purchases and redemptions by funds of funds that the funds' transfer agent believes, in the exercise of its judgment, are not disruptive. Considerations such as the size of the fund and the size of the requested transaction may be considered when determining whether or not the transaction would be disruptive.

Shareholders holding shares for at least 30 days following investment will ordinarily be in compliance with the funds' policy regarding excessive trading activity. The funds may, however, take action if activity is deemed disruptive even if shares are held longer than 30 days, such as a request for a transaction of an unusually large size. The size of the fund and the size of the requested transaction may be considered when determining whether or not the transaction would be disruptive.

<br> Virtus Mutual Funds 105

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Under the funds' market timing policy, we may modify your exchange privileges for some or all of the funds by not accepting an exchange request from you or from any person, asset allocation service, and/or market timing service made on your behalf. We may also limit the amount that may be exchanged into or out of any fund at any one time, or may revoke your right to make Internet, telephone or facsimile exchanges. We may reinstate Internet, telephone and facsimile exchange privileges after they are revoked, but we will not reinstate these privileges if we have reason to believe that they might be used thereafter for Disruptive Trading.

The funds currently do not charge exchange or redemption fees, or any other administrative charges on fund exchanges. The funds reserve the right to impose such fees and/or charges in the future.

Orders for the purchase of fund shares are subject to acceptance by the relevant fund. We reserve the right to reject, without prior notice, any exchange request into any fund if the purchase of shares in the corresponding fund is not accepted for any reason.

The funds do not have any arrangements with any person, organization or entity to permit frequent purchases and redemptions of fund shares.

We may, without prior notice, take whatever action we deem appropriate to comply with or take advantage of any state or federal regulatory requirement. The funds reserve the right to reject any purchase or exchange transaction at any time. If we reject a purchase or exchange for any reason, we will notify you of our decision in writing.

The funds cannot guarantee that their policies and procedures regarding market timing will be effective in detecting and deterring all Disruptive Trading.

#### Systematic Exchanges
If the conditions above have been met, you or your broker may, by telephone or written notice, elect to have shares exchanged for the same class of shares of another Virtus Mutual Fund automatically on a monthly, quarterly, semiannual or annual basis or may cancel this privilege at any time. If you maintain an account balance of at least $5,000, or $2,000 for tax qualified retirement benefit plans (calculated on the basis of the NAV of the shares held in a single account), you may direct that shares be automatically exchanged at predetermined intervals for shares of the same class of another Virtus Mutual Fund. Systematic exchanges will be executed upon the close of business on the 10th day of each month or the next succeeding business day. Exchanges will be based upon each fund's NAV per share next computed after the close of business on the 10th day of each month (or next succeeding business day), without sales charge. Systematic exchange forms are available from the Transfer Agent.

#### Retirement Plans
Shares of the funds may be used as investments under the following retirement plans: traditional IRA, rollover IRA, SEP-IRA, SIMPLE IRA, Roth IRA, 401(k) plans, profit-sharing, money purchase plans, and certain 403(b) plans. For more information, call 800-243-4361.

**Cost Basis Reporting**

When you redeem fund shares, the applicable fund or, if you purchase your shares through a financial intermediary, your financial intermediary, generally is required to report to you and the IRS on an IRS Form 1099-B or other applicable form, cost-basis information with respect to those shares, as well as information about whether any gain or loss on your redemption is short- or long-term and whether any loss is disallowed under the "wash sale" rules. This reporting requirement is effective for fund shares acquired by you (including through dividend reinvestment) on or after January 1, 2012, when you subsequently redeem those shares. Such reporting generally is not required for shares held in a retirement or other tax-advantaged account. Cost basis is typically the price you pay for your shares (including reinvested dividends), with adjustments for certain commissions, wash-sales, organizational actions, and other items, including any returns of capital paid to you by a fund in respect of your shares. Cost basis is used to determine your net gains and losses on any shares you redeem in a taxable account.

The applicable fund or your financial intermediary, as applicable, will permit you to select from a list of alternative cost basis reporting methods to determine your cost basis in fund shares acquired on or after January 1, 2012. If you do not select a particular cost basis reporting method, the fund or financial intermediary will apply its default cost basis reporting method to your shares. If you hold your shares directly in a fund account, the funds' default method (or the method you have selected by notifying the fund) will apply; if you hold your shares in an account with a financial intermediary, the intermediary's default method (or the method you have selected by notifying the intermediary) will apply. Please contact the relevant fund at 800-243-1574 or your financial intermediary, as applicable, for more information on the available methods for cost basis reporting and how to select or change a particular method. You should consult your tax adviser concerning the application of these rules to your investment in a fund, and to determine which available cost basis method is best for you. Please note that you are responsible for calculating and reporting your cost basis in the shares of each fund acquired prior to January 1, 2012 as this information will not be reported to you by the funds and may not be reported to you by your financial intermediary.

**Investor Services and Other Information**

***Systematic Purchase*** is a systematic investment plan that allows you to have a specified amount automatically deducted from your checking or savings account and then deposited into your mutual fund account. (Complete the "Systematic Purchase" section on the application and include a voided check.)

***Systematic Exchange*** allows you to automatically move money from one Virtus Mutual Fund to another on a monthly, quarterly, semiannual or annual basis. If the conditions described in the "Exchanges" section of this prospectus have been met, shares of one Virtus Mutual Fund may be exchanged for shares of the same class of another Virtus Mutual Fund at the interval you select. (Complete the "Systematic Exchange" section on the application.) If you maintain an account balance of at least $5,000, or $2,000 for tax qualified retirement benefit plans (calculated on the basis of the NAV of the shares held in a single account), you may direct that shares be automatically exchanged at predetermined intervals for shares of the same class of another Virtus Mutual Fund. Systematic exchanges will be executed upon the close of business on the 10th day of each month or the next succeeding business day. Exchanges will be based upon each fund's NAV per share next computed after the close of business on the 10th day of each month (or next succeeding business day), without sales charge. Systematic exchange forms are available from the Transfer Agent. Exchange privileges may not be available for all Virtus Mutual Funds and may be rejected or suspended.

<br> 106 Virtus Mutual Funds

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***Telephone Exchange*** lets you exchange shares of one Virtus Mutual Fund for the same class of shares in another Virtus Mutual Fund, using our customer service telephone number (800-243-1574). (See the "Telephone Exchange" section on the application.) Exchange privileges may not be available for all Virtus Mutual Funds and may be rejected or suspended.

***Systematic Withdrawal*** allows you to periodically redeem a portion of your account on a predetermined monthly, quarterly, semiannual, or annual basis. Sufficient shares from your account will be redeemed at the closing NAV on the applicable payment date, with proceeds to be mailed to you or sent through ACH to your bank (at your selection). For payments to be mailed, shares will be redeemed on the 15th of the month so that the payment is made about the 20th of the month. For ACH payments, you may select the day of the month for the payments to be made; if no date is specified, the payments will occur on the 15th of the month. The minimum withdrawal is $25, and minimum account balance requirements continue to apply. Shareholders in the program must own Virtus Mutual Fund shares worth at least $5,000, as determined by the then current NAV per share, and elect to have all dividends reinvested. The purchase of shares while participating in the Program will ordinarily be disadvantageous to the Class A Shares investor since a sales charge will be paid by the investor on the purchase of Class A Shares at the same time as other shares are being redeemed. For this reason, investors in Class A Shares may not participate in an automatic investment program while participating in the Program.

***Disclosure of Fund Portfolio Holdings***. A description of the funds' policies and procedures with respect to the disclosure of the funds' portfolio holdings is available in the SAI.

***Availability and Delivery of Fund Documents.*** Fund documents such as this prospectus are available for download from the Our Products section of virtus.com, or you may request paper copies of such documents at any time by calling 800-243-1574. The funds will not charge you a fee for paper copies of fund documents, although the funds will incur additional expenses when printing and mailing them, and fund expenses pass indirectly to all shareholders.

**Tax Status of Distributions**

The funds plan to make distributions from net investment income at intervals stated in the table below and to distribute net realized capital gains, if any, at least annually.

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| | |
|:---|:---|
| **Fund** | **Dividend Paid** |
| Virtus Emerging Markets Opportunities Fund | Semiannually |
| Virtus Income & Growth Fund | Monthly |
| Virtus KAR Global Small-Cap Fund | Semiannually |
| Virtus KAR Health Sciences Fund | Semiannually |
| Virtus NFJ Dividend Value Fund | Quarterly |
| Virtus NFJ International Value Fund | Quarterly |
| Virtus NFJ Large-Cap Value Fund | Quarterly |
| Virtus NFJ Mid-Cap Value Fund | Semiannually |
| Virtus NFJ Small-Cap Value Fund | Semiannually |
| Virtus Silvant Focused Growth Fund | Semiannually |
| Virtus Silvant Mid-Cap Growth Fund | Semiannually |
| Virtus Small-Cap Fund | Semiannually |
| Virtus Zevenbergen Technology Fund | Semiannually |

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Distributions of short-term capital gains (gains on securities held for a year or less) and net investment income are generally taxable to shareholders as ordinary income. Certain distributions of long-term capital gains and certain dividends are taxable at a lower rate than ordinary income. Long-term capital gains, if any, which are distributed to shareholders and which are reported by a fund as capital gain distributions, are taxable to shareholders as long-term capital gain distributions regardless of the length of time you have owned your shares.

Unless you elect to receive distributions in cash, dividends and capital gain distributions are paid in additional shares. All distributions, whether paid in cash or in additional shares, are subject to federal income tax and may be subject to state, local, and other applicable taxes.

<br> Virtus Mutual Funds 107

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**Financial Highlights**

These tables are intended to help you understand each fund's financial performance for the past five years or, if the class is less than 5 years old, since the class of shares was first offered. Some of this information reflects financial information for a single fund share. The total returns in the tables represent the rate that an investor would have earned or lost on an investment in a fund (assuming reinvestment of all dividends and distributions). This information has been audited by PricewaterhouseCoopers LLP, the funds' independent registered public accounting firm. PricewaterhouseCoopers LLP's reports, together with each fund's financial statements, are included in the funds' most recent Financials Report filed on Form N-CSR, which is available upon request.<br>

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized and<br>Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Return of Capital** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payment from Affiliate** |
| **Virtus Emerging Markets Opportunities Fund** | **Virtus Emerging Markets Opportunities Fund** |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $31.28 | 1.06 | 0.55 | 1.61 | (1.66) |  |  | (1.66) |  |
| 7/1/23 to 6/30/24 | 27.62 | 0.86 | 3.68 | 4.54 | (0.88) |  |  | (0.88) |  |
| 7/1/22 to 6/30/23 | 27.39 | 0.79 | 0.27 | 1.06 | (0.83) |  |  | (0.83) |  |
| 7/1/21 to 6/30/22 | 37.61 | 0.75 | (10.52) | (9.77) | (0.45) |  |  | (0.45) |  |
| 7/1/20 to 6/30/21 | 25.88 | 0.33 | 11.71 | 12.04 | (0.31) |  |  | (0.31) |  |
| **Class C** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $31.50 | 0.98 | 0.45 | 1.43 | (1.11) |  |  | (1.11) |  |
| 7/1/23 to 6/30/24 | 27.72 | 0.65 | 3.70 | 4.35 | (0.57) |  |  | (0.57) |  |
| 7/1/22 to 6/30/23 | 27.42 | 0.60 | 0.27 | 0.87 | (0.57) |  |  | (0.57) |  |
| 7/1/21 to 6/30/22 | 37.41 | 0.53 | (10.52) | (9.99) |  |  |  |  |  |
| 7/1/20 to 6/30/21 | 25.69 | 0.07 | 11.65 | 11.72 | —<br><sup>(10)</sup> |  |  |  |  |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $31.36 | 1.19 | 0.53 | 1.72 | (1.74) |  |  | (1.74) |  |
| 7/1/23 to 6/30/24 | 27.70 | 0.96 | 3.69 | 4.65 | (0.99) |  |  | (0.99) |  |
| 7/1/22 to 6/30/23 | 27.33 | 0.88 | 0.28 | 1.16 | (0.79) |  |  | (0.79) |  |
| 7/1/21 to 6/30/22 | 37.62 | 0.78 | (10.43) | (9.65) | (0.64) |  |  | (0.64) |  |
| 7/1/20 to 6/30/21 | 25.91 | 0.48 | 11.70 | 12.18 | (0.47) |  |  | (0.47) |  |
| **Class R6** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $30.90 | 1.19 | 0.51 | 1.70 | (1.78) |  |  | (1.78) |  |
| 7/1/23 to 6/30/24 | 27.34 | 1.06 | 3.53 | 4.59 | (1.03) |  |  | (1.03) |  |
| 7/1/22 to 6/30/23 | 27.15 | 0.90 | 0.25 | 1.15 | (0.96) |  |  | (0.96) |  |
| 7/1/21 to 6/30/22 | 37.40 | 0.86 | (10.43) | (9.57) | (0.68) |  |  | (0.68) |  |
| 7/1/20 to 6/30/21 | 25.78 | 0.49 | 11.64 | 12.13 | (0.51) |  |  | (0.51) |  |

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<br> 109 Virtus Mutual Funds

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**Financial Highlights (continued)**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| (0.05) | $31.23 | 5.67% | $22055 | 1.29% | 1.50% | 3.60% | 146% |
| 3.66 | 31.28 | 16.87 | 19899 | 1.29 | 1.50 | 3.01 | 99 |
| 0.23 | 27.62 | 4.18 | 19339 | 1.31<br><sup>(8)</sup> | 1.54 | 3.01 | 109 |
| (10.22) | 27.39 | (26.17) | 20341 | 1.29 | 1.45 | 2.28 | 112 |
| 11.73 | 37.61 | 46.70 | 33740 | 1.28<br><sup>(9)</sup> | 1.57 | 0.98 | 80 |
| 0.32 | $31.82 | 4.89% | $303 | 2.04% | 2.30% | 3.26% | 146% |
| 3.78 | 31.50 | 15.99 | 570 | 2.04 | 2.28 | 2.29 | 99 |
| 0.30 | 27.72 | 3.37 | 735 | 2.06<br><sup>(8)</sup> | 2.33 | 2.27 | 109 |
| (9.99) | 27.42 | (26.70) | 770 | 2.04 | 2.21 | 1.61 | 112 |
| 11.72 | 37.41 | 45.62 | 1713 | 2.03<br><sup>(9)</sup> | 2.30 | 0.22 | 80 |
| (0.02) | $31.34 | 6.04% | $77965 | 0.94% | 1.22% | 4.01% | 146% |
| 3.66 | 31.36 | 17.31 | 89384 | 0.94 | 1.22 | 3.37 | 99 |
| 0.37 | 27.70 | 4.52 | 70273 | 0.96<br><sup>(8)</sup> | 1.28 | 3.36 | 109 |
| (10.29) | 27.33 | (25.92) | 72307 | 0.94 | 1.19 | 2.37 | 112 |
| 11.71 | 37.62 | 47.27 | 206383 | 0.93<br><sup>(9)</sup> | 1.26 | 1.43 | 80 |
| (0.08) | $30.82 | 6.10% | $71943 | 0.89% | 1.11% | 4.08% | 146% |
| 3.56 | 30.90 | 17.33 | 62554 | 0.89 | 1.12 | 3.75 | 99 |
| 0.19 | 27.34 | 4.58 | 32320 | 0.91<br><sup>(8)</sup> | 1.16 | 3.44 | 109 |
| (10.25) | 27.15 | (25.89) | 29700 | 0.89 | 1.08 | 2.64 | 112 |
| 11.62 | 37.40 | 47.34 | 30722 | 0.88<br><sup>(9)</sup> | 1.18 | 1.47 | 80 |

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<br> 110 Virtus Mutual Funds

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**Financial Highlights (continued)**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized and<br>Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Return of Capital** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payment from Affiliate** |
| **Virtus Income & Growth Fund** | **Virtus Income & Growth Fund** |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $11.02 | 0.23 | 0.88 | 1.11 | (0.27) | (0.39)% | (0.18) | (0.84) |  |
| 7/1/23 to 6/30/24 | 10.59 | 0.22 | 1.05 | 1.27 | (0.26) | (0.29) | (0.29) | (0.84) | —<sup>(10)</sup> |
| 7/1/22 to 6/30/23 | 10.20 | 0.21 | 1.02 | 1.23 | (0.24) | (0.34) | (0.26) | (0.84) |  |
| 7/1/21 to 6/30/22 | 13.26 | 0.16 | (2.38) | (2.22) | (0.19) |  | (0.65) | (0.84) |  |
| 7/1/20 to 6/30/21 | 10.89 | 0.14 | 3.07 | 3.21 | (0.19) |  | (0.65) | (0.84) |  |
| **Class C** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $9.59 | 0.13 | 0.76 | 0.89 | (0.21) | (0.34)% | (0.23) | (0.78) |  |
| 7/1/23 to 6/30/24 | 9.34 | 0.13 | 0.90 | 1.03 | (0.20) | (0.25) | (0.33) | (0.78) | —<sup>(10)</sup> |
| 7/1/22 to 6/30/23 | 9.10 | 0.11 | 0.92 | 1.03 | (0.19) | (0.30) | (0.30) | (0.79) |  |
| 7/1/21 to 6/30/22 | 11.94 | 0.06 | (2.14) | (2.08) | (0.11) |  | (0.65) | (0.76) |  |
| 7/1/20 to 6/30/21 | 9.89 | 0.04 | 2.78 | 2.82 | (0.12) |  | (0.65) | (0.77) |  |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $11.63 | 0.27 | 0.93 | 1.20 | (0.29) | (0.41)% | (0.16) | (0.86) |  |
| 7/1/23 to 6/30/24 | 11.13 | 0.26 | 1.10 | 1.36 | (0.28) | (0.30) | (0.28) | (0.86) | —<sup>(10)</sup> |
| 7/1/22 to 6/30/23 | 10.67 | 0.24 | 1.08 | 1.32 | (0.26) | (0.36) | (0.24) | (0.86) |  |
| 7/1/21 to 6/30/22 | 13.83 | 0.20 | (2.50) | (2.30) | (0.21) |  | (0.65) | (0.86) |  |
| 7/1/20 to 6/30/21 | 11.32 | 0.18 | 3.20 | 3.38 | (0.22) |  | (0.65) | (0.87) |  |

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<br> Virtus Mutual Funds 111

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**Financial Highlights (continued)**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| 0.27 | $11.29 | 10.50% | $1889626 | 1.14%<sup>(11)</sup> | 1.14% | 2.07% | 76% |
| 0.43 | 11.02 | 12.58<br><sup>(12)</sup> | 1955447 | 1.14<br><sup>(11)</sup> | 1.14 | 2.10 | 61 |
| 0.39 | 10.59 | 12.65 | 1955600 | 1.14<br><sup>(11)</sup> | 1.14 | 2.00 | 42 |
| (3.06) | 10.20 | (17.65) | 1963340 | 1.14<br><sup>(11)</sup> | 1.14 | 1.28 | 70 |
| 2.37 | 13.26 | 30.29 | 2403182 | 1.19<br><sup>(9)(11)</sup> | 1.22 | 1.11 | 83 |
| 0.11 | $9.70 | 9.72% | $714081 | 1.90%<sup>(11)</sup> | 1.90% | 1.31% | 76% |
| 0.25 | 9.59 | 11.63<br><sup>(12)</sup> | 827369 | 1.90<br><sup>(11)</sup> | 1.90 | 1.34 | 61 |
| 0.24 | 9.34 | 11.83 | 954260 | 1.89<br><sup>(11)</sup> | 1.89 | 1.25 | 42 |
| (2.84) | 9.10 | (18.31) | 1096937 | 1.90<br><sup>(11)</sup> | 1.90 | 0.51 | 70 |
| 2.05 | 11.94 | 29.31 | 1467948 | 1.95<br><sup>(9)(11)</sup> | 1.98 | 0.36 | 83 |
| 0.34 | $11.97 | 10.76% | $2077665 | 0.90% | 0.90% | 2.31% | 76% |
| 0.50 | 11.63 | 12.82<br><sup>(12)</sup> | 2161933 | 0.91<br><sup>(9)</sup> | 0.91 | 2.34 | 61 |
| 0.46 | 11.13 | 12.96 | 1118148 | 0.90<br><sup>(11)</sup> | 0.90 | 2.24 | 42 |
| (3.16) | 10.67 | (17.48) | 1236562 | 0.92<br><sup>(11)</sup> | 0.92 | 1.51 | 70 |
| 2.51 | 13.83 | 30.71 | 1315140 | 0.90<br><sup>(9)</sup> | 0.93 | 1.40 | 83 |

---

<br> 112 Virtus Mutual Funds

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**Financial Highlights (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized and<br>Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Return of Capital** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payment from Affiliate** |
| **Virtus KAR Global Small-Cap Fund** | **Virtus KAR Global Small-Cap Fund** |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $34.14 | 0.21 | 3.63 | 3.84 | (0.40) |  | (2.37) | (2.77) |  |
| 7/1/23 to 6/30/24 | 31.42 | 0.25 | 2.74 | 2.99 | (0.27) |  |  | (0.27) |  |
| 7/1/22 to 6/30/23 | 28.33 | 0.21 | 3.70 | 3.91 |  |  | (0.87) | (0.87) | 0.05 |
| 7/1/21 to 6/30/22 | 52.31 | (0.02) | (10.43) | (10.45) |  |  | (13.53) | (13.53) |  |
| 7/1/20 to 6/30/21 | 35.72 | (0.25) | 19.01 | 18.76 |  |  | (2.17) | (2.17) |  |
| **Class C** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $24.48 | (0.03) | 2.53 | 2.50 | (0.38) |  | (2.37) | (2.75) |  |
| 7/1/23 to 6/30/24 | 22.52 | —<br><sup>(10)</sup> | 1.96 | 1.96 |  |  |  |  |  |
| 7/1/22 to 6/30/23 | 20.69 | (0.02) | 2.68 | 2.66 |  |  | (0.87) | (0.87) | 0.04 |
| 7/1/21 to 6/30/22 | 42.24 | (0.29) | (7.73) | (8.02) |  |  | (13.53) | (13.53) |  |
| 7/1/20 to 6/30/21 | 29.36 | (0.50) | 15.55 | 15.05 |  |  | (2.17) | (2.17) |  |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $39.87 | 0.39 | 4.28 | 4.67 | (0.42) |  | (2.37) | (2.79) |  |
| 7/1/23 to 6/30/24 | 36.59 | 0.40 | 3.22 | 3.62 | (0.34) |  |  | (0.34) |  |
| 7/1/22 to 6/30/23 | 32.74 | 0.35 | 4.31 | 4.66 |  |  | (0.87) | (0.87) | 0.06 |
| 7/1/21 to 6/30/22 | 58.13 | 0.11 | (11.97) | (11.86) |  |  | (13.53) | (13.53) |  |
| 7/1/20 to 6/30/21 | 39.39 | (0.10) | 21.01 | 20.91 |  |  | (2.17) | (2.17) |  |

---

<br> Virtus Mutual Funds 113

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**Financial Highlights (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| 1.07 | $35.21 | 11.86% | $29147 | 1.63%<sup>(13)</sup> | 1.66% | 0.60% | 25% |
| 2.72 | 34.14 | 9.54 | 30019 | 1.64<br><sup>(14)(15)</sup> | 1.61 | 0.74 | 16<br><sup>(16)</sup> |
| 3.09 | 31.42 | 14.31<br><sup>(17)</sup> | 32690 | 1.63 | 1.66 | 0.73 | 129 |
| (23.98) | 28.33 | (26.07) | 32248 | 1.56<br><sup>(11)(14)</sup> | 1.55 | (0.04) | 90 |
| 16.59 | 52.31 | 53.24 | 51169 | 1.60<br><sup>(11)</sup> | 1.60 | (0.54) | 106 |
| (0.25) | $24.23 | 11.02% | $420 | 2.38%<sup>(13)</sup> | 2.42% | (0.14)% | 25% |
| 1.96 | 24.48 | 8.70 | 421 | 2.39<br><sup>(15)</sup> | 2.40 | (0.02) | 16<br><sup>(16)</sup> |
| 1.83 | 22.52 | 13.49<br><sup>(17)</sup> | 529 | 2.38 | 2.43 | (0.08) | 129 |
| (21.55) | 20.69 | (26.64) | 1438 | 2.32<br><sup>(11)</sup> | 2.32 | (0.90) | 90 |
| 12.88 | 42.24 | 52.11 | 3374 | 2.35<br><sup>(11)</sup> | 2.35 | (1.34) | 106 |
| 1.88 | $41.75 | 12.24% | $15884 | 1.28%<sup>(13)</sup> | 1.38% | 0.94% | 25% |
| 3.28 | 39.87 | 9.90 | 14500 | 1.29<br><sup>(15)</sup> | 1.36 | 1.04 | 16<br><sup>(16)</sup> |
| 3.85 | 36.59 | 14.71<br><sup>(17)</sup> | 21751 | 1.28 | 1.40 | 1.04 | 129 |
| (25.39) | 32.74 | (25.86) | 25453 | 1.28 | 1.29 | 0.23 | 90 |
| 18.74 | 58.13 | 53.75 | 40486 | 1.27<br><sup>(9)</sup> | 1.30 | (0.20) | 106 |

---

<br> 114 Virtus Mutual Funds

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**Financial Highlights (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized and<br>Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Return of Capital** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payment from Affiliate** |
| **Virtus KAR Health Sciences Fund** | **Virtus KAR Health Sciences Fund** |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $30.73 | (0.13) | (4.29) | (4.42) |  |  |  |  |  |
| 7/1/23 to 6/30/24 | 28.03 | (0.11) | 2.81 | 2.70 |  |  |  |  |  |
| 7/1/22 to 6/30/23 | 29.94 | (0.11) | 0.83 | 0.72 |  |  | (2.63) | (2.63) | —<sup>(10)</sup> |
| 7/1/21 to 6/30/22 | 38.11 | (0.03) | (0.65) | (0.68) |  |  | (7.49) | (7.49) |  |
| 7/1/20 to 6/30/21 | 34.21 | (0.01) | 8.76 | 8.75 | (0.03) |  | (4.82) | (4.85) |  |
| **Class C** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $17.96 | (0.20) | (2.50) | (2.70) |  |  |  |  |  |
| 7/1/23 to 6/30/24 | 16.51 | (0.19) | 1.64 | 1.45 |  |  |  |  |  |
| 7/1/22 to 6/30/23 | 18.83 | (0.20) | 0.51 | 0.31 |  |  | (2.63) | (2.63) | —<sup>(10)</sup> |
| 7/1/21 to 6/30/22 | 26.74 | (0.19) | (0.23) | (0.42) |  |  | (7.49) | (7.49) |  |
| 7/1/20 to 6/30/21 | 25.44 | (0.21) | 6.33 | 6.12 | —<br><sup>(10)</sup> |  | (4.82) | (4.82) |  |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $31.81 | (0.03) | (4.44) | (4.47) |  |  |  |  |  |
| 7/1/23 to 6/30/24 | 28.95 | (0.03) | 2.89 | 2.86 |  |  |  |  |  |
| 7/1/22 to 6/30/23 | 30.75 | (0.04) | 0.87 | 0.83 |  |  | (2.63) | (2.63) | —<sup>(10)</sup> |
| 7/1/21 to 6/30/22 | 38.87 | 0.04 | (0.67) | (0.63) |  |  | (7.49) | (7.49) |  |
| 7/1/20 to 6/30/21 | 34.85 | 0.10 | 8.94 | 9.04 | (0.20) |  | (4.82) | (5.02) |  |

---

<br> Virtus Mutual Funds 115

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**Financial Highlights (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| (4.42) | $26.31 | (14.38)% | $97089 | 1.40%<sup>(11)</sup> | 1.40% | (0.45)% | 8% |
| 2.70 | 30.73 | 9.63 | 133428 | 1.38<br><sup>(11)</sup> | 1.38 | (0.38) | 6<br><sup>(16)</sup> |
| (1.91) | 28.03 | 2.45<br><sup>(12)</sup> | 138726 | 1.39<br><sup>(11)</sup> | 1.39 | (0.40) | 75 |
| (8.17) | 29.94 | (3.75) | 149236 | 1.37<br><sup>(11)</sup> | 1.37 | (0.08) | 114 |
| 3.90 | 38.11 | 27.66 | 169577 | 1.43<br><sup>(11)</sup> | 1.43 | (0.04) | 102 |
| (2.70) | $15.26 | (15.03)% | $1324 | 2.16%<sup>(11)</sup> | 2.16% | (1.20)% | 8% |
| 1.45 | 17.96 | 8.78 | 2180 | 2.14<br><sup>(11)</sup> | 2.14 | (1.12) | 6<br><sup>(16)</sup> |
| (2.32) | 16.51 | 1.66<br><sup>(12)</sup> | 2820 | 2.14<br><sup>(11)</sup> | 2.14 | (1.15) | 75 |
| (7.91) | 18.83 | (4.47) | 3469 | 2.13<br><sup>(11)</sup> | 2.13 | (0.82) | 114 |
| 1.30 | 26.74 | 26.73 | 3758 | 2.18<br><sup>(11)</sup> | 2.18 | (0.80) | 102 |
| (4.47) | $27.34 | (14.05)% | $5250 | 1.05% | 1.15% | (0.10)% | 8% |
| 2.86 | 31.81 | 9.88 | 10274 | 1.11<br><sup>(9)</sup> | 1.12 | (0.10) | 6<br><sup>(16)</sup> |
| (1.80) | 28.95 | 2.75<br><sup>(12)</sup> | 10595 | 1.12 | 1.14 | (0.14) | 75 |
| (8.12) | 30.75 | (3.53) | 23444 | 1.12 | 1.14 | 0.11 | 114 |
| 4.02 | 38.87 | 28.07 | 21122 | 1.12 | 1.14 | 0.28 | 102 |

---

<br> 116 Virtus Mutual Funds

------

**Financial Highlights (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized and<br>Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Return of Capital** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payment from Affiliate** |
| **Virtus NFJ Dividend Value Fund** | **Virtus NFJ Dividend Value Fund** |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $10.09 | 0.15 | 0.36 | 0.51 | (0.17) |  | (0.19) | (0.36) |  |
| 7/1/23 to 6/30/24 | 10.34 | 0.35 | 0.81 | 1.16 | (0.36) |  | (1.05) | (1.41) |  |
| 7/1/22 to 6/30/23 | 11.44 | 0.18 | 0.56 | 0.74 | (0.19) |  | (1.65) | (1.84) |  |
| 7/1/21 to 6/30/22 | 12.73 | 0.18 | (0.61) | (0.43) | (0.18) |  | (0.68) | (0.86) |  |
| 7/1/20 to 6/30/21 | 9.67 | 0.15 | 3.07 | 3.22 | (0.16) |  | —<br><sup>(10)</sup> | (0.16) |  |
| **Class C** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $10.49 | 0.08 | 0.36 | 0.44 | (0.08) |  | (0.19) | (0.27) |  |
| 7/1/23 to 6/30/24 | 10.68 | 0.30 | 0.83 | 1.13 | (0.27) |  | (1.05) | (1.32) |  |
| 7/1/22 to 6/30/23 | 11.74 | 0.10 | 0.59 | 0.69 | (0.10) |  | (1.65) | (1.75) |  |
| 7/1/21 to 6/30/22 | 13.04 | 0.09 | (0.64) | (0.55) | (0.07) |  | (0.68) | (0.75) |  |
| 7/1/20 to 6/30/21 | 9.88 | 0.07 | 3.14 | 3.21 | (0.05) |  | —<br><sup>(10)</sup> | (0.05) |  |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $10.23 | 0.19 | 0.35 | 0.54 | (0.20) |  | (0.19) | (0.39) |  |
| 7/1/23 to 6/30/24 | 10.46 | 0.38 | 0.84 | 1.22 | (0.40) |  | (1.05) | (1.45) |  |
| 7/1/22 to 6/30/23 | 11.55 | 0.22 | 0.56 | 0.78 | (0.22) |  | (1.65) | (1.87) |  |
| 7/1/21 to 6/30/22 | 12.85 | 0.22 | (0.63) | (0.41) | (0.21) |  | (0.68) | (0.89) |  |
| 7/1/20 to 6/30/21 | 9.75 | 0.19 | 3.10 | 3.29 | (0.19) |  | —<br><sup>(10)</sup> | (0.19) |  |
| **Class R6** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $10.16 | 0.19 | 0.35 | 0.54 | (0.21) |  | (0.19) | (0.40) |  |
| 7/1/23 to 6/30/24 | 10.39 | 0.39 | 0.82 | 1.21 | (0.39) |  | (1.05) | (1.44) |  |
| 7/1/22 to 6/30/23 | 11.49 | 0.22 | 0.56 | 0.78 | (0.23) |  | (1.65) | (1.88) |  |
| 7/1/21 to 6/30/22 | 12.79 | 0.23 | (0.63) | (0.40) | (0.22) |  | (0.68) | (0.90) |  |
| 7/1/20 to 6/30/21 | 9.71 | 0.19 | 3.08 | 3.27 | (0.19) |  | —<br><sup>(10)</sup> | (0.19) |  |

---

<br> Virtus Mutual Funds 117

------

**Financial Highlights (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| 0.15 | $10.24 | 5.01% | $274291 | 1.03%<sup>(11)</sup> | 1.03% | 1.44% | 36% |
| (0.25) | 10.09 | 11.34 | 323658 | 1.02<br><sup>(11)</sup> | 1.02 | 3.42 | 53 |
| (1.10) | 10.34 | 7.62 | 333660 | 1.04<br><sup>(11)</sup> | 1.04 | 1.64 | 72 |
| (1.29) | 11.44 | (4.16) | 365634 | 1.01<br><sup>(11)</sup> | 1.01 | 1.40 | 65 |
| 3.06 | 12.73 | 33.47 | 422719 | 1.02<br><sup>(9)(11)</sup> | 1.06 | 1.36 | 67 |
| 0.17 | $10.66 | 4.19% | $3804 | 1.73%<sup>(11)</sup> | 1.73% | 0.73% | 36% |
| (0.19) | 10.49 | 10.66 | 5531 | 1.72<br><sup>(11)</sup> | 1.72 | 2.83 | 53 |
| (1.06) | 10.68 | 6.86 | 8040 | 1.75<br><sup>(11)</sup> | 1.75 | 0.94 | 72 |
| (1.30) | 11.74 | (4.91) | 12496 | 1.72<br><sup>(11)</sup> | 1.72 | 0.68 | 65 |
| 3.16 | 13.04 | 32.53 | 18956 | 1.77<br><sup>(9)(11)</sup> | 1.82 | 0.59 | 67 |
| 0.15 | $10.38 | 5.28% | $174681 | 0.70% | 0.74% | 1.77% | 36% |
| (0.23) | 10.23 | 11.81 | 211683 | 0.70 | 0.71 | 3.71 | 53 |
| (1.09) | 10.46 | 8.01 | 75806 | 0.70 | 0.74 | 1.98 | 72 |
| (1.30) | 11.55 | (3.95) | 91990 | 0.70 | 0.75 | 1.71 | 65 |
| 3.10 | 12.85 | 33.95 | 122996 | 0.70 | 0.75 | 1.67 | 67 |
| 0.14 | $10.30 | 5.26% | $43800 | 0.65% | 0.65% | 1.82% | 36% |
| (0.23) | 10.16 | 11.85 | 52513 | 0.65<br><sup>(14)</sup> | 0.64 | 3.81 | 53 |
| (1.10) | 10.39 | 8.05 | 68554 | 0.65 | 0.67 | 2.04 | 72 |
| (1.30) | 11.49 | (3.85) | 72399 | 0.63<br><sup>(11)</sup> | 0.63 | 1.78 | 65 |
| 3.08 | 12.79 | 33.98 | 82578 | 0.64<br><sup>(9)</sup> | 0.69 | 1.72 | 67 |

---

<br> 118 Virtus Mutual Funds

------

**Financial Highlights (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized and<br>Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Return of Capital** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payment from Affiliate** |
| **Virtus NFJ International Value Fund** | **Virtus NFJ International Value Fund** |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $18.65 | 0.87<br><sup>(18)</sup> | 3.34 | 4.21 | (0.40) |  |  | (0.40) |  |
| 7/1/23 to 6/30/24 | 19.18 | 0.25 | (0.44) | (0.19) | (0.34) |  |  | (0.34) |  |
| 7/1/22 to 6/30/23 | 17.83 | 0.33 | 1.36 | 1.69 | (0.34) |  |  | (0.34) |  |
| 7/1/21 to 6/30/22 | 22.93 | 0.40 | (5.10) | (4.70) | (0.40) |  |  | (0.40) |  |
| 7/1/20 to 6/30/21 | 16.86 | 0.28 | 6.15 | 6.43 | (0.36) |  |  | (0.36) |  |
| **Class C** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $18.21 | 0.63<br><sup>(18)</sup> | 3.33 | 3.96 | (0.28) |  |  | (0.28) |  |
| 7/1/23 to 6/30/24 | 18.76 | 0.10 | (0.42) | (0.32) | (0.23) |  |  | (0.23) |  |
| 7/1/22 to 6/30/23 | 17.47 | 0.19 | 1.33 | 1.52 | (0.23) |  |  | (0.23) |  |
| 7/1/21 to 6/30/22 | 22.51 | 0.25 | (5.00) | (4.75) | (0.29) |  |  | (0.29) |  |
| 7/1/20 to 6/30/21 | 16.57 | 0.11 | 6.04 | 6.15 | (0.21) |  |  | (0.21) |  |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $18.79 | 0.92<br><sup>(18)</sup> | 3.40 | 4.32 | (0.46) |  |  | (0.46) |  |
| 7/1/23 to 6/30/24 | 19.33 | 0.40 | (0.53) | (0.13) | (0.41) |  |  | (0.41) |  |
| 7/1/22 to 6/30/23 | 17.96 | 0.40 | 1.36 | 1.76 | (0.39) |  |  | (0.39) |  |
| 7/1/21 to 6/30/22 | 23.11 | 0.48 | (5.14) | (4.66) | (0.49) |  |  | (0.49) |  |
| 7/1/20 to 6/30/21 | 16.98 | 0.36 | 6.19 | 6.55 | (0.42) |  |  | (0.42) |  |
| **Class R6** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $18.78 | 0.98<br><sup>(18)</sup> | 3.35 | 4.33 | (0.48) |  |  | (0.48) |  |
| 7/1/23 to 6/30/24 | 19.31 | 0.32 | (0.44) | (0.12) | (0.41) |  |  | (0.41) |  |
| 7/1/22 to 6/30/23 | 17.95 | 0.40 | 1.36 | 1.76 | (0.40) |  |  | (0.40) |  |
| 7/1/21 to 6/30/22 | 23.08 | 0.51 | (5.15) | (4.64) | (0.49) |  |  | (0.49) |  |
| 7/1/20 to 6/30/21 | 16.97 | 0.41 | 6.13 | 6.54 | (0.43) |  |  | (0.43) |  |

---

<br> Virtus Mutual Funds 119

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**Financial Highlights (continued)**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| 3.81 | $22.46 | 23.00%<sup>(19)</sup> | $42476 | 1.42%<sup>(20)</sup> | 1.49% | 4.43%<sup>(18)</sup> | 56% |
| (0.53) | 18.65 | (0.97) | 39673 | 1.30 | 1.36 | 1.37 | 135 |
| 1.35 | 19.18 | 9.68 | 48363 | 1.30 | 1.38 | 1.83 | 104 |
| (5.10) | 17.83 | (20.78) | 50307 | 1.30 | 1.33 | 1.90 | 66 |
| 6.07 | 22.93 | 38.47 | 73311 | 1.30<br><sup>(9)(11)</sup> | 1.34 | 1.38 | 116 |
| 3.68 | $21.89 | 22.08%<sup>(19)</sup> | $684 | 2.15%<sup>(20)</sup> | 2.19% | 3.30%<sup>(18)</sup> | 56% |
| (0.55) | 18.21 | (1.70) | 767 | 2.06<br><sup>(21)</sup> | 2.07 | 0.58 | 135 |
| 1.29 | 18.76 | 8.86 | 1126 | 2.05 | 2.10 | 1.06 | 104 |
| (5.04) | 17.47 | (21.32) | 1724 | 2.02<br><sup>(11)</sup> | 2.02 | 1.21 | 66 |
| 5.94 | 22.51 | 37.40 | 3576 | 2.02<br><sup>(11)</sup> | 2.07 | 0.56 | 116 |
| 3.86 | $22.65 | 23.46%<sup>(19)</sup> | $24713 | 1.06%<sup>(20)</sup> | 1.24% | 4.64%<sup>(18)</sup> | 56% |
| (0.54) | 18.79 | (0.62) | 24493 | 0.95 | 1.01 | 2.14 | 135 |
| 1.37 | 19.33 | 10.06 | 28557 | 0.95 | 1.02 | 2.19 | 104 |
| (5.15) | 17.96 | (20.52) | 38243 | 0.95 | 0.98 | 2.25 | 66 |
| 6.13 | 23.11 | 38.95 | 48096 | 0.95 | 1.00 | 1.76 | 116 |
| 3.85 | $22.63 | 23.51%<sup>(19)</sup> | $2367 | 1.02%<sup>(20)</sup> | 1.09% | 4.95%<sup>(18)</sup> | 56% |
| (0.53) | 18.78 | (0.58) | 2122 | 0.91<br><sup>(21)</sup> | 0.96 | 1.72 | 135 |
| 1.36 | 19.31 | 10.08 | 2756 | 0.90 | 0.98 | 2.21 | 104 |
| (5.13) | 17.95 | (20.42) | 3477 | 0.90 | 0.93 | 2.40 | 66 |
| 6.11 | 23.08 | 38.97 | 2741 | 0.90 | 0.95 | 1.96 | 116 |

---

<br> 120 Virtus Mutual Funds

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**Financial Highlights (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized and<br>Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Return of Capital** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payment from Affiliate** |
| **Virtus NFJ Large-Cap Value Fund** | **Virtus NFJ Large-Cap Value Fund** |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $26.70 | 0.36 | 1.55 | 1.91 | (0.38) |  | (0.33) | (0.71) |  |
| 7/1/23 to 6/30/24 | 26.18 | 0.39 | 2.00 | 2.39 | (0.40) |  | (1.47) | (1.87) |  |
| 7/1/22 to 6/30/23 | 29.16 | 0.35 | 1.60 | 1.95 | (0.34) |  | (4.59) | (4.93) |  |
| 7/1/21 to 6/30/22 | 33.12 | 0.24 | (2.09) | (1.85) | (0.20) |  | (1.91) | (2.11) |  |
| 7/1/20 to 6/30/21 | 24.49 | 0.23 | 8.62 | 8.85 | (0.22) |  |  | (0.22) |  |
| **Class C** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $27.14 | 0.16 | 1.56 | 1.72 | (0.15) |  | (0.33) | (0.48) |  |
| 7/1/23 to 6/30/24 | 26.58 | 0.19 | 2.03 | 2.22 | (0.19) |  | (1.47) | (1.66) |  |
| 7/1/22 to 6/30/23 | 29.51 | 0.14 | 1.62 | 1.76 | (0.10) |  | (4.59) | (4.69) |  |
| 7/1/21 to 6/30/22 | 33.54 | (0.02) | (2.09) | (2.11) | (0.01) |  | (1.91) | (1.92) |  |
| 7/1/20 to 6/30/21 | 24.82 | 0.02 | 8.73 | 8.75 | (0.03) |  |  | (0.03) |  |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $26.51 | 0.44 | 1.52 | 1.96 | (0.45) |  | (0.33) | (0.78) |  |
| 7/1/23 to 6/30/24 | 26.01 | 0.47 | 1.97 | 2.44 | (0.47) |  | (1.47) | (1.94) |  |
| 7/1/22 to 6/30/23 | 29.01 | 0.41 | 1.58 | 1.99 | (0.40) |  | (4.59) | (4.99) |  |
| 7/1/21 to 6/30/22 | 32.96 | 0.32 | (2.07) | (1.75) | (0.29) |  | (1.91) | (2.20) |  |
| 7/1/20 to 6/30/21 | 24.37 | 0.31 | 8.58 | 8.89 | (0.30) |  |  | (0.30) |  |
| **Class R6** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $26.49 | 0.46 | 1.53 | 1.99 | (0.48) |  | (0.33) | (0.81) |  |
| 7/1/23 to 6/30/24 | 25.99 | 0.48 | 1.99 | 2.47 | (0.50) |  | (1.47) | (1.97) |  |
| 7/1/22 to 6/30/23 | 28.99 | 0.64 | 1.41 | 2.05 | (0.46) |  | (4.59) | (5.05) |  |
| 10/29/21<sup>(22)</sup> to 6/30/22 | 35.37 | 0.25 | (4.47) | (4.22) | (0.25) |  | (1.91) | (2.16) |  |

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<br> Virtus Mutual Funds 121

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**Financial Highlights (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| 1.20 | $27.90 | 7.20% | $134234 | 1.01%<sup>(11)</sup> | 1.01% | 1.31% | 41% |
| 0.52 | 26.70 | 9.26 | 146942 | 1.00<br><sup>(11)</sup> | 1.00 | 1.49 | 56 |
| (2.98) | 26.18 | 8.27 | 151469 | 1.01<br><sup>(11)</sup> | 1.01 | 1.29 | 67 |
| (3.96) | 29.16 | (6.36) | 159063 | 1.00<br><sup>(11)</sup> | 1.00 | 0.71 | 45 |
| 8.63 | 33.12 | 36.24 | 184745 | 1.06<br><sup>(11)</sup> | 1.06 | 0.79 | 69 |
| 1.24 | $28.38 | 6.40% | $1462 | 1.76%<sup>(11)</sup> | 1.76% | 0.55% | 41% |
| 0.56 | 27.14 | 8.41 | 1710 | 1.76<br><sup>(11)</sup> | 1.76 | 0.72 | 56 |
| (2.93) | 26.58 | 7.42 | 2041 | 1.79<br><sup>(11)</sup> | 1.79 | 0.50 | 67 |
| (4.03) | 29.51 | (7.05) | 2775 | 1.76<br><sup>(11)</sup> | 1.76 | (0.05) | 45 |
| 8.72 | 33.54 | 35.24 | 4056 | 1.81<br><sup>(11)</sup> | 1.81 | 0.06 | 69 |
| 1.18 | $27.69 | 7.48% | $135615 | 0.75% | 0.75% | 1.57% | 41% |
| 0.50 | 26.51 | 9.54 | 129333 | 0.75 | 0.75 | 1.78 | 56 |
| (3.00) | 26.01 | 8.50 | 110871 | 0.77 | 0.77 | 1.52 | 67 |
| (3.95) | 29.01 | (6.09) | 113368 | 0.74 | 0.74 | 0.98 | 45 |
| 8.59 | 32.96 | 36.66 | 129083 | 0.75<br><sup>(11)</sup> | 0.75 | 1.09 | 69 |
| 1.18 | $27.67 | 7.59% | $2253 | 0.65% | 0.66% | 1.67% | 41% |
| 0.50 | 26.49 | 9.65 | 2160 | 0.65 | 0.66 | 1.84 | 56 |
| (3.00) | 25.99 | 8.75 | 2172 | 0.57<br><sup>(11)</sup> | 0.57 | 2.42 | 67 |
| (6.38) | 28.99 | (12.65) | 82 | 0.65 | 0.78 | 1.15 | 45<br><sup>(23)</sup> |

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<br> 122 Virtus Mutual Funds

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**Financial Highlights (continued)**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized and<br>Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Return of Capital** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payment from Affiliate** |
| **Virtus NFJ Mid-Cap Value Fund** | **Virtus NFJ Mid-Cap Value Fund** |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $24.57 | 0.34 | 1.02 | 1.36 | (0.46) |  |  | (0.46) |  |
| 7/1/23 to 6/30/24 | 25.29 | 0.40 | 0.71 | 1.11 | (0.43) |  | (1.40) | (1.83) |  |
| 7/1/22 to 6/30/23 | 29.43 | 0.30 | 2.33 | 2.63 | (0.39) |  | (6.38) | (6.77) |  |
| 7/1/21 to 6/30/22 | 35.54 | 0.24 | (2.18) | (1.94) | (0.25) |  | (3.92) | (4.17) |  |
| 7/1/20 to 6/30/21 | 25.72 | 0.30 | 9.83 | 10.13 | (0.26) |  | (0.05) | (0.31) |  |
| **Class C** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $17.05 | 0.09 | 0.72 | 0.81 | (0.35) |  |  | (0.35) |  |
| 7/1/23 to 6/30/24 | 18.10 | 0.14 | 0.52 | 0.66 | (0.31) |  | (1.40) | (1.71) |  |
| 7/1/22 to 6/30/23 | 22.96 | 0.06 | 1.70 | 1.76 | (0.24) |  | (6.38) | (6.62) |  |
| 7/1/21 to 6/30/22 | 28.63 | (0.01) | (1.65) | (1.66) | (0.09) |  | (3.92) | (4.01) |  |
| 7/1/20 to 6/30/21 | 20.74 | 0.05 | 7.93 | 7.98 | (0.04) |  | (0.05) | (0.09) |  |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $27.62 | 0.47 | 1.16 | 1.63 | (0.52) |  |  | (0.52) |  |
| 7/1/23 to 6/30/24 | 28.16 | 0.55 | 0.79 | 1.34 | (0.48) |  | (1.40) | (1.88) |  |
| 7/1/22 to 6/30/23 | 31.99 | 0.43 | 2.59 | 3.02 | (0.47) |  | (6.38) | (6.85) |  |
| 7/1/21 to 6/30/22 | 38.28 | 0.39 | (2.38) | (1.99) | (0.38) |  | (3.92) | (4.30) |  |
| 7/1/20 to 6/30/21 | 27.70 | 0.44 | 10.59 | 11.03 | (0.40) |  | (0.05) | (0.45) |  |
| **Class R6** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $27.53 | 0.47 | 1.17 | 1.64 | (0.54) |  |  | (0.54) |  |
| 7/1/23 to 6/30/24 | 28.10 | 0.55 | 0.79 | 1.34 | (0.51) |  | (1.40) | (1.91) |  |
| 7/1/22 to 6/30/23 | 31.97 | 0.44 | 2.59 | 3.03 | (0.52) |  | (6.38) | (6.90) |  |
| 7/1/21 to 6/30/22 | 38.24 | 0.41 | (2.38) | (1.97) | (0.38) |  | (3.92) | (4.30) |  |
| 7/1/20 to 6/30/21 | 27.68 | 0.45 | 10.59 | 11.04 | (0.43) |  | (0.05) | (0.48) |  |

---

<br> Virtus Mutual Funds 123

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**Financial Highlights (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| 0.90 | $25.47 | 5.55% | $385262 | 1.00% | 1.12% | 1.30% | 57% |
| (0.72) | 24.57 | 4.43 | 427421 | 1.00 | 1.12 | 1.61 | 76 |
| (4.14) | 25.29 | 11.10 | 476789 | 1.00 | 1.12 | 1.11 | 105 |
| (6.11) | 29.43 | (6.83) | 495612 | 1.00 | 1.10 | 0.70 | 76 |
| 9.82 | 35.54 | 39.60 | 596144 | 1.00 | 1.16 | 0.98 | 96 |
| 0.46 | $17.51 | 4.75% | $7931 | 1.75% | 1.86% | 0.52% | 57% |
| (1.05) | 17.05 | 3.68 | 13089 | 1.75 | 1.84 | 0.82 | 76 |
| (4.86) | 18.10 | 10.23 | 19749 | 1.75 | 1.83 | 0.31 | 105 |
| (5.67) | 22.96 | (7.48) | 28379 | 1.75 | 1.82 | (0.05) | 76 |
| 7.89 | 28.63 | 38.53 | 39321 | 1.74<br><sup>(9)</sup> | 1.90 | 0.21 | 96 |
| 1.11 | $28.73 | 5.90% | $169032 | 0.65% | 0.84% | 1.63% | 57% |
| (0.54) | 27.62 | 4.82 | 263199 | 0.65 | 0.83 | 2.00 | 76 |
| (3.83) | 28.16 | 11.48 | 282625 | 0.65 | 0.82 | 1.43 | 105 |
| (6.29) | 31.99 | (6.49) | 381239 | 0.65 | 0.81 | 1.06 | 76 |
| 10.58 | 38.28 | 40.11 | 460452 | 0.65 | 0.84 | 1.33 | 96 |
| 1.10 | $28.63 | 5.99% | $22552 | 0.60% | 0.76% | 1.61% | 57% |
| (0.57) | 27.53 | 4.85 | 68588 | 0.60 | 0.75 | 2.00 | 76 |
| (3.87) | 28.10 | 11.55 | 78020 | 0.60 | 0.74 | 1.50 | 105 |
| (6.27) | 31.97 | (6.45) | 87682 | 0.60 | 0.72 | 1.12 | 76 |
| 10.56 | 38.24 | 40.17 | 85969 | 0.60 | 0.78 | 1.37 | 96 |

---

<br> 124 Virtus Mutual Funds

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**Financial Highlights (continued)**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized and<br>Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Return of Capital** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payment from Affiliate** |
| **Virtus NFJ Small-Cap Value Fund** | **Virtus NFJ Small-Cap Value Fund** |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $11.57 | 0.07 | 0.14 | 0.21 | (0.16) |  | (0.39) | (0.55) |  |
| 7/1/23 to 6/30/24 | 11.86 | 0.14 | 0.94 | 1.08 | (0.28) |  | (1.09) | (1.37) |  |
| 7/1/22 to 6/30/23 | 12.80 | 0.13 | 1.03 | 1.16 | (0.14) |  | (1.96) | (2.10) |  |
| 7/1/21 to 6/30/22 | 15.67 | 0.10 | (1.66) | (1.56) | (0.17) |  | (1.14) | (1.31) |  |
| 7/1/20 to 6/30/21 | 11.07 | 0.18 | 4.71 | 4.89 | (0.24) |  | (0.05) | (0.29) |  |
| **Class C** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $9.51 | (0.01) | 0.10 | 0.09 | (0.06) |  | (0.39) | (0.45) |  |
| 7/1/23 to 6/30/24 | 9.96 | 0.04 | 0.80 | 0.84 | (0.20) |  | (1.09) | (1.29) |  |
| 7/1/22 to 6/30/23 | 11.10 | 0.04 | 0.85 | 0.89 | (0.07) |  | (1.96) | (2.03) |  |
| 7/1/21 to 6/30/22 | 13.78 | (0.01) | (1.43) | (1.44) | (0.10) |  | (1.14) | (1.24) |  |
| 7/1/20 to 6/30/21 | 9.74 | 0.07 | 4.14 | 4.21 | (0.12) |  | (0.05) | (0.17) |  |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $14.91 | 0.15 | 0.16 | 0.31 | (0.19) |  | (0.39) | (0.58) |  |
| 7/1/23 to 6/30/24 | 14.88 | 0.25 | 1.17 | 1.42 | (0.30) |  | (1.09) | (1.39) |  |
| 7/1/22 to 6/30/23 | 15.51 | 0.22 | 1.27 | 1.49 | (0.16) |  | (1.96) | (2.12) |  |
| 7/1/21 to 6/30/22 | 18.66 | 0.19 | (2.01) | (1.82) | (0.19) |  | (1.14) | (1.33) |  |
| 7/1/20 to 6/30/21 | 13.13 | 0.27 | 5.59 | 5.86 | (0.28) |  | (0.05) | (0.33) |  |
| **Class R6** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $14.72 | 0.15 | 0.15 | 0.30 | (0.03) |  | (0.39) | (0.42) |  |
| 7/1/23 to 6/30/24 | 14.71 | 0.24 | 1.16 | 1.40 | (0.30) |  | (1.09) | (1.39) |  |
| 7/1/22 to 6/30/23 | 15.35 | 0.22 | 1.26 | 1.48 | (0.16) |  | (1.96) | (2.12) |  |
| 7/1/21 to 6/30/22 | 18.49 | 0.19 | (1.97) | (1.78) | (0.22) |  | (1.14) | (1.36) |  |
| 7/1/20 to 6/30/21 | 13.02 | 0.27 | 5.55 | 5.82 | (0.30) |  | (0.05) | (0.35) |  |

---

<br> Virtus Mutual Funds 125

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**Financial Highlights (continued)**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| (0.34) | $11.23 | 1.51% | $181305 | 1.17% | 1.24% | 0.61% | 48% |
| (0.29) | 11.57 | 9.05 | 214429 | 1.17 | 1.23 | 1.21 | 60 |
| (0.94) | 11.86 | 10.64 | 225530 | 1.17 | 1.23 | 1.10 | 79 |
| (2.87) | 12.80 | (11.08) | 236990 | 1.17 | 1.21 | 0.68 | 52 |
| 4.60 | 15.67 | 44.57 | 325048 | 1.18<br><sup>(9)(11)</sup> | 1.23 | 1.34 | 65 |
| (0.36) | $9.15 | 0.68% | $382 | 1.92% | 2.03% | (0.12)% | 48% |
| (0.45) | 9.51 | 8.32 | 564 | 1.92 | 1.97 | 0.45 | 60 |
| (1.14) | 9.96 | 9.76 | 1062 | 1.92 | 1.97 | 0.34 | 79 |
| (2.68) | 11.10 | (11.72) | 1347 | 1.92 | 1.95 | (0.06) | 52 |
| 4.04 | 13.78 | 43.52 | 1606 | 1.91<br><sup>(11)</sup> | 1.97 | 0.60 | 65 |
| (0.27) | $14.64 | 1.84% | $62087 | 0.82% | 0.91% | 0.96% | 48% |
| 0.03 | 14.91 | 9.50 | 75764 | 0.82 | 0.90 | 1.68 | 60 |
| (0.63) | 14.88 | 10.93 | 52013 | 0.82 | 0.92 | 1.44 | 79 |
| (3.15) | 15.51 | (10.72) | 58704 | 0.82 | 0.88 | 1.03 | 52 |
| 5.53 | 18.66 | 45.07 | 94847 | 0.82 | 0.89 | 1.69 | 65 |
| (0.12) | $14.60 | 1.89% | $10086 | 0.77% | 0.82% | 0.99% | 48% |
| 0.01 | 14.72 | 9.51 | 23015 | 0.77 | 0.82 | 1.64 | 60 |
| (0.64) | 14.71 | 10.98 | 46194 | 0.77 | 0.83 | 1.48 | 79 |
| (3.14) | 15.35 | (10.63) | 62552 | 0.77 | 0.79 | 1.07 | 52 |
| 5.47 | 18.49 | 45.09 | 88986 | 0.77 | 0.84 | 1.73 | 65 |

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<br> 126 Virtus Mutual Funds

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**Financial Highlights (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized and<br>Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Return of Capital** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payment from Affiliate** |
| **Virtus Silvant Focused Growth Fund** | **Virtus Silvant Focused Growth Fund** |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $84.03 | (0.36) | 14.70 | 14.34 |  |  | (3.90) | (3.90) |  |
| 7/1/23 to 6/30/24 | 61.16 | (0.28) | 24.76 | 24.48 |  |  | (1.61) | (1.61) |  |
| 7/1/22 to 6/30/23 | 49.11 | (0.19) | 15.07 | 14.88 |  |  | (2.83) | (2.83) | —<sup>(10)</sup> |
| 7/1/21 to 6/30/22 | 79.25 | (0.32) | (16.15) | (16.47) |  |  | (13.67) | (13.67) |  |
| 7/1/20 to 6/30/21 | 58.46 | (0.35) | 27.26 | 26.91 |  |  | (6.12) | (6.12) |  |
| **Class C** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $33.90 | (0.39) | 5.68 | 5.29 |  |  | (3.90) | (3.90) |  |
| 7/1/23 to 6/30/24 | 25.75 | (0.33) | 10.09 | 9.76 |  |  | (1.61) | (1.61) |  |
| 7/1/22 to 6/30/23 | 22.51 | (0.25) | 6.32 | 6.07 |  |  | (2.83) | (2.83) | —<sup>(10)</sup> |
| 7/1/21 to 6/30/22 | 43.67 | (0.43) | (7.06) | (7.49) |  |  | (13.67) | (13.67) |  |
| 7/1/20 to 6/30/21 | 34.58 | (0.50) | 15.71 | 15.21 |  |  | (6.12) | (6.12) |  |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $74.10 | (0.10) | 12.95 | 12.85 |  |  | (3.90) | (3.90) |  |
| 7/1/23 to 6/30/24 | 53.96 | (0.08) | 21.83 | 21.75 |  |  | (1.61) | (1.61) |  |
| 7/1/22 to 6/30/23 | 43.55 | (0.04) | 13.28 | 13.24 |  |  | (2.83) | (2.83) | —<sup>(10)</sup> |
| 7/1/21 to 6/30/22 | 71.58 | (0.12) | (14.24) | (14.36) |  |  | (13.67) | (13.67) |  |
| 7/1/20 to 6/30/21 | 53.11 | (0.12) | 24.71 | 24.59 |  |  | (6.12) | (6.12) |  |
| **Class R6** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $74.52 | (0.07) | 13.05 | 12.98 |  |  | (3.90) | (3.90) |  |
| 7/1/23 to 6/30/24 | 54.24 | (0.05) | 21.94 | 21.89 |  |  | (1.61) | (1.61) |  |
| 7/1/22 to 6/30/23 | 43.74 | (0.02) | 13.35 | 13.33 |  |  | (2.83) | (2.83) | —<sup>(10)</sup> |
| 7/1/21 to 6/30/22 | 71.80 | (0.08) | (14.31) | (14.39) |  |  | (13.67) | (13.67) |  |
| 7/1/20 to 6/30/21 | 53.23 | (0.10) | 24.79 | 24.69 |  |  | (6.12) | (6.12) |  |

---

<br> Virtus Mutual Funds 127

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**Financial Highlights (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| 10.44 | $94.47 | 17.50% | $898974 | 0.96%<sup>(11)</sup> | 0.96% | (0.42)% | 20% |
| 22.87 | 84.03 | 40.79 | 817446 | 0.95<br><sup>(11)</sup> | 0.95 | (0.41) | 10 |
| 12.05 | 61.16 | 32.32<br><sup>(12)</sup> | 625184 | 0.96<br><sup>(11)</sup> | 0.96 | (0.37) | 65 |
| (30.14) | 49.11 | (25.81) | 537276 | 0.94<br><sup>(11)</sup> | 0.94 | (0.45) | 22 |
| 20.79 | 79.25 | 47.50 | 860373 | 0.97<br><sup>(9)</sup> | 1.04 | (0.50) | 50 |
| 1.39 | $35.29 | 16.63% | $23876 | 1.72%<sup>(11)</sup> | 1.72% | (1.18)% | 20% |
| 8.15 | 33.90 | 39.69 | 22448 | 1.72<br><sup>(11)</sup> | 1.72 | (1.18) | 10 |
| 3.24 | 25.75 | 31.31<br><sup>(12)</sup> | 22534 | 1.72<br><sup>(11)</sup> | 1.72 | (1.13) | 65 |
| (21.16) | 22.51 | (26.37) | 24361 | 1.70<br><sup>(11)</sup> | 1.70 | (1.22) | 22 |
| 9.09 | 43.67 | 46.39 | 48650 | 1.73<br><sup>(11)</sup> | 1.79 | (1.25) | 50 |
| 8.95 | $83.05 | 17.84% | $372456 | 0.67% | 0.71% | (0.13)% | 20% |
| 20.14 | 74.10 | 41.18 | 315069 | 0.67 | 0.72 | (0.13) | 10 |
| 10.41 | 53.96 | 32.70<br><sup>(12)</sup> | 151338 | 0.67 | 0.70 | (0.08) | 65 |
| (28.03) | 43.55 | (25.61) | 127274 | 0.67 | 0.70 | (0.19) | 22 |
| 18.47 | 71.58 | 47.94 | 209066 | 0.67 | 0.74 | (0.19) | 50 |
| 9.08 | $83.60 | 17.92% | $331329 | 0.62% | 0.63% | (0.09)% | 20% |
| 20.28 | 74.52 | 41.23 | 235900 | 0.62 | 0.63 | (0.08) | 10 |
| 10.50 | 54.24 | 32.76<br><sup>(12)</sup> | 165550 | 0.62 | 0.63 | (0.04) | 65 |
| (28.06) | 43.74 | (25.57) | 170153 | 0.62 | 0.63 | (0.14) | 22 |
| 18.57 | 71.80 | 48.02 | 198031 | 0.62 | 0.68 | (0.15) | 50 |

---

<br> 128 Virtus Mutual Funds

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**Financial Highlights (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized and<br>Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Return of Capital** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payment from Affiliate** |
| **Virtus Silvant Mid-Cap Growth Fund** | **Virtus Silvant Mid-Cap Growth Fund** |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $4.13 | (0.02) | 1.15 | 1.13 |  |  |  |  |  |
| 7/1/23 to 6/30/24 | 3.55 | (0.01) | 0.59 | 0.58 |  |  |  |  |  |
| 7/1/22 to 6/30/23 | 2.89 | (0.01) | 0.67 | 0.66 |  |  |  |  |  |
| 7/1/21 to 6/30/22 | 5.94 | (0.02) | (1.44) | (1.46) |  |  | (1.59) | (1.59) |  |
| 7/1/20 to 6/30/21 | 4.30 | (0.04) | 2.26 | 2.22 |  |  | (0.58) | (0.58) | —<sup>(10)</sup> |
| **Class C** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $2.64 | (0.03) | 0.72 | 0.69 |  |  |  |  |  |
| 7/1/23 to 6/30/24 | 2.28 | (0.03) | 0.39 | 0.36 |  |  |  |  |  |
| 7/1/22 to 6/30/23 | 1.88 | (0.02) | 0.42 | 0.40 |  |  |  |  |  |
| 7/1/21 to 6/30/22 | 4.45 | (0.04) | (0.94) | (0.98) |  |  | (1.59) | (1.59) |  |
| 7/1/20 to 6/30/21 | 3.35 | (0.06) | 1.74 | 1.68 |  |  | (0.58) | (0.58) | —<sup>(10)</sup> |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $5.34 | (0.01) | 1.48 | 1.47 |  |  |  |  |  |
| 7/1/23 to 6/30/24 | 4.57 | —<br><sup>(10)</sup> | 0.77 | 0.77 |  |  |  |  |  |
| 7/1/22 to 6/30/23 | 3.72 | —<br><sup>(10)</sup> | 0.85 | 0.85 |  |  |  |  |  |
| 7/1/21 to 6/30/22 | 7.18 | (0.01) | (1.86) | (1.87) |  |  | (1.59) | (1.59) |  |
| 7/1/20 to 6/30/21 | 5.09 | (0.03) | 2.70 | 2.67 |  |  | (0.58) | (0.58) | —<sup>(10)</sup> |
| **Class R6** |  |  |  |  |  |  |  |  |  |
| 6/18/25<sup>(22)</sup> to 6/30/25 | $6.56 | —<br><sup>(10)</sup> | 0.25 | 0.25 |  |  |  |  |  |

---

<br> Virtus Mutual Funds 129

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**Financial Highlights (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| 1.13 | $5.26 | 27.36% | $292417 | 0.99%<sup>(11)</sup> | 0.99% | (0.42)% | 43% |
| 0.58 | 4.13 | 16.34 | 251100 | 1.00<br><sup>(11)</sup> | 1.00 | (0.29) | 23 |
| 0.66 | 3.55 | 22.84 | 242677 | 1.00<br><sup>(11)</sup> | 1.01 | (0.32) | 34 |
| (3.05) | 2.89 | (33.42) | 223611 | 0.98<br><sup>(11)</sup> | 0.98 | (0.49) | 65 |
| 1.64 | 5.94 | 53.25<br><sup>(12)</sup> | 376649 | 1.06<br><sup>(11)</sup> | 1.06 | (0.76) | 85 |
| 0.69 | $3.33 | 26.14% | $3675 | 1.78%<sup>(11)</sup> | 1.78% | (1.21)% | 43% |
| 0.36 | 2.64 | 15.79 | 3962 | 1.78<br><sup>(11)</sup> | 1.78 | (1.08) | 23 |
| 0.40 | 2.28 | 21.28 | 5204 | 1.78<br><sup>(11)</sup> | 1.78 | (1.09) | 34 |
| (2.57) | 1.88 | (33.91) | 6350 | 1.74<br><sup>(11)</sup> | 1.74 | (1.26) | 65 |
| 1.10 | 4.45 | 52.17<br><sup>(12)</sup> | 15282 | 1.82<br><sup>(11)</sup> | 1.82 | (1.52) | 85 |
| 1.47 | $6.81 | 27.53% | $105880 | 0.76% | 0.76% | (0.18)% | 43% |
| 0.77 | 5.34 | 16.85 | 77860 | 0.77<br><sup>(9)</sup> | 0.77 | (0.04) | 23 |
| 0.85 | 4.57 | 22.85 | 50028 | 0.77<br><sup>(11)</sup> | 0.77 | (0.09) | 34 |
| (3.46) | 3.72 | (33.33) | 47978 | 0.76<br><sup>(11)</sup> | 0.76 | (0.25) | 65 |
| 2.09 | 7.18 | 53.86<br><sup>(12)</sup> | 63690 | 0.78<br><sup>(11)</sup> | 0.78 | (0.48) | 85 |
| 0.25 | $6.81 | 3.81% | $104 | 0.67%<sup>(11)</sup> | 0.67% | 0.05% | 43%<sup>(23)</sup> |

---

<br> 130 Virtus Mutual Funds

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**Financial Highlights (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized and<br>Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Return of Capital** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payment from Affiliate** |
| **Virtus Small-Cap Fund** | **Virtus Small-Cap Fund** |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $22.51 | 0.04 | 2.32 | 2.36 | (0.06) |  | (2.41) | (2.47) |  |
| 7/1/23 to 6/30/24 | 20.90 | 0.06 | 2.03 | 2.09 | (0.08) |  | (0.40) | (0.48) |  |
| 7/1/22 to 6/30/23 | 19.10 | 0.06 | 2.73 | 2.79 | (0.11) |  | (0.88) | (0.99) | —<sup>(10)</sup> |
| 7/1/21 to 6/30/22 | 27.49 | 0.06 | (5.02) | (4.96) | (0.02) |  | (3.41) | (3.43) |  |
| 7/1/20 to 6/30/21 | 17.55 | (0.04) | 10.00 | 9.96 | (0.02) |  |  | (0.02) |  |
| **Class C** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $20.72 | (0.12) | 2.14 | 2.02 |  |  | (2.41) | (2.41) |  |
| 7/1/23 to 6/30/24 | 19.34 | (0.09) | 1.87 | 1.78 |  |  | (0.40) | (0.40) |  |
| 7/1/22 to 6/30/23 | 17.78 | (0.09) | 2.53 | 2.44 |  |  | (0.88) | (0.88) | —<sup>(10)</sup> |
| 7/1/21 to 6/30/22 | 25.99 | (0.12) | (4.68) | (4.80) |  |  | (3.41) | (3.41) |  |
| 7/1/20 to 6/30/21 | 16.70 | (0.20) | 9.49 | 9.29 | —<br><sup>(10)</sup> |  |  |  |  |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $23.28 | 0.13 | 2.41 | 2.54 | (0.17) |  | (2.41) | (2.58) |  |
| 7/1/23 to 6/30/24 | 21.56 | 0.14 | 2.09 | 2.23 | (0.11) |  | (0.40) | (0.51) |  |
| 7/1/22 to 6/30/23 | 19.58 | 0.14 | 2.79 | 2.93 | (0.07) |  | (0.88) | (0.95) | —<sup>(10)</sup> |
| 7/1/21 to 6/30/22 | 28.07 | 0.15 | (5.13) | (4.98) | (0.10) |  | (3.41) | (3.51) |  |
| 7/1/20 to 6/30/21 | 17.92 | 0.04 | 10.22 | 10.26 | (0.11) |  |  | (0.11) |  |
| **Class R6** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $23.22 | 0.14 | 2.40 | 2.54 | (0.15) |  | (2.41) | (2.56) |  |
| 7/1/23 to 6/30/24 | 21.56 | 0.15 | 2.09 | 2.24 | (0.18) |  | (0.40) | (0.58) |  |
| 7/1/22 to 6/30/23 | 19.63 | 0.14 | 2.80 | 2.94 | (0.13) |  | (0.88) | (1.01) | —<sup>(10)</sup> |
| 7/1/21 to 6/30/22 | 28.10 | 0.16 | (5.14) | (4.98) | (0.08) |  | (3.41) | (3.49) |  |
| 7/1/20 to 6/30/21 | 17.93 | 0.06 | 10.21 | 10.27 | (0.10) |  |  | (0.10) |  |

---

<br> Virtus Mutual Funds 131

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**Financial Highlights (continued)**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| (0.11) | $22.40 | 10.20% | $60647 | 1.17% | 1.22% | 0.19% | 95% |
| 1.61 | 22.51 | 10.17 | 61663 | 1.17 | 1.22 | 0.28 | 69 |
| 1.80 | 20.90 | 14.96<br><sup>(12)</sup> | 62610 | 1.17 | 1.22 | 0.29 | 82 |
| (8.39) | 19.10 | (20.45) | 64567 | 1.17 | 1.17 | 0.23 | 69 |
| 9.94 | 27.49 | 56.80 | 87605 | 1.17 | 1.23 | (0.17) | 88 |
| (0.39) | $20.33 | 9.39% | $2660 | 1.92% | 1.99% | (0.55)% | 95% |
| 1.38 | 20.72 | 9.35 | 3027 | 1.92 | 1.99 | (0.47) | 69 |
| 1.56 | 19.34 | 14.06<br><sup>(12)</sup> | 3415 | 1.92 | 1.99 | (0.46) | 82 |
| (8.21) | 17.78 | (21.04) | 3405 | 1.92 | 1.95 | (0.52) | 69 |
| 9.29 | 25.99 | 55.63 | 4940 | 1.92 | 1.99 | (0.92) | 88 |
| (0.04) | $23.24 | 10.63% | $24954 | 0.82% | 0.99% | 0.54% | 95% |
| 1.72 | 23.28 | 10.52 | 20492 | 0.82 | 1.00 | 0.62 | 69 |
| 1.98 | 21.56 | 15.32<br><sup>(12)</sup> | 20456 | 0.82 | 0.95 | 0.66 | 82 |
| (8.49) | 19.58 | (20.14) | 46605 | 0.82 | 0.92 | 0.62 | 69 |
| 10.15 | 28.07 | 57.35 | 36211 | 0.82 | 0.96 | 0.19 | 88 |
| (0.02) | $23.20 | 10.66% | $5567 | 0.77% | 0.90% | 0.58% | 95% |
| 1.66 | 23.22 | 10.58 | 5485 | 0.77 | 0.90 | 0.69 | 69 |
| 1.93 | 21.56 | 15.38<br><sup>(12)</sup> | 5358 | 0.77 | 0.88 | 0.68 | 82 |
| (8.47) | 19.63 | (20.10) | 7373 | 0.77 | 0.84 | 0.64 | 69 |
| 10.17 | 28.10 | 57.37 | 8614 | 0.77 | 0.87 | 0.24 | 88 |

---

<br> 132 Virtus Mutual Funds

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**Financial Highlights (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized and<br>Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Return of Capital** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payment from Affiliate** |
| **Virtus Zevenbergen Technology Fund** | **Virtus Zevenbergen Technology Fund** |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $57.59 | (0.63) | 11.62 | 10.99 |  |  |  |  |  |
| 7/1/23 to 6/30/24 | 41.64 | (0.51) | 16.46 | 15.95 |  |  |  |  |  |
| 7/1/22 to 6/30/23 | 39.74 | (0.39) | 9.87 | 9.48 |  |  | (7.58) | (7.58) | —<sup>(10)</sup> |
| 7/1/21 to 6/30/22 | 81.59 | (0.68) | (17.72) | (18.40) |  |  | (23.45) | (23.45) |  |
| 7/1/20 to 6/30/21 | 68.06 | (0.88) | 30.38 | 29.50 |  |  | (15.97) | (15.97) |  |
| **Class C** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $12.63 | (0.23) | 2.53 | 2.30 |  |  |  |  |  |
| 7/1/23 to 6/30/24 | 9.20 | (0.19) | 3.62 | 3.43 |  |  |  |  |  |
| 7/1/22 to 6/30/23 | 15.27 | (0.18) | 1.69 | 1.51 |  |  | (7.58) | (7.58) | —<sup>(10)</sup> |
| 7/1/21 to 6/30/22 | 45.83 | (0.52) | (6.59) | (7.11) |  |  | (23.45) | (23.45) |  |
| 7/1/20 to 6/30/21 | 43.68 | (0.87) | 18.99 | 18.12 |  |  | (15.97) | (15.97) |  |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $82.85 | (0.68) | 16.77 | 16.09 |  |  |  |  |  |
| 7/1/23 to 6/30/24 | 59.74 | (0.55) | 23.66 | 23.11 |  |  |  |  |  |
| 7/1/22 to 6/30/23 | 53.31 | (0.41) | 14.42 | 14.01 |  |  | (7.58) | (7.58) | —<sup>(10)</sup> |
| 7/1/21 to 6/30/22 | 101.34 | (0.67) | (23.91) | (24.58) |  |  | (23.45) | (23.45) |  |
| 7/1/20 to 6/30/21 | 81.43 | (0.77) | 36.65 | 35.88 |  |  | (15.97) | (15.97) |  |

---

(1) Calculated using average shares outstanding.

(2) Not
annualized for periods less than one year.

(3) Total Return is calculated based on the NAV at which shareholder
transactions were processed, but also takes into account certain adjustments that are necessary under
generally accepted accounting principles required in the annual report.

(4) Sales charges, where applicable, are not reflected in the
total return calculation.

(5) Annualized for periods less than one year.

(6) The
Funds will also indirectly bear their prorated share of expenses of any underlying funds in which they
invest. Such expenses are not included in the calculation of this ratio.

(7) Net investment income ratios do not reflect the proportionate
share of income and expenses of the underlying funds in which the fund invests.

(8) Ratio
of total expenses excluding interest expense on borrowings for the year ended June 30, 2023 were 1.29%
(Class A), 2.04% (Class C), 1.04% (Class P), 0.94% (Class I) and 0.89% (Class R6).

(9) Due
to a change in expense cap, the ratio shown is a blended expense ratio.

(10) Amount is less than $0.005 per share.

(11) The
share class is currently under its expense limitation.

(12) Payment from affiliate had no impact on total return.

<br> Virtus Mutual Funds 133

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**Financial Highlights (continued)**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| 10.99 | $68.58 | 19.08% | $715149 | 1.43%<sup>(11)</sup> | 1.43% | (1.06)% | 2% |
| 15.95 | 57.59 | 38.30 | 661778 | 1.43<br><sup>(11)</sup> | 1.43 | (1.09) | 23 |
| 1.90 | 41.64 | 32.14<br><sup>(12)</sup> | 538324 | 1.44<br><sup>(11)</sup> | 1.44 | (1.05) | 55 |
| (41.85) | 39.74 | (32.06) | 475065 | 1.42<br><sup>(11)</sup> | 1.42 | (1.05) | 126 |
| 13.53 | 81.59 | 45.06 | 812373 | 1.49<br><sup>(11)</sup> | 1.50 | (1.12) | 150 |
| 2.30 | $14.93 | 18.21% | $25481 | 2.17%<sup>(11)</sup> | 2.17% | (1.80)% | 2% |
| 3.43 | 12.63 | 37.28 | 26537 | 2.17<br><sup>(11)</sup> | 2.17 | (1.83) | 23 |
| (6.07) | 9.20 | 31.15<br><sup>(12)</sup> | 23633 | 2.18<br><sup>(11)</sup> | 2.18 | (1.79) | 55 |
| (30.56) | 15.27 | (32.58) | 25961 | 2.17<br><sup>(11)</sup> | 2.17 | (1.80) | 126 |
| 2.15 | 45.83 | 44.01 | 53742 | 2.24<br><sup>(11)</sup> | 2.25 | (1.88) | 150 |
| 16.09 | $98.94 | 19.42% | $792925 | 1.16% | 1.16% | (0.79)% | 2% |
| 23.11 | 82.85 | 38.68 | 851967 | 1.16 | 1.16 | (0.82) | 23 |
| 6.43 | 59.74 | 32.48<br><sup>(12)</sup> | 670734 | 1.17<br><sup>(11)</sup> | 1.17 | (0.78) | 55 |
| (48.03) | 53.31 | (31.89) | 772161 | 1.16<br><sup>(11)</sup> | 1.16 | (0.79) | 126 |
| 19.91 | 101.34 | 45.53 | 1386911 | 1.17<br><sup>(11)</sup> | 1.18 | (0.80) | 150 |

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(13) Net
expense ratio includes extraordinary European Union tax reclaim expenses.

(14) See Note 4D in the Notes to Financial Statements for information
on recapture of expenses previously reimbursed.

(15) Ratios of total expenses excluding interest expense on borrowings
for the year ended June 30, 2024 were 1.63% (Class A), 2.38% (Class C) and 1.28% (Institutional Class).

(16) The
Fund's portfolio turnover rate decreased substantially during the period due to a change in the
Fund's subadviser and associated repositioning in 2023.

(17) Total return would have been lower without the payment from
affiliate.

(18) Includes
the impact of refunded European Union tax reclaims. If these reclaims were not included, the net
investment income per share would be $0.28 (Class A), $0.12 (Class C), $0.36 (Institutional Class),
and $0.38 (Class R6). The net investment income ratios would be 1.43% (Class A), 0.65% (Class C),
1.82% (Institutional Class), and 1.89% (Class R6).

(19) Total Return includes the impact of refunded European Union
tax reclaims. If these reclaims were not included, the total return would be 19.60% (Class A), 18.74%
(Class C), 20.02% (Institutional Class), and 20.13% (Class R6).

(20) Net expense ratio includes extraordinary European Union tax
reclaim expenses. Ratios of total net expenses excluding European Union tax reclaim expenses for the
year ended June 30, 2025 would be 1.30% (Class A), 2.05% (Class C), 0.95% (Institutional Class), and
0.90% (Class R6).

(21) Ratios
of total expenses excluding interest expense on borrowings for the year ended June 30, 2024 were 2.05%
(Class C) and 0.90% (Class R6).

(22) Inception date.

(23) Portfolio turnover is representative of the Fund for the entire
period.

<br> 134 Virtus Mutual Funds

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**This Appendix A is part of, and is incorporated into, the prospectus.**

### Appendix A

### Intermediary Sales Charge Discounts and Waivers
Specific intermediaries may have different policies and procedures regarding the availability of front-end sales load waivers or CDSC waivers, which are discussed below. In all instances, it is the purchaser's responsibility to notify the fund or the purchaser's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. For waivers and discounts not available through a particular intermediary, in order to receive these waivers or discounts shareholders will have to purchase fund shares through another intermediary offering such waivers or discounts or directly from the fund if the fund offers such waivers or discounts. Please see the section entitled "Sales Charges – What arrangement is best for you?" for more information on sales charges and waivers available for different classes.

#### Ameriprise Financial

#### Front-end sales charge reductions on Class A shares purchased through Ameriprise Financial
 *Transaction size breakpoints,* as described in this prospectus or the SAI.

 *Rights of accumulation (ROA),* as described in this prospectus or the SAI.

 *Letter of intent,* as described in this prospectus or the SAI.

#### Front-end sales charge waivers on Class A shares purchased through Ameriprise Financial
Shareholders purchasing Class A shares of the fund through an Ameriprise Financial platform or account are eligible only for the following sales charge waivers, which may differ from those disclosed elsewhere in this prospectus or the SAI. Such shareholders may purchase Class A shares at NAV without payment of a sales charge as follows:

Shareholders purchasing fund shares through an Ameriprise Financial retail brokerage account are eligible for the following front-end sales charge waivers, which may differ from those disclosed elsewhere in this prospectus:

 shares purchased by employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

 shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the same fund family).

 shares exchanged from Class C shares of the same fund in the month of or following the seven-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load waived shares, that waiver will also apply to such exchanges.

 shares purchased by employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members.

 shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor's spouse, advisor's lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor's lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant.

 shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement).

#### CDSC waivers on Class A shares purchased through Ameriprise Financial
Fund shares purchased through an Ameriprise Financial platform or account are eligible only for the following CDSC waivers, which may differ from those disclosed elsewhere in this prospectus or the SAI:

 redemptions due to death or disability of the shareholder

 shares sold as part of a systematic withdrawal plan as described in this prospectus or the SAI

 redemptions made in connection with a return of excess contributions from an IRA account

 shares purchased through a Right of Reinstatement (as defined above)

 redemptions made as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code

#### Edward D. Jones & Co., L.P. ("Edward Jones")

#### Policies Regarding Transactions Through Edward Jones
*The following information has been provided by Edward Jones:*

<br> Virtus Mutual Funds 135

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**Effective on or after August 23, 2024, the following information supersedes prior information with respect to transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also referred to as "shareholders") purchasing fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in this prospectus or SAI or through another broker-dealer. In all instances, it is the shareholder's responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of Virtus Funds, or other facts qualifying the purchaser for discounts or waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if they have questions regarding their eligibility for these discounts and waivers.**

#### Breakpoints
 Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.

#### Rights of Accumulation ("ROA")
 The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except certain money market funds and any assets held in group retirement plans) of Virtus Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations ("pricing groups"). If grouping assets as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a sales charge.

 The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.

 ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV).

#### Letter of Intent ("LOI")
 Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.

 If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer.

#### Sales Charge Waivers
Sales charges are waived for the following shareholders and in the following situations:

 Associates of Edward Jones and its affiliates and other accounts in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate's life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant to Edward Jones' policies and procedures.

 Shares purchased in an Edward Jones fee-based program.

 Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

 Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: the proceeds are from the sale of shares within 60 days of the purchase, the sale and purchase are made from a share class that charges a front load and one of the following ("Right of Reinstatement"):

 The redemption and repurchase occur in the same account.

 The redemption proceeds are used to process an: IRA contribution, excess contributions, conversion, recharacterizing of contributions, or distribution, and the repurchase is done in an account within the same Edward Jones grouping for ROA.

The Right of Reinstatement excludes systematic or automatic transactions including, but not limited to, purchases made through payroll deductions, liquidations to cover account fees, and reinvestments from non-mutual fund products.

 Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.

 Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

#### Contingent Deferred Sales Charge ("CDSC") Waivers
If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is responsible to pay the CDSC except in the following conditions:

<br> 136 Virtus Mutual Funds

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 The death or disability of the shareholder.

 Systematic withdrawals with up to 10% per year of the account value.

 Return of excess contributions from an Individual Retirement Account (IRA).

 Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

 Shares sold to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

 Shares exchanged in an Edward Jones fee-based program.

 Shares acquired through NAV reinstatement.

 Shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below.

#### Other Important Information Regarding Transactions Through Edward Jones

#### Minimum Purchase Amounts
 Initial purchase minimum: $250

 Subsequent purchase minimum: none

#### Minimum Balances
Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

 A fee-based account held on an Edward Jones platform.

 A 529 account held on an Edward Jones platform.

 An account with an active systematic investment plan or LOI.

#### Exchanging Share Classes
 At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder's holdings in a fund to Class A shares of the same fund.

#### Janney Montgomery Scott LLC
Effective May 1, 2020, if you purchase fund shares through a Janney Montgomery Scott LLC ("Janney") brokerage account, you will be eligible for the following load waivers (front-end sales charge waivers and contingent deferred sales charge ("CDSC"), or back-end sales charge, waivers) and discounts, which may differ from those disclosed elsewhere in this fund's prospectus or the SAI.

#### Front-end Sales Charge\* Waivers on Class A Shares available at Janney
 Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

 Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

 Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., right of reinstatement).

 Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

 Shares acquired through a right of reinstatement.

 Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney's policies and procedures.

#### CDSC Waivers on Class A Shares and Class C Shares available at Janney
 Shares sold upon the death or disability of the shareholder.

 Shares sold as part of a systematic withdrawal plan as described in this prospectus.

 Shares purchased in connection with a return of excess contributions from an IRA account.

 Shares sold as part of a required minimum distribution for IRA and other retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the fund's prospectus.

 Shares sold to pay Janney fees but only if the transaction is initiated by Janney.

 Shares acquired through a right of reinstatement.

<br> Virtus Mutual Funds 137

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 Shares exchanged into the same share class of a different fund.

#### Front-end Sales Charge\* Discounts Available at Janney: Breakpoints, Rights of Accumulation, and/or Letters of Intent
 Breakpoints as described in this prospectus.

 Rights of accumulation ("ROA"), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of fund family assets held by accounts (including 529 program holdings, where applicable) within the purchaser's household at Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial professional about such assets.

 Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial professional about such assets.

\*Also referred to as an "initial sales charge."

#### J.P. Morgan Securities LLC
Effective September 29, 2023, if you purchase or hold fund shares through an applicable J.P. Morgan Securities LLC brokerage account, you will be eligible for the following sales charge waivers (front-end sales charge waivers and contingent deferred sales charge ("CDSC"), or back-end sales charge, waivers), share class conversion policy and discounts, which may differ from those disclosed elsewhere in these funds' prospectus or Statement of Additional Information.

#### Front-end sales charge waivers on Class A shares available at J.P. Morgan Securities LLC
 Shares exchanged from Class C (i.e., level-load) shares that are no longer subject to a CDSC and are exchanged into Class A shares of the same fund pursuant to J.P. Morgan Securities LLC's share class exchange policy.

 Qualified employer-sponsored defined contribution and defined benefit retirement plans, nonqualified deferred compensation plans, other employee benefit plans and trusts used to fund those plans. For purposes of this provision, such plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or 501(c)(3) accounts.

 Shares of funds purchased through J.P. Morgan Securities LLC Self-Directed Investing accounts.

 Shares purchased through rights of reinstatement.

 Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

 Shares purchased by employees and registered representatives of J.P. Morgan Securities LLC or its affiliates and their spouse or financial dependent as defined by J.P. Morgan Securities LLC.

#### Class C to Class A share conversion
 A shareholder in the fund's Class C shares will have their shares converted by J.P. Morgan Securities LLC to Class A shares (or the appropriate share class) of the same fund if the shares are no longer subject to a CDSC and the conversion is consistent with J.P. Morgan Securities LLC's policies and procedures.

#### CDSC waivers on Class A and C shares available at J.P. Morgan Securities LLC
 Shares sold upon the death or disability of the shareholder.

 Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus.

 Shares purchased in connection with a return of excess contributions from an IRA account.

 Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code.

 Shares acquired through a right of reinstatement.

#### Front-end load discounts available at J.P. Morgan Securities LLC: breakpoints, rights of accumulation & letters of intent
 Breakpoints as described in the prospectus.

 Rights of Accumulation ("ROA") which entitle shareholders to breakpoint discounts as described in the fund's prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at J.P. Morgan Securities LLC. Eligible fund family assets not held at J.P. Morgan Securities LLC (including 529 program holdings, where applicable) may be included in the ROA calculation only if the shareholder notifies their financial advisor about such assets.

 Letters of Intent ("LOI") which allow for breakpoint discounts based on anticipated purchases within a fund family, through J.P. Morgan Securities LLC, over a 13-month period of time (if applicable).

<br> 138 Virtus Mutual Funds

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#### Merrill Lynch ("Merrill")
Purchases or sales of front-end (i.e. Class A) or level-load (i.e. Class C) mutual fund shares through a Merrill platform or account will be eligible only for the following sales load waivers (front-end, contingent deferred, or back-end waivers) and discounts, which differ from those disclosed elsewhere in this Fund's prospectus. Purchasers will have to buy mutual fund shares directly from the mutual fund company or through another intermediary to be eligible for waivers or discounts not listedbelow.

It is the client's responsibility to notify Merrill at the time of purchase or sale of any relationship or other facts that qualify the transaction for a waiver or discount. A Merrill representative may ask for reasonable documentation of such facts and Merrill may condition the granting of a waiver or discount on the timely receipt of such documentation.

Additional information on waivers and discounts is available in the Merrill Sales Load Waiver and Discounts Supplement (the "Merrill SLWD Supplement") and in the Mutual Fund Investing at Merrill pamphlet at ml.com/funds. Clients are encouraged to review these documents and speak with their financial advisor to determine whether a transaction is eligible for a waiver or discount.

#### Front-end Load Waivers available at Merrill
 Shares of mutual funds available for purchase by employer-sponsored retirement, deferred compensation, and employee benefit plans (including health savings accounts) and trusts used to fund those plans provided the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans

 Shares purchased through a Merrill investment advisory program.

 Brokerage class shares exchanged from advisory class shares due to the holdings moving from a Merrill investment advisory program to a Merrill brokerage account

 Shares purchased through the Merrill Edge Self-Directed platform

 Shares purchased through the systematic reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same mutual fund in the same account

 Shares exchanged from level-load shares to front-end load shares of the same mutual fund in accordance with the description in the Merrill SLWD Supplement

 Shares purchased by eligible employees of Merrill or its affiliates and their family members who purchase shares in accounts within the employee's Merrill Household (as defined in the Merrill SLWD Supplement)

 Shares purchased by eligible persons associated with the fund as defined in this prospectus (e.g. the fund's officers or trustees)

 Shares purchased from the proceeds of a mutual fund redemption in front-end load shares provided (1) the repurchase is in a mutual fund within the same fund family, (2) the repurchase occurs within 90 calendar days from the redemption trade date, and (3) the redemption and purchase occur in the same account (known as Rights of Reinstatement). Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill's account maintenance fees are not eligible for Rights of Reinstatement

#### Contingent Deferred Sales Charge ("CDSC") Waivers on Front-end, Back-end, and Level Load Shares available at Merrill
 Shares sold due to the client's death or disability (as defined by Internal Revenue Code Section 22e(3))

 Shares sold pursuant to a systematic withdrawal program subject to Merrill's maximum systematic withdrawal limits as described in the Merrill SLWD Supplement

 Shares sold due to return of excess contributions from an IRA account

 Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the investor reaching the qualified age based on applicable IRS regulation

* Front-end or level-load shares held in commission-based, non-taxable retirement brokerage accounts (e.g. traditional, Roth, rollover, SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans) that are transferred to fee-based accounts or platforms and exchanged for a lower cost share class of the same mutual fund* 

#### Front-end Load Discounts on Class A Shares Available at Merrill: Breakpoints, Rights of Accumulation & Letters of Intent
 Breakpoint discounts, as described in this prospectus, where the sales load is at or below the maximum sales load that Merrill permits to be assessed to a front-end load purchase, as described in the Merrill SLWD Supplement

 Rights of Accumulation (ROA), as described in the Merrill SLWD Supplement, which entitle clients to breakpoint discounts based on the aggregated holdings of mutual fund family assets held in accounts in their Merrill Household

 Letters of Intent (LOI), which allow for breakpoint discounts on eligible new purchases based on anticipated future eligible purchases within a fund family at Merrill, in accounts within your Merrill Household, as further described in the Merrill SLWD Supplement

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#### Morgan Stanley
Effective July 1, 2018, shareholders purchasing fund shares through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in this prospectus or the SAI.

#### Front-end Sales Charge Waivers on Class A Shares available at Morgan Stanley Wealth Management
 Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

 Morgan Stanley employee and employee-related accounts according to Morgan Stanley's account linking rules.

 Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund.

 Shares purchased through a Morgan Stanley self-directed brokerage account.

 Class C (i.e., level-load) Shares that are no longer subject to a contingent deferred sales charge and are converted to Class A Shares of the same fund pursuant to Morgan Stanley Wealth Management's share class conversion program.

 Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within ninety (90) days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge.

#### Oppenheimer & Co. Inc. ("OPCO")
Effective February 26, 2020, shareholders purchasing fund shares through an OPCO platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or SAI.

#### Front-end Sales Charge Waivers on Class A Shares available at OPCO
 Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan.

 Shares purchased by or through a 529 Plan.

 Shares purchased through a OPCO affiliated investment advisory program.

 Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

 Shares purchased using the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same amount, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Restatement).

 A shareholder in the fund's Class C shares will have their shares exchanged at net asset value into Class A shares (or the appropriate share class) of the fund if the shares are no longer subject to a CDSC and the exchange is in line with the policies and procedures of OPCO.

 Employees and registered representatives of OPCO or its affiliates and their family members.

 Directors or Trustees of the fund, and employees of the fund's investment adviser or any of its affiliates, as described in this prospectus.

#### CDSC Waivers on Class A Shares and Class C Shares available at OPCO
 Death or disability of the shareholder.

 Shares sold as part of a systematic withdrawal plan as described in this prospectus.

 Return of excess contributions from an IRA account.

 Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS guidance.

 Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO.

 Shares acquired through a right of reinstatement.

#### Front-end Sales Charge Discounts Available at OPCO: Breakpoints, Rights of Accumulation, and/or Letters of Intent
 Breakpoints as described in this prospectus.

 Rights of accumulation ("ROA"), which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at OPCO. Eligible fund family assets not held at OPCO may be included in the ROA calculation only if the shareholder notifies his or her financial professional about such assets.

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#### Raymond James & Associates, Inc., Raymond James Financial Services, Inc. and each such entity's affiliates ("Raymond James")
Effective March 1, 2019, shareholders purchasing fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or the SAI.

#### Front-end Sales Load Waivers on Class A Shares available at Raymond James
 Shares purchased in an investment advisory program.

 Shares purchased within the same fund family through a systematic reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

 Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

 Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

 A shareholder in a fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James.

#### CDSC Waivers on Class A Shares and Class C Shares available at Raymond James
 Death or disability of the shareholder.

 Shares sold as part of a systematic withdrawal plan as described in this prospectus.

 Return of excess contributions from an IRA account.

 Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in this prospectus.

 Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

 Shares acquired through a right of reinstatement.

#### Front-end Load Discounts on Class A Shares Available at Raymond James: Breakpoints, and/or Rights of Accumulation, and/or Letters of Intent
 Breakpoints as described in this prospectus.

 Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial professional about such assets.

 Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial professional about such assets.

#### Robert W. Baird & Co. Incorporated ("Baird")
Effective June 15, 2020, shareholders purchasing fund shares through a Baird platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or the SAI.

#### Front-end Sales Charge Waivers on Class A Shares available at Baird
 Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing share of the same fund.

 Shares purchased by employees and registered representatives of Baird or its affiliate and their family members as designated by Baird.

 Shares purchased using the proceeds of redemptions from another Virtus fund, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same accounts, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as rights of reinstatement).

 Shareholders in Class C Shares will have their shares exchanged at net asset value into Class A shares of the same fund if the shares are no longer subject to CDSC and the exchange is in line with the policies and procedures of Baird.

 Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

#### CDSC Waivers on Class A Shares and Class C Shares available at Baird
 Shares sold due to the death or disability of the shareholder.

 Shares sold as part of a systematic withdrawal plan as described in this prospectus.

 Shares bought due to returns of excess contributions from an IRA account.

<br> Virtus Mutual Funds 141

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 Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable Internal Revenue Service regulations as described in this prospectus.

 Shares sold to pay Baird fees but only if the transaction is initiated by Baird.

 Shares acquired through a right of reinstatement.

#### Front-end Sales Charge Discounts Available at Baird: Breakpoints and/or Rights of Accumulations
 Breakpoints as described in this prospectus.

 Rights of accumulation ("ROA"), which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of Virtus fund assets held by accounts within the purchaser's household at Baird. Eligible Virtus fund assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial professional about such assets.

 Letters of intent ("LOI") allow for breakpoint discounts based on anticipated purchases of Virtus funds through Baird, over a 13-month period of time.

#### Stifel, Nicolaus & Company, Incorporated ("Stifel")
Effective July 1, 2020, shareholders purchasing fund shares through a Stifel platform or account or who own shares for which Stifel or an affiliate is the broker-dealer of record are eligible for the following additional sales charge waiver.

#### Front-end Sales Load Waiver on Class A Shares available at Stifel
 Class C shares that have been held for more than seven (7) years will be exchanged for Class A shares of the same fund pursuant to Stifel's policies and procedures without the imposition of a front-end sales load.

All other sales charge waivers and reductions described elsewhere in this prospectus or the SAI still apply.

<br> 142 Virtus Mutual Funds

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| |
|:---|
| Virtus Mutual Funds<br>P.O. Box 534470<br>Pittsburgh, PA 15253-4470 |
| **ADDITIONAL INFORMATION**<br>You can find more information about the funds in the following documents: |
| **Appendix A – Intermediary Sales Charge Discounts and Waivers**<br>Appendix A – Intermediary Sales Charge Discounts and Waivers contains more information about specific sales charge discounts and waivers available for shareholders who purchase fund shares through a specific intermediary. Appendix A is incorporated by reference and is legally part of this prospectus. |
| **Annual, Semiannual and Financials Reports** Annual, semiannual and financials reports contain more information about the funds' investments. A fund's annual report discusses the market conditions and investment strategies that significantly affected the fund's performance during the last fiscal year. In Form N-CSR, you will find the fund's annual and semi-annual financial statements. |
| **Statement of Additional Information (SAI)** The SAI contains more detailed information about the funds. It is incorporated by reference and is legally part of the prospectus.<br>To obtain free copies of these documents, you can download copies from the Our Products section of virtus.com, or you can request copies by calling Virtus Fund Services toll-free at 800-243-1574. You may also call this number to request other information about the funds or to make shareholder inquiries.<br>Information about the funds (including the SAI) is available on the EDGAR database on the SEC's website at http://www.sec.gov. You may also obtain copies upon payment of a duplicating fee by electronic request at publicinfo@sec.gov.<br>Virtus Fund Services: 800-243-1574 |
| **Daily NAV Information**<br>The daily NAV for each fund may be obtained from the Our Products section of virtus.com. |

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<br> Investment Company Act File No. 811-06161 <br> 8061 10-25

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#### Virtus Investment Trust

#### 101 Munson Street

#### Greenfield, MA 01301

#### STATEMENT OF ADDITIONAL INFORMATION

#### October 28, 2025
Virtus Investment Trust (the "Trust") is an open-end management investment company issuing shares in 13 separate series or "Funds", all of which are publicly offered and described herein.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **TICKER SYMBOL BY CLASS** | **TICKER SYMBOL BY CLASS** | **TICKER SYMBOL BY CLASS** | **TICKER SYMBOL BY CLASS** |
| **FUND** | **A** | **C** | **Institutional** | **R6** |
| Virtus Emerging Markets Opportunities Fund | AOTAX | AOTCX | AOTIX | AEMOX |
| Virtus Income & Growth Fund | AZNAX | AZNCX | AZNIX |  |
| Virtus KAR Global Small-Cap Fund | RGSAX | RGSCX | DGSCX |  |
| Virtus KAR Health Sciences Fund | RAGHX | RCGHX | HLHIX |  |
| Virtus NFJ Dividend Value Fund | PNEAX | PNECX | NFJEX | ANDVX |
| Virtus NFJ International Value Fund | AFJAX | AFJCX | ANJIX | ANAVX |
| Virtus NFJ Large-Cap Value Fund | PNBAX | PNBCX | ANVIX | VAAGX |
| Virtus NFJ Mid-Cap Value Fund | PQNAX | PQNCX | PRNIX | ANPRX |
| Virtus NFJ Small-Cap Value Fund | PCVAX | PCVCX | PSVIX | ANFVX |
| Virtus Silvant Focused Growth Fund | PGWAX | PGWCX | PGFIX | AFGFX |
| Virtus Silvant Mid-Cap Growth Fund | RMDAX | RMDCX | DRMCX | RMDZX |
| Virtus Small-Cap Fund | AZBAX | AZBCX | AZBIX | ASCFX |
| Virtus Zevenbergen Technology Fund | RAGTX | RCGTX | DRGTX |  |

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This Statement of Additional Information ("SAI") relates to the Class A, Class C, Institutional Class and Class R6 shares of the Funds (defined below). This SAI is not a prospectus, and it should be read in conjunction with the Prospectus dated October 28, 2025, as described below and as supplemented and amended from time to time. Each Fund's Prospectuses are incorporated by reference into this SAI, and the portions of this SAI that relate to each Fund have been incorporated by reference into such Fund's Prospectuses. The portions of this SAI that do not relate to a Fund do not form a part of such Fund's SAI, have not been incorporated by reference into such Fund's Prospectuses and should not be relied upon by investors in such Fund.

The Prospectuses may be obtained by downloading them from virtus.com; by calling VP Distributors, LLC at 800-243-1574; or by writing to the Distributor at One Financial Plaza, Hartford, CT 06103.

Capitalized terms used and not defined herein have the same meanings as those used in the Prospectuses.

The audited financial statements for the Funds appear in each Fund's annual Financials Report for the fiscal year ended June 30, 2025. The financial statements from the foregoing Financials Report are incorporated herein by reference. Shareholders may obtain a copy of the Funds' annual [Financials Report](http://www.sec.gov/ix?doc=/Archives/edgar/data/867297/000119312525195631/d99218dncsr.htm) dated June 30, 2025, without charge, by calling 800-243-1574 or by downloading it from virtus.com.

Transfer Agent: 800.243.1574

Adviser Consulting Group: 800.243.4361

Telephone Orders: 800.367.5877

Web Site: virtus.com

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#### **Table of Contents**

#### Page

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| | |
|:---|:---|
| [GLOSSARY](#x1x3) | [3](#x1x3) |
| [GENERAL INFORMATION AND HISTORY](#x2x3) | [7](#x2x3) |
| [MORE INFORMATION ABOUT FUND INVESTMENT STRATEGIES & RELATED RISKS](#x3x3) | [15](#x3x3) |
| [INVESTMENT LIMITATIONS](#x4x3) | [53](#x4x3) |
| [MANAGEMENT OF THE TRUST](#x5x3) | [57](#x5x3) |
| [CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES](#x6x3) | [71](#x6x3) |
| [INVESTMENT ADVISORY AND OTHER SERVICES](#x7x3) | [71](#x7x3) |
| [DISTRIBUTION PLANS](#x8x3) | [80](#x8x3) |
| [PORTFOLIO MANAGERS](#x9x3) | [82](#x9x3) |
| [BROKERAGE ALLOCATION AND OTHER PRACTICES](#x10x3) | [88](#x10x3) |
| [PURCHASE, REDEMPTION AND PRICING OF SHARES](#x11x3) | [90](#x11x3) |
| [INVESTOR ACCOUNT SERVICES AND POLICIES](#x12x3) | [93](#x12x3) |
| [DIVIDENDS, DISTRIBUTIONS AND TAXES](#x13x3) | [94](#x13x3) |
| [PERFORMANCE INFORMATION](#x14x3) | [101](#x14x3) |
| [FINANCIAL STATEMENTS](#x15x3) | [103](#x15x3) |
| [APPENDIX A — DESCRIPTION OF RATINGS](#x16x3) | A- [1](#x16x3) |
| [APPENDIX B — CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS](#x17x3) | B- [1](#x17x3) |

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No person has been authorized to give any information or to make any representations not contained in this SAI or in the Prospectuses in connection with the offering made by the Prospectuses, and, if given or made, such information or representations must not be relied upon as having been authorized by the Funds. The Prospectuses do not constitute an offering by the Funds in any jurisdiction in which such offering may not lawfully be made.

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#### GLOSSARY

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| | |
|:---|:---|
| 1933 Act | The Securities Act of 1933, as amended |
| 1940 Act | The Investment Company Act of 1940, as amended |
| ACH | Automated Clearing House, a nationwide electronic money transfer system that provides for the inter-bank clearing of credit and debit transactions and for the exchange of information among participating financial institutions |
| Administrator | The Trust's administrative agent, Virtus Fund Services, LLC |
| ADRs | American Depositary Receipts |
| ADSs | American Depositary Shares |
| Adviser | The investment adviser to the Funds, Virtus Investment Advisers, LLC (formerly known as Virtus Investment Advisers, Inc.) |
| AllianzGI U.S. | Allianz Global Investors U.S. LLC, former subadviser to Emerging Markets Opportunities Fund, Focused Growth Fund, Global Small-Cap Fund, Health Sciences Fund, Income & Growth Fund, Mid-Cap Growth Fund, Small-Cap Fund and Technology Fund |
| BNY | BNY Mellon Investment Servicing (US) Inc., the sub-administrative and accounting agent and sub-transfer agent for the Funds |
| Board | The Board of Trustees of Virtus Investment Trust (also referred to herein as the "Trustees") |
| CCO | Chief Compliance Officer |
| CDRs | Continental Depositary Receipts (another name for EDRs) |
| CDSC | Contingent Deferred Sales Charge |
| CEA | Commodity Exchange Act, which is the U.S. law governing trading in commodity futures |
| CFTC | Commodity Futures Trading Commission, which is the U.S. regulator governing trading in commodity futures |
| Code | The Internal Revenue Code of 1986, as amended, which is the law governing U.S. federal taxes |
| Custodian | The custodian of the Funds' assets, The Bank of New York Mellon |
| Distributor | The principal underwriter of shares of the Funds, VP Distributors, LLC |
| Dividend Value Fund | Virtus NFJ Dividend Value Fund |
| EDRs | European Depositary Receipts (another name for CDRs) |
| Emerging Markets Opportunities Fund | Virtus Emerging Markets Opportunities Fund |

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| | |
|:---|:---|
| FHFA | Federal Housing Finance Agency, an independent Federal agency that regulates FNMA, FHLMC and the twelve Federal Home Loan Banks |
| FHLMC | Federal Home Loan Mortgage Corporation, also known as "Freddie Mac", which is a government-sponsored corporation formerly owned by the twelve Federal Home Loan Banks and now owned entirely by private stockholders |
| FINRA | Financial Industry Regulatory Authority, a self-regulatory organization with authority over registered broker-dealers operating in the United States, including VP Distributors |
| Fitch | Fitch Ratings, Inc. |
| FNMA | Federal National Mortgage Association, also known as "Fannie Mae", which is a government-sponsored corporation owned entirely by private stockholders and subject to general regulation by the Secretary of Housing and Urban Development |
| Focused Growth Fund | Virtus Silvant Focused Growth Fund |
| Fund Complex | The group of Funds sponsored by Virtus and managed by the Adviser or its affiliates, including the Virtus Funds and certain other closed-end funds |
| Funds | The series of the Trust discussed in this SAI |
| GDRs | Global Depositary Receipts |
| GICs | Guaranteed Investment Contracts |
| Global Small-Cap Fund | Virtus KAR Global Small-Cap Fund |
| GNMA | Government National Mortgage Association, also known as "Ginnie Mae", which is a wholly-owned United States Government corporation within the Department of Housing and Urban Development |
| Health Sciences Fund | Virtus KAR Health Sciences Fund |
| IMF | International Monetary Fund, an international organization seeking to promote international economic cooperation, international trade, employment and exchange rate stability, among other things |
| Income & Growth Fund | Virtus Income & Growth Fund |
| Independent Trustees | Those members of the Board who are not "interested persons" as defined by the 1940 Act |
| International Value Fund | Virtus NFJ International Value Fund |
| IRA | Individual Retirement Account |
| IRS | The United States Internal Revenue Service, which is the arm of the U.S. government that administers and enforces the Code |
| KAR | Kayne Anderson Rudnick Investment Management, LLC, subadviser to the Global Small-Cap Fund and Health Sciences Fund  |
| KAR Funds | Collectively, Global Small-Cap Fund and Health Sciences Fund  |

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| | |
|:---|:---|
| Large-Cap Value Fund | Virtus NFJ Large-Cap Value Fund |
| Mid-Cap Growth Fund | Virtus Silvant Mid-Cap Growth Fund |
| Mid-Cap Value Fund | Virtus NFJ Mid-Cap Value Fund |
| Moody's | Moody's Investors Service, Inc. |
| NAV | Net Asset Value, which is the per-share price of a Fund |
| NFJ | NFJ Investment Group, LLC, subadviser to Dividend Value Fund, International Value Fund, Large-Cap Value Fund, Mid-Cap Value Fund and Small-Cap Value Fund |
| NFJ Funds | Collectively, Dividend Value Fund, International Value Fund, Large-Cap Value Fund, Mid-Cap Value Fund and Small-Cap Value Fund |
| NYSE | New York Stock Exchange |
| OCC | Options Clearing Corporation, a large equity derivatives clearing corporation |
| PERLS | Principal Exchange Rate Linked Securities |
| Prospectuses | The prospectuses for the Funds, as amended from time to time |
| PwC | PricewaterhouseCoopers LLP, the independent registered public accounting firm for the Trust |
| RIC | Regulated Investment Company, a designation under the Code indicating a U.S.-registered investment company meeting the specifications under the Code allowing the investment company to be exempt from paying U.S. federal income taxes on income and capital gains distributed (or deemed to be distributed) to its shareholders |
| S&P | S&P Global Ratings |
| S&P 500<sup>®</sup> Index | The Standard & Poor's 500<sup>®</sup> Index, which is a free-float market capitalization-weighted index of 500 of the largest U.S. companies, calculated on a total return basis with dividends reinvested |
| SAI | Statement of Additional Information, such as this document, which is a part of a mutual fund registration statement |
| SEC | U.S. Securities and Exchange Commission |
| Silvant | Silvant Capital Management LLC, subadviser to the Focused Growth Fund and Mid-Cap Growth Fund |
| Silvant Funds | Collectively, Focused Growth Fund and Mid-Cap Growth Fund |
| Small-Cap Fund | Virtus Small-Cap Fund |
| Small-Cap Value Fund | Virtus NFJ Small-Cap Value Fund |
| SMBS | Stripped Mortgage-backed Securities |

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| | |
|:---|:---|
| SOFR | Secured Overnight Financing Rate |
| Technology Fund | Virtus Zevenbergen Technology Fund |
| Transfer Agent | The Trust's transfer agent, Virtus Fund Services, LLC |
| Treasury Regulations | The Treasury Regulations promulgated under the Code |
| Trust | Virtus Investment Trust |
| VA | Virtus Advisers, LLC, an affiliate of VIA |
| VFS | Virtus Fund Services, LLC, the Administrator and Transfer Agent of the Trust |
| VIA | Virtus Investment Advisers, LLC (formerly known as Virtus Investment Advisers, Inc.), the Adviser to the funds |
| Virtus | Virtus Investment Partners, Inc., which is the parent company of the Adviser, the Distributor, the Administrator/Transfer Agent and each subadviser to the Funds other than Voya |
| Virtus Funds | The family of funds consisting of the Funds, The Merger Fund<sup>®</sup>, The Merger Fund<sup>®</sup> VL, the series of Virtus Alternative Solutions Trust, the series of Virtus Asset Trust, the series of Virtus Equity Trust, the series of Virtus Event Opportunities Trust, the series of Virtus Opportunities Trust, the series of Virtus Strategy Trust, the series of Virtus Variable Insurance Trust, and certain affiliated closed-end funds |
| Virtus Mutual Funds | The family of open-end funds consisting of the Funds, The Merger Fund<sup>®</sup>, the series of Virtus Alternative Solutions Trust, the series of Virtus Asset Trust, the series of Virtus Equity Trust, the series of Virtus Event Opportunities Trust, the series of Virtus Opportunities Trust and the series of Virtus Strategy Trust |
| Virtus Systematic | Virtus Systematic, an operating division of VA, subadviser to Emerging Markets Opportunities Fund and Small-Cap Fund |
| Voya | Voya Investment Management Co., LLC, subadviser to Income & Growth Fund |
| VP Distributors | VP Distributors, LLC, the Trust's Distributor |
| Zevenbergen | Zevenbergen Capital Investments LLC, subadviser to the Technology Fund |

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#### GENERAL INFORMATION AND HISTORY
Virtus Investment Trust (the "Trust") is an open-end management investment company ("mutual fund") that currently consists of thirteen separate investment series.

This Statement of Additional Information relates to the prospectus for the following series of the Trust: the Dividend Value Fund, the Emerging Markets Opportunities Fund, the Focused Growth Fund, the Global Small-Cap Fund, the Health Sciences Fund, the Income & Growth Fund, the International Value Fund, the Large-Cap Value Fund, the Mid-Cap Growth Fund, the Mid-Cap Value Fund, the Small-Cap Fund, the Small-Cap Value Fund and the Technology Fund. The Trust may, from time to time, create additional series offered through new, revised or supplemented prospectuses or private placement memoranda and statements of additional information. There are a number of other funds referred to throughout this Statement of Additional Information that were formerly series of the Trust as noted below.

The Trust was organized as a Massachusetts business trust on August 24, 1990. On January 17, 1997, the Trust and PIMCO Advisors Funds, a separate trust, were involved in a transaction in which certain series of PIMCO Advisors Funds reorganized into series of the Trust. In connection with this transaction, the Trust changed its name from PIMCO Funds: Equity Advisors Series to PIMCO Funds: Multi-Manager Series. The Trust changed its name to Allianz Funds effective March 3, 2005. Prior to being known as PIMCO Funds: Equity Advisors Series, the Trust was named PIMCO Advisors Institutional Funds, PFAMCO Funds and PFAMCO Fund. The Global Small-Cap Fund, the Health Sciences Fund, the Mid-Cap Fund and the Technology Fund were reorganized into the Trust on February 1, 2002 when shares of their predecessor funds, each a series of Dresdner RCM Global Funds, Inc., were exchanged for shares of these funds. The Emerging Markets Opportunities Fund was reorganized on August 18, 2006 when the Nicholas-Applegate Emerging Markets Opportunities Fund reorganized into the Emerging Markets Opportunities Fund by transferring substantially all of its assets and liabilities to the Emerging Markets Opportunities Fund in exchange for Institutional Class shares of the Emerging Markets Opportunities Fund.

Effective February 1, 2021, the name of each fund listed in the column entitled "Previous Name" in the table below was changed to the corresponding name listed in the column entitled "Subsequent Name." In addition, effective February 1, 2021, the name of the Trust changed from "Allianz Funds" to "Virtus Investment Trust."

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| | |
|:---|:---|
| **Previous Name** | **Subsequent Name** |
| AllianzGI Dividend Value Fund | Virtus NFJ Dividend Value Fund |
| AllianzGI Emerging Markets Opportunities Fund | Virtus AllianzGI Emerging Markets Opportunities Fund |
| AllianzGI Focused Growth Fund | Virtus AllianzGI Focused Growth Fund |
| AllianzGI Global Small-Cap Fund | Virtus AllianzGI Global Small-Cap Fund |
| AllianzGI Health Sciences Fund | Virtus AllianzGI Health Sciences Fund |
| AllianzGI Income & Growth Fund | Virtus AllianzGI Income & Growth Fund |
| AllianzGI International Value Fund | Virtus NFJ International Value Fund |
| AllianzGI Large-Cap Value Fund | Virtus NFJ Large-Cap Value Fund |
| AllianzGI Mid-Cap Fund | Virtus AllianzGI Mid-Cap Growth Fund |
| AllianzGI Mid-Cap Value Fund | Virtus NFJ Mid-Cap Value Fund |
| AllianzGI Small-Cap Fund | Virtus AllianzGI Small-Cap Fund |
| AllianzGI Small-Cap Value Fund | Virtus NFJ Small-Cap Value Fund |
| AllianzGI Technology Fund | Virtus AllianzGI Technology Fund |

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Effective July 25, 2022, AllianzGI was removed as subadviser to the Funds. As a result, the name of each Fund listed in the column entitled "Previous Name" in the table below was changed to the corresponding name listed in the column entitled "Subsequent Name."

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| | |
|:---|:---|
| **Previous Name** | **Subsequent Name** |
| Virtus AllianzGI Emerging Markets Opportunities Fund | Virtus Emerging Markets Opportunities Fund |
| Virtus AllianzGI Income & Growth Fund | Virtus Income & Growth Fund |
| Virtus AllianzGI Global Small-Cap Fund | Virtus KAR Global Small-Cap Fund |
| Virtus AllianzGI Health Sciences Fund | Virtus KAR Health Sciences Fund |

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| | |
|:---|:---|
| **Previous Name** | **Subsequent Name** |
| Virtus AllianzGI Focused Growth Fund | Virtus Silvant Focused Growth Fund |
| Virtus AllianzGI Mid-Cap Growth Fund | Virtus Silvant Mid-Cap Growth Fund |
| Virtus AllianzGI Small-Cap Fund | Virtus Small-Cap Fund |
| Virtus AllianzGI Technology Fund | Virtus Zevenbergen Technology Fund |

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The Trust's Prospectuses describe the investment objectives of the funds and the strategies that each fund will employ in seeking to achieve its investment objective. The respective investment objective for Focused Growth Fund is a fundamental policy and may not be changed without the vote of a majority of the outstanding voting securities of that Fund. The respective investment objective(s) for each of the other funds is a non-fundamental

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| | | | |
|:---|:---|:---|:---|
| **Fund Type** | **Fund** | **Fund** | **Investment Objective(s)** |
| Equity | Virtus Income & Growth Fund | Virtus Income & Growth Fund | The fund has an investment objective of total return comprised of current income, current gains and capital appreciation |
|  | Virtus KAR Health Sciences Fund | Virtus KAR Health Sciences Fund | The fund has an investment objective of long-term capital appreciation |
|  | Virtus NFJ Dividend Value Fund | Virtus NFJ Dividend Value Fund | The fund has an investment objective of long-term growth of capital and income |
|  | Virtus NFJ Large-Cap Value Fund | Virtus NFJ Large-Cap Value Fund | The fund has an investment objective of long-term growth of capital and income |
|  | Virtus NFJ Mid-Cap Value Fund | Virtus NFJ Mid-Cap Value Fund | The fund has an investment objective of long-term growth of capital and income |
|  | Virtus NFJ Small-Cap Value Fund | Virtus NFJ Small-Cap Value Fund | The fund has an investment objective of long-term growth of capital and income |
|  | Virtus Silvant Focused Growth Fund | Virtus Silvant Focused Growth Fund | The fund has an investment objective of long-term capital appreciation |
|  | Virtus Silvant Mid-Cap Growth Fund | Virtus Silvant Mid-Cap Growth Fund | The fund has an investment objective of long-term capital appreciation |
|  | Virtus Small-Cap Fund | Virtus Small-Cap Fund | The fund has an investment objective of long-term capital appreciation |
|  | Virtus Zevenbergen Technology Fund | Virtus Zevenbergen Technology Fund | The fund has an investment objective of long-term capital appreciation |
| International/Global | Virtus Emerging Opportunities Fund | The fund has an investment objective of maximum long-term capital appreciation | The fund has an investment objective of maximum long-term capital appreciation |
|  | Virtus KAR Global Small-Cap Fund | The fund has an investment objective of long-term capital appreciation | The fund has an investment objective of long-term capital appreciation |
|  | Virtus NFJ International Value Fund | The fund has an investment objective of long-term growth of capital and income | The fund has an investment objective of long-term growth of capital and income |

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#### Capital Stock and Organization of the Trust
The Trust is a Massachusetts business trust established under an Agreement and Declaration of Trust, as amended and restated on January 14, 1997, and as further amended and restated effective September 9, 2005 and July 16, 2007 (the "Agreement and Declaration of Trust"). The capitalization of the Trust consists solely of an unlimited number of shares of beneficial interest each with a par value of $0.0001 or such other amount as may be fixed from time to time by the Trustees. The Board may establish additional series (with different investment objectives and fundamental policies) at any time in the future. Establishment and offering of additional series will not alter the rights of the Trust's shareholders.

Holders of shares of a fund have equal rights with regard to voting, redemptions, dividends, distributions, and liquidations with respect to that fund. Shareholders of all funds vote on the election of Trustees. On matters affecting an individual fund (such as approval of an investment advisory

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agreement or a change in fundamental investment policies) and also on matters affecting an individual class (such as approval of matters relating to a Plan of Distribution for a particular class of shares), a separate vote of that fund or class is required. The Trust does not hold regular meetings of shareholders of the funds. The Board will call a meeting of shareholders of a fund when at least 10% of the outstanding shares of that fund entitled to vote on the matter so request in writing. If the Board fails to call a meeting after being so notified, the shareholders may call the meeting. The Board will assist the shareholders by identifying other shareholders or mailing communications, as required under Section 16(c) of the 1940 Act.

Shares are fully paid, nonassessable and redeemable when they are issued. Shares do not have cumulative voting rights, preemptive rights or subscription rights. The assets received by the Trust for the issue or sale of shares of each fund, and any class thereof and all income, earnings, profits and proceeds thereof, are allocated to such fund, and class, respectively, subject only to the rights of creditors, and constitute the underlying assets of such fund or class. The underlying assets of each fund are required to be segregated on the books of account, and are to be charged with the expenses in respect to such fund and with a share of the general expenses of the Trust. Any general expenses of the Trust not readily identifiable as belonging to a particular fund or class will be allocated by or under the direction of the Board as it determines to be fair. The Trust is not bound to recognize any transfer of shares of a fund or class until the transfer is recorded on the Trust's books pursuant to policies and procedures of the Transfer Agent.

Shares begin earning dividends on fund shares the day after the Trust receives the shareholder's purchase payment. Net investment income from interest and dividends, if any, will be declared and paid quarterly to shareholders of record by the Dividend Value Fund, International Value Fund and Large-Cap Value Fund, and monthly to shareholders of record by the Income & Growth Fund. Net investment income from interest and dividends, if any, will be declared and paid at least annually to shareholders of record by the other funds. Any net capital gains from the sale of portfolio securities will be distributed no less frequently than once annually. Net short-term capital gains may be paid more frequently. Dividend and capital gain distributions of a fund will be reinvested in additional shares of that fund or Portfolio unless the shareholder elects to have the distributions paid in cash.

Under Massachusetts law, shareholders could, under certain circumstances, be held liable for the obligations of the Trust. However, the Declaration of Trust disclaims shareholder liability for acts or obligations of the Trust and requires that notice of such disclaimer be given in each agreement, obligation or instrument entered into or executed by the Trust or the Trustees. The Declaration of Trust also provides for indemnification out of a fund's property for all loss and expense of any shareholder of that fund held liable on account of being or having been a shareholder. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which such disclaimer is inoperative or the fund of which he or she is or was a shareholder is unable to meet its obligations, and thus should be considered remote.

#### Diversification of Funds
Each Fund is diversified under the 1940 Act with the exception of Technology Fund and Focused Growth Fund which are non-diversified funds. Each Fund also intends to diversify its assets to the extent necessary to qualify for tax treatment as a RIC under the Code. (For information regarding qualification under the Code, see "Dividends, Distributions and Taxes" in this SAI.)

#### Fund Names and Investment Policies
Each of the Funds noted below has a name that suggests a focus on a particular type of investment. In accordance with Rule 35d-1 under the 1940 Act, each of these Funds has adopted a policy that it will, under normal circumstances, invest at least 80% of its assets in investments of the type suggested by its name. For this policy, "assets" means net assets plus the amount of any borrowings for investment purposes. In addition, in appropriate circumstances, synthetic investments may be included in the 80% basket if they have economic characteristics similar to the other investments included in the basket. A Fund's policy to invest at least 80% of its assets in such a manner is not a "fundamental" one, which means that it may be changed without a vote of a majority of the Fund's outstanding shares as defined in the 1940 Act. However, under Rule 35d-1, shareholders must be given written notice at least 60 days prior to any change by a Fund of its 80% investment policy.

Each of the Funds listed below has a policy that states at least 80% of its assets will be invested in investments of the type suggested by its name.

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| | |
|:---|:---|
| Dividend Value Fund | Mid-Cap Growth Fund |
| Emerging Markets Opportunities Fund | Mid-Cap Value Fund |
| Global Small-Cap Fund | Small-Cap Fund |
| Health Sciences Fund | Small-Cap Value Fund |
| Large-Cap Value Fund | Technology Fund |

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Under such policies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Dividend Value Fund normally invests at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks and other equity securities of companies that pay or are expected to pay dividends.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Emerging Markets Opportunities Fund normally invests at least 80% of its net assets (plus borrowings made for investment purposes) in the securities of companies that are tied economically to countries with emerging securities markets- that is, countries with securities markets which are, in the opinion of the portfolio managers, less sophisticated than more developed markets in terms of participation by investors, analyst coverage, liquidity and regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Global Small-Cap Fund normally invests at least 80% of its net assets (plus borrowings made for investment purposes) in equity securities of global small-capitalization companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Health Sciences Fund normally invests at least 80% of its net assets (plus borrowings made for investment purposes) in health sciences-related companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Large-Cap Value Fund normally invests at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks and other equity securities of companies with large market capitalizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Mid-Cap Growth Fund normally invests at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks and other equity securities of medium-sized companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Mid-Cap Value Fund normally invests at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks and other equity securities of companies with medium market capitalizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The Small-Cap Fund normally invests at least 80% of its net assets (plus borrowings made for investment purposes) in companies with smaller market capitalizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The Small-Cap Value Fund normally invests at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks and other equity securities of companies with smaller market capitalizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The Technology Fund normally invests at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks of U.S. companies and other U.S.-traded equity securities of technology companies.

#### Portfolio Turnover
The portfolio turnover rate of each Fund is calculated by dividing the lesser of purchases or sales of portfolio securities during the fiscal year by the monthly average of the value of the Fund's securities (excluding all securities, including options, with maturities at the time of acquisition of one year or less). All long-term securities, including long-term U.S. Government securities, are included. A high rate of portfolio turnover generally involves correspondingly greater brokerage commission expenses, which must be borne directly by the Fund. Turnover rates may vary greatly from year to year as well as within a particular year and also may be affected by cash requirements for redemptions of each Fund's shares and by requirements that enable the Trust to receive certain favorable tax treatments. The portfolio turnover rate for each Fund that has completed a fiscal period of operations is set forth in its summary prospectus and under "Financial Highlights" in the Prospectus.

The portfolio turnover rate for Focused Growth Fund decreased from 65% to 10% over the Fund's last two fiscal years, the portfolio turnover rate for Global Small-Cap Fund decreased from 129% to 16% over the Fund's last two fiscal years and the portfolio turnover rate for Health Sciences Fund decreased from 75% to 6% over the Fund's last two fiscal years. The variation in Portfolio Turnover for these Funds is attributed to the change in each Fund's subadviser which took place in the third quarter of 2022 and the associated repositioning in 2023.

#### Additional Performance Information
Performance information is computed separately for each class of a fund. Each fund may from time to time include the total return of each class of its shares in advertisements or in information furnished to present or prospective shareholders. The funds may from time to time include the yield and total return of each class of their shares in advertisements or information furnished to present or prospective shareholders. Each fund may from time to time include in advertisements the total return of each class and the ranking of those performance figures relative to such figures for groups of mutual funds categorized by Lipper Inc. or another third party as having the same or similar investment objectives, policies and/or strategies. Information provided to any newspaper or similar listing of the fund's net asset values and public offering prices will separately present each class of shares. The funds also may compute current distribution rates and use this information in their Prospectus and Statement of Additional Information, in reports to current shareholders, or in certain types of sales literature provided to prospective investors.

Investment results of the funds will fluctuate over time, and any representation of the funds' total return or yield for any prior period should not be considered as a representation of what an investor's total return or yield may be in any future period. The Trust's Annual and Semiannual Reports contain additional performance information for the funds and are available upon request, without charge, by calling the telephone numbers listed on the cover of this Statement of Additional Information.

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#### Disclosure of Portfolio Holdings
The Trustees of the Trust have adopted a policy with respect to the protection of certain non-public information which governs disclosure of the Funds' portfolio holdings. This policy provides that the Funds' portfolio holdings information generally may not be disclosed to any party prior to the information becoming public.

Divulging Fund portfolio holdings to selected third parties is permissible only when the affected party has legitimate business purposes for doing so and the recipients are subject to a duty of confidentiality.

#### Public Disclosures
In accordance with rules established by the SEC, each Fund will make available a financials report that contains a full listing of portfolio holdings as of the second and fourth fiscal quarters, respectively, within 60 days of quarter end. The Funds also disclose complete portfolio holdings as of the end of the first and third fiscal quarters on Form N-PORT, which is filed with the SEC within 60 days of quarter end. The Funds' financial statements and the holdings filed with Form N-PORT are available on Virtus' Web site at virtus.com. The Funds also make publicly available on Virtus' Web site a full listing of portfolio holdings as of the end of each month with a 5-,15-, 20- or 30-day delay, while other of the Funds make such full listings available as of the end of each quarter with a 15-, 30-, 45- or 60-day delay. Portfolio holdings may be released sooner at the Administrator's discretion. Additionally, each fund provides its top 10 holdings and summary composition data derived from portfolio holdings information on Virtus' Web site. This information is posted to the Web site at the end of each month with respect to the top 10 holdings, and at the end of each quarter with respect to summary composition information, generally within 10 business days. With respect to certain funds, the top 10 holdings and summary composition information may be reported on a one-month lag. This information will be available on the Web site until full portfolio holdings information becomes publicly available as described above. Funds also provide publicly-available portfolio holdings information directly to ratings agencies, the frequency and timing of which is determined under the terms of the contractual arrangements with such agencies, and may provide to financial intermediaries, upon request, monthly portfolio holdings for periods included in publicly-available quarterly portfolio holdings disclosures.

#### Other Disclosures
The Trust and/or the Administrator may authorize the disclosure of non-public portfolio holdings information under certain limited circumstances. The Funds' policy provides that non-public disclosures of a Fund's portfolio holdings may only be made if (i) the Fund has a legitimate business purpose for making such disclosure and (ii) the party receiving the non-public information is subject to a duty of confidentiality. Federal law also prohibits recipients of non-public portfolio holdings information from trading on such information. The Administrator will consider any actual or potential conflicts of interest between Virtus and the Funds' shareholders and will act in the best interest of the Funds' shareholders with respect to any such disclosure of portfolio holdings information. If a potential conflict can be resolved in a manner that does not present detrimental effects to the Funds' shareholders, the Administrator may authorize release of portfolio holdings information. Conversely, if the potential conflict cannot be resolved in a manner that does not present detrimental effects to the Funds' shareholders, the Administrator will not authorize such release.

#### Ongoing Arrangements to Disclose Portfolio Holdings
As previously authorized by the Funds' Board and/or the Funds' Administrator, the Funds will periodically disclose non-public portfolio holdings on a confidential basis to various service providers that require such information in order to assist the Funds in their day-to-day operations, as well as public information to certain ratings organizations. In addition to Virtus and its affiliates, the entities receiving non-public portfolio holdings as of the date of this SAI are described in the following table. The table also includes information as to the timing of these entities receiving the portfolio holdings information from the Funds.

#### Non-Public Portfolio Holdings Information

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| | | |
|:---|:---|:---|
| **Type of Service Provider** | **Name of Service Provider** | **Timing of Release of Portfolio Holdings Information** |
| Adviser  | VIA | Daily, with no delay |
| Subadviser (Global Small-Cap Fund and Health Sciences Fund) | KAR | Daily, with no delay |
| Subadviser (Dividend Value Fund, International Value Fund, Large-Cap Value Fund, Mid-Cap Value Fund and Small-Cap Value Fund) | NFJ | Daily, with no delay |
| Subadviser (Focused Growth Fund and Mid-Cap Growth Fund) | Silvant | Daily, with no delay |
| Subadviser (Emerging Markets Opportunities Fund and Small-Cap Fund) | Virtus Systematic | Daily, with no delay |

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| | | |
|:---|:---|:---|
| **Type of Service Provider** | **Name of Service Provider** | **Timing of Release of Portfolio Holdings Information** |
| Subadviser (Income & Growth Fund) | Voya | Daily, with no delay |
| Subadviser (Technology Fund) | Zevenbergen | Daily, with no delay |
| Administrator | VFS | Daily, with no delay |
| Distributor | VP Distributors | Daily, with no delay |
| Class Action Service Provider | Financial Recovery Technologies and Institutional Shareholder Services | Daily, with no delay |
| Custodian and Security Lending Agent | The Bank of New York Mellon | Daily, with no delay |
| Sub-administrative and Accounting Agent and Sub-transfer Agent | BNY | Daily, with no delay |
| Middle Office for Subadviser (KAR Funds) | SS&C, Inc. | Daily, with no delay |
| Middle Office for Subadviser (Silvant Funds) | Virtus Shared Services | Daily, with no delay |
| Reconciliation Firm for Subadviser (KAR Funds) | SS&C, Inc. | Daily, with no delay |
| Independent Registered Public Accounting Firm | PwC | Annually, within 15 business days of end of fiscal year. |
| Performance Analytic Firm | FactSet Research Systems, Inc. | Daily, with no delay |
| Liquidity Management Analytics System | MSCI Group | Daily, with no delay |
| Back-end Compliance Monitoring System | BNY | Daily, with no delay. |
| Code of Ethics | StarCompliance, LLC | Daily, with no delay |
| Printing Firm for Financial Reports | DFIN | Semiannually, within 60 days of end of reporting period. |
| Proxy Voting Service | Institutional Shareholder Services | Daily, weekly, monthly, quarterly depending on subadviser |
| Trading system, compliance monitoring, and trade execution analysis (KAR) | Charles River Development and Global Trade Analytics | Daily |
| Trading system, compliance monitoring, and trade execution analysis (NFJ , Silvant, Virtus Systematic) | Bloomberg and Virtu Financial, Inc. | Daily |
| Trading system, compliance monitoring, and trade execution analysis (Voya) | Bloomberg | Daily |
| Trading system, compliance monitoring, and trade execution analysis (Zevenbergen) | SS&C Advent | Daily |
| Analysis and reporting services | IDS GmbH | Daily |
| Execution evaluation | Virtu Financial, Inc. | Daily |
| Valuation services | Markit | Varied |
| Valuation workflow | Milstone Group Pty Limited | Daily |

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These service providers are required to keep all non-public information confidential and are prohibited from trading based on the information or otherwise using the information except as necessary in providing services to the Funds. There is no guarantee that the Funds' policies on use and dissemination of holdings information will protect the Funds from the potential misuse of holdings by individuals or firms in possession of such information.

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#### Public Portfolio Holdings Information

---

| | | |
|:---|:---|:---|
| **Type of Service Provider** | **Name of Service Provider** | **Timing of Release of Portfolio Holdings Information** |
| Portfolio Redistribution Firms | Bloomberg, FactSet Research Systems, Inc. and Thompson Reuters | Various frequencies depending on the Fund, which may include: Calendar quarter with 30-day delay, fiscal quarter with a 15 day delay, fiscal quarter with a 30 day delay, fiscal quarter with a 45 day delay, fiscal quarter with a 60-day delay, Monthly with a 5 day delay, Monthly with a 15 day delay, Monthly with 20 day delay and Monthly with 30 day delay. |
| Rating Agencies | Lipper Inc. and Morningstar | Various frequencies depending on the Fund, which may include: Calendar quarter with 30-day delay, fiscal quarter with a 15 day delay, fiscal quarter with a 30 day delay, fiscal quarter with a 45 day delay, fiscal quarter with a 60-day delay, Monthly with a 5 day delay, Monthly with a 15 day delay, Monthly with 20 day delay and Monthly with 30 day delay. |
| Virtus Public Web site | Virtus Investment Partners, Inc. | Various frequencies depending on the Fund, which may include: Calendar quarter with 30-day delay, fiscal quarter with a 15 day delay, fiscal quarter with a 30 day delay, fiscal quarter with a 45 day delay, fiscal quarter with a 60-day delay, Monthly with a 5 day delay, Monthly with a 15 day delay, Monthly with 20 day delay and Monthly with 30 day delay. |

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#### Other Virtus Mutual Funds
In addition to the Funds of the Trust, the funds commonly referred to as "Virtus Mutual Funds" also include The Merger Fund<sup>®</sup>, the series of Virtus Alternative Solutions Trust, the series of Virtus Asset Trust, the series of Virtus Equity Trust, the series of Virtus Event Opportunities Trust, the series of Virtus Opportunities Trust, and the series of Virtus Strategy Trust. Virtus Mutual Funds are generally offered in multiple classes. The following chart shows the share classes offered by each Virtus Mutual Fund as of the date of this SAI:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Trust** | **Fund** | **Class/Shares** | **Class/Shares** | **Class/Shares** | **Class/Shares** | **Class/Shares** | **Class/Shares** |
| **Trust** | **Fund** | **A** | **A** | **C** | **I** | **R6** | **Institutional** |
| The Merger Fund<sup>®</sup> | The Merger Fund<sup>®</sup> | X | X |  | X |  |  |
| Virtus Alternative Solutions Trust | Virtus AlphaSimplex Global Alternatives Fund | X | X | X | X | X |  |
| Virtus Alternative Solutions Trust | Virtus AlphaSimplex Managed Futures Strategy Fund | X | X | X | X | X |  |
| Virtus Alternative Solutions Trust | Virtus Duff & Phelps Select MLP and Energy Fund | X | X | X | X |  |  |
| Virtus Asset Trust | Virtus Ceredex Large-Cap Value Equity Fund | X | X | X | X | X |  |
| Virtus Asset Trust | Virtus Ceredex Mid-Cap Value Equity Fund | X | X | X | X | X |  |
| Virtus Asset Trust | Virtus Ceredex Small-Cap Value Equity Fund | X | X | X | X | X |  |
| Virtus Asset Trust | Virtus Seix Core Bond Fund | X | X |  | X | X |  |
| Virtus Asset Trust | Virtus Seix Floating Rate High Income Fund | X | X | X | X | X |  |
| Virtus Asset Trust | Virtus Seix High Grade Municipal Bond Fund | X | X |  | X |  |  |
| Virtus Asset Trust | Virtus Seix High Yield Fund | X | X |  | X | X |  |
| Virtus Asset Trust | Virtus Seix Investment Grade Tax-Exempt Bond Fund | X | X |  | X |  |  |
| Virtus Asset Trust | Virtus Seix Total Return Bond Fund | X | X |  | X | X |  |
| Virtus Asset Trust | Virtus Seix U.S. Government Securities Ultra-Short Bond Fund | X | X |  | X | X |  |
| Virtus Asset Trust | Virtus SGA International Growth Fund | X | X | X | X | X |  |
| Virtus Asset Trust | Virtus Silvant Large-Cap Growth Stock Fund | X | X |  | X | X |  |
| Virtus Asset Trust | Virtus Zevenbergen Innovative Growth Stock Fund | X | X |  | X | X |  |
| Virtus Equity Trust | Virtus KAR Capital Growth Fund | Virtus KAR Capital Growth Fund | X | X | X | X | X |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Virtus KAR Equity Income Fund | Virtus KAR Equity Income Fund | X | X | X |
| | Virtus KAR Mid-Cap Core Fund | Virtus KAR Mid-Cap Core Fund | X | X | X |
| | Virtus KAR Mid-Cap Growth Fund | Virtus KAR Mid-Cap Growth Fund | X | X | X |
| | Virtus KAR Small-Cap Core Fund | Virtus KAR Small-Cap Core Fund | X | X | X |
| | Virtus KAR Small-Cap Growth Fund | Virtus KAR Small-Cap Growth Fund | X | X | X |
| | Virtus KAR Small-Cap Value Fund | Virtus KAR Small-Cap Value Fund | X | X | X |
| | Virtus KAR Small-Mid Cap Core Fund | Virtus KAR Small-Mid Cap Core Fund | X | X | X |
| | Virtus KAR Small-Mid Cap Growth Fund | Virtus KAR Small-Mid Cap Growth Fund | X | X | X |
| | Virtus KAR Small-Mid Cap Value Fund | Virtus KAR Small-Mid Cap Value Fund | X | X | X |
| | Virtus SGA Global Growth Fund | Virtus SGA Global Growth Fund | X | X | X |
| | Virtus Tactical Allocation Fund | Virtus Tactical Allocation Fund | X | X | X |
| Virtus Event Opportunities Trust | Virtus Westchester Credit Event Fund | X | X | X |  |
| Virtus Event Opportunities Trust | Virtus Westchester Event-Driven Fund | X | X | X |  |
| Virtus Opportunities Trust | Virtus Duff & Phelps Global Infrastructure Fund | X | X | X | X |
| Virtus Opportunities Trust | Virtus Duff & Phelps Global Real Estate Securities Fund | X | X | X | X |
| Virtus Opportunities Trust | Virtus Duff & Phelps Real Asset Fund | X | X | X | X |
| Virtus Opportunities Trust | Virtus Duff & Phelps Real Estate Securities Fund | X | X | X | X |
|  | Virtus KAR Developing Markets Fund | X | X | X | X |
|  | Virtus KAR Emerging Markets Small-Cap Fund | X | X | X | X |
|  | Virtus KAR International Small-Mid Cap Fund | X | X | X | X |
|  | Virtus Newfleet Core Plus Bond Fund | X | X | X | X |
|  | Virtus Newfleet High Yield Fund | X | X | X | X |
|  | Virtus Newfleet Low Duration Core Plus Bond Fund | X | X | X | X |
|  | Virtus Newfleet Multi-Sector Intermediate Bond Fund | X | X | X | X |
|  | Virtus Newfleet Multi-Sector Short Term Bond Fund<sup>(\*)</sup> | X | X | X | X |
|  | Virtus Newfleet Senior Floating Rate Fund | X | X | X | X |
|  | Virtus Seix Tax-Exempt Bond Fund | X | X | X |  |
|  | Virtus SGA Emerging Markets Equity Fund | X | X | X | X |
|  | Virtus Stone Harbor Emerging Markets Bond Fund | X | X | X |  |
|  | Virtus Stone Harbor Emerging Markets Debt Income Fund | X | X | X |  |
|  | Virtus Stone Harbor Local Markets Fund | X | X | X |  |
| Virtus Strategy Trust | Virtus Convertible Fund | X | X |  | X |
| Virtus Strategy Trust | Virtus Duff & Phelps Water Fund | X | X |  |  |
| Virtus Strategy Trust | Virtus Global Allocation Fund | X | X |  | X |
| Virtus Strategy Trust | Virtus International Small-Cap Fund | X | X |  | X |
| Virtus Strategy Trust | Virtus Newfleet Short Duration High Income Fund | X | X |  | X |
| Virtus Strategy Trust | Virtus NFJ Emerging Markets Value Fund | X | X |  |  |

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<sup>(\*)</sup> Virtus Newfleet Multi-Sector Short Term Bond Fund also offers Class C1 Shares.

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#### MORE INFORMATION ABOUT FUND INVESTMENT STRATEGIES & RELATED RISKS
The following investment strategies and policies supplement each Fund's investment strategies and policies set forth in the Funds' Prospectuses. Some of the investment strategies and policies described below and in each Fund's Prospectus set forth percentage limitations on a Fund's investment in, or holdings of, certain types of investments. Unless otherwise required by law or stated in this SAI, compliance with these strategies and policies will be determined immediately after the acquisition of such investments by the Fund. Subsequent changes in values, net assets, or other circumstances will not be considered when determining whether the investment complies with the Fund's investment strategies and policies.

Throughout this section, the term "adviser" may be used to refer to a subadviser, if any, and the term the "Fund" may be used to refer to any Fund.

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| | |
|:---|:---|
| **<u>Investment Technique</u>** | **<u>Description and Risks</u>** |
| **China-Related Investments** | The Chinese economy is generally considered an emerging and volatile market. Although China has experienced a relatively stable political environment in recent years, there is no guarantee that such stability will be maintained in the future. As an emerging market, many factors may affect such stability—such as increasing gaps between the rich and poor or agrarian unrest and instability of existing political structures—and may result in adverse consequences to a fund investing in securities and instruments economically tied to China. A small number of companies represent a large portion of the Chinese market as a whole, and prices for securities of these companies may be very sensitive to adverse political, economic, or regulatory developments in China and other Asian countries, and may experience significant losses in such conditions. The value of Chinese currencies may also vary significantly relative to the U.S. dollar, affecting a fund's investments, to the extent the fund invests in China-related investments.<br>Historically, China's central government has exercised substantial control over the Chinese economy through administrative regulation, state ownership, the allocation, expropriation or nationalization of resources, by controlling payment of foreign currency-denominated obligations, by setting monetary policy and by providing preferential treatment to particular industries or companies. The emergence of domestic economic demand is still at an early stage, making China's economic health largely dependent upon exports. China's growing trade surplus with the U.S. has increased the risk of trade disputes. For example, recent developments in relations between the U.S. and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, which could have a negative impact on China's, or other countries', export industry and a commensurately negative impact on a fund that invests in securities and instruments that are economically tied to China. In addition, as China's economic and political strength has grown in recent years, it has shown a greater willingness to assert itself militarily in the region. Military or diplomatic moves to resolve any issues could adversely affect the economies in the region.<br>Despite economic reforms that have resulted in less direct central and local government control over Chinese businesses, actions of the Chinese central and local government authorities continue to have a substantial effect on economic conditions in China. These activities, which may include central planning, partial state ownership of or government actions designed to substantially influence certain Chinese industries, market sectors or particular Chinese companies, may adversely affect the public and private sector companies in which a fund invests. Government actions may also affect the economic prospects for, and the market prices and liquidity of, the securities of Chinese companies and the payments of dividends and interest by Chinese companies. In addition, currency fluctuations, monetary policies, competition, social instability or political unrest may adversely affect economic growth in China. The Chinese economy and Chinese companies may also be adversely affected by regional security threats, as well as adverse developments in Chinese trade policies, or in trade policies toward China by countries that are trading partners with China. The economies, industries, and securities and currency markets of the China region may also be adversely affected by slow economic activity worldwide, dependence on exports and international trade, increasing competition from Asia's other low-cost emerging economies, and environmental events and natural disasters that may occur in China.<br>In addition, the relationship between China and Taiwan is particularly sensitive, and hostilities between China and Taiwan may present a risk to a fund's investments in China.<br>Some funds may invest in certain eligible Chinese securities ("China A Shares") listed and traded on either the Shanghai Stock Exchange ("SSE") or the Shenzhen Stock Exchange ("SZSE"). Such funds expect to access China A Shares through the Shanghai-Hong Kong Stock Connect Program or the Shenzhen-Hong Kong Stock Connect Program (each, a "Stock Connect"). The Shanghai Stock Connect is a securities trading and clearing program developed by the Hong Kong Stock Exchange ("SEHK"), SSE, Hong Kong Securities Clearing Company Limited and China Securities Depository and Clearing Corporation Limited for the establishment of mutual market access between SEHK and SSE that commenced operations in November 2014. The Shenzhen Stock Connect subsequently commenced operations in December 2016. The Stock Connect programs are subject to regulations promulgated by regulatory authorities for SSE, SZSE and SEHK, as applicable, and further regulations or restrictions, such as trading suspensions, may adversely affect the Stock Connects and the value of the China A Shares  |

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| | |
|:---|:---|
| **<u>Investment Technique</u>** | **<u>Description and Risks</u>** |
|  | held by the funds. There is no guarantee that the systems required to operate each Stock Connect will function properly or will continue to be adapted to changes and developments in the applicable markets or that the relevant exchanges will continue to support the Stock Connects in the future. In the event that the relevant systems do not function properly, trading through a Stock Connect program could be disrupted. While Stock Connect is not subject to individual investment quotas, daily and aggregate investment quotas apply to the aggregate volume on each Stock Connect, which may restrict or preclude a fund's ability to invest in Stock Connect securities on a timely basis. In addition, Stock Connect securities generally may not be sold, purchased or otherwise transferred other than through Stock Connect in accordance with each program's rules, which may further subject the funds to liquidity risk with respect to China A Shares. A fund may be restricted in its ability to dispose of its China A Shares purchased through a Stock Connect in a timely manner. As an example, the Shanghai Stock Connect is generally available only on business days when both the SEHK and SSE are open. When either the SEHK or SSE is closed, a fund will not be able to trade Stock Connect securities at a time that may otherwise be beneficial to trade. Additionally, the SSE or SZSE may be open at a time when the Stock Connect program is not trading, with the result that prices of China A Shares may fluctuate at times when a fund is unable to add to or exit its position. Because of the way in which China A Shares are held in Stock Connect, a fund may not be able to exercise the rights of a shareholder and may be limited in its ability to pursue claims against the issuer of a security, and may suffer losses in the event the depository of the SSE or SZSE becomes insolvent. Only certain China A Shares are eligible to be accessed through the Stock Connect program. Such securities may lose their eligibility at any time, in which case they presumably could be sold but could no longer be purchased through the Stock Connect program. For defaults occurring on or after January 1, 2020, the Hong Kong Investor Compensation Fund will cover the losses incurred by investors with respect to securities traded in a stock market operated by the SSE or SZSE and for which a buy or sell order may be directed through the Northbound Link of Stock Connect. Investments in China A Shares may not be covered by the securities investor protection programs of either exchange and, without the protection of such programs, will be subject to the risk of default by the broker. The limitations and risks described above with respect to each Stock Connect are specific to the applicable program; however, these and other risks may exist to varying degrees in connection with the funds' investments through other trading structures, protocols and platforms in other emerging markets. |
| **Commodities-Related Investing** | Commodity-related companies may underperform the stock market as a whole. The value of securities issued by commodity-related companies may be affected by factors affecting a particular industry or commodity. The operations and financial performance of commodity-related companies may be directly affected by commodity prices, especially those commodity-related companies that own the underlying commodity. The stock prices of such companies may also experience greater price volatility than other types of common stocks. Securities issued by commodity-related companies are sensitive to changes in the supply and demand for, and thus the prices of, commodities. Volatility of commodity prices, which may lead to a reduction in production or supply, may also negatively impact the performance of commodity and natural resources companies that are solely involved in the transportation, processing, storing, distribution or marketing of commodities. Volatility of commodity prices may also make it more difficult for commodity-related companies to raise capital to the extent the market perceives that their performance may be directly or indirectly tied to commodity prices.<br>Certain types of commodities instruments (such as commodity-linked notes) are subject to the risk that the counterparty to the instrument will not perform or will be unable to perform in accordance with the terms of the instrument.<br>Exposure to commodities and commodities markets may subject the Fund to greater volatility than investments in traditional securities. No active trading market may exist for certain commodities investments, which may impair the ability of the Fund to sell or to realize the full value of such investments in the event of the need to liquidate such investments. In addition, adverse market conditions may impair the liquidity of actively traded commodities investments. Commodities may include, among other things, oil, gas, coal, alternative energy, steel, timber, agricultural products, minerals, precious metals (e.g., gold, silver, platinum, and palladium) and other resources. In addition, the funds may invest in companies principally engaged in the commodities industries (such as mining, dealing or transportation companies) with significant exposure to commodities markets or investments in commodities, and through these investments may be exposed to the risks of investing in commodities.<br>In order to qualify for the special U.S. federal income tax treatment accorded regulated investment companies and their shareholders described in "Dividends, Distributions and Taxes" below, a fund must, among other things, derive at least 90% of its income from certain specified sources (such income, "qualifying income"). Income from certain commodity-linked investments does not constitute qualifying income to a fund. The tax treatment of certain other commodity-linked investments is not certain, in particular with respect to whether income and gains from such investments constitute qualifying income. If such income were determined not to constitute qualifying income and were to cause a fund's non-qualifying income to exceed 10% of the fund's gross income for any year, the fund would fail the 90% gross income test and fail to qualify as a regulated investment company unless it were eligible to and did pay a tax at the fund level. A fund's  |

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| **<u>Investment Technique</u>** | **<u>Description and Risks</u>** |
|  | intention to so qualify can therefore limit the manner in or extent to which the fund seeks exposure to commodities. |
| **Debt Investing** | Each Fund may invest in debt, or fixed income, instruments. Debt, or fixed income, instruments (which include corporate bonds, commercial paper, debentures, notes, government securities, municipal obligations, state- or state agency-issued obligations, obligations of foreign issuers, asset- or mortgage-backed securities, and other obligations) are used by issuers to borrow money and thus are debt obligations of the issuer. Holders of debt instruments are creditors of the issuer, normally ranking ahead of holders of both common and preferred stock as to dividends or upon liquidation. The issuer usually pays a fixed, variable, or floating rate of interest and must repay the amount borrowed at the instrument's maturity. Some debt instruments, such as zero-coupon bonds (discussed below), do not pay interest but may be sold at a deep discount from their face value.<br>Yields on debt instruments depend on a variety of factors, including the general conditions of the money, bond, and note markets, the size of a particular offering, the maturity date of the obligation, and the rating of the issue. Debt instruments with longer maturities tend to produce higher yields and are generally subject to greater price fluctuations in response to changes in market conditions than obligations with shorter maturities. An increase in interest rates generally will reduce the market value of portfolio debt instruments, while a decline in interest rates generally will increase the value of the same instruments. It is difficult to predict the pace at which central banks or monetary authorities may increase interest rates or the timing, frequency, or magnitude of such increases. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for investments. The achievement of a Fund's investment objective depends in part on the continuing ability of the issuers of the debt instruments in which the Fund invests to meet their obligations for the payment of principal and interest when due. Obligations of issuers of debt instruments are subject to the provisions of bankruptcy, insolvency, sovereign immunity, and other laws that affect the rights and remedies of creditors. There is also the possibility that, as a result of litigation or other conditions, the ability of an issuer to pay, when due, the principal of and interest on its debt instruments may be materially affected. |
| ***Convertible Securities*** | A convertible security is a bond, debenture, note, or other security that entitles the holder to acquire common stock or other equity securities of the same or a different issuer within a particular period of time at a specific price or formula. It generally entitles the holder to receive interest paid or accrued until the security matures or is redeemed, converted, or exchanged. Convertible securities may have several unique investment characteristics such as (1) higher yields than common stocks, but lower yields than comparable nonconvertible securities, (2) a lesser degree of fluctuation in value than the underlying stock since they have fixed income characteristics and (3) the potential for capital appreciation if the market price of the underlying common stock increases.<br>Before conversion, convertible securities have characteristics similar to nonconvertible debt securities. Convertible securities often rank senior to common stock in a corporation's capital structure and, therefore, are often viewed as entailing less risk than the corporation's common stock, although the extent to which this is true depends in large measure on the degree to which the convertible security sells above its value as a fixed income security. However, because convertible securities are often viewed by the issuer as future common stock, they are often subordinated to other senior securities and therefore are rated one category lower than the issuer's nonconvertible debt obligations or preferred stock.<br>A convertible security may be subject to redemption or conversion at the option of the issuer at a predetermined price. If a convertible security held by a Fund is called for redemption, the Fund could be required to permit the issuer to redeem the security and convert it to the underlying common stock. A Fund generally would invest in convertible securities for their favorable price characteristics and total return potential, and would normally not exercise an option to convert. Each Fund might be more willing to convert such securities to common stock.<br>In the event of a liquidation of the issuing company, holders of convertible securities would generally be paid before the company's common stockholders but after holders of any senior debt obligations of the company.<br>A Fund's subadviser will select only those convertible securities for which it believes (a) the underlying common stock is an appropriate investment for a Fund and (b) a greater potential for total return exists by purchasing the convertible security because of its higher yield and/or favorable market valuation. However, a Fund may invest in convertible debt securities rated less than investment grade. <br>Debt securities rated less than investment grade are commonly referred to as "junk bonds." (For information about debt securities rated less than investment grade, see "High-Yield/High-Risk Fixed Income Securities (Junk Bonds)" under "Debt Investing" in this section of the SAI; for additional information about ratings on debt obligations, see Appendix A to this SAI.)<br>The funds may also invest in synthetic convertible securities, which involve the combination of separate securities that possess the two principal characteristics of a traditional convertible security (i.e., an income-producing component and a right to acquire an equity security).Synthetic convertible securities are often achieved, in part, through investments in  |

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| **<u>Investment Technique</u>** | **<u>Description and Risks</u>** |
|  | warrants or options to buy common stock (or options on a stock index), and therefore are subject to the risks associated with derivatives. |
| ***Corporate Debt Securities*** | Each Fund may invest in debt securities issued by corporations, limited partnerships and other similar entities. A Fund's investments in debt securities of domestic or foreign corporate issuers include bonds, debentures, notes and other similar corporate debt instruments, including convertible securities that meet the Fund's minimum ratings criteria or if unrated are, in the Fund's subadviser's opinion, comparable in quality to corporate debt securities that meet those criteria. The rate of return or return of principal on some debt obligations may be linked or indexed to the level of exchange rates between the U.S. dollar and a foreign currency or currencies or to the value of commodities, such as gold. |
| ***Duration*** | Duration is a time measure of a bond's interest-rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. Time periods are weighted by multiplying by the present value of its cash flow divided by the bond's price. (A bond's cash flows consist of coupon payments and repayment of capital.) A bond's duration will almost always be shorter than its maturity, with the exception of zero-coupon bonds, for which maturity and duration are equal. |
| ***Exchange-Traded Notes ("ETNs")*** | Generally, ETNs are senior, unsecured, unsubordinated debt securities whose returns are linked to the performance of a particular market benchmark or strategy minus applicable fees. ETNs are traded on an exchange during normal trading hours. However, investors can also hold the ETN until maturity. At maturity, the issuer pays to the investor a cash amount equal to the principal amount, subject to the day's market benchmark or strategy factor.<br>ETNs do not make periodic coupon payments or provide principal protection. ETNs are subject to credit risk, and the value of the ETN may drop due to a downgrade in the issuer's credit rating, despite the underlying market benchmark or strategy remaining unchanged. The value of an ETN may also be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying assets, changes in the applicable interest rates, changes in the issuer's credit rating, and economic, legal, political, or geographic events that affect the referenced underlying asset. When a Fund invests in ETNs it will bear its proportionate share of any fees and expenses borne by the ETN. A Fund's decision to sell its ETN holdings may be limited by the availability of a secondary market. In addition, although an ETN may be listed on an exchange, the issuer may not be required to maintain the listing, and there can be no assurance that a secondary market will exist for an ETN.<br>ETNs are also subject to tax risk. No assurance can be given that the IRS will accept, or a court will uphold, how a Fund characterizes and treats ETNs for tax purposes. Further, the timing and character of income and gains derived by a Fund from investments in ETNs may be affected by future legislation.<br>An ETN that is tied to a specific market benchmark or strategy may not be able to replicate and maintain exactly the composition and relative weighting of securities, commodities or other components in the applicable market benchmark or strategy. Some ETNs that use leverage can, at times, be relatively illiquid and, thus, they may be difficult to purchase or sell at a fair price. Leveraged ETNs are subject to the same risks as other instruments that use leverage in any form.<br>The market value of ETNs may differ from that of their market benchmark or strategy. This difference in price may be due to the fact that the supply and demand in the market for ETNs at any point in time is not always identical to the supply and demand in the market for the securities, commodities or other components underlying the market benchmark or strategy that the ETN seeks to track. As a result, there may be times when an ETN trades at a premium or discount to its market benchmark or strategy. |
| ***High-Yield/High-Risk Fixed Income Securities ("Junk Bonds")*** | Investments in securities rated "BB" or below by S&P or Fitch, or "Ba" or below by Moody's generally provide greater income (leading to the name "high-yield" securities) and opportunity for capital appreciation than investments in higher quality securities, but they also typically entail greater price volatility, liquidity, and principal and income risk. These securities are regarded as predominantly speculative as to the issuer's continuing ability to meet principal and interest payment obligations. Analysis of the creditworthiness of issuers of lower-quality debt securities may be more complex than for issuers of higher-quality debt securities.<br>Interest-bearing securities typically experience appreciation when interest rates decline and depreciation when interest rates rise. The market values of low-rated securities tend to reflect individual corporate developments to a greater extent than do higher-rated securities, which react primarily to fluctuations in the general level of interest rates. Low-rated securities also tend to be more sensitive to economic conditions than higher-rated securities. As a result, they generally involve more credit risks than securities in the higher-rated categories. During an economic downturn or a sustained period of rising interest rates, highly leveraged issuers of low-rated securities may experience financial stress and may not have sufficient revenues to meet their payment obligations. The issuer's ability to service its debt obligations may also be adversely affected by specific corporate developments, the issuer's inability to meet specific projected business forecasts or the unavailability of  |

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| **<u>Investment Technique</u>** | **<u>Description and Risks</u>** |
|  | additional financing. The risk of loss due to default by an issuer of low-rated securities is generally considered to be significantly greater than issuers of higher-rated securities because such securities are usually unsecured and are often subordinated to other creditors. Further, if the issuer of a low-rated security defaulted, the applicable Fund might incur additional expenses in seeking recovery. Periods of economic uncertainty and changes would also generally result in increased volatility in the market prices of low-rated securities and thus in the applicable Fund's NAV.<br>Low-rated securities often contain redemption, call or prepayment provisions which permit the issuer of the securities containing such provisions to, at its discretion, redeem the securities. During periods of falling interest rates, issuers of low-rated securities are likely to redeem or prepay the securities and refinance them with debt securities with a lower interest rate. To the extent an issuer is able to refinance the securities or otherwise redeem them, the applicable Fund may have to replace the securities with a lower yielding security which would result in lower returns for the Fund.<br>A Fund may have difficulty disposing of certain low-rated securities because there may be a thin trading market for such securities. Because not all dealers maintain markets in all low-rated securities, there is no established retail secondary market for many of these securities. The Funds anticipate that such securities could be sold only to a limited number of dealers or institutional investors. To the extent a secondary trading market does exist, it is generally not as liquid as the secondary market for higher-rated securities. The lack of a liquid secondary market may have an adverse impact on the market price of the security, and accordingly, the NAV of a particular Fund and its ability to dispose of particular securities when necessary to meet its liquidity needs, or in response to a specific economic event, or an event such as a deterioration in the creditworthiness of the issuer. The lack of a liquid secondary market for certain securities may also make it more difficult for the Fund to obtain accurate market quotations for purposes of valuing its respective portfolio. Market quotations are generally available on many low-rated issues only from a limited number of dealers and may not necessarily represent firm bids of such dealers or prices for actual sales. During periods of thin trading, the spread between bid and asked prices is likely to increase significantly. In addition, adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the values and liquidity of low-rated securities, especially in a thinly-traded market. If a Fund experiences unexpected net redemptions, it may be forced to liquidate a portion of its portfolio securities without regard to their investment merits. Due to the limited liquidity of low-rated securities, the Fund may be forced to liquidate these securities at a substantial discount. Any such liquidation would reduce the Fund's asset base over which expenses could be allocated and could result in a reduced rate of return for the Fund. |
| ***Interest Rate Environment Risk*** | Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from a Fund's performance to the extent the Fund is exposed to such interest rates. Generally, the values of fixed-income securities vary inversely with changes in interest rates. During periods of falling interest rates, the values of most outstanding fixed-income securities generally rise and during periods of rising interest rates, the values of most fixed-income securities generally decline. A low interest rate environment may have an adverse impact on each Fund's ability to provide a positive yield to its shareholders and pay expenses out of Fund assets because of the low yields from the Fund's portfolio investments. Alternatively, a general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from a Fund that holds large amounts of fixed-income securities. Heavy redemptions could cause the Fund to sell assets at inopportune times or at a loss or depressed value and could hurt the Fund's performance.<br>A Fund may face a heightened level of interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve adjusts a quantitative easing program and/or changes rates. A changing interest rate environment increases certain risks, including the potential for periods of volatility, increased redemptions, shortened durations (i.e., prepayment risk) and extended durations (i.e., extension risk). Further, Federal Reserve policy changes may reduce liquidity for certain Fund investments, which could cause the value of a Fund's investments and a Fund's share price to decline or create difficulties for the Fund in disposing of investments. A Fund that invests in derivatives tied to fixed-income markets may be more substantially exposed to these risks than a Fund that does not invest in derivatives.<br>A Fund could also be forced to liquidate its investments at disadvantageous times or prices, thereby adversely affecting the Fund. To the extent a Fund experiences high redemptions because of these policy changes, the Fund may experience increased portfolio turnover, which will increase the costs that the Fund incurs and lower the Fund's performance. |
| ***Inverse Floating Rate Obligations*** | Certain variable rate securities pay interest at a rate that varies inversely to prevailing short-term interest rates (sometimes referred to as inverse floaters). For example, upon reset the interest rate payable on a security may go down when the underlying index has risen. During periods when short-term interest rates are relatively low as compared to long-term interest rates, a Fund may attempt to enhance its yield by purchasing inverse floaters. Certain inverse floaters may have an interest rate reset mechanism that multiplies the effects of changes in the underlying index. While this form of leverage may increase the security's yield, it may also increase the volatility of the security's market value. |

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| **<u>Investment Technique</u>** | **<u>Description and Risks</u>** |
|  | Similar to other variable and floating rate obligations, effective use of inverse floaters requires skills different from those needed to select most portfolio securities. If movements in interest rates are incorrectly anticipated, a Fund holding these instruments could lose money and its NAV could decline.<br>No fund will invest more than 5% of its assets in inverse floaters. |
| ***Letters of Credit*** | Debt obligations, including municipal obligations, certificates of participation, commercial paper and other short-term obligations, may be backed by an irrevocable letter of credit of a bank that assumes the obligation for payment of principal and interest in the event of default by the issuer. Only banks that, in the opinion of the relevant Fund's subadviser, are of investment quality comparable to other permitted investments of the Fund may be used for Letter of Credit-backed investments. |
| ***Loan and Debt Participations and Assignments*** | A loan participation agreement involves the purchase of a share of a loan made by a bank to a company in return for a corresponding share of the borrower's principal and interest payments. Loan participations of the type in which a Fund may invest include interests in both secured and unsecured corporate loans. When a Fund purchases loan assignments from lenders, it will acquire direct rights against the borrower, but these rights and the Fund's obligations may differ from, and be more limited than, those held by the assignment lender. The principal credit risk associated with acquiring loan participation and assignment interests is the credit risk associated with the underlying corporate borrower. There is also a risk that there may not be a readily available market for participation loan interests and, in some cases, this could result in the Fund disposing of such securities at a substantial discount from face value or holding such securities until maturity.<br>There is typically a limited amount of public information available about loans because loans normally are not registered with the SEC or any state securities commission or listed on any securities exchange. Certain of the loans in which a Fund may invest may not be considered "securities," and therefore the Fund may not be entitled to rely on the anti-fraud protections of the federal securities laws with respect to those loans in the event of fraud or misrepresentation by a borrower. A Fund may come into possession of material, non-public information about a borrower as a result of the Fund's ownership of a loan or other floating-rate instrument of the borrower. Because of prohibitions on trading in securities of issuers while in possession of material, non-public information, the Fund might be unable to enter into a transaction in a publicly-traded security of the borrower when it would otherwise be advantageous to do so.<br>Loans trade in an unregulated inter-dealer or inter-bank secondary market. Purchases and sales of loans are generally subject to contractual restrictions that must be satisfied before a loan can be bought or sold. These restrictions may (i) impede the Fund's ability to buy or sell loans; (ii) negatively affect the transaction price; (iii) affect the counterparty credit risk borne by the Fund; (iv) impede the Fund's ability to timely vote or otherwise act with respect to loans; and (v) expose the Fund to adverse tax or regulatory consequences.<br>In the event that a corporate borrower failed to pay its scheduled interest or principal payments on participations held by a Fund, the market value of the affected participation would decline, resulting in a loss of value of such investment to the Fund. Accordingly, such participations are speculative and may result in the income level and net assets of the Fund being reduced. Moreover, loan participation agreements generally limit the right of a participant to resell its interest in the loan to a third party and, as a result, loan participations may be deemed by the Fund to be illiquid investments. A Fund will invest only in participations with respect to borrowers whose creditworthiness is, or is determined by the Fund's subadviser to be, substantially equivalent to that of issuers whose senior unsubordinated debt securities are rated B or higher by Moody's or S&P. For the purposes of diversification and/or concentration calculations, both the borrower and issuer will be considered an "issuer."<br>The Funds may purchase from banks participation interests in all or part of specific holdings of debt obligations. Each participation interest is backed by an irrevocable letter of credit or guarantee of the selling bank that the relevant Fund's subadviser has determined meets the prescribed quality standards of the Fund. Thus, even if the credit of the issuer of the debt obligation does not meet the quality standards of the Fund, the credit of the selling bank will.<br>Loan participations and assignments may be illiquid and therefore subject to the Funds' limitations on investments in illiquid securities. (See "Illiquid and Restricted Securities" in this section of the SAI.)<br>Large loans to corporations or governments may be shared or syndicated among several lenders, usually banks. A Fund may participate in such syndicates, or can buy part of a loan, becoming a direct lender. Participations and assignments involve special types of risk, including liquidity risk and the risks of being a lender. If a Fund purchases a participation, it may only be able to enforce its rights through the lender, and may assume the credit risk of the lender in addition to the borrower. With respect to assignments, a Fund's rights against the borrower may be more limited than those held by the original lender. |
| ***Municipal Securities***  | Tax-exempt municipal securities are debt obligations issued by the various states and their subdivisions (e.g., cities,  |

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| **<u>Investment Technique</u>** | **<u>Description and Risks</u>** |
| ***and Related Investments*** | counties, towns, and school districts) to raise funds, generally for various public improvements requiring long-term capital investment. Purposes for which tax-exempt bonds are issued include flood control, airports, bridges and highways, housing, medical facilities, schools, mass transportation and power, water or sewage plants, as well as others. Tax-exempt bonds also are occasionally issued to retire outstanding obligations, to obtain funds for operating expenses or to loan to other public or, in some cases, private sector organizations or to individuals.<br>Yields on municipal securities are dependent on a variety of factors, including the general conditions of the money market and the municipal bond market, the size of a particular offering, the maturity of the obligations and the rating of the issue. Municipal securities with longer maturities tend to produce higher yields and are generally subject to potentially greater capital appreciation and depreciation than obligations with shorter maturities and lower yields. The market prices of municipal securities usually vary, depending upon available yields. An increase in interest rates will generally reduce the value of portfolio investments, and a decline in interest rates will generally increase the value of portfolio investments. The ability of a Fund to achieve its investment objective is also dependent on the continuing ability of the issuers of municipal securities in which the Fund invests to meet their obligations for the payment of interest and principal when due. The ratings of Moody's and S&P represent their opinions as to the quality of municipal securities which they undertake to rate. Ratings are not absolute standards of quality; consequently, municipal securities with the same maturity, coupon, and rating may have different yields. There are variations in municipal securities, both within a particular classification and between classifications, depending on numerous factors. It should also be pointed out that, unlike other types of investments, municipal securities have traditionally not been subject to regulation by, or registration with, the SEC, although there have been proposals which would provide for such regulation in the future.<br>The federal bankruptcy statutes relating to the debts of political subdivisions and authorities of states of the United States provide that, in certain circumstances, such subdivisions or authorities may be authorized to initiate bankruptcy proceedings without prior notice to or consent of creditors, which proceedings could result in material and adverse changes in the rights of holders of their obligations.<br>Lawsuits challenging the validity under state constitutions of present systems of financing public education have been initiated or adjusted in a number of states, and legislation has been introduced to effect changes in public school financing in some states. In other instances there have been lawsuits challenging the issuance of pollution control revenue bonds or the validity of their issuance under state or federal law which could ultimately affect the validity of those municipal securities or the tax-free nature of the interest thereon.<br>Descriptions of some of the municipal securities and related investment types most commonly acquired by the Funds are provided below. In addition to those shown, other types of municipal investments are, or may become, available for investment by the Funds. For the purpose of each Fund's investment restrictions set forth in this SAI, the identification of the "issuer" of a municipal security which is not a general obligation bond is made by the applicable Fund's subadviser on the basis of the characteristics of the obligation, the most significant of which is the source of funds for the payment of principal and interest on such security. |
| *Municipal Bonds* | Municipal bonds, which meet longer-term capital needs and generally have maturities of more than one year when issued, have two principal classifications: general obligation bonds and revenue bonds. Another type of municipal bond is referred to as an industrial development bond.<br>Pre-refunded municipal bonds are tax-exempt bonds that have been refunded to a call date on or before the final maturity of principal and remain outstanding in the municipal market. The payment of principal and interest of the pre-refunded municipal bonds held by a fund is funded from securities in a designated escrow account that holds U.S. Treasury securities or other obligations of the U.S. Government, including its agencies and instrumentalities ("Agency Securities"). While still tax-exempt, pre-refunded municipal bonds usually will bear a Aaa rating (if a re-rating has been requested and paid for) because they are backed by the U.S. Treasury or Agency Securities. As the payment of principal and interest is generated from securities held in a designated escrow account, the pledge of the municipality has been fulfilled and the original pledge of revenue by the municipality is no longer in place. The escrow account securities pledged to pay the principal and interest of the pre-refunded municipal bonds held by a fund may subject the fund to interest rate risk and market risk. In addition, while a secondary market exists for pre-refunded municipal bonds, if a fund sells pre-refunded municipal bonds prior to maturity, the price received may be more or less than the original cost, depending on market conditions at the time of sale. |
| <u>General Obligation Bonds</u> | Issuers of general obligation bonds include states, counties, cities, towns, and regional districts. The proceeds of these obligations are used to fund a wide range of public projects, including construction or improvement of schools, highways and roads, and water and sewer systems. The basic security behind general obligation bonds is the issuer's pledge of its full faith and credit and taxing power for the payment of principal and interest. The taxes that can be levied for the payment of debt service may be limited or unlimited as to the rate or amount of special assessments. |

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| <u>Industrial Development Bonds</u> | Industrial development bonds, which are considered municipal bonds if the interest paid is exempt from Federal income tax, are issued by or on behalf of public authorities to raise money to finance various privately operated facilities for business and manufacturing, housing, sports arenas and pollution control. These bonds are also used to finance public facilities such as airports, mass transit systems, ports and parking. The payment of the principal and interest on such bonds is dependent solely on the ability of the facility's user to meet its financial obligations and the pledge, if any, of real and personal property so financed as security for such payment. |
| <u>Revenue Bonds</u> | The principal security for a revenue bond is generally the net revenues derived from a particular facility, group of facilities, or, in some cases, the proceeds of a special excise or other specific revenue source. Revenue bonds are issued to finance a wide variety of capital projects including: electric, gas, water and sewer systems; highways, bridges, and tunnels; port and airport facilities; colleges and universities; and hospitals. Although the principal security behind these bonds may vary, many provide additional security in the form of a debt service reserve fund whose money may be used to make principal and interest payments on the issuer's obligations. Housing finance authorities have a wide range of security; including partially or fully insured mortgages, rent subsidized and/or collateralized mortgages, and/or the net revenues from housing or other public projects. Some authorities provide further security in the form of a state's ability (without obligation) to make up deficiencies in the debt service reserve fund. |
| *Municipal Leases* | Each Fund may acquire participations in lease obligations or installment purchase contract obligations (hereinafter collectively called "lease obligations") of municipal authorities or entities. Although lease obligations do not constitute general obligations of the municipality for which the municipality's taxing power is pledged, a lease obligation may be backed by the municipality's covenant to budget for, appropriate, and make the payments due under the lease obligation. However, certain lease obligations contain "non-appropriation" clauses which provide that the municipality has no obligation to make lease or installment purchase payments in future years unless money is appropriated for such purpose on a yearly basis. In addition to the "non-appropriation" risk, these securities represent a relatively new type of financing that has not yet developed the depth of marketability associated with more conventional bonds. In the case of a "non-appropriation" lease, a Fund's ability to recover under the lease in the event of non-appropriation or default will be limited solely to the repossession of the leased property in the event foreclosure might prove difficult. The Fund's subadviser will evaluate the credit quality of a municipal lease and whether it will be considered liquid. (See "Illiquid and Restricted Investments" in this section of the SAI for information regarding the implications of these investments being considered illiquid.) |
| *Municipal Notes* | Municipal notes generally are used to provide for short-term working capital needs and generally have maturities of one year or less. Municipal notes include bond anticipation notes, construction loan notes, revenue anticipation notes and tax anticipation notes. |
| <u>Bond Anticipation Notes</u> | Bond anticipation notes are issued to provide interim financing until long-term financing can be arranged. In most cases, the long-term bonds then provide the money for the repayment of the notes. |
| <u>Construction Loan Notes</u> | Construction loan notes are sold to provide construction financing. After successful completion and acceptance, many projects receive permanent financing through FNMA or GNMA. |
| <u>Revenue Anticipation Notes</u> | Revenue anticipation notes are issued in expectation of receipt of other types of revenue, such as Federal revenues available under Federal revenue sharing programs. |
| <u>Tax Anticipation Notes</u> | Tax anticipation notes are issued to finance working capital needs of municipalities. Generally, they are issued in anticipation of various seasonal tax revenue, such as income, sales, use and business taxes, and are payable from these specific future taxes. |
| *Tax-Exempt Commercial Paper* | Tax-exempt commercial paper is a short-term obligation with a stated maturity of 365 days or less. It is issued by state and local governments or their agencies to finance seasonal working capital needs or as short-term financing in anticipation of longer-term financing. |
| ***Participation on Creditors' Committees*** | While the Funds do not invest in securities to exercise control over the securities' issuers, each Fund may, from time to time, participate on committees formed by creditors to negotiate with the management of financially troubled issuers of securities held by the Fund. Such participation may subject the relevant Fund to expenses such as legal fees and may deem the Fund an "insider" of the issuer for purposes of the Federal securities laws, and expose the Fund to material non-public information of the issuer, and therefore may restrict the Fund's ability to purchase or sell a particular security when it might otherwise  |

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| **<u>Investment Technique</u>** | **<u>Description and Risks</u>** |
|  | desire to do so. Participation by a Fund on such committees also may expose the Fund to potential liabilities under the federal bankruptcy laws or other laws governing the rights of creditors and debtors. A Fund will participate on such committees only when the Fund's subadviser believes that such participation is necessary or desirable to enforce the Fund's rights as a creditor or to protect the value of securities held by the Fund. |
| ***Payable in Kind ("PIK") Bonds*** | PIK bonds are obligations which provide that the issuer thereof may, at its option, pay interest on such bonds in cash or "in kind", which means in the form of additional debt securities. Such securities benefit the issuer by mitigating its need for cash to meet debt service, but also require a higher rate of return to attract investors who are willing to defer receipt of such cash. The Funds will accrue income on such investments for tax and accounting purposes, which is distributable to shareholders and which, because no cash is received at the time of accrual, may require the liquidation of other portfolio securities to satisfy the Funds' distribution obligations. The market prices of PIK bonds generally are more volatile than the market prices of securities that pay interest periodically, and they are likely to respond to changes in interest rates to a greater degree than would otherwise similar bonds on which regular cash payments of interest are being made. |
| ***Ratings*** | The rating or quality of a debt security refers to a rating agency's assessment of the issuer's creditworthiness, i.e., its ability to pay principal and interest when due. Higher ratings indicate better credit quality, as rated by independent rating organizations such as Moody's, S&P or Fitch, which publish their ratings on a regular basis. Appendix A provides a description of the various ratings provided for bonds (including convertible bonds), municipal bonds, and commercial paper.<br>After a Fund purchases a debt security, the rating of that security may be reduced below the minimum rating acceptable for purchase by the Fund. A subsequent downgrade does not require the sale of the security, but the Fund's subadviser will consider such an event in determining whether to continue to hold the obligation. To the extent that ratings established by Moody's or S&P may change as a result of changes in such organizations or their rating systems, a Fund will invest in securities which are deemed by the Fund's subadviser to be of comparable quality to securities whose current ratings render them eligible for purchase by the Fund.<br>Credit ratings issued by credit rating agencies evaluate the safety of principal and interest payments of rated securities. They do not, however, evaluate the market-value risk and therefore may not fully reflect the true risks of an investment. In addition, credit rating agencies may or may not make timely changes in a rating to reflect changes in the economy or in the condition of the issuer that affect the market value of the security. Consequently, credit ratings are used only as a preliminary indicator of investment quality. |
| ***Sovereign Debt*** | Each Fund may invest in "sovereign debt," which is issued or guaranteed by foreign governments (including countries, provinces and municipalities) or their agencies and instrumentalities. Sovereign debt may trade at a substantial discount from face value. The Funds may hold and trade sovereign debt of foreign countries in appropriate circumstances to participate in debt conversion programs. Emerging market country sovereign debt involves a higher degree of risk than that of developed markets, is generally lower-quality debt, and is considered speculative in nature due, in part, to the extreme and volatile nature of debt burdens in such countries and because emerging market governments can be relatively unstable. The issuer or governmental authorities that control sovereign-debt repayment ("sovereign debtors") may be unable or unwilling to repay principal or interest when due in accordance with the terms of the debt. A sovereign debtor's willingness or ability to repay principal and interest due in a timely manner may be affected by, among other factors, its cash-flow situation, the extent of its foreign reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the sovereign debtor's policy towards the IMF, and the political constraints to which the sovereign debtor may be subject. Sovereign debtors may also be dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce principal and interest arrearage on their debt. The commitment of these third parties to make such disbursements may be conditioned on the sovereign debtor's implementation of economic reforms or economic performance and the timely service of the debtor's obligations. The sovereign debtor's failure to meet these conditions may cause these third parties to cancel their commitments to provide funds to the sovereign debtor, which may further impair the debtor's ability or willingness to timely service its debts. In certain instances, the Funds may invest in sovereign debt that is in default as to payments of principal or interest. In the event that the Funds hold non-performing sovereign debt, the Funds may incur additional expenses in connection with any restructuring of the issuer's obligations or in otherwise enforcing their rights thereunder. |
| *Brady Bonds* | Each Fund may invest a portion of its assets in certain sovereign debt obligations known as "Brady Bonds." Brady Bonds are issued under the framework of the Brady Plan, an initiative announced by former U.S. Treasury Secretary Nicholas F. Brady in 1989 as a mechanism for debtor nations to restructure their outstanding external indebtedness. The Brady Plan contemplates, among other things, the debtor nation's adoption of certain economic reforms and the exchange of commercial bank debt for newly issued bonds. In restructuring its external debt under the Brady Plan framework, a debtor nation  |

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| **<u>Investment Technique</u>** | **<u>Description and Risks</u>** |
|  | negotiates with its existing bank lenders as well as the World Bank or the IMF. The World Bank or IMF supports the restructuring by providing funds pursuant to loan agreements or other arrangements that enable the debtor nation to collateralize the new Brady Bonds or to replenish reserves used to reduce outstanding bank debt. Under these loan agreements or other arrangements with the World Bank or IMF, debtor nations have been required to agree to implement certain domestic monetary and fiscal reforms. The Brady Plan sets forth only general guiding principles for economic reform and debt reduction, emphasizing that solutions must be negotiated on a case-by-case basis between debtor nations and their creditors.<br>Brady Bonds are often viewed as having three or four valuation components: (i) the collateralized repayment of principal at final maturity; (ii) the collateralized interest payments; (iii) the uncollateralized interest payments; and (iv) any uncollateralized repayment of principal at maturity (these uncollateralized amounts constitute the "residual risk"). In light of the residual risk of Brady Bonds and, among other factors, the history of defaults with respect to commercial bank loans by public and private entities of countries issuing Brady Bonds, investments in Brady Bonds can be viewed as speculative. |
| ***Stand-by Commitments*** | Each Fund may purchase securities together with the right to resell them to the seller or a third party at an agreed-upon price or yield within specified periods prior to their maturity dates. Such a right to resell is commonly known as a stand-by commitment, and the aggregate price which a Fund pays for securities with a stand-by commitment may increase the cost, and thereby reduce the yield, of the security. The primary purpose of this practice is to permit the Fund to be as fully invested as practicable in municipal securities while preserving the necessary flexibility and liquidity to meet unanticipated redemptions. Stand-by commitments acquired by a Fund are valued at zero in determining the Fund's NAV. Stand-by commitments involve certain expenses and risks, including the inability of the issuer of the commitment to pay for the securities at the time the commitment is exercised, non-marketability of the commitment, and differences between the maturity of the underlying security and the maturity of the commitment. |
| ***Strip Bonds*** | Strip bonds are debt securities that are stripped of their interest (usually by a financial intermediary) after the securities are issued. The market value of these securities generally fluctuates more in response to changes in interest rates than interest-paying securities of comparable maturity. |
| ***Tender Option Bonds*** | Tender option bonds are relatively long-term bonds that are coupled with the option to tender the securities to a bank, broker-dealer or other financial institution at periodic intervals and receive the face value of the bond. This investment structure is commonly used as a means of enhancing a security's liquidity. |
| ***Variable and Floating Rate Obligations*** | Each Fund may purchase securities having a floating or variable rate of interest. These securities pay interest at rates that are adjusted periodically according to a specific formula, usually with reference to some interest rate index or market interest rate (the "underlying index"). The floating rate tends to decrease the security's price sensitivity to changes in interest rates. These securities may carry demand features permitting the holder to demand payment of principal at any time or at specified intervals prior to maturity. Accordingly, as interest rates decrease or increase, the potential for capital appreciation or depreciation is less than for fixed-rate obligations.<br>The floating and variable rate obligations that the Funds may purchase include variable rate demand securities. Variable rate demand securities are variable rate securities that have demand features entitling the purchaser to resell the securities to the issuer at an amount approximately equal to amortized cost or the principal amount thereof plus accrued interest, which may be more or less than the price that the Fund paid for them. The interest rate on variable rate demand securities also varies either according to some objective standard, such as an index of short-term, tax-exempt rates, or according to rates set by or on behalf of the issuer.<br>When a Fund purchases a floating or variable rate demand instrument, the Fund's subadviser will monitor, on an ongoing basis, the ability of the issuer to pay principal and interest on demand. The Fund's right to obtain payment at par on a demand instrument could be affected by events occurring between the date the Fund elects to demand payment and the date payment is due that may affect the ability of the issuer of the instrument to make payment when due, except when such demand instrument permits same day settlement. To facilitate settlement, these same day demand instruments may be held in book entry form at a bank other than the Funds' custodian subject to a sub-custodian agreement between the bank and the Funds' custodian.<br>The floating and variable rate obligations that the Funds may purchase also include certificates of participation in such obligations purchased from banks. A certificate of participation gives the Fund an undivided interest in the underlying obligations in the proportion that the Fund's interest bears to the total principal amount of the obligation. Certain certificates of participation may carry a demand feature that would permit the holder to tender them back to the issuer prior to maturity.<br>The income received on certificates of participation in tax-exempt municipal obligations constitutes interest from tax-exempt obligations. |

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| **<u>Investment Technique</u>** | **<u>Description and Risks</u>** |
|  | Each Fund will limit its purchases of floating and variable rate obligations to those of the same quality as it otherwise is allowed to purchase. Similar to fixed rate debt instruments, variable and floating rate instruments are subject to changes in value based on changes in prevailing market interest rates or changes in the issuer's creditworthiness.<br>A floating or variable rate instrument may be subject to a Fund's percentage limitation on illiquid securities if there is no reliable trading market for the instrument or if the Fund may not demand payment of the principal amount within seven days. (See "Illiquid and Restricted Securities" in this section of the SAI.) |
| ***Zero, Deferred and Step Coupon Debt Securities and Payment-in-Kind Securities*** | Each Fund may invest in debt obligations that do not make any interest payments for a specified period of time prior to maturity ("deferred coupon" bonds) or until maturity ("zero coupon" bonds). The nonpayment of interest on a current basis may result from the bond's having no stated interest rate, in which case the bond pays only principal at maturity and is normally initially issued at a discount from face value. Alternatively, the bond may provide for a stated rate of interest, but provide that such interest is not payable until maturity, in which case the bond may initially be issued at par. The value to the investor of these types of bonds is represented by the economic accretion either of the difference between the purchase price and the nominal principal amount (if no interest is stated to accrue) or of accrued, unpaid interest during the bond's life or payment deferral period.<br>Because deferred and zero coupon bonds do not make interest payments for a certain period of time, they are generally purchased by a Fund at a deep discount and their value fluctuates more in response to interest rate changes than does the value of debt obligations that make current interest payments. The degree of fluctuation with interest rate changes is greater when the deferred period is longer. Therefore, when a Fund invests in zero or deferred coupon bonds, there is a risk that the value of the Fund's shares may decline more as a result of an increase in interest rates than would be the case if the Fund did not invest in such bonds.<br>Even though zero and deferred coupon bonds may not pay current interest in cash, each Fund is required to accrue interest income on such investments and to distribute such amounts to shareholders. Thus, a Fund would not be able to purchase income-producing securities to the extent cash is used to pay such distributions, and, therefore, the Fund's current income could be less than it otherwise would have been. Instead of using cash, the Fund might liquidate investments in order to satisfy these distribution requirements. <br>Step coupon bonds trade at a discount from their face value and pay coupon interest. The coupon rate is low for an initial period and then increases to a higher coupon rate. The discount from the face amount or par value depends on the time remaining until cash payments begin, prevailing interest rates, liquidity of the security and the perceived credit quality of the issuer.<br>Payment-in-kind securities are debt or preferred securities that require or permit payment of interest in the form of additional securities. Payment-in-kind securities allow the issuer to avoid or delay the need to generate cash to meet current interest payments and, as a result, may involve greater risk than securities that pay interest currently or in cash. |
| **Derivatives and Other Similar Instruments** | Each Fund may invest in various types of derivatives and other similar instruments (collectively referred to in this section as "derivatives" or "derivative instruments"), which may at times result in significant derivative exposure. A derivative is generally a financial instrument whose performance is derived from the performance of another asset. Each Fund may invest in derivative instruments including, but not limited to: futures contracts, put options, call options, options on futures contracts, options on foreign currencies, swaps, forward contracts, structured investments, and other equity-linked derivatives.<br>Each Fund may use derivative instruments for hedging (to offset risks associated with an investment, currency exposure, or market conditions) or in pursuit of its investment objective(s) and policies (to seek to enhance returns). When a Fund invests in a derivative, the risks of loss of that derivative may be greater than the derivative's cost. No Fund may use any derivative to gain exposure to an asset or class of assets that it would be prohibited by its investment restrictions from purchasing directly. In addition to other considerations, a Fund's ability to use derivative instruments may be limited by tax considerations. (See "Dividends, Distributions and Taxes" in this SAI.) <br>Investments in derivatives may subject a Fund to special risks in addition to normal market fluctuations and other risks inherent in investment in securities. Investments in derivatives in general are subject to market risks that may cause their prices to fluctuate over time. Derivatives are usually less liquid than traditional securities and are subject to counterparty risk (the risk that the other party to the contract will default or otherwise not be able to perform its contractual obligations). Changes in the value of a derivative may also create margin delivery or settlement payment obligations for a Fund. Investments in derivatives may not directly correlate with the price movements of the underlying instrument. As a result, the use of derivatives may expose a Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. The use of derivatives may give rise to a form of leverage which magnifies the risk of loss. The  |

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|  | use of derivatives may also result in smaller gains than otherwise would be the case. The use of derivatives is also subject to operational risk which refers to risk related to potential operational issues, including documentation issues, settlement issues, system failures, inadequate controls, and human error, as well as legal risk which refers to the risk of loss resulting from insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract.<br>SEC Rule 18f-4 ("Rule 18f-4" or the "Derivatives Rule") regulates the ability of a Fund to enter into derivative transactions and other leveraged transactions. The Derivatives Rule defines the term "derivatives" to include short sales and forward contracts, such as TBA transactions, in addition to instruments traditionally classified as derivatives, such as swaps, futures, and options. Rule 18f-4 also regulates other types of leveraged transactions, such as reverse repurchase transactions and transactions deemed to be "similar to" reverse repurchase transactions, such as certain securities lending transactions in connection with which a Fund obtains leverage. Reverse repurchase agreements or similar financing transactions may also be deemed to be "derivatives" for purposes of Rule 18f-4 if a Fund chooses to rely on certain provisions of the Derivatives Rule in connection with its use of reverse repurchase agreements or similar financing transactions. Among other things, under Rule 18f-4, a Fund is prohibited from entering into these transactions except in reliance on the provisions of the Derivatives Rule. The Derivatives Rule establishes limits on the derivatives transactions that a Fund may enter into based on the value-at-risk ("VaR") of the Fund inclusive of derivatives. A Fund will generally satisfy the limits under the Rule if the VaR of its portfolio (inclusive of derivatives transactions) does not exceed 200% of the VaR of its "designated reference portfolio." The "designated reference portfolio" is a representative unleveraged index or a Fund's own securities portfolio absent derivatives holdings, as determined by such Fund's derivatives risk manager. This limits test is referred to as the "Relative VaR Test." As a result of the Relative VaR Test, a Fund may not seek returns in excess of 2x the Underlying Index. For a Fund that uses the Absolute VaR Test, the limit is 20% of the value of the Fund's net assets.<br>In addition, among other requirements, Rule 18f-4 requires a Fund to establish a derivatives risk management program, appoint a derivatives risk manager, and carry out enhanced reporting to the Board, the SEC and the public regarding a Fund's derivatives activities. These new requirements will apply unless a Fund qualifies as a "limited derivatives user," which the Derivatives Rule defines as a fund that limits its derivatives exposure to 10% of its net assets. It is possible that the limits and compliance costs imposed by the Derivatives Rule may adversely affect a Fund's performance, efficiency in implementing its strategy, liquidity and/or ability to pursue its investment objectives and may increase the cost of such Fund's investments and cost of doing business, which could adversely affect investors. |
| ***Commodity Interests*** | Certain of the derivative investment types permitted for the Funds may be considered commodity interests for purposes of the CEA and regulations approved by the CFTC. Investing in commodity interests, outside of certain conditions required to qualify for exemption or exclusion, will cause a Fund to be deemed a commodity pool, thereby subjecting the Fund to regulation under the CEA and CFTC rules. In that event, the Adviser will be registered as a Commodity Pool Operator with respect to the Funds, the Fund's subadviser will be registered as a Commodity Trading Adviser, and the Fund will be operated in accordance with CFTC rules. Because of the applicable registration requirements and rules, investing the Fund's assets in commodity interests could cause the Fund to incur additional expenses. Alternatively, to the extent that a Fund limits its use of and exposure to commodity interests in order to qualify for exemption from being considered a commodity pool, the Fund's use of investment techniques described in its Prospectus and this SAI may be limited or restricted. |
| ***Credit-linked Notes*** | Credit-linked notes are derivative instruments used to transfer credit risk. The performance of the notes is linked to the performance of the underlying reference obligation or reference portfolio ("reference entities"). The notes are usually issued by a special purpose vehicle that sells credit protection through a credit default swap agreement in return for a premium and an obligation to pay the transaction sponsor should a reference entity experience a credit event, such as bankruptcy. The special purpose vehicle invests the proceeds from the notes to cover its contingent obligation. Revenue from the investments and the money received as premium are used to pay interest to note holders. The main risk of credit linked notes is the risk of default to the reference obligation of the credit default swap. Should a default occur, the special purpose vehicle would have to pay the transaction sponsor, subordinating payments to the note holders. Credit linked notes also may not be liquid and may be subject to currency and interest rate risks as well. |
| ***Equity-linked Derivatives*** | Each Fund may invest in equity-linked derivative products, the performance of which is designed to correspond generally to the performance of a specified stock index or "basket" of stocks, or to a single stock. Investments in equity-linked derivatives involve the same risks associated with a direct investment in the types of securities such products are designed to track. There can be no assurance that the trading price of the equity-linked derivatives will equal the underlying value of the securities purchased to replicate a particular investment or that such basket will replicate the investment.<br>Investments in equity-linked derivatives may constitute investments in other investment companies. (See "Mutual Fund Investing" in this section of the SAI for information regarding the implications of a Fund investing in other investment companies.) |

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| **<u>Investment Technique</u>** | **<u>Description and Risks</u>** |
| ***Eurodollar Instruments*** | A Fund may invest in Eurodollar instruments. Eurodollar instruments are dollar-denominated certificates of deposit and time deposits issued outside the U.S. capital markets by foreign branches of U.S. banks and by foreign banks. Each Fund might use Eurodollar instruments to hedge against changes in interest rates or to enhance returns.<br>Eurodollar obligations are subject to the same risks that pertain to domestic issuers, most notably income risk (and, to a lesser extent, credit risk, market risk, and liquidity risk). Additionally, Eurodollar obligations are subject to certain sovereign risks. One such risk is the possibility that a sovereign country might prevent capital, in the form of dollars, from flowing across its borders. Other risks include adverse political and economic developments, the extent and quality of government regulation of financial markets and institutions, the imposition of foreign withholding taxes, and expropriation or nationalization of foreign issuers. However, Eurodollar obligations will undergo the same type of credit analysis as domestic issuers in which a Fund invests. |
| ***Foreign Currency Forward Contracts, Futures and Options*** | Each Fund may engage in certain derivative foreign currency exchange and option transactions involving investment risks and transaction costs to which the Fund would not be subject absent the use of these strategies. If a Fund's subadviser's predictions of movements in the direction of securities prices or currency exchange rates are inaccurate, the Fund may experience adverse consequences, leaving it in a worse position than if it had not used such strategies. Risks inherent in the use of option and foreign currency forward and futures contracts include: (1) dependence on the Fund's subadviser's ability to correctly predict movements in the direction of securities prices and currency exchange rates; (2) imperfect correlation between the price of options and futures contracts and movements in the prices of the securities or currencies being hedged; (3) the fact that the skills needed to use these strategies are different from those needed to select portfolio securities; (4) the possible absence of a liquid secondary market for any particular instrument at any time; and (5) the possible need to defer closing out certain hedged positions to avoid adverse tax consequences. The Fund's ability to enter into futures contracts is also limited by the requirements of the Code for qualification as a RIC. (See the "Dividends, Distributions and Taxes" section of this SAI.)<br>A Fund may engage in currency exchange transactions to protect against uncertainty in the level of future currency exchange rates. In addition, a Fund may write put and call options on foreign currencies for the purpose of increasing its return.<br>A Fund may enter into contracts to purchase or sell foreign currencies at a future date ("forward contracts") and purchase and sell foreign currency futures contracts. For certain hedging purposes, the Fund may also purchase exchange-listed and over-the-counter put and call options on foreign currency futures contracts and on foreign currencies. A put option on a futures contract gives the Fund the right to assume a short position in the futures contract until the expiration of the option. A put option on a currency gives the Fund the right to sell the currency at an exercise price until the expiration of the option. A call option on a futures contract gives the Fund the right to assume a long position in the futures contract until the expiration of the option. A call option on a currency gives the Fund the right to purchase the currency at the exercise price until the expiration of the option.<br>When engaging in position hedging, a Fund enters into foreign currency exchange transactions to protect against a decline in the values of the foreign currencies in which its portfolio securities are denominated (or an increase in the values of currency for securities which the Fund expects to purchase, when the Fund holds cash or short-term investments). In connection with position hedging, the Fund may purchase put or call options on foreign currency and on foreign currency futures contracts and buy or sell forward contracts and foreign currency futures contracts. (A Fund may also purchase or sell foreign currency on a spot basis, as discussed in "Foreign Currency Transactions" under "Foreign Investing" in this section of the SAI.)<br>The precise matching of the amounts of foreign currency exchange transactions and the value of the portfolio securities involved will not generally be possible since the future value of such securities in foreign currencies will change as a consequence of market movements in the value of those securities between the dates the currency exchange transactions are entered into and the dates they mature. It is also impossible to forecast with precision the market value of portfolio securities at the expiration or maturity of a forward or futures contract. Accordingly, it may be necessary for a Fund to purchase additional foreign currency on the spot market (and bear the expense of such purchase) if the market value of the security or securities being hedged is less than the amount of foreign currency the Fund is obligated to deliver and a decision is made to sell the security or securities and make delivery of the foreign currency. Conversely, it may be necessary to sell on the spot market some of the foreign currency received upon the sale of the portfolio security or securities if the market value of such security or securities exceeds the amount of foreign currency the Fund is obligated to deliver.<br>Hedging techniques do not eliminate fluctuations in the underlying prices of the securities which a Fund owns or intends to purchase or sell. They simply establish a rate of exchange which one can achieve at some future point in time. Additionally, although these techniques tend to minimize the risk of loss due to a decline in the value of the hedged currency, they also tend to limit any potential gain which might result from the increase in value of such currency.<br>A Fund may seek to increase its return or to offset some of the costs of hedging against fluctuations in currency exchange  |

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| **<u>Investment Technique</u>** | **<u>Description and Risks</u>** |
|  | rates by writing covered put options and covered call options on foreign currencies. In that case, the Fund receives a premium from writing a put or call option, which increases the Fund's current return if the option expires unexercised or is closed out at a net profit. A Fund may terminate an option that it has written prior to its expiration by entering into a closing purchase transaction in which it purchases an option having the same terms as the option written.<br>A Fund's currency hedging transactions may call for the delivery of one foreign currency in exchange for another foreign currency and may at times not involve currencies in which its portfolio securities are then denominated. A Fund's subadviser will engage in such "cross hedging" activities when it believes that such transactions provide significant hedging opportunities for the Fund. Cross hedging transactions by a Fund involve the risk of imperfect correlation between changes in the values of the currencies to which such transactions relate and changes in the value of the currency or other asset or liability which is the subject of the hedge.<br>Foreign currency forward contracts, futures and options may be traded on foreign exchanges. Such transactions may not be regulated as effectively as similar transactions in the United States; may not involve a clearing mechanism and related guarantees; and are subject to the risk of governmental actions affecting trading in, or the prices of, foreign securities. The value of such positions also could be adversely affected by (i) other complex foreign political, legal and economic factors, (ii) lesser availability than in the United States of data on which to make trading decisions, (iii) delays in the relevant Fund's ability to act upon economic events occurring in foreign markets during non-business hours in the United States, (iv) the imposition of different exercise and settlement terms and procedures and margin requirements than in the United States, and (v) lesser trading volume.<br>The types of derivative foreign currency exchange transactions most commonly employed by the Funds are discussed below, although each Fund is also permitted to engage in other similar transactions to the extent consistent with the Fund's investment limitations and restrictions. |
| *Foreign Currency Forward Contracts* | A foreign currency forward contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days ("term") from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are traded directly between currency traders (usually large commercial banks) and their customers. |
| *Foreign Currency Futures Transactions* | Each Fund may use foreign currency futures contracts and options on such futures contracts. Through the purchase or sale of such contracts, a Fund may be able to achieve many of the same objectives attainable through the use of foreign currency forward contracts, but more effectively and possibly at a lower cost.<br>Unlike forward foreign currency exchange contracts, foreign currency futures contracts and options on foreign currency futures contracts are standardized as to amount and delivery period and are traded on boards of trade and commodities exchanges. It is anticipated that such contracts may provide greater liquidity and lower cost than forward foreign currency exchange contracts.<br>Purchasers and sellers of foreign currency futures contracts are subject to the same risks that apply to the buying and selling of futures generally. In addition, there are risks associated with foreign currency futures contracts similar to those associated with options on foreign currencies. (See "Foreign Currency Options" and "Futures Contracts and Options on Futures Contracts", each in this sub-section of the SAI.) The Fund must accept or make delivery of the underlying foreign currency, through banking arrangements, in accordance with any U.S. or foreign restrictions or regulations regarding the maintenance of foreign banking arrangements by U.S. residents and may be required to pay any fees, taxes or charges associated with such delivery which are assessed in the issuing country.<br>Futures contracts are designed by boards of trade which are designated contracts markets ("DCMs") by the CFTC. Futures contracts trade on DCMs in a manner that is similar to the way a stock trades on a stock exchange. The performance of these contracts is guaranteed by the boards of trade through their clearing corporations. As of the date of this SAI, the Funds may invest in futures contracts under specified conditions without being regulated as commodity pools. <br>However, under CFTC rules the Funds' ability to maintain the exclusions/exemptions from the definition of commodity pool may be limited. (See "Commodity Interests" in this section of the SAI.) |
| *Foreign Currency Options* | A foreign currency option provides the option buyer with the right to buy or sell a stated amount of foreign currency at the exercise price at a specified date or during the option period. A call option gives its owner the right, but not the obligation, to buy the currency, while a put option gives its owner the right, but not the obligation, to sell the currency. The option seller (writer) is obligated to fulfill the terms of the option sold if it is exercised. However, either seller or buyer may close its position during the option period for such options any time prior to expiration.<br>A call rises in value if the underlying currency appreciates. Conversely, a put rises in value if the underlying currency  |

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| **<u>Investment Technique</u>** | **<u>Description and Risks</u>** |
|  | depreciates. While purchasing a foreign currency option can protect a Fund against an adverse movement in the value of a foreign currency, it does not limit the gain which might result from a favorable movement in the value of such currency. For example, if the Fund were holding securities denominated in an appreciating foreign currency and had purchased a foreign currency put to hedge against a decline in the value of the currency, it would not have to exercise its put. Similarly, if the Fund had entered into a contract to purchase a security denominated in a foreign currency and had purchased a foreign currency call to hedge against a rise in the value of the currency but instead the currency had depreciated in value between the date of purchase and the settlement date, the Fund would not have to exercise its call but could acquire in the spot market the amount of foreign currency needed for settlement.<br>The value of a foreign currency option depends upon the value of the underlying currency relative to the other referenced currency. As a result, the price of the option position may vary with changes in the value of either or both currencies and have no relationship to the investment merits of a foreign security, including foreign securities held in a "hedged" investment portfolio. Because foreign currency transactions occurring in the interbank market involve substantially larger amounts than those that may be involved in the use of foreign currency options, the Funds may be disadvantaged by having to deal in an odd lot market (generally consisting of transactions of less than $1 million) for the underlying foreign currencies at prices that are less favorable than for round lots.<br>As in the case of other kinds of options, the use of foreign currency options constitutes only a partial hedge, and a Fund could be required to purchase or sell foreign currencies at disadvantageous exchange rates, thereby incurring losses. The purchase of an option on a foreign currency may not necessarily constitute an effective hedge against fluctuations in exchange rates and, in the event of rate movements adverse to the Fund's position, the Fund may forfeit the entire amount of the premium plus related transaction costs.<br>Options on foreign currencies written or purchased by a Fund may be traded on U.S. or foreign exchanges or over the counter. There is no systematic reporting of last sale information for foreign currencies traded over the counter or any regulatory requirement that quotations available through dealers or other market sources be firm or revised on a timely basis. Quotation information available is generally representative of very large transactions in the interbank market and thus may not reflect relatively smaller transactions (i.e., less than $1 million) where rates may be less favorable. The interbank market in foreign currencies is a global, around-the-clock market. To the extent that the options markets are closed while the markets for the underlying currencies remain open, significant price and rate movements may take place in the underlying markets that are not reflected in the options market.<br>For additional information about options transactions, see "Options" under "Derivatives and Other Similar Instruments" in this section of the SAI. |
| *Foreign Currency Warrants* | Foreign currency warrants such as currency exchange warrants are warrants that entitle the holder to receive from the issuer an amount of cash (generally, for warrants issued in the United States, in U.S. dollars) that is calculated pursuant to a predetermined formula and based on the exchange rate between two specified currencies as of the exercise date of the warrant. Foreign currency warrants generally are exercisable upon their issuance and expire as of a specified date and time.<br>Foreign currency warrants may be used to reduce the currency exchange risk assumed by purchasers of a security by, for example, providing for a supplemental payment in the event the U.S. dollar depreciates against the value of a major foreign currency such as the Japanese Yen or Euro. The formula used to determine the amount payable upon exercise of a foreign currency warrant may make the warrant worthless unless the applicable foreign currency exchange rate moves in a particular direction (e.g., unless the U.S. dollar appreciates or depreciates against the particular foreign currency to which the warrant is linked or indexed).<br>Foreign currency warrants are severable from the debt obligations with which they may be offered, and may be listed on exchanges. Foreign currency warrants may be exercisable only in certain minimum amounts, and an investor wishing to exercise warrants who possesses less than the minimum number required for exercise may be required either to sell the warrants or to purchase additional warrants, thereby incurring additional transaction costs. Upon exercise of warrants, there may be a delay between the time the holder gives instructions to exercise and the time the exchange rate relating to exercise is determined, thereby affecting both the market and cash settlement values of the warrants being exercised. The expiration date of the warrants may be accelerated if the warrants should be delisted from an exchange or if their trading should be suspended permanently, which would result in the loss of any remaining "time value" of the warrants (i.e., the difference between the current market value and the exercise value of the warrants), and, if the warrants were "out-of-the-money," in a total loss of the purchase price of the warrants.<br>Warrants are generally unsecured obligations of their issuers and are not standardized foreign currency options issued by the OCC. Unlike foreign currency options issued by the OCC, the terms of foreign exchange warrants generally will not be amended in the event of governmental or regulatory actions affecting exchange rates or in the event of the imposition of other  |

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| **<u>Investment Technique</u>** | **<u>Description and Risks</u>** |
|  | regulatory controls affecting the international currency markets. The initial public offering price of foreign currency warrants could be considerably in excess of the price that a commercial user of foreign currencies might pay in the interbank market for a comparable option involving larger amounts of foreign currencies. Foreign currency warrants are subject to significant foreign exchange risk, including risks arising from complex political or economic factors. |
| *Performance Indexed Paper* | Performance indexed paper is commercial paper the yield of which is linked to certain currency exchange rate movements. The yield to the investor on performance indexed paper is established at maturity as a function of spot exchange rates between the designated currencies as of or about the time (generally, the index maturity two days prior to maturity). The yield to the investor will be within a range stipulated at the time of purchase of the obligation, generally with a guaranteed minimum rate of return that is below, and a potential maximum rate of return that is above, market yields on commercial paper, with both the minimum and maximum rates of return on the investment corresponding to the minimum and maximum values of the spot exchange rate two business days prior to maturity. |
| *Principal Exchange Rate Linked Securities ("PERLS")* | PERLS are debt obligations the principal on which is payable at maturity in an amount that may vary based on the exchange rate between the particular currencies at or about that time. The return on "standard" PERLS is enhanced if the currency to which the security is linked appreciates against the base currency, and is adversely affected by increases in the exchange value of the base currency. "Reverse" PERLS are like the "standard" securities, except that their return is enhanced by increases in the value of the base currency and adversely impacted by increases in the value of other currency. Interest payments on the securities are generally made at rates that reflect the degree of currency risk assumed or given up by the purchaser of the notes (i.e., at relatively higher interest rates if the purchaser has assumed some of the currency exchange risk, or relatively lower interest rates if the issuer has assumed some of the currency exchange risk, based on the expectations of the current market). PERLS may in limited cases be subject to acceleration of maturity (generally, not without the consent of the holders of the securities), which may have an adverse impact on the value of the principal payment to be made at maturity. |
| ***Futures Contracts and Options on Futures Contracts*** | Each Fund may use interest rate, foreign currency, dividend, volatility or index futures contracts. An interest rate, foreign currency, dividend, volatility or index futures contract provides for the future sale by one party and purchase by another party of a specified quantity of a financial instrument, foreign currency, dividend basket or the cash value of an index at a specified price and time. A futures contract on an index is an agreement pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of the index at the close of the last trading day of the contract and the price at which the index contract was originally written. Although the value of an index might be a function of the value of certain specified securities, no physical delivery of these securities is made. A public market exists in futures contracts covering several indexes as well as a number of financial instruments and foreign currencies, and it is expected that other futures contracts will be developed and traded in the future. Interest rate and volatility futures contracts currently are traded in the United States primarily on the Chicago Board of Trade and the International Monetary Market of the Chicago Mercantile Exchange. Interest rate futures also are traded on foreign exchanges such as the London International Financial Futures Exchange and the Singapore International Monetary Exchange. Volatility futures also are traded on foreign exchanges such as Eurex. Dividend futures are also traded on foreign exchanges such as Eurex, NYSE Euronext Liffe, London Stock Exchange and the Singapore International Monetary Exchange.<br>A Fund may purchase and write call and put options on futures. Futures options possess many of the same characteristics as options on securities and indexes discussed above. A futures option gives the holder the right, in return for the premium paid, to assume a long position (call) or short position (put) in a futures contract at a specified exercise price at any time during the period of option. Upon exercise of a call option, the holder acquires a long position in the futures contract and the writer is assigned the opposite short position. In the case of a put option, the opposite is true.<br>Except as otherwise described in this SAI, the Funds will limit their use of futures contracts and futures options to hedging transactions and in an attempt to increase total return, in accordance with Federal regulations. The costs of, and possible losses incurred from, futures contracts and options thereon may reduce the Fund's current income and involve a loss of principal. Any incremental return earned by the Fund resulting from these transactions would be expected to offset anticipated losses or a portion thereof.<br>The Funds will only enter into futures contracts and futures options which are standardized and traded on a U.S. or foreign exchange, board of trade, or similar entity, or quoted on an automated quotation system.<br>When a purchase or sale of a futures contract is made by a Fund, the Fund is required to deposit with its custodian (or broker, if legally permitted) a specified amount of cash or U.S. Government securities ("initial margin"). The margin required for a futures contract is set by the exchange on which the contract is traded and may be modified during the term of the contract. The initial margin is in the nature of a performance bond or good faith deposit on the futures contract which is returned to the Fund upon termination of the contract, assuming all contractual obligations have been satisfied. The Funds expect to  |

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| **<u>Investment Technique</u>** | **<u>Description and Risks</u>** |
|  | earn interest income on their initial margin deposits. A futures contract held by a Fund is valued daily at the official settlement price of the exchange on which it is traded. Each day the Fund pays or receives cash, called "variation margin," equal to the daily change in value of the futures contract. This process is known as "marking to market." Variation margin does not represent a borrowing or loan by the Fund but is instead a settlement between the Fund and the broker of the amount one would owe the other if the futures contract expired. In computing daily NAV, the Fund will mark to market its open futures positions.<br>The Funds are also required to deposit and maintain margin with respect to put and call options on futures contracts written by them. Such margin deposits will vary depending on the nature of the underlying futures contract (and the related initial margin requirements), the current market value of the option, and other futures positions held by the relevant Fund.<br>Futures contracts are designed by boards of trade which are DCMs by the CFTC. Futures contracts trade on DCMs in a manner that is similar to the way a stock trades on a stock exchange. The performance of these contracts is guaranteed by the boards of trade through their clearing corporations. A Fund's ability to claim an exclusion or exemption from the definition of a commodity pool may be limited when the Fund invests in futures contracts. (See "Commodity Interests" in this SAI.)<br>The requirements of the Code for qualification as a RIC also may limit the extent to which a Fund may enter into futures, futures options or forward contracts. (See the "Dividends, Distributions and Taxes" section of this SAI.)<br>Although some futures contracts call for making or taking delivery of the underlying securities, generally these obligations are closed out prior to delivery by offsetting purchases or sales of matching futures contracts (same exchange, underlying security or index, and delivery month). If an offsetting purchase price is less than the original sale price, the Fund realizes a capital gain, or if it is more, the Fund realizes a capital loss. Conversely, if an offsetting sales price is more than the original purchase price, the Fund realizes a capital gain, or if it is less, the Fund realizes a capital loss. The transaction costs must also be included in these calculations.<br>Positions in futures contracts and related options may be closed out only on an exchange which provides a secondary market for such contracts or options. The Fund will enter into an option or futures position only if there appears to be a liquid secondary market. However, there can be no assurance that a liquid secondary market will exist for any particular option or futures contract at any specific time. Thus, it may not be possible to close out a futures or related option position. In the case of a futures position, in the event of adverse price movements the Fund would continue to be required to make daily margin payments. In this situation, if the Fund has insufficient cash to meet daily margin requirements it may have to sell portfolio securities to meet its margin obligations at a time when it may be disadvantageous to do so. In addition, the Fund may be required to take or make delivery of the securities underlying the futures contracts it holds. The inability to close out futures positions also could have an adverse impact on the Fund's ability to hedge its portfolio effectively.<br>There are several risks in connection with the use of futures contracts as a hedging device. While hedging can provide protection against an adverse movement in market prices, it can also limit a hedger's opportunity to benefit fully from a favorable market movement. In addition, investing in futures contracts and options on futures contracts will cause the Fund to incur additional brokerage commissions and may cause an increase in the Fund's portfolio turnover rate.<br>The successful use of futures contracts and related options may also depend on the ability of the relevant Fund's subadviser to forecast correctly the direction and extent of market movements, interest rates and other market factors within a given time frame. To the extent market prices remain stable during the period a futures contract or option is held by a Fund or such prices move in a direction opposite to that anticipated, the Fund may realize a loss on the transaction which is not offset by an increase in the value of its portfolio securities. Options and futures may also fail as a hedging technique in cases where the movements of the securities underlying the options and futures do not follow the price movements of the hedged portfolio securities. As a result, the Fund's total return for the period may be less than if it had not engaged in the hedging transaction. The loss from investing in futures transactions is potentially unlimited.<br>Utilization of futures contracts by a Fund involves the risk of imperfect correlation in movements in the price of futures contracts and movements in the price of the securities which are being hedged. If the price of the futures contract moves more or less than the price of the securities being hedged, the Fund will experience a gain or loss which will not be completely offset by movements in the price of the securities. It is possible that, where a Fund has sold futures contracts to hedge its portfolio against a decline in the market, the market may advance and the value of securities held in the Fund's portfolio may decline. If this occurred, the Fund would lose money on the futures contract and would also experience a decline in value in its portfolio securities. Where futures are purchased to hedge against a possible increase in the prices of securities before the Fund is able to invest its cash (or cash equivalents) in securities (or options) in an orderly fashion, it is possible that the market may decline; if the Fund then determines not to invest in securities (or options) at that time because of concern as to possible further market decline or for other reasons, the Fund will realize a loss on the futures that would not be offset by a reduction in the price of the securities purchased. |

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| **<u>Investment Technique</u>** | **<u>Description and Risks</u>** |
|  | The market prices of futures contracts may be affected if participants in the futures market elect to close out their contracts through off-setting transactions rather than to meet margin deposit requirements. In such case, distortions in the normal relationship between the cash and futures markets could result. Price distortions could also result if investors in futures contracts opt to make or take delivery of the underlying securities rather than to engage in closing transactions because such action would reduce the liquidity of the futures market. In addition, from the point of view of speculators, because the deposit requirements in the futures markets are less onerous than margin requirements in the cash market, increased participation by speculators in the futures market could cause temporary price distortions. Due to the possibility of price distortions in the futures market and because of the imperfect correlation between movements in the prices of securities and movements in the prices of futures contracts, a correct forecast of market trends may still not result in a successful hedging transaction.<br>Compared to the purchase or sale of futures contracts, the purchase of put or call options on futures contracts involves less potential risk for the Fund because the maximum amount at risk is the premium paid for the options plus transaction costs. However, there may be circumstances when the purchase of an option on a futures contract would result in a loss to the Fund while the purchase or sale of the futures contract would not have resulted in a loss, such as when there is no movement in the price of the underlying securities.<br>In addition to other futures contracts and options thereon, the funds may invest in commodity futures contracts and options thereon. A commodity futures contract is an agreement between two parties, in which one party agrees to buy a commodity, such as an energy, agricultural or metal commodity from the other party at a later date at a price and quantity agreed upon when the contract is made.<br>A fund will be required to segregate initial margin in the name of the futures broker upon entering into an index future.<br>For additional information about options transactions, see "Options" under "Derivatives and Other Similar Instruments" in this section of the SAI.  |
| ***Mortgage-Related and Other Asset-Backed Securities*** | Each Fund may purchase mortgage-related and other asset-backed securities, which collectively are securities backed by mortgages, installment contracts, credit card receivables or other financial assets. Asset-backed securities represent interests in "pools" of assets in which payments of both interest and principal on the securities are made periodically, thus in effect "passing through" such payments made by the individual borrowers on the assets that underlie the securities, net of any fees paid to the issuer or guarantor of the securities. The average life of asset-backed securities varies with the maturities of the underlying instruments, and the average life of a mortgage-backed instrument, in particular, is likely to be less than the original maturity of the mortgage pools underlying the securities as a result of mortgage prepayments, where applicable. For this and other reasons, an asset-backed security's stated maturity may be different, and the security's total return may be difficult to predict precisely.<br>If an asset-backed security is purchased at a premium, a prepayment rate that is faster than expected will reduce yield to maturity, while a prepayment rate that is slower than expected will have the opposite effect of increasing yield to maturity. Conversely, if an asset-backed security is purchased at a discount, faster than expected prepayments will increase yield to maturity, while slower than expected prepayments will decrease yield to maturity.<br>Prepayments of principal of mortgage-related securities by mortgagors or mortgage foreclosures affect the average life of the mortgage-related securities in the Fund's portfolio. Mortgage prepayments are affected by the level of interest rates and other factors, including general economic conditions and the underlying location and age of the mortgage. In periods of rising interest rates, the prepayment rate tends to decrease, lengthening the average life of a pool of mortgage-related securities. The longer the remaining maturity of a security the greater the effect of interest rate changes will be. Changes in the ability of an issuer to make payments of interest and principal and in the market's perception of its creditworthiness also affect the market value of that issuer's debt securities.<br>In periods of falling interest rates, the prepayment rate tends to increase, shortening the average life of a pool. Because prepayments of principal generally occur when interest rates are declining, it is likely that the Fund, to the extent that it retains the same percentage of debt securities, may have to reinvest the proceeds of prepayments at lower interest rates than those of its previous investments. If this occurs, that Fund's yield will correspondingly decline. Thus, mortgage-related securities may have less potential for capital appreciation in periods of falling interest rates than other fixed income securities of comparable duration, although they may have a comparable risk of decline in market value in periods of rising interest rates. To the extent that the Fund purchases mortgage-related securities at a premium, unscheduled prepayments, which are made at par, result in a loss equal to any unamortized premium.<br>Duration is one of the fundamental tools used by a Fund's subadviser in managing interest rate risks including prepayment risks. Traditionally, a debt security's "term to maturity" characterizes a security's sensitivity to changes in interest rates. "Term to maturity," however, measures only the time until a debt security provides its final payment, taking no account of  |

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| **<u>Investment Technique</u>** | **<u>Description and Risks</u>** |
|  | prematurity payments. Most debt securities provide interest ("coupon") payments in addition to a final ("par") payment at maturity, and some securities have call provisions allowing the issuer to repay the instrument in full before the maturity date, each of which affect the security's response to interest rate changes. "Duration" therefore is generally considered a more precise measure of interest rate risk than "term to maturity." Determining duration may involve a subadviser's estimates of future economic parameters, which may vary from actual future values. Generally, fixed income securities with longer effective durations are more responsive to interest rate fluctuations than those with shorter effective durations. For example, if interest rates rise by 1%, the value of securities having an effective duration of three years will generally decrease by approximately 3%.<br>A fund may purchase privately issued mortgage-related securities that are originated, packaged and serviced by third party entities. It is possible these third parties could have interests that are in conflict with the holders of mortgage-related securities, and such holders (such as a fund) could have rights against the third parties or their affiliates. For example, if a loan originator, servicer or its affiliates engaged in negligence or willful misconduct in carrying out its duties, then a holder of the mortgage-related security could seek recourse against the originator/servicer or its affiliates, as applicable. Also, as a loan originator/servicer, the originator/servicer or its affiliates may make certain representations and warranties regarding the quality of the mortgages and properties underlying a mortgage-related security. If one or more of those representations or warranties is false, then the holders of the mortgage-related securities (such as a fund) could trigger an obligation of the originator/servicer or its affiliates, as applicable, to repurchase the mortgages from the issuing trust. Notwithstanding the foregoing, many of the third parties that are legally bound by trust and other documents have failed to perform their respective duties, as stipulated in such trust and other documents, and investors have had limited success in enforcing terms.<br>Descriptions of some of the different types of mortgage-related and other asset-backed securities most commonly acquired by the Funds are provided below. In addition to those shown, other types of mortgage-related and asset-backed investments are, or may become, available for investment by the Funds. |
| *Collateralized Mortgage Obligations ("CMOs")* | CMOs are hybrid instruments with characteristics of both mortgage-backed and mortgage pass-through securities. Interest and prepaid principal on a CMO are paid, in most cases, monthly. CMOs may be collateralized by whole mortgage loans but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed by entities such as GNMA, FHLMC, or FNMA, and their income streams.<br>CMOs are typically structured in multiple classes, each bearing a different stated maturity. Actual maturity and average life will depend upon the prepayment experience of the collateral. CMOs provide for a modified form of call protection through a de facto breakdown of the underlying pool of mortgages according to how quickly the loans are repaid. Monthly payment of principal received from the pool of underlying mortgages, including prepayments, is first returned to investors holding the shortest maturity class. Investors holding the longer maturity classes typically receive principal only after the first class has been retired. An investor may be partially guarded against a sooner than desired return of principal because of the sequential payments.<br>FHLMC CMOs are debt obligations of FHLMC issued in multiple classes having different maturity dates and are secured by the pledge of a pool of conventional mortgage loans purchased by FHLMC. The amount of principal payable on each monthly payment date is determined in accordance with FHLMC's mandatory sinking fund schedule. Sinking fund payments in the CMOs are allocated to the retirement of the individual classes of bonds in the order of their stated maturities. Payments of principal on the mortgage loans in the collateral pool in excess of the amount of FHLMC's minimum sinking fund obligation for any payment date are paid to the holders of the CMOs as additional sinking-fund payments. Because of the "pass-through" nature of all principal payments received on the collateral pool in excess of FHLMC's minimum sinking fund requirement, the rate at which principal of the CMOs is actually repaid is likely to be such that each class of bonds will be retired in advance of its scheduled maturity date. If collection of principal (including prepayments) on the mortgage loans during any semiannual payment period is not sufficient to meet FHLMC's minimum sinking fund obligation on the next sinking fund payment date, FHLMC agrees to make up the deficiency from its general funds. |
| *CMO Residuals* | CMO residuals are derivative mortgage securities issued by agencies or instrumentalities of the U.S. Government or by private originators of, or investors in, mortgage loans. As described above, the cash flow generated by the mortgage assets underlying a series of CMOs is applied first to make required payments of principal and interest on the CMOs and second to pay the related administrative expenses of the issuer. The "residual" in a CMO structure generally represents the interest in any excess cash flow remaining after making the foregoing payments. Each payment of such excess cash flow to a holder of the related CMO residual represents income and/or a return of capital. The amount of residual cash flow resulting from a CMO will depend on, among other things, the characteristics of the mortgage assets, the coupon rate of each class of CMO, prevailing interest rates, the amount of administrative expenses and, in particular, the prepayment experience on the  |

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| **<u>Investment Technique</u>** | **<u>Description and Risks</u>** |
|  | mortgage assets. In addition, if a series of a CMO includes a class that bears interest at an adjustable rate, the yield to maturity on the related CMO residual will also be extremely sensitive to changes in the level of the index upon which interest rate adjustments are based. In certain circumstances a Fund may fail to recoup fully its initial investment in a CMO residual.<br>CMO residuals are generally purchased and sold by institutional investors through several investment banking firms acting as brokers or dealers. The CMO residual market currently may not have the liquidity of other more established securities trading in other markets. CMO residuals may be subject to certain restrictions on transferability, may be deemed illiquid and therefore subject to the Funds' limitations on investment in illiquid securities. (See "Illiquid and Restricted Securities" in this section of the SAI.) |

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| **<u>Investment Technique</u>** | **<u>Description and Risks</u>** |
|  | assets are neither U.S. Government securities nor U.S. Government-insured mortgages, to the extent that real properties securing such assets may be located in the same geographical region, the security may be subject to a greater risk of default than other comparable securities in the event of adverse economic, political or business developments that may affect such region and, ultimately, the ability of residential homeowners to make payments of principal and interest on the underlying mortgages.<br>It is possible that the availability and the marketability (that is, liquidity) of the securities discussed in this section could be adversely affected by the actions of the U.S. Government to tighten the availability of its credit. On September 7, 2008, the FHFA, an agency of the U.S. Government, placed FNMA and FHLMC into conservatorship, a statutory process with the objective of returning the entities to normal business operations. FHFA will act as the conservator to operate FNMA and FHLMC until they are stabilized. The conservatorship is still in effect as of the date of this SAI and has no specified termination date. There can be no assurance as to when or how the conservatorship will be terminated or whether FNMA or FHLMC will continue to exist following the conservatorship or what their respective business structures will be during or following the conservatorship. FHFA, as conservator, has the power to repudiate any contract entered into by FNMA or FHLMC prior to its appointment if it determines that performance of the contract is burdensome and repudiation of the contract promotes the orderly administration of FNMA's or FHLMC's affairs. Furthermore, FHFA has the right to transfer or sell any asset or liability of FNMA or FHLMC without any approval, assignment or consent. If FHFA were to transfer any such guarantee obligation to another party, holders of FNMA or FHLMC mortgage-backed securities would have to rely on that party for satisfaction of the guarantee obligation and would be exposed to the credit risk of that party. |
| *Adjustable Rate Mortgage-Backed Securities* | Adjustable rate mortgage-backed securities ("ARMBSs") have interest rates that reset at periodic intervals. Acquiring ARMBSs permits a Fund to participate in increases in prevailing current interest rates through periodic adjustments in the coupons of mortgages underlying the pool on which ARMBSs are based. Such ARMBSs generally have higher current yield and lower price fluctuations than is the case with more traditional fixed income debt securities of comparable rating and maturity. In addition, when prepayments of principal are made on the underlying mortgages during periods of rising interest rates, a Fund can reinvest the proceeds of such prepayments at rates higher than those at which they were previously invested. Mortgages underlying most ARMBSs, however, have limits on the allowable annual or lifetime increases that can be made in the interest rate that the mortgagor pays. Therefore, if current interest rates rise above such limits over the period of the limitation, a Fund holding an ARMBS does not benefit from further increases in interest rates. Moreover, when interest rates are in excess of coupon rates (i.e., the rates being paid by mortgagors) of the mortgages, ARMBSs behave more like fixed income securities and less like adjustable rate securities and are subject to the risks associated with fixed income securities. In addition, during periods of rising interest rates, increases in the coupon rate of adjustable rate mortgages generally lag current market interest rates slightly, thereby creating the potential for capital depreciation on such securities. |
| *Commercial Mortgage-Backed Securities* | Commercial Mortgage-Backed Securities include securities that reflect an interest in, and are secured by, mortgage loans on commercial real property. The market for commercial mortgage-backed securities developed more recently and in terms of total outstanding principal amount of issues is relatively small compared to the market for residential single-family mortgage-backed securities. Many of the risks of investing in commercial mortgage-backed securities reflect the risks of investing in the real estate securing the underlying mortgage loans. These risks reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make loan payments, and the ability of a property to attract and retain tenants. Commercial mortgage-backed securities may be less liquid and exhibit greater price volatility than other types of mortgage- or asset-backed securities.<br>Financial assets on which these securities are based include automobile receivables; credit card receivables; loans to finance boats, recreational vehicles, and mobile homes; computer, copier, railcar, and medical equipment leases; and trade, healthcare, and franchise receivables. In general, the obligations supporting these asset-backed securities are of shorter maturities than mortgage loans and are less likely to experience substantial prepayments. However, obligations such as credit card receivables are generally unsecured and the obligors are often entitled to protection under a number of consumer credit laws granting, among other things, rights to set off certain amounts owed on the credit cards, thus reducing the balance due. Other obligations that are secured, such as automobile receivables, may present issuers with difficulties in perfecting and executing on the security interests, particularly where the issuer allows the servicers of the receivables to retain possession of the underlying obligations, thus increasing the risk that recoveries on defaulted obligations may not be adequate to support payments on the securities. |
| *Other Asset-Backed Securities* | Through trusts and other special purpose entities, various types of securities based on financial assets other than mortgage loans are increasingly available, in both pass-through structures similar to mortgage pass-through securities described above and in other structures more like CMOs. As with mortgage-related securities, these asset-backed securities are often backed by a pool of financial assets representing the obligations of a number of different parties. They often include  |

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| **<u>Investment Technique</u>** | **<u>Description and Risks</u>** |
|  | credit-enhancement features similar to mortgage-related securities.<br>Financial assets on which these securities are based include automobile receivables; credit card receivables; loans to finance boats, recreational vehicles, and mobile homes; computer, copier, railcar, and medical equipment leases; and trade, healthcare, and franchise receivables. In general, the obligations supporting these asset-backed securities are of shorter maturities than mortgage loans and are less likely to experience substantial prepayments. However, obligations such as credit card receivables are generally unsecured and the obligors are often entitled to protection under a number of consumer credit laws granting, among other things, rights to set off certain amounts owed on the credit cards, thus reducing the balance due. Other obligations that are secured, such as automobile receivables, may present issuers with difficulties in perfecting and executing on the security interests, particularly where the issuer allows the servicers of the receivables to retain possession of the underlying obligations, thus increasing the risk that recoveries on defaulted obligations may not be adequate to support payments on the securities. |
| *Stripped Mortgage- backed Securities ("SMBS")* | SMBS are derivative multi-class mortgage securities. They may be issued by agencies or instrumentalities of the U.S. Government, or by private originators of, or investors in, mortgage loans. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. A common type of SMBS will have one class receiving some of the interest and most of the principal from the mortgage assets, while the other class will receive most of the interest and the remainder of the principal. In the most extreme case, one class will receive all of the interest (the interest-only or "IO" class), while the other class will receive all of the principal (the principal-only or "PO" class). The yield to maturity on an IO class security is extremely sensitive to the rate of principal payments (including prepayments) on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on a Fund's yield to maturity from these securities. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to recoup fully its initial investment in these securities even if the security is in one of the highest rating categories. The market value of the PO class generally is unusually volatile in response to changes in interest rates.<br>Although SMBS are purchased and sold by institutional investors through several investment banking firms acting as brokers or dealers, these securities were only recently developed. As a result, established trading markets have not yet developed and, accordingly, these securities may be deemed illiquid and therefore subject to the Funds' limitations on investment in illiquid securities. (See "Illiquid and Restricted Securities" in this section of the SAI.)<br>Each Fund may invest in other mortgage-related securities with features similar to those described above, to the extent consistent with the relevant Fund's investment objectives and policies. |
| ***Options*** | Each Fund may purchase or sell put and call options on securities, indices and other financial instruments. Options may relate to particular securities, foreign and domestic securities indices, financial instruments, volatility, credit default, foreign currencies or the yield differential between two securities. Such options may or may not be listed on a domestic or foreign securities exchange and may or may not be issued by the OCC.<br>A call option for a particular security gives the purchaser of the option the right to buy, and a writer the obligation to sell, the underlying security at the stated exercise price before the expiration of the option, regardless of the market price of the security. A premium is paid to the writer by the purchaser in consideration for undertaking the obligation under the option contract. A put option for a particular security gives the purchaser the right to sell and a writer the obligation to buy the security at the stated exercise price before the expiration date of the option, regardless of the market price of the security.<br>If the only derivatives in which a Fund invests are covered options, options written by a Fund will be covered and will remain covered as long as the Fund is obligated as a writer. A call option is "covered" if the Fund owns the underlying security or its equivalent covered by the call or has an absolute and immediate right to acquire that security without additional cash consideration (or for additional cash consideration if such cash is segregated) upon conversion or exchange of other securities held in its portfolio. A call option is also covered if the Fund holds on a share-for-share or equal principal amount basis a call on the same security as the call written where the exercise price of the call held is equal to or less than the exercise price of the call written or greater than the exercise price of the call written if appropriate liquid assets representing the difference are segregated by the Fund. A put option is "covered" if the Fund maintains appropriate liquid securities with a value equal to the exercise price, or owns on a share-for-share or equal principal amount basis a put on the same security as the put written where the exercise price of the put held is equal to or greater than the exercise price of the put written.<br>A Fund's obligation to sell an instrument subject to a covered call option written by it, or to purchase an instrument subject to a secured put option written by it, may be terminated before the expiration of the option by the Fund's execution of a closing purchase transaction. This means that a Fund buys an option of the same series (i.e., same underlying instrument, exercise price and expiration date) as the option previously written. Such a purchase does not result in the ownership of an option. A closing purchase transaction will ordinarily be effected to realize a profit on an outstanding option, to prevent an underlying  |

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| **<u>Investment Technique</u>** | **<u>Description and Risks</u>** |
|  | instrument from being called, to permit the sale of the underlying instrument or to permit the writing of a new option containing different terms on such underlying instrument. The cost of such a closing purchase plus related transaction costs may be greater than the premium received upon the original option, in which event the Fund will experience a loss. There is no assurance that a liquid secondary market will exist for any particular option. A Fund that has written an option and is unable to effect a closing purchase transaction will not be able to sell the underlying instrument (in the case of a covered call option) or liquidate the segregated assets (in the case of a secured put option) until the option expires or the optioned instrument is delivered upon exercise. The Fund will be subject to the risk of market decline or appreciation in the instrument during such period. The market value of an option also may be adversely affected if the market for the option is reduced or becomes less liquid. Additionally, the market for an option may be impacted by the availability of additional expiry cycles, which may lead trading volume into contracts closer to expiration, including zero days to expiration contracts ("0DTE" contracts). 0DTE contracts may involve substantially greater volatility than other options contracts.<br>Options purchased are recorded as an asset and written options are recorded as liabilities to the extent of premiums paid or received. The amount of this asset or liability will be subsequently marked-to-market to reflect the current value of the option purchased or written. The current value of the traded option is the last sale price or, in the absence of a sale, the current bid price. If an option purchased by a Fund expires unexercised, the Fund will realize a loss equal to the premium paid. If a Fund enters into a closing sale transaction on an option purchased by it, the Fund will realize a gain if the premium received by the Fund on the closing transaction is more than the premium paid to purchase the option, or a loss if it is less. If an option written by a Fund expires on the stipulated expiration date or if a Fund enters into a closing purchase transaction, it will realize a gain (or loss if the cost of a closing purchase transaction exceeds the net premium received when the option is sold), and the liability related to such option will be eliminated. If an option written by a Fund is exercised, the proceeds of the sale will be increased by the net premium originally received and the Fund will realize a gain or loss.<br>Options trading is a highly specialized activity that entails more complex and potentially greater than ordinary investment risk. Options may be more volatile than the underlying instruments and, therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying instruments themselves.<br>There are several other risks associated with options. For example, there are significant differences among the securities, currency, volatility, credit default and options markets that could result in an imperfect correlation among these markets, causing a given transaction not to achieve its objectives. In addition, a liquid secondary market for particular options, whether traded over-the-counter or on an exchange, may be absent for reasons that include the following: there may be insufficient trading interest in certain options; restrictions may be imposed by an exchange on opening transactions or closing transactions or both; trading halts, suspensions or other restrictions may be imposed with respect to particular classes or series of options or underlying securities or currencies; unusual or unforeseen circumstances may interrupt normal operations on an exchange; the facilities of an exchange or the OCC may not at all times be adequate to handle current trading value; or one or more exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the trading of options (or a particular class or series of options), in which event the secondary market on that exchange (or in that class or series of options) would cease to exist, although outstanding options that had been issued by the OCC as a result of trades on that exchange would continue to be exercisable in accordance with their terms.<br>Among other trading agreements, certain funds are also party to International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Agreements") with select counterparties that generally govern OTC derivative transactions entered into by such funds. The ISDA Agreements typically include representations and warranties as well as contractual terms related to collateral, events of default, termination events, and other provisions. Termination events include the decline in the net assets of a fund below a certain level over a specified period of time and entitle a counterparty to elect to terminate early with respect to some or all the transactions under the ISDA Agreement with that counterparty. Depending on the relative size of a fund's derivatives positions, such an election by one or more of the counterparties could have a material adverse impact on a fund's operations.<br>For options written with "primary dealers" in U.S. Government securities pursuant to an agreement requiring a closing transaction at the formula price, the amount considered to be illiquid may be calculated by reference to a formula price. (See "Illiquid and Restricted Securities" in this section of the SAI.) |
| *Options on Indexes and "Yield Curve" Options* | Each Fund may enter into options on indexes or options on the "spread," or yield differential, between two fixed income securities, in transactions referred to as "yield curve" options. Options on indexes and yield curve options provide the holder with the right to make or receive a cash settlement upon exercise of the option. With respect to options on indexes, the amount of the settlement will equal the difference between the closing price of the index at the time of exercise and the exercise price of the option expressed in dollars, times a specified multiple. With respect to yield curve options, the amount of the settlement will equal the difference between the yields of designated securities. |

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| **<u>Investment Technique</u>** | **<u>Description and Risks</u>** |
|  | With respect to yield curve options, a call or put option is covered if a Fund holds another call or put, respectively, on the spread between the same two securities and maintains in a segregated account liquid assets sufficient to cover the Fund's net liability under the two options. Therefore, the Fund's liability for such a covered option is generally limited to the difference between the amount of the Fund's liability under the option it wrote less the value of the option it holds. A Fund may also cover yield curve options in such other manner as may be in accordance with the requirements of the counterparty with which the option is traded and applicable laws and regulations.<br>The trading of these types of options is subject to all of the risks associated with the trading of other types of options. In addition, however, yield curve options present risk of loss even if the yield of one of the underlying securities remains constant, if the spread moves in a direction or to an extent which was not anticipated. |
| *Reset Options* | In certain instances, a Fund may purchase or write options on U.S. Treasury securities, which provide for periodic adjustment of the strike price and may also provide for the periodic adjustment of the premium during the term of each such option. Like other types of options, these transactions, which may be referred to as "reset" options or "adjustable strike" options grant the purchaser the right to purchase (in the case of a call) or sell (in the case of a put), a specified type of U.S. Treasury security at any time up to a stated expiration date (or, in certain instances, on such date). In contrast to other types of options, however, the price at which the underlying security may be purchased or sold under a "reset" option is determined at various intervals during the term of the option, and such price fluctuates from interval to interval based on changes in the market value of the underlying security. As a result, the strike price of a "reset" option, at the time of exercise, may be less advantageous than if the strike price had been fixed at the initiation of the option. In addition, the premium paid for the purchase of the option may be determined at the termination, rather than the initiation, of the option. If the premium for a reset option written by a Fund is paid at termination, the Fund assumes the risk that (i) the premium may be less than the premium which would otherwise have been received at the initiation of the option because of such factors as the volatility in yield of the underlying Treasury security over the term of the option and adjustments made to the strike price of the option, and (ii) the option purchaser may default on its obligation to pay the premium at the termination of the option. Conversely, where a Fund purchases a reset option, it could be required to pay a higher premium than would have been the case at the initiation of the option. |
| ***Swaptions*** | A Fund may enter into swaption contracts, which give the right, but not the obligation, to enter into a swap contract. Over-the-counter swaptions, although providing greater flexibility, may involve greater credit risk than exchange-traded options as they are not backed by the clearing organization of the exchanges where they are traded, and as such, there is a risk that the seller will not settle as agreed. A Fund's financial liability associated with swaptions is linked to the marked-to-market value of the notional underlying investments. Purchased swaption contracts are exposed to a maximum loss equal to the price paid for the option/swaption (the premium) and no further liability. Written swaptions, however, give the right of potential exercise to a third party, and the maximum loss to the Fund in the case of an uncovered swaption is unlimited. |
| ***Swap Agreements*** | Each Fund may enter into swap agreements on, among other things, interest rates, indices, securities and currency exchange rates. A Fund's subadviser may use swaps in an attempt to obtain for the Fund a particular desired return at a lower cost to the Fund than if the Fund had invested directly in an instrument that yielded that desired return. Swap agreements are two-party contracts entered into primarily by institutional investors for periods typically ranging from a few weeks to more than one year. In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or "swapped" between the parties are calculated with respect to a "notional amount," i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a "basket" of securities representing a particular index. The "notional amount" of the swap agreement is only a fictive basis on which to calculate the obligations the parties to a swap agreement have agreed to exchange. A Fund's obligations (or rights) under a swap agreement will generally be equal only to the amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the "net amount"). A Fund may pay fees or incur other costs each time it enters into, modifies, or terminates a swap agreement.<br>Because swap agreements are two-party contracts and may have terms of greater than seven days, they may be considered to be illiquid and therefore subject to the Funds' limitations on investment in illiquid securities. (See "Illiquid and Restricted Securities" in this section of the SAI.) Moreover, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. A Fund's subadviser will cause the Fund to enter into swap agreements only with counterparties that would be eligible for consideration as repurchase agreement counterparties under the Funds' repurchase agreement guidelines. (See "Repurchase Agreements" in this section of the SAI.) Certain restrictions imposed on the Funds by the Code may limit the Funds' ability to use swap agreements. (See the "Dividends, Distributions and Taxes" section of this SAI.) It is possible that developments in the swaps market could  |

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| **<u>Investment Technique</u>** | **<u>Description and Risks</u>** |
|  | adversely affect a Fund's ability to terminate existing swap agreements or to realize amounts to be received under such agreements.<br>Applicable provisions of the CEA and related CFTC rules dictate that certain swap agreements be considered commodity interests for purposes of the CEA. (See "Commodity Interests" in this section of the SAI for additional information regarding the implications of investments being considered commodity interests under the CEA.)<br>The SEC and the CFTC have developed rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act to create a comprehensive regulatory framework for swap transactions. Under the regulations, certain swap transactions are required to be executed on a regulated trading platform and cleared through a derivatives clearing organization. Additionally, the regulations impose other requirements on the parties entering into swap transactions, including requirements relating to posting margin, and reporting and documenting swap transactions. A Fund engaging in swap transactions may incur additional expenses as a result of these regulatory requirements. The Adviser is continuing to assess the impact of these requirements on the Funds. |
| *Credit Default Swap Agreements* | Each Fund may enter into credit default swap agreements. A credit default swap is a bilateral financial contract in which one party (the protection buyer) pays a periodic fee in return for a contingent payment by the protection seller following a credit event of a reference issuer. The protection buyer must either sell particular obligations issued by the reference issuer for its par value (or some other designated reference or strike price) when a credit event occurs or receive a cash settlement based on the difference between the market price and such reference price. A credit event is commonly defined as bankruptcy, insolvency, receivership, material adverse restructuring of debt, or failure to meet payment obligations when due. A Fund may be either the buyer or seller in the transaction. If a Fund is a buyer and no event of default occurs, the Fund loses its investment and recovers nothing; however, if an event of default occurs, the Fund receives full notional value for a reference obligation that may have little or no value. As a seller, a Fund receives a periodic fee throughout the term of the contract, provided there is no default event; if an event of default occurs, the Fund must pay the buyer the full notional value of the reference obligation. The value of the reference obligation received by the Fund as a seller, coupled with the periodic payments previously received, may be less than the full notional value the Fund pays to the buyer, resulting in a loss of value to the Fund.<br>Credit default swaps involve greater risks than if the Fund had invested in the reference obligation directly. In addition to general market risks, credit default swaps are subject to illiquidity risk, counterparty risk and credit risks. A Fund will enter into swap agreements only with counterparties deemed creditworthy by the Fund's subadviser. |
| *Dividend Swap Agreements* | A dividend swap agreement is a financial instrument where two parties contract to exchange a set of future cash flows at set dates in the future. One party agrees to pay the other the future dividend flow on a stock or basket of stocks in an index, in return for which the other party gives the first call options. Dividend swaps generally are traded over the counter rather than on an exchange. |
| *Inflation Swap Agreements* | Inflation swap agreements are contracts in which one party agrees to pay the cumulative percentage increase in a price index (e.g., the Consumer Price Index with respect to CPI swaps) over the term of the swap (with some lag on the inflation index), while the other pays a compounded fixed rate. Inflation swap agreements may be used by a Fund to hedge the inflation risk associated with non-inflation indexed investments, thereby creating "synthetic" inflation-indexed investments. One factor that may lead to changes in the values of inflation swap agreements is a change in real interest rates, which are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, which may lead to a decrease in value of an inflation swap agreement. |
| *Total Return Swap Agreements* | "Total return swap" is the generic name for any non-traditional swap where one party agrees to pay the other the "total return" of a defined underlying asset, usually in return for receiving a stream of cash flows based upon an agreed rate. A total return swap may be applied to any underlying asset but is most commonly used with equity indices, single stocks, bonds and defined portfolios of loans and mortgages. A total return swap is a mechanism for the user to accept the economic benefits of asset ownership without utilizing the balance sheet. The other leg of the swap, which is often SOFR, is spread to reflect the non-balance sheet nature of the product. Total return swaps can be designed with any underlying asset agreed between the two parties. No notional amounts are exchanged with total return swaps. |
| *Variance and Correlation Swap Agreements* | Variance swap agreements are contracts in which two parties agree to exchange cash payments based on the difference between the stated level of variance and the actual variance realized on an underlying asset or index. "Actual variance" as used here is defined as the sum of the square of the returns on the reference asset or index (which in effect is a measure of its "volatility") over the length of the contract term. In other words, the parties to a variance swap can be said to exchange actual volatility for a contractually stated rate of volatility. Correlation swap agreements are contracts in which two parties agree to exchange cash payments based on the differences between the stated and the actual correlation realized on the  |

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| **<u>Investment Technique</u>** | **<u>Description and Risks</u>** |
|  | underlying equity securities within a given equity index. "Correlation" as used here is defined as the weighted average of the correlations between the daily returns of each pair of securities within a given equity index. If two assets are said to be closely correlated, it means that their daily returns vary in similar proportions or along similar trajectories. A Fund may enter into variance or correlation swaps in an attempt to hedge equity market risk or adjust exposure to the equity markets. |
| **Equity Securities** | The Funds may invest in equity securities. Equity securities include common stocks, preferred stocks and preference stocks; securities such as bonds, warrants or rights that are convertible into stocks; and depositary receipts for those securities.<br>Common stockholders are the owners of the company issuing the stock and, accordingly, usually have the right to vote on various corporate governance matters such as mergers. They are not creditors of the company, but rather, in the event of liquidation of the company, would be entitled to their pro rata shares of the company's assets after creditors (including fixed income security holders) and, if applicable, preferred stockholders are paid. Outside of the United States, preferred stock may carry different rights or obligations. In some jurisdictions, preferred stocks may have different voting rights and there may be more robust trading markets and liquidity in preferred stock than the common or ordinary stock of the company. Preferred stock is a class of stock having a preference over common stock as to dividends or upon liquidation. A preferred stockholder is a shareholder in the company and not a creditor of the company as is a holder of the company's fixed income securities. Dividends paid to common and preferred stockholders are distributions of the earnings or other surplus of the company and not interest payments, which are expenses of the company. Equity securities owned by the Fund may be traded in the over-the-counter market or on a securities exchange and may not be traded every day or in the volume typical of securities traded on a major U.S. national securities exchange. As a result, disposition by the Fund of a portfolio security to meet redemptions by shareholders or otherwise may require the Fund to sell the security at less than the reported value of the security, to sell during periods when disposition is not desirable, or to make many small sales over a lengthy period of time. The market value of all securities, including equity securities, is based upon the market's perception of value and not necessarily the book value of an issuer or other objective measure of a company's worth.<br>Stock values may fluctuate in response to the activities of an individual company or in response to general market and/or economic conditions. Historically, common stocks have provided greater long-term returns and have entailed greater short-term risks than other types of securities. Smaller or newer issuers may be more likely to realize more substantial growth or suffer more significant losses. Investments in these companies can be both more volatile and more speculative. Fluctuations in the value of equity securities in which a Fund invests will cause the NAV of the Fund to fluctuate. |
| ***Securities of Small and Mid Capitalization Companies*** | While small and medium-sized issuers in which a Fund invests may offer greater opportunities for capital appreciation than larger market capitalization issuers, investments in such companies may involve greater risks and thus may be considered speculative. For example, smaller companies may have limited product lines, markets or financial resources, or they may be dependent on a limited management group. In addition, many small and mid-capitalization company stocks trade less frequently and in smaller volume, and may be subject to more abrupt or erratic price movements, than stocks of larger companies. The securities of small and mid-capitalization companies may also be more sensitive to market changes than the securities of larger companies. When a Fund invests in small or mid-capitalization companies, these factors may result in above-average fluctuations in the NAV of the Fund's shares. Therefore, a Fund investing in such securities should be considered as a long-term investment and not as a vehicle for seeking short-term profits. Similarly, an investment in a Fund solely investing in such securities should not be considered a complete investment program.<br>Market capitalizations of companies in which the Funds invest are determined at the time of purchase. |
| ***Unseasoned Companies*** | As a matter of operating policy, each Fund may invest to a limited extent in securities of unseasoned companies and new issues. A Fund's subadviser regards a company as unseasoned when, for example, it is relatively new to, or not yet well established in, its primary line of business. Such companies generally are smaller and younger than companies whose shares are traded on the major stock exchanges. Accordingly, their shares are often traded over-the-counter and their share prices may be more volatile than those of larger, exchange-listed companies. Generally, a Fund will not invest more than 5% of its total assets in securities of any one company with a record of fewer than three years' continuous operation (including that of predecessors). |
| **Foreign Investing** | The Funds may invest in a broad range of securities of foreign issuers, including equity, debt and convertible securities and foreign government securities. The Funds may purchase the securities of issuers from various countries, including countries commonly referred to as "emerging markets" or "frontier markets." The Funds may also invest in domestic securities denominated in foreign currencies. Factors that may be considered when assessing compliance with investment policies that designate a minimum or maximum level of investment in non-U.S. securities include, but are not limited to, whether such securities are securities of companies that are organized and headquartered outside the U.S. (including securities traded in local currencies); non-U.S. equity securities as designated by commonly-recognized market data services; U.S. dollar- or  |

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| **<u>Investment Technique</u>** | **<u>Description and Risks</u>** |
|  | non-U.S. currency-denominated corporate debt securities of non-U.S. issuers; securities of U.S. issuers traded principally in non-U.S. markets; non-U.S. bank obligations; U.S. dollar- or non-U.S. currency-denominated obligations of non-U.S. governments or their subdivisions, agencies and instrumentalities, international agencies and supranational entities; and securities of other investment companies investing primarily in non-U.S. securities.<br>Investing in the securities of foreign companies involves special risks and considerations not typically associated with investing in U.S. companies. These include differences in accounting, auditing and financial reporting standards, generally higher commission rates on foreign portfolio transactions, the possibility of expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations, political instability which could affect U.S. investments in foreign countries, and potential restrictions on the flow of international capital. Foreign issuers may become subject to sanctions imposed by the United States or another country, which could result in the immediate freeze of the foreign issuers' assets or securities. The imposition of such sanctions could impair the market value of the securities of such foreign issuers and limit a Fund's ability to buy, sell, receive or deliver the securities. Additionally, dividends payable on foreign securities may be subject to foreign taxes withheld prior to distribution. Foreign securities often trade with less frequency and volume than domestic securities and therefore may exhibit greater price volatility. Changes in foreign exchange rates will affect the value of those securities which are denominated or quoted in currencies other than the U.S. dollar. Many of the foreign securities held by a Fund will not be registered with, nor will the issuers thereof be subject to the reporting requirements of, the SEC. Accordingly, there may be less publicly available information about the securities and about the foreign company or government issuing them than is available about a domestic company or government entity. Moreover, individual foreign economies may differ favorably or unfavorably from the United States economy in such respects as growth of Gross National Product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payment positions. Finally, the Funds may encounter difficulty in obtaining and enforcing judgments against issuers of foreign securities.<br>Securities of U.S. issuers denominated in foreign currencies may be less liquid and their prices more volatile than securities issued by domestic issuers and denominated in U.S. dollars. In addition, investing in securities denominated in foreign currencies often entails costs not associated with investment in U.S. dollar-denominated securities of U.S. issuers, such as the cost of converting foreign currency to U.S. dollars, higher brokerage commissions, custodial expenses and other fees. Non-U.S. dollar denominated securities may be subject to certain withholding and other taxes of the relevant jurisdiction, which may reduce the yield on the securities to the Funds and which may not be recoverable by the Funds or their investors.<br>The Trust may use an eligible foreign custodian in connection with its purchases of foreign securities and may maintain cash and cash equivalents in the care of a foreign custodian. The amount of cash or cash equivalents maintained in the care of eligible foreign custodians will be limited to an amount reasonably necessary to effect the Trust's foreign securities transactions. The use of a foreign custodian invokes considerations which are not ordinarily associated with domestic custodians. These considerations include the possibility of expropriations, restricted access to books and records of the foreign custodian, inability to recover assets that are lost while under the control of the foreign custodian, and the impact of political, social or diplomatic developments.<br>Settlement procedures relating to the Funds' investments in foreign securities and to the Funds' foreign currency exchange transactions may be more complex than settlements with respect to investments in debt or equity securities of U.S. issuers, and may involve certain risks not present in the Funds' domestic investments. For example, settlement of transactions involving foreign securities or foreign currency may occur within a foreign country, and a Fund may be required to accept or make delivery of the underlying securities or currency in conformity with any applicable U.S. or foreign restrictions or regulations, and may be required to pay any fees, taxes or charges associated with such delivery. Such investments may also involve the risk that an entity involved in the settlement may not meet its obligations. Settlement procedures in many foreign countries are less established than those in the United States, and some foreign country settlement periods can be significantly longer than those in the United States.<br>A Fund that has significant exposure to certain countries can be expected to be impacted by the political (including geopolitical) and economic conditions within such countries. For example, there continues to be uncertainty around the future of the euro and the European Union (EU) following the United Kingdom's departure from the EU on January 31, 2020. While it is not possible to determine the precise impact these and other similar events may have on the Fund, during this period and beyond, the impact on the United Kingdom, EU countries, other countries or parties that transact with the United Kingdom and EU, and the broader global economy could be significant and could adversely affect the value and liquidity of the Fund's investments. In addition, if one or more countries were to exit the EU or abandon the use of the euro as a currency, the value of investments tied to those countries or the euro could decline significantly and unpredictably.<br>A fund's investments in foreign currency-denominated debt obligations and hedging activities will likely produce a difference between its book income and its taxable income. This difference could cause a portion of the fund's income distributions to constitute returns of capital for tax purposes or require the fund to make distributions exceeding book income to qualify for  |

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| **<u>Investment Technique</u>** | **<u>Description and Risks</u>** |
|  | treatment as a regulated investment company for U.S. federal tax purposes. A fund's use of non-U.S. securities may increase or accelerate the amount of ordinary income recognized by taxable shareholders. |
| ***Depositary Receipts*** | A Fund permitted to hold foreign securities may also hold ADRs, ADSs, GDRs and EDRs. ADRs and ADSs typically are issued by an American bank or trust company and evidence ownership of underlying securities issued by a foreign corporation. EDRs, which are sometimes referred to as CDRs, are issued in Europe typically by foreign banks and trust companies and evidence ownership of either foreign or domestic securities. GDRs are similar to EDRs and are designed for use in several international financial markets. Generally, ADRs and ADSs in registered form are designed for use in United States securities markets and EDRs in bearer form are designed for use in European securities markets. For purposes of a Fund's investment policies, its investments in ADRs, ADSs, GDRs and EDRs will be deemed to be investments in the underlying foreign securities.<br>Depositary Receipts may be issued pursuant to sponsored or unsponsored programs. In sponsored programs, an issuer has made arrangements to have its securities traded in the form of Depositary Receipts. In unsponsored programs, the issuer may not be directly involved in the creation of the program. Although regulatory requirements with respect to sponsored and unsponsored programs are generally similar, in some cases it may be easier to obtain financial information from an issuer that has participated in the creation of a sponsored program. Accordingly, there may be less information available regarding issuers of securities underlying unsponsored programs and there may not be a correlation between such information and the market value of the Depositary Receipts. For purposes of a Fund's investment policies, investments in Depositary Receipts will be deemed to be investments in the underlying securities. Thus, a Depositary Receipt representing ownership of common stock will be treated as common stock.<br>Depositary Receipts are generally subject to the same sort of risks as direct investments in a foreign country, such as currency risk, political and economic risk, and market risk, because their values generally depend on the performance of a foreign security denominated in its home currency. (The risks of foreign investing are addressed above in this section of the SAI under the heading "Foreign Investing.") In addition to risks associated with the underlying portfolio of securities, receipt holders also must consider credit standings of the custodians and broker/dealer sponsors. In addition, the issuers of Depositary Receipts may discontinue issuing new Depositary Receipts and withdraw existing Depositary Receipts at any time, which may result in costs and delays in the distribution of the underlying assets to the Fund and may negatively impact the Fund's performance. The receipts are not registered with the SEC and qualify as Rule 144A securities which may make them more difficult and costly to sell. (For information about Rule 144A securities, see "Illiquid and Restricted Securities" in this section of the SAI.) |
| ***Emerging Market Securities*** | The Funds may invest in countries or regions with relatively low gross national product per capita compared to the world's major economies, and in countries or regions with the potential for rapid economic growth (emerging markets). Emerging markets will include any country: (i) having an "emerging stock market" as defined by the International Finance Corporation; (ii) with low-to-middle-income economies according to the World Bank; (iii) listed in World Bank publications as developing; or (iv) determined by the subadviser to be an emerging market as defined above.<br>Certain emerging market countries are either comparatively underdeveloped or are in the process of becoming developed and may consequently be economically dependent on a relatively few or closely interdependent industries. A high proportion of the securities of many emerging market issuers may also be held by a limited number of large investors trading significant blocks of securities. While a Fund's subadviser will strive to be sensitive to publicized reversals of economic conditions, political unrest and adverse changes in trading status, unanticipated political and social developments may affect the values of the Fund's investments in such countries and the availability of additional investments in such countries.<br>The Funds may invest in some emerging markets through trading structures or protocols that subject them to risks such as those associated with illiquidity, custodying assets, different settlement and clearance procedures and asserting legal title under a developing legal and regulatory regime to a greater degree than in developed markets or even in other emerging markets. Securities of many issuers in emerging markets may be less liquid and more volatile than securities of comparable domestic issuers. Emerging markets also have different clearance and settlement procedures, and in certain markets there have been times when settlements have been unable to keep pace with the volume of securities transactions, making it difficult to conduct such transactions. Delays in settlement could result in temporary periods when a portion of the assets of a Fund is uninvested and no return is earned thereon. The inability of a Fund to make intended security purchases due to settlement problems could cause the Fund to miss attractive investment opportunities. Inability to dispose of portfolio securities due to settlement problems could result either in losses to the Fund due to subsequent declines in value of portfolio securities or, if a Fund has entered into a contract to sell the security, in possible liability to the purchaser. Securities prices in emerging markets can be significantly more volatile than in the more developed nations of the world, reflecting the greater uncertainties of investing in less established markets and economies. In particular, countries with emerging markets may  |

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|:---|:---|
| **<u>Investment Technique</u>** | **<u>Description and Risks</u>** |
|  | have relatively unstable governments, present the risk of nationalization of businesses, restrictions on foreign ownership, or prohibitions of repatriation of assets, and may have less protection of property rights than more developed countries.<br>Certain emerging markets may require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, a country could impose temporary restrictions on foreign capital remittances, whether because deterioration occurs in an emerging market's balance of payments or for other reasons. The Funds could be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of capital, as well as by the application to the Funds of any restrictions on investments.<br>Investments in certain foreign emerging market debt obligations may be restricted or controlled to varying degrees. These restrictions or controls may at times preclude investment in certain foreign emerging market debt obligations and increase the expenses of the Funds. |
| ***Foreign Currency Transactions*** | Funds that invest directly in foreign (non-U.S.) currencies, or in securities that trade in, or receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies are subject to the additional risk of currency fluctuations. In the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or non-U.S. governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad.<br>An adverse change in the value of a particular foreign currency against the U.S. dollar, to the extent that such change is not offset by a gain in other foreign currencies, will result in a decrease in the Fund's assets. Any such change may also have the effect of decreasing or limiting the income available for distribution. Foreign currencies may be affected by revaluation, adverse political and economic developments, and governmental restrictions. Further, no assurance can be given that currency exchange controls will not be imposed on any particular currency at a later date.<br>As a result of its investments in foreign securities, a Fund may receive interest or dividend payments, or the proceeds of the sale or redemption of such securities, in the foreign currencies in which such securities are denominated. In that event, the Fund may convert such currencies into dollars at the then current exchange rate. Under certain circumstances, however, such as where the Fund's subadviser believes that the applicable rate is unfavorable at the time the currencies are received or the Fund's subadviser anticipates, for any other reason, that the exchange rate will improve, the Fund may hold such currencies for an indefinite period of time.<br>In addition, a Fund may be required to receive delivery of the foreign currency underlying forward foreign currency contracts it has entered into. This could occur, for example, if an option written by the Fund is exercised or the Fund is unable to close out a forward contract. A Fund may hold foreign currency in anticipation of purchasing foreign securities.<br>A Fund may also elect to take delivery of the currencies' underlying options or forward contracts if, in the judgment of the Fund's subadviser, it is in the best interest of the Fund to do so. In such instances as well, the Fund may convert the foreign currencies to dollars at the then current exchange rate, or may hold such currencies for an indefinite period of time.<br>While the holding of currencies will permit a Fund to take advantage of favorable movements in the applicable exchange rate, it also exposes the Fund to risk of loss if such rates move in a direction adverse to the Fund's position. Such losses could reduce any profits or increase any losses sustained by the Fund from the sale or redemption of securities, and could reduce the dollar value of interest or dividend payments received. In addition, the holding of currencies could adversely affect the Fund's profit or loss on currency options or forward contracts, as well as its hedging strategies.<br>When a Fund effects foreign currency exchange transactions on a spot (i.e., cash) basis at the spot rate prevailing in the foreign exchange market, the Fund incurs expenses in converting assets from one currency to another. A Fund may also effect other types of foreign currency exchange transactions, which have their own risks and costs. For information about such transactions, please see "Foreign Currency Forward Contracts, Futures and Options" under "Derivatives and Other Similar Instruments" in this section of the SAI. |

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|:---|:---|
| **<u>Investment Technique</u>** | **<u>Description and Risks</u>** |
| ***Foreign Investment Companies*** | Some of the countries in which the Funds may invest may not permit, or may place economic restrictions on, direct investment by outside investors. Investments in such countries may be permitted only through foreign government-approved or - authorized investment vehicles, which may include other investment companies. These Funds may also invest in other investment companies that invest in foreign securities. Investing through such vehicles may involve frequent or layered fees or expenses and may also be subject to limitation under the 1940 Act. As a shareholder of another investment company, the Fund would bear, along with other shareholders, its pro rata portion of the other investment company's expenses, including advisory fees. Those expenses would be in addition to the advisory and other expenses that the Fund bears directly in connection with its own operations. For additional information, see "Mutual Fund Investing" in this section of the SAI. |
| ***Privatizations*** | The governments of some foreign countries have been engaged in programs of selling part or all of their stakes in government owned or controlled enterprises ("privatizations"). Privatizations may offer opportunities for significant capital appreciation. In certain foreign countries, the ability of foreign entities such as the Funds to participate in privatizations may be limited by local law, or the terms on which a Fund may be permitted to participate may be less advantageous than those for local investors. There can be no assurance that foreign governments will continue to sell companies currently owned or controlled by them or that privatization programs will be successful. |
| **Funding Agreements** | Each Fund may invest in funding agreements, which are insurance contracts between an investor and the issuing insurance company. For the issuer, they represent senior obligations under an insurance product. For the investor, and from a regulatory perspective, these agreements are treated as securities. These agreements, like other insurance products, are backed by claims on the general assets of the issuing entity and rank on the same priority level as other policy holder claims. Funding agreements typically are issued with a one-year final maturity and a variable interest rate, which may adjust weekly, monthly, or quarterly. Some agreements carry a seven-day put feature. A funding agreement without this feature is considered illiquid and will therefore be subject to the Funds' limitations on investments in illiquid securities. (See "Illiquid and Restricted Securities" in this section of the SAI.) Funding agreements are regulated by the state insurance board of the state where they are executed. |
| **Guaranteed Investment Contracts** | Each Fund may invest in GICs issued by U.S. and Canadian insurance companies. A GIC requires the investor to make cash contributions to a deposit fund of an insurance company's general account. The insurance company then makes payments to the investor based on negotiated, floating or fixed interest rates. A GIC is a general obligation of the issuing insurance company and not a separate account. The purchase price paid for a GIC becomes part of the general assets of the insurance company, and the contract is paid from the insurance company's general assets. Generally, a GIC is not assignable or transferable without the permission of the issuing insurance company, and an active secondary market in GICs does not currently exist. Therefore, these investments may be deemed to be illiquid, in which case they will be subject to the Funds' limitations on investments in illiquid securities. (See "Illiquid and Restricted Securities" in this section of the SAI.) |
| **Illiquid and Restricted Securities** | Illiquid securities are investments that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Each Fund may invest up to 15% of its net assets in illiquid assets. No Fund may acquire any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. Historically, illiquid securities have included securities subject to contractual or legal restrictions on resale because they have not been registered under the 1933 Act ("restricted securities"), securities that are otherwise not readily marketable, such as over-the-counter options, and repurchase agreements not entitling the holder to payment of principal in seven days. Such securities may offer higher yields than comparable publicly traded securities, and they also may incur higher risks.<br>Funds with principal investment strategies that involve securities of companies with smaller market capitalizations, non-U.S. securities, Rule 144A securities, derivatives or securities with substantial market and/or credit risk tend to have the greatest exposure to liquidity risk. Additionally, the market for certain investments may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer. In such cases, a fund, due to limitations on investments in illiquid securities and the difficulty in purchasing and selling such securities or instruments, may be unable to achieve its desired level of exposure to a certain issuer or sector. Additional legislative or regulatory actions to address perceived liquidity or other issues in markets generally, or in particular markets such as the fixed income securities markets and municipal securities markets, may alter or impair the funds' ability to pursue their investment objectives or utilize certain investment strategies and techniques.<br>Repurchase agreements, reverse repurchase agreements and time deposits that do not provide for payment to the Fund within seven days may be deemed illiquid securities for this purpose unless such securities are variable amount master demand notes with maturities of nine months or less or unless the Fund's subadviser has determined that an adequate trading market exists for such securities or that market quotations are readily available. |

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|:---|:---|
| **<u>Investment Technique</u>** | **<u>Description and Risks</u>** |
|  | The Funds may purchase Rule 144A securities sold to institutional investors without registration under the 1933 Act and commercial paper issued in reliance upon the exemption in Section 4(a)(2) of the 1933 Act, for which an institutional market has developed. Institutional investors depend on an efficient institutional market in which the unregistered security can be readily resold or on the issuer's ability to honor a demand for repayment of the unregistered security.<br>An investment's contractual or legal restrictions on resale to the general public or to certain institutions may not be indicative of the liquidity of the investment and therefore the investments described in this section may be determined to be liquid in accordance with the Fund's liquidity risk management program approved by the Board. The Trustees have delegated to each Fund's Adviser the determination of the liquidity of such investments in the respective Fund's portfolio as administrator of the Fund's liquidity risk management program. The Fund's Adviser will take into account relevant market, trading and investment-specific considerations when determining whether an investment is illiquid.<br>If illiquid assets exceed 15% of a Fund's net assets after the time of purchase, the Fund will take steps to reduce, in accordance with Rule 22e-4 under the 1940 Act, its holdings of illiquid securities. Because illiquid securities may not be readily marketable, the relevant Fund's subadviser may not be able to dispose of them in a timely manner. As a result, the Fund may be forced to hold illiquid securities while their price depreciates. Depreciation in the price of illiquid securities may cause the NAV of the Fund holding them to decline. An investment that is determined by a Fund's Adviser to be liquid may subsequently revert to being illiquid if not enough buyer interest exists.<br>Restricted securities ordinarily can be sold by the Fund in secondary market transactions to certain qualified investors pursuant to rules established by the SEC, in privately negotiated transactions to a limited number of purchasers or in a public offering made pursuant to an effective registration statement under the 1933 Act. When registration is required, the Fund may be obligated to pay all or part of the registration expenses and a considerable time may elapse between the decision to sell and the sale date. If, during such period, adverse market conditions were to develop, the Fund might obtain a less favorable price than the price which prevailed when it decided to sell.<br>Restricted securities will be priced at fair value as determined in good faith by the Trustees or their delegate. |
| **Leverage** | Each Fund may employ investment techniques that create leverage, either by using borrowed capital to increase the amount invested, or investing in instruments, including derivatives, where the investment loss can exceed the original amount invested. Certain investments or trading strategies that involve leverage can result in losses that greatly exceed the amount originally invested.<br>The SEC takes the position that transactions that have a leveraging effect on the capital structure of a mutual fund or are economically equivalent to borrowing can be viewed as constituting a form of borrowing by the fund for purposes of the 1940 Act. These transactions can include buying and selling certain derivatives (such as futures contracts); selling (or writing) put and call options; engaging in sale-buybacks; entering into firm-commitment and stand-by commitment agreements; engaging in when-issued, delayed-delivery, or forward-commitment transactions; and other similar trading practices (additional discussion about a number of these transactions can be found throughout this section of the SAI). Such transactions are generally subject to the provisions of Rule 18f-4. (See "Derivatives and Other Similar Instruments" above for additional information.)<br>The following are some of the Funds' permitted investment techniques that are generally viewed as creating leverage for the Funds. |
| ***Borrowing*** | A Fund's ability to borrow money is limited by its investment policies and limitations, by the 1940 Act, and by applicable exemptions, no-action letters, interpretations, and other pronouncements issued from time to time by the SEC and its staff or any other regulatory authority with jurisdiction. Under the 1940 Act, a Fund is required to maintain continuous asset coverage (that is, total assets including borrowings, less liabilities exclusive of borrowings) of 300% of the amount borrowed, with an exception for borrowings not in excess of 5% of the Fund's total assets made for temporary or emergency purposes. Any borrowings for temporary purposes in excess of 5% of the Fund's total assets must maintain continuous asset coverage. If the 300% asset coverage should decline as a result of market fluctuations or for other reasons, a Fund may be required to sell some of its portfolio holdings within three days (excluding Sundays and holidays) to reduce the debt and restore the 300% asset coverage, even though it may be disadvantageous from an investment standpoint to sell securities at that time.<br>Borrowing will tend to exaggerate the effect on NAV of any increase or decrease in the market value of a Fund's portfolio. Money borrowed will be subject to interest costs that may or may not be recovered by earnings on the securities purchased. A Fund also may be required to maintain minimum average balances in connection with a borrowing or to pay a commitment or other fee to maintain a line of credit; either of these requirements would increase the cost of borrowing over the stated interest rate. |

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| **<u>Investment Technique</u>** | **<u>Description and Risks</u>** |
| *Interfund Borrowing and Lending* | The Virtus Funds and their investment advisers have received exemptive relief from the SEC which permits the Virtus Funds to participate in an interfund lending program. The interfund lending program allows the participating Virtus Funds to borrow money from and loan money to each other for temporary or emergency purposes. The program is subject to a number of conditions designed to ensure fair and equitable treatment of the participating Virtus Funds, including the following: (1) no Virtus Fund may borrow money through the program unless it receives a more favorable interest rate than a rate approximating the lowest interest rate at which bank loans would be available to any of the participating Virtus Funds under a loan agreement; and (2) no Virtus Fund may lend money through the program unless it receives a more favorable return than that available from an investment in overnight repurchase agreements or the yield of any money market fund in which the Virtus Fund could invest. In addition, a Virtus Fund may participate in the program only if and to the extent that such participation is consistent with its investment objectives, policies and limitations. Interfund loans and borrowings have a maximum duration of seven days and loans may be called on one business day's notice.<br>A participating Virtus Fund may not lend to another Virtus Fund under the interfund lending program if the interfund loan would cause its aggregate outstanding interfund loans to exceed 15% of its current net assets at the time of the loan. Interfund loans by a Virtus Fund to any one Virtus Fund may not exceed 5% of net assets of the lending Virtus Fund.<br>The restrictions discussed above and the other conditions of the SEC exemptive order permitting interfund lending are designed to minimize the risks associated with interfund lending for both the lending Virtus Fund and the borrowing Virtus Fund. However, no borrowing or lending activity is without risk. If a Virtus Fund borrows money from another Virtus Fund, there is a risk that the interfund loan could be called on one business day's notice or not renewed, in which case the borrowing Virtus Fund may have to borrow from a bank at higher rates if an interfund loan were not available from another Virtus Fund. A delay in repayment to a lending Virtus Fund could result in a lost opportunity or additional lending costs, and interfund loans are subject to the risk that the borrowing Virtus Fund could be unable to repay the loan when due. |
| ***Mortgage "Dollar- Roll" Transactions*** | Each Fund may enter into mortgage "dollar-roll" transactions pursuant to which it sells mortgage-backed securities for delivery in the future and simultaneously contracts to repurchase substantially similar securities on a specified future date. During the roll period, the Fund forgoes principal and interest paid on the mortgage-backed securities. The Fund is compensated for the lost interest by the difference between the current sales price and the lower price for the future purchase (often referred to as the "drop") as well as by the interest earned on, and gains from, the investment of the cash proceeds of the initial sale. The Fund may also be compensated by receipt of a commitment fee. If the income and capital gains from the Fund's investment of the cash from the initial sale do not exceed the income, capital appreciation and gain or loss that would have been realized on the securities sold as part of the dollar roll, the use of this technique will diminish the investment performance of the Fund compared with what the performance would have been without the use of the dollar roll.<br>Dollar-roll transactions involve the risk that the market value of the securities the Fund is required to purchase may decline below the agreed upon repurchase price of those securities. If the broker-dealer to whom the Fund sells securities becomes insolvent, the Fund's right to purchase or repurchase securities may be restricted. Successful use of dollar rolls may depend upon the Fund's subadviser's ability to correctly predict interest rates and prepayments. There is no assurance that dollar rolls can be successfully employed.<br>Dollar-roll transactions are generally subject to the provisions of Rule 18f-4. (See "Derivatives and Other Similar Instruments" above for additional information.) |
| ***Reverse Repurchase Agreements*** | Reverse repurchase agreements are transactions in which the Fund sells a security and simultaneously commits to repurchase that security from the buyer, such as a bank or broker-dealer, at an agreed-upon price on an agreed-upon future date. The resale price in a reverse repurchase agreement reflects a market rate of interest that is not related to the coupon rate or maturity of the sold security. For certain demand agreements, there is no agreed-upon repurchase date and interest payments are calculated daily, often based upon the prevailing overnight repurchase rate.<br>Generally, a reverse repurchase agreement enables the Fund to recover for the term of the reverse repurchase agreement all or most of the cash invested in the portfolio securities sold and to keep the interest income associated with those portfolio securities. Such transactions are only advantageous if the interest cost to the Fund of the reverse repurchase transaction is less than the cost of obtaining the cash otherwise. In addition, interest costs on the money received in a reverse repurchase agreement may exceed the return received on the investments made by the Fund with those monies. Using reverse repurchase agreements to earn additional income involves the risk that the interest earned on the invested proceeds is less than the expense of the reverse repurchase agreement transaction.<br>A Fund will enter into reverse repurchase agreements only with parties that the Fund's subadviser deems creditworthy, but such investments are still subject to the risks of leverage discussed above.<br>Reverse repurchase agreements are generally subject to the provisions of Rule 18f-4. (See "Derivatives and Other Similar  |

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|:---|:---|
| **<u>Investment Technique</u>** | **<u>Description and Risks</u>** |
|  | Instruments" above for additional information.)<br>In December 2023, the SEC adopted rule amendments providing that any covered clearing agency ("CCA") for U.S. Treasury securities require that every direct participant of the CCA (which generally would be a bank or broker-dealer) submit for clearance and settlement all eligible secondary market transactions in U.S. Treasury securities to which it is a counterparty. The clearing mandate includes in its scope all repurchase or reverse repurchase agreements of such direct participants collateralized by U.S. Treasury securities (collectively, "Treasury repo transactions") of a type accepted for clearing by a registered CCA, including both bilateral Treasury repo transactions and triparty Treasury repo transactions where a bank agent provides custody, collateral management and settlement services. <br>The Treasury repo transactions of registered Funds with any direct participants of a CCA will be subject to the mandatory clearing requirement. Currently, the Fixed Income Clearing Corporation ("FICC") is the only CCA for U.S. Treasury securities. FICC currently operates a "Sponsored Program" for clearing of Treasury repo transactions pursuant to which a registered Fund may enter into a clearing arrangement with a "sponsoring member" bank or broker-dealer that is a direct participant of FICC as a "sponsored member" of FICC. <br>Compliance with the clearing mandate for Treasury repo transactions is scheduled to be required by June 30, 2026. The clearing mandate is expected to result in each Fund being required to clear all or substantially all of its Treasury repo transactions as of the compliance date. There are currently substantial regulatory and operational uncertainties associated with the implementation which may affect the cost, terms and/or availability of cleared repo transactions. The Adviser or subadvisers will monitor developments in the Treasury repo transactions market as the implementation period progresses. |
| **Market Volatility Risk** | A Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. The value of a security or other instrument may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other instrument, or factors that affect a particular issuer or issuers, country, group of countries, region, market, industry, group of industries, sector or asset class. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates generally do not have the same impact on all types of securities and instruments.<br>Social, political, economic and other conditions and events (such as natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest) that occur from time to time will create uncertainty and may have significant impacts on issuers, industries, governments and other systems, including the financial markets, to which a Fund and the issuers in which it invests are exposed. As global systems, economies and financial markets are increasingly interconnected, events that once had only local impact are now more likely to have regional or even global effects. Events that occur in one country, region or financial market will, more frequently, impact issuers in other countries, regions or markets, including in established markets such as the United States. These impacts can be exacerbated by failures of governments and societies to adequately respond to an emerging event or threat.<br>Uncertainty can result in or coincide with: increased volatility in the global financial markets, including those related to equity and debt securities, loans, credit, derivatives and currency; a decrease in the reliability of market prices and difficulty in valuing assets; greater fluctuations in currency exchange rates; increased risk of default (by both government and private issuers); further social, economic, and political instability; nationalization of private enterprises; greater governmental involvement in the economy or in social factors that impact the economy; greater, less or different governmental regulation and supervision of the securities markets and market participants and increased, decreased or different processes for and approaches to monitoring markets and enforcing rules and regulations by governments or self-regulatory organizations; limited, or limitations on the, activities of investors in such markets; controls or restrictions on foreign investment, capital controls and limitations on repatriation of invested capital; inability to purchase and sell assets or otherwise settle transactions (i.e., a market freeze); unavailability of currency hedging techniques; substantial, and in some periods extremely high, rates of inflation, which can last many years and have substantial negative effects on markets as well as the economy as a whole; recessions; rapid interest rate changes; supply chain disruptions; sanctions; and difficulties in obtaining and/or enforcing legal judgments.<br>Although it is impossible to predict the precise nature and consequences of these events, or of any political or policy decisions and regulatory changes occasioned by emerging events or uncertainty on applicable laws or regulations that impact a Fund's investments, it is clear that these types of events will impact the Funds and the issuers in which each invests. The government response to these events, including emergency health measures, welfare benefit programs, fiscal stimulus, industry support programs, and measures that impact interest rates, among other responses, is also a factor that may impact the financial markets and the value of a Fund's holdings. The issuers in which a Fund invests could be significantly impacted by emerging events and uncertainty of this type. A Fund will also be negatively affected if the operations and effectiveness of any of its key service providers are compromised or if necessary or beneficial systems and  |

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| **<u>Investment Technique</u>** | **<u>Description and Risks</u>** |
|  | processes are disrupted. |
| **Master Limited Partnerships ("MLPs")** | An investment in MLP units involves some risks that differ from an investment in the common stock of a corporation. Holders of MLP units have limited control on matters affecting the partnership. Conflicts of interest exist between common unit holders and the general partner, including those arising from incentive distribution payments. MLPs holding credit-related investments are subject to interest rate risk and the risk of default on payment obligations by debt issuers. MLPs that concentrate in a particular industry or a particular geographic region are subject to risks associated with such industry or region. The fees that MLPs charge for transportation of oil and gas products through their pipelines are subject to government regulation, which could negatively impact the revenue stream. Investing in MLPs also involves certain risks related to investing in the underlying assets of the MLPs and risks associated with pooled investment vehicles. These include the risk of environmental incidents, terrorist attacks, demand destruction from high commodity prices, proliferation of alternative energy sources, inadequate supply of external capital, and conflicts of interest with the general partner. There are also certain tax risks associated with investment in MLPs. The benefit derived from a Fund's investment in MLPs is somewhat dependent on the MLP being treated as a partnership for federal income tax purposes, so any change to this status would adversely affect the price of MLP units. Historically, a substantial portion of the gross taxable income of MLPs has been offset by tax losses and deductions reducing gross income received by investors, and any change to these tax rules would adversely affect the price of an MLP unit. Certain MLPs may trade less frequently than other securities, and those with limited trading volumes may display volatile or erratic price movements. |
| **Money Market Instruments** | Each Fund may invest in money market instruments, which are high-quality short-term investments. The types of money market instruments most commonly acquired by the Funds are discussed below, although each Fund is also permitted to invest in other types of money market instruments to the extent consistent with the Fund's investment limitations and restrictions. |
| ***Banker's Acceptances*** | A banker's acceptance is a time draft drawn on a commercial bank by a borrower usually in connection with an international commercial transaction (to finance the import, export, transfer or storage of goods). The borrower, as well as the bank, is liable for payment, and the bank unconditionally guarantees to pay the draft at its face amount on the maturity date. Most acceptances have maturities of six months or less and are traded in secondary markets prior to maturity. |
| ***Certificates of Deposit*** | Certificates of deposit are generally short-term, interest-bearing negotiable certificates issued by banks or savings and loan associations against funds deposited in the issuing institution. They generally may be withdrawn on demand but may be subject to early withdrawal penalties which could reduce the Fund's yield. Deposits subject to early withdrawal penalties or that mature in more than seven days are treated as illiquid securities if there is no readily available market for the securities. |
| ***Commercial Paper*** | Commercial paper refers to short-term, unsecured promissory notes issued by corporations to finance short-term credit needs. Commercial paper is usually sold on a discount basis and has a maturity at the time of issuance not exceeding nine months. <br>The commercial paper purchased by the funds may consist of U.S. dollar- or foreign currency-denominated obligations of domestic or non-U.S. issuers, and may be rated or unrated (see Appendix A for a description of the ratings assigned by various rating agencies to commercial paper). The rate of return on commercial paper may be linked or indexed to the level of exchange rates between the U.S. dollar and a foreign currency or currencies. |
| ***Obligations of Foreign Banks and Foreign Branches of U.S. Banks*** | The money market instruments in which the Funds may invest include negotiable certificates of deposit, bankers' acceptances and time deposits of foreign branches of U.S. banks, foreign banks and their non-U.S. branches (Eurodollars), U.S. branches and agencies of foreign banks (Yankee dollars), and wholly-owned banking-related subsidiaries of foreign banks. For the purposes of each Fund's investment policies with respect to money market instruments, obligations of foreign branches of U.S. banks and of foreign banks are obligations of the issuing bank and may be general obligations of the parent bank. Such obligations, however, may be limited by the terms of a specific obligation and by government regulation. As with investment in non-U.S. securities in general, investments in the obligations of foreign branches of U.S. banks and of foreign banks may subject a Fund to investment risks that are different in some respects from those of investments in obligations of domestic issuers. |
| ***Time Deposits*** | Time deposits are deposits in a bank or other financial institution for a specified period of time at a fixed interest rate for which a negotiable certificate is not received. |
| ***U.S. Government Obligations*** | Securities issued or guaranteed as to principal and interest by the United States Government include a variety of Treasury securities, which differ only in their interest rates, maturities, and times of issuance. Treasury bills have maturities of one year or less. Treasury notes have maturities of two to ten years, and Treasury bonds generally have maturities of greater than  |

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|:---|:---|
| **<u>Investment Technique</u>** | **<u>Description and Risks</u>** |
|  | ten years.<br>Agencies of the United States Government which issue or guarantee obligations include, among others, Export-Import Bank of the United States, Farmers Home Administration, Federal Housing Administration, GNMA, Maritime Administration, Small Business Administration and The Tennessee Valley Authority. Obligations of instrumentalities of the United States Government include securities issued or guaranteed by, among others, FNMA, Federal Home Loan Banks, FHLMC, Federal Intermediate Credit Banks, Banks for Cooperatives, and the U.S. Postal Service. Some of these securities are supported by the full faith and credit of the U.S. Government, others are supported by the right of the issuer to borrow from the Treasury, while still others are supported only by the credit of the instrumentality. There is no guarantee that the U.S. Government will provide financial support to its agencies or instrumentalities, now or in the future, if it is not obligated to do so by law. Accordingly, although these securities have historically involved little risk of loss of principal if held to maturity, they may involve more risk than securities backed by the full faith and credit of the U.S. Government because the Fund must look principally to the agency or instrumentality issuing or guaranteeing the securities for repayment and may not be able to assert a claim against the United States if the agency or instrumentality does not meet its commitment. |
| **Mutual Fund Investing** | Each Fund is authorized to invest in the securities of other investment companies subject to the limitations contained in the 1940 Act.<br>Investment companies in which the Fund may invest may include ETFs. An ETF is an investment company classified as an open-end investment company or unit investment trust that is traded similarly to a publicly traded company. Most ETFs seek to achieve the same return as a particular market index. That type of ETF is similar to an index fund in that it will primarily invest in the securities of companies that are included in a selected market index. An index-based ETF will invest in all of the securities included in the index, a representative sample of the securities included in the index, or other investments expected to produce returns substantially similar to that of the index. Other types of ETFs include leveraged or inverse ETFs, which are ETFs that seek to achieve a daily return that is a multiple or an inverse multiple of the daily return of a securities index. An important characteristic of these ETFs is that they seek to achieve their stated objectives on a daily basis, and their performance over longer periods of time can differ significantly from the multiple or inverse multiple of the index performance over those longer periods of time. ETFs also include actively managed ETFs that pursue active management strategies and publish their portfolio holdings on a frequent basis.<br>In connection with the management of its daily cash positions, each Fund may invest in securities issued by investment companies that invest in short-term debt securities (which may include municipal obligations that are exempt from Federal income taxes) and that seek to maintain a $1.00 NAV per share.<br>In certain countries, investments by the Funds may only be made through investments in other investment companies that, in turn, are authorized to invest in the securities that are issued in such countries. (See "Foreign Investment Companies" under "Foreign Investing" in this section of the SAI.)<br>Under the 1940 Act, a Fund generally may not own more than 3% of the outstanding voting stock of an investment company, invest more than 5% of its total assets in any one investment company, or invest more than 10% of its total assets in the securities of investment companies. In some instances, a Fund may invest in an investment company in excess of these limits; for instance, with respect to investments in money market funds or investments made pursuant to exemptive rules adopted and/or orders granted by the SEC. The SEC has adopted exemptive rules, including Rule 12d1-4 under the 1940 Act, to permit funds of funds to exceed these limits when complying with certain conditions, which differ depending upon whether the funds in which a fund of funds invests are affiliated or unaffiliated with the fund of funds. The Funds may rely on these exemptive rules and/or orders to invest in affiliated or unaffiliated mutual funds and/or unaffiliated ETFs. <br>The risks associated with investing in other investment companies generally reflect the risks of owning shares of the underlying securities in which those investment companies invest, although lack of liquidity in an investment company could result in its value being more volatile than the underlying portfolio of securities. For purposes of complying with investment policies requiring a Fund to invest a percentage of its assets in a certain type of investments (e.g., stocks of small capitalization companies), the Fund generally will look through an investment company in which it invests, to categorize the investment company in accordance with the types of investments the investment company holds.<br>Certain investment companies in which the Funds may invest may be considered commodity pools under the CEA and applicable CFTC regulations. If a Fund invests in such an investment company, the Fund will be required to treat some or all of its holding of the investment company's shares as a commodity interest for the purposes of determining whether the Fund is qualified to claim exclusion or exemption from regulation by the CFTC. (See "Commodity Interests" in this section of the SAI for additional information regarding the implications to the Funds of investing in commodity interests.)<br>Investors in each Fund should recognize that when a Fund invests in another investment company, the Fund will bear its pro rata portion of the other investment company's expenses, including advisory fees, in addition to the expenses the Fund bears  |

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|:---|:---|
| **<u>Investment Technique</u>** | **<u>Description and Risks</u>** |
|  | directly in connection with its own operations. |
| **Real Estate Investment Trusts ("REITs")** | &nbsp;&nbsp;&nbsp;&nbsp;Each Fund may invest in REITs. REITs pool investors' funds for investment primarily in income producing commercial real estate or real estate related loans. A REIT is not taxed on income distributed to shareholders if it complies with several requirements relating to its organization, ownership, assets, and income and a requirement that it distribute to its shareholders at least 90% of its taxable income (other than net capital gains) for each taxable year.<br>REITs can generally be classified as follows:<br> Equity REITs, which invest the majority of their assets directly in real property and derive their income primarily from rents. Equity REITs can also realize capital gains by selling properties that have appreciated in value.<br> Mortgage REITs, which invest the majority of their assets in real estate mortgages and derive their income primarily from interest payments.<br> Hybrid REITs, which combine the characteristics of both equity REITs and mortgage REITs.<br>REITs are structured similarly to closed-end investment companies in that they are essentially holding companies. An investor should realize that by investing in REITs indirectly through the Fund, he will bear not only his proportionate share of the expenses of the Fund, but also, indirectly, similar expenses of the underlying REITs. (See "Mutual Fund Investing" in this section of the SAI.)<br>Selecting REITs requires an evaluation of the merits of each type of asset a particular REIT owns, as well as regional and local economics. Due to the proliferation of REITs in recent years and the relative lack of sophistication of certain REIT managers, the quality of REIT assets has varied significantly. The risks associated with REITs are similar to those associated with the direct ownership of real estate. These include declines in the value of real estate, risks related to general and local economic conditions, dependence on management skill, cash flow dependence, possible lack of availability of long-term mortgage funds, over-building, extended vacancies of properties, decreased occupancy rates and increased competition, increases in property taxes and operating expenses, changes in neighborhood values and the appeal of the properties to tenants and changes in interest rates.<br>Equity REITs may be affected by changes in the value of the underlying properties they own, while mortgage REITs may be affected by the quality of any credit extended. Further, equity and mortgage REITs are dependent upon management skills and generally are not diversified. Equity and mortgage REITs are also subject to potential defaults by borrowers, self-liquidation, and the possibility of failing to qualify for tax-free status of income under the Code and failing to maintain exemption from the 1940 Act. In the event of a default by a borrower or lessee, the REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting its investments. In addition, investment in REITs could cause the Fund to possibly fail to qualify as a RIC. (See the "Dividends, Distributions and Taxes" section of the SAI.) |
| **Regulation S Securities** | A Fund may invest in the securities of U.S. and non-U.S. issuers that are issued through private offerings without registration with the SEC pursuant to Regulation S under the Securities Act ("Regulation S Securities"). Offerings of Regulation S Securities may be conducted outside of the United States. Because Regulation S Securities are subject to legal or contractual restrictions on resale, Regulation S Securities may be considered illiquid. If a Regulation S Security is determined to be illiquid, the investment will be included with a Fund's 15% of net assets limitation on investment in illiquid securities. Furthermore, because Regulation S Securities are generally less liquid than registered securities, a Fund may take longer to liquidate these positions than would be the case for publicly traded securities. Although Regulation S Securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by a Fund. Further, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that would be applicable if their securities were publicly traded. Accordingly, Regulation S Securities may involve a high degree of business and financial risk and may result in substantial losses. |
| **Repurchase Agreements** | Each Fund may enter into repurchase agreements by which the Fund purchases portfolio securities subject to the seller's agreement to repurchase them at a mutually agreed-upon time and price. The repurchase price may be higher than the purchase price, the difference being income to the Fund, or the purchase and repurchase price may be the same, with interest payable to the Fund at a stated rate together with the repurchase price on repurchase. In either case, the income to the Fund is unrelated to the interest rate on the security.<br>A repurchase agreement must be collateralized by obligations that could otherwise be purchased by the Fund (except with respect to maturity), and these must be maintained by the seller in a segregated account for the Fund. The value of such collateral will be monitored throughout the term of the repurchase agreement in an attempt to ensure that the market value  |

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|:---|:---|
| **<u>Investment Technique</u>** | **<u>Description and Risks</u>** |
|  | of the collateral always equals or exceeds the repurchase price (including accrued interest). If the value of the collateral dips below such repurchase price, additional collateral will be requested and, when received, added to the account to maintain full collateralization.<br>Repurchase agreements will be entered into with commercial banks, brokers and dealers considered by the relevant Fund's subadviser to be creditworthy. However, the use of repurchase agreements involves certain risks such as default by, or insolvency of, the other party to the transaction. The Fund also might incur disposition costs in connection with liquidating the underlying securities or enforcing its rights.<br>Typically, repurchase agreements are in effect for one week or less, but they may be in effect for longer periods of time.<br>Repurchase agreements of more than seven days' duration are subject to each Fund's limitation on investments in illiquid securities, which means that no more than 15% of the market value of a Fund's total assets may be invested in repurchase agreements with a maturity of more than seven days and in other illiquid securities.<br>As noted above, the SEC adopted rule amendments which would require clearance and settlement of all repurchase agreements collateralized by U.S. Treasury securities. Compliance with the clearing mandate for Treasury repo transactions is scheduled to be required by June 30, 2026. (See the "Reverse Repurchase Agreements" section of the SAI.) |
| **Securities Lending** | Subject to certain investment restrictions, each Fund may, subject to the Trustees' and Trust Treasurer's approval, lend securities from its portfolio to brokers, dealers and financial institutions deemed creditworthy and receive, as collateral, cash or cash equivalents which at all times while the loan is outstanding will be maintained in amounts equal to at least 100% of the current market value of the loaned securities. Any cash collateral will be invested in short-term securities that will increase the current income of the Fund lending its securities.<br>A Fund will have the right to regain record ownership of loaned securities to exercise beneficial rights such as voting rights and subscription rights. While a securities loan is outstanding, the Fund is to receive an amount equal to any dividends, interest or other distributions with respect to the loaned securities. A Fund may pay reasonable fees to persons unaffiliated with the Trust for services in arranging such loans.<br>Even though securities lending usually does not impose market risks on the lending Fund, as with any extension of credit, there are risks of delay in recovery of the loaned securities and in some cases loss of rights in the collateral should the borrower of the securities fail financially. In addition, the value of the collateral taken as security for the securities loaned may decline in value or may be difficult to convert to cash in the event that a Fund must rely on the collateral to recover the value of the securities. Moreover, if the borrower of the securities is insolvent, under current bankruptcy law, the Fund could be ordered by a court not to liquidate the collateral for an indeterminate period of time. If the borrower is the subject of insolvency proceedings and the collateral held might not be liquidated, the result could be a material adverse impact on the liquidity of the lending Fund.<br>No Fund will lend securities having a value in excess of 33 1/3% of its assets, including collateral received for loaned securities (valued at the time of any loan). |
| **Short Sales** | Each Fund may sell securities short as part of its overall portfolio management strategies involving the use of derivative instruments and to offset potential declines in long positions in similar securities. A short sale is a transaction in which a Fund sells a security it does not own or have the right to acquire, or that it owns but does not wish to deliver, in anticipation that the market price of that security will decline. A short sale is "against the box" to the extent the Fund contemporaneously owns, or has the right to obtain at no added cost, securities identical to those sold short. All other short sales are commonly referred to as "naked" short sales.<br>When a Fund makes a short sale, the broker-dealer through which the short sale is made must borrow the security sold short and deliver it to the party purchasing the security. The Fund is required to make a margin deposit in connection with such short sales; the Fund may have to pay a fee to borrow particular securities and will often be obligated to pay over any dividends and accrued interest on borrowed securities. If the price of the security sold short increases between the time of the short sale and the time the Fund covers its short position, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a capital gain. Any gain will be decreased, and any loss increased, by the transaction costs described above. The successful use of short selling may be adversely affected by imperfect correlation between movements in the price of the security sold short and the securities being hedged.<br>If a Fund sells securities short against the box, it may protect unrealized gains, but will lose the opportunity to profit on such securities if the price rises. If a Fund engages in naked short sales, the Fund's risk of loss could be as much as the maximum attainable price of the security (which could be limitless) less the price paid by the Fund for the security at the time it was borrowed. |

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|:---|:---|
| **<u>Investment Technique</u>** | **<u>Description and Risks</u>** |
|  | Short sales are generally subject to the provisions of Rule 18f-4. (See "Derivatives and Other Similar Instruments" above for additional information.) |
| **Special Situations** | Each Fund may invest in special situations that the Fund's subadviser believes present opportunities for capital growth. Such situations most typically include corporate restructurings, mergers, and tender offers.<br>A special situation arises when, in the opinion of the Fund's subadviser, the securities of a particular company will, within a reasonably estimable period of time, be accorded market recognition at an appreciated value solely by reason of a development particularly or uniquely applicable to that company and regardless of general business conditions or movements of the market as a whole. Developments creating special situations might include, among others, the following: liquidations, reorganizations, recapitalizations, mergers, or tender offers; material litigation or resolution thereof; technological breakthroughs; and new management or management policies. Although large and well-known companies may be involved, special situations often involve much greater risk than is inherent in ordinary investment securities. |
| **Temporary Investments** | When business or financial conditions warrant, each Fund may assume a temporary defensive position by investing in money-market instruments, including obligations of the U.S. Government and its agencies and instrumentalities, obligations of foreign sovereigns, other debt securities, commercial paper including bank obligations, certificates of deposit (including Eurodollar certificates of deposit) and repurchase agreements. (See "Money Market Instruments" in this section of the SAI for more information about these types of investments.)<br>For temporary defensive purposes, during periods in which a Fund's subadviser believes adverse changes in economic, financial or political conditions make it advisable, the Fund may reduce its holdings in equity and other securities and may invest up to 100% of its assets in certain short-term (less than twelve months to maturity) and medium-term (not greater than five years to maturity) debt securities and in cash (U.S. dollars, foreign currencies, or multicurrency units). The short-term and medium-term debt securities in which a Fund may invest for temporary defensive purposes will be those that the Fund's subadviser believes to be of high quality (i.e., subject to relatively low risk of loss of interest or principal). If rated, these securities will be rated in one of the three highest rating categories by rating services such as Moody's or S&P (i.e., rated at least A). |
| **Warrants or Rights to Purchase Securities** | Each Fund may invest in or acquire warrants or rights to purchase equity or fixed income securities at a specified price during a specific period of time. A Fund will make such investments only if the underlying securities are deemed appropriate by the Fund's subadviser for inclusion in the Fund's portfolio. Included are warrants and rights whose underlying securities are not traded on principal domestic or foreign exchanges. Warrants and stock rights are almost identical to call options in their nature, use and effect except that they are issued by the issuer of the underlying security, rather than an option writer, and they generally have longer expiration dates than call options. (See "Options" in this section of the SAI for information about call options.)<br>Bonds with warrants attached to purchase equity securities have many characteristics of convertible bonds and their prices may, to some degree, reflect the performance of the underlying stock. However, unlike convertible securities and preferred stocks, warrants do not pay a fixed dividend. Bonds also may be issued with warrants attached to purchase additional fixed income securities at the same coupon rate. A decline in interest rates would permit a Fund holding such warrants to buy additional bonds at the favorable rate or to sell the warrants at a profit. If interest rates rise, the warrants would generally expire with no value.<br>A Fund may purchase put warrants and call warrants whose values vary depending on the change in the value of one or more specified securities indices ("index warrants"). Index warrants are generally issued by banks or other financial institutions and give the holder the right, at any time during the term of the warrant, to receive upon exercise of the warrant a cash payment from the issuer based on the value of the underlying index at the time of exercise. In general, if the value of the underlying index rises above the exercise price of the index warrant, the holder of a call warrant will be entitled to receive a cash payment from the issuer upon exercise based on the difference between the value of the index and the exercise price of the warrant; if the value of the underlying index falls, the holder of a put warrant will be entitled to receive a cash payment from the issuer upon exercise based on the difference between the exercise price of the warrant and the value of the index. The holder of a warrant would not be entitled to any payments from the issuer at any time when, in the case of a call warrant, the exercise price is greater than the value of the underlying index or, in the case of a put warrant, the exercise price is less than the value of the underlying index. If a Fund were not to exercise an index warrant prior to its expiration, then the Fund would lose the amount of the purchase price paid by it for the warrant.<br>A Fund will normally use index warrants in a manner similar to its use of options on securities indices. The risks of the Fund's use of index warrants are generally similar to those relating to its use of index options. (See "Options" in this section of the SAI for information about index options.) Unlike most index options, however, index warrants are issued in limited amounts  |

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|:---|:---|
| **<u>Investment Technique</u>** | **<u>Description and Risks</u>** |
|  | and are not obligations of a regulated clearing agency, but are backed only by the credit of the bank or other institution which issues the warrant. Also, index warrants generally have longer terms than index options. Although a Fund will normally invest only in exchange-listed warrants, index warrants are not likely to be as liquid as certain index options backed by a recognized clearing agency. In addition, the terms of index warrants may limit a Fund's ability to exercise the warrants at such time, or in such quantities, as the Fund would otherwise wish to do. |
| **When-Issued and Delayed Delivery Transactions** | Each Fund may purchase securities on a when-issued or forward commitment basis. These transactions are also known as delayed delivery transactions. (The phrase "delayed delivery" is not intended to include purchases where a delay in delivery involves only a brief period required by the selling party solely to locate appropriate certificates and prepare them for submission for clearance and settlement in the customary way.) Delayed delivery transactions involve a commitment by the Fund to purchase or sell securities at a future date (ordinarily up to 90 days later). The price of the underlying securities (usually expressed in terms of yield) and the date when the securities will be delivered and paid for (the settlement date) are fixed at the time the transaction is negotiated. When-issued purchases and forward commitments are negotiated directly with the selling party.<br>When-issued purchases and forward commitments enable the Fund to lock in what is believed to be an attractive price or yield on a particular security for a period of time, regardless of future changes in interest rates. For example, in periods of rising interest rates and falling bond prices, the Fund might sell debt securities it owns on a forward commitment basis to limit its exposure to falling prices. In periods of falling interest rates and rising prices, the Fund might sell securities it owns and purchase the same or similar securities on a when-issued or forward commitment basis, thereby obtaining the benefit of currently higher yields. The Fund will not enter into such transactions for the purpose of leverage.<br>The value of securities purchased on a when-issued or forward commitment basis and any subsequent fluctuations in their value will be reflected in the Fund's NAV starting on the first business day after the date of the agreement to purchase the securities. The Fund will be subject to the rights and risks of ownership of the securities on the agreement date. However, the Fund will not earn interest on securities it has committed to purchase until they are paid for and received. A seller's failure to deliver securities to the Fund could prevent the Fund from realizing a price or yield considered to be advantageous and could cause the Fund to incur expenses associated with unwinding the transaction.<br>When a Fund makes a forward commitment to sell securities it owns, the proceeds to be received upon settlement will be included in the Fund's assets. Fluctuations in the market value of the underlying securities will not be reflected in the Fund's NAV as long as the commitment to sell remains in effect. Settlement of when-issued purchases and forward commitment transactions generally takes place up to 90 days after the date of the transaction, but the Fund may agree to a longer settlement period.<br>The Funds will make commitments to purchase securities on a when-issued basis or to purchase or sell securities on a forward commitment basis only with the intention of completing the transaction and actually purchasing or selling the securities. If deemed advisable as a matter of investment strategy, however, a Fund may dispose of or renegotiate a commitment after it is entered into. A Fund also may sell securities it has committed to purchase before those securities are delivered to the Fund on the settlement date. The Fund may realize a capital gain or loss in connection with these transactions.<br>When-issued and delayed-delivery transactions are generally subject to the provisions of Rule 18f-4. (See "Derivatives and Other Similar Instruments" above for additional information.) |

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#### INVESTMENT LIMITATIONS

#### Fundamental Investment Limitations
Each fund is subject to the investment limitations enumerated in this section, which may be changed with respect to a particular fund only by a vote of the holders of a majority of such fund's outstanding shares. As used in this SAI and in the Prospectuses, a "majority of the outstanding shares" of a fund means the lesser of (a) 67% of the shares of the particular fund represented at a meeting at which the holders of more than 50% of the outstanding shares of such fund are present in person or by proxy, or (b) more than 50% of the outstanding shares of such fund.

The investment restrictions set forth below are fundamental policies of the Focused Growth Fund, Mid-Cap Value Fund and Small-Cap Fund and may not be changed with respect to any such fund without shareholder approval by vote of a majority of the outstanding voting securities of that fund. Under these restrictions, each such fund:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. may borrow money to the maximum extent permitted by law, including without limitation (i) borrowing from banks or entering into reverse repurchase agreements, or employing similar investment techniques, and pledging its assets in connection therewith, if immediately after each borrowing and continuing thereafter, there is asset coverage of 300%, and (ii) entering into reverse repurchase agreements and transactions in options, futures, options on futures, and forward foreign currency contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. may not pledge, hypothecate, mortgage or otherwise encumber its assets in excess of 10% of such fund's total assets (taken at cost) and then only to secure borrowings permitted by Restriction (1) above. (The deposit of securities or cash or cash equivalents in escrow in connection with the writing of covered call or put options, respectively, is not deemed to be pledges or other encumbrances.) (For the purpose of this restriction, collateral arrangements with respect to the writing of options, futures contracts, options on futures contracts, and collateral arrangements with respect to initial and variation margin are not deemed to be a pledge of assets and neither such arrangements nor the purchase or sale of futures or related options are deemed to be the issuance of a senior security.);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. may not underwrite securities issued by other persons except to the extent that, in connection with the disposition of its portfolio investments, it may be deemed to be an underwriter under federal securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. may not purchase or sell real estate, although it may purchase securities of issuers which deal in real estate, including securities of real estate investment trusts, and may purchase securities which are secured by interests in real estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. may not acquire more than 10% of the voting securities of any issuer, both with respect to any such fund and to the funds to which this policy relates, in the aggregate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. may not concentrate more than 25% of the value of its total assets in any one industry

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. may not purchase or sell commodities or commodity contracts except that the funds may purchase and sell financial futures contracts and related options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. may not make loans, except by purchase of debt obligations or by entering into repurchase agreements or through the lending of the fund's portfolio securities with respect to not more than 25% of its total assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. may not issue senior securities, except insofar as such fund may be deemed to have issued a senior security by reason of borrowing money in accordance with the fund's borrowing policies, and except that for purposes of this investment restriction, collateral, escrow, or margin or other deposits with respect to the making of short sales, the purchase or sale of futures contracts or related options, purchase or sale of forward foreign currency contracts, and the writing of options on securities are not deemed to be an issuance of a senior security.

Notwithstanding the provisions of fundamental investment restrictions (1) and (9) above, each of the above-mentioned funds may borrow money for temporary administrative purposes. To the extent that borrowings for temporary administrative purposes exceed 5% of the total assets of a fund, such excess shall be subject to the 300% asset coverage requirements set forth above.

The investment restrictions set forth below are fundamental policies of each of the Income & Growth Fund, International Value Fund and Large-Cap Value Fund and may not be changed with respect to any such fund without shareholder approval by a vote of a majority of the outstanding voting securities of that fund. Under these restrictions, each such fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. may not invest in a security if, as a result of such investment, more than 25% of its total assets (taken at market value at the time of such investment) would be invested in the securities of issuers in any particular industry, except that this restriction does not apply to securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities (or repurchase agreements with respect thereto);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. may not purchase or sell real estate, although it may purchase securities secured by real estate or interests therein, or securities issued by companies in the real estate industry or which invest in real estate or interests therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. may not purchase or sell commodities, except that the fund may purchase and sell futures contracts and options, may enter into foreign exchange contracts, and may enter into swap agreements and other financial transactions not requiring delivery of physical commodities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. may borrow money to the maximum extent permitted by law, as interpreted or modified, or otherwise permitted by regulatory authority having jurisdiction from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. may not issue senior securities, except as permitted borrowings or as otherwise permitted under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. may not make loans, except that this restriction shall not prohibit the purchase of debt obligations or entering into repurchase agreements or the lending of the fund's portfolio securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. may not act as an underwriter of securities of other issuers, except to the extent that in connection with the disposition of portfolio securities, it may be deemed to be an underwriter under the federal securities laws.

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In determining whether a transaction is permitted under the 1940 Act, Restriction 5 above will be construed not to prohibit any transaction that is permitted under the 1940 Act, as interpreted or modified, or otherwise permitted by regulatory authority having jurisdiction from time to time.

The investment restrictions set forth below are fundamental policies of each of the Dividend Value Fund and Small-Cap Value Fund, and may not be changed with respect to any such fund without shareholder approval by vote of a majority of the outstanding shares of that fund. Under these restrictions, each such fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. may not invest in a security if, as a result of such investment, more than 25% of its total assets (taken at market value at the time of such investment) would be invested in the securities of issuers in any particular industry, except that this restriction does not apply to securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities (or repurchase agreements with respect thereto);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. may not with respect to 75% of its assets, invest in a security if, as a result of such investment, more than 5% of its total assets (taken at market value at the time of such investment) would be invested in the securities of any one issuer, except that this restriction does not apply to securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. may not with respect to 75% of its assets, invest in a security if, as a result of such investment, it would hold more than 10% (taken at the time of such investment) of the outstanding voting securities of any one issuer, except that this restriction does not apply to securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. may not purchase or sell real estate, although it may purchase securities secured by real estate or interests therein, or securities issued by companies in the real estate industry or which invest in real estate or interests therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. may not purchase or sell commodities or commodities contracts (which, for the purpose of this restriction, shall not include foreign currency or forward foreign currency contracts or swap agreements), except that any such fund may engage in interest rate futures contracts, stock index futures contracts, futures contracts based on other financial instruments or one or more groups of instruments, and on options on such futures contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. may not purchase securities on margin, except for use of short-term credit necessary for clearance of purchases and sales of portfolio securities, but it may make margin deposits in connection with transactions in options, futures, and options on futures, and except that effecting short sales will be deemed not to constitute a margin purchase for purposes of this restriction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. may borrow money to the maximum extent permitted by law, including without limitation (i) borrowing from banks or entering into reverse repurchase agreements, or employing similar investment techniques, and pledging its assets in connection therewith, if immediately after each borrowing and continuing thereafter, there is asset coverage of 300%, and (ii) entering into reverse repurchase agreements and transactions in options, futures, options on futures, and forward foreign currency contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. may not issue senior securities, except insofar as such fund may be deemed to have issued a senior security by reason of borrowing money in accordance with the fund's borrowing policies, and except for purposes of this investment restriction, collateral, escrow, or margin or other deposits with respect to the making of short sales, the purchase or sale of futures contracts or related options, purchase or sale of forward foreign currency contracts, and the writing of options on securities are not deemed to be an issuance of a senior security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. may not lend any funds or other assets, except that such fund may, consistent with its investment objective and policies: (a) invest in debt obligations, including bonds, debentures, or other debt securities, bankers' acceptances and commercial paper, even though the purchase of such obligations may be deemed to be the making of loans, (b) enter into repurchase agreements and reverse repurchase agreements, and (c) lend its portfolio securities in an amount not to exceed one-third of the value of its total assets, provided such loans are made in accordance with applicable guidelines established by the SEC and the Trustees of the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. may not act as an underwriter of securities of other issuers, except to the extent that in connection with the disposition of portfolio securities, it may be deemed to be an underwriter under the federal securities laws.

Notwithstanding the provisions of fundamental investment restrictions (7) and (8) above, each of the above-mentioned funds may borrow money for temporary administrative purposes. To the extent that borrowings for temporary administrative purposes exceed 5% of the total assets of a fund, such excess shall be subject to the 300% asset coverage requirements set forth above.

Each of the Focused Growth Fund, the Global Small-Cap Fund, the Health Sciences Fund, the Mid-Cap Growth Fund and the Technology Fund has adopted certain investment restrictions that are fundamental policies and that may not be changed without shareholder approval by the vote of a majority of each such fund's outstanding voting securities.

In the case of the Global Small-Cap Fund, the Health Sciences Fund and the Technology Fund these restrictions provide that each such fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. may not invest more than 25% of the value of its total assets in the securities of companies primarily engaged in any one industry, except that (i) the Technology Fund will concentrate more than 25% of its assets in the technology industry and (ii) the Health Sciences Fund will concentrate more than 25% of its assets in the healthcare industry.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. may borrow money to the maximum extent permitted by law, as interpreted or modified, or otherwise permitted by regulatory authority having jurisdiction from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. may not make loans, except that this restriction shall not prohibit the purchase of debt obligations or entering into repurchase agreements or the lending of the fund's portfolio securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. may not act as an underwriter of securities issued by other persons, except insofar as it may be deemed an underwriter under the 1933 Act in selling portfolio securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. may not purchase or sell commodities, except that the fund may purchase and sell futures contracts and options, may enter into foreign exchange contracts, and may enter into swap agreements and other financial transactions not requiring delivery of physical commodities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. may not issue senior securities, except as permitted borrowings or as otherwise permitted under the 1940 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. may not purchase or sell real estate; provided that the fund may invest in readily marketable securities secured by real estate or interests therein or issued by companies which invest in real estate or interests therein.

In determining whether a transaction is permitted under the 1940 Act, Restriction 6 above will be construed not to prohibit any transaction that is permitted under the 1940 Act, as interpreted or modified, or otherwise permitted by regulatory authority having jurisdiction from time to time.

Global Small-Cap and Technology Funds must invest in companies located in at least three different countries.

In addition, the Health Sciences Fund and the Technology Fund each will measure the percentage of its assets in a particular industry by reference to a customized set of industry and sector groups for classifying securities. This classification approach is based on one or more accepted industry classification models, modified to be what the applicable Fund's subadviser believes is more representative of a fund's investment portfolio.

In the case of the Mid-Cap Growth Fund, these restrictions provide that such fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. may not invest more than 25% of the value of its total assets in the securities of companies primarily engaged in any one industry (other than the United States of America, its agencies and instrumentalities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. may not purchase or sell real estate; provided that the fund may invest in readily marketable securities secured by real estate or interests therein or issued by companies which invest in real estate or interests therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. may borrow money to the maximum extent permitted by law, as interpreted or modified, or otherwise permitted by regulatory authority having jurisdiction from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. may not issue senior securities, except as permitted borrowings or as otherwise permitted under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. may not make loans, except that this restriction shall not prohibit the purchase of debt obligations or entering into repurchase agreements or the lending of the fund's portfolio securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. may not underwrite securities issued by other persons except to the extent that, in connection with the disposition of its portfolio investments, it may be deemed to be an underwriter under federal securities laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. may not purchase or sell commodities, except that the fund may purchase and sell futures contracts and options, may enter into foreign exchange contracts, and may enter into swap agreements and other financial transactions not requiring the delivery of physical commodities.

In determining whether a transaction is permitted under the 1940 Act, Restriction 4 above will be construed not to prohibit any transaction that is permitted under the 1940 Act, as interpreted or modified, or otherwise permitted by regulatory authority having jurisdiction from time to time.

The investment restrictions set forth below are fundamental policies of the Emerging Markets Opportunities Fund and may not be changed with respect to the fund without shareholder approval by vote of a majority of the outstanding shares of the fund. Under these restrictions, the fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. may not concentrate more than 25% of the value of its total assets in any one industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. may not purchase or sell real estate, although it may purchase securities of issuers which deal in real estate, including securities of real estate investment trusts, and may purchase securities which are secured by interests in real estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. may not make loans, except that this restriction shall not prohibit the purchase of debt obligations or entering into repurchase agreements or the lending of the fund's portfolio securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. may borrow money to the maximum extent permitted by law, as interpreted or modified, or otherwise permitted by regulatory authority having jurisdiction from time to time;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. may not pledge, hypothecate, mortgage or otherwise encumber its assets in excess of 10% of such fund's total assets (taken at cost) and then only to secure borrowings permitted by Restriction (4) above. (The deposit of securities or cash or cash equivalents in escrow in connection with the writing of covered call or put options, respectively, is not deemed to be pledges or other encumbrances.) (For the purpose of this restriction, collateral arrangements with respect to the writing of options, futures contracts, options on futures contracts, and collateral arrangements with respect to initial and variation margin are not deemed to be a pledge of assets and neither such arrangements nor the purchase or sale of futures or related options are deemed to be the issuance of a senior security.);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. may not underwrite securities issued by other persons except to the extent that, in connection with the disposition of its portfolio investments, it may be deemed to be an underwriter under federal securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. may not issue senior securities, except as permitted borrowings or as otherwise permitted under the 1940 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. may not purchase or sell commodities, except that the fund may purchase and sell futures contracts and options, may enter into foreign exchange contracts, and may enter into swap agreements and other financial transactions not requiring the delivery of physical commodities.

In determining whether a transaction is permitted under the 1940 Act, Restriction 7 above will be construed not to prohibit any transaction that is permitted under the 1940 Act, as interpreted or modified, or otherwise permitted by regulatory authority having jurisdiction from time to time.

The 1940 Act and regulatory interpretations currently permit registered open-end funds to borrow up to one-third of the value of their total assets (including the amount borrowed) valued at the lesser of cost or market, less liabilities (not including the amount borrowed) at the time the borrowing is made. The 1940 Act and regulatory interpretations currently limit the percentage of registered open-end funds' securities that may be loaned to one-third of the value of total assets. To the extent these are current interpretive positions that do not reflect any formal rule or statutory requirements, they may be changed by regulators without notice.

#### Non-Fundamental Investment Limitations
Each of the Focused Growth Fund, the Income & Growth Fund, the Small-Cap Fund and the NFJ Funds is also subject to the following non-fundamental restriction and policies (which may be changed without shareholder approval):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Subject to any limits set forth in its Prospectus or the SAI, each such fund may engage in short sales to the maximum extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Each such fund may not invest more than 15% of the net assets of a fund (taken at market value at the time of the investment) in "illiquid securities," illiquid securities being defined to include repurchase agreements maturing in more than seven days, certain loan participation interests, fixed time deposits which are not subject to prepayment or provide withdrawal penalties upon prepayment (other than overnight deposits), or other securities which legally or in the Adviser's opinion may be deemed illiquid (other than securities issued pursuant to Rule 144A under the 1933 Act and certain commercial paper that the Adviser has determined to be liquid in accordance with Rule 22e-4 under the 1940 Act).

#### MANAGEMENT OF THE TRUST

#### Trustees and Officers
The Board is responsible for the overall supervision of the Trust, including establishing the Funds' policies and general supervision and review of their investment activities, and performs the various duties imposed on Trustees by the 1940 Act and Delaware statutory trust law. The officers, who administer the Funds' daily operations, are appointed by the Board and generally are employees of the Administrator or one of its affiliates. The current Trustees and officers of the Trust performing a policy-making function and their affiliations and principal occupations for the past five years are set forth below. The Trust has no employees.

Unless otherwise noted, each Trustee of the Trust also serves as a Trustee of other funds in the Fund Complex and the address of each individual is c/o Virtus Funds, One Financial Plaza, Hartford, CT 06103. There is no stated term of office for Trustees or officers of the Trust.

#### Independent Trustees <sup>(1)</sup>

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Length of Time Served** | **Number of Portfolios in Fund Complex Overseen by Trustee** | **Principal Occupation(s) <br>During Past 5 Years** | **Other Directorships Held by Trustee <br>During Past 5 Years** |
| Burke, Donald  | Since 2021 | 97 | Private investor (since 2009). Formerly, President and Chief  | Director (2014 to 2021), Duff & Phelps Utility and Corporate Bond Trust Inc.;  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Length of Time Served** | **Number of Portfolios in Fund Complex Overseen by Trustee** | **Principal Occupation(s) <br>During Past 5 Years** | **Other Directorships Held by Trustee <br>During Past 5 Years** |
| C.<br>YOB: 1960 |  |  | Executive Officer, BlackRock U.S. Funds (2007 to 2009); Managing Director, BlackRock, Inc. (2006 to 2009); and Managing Director, Merrill Lynch Investment Managers (1990 to 2006). | Director (since 2011) and Vice Chair (since 2023), Avista Corp. (energy company); Trustee (2010 to 2014), Goldman Sachs Fund Complex; and Director (2006 to 2010), BlackRock Luxembourg and Cayman Funds. |
| Cogan, Sarah E. <br>YOB: 1956 | Since 2019 | 87 | Retired Partner, Simpson Thacher & Bartlett LLP ("STB") (law firm) (since 2019); Director, Girl Scouts of Greater New York (since 2016); Trustee, Natural Resources Defense Council, Inc. (since 2013); and formerly, Partner, STB (1989 to 2018). | Trustee (since 2019), PIMCO Closed-End Funds<sup>(2)</sup> (30 portfolios). |
| DeCotis, Deborah A. <br>YOB: 1952 | Since 2014 | 87 | Director, Cadre Holdings Inc. (since 2022); Advisory Director, Morgan Stanley & Co., Inc. (since 1996); Member, Circle Financial Group (since 2009); Member, Council on Foreign Relations (since 2013); and Trustee, Smith College (since 2017). Formerly, Director, Watford Re (2017 to 2021); Co-Chair Special Projects Committee, Memorial Sloan Kettering (2005 to 2015); and Trustee, Stanford University (2010 to 2015). | Trustee (since 2011), PIMCO Closed-End Funds<sup>(2)</sup> (30 portfolios). |
| Drummond, F. Ford <br>YOB: 1962 | Since 2006 | 87 | President (since 1998), F.G. Drummond Ranches, Inc. Formerly, Director (1998 to 2008), The Cleveland Bank; and General Counsel (1998 to 2008), BMIHealth Plans (benefits administration). | Director (since 2011), Bancfirst Corporation. |
| Mallin, John R.<br>YOB: 1950 | Since 2021 | 81 | Partner/Attorney (since 2003), McCarter & English LLP (law firm) Real Property Practice Group; and Member (2014 to 2022), Counselors of Real Estate. | Director (since 2019), 1892 Club, Inc. (non-profit); and Director (2013 to 2020), Horizons, Inc. (non-profit). |
| McDaniel, Connie  | Since 2021 | 94 | Retired (since 2013). Vice  | Director (since 2019), Global  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Length of Time Served** | **Number of Portfolios in Fund Complex Overseen by Trustee** | **Principal Occupation(s) <br>During Past 5 Years** | **Other Directorships Held by Trustee <br>During Past 5 Years** |
| D.<br>YOB: 1958 |  |  | President, Chief of Internal Audit, Corporate Audit Department (2009 to 2013); Vice President, Global Finance Transformation (2007 to 2009); and Vice President and Controller (1999 to 2007), The Coca-Cola Company. | Payments Inc.; Chairperson (since 2021), Governance & Nominating Committee, Global Payments Inc; Director (since 2021), North Florida Land Trust; Director (2014 to 2019), Total System Services, Inc.; Member (2011 to 2022) and Chair (2014 to 2016), Georgia State University, Robinson College of Business Board of Advisors; and Trustee (2005 to 2017), RidgeWorth Funds. |
| Walton, R. Keith <br>YOB: 1964 | Since 2021 | 94 | Senior Adviser (since 2022), Brightwood Capital LLC; Venture and Operating Partner (2020 to 2021), Plexo Capital, LLC; Venture Partner (2019 to 2021) and Senior Adviser (2018 to 2019), Plexo, LLC; and Partner (since 2006), Global Infrastructure Partners. Formerly, Managing Director (2020 to 2021), Lafayette Square Holding Company LLC; Senior Adviser (2018 to 2019), Vatic Labs, LLC; Executive Vice President, Strategy (2017 to 2019), Zero Mass Water, LLC; and Vice President, Strategy (2013 to 2017), Arizona State University. | Director (since 2017), certain funds advised by Bessemer Investment Management LLC (9 portfolios); Director (2006 to 2019), Systematica Investments Limited Funds; Director (2006 to 2017), BlueCrest Capital Management Funds; and Trustee (2014 to 2017), AZ Service. |
| Zino, Brian T. <br>YOB: 1952 | Since 2021 | 87 | Retired. Various roles (1982 to 2009), J. & W. Seligman & Co. Incorporated, including President (1994 to 2009).  | Trustee (since 2011), Bentley University; Director (1986 to 2009) and President (1994 to 2009), J&W Seligman Co. Inc.; Director (1998 to 2009), Chairman (2002 to 2004) and Vice Chairman (2000 to 2002), ICI Mutual Insurance Company; and Member, Board of Governors of ICI (1998 to 2008). |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Those Trustees listed as "Independent Trustees" are not "interested persons" of the Trust, as that term is defined in the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) PIMCO Closed-End Funds are not part of the Virtus Fund Complex: PCM Fund, Inc.; PIMCO Access Income Fund; PIMCO California Flexible Municipal Income Fund; PIMCO California Municipal Income Fund; PIMCO California Municipal Income Fund II; PIMCO California Municipal Income Fund Ill; PIMCO Corporate & Income Strategy Fund; PIMCO Corporate & Income Opportunity Fund; PIMCO Dynamic Income Fund; PIMCO Dynamic Income Opportunities Fund; PIMCO Dynamic Income Strategy Fund; PIMCO Flexible Credit Income Fund; PIMCO Flexible Emerging Markets Income Fund; PIMCO Flexible Municipal Income Fund; PIMCO Global StocksPLUS<sup>®</sup> & Income Fund; PIMCO High Income Fund; PIMCO Income Strategy Fund; PIMCO Income Strategy Fund II; PIMCO Managed Accounts Trust (5 portfolios); PIMCO Municipal Income Fund; PIMCO Municipal Income Fund II; PIMCO Municipal Income Fund III; PIMCO New York Municipal Income Fund; PIMCO New York Municipal Income Fund II; PIMCO New York Municipal Income Fund Ill; and PIMCO Strategic Income Fund, Inc.

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#### Interested Trustee

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Length of Time Served** | **Number of Portfolios in Fund Complex Overseen by Trustee** | **Principal Occupation(s) <br>During Past 5 Years** | **Other Directorships Held by Trustee <br>During Past 5 Years** |
| Aylward, George R.<br>YOB: 1964 | Since 2021 | 108 | Director, President and Chief Executive Officer (since 2008), Virtus Investment Partners, Inc. and/or certain of its subsidiaries, and various senior officer positions with Virtus affiliates (since 2005). | Director (since 2023), Stone Harbor Investment Funds plc (9 sub-funds), Stone Harbor Global Funds plc (2 sub-funds) and Virtus Global Funds ICAV (9 sub-funds); Member (since 2021), Board of Governors of the Investment Company Institute; and Director (since 2013), Virtus Global Funds, plc (5 sub-funds). |

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Mr. Aylward is an "interested person" as defined in the 1940 Act, by reason of his position as President and Chief Executive Officer of Virtus, the ultimate parent company of the Adviser, and various positions with its affiliates including the Adviser.

#### Officers of the Trust Who Are Not Trustees

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| | | |
|:---|:---|:---|
| **Name, Address and Year of Birth** | **Position(s) Held with the Trust <br>and Length of Time Served** | **Principal Occupation(s) During Past 5 Years** |
| Batchelar, Peter J.<br>YOB: 1970 | Senior Vice President (since 2021). | Senior Vice President, Product Development (since 2017), Vice President, Product Development (2008 to 2017), and various officer positions (since 2008), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; various officer positions (since 2008) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
| Bradley, W. Patrick <br>YOB: 1972 | Executive Vice President, Chief Financial Officer and Treasurer (since 2021). | Executive Vice President, Fund Services (since 2016), Senior Vice President, Fund Services (2010 to 2016) and various officer positions (since 2004), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Director (since 2023), Stone Harbor Investment Funds plc and Stone Harbor Global Funds plc; Director (since 2019), Virtus Global Funds ICAV; Director (since 2013), Virtus Global Funds, plc; various officer positions (since 2006) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; and Member (2022 to 2025), BNY Mellon Asset Servicing Client Advisory Board. |
| Branigan, Timothy<br>YOB: 1976 | Vice President and Fund Chief Compliance Officer (since 2022); Assistant Vice President and Deputy Fund Chief Compliance Officer (March to May 2022); and Assistant Vice President and Assistant Chief Compliance Officer (2021 to 2022). | Various officer positions (since 2019) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
| Chisolm, Daphne<br>YOB: 1969 | Vice President, Counsel and Assistant Secretary (since 2023). | Vice President and Senior Counsel (since 2023), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Attorney at Law engaged in private practice as a solo practitioner (2018 to 2023); and various officer positions (since 2023) of various registered funds advised by subsidiaries  |

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| | | |
|:---|:---|:---|
| **Name, Address and Year of Birth** | **Position(s) Held with the Trust <br>and Length of Time Served** | **Principal Occupation(s) During Past 5 Years** |
|  |  | of Virtus Investment Partners, Inc. |
| Fromm, Jennifer<br>YOB: 1973 | Vice President, Chief Legal Officer, Counsel and Secretary (since 2021). | Vice President (since 2016) and Senior Counsel (since 2007) and various officer positions (since 2008), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; and various officer positions (since 2008) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
| Griswold, Heidi<br>YOB: 1973 | Vice President (since 2021). | Vice President, Head of Transfer Agent & Servicing, Mutual Fund Services (since 2018), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; and Vice President (since 2016) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
| Hackett, Amy<br>YOB: 1968 | Vice President and Assistant Treasurer (since 2021). | Vice President (since 2010) and Assistant Vice President (2007 to 2010), Fund Services, Virtus Investment Partners, Inc. and/or certain of its subsidiaries; and various officer positions (since 2007) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
| Krishnan, Suneeta<br>YOB: 1965 | Vice President and Assistant Treasurer (since 2021). | Vice President (since 2017) and Assistant Treasurer (since 2007), Mutual Fund Administration, Virtus Investment Partners, Inc. and/or certain of its subsidiaries; and various officer positions (since 2009) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.  |
| Lowe, Benjamin<br>YOB: 1978 | Vice President, Controller and Assistant Treasurer (since 2021). | Vice President, Fund Services (since 2017), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; and various officer positions (since 2018) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
| Perlman, Diana<br>YOB: 1972 | Anti-Money Laundering Compliance Officer (since 2025). | Deputy Chief Compliance Officer (since 2023), VP Distributors, LLC; and Vice President and Compliance Manager (2017 to 2023), State Street Global Markets LLC. |
| Rahman, Mahmood<br>YOB: 1967 | Vice President (since 2024); and Assistant Vice President (2021 to 2024). | Vice President (since 2023), Tax Director (since 2020) and Assistant Vice President (2020 to 2023), Fund Administration, Virtus Investment Partners, Inc.; Vice President (since 2024) and Assistant Vice President (2021 to 2024) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; and Assistant Treasurer and Tax Director, Grantham, Mayo, Van Otterloo & Co. LLC (2007 to 2019). |
| Santoro, Kathryn<br>YOB: 1974 | Vice President, Counsel and Assistant Secretary (since 2024). | Vice President and Senior Counsel (since 2024), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; and various officer positions (since 2024) of various registered funds advised  |

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| | | |
|:---|:---|:---|
| **Name, Address and Year of Birth** | **Position(s) Held with the Trust <br>and Length of Time Served** | **Principal Occupation(s) During Past 5 Years** |
|  |  | by subsidiaries of Virtus Investment Partners, Inc.; Vice President, General Counsel, and Secretary (2021 to 2023), Anuvu Corp.; Managing Counsel (2016 to 2020), Janus Henderson Investors and various officer positions of registered funds advised by Janus Henderson Investors. |
| Short, Julia R.<br>YOB: 1972 | Senior Vice President (since 2021). | Senior Vice President, Product Development (since 2017), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Senior Vice President (since 2017) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; and Managing Director, Product Manager, RidgeWorth Investments (2004 to 2017).  |
| Smirl, Richard W. <br>YOB: 1967 | Executive Vice President (since 2021). | Chief Operating Officer (since 2021), Virtus Investment Partners, Inc.; Executive Vice President (since 2021), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Executive Vice President (since 2021) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; Chief Operating Officer (2018 to 2021), Russell Investments; Executive Director (Jan. to July 2018), State of Wisconsin Investment Board; and Partner and Chief Operating Officer (2004 to 2018), William Blair Investment Management. |
| Suss, Amanda<br>YOB: 1969 | Vice President, Controller and Assistant Treasurer (since 2022). | Vice President and Controller (since 2022), Mutual Fund Administration and Financial Reporting, Virtus Investment Partners, Inc.; Vice President, Controller and Assistant Treasurer (since 2022) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; and Senior Finance Associate (2011 to 2022), Stone Harbor Investment Partners LP. |

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#### Leadership Structure and the Board of Trustees
The Board is currently composed of 9 trustees, including 8 Independent Trustees. In addition to five regularly scheduled meetings per year, the Board holds special meetings either in person or virtually to discuss specific matters that may require consideration prior to the next regular meeting. As discussed below, the Board has established several standing committees to assist the Board in performing its oversight responsibilities, and each such committee has a chair. The Board may also designate working groups or ad hoc committees as it deems appropriate.

The Trustees of the Virtus Funds believe that an effective board should have perspectives informed by a range of viewpoints, skills, expertise, experiences and backgrounds. The Trustees endorse a diverse, inclusive and equitable environment for the Board where all members are respected, valued and engaged. As a result, when identifying and recruiting new Trustees and considering Board composition, committee composition and leadership roles, the Governance and Nominating Committee shall consider, among other attributes, diversity of race, ethnicity, color, religion, national origin, age, gender, disability, sexuality, culture, thought and geography, as well as numerous other dimensions of human diversity.

The Board has appointed Ms. McDaniel, an Independent Trustee, to serve in the role of Chair. The Chair's primary role is to participate in the preparation of the agenda for meetings of the Board and the identification of information to be presented to the Board with respect to matters to be acted upon by the Board. The Chair also presides at all meetings of the Board and between meetings generally acts as a liaison with the Trust's service providers, officers, legal counsel, and the other Trustees. The Chair may perform such other functions as may be requested by the Board from time to time. Except for any duties specified herein or pursuant to the Trust's Declaration of Trust or By-laws, or as assigned by the Board, the designation of Chair does not impose on such Independent Trustee any duties, obligations or liability that is greater than the duties, obligations or

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liability imposed on such person as a member of the Board, generally. The Board believes that this leadership structure is appropriate because it allows the Board to exercise informed and independent judgment over matters under its purview, and it allocates areas of responsibility among committees or working groups of Trustees and the full Board in a manner that enhances effective oversight.

The Board also believes that having a super-majority of Independent Trustees is appropriate and in the best interest of the Funds' shareholders. Nevertheless, the Board also believes that having an interested person serve on the Board brings corporate and financial viewpoints that are, in the Board's view, crucial elements in its decision-making process. The leadership structure of the Board may be changed at any time and in the discretion of the Board, including in response to changes in circumstances or the characteristics of the Trust.

The Board has established several standing committees to oversee particular aspects of the Funds' management. The members of each Committee are set forth below:

#### The Audit Committee
The Audit Committee is responsible for overseeing the Funds' accounting and auditing policies and practices. The Audit Committee reviews the Funds' financial reporting procedures, their system of internal control, the independent audit process, and the Funds' procedures for monitoring compliance with investment restrictions and applicable laws and regulations and with the Code of Ethics. The Audit Committee is composed entirely of Independent Trustees; its members through March 31, 2025, were Donald C. Burke, Chair, Deborah A. DeCotis, John R. Mallin, Geraldine McNamara and Brian T. Zino. Effective April 1, 2025, its members are Donald C. Burke, Chair, Sarah E. Cogan, Deborah A. DeCotis, F. Ford Drummond, John R. Mallin, Connie D. McDaniel, R. Keith Walton, and Brian T. Zino. The Committee met four times during the Trust's last fiscal year.

#### The Compliance Committee
The Compliance Committee is responsible for overseeing the Funds' compliance matters. The Compliance Committee oversees and reviews (1) information provided by the Funds' officers, including the Funds' CCO, the Funds' investment adviser and other principal service providers, and others as appropriate; (2) the codes of ethics; (3) whistleblower reports; and (4) distribution programs. The Compliance Committee is composed entirely of Independent Trustees; its members through December 31, 2024, were R. Keith Walton, Chair, Sarah E. Cogan, F. Ford Drummond, Sidney E. Harris and Geraldine M. McNamara. Mr. Harris and Ms. McNamara retired effective on December 31, 2024 and March 31, 2025, respectively. Effective April 1, 2025, the Compliance Committee members are R. Keith Walton, Chair, Donald C. Burke, Sarah E. Cogan, Deborah A. DeCotis, F. Ford Drummond, John R. Mallin*,* Connie D. McDaniel, and Brian T. Zino. The Committee met four times during the Trust's last fiscal year.

#### The Contracts Committee
The Contracts Committee is responsible for reviewing the contractual arrangements with the Funds' investment advisers and subadvisers and other service providers affiliated with the Funds' investment advisers and subadvisers. The Contracts Committee is composed entirely of Independent Trustees; its members through December 31, 2024, were Sarah E. Cogan, Chair, Donald C. Burke, Deborah A. DeCotis, F. Ford Drummond, Sydney E. Harris, John R. Mallin, Connie D. McDaniel, Philip R. McLoughlin, Geraldine M. McNamara, R. Keith Walton and Brian T. Zino. Messrs. Harris and McLoughlin and Ms. McNamara retired effective on December 31, 2024, March 10, 2025, and March 31, 2025, respectively. The Contracts Committee met five times during the Trust's last fiscal year.

#### The Governance and Nominating Committee
The Governance and Nominating Committee is responsible for developing and maintaining governance principles applicable to the Funds for nominating individuals to serve as Trustees, including as Independent Trustees, and annually evaluating the Board and Committees. The Governance and Nominating Committee is composed entirely of Independent Trustees; its members through December 31, 2024, were Brian T. Zino, Chair, Sarah E. Cogan, F. Ford Drummond and Philip R. McLoughlin. Mr. McLoughlin retired effective on March 10, 2025. Effective April 1, 2025, the Governance and Nominating Committee members are Brian T. Zino, Chair, Donald C. Burke, Sarah E. Cogan, Deborah A. DeCotis, F. Ford Drummond, John R. Mallin, Connie D. McDaniel, and R. Keith Walton. The Committee met four times during the Trust's last fiscal year.

The Governance and Nominating Committee considers candidates for trusteeship and makes recommendations to the Board with respect to such candidates. There are no specific required qualifications for trusteeship. The committee considers all relevant qualifications of candidates for trusteeship, such as industry knowledge and experience, financial expertise, current employment and other board memberships, and whether the candidate would be qualified to be considered an Independent Trustee. The Board believes that having among its members a diversity of viewpoints, skills and experience and a variety of complementary skills enhances the effectiveness of the Board in its oversight role. The committee considers the qualifications of candidates for trusteeship in this context.

The Board has adopted a policy for consideration of Trustee nominees recommended by shareholders. With regards to such policy, an individual shareholder or shareholder group submitting a nomination must hold either individually or in the aggregate for at least one full year as of the date of nomination 5% of the shares of a series of the Trust, among other qualifications and restrictions. Shareholders or shareholder groups submitting nominees must comply with all requirements set forth in the Trust's policy for consideration of Trustee nominees recommended by shareholders and any such submission must be in writing, directed to the attention of the Governance and Nominating Committee in care of the Trust's Secretary, and

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should include biographical information, including business experience for the past ten years and a description of the qualifications of the proposed nominee, along with a statement from the proposed nominee that he or she is willing to serve and meets the requirements to be an Independent Trustee, if applicable. Shareholder nominees for Trustee will be given the same consideration as any candidate provided the nominee meets certain minimum requirements.

#### Information about Each Trustee's Qualification, Experience, Attributes or Skills
The following provides further information about each Trustee's specific experience, qualifications, attributes or skills. The information in this section should not be understood to mean that any Trustee is an "expert" within the meaning of the federal securities laws.

#### George R. Aylward
***In addition to his positions with the Trust, Mr. Aylward is a Director and the President and Chief Executive Officer of Virtus, the ultimate parent company of the Adviser. He also held various executive positions with the Adviser, the Funds' subadvisers, the Distributor and the Administrator to the Trust, and various of their affiliates, and previously held such positions with the former parent company of Virtus. He therefore has experience in all aspects of the development and management of registered investment companies, and the handling of various financial, staffing, regulatory and operational issues. Mr. Aylward is a certified public accountant and holds an MBA, and he also serves as an officer and director/trustee of several open-end and closed-end funds managed by the Adviser and its affiliates.***

#### Donald C. Burke
Mr. Burke has extensive financial and business experience in the investment management industry. He was employed by BlackRock, Inc. (2006 to 2009) and Merrill Lynch Investment Managers (1990 to 2006) where he held a number of roles, including Managing Director and President and Chief Executive Officer of the BlackRock U.S. mutual funds. In this role, Mr. Burke was responsible for the accounting, tax and regulatory reporting requirements for over 300 open- and closed-end funds. He also served as a trustee for numerous global funds that were advised by BlackRock, Inc. Mr. Burke currently serves as a director, Vice Chairman of the Board and Audit Committee Chairman of Avista Corp., a public company involved in the production, transmission and distribution of energy. Mr. Burke started his career at Deloitte & Touche (formerly Deloitte Haskins & Sells) and is a certified public accountant. He has also served on a number of nonprofit boards. He is also a director/trustee of open-end and closed-end funds managed by Virtus affiliates.

#### Sarah E. Cogan
Ms. Cogan has substantial legal background and experience in the investment management industry. She was a partner at Simpson Thacher & Bartlett LLP, a large international law firm, in the corporate department for over 25 years and former head of the registered funds practice. She has extensive experience in oversight of investment company boards through her prior experience as counsel to the Independent Trustees of the series of the Allianz Funds (now known as Virtus Investment Trust) and Allianz Funds Multi-Strategy Trust (now known as Virtus Strategy Trust) and as counsel to other independent trustees, investment companies and asset management firms. She is also a director/trustee of open-end and closed-end funds managed by Virtus affiliates and closed-end funds managed by PIMCO.

#### Deborah A. DeCotis
Ms. DeCotis has substantial senior executive experience in the investment banking industry, having served as a Managing Director for Morgan Stanley. She has extensive board experience and/or experience in oversight of investment management functions through her experience as a trustee of Stanford University and Smith College and as a director of Cadre Holdings Inc., Armor Holdings, The Helena Rubinstein Foundation, and Stanford Graduate School of Business. Ms. DeCotis is also a director/trustee of open-end and closed-end funds managed by Virtus affiliates and closed-end funds managed by PIMCO.

F. Ford Drummond

Mr. Drummond has substantial legal background and experience in the oversight and management of regulated companies through his work as General Counsel of BMI Health Plans, a health benefits administrator. He has substantial board experience in the banking sector as a director of BancFirst Corporation, Oklahoma's largest state chartered bank, and as a former director of The Cleveland Bank. Mr. Drummond also previously served as a member and chairman of the Oklahoma Water Resources Board, which provides tax exempt financing for water infrastructure projects in the state, and serves on the Board of Trustees of the Oklahoma Nature Conservancy (since 2008) and the Board of Trustees of the Frank Phillips Foundation (since 2014). He is also a director/trustee of open-end and closed-end funds managed by Virtus affiliates.

#### John R. Mallin
Mr. Mallin is a real estate partner and former practice group leader for the Real Property Practice Group at McCarter & English LLP. During his career, he has been involved in all aspects of real estate development and financial transactions related to real estate. Mr. Mallin also has oversight and corporate governance experience as a director, including as a chair, of non-profit entities. Mr. Mallin is also a trustee of several other open-end funds managed by Virtus affiliates.

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#### Connie D. McDaniel
Ms. McDaniel, currently retired, has extensive domestic and international business experience, particularly with respect to finance, strategic planning, risk management and risk assessment functions. She is retired from The Coca-Cola Company, where she served as Vice President and Chief of Internal Audit, Corporate Audit Department (2009 to 2013), Vice President, Global Finance Transformation (2007 to 2009), Vice President and Controller (1999 to 2007), and held various management positions (1989 to 1999). While at The Coca-Cola Company, Ms. McDaniel chaired that company's Ethics and Compliance Committee (2009 to 2013) and developed a knowledge of corporate governance matters. Prior to The Coca-Cola Company, she was associated with Ernst & Young (1980 to 1989). Ms. McDaniel served as Independent Trustee of the RidgeWorth Funds Board of Trustees from 2005 to 2017. She was Chairman of the RidgeWorth Funds Audit Committee (2008 to 2017), designated Audit Committee Financial Expert (2007 to 2017) and a member of the RidgeWorth Funds Governance and Nominating Committee (2015 to 2017). Ms. McDaniel also served as a Director of Total System Services, Inc. (2014 to 2019). She currently serves as a Director and Governance and Nominating Committee Chair of Global Payments Inc. (since 2019) and as a Director of North Florida Land Trust (since 2021). Ms. McDaniel served as Chair of the Georgia State University Robinson College of Business Board of Advisors (2014 to 2016) and served as a member of the Georgia State University Robinson College of Business Board of Advisors (2011 to 2022). Ms. McDaniel is also a director/trustee of open-end and closed-end funds managed by Virtus affiliates, including serving as the vice chair of the board of several such funds, from March 1, 2024 through March 9, 2025, and, effective March 10, 2025, serving as the chair of the board of several such funds.

R. Keith Walton

Mr. Walton's business and legal background, and his extensive service with other boards, provide valuable insight to the Board and its committees regarding corporate governance and best practices. He is an honors graduate of Yale College and the Harvard Law School. Mr. Walton was a Director of Systematica Investments Limited Funds (2006 to 2019) and a Director of BlueCrest Capital Management Funds (2006 to 2017). He is also the founding Principal and Chief Administrative Officer at Global Infrastructure Partners (since 2006) and Senior Adviser at Brightwood Capital, LLC (since 2022). He served as the Managing Director at Lafayette Square Holding Company LLC (2020 to 2021). Mr. Walton is also a director/trustee of open-end and closed-end funds managed by Virtus affiliates and certain funds advised by Bessemer Investment Management LLC.

#### Brian T. Zino
Mr. Zino, currently retired, was employed by J. & W. Seligman and Co. Inc., a privately held New York City investment firm managing Closed End Investment Companies, a family of mutual funds, and institutional accounts and operating a trust company (1982 to 2009). For the last 15 of those years, he served as president and CEO of Seligman. His extensive mutual fund, financial and business background and years of service as a director of a large non-affiliated family of both open- and closed-end funds bring valuable skills and business judgment to the Board and its committees. Mr. Zino is also a certified public accountant and has an extensive background in accounting matters relating to investment companies. He also served as a Director (1998 to 2009), Chairman (2002 to 2004) and Vice Chairman (2000 to 2002) on the board of the ICI Mutual Insurance Company and as a Member of the Board of Governors of ICI (1998 to 2008). Mr. Zino is also a director/trustee of open-end and closed-end funds managed by Virtus affiliates.

#### Board Oversight of Risk Management
As a registered investment company, the Trust is subject to a variety of risks, including investment risks, financial risks, compliance risks and regulatory risks. As part of its overall activities, the Board oversees the management of the Trust's risk management structure by the Trust's Adviser, Administrator, Distributor, Transfer Agent, officers and others. The responsibility to manage the Funds' risk management structure on a day-to-day basis is subsumed within the other responsibilities of these parties.

The Board considers risk management issues as part of its general oversight responsibilities throughout the year at regular meetings of the Board and its committees, and within the context of any ad hoc communications with the Trust's service providers and officers. The Trust's Adviser, subadvisers, Distributor, Administrator, Transfer Agent, officers and legal counsel prepare regular reports to the Board that address certain investment, valuation, compliance and other matters, and the Board as a whole or its committees may also receive special written reports or presentations on a variety of risk issues at the request of the Board, a committee, the Chair or a senior officer.

The Board receives regular written reports describing and analyzing the investment performance of the Funds. In addition, the portfolio managers of the Funds and senior management of the Funds' subadvisers meet with the Board periodically to discuss portfolio performance and answer the Board's questions with respect to portfolio strategies and risks. To the extent that a Fund changes a primary investment strategy, the Board generally is consulted in advance with respect to such change.

The Board receives regular written reports from the Trust's Chief Financial Officer that enable the Board to monitor the number of fair valued securities in the Funds' portfolios, the reasons for the fair valuation and the methodology used to arrive at the fair value. Such reports also include information concerning illiquid securities within the Funds' portfolios. The Board and/or the Audit Committee may also review valuation procedures and pricing results with the Trust's independent auditors in connection with the review of the results of the audit of the Funds' year-end financial statements.

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The Board also receives regular compliance reports prepared by the compliance staff of the Adviser and meets regularly with the Trust's CCO to discuss compliance issues, including compliance risks. As required under applicable rules, the Independent Trustees meet regularly in executive session with the CCO, and the CCO prepares and presents an annual written compliance report to the Board. The CCO, as well as the compliance staff of the Adviser and Virtus, provide the Board with reports on their examinations of functions and processes within the Adviser and the subadvisers that affect the Funds. The Board also adopts compliance policies and procedures for the Trust and approves such procedures for the Trust's service providers. The compliance policies and procedures are specifically designed to detect and prevent violations of the federal securities laws.

In its annual review of the Funds' advisory, subadvisory and distribution agreements, the Board reviews information provided by the Adviser, the subadvisers and the Distributor relating to their operational capabilities, financial conditions and resources. The Board may also discuss particular risks that are not addressed in its regular reports and processes.

The Board recognizes that it is not possible to identify all of the risks that may affect the Funds or to develop processes and controls to eliminate or mitigate their occurrence or effects. The Board periodically reviews the effectiveness of its oversight of the Funds and the other funds in the Virtus Funds family, and the processes and controls in place to limit identified risks. The Board may, at any time and in its discretion, change the manner in which it conducts its risk oversight role.

#### Trustees' Fund Holdings
As of December 31, 2024, the current Trustees beneficially owned shares of the Funds as set forth in the table below.

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| | | |
|:---|:---|:---|
| **Independent Trustees** | **Dollar Range of Equity Securities** <br>**in a Fund of the Trust** | **Aggregate Dollar Range of Trustee Ownership in all Funds Overseen by Trustee in Family of Investment Companies** |
| Donald C. Burke | Dividend Value Fund — $1 - $10,000<br>Emerging Markets Opportunities Fund — $1 - $10,000<br>Focused Growth Fund — $1 - $10,000<br>Global Small-Cap Fund — $1 - $10,000<br>Health Sciences Fund — $1 - $10,000<br>Income & Growth Fund — $10,001 - $50,000<br>International Value Fund — $1 - $10,000<br>Large-Cap Value Fund — $1 - $10,000<br>Mid-Cap Value Fund — $1 - $10,000<br>Small-Cap Fund — $1 - $10,000<br>Small-Cap Value Fund — $1 - $10,000<br>Technology Fund — $10,001 - $50,000 | Over $100,000 |
| Sarah E. Cogan | Emerging Markets Opportunities Fund — $10,001 - $50,000<br>Focused Growth Fund — $10,001 - $50,000<br>Health Sciences Fund — $10,001 - $50,000<br>Income & Growth Fund — $10,001 - $50,000<br>Mid-Cap Growth Fund — $10,001 - $50,000<br>Small-Cap Fund — $10,001 - $50,000<br>Small-Cap Value Fund — $10,001 - $50,000<br>Technology Fund — $10,001 - $50,000 | Over $100,000 |
| Deborah A. DeCotis | Technology Fund — $50,001 - $100,000 | Over $100,000 |
| F. Ford Drummond | None<sup>(1)</sup> | Over $100,000<sup>(2)</sup> |
| John R. Mallin | Focused Growth Fund — Over $100,000<sup>(1)</sup> | Over $100,000<sup>(2)</sup> |
| Connie D. McDaniel |  | Over $100,000<sup>(2)</sup> |
| R. Keith Walton |  | Over $100,000 |
| Brian T. Zino |  | Over $100,000 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Does not include over $100,000 in exposure to Funds of the Trust through the Independent Trustee's deferred compensation as of December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Does not include over $100,000 in exposure through the Independent Trustee's deferred compensation as of December 31, 2024.

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| | | |
|:---|:---|:---|
| **Interested Trustee**  | **Dollar Range of Equity Securities**  | **Aggregate Dollar Range of**  |

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| | | |
|:---|:---|:---|
|  | **in a Fund of the Trust** | **Trustee Ownership in all Funds Overseen by Trustee in Family of Investment Companies** |
| George R. Aylward |  | Over $100,000 |

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As of October 13, 2025, the Trustees and officers as a group owned less than 1% of the then outstanding shares of any of the Funds.

#### Trustee Compensation
Trustees who are not employed by the Adviser or its affiliates receive an annual retainer and fees and expenses for attendance at Board and Committee meetings. Officers and employees of the Adviser of the Funds who are interested persons are compensated for their services by the Adviser of the Funds, or an affiliate of the Adviser of the Funds, and receive no compensation from the Funds. The Trust does not have any retirement plan for its Trustees.

In calendar year 2018 and certain prior periods, the Trust maintained a deferred compensation plan pursuant to which each Independent Trustee had the opportunity to elect not to receive all or a portion of his or her fees from the Trust on a current basis, but instead to receive in a subsequent period chosen by the Trustee an amount equal to the value of such compensation if such compensation had been invested in one or more series of Virtus Strategy Trust or Virtus Investment Trust selected by the Trustees from and after the normal payment dates for such compensation. The deferred compensation program was closed to new deferrals effective January 1, 2019, and all Trustee fees earned with respect to service in calendar year 2019 and beyond have been or will be paid in cash, on a current basis. The Trust still has obligations with respect to Trustee fees deferred in 2018 and in prior periods, and will continue to have such obligations until all deferred Trustee fees are paid out pursuant to the terms of the deferred compensation plan.

For the Trust's fiscal period ended June 30, 2025, the current Trustees received the following compensation:

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| | | |
|:---|:---|:---|
| **Independent Trustees** | **Aggregate Compensation from Trust** | **Total Compensation From Trust and <br>Fund Complex Paid to Trustees<sup>(\*)</sup>** |
| Donald C. Burke | $85760 | $540500 |
| Sarah E. Cogan | $85019 | $426250 |
| Deborah A. DeCotis | $75788 | $380000 |
| F. Ford Drummond | $75787 | $380000 |
| Sidney E. Harris<sup>(1)</sup> | $18533 | $87500 |
| John R. Mallin | $75053 | $350000 |
| Connie D. McDaniel | $99751 | $499792 |
| Philip R. McLoughlin<sup>(2)</sup> | $48570 | $294125 |
| Geraldine M. McNamara<sup>(3)</sup> | $37667 | $244000 |
| R. Keith Walton | $83819 | $420250 |
| Brian T. Zino | $83819 | $420250 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Mr. Harris retired December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Mr. McLoughlin retired March 10, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Ms. McNamara retired March 31, 2025.

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| | | |
|:---|:---|:---|
| **Interested Trustees** | **Aggregate Compensation from Trust** | **Total Compensation From Trust and <br>Fund Complex Paid to Trustees** |
| George R. Aylward |  |  |

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<sup>(\*)</sup> All compensation figures in this table include payments deferred by Trustees for the relevant period.

#### Sales Loads
The Trust's Trustees are permitted to invest in Institutional Class or Class R6 shares of each Fund without initial or subsequent minimum investment requirements. Institutional Class shares do not carry a sales load.

#### Code of Ethics
The Trust, its Adviser, subadvisers and Distributor have each adopted a Code of Ethics pursuant to Rule 17j-1 under the 1940 Act. Personnel subject to the Codes of Ethics may purchase and sell securities for their personal accounts, including securities that may be purchased, sold or held by the

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Funds, subject to certain restrictions and conditions. Generally, personal securities transactions are subject to preclearance procedures, reporting requirements and holding period rules. The Codes also restrict personal securities transactions in private placements, initial public offerings and securities in which a Fund has a pending order. The Trust has also adopted a Code of Ethics for Chief Executive and Senior Financial Officers as required by Section 406 of the Sarbanes-Oxley Act of 2002.

#### Proxy Voting Policies
The Trust has adopted a Policy Regarding Proxy Voting (the "Policy") stating the Trust's intention for the Funds to exercise stock ownership rights with respect to portfolio securities in a manner that is reasonably anticipated to further the best economic interests of shareholders of the Funds. The Funds or their voting delegates will endeavor to analyze and vote all proxies that are likely to have financial implications, and where appropriate, to participate in corporate governance, shareholder proposals, management communications and legal proceedings. The Funds or their voting delegates must also identify potential or actual conflicts of interest in voting proxies and must address any such conflict of interest in accordance with the Policy.

In the absence of a specific direction to the contrary from the Board, the Adviser or the subadviser that is managing a Fund is responsible for voting proxies for such Fund, or for delegating such responsibility to a qualified, independent organization engaged by the Adviser or respective subadviser to vote proxies on its behalf. The applicable voting party will vote proxies in accordance with the Policy or its own policies and procedures, which must be reasonably designed to further the best economic interests of the affected Fund shareholders. Because the Policy and the applicable voting party's policies and procedures used to vote proxies for the Funds both are designed to further the best economic interests of the affected Fund shareholders, they are not expected to conflict with one another although the types of factors considered by the applicable voting party under its own policies and procedures may be in addition to or different from the ones listed below for the Policy.

The Policy specifies the types of factors to be considered when analyzing and voting proxies on certain issues when voting in accordance with the Policy, including, but not limited to:

 Anti-takeover measures – the overall long-term financial performance of the target company relative to its industry competition.

 Corporate Governance Matters – tax and economic benefits of changes in the state of incorporation; dilution or improved accountability associated with changes in capital structure.

 Contested elections – the qualifications of all nominees; independence and attendance record of board and key committee members; entrenchment devices in place that may reduce accountability.

 Stock Option and Other Management Compensation Issues – executive pay and spending on perquisites, particularly in conjunction with sub-par performance and employee layoffs.

 Shareholder proposals – whether the proposal is likely to enhance or protect shareholder value; whether identified issues are more appropriately or effectively addressed by legal or regulatory changes; whether the issuer has already appropriately addressed the identified issues; whether the proposal is unduly burdensome or prescriptive; whether the issuer's existing approach to the identified issues is comparable to industry best practice.

The Funds and their voting delegates seek to avoid actual or perceived conflicts of interest of Fund shareholders, on the one hand, and those of the Adviser, subadvisers, other voting delegate, Distributor, or any affiliated person of the Funds, on the other hand.

Depending on the type and materiality, the Board or its delegates may take the following actions, among others, in addressing any material conflicts of interest that arise with respect to voting (or directing voting delegates to vote): (i) rely on the recommendations of an established, independent third party proxy voting vendor; (ii) vote pursuant to the recommendation of the proposing delegate; (iii) abstain; (iv) where two or more delegates provide conflicting requests, vote shares in proportion to the assets under management of each proposing delegate; (v) vote shares in the same proportion as the vote of all other shareholders of such issuer; or (vi) the Adviser may vote proxies where the subadviser has a direct conflict of interest. The Policy requires each Adviser/subadviser that is a voting delegate to notify the Chief Compliance Officer of the Trust (or, in the case of a subadviser, the Chief Compliance Officer of the Adviser) of any actual or potential conflict of interest that is identified, and provide a recommended course of action for protecting the best interests of the affected Fund's shareholders. No Adviser/subadviser or other voting delegate may waive any conflict of interest or vote any conflicted proxies without the prior written approval of the Board (or the Executive Committee thereof) or the Chief Compliance Officer of the Trust.

The Policy further imposes certain record-keeping and reporting requirements on each Adviser/subadviser or other voting delegate.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 will be available, no later than August 31 of each year, free of charge by calling, toll-free, 800.243.1574, or on the SEC's Web site at www.sec.gov.

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Following is information about the policies and procedures followed by each subadviser to the Funds in voting proxies for their respective Funds.

#### KAR Funds
KAR has adopted and implemented policies and procedures that it believes are reasonably designed to ensure that proxies are voted in the best interest of its clients including the Funds, in accordance with its fiduciary duties and Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The principles for voting proxies are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The firm votes all proxies to, in its opinion, maximize shareholder value, which is defined as long-term value through dividend and price appreciation. In addition, the firm's investment philosophy is to purchase "Quality" companies for the portfolios of its clients. One of the four main criteria for "Quality" is excellence in management. Hence, the firm tends to vote non-shareholder-value issues in alignment with management's recommendations, if there is no conflict with shareholder value. For example, "Poison Pills" and other anti-takeover measures are not supported, even if recommended by management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To assist in analyzing proxies, KAR subscribes to Institutional Shareholder Services ("ISS"), an unaffiliated third party corporate governance research service that provides in-depth analyses of shareholder meeting agendas and vote recommendations. KAR fully reviews and approves the ISS Proxy Voting Guidelines and follows their recommendations on most issues brought to a shareholder vote. In special circumstances, including where KAR in good faith believes that any ISS recommendation would be to the detriment of its investment clients, KAR will override an ISS recommendation. At least two members of KAR's Risk and Compliance Committee must approve an override on such basis. Additionally, KAR utilizes ISS to vote proxies on its behalf, per the guidelines discussed above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Absent any special circumstance, ISS Proxy Voting Guidelines are followed when voting proxies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. KAR can occasionally be subject to conflicts of interest in the voting of proxies because of business or personal relationships it maintains with persons having an interest in the outcome of specific votes. KAR and its employees can also occasionally have business or personal relationships with other proponents of proxy proposals, participants in proxy contests, corporate directors, or candidates for directorships. If, at any time, the responsible voting parties become aware of any type of potential conflict of interest relating to a particular proxy proposal, they are to promptly report such conflict to KAR's Chief Compliance Officer under the firm's conflict of interest reporting policies. Conflicts of interest are handled in various ways depending on the type and materiality, but KAR seeks to avoid and mitigate such conflicts of interest as much as possible when carrying out its business, including with respect to its proxy voting activities.

KAR's Proxy Voting Policy is posted on the public section of KAR's website, www.kayne.com.

#### NFJ Funds
NFJ has a Proxy Committee ("Proxy Committee") that is responsible for establishing policies and procedures designed to enable NFJ to ethically and effectively discharge its fiduciary obligation to vote all applicable proxies on behalf of all discretionary client accounts and funds. Annually (or more often as needed), the Proxy Committee will review, reaffirm and/or amend guidelines, strategies and proxy policies for all client accounts, funds and product lines.

NFJ votes all shares per the NFJ Proxy Guidelines unless the client chooses custom guidelines. Most votes are based on the independent recommendation of the unaffiliated, third party Proxy Voting Service, which recommendations are in turn based on the Proxy Voting Service's independent review and research of each proxy and its independent application of the Proxy Guidelines. In those cases in which a portfolio manager or research analyst proposes to override a policy recommendation made by the Proxy Voting Service or the Proxy Voting Service has not provided a recommendation, the relevant portfolio managers and/or research analysts will review the proxy to ensure any recommendation appears based on a sound investment rationale and assess whether any business or other relationship, or any other potential conflict of interest, may be influencing the proposed vote on that company's proxy. In the event a material conflict is identified, NFJ will convene the Proxy Committee to review the proxy and make a decision how to vote. Proposed votes that raise potential material conflicts of interest are promptly resolved by the Proxy Committee prior to the time NFJ casts its vote. As reflected in the NFJ proxy policy, the Proxy Committee will affirmatively vote proxies for proposals that it deems to be in the best economic interest of its clients, as a whole, as shareholders and beneficiaries of those actions.

NFJ utilizes the services of Institutional Shareholder Services, Inc. as the unaffiliated, third party Proxy Voting Service to provide support services related to the Firm's proxy voting processes/procedures, which include: but are not limited to:

 The collection of proxy material from our clients' custodians.

 The review of proxy proposals and appropriate voting recommendations on behalf of the firm.

 The facilitation of proxy voting, reconciliation, and disclosure, in accordance with the firm's proxy policies and the Committee's direction.

 Recordkeeping and voting record retention.

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Shareholders may view NFJ's complete Proxy Policy at https://www.nfjinv.com/legal-compliance/proxy-voting-policies or may obtain a copy of fund related proxy voting information by contacting NFJ at 214-754-1780.

#### Silvant Funds
Silvant has a Proxy Committee ("Proxy Committee") that is responsible for establishing policies and procedures designed to enable Silvant to ethically and effectively discharge its fiduciary obligation to vote all applicable proxies on behalf of all client accounts and funds where the firm has proxy voting authority and ensure compliance with all requirements. Annually (or more often as needed), the Proxy Committee will review, reaffirm and/or amend guidelines, strategies, and proxy policies for all client accounts, funds, and product lines.

Silvant votes all shares per the Silvant Proxy Guidelines unless the client chooses custom guidelines. In the case that a ballot item is not covered under the policy or is coded as case-by-case in Silvant's guidelines, a research analyst or portfolio manager will review the available information and will utilize such information, along with knowledge of the company, to make a vote recommendation to the Proxy Committee. The Proxy Committee members consider the information and recommendation and will then vote on that ballot item.

As reflected in the Silvant Proxy Policy, the Proxy Committee will affirmatively vote proxies for proposals that it deems to be in the best economic interest of its clients as a whole, as shareholders and beneficiaries of those actions.

Due to Silvant's diverse client base, and product lines, Silvant's Proxy Committee may determine a potential conflict exists in connection with a proxy vote. For these situations, the Committee will determine how to address the conflict and that may include voting strictly in accordance with policy, voting with management, and/or allowing the third-party service provider to vote in accordance with its guidelines. Additional conflicts of interests will be evaluated by the Committee on an individual basis. Although Silvant does its best to alleviate or diffuse known conflicts, there is no guarantee that all situations have been or will be mitigated through proxy policy incorporation.

Silvant utilizes Institutional Shareholder Services, Inc. for support services related to the firm's proxy voting processes / procedures, which include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.* The collection of proxy material from its clients' custodians.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.* The review of proxy proposals and appropriate voting recommendations on behalf of the Firm.

and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.* The facilitation of proxy voting, reconciliation, and disclosure, in accordance with Silvant's Proxy Policy and the Proxy Committee's direction.

and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4.* Recordkeeping and voting record retention.

Silvant will continue to utilize all available resources to make well-informed and qualified proxy vote decisions.

Shareholders may view Silvant's complete Proxy Policy at https://www.silvantcapital.com/legal-information/legal-compliance/proxy-voting-policies or may obtain a copy of fund related proxy voting information by contacting Silvant's Proxy Voting Committee Administrator at 1-800-243-1574 or proxyoperations@virtus.com.

#### Emerging Markets Opportunities Fund and Small-Cap Fund
VA has adopted proxy voting policies, procedures and guidelines ("Guidelines") in an effort to ensure proxies are voted in the best interests of its clients and the value of the investment, and to address any real or perceived conflicts of interest in proxy voting. Proxies of the Funds will be voted subject to the Funds' Policy and, to the extent applicable, in accordance with any resolutions or other instructions approved by authorized persons of the Funds. Any VA representative identifying a conflict of interest in voting a proxy is required to immediately report the conflict of interest to VA's CCO who will determine a course of action. VA's Guidelines allow VA to utilize a qualified, non-affiliated third-party vendor to review proxies and make voting recommendations on behalf of VA's clients consistent with the Guidelines. The firm will vote proxies in a manner deemed to be in the best economic interest of its clients, as a whole, as shareholders and beneficiaries of those actions. VA may choose not to vote proxies in certain situations or for certain accounts, such as but not limited to the following:

 When VA deems the cost of voting would exceed any anticipated benefit to the respective client(s);

 When a proxy is received for a security VA no longer manages (i.e., VA has previously sold the entire position); and/or

 When the exercise of voting rights could restrict the ability of an account's portfolio manager to freely trade the security.

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A complete copy of VA's Proxy Voting Guidelines is available by sending a written request to Virtus Advisers, LLC, Attn: Chief Compliance Officer, One Financial Plaza, Hartford, CT 06103. Email requests may be sent to: chetram.persaud@virtus.com.

#### Income & Growth Fund
Voya Investment Management LLC ("Voya IM LLC") has adopted proxy voting policies, procedures and guidelines in an effort to ensure proxies are voted in the best interests of its clients and the value of the investment, and to address any real or perceived conflicts of interest in proxy voting. Proxies of the Funds will be voted subject to Voya IM LLC's policy. Voya IM LLC's Proxy Committee oversees the implementation of Voya IM LLC's proxy voting procedures and guidelines including potential conflicts of interest. An independent proxy voting service has been retained to assist in the voting of Fund proxies through the provision of vote analysis, implementation and recordkeeping and disclosure services.

#### Technology Fund
***Zevenbergen maintains written Proxy Voting Policy and Proxy Voting Guidelines, which are used to determine how to vote. The following are key guiding principles of Zevenbergen's Proxy Voting Policy:***

****** Consider only the best interests of the fiduciary accounts' beneficiaries.

****** Consider economic and ethical implications in determining the best interests of the beneficiaries.

****** Base the decision on how to vote using reasonable skill and care in determining the issues involved.

****** Vote proxies at the written request of a client (as may be allowed), should their specific choice of votes differ from the way Zevenbergen would vote under its own Proxy Voting Guidelines.

****** Resolve material conflicts of interest in the best interest of clients.

****** Vote on every proxy issue.

****** Make every effort to vote proxies for all shares unless voting responsibility has been retained by the client or securities are on loan.

***The policy also outlines procedures on how Zevenbergen identifies and deals with conflicts of interest to include following an independent third-party's advice on voting proxy issues, as well as required recordkeeping of proxy voting history for clients. Any client may elect to retain proxy voting authority.***

A copy of Zevenbergen's Proxy Voting Policy and Proxy Voting Guidelines may be obtained by contacting Zevenbergen at 326 Admiral Way, Suite 200 Edmonds, WA 98020, or (206) 682-8469.

#### CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES
As of October 13, 2025, the persons who owned of record, or were known by the Trust to own beneficially, 5% or more of the outstanding shares of any class, or 25% or more of the outstanding shares of all classes, of the Funds included in this SAI are shown in Appendix B — Control Persons and Principal Shareholders.

#### INVESTMENT ADVISORY AND OTHER SERVICES
(See "Management of the Funds" in the Funds' combined Prospectus.)

#### Investment Adviser
The investment adviser to each of the Funds is Virtus Investment Advisers, LLC (formerly known as Virtus Investment Advisers, Inc.), located at One Financial Plaza, Hartford, Connecticut 06103. VIA, an indirect, wholly-owned subsidiary of Virtus, acts as the investment adviser for over 100 mutual funds and as adviser to institutional clients. VIA has acted as an investment adviser for over 80 years. As of June 30, 2025, VIA had approximately $53.9 billion in assets under management.

#### Investment Advisory Agreement and Expense Limitation Agreement
The investment advisory agreement, approved by the Board and shareholders of the funds, provides that the Trust will bear all costs and expenses (other than those specifically referred to as being borne by the Adviser) incurred in the operation of the Trust. Such expenses include, but shall not be limited to, all expenses incurred in the operation of the Trust and any public offering of its shares, including, among others, leverage expenses, acquired fund fees and expenses, interest, taxes, brokerage fees and commissions, fees of Trustees who are not employees of the Adviser, Virtus or any of its affiliates, expenses of Trustees, and shareholders' meetings, expenses of printing and mailing proxy soliciting material, expenses of the insurance premiums for fidelity and other coverage, expenses of the repurchase and redemption of shares, expenses of the issue and sale of shares (to the extent not borne by VP Distributors under its agreement with the Trust), association membership dues, charges of custodians, transfer agents, dividend disbursing agents and financial agents, and bookkeeping, auditing and legal expenses. The Trust will also pay the fees and bear the expense of registering and maintaining the registration of the Trust and its shares with the SEC and registering or qualifying its shares under state or other

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securities laws and the expense of preparing and mailing prospectuses and reports to shareholders. If authorized by the Board, the Trust will also pay for extraordinary expenses and expenses of a non-recurring nature which may include, but shall not be limited to, the reasonable cost of any reorganization or acquisition of assets and the cost of legal proceedings to which the Trust is a party.

Each Fund will pay expenses incurred in its own operation and will also pay a portion of the Trust's general administration expenses allocated on the basis of the asset values of the respective Funds.

For managing, or directing the management of, the investments of each Fund, the Adviser is entitled to a fee, payable monthly, at the following annual rates based on each Fund's average daily net assets:

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| | |
|:---|:---|
| **Fund** | **Investment Advisory Fee** |
| Dividend Value Fund | 0.45% |
| Emerging Markets Opportunities Fund | 0.85% |
| Focused Growth Fund | 0.45% |
| Global Small-Cap Fund | 0.90% |
| Health Sciences Fund | 0.80% |
| Income & Growth Fund | 0.65% |
| International Value Fund | 0.60% |
| Large-Cap Value Fund | 0.45% |
| Mid-Cap Growth Fund | 0.47% |
| Mid-Cap Value Fund | 0.55% |
| Small-Cap Fund | 0.60% |
| Small-Cap Value Fund | 0.60% |
| Technology Fund | 0.90% |

---

In the funds' last fiscal year, each fund paid fees to VIA at the same annual rates as those listed above.

The Adviser may waive any portion of its investment advisory fees or reimburse Fund expenses from time to time. The Adviser has contractually agreed to limit the annual operating expenses (excluding certain expenses, such as front-end or CDSCs, taxes, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on credit or redemption facilities), interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any) for the Funds listed below through October 31, 2026, so that such expenses do not exceed, on an annualized basis, the amounts indicated in the following table (expressed as a percentage of daily net assets):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Institutional Class** | **Class R6** |
| Dividend Value Fund | 1.05%<sup>(\*)</sup> | 1.80%<sup>(\*)</sup> | 0.70% | 0.65%<sup>(\*)</sup> |
| Emerging Markets Opportunities Fund | 1.29% | 2.04% | 0.94% | 0.89% |
| Focused Growth Fund | 1.00%<sup>(\*)</sup> | 1.77%<sup>(\*)</sup> | 0.67% | 0.62% |
| Global Small-Cap Fund | 1.63% | 2.38% | 1.28% | N/A |
| Health Sciences Fund | 1.47%<sup>(\*)</sup> | 2.22%<sup>(\*)</sup> | 1.05% | N/A |
| Income & Growth Fund | 1.28%<sup>(\*)</sup> | 2.03%<sup>(\*)</sup> | 0.90%<sup>(\*)</sup> | N/A |
| International Value Fund | 1.30% | 2.05% | 0.95% | 0.90% |
| Large-Cap Value Fund | 1.12%<sup>(\*)</sup> | 1.87%<sup>(\*)</sup> | 0.75%<sup>(\*)</sup> | 0.65% |
| Mid-Cap Growth Fund | 1.14%<sup>(\*)</sup> | 1.89%<sup>(\*)</sup> | 0.76%<sup>(\*)</sup> | 0.68%<sup>(\*)</sup> |
| Mid-Cap Value Fund | 1.00% | 1.75% | 0.65% | 0.60% |
| Small-Cap Fund | 1.17% | 1.92% | 0.82% | 0.77% |
| Small-Cap Value Fund | 1.17% | 1.92% | 0.82% | 0.77% |
| Technology Fund | 1.57%<sup>(\*)</sup> | 2.32%<sup>(\*)</sup> | 1.16%<sup>(\*)</sup> | N/A |

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<sup>(\*)</sup> Share class expenses currently at or below the capped level.

Following the contractual period, the Adviser may discontinue these expense caps and/or fee waivers at any time. Under certain conditions, the Adviser and/or its affiliate may recapture operating expenses reimbursed and/or fees waived under these arrangements, for a period of up to three years following the date such waiver or reimbursement occurred, provided that the recapture does not cause the Fund to exceed its expense limit in effect at the time of the waiver or reimbursement, and any in effect at the time of recapture, after repayment is taken into account.

The Adviser also may, at its discretion, from time to time pay for other Fund expenses from its own assets, or reduce the management fee of a Fund in excess of that required. Any fee reimbursed and/or any Fund expense absorbed by the Adviser pursuant to an agreed upon expense cap shall be reimbursed by the Fund to the Adviser, if so requested by the Adviser, provided the aggregate amount of the Fund's current operating expense for such fiscal year does not exceed the applicable limitation on Fund expenses.

The investment advisory agreement also provides that the Adviser shall not be liable to the Trust or to any shareholder of the Trust for any error of judgment or mistake of law or for any loss suffered by the Trust or by any shareholder of the Trust in connection with the matters to which the agreement relates, except a loss resulting from willful misfeasance, bad faith, gross negligence or reckless disregard on the part of such Adviser in the performance of its duties thereunder.

Provided it has been approved by a vote of the majority of the outstanding shares of a Fund of the Trust which is subject to its terms and conditions, the investment advisory agreement continues from year to year with respect to such Fund so long as (1) such continuance is approved at least annually by the Board or by a vote of the majority of the outstanding shares of such Fund and (2) the terms and any renewal of the agreement with respect to such Fund have been approved by the vote of a majority of the Trustees who are not parties to the agreement or interested persons, as that term is defined in the 1940 Act, of the Trust or the relevant Adviser, cast in person (or otherwise, as consistent with applicable laws, regulations and related guidance and relief) at a meeting called for the purpose of voting on such approval. On sixty days' written notice and without penalty the agreement may be terminated as to the Trust or as to a Fund by the Board or by the relevant Adviser and may be terminated as to a Fund by a vote of the majority of the outstanding shares of such Fund. The agreement automatically terminates upon its assignment (within the meaning of the 1940 Act). The agreement provides that upon its termination, or at the request of the relevant Adviser, the Trust will eliminate all reference to Virtus from its name, and will not thereafter transact business in a name using the word Virtus.

#### Adviser Affiliates
Jennifer S. Fromm and Richard W. Smirl each serve as an officer of the Trust and as an officer and/or director of the Adviser. The other principal executive officers of the Adviser are: Andra C. Purkalitis, Executive Vice President, General Counsel and Secretary; Chet Persaud, Chief Compliance Officer and David G. Hanley, Treasurer. The sole member of the Adviser is Virtus Partners, Inc.

#### Advisory Fees
The following table shows the dollar amount of fees received by the Funds' investment adviser for services to the Funds, the amount of expenses reimbursed by the Funds' investment adviser, and the actual fee received by the Funds' investment adviser, during the fiscal years ended June 30, 2023, 2024 and 2025 under the investment advisory agreement.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Advisory Fee ($)** | **Gross Advisory Fee ($)** | **Gross Advisory Fee ($)** | **Advisory Fee Waived and/or Expenses Reimbursed ($)** | **Advisory Fee Waived and/or Expenses Reimbursed ($)** | **Advisory Fee Waived and/or Expenses Reimbursed ($)** | **Net Advisory Fee ($)** | **Net Advisory Fee ($)** | **Net Advisory Fee ($)** |
| **Fund** | **2023** | **2024** | **2025** | **2023** | **2024** | **2025** | **2023** | **2024** | **2025** |
| Dividend Value Fund | 3123294 | 2792190 | 2539101 | (57432) | (3032) | (69082) | 3065862 | 2789158 | 2470019 |
| Emerging Markets Opportunities Fund | 1035239 | 1211901 | 1378279 | (351614) | (359586) | (405082) | 683625 | 852315 | 973197 |
| Focused Growth Fund | 3955236 | 5096746 | 6462483 | (58518) | (116817) | (156899) | 3896718 | 4979929 | 6305584 |
| Global Small-Cap Fund | 521553 | 495701 | 414178 | (38357) | (6730) | (22408) | 483196 | 488971 | 391770 |
| Health Sciences Fund | 1311025 | 1151323 | 995732 | (2576) | (1259) | (7974) | 1308449 | 1150064 | 987758 |
| Income & Growth Fund | 34011383 | 32299008 | 31149132 | 38 | (53265) | 53265 | 34011421 | 32245743 | 31202397 |
| International Value Fund | 593803 | 461567 | 400326 | (65304) | (36302) | (72270) | 528499 | 425265 | 328056 |
| Large-Cap Value Fund | 1217987 | 1264929 | 1289243 | 0 | (192) | (3391) | 1217987 | 1264737 | 1285852 |
| Mid-Cap Growth Fund | 1367910 | 1447278 | 1635755 | (34) | 103 | 0 | 1367876 | 1447381 | 1635755 |
| Mid-Cap Value Fund | 5790706 | 4759529 | 3805933 | (1422803) | (1182345) | (997691) | 4367903 | 3577184 | 2808242 |
| Small-Cap Fund | 668254 | 552991 | 576415 | (79750) | (73545) | (82283) | 588504 | 479446 | 494132 |
| Small-Cap Value Fund | 2301149 | 2087689 | 1765956 | (210820) | (193151) | (208497) | 2090329 | 1894538 | 1557459 |
| Technology Fund | 10597085 | 12334997 | 13240006 | 6528 | (7026) | (18609) | 10603613 | 12327971 | 13221397 |

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#### Subadvisers and Subadvisory Agreements
The Adviser has entered into subadvisory agreements with respect to each Fund. Each subadvisory agreement provides that the Adviser will delegate to the respective subadviser the performance of certain of its investment management services under the Investment Advisory Agreement with respect to each of the Funds for which that subadviser provides subadvisory services. Each subadviser furnishes at its own expense the office facilities and personnel necessary to perform such services. The Adviser remains responsible for the supervision and oversight of each subadviser's performance. Each subadvisory agreement will continue in effect from year to year if specifically approved by the Trustees, including a majority of the Independent Trustees. The subadvisory fees are paid by the Adviser out of its advisory fees from the Funds.

#### KAR — Global Small-Cap Fund and Health Sciences Fund
KAR is located at 2000 Avenue of the Stars, Suite 1110, Los Angeles, CA 90067 and is a wholly-owned indirect subsidiary of Virtus and an affiliate of VIA. KAR also serves as subadviser for other mutual funds and as investment adviser to institutions and individuals. As of June 30, 2025, KAR managed approximately $65.8 billion, of which $44.5 billion was regulatory assets under management and $21.3 billion was model/emulation assets under contract. Model/emulation assets refer to assets that KAR is under contract to deliver a model portfolio to and are not considered regulatory assets under management.

For its services as subadviser, VIA pays KAR a fee at the rate of 50% of the net advisory fee paid by each fund for which KAR acts as subadviser.

#### NFJ — Dividend Value Fund, International Value Fund, Large-Cap Value Fund, Mid-Cap Value Fund and Small-Cap Value Fund
NFJ is located at 2100 Ross Avenue, Dallas, TX 75201, and is an indirect, wholly-owned subsidiary of Virtus and an affiliate of VIA. NFJ acts as adviser and subadviser to open-end funds and as investment adviser to institutions and individuals. As of June 30, 2025, NFJ managed approximately $5.094 billion, of which $3.791 billion was regulatory assets under management and $1.314 billion was model/emulation assets under contract. Model/emulation assets refer to assets that NFJ is under contract to deliver a model portfolio to and are not considered regulatory assets under management.

For its services as subadviser, VIA pays NFJ a fee at the rate of 50% of the net advisory fee paid by each Fund for which NFJ acts as subadviser.

#### Silvant — Focused Growth Fund and Mid-Cap Growth Fund
Silvant, an affiliate of the Adviser, is located at 3333 Piedmont Road, Suite 1500, Atlanta, GA 30305. Silvant is an investment adviser registered with the SEC. The firm was established in 2008 after previously functioning as the growth style investment management team for RidgeWorth Capital Management LLC, which is now known as Virtus Capital Advisers, LLC and an affiliate of the Adviser. As of June 30, 2025, Silvant managed approximately $2.9 billion, of which $2.7 billion was regulatory assets under management and $178 million was model/emulation assets under contract. Model/emulation assets refer to assets that Silvant is under contract to deliver a model portfolio to and are not considered regulatory assets under management. Silvant focuses on managing growth equity products for a diverse range of institutional clients.

For its services as subadviser, the Adviser pays Silvant a fee at the rate of 50% of the net advisory fee paid by each Fund for which Silvant acts as subadviser.

#### VA
Virtus Advisers, LLC ("VA"), an affiliate of VIA, has a principal office at One Financial Plaza, Hartford, CT 06103. VA operates through its division, Virtus Systematic, in subadvising certain funds as described herein. As of June 30, 2025, the divisions that now make up VA had approximately $625 million in aggregate assets under management.

#### Virtus Systematic — Emerging Markets Opportunities Fund and Small-Cap Fund
The Virtus Systematic division of VA manages differentiated systematic global equity investment solutions across asset classes and regions. As of June 30, 2025, the Virtus Systematic division of VA had approximately $509 million in assets under management.

For its services as subadviser, the Adviser pays Virtus Systematic a fee at the annual rate of 50% of the net advisory fee paid by each Fund for which VA acts as subadviser.

#### Voya — Income & Growth Fund
Voya is located at 200 Park Avenue, New York, NY 10166 and is a wholly-owned subsidiary of Voya Investment Management LLC ("Voya IM LLC"), a registered investment adviser, which in turn is a wholly owned subsidiary of VIM Holdings LLC, a Delaware limited liability company. Voya Financial, Inc., a publicly traded company (NYSE: VOYA), holds a 76% economic stake in VIM Holdings LLC through its subsidiary Voya Holdings Inc. As of July 25, 2022, Allianz SE, a stock corporation organized and existing under the laws of the European Union and the Federal Republic of Germany, holds an indirect 24% economic stake in VIM Holdings LLC as a result of a transaction combining Voya IM LLC with the assets and teams comprising specified

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transferred strategies formerly managed by Allianz Global Investors U.S. LLC. Voya began business as an investment adviser on November 6, 1972, under the name of Aetna Capital Management, Inc. As of June 30, 2025, managed $306 billion, of which $253 billion was regulatory assets under management, and $53 billion was model/emulation assets under control. Model/emulation assets refer to assets that Voya is under contract to deliver a model portfolio to and are not considered regulatory assets under management.

For its services as subadviser, the Adviser pays Voya a fee at the rate of 50% of the net advisory fee paid by each Fund for which Voya acts as subadviser.

#### Zevenbergen Capital Investments LLC — Technology Fund
Zevenbergen is a minority-owned affiliate of the Adviser located at 326 Admiral Way, Suite 200 Edmonds, WA 98020. Zevenbergen is an investment adviser registered with the SEC. The firm was established in 1987. As of June 30, 2025, Zevenbergen had approximately $5.5 billion, of which $5.3 billion is regulatory assets under management and $227 million is model/emulation assets under contract. Model/emulation assets refer to assets that Zevenbergen is under contract to deliver a model portfolio to and are not considered regulatory assets under management. Zevenbergen specializes in aggressive growth-equity investment advisory services for separately managed portfolios and mutual funds.

For its services as subadviser, the Adviser pays Zevenbergen a fee at the rate of 50% of the net advisory fee paid by Technology Fund.

#### Subadvisory Fees
The following table shows the dollar amount of fees payable to each subadviser for managing the respective Fund(s), the amount of expenses reimbursed by the subadviser, and the actual fee received by the subadviser for the fiscal years ended June 30, 2023, 2024 and 2025.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **<u>Gross Subadvisory Fee</u>** | **<u>Gross Subadvisory Fee</u>** | **<u>Gross Subadvisory Fee</u>** | **Subadvisory Fee Waived and/or <br>Expenses Reimbursed** | **Subadvisory Fee Waived and/or <br>Expenses Reimbursed** | **Subadvisory Fee Waived and/or <br>Expenses Reimbursed** | **Net Subadvisory Fee** | **Net Subadvisory Fee** | **Net Subadvisory Fee** |
| **Fund** | **2023** | **2024** | **2025** | **2023** | **2024** | **2025** | **2023** | **2024** | **2025** |
| Dividend Value Fund | 1561647 | 1396095 | 1269550 | (28715) | (1516) | (34539) | 1532932 | 1394579 | 1235011 |
| Emerging Markets Opportunities Fund | 35416 | -<sup>(\*)</sup> | 333345 | 129643 | -<sup>(\*)</sup> | (102485) | 165059 | -<sup>(\*)</sup> | 230860 |
| Focused Growth Fund | 1977618 | 2548373 | 3231242 | (29259) | (58408) | (78433) | 1948359  | 2489965 | 3152809 |
| Global Small-Cap Fund | 260777 | 247851 | 207089 | (19178) | (3365) | (11219) | 241599 | 244486 | 195870 |
| Health Sciences Fund | 655512 | 575662 | 497866 | (1288) | (629) | (3988) | 654224 | 575033 | 493878 |
| Income & Growth Fund | 17005691 | 16149504 | 15574566 | 19 | (25630) | 26633 | 17005710 | 16123874 | 15601199 |
| International Value Fund | 296902 | 230783 | 200163 | (32651) | (18150) | (36150) | 264251 | 212633 | 164013 |
| Large-Cap Value Fund | 608994 | 632464 | 644621 | (1162) | 1066 | (1694) | 607832 | 633530 | 642927 |
| Mid-Cap Growth Fund | 683955 | 723639 | 817870 | (17) | 51 | (6) | 683938 | 723690 | 817864 |
| Mid-Cap Value Fund | 2895353 | 2379765 | 1902697 | (711400) | (591172) | (498838) | 2183953 | 1788593 | 1403859 |
| Small-Cap Fund | 26551 | -<sup>(\*)</sup> | 138860 | 28042 | -<sup>(\*)</sup> | (23781) | 54593 | -<sup>(\*)</sup> | 115079 |
| Small-Cap Value Fund | 1150575 | 1043844 | 882978 | (105409) | (96575) | (104254) | 1045166 | 947269 | 778724 |
| Technology Fund | 5298543 | 6167498 | 6620003 | 3264 | (3513) | (9284) | 5301807 | 6163985 | 6610719 |

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<sup>(\*)</sup> Effective July 25, 2022, VIA began managing the Emerging Markets Opportunities Fund and Small-Cap Fund directly, therefore no subadvisory fees were paid by either Fund in the fiscal year ended June 30, 2024.

#### Administrator
VFS is the administrator of the Trust. VFS is an indirect, wholly-owned subsidiary of Virtus and an affiliate of the Adviser. For its services as administrator, VFS receives an administration fee based upon the average net assets across all series of the Virtus Funds at the following annual rates:

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| | |
|:---|:---|
| First $15 billion | 0.10% |
| $15+ billion to $30 billion | 0.095% |
| $30+ billion to $50 billion | 0.09% |
| Greater than $50 billion | 0.085% |

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Any Fund with net assets in excess of $10 billion will receive an offsetting credit to its administrative fee, such that the portion of its net assets in excess of $10 billion will only be assessed an administrative fee of 0.07%. The fees for the portion of such a Fund's net assets up to and inclusive of the first $10 billion will remain consistent with the fee schedule above.

For the purposes of applying the fee breakpoints, the open-end Virtus Funds' average net assets may be aggregated with the average net assets of other investment companies advised by the Adviser and/or its affiliate.

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The following table shows the dollar amount of fees that the Funds paid to the administrator for its administrative services with respect to each Fund, for the fiscal years ended June 30, 2023, 2024 and 2025.

For the fiscal years ended June 30, 2023, 2024 and 2025, the aggregate amount of the administration fees paid by the funds to the Administrator was as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Administration Fee ($)** | **Administration Fee ($)** | **Administration Fee ($)** |
| **Fund** | **2023** | **2024** | **2025** |
| Dividend Value Fund | 654679 | 586878 | 533365 |
| Emerging Markets Opportunities Fund | 114927 | 134848 | 153303 |
| Focused Growth Fund | 829042 | 1071176 | 1357847 |
| Global Small-Cap Fund | 54667 | 52096 | 43508 |
| Health Sciences Fund | 154581 | 136116 | 117649 |
| Income & Growth Fund | 4935657 | 4699989 | 4530614 |
| International Value Fund | 93370 | 72761 | 63086 |
| Large-Cap Value Fund | 255300 | 265869 | 270854 |
| Mid-Cap Growth Fund | 274533 | 291226 | 329074 |
| Mid-Cap Value Fund | 993053 | 818514 | 654078 |
| Small-Cap Fund | 105047 | 87173 | 90824 |
| Small-Cap Value Fund | 361761 | 329116 | 278210 |
| Technology Fund | 1110475 | 1296209 | 1390800 |

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#### Sub-administrative and Accounting Agent
The Trust has entered into an agreement with BNY, 301 Bellevue Parkway, Wilmington, DE 19809, pursuant to which BNY acts as sub-administrative and accounting agent of the Trust. For its services in this capacity, BNY receives a fee based on the Funds' aggregate average net assets across the Funds and all funds within the Virtus Funds.

In addition to the asset-based fee, BNY is entitled to certain non-material fees, as well as out of pocket expenses.

The following table shows the dollar amount of fees paid to, the amount of fees waived by and the net amount of fees received by the Sub-administrative and Accounting Agent for the fiscal years ended June 30, 2023, 2024 and 2025, for its services with respect to each Fund.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Total Sub-Administrative Fees ($)** | **Total Sub-Administrative Fees ($)** | **Total Sub-Administrative Fees ($)** | **Fees Waived by Sub- Administrator ($)** | **Fees Waived by Sub- Administrator ($)** | **Fees Waived by Sub- Administrator ($)** | **Net Sub-Administrative Fees ($)** | **Net Sub-Administrative Fees ($)** | **Net Sub-Administrative Fees ($)** |
| **Fund** | **2023** | **2024** | **2025** | **2023** | **2024** | **2025** | **2023** | **2024** | **2025** |
| Dividend Value Fund | 88089 | 83780 | 60195 | (30850) | (31203) | (11748) | 57239 | 52577 | 48447 |
| Emerging Markets Opportunities Fund | 23032 | 24044 | 30382 | (6301) | (5925) | (3246) | 16731 | 18119 | 27136 |
| Focused Growth Fund | 109442 | 132423 | 116103 | (37580) | (42761) | (26002) | 71862 | 89662 | 90101 |
| Global Small-Cap Fund | 14511 | 14371 | 22319 | (2650) | (2722) | (909) | 11861 | 11649 | 21410 |
| Health Sciences Fund | 26597 | 25296 | 28352 | (7229) | (7114) | (2845) | 19368 | 18182 | 25507 |
| Income & Growth Fund | 615454 | 599168 | 360272 | (231184) | (232860) | (96783) | 384270 | 366308 | 263489 |
| International Value Fund | 19491 | 17480 | 23762 | (4706) | (4211) | (1349) | 14785 | 13269 | 22413 |
| Large-Cap Value Fund | 39056 | 40445 | 39127 | (11893) | (12541) | (5479) | 27163 | 27904 | 33648 |
| Mid-Cap Growth Fund | 41323 | 43394 | 42731 | (12546) | (13411) | (6400) | 28777 | 29983 | 36331 |
| Mid-Cap Value Fund | 130197 | 115330 | 71077 | (47181) | (45205) | (15509) | 83016 | 70125 | 55568 |
| Small-Cap Fund | 21104 | 18942 | 25661 | (5407) | (4552) | (1771) | 15697 | 14390 | 23890 |
| Small-Cap Value Fund | 52295 | 50071 | 40747 | (17071) | (17422) | (6205) | 35224 | 32649 | 34542 |
| Technology Fund | 146545 | 158675 | 122359 | (52413) | (52610) | (29257) | 94132 | 106065 | 93102 |

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#### Distributor
VP Distributors, a broker-dealer registered with FINRA and which is an indirect, wholly-owned subsidiary of Virtus and an affiliate of the Adviser and certain subadvisers, serves as distributor of the Funds' shares. Fund shares are offered on a continuous basis. The principal office of VP Distributors is located at One Financial Plaza, Hartford, Connecticut 06103. Heidi C. Griswold and Diana M. Perlman serve as an officer of the Trust and as an officer for the Distributor.

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The Trust and VP Distributors have entered into an underwriting agreement under which VP Distributors has agreed to use its best efforts to find purchasers for Trust shares and the Trust has granted to VP Distributors the exclusive right to purchase from the Funds and resell, as principal, shares needed to fill unconditional orders for Fund shares. VP Distributors may sell Fund shares through its registered representatives or through securities dealers with whom it has sales agreements. VP Distributors may also sell Fund shares pursuant to sales agreements entered into with bank-affiliated securities brokers who, acting as agent for their customers, place orders for Fund shares with VP Distributors. It is not anticipated that termination of sales agreements with banks and bank affiliated securities brokers would result in a loss to their customers or a change in the NAV per share of a Fund of the Trust.

For its services under the underwriting agreement, VP Distributors receives sales charges on transactions in Fund shares and retains such charges less the portion thereof allowed to its registered representatives and to securities dealers and securities brokers with whom it has sales agreements. In addition, VP Distributors may receive payments from the Trust pursuant to the Distribution Plans described below.

During the fiscal years ended June 30, 2023, 2024 and 2025, purchasers of shares of the Funds paid aggregate sales charges of $3,746,133, $3,164,410 and $2,610,184, respectively, of which the Distributor received net commissions of $626,456, $489,321 and $404,446, respectively, for its services, the balance being paid to dealers. For the fiscal year ended June 30, 2024, the Distributor received net commissions of $354,779 for Class A Shares and deferred sales charges of $14,352 for Class A Shares and $35,315 for Class C Shares.

The distribution agreement/underwriting agreement may be terminated at any time by 60 days written notice, without payment of a penalty, by the Distributor, by vote of a majority of the appropriate Class of outstanding voting securities of the Funds, or by vote of a majority of the Trust's Trustees who are not parties to the distribution agreement/underwriting agreement or "interested persons" of any party and who have no direct or indirect financial interest in the operation of the Distribution Plan or in any related agreements. The distribution agreement/underwriting agreement will terminate automatically in the event of its "assignment," as defined in Section 2(a)(4) of the 1940 Act.

The following table shows the dollar amount of sales charges paid by each Fund to the Distributor for the fiscal years ended June 30, 2023, 2024 and 2025, with respect to sales of Class A Shares of the Funds and the amount of sales charges retained by the Distributor and reallowed to other persons.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Aggregate Underwriting Commissions ($)** | **Aggregate Underwriting Commissions ($)** | **Aggregate Underwriting Commissions ($)** | **Amount Retained by the Distributor ($)** | **Amount Retained by the Distributor ($)** | **Amount Retained by the Distributor ($)** | **Amount Reallowed ($)** | **Amount Reallowed ($)** | **Amount Reallowed ($)** |
| **Fund** | **2023** | **2024** | **2025** | **2023** | **2024** | **2025** | **2023** | **2024** | **2025** |
| Dividend Value Fund | 15303 | 11237 | 14444 | 4425 | 1864 | 2188 | 10878 | 9373 | 12256 |
| Emerging Markets Opportunities Fund | 1488 | 924 | 1698 | 510 | 519 | 559 | 978 | 405 | 1139 |
| Focused Growth Fund | 60836 | 128829 | 148382 | 11837 | 20430 | 22343 | 48999 | 108399 | 126039 |
| Global Small-Cap Fund | 920 | 1748 | 13929 | 225 | 351 | 1975 | 695 | 1397 | 11954 |
| Health Sciences Fund | 36036 | 40856 | 13726 | 4693 | 5410 | 1829 | 31343 | 35446 | 11897 |
| Income & Growth Fund | 3364637 | 2668616 | 2085140 | 469076 | 373249 | 282308 | 2895561 | 2295367 | 1802832 |
| International Value Fund | 1606 | 534 | 2333 | 348 | 262 | 340 | 1258 | 272 | 1993 |
| Large-Cap Value Fund | 12830 | 11987 | 19050 | 2083 | 2144 | 3164 | 10747 | 9843 | 15886 |
| Mid-Cap Growth Fund | 16129 | 21310 | 32921 | 2798 | 3261 | 4194 | 13331 | 18049 | 28727 |
| Mid-Cap Value Fund | 43184 | 22678 | 15783 | 6512 | 5674 | 3383 | 36672 | 17004 | 12400 |
| Small-Cap Fund | 5761 | 2407 | 25037 | 1015 | 372 | 2076 | 4746 | 2035 | 22961 |
| Small-Cap Value Fund | 2195 | 7884 | 1842 | 260 | 1198 | 371 | 1935 | 6686 | 1471 |
| Technology Fund | 72665 | 201287 | 186231 | 10133 | 30474 | 30049 | 62532 | 170813 | 156182 |

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There were no sales charges paid to the Distributor with respect to Class A Shares of the Funds not mentioned below. Shareholders of the Funds below paid Class A deferred sales charges as follows:

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| | |
|:---|:---|
| **Fund** | **Class A Shares**<br>**Deferred Sales**<br>**Charges ($)** |
| Income & Growth Fund | 14352 |

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#### Dealer Concessions

#### Class A Shares, Class C Shares and Institutional Class Shares Only
Dealers with whom the Distributor has entered into sales agreements receive a discount or commission on purchases of Class A Shares as set forth below.

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#### Class A Shares

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| | | | |
|:---|:---|:---|:---|
| **Amount of Transaction at Offering Price** | **Sales Charge as a percentage of Offering Price** | **Sales Charge as a Percentage of Amount Invested** | **Dealer Discount as a Percentage of Offering Price** |
| Under $50,000 | 5.50% | 5.82% | 4.75% |
| $50,000 but under $100,000 | 4.50 | 4.71 | 4.00 |
| $100,000 but under $250,000 | 3.50 | 3.63 | 3.00 |
| $250,000 but under $500,000 | 2.50 | 2.56 | 2.00 |
| $500,000 but under $1,000,000 | 2.00 | 2.04 | 1.75 |
| $1,000,000 or more |  |  |  |

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With respect to Class C Shares, the Distributor intends to pay investment dealers a sales commission of 1% of the sale price of Class C Shares sold by such dealers. Your broker, dealer or financial professional may also charge you additional commissions or fees for their services in selling shares to you provided they notify the Distributor of their intention to do so.

Dealers and other entities that enter into special arrangements with the Distributor may receive compensation for the sale and promotion of shares of the Funds. Such fees are in addition to the sales commissions referenced above and may be based upon the amount of sales of Fund shares by a dealer; the provision of assistance in marketing of Fund shares; access to sales personnel and information dissemination services; and other criteria as established by the Distributor. Depending on the nature of the services, these fees may be paid either from the Funds through distribution fees, service fees or in some cases, the Distributor may pay certain fees from its own profits and resources.

Dealers and other entities that enter into special arrangements with the Distributor or the Transfer Agent may receive compensation from or on behalf of the Funds for providing certain recordkeeping and related services to the Funds or their shareholders. These fees may also be referred to as shareholder accounting fees, administrative services fees, sub-transfer agent fees or networking fees. They are not for the sale, promotion or marketing of Fund shares.

From its own profits and resources, the Distributor may, from time to time, make payments to qualified wholesalers, registered financial institutions and third party marketers for marketing support services and/or retention of assets. These payments are sometimes referred to as "revenue sharing." Among others, the Distributor has agreed to make such payments for marketing support services to Equitable Advisors, LLC. For the Funds in this SAI, the Distributor may pay broker-dealers a finder's fee in an amount equal to 1.00% of eligible Class A Share purchases from $1,000,000 to $3,000,000, 0.50% on amounts of $3,000,001 to $10,000,000, and 0.25% on amounts greater than $10,000,000. Purchases of Class A Shares by an account in the name of a qualified employee benefit plan are eligible for a finder's fee only if such plan has at least 100 eligible employees. A CDSC may be imposed on certain redemptions made (including exchanges into the Virtus Seix U.S. Government Securities Ultra-Short Bond Fund) of such Class A investments within 18 months of a finder's fee being paid. For the Funds in this SAI, the CDSC is 1.00%. For purposes of determining the applicability of the CDSC, the 18-month period begins on the last day of the month preceding the month in which the purchase was made. The Distributor will also pay broker-dealers a service fee of 0.25% beginning in the thirteenth month following purchase of Class A Shares on which a finder's fee has been paid. (For the exact rate for your Fund(s) please refer to the chart in the section of the Funds' Prospectus entitled "Sales Charges" under "What are the classes and how do they differ?") VP Distributors reserves the right to discontinue or alter such fee payment plans at any time.

From its own resources or pursuant to the distribution and shareholder servicing plans, and subject to the dealers' prior approval, the Distributor may provide additional compensation to registered representatives of dealers in the form of travel expenses, meals, and lodging associated with training and educational meetings sponsored by the Distributor. The Distributor may also provide gifts amounting in value to less than $100, and occasional meals or entertainment, to registered representatives of dealers. Any such travel expenses, meals, lodging, gifts or entertainment paid will not be preconditioned upon the registered representatives' or dealers' achievement of a sales target. The Distributor may, from time to time, reallow the entire portion of the sales charge on Class A Shares which it normally retains to individual selling dealers. However, such additional reallowance generally will be made only when the selling dealer commits to substantial marketing support such as internal wholesaling through dedicated personnel, internal communications and mass mailings.

The Distributor has also agreed to pay fees to certain distributors for preferred marketing opportunities. These arrangements may be viewed as creating a conflict of interest between these distributors and investors. Investors should make due inquiry of their selling agents to ensure that they are receiving the requisite point of sale disclosures and appropriate recommendations free of any influence by reason of these arrangements.

The categories of payments the Distributor and/or the Transfer Agent may make to other parties are not mutually exclusive, and such parties may receive payments under more than one or all categories. These payments could be significant to a party receiving them, creating a conflict of interest for such party in making investment recommendations to investors. Investors should make due inquiry of any party recommending the Funds for

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purchase to ensure that such investors are receiving the requisite point of sale disclosures and appropriate recommendations free of any influence by reason of these arrangements.

A document containing information about sales charges, including breakpoint (volume) discounts, is available free of charge on the Internet at virtus.com. In the "Our Products" section, go to the Mutual Funds page under "Individual Investors" and click on the link for Breakpoint (Volume) Discounts.

#### Class R6 Shares Only
No compensation, administrative payments, sub-transfer agency payments or service payments are paid to brokers or other entities from Fund assets or the Distributor's or an affiliate's resources on sales of or investments in Class R6 Shares. Class R6 Shares do not carry sales commissions or pay Rule 12b-1 fees, or make payments to brokers or other entities to assist in, or in connection with, the sale of the Fund's shares.

#### Custodian
The Bank of New York Mellon, 240 Greenwich Street, New York, NY 10286, serves as the Custodian of the Funds' assets. The Custodian designated by the Board holds the securities in the Funds' portfolios and other assets for safe keeping. The Custodian does not and will not participate in making investment decisions for the Funds. The Trust has authorized the Custodian to appoint one or more sub-custodians for the assets of the Funds held outside the United States. The securities and other assets of each Fund are held by its Custodian or any sub-custodian separate from the securities and assets of each other Fund.

#### Securities Lending Agent
The Bank of New York Mellon served as securities lending agent for each Fund participating in the securities lending program for the fiscal year ended June 30, 2025. In that role, The Bank of New York Mellon administered each Fund's securities lending program pursuant to the terms of a securities lending agency agreement entered into between the Trust and The Bank of New York Mellon.

As securities lending agent, The Bank of New York Mellon is responsible for the administration and management of each Fund's securities lending program, including:

 negotiation, preparation and execution of an agreement with each approved borrower governing the terms and conditions of any securities loan,

 credit review and monitoring of approved borrowers,

 loan negotiation,

 ensuring that securities loans are properly coordinated and documented with the Funds' custodian, sub custodians/depositories,

 daily marking to market of loans,

 monitoring and maintaining cash collateral levels,

 arranging for the investment of cash collateral received from borrowers in accordance with each Fund's investment guidelines,

 initiating and monitoring loan terminations/recalls,

 ensuring that all dividends and other distributions from corporate actions with respect to loaned securities are credited to the relevant Funds, and

 maintaining records relating to the Fund's securities lending activity and providing monthly/quarterly statements.

The Bank of New York Mellon receives as compensation for its services a portion of the amount earned by each participating Fund for lending securities.

For each Fund participating in the securities lending program, the table below sets forth, for the most recently completed fiscal year, the Fund's gross income received from securities lending activities, the fees and/or other compensation paid by the Fund for securities lending activities, and the net income earned by the Fund for securities lending activities. The table below also discloses any other fees or payments incurred by each Fund resulting from lending securities.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Fees and/or compensation for securities lending activities and related services:** | **Fees and/or compensation for securities lending activities and related services:** | **Fees and/or compensation for securities lending activities and related services:** | **Fees and/or compensation for securities lending activities and related services:** | **Fees and/or compensation for securities lending activities and related services:** | **Fees and/or compensation for securities lending activities and related services:** | **Fees and/or compensation for securities lending activities and related services:** | **Fees and/or compensation for securities lending activities and related services:** |
| **Fund** | **Gross income from securities lending activities** | **Fees paid to securities lending agent from a revenue split** | **Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle)** | **Administrative fees not included in revenue split** | **Indemnification fee not included in revenue split** | **Rebate (paid to borrower)** | **Other fees not included in revenue split (specify)** | **Aggregate fees/compensation for securities lending activities** | **Net income from securities lending activities** |
| Small-Cap Fund | 22369 | 1857 | 964 |  |  | 9018 |  | 2821 | 10530 |

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#### Transfer Agent and Sub-Transfer Agent
VFS acts as transfer agent for the Trust. Pursuant to a Transfer Agent and Service Agreement, VFS receives a fee, based on the average net assets at an annual rate ranging from 0.045% to 0.0375%. VFS is authorized to engage subagents to perform certain shareholder servicing functions from time to time for which such agents shall be paid a fee by VFS or the Funds. Pursuant to an agreement among the Trust, VFS and BNY, BNY serves as sub-transfer agent to perform certain shareholder servicing functions for the Funds. For performing such services, BNY receives a monthly fee from the Funds as approved by the Board.

#### Legal Counsel to the Trust
Dechert LLP, 45 Fremont Street, 26<sup>th</sup> Floor, San Francisco, CA, 94105, acts as legal counsel to the Trust and reviews certain legal matters for the Trust in connection with the shares offered by the Prospectus.

#### Independent Registered Public Accounting Firm
PwC serves as the independent registered public accounting firm for the Trust. PwC audits the Trust's annual financial statements and expresses an opinion thereon. The independent registered public accounting firm also provides other accounting and tax-related services as requested by the Trust from time to time. PwC's business address is Two Commerce Square, Suite 1800, 2001 Market Street, Philadelphia, PA 19103.

#### DISTRIBUTION PLANS

#### Multi-Class Plan
The Trust currently offers up to six classes of shares of each of the Funds: Class A, Class C, Institutional Class and Class R6 shares.

The Trust has adopted a distribution and service plan for Class A Shares and plans and Class C Shares; (collectively, the "Plans") in accordance with Rule 12b-1 under the 1940 Act, to compensate the Distributor for the services it provides and for the expenses it bears under the underwriting agreement. Each class of shares pays a service fee at a rate of 0.25% per annum of the average daily net assets of such class of the Fund and a distribution fee based on average daily net assets at the rate of 0.75% per annum for Class C Shares.

Expenditures under the Plans may consist of: (i) commissions to sales personnel for selling shares of the Fund (including underwriting fees and financing expenses incurred in connection with the payment of commissions); (ii) compensation, sales incentives and payments to sales, marketing and service personnel; (iii) payments to broker-dealers and other financial institutions which have entered into agreements with the Distributor in the form of the Dealer Agreement for the Funds for services rendered in connection with the sale and distribution of shares of the Fund; (iv) payment of expenses incurred in sales and promotional activities, including advertising expenditures related to the Fund; (v) the costs of preparing and distributing promotional materials; (vi) the cost of printing the Fund's Prospectuses and SAI for distribution to potential investors; (vii) expenses related to the cost of financing or providing such financing from the Distributor's or an affiliate's resources in connection with the Distributor's payment of such distribution expenses; and (viii) such other similar services that the Trustees determine are reasonably calculated to result in the sale of shares of the Fund. From the fees received, the Distributor expects to pay a quarterly fee to qualifying broker-dealer firms, as compensation for providing personal services and/or the maintenance of shareholder accounts, with respect to shares sold by such firms. In the case of shares of the Funds being sold to an affiliated fund of funds, fees payable under the Plans shall be paid to the distributor of the fund of funds. This fee will not exceed on an annual basis 0.25% of the average annual NAV of such shares, and will be in addition to sales charges on Fund shares which are re-allowed to such firms. To the extent that the entire amount of the fees received is not paid to such firms, the balance will serve as compensation for personal and account maintenance services furnished by the Distributor. The Distributor also pays to dealers an additional compensation with respect to Class C Shares at the rate of 0.75% of the average annual NAV of that class.

In order to receive payments under the Plans, participants must meet such qualifications to be established in the sole discretion of the Distributor, such as providing services to the Funds' shareholders; or providing the Funds with more efficient methods of offering shares to coherent groups of clients, members or prospects of a participant; or providing services permitting bulking of purchases or sales, or transmission of such purchases or sales by computerized tape or other electronic equipment; or providing other processing.

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On a quarterly basis, the Funds' Board reviews a report on expenditures under the Plans and the purposes for which expenditures were made. The Trustees conduct an additional, more extensive review annually in determining whether the Plans will be continued. By its terms, continuation of the Plans from year to year is contingent on annual approval by a majority of the Funds' Trustees and by a majority of the Trustees who are not "interested persons" (as defined in the 1940 Act) and who have no direct or indirect financial interest in the operation of the Plans or any related agreements (the "Plan Trustees"). The Plans provide that they may not be amended to increase materially the costs which the Funds may bear pursuant to the Plans without approval of the shareholders of that class of the Funds and that other material amendments to the Plans must be approved by a majority of the Plan Trustees by vote cast in person at a meeting called for the purpose of considering such amendments. The Plans further provide that while they are in effect, the selection and nomination of Trustees who are not "interested persons" shall be committed to the discretion of the Trustees who are not "interested persons." The Plans may be terminated at any time by vote of the Plan Trustees or a majority of the outstanding shares of the relevant class of the Funds.

No interested person of the Funds other than the Distributor and no Trustee who is not an interested person of the Funds, as that term is defined in the 1940 Act, has had any direct or indirect financial interest in the operation of the Plans or related agreements.

FINRA regards certain distribution fees as asset-based sales charges subject to FINRA sales load limits. FINRA's maximum sales charge rule may require the Board to suspend distribution fees or amend the Plans.

Under the Trust's Multi-Class Plan, adopted pursuant to Rule 18f-3 under the 1940 Act, shares of each class of each Fund represent an equal pro rata interest in the Fund and, generally, have identical voting, dividend, liquidation, and other rights, preferences, powers, restrictions, limitations, qualifications and terms and conditions, except that: (a) each class has a different designation; (b) each class has exclusive voting rights on any matter submitted to shareholders that relates solely to its distribution or service arrangements; and (c) each class has separate voting rights on any matter submitted to shareholders in which the interests of one class differ from the interests of any other class.

Each class of shares bears any class specific expenses allocated to such class, such as expenses related to the distribution and/or shareholder servicing of such class. In addition, each class may, at the Trustees' discretion, also pay a different share of other expenses, not including advisory or custodial fees or other expenses related to the management of the Trust's assets, if these expenses are actually incurred in a different amount by that class, or if the class receives services of a different kind or to a different degree than the other classes. For instance, the various classes pay different fees under the Administration Agreement based on the different levels of administrative services provided to each Class. See "Administrator." All other expenses are allocated to each class on the basis of the net asset value of that class in relation to the net asset value of the particular Fund. Each class may have a differing sales charge structure, and differing exchange and conversion features.

#### Contingent Deferred Sales Charge and Initial Sales Charge
As described in the Prospectus, a contingent deferred sales charge is imposed upon certain redemptions of Class A and Class C shares. Shareholders purchasing Class A and Class C shares of a Fund through certain intermediaries or in certain types of accounts may be eligible for a sales charge discount. For more information, see Appendix A to the Fund's prospectus. No contingent deferred sales charge is currently imposed upon redemptions of Institutional Class or Class R6, shares. Because contingent deferred sales charges are calculated on a series-by-series basis, shareholders should consider whether to exchange shares of one Fund for shares of another Fund in the Trust, or shares of a series of Virtus Mutual Funds, prior to redeeming an investment if such an exchange would reduce the contingent deferred sales charge applicable to such redemption.

#### Rule 12b-1 Fees Paid
The following table shows Rule 12b-1 Fees paid by the Funds to the distributor with respect to Class A Shares and Class C Shares of each Fund for which such fees were paid for the fiscal years ended June 30, 2023, 2024 and 2025. The Rule 12b-1 Fees were primarily used to compensate broker dealers and financial institutions for services that they provided.

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| | | | |
|:---|:---|:---|:---|
|  |  | **12b-1 Fees Paid ($)** |  |
| **Fund** | **2023** | **2024** | **2025** |
| Dividend Value Fund | 1071998 | 973815 | 832778 |
| Emerging Markets Opportunities Fund | 55963 | 55327 | 56679 |
| Focused Growth Fund | 1629713 | 2038598 | 2414267 |
| Global Small-Cap Fund | 89997 | 85659 | 92417 |
| Health Sciences Fund | 425411 | 393736 | 317948 |
| Income & Growth Fund | 18305337 | 16251507 | 14452874 |
| International Value Fund | 139454 | 119682 | 108032 |
| Large-Cap Value Fund | 417729 | 404150 | 397101 |
| Mid-Cap Growth Fund | 649345 | 660244 | 707996 |
| Mid-Cap Value Fund | 1595384 | 1363888 | 1167111 |

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| | | | |
|:---|:---|:---|:---|
| Small-Cap Fund | 200,650 | 190,482 | 204,182 |
| Small-Cap Value Fund | 652,337 | 599,133 | 528,948 |
| Technology Fund | 1,451,104 | 1,885,371 | 2,056,269 |

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For the fiscal year ended June 30, 2025, the Funds paid Rule 12b-1 fees to the Distributor in the amount of $23,336,603. The Distributor retained $2,555,801, and paid $19,713,492 to unaffiliated broker-dealers. The Rule 12b-1 payments were used for (1) compensation to dealers, $20,275,687; (2) compensation to sales personnel, $17,946,060; (3) advertising, $1,283,567; (4) printing and mailing of prospectuses to other than current shareholders, $85,939; and (5) other, $1,792,548.

#### Additional Information About Automatic Conversion of Class C Shares Into Class A Shares
With certain exceptions, all Class C shares of a Fund that were purchased eight years or more prior to the Class C Conversion Date automatically convert to Class A shares of the same Fund (the "Class C to A Conversion"). After the Class C Conversion Date, all Class C shares of a Fund held in accounts directly with the Trust's transfer agent will automatically convert to Class A shares of the same Fund on or about the first business day of the month following the eight-year anniversary of purchase. After the Class C Conversion Date, all Class C shares of a Fund held through a financial intermediary (subject to the exceptions noted below) will automatically convert to Class A shares of the same Fund following the eight-year anniversary of purchase. Although the timing of this conversion may differ from the timing stated above, it is expected to occur during the month following the eight-year anniversary of purchase. Such conversions will be effected on the basis of the relative net asset values of the Class C and Class A shares involved in the conversion. When Class C shares convert, any other Class C shares that were acquired by the shareholder by the reinvestment of dividends or distributions will also convert to Class A shares on a pro rata basis. The Class C to A Conversion is subject to the limitation that if, after the Class C Conversion Date, the Class A shareholders of a Fund approve any material increase in expenses allocated to that class (including 12b-1 Fees) without the approval of the then-existing Class C shareholders, Class C shares will cease automatically converting into Class A shares.

Class C shares held through a financial intermediary in an omnibus account will be converted into Class A shares only if the intermediary can document that the shareholder has met the required holding period. It is the financial intermediary's (and not the applicable Fund's) responsibility to keep records and to ensure that the shareholder is credited with the proper holding period. Not all financial intermediaries track purchases to credit individual shareholders' holding periods. In particular, group retirement plans held through third party intermediaries that hold Class C shares in an omnibus account in certain instances do not track participant level share lot aging. Please consult with your financial intermediary about your eligibility to exercise this conversion privilege.

#### Additional Payments to the Distributor
Pursuant to an inter-company agreement between the Adviser and the Distributor, the Adviser pays the Distributor a monthly fee to provide support for the Distributor's business activities based on a cost plus 5% fee arrangement. Such payments are due and payable out of the past profits and/or other resources available to the Adviser.

#### PORTFOLIO MANAGERS

#### Other Accounts Managed by Portfolio Managers and Potential Conflicts of Interest
As described in each Fund's prospectus, the portfolio manager(s) who are responsible for the Funds are:

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| | |
|:---|:---|
| **Fund** | **Portfolio Manager(s)** |
| Dividend Value Fund | R. Burns McKinney, CFA<br>John R. Mowrey, CFA <br>J. Garth Reilly<br>Jeff N. Reed, CFA |
| Emerging Markets Opportunities Fund | Kunal Ghosh<br>Lu Yu, CFA, CIPM |
| Focused Growth Fund | Brandi Allen<br>Sandeep Bhatia, Ph.D, CFA<br>Michael A. Sansoterra |
| Global Small-Cap Fund | Todd Beiley<br>Craig Thrasher |
| Health Sciences Fund | Chris Armbruster<br>Jon Christensen |

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| | |
|:---|:---|
| **Fund** | **Portfolio Manager(s)** |
| Income & Growth Fund | K. Mathew Axline, CFA<br>Justin Kass, CFA<br>David J. Oberto<br>Ethan Turner, CFA<br>Michael E. Yee |
| International Value Fund | R. Burns McKinney, CFA<br>John R. Mowrey, CFA<br>J. Garth Reilly |
| Large-Cap Value Fund | Paul A. Magnuson<br>R. Burns McKinney, CFA<br>John R. Mowrey, CFA <br>J. Garth Reilly<br>Jeff N. Reed, CFA |
| Mid-Cap Growth Fund | Sandeep Bhatia, Ph.D, CFA<br>Michael A. Sansoterra<br>Sowmdeb Sen, Ph.D |
| Mid-Cap Value Fund | Paul A. Magnuson<br>Kris P. Marca, CFA<br>John R. Mowrey, CFA<br>Jeff N. Reed, CFA<br>J. Garth Reilly |
| Small-Cap Fund | Kunal Ghosh<br>Jie Wei<br>Lu Yu, CFA, CIPM |
| Small-Cap Value Fund | Paul A. Magnuson<br>Kris P. Marca, CFA<br>John R. Mowrey, CFA<br>Jeff N. Reed, CFA<br>J. Garth Reilly |
| Technology Fund | Joseph Dennison, CFA<br>Anthony Zackery, CFA<br>Nancy Zevenbergen, CFA |

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There may be certain inherent conflicts of interest that arise in connection with the portfolio managers' management of a Fund's investments and the investments of any other accounts they manage. Such conflicts could include the aggregation of orders for all accounts managed by a particular portfolio manager, the allocation of purchases across all such accounts, the allocation of IPOs and any soft dollar arrangements that the relevant subadviser may have in place that could benefit the Funds and/or such other accounts. The Board has adopted on behalf of the Funds policies and procedures designed to address any such conflicts of interest to ensure that all transactions are executed in the best interest of the Funds' shareholders. Each subadviser is required to certify its compliance with these procedures to the Board on a quarterly basis. Additionally, any conflicts of interest between the investment strategies of a Fund and the investment strategies of other accounts managed by portfolio managers are not expected to be material since portfolio managers generally manage funds and other accounts having similar investment strategies.

#### Potential Conflicts of Interest
The Trust, its Adviser, subadvisers and Distributor have each adopted a Code of Ethics pursuant to Rule 17j-1 under the 1940 Act. Personnel subject to the Codes of Ethics may purchase and sell securities for their personal accounts, including securities that may be purchased, sold or held by the Funds, subject to certain restrictions and conditions. Generally, personal securities transactions are subject to preclearance procedures, reporting requirements and holding period rules.

The Codes also restrict personal securities transactions in private placements, initial public offerings and securities in which a Fund has a pending order. The Trust has also adopted a Code of Ethics for Chief Executive and Senior Financial Officers as required by Section 406 of the Sarbanes-Oxley Act of 2002.

The following tables provide information as of June 30, 2025, regarding all accounts managed by the portfolio managers and portfolio management team members for each of the Funds as named in the Prospectus. In the tables, Registered Investment Companies include all open and closed-end

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funds. Pooled Investment Vehicles include, but are not limited to, securities of issuers exempt from registration under Section 3(c) of the Investment Company Act, such as private placements and hedge funds. Other accounts would include, but are not limited to, individual managed accounts, separate accounts, institutional accounts, pension funds, collateralized bond obligations and collateralized debt obligations.

The portfolio managers managing the Funds may also manage or be members of management teams for other Virtus Funds or other similar accounts.

#### Other Accounts Managed (No Performance-Based Fees)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Registered Investment Companies** | **Registered Investment Companies** | **Other Pooled Investment Vehicles** | **Other Pooled Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number of Accts** | **Total Assets** | **Number of Accts** | **Total Assets** | **Number of Accts** | **Total Assets** |
| Brandi Allen | 1 | $1.60 billion | 0 | N/A | 0 | N/A |
| Chris Armbruster | 7 | $2.65 billion | 1 | $1.08 billion | 686 | $811 million |
| K. Mathew Axline<sup>(\*)</sup> | 0 | N/A | 0 | N/A | 0 | N/A |
| Todd Beiley | 6 | $4.55 billion | 8 | $881 million | 6130 | $12.2 billion |
| Sandeep Bhatia | 3 | $2.30 billion | 0 | N/A | 9 | $388 million |
| Jon Christensen | 13 | $10.6 billion | 9 | $1.23 billion | 26512 | $33.7 billion |
| Joseph Dennison | 4 | $2.40 billion | 0 | N/A | 217 | $2.90 billion |
| Kunal Ghosh | 4 | $364 million | 2 | $178 million | 1 | $9.80 million |
| Justin Kass | 11 | $9.88 billion | 43 | $59.3 billion | 12 | $1.77 billion |
| Paul A. Magnuson | 4 | $1.18 billion | 0 | N/A | 19 | $303 million |
| Kris P. Marca | 2 | $840 million | 1 | $1.05 billion | 20 | $874 million |
| R. Burns McKinney | 4 | $857 million | 1 | $1.05 billion | 34 | $2.40 billion |
| John R. Mowrey | 6 | $1.70 billion | 1 | $1.05 billion | 49 | $2.35 billion |
| David J. Oberto | 9 | $9.42 billion | 47 | $59.9 billion | 6 | $1.27 billion |
| Jeff N. Reed | 4 | $1.61 billion | 0 | N/A | 49 | $2.35 billion |
| J. Garth Reilly | 6 | $1.70 billion | 1 | $1.05 billion | 20 | $874 million |
| Michael A. Sansoterra | 3 | $2.30 billion | 0 | N/A | 9 | $388 million |
| Sowmdeb Sen | 1 | $402 million | 0 | N/A | 3 | $216 million |
| Craig Thrasher | 7 | $1.82 billion | 4 | $236 million | 5 | $612 million |
| Ethan Turner | 10 | $9.69 billion | 40 | $58.0 billion | 6 | $1.3 billion |
| Jie Wei | 1 | $93.9 million | 0 | N/A | 0 | N/A |
| Michael E. Yee | 7 | $8.20 billion | 43 | $59.0 billion | 6 | $1.26 billion |
| Lu Yu | 3 | $317 million | 2 | $178 million | 1 | $9.80 million |
| Anthony Zackery | 4 | $2.40 billion | 0 | N/A | 217 | $2.90 billion |
| Nancy Zevenbergen | 4 | $2.40 billion | 0 | N/A | 217 | $2.90 billion |

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#### <sup>(\*)</sup> As of August 31, 2025.

#### Other Accounts Managed (With Performance-Based Fees) <sup>(\*)</sup>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Registered Investment Companies** | **Registered Investment Companies** | **Other Pooled Investment Vehicles** | **Other Pooled Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number of Accts** | **Total Assets** | **Number of Accts** | **Total Assets** | **Number of Accts** | **Total Assets** |
| Brandi Allen | 0 | N/A | 0 | N/A | 1 | $6.00 million |
| Sandeep Bhatia | 0 | N/A | 0 | N/A | 1 | $6.00 million |
| Michael A. Sansoterra | 0 | N/A | 0 | N/A | 1 | $6.00 million |
| Michael E. Yee | 7 | $8.20 billion | 43 | $59.0 billion | 6 | $1.27 billion |

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#### <sup>(\*)</sup> Table reflects all those portfolio managers who manage accounts with performance-based fees.

#### Portfolio Manager Compensation

#### Compensation Structure for KAR and Virtus Systematic
Virtus and certain of its affiliated investment management firms, including KAR and Virtus Systematic (collectively in this section, "Virtus"), believe that the firm's compensation program is adequate and competitive to attract and retain high-caliber investment professionals. Investment professionals at Virtus receive a competitive base salary, an incentive bonus opportunity and a benefits package. Certain professionals who supervise and manage others also participate in a management incentive program reflecting their personal contribution and team performance. Certain key

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individuals also have the opportunity to take advantage of a long-term incentive compensation program, including potential awards of Virtus restricted stock units ("Virtus RSUs") with multi-year vesting, subject to Virtus board of directors' approval. Following is a more detailed description of Virtus' compensation structure.

**Base Salary.** Each portfolio manager is paid a fixed base salary, which is designed to be competitive in light of the individual's experience and responsibilities. Base salary is determined using compensation survey results of investment industry compensation conducted by an independent third party in evaluating competitive market compensation for its investment management professionals.

**Incentive Bonus.** Annual incentive payments are based on targeted compensation levels, adjusted based on profitability, investment performance factors and a subjective assessment of contribution to the team effort. The short-term incentive payment is generally paid in cash, but a portion may be made in Virtus RSUs and mutual fund investments that appreciate or depreciate in value based on the returns of one or more mutual funds managed by the investment professional. Individual payments are assessed using comparisons of actual investment performance with specific peer group or index measures. (Current benchmarks and/or peer groups are indicated in the table below.) Performance of the Funds managed is generally measured over one-, three- and five-year periods and an individual manager's participation is based on the performance of each Fund/account managed.

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| | |
|:---|:---|
| **Fund** | **Benchmark(s) and/or Peer Group** |
| Emerging Markets Opportunities Fund | MSCI Emerging Markets Index |
| Global Small-Cap Fund | MSCI ACWI World Small-Cap Index |
| Health Sciences Fund | Russell 3000<sup>®</sup> Health Care Index |
| Small-Cap Fund | Russell 2000 Index |

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While portfolio manager compensation contains a performance component, this component is adjusted to reward investment personnel for managing within the stated framework and for not taking unnecessary risk. This approach ensures that investment management personnel remain focused on managing and acquiring securities that correspond to a Fund's mandate and risk profile and are discouraged from taking on more risk and unnecessary exposure to chase performance for personal gain. We believe we have appropriate controls in place to handle any potential conflicts that may result from a substantial portion of portfolio manager compensation being tied to performance.

**Other Benefits.** Portfolio managers are also eligible to participate in broad-based plans offered generally to employees of Virtus and its affiliates, including 401(k), health and other employee benefit plans.

#### Compensation Structure for NFJ
NFJ compensation is designed to support the organization's values and culture. While acknowledging the importance of financial incentives and seeking to pay competitive compensation, NFJ believes that compensation is only one of a number of critically important elements that allow the emergence of a strong, winning culture that attracts, retains and motivates talented investors and teams. NFJ's compensation system supports its belief that investment professionals are a key element of the company's success in meeting clients' objectives.

The primary components of compensation are the base salary and the annual incentive awards. Each portfolio manager is paid a fixed base salary, which is designed to be competitive in light of the individual's experience and responsibilities. Base salary is determined using compensation survey results of investment industry compensation conducted by an independent third party in evaluating competitive market compensation for its investment management professionals.

Annual incentive awards are based on targeted compensation levels, adjusted based on profitability, investment performance factors and a subjective assessment of contribution to the team effort. The annual incentive pool is funded based on a percentage of pre-incentive operating income, as adjusted. This profit-based formula determines the aggregate incentive funding for all participants in the plan for annual incentive awards. The plan incentive funding is determined based on the results of each year. Up to 20% of the incentive pool is awarded in the form of Virtus Restricted Stock Unit awards (RSUs) and investments in specific mutual funds managed or other products managed or sub-advised by NFJ (Mutual Fund Investments or MFIs). An amount equal to 50% of these awards will be in RSUs and 50% will be in MFIs. The remainder of the Incentive Pool will be in the form of cash awards.

At the end of each year, the incentive pool is allocated based on the individual's incentive target adjusted for investment performance results and individual performance. All team members have agreed upon performance objectives to serve as a basis for performance evaluation during the year. These objectives are both quantitative and qualitative in nature. Quantitative objectives typically align to investment performance and client-stated objectives. Performance of the Funds managed is generally measured over one-, three- and five- year periods and an individual manager's participation is based on the performance of each Fund/account managed. Qualitative objectives reflect contributions to broader team goals, such as collaboration, contributions made to client review meetings, product development and product refinement initiatives.

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**Other Benefits.** Portfolio managers are also eligible to participate in broad-based plans offered generally to employees of Virtus and its affiliates, including 401(k), health and other employee benefit plans.

#### Compensation Structure for Silvant
Portfolio manager compensation generally consists of base salary, bonus, and various employee benefits and may also include long-term stock awards, deferred cash, retention bonuses, and/or incentive guarantees. These components are tailored in an effort to retain high quality investment professionals and to align compensation with performance.

A portfolio manager's base salary is determined by the individual's experience, responsibilities within the firm, performance in the role, and market rate for the position.

Each portfolio manager's bonus incorporates an evaluation of the Fund's investment performance as well as other factors, including subjective factors. Investment performance may be evaluated directly against a peer group and/or benchmark, or indirectly by measuring overall business unit financial performance over a period of time. Where applicable, investment performance is determined by comparing a Fund's pre-tax total return to the returns of the Fund's peer group and/or benchmark over multi-year periods. Where portfolio managers are responsible for multiple Funds or other managed accounts, each product is weighted based on its size and relative strategic importance to the Adviser and/or subadviser. Other factors that may be considered in the calculation or payout of incentive bonuses include: adherence to compliance policies, risk management practices, sales/marketing, leadership, communications, corporate citizenship, and overall contribution to the firm. Bonuses are typically paid annually.

Retention bonuses and/or incentive guarantees for a fixed period may also be used when the Adviser and/or subadviser deem it necessary to recruit or retain the employee.

All full-time employees of the Adviser and subadvisers, including the Funds' portfolio managers, are provided a benefits package on substantially similar terms. The percentage of each individual's compensation provided by these benefits is dependent upon length of employment, salary level, and several other factors.

#### Compensation Structure for Voya
Compensation consists of: (i) a fixed base salary; (ii) a bonus, which is based on Voya performance, one-, three-, and five-year pre-tax performance of the accounts the portfolio managers are primarily and jointly responsible for relative to account benchmarks, peer universe performance, and revenue growth and net cash flow growth (changes in the accounts' net assets not attributable to changes in the value of the accounts' investments) of the accounts they are responsible for; and (iii) long-term equity awards tied to the performance of our parent company, Voya Financial, Inc. and/or a notional investment in a pre-defined set of Voya sub-advised funds.

Portfolio managers are also eligible to receive an annual cash incentive award delivered in some combination of cash and a deferred award in the form of Voya stock. The overall design of the annual incentive plan was developed to tie pay to both performance and cash flows, structured in such a way as to drive performance and promote retention of top talent. As with base salary compensation, individual target awards are determined and set based on external market data and internal comparators. Investment performance is measured on both relative and absolute performance in all areas.

The measures for each team are outlined on a "scorecard" that is reviewed on an annual basis. These scorecards measure investment performance versus benchmark and peer groups over one-, three-, and five-year periods; and year-to-date net cash flow (changes in the accounts' net assets not attributable to changes in the value of the accounts' investments) for all accounts managed by each team. The results for overall Voya scorecards are typically calculated on an asset weighted performance basis of the individual team scorecards.

Investment professionals' performance measures for bonus determinations are weighted by 25% being attributable to the overall Voya performance and 75% attributable to their specific team results (65% investment performance, 5% net cash flow, and 5% revenue growth).

Voya's long-term incentive plan is designed to provide ownership-like incentives to reward continued employment and to link long-term compensation to the financial performance of the business. Based on job function, internal comparators and external market data, employees may be granted long-term awards. All senior investment professionals participate in the long-term compensation plan.

Participants receive annual awards determined by the management committee based largely on investment performance and contribution to firm performance. Plan awards are based on the current year's performance as defined by the Voya component of the annual incentive plan. Awards typically include a combination of performance shares, which vest ratably over a three-year period, and Voya restricted stock and/or a notional investment in a predefined set of Voya sub-advised funds, each subject to a three-year cliff-vesting schedule. If a portfolio manager's base salary compensation exceeds a particular threshold, he or she may participate in Voya's deferred compensation plan. The plan provides an opportunity to invest deferred amounts of compensation in mutual funds, Voya stock or at an annual fixed interest rate. Deferral elections are done on an annual basis and the amount of compensation deferred is irrevocable.

#### Compensation Structure for Zevenbergen
Nancy Zevenbergen, CFA, Joseph Dennison, CFA and Anthony Zackery, CFA are the Portfolio Managers principally responsible for the day-to-day management of the Fund's portfolio. Zevenbergen compensates Portfolio Managers with salaries reflective of their individual experience and

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commensurate with industry standards and those of regional competitors. In addition to salaries, portfolio managers receive additional compensation (through annual incentive payments and/or as a result of ownership interests in Zevenbergen) based on the firm's collective effort to drive revenue and profit growth through 1) working in the best interest of clients by delivering superior investment performance, 2) concentrating on stellar service to ensure client retention, and 3) effectively marketing to garner new clients.

#### Portfolio Manager Fund Ownership
The following table states, as of June 30, 2025, (i) the dollar range of equity securities beneficially owned by each Portfolio Manager in each Fund that he or she managed, and (ii) to the extent such information is applicable and has been made available to the Funds, the dollar range of financial exposure, including through compensation plans, to any other investment vehicles he or she managed that have substantially similar investment objectives, policies and strategies to such Funds. The other investment vehicles may include separately managed accounts or private placement vehicles, and the financial exposure to such other investment vehicles may or may not include ownership from a legal perspective. Typically, exposure through a deferred compensation plan does not include legal ownership, but the plan participant's account value rises and falls with the value of the investments selected within the plan.

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Manager** | **Fund** | **Dollar Range of Equity Securities Beneficially Owned in Fund Managed** | **Dollar Range of Financial Exposure Through Similar Strategies** |
| K. Mathew Axline <sup>(1)</sup> | Income & Growth Fund |  |  |
| Brandi Allen | Focused Growth Fund | $100001 — $500000 |  |
| Chris Armbruster | Health Sciences Fund |  |  |
| Todd Beiley | Global Small-Cap Fund |  |  |
| Sandeep Bhatia | Focused Growth Fund<br>Mid-Cap Growth Fund | $10001 — $50000<br>$10001 — $50000 | None<br>None |
| Jon Christensen | Health Sciences Fund |  | $100001 — $500000 |
| Joseph Dennison, CFA | Technology Fund |  |  |
| Kunal Ghosh | Emerging Markets Opportunities Fund<br>Small-Cap Fund | $500001 — $1000000<br>$100001 — $500000 | $10001 — $50000<br>$10001 — $50000 |
| Justin Kass, CFA | Income & Growth Fund | $100001 - $500000 |  |
| Paul A. Magnuson | Large-Cap Value Fund<br>Mid-Cap Value Fund<br>Small-Cap Value Fund | None<br>$500,001 — $1,000,000<br>$100,001 — $500,000 | None<br>$10,001 — $50,000<br>$10,001 — $50,000 |
| Kris P. Marca, CFA | Mid-Cap Value Fund<br>Small-Cap Value Fund | $100,001 — $500,000<br>None | $10001 — $50000<br>$10001 — $50000 |
| R. Burns McKinney, CFA | Dividend Value Fund<br>International Value Fund<br>Large-Cap Value Fund | Over $1,000,000<br>Over $1,000,000<br>$50,001 — $100,000 | $50,001 — $100,000<br>$10,001 — $50,000<br>None |
| John R. Mowrey, CFA <sup>(2)</sup> | Dividend Value Fund<br>Large-Cap Value Fund<br>International Value Fund<br>Mid-Cap Value Fund<br>Small-Cap Value Fund | $50,001 — $100,000<br>None<br>$50,001 — $100,000<br>$500,001 — $1,000,000<br>$100,001 - $500,000 | $10,001 — $50,000<br>None<br>None<br>$50,001 — $100,000<br>$50,001 — $100,000 |
| David J. Oberto | Income & Growth Fund |  |  |
| Jeff N. Reed, CFA | Dividend Value Fund<br>Large-Cap Value Fund<br>Mid-Cap Value Fund<br>Small-Cap Value Fund | $100,001 — $500,000<br>None<br>$100,001 — $500,000<br>None | $10,001 — $50,000<br>None<br>$10,001 — $50,000<br>$10,001 — $50,000 |
| J. Garth Reilly <sup>(3)</sup> | Dividend Value Fund<br>International Value Fund<br>Large-Cap Value Fund<br>Mid-Cap Value Fund<br>Small-Cap Value Fund | None<br>$10,001 — $50,000<br>None<br>$10,001 — $50,000<br>$10,001 — $50,000 | None,<br>$10,001 — $50,000<br>None<br>$10,001 — $50,000<br>$10,001 — $50,000 |
| Michael A. Sansoterra | Focused Growth Fund<br>Mid-Cap Growth Fund | $100, 001 — $500000<br>$50001 — $100000 | $50,001 — $100,000<br>None |

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Manager** | **Fund** | **Dollar Range of Equity Securities Beneficially Owned in Fund Managed** | **Dollar Range of Financial Exposure Through Similar Strategies** |
| Sowmdeb Sen | Mid-Cap Growth Fund | $100001 — $500000 |  |
| Craig Thrasher | Global Small-Cap Fund |  |  |
| Ethan Turner, CFA | Income & Growth Fund |  |  |
| Jie Wei | Small-Cap Fund | $10001 — $50000 | $10001 — $50000 |
| Michael E. Yee | Income & Growth Fund | Over $1,000,000 |  |
| Lu Yu, CFA, CIPM | Emerging Markets Opportunities Fund<br>Small-Cap Fund | $100001 — $500000<br>$100001 — $500000 | $10001 — $50000<br>$10001 — $50000 |
| Anthony Zackery, CFA | Technology Fund | $50001 — $100000 |  |
| Nancy Zevenbergen, CFA | Technology Fund | Over $1,000,000 |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) As of August 31, 2025. Mr. Axline became a Portfolio Manager of the Income & Growth Fund beginning September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Mr. Mowrey became a Portfolio Manager of the Large Cap Value Fund beginning August 22, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Mr. Reilly became a Portfolio Manager of the Dividend Value Fund and the Large Cap Value Fund beginning August 22, 2025.

#### BROKERAGE ALLOCATION AND OTHER PRACTICES
In effecting transactions for the Funds, the adviser or applicable subadviser (throughout this section, "Subadviser") adheres to the Trust's policy of seeking best execution and price, determined as described below, except to the extent it is permitted to pay higher brokerage commissions for "brokerage and research services" as defined herein. The determination of what may constitute best execution and price in the execution of a securities transaction by a broker involves a number of considerations including, without limitation, the overall direct net economic result to the Funds (involving both price paid or received and any commissions and other costs paid), the efficiency with which the transaction is effected, the ability to effect the transaction at all where a large block is involved, availability of the broker to stand ready to execute possibly difficult transactions in the future, the financial strength and stability of the broker and its ability to provide research services. Such considerations are judgmental and are weighed by the Subadviser in determining the overall reasonableness of brokerage commissions paid by the Funds.

The Subadviser may cause a Fund to pay a broker an amount of commission for effecting a securities transaction in excess of the amount of commission which another broker or dealer would have charged for effecting that transaction if the Subadviser determines in good faith that such amount of commission is reasonable in relation to the value of the brokerage and research services provided by such broker. As provided in Section 28(e) of the Securities Exchange Act of 1934, "brokerage and research services" include advising as to the value of securities, the advisability of investing in, purchasing or selling securities, the availability of securities or purchasers or sellers of securities; furnishing analyses and reports concerning issuers, industries, securities, economic factors and trends, portfolio strategy and the performance of accounts, and effecting securities transactions and performing functions incidental thereto (such as clearance and settlement). Brokerage and research services provided by brokers to the Funds are considered to be in addition to and not in lieu of services required to be performed by each Subadviser under its contract with the Trust and may benefit both the Funds and other accounts of the Subadviser. Conversely, brokerage and research services provided by brokers to other accounts of the Subadviser may benefit the Funds.

If the securities in which a particular Fund invests are traded primarily in the over-the-counter market, where possible the Fund will deal directly with the dealers who make a market in the securities involved unless better prices and executions are available elsewhere. Such securities may be purchased directly from the issuer. Bonds and money market instruments are generally traded on a net basis and do not normally involve either brokerage commissions or transfer taxes.

Some Fund transactions are, subject to the Conduct Rules of FINRA and to obtaining best prices and executions, effected through dealers (excluding VP Distributors) who sell shares of the Funds.

The Trust has Board-approved policies and procedures reasonably designed to prevent (i) the Subadvisers' personnel responsible for the selection of broker-dealers to effect fund portfolio securities transactions from taking into account, in making those decisions, a broker-dealer's promotion or sales efforts, and (ii) the Trust, its Adviser, Subadvisers and Distributor from entering into any agreement or other understanding under which the Funds direct brokerage transactions or revenue generated by those transactions to a broker-dealer to pay for distribution of Fund shares. These policies and procedures are designed to prevent the Trust from entering into informal arrangements to direct portfolio securities transactions to a particular broker.

The Trust has adopted a policy governing the execution of aggregated advisory client orders ("bunching policy") in an attempt to lower commission costs on a per-share and per-dollar basis. According to the bunching policy, no Subadviser shall aggregate transactions unless it believes in its sole

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discretion that such aggregation is consistent with its duty to seek best execution (which shall include the duty to seek best price) for the Funds. No advisory account of the Subadviser is to be favored over any other account and each account that participates in an aggregated order is expected to participate at the average share price for all transactions of the Subadviser in that security on a given business day, with all transaction costs shared pro rata based on the Fund's participation in the transaction. If the aggregated order is filled in its entirety, it shall be allocated among the Subadviser's accounts in accordance with the allocation order, and if the order is partially filled, it shall be allocated pro rata based on the allocation order. Notwithstanding the foregoing, the order may be allocated on a basis different from that specified in the allocation order if good reason for such different allocation is provided and approved in accordance with the Subadviser's policies and procedures adopted in accordance with the Trust's policy. The Board will review the bunching policy from time to time as it deems appropriate.

The adviser or subadvisers to the underlying mutual funds execute the portfolio transactions for their respective fund(s). In allocating portfolio transactions, each underlying fund's adviser or subadviser must comply with the brokerage and allocation procedures adopted by the board of trustees of the underlying mutual fund. The above discussion of the portfolio transactions and brokerage procedures of the Funds also applies to those underlying mutual funds that are affiliated with the Funds.

The following table shows aggregate amount of brokerage commissions paid by each Fund for the fiscal years ended June 30, 2023, 2024 and 2025.

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| | | | |
|:---|:---|:---|:---|
|  | **Aggregate Amount of Brokerage Commissions ($)** | **Aggregate Amount of Brokerage Commissions ($)** | **Aggregate Amount of Brokerage Commissions ($)** |
| **Fund** | **2023** | **2024** | **2025** |
| Dividend Value Fund | 448770 | 194900 | 190833 |
| Emerging Markets Opportunities Fund | 293939 | 215710 | 355720 |
| Focused Growth Fund | 118694 | 35919 | 80372 |
| Global Small-Cap | 77930 | 40344 | 29633 |
| Health Sciences Fund | 39594 | 8679 | 16476 |
| Income & Growth Fund | 815154 | 888679 | 1107539 |
| International Value Fund | 176872 | 165485 | 70275 |
| Large-Cap Value Fund | 112746 | 85536 | 80817 |
| Mid-Cap Growth Fund | 65286 | 40222 | 83958 |
| Mid-Cap Value Fund | 1886922 | 665532 | 512889 |
| Small-Cap Fund | 158116 | 121117 | 198346 |
| Small-Cap Value Fund | 542794 | 335167 | 305477 |
| Technology Fund | 290218 | 217332 | 84889 |

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In the fiscal years ended June 30, 2023, 2024 and 2025 no brokerage commissions were paid by the funds to any affiliate of the funds, the Adviser, the Distributor or Former Distributor, or to any affiliate of any affiliate of the funds, the Adviser, the Distributor or Former Distributor. Brokerage commissions of $1,198,350 paid during the fiscal year ended June 30, 2025, were paid on portfolio transactions aggregating $1,496,842,578 executed by brokers who provided research and other statistical information.

Investment decisions for the Trust are made independently from those of the other investment companies or accounts advised by the Subadvisers. It may frequently happen that the same security is held in the portfolio of more than one fund or account. Simultaneous transactions are inevitable when several funds or accounts are managed by the same investment adviser, particularly when the same security is suited for the investment objectives of more than one fund or account. When two or more funds or accounts advised by a Subadviser are simultaneously engaged in the purchase or sale of the same security, the transactions are allocated among the funds or accounts in a manner equitable to each fund or account. It is recognized that in some cases this system could have a detrimental effect on the price or volume of the security as far as the funds are concerned. In other cases, however, it is believed that the ability of the funds to participate in volume transactions will produce better executions for the funds. It is the opinion of the Board of the Trust that the desirability of utilizing each Subadviser as an investment adviser to the funds outweighs the disadvantages that may be said to exist from simultaneous transactions.

For the fiscal years ended June 30, 2023, 2024 and 2025, each Fund paid the following commissions on brokerage transactions directed to brokers pursuant to an agreement or understanding whereby the broker provided research or other brokerage services to the Adviser or subadviser:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Total Dollar Amount of Brokerage Commissions for Research Services ($)** | **Total Dollar Amount of Brokerage Commissions for Research Services ($)** | **Total Dollar Amount of Brokerage Commissions for Research Services ($)** | **Total Dollar Amount of Transactions Involving Brokerage Commissions For Research Services ($)** | **Total Dollar Amount of Transactions Involving Brokerage Commissions For Research Services ($)** | **Total Dollar Amount of Transactions Involving Brokerage Commissions For Research Services ($)** |
| **Fund** | **2023** | **2024** | **2025** | **2023** | **2024** | **2025** |
| Dividend Value Fund | 282564 | 126520 | 108719 | 12512108 | 7585524 | 3930095 |
| Emerging Markets Opportunities Fund | 6203 | 17884 | 7460 | 8378290 | 24320790 | 5253194 |
| Focused Growth Fund | 51556 | 29843 | 70490 | 1876598 | 811427 | 2240563 |
| Global Small-Cap Fund | 19953 | 20707 | 10922 | 10475252 | 10123566 | 5042793 |
| Health Sciences Fund | 4594 | 1197 | 12698 | 12681295 | 651747 | 12574869 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Total Dollar Amount of Brokerage Commissions for Research Services ($)** | **Total Dollar Amount of Brokerage Commissions for Research Services ($)** | **Total Dollar Amount of Brokerage Commissions for Research Services ($)** | **Total Dollar Amount of Transactions Involving Brokerage Commissions For Research Services ($)** | **Total Dollar Amount of Transactions Involving Brokerage Commissions For Research Services ($)** | **Total Dollar Amount of Transactions Involving Brokerage Commissions For Research Services ($)** |
| **Fund** | **2023** | **2024** | **2025** | **2023** | **2024** | **2025** |
| Income & Growth Fund | 214968 | 189401 | 288634 | 959996540 | 1025015227 | 1213505898 |
| International Value Fund | 80051 | 92164 | 37111 | 8537435 | 9623180 | 3675634 |
| Large-Cap Value Fund | 76846 | 53757 | 45583 | 3492459 | 3219657 | 1716440 |
| Mid-Cap Growth Fund | 61853 | 35854 | 71936 | 2168762 | 1335344 | 2386528 |
| Mid-Cap Value Fund | 1226714 | 433793 | 297624 | 47790461 | 22611989 | 10700808 |
| Small-Cap Fund | 3203 | 25571 | 0 | 15034267 | 34412314 | 0 |
| Small-Cap Value Fund | 369379 | 247928 | 173972 | 28861617 | 13773781 | 6285857 |
| Technology Fund | 159206 | 203519 | 73200 | 544614760 | 681939528 | 229529899 |

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#### Securities of Regular Broker-Dealers
The Funds are required to identify the securities of their regular brokers or dealers (as defined in Rule 10b-1 under the 1940 Act) or their parent companies held by the Funds as of the close of their most recent fiscal year. During the fiscal year ended June 30, 2025, certain Funds acquired securities of certain of the Funds' regular broker dealers or the parents of such firms. The aggregate holdings of those Funds of those brokers or dealers as of June 30, 2025 (amounts in thousands) were as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Broker/Dealer** | **Value** |
| Dividend Value Fund  | BOFA Securities, Inc. | 16330 |
|  | CitiGroup Global Markets Inc. | 11016 |
|  | J.P. Morgan Securities LLC | 5915 |
|  | Morgan Stanley & Co. LLC | 5266 |
|  | Wells Fargo Securities, LLC | 9998 |
| Income & Growth Fund | Barclays Capital, Inc. | 45548 |
|  | BOFA Securities, Inc. | 67126 |
|  | CitiGroup Global Markets Inc. | 69498 |
|  | Goldman Sachs & Co. LLC | 39213 |
|  | J.P. Morgan Securities LLC | 92680 |
|  | Morgan Stanley & Co. LLC | 34568 |
|  | Wells Fargo Securities, LLC | 56048 |
| International Value Fund | Barclays Capital, Inc. | 725 |
| Large-Cap Value Fund | BOFA Securities, Inc. | 7140 |
|  | CitiGroup Global Markets Inc. | 4280 |
|  | Goldman Sachs & Co. LLC | 1530 |
|  | J.P. Morgan Securities LLC | 9406 |
|  | Morgan Stanley & Co. LLC | 4613 |
|  | Wells Fargo Securities, LLC | 4476 |

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#### PURCHASE, REDEMPTION AND PRICING OF SHARES

#### IMPORTANT INFORMATION FOR INVESTORS
As previously disclosed, on January 21, 2026 (the "Closing Date"), Class C Shares of the Funds will no longer be available for purchase by new or existing shareholders, except by existing shareholders through reinvestment of dividends and/or capital gain distributions ("Reinvestment Transactions"). Any initial or additional purchase requests received for a Fund's Class C Shares received on or after the Closing Date will be rejected (other than through a Reinvestment Transaction).

On and after the Closing Date, shareholders who own Class C Shares of a Fund may purchase Class A Shares of the same Fund without regard to the normal initial investment minimum for such shares. Such purchases will be subject to any applicable sales charges. For purposes of determining any

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applicable sales load, the value of an investor's account will be deemed to include the value of all applicable shares in eligible accounts, including a Class C Share account. For additional information see "What arrangement is best for you?" in the Prospectus. You should consult your financial intermediary regarding the different share classes available to you, how their fees and expenses differ, and whether the fees charged by your financial intermediary differ depending upon which share class you choose. Notwithstanding the above exceptions, each Fund may discontinue new and subsequent sales through any financial intermediary at the Fund's discretion.

No purchases may be made into Class C shares of any Fund after the close of business on January 21, 2026, provided that the Funds' transfer agent may make exceptions at its discretion to address operational limitations.

**IMPORTANT INFORMATION TO CURRENT SHAREHOLDERS OF VIRTUS EMERGING MARKETS OPPORTUNITIES FUND, VIRTUS KAR GLOBAL SMALL-CAP FUND, VIRTUS KAR HEALTH SCIENCES FUND, VIRTUS NFJ INTERNATIONAL VALUE FUND, VIRTUS NFJ LARGE-CAP VALUE FUND AND VIRTUS NFJ SMALL-CAP VALUE FUND**

On January 26, 2026, Class C will be eliminated as a share class of each of Virtus Emerging Markets Opportunities Fund, Virtus KAR Global Small-Cap Fund, Virtus KAR Health Sciences Fund, Virtus NFJ International Value Fund, Virtus NFJ Large-Cap Value Fund and Virtus NFJ Small-Cap Value Fund and existing Class C Shares of those Funds will be converted to Class A Shares of each respective fund. Shareholders holding Class C Shares at the time of the conversion will receive Class A Shares having an aggregate net asset value equal to the aggregate net asset value of their Class C Shares immediately prior to the conversion. No sales charges will be imposed in connection with this conversion, and the conversion is not expected to be treated as a taxable event by the U.S. Internal Revenue Service. Please refer to the Prospectuses and consult with your financial intermediary regarding any differences between share classes, including sales charge structure, expenses and other options.

As of January 26, 2026, references to Class C Shares in this SAI for **Virtus Emerging Markets Opportunities Fund, Virtus KAR Global Small-Cap Fund, Virtus KAR Health Sciences Fund, Virtus NFJ International Value Fund, Virtus NFJ Large-Cap Value Fund and Virtus NFJ Small-Cap Value Fund** will be removed and Class C Shares for each of those funds will no longer be available. To the extent that Class C is eliminated for the other funds in the future, this SAI will be updated as appropriate at the time of the changes.

For Class A and Class C Shares, the minimum initial investment is $2,500 and the minimum subsequent investment is $100. However, both the initial and subsequent minimum investment amounts are $100 for investments pursuant to the "Systematic Purchase" plan, a bank draft investing program administered by the Transfer Agent, or pursuant to the Systematic Exchange privilege or for an IRA. In addition, there are no subsequent minimum investment amounts in connection with the reinvestment of dividend or capital gain distributions. Class A Shares generally incur a sales charge when they are purchased. However, there are several opportunities for reducing or eliminating the sales charges, which are further described in the combined Prospectus. Without limiting the foregoing, trustees, directors and officers of any Virtus Mutual Fund, or any other mutual fund advised, subadvised or distributed by the Adviser, Distributor or any of their corporate affiliates, and directors, officer, and full-time employees and sales representatives (for at least 90 days), of the applicable Fund's Adviser, subadviser or Distributor, qualify to purchase Class A Shares without an initial sales charge.

For Class I Shares, the minimum initial investment is $100,000 and there is no subsequent minimum investment. For purchases of Class I Shares (i) by private clients of the adviser, subadvisers and their affiliates, (ii) through certain programs and defined contribution plans with which the Distributor or Transfer Agent has an arrangement as further described in the combined Prospectus or (iii) by Trustees of the Funds and trustees/directors of affiliated open- and closed-end funds and directors, officers and employees of Virtus and its affiliates, the minimum initial investment is waived.

Class R6 Shares are offered without a minimum initial investment to the following investors in plan level or omnibus accounts only: certain employer sponsored retirement plans, including profit-sharing and money purchase pension plans, defined benefit plans and non-qualified deferred compensation plans, plans described in Section 401(k), 403(b) and 457 of the Internal Revenue Code, banks and trust companies, insurance companies, registered investment companies and financial intermediaries utilizing fund shares in fee-based advisory programs. Other institutional investors may be permitted to purchase Class R6 Shares subject to the fund's determination of eligibility and may be subject to a $2,500,000 minimum initial investment requirement. In addition, without a minimum initial investment requirement, Class R6 Shares are available to any trustee of the Virtus Funds and trustees/directors of affiliated open- and closed-end funds, directors, officers and employees of Virtus and its affiliates, and a spouse or domestic partner, child or minor grandchild of any such qualifying individual (in each case either individually or jointly with other investors), provided in each case that those shares are held directly with the Transfer Agent or in an eligible account. If you are participating in an employer sponsored retirement plan, such as a 401(k) plan, profit-sharing plan, defined benefit plan or other employer-directed plan, your company will provide you with the information you need to open an account and buy Class R6 Shares. If you are a qualified institutional investor or qualified individual investor as described above, completed applications for the purchase of shares should be mailed to: Virtus Mutual Funds, P.O. Box 534470, Pittsburgh, PA 15253-4470.

The minimums may be reduced or waived in some circumstances.

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The Trust has authorized one or more brokers to accept on its behalf purchase and redemption orders. Such brokers are authorized to designate other intermediaries to accept purchase and redemption orders on the Trust's behalf.

Shares may be purchased from investment dealers at a price equal to their NAV per share, plus a sales charge which, at the election of the purchaser, may be imposed either (i) at the time of the purchase (the "initial sales charge alternative") or (ii) on a contingent deferred basis (the "deferred sales charge alternative"). The Funds also offer Institutional Class Shares that may be purchased by certain institutional investors at a price equal to their NAV per share.

The alternative purchase arrangements permit an investor to choose the method of purchasing shares that is more beneficial given the amount of the purchase, the length of time the investor expects to hold the shares, whether the investor wishes to receive distributions in cash or to reinvest them in additional shares of the Funds, and other circumstances. Investors should consider whether, during the anticipated life of their investment in the Fund, the accumulated continuing distribution and services fees and CDSC on Class C Shares would be less than the initial sales charge and accumulated distribution and services fees on Class A Shares purchased at the same time.

Investors should understand that the purpose and function of the CDSC and ongoing distribution and services fees with respect to the Class C Shares are the same as those of the initial sales charge and ongoing distribution and services fees with respect to the Class A Shares.

The distribution expenses incurred by the Distributor in connection with the sale of the shares will be paid, in the case of Class A Shares, from the proceeds of the initial sales charge and the ongoing distribution and services fees. For Class C Shares, the ongoing distribution and services fees will be used to pay for the distribution expenses incurred by the Distributor. Sales personnel of broker-dealers distributing the Funds' shares may receive differing compensation for selling Class A Shares and Class C Shares.

Dividends paid by a Fund, if any, with respect to each class of shares will be calculated in the same manner at the same time on the same day, except that fees such as higher distribution and services fees and any incremental transfer agency costs relating to each class of shares will be borne exclusively by that class. (See "Dividends, Distributions and Taxes" in this SAI.)

#### Pricing of Shares
The NAV per share of each class of each Fund generally is determined as of the close of regular trading (normally 4:00 PM Eastern time) on days when the NYSE is open for trading. A Fund will not calculate its NAV per share class on days when the NYSE is closed for trading.

The NYSE will be closed on the following observed national holidays: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. Since the Funds do not price securities on weekends or United States national holidays, the NAV of a Fund's foreign assets may be significantly affected on days when the investor may not be able to purchase or sell shares of the Funds. The NAV per share of a Fund is determined by adding the values of all securities and other assets of the Fund, subtracting liabilities, and dividing by the total number of outstanding shares of the Fund. Assets and liabilities are determined in accordance with generally accepted accounting principles and applicable rules and regulations of the SEC. The total liability allocated to a class, plus that class's distribution fee (if any) and any other expenses allocated solely to that class, are deducted from the proportionate interest of such class in the assets of the Fund, and the resulting amount of each is divided by the number of shares of that class outstanding to produce the NAV per share.

A security that is listed or traded on more than one exchange generally is valued at the official closing price on the exchange representing the principal exchange for such security. Because of the need to obtain prices as of the close of trading on various exchanges throughout the world, the calculation of NAV may not take place for a Fund's foreign securities investments contemporaneously with the determination of the prices of the majority of the portfolio securities of such Fund. The foreign currency exchange rate used to price the currency in which foreign securities are denominated is generally the 4 p.m. Eastern Time spot rate. If at any time a Fund has investments where market quotations are not readily available or are determined not to be reliable indicators of the value of the securities priced, such investments are valued at the fair value thereof as determined by the Adviser pursuant to policies and procedures approved by the Board.

Security valuation procedures for each Fund include nightly price variance as well as back-testing such as bi-weekly unchanged price, monthly secondary source and transaction analysis. All internally fair valued securities are approved by a valuation committee (the "Valuation Committee") appointed by the Adviser. The Valuation Committee is comprised of certain Trust officers and/or representatives of the Adviser and/or Administrator. All internally fair valued securities, referred to below, are updated daily and reviewed in detail by the Valuation Committee monthly unless changes occur within the period. The Valuation Committee reviews the validity of any model inputs and any changes to the model when applicable.

Each Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels.

 Level 1 – quoted prices in active markets for identical securities

 Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

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 Level 3 – prices determined using significant unobservable inputs (including the valuation committee's own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

A description of the valuation techniques applied to a Fund's major categories of assets and liabilities measured at fair value on a recurring basis is as follows:

Equity securities are valued at the official closing price (typically last sale) on the exchange on which the securities are primarily traded, or if no closing price is available, at the last bid price and are categorized as Level 1 in the hierarchy. Restricted equity securities and private placements that are not widely traded, are illiquid or are internally fair valued by the valuation committee, are generally categorized as Level 3 in the hierarchy.

Certain non-U.S. securities may be fair valued in cases where closing prices are not readily available or are deemed not reflective of readily available market prices. For example, significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that non-U.S. markets close (where the security is principally traded) and the time that a Fund calculates its NAV that may impact the value of securities traded in these non-U.S. markets. In such cases the Funds will fair value non-U.S. securities using an independent pricing service which considers the correlation of the trading patterns of the non-U.S. security to the intraday trading in the U.S. markets for investments such as ADRs, financial futures, exchange traded funds, and certain indexes as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.

Debt securities, including restricted securities, are valued based on evaluated quotations received from independent pricing services or from dealers who make markets in such securities. For most bond types, the pricing service utilizes matrix pricing which considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type, and current day trade information, as well as dealer supplied prices. These valuations are generally categorized as Level 2 in the hierarchy. Structured debt instruments such as mortgage-backed and asset-backed securities may also incorporate collateral analysis and utilize cash flow models for valuation and are generally categorized as Level 2 in the hierarchy. Pricing services do not provide pricing for all securities and therefore indicative bids from dealers are utilized which are based on pricing models used by market makers in the security and are generally categorized as Level 2 in the hierarchy. Debt securities that are not widely traded, are illiquid, or are internally fair valued by the valuation committee are generally categorized as Level 3 in the hierarchy.

Listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized as Level 1 in the hierarchy.

Over-the-counter (OTC) derivative contracts, which include forward currency contracts and equity linked instruments, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in the hierarchy.

Investments in open-end mutual funds are valued at their closing NAV each business day and are categorized as Level 1 in the hierarchy.

Short-term notes having a remaining maturity of 60 days or less are valued at amortized cost, which approximates market value, and are generally categorized as Level 2 in the hierarchy.

#### INVESTOR ACCOUNT SERVICES AND POLICIES
The Funds offer accumulation plans, withdrawal plans and reinvestment and exchange privileges. Certain privileges may not be available in connection with all classes. In most cases, changes to account services may be accomplished over the phone. Inquiries regarding policies and procedures relating to shareholder account services should be directed to the Transfer Agent at 800.243.1574. Broker-dealers may impose their own restrictions and limits on accounts held through the broker-dealer. Please consult with your broker-dealer for account restrictions and limit information. The Funds and their agents reserve the right to modify or terminate these services upon reasonable notice.

#### Dividend Reinvestment Across Accounts
If you maintain an account balance of at least $5,000, or $2,000 for tax qualified retirement benefit plans (calculated on the basis of the NAV of the shares held in a single account), you may direct that any dividends and distributions paid with respect to shares in that account be automatically reinvested in a single account of one of the other Virtus Mutual Funds at NAV. You should obtain a current prospectus and consider the objectives and policies of each Virtus Mutual Fund carefully before directing dividends and distributions to another Virtus Mutual Fund. Reinvestment election forms and prospectuses are available from the Transfer Agent. Distributions may also be mailed to a second payee and/or address. Requests for directing distributions to an alternate payee must be made in writing with a signature guarantee of the registered owner(s). To be effective with respect to a particular dividend or distribution, notification of the new distribution option must be received by the Transfer Agent at least three days prior to the record date of such dividend or distribution. If all shares in your account are repurchased or redeemed or transferred between the record date and the payment date of a dividend or distribution, you will receive cash for the dividend or distribution regardless of the distribution option selected.

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#### Invest-by-Phone
This expedited investment service allows a shareholder to make an investment in an account by requesting a transfer of funds from the balance of the shareholder's bank account. Once a request is phoned in, the Transfer Agent or its subagent will initiate the transaction by wiring a request for monies to the shareholder's commercial bank, savings bank or credit union via ACH. The shareholder's bank, which must be an ACH member, will in turn forward the monies to the Transfer Agent or its subagent for credit to the shareholder's account. ACH is a computer based clearing and settlement operation established for the exchange of electronic transactions among participating depository institutions.

To establish this service, please complete a Bank Option Application and attach a voided check, if applicable. Upon acceptance of the authorization form (usually within two weeks) shareholders may call toll free 800.243.1574 prior to 3:00 p.m. (Eastern Time) to place their purchase request. Instructions as to the account number and amount to be invested must be communicated to the Transfer Agent. The Transfer Agent or its subagent will then contact the shareholder's bank via ACH with appropriate instructions. The purchase is normally credited to the shareholder's account the day following receipt of the verbal instructions. The Fund may delay the mailing of a check for redemption proceeds of Fund shares purchased with a check or via Invest-by-Phone service until the Fund has assured itself that good payment has been collected for the purchase of the shares, which may take up to 15 days. The Trust and the Transfer Agent reserve the right to modify or terminate the Invest-by-Phone service for any reason or to institute charges for maintaining an Invest-by-Phone account.

#### Notice to Non-U.S. Individual Shareholders
The Trust and its Shares are only registered in the United States of America. Regulations outside of the United States may restrict the sale of Shares to certain non-U.S. investors or subject certain shareholder accounts to additional regulatory requirements. The Trust reserves the right, however, to sell Shares to certain non-U.S. investors in compliance with applicable law. If a current shareholder in the Trust provides a non-U.S. address, this will be deemed a representation and warranty from such investor that he/she is not a U.S. resident and will continue to be a non-U.S. resident unless and until the Trust is notified of a change in the investor's resident status. Any current shareholder that has a resident address outside of the Unites States may be restricted from purchasing additional Shares.

In the course of its business, the Trust, its service providers and/or its selling agents may collect, record, store, adapt, transfer and otherwise process information by which prospective and current natural person investors may be directly or indirectly identified. The Trust, its service providers and/or its selling agents shall comply with all applicable data protection regulation in processing personal data within their respective possession, including the EU General Data Protection Regulation (EU/2016/679) ("GDPR"). For shareholders who are residents or citizens of the European Union, personal data will be generally processed to open an account, manage and administer holding(s), including further subscriptions, redemptions, transfers or conversions, or otherwise as necessary to comply with legal obligations under GDPR.

#### DIVIDENDS, DISTRIBUTIONS AND TAXES

#### Qualification as a RIC
Each Fund within the Trust is treated as a separate corporation for investment and accounting purposes and is treated as a separate corporation for United States federal income tax purposes. Each Fund has elected to qualify and intends to qualify each year as a RIC under Subchapter M of the Code. In each taxable year that a Fund qualifies as a RIC and distributes to its shareholders as dividends (not including "capital gains dividends," discussed further below) at least 90% of its ordinary investment income and short-term capital gains, with certain modifications, it (but not its shareholders) will be relieved of United States federal income tax on that portion of its net investment income and net capital gains that are currently distributed (or deemed distributed) to its shareholders. To the extent that a Fund fails to distribute all of its taxable income, it will be subject to federal corporate income tax (at the applicable rate, currently 21%) on any retained ordinary investment income or short-term capital gains and undistributed long-term capital gains.

Each Fund intends to make timely distributions, if necessary, sufficient in amount to avoid the non-deductible 4% excise tax that is imposed on a RIC to the extent that it fails to distribute, with respect to each calendar year, at least 98% of its ordinary income (not including tax-exempt interest) for such calendar year and 98.2% of its capital gain net income as determined for a one-year period ending on October 31 of such calendar year (or a later date, if the Fund so elects). In addition, each RIC must distribute an amount equal to any undistributed investment company taxable income or capital gain net income from the previous calendar year to avoid the excise tax. Pursuant to this requirement, any ordinary income or capital gain net income retained by the Fund and subject to corporate income tax shall be considered to have been distributed. The excise tax is imposed on the amount by which the RIC does not meet the foregoing distribution requirements. If a Fund has taxable income that would be subject to the excise tax, the Fund intends to distribute such income so as to avoid payment of the excise tax. Notwithstanding the foregoing, there may be certain circumstances under which it would be appropriate for a Fund to pay the excise tax.

A Fund must meet several requirements to maintain its status as a RIC. These requirements include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) at least 90% of its gross income for each taxable year must be derived from:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. dividends, interest, payments with respect to securities loans, gains from the sale or disposition of stock or securities (including gains from related investments in foreign currencies), and other income (including gains from options, futures or forward contracts) derived with respect to its business of investing in such stock, securities, or currencies, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. net income derived from an interest in a "qualified publicly traded partnership;" and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) at the close of each quarter of the Funds' taxable year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. at least 50% of the value of the Funds' total assets must consist of cash, cash items (including receivables), securities of other RICs, U.S. Government securities and other securities generally limited, in respect of any one issuer, to an amount that does not exceed 5% of the value of the Funds' total assets and to not more than 10% of the issuer's outstanding voting securities (equity securities of qualified publicly traded partnerships being considered voting securities for these purposes), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the Fund must not invest more than 25% of its total assets in the securities (other than U.S. Government securities or the securities of other RICs) of any one issuer, the securities (other than securities of other RICs) of two or more issuers that are controlled by the Fund and that are determined to be engaged in the same, similar or related trades or businesses, or the securities of one or more "qualified publicly traded partnerships."

The Code provides relief for certain de minimis failures to meet the gross income requirement or diversification requirements or for certain failures so long as the failure is "due to reasonable cause and not due to willful neglect" and the Fund takes certain corrective measures. These relief provisions may prevent the Fund from being disqualified as a RIC and/or affect the amount of tax on the Fund's income as a result of the failure to meet certain tests. The Fund reserves the right not to maintain the qualification of a Fund for treatment as a RIC if it determines such course of action to be beneficial to shareholders.

#### Taxation of Debt Securities
Certain debt securities can be originally issued or acquired at a discount. Special rules apply under the Code to the recognition of income with respect to such debt securities. Under the special rules, a Fund may recognize income for tax purposes without a corresponding current receipt of cash. In addition, gain on a disposition of a debt security subject to the special rules may be treated wholly or partially as ordinary income, not capital gain.

A Fund may invest in certain investments that may cause it to realize income prior to the receipt of cash distributions, including securities bearing original issue discount. In addition, payment-in-kind securities will, and commodity-linked notes may, give rise to income that is required to be distributed and is taxable even though the Fund holding the security receives no interest payment in cash on the security during the year. The level of such investments is not expected to affect a Fund's ability to distribute adequate income to qualify as a RIC.

Very generally, where a Fund purchases a bond at a price that exceeds the redemption price at maturity (i.e., a premium), the premium is amortizable over the remaining term of the bond. In the case of a taxable bond, if a Fund makes an election applicable to all such bonds it purchases, which election is irrevocable without consent of the IRS, the Fund reduces the current taxable income from the bond by the amortized premium and reduces its tax basis in the bond by the amount of such offset; upon the disposition or maturity of such bonds, the Fund is permitted to deduct any remaining premium allocable to a prior period. In the case of a tax-exempt bond, tax rules require such a Fund to reduce its tax basis by the amount of amortized premium. Some or all of a Fund's gain from a tax-exempt bond purchased at a market discount (i.e., purchased below their principal or face value) may be treated as ordinary income as opposed to capital gain. Accordingly, the taxable distributions to a Fund shareholder may be increased.

To the extent such investments are permissible for a Fund, the Fund may invest in debt obligations that are in the lowest rating categories or are unrated, including debt obligations of issuers not currently paying interest or who are in default. Investments in debt obligations that are at risk of or in default present special tax issues for a Fund. Tax issues may arise such as whether, when or to what extent a Fund should recognize market discount on a debt obligation; when a Fund may cease to accrue interest, OID or market discount; when and to what extent deductions may be taken for bad debts or worthless securities; and how payments received on obligations in default should be allocated between principal and income. These and other related issues will be addressed by a Fund when, as and if it invests in such securities, in order to seek to ensure that it distributes sufficient income to preserve its eligibility for treatment as a RIC and does not become subject to U.S. federal income or excise tax.

#### Taxation of Convertible Securities
Convertible debt is ordinarily treated as a "single property" consisting of a pure debt interest until conversion, after which the investment becomes an equity interest. As noted above, if the security is issued at a premium (i.e., for cash in excess of the face amount payable on retirement), the Fund may amortize the premium over the life of the bond. If the security is issued for cash at a price below its face amount, the Fund may recognize income for tax purposes without a corresponding receipt of cash over the life of the debt. The Fund's exercise of the conversion privilege is generally treated as a nontaxable event. Mandatorily convertible debt (e.g., an exchange-traded note issued in the form of an unsecured obligation that pays a return based on the performance of a specified market index, exchange currency, or commodity) is often, but not always, treated as a contract to buy or sell the reference property rather than debt.

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Similarly, convertible preferred stock with a mandatory conversion feature is ordinarily, but not always, treated as equity rather than debt. In general, conversion of preferred stock for common stock of the same corporation is tax-free. Conversion of preferred stock for cash is a taxable redemption. Any redemption premium for preferred stock that is redeemable by the issuing company may be required to be amortized under original issue discount principles. A change in the conversion ratio or conversion price of a convertible security on account of a dividend paid to the issuer's other shareholders may result in a deemed distribution of stock to the holders of the convertible security equal to the value of their increased interest in the equity of the issuer. Thus, an increase in the conversion ratio of a convertible security can be treated as a taxable distribution of stock to a holder of the convertible security (without a corresponding receipt of cash by the holder) before the holder has converted the security.

#### Taxation of Derivatives and Foreign Currency Transactions
Many futures contracts and foreign currency contracts entered into by a Fund and all listed non-equity options written or purchased by a Fund (including options on debt securities, options on futures contracts, options on securities indices and options on broad-based stock indices) are governed by Section 1256 of the Code. Absent a tax election to the contrary, gain or loss attributable to the lapse, exercise or closing out of any such position is treated as 60% long-term and 40% short-term capital gain or loss, and on the last trading day of a Fund's taxable year (and, generally on October 31 for purposes of the 4% excise tax), all outstanding Section 1256 positions are marked-to-market (i.e., treated as if such positions were closed out at their closing price on such day), and any resulting gain or loss is treated as 60% long-term and 40% short-term capital gain or loss. Under certain circumstances, entry into a futures contract to sell a security may constitute a short sale for United States federal income tax purposes, causing an adjustment in the holding period of the underlying security or a substantially identical security in a Fund's portfolio.

Equity options written by a Fund (covered call options on portfolio stock) will be subject to the provisions under Section 1234 of the Code. If a Fund writes a call option, no gain is recognized upon its receipt of a premium. If such an option lapses or is closed out, any gain or loss is treated as a short-term capital gain or loss. If such an option is exercised, any resulting gain or loss is a short-term or long-term capital gain or loss depending on the holding period of the underlying stock.

Positions of a Fund consisting of at least one stock and at least one stock option or other position with respect to a related security that substantially diminishes the Fund's risk of loss with respect to such stock could be treated as a "straddle" that is governed by Section 1092 of the Code, the operation of which may cause deferral of losses, adjustments in the holding periods of stock or securities and conversion of short-term capital losses into long-term capital losses. An exception to these straddle rules exists for any "qualified covered call options" on stock options written by a Fund.

Positions of a Fund consisting of at least one debt security not governed by Section 1256 of the Code and at least one futures or currency contract or listed non-equity option governed by Section 1256 of the Code that substantially diminishes the Fund's risk of loss with respect to such debt security are treated as a "mixed straddle." Although mixed straddles are subject to the straddle rules of Section 1092 of the Code, certain tax elections exist for them that reduce or eliminate the operation of these rules. Each Fund will monitor these transactions and may make certain tax elections in order to mitigate the operation of these rules and prevent disqualification of the Fund as a RIC for United States federal income tax purposes.

Under the Code, gains or losses attributable to fluctuations in exchange rates that occur between the time a Fund accrues interest or other receivables or accrues expenses or other liabilities denominated in a foreign currency and the time it actually collects such receivables or pays such liabilities generally are treated as ordinary income or loss. Similarly, on disposition of debt securities denominated in a foreign currency and on disposition of certain futures contracts, forward contracts and options, gains or losses attributable to fluctuations in the value of the foreign currency between the date of acquisition of the security or contract and the date of disposition also are treated as ordinary income or loss. Generally, these gains and losses, referred to under the Code as Section 988 gains or losses, may increase or decrease the amount of each Fund's investment company taxable income to be distributed to its shareholders as ordinary income and may cause some or all of the Fund's previously distributed income to be classified as a return of capital.

In addition to the special rules described above in respect of futures and options transactions, a Fund's transactions in other derivative instruments (e.g., forward contracts and swap agreements) as well as any of its other hedging, short sale, securities loan transactions and certain other transactions, may be subject to one or more special tax rules (e.g., mark-to-market, notional principal contract, straddle, constructive sale, wash sale and short sale rules). These rules may affect whether gains and losses recognized by a Fund are treated as ordinary or capital or as short-term or long-term, accelerate the recognition of income or gains to a Fund, defer losses to a Fund, and cause adjustments in the holding periods of a Fund's securities. These rules could therefore affect the amount, timing or character of distributions to, and thus taxes payable by, shareholders. Because these and other tax rules applicable to these types of transactions are in some cases uncertain under current law, an adverse determination or future guidance by the IRS with respect to these rules (which determination or guidance may be retroactive) could affect whether a Fund has made sufficient distributions, and otherwise satisfied the relevant requirements, to maintain its qualification as a RIC and avoid a Fund-level tax. Accordingly, any of the foregoing rules may affect the amount, character, and timing of gain and income and, therefore, may affect the distribution to a Fund shareholder. Each Fund will monitor its transactions, will make appropriate tax elections and will make appropriate entries in its books and records in order to mitigate the effect of these rules. While the Funds will endeavor to treat the tax items arising from these transactions in a manner believed to be appropriate, no guarantee can be given that the IRS or a court will concur with the Funds' treatment and that adverse tax consequences will not ensue.

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#### Taxation of Certain Commodities Transactions
A Fund's direct investment in commodities and use of commodity-linked derivatives can be limited by the Fund's intention to qualify as a RIC and can bear on the Fund's ability to so qualify. Income and gains from commodities and certain commodity-linked derivatives do not constitute qualifying income to a RIC for purposes of the 90% gross income test described above. The tax treatment of certain other commodity-linked instruments in which a Fund might invest, including exchange-traded notes and certain structured notes, is not certain, in particular with respect to whether income or gains from such instruments constitute qualifying income to a RIC. If a Fund were to treat income or gain from a particular instrument as qualifying income and the income or gain were later determined not to constitute qualifying income and, together with any other non-qualifying income, caused the Fund's non-qualifying income to exceed 10% of its gross income in any taxable year, the Fund would fail to qualify as a RIC unless it is eligible to and does pay a tax at the Fund level.

To the extent that, in order to achieve exposure to commodities, a Fund invests in entities that are treated as pass-through vehicles for U.S. federal income tax purposes, including, for instance, certain ETFs (e.g., ETFs investing in gold bullion) and partnerships other than qualified publicly traded partnerships (as defined earlier), all or a portion of any income and gains from such entities could constitute non-qualifying income to the Fund for purposes of the 90% gross income requirement described above. In such a case, the Fund's investments in such entities could be limited by its intention to qualify as a RIC and could bear on its ability to so qualify. Certain commodities-related ETFs may qualify as qualified publicly traded partnerships. In such cases, the net income derived from such investments will constitute qualifying income for purposes of the 90% gross income requirement. If, however, such a vehicle were to fail to qualify as a qualified publicly traded partnership in a particular year, a portion of the gross income derived from it in such year could constitute non-qualifying income to the Fund for purposes of the 90% gross income requirement and thus could adversely affect the Fund's ability to qualify as a RIC for a particular year. In addition, the diversification requirement described above for RIC qualification will limit the Fund's investments in one or more vehicles that are qualified publicly traded partnerships to 25% of the Fund's total assets as of the close of each quarter of the Fund's taxable year.

#### Taxation of Foreign Investments
If a Fund invests in stock of certain passive foreign investment companies, the Fund may be subject to special United States federal income taxation rules applicable to any "excess distribution" with respect to such stock or gain from the disposition of such stock treated as an "excess distribution." The tax would be determined by allocating such distribution or gain ratably to each day of the Fund's holding period for the stock. The distributions or gain so allocated to any taxable year of the Fund, other than the taxable year of the excess distribution or disposition, would be taxed to the Fund at the highest ordinary income rate in effect for such year, and the tax would be further increased by an interest charge to reflect the value of the tax deferral deemed to have resulted from the ownership of the foreign company's stock. Any amount of distribution or gain allocated to the taxable year of the distribution or disposition would be included in the Fund's investment company taxable income and, accordingly, would not be taxable to the Fund to the extent distributed by the Fund as a dividend to its shareholders. The Fund may elect to mark-to-market (i.e., treat as if sold at their closing market price on the same day) its investments in certain passive foreign investment companies to avoid or minimize any tax and/or interest charge on excess distributions.

Under limited circumstances, a Fund may be required to include in income certain amounts allocated to it as a shareholder of a controlled foreign corporation without receiving a distribution. Those amounts are treated as a dividend to the extent actually distributed by the controlled foreign corporation in the same year and would be included in the Fund's investment company taxable income and not taxable to the Fund to the extent distributed by the Fund as a dividend to its shareholders. Any amount required to be included in the Fund's income, but not distributed by the controlled foreign corporation, is not treated as a dividend.

The Funds may be subject to tax on dividend or interest income received from securities of non-United States issuers withheld by a foreign country at the source. The United States has entered into tax treaties with many foreign countries that entitle a Fund to a reduced rate of tax or exemption from tax on income. It is impossible to determine the effective rate of foreign tax in advance since the amount of a Fund's assets to be invested within various countries is not known. Each Fund intends to operate so as to qualify for tax treaty benefits where applicable. If more than 50% of the value of a Fund's total assets at the close of its taxable year is comprised of stock or securities issued by foreign corporations, the Fund may elect to (but is not obligated to) "pass through" to the Fund's shareholders the amount of foreign income taxes paid by the Fund. If a Fund does elect to "pass through," each shareholder will receive a written statement from the Fund identifying the amount of such shareholder's pro rata share of (i) the foreign taxes paid and (ii) the Fund's gross income from foreign sources. In addition, if at least 50% of the value of a Fund's assets at the close of each quarter of the tax year is represented by interests in other RICs, then such Fund may "pass through" foreign income taxes paid without regard to whether more than 50% of the Fund's total assets at the close of the tax year consisted of stock and securities issued by foreign corporations. If a Fund passes through foreign taxes, each shareholder will be required to include the amount of such shareholder's pro rata share of such taxes in gross income (in addition to dividends actually received), and the shareholder will be entitled to deduct such foreign taxes (if the shareholder itemizes deductions) in computing taxable income or claim a credit against U.S. federal income tax liability, subject to limitations.

#### Investments in Master Limited Partnerships ("MLPs")
A Fund's ability to make investments in MLPs is limited by the Fund's intention to qualify as a RIC, and if the Fund does not appropriately limit such investments or if such investments are recharacterized for U.S. federal income tax purposes, the Fund's status as a RIC may be jeopardized. Among

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other limitations, a Fund is permitted to have no more than 25% of the value of its total assets invested in qualified publicly traded partnerships, including MLPs. Such investments might generate taxable income in excess of cash, either (i) in respect of an MLP debt restructuring, or (ii) on the sale of an interest therein. A sale of such an investment could also potentially involve "recapture" of ordinary income.

#### Short Sales
To the extent a fund participates in short sales by contracting for the sale of stock it does not own and later purchasing stock necessary to close the sale, the character of the gain or loss realized on such a short sale is determined by reference to the property used to close the short sale and is thus generally short-term. Because net short-term capital gain (after reduction by any long-term capital loss) is generally taxed at ordinary income rates, a Fund's short sale transactions will likely increase the percentage of the Fund's gains that are taxable to shareholders as ordinary income.

#### Investments in Real Estate Investment Trusts ("REITs")
Investments in REITs may require a Fund to receive and distribute income not yet received or in excess of the REIT's earnings. If a Fund receives cash in excess of the REIT's earnings and the Fund distributes these amounts, such distributions may constitute a return of capital to the Fund's shareholders for United States federal income tax purposes.

To the extent a Fund invests in REITs that hold residual interests in real estate mortgage investment conduits or engage in mortgage securitization transactions that cause the REITs or its subsidiaries to be taxable mortgage pools, special tax rules may apply. Under a notice issued by the IRS in October 2006 and Treasury Regulations that have yet to be issued but may apply retroactively, a portion of a Fund's income (including income allocated to a Fund from a pass-through entity such as a REIT) that is attributable to a residual interest in a real estate mortgage investment conduit or an equity interest in a taxable mortgage pool (referred to in the Code as an "excess inclusion") will be subject to U.S. federal income tax in all events. This notice also provides, and the Treasury Regulations are expected to provide, that excess inclusion income of a RIC will be allocated to shareholders of the RIC in proportion to the dividends received by such shareholders, with the same consequences as if the shareholders held the related interest directly.

In general, excess inclusion income allocated to shareholders (i) cannot be offset by net operating losses (subject to a limited exception for certain thrift institutions), (ii) will constitute unrelated business taxable income to certain tax-exempt entities (including a qualified pension plan, an IRA, a 401(k) plan, a Keogh plan or other tax-exempt entity) subject to tax on unrelated business taxable income, thereby potentially requiring such an entity that is allocated excess inclusion income, and otherwise might not be required to file a tax return, to file a tax return and pay tax on such income, and (iii) in the case of a foreign shareholder (see below), will not qualify for any reduction in U.S. federal withholding tax. A shareholder will be subject to U.S. federal income tax on such inclusions notwithstanding any exemption from such income tax otherwise available under the Code.

#### Taxation of Distributions to Shareholders
Certain qualified dividend income and long-term capital gains are taxed at a lower federal income tax rate (maximum 20%) for individual shareholders. The reduced rate for qualified dividend income applies to dividends from domestic corporations and certain qualified foreign corporations subject to various requirements and a minimum holding period applicable to both a Fund and its shareholders. Ordinary distributions made by a Fund to its shareholders are eligible for the reduced rate to the extent the underlying income in the Fund is qualified dividend income.

Distributions made by a Fund from ordinary investment income and net short-term capital gains will be taxed to such Fund's shareholders as ordinary dividend income to the extent of the earnings and profits of the Fund. Ordinary income dividends received by corporate shareholders of a Fund will qualify for the 50% dividends-received deduction to the extent the Fund reports such amounts as qualifying dividend distributions; however, the portion that may be so reported is subject to certain limitations. Distributions by a Fund that are reported by the Fund as capital gain dividends in written statements furnished to its shareholders (e.g., Form 1099) will be taxed to the shareholders as long-term capital gain and will not be eligible for the corporate dividends-received deduction. Distributions in excess of the current and accumulated earnings and profits of a Fund will be treated as a tax-free return of capital to the extent of each shareholder's adjusted basis in shares of a Fund, and as a capital gain thereafter (if the shareholder holds shares of a Fund as a capital asset). A shareholder's basis is determined separately with respect to each share of the Fund and may vary if the Shareholder acquired different shares at different times. ***Shareholders should consult their own tax professionals regarding the tax consequences with specific reference to their own tax situation.***

U.S. individuals and certain estates and trusts are subject to an additional 3.8% Medicare contribution tax that will generally apply to the lesser of (i) an individual's net investment income or (ii) the excess of modified adjusted gross income over $200,000 (in the case of single filers) or $250,000 (in the case of a joint return).

Dividends declared by a Fund to shareholders of record in October, November or December will be taxable to such shareholders in the year that the dividend is declared, even if it is not paid until the following year (so long as it is actually paid by the Fund in January of such following year). Also, shareholders will be taxed on amounts reported by a Fund in written statements to shareholders as capital gain dividends, even if such amounts are not actually distributed to them. Shareholders will be entitled to claim a credit against their own United States federal income tax liability for taxes paid by each Fund on such undistributed capital gains, if any.

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If a Fund invests in REITs and receives qualified REIT dividends, the Fund may pay Code Section 199A dividends limited to the excess of the Fund's qualified REIT dividends for the taxable year over allocable expenses. Under Treasury Regulations, non-corporate shareholders who meet holding period and certain other requirements are eligible for a 20% deduction against such Code Section 199A dividends for tax years beginning after December 3, 2017 and before January 1, 2026. The Treasury Regulations do not extend similar treatment to qualified publicly traded partnership income as defined under Section 199A of the Code, earned by a RIC. Therefore, non-corporate shareholders may not include any qualified publicly traded partnership income earned through a Fund in their qualified business income deduction. This could cause a non-corporate shareholder to be subject to a higher effective tax rate on distributions received from a Fund compared to the effective tax rate applicable to qualified publicly traded partnership (including an MLP) income the shareholder would have derived if investing directly in the qualified publicly traded partnership (including an MLP).

Dividends and capital gain distributions will be taxable to shareholders as described above whether received in cash or in shares under a Fund's distribution reinvestment plan. With respect to distributions received in cash or reinvested in shares, the amount of the distribution for tax purposes will be the amount of cash distributed or allocated to the shareholder.

Shareholders should be aware that the price of shares of a Fund that are purchased prior to a dividend or distribution by the Fund may reflect the amount of the forthcoming dividend or distribution. Such dividend or distribution, when made, would be taxable to shareholders under the principles discussed above even though the dividend or distribution may reduce the NAV of shares below a shareholder's cost and thus represent a return of a shareholder's investment in an economic sense.

A high portfolio turnover rate may result in the realization of larger amounts of short-term gains, which are taxable to shareholders as ordinary income.

For United States federal income tax purposes, a Fund is generally permitted to carry forward a net capital loss in any taxable year to offset its own capital gains, if any. These amounts are available to be carried forward to offset future capital gains to the extent permitted by the Code and applicable Treasury Regulations. Any such loss carryforwards will retain their character as short-term or long-term. In the event that a Fund were to experience an ownership change as defined under the Code, the capital loss carryforwards and other favorable tax attributes of the Fund, if any, may be subject to limitation.

In determining its net capital gain, including also in connection with determining the amount available to support a capital gain dividend, its taxable income and its earnings and profits, a Fund generally may elect to treat part or all of any post-October capital loss (defined as any net capital loss attributable to the portion, if any, of the taxable year after October 31 or, if there is no such loss, the net long-term capital loss or net short-term capital loss attributable to any such portion of the taxable year) or late-year ordinary loss (generally, the sum of its (i) net ordinary loss, if any, from the sale, exchange or other taxable disposition of property, attributable to the portion, if any, of the taxable year after October 31, and its (ii) other net ordinary loss, if any, attributable to the portion, if any, of the taxable year after December 31) as if incurred in the succeeding taxable year.

Each Fund intends to accrue dividend income for United States federal income tax purposes in accordance with the rules applicable to RICs. In some cases, these rules may have the effect of accelerating (in comparison to other recipients of the dividend) the time at which the dividend is taken into account by the Fund as taxable income.

Income and capital gain distributions are determined in accordance with rules set forth in the Code and the Treasury Regulations that may differ from United States Generally Accepted Accounting Principles.

Shareholders should consult their own tax professionals about their tax situations.

#### Sale or Exchange of Fund Shares
Gain or loss will be recognized by a shareholder upon the sale of his or her shares in a Fund or upon an exchange of his or her shares in a Fund for shares in another Virtus Mutual Fund. Provided that the shareholder is not a dealer in such shares, such gain or loss will generally be treated as capital gain or loss, measured by the difference between the adjusted basis of the shares and the amount realized from the sale. Under current law, capital gains (whether long-term or short-term) of individuals and corporations are fully includable in taxable income. Capital losses (whether long-term or short-term) may offset capital gains plus (for non-corporate taxpayers only) up to $3,000 per year of ordinary income. Net capital losses for non-corporate taxpayers in excess of $3,000 may be carried forward. Corporate taxpayers may carry back net capital losses for three years or carry forward net capital losses for five years, but generally may not deduct net capital losses in the year such losses arise.

Redemptions, including exchanges, of shares may give rise to recognized gains or losses. All or a portion of a loss realized upon the redemption, including exchanges, of shares may be disallowed under "wash sale" rules to the extent shares are purchased (including shares acquired by means of reinvested dividends) within a 61-day period beginning 30 days before and ending 30 days after such redemption. Any loss realized upon a shareholder's sale, redemption or other disposition of shares with a tax holding period of six months or less will be treated as a long-term capital loss to the extent of any capital gain dividend distributed with respect to such shares. The "wash sale" restrictions also apply to an investor who holds a security both within a tax-deferred account and in a taxable account; sales and repurchases between two accounts will be considered as wash sales.

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Under certain circumstances, the sales charge incurred in acquiring shares of a Fund may not be taken into account in determining the gain or loss on the disposition of those shares. This rule applies where shares of a Fund are disposed of within 90 days after the date on which they were acquired and new shares of a RIC are acquired without a sales charge or at a reduced sales charge prior to January 31 of the calendar year following the calendar year of the disposition. In that case, the gain or loss realized on the disposition will be determined by excluding from the tax basis of the shares disposed of all or a portion of the sales charge incurred in acquiring those shares. This exclusion applies to the extent that the otherwise applicable sales charge with respect to the newly acquired shares is reduced as a result of the shareholder having incurred a sales charge initially. The portion of the sales charge affected by this rule will be treated as a sales charge paid for the new shares.

Each shareholder's Form 1099 will report the cost basis of any such shares that were redeemed, sold, or exchanged during the year, and the form will report whether the gain or loss is treated as short-term or long-term. This information will be reported to the IRS. Each shareholder should inform the Fund of such shareholder's cost selection for tax reporting purposes at the time of the sale or exchange of Fund shares or provide in advance a standing cost basis method for the shareholder's account. If a shareholder does not provide cost basis instructions, the Fund's default method will be used.

#### Tax Information Notices
Written notices will be sent to shareholders (by United States mail and/or electronic delivery, as applicable) regarding the tax status of all distributions made (or deemed to have been made) during each taxable year, including the amount of qualified dividend income for individuals, the amount qualifying for the corporate dividends-received deduction (if applicable) and the amount of capital gain dividends, undistributed capital gains (if any), tax credits (if applicable), and cumulative return of capital (if any).

#### Important Notice Regarding Taxpayer IRS Certification and Backup Withholding
Pursuant to the Code and Treasury Regulations, the Funds may be required to withhold a percentage of all reportable payments, including any taxable dividends, capital gains distributions or share redemption proceeds, at the specified rate in effect when such payments are made, for an account that does not have a taxpayer identification number and certain required certifications. The Funds reserve the right to refuse to open an account for any person failing to provide a taxpayer identification number along with the required certifications. The Funds will furnish shareholders, within 31 days after the end of the calendar year, with the information that is required by the IRS for preparing income tax returns. The Funds will also provide this same information to the IRS in the manner required by the IRS. Depending on your state of residence, the information may also be filed with your state taxing authority.

Some shareholders may be subject to withholding of United States federal income tax on dividends and redemption payments from the Funds ("backup withholding") at the specified rate in effect when such payments are made. Corporate shareholders and certain other shareholders specified in the Code generally are exempt from such backup withholding. Generally, shareholders subject to backup withholding will be (i) those for whom a certified taxpayer identification number is not on file with the Fund, (ii) those about whom notification has been received (either by the shareholder or the Fund) from the IRS that they are subject to backup withholding or (iii) those who, to the Fund's knowledge, have furnished an incorrect taxpayer identification number. Generally, to avoid backup withholding, a shareholder must, at the time an account is opened, certify under penalties of perjury that the social security number or taxpayer identification number furnished is correct and that he or she is not subject to backup withholding. From time to time, the shareholder may also be requested to provide certification of the validity of his or her taxpayer identification number.

#### Tax Shelter Reporting Regulations
Under Treasury Regulations, subject to certain exceptions, if a domestic shareholder recognizes a loss with respect to a Fund in excess of $2 million or more for a non-corporate domestic shareholder or $10 million or more for a corporate domestic shareholder in any single taxable year, such shareholder must file with the IRS a disclosure statement on IRS Form 8886. Although direct investors of certain "portfolio securities" may be excepted from such a reporting requirement, under current Treasury and IRS guidance equity owners of a RIC, such as each Fund, are not excepted. The legal determination of whether a taxpayer's treatment of a loss is proper is independent of whether such a loss is reportable under these Treasury Regulations. Significant penalties may apply if the reporting requirements are not complied with. **Shareholders should consult their own tax professionals regarding any tax shelter reporting obligations**.

#### Foreign Shareholders
Dividends paid by any of the Funds from net investment income and net realized short-term capital gains to a shareholder who is a nonresident alien individual, a foreign trust or estate, a foreign corporation or a foreign partnership (a "foreign shareholder") will be subject to United States withholding tax at a rate of 30% unless a reduced rate of withholding or a withholding exemption is provided under an applicable tax treaty provided such income is not effectively connected with a U.S. trade or business carried on by the foreign shareholder. Dividends paid by any of the Funds to foreign shareholders that are derived from short-term capital gains and certain qualifying U.S. source net interest income, and that are reported by a Fund as "interest-related dividends" or "short-term capital gain dividends," will generally not be subject to U.S. withholding tax, provided that the income would not be subject to U.S. federal income tax if earned directly by the foreign shareholder. Depending on the circumstances, the Funds may report all, some or none of the potentially eligible dividends as "interest-related dividends" or "short-term capital gain dividends." A foreign person who fails to provide an IRS Form W-8BEN, IRS Form W-8BEN-E, or other applicable form may be subject to backup withholding at the appropriate rate.

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Foreign shareholders are urged to consult their own tax professionals concerning the applicability of the United States withholding tax and any foreign taxes.

Under the Foreign Account Tax Compliance Act (FATCA), a 30% withholding tax may apply to certain U.S.-source dividends, interest, and other withholdable payments made to certain foreign financial institutions or other foreign entities, unless such financial institution or entity enters into an agreement to collect and report certain information regarding their direct and indirect U.S. account holders and owners to tax authorities, comply with due diligence procedures, and satisfy certain other requirements or are otherwise exempt from FATCA. The obligation to withhold under FATCA applies even if the payment would otherwise be exempt from withholding under an applicable tax treaty or under the rules applicable to foreign shareholders. Under proposed Treasury Regulations on which taxpayers, including the Funds, may rely, the FATCA withholding obligation does not apply to a Fund's distributions of net capital gain and to the gross proceeds from a sale or redemption of Fund shares. Foreign shareholders are urged to consult their own tax professionals concerning the applicability of FATCA.

#### Other Tax Consequences
In addition to the United States federal income tax consequences described above, there may be other foreign, United States federal, state or local tax considerations and estate tax considerations applicable to the circumstances of a particular investor (including a tax-exempt investor). The foregoing discussion is based upon the Code, judicial decisions and applicable Treasury Regulations, rulings and practices in effect as of December 2024, all of which are subject to change and which, if changed, may be applied retroactively to a Fund, its shareholders and/or its assets. No rulings have been sought from the IRS or any other tax authority with respect to any of the tax matters discussed above.

From time to time, proposals are introduced before the United States Congress that if enacted would affect the foregoing discussion with respect to taxes and could also affect the availability of certain investments to a Fund.

The information included in the Prospectus with respect to taxes, including this section entitled Dividends, Distributions and Taxes, is a general and abbreviated summary of applicable provisions of the Code and Treasury Regulations as currently interpreted by the courts and the IRS and is not intended as tax advice to any person. The Code and Treasury Regulations, as well as the current interpretations thereof, may be changed at any time by legislative, judicial, or administrative action. In addition, recent changes to the Code have given rise to a number of new provisions, and further guidance is expected over the coming months and years. ***Accordingly, prospective purchasers are urged to consult their own tax professionals with specific reference to their own tax situations, including the potential application of United States federal, state, local and foreign tax laws.***

Except as expressly set forth above, the foregoing discussion of United States federal income tax law relates solely to the application of that law to United States persons, i.e., United States citizens and residents and United States corporations, partnerships, trusts and estates. Each shareholder who is not a United States person should consider the United States and foreign tax consequences of ownership of shares of a Fund, including the possibility that such a shareholder may be subject to a United States withholding tax at a rate of 30% (or at a lower rate under an applicable tax treaty) on amounts constituting ordinary income received by him or her, where such amounts are treated as income from United States sources under the Code. Except as expressly set forth above, the foregoing discussion does not address the special tax rules applicable to certain classes of investors, such as dealers in securities or currencies, traders in securities, banks, tax-exempt entities, life insurance companies, persons holding an interest in a Fund as a hedge or as part of a straddle or conversion transaction, or holders whose functional currency is not the United States dollar.

#### Tax Sheltered Retirement Plans
Shares of the Funds are offered in connection with the following retirement plans: IRA, Rollover IRA, SEP-IRA, SIMPLE IRA, Roth IRA, 401(k), Profit-Sharing, Money Purchase Pension Plans and certain 403(b) Retirement Plans. Write or call the Distributor at 800.243.4361 for further information about the plans.

#### PERFORMANCE INFORMATION
Performance information for the Funds (and any class of the Funds) may be included in advertisements, sales literature or reports to shareholders or prospective investors. Performance information in advertisements and sales literature may be expressed as a yield of a class of shares and as a total return of a class of shares.

The Funds may from time to time include in advertisements containing total return the ranking of those performance figures relative to such figures for groups of mutual funds having similar investment objectives as categorized by ranking services such as Lipper Analytical Services, Inc., CDA Investment Technologies, Inc., Weisenberger Financial Services, Inc. and Morningstar, Inc. Additionally, each Fund may compare its performance results to other investment or savings vehicles (such as certificates of deposit) and may refer to results published in various publications such as Changing Times, Forbes, Fortune, Money, Barrons, Business Week and Investor's Business Daily, Stanger's Mutual Fund Monitor, The Stanger Register, Stanger's Investment Adviser, The Wall Street Journal, The New York Times, Consumer Reports, Registered

Representative, Financial Planning, Financial Services Weekly, Financial World, U.S. News and World Report, Standard & Poor's The Outlook and Personal Investor. The Funds may from time to time illustrate the benefits of tax deferral by comparing taxable investments to investments made

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through tax-deferred retirement plans. The total return may also be used to compare the performance of each Fund against certain widely acknowledged outside standards or indices for stock and bond market performance, such as the S&P 500<sup>®</sup> Index, Dow Jones Industrial Average, Bloomberg U.S. Aggregate Bond Index, Russell 2000<sup>®</sup> Index, Russell Midcap<sup>®</sup> Growth Index and MSCI EAFE<sup>®</sup> (Europe Australasia Far East) Index.

Advertisements, sales literature and other communications may contain information about the Funds' and their subadvisers' current investment strategies and management style. Current strategies and style may change to allow the Funds to respond quickly to changing market and economic conditions. From time to time the Funds may include specific portfolio holdings or industries in such communications. To illustrate components of overall performance, each Fund may separate its cumulative and average annual returns into income and capital gains components.

Performance information reflects only the performance of a hypothetical investment in each class during the particular time period on which the calculations are based. Performance information should be considered in light of a Fund's investment objectives and policies, characteristics and quality of the portfolio, and the market condition during the given time period, and should not be considered as a representation of what may be achieved in the future.

#### Total Return
Standardized quotations of average annual total return for each class of shares will be expressed in terms of the average annual compounded rate of return for a hypothetical investment in such class of shares over periods of 1, 5 and 10 years or up to the life of the class of shares, calculated for each class separately pursuant to the following formula: P((1+T)(n)) = ERV (where P = a hypothetical initial payment of $1,000, T = the average annual total return, n = the number of years, and ERV = the ending redeemable value of a hypothetical $1,000 payment made at the beginning of the period). All total return figures reflect the deduction of a proportional share of each class's expenses (on an annual basis), deduction of the maximum initial sales load in the case of Class A Shares, and the maximum CDSC applicable to a complete redemption of the investment in the case of Class C Shares, and assume that all dividends and distributions on each class of shares are reinvested when paid.

For average "after-tax" total return, the SEC rules mandate several assumptions, including that the calculations use the historical highest individual federal marginal income tax rates at the time of reinvestment, and that the calculations do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. These returns, for instance, assume that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the redemption. As a result, returns after taxes on distributions and sale of Fund shares may exceed returns after taxes on distributions (but before sale of Fund shares). These returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements.

The Funds may also compute cumulative total return for specified periods based on a hypothetical account with an assumed initial investment of $10,000. The cumulative total return is determined by dividing the NAV of this account at the end of the specified period by the value of the initial investment and is expressed as a percentage. Calculation of cumulative total return reflects payment of the Class A Share's maximum sales charge of 5.50% for the Funds and assumes reinvestment of all income dividends and capital gain distributions during the period.

The Funds also may quote annual, average annual and annualized total return and cumulative total return performance data, for any class of shares of the Funds, both as a percentage and as a dollar amount based on a hypothetical $10,000 investment for various periods other than those noted above. Such data will be computed as described above, except that (1) the rates of return calculated will not be average annual rates, but rather, actual annual, annualized or cumulative rates of return and (2) the maximum applicable sales charge will not be included with respect to annual, annualized or cumulative rate of return calculations.

#### Yield
The 30-day yield quotation as to a class of shares may be computed by dividing the net investment income for the period as to shares of that class by the maximum offering price of each share of that class on the last day of the period, according to the following formula:

![](img_f2e3f5f1e1384f3.jpg)

Where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) = dividends and interest earned during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) = net expenses accrued for the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) = the average daily number of shares of the class outstanding during the period that were entitled to receive dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) = the maximum offering price per share of the class on the last day of the period.

------

#### FINANCIAL STATEMENTS
The fiscal year of the Trust ends on June 30. The Trust will send financial statements to the Funds' shareholders at least semiannually. A financials report containing financial statements audited by the Trust's independent registered public accounting firm, PwC, will be made available to shareholders each year and is available without charge upon request.

The Funds' audited financial statements for the fiscal year ended June 30, 2025, appearing in the Funds' 2025 annual [Financials](http://www.sec.gov/ix?doc=/Archives/edgar/data/867297/000119312525195631/d99218dncsr.htm) <u>Report</u>, are incorporated herein by reference.

------

#### APPENDIX A — DESCRIPTION OF RATINGS

#### A-1 and P-1 Commercial Paper Ratings
The Trust will only invest in commercial paper which at the date of investment is rated A-1 by S&P or P-1 by Moody's Investors Services, Inc. (Moody's), or, if not rated, is issued or guaranteed by companies which at the date of investment have an outstanding debt issue rated AA or higher by S&P or Aa or higher by Moody's.

Commercial paper rated A-1 by S&P has the following characteristics: Liquidity ratios are adequate to meet cash requirements. Long-term senior debt is rated "A" or better. The issuer has access to at least two additional channels of borrowing. Basic earnings and cash flow have an upward trend with allowance made for unusual circumstances. Typically, the issuer's industry is well established and the issuer has a strong position within the industry. The reliability and quality of management are unquestioned.

The rating P-1 is the highest commercial paper rating assigned by Moody's. Among the factors considered by Moody's in assigning ratings are the following: (1) evaluation of the management of the issuer; (2) economic evaluation of the issuer's industry or industries and an appraisal of speculative-type risks which may be inherent in certain areas; (3) evaluation of the issuer's products in relation to competition and customer acceptance; (4) liquidity; (5) amount and quality of long-term debt; (6) trend of earnings over a period of ten years; (7) financial strength of a parent company and the relationship which exists with the issuer; and (8) recognition by the management of obligations which may be present or may arise as a result of public interest questions and preparations to meet such obligations.

#### Moody's Investors Service, Inc.
**Aaa —** Bonds which are rated Aaa are judged to be of the best quality. They carry the smallest degree of investment risk and are generally referred to as "gilt-edge." Interest payments are protected by a large or exceptionally stable margin and principal is secure. While the various protective elements are likely to change, such changes as can be visualized are most unlikely to impair the fundamentally strong position of such issues.

**Aa —** Bonds which are rated Aa are judged to be of high quality by all standards. Together with the Aaa group, they comprise what are generally known as high grade bonds. They are rated lower than the best bonds because margins of protection may not be as large as in Aaa securities or fluctuations of protective elements may be of greater amplitude or there may be other elements present which make the long-term risks appear somewhat larger than in Aaa securities.

**A —** Bonds which are rated A possess many favorable investment attributes and are to be considered as upper medium grade obligations. Factors giving security to principal and interest are considered adequate, but elements may be present which suggest a susceptibility to impairment sometime in the future.

**Baa —** Bonds which are rated Baa are considered as medium grade obligations, i.e., they are neither highly protected nor poorly secured. Interest payments and principal security appear adequate for the present but certain protective elements may be lacking or may be characteristically unreliable over any great length of time. Such bonds lack outstanding investment characteristics and in fact have speculative characteristics as well.

Moody's also provides credit ratings for preferred stocks. Preferred stock occupies a junior position to bonds within a particular capital structure.

**aaa —** An issue which is rated "aaa" is considered to be a top-quality preferred stock. This rating indicates good asset protection and the least risk of dividend impairment within the universe of preferred stocks.

**aa —** An issue which is rated "aa" is considered a high-grade preferred stock. This rating indicates that there is a reasonable assurance that earnings and asset protection will remain relatively well maintained in the foreseeable future.

**a —** An issue which is rated "a" is considered to be an upper-medium grade preferred stock. While risks are judged to be somewhat greater than in the "aaa" and "aa" classifications, earnings and asset protections are, nevertheless, expected to be maintained at adequate levels.

**baa —** An issue which is rated "baa" is considered to be a medium grade preferred stock, neither highly protected nor poorly secured. Earnings and asset protection appear adequate at present but may be questionable over any great length of time.

Moody's ratings for municipal notes and other short-term loans are designated Moody's Investment Grade (MIG). This distinction is in recognition of the differences between short-term and long-term credit risk. Loans bearing the designation MIG 1 are of the best quality, enjoying strong protection by establishing cash flows of funds for their servicing or by established and broad-based access to the market for refinancing, or both. Loans bearing the designation MIG 2 are of high quality, with margins of protection ample although not so large as in the preceding group. A short term issue having a demand feature (i.e., payment relying on external liquidity and usually payable on demand rather than fixed maturity dates) is differentiated by Moody's with the use of the Symbol VMIG, instead of MIG.

The Moody's Prime-2 rating and above indicates a strong capacity for repayment of short-term promissory obligations.

------

#### S&P's Corporate Bond Ratings
**AAA —** Bonds rated AAA have the highest rating assigned by S&P. Capacity to pay interest and repay principal is extremely strong.

**AA —** Bonds rated AA have a very strong capacity to pay interest and repay principal and differ from AAA issues only in small degree.

**A —** Bonds rated A have a very strong capacity to pay interest and repay principal, although they are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than bonds in higher rated categories.

**BBB —** Bonds rated BBB are regarded as having an adequate capacity to pay interest and repay principal. Whereas they normally exhibit adequate protection parameters, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay interest and repay principal for bonds in this category than in higher rated categories.

S&P's top ratings for municipal notes issued after July 29, 1984 are SP-1 and SP-2. The designation SP-1 indicates a very strong capacity to pay principal and interest. A "+" is added for those issues determined to possess overwhelming safety characteristics. An "SP-2" designation indicates a satisfactory capacity to pay principal and interest.

Commercial paper rated A-2 or better by S&P is described as having a very strong degree of safety regarding timeliness and capacity to repay. Additionally, as a precondition for receiving an S&P commercial paper rating, a bank credit line and/or liquid assets must be present to cover the amount of commercial paper outstanding at all times.

#### Fitch
Rated entities in a number of sectors, including financial and non-financial corporations, sovereigns and insurance companies, are generally assigned Issuer Default Ratings (IDRs). IDRs opine on an entity's relative vulnerability to default on financial obligations. The "threshold" default risk addressed by the IDR is generally that of the financial obligations whose non-payment would best reflect the uncured failure of that entity. As such, IDRs also address relative vulnerability to bankruptcy, administrative receivership or similar concepts, although the agency recognizes that issuers may also make pre-emptive and therefore voluntary use of such mechanisms.

In aggregate, IDRs provide an ordinal ranking of issuers based on the agency's view of their relative vulnerability to default, rather than a prediction of a specific percentage likelihood of default. For historical information on the default experience of Fitch-rated issuers, please consult the transition and default performance studies available from the Fitch website.

#### AAA: Highest credit quality.
'AAA' ratings denote the lowest expectation of default risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

#### AA: Very High credit quality.
'AA' ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

#### A: High credit quality.
'A' ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

#### BBB: Good credit quality.
'BBB' ratings indicate that expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate but adverse business or economic conditions are more likely to impair this capacity.

------

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| | | |
|:---|:---|:---|
| **APPENDIX B — CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS**<br>The following table sets forth information as of June 4, 2025 for Virtus Silvant Mid-Cap Growth Fund and as of October 13, 2025 with respect to all other series, with respect to each person who owns of record or is known by the Trust to own of record or beneficially own 5% or more of any class of any Fund's outstanding securities (Principal Shareholders) and the name of each person who has beneficial ownership, either directly or through one or more controlled companies, of more than 25% of the voting securities of a Fund (Control Persons), as noted below.<br>\*These entities are omnibus accounts for many individual shareholder accounts. The Funds are not aware of the size or identity of the underlying individual accounts. | **APPENDIX B — CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS**<br>The following table sets forth information as of June 4, 2025 for Virtus Silvant Mid-Cap Growth Fund and as of October 13, 2025 with respect to all other series, with respect to each person who owns of record or is known by the Trust to own of record or beneficially own 5% or more of any class of any Fund's outstanding securities (Principal Shareholders) and the name of each person who has beneficial ownership, either directly or through one or more controlled companies, of more than 25% of the voting securities of a Fund (Control Persons), as noted below.<br>\*These entities are omnibus accounts for many individual shareholder accounts. The Funds are not aware of the size or identity of the underlying individual accounts. | **APPENDIX B — CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS**<br>The following table sets forth information as of June 4, 2025 for Virtus Silvant Mid-Cap Growth Fund and as of October 13, 2025 with respect to all other series, with respect to each person who owns of record or is known by the Trust to own of record or beneficially own 5% or more of any class of any Fund's outstanding securities (Principal Shareholders) and the name of each person who has beneficial ownership, either directly or through one or more controlled companies, of more than 25% of the voting securities of a Fund (Control Persons), as noted below.<br>\*These entities are omnibus accounts for many individual shareholder accounts. The Funds are not aware of the size or identity of the underlying individual accounts. |
| **CONTROL PERSONS<br>NAME AND ADDRESS** | **FUND** | **PERCENTAGE (%) OF FUND OUTSTANDING** |
| C/O FASCORE LLC<br>CHAIR OF BRD OF TTEES OF TN<br>CONSLDTD RET SYS & COMM OF FINA<br>FBO STATE OF TENNESSEE 401K<br>8515 E ORCHARD RD 2T2<br>GREENWOOD VILLAGE CO 80111-5002 | VIRTUS NFJ LARGE-CAP VALUE FUND | 32.17% |
| CHARLES SCHWAB & CO INC \*<br>SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br>ATTN MUTUAL FUNDS<br>211 MAIN ST<br>SAN FRANCISCO CA 94105-1905 | VIRTUS KAR HEALTH SCIENCES FUND | 35.29% |
| NATIONAL FINANCIAL SERVICES LLC \*<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS <br>ATTN MUTUAL FUNDS DEPT <br>499 WASHINGTON BLVD FL 4<br>JERSEY CITY NJ 07310-2010 | VIRTUS EMERGING MARKETS OPPORTUNITIES FUND  | 35.20% |

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| | | |
|:---|:---|:---|
| **PRINCIPAL SHAREHOLDERS<br>NAME AND ADDRESS** | **FUND** | **PERCENTAGE (%) OF CLASS OUTSTANDING** |
| AMERICAN ENTERPRISE INVESTMENT SVC \*<br>FBO #XXXXXXXX<br>707 2ND AVENUE SOUTH<br>MINNEAPOLIS MN 55402-2405 | VIRTUS EMERGING MARKETS OPPORTUNITIES FUND-CLASS C | 5.10% |
| AMERICAN ENTERPRISE INVESTMENT SVC \*<br>FBO #XXXXXXXX<br>707 2ND AVENUE SOUTH<br>MINNEAPOLIS MN 55402-2405 | VIRTUS INCOME & GROWTH FUND-CLASS INSTL | 8.29% |
| AMERICAN ENTERPRISE INVESTMENT SVC \*<br>FBO #XXXXXXXX<br>707 2ND AVENUE SOUTH<br>MINNEAPOLIS MN 55402-2405 | VIRTUS KAR HEALTH SCIENCES FUND-CLASS C | 21.48% |
| AMERICAN ENTERPRISE INVESTMENT SVC \*<br>FBO #XXXXXXXX<br>707 2ND AVENUE SOUTH<br>MINNEAPOLIS MN 55402-2405 | VIRTUS KAR HEALTH SCIENCES FUND-CLASS INSTL  | 6.32% |
| AMERICAN ENTERPRISE INVESTMENT SVC \*<br>FBO #XXXXXXXX<br>707 2ND AVENUE SOUTH<br>MINNEAPOLIS MN 55402-2405 | VIRTUS SILVANT FOCUSED GROWTH FUND-CLASS INSTL | 7.87% |
| AMERICAN ENTERPRISE INVESTMENT SVC \*<br>FBO #XXXXXXXX<br>707 2ND AVENUE SOUTH<br>MINNEAPOLIS MN 55402-2405 | VIRTUS SILVANT MID-CAP GROWTH FUND-CLASS C | 5.55% |
| AMERICAN ENTERPRISE INVESTMENT SVC \*<br>FBO #XXXXXXXX<br>707 2ND AVENUE SOUTH<br>MINNEAPOLIS MN 55402-2405 | VIRTUS SILVANT MID-CAP GROWTH FUND-CLASS INSTL | 21.19% |
| AMERICAN ENTERPRISE INVESTMENT SVC \*<br>FBO #XXXXXXXX<br>707 2ND AVENUE SOUTH<br>MINNEAPOLIS MN 55402-2405 | VIRTUS SMALL-CAP FUND-CLASS C | 12.34% |
| AMERICAN ENTERPRISE INVESTMENT SVC \*<br>FBO #XXXXXXXX<br>707 2ND AVENUE SOUTH<br>MINNEAPOLIS MN 55402-2405 | VIRTUS SMALL-CAP FUND-CLASS INSTL | 7.80% |

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| | | |
|:---|:---|:---|
| **PRINCIPAL SHAREHOLDERS<br>NAME AND ADDRESS** | **FUND** | **PERCENTAGE (%) OF CLASS OUTSTANDING** |
| AMERICAN UNITED LIFE INSURANCE CO \*<br>SEPARATE ACCOUNTS ADMINISTRATION<br>PO BOX 368<br>INDIANAPOLIS IN 46206-0368 | VIRTUS NFJ MID-CAP VALUE FUND-CLASS R6 | 5.94% |
| AMERICAN UNITED LIFE INSURANCE CO \*<br>SEPARATE ACCOUNTS ADMINISTRATION<br>PO BOX 368<br>INDIANAPOLIS IN 46206-0368 | VIRTUS SMALL-CAP FUND-CLASS R6 | 12.83% |
| ASCENSUS TR CO FBO<br>HFHSA 403(B) RET PLAN 25915<br>P O BOX 10758<br>FARGO ND 58106-0758 | VIRTUS SMALL-CAP FUND-CLASS R6 | 5.11% |
| ASCENSUS TRUST COMPANY<br>ORBIS INVESTMENT MANAGEMENT (U S) XXXXXXX <br>P.O. BOX 10758 <br>FARGO ND 58106-0758  | VIRTUS NFJ INTERNATIONAL VALUE FUND-CLASS R6 | 13.85% |
| BILLY MCKAY FBO<br>NUSURFACE PHOENIX METRO LLP 401(K)<br>CAVE CREEK AZ 85331-5641 | VIRTUS NFJ INTERNATIONAL VALUE FUND-CLASS C | 7.75% |
| BNY MELLON CUSTODIAN FOR SOUTH DAKOTA <br>COLLEGEACCESS 529 PLAN<br>VRTS SILVANT FOCUSED GROWTH R6<br>4400 COMPUTER DR<br>WESTBOROUGH MA 01581-1755  | VIRTUS SILVANT FOCUSED GROWTH FUND-CLASS R6 | 12.34% |
| BNY MELLON CUSTODIAN FOR SOUTH DAKOTA <br>COLLEGEACCESS 529 PLAN<br>DIVERSIFIED EQUITY 529<br>118 FLANDERS RD STE 2000 & 3000<br>WESTBOROUGH MA 01581 | VIRTUS EMERGING MARKETS OPPORTUNITIES FUND-CLASS R6 | 10.90% |
| BNY MELLON CUSTODIAN FOR SOUTH DAKOTA<br>COLLEGE ACCESS 529 PLAN<br>VIRTUS BLENDED INTL EQUITY 529<br>118 FLANDERS RD SUITE 2000 & 3000 <br>WESTBOROUGH MA 01581  | VIRTUS EMERGING MARKETS OPPORTUNITIES FUND-CLASS R6 | 5.23% |
| BNY MELLON CUSTODIAN FOR SOUTH DAKOTA<br>COLLEGE ACCESS 529 PLAN<br>VIRTUS BLENDED US EQUITY 529<br>118 FLANDERS RD SUITE 2000 & 3000<br>WESTBOROUGH MA 01581  | VIRTUS SILVANT FOCUSED GROWTH FUND-CLASS R6 | 8.76% |
| BNY MELLON CUSTODIAN FOR SOUTH DAKOTA <br>COLLEGE ACCESS 529 PLAN<br>VIRTUS NFJ DIVIDEND VALUE 529<br>4400 COMPUTER DR<br>WESTBOROUGH MA 01581-1755  | VIRTUS NFJ DIVIDEND VALUE FUND-CLASS R6 | 49.31% |

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| | | |
|:---|:---|:---|
| **PRINCIPAL SHAREHOLDERS<br>NAME AND ADDRESS** | **FUND** | **PERCENTAGE (%) OF CLASS OUTSTANDING** |
| BNYM I S TRUST CO<br>CUST SIMPLE IRA <br>FOOD SUPPLY INC<br>FBO DAVID M SACKS<br>ORMOND BEACH FL 32176-5459 | VIRTUS NFJ DIVIDEND VALUE FUND-CLASS C | 5.65% |
| BNYM I S TRUST CO CUST SIMPLE IRA <br>FOOD SUPPLY INC<br>FBO KATRINA M DILL<br>INLET FL 32127-7276 | VIRTUS NFJ INTERNATIONAL VALUE FUND-CLASS C | 5.69% |
| BNYM I S TRUST CO CUST SIMPLE IRA<br>FOOD SUPPLY INC<br>FBO MARK A SAMPSON<br>SOUTH DAYTONA FL 32119-2749  | VIRTUS KAR GLOBAL SMALL-CAP FUND-CLASS C  | 5.04% |
| BNYM I S TRUST CO CUST SIMPLE IRA<br>VETERINARY ASSOCIATES INC<br>FBO ELIZABETH L HAMILTON<br>KAMUELA HI 96743-1920 | VIRTUS EMERGING MARKETS OPPORTUNITIES FUND-CLASS C | 7.74% |
| BNYM I S TRUST CO CUST SIMPLE IRA<br>VETERINARY ASSOCIATES INC<br>FBO JAMES M GRESSARD<br>KAMUELA HI 96743-1920 | VIRTUS EMERGING MARKETS OPPORTUNITIES FUND-CLASS C | 9.85% |
| C/O FASCORE LLC \*<br>CHAIR OF BRD OF TTEES OF TN CONSLDTD RET <br>SYS & COMM OF FINA FBO STATE OF TENNESSEE 401K<br>8515 E ORCHARD RD 2T2<br>GREENWOOD VILLAGE CO 80111-5002  | VIRTUS NFJ LARGE-CAP VALUE FUND-CLASS INSTL | 62.37% |
| C/O FASCORE LLC \*<br>CHAIR OF BRD OF TTEES OF TN CONSOLIDATED RET PLAN SYS & COMM OFFINA FBO STATE OF TN 457<br>8515 E ORCHARD RD 2T2<br>GREENWOOD VILLAGE CO 80111-5002  | VIRTUS NFJ LARGE-CAP VALUE FUND-CLASS INSTL | 8.95% |
| CAPINCO C/O US BANK NA \*<br>1555 N RIVERCENTER DR STE 302<br>MILWAUKEE WI 53212 | VIRTUS NFJ MID-CAP VALUE FUND-CLASS R6 | 11.52% |
| CHARLES SCHWAB & CO INC \*<br>SPECIAL CUSTODY ACCT FBO CUSTOMERS<br>ATTN MUTUAL FUNDS<br>211 MAIN ST<br>SAN FRANCISCO CA 94105-1905 | VIRTUS EMERGING MARKETS OPPORTUNITIES FUND-CLASS A | 16.98% |
| CHARLES SCHWAB & CO INC \*<br>SPECIAL CUSTODY ACCT FBO CUSTOMERS<br>ATTN MUTUAL FUNDS<br>211 MAIN ST<br>SAN FRANCISCO CA 94105-1905 | VIRTUS EMERGING MARKETS OPPORTUNITIES FUND-CLASS C | 6.05% |
| CHARLES SCHWAB & CO INC \*<br>SPECIAL CUSTODY ACCT FBO CUSTOMERS<br>ATTN MUTUAL FUNDS<br>211 MAIN ST<br>SAN FRANCISCO CA 94105-1905 | VIRTUS EMERGING MARKETS OPPORTUNITIES FUND-CLASS R6 | 52.91% |
| CHARLES SCHWAB & CO INC \*<br>SPECIAL CUSTODY ACCT FBO CUSTOMERS<br>ATTN MUTUAL FUNDS<br>211 MAIN ST<br>SAN FRANCISCO CA 94105-1905 | VIRTUS INCOME & GROWTH FUND-CLASS C | 7.23% |

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| | | |
|:---|:---|:---|
| **PRINCIPAL SHAREHOLDERS<br>NAME AND ADDRESS** | **FUND** | **PERCENTAGE (%) OF CLASS OUTSTANDING** |
|  | VIRTUS KAR GLOBAL SMALL-CAP FUND-CLASS A | 19.63% |
|  | VIRTUS KAR GLOBAL SMALL-CAP FUND-CLASS C | 17.19% |
|  | VIRTUS KAR GLOBAL SMALL-CAP FUND-CLASS INSTL | 20.15% |
|  | VIRTUS KAR HEALTH SCIENCES FUND-CLASS A | 37.71% |
|  | VIRTUS KAR HEALTH SCIENCES FUND-CLASS C | 7.01% |
|  | VIRTUS KAR HEALTH SCIENCES FUND-CLASS INSTL | 10.02% |
|  | VIRTUS NFJ INTERNATIONAL VALUE FUND-CLASS C | 21.61% |
|  | VIRTUS NFJ INTERNATIONAL VALUE FUND-CLASS INSTL | 15.65% |
|  | VIRTUS NFJ LARGE-CAP VALUE FUND-CLASS A | 8.49% |
|  | VIRTUS NFJ LARGE-CAP VALUE FUND-CLASS C | 7.87% |
|  | VIRTUS NFJ MID-CAP VALUE FUND-CLASS A | 5.62% |
|  | VIRTUS NFJ SMALL-CAP VALUE FUND-CLASS INSTL | 12.57% |
|  | VIRTUS SILVANT FOCUSED GROWTH FUND-CLASS A | 5.50% |
|  | VIRTUS SILVANT FOCUSED GROWTH FUND-CLASS INSTL | 12.32% |
|  | VIRTUS SILVANT FOCUSED GROWTH FUND-CLASS R6 | 41.83% |
|  | VIRTUS SILVANT MID-CAP GROWTH FUND-CLASS INSTL  | 15.46% |
|  | VIRTUS SMALL-CAP FUND-CLASS A | 7.46% |
|  | VIRTUS SMALL-CAP FUND-CLASS INSTL | 12.76% |
|  | VIRTUS ZEVENBERGEN TECHNOLOGY FUND-CLASS A | 15.15% |
|  | VIRTUS ZEVENBERGEN TECHNOLOGY FUND-CLASS INSTL | 14.45% |
| DCGT \* <br>AS TTEE AND/OR CUSTODIAN FBO<br>PLIC VARIOUS RETIREMENT PLANS OMNIBUS<br>ATTN NPIO TRADE DESK<br>711 HIGH ST<br>DES MOINES IA 50392-0001 | VIRTUS NFJ INTERNATIONAL VALUE FUND-CLASS R6 | 9.47% |
| DCGT \* <br>AS TTEE AND/OR CUSTODIAN FBO<br>PLIC VARIOUS RETIREMENT PLANS OMNIBUS<br>ATTN NPIO TRADE DESK<br>711 HIGH ST<br>DES MOINES IA 50392-0001 | VIRTUS NFJ MID-CAP VALUE FUND-CLASS R6 | 13.17% |
| DCGT \* <br>AS TTEE AND/OR CUSTODIAN FBO<br>PLIC VARIOUS RETIREMENT PLANS OMNIBUS<br>ATTN NPIO TRADE DESK<br>711 HIGH ST<br>DES MOINES IA 50392-0001 | VIRTUS ZEVENBERGEN TECHNOLOGY FUND-CLASS INSTL | 6.92% |
| DR CHARLES PICCHIONI <br>FBO DR CHARLES PICCHIONI FBO<br>CHARLES A PICCHIONI D M D PC 401K PSP & TR<br>BRYN MAWR PA 19010-2504 | VIRTUS NFJ INTERNATIONAL VALUE FUND-CLASS C | 11.1% |
| EDWARD D. JONES AND CO \*<br>FOR THE BENEFIT OF CUSTOMERS<br>12555 MANCHESTER ROAD<br>ST LOUIS MO 63131-3710 | VIRTUS NFJ LARGE-CAP VALUE FUND-CLASS R6 | 93.17% |
| EMPOWER TRUST COMPANY LLC \*<br>FBO PLANPREMIER RTMT PLANS OMNIBUS<br>8515 E ORCHARD RD 2T2<br>GREENWOOD VILLAGE CO 80111-5002  | VIRTUS NFJ SMALL-CAP VALUE FUND-CLASS R6 | 7.69% |

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| | | |
|:---|:---|:---|
| **PRINCIPAL SHAREHOLDERS<br>NAME AND ADDRESS** | **FUND** | **PERCENTAGE (%) OF CLASS OUTSTANDING** |
| EMPOWER TRUST \*<br>FBO EMPLOYEE BENEFIT CLIENTS 401K<br>8515 E ORCHARD RD 2T2<br>GREENWOOD VILLAGE CO 80111 | VIRTUS EMERGING MARKETS OPPORTUNITIES FUND-CLASS R6 | 8.97% |
| EMPOWER TRUST \*<br>FBO EMPLOYEE BENEFIT CLIENTS 401K<br>8515 E ORCHARD RD 2T2<br>GREENWOOD VILLAGE CO 80111 | VIRTUS NFJ MID-CAP VALUE FUND-CLASS R6 | 6.49% |
| EMPOWER TRUST \*<br>FBO EMPLOYEE BENEFIT CLIENTS 401K<br>8515 E ORCHARD RD 2T2<br>GREENWOOD VILLAGE CO 80111 | VIRTUS NFJ SMALL-CAP VALUE FUND-CLASS R6 | 6.48% |
| EMPOWER TRUST FBO \*<br>EMPOWER BENEFIT PLANS<br>8515 E ORCHARD RD 2T2<br>GREENWOOD VILLAGE CO 80111 | VIRTUS NFJ INTERNATIONAL VALUE FUND-CLASS R6 | 20.68% |
| EMPOWER TRUST FBO \*<br>EMPOWER BENEFIT PLANS<br>8515 E ORCHARD RD 2T2<br>GREENWOOD VILLAGE CO 80111 | VIRTUS NFJ SMALL-CAP VALUE FUND-CLASS R6 | 18.87% |
| EMPOWER TRUST \*<br>FBO RECORDKEEPING FOR EMPLOYEE BENEFITS<br>8515 E ORCHARD RD 2T2<br>GREENWOOD VILLAGE CO 80111  | VIRTUS NFJ INTERNATIONAL VALUE FUND-CLASS R6 | 11.75% |
| EMPOWER TRUST \*<br>FBO RECORDKEEPING FOR EMPLOYEE BENEFITS<br>8515 E ORCHARD RD 2T2<br>GREENWOOD VILLAGE CO 80111  | VIRTUS NFJ SMALL-CAP VALUE FUND-CLASS R6 | 12.59% |
| GREAT WEST TRUST COMPANY LLC TTEE \*<br>FBO RECORDKEEPING FOR LARGE BENEFIT PL<br>8525 E ORCHARD RD<br>GREENWOOD VLG CO 80111-5002  | VIRTUS ZEVENBERGEN TECHNOLOGY FUND-CLASS INSTL | 5.44% |
| ING LIFE INSURANCE & ANNUITY CO \*<br>FUND OPERATIONS<br>1 ORANGE WAY # B3N<br>WINDSOR CT 06095-4773  | VIRTUS SMALL-CAP FUND-CLASS R6 | 5.44% |
| JOHN HANCOCK TRUST COMPANY LLC <br>690 CANTON ST SUITE 100<br>WESTWOOD, MA 02090 | VIRTUS NFJ SMALL-CAP VALUE FUND-CLASS INSTL | 6.65% |
| JP MORGAN SECURITIES LLC \*<br>OMNIBUS ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS<br>4 CHASE METROTECH CENTER <br>3RD FLOOR MUTUAL FUND DEPARTMENT<br>BROOKLYN NY 11245  | VIRTUS NFJ LARGE-CAP VALUE FUND-CLASS C | 22.08% |
| LINCOLN RETIREMENT SERVICES CO \*<br>FBO LOUDOUN CO PS 403B<br>403PO BOX 7876<br>FORT WAYNE IN 46801-7876 | VIRTUS NFJ DIVIDEND VALUE FUND-CLASS A | 8.17% |
| LPL FINANCIAL \*<br>A/C 1000-XXXX<br>4707 EXECUTIVE DR<br>SAN DIEGO CA 92121-3091 | VIRTUS EMERGING MARKETS OPPORTUNITIES FUND-CLASS C | 17.75% |
| LPL FINANCIAL \*<br>A/C 1000-XXXX<br>4707 EXECUTIVE DR<br>SAN DIEGO CA 92121-3091 | VIRTUS INCOME & GROWTH FUND-CLASS A | 6.14% |
| LPL FINANCIAL \*<br>A/C 1000-XXXX<br>4707 EXECUTIVE DR<br>SAN DIEGO CA 92121-3091 | VIRTUS INCOME & GROWTH FUND-CLASS C | 9.14% |
| LPL FINANCIAL \*<br>A/C 1000-XXXX<br>4707 EXECUTIVE DR<br>SAN DIEGO CA 92121-3091 | VIRTUS INCOME & GROWTH FUND-CLASS INSTL | 6.32% |
| LPL FINANCIAL \*<br>A/C 1000-XXXX<br>4707 EXECUTIVE DR<br>SAN DIEGO CA 92121-3091 | VIRTUS KAR GLOBAL SMALL-CAP FUND-CLASS C | 8.77% |

---

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| | | |
|:---|:---|:---|
| **PRINCIPAL SHAREHOLDERS<br>NAME AND ADDRESS** | **FUND** | **PERCENTAGE (%) OF CLASS OUTSTANDING** |
|  | VIRTUS KAR GLOBAL SMALL-CAP FUND-CLASS INSTL | 8.22% |
|  | VIRTUS KAR HEALTH SCIENCES FUND-CLASS C  | 9.67% |
|  | VIRTUS NFJ DIVIDEND VALUE FUND-CLASS INSTL | 5.33% |
|  | VIRTUS NFJ INTERNATIONAL VALUE FUND-CLASS C | 6.00% |
|  | VIRTUS NFJ LARGE-CAP VALUE FUND-CLASS A | 6.09% |
|  | VIRTUS NFJ MID-CAP VALUE FUND-CLASS A | 6.08% |
|  | VIRTUS NFJ MID-CAP VALUE FUND-CLASS C | 7.10% |
|  | VIRTUS NFJ SMALL-CAP VALUE FUND-CLASS C | 12.6% |
|  | VIRTUS SILVANT FOCUSED GROWTH FUND-CLASS C | 5.82% |
|  | VIRTUS SILVANT FOCUSED GROWTH FUND-CLASS INSTL | 5.38% |
|  | VIRTUS SILVANT MID-CAP GROWTH FUND-CLASS INSTL  | 16.94% |
|  | VIRTUS SMALL-CAP FUND-CLASS INSTL | 6.62% |
|  | VIRTUS ZEVENBERGEN TECHNOLOGY FUND-CLASS C | 6.95% |
| MATRIX TRUST COMPANY CUST. \*<br>FBO DEVENIR GROUP TPA OMNI ACCOUNT<br>717 17TH STREET SUITE 1300<br>DENVER CO 80202  | VIRTUS NFJ MID-CAP VALUE FUND-CLASS R6 | 9.93% |
| MERRILL LYNCH PIERCE FENNER & SMITH \*<br>FOR THE SOLE BENEFIT OF ITS CUSTOMERS <br>4800 DEER LAKE DRIVE <br>EAST JACKSONVILLE FL 32246-6484 | VIRTUS INCOME & GROWTH FUND-CLASS INSTL | 9.67% |
| MERRILL LYNCH PIERCE FENNER & SMITH \*<br>FOR THE SOLE BENEFIT OF ITS CUSTOMERS <br>4800 DEER LAKE DRIVE <br>EAST JACKSONVILLE FL 32246-6484 | VIRTUS NFJ DIVIDEND VALUE FUND-CLASS INSTL | 15.64% |
| MERRILL LYNCH PIERCE FENNER & SMITH \*<br>FOR THE SOLE BENEFIT OF ITS CUSTOMERS <br>4800 DEER LAKE DRIVE <br>EAST JACKSONVILLE FL 32246-6484 | VIRTUS NFJ INTERNATIONAL VALUE FUND-CLASS INSTL | 20.59% |
| MERRILL LYNCH PIERCE FENNER & SMITH \*<br>FOR THE SOLE BENEFIT OF ITS CUSTOMERS <br>4800 DEER LAKE DRIVE <br>EAST JACKSONVILLE FL 32246-6484 | VIRTUS NFJ MID-CAP VALUE FUND-CLASS INSTL | 16.60% |
| MERRILL LYNCH PIERCE FENNER & SMITH \*<br>FOR THE SOLE BENEFIT OF ITS CUSTOMERS <br>4800 DEER LAKE DRIVE <br>EAST JACKSONVILLE FL 32246-6484 | VIRTUS NFJ SMALL-CAP VALUE FUND-CLASS INSTL | 5.07% |
| MERRILL LYNCH PIERCE FENNER & SMITH \*<br>FOR THE SOLE BENEFIT OF ITS CUSTOMERS <br>4800 DEER LAKE DRIVE <br>EAST JACKSONVILLE FL 32246-6484 | VIRTUS NFJ SMALL-CAP VALUE FUND-CLASS R6 | 14.28% |
| MERRILL LYNCH PIERCE FENNER & SMITH \*<br>FOR THE SOLE BENEFIT OF ITS CUSTOMERS <br>4800 DEER LAKE DRIVE <br>EAST JACKSONVILLE FL 32246-6484 | VIRTUS SILVANT FOCUSED GROWTH FUND-CLASS INSTL | 14.87% |
| MID ATLANTIC TRUST COMPANY <br>KEITH P JOHNSTON 403B PLAN - ORP <br>WATERFRONT PL STE 525<br>PITTSBURGH PA 15222-4228 | VIRTUS NFJ LARGE-CAP VALUE FUND-CLASS | 11.42% |
| MLPF&S <br>FOR THE SOLE BENEFIT OF ITS CUSTOMERS<br>ATTN FUND ADMN/#97M<br>4800 DEER LAKE DR E FL 3<br>JACKSONVILLE FL 32246-6484 | VIRTUS EMERGING MARKETS OPPORTUNITIES FUND-CLASS A | 6.34% |
| MLPF&S <br>FOR THE SOLE BENEFIT OF ITS CUSTOMERS<br>ATTN FUND ADMN/#97M<br>4800 DEER LAKE DR E FL 3<br>JACKSONVILLE FL 32246-6484 | VIRTUS NFJ DIVIDEND VALUE FUND-CLASS A | 8.97% |
| MLPF&S <br>FOR THE SOLE BENEFIT OF ITS CUSTOMERS<br>ATTN FUND ADMN/#97M<br>4800 DEER LAKE DR E FL 3<br>JACKSONVILLE FL 32246-6484 | VIRTUS NFJ DIVIDEND VALUE FUND-CLASS C | 15.82% |
| MLPF&S <br>FOR THE SOLE BENEFIT OF ITS CUSTOMERS<br>ATTN FUND ADMN/#97M<br>4800 DEER LAKE DR E FL 3<br>JACKSONVILLE FL 32246-6484 | VIRTUS NFJ LARGE-CAP VALUE FUND-CLASS A | 7.54% |
| MLPF&S <br>FOR THE SOLE BENEFIT OF ITS CUSTOMERS<br>ATTN FUND ADMN/#97M<br>4800 DEER LAKE DR E FL 3<br>JACKSONVILLE FL 32246-6484 | VIRTUS NFJ MID-CAP VALUE FUND-CLASS A | 10.29% |
| MLPF&S <br>FOR THE SOLE BENEFIT OF ITS CUSTOMERS<br>ATTN FUND ADMN/#97M<br>4800 DEER LAKE DR E FL 3<br>JACKSONVILLE FL 32246-6484 | VIRTUS NFJ SMALL-CAP VALUE FUND-CLASS A | 7.02% |
| MLPF&S <br>FOR THE SOLE BENEFIT OF ITS CUSTOMERS<br>ATTN FUND ADMN/#97M<br>4800 DEER LAKE DR E FL 3<br>JACKSONVILLE FL 32246-6484 | VIRTUS SILVANT FOCUSED GROWTH FUND-CLASS A | 7.25% |
| MLPF&S <br>FOR THE SOLE BENEFIT OF ITS CUSTOMERS<br>ATTN FUND ADMN/#97M<br>4800 DEER LAKE DR E FL 3<br>JACKSONVILLE FL 32246-6484 | VIRTUS SILVANT MID-CAP GROWTH FUND-CLASS A | 10.54% |
| MLPF&S <br>FOR THE SOLE BENEFIT OF ITS CUSTOMERS<br>ATTN FUND ADMN/#97M<br>4800 DEER LAKE DR E FL 3<br>JACKSONVILLE FL 32246-6484 | VIRTUS SMALL-CAP FUND-CLASS A | 5.79% |

---

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| | | |
|:---|:---|:---|
| **PRINCIPAL SHAREHOLDERS<br>NAME AND ADDRESS** | **FUND** | **PERCENTAGE (%) OF CLASS OUTSTANDING** |
|  | VIRTUS ZEVENBERGEN TECHNOLOGY FUND-CLASS A | 5.30% |
| MORGAN STANLEY SMITH BARNEY LLC \*<br>FOR THE EXCLUSIVE BENEFIT OF ITSL 3CUSTOMERS<br>1 NEW YORK PLAZA FL 12<br>NEW YORK NY 10004-1901  | VIRTUS EMERGING MARKETS OPPORTUNITIES FUND-CLASS A | 7.70% |
| MORGAN STANLEY SMITH BARNEY LLC \*<br>FOR THE EXCLUSIVE BENEFIT OF ITSL 3CUSTOMERS<br>1 NEW YORK PLAZA FL 12<br>NEW YORK NY 10004-1901  | VIRTUS INCOME & GROWTH FUND-CLASS A | 10.20% |
| MORGAN STANLEY SMITH BARNEY LLC \*<br>FOR THE EXCLUSIVE BENEFIT OF ITSL 3CUSTOMERS<br>1 NEW YORK PLAZA FL 12<br>NEW YORK NY 10004-1901  | VIRTUS INCOME & GROWTH FUND-CLASS C | 11.28% |
| MORGAN STANLEY SMITH BARNEY LLC \*<br>FOR THE EXCLUSIVE BENEFIT OF ITSL 3CUSTOMERS<br>1 NEW YORK PLAZA FL 12<br>NEW YORK NY 10004-1901  | VIRTUS INCOME & GROWTH FUND-CLASS INSTL | 12.64% |
| MORGAN STANLEY SMITH BARNEY LLC \*<br>FOR THE EXCLUSIVE BENEFIT OF ITSL 3CUSTOMERS<br>1 NEW YORK PLAZA FL 12<br>NEW YORK NY 10004-1901  | VIRTUS KAR HEALTH SCIENCES FUND-CLASS A | 5.88% |
| MORGAN STANLEY SMITH BARNEY LLC \*<br>FOR THE EXCLUSIVE BENEFIT OF ITSL 3CUSTOMERS<br>1 NEW YORK PLAZA FL 12<br>NEW YORK NY 10004-1901  | VIRTUS NFJ DIVIDEND VALUE FUND-CLASS A | 14.01% |
| MORGAN STANLEY SMITH BARNEY LLC \*<br>FOR THE EXCLUSIVE BENEFIT OF ITSL 3CUSTOMERS<br>1 NEW YORK PLAZA FL 12<br>NEW YORK NY 10004-1901  | VIRTUS NFJ DIVIDEND VALUE FUND-CLASS C | 10.33% |
| MORGAN STANLEY SMITH BARNEY LLC \*<br>FOR THE EXCLUSIVE BENEFIT OF ITSL 3CUSTOMERS<br>1 NEW YORK PLAZA FL 12<br>NEW YORK NY 10004-1901  | VIRTUS NFJ DIVIDEND VALUE FUND-CLASS INSTL | 21.00% |
| MORGAN STANLEY SMITH BARNEY LLC \*<br>FOR THE EXCLUSIVE BENEFIT OF ITSL 3CUSTOMERS<br>1 NEW YORK PLAZA FL 12<br>NEW YORK NY 10004-1901  | VIRTUS NFJ INTERNATIONAL VALUE FUND-CLASS A | 7.25% |
| MORGAN STANLEY SMITH BARNEY LLC \*<br>FOR THE EXCLUSIVE BENEFIT OF ITSL 3CUSTOMERS<br>1 NEW YORK PLAZA FL 12<br>NEW YORK NY 10004-1901  | VIRTUS NFJ LARGE-CAP VALUE FUND-CLASS A | 9.39% |
| MORGAN STANLEY SMITH BARNEY LLC \*<br>FOR THE EXCLUSIVE BENEFIT OF ITSL 3CUSTOMERS<br>1 NEW YORK PLAZA FL 12<br>NEW YORK NY 10004-1901  | VIRTUS NFJ MID-CAP VALUE FUND-CLASS A | 8.51% |
| MORGAN STANLEY SMITH BARNEY LLC \*<br>FOR THE EXCLUSIVE BENEFIT OF ITSL 3CUSTOMERS<br>1 NEW YORK PLAZA FL 12<br>NEW YORK NY 10004-1901  | VIRTUS NFJ MID-CAP VALUE FUND-CLASS C | 8.91% |
| MORGAN STANLEY SMITH BARNEY LLC \*<br>FOR THE EXCLUSIVE BENEFIT OF ITSL 3CUSTOMERS<br>1 NEW YORK PLAZA FL 12<br>NEW YORK NY 10004-1901  | VIRTUS NFJ MID-CAP VALUE FUND-CLASS INSTL | 6.97% |
| MORGAN STANLEY SMITH BARNEY LLC \*<br>FOR THE EXCLUSIVE BENEFIT OF ITSL 3CUSTOMERS<br>1 NEW YORK PLAZA FL 12<br>NEW YORK NY 10004-1901  | VIRTUS SILVANT FOCUSED GROWTH FUND-CLASS A | 8.97% |
| MORGAN STANLEY SMITH BARNEY LLC \*<br>FOR THE EXCLUSIVE BENEFIT OF ITSL 3CUSTOMERS<br>1 NEW YORK PLAZA FL 12<br>NEW YORK NY 10004-1901  | VIRTUS SILVANT FOCUSED GROWTH FUND-CLASS C | 7.02% |
| MORGAN STANLEY SMITH BARNEY LLC \*<br>FOR THE EXCLUSIVE BENEFIT OF ITSL 3CUSTOMERS<br>1 NEW YORK PLAZA FL 12<br>NEW YORK NY 10004-1901  | VIRTUS SILVANT FOCUSED GROWTH FUND-CLASS INSTL | 6.12% |
| MORGAN STANLEY SMITH BARNEY LLC \*<br>FOR THE EXCLUSIVE BENEFIT OF ITSL 3CUSTOMERS<br>1 NEW YORK PLAZA FL 12<br>NEW YORK NY 10004-1901  | VIRTUS SILVANT MID-CAP GROWTH FUND-CLASS A | 7.79% |
| MORGAN STANLEY SMITH BARNEY LLC \*<br>FOR THE EXCLUSIVE BENEFIT OF ITSL 3CUSTOMERS<br>1 NEW YORK PLAZA FL 12<br>NEW YORK NY 10004-1901  | VIRTUS SMALL-CAP FUND-CLASS A | 8.78% |
| MORGAN STANLEY SMITH BARNEY LLC \*<br>FOR THE EXCLUSIVE BENEFIT OF ITSL 3CUSTOMERS<br>1 NEW YORK PLAZA FL 12<br>NEW YORK NY 10004-1901  | VIRTUS SMALL-CAP FUND-CLASS C | 5.46% |
| MORGAN STANLEY SMITH BARNEY LLC \*<br>FOR THE EXCLUSIVE BENEFIT OF ITSL 3CUSTOMERS<br>1 NEW YORK PLAZA FL 12<br>NEW YORK NY 10004-1901  | VIRTUS SMALL-CAP FUND-CLASS INSTL  | 7.14% |
| MORGAN STANLEY SMITH BARNEY LLC \*<br>FOR THE EXCLUSIVE BENEFIT OF ITSL 3CUSTOMERS<br>1 NEW YORK PLAZA FL 12<br>NEW YORK NY 10004-1901  | VIRTUS ZEVENBERGEN TECHNOLOGY FUND-CLASS A | 7.38% |
| NATIONAL FINANCIAL SERVICES LLC \*<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS <br>ATTN MUTUAL FUNDS DEPT <br>499 WASHINGTON BLVD FL 4<br>JERSEY CITY NJ 07310-2010 | VIRTUS EMERGING MARKETS OPPORTUNITIES FUND-CLASS A | 17.01% |
| NATIONAL FINANCIAL SERVICES LLC \*<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS <br>ATTN MUTUAL FUNDS DEPT <br>499 WASHINGTON BLVD FL 4<br>JERSEY CITY NJ 07310-2010 | VIRTUS EMERGING MARKETS OPPORTUNITIES FUND-CLASS INSTL | 77.07% |
| NATIONAL FINANCIAL SERVICES LLC \*<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS <br>ATTN MUTUAL FUNDS DEPT <br>499 WASHINGTON BLVD FL 4<br>JERSEY CITY NJ 07310-2010 | VIRTUS INCOME & GROWTH FUND-CLASS A | 13.26% |
| NATIONAL FINANCIAL SERVICES LLC \*<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS <br>ATTN MUTUAL FUNDS DEPT <br>499 WASHINGTON BLVD FL 4<br>JERSEY CITY NJ 07310-2010 | VIRTUS INCOME & GROWTH FUND-CLASS C | 5.48% |
| NATIONAL FINANCIAL SERVICES LLC \*<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS <br>ATTN MUTUAL FUNDS DEPT <br>499 WASHINGTON BLVD FL 4<br>JERSEY CITY NJ 07310-2010 | VIRTUS INCOME & GROWTH FUND-CLASS INSTL | 12.15% |
| NATIONAL FINANCIAL SERVICES LLC \*<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS <br>ATTN MUTUAL FUNDS DEPT <br>499 WASHINGTON BLVD FL 4<br>JERSEY CITY NJ 07310-2010 | VIRTUS KAR GLOBAL SMALL-CAP FUND-CLASS A | 20.67% |
| NATIONAL FINANCIAL SERVICES LLC \*<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS <br>ATTN MUTUAL FUNDS DEPT <br>499 WASHINGTON BLVD FL 4<br>JERSEY CITY NJ 07310-2010 | VIRTUS KAR GLOBAL SMALL-CAP FUND-CLASS INSTL | 33.72% |
| NATIONAL FINANCIAL SERVICES LLC \*<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS <br>ATTN MUTUAL FUNDS DEPT <br>499 WASHINGTON BLVD FL 4<br>JERSEY CITY NJ 07310-2010 | VIRTUS KAR HEALTH SCIENCES FUND-CLASS A | 18.48% |
| NATIONAL FINANCIAL SERVICES LLC \*<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS <br>ATTN MUTUAL FUNDS DEPT <br>499 WASHINGTON BLVD FL 4<br>JERSEY CITY NJ 07310-2010 | VIRTUS KAR HEALTH SCIENCES FUND-CLASS C | 5.14% |
| NATIONAL FINANCIAL SERVICES LLC \*<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS <br>ATTN MUTUAL FUNDS DEPT <br>499 WASHINGTON BLVD FL 4<br>JERSEY CITY NJ 07310-2010 | VIRTUS KAR HEALTH SCIENCES FUND-CLASS INSTL | 12.64% |
| NATIONAL FINANCIAL SERVICES LLC \*<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS <br>ATTN MUTUAL FUNDS DEPT <br>499 WASHINGTON BLVD FL 4<br>JERSEY CITY NJ 07310-2010 | VIRTUS NFJ DIVIDEND VALUE FUND-CLASS A | 10.37% |
| NATIONAL FINANCIAL SERVICES LLC \*<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS <br>ATTN MUTUAL FUNDS DEPT <br>499 WASHINGTON BLVD FL 4<br>JERSEY CITY NJ 07310-2010 | VIRTUS NFJ DIVIDEND VALUE FUND-CLASS INSTL | 10.75% |
| NATIONAL FINANCIAL SERVICES LLC \*<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS <br>ATTN MUTUAL FUNDS DEPT <br>499 WASHINGTON BLVD FL 4<br>JERSEY CITY NJ 07310-2010 | VIRTUS NFJ DIVIDEND VALUE FUND-CLASS R6 | 36.80% |
| NATIONAL FINANCIAL SERVICES LLC \*<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS <br>ATTN MUTUAL FUNDS DEPT <br>499 WASHINGTON BLVD FL 4<br>JERSEY CITY NJ 07310-2010 | VIRTUS NFJ INTERNATIONAL VALUE FUND-CLASS A | 11.80% |
| NATIONAL FINANCIAL SERVICES LLC \*<br>FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS <br>ATTN MUTUAL FUNDS DEPT <br>499 WASHINGTON BLVD FL 4<br>JERSEY CITY NJ 07310-2010 | VIRTUS NFJ INTERNATIONAL VALUE FUND-CLASS INSTL | 8.40% |

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------

---

| | | |
|:---|:---|:---|
| **PRINCIPAL SHAREHOLDERS<br>NAME AND ADDRESS** | **FUND** | **PERCENTAGE (%) OF CLASS OUTSTANDING** |
|  | VIRTUS NFJ LARGE-CAP VALUE FUND-CLASS A | 11.18% |
|  | VIRTUS NFJ MID-CAP VALUE FUND-CLASS A | 12.03% |
|  | VIRTUS NFJ MID-CAP VALUE FUND-CLASS C | 9.92% |
|  | VIRTUS NFJ MID-CAP VALUE FUND-CLASS INSTL | 10.10% |
|  | VIRTUS NFJ MID-CAP VALUE FUND-CLASS R6 | 22.88% |
|  | VIRTUS NFJ SMALL-CAP VALUE FUND-CLASS A | 6.37% |
|  | VIRTUS NFJ SMALL-CAP VALUE FUND-CLASS C | 14.06% |
|  | VIRTUS NFJ SMALL-CAP VALUE FUND-CLASS INSTL | 30.48% |
|  | VIRTUS NFJ SMALL-CAP VALUE FUND-CLASS R6 | 18.81% |
|  | VIRTUS SILVANT FOCUSED GROWTH FUND-CLASS A | 8.80% |
|  | VIRTUS SILVANT FOCUSED GROWTH FUND-CLASS C | 8.32% |
|  | VIRTUS SILVANT FOCUSED GROWTH FUND-CLASS INSTL | 8.92% |
|  | VIRTUS SILVANT MID-CAP GROWTH FUND-CLASS A | 12.94% |
|  | VIRTUS SILVANT MID-CAP GROWTH FUND-CLASS C | 12.14% |
|  | VIRTUS SILVANT MID-CAP GROWTH FUND-CLASS INSTL | 7.01% |
|  | VIRTUS SMALL-CAP FUND-CLASS A | 8.48% |
|  | VIRTUS SMALL-CAP FUND-CLASS C | 16.96% |
|  | VIRTUS SMALL-CAP FUND-CLASS INSTL | 32.55% |
|  | VIRTUS SMALL-CAP FUND-CLASS R6 | 40.59% |
|  | VIRTUS ZEVENBERGEN TECHNOLOGY FUND-CLASS A | 12.21% |
|  | VIRTUS ZEVENBERGEN TECHNOLOGY FUND-CLASS INSTL | 32.97% |
| OPPENHEIMER & CO. INC.<br>FBO DONNA BROOKS<br>PAS MANAGED ACCOUNT<br>SEATTLE WA 98115-4012 | VIRTUS KAR HEALTH SCIENCES FUND-CLASS INSTL | 9.52% |
| PERSHING LLC \*<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0002 | VIRTUS EMERGING MARKETS OPPORTUNITIES FUND-CLASS A | 5.34% |
| PERSHING LLC \*<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0002 | VIRTUS EMERGING MARKETS OPPORTUNITIES FUND-CLASS C | 13.24% |
| PERSHING LLC \*<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0002 | VIRTUS EMERGING MARKETS OPPORTUNITIES FUND-CLASS INSTL | 5.65% |
| PERSHING LLC \*<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0002 | VIRTUS INCOME & GROWTH FUND-CLASS A | 11.29% |
| PERSHING LLC \*<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0002 | VIRTUS INCOME & GROWTH FUND-CLASS C  | 16.38% |
| PERSHING LLC \*<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0002 | VIRTUS INCOME & GROWTH FUND-CLASS INSTL | 10.39% |
| PERSHING LLC \*<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0002 | VIRTUS KAR GLOBAL SMALL-CAP FUND-CLASS INSTL | 16.84% |
| PERSHING LLC \*<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0002 | VIRTUS KAR HEALTH SCIENCES FUND-CLASS C | 13.59% |
| PERSHING LLC \*<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0002 | VIRTUS NFJ DIVIDEND VALUE FUND-CLASS A | 5.05% |
| PERSHING LLC \*<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0002 | VIRTUS NFJ DIVIDEND VALUE FUND-CLASS C | 16.23% |
| PERSHING LLC \*<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0002 | VIRTUS NFJ DIVIDEND VALUE FUND-CLASS INSTL | 5.02% |
| PERSHING LLC \*<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0002 | VIRTUS NFJ INTERNATIONAL VALUE FUND-CLASS A | 7.42% |
| PERSHING LLC \*<br>1 PERSHING PLZ<br>JERSEY CITY NJ 07399-0002 | VIRTUS NFJ LARGE-CAP VALUE FUND-CLASS A | 9.42% |

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------

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| | | |
|:---|:---|:---|
| **PRINCIPAL SHAREHOLDERS<br>NAME AND ADDRESS** | **FUND** | **PERCENTAGE (%) OF CLASS OUTSTANDING** |
|  | VIRTUS NFJ LARGE-CAP VALUE FUND-CLASS C | 11.46% |
|  | VIRTUS NFJ MID-CAP VALUE FUND-CLASS A | 6.36% |
|  | VIRTUS NFJ MID-CAP VALUE FUND-CLASS C | 7.83% |
|  | VIRTUS NFJ MID-CAP VALUE FUND-CLASS INSTL | 5.06% |
|  | VIRTUS NFJ SMALL-CAP VALUE FUND-CLASS C | 33.19% |
|  | VIRTUS NFJ SMALL-CAP VALUE FUND-CLASS INSTL | 10.41% |
|  | VIRTUS SILVANT FOCUSED GROWTH FUND-CLASS C | 13.74% |
|  | VIRTUS SILVANT FOCUSED GROWTH FUND-CLASS INSTL | 5.26% |
|  | VIRTUS SILVANT MID-CAP GROWTH FUND-CLASS INSTL | 18.37% |
|  | VIRTUS SMALL-CAP FUND-CLASS C | 19.94% |
|  | VIRTUS ZEVENBERGEN TECHNOLOGY FUND-CLASS C | 7.71% |
| RAYMOND JAMES \*<br>OMNIBUS FOR MUTUAL FUNDS<br>HOUSE ACCT FIRM XXXXXX15<br>ATTN COURTNEY WALLER<br>880 CARILLON PKWY<br>ST PETERSBURG FL 33716-1100 | VIRTUS INCOME & GROWTH FUND-CLASS A | 5.53% |
| RAYMOND JAMES \*<br>OMNIBUS FOR MUTUAL FUNDS<br>HOUSE ACCT FIRM XXXXXX15<br>ATTN COURTNEY WALLER<br>880 CARILLON PKWY<br>ST PETERSBURG FL 33716-1100 | VIRTUS INCOME & GROWTH FUND-CLASS C | 5.30% |
| RAYMOND JAMES \*<br>OMNIBUS FOR MUTUAL FUNDS<br>HOUSE ACCT FIRM XXXXXX15<br>ATTN COURTNEY WALLER<br>880 CARILLON PKWY<br>ST PETERSBURG FL 33716-1100 | VIRTUS INCOME & GROWTH FUND-CLASS INSTL | 10% |
| RAYMOND JAMES \*<br>OMNIBUS FOR MUTUAL FUNDS<br>HOUSE ACCT FIRM XXXXXX15<br>ATTN COURTNEY WALLER<br>880 CARILLON PKWY<br>ST PETERSBURG FL 33716-1100 | VIRTUS KAR HEALTH SCIENCES FUND-CLASS C  | 8.37% |
| RAYMOND JAMES \*<br>OMNIBUS FOR MUTUAL FUNDS<br>HOUSE ACCT FIRM XXXXXX15<br>ATTN COURTNEY WALLER<br>880 CARILLON PKWY<br>ST PETERSBURG FL 33716-1100 | VIRTUS KAR HEALTH SCIENCES FUND-CLASS INSTL  | 11.73% |
| RAYMOND JAMES \*<br>OMNIBUS FOR MUTUAL FUNDS<br>HOUSE ACCT FIRM XXXXXX15<br>ATTN COURTNEY WALLER<br>880 CARILLON PKWY<br>ST PETERSBURG FL 33716-1100 | VIRTUS NFJ MID-CAP VALUE FUND-CLASS INSTL  | 8.67% |
| RAYMOND JAMES \*<br>OMNIBUS FOR MUTUAL FUNDS<br>HOUSE ACCT FIRM XXXXXX15<br>ATTN COURTNEY WALLER<br>880 CARILLON PKWY<br>ST PETERSBURG FL 33716-1100 | VIRTUS SILVANT FOCUSED GROWTH FUND-CLASS C  | 13.97% |
| RAYMOND JAMES \*<br>OMNIBUS FOR MUTUAL FUNDS<br>HOUSE ACCT FIRM XXXXXX15<br>ATTN COURTNEY WALLER<br>880 CARILLON PKWY<br>ST PETERSBURG FL 33716-1100 | VIRTUS SILVANT MID-CAP GROWTH FUND-CLASS A  | 6.17% |
| RAYMOND JAMES \*<br>OMNIBUS FOR MUTUAL FUNDS<br>HOUSE ACCT FIRM XXXXXX15<br>ATTN COURTNEY WALLER<br>880 CARILLON PKWY<br>ST PETERSBURG FL 33716-1100 | VIRTUS SILVANT MID-CAP GROWTH FUND-CLASS C | 5.64% |
| RAYMOND JAMES \*<br>OMNIBUS FOR MUTUAL FUNDS<br>HOUSE ACCT FIRM XXXXXX15<br>ATTN COURTNEY WALLER<br>880 CARILLON PKWY<br>ST PETERSBURG FL 33716-1100 | VIRTUS SILVANT MID-CAP GROWTH FUND-CLASS INSTL | 7.92% |
| RAYMOND JAMES \*<br>OMNIBUS FOR MUTUAL FUNDS<br>HOUSE ACCT FIRM XXXXXX15<br>ATTN COURTNEY WALLER<br>880 CARILLON PKWY<br>ST PETERSBURG FL 33716-1100 | VIRTUS SMALL-CAP FUND-CLASS INSTL | 8.90% |
| RAYMOND JAMES \*<br>OMNIBUS FOR MUTUAL FUNDS<br>HOUSE ACCT FIRM XXXXXX15<br>ATTN COURTNEY WALLER<br>880 CARILLON PKWY<br>ST PETERSBURG FL 33716-1100 | VIRTUS ZEVENBERGEN TECHNOLOGY FUND-CLASS A | 6.49% |
| RAYMOND JAMES \*<br>OMNIBUS FOR MUTUAL FUNDS<br>HOUSE ACCT FIRM XXXXXX15<br>ATTN COURTNEY WALLER<br>880 CARILLON PKWY<br>ST PETERSBURG FL 33716-1100 | VIRTUS ZEVENBERGEN TECHNOLOGY FUND-CLASS C | 38.60% |
| RBC CAPITAL MARKETS LLC \*<br>MUTUAL FUND OMNIBUS PROCESSING<br>ATTN MUTUAL FUND OPS MANAGER <br>60 S 6TH ST<br>MINNEAPOLIS MN 55402-4400  | VIRTUS INCOME & GROWTH FUND-CLASS A | 14.81% |
| RBC CAPITAL MARKETS LLC \*<br>MUTUAL FUND OMNIBUS PROCESSING<br>ATTN MUTUAL FUND OPS MANAGER <br>60 S 6TH ST<br>MINNEAPOLIS MN 55402-4400  | VIRTUS NFJ MID-CAP VALUE FUND-CLASS C | 9.77% |
| RBC CAPITAL MARKETS LLC \*<br>MUTUAL FUND OMNIBUS PROCESSING<br>ATTN MUTUAL FUND OPS MANAGER <br>60 S 6TH ST<br>MINNEAPOLIS MN 55402-4400  | VIRTUS SMALL-CAP FUND-CLASS INSTL | 5.06% |
| RELIANCE TRUST COMPANY FBO<br>T ROWE PRICE RETIREMENT PLAN CLIENTS<br>PO BOX 78446<br>ATLANTA GEORGIA 30357 | VIRTUS ZEVENBERGEN TECHNOLOGY FUND-CLASS INSTL | 6.45% |
| STATE STREET BANK \* <br>FBO TRANSAMERICA VARIOUS RETIREMENT PLANS<br>440 MAMARONECK AVE<br>HARRISON NY 10528  | VIRTUS SMALL-CAP FUND-CLASS R6 | 5.29% |

---

------

---

| | | |
|:---|:---|:---|
| **PRINCIPAL SHAREHOLDERS<br>NAME AND ADDRESS** | **FUND** | **PERCENTAGE (%) OF CLASS OUTSTANDING** |
| STATE STREET BANK CUSTODIAN FBO \*<br>ACCESS LARGE MARKET 401K<br>1 LINCOLN STREET<br>BOSTON MA 02111 | VIRTUS NFJ INTERNATIONAL VALUE FUND-CLASS A | 15.13% |
| STATE STREET BANK CUSTODIAN FBO \*<br>ACCESS LARGE MARKET 401K<br>1 LINCOLN STREET<br>BOSTON MA 02111 | VIRTUS NFJ MID-CAP VALUE FUND-CLASS R6 | 7.06% |
| STATE STREET BANK CUSTODIAN FBO \*<br>ACCESS LARGE MARKET 401K<br>1 LINCOLN STREET<br>BOSTON MA 02111 | VIRTUS NFJ SMALL-CAP VALUE FUND-CLASS A | 33.84% |
| STATE STREET BANK CUSTODIAN FBO \*<br>ACCESS LARGE MARKET 401K<br>1 LINCOLN STREET<br>BOSTON MA 02111 | VIRTUS SILVANT FOCUSED GROWTH FUND-CLASS A | 5.99% |
| TALCOTT RESOLUTION LIFE INSURANCE COMPANY \*<br>PO BOX 5051<br>HARTFORD CT 06102-5051 | VIRTUS NFJ DIVIDEND VALUE FUND-CLASS A | 10.43% |
| UBS WM USA \*<br>XXX XXXXX 6100<br>OMNI ACCOUNT M/F <br>SPEC CDY A/C EXL BEN CUSTOMERS OF UBSFSI<br>1000 HARBOR BLVD<br>WEEHAWKEN NJ 07086-6761 | VIRTUS KAR GLOBAL SMALL-CAP FUND-CLASS A | 5.51% |
| UBS WM USA \*<br>XXX XXXXX 6100<br>OMNI ACCOUNT M/F <br>SPEC CDY A/C EXL BEN CUSTOMERS OF UBSFSI<br>1000 HARBOR BLVD<br>WEEHAWKEN NJ 07086-6761 | VIRTUS NFJ DIVIDEND VALUE FUND-CLASS INSTL | 10.11% |
| UBS WM USA \*<br>XXX XXXXX 6100<br>OMNI ACCOUNT M/F <br>SPEC CDY A/C EXL BEN CUSTOMERS OF UBSFSI<br>1000 HARBOR BLVD<br>WEEHAWKEN NJ 07086-6761 | VIRTUS NFJ INTERNATIONAL VALUE FUND-CLASS A | 6.18% |
| UBS WM USA \*<br>XXX XXXXX 6100<br>OMNI ACCOUNT M/F <br>SPEC CDY A/C EXL BEN CUSTOMERS OF UBSFSI<br>1000 HARBOR BLVD<br>WEEHAWKEN NJ 07086-6761 | VIRTUS NFJ INTERNATIONAL VALUE FUND-CLASS INSTL | 12.64% |
| UMB BANK NA \*<br>FBO FIDUCIARY FOR TAX DEFERRED ACCTS <br>ONE SECURITY BENEFIT PLACE<br>TOPEKA KS 66636-1000 | VIRTUS NFJ INTERNATIONAL VALUE FUND-CLASS A | 5.98% |
| VFS AS P/ADM TO LEGACY ALLIANZGI FUND <br>TRUSTEE DC PLAN<br>ONE FINANCIAL PLAZA<br>HARTFORD CT 06103 | VIRTUS NFJ INTERNATIONAL VALUE FUND-CLASS R6 | 27.41% |
| VFS AS P/ADM TO LEGACY ALLIANZGI FUND <br>TRUSTEE DC PLAN<br>ONE FINANCIAL PLAZA<br>HARTFORD CT 06103 | VIRTUS SMALL-CAP FUND-CLASS R6 | 9.94% |
| VIRTUS PARTNERS INC<br>ONE FINANCIAL PLAZA 26TH FL<br>HARTFORD CT 06103 | VIRTUS SILVANT MID-CAP GROWTH FUND-CLASS R6 | 100.00% |
| VIRTUS STRATEGY TRUST<br>ON BEHALF OF VIRTUS GLOBAL ALLOCATION FUND<br>ATTN VSS EQUITY OPERATIONS<br>3333 PIEDMONT RD NE STE 1500<br>ATLANTA GA 30305  | VIRTUS SILVANT FOCUSED GROWTH FUND-CLASS R6 | 6.59% |
| VOYA INSTITUTIONAL TRUST COMPANY<br>ONE ORANGE WAY<br>WINDSOR CT 06095-4773 | VIRTUS SMALL-CAP FUND-CLASS R6 | 10.65% |
| WELLS FARGO CLEARING SERVICES LLC \*<br>SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT<br>OF CUSTOMER<br>2801 MARKET ST<br>SAINT LOUIS MO 63103-2523 | VIRTUS EMERGING MARKETS OPPORTUNITIES FUND-CLASS A | 6.64% |
| WELLS FARGO CLEARING SERVICES LLC \*<br>SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT<br>OF CUSTOMER<br>2801 MARKET ST<br>SAINT LOUIS MO 63103-2523 | VIRTUS EMERGING MARKETS OPPORTUNITIES FUND-CLASS C | 23.11% |
| WELLS FARGO CLEARING SERVICES LLC \*<br>SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT<br>OF CUSTOMER<br>2801 MARKET ST<br>SAINT LOUIS MO 63103-2523 | VIRTUS INCOME & GROWTH FUND-CLASS A | 10.81% |
| WELLS FARGO CLEARING SERVICES LLC \*<br>SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT<br>OF CUSTOMER<br>2801 MARKET ST<br>SAINT LOUIS MO 63103-2523 | VIRTUS INCOME & GROWTH FUND-CLASS C | 30.05% |

---

------

---

| | | |
|:---|:---|:---|
| **PRINCIPAL SHAREHOLDERS<br>NAME AND ADDRESS** | **FUND** | **PERCENTAGE (%) OF CLASS OUTSTANDING** |
|  | VIRTUS INCOME & GROWTH FUND-CLASS INSTL | 13.51% |
|  | VIRTUS KAR GLOBAL SMALL-CAP FUND-CLASS C | 54.84% |
|  | VIRTUS KAR HEALTH SCIENCES FUND-CLASS C | 21.94% |
|  | VIRTUS KAR HEALTH SCIENCES FUND-CLASS INSTL | 12.92% |
|  | VIRTUS NFJ DIVIDEND VALUE FUND-CLASS A | 5.52% |
|  | VIRTUS NFJ DIVIDEND VALUE FUND-CLASS C | 6.41% |
|  | VIRTUS NFJ INTERNATIONAL VALUE FUND-CLASS C | 7.49% |
|  | VIRTUS NFJ INTERNATIONAL VALUE FUND-CLASS INSTL | 6.66% |
|  | VIRTUS NFJ LARGE-CAP VALUE FUND-CLASS A | 8.59% |
|  | VIRTUS NFJ LARGE-CAP VALUE FUND-CLASS C | 21.38% |
|  | VIRTUS NFJ MID-CAP VALUE FUND-CLASS A | 11.37% |
|  | VIRTUS NFJ MID-CAP VALUE FUND-CLASS C | 38.88% |
|  | VIRTUS NFJ MID-CAP VALUE FUND-CLASS INSTL | 14.19% |
|  | VIRTUS NFJ SMALL-CAP VALUE FUND-CLASS A | 5.39% |
|  | VIRTUS NFJ SMALL-CAP VALUE FUND-CLASS C | 25.29% |
|  | VIRTUS SILVANT FOCUSED GROWTH FUND-CLASS A | 18.59% |
|  | VIRTUS SILVANT FOCUSED GROWTH FUND-CLASS C | 18.82% |
|  | VIRTUS SILVANT FOCUSED GROWTH FUND-CLASS INSTL | 12.09% |
|  | VIRTUS SILVANT MID-CAP GROWTH FUND-CLASS A | 13.51% |
|  | VIRTUS SILVANT MID-CAP GROWTH FUND-CLASS C | 12.37% |
|  | VIRTUS SMALL-CAP FUND-CLASS A | 16.99% |
|  | VIRTUS SMALL-CAP FUND-CLASS C | 32.11% |
|  | VIRTUS ZEVENBERGEN TECHNOLOGY FUND-CLASS A | 7.19% |
|  | VIRTUS ZEVENBERGEN TECHNOLOGY FUND-CLASS C | 15.22% |

---

------

**VIRTUS INVESTMENT TRUST** 

**PART C — OTHER INFORMATION** 

<u>Item 28.</u> <u>Exhibits</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Agreement and Declaration of Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [Fifth Amended and Restated Agreement and Declaration of Trust of Virtus Investment Trust (formerly, Allianz Funds and PIMCO Funds: Multi-Manager Series) ("Registrant" or "Investment Trust"), dated July 16, 2007, filed via EDGAR (as Exhibit a.4) with Post-Effective Amendment No. 129 (File No. 033-36528) on August 9, 2007, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/867297/000119312507177661/dex99a4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. [Amendment to the Fifth Amended and Restated Declaration of Trust of the Registrant, dated February 1, 2021, filed via EDGAR (as Exhibit a.2) with Post-Effective Amendment No. 214 (File No. 033-36528) on January 29, 2021, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/867297/000119312521023058/d15409dex99a2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [Sixth Amended and Restated By-Laws of the Registrant dated October 7, 2015, filed via EDGAR (as Exhibit b.1) with Post-Effective Amendment No. 185 (File No. 033-36528) on December 14, 2015, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/867297/000119312515402478/d79497dex99b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. [Amendment to the Sixth Amended and Restated By-Laws of the Registrant, dated February 1, 2021, filed via EDGAR (as Exhibit b.2) with Post-Effective Amendment No. 214 (File No. 033-36528) on January 29, 2021, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/867297/000119312521023058/d15409dex99b2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. [Amendment No. 2 to the Sixth Amended and Restated By-Laws of the Registrant, dated November 16, 2022, filed via EDGAR (as Exhibit b.3) with Post-Effective Amendment No. 226 (File No. 033-36528) on October 24, 2023, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/867297/000093041323002347/c106958_ex99-b3.htm)

(c) See Articles III and V of Registrant's Fifth Amended and Restated Agreement and Declaration
of Trust and Articles IX and XI of Registrant's By-Laws, each as amended.

(d) Investment Advisory Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [Investment Advisory Agreement between Registrant and Virtus Investment Advisors, Inc. (n/k/a Virtus Investment Advisers, LLC) ("VIA") effective February 1, 2021, filed via EDGAR (as Exhibit d.1) with Post-Effective Amendment No. 216 (File No. 033-36528) on October 27, 2021, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/867297/000119312521309472/d205362dex99d1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. [Subadvisory Agreement among Registrant, VIA and NFJ on behalf of Virtus NFJ Dividend Value Fund ("Dividend Value Fund"), Virtus NFJ Large-Cap Value Fund ("Large-Cap Value Fund"), Virtus NFJ Mid-Cap Value Fund ("Mid-Cap Value Fund") and Virtus NFJ Small-Cap Value Fund ("Small-Cap Value Fund") dated February 1, 2021, filed via EDGAR (as Exhibit d.5) with Post-Effective Amendment No. 216 (File No. 033-36528) on October 27, 2021, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/867297/000119312521309472/d205362dex99d4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) [First Amendment to Subadvisory Agreement among Registrant, VIA and NFJ on behalf of Virtus NFJ International Value Fund ("International Value Fund"), Dividend Value Fund, Large-Cap Value Fund, Mid-Cap Value Fund and Small-Cap Value Fund dated February 26, 2021, filed via EDGAR (as Exhibit d.5.a) with Post-Effective Amendment No. 216 (File No. 033-36528) on October 27, 2021, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/867297/000119312521309472/d205362dex99d5a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. [Subadvisory Agreement effective July 25, 2022, by and among Registrant, VIA, and Kayne Anderson Rudnick Investment Management, LLC ("KAR") on behalf of Virtus KAR Global Small-Cap Fund ("Global Small-Cap Fund") and Virtus KAR Health Sciences Fund ("Health Sciences Fund") filed via EDGAR (as Exhibit d.3) with Post-Effective Amendment No. 219 (File No. 033-36528) on October 26, 2022, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/867297/000093041322001802/c104698_ex99-d3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. [Subadvisory Agreement effective July 25, 2022, by and among Registrant, VIA, and Silvant Capital Management LLC ("Silvant") on behalf of Virtus Silvant Focused Growth Fund ("Focused Growth Fund") and Virtus Silvant Mid-Cap Growth Fund ("Mid-Cap Growth Fund") filed via EDGAR (as Exhibit d.4) with Post-Effective Amendment No. 219 (File No. 033-36528) on October 26, 2022, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/867297/000093041322001802/c104698_ex99-d4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. [Subadvisory Agreement effective July 25, 2022, by and among Registrant, VIA, and Voya Investment Management Co., LLC ("Voya") on behalf of Virtus Income & Growth Fund ("Income & Growth Fund") filed via EDGAR (as Exhibit d.5) with Post-Effective Amendment No. 219 (File No. 033-36528) on October 26, 2022, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/867297/000093041322001802/c104698_ex99-d5.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. [Subadvisory Agreement effective July 25, 2022, by and among Registrant, VIA, and Zevenbergen Capital Investments LLC ("ZCI") on behalf of Virtus Zevenbergen Technology Fund ("Technology Fund") filed via EDGAR (as Exhibit d.6) with Post-Effective Amendment No. 219 (File No. 033-36528) on October 26, 2022, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/867297/000093041322001802/c104698_ex99-d6.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. [\*Subadvisory Agreement effective January 1, 2025, by and among Registrant, VIA and Virtus Systematic, a division of Virtus Advisers, LLC ("VA") on behalf of Virtus Emerging Markets Opportunities Fund ("Emerging Markets Opportunities Fund") and Virtus Small-Cap Fund ("Small-Cap Fund") filed via EDGAR (as Exhibit d.7) herewith.](c114260_ex99-d7.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Underwriting Agreement

&nbsp;&nbsp;&nbsp;&nbsp;1. [Underwriting Agreement between Registrant, Virtus Strategy Trust ("VST") and VP Distributors, LLC ("VP Distributors"), made as of February 1, 2021, filed via EDGAR (as Exhibit e.1) with Post-Effective Amendment No. 216 (File No. 033-36528) on October 27, 2021, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/867297/000119312521309472/d205362dex99e1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;2. [Form of Sales Agreement between VP Distributors and dealers, effective September 2019, filed via EDGAR (as Exhibit e.2) with Post-Effective Amendment No. 41 to Virtus Alternative Solutions Trust's ("VAST") Registration Statement (File No. 333-191940) on October 30, 2019, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1589756/000110465919057577/tv531182_ex-e2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) [Amended Annex A to Form of Sales Agreement between VP Distributors and dealers effective September 2025 filed via EDGAR (as Ex. e.2.a) with Post-Effective Amendment No. 136 to Virtus Opportunities Trust's ("VOT") Registration Statement (File No. 033-65137) on September 24, 2025, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1005020/000093041325003000/c114084_ex99-e2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) [Deferred Compensation Program, effective April 8, 2022, filed via EDGAR (as Exhibit 8) to the Registration Statement of Virtus Equity Trust ("VET") (File No. 002-16590) on January 24, 2023, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/792359/000110465922048228/tm2212606d1_ex99-f.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Custodian Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [Custody Agreement between VAST and The Bank of New York Mellon dated March 21, 2014, filed via EDGAR (as Exhibit g.1) with Pre-Effective Amendment No. 3 to VAST's Registration Statement (File No. 333-191940) on March 28, 2014, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1589756/000157104914000977/t1400537_ex99g1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) [Amendment to Custody Agreement between VAST and The Bank of New York Mellon effective May 19, 2015, filed via EDGAR (as Exhibit g.1.b) with Post-Effective Amendment No. 16 to VAST's Registration Statement (File No. 333-191940) on May 29, 2015, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1589756/000157104915004728/ex99-g1b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) [Amendment to Custody Agreement between VAST and The Bank of New York Mellon dated as of September 1, 2015, filed via EDGAR (as Exhibit g.1.c) with Post-Effective Amendment No. 24 to VAST's Registration Statement (File No. 333-191940) on February 26, 2016, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1589756/000157104916012159/t1600324_ex99-g1c.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) [Joinder Agreement and Amendment to Custody Agreement between VAST, VET and VOT (VET and VOT collectively, "VET, VOT"), Virtus Asset Trust ("VAT"), Virtus Retirement Trust ("VRT"; formerly known as Virtus Institutional Trust), Virtus Variable Insurance Trust ("VVIT") and The Bank of New York Mellon dated September 11, 2017, filed via EDGAR (as Exhibit g.1.d) with Post-Effective Amendment No. 114 to VET's Registration Statement (File No. 002-16590) on December 21, 2017, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/34273/000114420417064693/tv480802_ex99-g1d.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) [Amendment to Custody Agreement between VAST, VET, VOT, VAT, VRT and VVIT and The Bank of New York Mellon dated as of December 1, 2018, filed via EDGAR (as Exhibit 9(e)) to Form N-14 (File No. 333-228766) on December 12, 2018, and incorporated herein by reference .](https://www.sec.gov/Archives/edgar/data/34273/000114420418064319/tv508990_ex99-9e.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) [Form of Amendment to Custody Agreement between VAST, VET, VOT, VRT, VVIT and VAT and The Bank of New York Mellon dated as of March 8, 2019, filed via EDGAR (as Exhibit g.1.e) with Post-Effective Amendment No. 82 to VVIT's Registration Statement (File No. 033-05033) on April 22, 2019, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/792359/000114420419020594/tv519100_ex99-g1e.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) [Amendment to Custody Agreement between VAST, VET, VOT, VRT, VVIT and VAT and The Bank of New York Mellon dated as of May 22, 2019, filed via EDGAR (as Exhibit g.1.f) with Post-Effective Amendment No. 123 to VET's Registration Statement (File No. 002-16590) on June 12, 2019, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/34273/000114420419030712/tv523291_ex99-g1f.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) [Amendment to Custody Agreement between VAST, VET, VOT, VRT, VAT, VVIT and The Bank of New York Mellon dated as of September 1, 2019, filed via EDGAR (as Exhibit g.1.g) with Post-Effective Amendment No. 105 to VOT's Registration Statement (File No. 033-65137) on September 30, 2019, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1005020/000114420419046538/tv530053_ex99-g1g.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) [Amendment to Custody Agreement between VAST, VET, VOT, VRT, VAT, VVIT and the Bank of New York Mellon dated as of November 18, 2019, filed via EDGAR (as Exhibit g.1.h) with Post-Effective Amendment No. 109 to VOT's Registration Statement (File No. 033-65137) on January 22, 2020, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1005020/000110465920005966/tv536301_ex99g1h.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) [Amendment and Joinder to Custody Agreement between VAST, VET, VOT, VRT, VAT, VVIT, VATS Offshore Fund, Ltd. ("VATS") and the Bank of New York Mellon dated as of August 27, 2020, filed via EDGAR (as Exhibit g.1.i) with Post-Effective Amendment No. 133 to VET's Registration Statement (File No. 002-16590) on September 23, 2020, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/34273/000110465920107672/tm2031285d3_ex99-g1i.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) [Amendment to Custody Agreement between VAST, VET, VOT, VRT, VAT, VVIT, VATS and the Bank of New York Mellon dated as of November 16, 2020, filed via EDGAR (as Exhibit g.1.j) with Post-Effective Amendment No. 136 to VET's Registration Statement (File No. 002-16590) on December 7, 2020, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/34273/000110465920132902/tm2031285-6_exg1j.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k) [Amendment to Custody Agreement between VAST, VET, VOT, VRT, VAT, VVIT, VATS and the Bank of New York Mellon dated as of December 1, 2020, filed via EDGAR (as Exhibit g.1.k) with Post-Effective Amendment No. 116 to VOT's Registration Statement (File No. 033-65137) on January 25, 2021, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1005020/000110465921007301/tm213358d1_ex-g1k.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l) [Amendment and Joinder to Custody Agreement between VAST, VET, VOT, VRT, VAT, VVIT, VATS, Investment Trust, VST and the Bank of New York Mellon dated as of May 7, 2021, filed via EDGAR (as Exhibit g.1.l) with Post-Effective Amendment No. 119 to VOT's Registration Statement (File No. 033-65137) on June 21, 2021, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1005020/000110465921083482/tm2118897d1_ex-g1l.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m) [Amendment to Custody Agreement between VAST, VET, VOT, VRT, VAT, VVIT, VATS, Investment Trust, VST and the Bank of New York Mellon dated as of July 26, 2021, filed via EDGAR (as Exhibit 9(n)) to VOT's Form N-14 (File No. 333-261341) on November 24, 2021, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1005020/000110465921143538/tm2133731d1_ex9n.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n) [Amendment and Joinder to Custody Agreement between The Merger Fund<sup>®</sup> ("TMF"), The Merger Fund<sup>®</sup> VL ("TMFVL"), VAST, Virtus Event Opportunities Trust ("VEOT"), VET, VOT, VRT, VAT, VVIT, VATS, Investment Trust, VST, and the Bank of New York Mellon dated as of February 12, 2022, filed via EDGAR (as Exhibit g.1.n) with Post-Effective Amendment No. 127 to VOT's Registration Statement (File No. 033-65137) on April 5, 2022, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1005020/000110465922042847/tm2134495d5_ex99-g1n.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o) [Amendment and Joinder to Custody Agreement between TMF, TMFVL, VAST, VEOT, VET, VOT, VRT, VAT, VVIT, VATS, Investment Trust, VST, and the Bank of New York Mellon dated as of April 4, 2022, filed via EDGAR (as Exhibit g.1.o) with Post-Effective Amendment No. 127 to VOT's Registration Statement (File No. 033-65137) on April 5, 2022, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1005020/000110465922042847/tm2134495d5_ex99-g1o.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p) [Amendment and Joinder to Custody Agreement between TMF, TMFVL, VAST, VEOT, VET, VOT, VRT, VAT, VVIT, VATS, Investment Trust, VST, Stone Harbor Leveraged Load Fund LLC ("Leveraged Loan Fund") and the Bank of New York Mellon dated as of September 30, 2022, filed via EDGAR (as Exhibit g.1.p) with Post-Effective Amendment No. 52 to VAST's Registration Statement (File No. 333-191940) on December 12, 2022, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1589756/000093041322002079/c105028_ex99g1p.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q) [Amendment and Joinder to Custody Agreement between TMF, TMFVL, VAST, VEOT, VET, VOT, VRT, VAT, VVIT, VATS, Investment Trust, VST, Leveraged Loan Funds, AlphaSimplex Managed Futures Strategy Cayman Fund Ltd., AlphaSimplex Global Alternatives Cayman Fund Ltd., and the Bank of New York Mellon dated as of May 19, 2023, filed via EDGAR (as Exhibit g.1.q) with Post-Effective Amendment No. 142 to VET's Registration Statement (File No. 002-16590) on January 23, 2024, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/34273/000093041324000285/c107726_ex99-g1q.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r) [Amendment to Custody Agreement between TMF, TMFVL, VAST, VEOT, VET, VOT, VRT, VAT, VVIT, VATS, Investment Trust, VST, Leveraged Loan Fund, AlphaSimplex Managed Futures Strategy Cayman Fund Ltd., AlphaSimplex Global Alternatives Cayman Fund Ltd., and The Bank of New York Mellon dated as of December 1, 2024, filed via EDGAR (as Exhibit g.1.r) with Pre-Effective Amendment No. 1 to Virtus Managed Account Completion Shares (MACS) Trust ("MACS") Registration Statement (File No. 333-280702) on December 27, 2024, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/2025137/000093041324003366/c110891_ex99g1r.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;s) [Form of Amendment and Joinder to Custody Agreement between TMF, TMFVL, VAST, VEOT, VET, VOT, VRT, VAT, VVIT, VATS, Investment Trust, VST, Leveraged Loan Fund, AlphaSimplex Managed Futures Strategy Cayman Fund Ltd., AlphaSimplex Global Alternatives Cayman Fund Ltd., and The Bank of New York Mellon filed via EDGAR (as Exhibit g.1.s) with Pre-Effective Amendment No. 1 to MACS Registration Statement (File No. 333-280702) on December 27, 2024, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/2025137/000093041324003366/c110891_ex99g1s.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;t) [Amendment to Custody Agreement among TMF, TMFVL, VAST, VEOT, VET, VOT, VRT, VAT, VVIT, VATS, Investment Trust, VST, MACS, Virtus Global Credit Opportunities Fund ("GCO"), Leveraged Loan Fund, AlphaSimplex Managed Futures Strategy Cayman Fund Ltd., AlphaSimplex Global Alternatives Cayman Fund Ltd., and The Bank of New York Mellon dated March 31, 2025, filed via EDGAR (as Exhibit j.1.t) to GCO's Pre-Effective Amendment No. 1 (File No. 333-284056) on March 10, 2025, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/2049810/000119312525050056/d938735dex99j1t.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. [Foreign Custody Manager Agreement between VAST and The Bank of New York Mellon dated as of March 21, 2014, filed via EDGAR (as Exhibit g.2) with Pre-Effective Amendment No. 4 to VAST's Registration Statement (File No. 333-191940) on April 4, 2014, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1589756/000157104914001055/t1400597_exg-2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) [Amendment to Foreign Custody Manager Agreement between VAST and The Bank of New York Mellon dated as of August 19, 2014, filed via EDGAR (as Exhibit g.2.a) with Post-Effective Amendment No. 4 to VAST's Registration Statement (File No. 333-191940) on September 8, 2014, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1589756/000157104914004463/t1401656_exg-2a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) [Amendment to Foreign Custody Manager Agreement between VAST and The Bank of New York Mellon dated as of May 19, 2015, filed via EDGAR (as Exhibit g.2.b) with Post-Effective Amendment No. 16 to VAST's Registration Statement (File No. 333-191940) on May 29, 2015, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1589756/000157104915004728/ex99-g2b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) [Amendment to Foreign Custody Manager Agreement between VAST and The Bank of New York Mellon dated as of September 1, 2015, filed via EDGAR (as Exhibit g.2.c) with Post-Effective Amendment No. 24 to VAST's Registration Statement (File No. 333-191940) on February 26, 2016, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1589756/000157104916012159/t1600324_ex99-g2c.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) [Joinder Agreement and Amendment to Foreign Custody Manager Agreement between VAST, VET, VOT, VAT, VRT, VVIT, Duff & Phelps Select MLP and Midstream Energy Fund Inc. ("DSE"), Virtus Global Multi-Sector Income Fund ("VGI") and Virtus Total Return Fund Inc. ("ZTR") (VGI and ZTR collectively, the "Closed-End Funds") and The Bank of New York Mellon dated as of December 1, 2018, filed via EDGAR (as Exhibit 9(j)) to Form N-14 (File No. 333-228766) on December 12, 2018, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/34273/000114420418064319/tv508990_ex99-9j.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) [Form of Amendment to Foreign Custody Manager Agreement between VAST, VET, VOT, VAT, VRT, VVIT, DSE, Closed-End Funds and The Bank of New York Mellon dated as of March 8, 2019, filed via EDGAR (as Exhibit g.2.e) with Post-Effective Amendment No. 82 to VVIT's Registration Statement (File No. 033-05033) on April 22, 2019, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/792359/000114420419020594/tv519100_ex99-g2e.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) [Amendment to Foreign Custody Manager Agreement between VAST, VET, VOT, VAT, VRT, VVIT, DSE, Closed-End Funds and The Bank of New York Mellon dated as of May 22, 2019, filed via EDGAR (as Exhibit g.2.f) with Post-Effective Amendment No. 123 to VET's Registration Statement (File No. 002-16590) on June 12, 2019, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/34273/000114420419030712/tv523291_ex99-g2f.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) [Amendment to Foreign Custody Manager Agreement between VAST, VET, VOT, VAT, VRT, VVIT, DSE, Closed-End Funds and The Bank of New York Mellon dated as of September 1, 2019, filed via EDGAR (as Exhibit g.2.g) with Post-Effective Amendment No. 105 to VOT's Registration Statement (File No. 033-65137) on September 30, 2019, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1005020/000114420419046538/tv530053_ex99-g2g.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) [Amendment to Foreign Custody Manager Agreement between VAST, VET, VOT, VAT, VRT, VVIT, DSE, Closed-End Funds and The Bank of New York Mellon dated as of November 18, 2019, filed via EDGAR (as Exhibit g.2.h) with Post-Effective Amendment No. 109 to VOT's Registration Statement (File No. 033-65137) on January 22, 2020, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1005020/000110465920005966/tv536301_ex99g2h.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) [Amendment to Foreign Custody Manager Agreement between VAST, VET, VOT, VAT, VRT, VVIT, DSE, Closed-End Funds, VATS and The Bank of New York Mellon dated as of August 27, 2020, filed via EDGAR (as Exhibit g.2.i) with Post-Effective Amendment No. 135 to VET's Registration Statement (File No. 002-16590) on October 19, 2020, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/34273/000110465920116134/tm2033121d1_ex99-g2i.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) [Amendment to Foreign Custody Manager Agreement between VAST, VET, VOT, VAT, VRT, VVIT, DSE, Closed-End Funds, VATS and The Bank of New York Mellon dated as of November 12, 2020, filed via EDGAR (as Exhibit g.2.l) with Post-Effective Amendment No. 136 to VET's Registration Statement (File No. 002-16590) on December 7, 2020, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/34273/000110465920132902/tm2031285-6_exg2l.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k) [Amendment to Foreign Custody Manager Agreement between VAST, VET, VOT, VAT, Investment Trust, VRT, VST, VVIT, DSE, Closed-End Funds, VATS, Virtus Artificial Intelligence & Technology Opportunities Fund (f/k/a Virtus AllianzGI Artificial Intelligence & Technology Opportunities Fund) ("AIO"), Virtus Convertible & Income 2024 Target Term Fund (f/k/a Virtus AllianzGI Convertible & Income 2024 Target Term Fund) ("CBH"), Virtus Convertible & Income Fund (f/k/a Virtus AllianzGI Convertible & Income Fund) ("NCV"), Virtus Convertible & Income Fund II (f/k/a Virtus AllianzGI Convertible & Income Fund II) ("NCZ II"), Virtus Diversified Income & Convertible Fund (f/k/a Virtus AllianzGI Diversified Income & Convertible Fund) ("ACV"), Virtus Equity & Convertible Income Fund (f/k/a Virtus AllianzGI Equity & Convertible Income Fund) ("NIE") and Virtus Dividend, Interest & Premium Strategy Fund ("NFJ" and together with AIO, CBH, NCV, NCZ II, ACV, and NIE, the "VCEFII") and The Bank of New York Mellon dated as of May 7, 2021, filed via EDGAR (as Exhibit g.2.k) with Post-Effective Amendment No. 121 to VOT's Registration Statement (File No. 033-65137) on September 27, 2021, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1005020/000110465921119400/tm2127644d3_ex99-g2k.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l) [Amendment to Foreign Custody Manager Agreement between VAST, VET, VOT, VAT, VRT, VVIT, VATS, Investment Trust, VST, DSE, Closed-End Funds, VCEFII and The Bank of New York Mellon dated as of July 26, 2021, filed via EDGAR (as Exhibit 9(bb)) to Form N-14 (File No. 333-261341) on November 24, 2021, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1005020/000110465921143538/tm2133731d1_ex9bb.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m) [Amendment and Joinder to Foreign Custody Manager Agreement between TMF, TMFVL, VEOT, VAST, VET, VOT, VAT, VRT, VVIT, VATS, Investment Trust, VST, DSE, Closed-End Funds, VCEFII and The Bank of New York Mellon dated as of February 12, 2022, filed via EDGAR (as Exhibit g.2.m) with Post-Effective Amendment No. 127 to VOT's Registration Statement (File No. 033-65137) on April 5, 2022, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1005020/000110465922042847/tm2134495d5_ex99-g2m.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n) [Amendment and Joinder to Foreign Custody Manager Agreement between TMF, TMFVL, VEOT, VAST, VET, VOT, VAT, VRT, VVIT, VATS, Investment Trust, VST, Closed-End Funds, VCEFII, Virtus Stone Harbor Emerging Markets Income Fund ("EDF"), and The Bank of New York Mellon dated as of April 4, 2022, filed via EDGAR (as Exhibit g.2.n) with Post-Effective Amendment No. 127 to VOT's Registration Statement (File No. 033-65137) on April 5, 2022, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1005020/000110465922042847/tm2134495d5_ex99-g2n.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o) [Amendment and Joinder to Foreign Custody Manager Agreement between TMF, TMFVL, VEOT, VAST, VET, VOT, VAT, VRT, VVIT, VATS, Investment Trust, VST, Closed-End Funds, VCEFII, EDF, and The Bank of New York Mellon dated as of September 30, 2022, filed via EDGAR (as Exhibit g.2.o) with Post-Effective Amendment No. 52 to VAST's Registration Statement (File No. 333-191940) on December 12, 2022, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1589756/000093041322002079/c105028_ex99g2o.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p) [Amendment and Joinder to Foreign Custody Agreement between VAST, TMF, TMFVL, VEOT, VET, VOT, VAT, VRT, VVIT, VATS, Investment Trust, VST, Closed-End Funds, VCEFII, EDF, AlphaSimplex Managed Futures Strategy Cayman Fund Ltd., AlphaSimplex Global Alternatives Cayman Fund Ltd., and the Bank of New York Mellon dated as of May 19, 2023, filed via EDGAR (as Exhibit g.2.p) with Post-Effective Amendment No. 142 to VET's Registration Statement (File No. 002-16590) on January 23, 2024, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/34273/000093041324000285/c107726_ex99-g2p.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q) [Form of Amendment and Joinder to Foreign Custody Agreement between VAST, TMF, TMFVL, VEOT, VET, VOT, VAT, VRT, VVIT, VATS, Investment Trust, VST, Closed-End Funds, VCEFII, EDF, AlphaSimplex Managed Futures Strategy Cayman Fund Ltd., AlphaSimplex Global Alternatives Cayman Fund Ltd., MACS, and the Bank of New York Mellon dated as of December 23, 2024, filed via EDGAR (as Exhibit g.2.q) with Pre-Effective Amendment No. 1 to MACS Registration Statement (File No. 333-280702) on December 27, 2024, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/2025137/000093041324003366/c110891_ex99g2q.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r) [Amendment and Joinder to Foreign Custody Agreement among VAST, TMF, TMFVL, VEOT, VET, VOT, VAT, VRT, VVIT, VATS, Investment Trust, VST, Closed-End Funds, VCEFII, EDF, AlphaSimplex Managed Futures Strategy Cayman Fund Ltd., AlphaSimplex Global Alternatives Cayman Fund Ltd., MACS, GCO, and the Bank of New York Mellon effective March 31, 2025, filed via EDGAR (as Exhibit j.2.r) with GCO's Pre-Effective Amendment No. 1 (File No. 333-284056) on March 10, 2025, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/2049810/000119312525050056/d938735dex99j2r.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Other Material Contracts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [Form of Transfer Agency and Service Agreement between Investment Trust, VST and Virtus Fund Services, LLC ("Virtus Fund Services") effective February 1, 2021, filed via EDGAR (as Exhibit h.1) with Post-Effective Amendment No. 221 to Investment Trust's Registration Statement (File No. 033-36528) on October 24, 2024, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/867297/000093041324003032/c110374_ex99-h1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. [Sub-Transfer Agency and Shareholder Services Agreement among VET, VOT, VP Distributors (since assigned to Virtus Fund Services) and BNY Mellon Investment Servicing (US) Inc. ("BNY Mellon"), dated April 15, 2011, filed via EDGAR (as Exhibit h.6) with Post-Effective Amendment No. 54 to Virtus Insight Trust's ("VIT") Registration Statement (File No. 033-64915) on April 27, 2012, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1003859/000119312512191644/d296954dex99h6.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) [Adoption and Amendment Agreement among VET, VOT, VAST, Virtus Fund Services and BNY Mellon, dated as of March 21, 2014, filed via EDGAR (as Exhibit h.2.b) with Pre-Effective Amendment No. 4 to VAST's Registration Statement (File No. 333-191940) on April 4, 2014, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1589756/000157104914001055/t1400597_exh-2xb.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) [Amendment to Sub-Transfer Agency and Shareholder Services Agreement among VET, VOT, VAST, Virtus Fund Services and BNY Mellon, dated as of August 19, 2014, filed via EDGAR (as Exhibit h.2.a) with Post-Effective Amendment No. 4 to VAST's Registration Statement (File No. 333-191940) on September 8, 2014, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1589756/000157104914004463/t1401656_exh-2a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) [Amendment to Sub-Transfer Agency and Shareholder Services Agreement among VAST, VET, VOT, Virtus Fund Services and BNY Mellon dated as of June 1, 2014, filed via EDGAR (as Exhibit h.2.c) with Post-Effective Amendment No. 92 to VOT's Registration Statement (File No. 033-65137) on January 20, 2017, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1005020/000157104917000550/t1603088_ex99-h2c.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) [Amendment to Sub-Transfer Agency and Shareholder Services Agreement among VET, VOT, VAST, Virtus Fund Services and BNY Mellon, dated as of November 12, 2014, filed via EDGAR (as Exhibit h.2.c) with Post-Effective Amendment No. 80 to VOT's Registration Statement (File No. 033-65137) on January 27, 2015, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1005020/000157104915000413/t1500036_ex99-h2c.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) [Amendment to Sub-Transfer Agency and Shareholder Services Agreement among VET, VOT, VAST, Virtus Fund Services and BNY Mellon, dated as of May 28, 2015, filed via EDGAR (as Exhibit h.2.d) with Post-Effective Amendment No. 18 to VAST's Registration Statement (File No. 333-191940) on June 5, 2015, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1589756/000157104915004898/ex99-h2d.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) [Amendment to Sub-Transfer Agency and Shareholder Services Agreement among VET, VOT, VAST, VRT, Virtus Fund Services and BNY Mellon, dated as of December 10, 2015, filed via EDGAR (as Exhibit h.2.e) with Post-Effective Amendment No. 35 to VRT's Registration Statement (File No. 033-80057) on January 8, 2016, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1004658/000157104916010608/ex99-h2e.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) [Amendment to Sub-Transfer Agency and Shareholder Services Agreement among VET, VOT, VAST, VRT, Virtus Fund Services and BNY Mellon, dated as of February 1, 2017, filed via EDGAR (as Exhibit h.2.g) with Post-Effective Amendment No. 112 to VET's Registration Statement (File No. 002-16590) on July 26, 2017, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/34273/000157104917006960/t1702103_ex-h2g.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) [Amendment to Sub-Transfer Agency and Shareholder Services Agreement among VET, VOT, VAST, VRT, Virtus Fund Services and BNY Mellon, dated as of February 1, 2017, filed via EDGAR (as Exhibit h.2.h) with Post-Effective Amendment No. 114 to VET's Registration Statement (File No. 002-16590) on December 21, 2017, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/34273/000114420417064693/tv480802_ex99-h2h.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) [Amendment to Sub-Transfer Agency and Shareholder Services Agreement among VET, VOT, VAT, VAST, VRT, Virtus Fund Services and BNY Mellon, dated as of September 18, 2017, filed via EDGAR (as Exhibit h.2.i) with Post-Effective Amendment No. 114 to VET's Registration Statement (File No. 002-16590) on December 21, 2017, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/34273/000114420417064693/tv480802_ex99-h2i.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) [Amendment to Sub-Transfer Agency and Shareholder Services Agreement among VET, VOT, VAT, VAST, VRT, Virtus Fund Services and BNY Mellon, dated as of January 1, 2018, filed via EDGAR (as Exhibit h.2.j) with Post-Effective Amendment No. 114 to VET's Registration Statement (File No. 002-16590) on December 21, 2017, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/34273/000114420417064693/tv480802_ex99-h2j.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k) [Amendment to Sub-Transfer Agency and Shareholder Services Agreement among VET, VOT, VAT, VAST, VRT, Virtus Fund Services and BNY Mellon, dated as of September 20, 2018, filed via EDGAR (as Exhibit h.2.k) with Post-Effective Amendment No. 119 to VET's Registration Statement (File No. 002-16590) on November 16, 2018, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/34273/000114420418060472/tv504918_ex99-h2k.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l) [Amendment to Sub-Transfer Agency and Shareholder Services Agreement among VET, VOT, VAT, VAST, VRT, Virtus Fund Services and BNY Mellon, dated as of December 21, 2018, filed via EDGAR (as Exhibit h.2.l) with Post-Effective Amendment No. 120 to VET's Registration Statement (File No. 002-16590) on January 25, 2019, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/34273/000114420419002901/tv510669_ex99-h2l.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m) [Form of Amendment to Sub-Transfer Agency and Shareholder Services Agreement among VET, VOT, VAT, VAST, VRT, Virtus Fund Services and BNY Mellon, dated as of March 22, 2019, filed via EDGAR (as Exhibit h.2.m) with Post-Effective Amendment No. 35 to VAT's Registration Statement (File No. 333-08045) on April 25, 2019, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1018593/000114420419021242/tv519254_ex-99h2m.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n) [Amendment to Sub-Transfer Agency and Shareholder Services Agreement among VET, VOT, VAT, VAST, VRT, Virtus Fund Services and BNY Mellon, dated as of May 22, 2019, filed via EDGAR (as Exhibit h.2.n) with Post-Effective Amendment No. 123 to VET's Registration Statement (File No. 002-16590) on June 12, 2019, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/34273/000114420419030712/tv523291_ex99-h2n.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o) [Amendment to Sub-Transfer Agency and Shareholder Services Agreement among VET, VOT, VAT, VAST, VRT, Virtus Fund Services and BNY Mellon, dated as of September 1, 2019, filed via EDGAR (as Exhibit h.2.o) with Post-Effective Amendment No. 105 to VOT's Registration Statement (File No. 033-65137) on September 30, 2019, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1005020/000114420419046538/tv530053_ex99-h2o.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p) [Amendment to Sub-Transfer Agency and Shareholder Services Agreement among VET, VOT, VAT, VAST, VRT, Virtus Fund Services and BNY Mellon, dated as of November 18, 2019, filed via EDGAR (as Exhibit h.2.p) with Post-Effective Amendment No. 109 to VOT's Registration Statement (File No. 033-65137) on January 22, 2020, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1005020/000110465920005966/tv536301_ex99h2p.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q) [Amendment to Sub-Transfer Agency and Shareholder Services Agreement among VET, VOT, VAT, VAST, VRT, Virtus Fund Services and BNY Mellon, dated as of August 27, 2020, filed via EDGAR (as Exhibit h.2.q) with Post-Effective Amendment No. 133 to VET's Registration Statement (File No. 002-16590) on September 23, 2020, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/34273/000110465920107672/tm2031285d3_ex99-h2q.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r) [Amendment to Sub-Transfer Agency and Shareholder Services Agreement among VET, VOT, VAT, VAST, VRT, Virtus Fund Services and BNY Mellon, dated as of November 13, 2020, filed via EDGAR (as Exhibit h.2.r) with Post-Effective Amendment No. 136 to VET's Registration Statement (File No. 002-16590) on December 7, 2020, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/34273/000110465920132902/tm2031285-6_exh2r.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;s) [Adoption Agreement and Amendment to Sub-Transfer Agency and Shareholder Services Agreement among VET, VOT, VAT, VAST, VRT, Investment Trust, VST, Virtus Fund Services and BNY Mellon, dated as of June 9, 2021, filed via EDGAR (as Exhibit h.2.s) with Post-Effective Amendment No. 139 to VET's Registration Statement (File No. 002-16590) on August 2, 2021, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/34273/000110465921098893/tm2116274d2_exh2r.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;t) [Amendment to Sub-Transfer and Shareholder Services Agreement among VAST, VET, VOT, VAT, VRT, Investment Trust, VST, Virtus Fund Services and BNY Mellon, dated as of August 2, 2021, filed via EDGAR (as Exhibit 13(v)) to VOT's Form N-14 (File No. 333-261341) on November 24, 2021, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1005020/000110465921143538/tm2133731d1_ex13v.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;u) [Amendment to Sub-Transfer Agency and Shareholder Services Agreement among VET, VOT, VAT, VAST, VRT, Investment Trust, VST, Virtus Fund Services and BNY Mellon, dated as of December 1, 2021, filed via EDGAR (as Exhibit h.2.u) with Post-Effective Amendment No. 122 to VOT's Registration Statement (File No. 033-65137) on December 6, 2021, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1005020/000110465921146835/tm2134495d1_ex99-h2u.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v) [Adoption Agreement and Amendment to Sub-Transfer Agency and Shareholder Services Agreement among TMF, VEOT, VET, VOT, VAT, VAST, VRT, Investment Trust, VST, Virtus Fund Services and BNY Mellon, dated as of January 12, 2022, filed via EDGAR (as Exhibit h.2.v) with Post-Effective Amendment No. 45 to VAST's Registration Statement (File No. 333-191940) on February 24, 2022, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1589756/000110465922026510/tm227176-1_h2v.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;w) [Amendment to Sub-Transfer Agency and Shareholder Services Agreement among TMF, VEOT, VET, VOT, VAT, VAST, VRT, Investment Trust, VST, Virtus Fund Services and BNY Mellon, dated as of February 24, 2022, filed via EDGAR (as Exhibit h.2.w) with Post-Effective Amendment No. 127 to VOT's Registration Statement (File No. 033-65137) on April 5, 2022, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1005020/000110465922042847/tm2134495d5_ex99-h2w.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x) [Amendment to Sub-Transfer Agency and Shareholder Services Agreement among TMF, VEOT, VET, VOT, VAT, VAST, VRT, Investment Trust, VST, Virtus Fund Services and BNY Mellon, dated as of September 1, 2022, filed via EDGAR (as Exhibit h.2.x) with Post-Effective Amendment No. 128 to VOT's Registration Statement (File No. 033-65137) on September 27, 2022, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1005020/000093041322001697/c104558_ex-h2x.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;y) [Amendment to Sub-Transfer Agency and Shareholder Services Agreement among TMF, VEOT, VET, VOT, VAT, VAST, VRT, Investment Trust, VST, Virtus Fund Services and BNY Mellon, dated as of May 19, 2023, filed via EDGAR (as Exhibit h.2.y) with Post-Effective Amendment No. 130 to VOT's Registration Statement (File No. 033-65137) on September 26, 2023, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1005020/000093041323002211/c106957_ex-h2y.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;z) [Form of Amendment to Sub-Transfer Agency and Shareholder Services Agreement among TMF, VEOT, VET, VOT, VAT, VAST, VRT, Investment Trust, VST, Virtus Fund Services and BNY Mellon, dated as of December 1, 2024, filed via EDGAR (as Exhibit h.2.z) with Post-Effective Amendment No. 134 to VOT's Registration Statement (File No. 033-65137) on September 25, 2024, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1005020/000093041324002831/c110061_ex99-h2z.htm)

---

| | |
|:---|:---|
| aa) | [Form of Amendment to Sub-Transfer Agency and Shareholder Services Agreement among TMF, VEOT, VET, VOT, VAT, VAST, VRT, Investment Trust, VST, MACS, Virtus Fund Services and BNY Mellon dated December 23, 2024 filed via EDGAR (as Exhibit h.2.aa) with Pre-Effective Amendment No. 1 to MACS Registration Statement (File No. 333-280702) on December 27, 2024, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/2025137/000093041324003366/c110891_ex99h2aa.htm) |

---

---

| | |
|:---|:---|
| bb) | [Amendment to Sub-Transfer Agency and Shareholder Services Agreement among TMF, VEOT, VET, VOT, VAT, VAST, VRT, Investment Trust, VST, MACS, Virtus Fund Services, GCO and BNY Mellon, dated as of March 31, 2025, filed via EDGAR (as Exhibit h.2.bb) with Post-Effective Amendment No. 222 (File No. 033-36528) on June 18, 2025, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/867297/000093041325001998/c112998_ex99-h2bb.htm) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. [Administration Agreement between the Investment Trust, VST and Virtus Fund Services, effective as of February 1, 2021, filed via EDGAR (as Exhibit h.3) with Post-Effective Amendment No. 216 (File No. 033-36528) on October 27, 2021, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/867297/000119312521309472/d205362dex99h3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. [Sub-Administration and Accounting Services Agreement among VET, VOT, VRT, VP Distributors (since assigned to Virtus Fund Services) and BNY Mellon, effective as of January 1, 2010, filed via EDGAR (as Exhibit h.5) with Post-Effective Amendment No. 50 to VIT's Registration Statement (File No. 033-64915) on February 25, 2010, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1003859/000119312510040866/dex99h5.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) [First Amendment to Sub-Administration and Accounting Services Agreement among VET, VOT, VRT, VP Distributors (since assigned to Virtus Fund Services) and BNY Mellon, effective as of June 30, 2010, filed via EDGAR (as Exhibit h.13) with Post-Effective Amendment No. 52 to VIT's Registration Statement (File No. 033-64915) on April 28, 2011, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1003859/000119312511114732/dex99h13.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) [Second Amendment to Sub-Administration and Accounting Services Agreement among VET, VOT, VRT, VP Distributors (since assigned to Virtus Fund Services) and BNY Mellon, effective as of September 14, 2010, filed via EDGAR (as Exhibit h.14) with Post-Effective Amendment No. 52 to VIT's Registration Statement (File No. 033-64915) on April 28, 2011, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1003859/000119312511114732/dex99h14.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) [Third Amendment to Sub-Administration and Accounting Services Agreement among VET, VOT, VRT, VP Distributors (since assigned to Virtus Fund Services) and BNY Mellon, effective as of March 15, 2011, filed via EDGAR (as Exhibit h.15) with Post-Effective Amendment No. 52 to VIT's Registration Statement (File No. 033-64915) on April 28, 2011, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1003859/000119312511114732/dex99h15.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) [Fourth Amendment to Sub-Administration and Accounting Services Agreement among VET, VOT, VRT, VP Distributors (since assigned to Virtus Fund Services) and BNY Mellon, effective as of August 28, 2012, filed via EDGAR (as Exhibit h.4.d) with Post-Effective Amendment No. 56 to VIT's Registration Statement (File No. 033-64915) on April 29, 2013, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1003859/000119312513182356/d501199dex99h4d.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) [Fifth Amendment to Sub-Administration and Accounting Services Agreement among VET, VOT, VP Distributors (since assigned to Virtus Fund Services) and BNY Mellon, effective as of December 18, 2012, filed via EDGAR (as Exhibit h.4.e) with Post-Effective Amendment No. 56 to VIT's Registration Statement (File No. 033-64915) on April 29, 2013, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1003859/000119312513182356/d501199dex99h4e.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) [Sixth Amendment to Sub-Administration and Accounting Services Agreement among VET, VOT, Virtus Fund Services and BNY Mellon, effective as of June 10, 2013, filed via EDGAR (as Exhibit h.4.f) with Post-Effective Amendment No. 64 to VOT's Registration Statement (File No. 033-65137) on June 10, 2013, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1005020/000119312513253363/d510452dex99h4f.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) [Seventh Amendment to Sub-Administration and Accounting Services Agreement among VET, VOT, Virtus Fund Services and BNY Mellon, effective as of December 18, 2013, filed via EDGAR (as Exhibit h.4.g) with Post-Effective Amendment No. 70 to VOT's Registration Statement (File No. 033-65137) on January 27, 2014, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1005020/000157104914000181/t1300666_h4g.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) [Joinder Agreement and Amendment to Sub-Administration and Accounting Services Agreement among VET, VOT, VAST, VVIT, VATS, Virtus Fund Services and BNY Mellon, dated February 24, 2014, filed via EDGAR (as Exhibit h.4.h) with Pre-Effective Amendment No. 3 to VAST's Registration Statement (File No. 333-191940) on March 28, 2014, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1589756/000157104914000977/t1400537_ex99h4xh.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) [Joinder Agreement to Sub-Administration and Accounting Services Agreement among VET, VOT, VRT, VVIT, VAST, VATS, Virtus Fund Services and BNY Mellon, dated December 10, 2015, filed via EDGAR (as Exhibit h.4.i) with Post-Effective Amendment No. 35 to VRT's Registration Statement (File No. 033-80057) on January 8, 2016, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1004658/000157104916010608/ex99-h4i.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) [Amendment to Sub-Administration and Accounting Services Agreement among VET, VOT, VVIT, VRT, VAST, Virtus Fund Services and BNY Mellon dated July 27, 2016, filed via EDGAR (as Exhibit h.4.j) with Post-Effective Amendment No. 31 to VAST's Registration Statement (File No. 333-191940) on April 10, 2017, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1589756/000157104917003313/t1701023_ex99-h4j.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k) [Amendment to Sub-Administration and Accounting Services Agreement among VET, VOT, VVIT, VRT, VAST, Virtus Fund Services and BNY Mellon dated April, 2017, filed via EDGAR (as Exhibit h.4.k) with Post-Effective Amendment No. 112 to VET's Registration Statement (File No. 002-16590) on July 26, 2017, and incorporated herein by reference .](https://www.sec.gov/Archives/edgar/data/34273/000157104917006960/t1702103_ex-h4k.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l) [Joinder Agreement and Amendment to Sub-Administration and Accounting Services Agreement among VET, VOT, VVIT, VRT, VAST, VAT, Virtus Fund Services and BNY Mellon dated September 21, 2017, filed via EDGAR (as Exhibit h.4.l) with Post-Effective Amendment No. 114 to VET's Registration Statement (File No. 002-16590) on December 21, 2017, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/34273/000114420417064693/tv480802_ex99-h4l.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m) [Form of Amendment to Sub-Administration and Accounting Services Agreement among VET, VOT, VVIT, VRT, VAST, VAT, Virtus Fund Services and BNY Mellon dated December 1, 2018, filed via EDGAR (as Exhibit 13(rr)) to Form N-14 (File No. 333-228766) on December 12, 2018, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/34273/000114420418064319/tv508990_ex99-13rr.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n) [Form of Amendment to Sub-Administration Agreement and Accounting Services Agreement among VET, VOT, VVIT, VRT, VAST, VAT, Virtus Fund Services and BNY Mellon dated March 8, 2019, filed via EDGAR (as Exhibit h.3.n) with Post-Effective Amendment No. 82 to VVIT's Registration Statement (File No. 033-05033) on April 22, 2019, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/792359/000114420419020594/tv519100_ex99-h3n.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o) [Amendment to Sub-Administration Agreement and Accounting Services Agreement among VET, VOT, VVIT, VRT, VAST, VAT, Virtus Fund Services and BNY Mellon dated May 22, 2019, filed via EDGAR (as Exhibit h.4.o) with Post-Effective Amendment No. 123 to VET's Registration Statement (File No. 002-16590) on June 12, 2019, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/34273/000114420419030712/tv523291_ex99-h4o.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p) [Amendment to Sub-Administration and Accounting Services Agreement among VET, VOT, VVIT, VRT, VAST, VAT, Virtus Fund Services and BNY Mellon dated September 1, 2019, filed via EDGAR (as Exhibit h.4.p) with Post-Effective Amendment No. 105 to VOT's Registration Statement (File No. 033-65137) on September 30, 2019, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1005020/000114420419046538/tv530053_ex99-h4p.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q) [Amendment to Sub-Administration and Accounting Services Agreement among VET, VOT, VVIT, VRT, VAST, VAT, Virtus Fund Services and BNY Mellon dated November 18, 2019, filed via EDGAR (as Exhibit h.4.q) with Post-Effective Amendment No. 109 to VOT's Registration Statement (File No. 033-65137) on January 22, 2020, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1005020/000110465920005966/tv536301_ex99h4q.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r) [Amendment to Sub-Administration and Accounting Services Agreement among VET, VOT, VVIT, VRT, VAST, VAT, VATS, Virtus Fund Services and BNY Mellon dated August 27, 2020, filed via EDGAR (as Exhibit h.4.r) with Post-Effective Amendment No. 133 to VET's Registration Statement (File No. 002-16590) on September 23, 2020, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/34273/000110465920107672/tm2031285d3_ex99-h4r.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;s) [Amendment to Sub-Administration and Accounting Services Agreement among VET, VOT, VVIT, VRT, VAST, VAT, VATS, Virtus Fund Services and BNY Mellon dated November 16, 2020, filed via EDGAR (as Exhibit h.4.s) with Post-Effective Amendment No. 136 to VET's Registration Statement (File No. 002-16590) on December 7, 2020, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/34273/000110465920132902/tm2031285-6_exh4s.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;t) [Amendment to Sub-Administration and Accounting Services Agreement among VET, VOT, VVIT, VRT, VAST, VAT, VATS, Virtus Fund Services and BNY Mellon dated December 1, 2020, filed via EDGAR (as Exhibit h.4.t) with Post-Effective Amendment No. 116 to VOT's Registration Statement (File No. 033-65137) on January 25, 2021, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1005020/000110465921007301/tm213358d1_ex-h4t.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;u) [Amendment to Sub-Administration and Accounting Services Agreement among VET, VOT, VVIT, VRT, VAST, VAT, VATS, Investment Trust, VST, Virtus Fund Services and BNY Mellon dated May 19, 2021, filed via EDGAR (as Exhibit h.4.u) with Post-Effective Amendment No. 121 to VOT's Registration Statement (File No. 033-65137) on September 24, 2021, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1005020/000110465921119400/tm2127644d3_ex99-h4u.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v) [Amendment to Sub-Administration and Accounting Services Agreement among VET, VOT, VVIT, VRT, VAST, VAT, VATS, Investment Trust, VST, Virtus Fund Services and BNY Mellon dated July 30, 2021, filed via EDGAR (as Exhibit h.4.v) with Post-Effective Amendment No. 121 to VOT's Registration Statement (File No. 033-65137) on September 24, 2021, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1005020/000110465921119400/tm2127644d3_ex99-h4v.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;w) [Amendment to Sub-Administration and Accounting Services Agreement among VET, VOT, VVIT, VRT, VAST, VAT, VATS, Investment Trust, VST, TMF, TMFVL, VEOT, Virtus Fund Services and BNY Mellon dated February 12, 2022, filed via EDGAR (as Exhibit h.4.w) with Post-Effective Amendment No. 45 to VAST's Registration Statement (File No. 333-191940) on February 24, 2022, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1589756/000110465922026510/tm227176-1_h4w.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x) [Amendment to Sub-Administration and Accounting Services Agreement among VET, VOT, VAST, VVIT, VRT, VAT, VATS, Investment Trust, VST, TMF, TMFVL, VEOT, Virtus Fund Services and BNY Mellon dated as of April 8, 2022, filed via EDGAR (as Exhibit h.3.x) with Post-Effective Amendment No. 90 to VVIT's Registration Statement (File No. 033-05033) on April 21, 2022, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/792359/000110465922048228/tm2212606d1_exh3x.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;y) [Amendment to Sub-Administration and Accounting Services Agreement among VET, VOT, VAST, VVIT, VRT, VAT, VATS, Investment Trust, VST, TMF, TMFVL, VEOT, Virtus Fund Services and BNY Mellon dated as of September 15, 2022, filed via EDGAR (as Exhibit h.3.y) with Post-Effective Amendment No. 219 (File No. 033-36528) on October 26, 2022, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/867297/000093041322001802/c104698_ex99-h3y.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;z) [Amendment to Sub-Administration and Accounting Services Agreement among VET, VOT, VAST, VVIT, VRT, VAT, VATS, Investment Trust, VST, TMF, TMFVL, VEOT, AlphaSimplex Managed Futures Strategy Cayman Fund, AlphaSimplex Global Alternatives Cayman Ltd., Virtus Fund Services and BNY Mellon dated as of May 19, 2023, filed via EDGAR (as Exhibit h.4.z) with Post-Effective Amendment No. 130 to VOT's Registration Statement (File No. 033-65137) on September 26, 2023, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1005020/000093041323002211/c106957_ex-h4z.htm)

---

| | |
|:---|:---|
| aa) | [Amendment to Sub-Administration and Accounting Services Agreement among VET, VOT, VAST, VVIT, VRT, VAT, Investment Trust, VST, TMF, TMFVL, VEOT, AlphaSimplex Managed Futures Strategy Cayman Fund, AlphaSimplex Global Alternatives Cayman Ltd., Virtus Fund Services and BNY Mellon dated as of May 15, 2024 filed via EDGAR (as Exhibit h.4.aa) with Post-Effective Amendment No. 134 (File No. 033-65137) on September 25, 2024, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1005020/000093041324002831/c110061_ex99-h4aa.htm) |

---

---

| | |
|:---|:---|
| bb) | [Amendment to Sub-Administration and Accounting Services Agreement (Tailored Shareholder Reports) among VET, VOT, VAST, VVIT, VRT, VAT, VATS, Investment Trust, VST, TMF, TMFVL, VEOT, AlphaSimplex Managed Futures Strategy Cayman Fund, AlphaSimplex Global Alternatives Cayman Ltd., Virtus Fund Services and BNY Mellon dated as of May 31, 2024, filed via EDGAR (as Exhibit h.4.aa.1) with Post-Effective Amendment No. 221 to Investment Trust's Registration Statement (File No. 033-36528) on October 24, 2024, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/867297/000093041324003032/c110374_ex99-h4aa1.htm) |

---

cc) [Form of Amendment to Sub-Administration and Accounting Services Agreement among VET, VOT, VAST, VVIT, VRT, VAT, Investment Trust, VST, TMF, TMFVL, VEOT, AlphaSimplex Managed Futures Strategy Cayman Fund, AlphaSimplex Global Alternatives Cayman Ltd., VFS and BNY Mellon dated as of December 1, 2024 filed via EDGAR (as Exhibit h.4.bb) with Post-Effective Amendment No. 134 to VOT's Registration Statement (File No. 033-65137) on September 25, 2024, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1005020/000093041324002831/c110061_ex99-h4bb.htm)

dd) [Form of Amendment to Sub-Administration and Accounting Services Agreement among VET, VOT, VAST, VVIT, VRT, VAT, Investment Trust, VST, TMF, TMFVL, VEOT, AlphaSimplex Managed Futures Strategy Cayman Fund, AlphaSimplex Global Alternatives Cayman Ltd., Virtus Fund Services, MACS and BNY Mellon filed via EDGAR (as Exhibit h.4.dd) with Pre-Effective Amendment No. 1 to MACS Registration Statement (File No. 333-280702) on December 27, 2024, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/2025137/000093041324003366/c110891_ex99h4dd.htm)

---

| | |
|:---|:---|
| ee) | [Amendment to Sub-Administration and Accounting Services Agreement among VET, VOT, VAST, VVIT, VRT, VAT, Investment Trust, VST, TMF, TMFVL, VEOT, AlphaSimplex Managed Futures Strategy Cayman Fund, AlphaSimplex Global Alternatives Cayman Ltd., Virtus Fund Services, MACS, GCO and BNY Mellon effective March 31, 2025, filed via EDGAR (as Exhibit k.2.ee) with GCO's Pre-Effective Amendment No. 1 (File No. 333-284056) on March 10, 2025, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/2049810/000119312525050056/d938735dex99k2ee.htm) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. [\*Seventh Amended and Restated Expense Limitation Agreement between Registrant and VIA effective October 28, 2025, filed via EDGAR (as Exhibit h.5) herewith.](c114260_ex99-h5.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. [Form of Indemnification Agreement with each Trustee of Registrant, effective as of February 1, 2021, filed via EDGAR (as Exhibit h.12) with Post-Effective Amendment No. 214 (File No. 033-36528) on January 29, 2021, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/867297/000119312521023058/d15409dex99h12.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Legal Opinion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [Opinion and Consent of Counsel dated November 2, 1990 filed via EDGAR (as Exhibit 10) with Post-Effective Amendment No. 28 (File No. 033-36528) on October 31, 1997, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/867297/0000927016-97-002803.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. [Opinion of Counsel as to legality of the shares dated October 4, 2021 filed via EDGAR (as Exhibit i.2) with Post-Effective Amendment No. 216 (File No. 033-36528) on October 27, 2021, and incorporated herein by reference .](https://www.sec.gov/Archives/edgar/data/867297/000119312521309472/d205362dex99i2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. [\*Consent of Dechert LLP filed via EDGAR (as Exhibit i.3) herewith.](c114260_ex99-i3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Other Opinions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [\*Consent of Independent Registered Public Accounting Firm filed via EDGAR (as Exhibit j.1) herewith.](c114260_ex99-j1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Rule 12b-1 Plans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [Class A Shares Distribution and Servicing Plan, effective February 1, 2021, filed via EDGAR (as Exhibit m.1) with Post-Effective Amendment No. 217 (File No. 033-36528) on July 1, 2022, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/867297/000093041322001317/c104164_ex99-m1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. [Form of Class C Shares Distribution and Servicing Plan Pursuant to Rule 12b-1 under the 1940 Act effective January, 1997, filed via EDGAR (as Exhibit 15.c) with Post-Effective Amendment No. 25 (File No. 033-36528) on January 13, 1997, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/867297/0000950109-97-000251.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Rule 18f-3 Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [Amended and Restated Plan Pursuant to Rule 18f-3 under the 1940 Act effective as of August 26, 2025 filed via EDGAR (as Exhibit n.1) with Post-Effective Amendment No. 136 to VOT's Registration Statement (File No. 033-65137)on September 24, 2025, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1005020/000093041325003000/c114084_ex99-n1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Reserved

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Codes of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [Amended and Restated Code of Ethics of the Virtus Funds effective November 2024, filed via EDGAR (as Exhibit p.1) with Post-Effective Amendment No. 135 to VOT's Registration Statement (File No. 033-65137) on January 23, 2025, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1005020/000093041325000136/c111400_ex99-p1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. [Amended and Restated Code of Ethics of VIA, VP Distributors and other Virtus Managers (including KAR, NFJ, Silvant, and VA) dated March 1, 2025, filed via EDGAR (as Exhibit p.2) with Post-Effective Amendment No. 222 (File No. 033-36528) on June 18, 2025, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/867297/000093041325001998/c112998_ex99-p2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. [\*Code of Ethics of ZCI effective June 30, 2025, filed via EDGAR (as Exhibit p.3) herewith.](c114260_ex99-p3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. [\*Code of Ethics of Voya effective April 21, 2025, filed via EDGAR (as Exhibit p.4) herewith.](c114260_ex99-p4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Powers of Attorney

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [Power of Attorney for Trustees Donald C. Burke, Sarah E. Cogan, Deborah A. DeCotis, F. Ford Drummond, Sidney E. Harris (since retired), John R. Mallin, Connie D. McDaniel, Philip R. McLoughlin (since retired), Geraldine M. McNamara (since retired), James M. Oates (since retired), and R. Keith Walton, dated February 22, 2021, filed via EDGAR (as Exhibit q) with Post-Effective Amendment No. 215 (File No. 033-36528) on February 22, 2021, and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/867297/000119312521050817/d15409dex99poa.htm)

<sup>\*</sup>Filed herewith

**Item 29.** **Persons Controlled by or Under Common Control with the Fund** 

None.

**Item 30.** **Indemnification** 

The indemnification of Registrant's principal underwriter against certain losses is provided for in Section 18 of the Underwriting Agreement incorporated herein by reference to Exhibit e.1. Indemnification of Registrant's Custodian is provided for in Section 9.9, among others, of the Custody Agreement incorporated herein by reference to Exhibit g.1. The indemnification of Registrant's Transfer Agent is provided for in Article 6 of the Amended and Restated Transfer Agency and Service Agreement incorporated herein by reference to Exhibit h.1. The Trust has entered into Indemnification Agreements with each trustee, the form of which is incorporated herein by reference to Exhibit h.12 whereby the Registrant shall indemnify the trustee for expenses incurred in any proceeding in connection with the trustee's service to the Registrant subject to certain limited exceptions.

Section 17(i) of the Investment Company Act of 1940, as amended, requires that no contract or agreement under which any person undertakes to act as investment adviser of, or principal underwriter for, a registered investment company contain any provision which protects or purports to protect such person against any liability to such company or its security holders to which he would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence, in the performance of his duties, or by reason of his reckless disregard of his obligations and duties under such contract or agreement. Therefore, to the extent that any contract or agreement with the Registrant's investment adviser or principal

underwriter would be interpreted as providing an impermissible limitation of liability of this nature, such limitation will not be enforceable.

In addition, Article VIII Sections 1, 2 and 3 of the Registrant's Fifth Amended and Restated Agreement and Declaration of Trust incorporated herein by reference to Exhibit a.1, provides in relevant part as follows:

"The Trust shall indemnify each of its Trustees and officers (including persons who serve at the Trust's request as directors, officers or trustees of another organization in which the Trust has any interest as a shareholder, creditor or otherwise) (hereinafter referred to as a "Covered Person") against all liabilities and expenses, including but not limited to amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and counsel fees reasonably incurred by any Covered Person in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative or legislative body, in which such Covered Person may be or may have been involved as a party or otherwise or with which such Covered Person may be or may have been threatened, while in office or thereafter, by reason of being or having been such a Covered Person except with respect to any matter as to which such Covered Person shall have been finally adjudicated in any such action, suit or other proceeding (a) not to have acted in good faith in the reasonable belief that such Covered Person's action was in or not opposed to the best interest of the Trust or (b) to be liable to the Trust or its Shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person's office. Expenses, including counsel fees so incurred by any such Covered Person (but excluding amounts paid in satisfaction of judgments, in compromise or as fines or penalties), shall be paid from time to time by the Trust in advance of the final disposition of any such action, suit or proceeding upon receipt of any undertaking by or on behalf of such Covered Person to repay amounts so paid to the Trust if it is ultimately determined that indemnification of such expenses is not authorized under this Article, provided, however, that either (a) such Covered Person shall have provided appropriate security for such undertaking, (b) the Trust shall be insured against losses arising from any such advance payments or (c) either a majority of the disinterested Trustees acting on the matter (provided that a majority of the disinterested Trustees then in office act on the matter), or independent legal counsel in a written opinion, shall have determined, based upon a review of readily available facts (as opposed to a full trial type inquiry) that there is reason to believe that such Covered Person will be found entitled to indemnification under this Article.

As to any matter disposed of (whether by a compromise payment, pursuant to a consent decree or otherwise) without an adjudication by a court, or by any other body before which the proceeding was brought, that such Covered Person either (a) did not act in good faith in the reasonable belief that his or her action was in or not opposed to the best interests of the Trust or (b) is liable to the Trust or its Shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office, indemnification shall be provided if (a) approved as in or not opposed to the best interests of the Trust by at least a majority of the disinterested Trustees acting on the matter (provided that a majority of the disinterested Trustees then in office act on the matter) upon a determination, based upon a review of readily available facts (as opposed to a full trial type inquiry) that such Covered Person acted in good faith in the reasonable belief that his or her action was in or not opposed to the best interests of the Trust and is not liable to the Trust or its Shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office, or (b) there has been obtained an opinion in writing of independent legal counsel, based upon a review of readily available facts (as opposed to a full trial type inquiry) to the effect that such Covered Person appears to have acted in good faith in the reasonable belief that his or her action was in the best interests of the Trust and that such indemnification would not protect such Covered Person against any liability to the Trust to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office. Any approval pursuant to this Section shall not prevent the recovery from any Covered Person of any amount paid to such Covered Person in accordance with this Section as indemnification if such Covered Person is subsequently adjudicated by a court of competent jurisdiction not to have acted in good faith in the reasonable belief that such Covered Person's action was in the best interests of the Trust or to have been liable to the Trust or its Shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person's office.

The right of indemnification hereby provided shall not be exclusive of or affect any other rights to which such Covered Person may be entitled. As used in this Article VIII, the term "Covered Person" shall include such person's heirs, executors and administrators and a "disinterested Trustee" is a Trustee who is not an "interested person" of the Trust as defined in Section 2(a)(19) of the 1940 Act (or who has been exempted from being an "interested person" by any rule, regulation or order of the Securities and Exchange Commission) and against whom none of such actions, suits or other proceedings or another action, suit or other proceeding on the same or similar grounds is then or has been pending. Nothing contained in this Article shall affect any rights to indemnification to which personnel of the Trust, other than

Trustees or officers, and other persons may be entitled by contract or otherwise under law, nor the power of the Trust to purchase and maintain liability insurance on behalf of any such person; provided, however, that the Trust shall not purchase or maintain any such liability insurance in contravention of applicable law, including without limitation the 1940 Act."

In addition, Article VIII Section 4 of such Agreement and Declaration of Trust provides for the indemnification of shareholders of the Registrant as follows: " In case any Shareholder or former Shareholder shall be held to be personally liable solely by reason of his or her being or having been a Shareholder and not because of his or her acts or omissions or for some other reason, the Shareholder or former Shareholder (or his or her heirs, executors, administrators or other legal representative or, in the case of a corporation or other entity, its corporate or other general successor) shall be entitled to be held harmless from and indemnified against all loss and expense arising from such liability, but only out of the assets of the particular series of Shares of which he or she is or was a Shareholder."

In addition, Article IX Section 1 of such Agreement and Declaration of Trust provides as follows:

"All persons extending credit to, contracting with or having any claim against the Trust or a particular series of Shares shall look only to the assets of the Trust or the assets of that particular series of Shares for payment under such credit, contract or claim, and neither the Shareholders nor the Trustees, nor any of the Trust's officers, employees or agents, whether past, present or future, shall be personally liable therefor. Nothing in this Declaration of Trust shall protect any Trustee against any liability to which such Trustee would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee.

Every note, bond, contract, instrument, certificate or undertaking made or issued by the Trustees or by any officer or officers shall give notice that this Declaration of Trust is on file with the Secretary of State of The Commonwealth of Massachusetts and shall recite that the same was executed or made by or on behalf of the Trust or by them as Trustee or Trustees or as officer or officers and not individually and that the obligations of such instrument are not binding upon any of them or the Shareholders individually but are binding only upon the assets and property of the Trust, and may contain such further recital as he or she or they may deem appropriate, but the omission thereof shall not operate to bind any Trustee or Trustees or officer or officers or Shareholder or Shareholders individually."

In addition, Article IX Section 2 of such Agreement and Declaration of Trust provides for the indemnification of Trustees and Officers of the Registrant as follows:

"The exercise by the Trustees and officers of their powers and discretions hereunder shall be binding upon everyone interested. A Trustee or officer shall be liable for his or her own willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee or officer, and for nothing else, and shall not be liable for the errors of judgment or mistakes of fact or law. The Trustees or officers may take advice of counsel or other experts with respect to the meaning and operation of this Declaration of Trust, and shall be under no liability for any act or omission in accordance with such advice or for failing to follow such advice. The Trustees and officers shall not be required to give any bond as such, nor any surety if a bond is required."

Article XII of the Registrant's Bylaws incorporated herein by reference to Exhibits b.1-2, provides as follows:

"For purposes of the determination or opinion referred to in clause (c) of the final sentence of Article VIII, Section 1 of the Declaration of Trust or the second clause (a) or second clause (b) of the first sentence of Article VIII, Section 2 of the Declaration of Trust, the majority of disinterested Trustees acting on the matter or independent legal counsel, as the case may be, shall be entitled to rely upon a rebuttable presumption that the Covered Person (as defined in Article VIII, Section 1 of the Declaration of Trust) has not engaged in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person's office."

The Investment Advisory Agreement, Subadvisory Agreements, Custody Agreement, Foreign Custody Manager Agreement, Sub-Administration and Accounting Services Agreement and Sub-Transfer Agency and Shareholder Services Agreement, each as amended, respectively provide that the Registrant will indemnify the other party (or parties, as the case may be) to the agreement for certain losses. Similar indemnities to those listed above may appear in other agreements to which the Registrant is a party.

The Registrant, in conjunction with VIA, the Registrant's Trustees, and other registered investment management companies managed by VIA or its affiliates, maintains insurance on behalf of any person who is or was a Trustee, officer, employee, or agent of the Registrant, or who is or was serving at the request of the Registrant as a trustee, director, officer, employee or agent of another trust or corporation, against any liability asserted against such person and incurred by him or arising out of his position. However, in no event will Registrant maintain insurance to indemnify any such person for any act for which the Registrant itself is not permitted to indemnify him.

Insofar as indemnification for liability arising under the Securities Act of 1933, as amended (the "Act"), may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

**Item 31.** **Business and Other Connections of Investment Adviser and Subadvisers** 

See "Management of the Funds" in the Prospectus and "Investment Advisory and Other Services" and "Management of the Trust" in the Statement of Additional Information which is included in this Post-Effective Amendment. For information as to the business, profession, vocation or employment of a substantial nature of directors and officers of the Adviser and Subadvisers, reference is made to the Adviser's and each Subadviser's current Form ADV filed under the Investment Advisers Act of 1940, and incorporated herein by reference.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Adviser | &nbsp;&nbsp;SEC File<br> No.: |
| &nbsp;&nbsp;VIA | &nbsp;&nbsp;801-5995 |
| &nbsp;&nbsp;KAR | &nbsp;&nbsp;801-24241 |
| &nbsp;&nbsp;NFJ | &nbsp;&nbsp;801-119686 |
| &nbsp;&nbsp;Silvant | &nbsp;&nbsp;801-68741 |
| &nbsp;&nbsp;VA | &nbsp;&nbsp;801-78585 |
| &nbsp;&nbsp;Voya | &nbsp;&nbsp;801-9046 |
| &nbsp;&nbsp;Zevenbergen | &nbsp;&nbsp;801-62477 |

---

**Item 32.** **Principal Underwriter** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) VP Distributors, LLC serves as the principal underwriter for the following registrants: The Merger Fund<sup>®</sup>, The Merger
Fund<sup>®</sup> VL, Virtus Alternative Solutions Trust, Virtus Asset Trust, Virtus Equity Trust, Virtus Event Opportunities
Trust, Virtus Global Credit Opportunities Fund, Virtus Investment Trust, Virtus Managed Account Completion Shares (MACS) Trust,
Virtus Opportunities Trust, Virtus Retirement Trust, Virtus Strategy Trust and Virtus Variable Insurance Trust.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Directors and executive officers of VP Distributors, One Financial Plaza, Hartford, CT 06103 are as follows:

---

| | | |
|:---|:---|:---|
| **Name and Principal** <br> **Business Address** | **Positions and Offices with Distributor** | **Positions and Offices**<br> **with Registrant** |
| Ian Bachrach | Senior Managing Director, Marketing | None |
| Michael Bicks | Managing Director, Distribution Intelligence | None |
| Christopher Danos | Managing Director, National Accounts | None |

---

---

| | | |
|:---|:---|:---|
| Thomas R. Franco | Senior Managing Director, Retail Sales | None |
| Heidi C. Griswold | Vice President, Fund Services | Vice President |
| David G. Hanley | Treasurer | None |
| David J. Katz | Senior Managing Director, Institutional | None |
| Joseph E. Maccone | Senior Managing Director, Strategic Distribution | None |
| Barry M. Mandinach | Executive Vice President | None |
| Tiffany P. Marosits | Vice President, Senior Regulatory Counsel and Assistant Secretary | None |
| Diana M. Perlman | Assistant Vice President, Chief Compliance Officer | Anti-Money Laundering Officer |
| Andra C. Purkalitis | Executive Vice President, General Counsel and Secretary | None |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the best of the Registrant's knowledge, no commissions or other compensation was received by any principal underwriter who is not an affiliated person of the Registrant or an affiliated person of such affiliated person, directly or indirectly, from the Registrant during the Registrant's last fiscal year.

**Item 33.** **Location of Accounts and Records** 

Persons maintaining physical possession of accounts, books and other documents required to be maintained by Section 31(a) of the 1940 Act and the Rules promulgated thereunder include:

---

| | |
|:---|:---|
| Secretary of the Trust: | Principal Underwriter: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jennifer Fromm, Esq.<br> One Financial Plaza<br> Hartford, CT 06103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VP Distributors, LLC<br> One Financial Plaza<br> Hartford, CT 06103 |
| Investment Adviser: | Custodian: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virtus Investment Advisers, LLC<br> One Financial Plaza<br> Hartford, CT 06103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Bank of New York Mellon<br> 240 Greenwich Street<br> New York, NY 10286 |
| **Fund Accountant, Sub-Administrator, Sub-Transfer Agent and Dividend Dispersing Agent:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrator and Transfer Agent: Virtus Fund Services, LLC<br> One Financial Plaza<br> Hartford, CT 06103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Bank of New York Mellon<br> BNY Mellon Investment Servicing (US) Inc.<br> 301 Bellevue Parkway<br> Wilmington, DE 19809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrator and Transfer Agent: Virtus Fund Services, LLC<br> One Financial Plaza<br> Hartford, CT 06103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Subadviser to: Emerging Markets Opportunities Fund and Small-Cap Fund**<br> Virtus Systematic, a division of Virtus Advisers, LLC<br> One Financial Plaza<br> Hartford, CT 06103<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Subadviser to: NFJ Dividend Value Fund, NFJ International Value Fund, NFJ Large-Cap Value Fund, NFJ Mid-Cap Value Fund and NFJ Small-Cap Value Fund**<br> NFJ Investment Group, LLC<br> 2100 Ross Avenue, Suite 700<br> Dallas, TX 75101 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Subadviser to: KAR Global Small-Cap Fund and KAR Health Sciences Fund**<br> Kayne Anderson Rudnick Investment Management, LLC<br>2000 Avenue of the Stars, Suite 1110<br> Los Angeles, CA 90067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Subadviser to: Silvant Focused Growth Fund and Silvant Mid-Cap Growth Fund**<br> Silvant Capital Management LLC<br>3333 Piedmont Road, Suite 1500<br> Atlanta, Georgia 30305  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Subadviser to: Income & Growth Fund**<br> Voya Investment Management Co., LLC<br> 230 Park Avenue<br> New York, NY 10169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Subadviser to: Zevenbergen Technology Fund**<br> Zevenbergen Capital Investments LLC<br> 326 Admiral Way, Suite 200<br> Edmonds, Washington 98020 |

---

**Item 34.** **Management Services** 

Not applicable.

**Item 35.** **Undertakings** 

Not applicable.

PART C — OTHER INFORMATION

**Exhibit List**

---

| | |
|:---|:---|
| &nbsp;&nbsp;d.7 | &nbsp;&nbsp;[Subadvisory Agreement](c114260_ex99-d7.htm) |
| &nbsp;&nbsp;h.5 | &nbsp;&nbsp;[Seventh Amended and Restated Expense Limitation Agreement](c114260_ex99-h5.htm) |
| &nbsp;&nbsp;i.3 | &nbsp;&nbsp;[Consent of Dechert LLP](c114260_ex99-i3.htm) |
| &nbsp;&nbsp;j.1 | &nbsp;&nbsp;[Consent of Independent Registered Public Accounting Firm](c114260_ex99-j1.htm) |
| &nbsp;&nbsp;p.3 | &nbsp;&nbsp;[Code of Ethics of ZCI](c114260_ex99-p3.htm) |
| &nbsp;&nbsp;p.4 | &nbsp;&nbsp;[Code of Ethics of Voya](c114260_ex99-p4.htm) |

---

<u>SIGNATURES</u>

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness for this registration statement under Rule 485(b) of the Securities Act and has duly caused this amendment to the registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Hartford and the State of Connecticut on the 22<sup>nd</sup> day of October, 2025.

---

| | |
|:---|:---|
| VIRTUS INVESTMENT TRUST | VIRTUS INVESTMENT TRUST |
| By: | /s/ George R. Aylward |
| Name: | George R. Aylward |
| Title: | President and Chief Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this amendment to the registration statement has been signed below by the following persons in the capacities indicated on the 22<sup>nd</sup> day of October, 2025.

---

| | |
|:---|:---|
| Signatures | Title |
| /s/ George R. Aylward | President (Principal Executive Officer) and Trustee |
| George R. Aylward |  |
| /s/ W. Patrick Bradley | Chief Financial Officer and Treasurer |
| W. Patrick Bradley | (Principal Financial and Accounting Officer) |
| \* | Trustee |
| Donald C. Burke |  |
| \* | Trustee |
| Sarah E. Cogan |  |
| \* | Trustee |
| Deborah A. DeCotis |  |
| \* | Trustee |
| F. Ford Drummond |  |
| \* | Trustee |
| John R. Mallin |  |
| \* | Trustee and Chair |
| Connie D. McDaniel |  |
| \* | Trustee |
| R. Keith Walton |  |
| | Trustee |
| Brian T. Zino |  |

---

---

| | |
|:---|:---|
| \* By: | <u>/s/ George R. Aylward&nbsp;&nbsp;&nbsp;&nbsp;</u> |
|  | &nbsp;&nbsp;&nbsp;George R. Aylward |
|  | &nbsp;&nbsp;&nbsp;Attorney-in-fact, pursuant to powers of attorney. |

---

## Ex-99.(D)(7)

**Exhibit 99.(d)(7**)

**VIRTUS INVESTMENT TRUST**

**Virtus Emerging Markets Opportunities Fund**

**Virtus Small-Cap Fund**

**<u>SUBADVISORY AGREEMENT</u>**

January 1, 2025

Virtus Systematic, a division of Virtus Advisers, LLC

One Financial Plaza

Hartford, CT 06103

**RE: Subadvisory Agreement**

Ladies and Gentlemen:

Virtus Investment Trust (the "Trust") is an open-end investment company of the series type registered under the Investment Company Act of 1940, as amended (the "Act"), and is subject to the rules and regulations promulgated thereunder. The shares of the Trust are offered or may be offered in several series (sometimes hereafter referred to as the "Series"), including Virtus Emerging Markets Opportunities Fund and Virtus Small-Cap Fund.

Virtus Investment Advisers, LLC (formerly, Virtus Investment Advisers, Inc.) (the "Adviser") evaluates and recommends series advisers for the Series and is responsible for the day-to-day management of the Series.

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Appointment as a Subadviser</u>. The
Adviser, being duly authorized, hereby appoints Virtus Systematic, a division of Virtus Advisers, LLC, (the "Subadviser")
as a discretionary series adviser to invest and reinvest the assets of the Series designated by the Adviser as set forth on Schedule
F attached hereto (the "Designated Series") on the terms and conditions set forth herein. The services of the Subadviser
hereunder are not to be deemed exclusive; the Subadviser may render services to others and engage in other activities that do not
conflict in any material manner with the Subadviser's performance hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Acceptance of Appointment; Standard of Performance</u>. The Subadviser accepts its appointment as a discretionary series adviser of the Designated Series and agrees,
subject to the oversight of the Board of Trustees of the Trust (the "Board") and the Adviser, to use its best professional
judgment to make investment decisions for the Designated Series in accordance with the provisions of this Agreement and as set
forth in Schedule D attached hereto and made a part hereof. The Subadviser shall for all purposes herein be deemed to be an independent
contractor and shall, except as expressly provided or authorized (whether herein or otherwise), have no authority or obligation
to act for or represent the Adviser, the Trust or the Series in any way.

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Services of Subadviser</u>. In providing
management services to the Designated Series, the Subadviser shall be subject to the investment objectives, policies and restrictions
of the Trust as they apply to the Designated Series and as set forth in the Trust's then current prospectus ("Prospectus")
and statement of additional information ("Statement of Additional Information") filed with the Securities and Exchange
Commission (the "SEC") as part of the Trust's registration statement (the "Registration Statement"),
as may be periodically amended and provided to the Subadviser by the Adviser, and to the investment restrictions set forth in the
Act and the Rules thereunder, to the supervision and control of the Board, and to instructions from the Adviser. The Subadviser
shall not, without the Trust's prior written approval, effect any transactions that would cause the Designated Series at
the time of the transaction to be out of compliance with any of such restrictions or policies.

&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Transaction Procedures</u>. All series
transactions for the Designated Series shall be consummated by payment to, or delivery by, the custodian(s) from time to time designated
by the Trust (the "Custodian"), or such depositories or agents as may be designated by the Custodian in writing, of
all cash and/or securities due to

or from the Designated Series. The Subadviser shall not have possession or custody of such cash and/or securities or any responsibility or liability with respect to such custody. The Subadviser shall advise the Custodian and confirm in writing to the Trust all investment orders for the Designated Series placed by it with brokers and dealers at the time and in the manner set forth in Schedule A hereto (as amended from time to time). The Trust shall issue to the Custodian such instructions as may be appropriate in connection with the settlement of any transaction initiated by the Subadviser. The Trust shall be responsible for all custodial arrangements and the payment of all custodial charges and fees, and, upon giving proper instructions to the Custodian, the Subadviser shall have no responsibility or liability with respect to custodial arrangements or the acts, omissions or other conduct of the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Allocation of Brokerage</u>. The Subadviser
shall have authority and discretion to select brokers and dealers to execute Designated Series transactions initiated by the Subadviser,
and to select the markets on or in which the transactions will be executed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. In placing orders for the sale and purchase of Designated Series securities for the Trust, the
Subadviser's primary responsibility shall be to seek the best execution of orders at the most favorable prices. However,
this responsibility shall not obligate the Subadviser to solicit competitive bids for each transaction or to seek the lowest available
commission cost to the Trust, as long as the Subadviser reasonably believes that the broker or dealer selected by it can be expected
to obtain a "best execution" market price on the particular transaction and determines in good faith that the commission
cost is reasonable in relation to the value of the brokerage and research services (as defined in Section 28(e)(3) of the Securities
Exchange Act of 1934, as amended) provided by such broker or dealer to the Subadviser, viewed in terms of either that particular
transaction or of the Subadviser's overall responsibilities with respect to its clients, including the Trust, as to which
the Subadviser exercises investment discretion, notwithstanding that the Trust may not be the direct or exclusive beneficiary of
any such services or that another broker may be willing to charge the Trust a lower commission on the particular transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Subadviser may manage other portfolios and expects that the Trust and other portfolios the
Subadviser manages will, from time to time, purchase or sell the same securities. The Subadviser may aggregate orders for the purchase
or sale of securities on behalf of the Designated Series with orders on behalf of other portfolios the Subadviser manages. Securities
purchased or proceeds of securities sold through aggregated orders, as well as expenses incurred in the transaction, shall be allocated
to the account of each portfolio managed by the Subadviser that bought or sold such securities in a manner considered by the Subadviser
to be equitable and consistent with the Subadviser's fiduciary obligations in respect of the Designated Series and to such
other accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Subadviser shall not execute any transactions for the Designated Series with a broker or dealer
that is an "affiliated person" (as defined in the Act) of (i) the Designated Series; (ii) another Series; (iii) the
Adviser; (iv) the Subadviser or any other subadviser to the Designated Series; (v) a principal underwriter of the Trust's
shares; or (vi) any other affiliated person of the Designated Series, in each case, unless such transactions are permitted by applicable
law or regulation and carried out in compliance with any applicable policies and procedures of the Trust. The Trust shall provide
the Subadviser with a list of brokers and dealers that are "affiliated persons" of the Trust, the Adviser or the principal
underwriter, and applicable policies and procedures. Upon the request of the Adviser, the Subadviser shall promptly, and in any
event within three business days of a request, indicate whether any entity identified by the Adviser in such request is an "affiliated
person," as such term is defined in the Act, of (i) the Subadviser or (ii) any affiliated person of the Subadviser, subject
in each case to any confidentiality requirements applicable to the Subadviser and/or its affiliates. Further, the Subadviser shall
provide the Adviser with a list of (x) each broker-dealer entity that is an "affiliated person," as such term is defined
in the Act, of the Subadviser and (y) each affiliated person of the Subadviser that has outstanding publicly-issued debt or equity.
Each of the Adviser and the Subadviser agrees promptly to update such list(s) whenever the Adviser or the Subadviser becomes aware
of any changes that should be added to or deleted from such list of affiliated persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Consistent with its fiduciary obligations to the Trust in respect of the Designated Series and
the requirements of best price and execution, the Subadviser may, under certain circumstances, arrange to have purchase and sale
transactions effected directly between the Designated Series and another account managed by the Subadviser ("cross transactions"),
provided that such transactions are carried out in accordance with applicable law or regulation and any applicable policies and
procedures of the Trust. The Trust shall provide the Subadviser with applicable policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Proxies and Other Shareholder Actions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Unless the Adviser or the Trust gives the Subadviser written instructions to the contrary, the
Subadviser, or a third party designee acting under the authority and supervision of the Subadviser, shall review all proxy solicitation
materials and be responsible for voting and handling all proxies in relation to the assets of the Designated Series. Unless the
Adviser or the Trust gives the Subadviser written instructions to the contrary, provided that the Adviser has reviewed the Subadviser's
proxy voting procedures then in effect and determined them to comply with the requirements of the Trust's proxy voting policy,
the Subadviser will, in compliance with the Subadviser's proxy voting procedures then in effect, vote or abstain from voting,
all proxies solicited by or with respect to the issuers of securities in which assets of the Designated Series may be invested.
The Adviser shall cause the Custodian, the Administrator or another party, to forward promptly to the Subadviser all proxies upon
receipt, so as to afford the Subadviser a reasonable amount of time in which to determine how to vote such proxies. The Subadviser
agrees to provide the Adviser in a timely manner with any changes to the Subadviser's proxy voting procedures. The Subadviser
further agrees to provide the Adviser in a timely manner with a record of votes cast containing all of the voting information required
by Form N-PX in an electronic format to enable the Trust to file Form N-PX as required by Rule 30b1-4 under the Act. The Subadviser
shall provide disclosure regarding its proxy voting policies and procedures in accordance with the requirements of Form N-1A for
inclusion in the Registration Statement of the Trust. During any annual period in which the Subadviser has voted proxies for the
Trust, the Subadviser shall, as may reasonably be requested by the Adviser, certify as to its compliance with its proxy voting
policies and procedures and applicable federal statutes and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Subadviser is authorized to deal with
reorganizations, exchange offers and other voluntary corporate actions with respect to securities held in the Designated Series
in such manner as the Subadviser deems advisable, unless the Trust or the Adviser otherwise specifically directs in writing. It
is acknowledged and agreed that the Subadviser shall not be responsible for the filing of claims (or otherwise causing the Trust
to participate) in class action settlements or similar proceedings in which shareholders may participate related to securities
currently or previously associated with the Designated Series. With
the Adviser's approval, on a case-by-case basis the Subadviser may obtain the authority and take on the responsibility to:
(i) identify, evaluate and pursue legal claims, including commencing or defending suits, affecting the securities held at any time
in the Designated Series, including claims in bankruptcy, class action securities litigation and other litigation; (ii) participate
in such litigation or related proceedings with respect to such securities as the Subadviser deems appropriate to preserve or enhance
the value of the Designated Series, including filing proofs of claim and related documents and serving as "lead plaintiff"
in class action lawsuits; (iii) exercise generally any of the powers of an owner with respect to the supervision and management
of such rights or claims, including the settlement, compromise or submission to arbitration of any claims, the exercise of which
the Subadviser deems to be in the best interest of the Designated Series or required by applicable law, including ERISA, and (iv)
employ suitable agents, including legal counsel, and to pay their reasonable fees, expenses and related costs from the Designated
Series.

&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Prohibited Conduct</u>. In accordance
with Rule 12d3-1 and Rule 17a-10 under the 1940 Act and any other applicable law or regulation, (i) the Subadviser's responsibility
regarding investment advice hereunder is limited to the Designated Series, and (ii) the Subadviser will not consult with any other
investment advisory firm that provides investment advisory services to the Trust or any other investment company sponsored by Virtus
Investment Partners, Inc. or its affiliates regarding transactions in securities or other assets for the Trust, provided that this
prohibition only applies where the other investment advisory firm is not an "affiliated person," as such term is defined
in the Act, of the Subadviser. The Trust shall provide the Subadviser with a

list of investment companies sponsored by Virtus Investment Partners, Inc. and its affiliates, and the Subadviser shall be in breach of the foregoing provision only if the investment company is included in such a list provided to the Subadviser prior to such prohibited action. The Subadviser, and its affiliates and agents, shall refrain from making any written or oral statements concerning the Designated Series, the Trust, any other investment company sponsored by Virtus Investment Partners, Inc. or its affiliates, and any substantially similar products, that are reasonably likely to mislead investors regarding either (i) the services rendered by the Subadviser to the Designated Series or the Trust, or (ii) the Designated Series, including without limitation with respect to the investment strategies and/or risks, and/or the performance thereof. In addition, the Subadviser shall not, without the prior written consent of the Trust and the Adviser, delegate any obligation assumed pursuant to this Agreement to any affiliated or unaffiliated third party. The parties acknowledge and agree that the Subadviser may, in its discretion, utilize personnel employed by affiliates of the Subadviser to perform services pursuant to this Agreement by way of a "participating affiliate" agreement in accordance with, and to the extent permitted by, the Act and the Investment Advisers Act of 1940, as amended (the "Advisers Act"), including the published interpretations thereof by the SEC or its staff. Such participating affiliate agreement shall subject the personnel providing such services to the Subadviser's compliance and other programs with respect to their activities on behalf of the Designated Series. For the avoidance of doubt, it is acknowledged and agreed that the Subadviser assumes full responsibility for all actions, and any failure to act, by each person utilized by the Subadviser to perform services under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Information and Reports</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Subadviser shall keep the Trust and the Adviser informed of developments relating to its duties
as Subadviser of which the Subadviser has, or should have, knowledge that would materially affect the Designated Series. In this
regard, the Subadviser shall provide the Trust, the Adviser and their respective officers with such periodic reports concerning
the obligations the Subadviser has assumed under this Agreement as the Trust and the Adviser may from time to time reasonably request.
In addition, prior to each meeting of the Board, the Subadviser shall provide the Adviser and the Board with reports regarding
the Subadviser's management of the Designated Series during the most recently completed quarter, which reports: (i) shall
include Subadviser's representation that its performance of its investment management duties hereunder is in compliance with
the Designated Series' investment objectives and practices, the Act and applicable rules and regulations under the Act, and
the diversification and minimum "good income" requirements of Subchapter M under the Internal Revenue Code of 1986,
as amended, and (ii) otherwise shall be in such form as may be reasonably required by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Each of the Adviser and the Subadviser shall provide the other party with a list, to the best of
the Adviser's or the Subadviser's respective knowledge, of each affiliated person (and any affiliated person of such
an affiliated person) of the Adviser or the Subadviser, as the case may be, and each of the Adviser and Subadviser agrees promptly
to update such list whenever the Adviser or the Subadviser becomes aware of any changes that should be added to or deleted from
the list of affiliated persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Subadviser shall also provide the Adviser with any information reasonably requested by the
Adviser regarding its management of the Designated Series required for any shareholder report, amended Registration Statement,
or Prospectus supplement to be filed by the Trust with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Subadviser shall promptly notify the Adviser and the Trust in the event that any of the Subadviser's
employees or contractors raise any issues concerning any actual or potential material violation of any law, regulation or internal
policy of the Subadviser, in each case actually or potentially affecting the Designated Series.

&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Fees for Services</u>. The compensation
of the Subadviser for its services under this Agreement shall be calculated and paid by the Adviser in accordance with the attached
Schedule C. Pursuant to the Investment Advisory Agreement between the Trust and the Adviser, the Adviser is solely responsible
for the payment of fees to the Subadviser.

&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Limitation of Liability</u>. Absent
the Subadviser's breach of this Agreement or the willful misconduct, bad faith, gross negligence, or reckless disregard of
the obligations or duties hereunder on the part of the Subadviser, or its officers, directors, partners, agents, employees and
controlling persons, the Subadviser shall not be liable for any act or omission in the course of, or connected with, rendering
services hereunder or for any losses that may be sustained in the purchase, holding or sale of any position; *provided, however,* that the Subadviser shall be responsible for, and shall indemnify and hold the Trust and the Adviser and each of their
respective directors or trustees, members, officers, employees and shareholders, and each person, if any, who controls the Trust
or the Adviser within the meaning of Section 15 of the Securities Act of 1933, as amended (the "Securities Act"),
harmless against, any and all Losses (as defined below) arising out of or resulting from a "Trade Error" (as defined
in the compliance policies and procedures of the Trust), as the same may be amended from time to time) caused by the negligent
action or negligent omission of the Subadviser or its agent. The Adviser agrees to provide prior written notice to the Subadviser
of any material changes to the definition of Trade Error becoming effective with respect to the Designated Series unless, in the
reasonable discretion of the Adviser, such change must become effective earlier due to any applicable law, rule, regulation or
court order. It is acknowledged and agreed that any Trade Error that results in a gain to the Designated Series shall inure to
the benefit of the Designated Series. For the avoidance of doubt, it is acknowledged and agreed that the Designated Series is a
third party beneficiary of the indemnity granted in this Section 10, and the indemnity is intended to cover claims by the
Designated Series, the Trust (on behalf of the Designated Series), or the Adviser against the Subadviser for recovery pursuant
to this section.

&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Confidentiality</u>. Subject to the
duty of the Subadviser and the Trust to comply with applicable law, including any demand of any regulatory or taxing authority
having jurisdiction, the parties hereto shall treat as confidential all information pertaining to the Designated Series and the
actions of the Subadviser and the Trust in respect thereof. Notwithstanding the foregoing, the Trust and the Adviser agree that
the Subadviser may (i) disclose in marketing materials and similar communications that the Subadviser has been engaged to manage
assets of the Designated Series pursuant to this Agreement, and (ii) include performance statistics regarding the Designated Series
in composite performance statistics regarding one or more groups of Subadviser's clients published or included in any of the foregoing
communications, provided that the Subadviser does not identify any performance statistics as relating specifically to the Designated
Series.

&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Assignment</u>. This Agreement shall
terminate automatically in the event of its assignment, as that term is defined in Section 2(a)(4) of the Act. The Subadviser shall
notify the Trust and the Adviser in writing sufficiently in advance of any proposed change of control, as defined in Section 2(a)(9)
of the Act, as will enable the Trust to consider whether an assignment as defined in Section 2(a)(4) of the Act will occur, and
to take the steps necessary to enter into a new contract with the Subadviser.

&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Representations, Warranties and Agreements of the Subadviser</u>. The Subadviser represents, warrants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. It is duly organized, validly existing, and in good standing under the laws of the jurisdiction
of its organization, and is qualified to do business in each jurisdiction in which failure to be so qualified would reasonably
be expected to have a material adverse effect upon it. It (i) is registered as an "investment adviser" under the Investment
Advisers Act of 1940, as amended ("Advisers Act") and will continue to be so registered for so long as this Agreement
remains in effect; (ii) is not prohibited by the Act or the Advisers Act from performing the services contemplated by this Agreement;
provided, however, that the Subadviser makes no representation or warranty with regard to the approval of this Agreement by the
Board under Section 15 of the Act; (iii) has appointed a Chief Compliance Officer under Rule 206(4)-7 under the Advisers Act; (iv)
has adopted written policies and procedures that are reasonably designed to prevent violations of the Advisers Act from occurring,
and correct promptly any violations that have occurred, and will provide notice promptly to the Adviser of any material violations
relating to the Trust; (v) has materially met and will seek to continue to meet for so long as this Agreement remains in effect,
any other applicable federal or state requirements, or the applicable requirements of any regulatory or industry self-regulatory
agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. It is either registered as a commodity trading advisor or duly exempt from such registration with
the U.S. Commodity Futures Trading Commission ("CFTC"), and it will maintain such registration or exemption continuously
during the term of this Agreement or, alternatively, will become a commodity trading advisor duly registered with the CFTC and
will be a member in good standing with the National Futures Association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. It will maintain, keep current and preserve on behalf of the Trust, records in the manner required
or permitted by the Act and the Rules thereunder including the records identified in Schedule B (as Schedule B may be amended from
time to time). The Subadviser agrees that such records are the property of the Trust, and shall be surrendered to the Trust or
to the Adviser as agent of the Trust promptly upon request of either. The Trust acknowledges that the Subadviser may retain copies
of all records required to meet the record retention requirements imposed by law and regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. It shall maintain a written code of ethics (the "Code of Ethics") complying with the
requirements of Rule 204A-1 under the Advisers Act and Rule 17j-1 under the Act and shall provide the Trust and the Adviser with
a copy of the Code of Ethics and evidence of its adoption. It shall institute procedures reasonably necessary to prevent Access
Persons (as defined in Rule 17j-1) from violating its Code of Ethics. The Subadviser acknowledges receipt of the written code of
ethics adopted by and on behalf of the Trust. Each calendar quarter while this Agreement is in effect, a duly authorized compliance
officer of the Subadviser shall certify to the Trust and to the Adviser that the Subadviser has complied with the requirements
of Rules 204A-1 and 17j-1 during the previous calendar quarter and that there has been no material violation of its Code of Ethics,
or of Rule 17j-1(b), or that any persons covered under its Code of Ethics has divulged or acted upon any material, non-public information,
as such term is defined under relevant securities laws, and if such a violation of the code of ethics of the Trust has occurred,
or if such a violation of its Code of Ethics has occurred, that appropriate action was taken in response to such violation. The
Subadviser shall notify the Adviser promptly of any material violation of the Code of Ethics involving the Trust. The Subadviser
will provide such additional information regarding violations of the Code of Ethics directly affecting the Trust as the Trust or
its Chief Compliance Officer on behalf of the Trust or the Adviser may reasonably request in order to assess the functioning of
the Code of Ethics or any harm caused to the Trust from a violation of the Code of Ethics. Further, the Subadviser represents that
it has policies and procedures regarding the detection and prevention of the misuse of material, nonpublic information by the Subadviser
and its employees. The Subadviser will explain what it has done to seek to ensure such compliance in the future. Annually, the
Subadviser shall furnish to the Trust and the Adviser a written report which complies with the requirements of Rule 17j-1 concerning
the Subadviser's Code of Ethics. The Subadviser shall permit the Trust and the Adviser to examine the reports required to
be made by the Subadviser under Rules 204A-1(b) and 17j-1(d)(1) and this subparagraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. It has adopted and implemented, and throughout the term of this Agreement shall maintain in effect
and implement, policies and procedures reasonably designed to prevent, detect and correct violations by the Subadviser and its
supervised persons, and, to the extent the activities of the Subadviser in respect of the Trust could affect the Trust, by the
Trust, of "federal securities laws" (as defined in Rule 38a-1 under the Act), and that the Subadviser has provided
the Trust with true and complete copies of its policies and procedures (or summaries thereof) and related information reasonably
requested by the Trust and/or the Adviser. The Subadviser agrees to cooperate with periodic reviews by the Trust's and/or
the Adviser's compliance personnel of the Subadviser's policies and procedures, their operation and implementation
and other compliance matters and to provide to the Trust and/or the Adviser from time to time such additional information and certifications
in respect of the Subadviser's policies and procedures, compliance by the Subadviser with federal securities laws and related
matters as the Trust's and/or the Adviser's compliance personnel may reasonably request. The Subadviser agrees to promptly
notify the Adviser of any compliance violations which affect the Designated Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The Subadviser will immediately notify the Trust and the Adviser of the occurrence of any event
which would disqualify the Subadviser from serving as an investment adviser of an investment company pursuant to Section 9 of the
Act or otherwise. The Subadviser will also immediately notify the Trust and the Adviser if it is served or otherwise receives notice
of any action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board or body, including
but not limited to the SEC and the CFTC, involving the affairs of the Designated Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. To the best of its knowledge, there are no material pending, threatened, or contemplated actions,
suits, proceedings, or investigations before or by any court, governmental, administrative or self-regulatory body, board of trade,
exchange, or arbitration panel to which it or any of its directors, officers, employees, partners, shareholders, members or principals,
or any of its affiliates is a party or to which it or its affiliates or any of its or its affiliates' assets are subject,
nor has it or any of its affiliates received any notice of an investigation, inquiry, or dispute by any court, governmental, administrative,
or self-regulatory body, board of trade, exchange, or arbitration panel regarding any of its or their activities, which might reasonably
be expected to result in (i) a material adverse effect on the Trust or (ii) a material adverse change in the Subadviser's
condition (financial or otherwise) or business, or which might reasonably be expected to materially impair the Subadviser's
ability to discharge its obligations under this Agreement. The Subadviser will also immediately notify the Trust and the Adviser
if the representation in this Section 13.G is no longer accurate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. The Subadviser shall promptly notify the Adviser of any changes in its executive officers, partners
or in its key personnel, including, without limitation, any change in the portfolio manager(s) responsible for the Designated Series
or if there is an actual or expected change in control or management of the Subadviser.

14. <u>No Personal Liability</u>. Reference
is hereby made to the Declaration of Trust establishing the Trust, a copy of which has been filed with the SEC, and to any and
all amendments thereto so filed or hereafter filed. The name "Virtus Investment Trust" refers to the Board under said
Declaration of Trust, as trustees and not personally, and no trustee, shareholder, officer, agent or employee of the Trust shall
be held to any personal liability in connection with the affairs of the Trust; only the trust estate under said Declaration of
Trust is liable. Without limiting the generality of the foregoing, neither the Subadviser nor any of its officers, directors, partners,
shareholders or employees shall, under any circumstances, have recourse or cause or willingly permit recourse to be had directly
or indirectly to any personal, statutory, or other liability of any shareholder, Trustee, officer, agent or employee of the Trust
or of any successor of the Trust, whether such liability now exists or is hereafter incurred for claims against the trust estate.

15. <u>Entire Agreement; Amendment</u>. This
Agreement, together with the Schedules attached hereto, constitutes the entire agreement of the parties with respect to the subject
matter hereof and supersedes any prior written or oral agreements pertaining to the subject matter of this Agreement. This Agreement
may be amended at any time, but only by written agreement among the Subadviser, the Adviser and the Trust, which amendment, other
than amendments to Schedules A, B, D, E and F, is subject to the approval of the Board (including those trustees who are not "interested
persons" of the Trust) and, if required by the Act or applicable SEC rules and regulations, a vote of a majority of the Designated
Series' outstanding voting securities; provided, however, that, notwithstanding the foregoing, this Agreement may be amended
or terminated in accordance with any exemptive order issued to the Adviser, the Trust or its affiliates.

16. <u>Effective Date; Term</u>. This Agreement
shall become effective on the date set forth on the first page of this Agreement, and shall continue in effect until December 31,
2023. The Agreement shall continue from year to year thereafter only so long as its continuance has been specifically approved
at least annually (i) by a vote of the Board of the Trust or by vote of a majority of outstanding voting securities of the Designated
Series and (ii) by vote of a majority of the trustees who are not interested persons of the Trust (as defined in the Act) or of
any person party to this Agreement, cast in person (or otherwise, as

consistent with applicable laws, regulations and related guidance and relief) at a meeting called for the purpose of such approval.

17. <u>Termination</u>. This Agreement may
be terminated at any time without payment of any penalty (i) by the Board, or by a vote of a majority of the outstanding voting
securities of the Designated Series, upon 60 days' prior written notice to the Adviser and the Subadviser, (ii) by the Subadviser
upon 60 days' prior written notice to the Adviser and the Trust, or (iii) by the Adviser upon 60 days' prior written
notice to the Subadviser. This Agreement may also be terminated, without the payment of any penalty, by the Adviser or the Board
immediately (i) upon the material breach by the Subadviser of this Agreement or (ii) at the terminating party's discretion,
if the Subadviser or any officer, director or key portfolio manager of the Subadviser is accused in any regulatory, self-regulatory
or judicial investigation or proceeding as having violated the federal securities laws or engaged in criminal conduct. This Agreement
shall terminate automatically and immediately upon termination of the Advisory Agreement. This Agreement shall terminate automatically
and immediately in the event of its assignment, as such term is defined in and interpreted under the terms of the 1940 Act and
the rules promulgated thereunder. Termination of this Agreement will not affect any outstanding orders or transactions or any legal
rights or obligations which may already have arisen. Transactions in progress at the date of termination will be completed by the
Subadviser as soon as reasonably practicable. Provisions of this Agreement relating to indemnification and the preservation of
records, as well as any responsibilities or obligations of the parties hereto arising from matters initiated prior to termination,
shall survive any termination of this Agreement.

18. <u>Applicable Law</u>. To the extent that
state law is not preempted by the provisions of any law of the United States heretofore or hereafter enacted, as the same may be
amended from time to time, this Agreement shall be administered, construed and enforced according to the laws of the Commonwealth
of Massachusetts applicable to contracts entered into and fully performed within the Commonwealth of Massachusetts.

19. <u>Severability</u>. If any term or condition
of this Agreement shall be invalid or unenforceable to any extent or in any application, then the remainder of this Agreement shall
not be affected thereby, and each and every term and condition of this Agreement shall be valid and enforced to the fullest extent
permitted by law.

20. <u>Notices.</u> Any notice or other communication
required to be given pursuant to this Agreement shall be deemed duly given if delivered personally or by overnight delivery service
or mailed by certified or registered mail, return receipt requested and postage prepaid, or sent by facsimile or e-mail transmission
addressed to the parties at their respective addresses set forth below, or at such other address as shall be designated by any
party in a written notice to the other party.

---

| | |
|:---|:---|
| (a) | To the Adviser or the Trust at: |
|  | Virtus Investment Trust/Virtus Investment Advisers, LLC |
|  | One Financial Plaza |
|  | Hartford, Connecticut 06103 |
|  | Attn: Legal Counsel |
|  | Facsimile: (860) 241-1028 |
| (b) | To the Subadviser at: |
|  | Virtus Systematic, a division of Virtus Advisers, LLC |
|  | One Financial Plaza |
|  | Hartford, Connecticut 06103 |
|  | Attn: Legal Counsel |
|  | Facsimile: (860) 241-1028 |
|  | E-mail: legalnotices@virtus.com |

---

21. <u>Certifications.</u> The Subadviser shall
timely provide to the Adviser and the Trust, all information and documentation they may reasonably request as necessary or appropriate
in order for the Adviser and the Board to oversee the activities of the Subadviser and in connection with the compliance by any
of them with the requirements of this Agreement, the Registration Statement, the policies and procedures referenced herein, and
any applicable law, including, without limitation, (i) information and commentary relating to the Subadviser or the Designated
Series for the Trust's annual and semi-annual reports, in a format reasonably approved by the Adviser, together with (A)
a certification that such information and commentary discuss all of the factors that materially affected the performance of the
Designated Series, including the relevant market conditions and the investment techniques and strategies used and (B) additional
certifications related to the Subadviser's management of the Trust in order to support the Trust's filings on Form
N-CSR and other applicable forms, and the Trust's Principal Executive Officer's and Principal Financial Officer's
certifications under Rule 30a-2 under the Act, thereon; (ii) within 5 business days of a quarter-end, a quarterly certification
with respect to compliance and operational matters related to the Subadviser and the Subadviser's management of the Designated
Series (including, without limitation, compliance with the applicable procedures), in a format reasonably requested by the Adviser,
as it may be amended from time to time; and (iii) an annual certification from the Subadviser's Chief Compliance Officer,
appointed under Rule 206(4)-7 under the Advisers Act with respect to the design and operation of the Subadviser's compliance
program, in a format reasonably requested by the Adviser or the Trust. Without limiting the foregoing, the Subadviser shall provide
a quarterly certification in a form substantially similar to that attached as Schedule E.

22. <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Subadviser shall indemnify and hold harmless the Adviser from and against any and all claims,
losses, liabilities, or damages (including reasonable attorney's fees and other related expenses) (collectively, "Losses")
arising from the Subadviser's willful misfeasance, bad faith, gross negligence, or reckless disregard of its duties under
this Agreement in the performance of its obligations under this Agreement; provided, however, that the Subadviser's obligation
under this Section 22 shall be reduced to the extent that the claim against, or the loss, liability, or damage experienced by the
Adviser, is caused by or is otherwise directly related to (i) any breach by the Adviser of its representations or warranties made
herein, (ii) any willful misconduct, bad faith, reckless disregard or negligence of the Adviser in the performance of any of its
duties or obligations hereunder, or (iii) any untrue statement of a material fact contained in the Registration Statement, proxy
materials, reports, advertisements, sales literature, or other materials pertaining to the Trust or the omission to state therein
a material fact known to the Adviser that was required to be stated therein or necessary to make the statements therein not misleading,
if such statement or omission was made in reliance upon information furnished to the Subadviser or the Trust, or the omission of
such information, by the Adviser for use therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Adviser shall indemnify and hold harmless the Subadviser from and against any and all Losses
arising from the Adviser's willful misfeasance, bad faith, gross negligence, or reckless disregard of its duties under this
Agreement in the performance of its obligations under this Agreement; provided, however, that the Adviser's obligation under
this Section 22 shall be reduced to the extent that the claim against, or the loss, liability, or damage experienced by the Subadviser,
is caused by or is otherwise directly related to (i) any breach by the Subadviser of its representations or warranties made herein,
(ii) any willful misconduct, bad faith, reckless disregard or negligence of the Subadviser in the performance of any of its duties
or obligations hereunder, or (iii) any untrue statement of a material fact contained in the Registration Statement, proxy materials,
reports, advertisements, sales literature, or other materials pertaining to the Trust or the omission to state therein a material
fact known to the Subadviser that was required to be stated therein or necessary to make the statements therein not misleading,
if such statement or omission was made in reliance upon information furnished to the Adviser or the Trust, or the omission of such
information, by the Subadviser for use therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. A party seeking indemnification hereunder (the "Indemnified Party") will (i) provide
prompt written notice to the other of any claim ("Claim") for which it intends to seek indemnification, (ii) grant
control of the defense and /or settlement of the Claim to the other party, and (iii) cooperate with the other party in the defense
thereof. The Indemnified Party will have the right at its own expense to participate in the defense of any Claim, but will not
have the right to control the defense, consent to judgment or agree to the settlement of any Claim without the written consent
of the other party. The party providing the indemnification will not consent to the entry of any judgment or enter any settlement
which (i) does not include, as an unconditional term, the release by the claimant of all liabilities for Claims against the Indemnified
Party or (ii) which otherwise adversely affects the rights of the Indemnified Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. No party will be liable to another party for consequential damages under any provision of this
Agreement.

23. <u>Receipt of Disclosure Documents</u>.
The Trust and the Adviser acknowledge receipt, at least 48 hours prior to entering into this Agreement, of a copy of Part 2 of
the Subadviser's Form ADV containing certain information concerning the Subadviser and the nature of its business. The Subadviser
will, promptly after making any amendment to its Form ADV, furnish a copy of such amendment to the Adviser. On an annual basis
and upon request, the Subadviser will provide a copy of its audited financial statements, including balance sheets, for the two
most recent fiscal years and, if available, each subsequent fiscal quarter. At the time of providing such information, the Subadviser
shall describe any material adverse change in its financial condition since the date of its latest financial statement.

24. <u>Counterparts; Fax Signatures</u>. This
Agreement may be executed in any number of counterparts (including executed counterparts delivered and exchanged by facsimile transmission)
with the same effect as if all signing parties had originally signed the same document, and all counterparts shall be construed
together and shall constitute the same instrument. For all purposes, signatures delivered and exchanged by facsimile transmission
shall be binding and effective to the same extent as original signatures.

25. <u>Bankruptcy and Related Events</u>. Each
of the Adviser and the Subadviser agrees that it will provide prompt notice to the other in the event that: (i) it makes an assignment
for the benefit of creditors, files a voluntary petition in bankruptcy, or is otherwise adjudged bankrupt or insolvent by a court
of competent jurisdiction; or (ii) a material event occurs that could reasonably be expected to adversely impair its ability to
perform this Agreement. The Adviser further agrees that it will provide prompt notice to the Subadviser in the event that the Trust
ceases to be registered as an investment company under the Act.

**[signature page follows]**

---

| | | |
|:---|:---|:---|
| **VIRTUS INVESTMENT TRUST** | **VIRTUS INVESTMENT TRUST** | **VIRTUS INVESTMENT TRUST** |
| By: | /s/ W. Patrick Bradley | /s/ W. Patrick Bradley |
|  | Name: | W. Patrick Bradley |
|  | Title: | Executive Vice President, Chief Financial Officer & Treasurer |
| **VIRTUS INVESTMENT ADVISERS, LLC (FORMERLY, VIRTUS INVESTMENT ADVISERS, INC.)** | **VIRTUS INVESTMENT ADVISERS, LLC (FORMERLY, VIRTUS INVESTMENT ADVISERS, INC.)** | **VIRTUS INVESTMENT ADVISERS, LLC (FORMERLY, VIRTUS INVESTMENT ADVISERS, INC.)** |
| By: | /s/ Richard W. Smirl | /s/ Richard W. Smirl |
|  | Name: | Richard W. Smirl |
|  | Title: | Executive Vice President |

---

---

| | | |
|:---|:---|:---|
| **ACCEPTED:** | **ACCEPTED:** | **ACCEPTED:** |
| **VIRTUS SYSTEMATIC, A DIVISION OF VIRTUS ADVISERS, LLC** | **VIRTUS SYSTEMATIC, A DIVISION OF VIRTUS ADVISERS, LLC** | **VIRTUS SYSTEMATIC, A DIVISION OF VIRTUS ADVISERS, LLC** |
| By: | /s/ Richard W. Smirl | /s/ Richard W. Smirl |
|  | Name: | Richard W. Smirl |
|  | Title: | Executive Vice President |

---

---

| | | |
|:---|:---|:---|
| SCHEDULES: | A. | Operational Procedures |
|  | B. | Record Keeping Requirements |
|  | C. | Fee Schedule |
|  | D. | Subadviser Functions |
|  | E. | Form of Sub-Certification |
|  | F. | Designated Series |

---

**<u>SCHEDULE A</u>**

**OPERATIONAL PROCEDURES**

In order to minimize operational problems, it will be necessary for a flow of information to be supplied in a secure manner by Subadviser to the Trust's service providers, including: The Bank of New York Mellon (the "Custodian"), Virtus Fund Services, LLC (the "Fund Administrator"), BNY Mellon Investment Servicing (US) Inc., (the "Accounting Agent"), any Prime Broker to the Series, and all other Counterparties/Brokers as required.

The Subadviser must furnish the Trust's service providers with required daily information as to executed trades in a format and time-frame agreed to by the Subadviser, Custodian, Fund Administrator, Accounting Agent and Prime Broker/Counterparties and designated persons of the Trust. Trade information sent to the Custodian, Fund Administrator, Accounting Agent and Prime Broker/Counterparties must include all necessary data within the required timeframes to allow such parties to perform their obligations to the Designated Series.

The Accounting Agent specifically requires a daily trade blotter with a summary of all trades, in addition to trade feeds, including, if no trades are executed, a report to that effect. Daily information as to executed trades for same-day settlement and future trades must be sent to the Accounting Agent no later than 5:00 p.m. (Eastern Time) on the day of the trade each day the Trust is open for business. All other executed trades must be delivered to the Accounting Agent on trade date +1 by 11:00 a.m. (Eastern Time) to ensure that they are part of the Designated Series' NAV calculation. (Subadviser will be responsible for reimbursement to the Trust for any loss caused by the Subadviser's failure to comply with the requirements of this Schedule A.) On fiscal quarter ends and calendar quarter ends, all trades must be delivered to the Accounting Agent by 4:30 p.m. (Eastern Time) for inclusion in the financial statements of the Designated Series. The data to be sent to the Accounting Agent and/or Fund Administrator will be as agreed by the Subadviser, Fund Administrator, Accounting Agent and designated persons of the Trust and shall include (without limitation) the following:

1. Transaction type (e.g., purchase, sale, open, close, put call);

2. Security type (e.g., equity, fixed income, swap, future, option, short, long);

3. Security name;

4. Exchange identifier (e.g., CUSIP, ISIN, Sedol, OCC Symbol) (as applicable);

5. Number of shares and par, original face, contract amount, notional amount;

6. Transaction price per share (clean if possible);

7. Strike price;

8. Aggregate principal amount;

9. Executing broker;

10. Settlement agent;

11. Trade date;

12. Settlement date;

13. Aggregate commission or if a net trade;

14. Interest purchased or sold from interest bearing security;

15. Net proceeds of the transaction;

16. Trade commission reason: best execution, soft dollar or research (to be provided quarterly);

17. Derivative terms;

18. Non-deliverable forward classification (to be provided quarterly);

19. Maturity/expiration date; and

20. Details of margin and collateral movement.

When opening accounts with brokers for, and in the name of, the Trust, the account must be a cash account. No margin accounts are to be opened by the Subadviser in the name of the Trust or any Series except as specifically approved by the Trust and the Fund Administrator. Delivery instructions are as specified by the Custodian. The Custodian will supply the Subadviser daily with a cash availability report via access to the Custodian website, or by email or by facsimile and the Accounting Agent will provide a five-day cash projection. This will normally be done by email or, if email is unavailable, by another form of immediate written communication, so that the Subadviser will know the amount available for investment purposes.

**<u>SCHEDULE B</u>**

 **RECORDS TO BE MAINTAINED BY THE SUBADVISER**

1. (Rule 31a-1(b)(5) and (6)) A record of each brokerage order, and all other series purchases and
sales, given by the Subadviser on behalf of the Trust for, or in connection with, the purchase or sale of securities, whether executed
or unexecuted. Such records shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The name of the broker;

B. The terms and conditions of the order and of any modifications or cancellations thereof;

C. The time of entry or cancellation;

D. The price at which executed;

E. The time of receipt of a report of execution; and

F. The name of the person who placed the order on behalf of the Trust.

2. (Rule 31a-1(b)(9)) A record for each fiscal quarter, completed within ten (10) days after the end
of the quarter, showing specifically the basis or bases upon which the allocation of orders for the purchase and sale of series
securities to named brokers or dealers was effected, and the division of brokerage commissions or other compensation on such purchase
and sale orders. Such record:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Shall include the consideration given to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The sale of shares of the Trust by brokers or dealers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The supplying of services or benefits by brokers or dealers to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust,

(b) The Adviser,

(c) The Subadviser, and

(d) Any person other than the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any other consideration other than the technical qualifications of the brokers and dealers as such.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Shall show the nature of the services or benefits made available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Shall describe in detail the application of any general or specific formula or other determinant
used in arriving at such allocation of purchase and sale orders and such division of brokerage commissions or other compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Shall show the name of the person responsible for making the determination of such allocation and
such division of brokerage commissions or other compensation.

3. (Rule 31a-1(b)(10)) A record in the form of an appropriate memorandum identifying the person or
persons, committees or groups authorizing the purchase or sale of series securities. Where a committee or group makes an authorization,
a record shall be kept of the names of its members who participate in the authorization. There shall be retained as part of this
record: any memorandum, recommendation or instruction supporting or authorizing the purchase or sale of series securities and such
other information as is appropriate to support the authorization.\*

4. (Rule 31a-1(f)) Such accounts, books and other documents as are required to be maintained by registered
investment advisers by rule adopted under Section 204 of the Advisers Act, to the extent such records are necessary or appropriate
to record the Subadviser's transactions for the Trust.

5. Records as necessary under Board-approved policies and procedures of the Trust, including without
limitation those related to valuation determinations.

__________________________

<sup>\*</sup> Such information might include: current financial information, annual and quarterly reports, press releases, reports by analysts and from brokerage firms (including their recommendations, i.e., buy, sell, hold) or any internal reports or subadviser review.

**<u>SCHEDULE C</u>**

 **SUBADVISORY FEE**

For services provided to the Trust, the Adviser will pay to the Subadviser a fee, payable monthly in arrears, equal to 50% of the net advisory fee applicable to the Designated Series, calculated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The total expenses of the Designated Series
will be calculated in accordance with the terms of its prospectus, including application of the gross advisory fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Such total expenses will be reduced by
the application of any applicable fee waiver and/or expense limitation agreement, in accordance with the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The net advisory fee applicable to the
Designated Series will then be calculated by subtracting from the gross advisory fee any amount required to be waived under the
applicable fee waiver(s) and/or reimbursed under such applicable expense limitation agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. In the event that the Adviser waives its
entire fee and also assumes expenses of the Designated Series pursuant to an applicable expense limitation agreement, the Subadviser
will similarly waive its entire fee and will share in the expense assumption by contributing 50% of the assumed amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. If during the term of this Agreement the
Adviser later recaptures some or all of the fees waived or expenses assumed by the Adviser and the Subadviser together, the Adviser
shall pay to the Subadviser a pro rata amount of the fee(s)/expense(s) recaptured that is attributable to the Subadviser's
portion of the original waiver/assumed expense.

**<u>SCHEDULE D</u>**

 **SUBADVISER FUNCTIONS**

With respect to managing the investment and reinvestment of the Designated Series' assets, the Subadviser shall provide, at its own expense:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An investment program for the Designated Series consistent with its investment objectives based
upon the development, review and adjustment of buy/sell strategies approved from time to time by the Board and the Adviser in paragraph
3 of this Subadvisory Agreement and implementation of that program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Periodic reports, on at least a quarterly basis, in form and substance acceptable to the Adviser,
with respect to: i) compliance with the Code of Ethics and the Trust's code of ethics; ii) compliance with procedures adopted
from time to time by the Board relative to securities eligible for resale under Rule 144A under the Securities Act of 1933, as
amended; iii) diversification of Designated Series assets in accordance with the then prevailing Prospectus and Statement of Additional
Information pertaining to the Designated Series and governing laws, regulations, rules and orders; iv) compliance with governing
restrictions relating to the fair valuation of securities for which market quotations are not readily available or considered "illiquid"
for the purposes of complying with the Designated Series' limitation on acquisition of illiquid securities; v) any and all
other reports reasonably requested in accordance with or described in this Agreement; vi) the implementation of the Designated
Series' investment program, including, without limitation, analysis of Designated Series performance; vii) compliance with
the Investment Guidelines; viii) description of material changes in policies or procedures; and ix) description of any significant
firm related developments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Promptly after filing with the SEC an amendment to its Form ADV, a copy of such amendment to the
Adviser and the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Attendance by appropriate representatives of the Subadviser at meetings requested by the Adviser
or Board at such time(s) and location(s) as reasonably requested by the Adviser or Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notice to the Board and the Adviser of the occurrence of any event which would disqualify the Subadviser
from serving as an investment adviser of an investment company pursuant to Section 9(a) of the Act or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Reasonable assistance in the valuation of securities including the participation of appropriate
representatives at fair valuation committee meetings.

**<u>SCHEDULE E</u>**

**FORM OF SUB-CERTIFICATION**

To:

Re: Subadviser's Form N-CSR Certification for the [Name of Designated Series].

From: [Name of Subadviser]

Representations in support of Investment Company Act Rule 30a-2 certifications of Form N-CSR.

[Name of Designated Series].

In connection with your certification responsibility under Rule 30a-2 and Sections 302 and 906 of the Sarbanes-Oxley Act of 2002, I have reviewed the following information presented in the schedule of investments for the period ended [Date of Reporting Period] (the "Report") which forms part of the N-CSR, as applicable, for the Trust.

Schedule of Investments

Our organization has designed, implemented and maintained internal controls and procedures, designed for the purpose of ensuring the accuracy and completeness of relevant portfolio trade data transmitted to those responsible for the preparation of the Schedule of Investments. As of the date of this certification there have been no material modifications to these internal controls and procedures.

In addition, our organization has:

&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such internal controls and procedures
to ensure that material information is made known to the appropriate groups responsible for servicing the above-mentioned mutual
fund.

&nbsp;&nbsp;&nbsp;&nbsp;b. Designed and implemented controls which
ensure that all transactions provided to the fund's custodians/prime broker and accounting agent ("vendors")
have been delivered in a secure manner by authorized persons, and that access to the fund's records maintained by the
fund's vendors is restricted to authorized persons of our firm or, if applicable, any third party administrator utilized
by our firm. Such controls include review of the authorized persons at least annually and prompt communication of any changes
to authorized persons to the fund's vendors.

&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of our internal
controls and procedures, as of a date within 90 days prior to the date of this certification and we have concluded that such controls
and procedures are effective.

&nbsp;&nbsp;&nbsp;&nbsp;d. In addition, to the best of my knowledge,
there has been no fraud, whether or not material, that involves our organization's management or other employees who have
a significant role in our organization's control and procedures as they relate to our duties as subadviser to the Designated
Series.

I have read the draft of the Report which I understand to be current as of [Date of Reporting Period] and based on my knowledge, such draft of the Report, including the Fund Summary and Asset Allocations (as applicable), does not, with respect to the Designated Series, contain any untrue statement of a material fact or omit to state a material fact necessary to make the information contained therein, in light of the circumstances under which such information is presented, not misleading with respect to the period covered by such draft Report.

I have disclosed, based on my most recent evaluation, to the Designated Series' Chief Accounting Officer:

&nbsp;&nbsp;&nbsp;&nbsp;a. All significant changes, deficiencies and material weakness, if any, in the design
or operation of the Subadviser's internal controls and procedures which could adversely affect the Registrant's ability
to

record, process, summarize and report financial data with respect to the Designated Series in a timely fashion;

&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that
involves the Subadviser's management or other employees who have a significant role in the Subadviser's internal controls
and procedures for financial reporting.

I certify that to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;a. The Subadviser's Portfolio Manager(s)
has/have complied with the restrictions and reporting requirements of the Code of Ethics (the "Code"). The term Portfolio
Manager is as defined in the Code.

&nbsp;&nbsp;&nbsp;&nbsp;b. The Subadviser has complied with the Prospectus
and Statement of Additional Information of the Designated Series and the Policies and Procedures of the Designated Series as adopted
by the Designated Series Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;c. I have no knowledge of any compliance violations
except as disclosed in writing to the Virtus Compliance Department by me or by the Subadviser's compliance administrator.

&nbsp;&nbsp;&nbsp;&nbsp;d. The Subadviser has complied with the rules
and regulations of the 33 Act and 40 Act, and such other regulations as may apply to the extent those rules and regulations pertain
to the responsibilities of the Subadviser with respect to the Designated Series as outlined above.

&nbsp;&nbsp;&nbsp;&nbsp;e. Since the submission of our most recent
certification there have not been any divestments of securities of issuers that conduct or have direct investments in business
operations in Iran or Sudan.

&nbsp;&nbsp;&nbsp;&nbsp;f. The subadviser has disclosed to the Adviser
or the Designated Series any holdings required to be disclosed under the Iran Threat Reduction and Syria Human Rights Act of 2012,
the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010, the Iran Sanctions Act of 1996, as Amended and Executive
Orders 13224, and 13382.

This certification relates solely to the Designated Series named above and may not be relied upon by any other fund or entity.

The Subadviser does not maintain the official books and records of the above Designated Series. The Subadviser's records are based on its own portfolio management system, a record-keeping system that is not intended to serve as the Designated Series official accounting system. The Subadviser is not responsible for the preparation of the Report.

---

| | |
|:---|:---|
| [Name of Subadviser] | Date |
| [Name of Authorized Signer] |  |
| [Title of Authorized Signer] |  |

---

**<u>SCHEDULE F</u>**

**DESIGNATED SERIES**

Virtus Emerging Markets Opportunities Fund

Virtus Small-Cap Fund

## Ex-99.(H)(5)

**Exhibit 99.(h)(5**)

**SEVENTH AMENDED AND RESTATED<br> EXPENSE LIMITATION AGREEMENT**

**VIRTUS INVESTMENT TRUST**

This Seventh Amended and Restated Expense Limitation Agreement (the "Agreement"), effective as of October 28, 2025, amends and restates that certain Sixth Amended and Restated Expense Limitation Agreement effective as of June 18, 2025, by and between Virtus Investment Trust, a Massachusetts business trust (the "Registrant"), on behalf of each series of the Registrant listed in Appendix A (each a "Fund" and collectively, the "Funds") and the Adviser of each of the Funds, Virtus Investment Advisers, LLC (f/k/a Virtus Investment Advisers, Inc.), a Massachusetts corporation (the "Adviser").

WHEREAS, the Adviser renders advice and services to the Funds pursuant to the terms and provisions of one or more Investment Advisory Agreements entered into between the Registrant and the Adviser (the "Advisory Agreement");

WHEREAS, the Adviser desires to maintain the expenses of each Fund at a level below the level to which each such Fund might otherwise be subject;

WHEREAS, the Registrant and the Adviser are parties to an Amended and Restated Expense Limitation Agreement dated as of June 18, 2025, which they wish to amend and restate as set forth herein; and

WHEREAS, the Adviser understands and intends that the Registrant will rely on this Agreement in accruing the expenses of the Registrant for purposes of calculating net asset value and for other purposes, and expressly permits the Registrant to do so.

NOW, THEREFORE, the parties hereto agree as follows:

1. Limit on Fund Expenses. The Adviser has agreed to limit the respective rate of Total Fund Operating
Expenses ("Expense Limit") for each Fund as specified in Appendix A of this Agreement, for the time period indicated.

2. Definitions.

&nbsp;&nbsp;&nbsp;&nbsp;2.1. For purposes of this Agreement, the term "Total Fund Operating Expenses" with respect
to a Fund is defined to include all expenses necessary or appropriate for the operation of the Fund including the Adviser's
investment advisory or management fee under the Advisory Agreement and other expenses described in the Advisory Agreement that
the Fund is responsible for and have not been assumed by the Adviser, but excludes front-end or contingent deferred loads, taxes,
leverage and borrowing expenses (such as commitment, amendment and renewal expenses on credit or redemption facilities), interest,
brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses
(such as litigation), acquired fund fees and expenses, and dividend expenses, if any.

3. Recoupment and Recapture of Fees and Expenses. Each Fund has agreed to reimburse the Adviser and/or
certain of its affiliates (collectively, "Virtus") out of assets belonging to the relevant class of the Fund for any
Total Fund Operating Expenses of the relevant class of the Fund in excess of the Expense Limit paid, waived or assumed by Virtus
for that Fund, provided that Virtus would not be entitled to reimbursement for any amount that would cause Total Fund Operating
Expenses to exceed either the Expense Limit in place at the time of the applicable waiver or assumption of

expenses by Virtus or, if less, any contractual Expense Limit in place at the time that the reimbursement would be made, and provided further that no amount would be reimbursed by the Fund more than three years after the date on which it was incurred or waived by Virtus. The terms, conditions and rights of this section shall survive any termination of this Agreement.

4. Term, Termination and Modification. This
Agreement is effective for the time period indicated on Appendix A, unless sooner terminated as provided below in this Paragraph.
This Agreement may be terminated by mutual agreement of the parties at any time or by the Registrant on behalf of any one or more
of the Funds upon thirty (30) days' written notice to the Adviser. In addition, this Agreement shall terminate with respect
to a Fund upon termination of the Advisory Agreement with respect to such Fund.

5. Assignment. This Agreement and all rights
and obligations hereunder may not be assigned without the written consent of the other party.

6. Severability. If any provision of this
Agreement shall be held or made invalid by a court decision, statute or rule, or shall otherwise be rendered invalid, the remainder
of this Agreement shall not be affected thereby.

7. Captions. The captions in this Agreement
are included for convenience of reference only and in no way define or limit any of the provisions hereof or otherwise affect their
construction or effect.

8. Governing Law. This Agreement shall be
governed by, and construed in accordance with, the laws of the Commonwealth of Massachusetts without giving effect to the conflict
of laws principles thereof; provided that nothing herein shall be construed to preempt, or to be inconsistent with, any Federal
securities law, regulation or rule, including the Investment Company Act of 1940, as amended and the Investment Advisers Act of
1940, as amended and any rules and regulations promulgated thereunder.

9. Computation. If the fiscal year-to-date
Total Fund Operating Expenses of a Fund or Other Expenses, as applicable, at the end of any month during which this Agreement is
in effect exceed the Expense Limit for that Fund (the "Excess Amount"), the Adviser shall (at its option) waive or
reduce its fee under the Advisory Agreement and/or remit to that Fund (or cause another Virtus entity to waive or reduce its fee
under another agreement and/or remit to that Fund) an amount that is sufficient to pay the Excess Amount computed on the last day
of the month.

10. Liability. Virtus agrees that it shall look
only to the assets of the relevant class of each respective relevant Fund for performance of this Agreement and for payment of
any claim Virtus may have hereunder, and neither any other Fund (including the other series of the Registrant) or class of the
Fund, nor any of the Registrant's trustees, officers, employees, agents or shareholders, whether past, present or future,
shall be personally liable therefor.

[Signature page follows]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their duly authorized officers.

---

| | | | |
|:---|:---|:---|:---|
| **VIRTUS INVESTMENT TRUST** | **VIRTUS INVESTMENT TRUST** | **VIRTUS INVESTMENT ADVISERS, LLC** | **VIRTUS INVESTMENT ADVISERS, LLC** |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;/s/ W. Patrick Bradley | By: | /s/ Richard W. Smirl |
|  | &nbsp;&nbsp;W. Patrick Bradley |  | Richard W. Smirl |
|  | &nbsp;&nbsp;Executive Vice President, Chief Financial Officer and Treasurer |  | Executive Vice President |

---

**APPENDIX A**

**Contractual Expense Limitations\***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Virtus Fund** | &nbsp;&nbsp;**Total Fund Operating Expense Limit** | &nbsp;&nbsp;**Total Fund Operating Expense Limit** | &nbsp;&nbsp;**Total Fund Operating Expense Limit** | &nbsp;&nbsp;**Total Fund Operating Expense Limit** | &nbsp;&nbsp;**Term** |
|  | &nbsp;&nbsp;**Class**<br> **A** | &nbsp;&nbsp;**Class**<br> **C** | &nbsp;&nbsp;**Class**<br> **R6** | &nbsp;&nbsp;**Institutional** |  |
| &nbsp;&nbsp;Virtus Emerging Markets Opportunities Fund | &nbsp;&nbsp;1.29% | &nbsp;&nbsp;2.04% | &nbsp;&nbsp;0.89% | &nbsp;&nbsp;0.94% | &nbsp;&nbsp;October 31, 2026 |
| &nbsp;&nbsp;Virtus Income & Growth Fund | &nbsp;&nbsp;1.28% | &nbsp;&nbsp;2.03% | &nbsp;&nbsp;-- | &nbsp;&nbsp;0.90% | &nbsp;&nbsp;October 31, 2026 |
| &nbsp;&nbsp;Virtus KAR Global Small-Cap Fund | &nbsp;&nbsp;1.63% | &nbsp;&nbsp;2.38% | &nbsp;&nbsp;-- | &nbsp;&nbsp;1.28% | &nbsp;&nbsp;October 31, 2026 |
| &nbsp;&nbsp;Virtus KAR Health Sciences Fund | &nbsp;&nbsp;1.47% | &nbsp;&nbsp;2.22% | &nbsp;&nbsp;-- | &nbsp;&nbsp;1.05% | &nbsp;&nbsp;October 31, 2026 |
| &nbsp;&nbsp;Virtus NFJ Dividend Value Fund | &nbsp;&nbsp;1.05% | &nbsp;&nbsp;1.80% | &nbsp;&nbsp;0.65% | &nbsp;&nbsp;0.70% | &nbsp;&nbsp;October 31, 2026 |
| &nbsp;&nbsp;Virtus NFJ International Value Fund | &nbsp;&nbsp;1.30% | &nbsp;&nbsp;2.05% | &nbsp;&nbsp;0.90% | &nbsp;&nbsp;0.95% | &nbsp;&nbsp;October 31, 2026 |
| &nbsp;&nbsp;Virtus NFJ Large-Cap Value Fund | &nbsp;&nbsp;1.12% | &nbsp;&nbsp;1.87% | &nbsp;&nbsp;0.65% | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;October 31, 2026 |
| &nbsp;&nbsp;Virtus NFJ Mid-Cap Value Fund | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.75% | &nbsp;&nbsp;0.60% | &nbsp;&nbsp;0.65% | &nbsp;&nbsp;October 31, 2026 |
| &nbsp;&nbsp;Virtus NFJ Small-Cap Value Fund | &nbsp;&nbsp;1.17% | &nbsp;&nbsp;1.92% | &nbsp;&nbsp;0.77% | &nbsp;&nbsp;0.82% | &nbsp;&nbsp;October 31, 2026 |
| &nbsp;&nbsp;Virtus Silvant Focused Growth Fund | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.77% | &nbsp;&nbsp;0.62% | &nbsp;&nbsp;0.67% | &nbsp;&nbsp;October 31, 2026 |
| &nbsp;&nbsp;Virtus Silvant Mid-Cap Growth Fund | &nbsp;&nbsp;1.14% | &nbsp;&nbsp;1.89% | &nbsp;&nbsp;0.68% | &nbsp;&nbsp;0.76% | &nbsp;&nbsp;October 31, 2026 |
| &nbsp;&nbsp;Virtus Small-Cap Fund | &nbsp;&nbsp;1.17% | &nbsp;&nbsp;1.92% | &nbsp;&nbsp;0.77% | &nbsp;&nbsp;0.82% | &nbsp;&nbsp;October 31, 2026 |
| &nbsp;&nbsp;Virtus Zevenbergen Technology Fund | &nbsp;&nbsp;1.57% | &nbsp;&nbsp;2.32% | &nbsp;&nbsp;-- | &nbsp;&nbsp;1.16% | &nbsp;&nbsp;October 31, 2026 |

---

\*Following the contractual period, VIA may discontinue these arrangements at any time. Under certain conditions, the adviser may recapture operating expenses reimbursed and/or fees waived under these arrangements for a period of three years after the date on which it was incurred or waived by Virtus.

## Ex-99.(I)(3)

**Exhibit 99.(i)(3)**

**CONSENT OF DECHERT LLP**

We hereby consent to the reference to our firm under the caption "Legal Counsel to the Trust" in the Statement of Additional Information comprising a part of Post-Effective Amendment No. 223 to the Form N-1A Registration Statement of Virtus Investment Trust, File No. 033-36528. We do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act of 1933 or the rules and regulations of the Securities and Exchange Commission thereunder.

---

| |
|:---|
| /s/ Dechert LLP |
| San Francisco, California |
| October 22, 2025 |

---

## Ex-99.(J)(1)

**Exhibit 99.(j)(1)**

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of Virtus Investment Trust of our report dated August 21, 2025, relating to the financial statements and financial highlights, which appears in the Virtus Emerging Markets Opportunities Fund, Virtus Income & Growth Fund, Virtus KAR Global Small-Cap Fund, Virtus KAR Health Sciences Fund, Virtus NFJ Dividend Value Fund, Virtus NFJ International Value Fund, Virtus NFJ Large-Cap Value Fund, Virtus NFJ Mid-Cap Value Fund, Virtus NFJ Small-Cap Value Fund, Virtus Silvant Focused Growth Fund, Virtus Silvant Mid-Cap Growth Fund, Virtus Small-Cap Fund and Virtus Zevenbergen Technology Fund's Certified Shareholder Report on Form N-CSR for the year ended June 30, 2025. We also consent to the references to us under the headings "Glossary", "Non-Public Portfolio Holdings Information", "Financial Statements", "Independent Registered Public Accounting Firm", and "Financial Highlights" in such Registration Statement.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 22, 2025

## Ex-99.(P)(3)

**Exhibit 99.(p)(3)**

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| | | |
|:---|:---|:---|
| **Code of Ethics and Personal**<br> **Trading Policy** | **Effective Date:**<br> **June 30, 2025** | Page **1** of **17** |

---

Zevenbergen Capital Investments LLC ("ZCI" or the "Firm") has established a Code of Ethics and Personal Trading Policy (Policy) to ensure that the firm's fiduciary responsibility to clients serves as the guiding principle in all its activities. ZCI's policy has been developed to comply with the Investment Advisers Act of 1940 (as amended) (Rule 204A-1), the Investment Company Act of 1940 (as amended) (Rule 17j-1), the Insider Trading and Securities Fraud Enforcement Act of 1988, as well as the unique aspects of ZCI's business, clients and investments. This Policy helps to clearly set out the following:

1) At all times, ZCI places the interest of its clients first,

2) Personal trading procedures for ZCI team members,

3) Deterrents for the misuse of material, nonpublic information in securities transactions and

4) Commitment by the firm's entire team to comply with all securities laws and ZCI's overarching fiduciary responsibility to clients.

Every employee must read and follow this Policy or risk serious sanctions, including termination, substantial personal liability, and criminal penalties. Any questions should be directed to ZCI's Compliance Team.

**Definitions**

*Supervised Person* - means directors, officers and partners of ZCI (or other persons occupying a similar status or performing similar functions); employees of ZCI; and any other person who provides advice on behalf of ZCI and is subject to ZCI's supervision and control.

*Access Person* – defined as any Supervised Person of ZCI who has access to nonpublic information regarding any client's purchase or sale of securities or reportable fund, who is involved in making securities recommendations to clients or has access to those recommendations. Generally, Access Persons will include any employee, officer, or director of ZCI (possible exceptions are those working on a part-time, temporary or independent contractor basis, unless the positions held are responsible for portfolio management, research or trading giving them access to securities recommendations) or non-employee director of ZCI's Board.

*Associated Person* – an Access Person's spouse, household member(s), minor child(ren), domestic partner or other individuals where the employee manages the account or has beneficial interest in the account.

*Beneficial Interest* – the opportunity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, to profit, or share in any profit derived from, a transaction in a security and/or account. Access Persons are generally presumed to have beneficial interest in accounts of immediate family members sharing the same household, which includes child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and adoptive relationships.

**Statement of Principles**

Under no circumstance shall an Access Person take advantage of their position of trust and responsibility. At all times the following principles shall govern an Access Person's investments. Every ZCI Access Person shall:

1) Adhere to the highest ethical standards;

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| | | |
|:---|:---|:---|
| **Code of Ethics and Personal**<br> **Trading Policy** | **Effective Date:**<br> **June 30, 2025** | Page **2** of **17** |

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2) Place client interests above personal interests;

3) Ensure that all personal securities transactions are conducted consistent with this Policy and in such a manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility;

4) Avoid certain types of personal securities transactions deemed to create a conflict of interest;

5) Not use knowledge of open, executed or pending client portfolio transactions to profit by the market effect of such transactions;

6) Not take advantage of any investment opportunity belonging to clients;

7) Conduct all personal securities transactions in a manner consistent with this Policy and with the CFA Institute's Code of Ethics and Standards of Professional Conduct;

8) Embrace the firm's fiduciary responsibility to clients by holding information regarding clients' security holdings and financial circumstances as confidential, and;

9) Comply with all Federal securities laws and any laws governing ZCI's actions on behalf of clients.

Technical compliance with this Policy does not automatically insulate Access Persons from scrutiny should any security transaction indicate an abuse of fiduciary duties or violate applicable law.

**CFA Institute Code of Ethics and Standards of Professional Conduct**

ZCI has adopted the CFA Institute's Code of Ethics and Standards of Professional Conduct as a further commitment to the fiduciary responsibility the Firm has to its clients and the ethical approach the Firm brings to its business, industry and profession (See Exhibit COE – CFAI Ethics and Standards of Professional Conduct). Additionally, ZCI claims compliance with the CFA Institute Asset Manager Code which adopts similar commitments to ethical behavior and protection of investor interests.

**Conflicts of Interest**

**Associations with Other Entities**

Access Persons shall disclose any potential conflicts of interest, including the existence of any substantial economic relationship (to include beneficial interest) with any other entity, public or private.

**Outside Business Activities**

Written preauthorization from the Board of Directors of ZCI is required for any Access Person before they can sit on the Board of a public company, any investment committee (even non-profit organizations) and other investment-related activities. If authorized, the Access Person must be isolated from making investment decisions for ZCI with respect to the public entity for which they are serving as a Board member. Additionally, the Access Person is prohibited from sharing any material, nonpublic information relating to the entity with ZCI or its employees. All Access Persons who are board members of public companies must provide quarterly attestations confirming they do not participate in ZCI investment decisions related to the company or share material nonpublic information related to the entity.

All other non-investment-related business activities do not require preapproval but must still be reported to the Compliance Team. This is necessary to confirm unidentified conflicts and adhere to disclosures requirements in the Form U4 and ADV Part 2B. Employees will be reminded of this policy quarterly and must attest to its adherence.

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| | | |
|:---|:---|:---|
| **Code of Ethics and Personal**<br> **Trading Policy** | **Effective Date:**<br> **June 30, 2025** | Page **3** of **17** |

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Any questions as to what are considered investment-related activities should be brought to the attention of the Compliance Team.

**Gifts and Entertainment**

ZCI and its Employee Access Persons should not accept inappropriate gifts, favors, entertainment, special accommodations, or other things of material value that could influence their decision-making or make them feel beholden to another person or firm. Similarly, ZCI and its Employee Access Persons should not offer gifts, favors, entertainment or other things of value that could be viewed as overly generous or aimed at influencing decision- making or making a client feel beholden to ZCI or to the Employee Access Person.

Gifts (defined as items given/received where the recipient does not pay fair market value) of nominal value (i.e. whose reasonable value is no more than $100 per calendar year) may be accepted. In conjunction with their responsibilities at ZCI, on occasion, ZCI Access Persons may be offered, or may receive without notice, gifts from clients, brokers, vendors, or other individuals or entities that are valued in excess of $100. In order to maintain impartial relationships, acceptance of such gifts is not permitted. If an Employee Access Person receives any gift that might be prohibited under this Policy, immediately inform the CCO. The $100 limit is per incident and vendor/gifter.

Generally, ZCI and its Employee Access Persons may not give gifts (as defined above) with an aggregate value in excess of $250 per calendar year to persons associated with securities or financial organizations, including exchanges, other investment advisers, news media, clients, or other individuals/entities with which ZCI does business. Sometimes circumstances may exist where a gift or entertainment request falls outside of these guidelines and additional review or consideration is warranted. These circumstances must be submitted to the CCO or ZCI's President for review and approval.

Unsolicited promotional material (such as cards, pens, t-shirts, hats, etc.) that is general in nature and incidental in value is not considered a gift under this policy.

In addition to the gift guidelines provided above, the following gifts are never permissible to give or accept:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Cash, items redeemable for cash, cash equivalents or securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An arrangement of "quid pro quo," (i.e., "something
for something");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any gift which is illegal or results in any violation of law such as
ERISA, Taft Hartley, State Statutes, etc., or;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Gifts to anyone who threatens to submit or has submitted a complaint
about ZCI or a ZCI team member.

With regard to entertainment (defined as an activity with a ZCI Employee Access Person present), ZCI and its Employee Access Persons are permitted to both entertain and be entertained provided the entertainment is not excessive in value or frequency, and only to foster and promote business relationships.

Special attention should also be given to gifts or entertainment shared with any labor union officials. ZCI is responsible for additional reporting to the Department of Labor of such items. The quarterly compliance certification provides for separate delineation of any such gifts or entertainment to facilitate the firm's required annual reporting (LM-10).

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| | | |
|:---|:---|:---|
| **Code of Ethics and Personal**<br> **Trading Policy** | **Effective Date:**<br> **June 30, 2025** | Page **4** of **17** |

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For ERISA clients, Employee Access Persons are limited to giving a total of $250 for both gifts and entertainment combined per individual, per calendar year. In the case of gifts or entertainment provided to a group of individuals of an ERISA client, the total amount will be divided by the number of individuals who receive the gift or entertainment. The Compliance Team will track gifts and entertainment provided to individuals at ERISA clients throughout the year to ensure compliance with this limitation.

Should a client's or prospective client's policies, investment guidelines or governing regulations (i.e. Taft Hartley, etc.) specifically address the giving or accepting of gifts and/or entertainment, then ZCI shall follow whichever standard is more conservative.

To ensure ZCI's compliance with this gift and entertainment policy, ZCI Employee Access Persons are responsible for providing, as part of their quarterly compliance certification, a list of each gift and or/entertainment given or received during the quarter (the Employee Access Person responsible for such reporting is the one initiating/receiving the gift, or entertaining/being entertained, not the Employee Access Person who may have responsibility for paying for such gifts or entertainment). If such entertainment is shared, then an estimate of the Employee Access Person's pro-rated share of the entertainment is noted.

A designated Associate is responsible for recording gifts and/or entertainment given to, and received by the Firm (as opposed to an Employee Access Person, individually) and estimating the per person value of the gift/entertainment and reporting on such separately each quarter.

These guidelines are not intended to govern entertainment provided, or gifts given to its Employee Access Persons (or their immediate family members) by ZCI.

**Political Contributions (Pay-to-Play)**

As an investment adviser to Government Entities (as defined in the Securities and Exchange Commission's (SEC) "Pay-to-Play" Rule 206(4)-5 under the Investment Advisers Act of 1940 (as amended) defined for this section as "Rule"), ZCI has established the following policies and procedures related to political contributions in compliance with the Rule.

**Definition** For purposes of this section:

*Political Contribution:* means any gift, subscription, loan, advance, or deposit of money or anything of value (funded by an Access Person's personal wealth) provided to a political candidate, party or Political Action Committee (PAC). This is to include the use of property (such as an Access Person's home or other real property) for the furtherance of a campaign. This shall not include an Access Person's volunteer time, provided the Access Person is not compensated for such time by ZCI (e.g. during work hours, vacation, paid leave, holiday or sick time) and such volunteer time/work does not involve the coordination or solicitation of others to make Political Contributions (as more thoroughly defined below).

ZCI is prohibited from making Political Contributions. ZCI's Access Persons shall not make Political Contributions to any specific candidate in excess of $150 per candidate, per election, and this limit applies to all elections except Federal elections(president, vice president, senate, or house of representatives) — **unless the candidate is simultaneously holding a state or local office with influence over public funds (e.g. state or local pension funds)**, in which case the contribution may still trigger restrictions under the Rule.

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|:---|:---|:---|
| **Code of Ethics and Personal**<br> **Trading Policy** | **Effective Date:**<br> **June 30, 2025** | Page **5** of **17** |

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Contributions made directly to political parties and Political Action Committees are not subject to $150 contribution limit. While contributions exceeding $150 are not automatically prohibited, they may still trigger the two-year ban (as discussed in the Rule) if the recipient is involved in, or affiliated with, the selection of investment advisers for government entities. Therefore, Access Persons must seek Compliance pre-clearance before making any such contributions. ZCI and its Access Persons shall not coordinate or solicit a person or PAC to make Political Contributions. This shall mean (as defined in the Rule) "communicate, directly or indirectly, for the purpose of obtaining or arranging" a Political Contribution.

**Look-Back Provision – New Employees**

In compliance with the "look-back" provision of the Rule, ZCI will require any prospective employee to disclose all Political Contributions made over the prior two years. This disclosure will be made a condition of any employment offer, and the Compliance Team will review such contributions to ensure compliance with the Rule in conjunction with ZCI's hiring of the individual.

**Recordkeeping**

To comply with the Recordkeeping Rule (Rule 204-2) as amended by the Pay-to-Play Rule, ZCI's Access Persons will report all Political Contributions on a quarterly basis to the Compliance Team. This reporting will be combined with the Gifts and Entertainment reporting described above, with a centralized list of Political Contributions maintained by year. ZCI's Compliance Team will also maintain a list of all Government Entities (as defined in the Rule) managed during the previous five years. ZCI's President will review those contributions reported by the CCO on a quarterly basis.

**Charitable Contributions**

ZCI and its Access Persons are allowed to make charitable contributions (to not-for-profit organizations), unless the contribution is made with the express purpose to garner or retain advisory business.

**Employee Personal Securities Trading**

ZCI encourages employees to invest for their retirement and/or other brokerage accounts as appropriate for their individual circumstances and within the standards set forth in this Policy.

**Employee Personal Trading Compliance Software**

ZCI employs an automated, web-based software application ("Software Application") that facilitates the pre- clearance and matching, approval, tracking, certification and recordkeeping of all Access Persons' personal trading information. The Software Application is designed to enforce trading blackout periods, and allow for automated trade pre-approval, quarterly trading certification, monitoring of employee trades, detect misuse/abuse of proprietary information and to detect violations of applicable securities law. The following requirements will be enforced via this platform unless specifically described otherwise.

**Off-Channel Communications**

Employees are prohibited from conducting official ZCI business via non-approved communication mediums or personal devices (off-channel communications) except as noted in the Information Technology and Cybersecurity

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Policy (ITCP). All ZCI's Access Persons attest via the Software Application acknowledgement of the policy and its requirements (See ZCI's Record Retention and ITCP for acceptable off-channel communication practices).

**Artificial Intelligence Technology Use**

Employees are required to adhere to the Firm's artificial intelligence usage policies and annually disclose use of such technologies for work purposes via the Software Application (See Exhibit AI – Artificial Intelligence Technologies Acceptable Use Policy)

**ZCI Designated Broker/Dealer**

ZCI has established an institutional relationship with a specific broker/dealer ("Designated Broker") to better utilize the functionality of the Software Application previously described. Access Persons are required to maintain their personal trading accounts with this broker/dealer (exceptions may be made by the CCO). Trading pre-approval procedures described later will differ depending on whether the account is held at the Designated Broker or elsewhere. Any such differences are explicitly described in this Policy.

**Disclosure of Securities Holdings and Brokerage Accounts**

Access Persons shall disclose all reportable investments in which they or an Associated Person has a beneficial interest (including, but not limited to, private placements, non-public securities, warrants, venture capital, derivatives, paper stock, bonds, etc.) upon employment with ZCI or designation as an Access Person under this policy and annually (within 30 days of each calendar year-end).

Such disclosure is required within 10 days of employment or becoming an Access Person and shall include information on reportable investments that is not more than 45 days old at the time of employment or becoming an Access Person under this Policy and upon submission of annual reporting.

The disclosure must include, at a minimum, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the name of the broker,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the date of the report,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the title and type of security,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ticker or CUSIP,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· number of shares (quantity) and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· principal amount.

Should the report not contain one of the above described required items, the Access Person or Associated Person will be required to provide this information separately.

Access persons establishing new accounts with reportable investments in which they or an Associated Person has beneficial interest will first notify the ZCI Compliance Team to ensure compliance with the Code before trading securities in the account. Additionally, all Access Persons must attest at the end of each quarter when providing the quarterly Report of Personal Investment Transactions if the Access Person or an Associated Person opened a brokerage account or received securities (through gifting or other means) during the quarter for which reporting is being provided.

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**Losses**

ZCI does not bear any responsibility for losses resulting from personal investments made in keeping with, or disciplinary actions resulting from, violations of this Policy.

**High-Risk Trading Activities**

Certain trading activities conducted by an Access Person may be high-risk, not only because of the nature of the securities transactions themselves, but also because of the potential that the action necessary to close out the transaction(s) may become prohibited by specific requirements of this Policy.

**Commissions and Trading Fees**

Where applicable, employee Access Persons' commissions and/or trading fees on security transactions shall be no lower than the highest commission structure negotiated by ZCI on behalf of clients with the same broker. The CCO must approve any exceptions.

**Prohibited Transactions**

Access and Associated Persons are <u>prohibited</u> from the following transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Acquiring any equity
or equity-related securities in an Initial Public Offering (IPO). This represents a clear potential for conflict between the interests
of Access Persons and clients. Opportunities to invest in IPOs should be reserved solely for clients. IPO shares may be purchased
once they are available on the open market (usually the next business day), assuming all other employee-trading guidelines have
been met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o <u>The exception is when a pre-approved private placement becomes public without the influence of the Access or Associated Person.</u> However,
any changes in the status of the private placement, including it going public or a liquidation of the investment, must be communicated
to the Compliance Team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Buying or selling securities for an Access
or Associated Person's account ahead of client trades in order to receive a better price (front-running).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Purchasing securities already held by
an Access or Associated Person, for a client to protect or improve the securities value in an Access or Associated Person's
account (could be used to avoid a personal account margin call).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Taking an investment opportunity from a client for the Access or Associated
Person's own account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions designed to profit by market effect of the Firm's
advice to its clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions intended to impact the price of any security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions intended to create a false appearance of trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Using advance knowledge of securities being considered for client accounts
for personal benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Conducting the purchase and sale, or
sale and purchase of covered securities (including mutual funds advised or sub-advised by ZCI) within (60) sixty calendar days
of the original transaction (except for "No Knowledge" Accounts as more fully described under the "Exemptions
from Pre-Clearance Requirements" section of this Policy).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Depending on the facts and circumstances
(e.g., Software Application malfunction), profits realized on short-term trades may be required to be disgorged. The CCO, or designee,
may grant an

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exception to the 60-day restriction for specific transactions conducted for the following purposes so long as there are no conflicting client portfolio trades:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Realizing gains or losses for tax purposes, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Raising funds for substantial life events (e.g., home purchase or medical
emergencies).

Any such request for exception must be approved <u>prior</u> to executing the transaction and documentation of all granted exceptions will be retained by the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Options-Related Activity – any
acquisition or disposition of a security in connection with an option-related securities transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Commodities, Futures and Options on
Futures – any security transaction involving commodities, futures (including currency futures and futures on securities comprising
part of a broad-based, publicly traded market-based index of stocks) and options on futures.

**Limited Offerings, Private Placements, Venture Capital**

ZCI primarily invests in securities of public, U.S. exchange-traded companies for clients. ZCI does not invest in limited offerings, private placements, private vehicles for client portfolios or other securities with limited liquidity. However, ZCI and its Access and Associated Persons may invest in limited offerings (e.g. private placements, venture capital or securities not registered under the Securities Act of 1933), subject to prior written approval from the CCO (Rule 204A-1 under the Investment Advisers Act (as amended) requires prior written approval from the CCO for private offerings). Access or Associated Persons wishing to acquire securities in a limited offering must complete a Private Investment Approval Form and receive CCO pre-approval, which may require review of the proposed investment's memorandum or other investment description.

If ZCI (or an Access Person) is aware a client owns a private offering that ZCI or an Access or Associated Person is reviewing for purchase, ZCI or the Access or Associated Person may not purchase the security unless the review:

1) Determines the opportunity to invest in the private placement is not being offered because of a client's ownership of securities of the same issuer, and

2) ZCI discloses to the client(s) that ZCI or an Access or Associated Person has the opportunity to invest in private placement securities of the same issuer and the client(s) provide their written consent prior to any transaction.

The Compliance Team maintains a list of all previously approved private investments and the pre-approval review documentation for all Access Persons and Associated Persons, with the list being updated as required and reviewed at least annually by the Compliance Team. It is Access Persons responsibility to inform ZCI if there are any changes to their private investment holdings. On an annual basis, each Access Person must certify the accuracy and status of each private investment which is maintained in the Software Application.

ZCI and its Access Persons are prohibited from making private investments in the following circumstances: as a reward for business, as an offer to influence future business, or otherwise related to the Access Person's position with ZCI. ZCI or its Access or Associated Persons shall not make private investments if the opportunity is conditioned upon or related to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ZCI directing brokerage business
 from clients to the private placement agent or an affiliate or,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ZCI making investments in, or
 recommending, any securities of the issuer.

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Access and Associated Persons must immediately inform the Compliance Team of any known change in the status of the private investment held, including but not limited to any liquidity event, merger or acquisition, foreclosure or the private investment's decision to proceed with an IPO.

Should an Access or Associated Person's private investment become a publicly traded company (e.g., via IPO), and ZCI is considering purchasing the security for client portfolios, this poses a potential conflict of interest. The Access Person(s), with beneficial interest in the company becoming public, may be perceived to benefit from purchases conducted in client accounts by ZCI, as disclosed in ZCI's ADV.

To mitigate this conflict of interest:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Access Person
must recuse themselves from all aspects of the formal investment decision-making process related to that security. This includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Refraining from making or influencing any
recommendations to purchase the security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o If the Access Person
is a Portfolio Manager, they may participate in the formal investment decision making process, bu **t** the recommendation to
purchase the security must be formally documented and signed off by another Portfolio Manager who does not own the security.

In these circumstances, the Compliance Team will review in the investment decision-making process to ensure that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Access Person was not involved in the recommendation or approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The decision was made independently and in accordance with ZCI's
fiduciary duty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any potential conflicts were disclosed and mitigated appropriately.

The Compliance Team does not assess the investment merits of the security itself. Documentation of the review, the associated facts and circumstances of the potential conflict and the investment decision, will be retained by the Compliance Team.

**Trades in Securities Not Held By Clients**

Access and Associated Persons may hold equity, or equity-related securities that are not held by clients. However, by virtue of their job responsibilities (including making purchase and sale decisions and/or recommendations for clients), Portfolio Managers and Research Analysts, along with their Associated Persons, are held to a higher standard regarding trades in equity securities not held by clients. Should a member of these groups wish to purchase a security not owned/held by clients, they must submit a pre-approval to the Compliance Team via the Software Application, if available, and the Portfolio Manager responsible for the security's sector must provide the Compliance Team rationale why ZCI is not purchasing that particular security for client accounts. If a decision is made to purchase that security on behalf of clients in the future, the Portfolio Manager making the decision and/or recommendation provides written communication to ZCI's Compliance Team explaining why that security is now appropriate for clients.

**Digital Assets (Cryptocurrency)**

Generally, Access Persons may make investments in digital assets (cryptocurrencies) without pre-clearance. However, certain types of cryptocurrencies have characteristics which entitle the purchaser/holder to future benefits (right, warrant, Initial Coin Offering, etc.). Access Persons must seek pre-approval from the Compliance Team prior to investing in assets with those characteristics. Should the Compliance Team determine an investment

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qualifies as a Reportable Security, the Firm will follow all applicable sections of this Policy for the investment/Access Person.

**Annual Disclosure of Digital Assets**

Each Access Person is required to complete an annual certification/disclosure of investments in cryptocurrencies. Except for any Reportable Security, this disclosure will only require a list of current digital investments (quantity, trade amount, etc. is not required).

**Restricted Securities and Trading Blackout Periods**

To ensure ZCI's clients' interests are always put ahead of Access and Associated Persons, ZCI maintains a Restricted Securities List, which serves to prohibit or "blackout" trading in certain securities during periods described below. This list identifies securities that are subject to temporary or ongoing trading restrictions for all Employee Access Persons and their Associated Persons (except "No Knowledge" accounts). Securities are added to this list when they are part of active and/or ongoing investment decisions for clients (as determined by the PMs as described below). While ZCI primarily invests in highly liquid, U.S. exchange-traded equities, where the likelihood of employee or client trades materially impacting security market prices is low, the Firm nonetheless enforces these restrictions to uphold the highest standards of fiduciary duty and to mitigate conflicts of interest in both fact and appearance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· New Security Position/Purchase:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o When the PM Team
identifies a new investment opportunity potentially suitable for client accounts, the PM Team notifies the Compliance Team and
requests the security be added to the Firm's Restricted Securities List which will begin the trading blackout period. If
upon further review the PM Team decides to purchase the security for client accounts, the security will remain on the Restricted
Securities List for a minimum pre-determined blackout period (generally 90 calendar days) passes or an earlier manual update is
requested (e.g., full allocation completed, target weight achieved) by the PM Team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o If the PM Team elects
not to purchase the security on behalf of clients, the PM Team notifies the Compliance Team and the security is removed from the
Restricted Securities List or it will automatically be removed after a pre-determined blackout period has passed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Security Selling/Exiting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o When the PMs identify
a particular security to be liquidated from all eligible client accounts it is added to the Restricted Securities List by the Compliance
Team. The security will be on a trading blackout period and will remain on the Restricted Securities List until it is sold from
all client accounts for which it is targeted for sale.

PMs are responsible for notifying the Compliance Team of intended position changes as referenced above. The Restricted Securities List is reviewed by the Compliance Team and PMs periodically, to ensure it accurately reflects the above criteria. PMs may request addition or removal of securities from the Restricted Securities List for unique circumstances not covered here.

Changes to the Restricted Securities List and Trading Blackout Periods are updated only by the Compliance Team as necessary and in coordination with the Portfolio Management Team.

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**Pre-Approval Procedures for Personal Securities Transactions**

The following procedures shall govern personal securities transactions, <u>including mutual funds advised or sub-</u> <u>advised by ZCI</u>, of all Employee Access Persons and their Associated Persons.

Non-Employee Access Persons and their Associated Persons may be exempt from these outlined pre-approval procedures for personal securities transactions provided they have no day-to-day access to ZCI client securities holdings or ZCI's security trading activity in client accounts. Should the Compliance Team determine that at any time in the future, Non-Employee Access Persons are given access or gain knowledge of ZCI's day-to-day investment activities on behalf of clients, then the Compliance Team can require full compliance with these personal securities transaction procedures by Non-Employee Access Persons and their Associated Persons.

**Pre-Approval Requirements**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Employee Access Persons
or their Associated Persons shall submit trade pre-approval via the Software Application to ZCI's Compliance Team for all
accounts. Notwithstanding the policy requirements around personal investments noted earlier, preclearance is required for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Individual equities (foreign and domestic, public and private,
 ADRs, GDRs, etc.),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Exchange traded vehicles (e.g., ETFs, ETNs).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Mutual Funds advised or sub-advised by ZCI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Employee Access Persons or their Associated Persons who are
 unclear regarding their pre-clearance obligations are responsible for clarifying expectations
 with the Compliance Team <u>before</u> placing trades.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The pre-approval submission includes the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) the name of the security,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) the number of shares/units (or amount) in the transaction,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) the nature of the transaction (buy or sell),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) the date of the transaction,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) the account number and the name of the broker/dealer or entity
 where the account is held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Once approval is secured from
 the Compliance Team (generally via the Software Application), trades should be entered
 between 12:00 p.m. Pacific Time and the close of the market at 1:00 p.m. Pacific Time.
 While pre-approval may obtained throughout the day via the Software Application, trades
 should continue to be entered during the final hour of the trading session. For days
 where the NYSE closes early, trades should be entered within the hour before the market
 closes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. At least quarterly, the Compliance
 Team reviews all trades placed in accounts not held at the Designated Broker against
 the trade confirmation and monthly statements of the respective account(s). Employee
 Access Persons with accounts held outside the Designated Broker are responsible for ensuring
 trade confirmations and monthly statements are delivered to the Compliance Team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. As previously described, Portfolio
 Managers and Research Analysts, along with their Associated Persons, must obtain pre-clearance
 in the Software Application for trades in securities not currently held in ZCI client
 accounts. <u>If pre-clearance is not available via the Software Application, approval must be obtained manually</u> <u>by the Compliance Team before executing the trade.</u> 

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**Reporting, Record Keeping and Review Procedures**

&nbsp;&nbsp;&nbsp;&nbsp;1. Employee Access Persons must either
 provide permission to electronically link their accounts to the Software Application
 or, when not possible, provide ZCI with account statements containing information as
 required by Section 204-2(a)(12) of the Investment Advisers Act of 1940 (as amended),
 including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Date of the report,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Name of Employee Access Person or their Associated Person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Security,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Ticker symbol or CUSIP,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Number of shares (and/or dollar amount of the trade),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Nature of the transaction (purchase or sale),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Date trade was executed (or correspondingly settled),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Price trade was executed at and the broker/dealer the trade
 was executed through.

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|  | This requirement includes all accounts holding mutual funds advised or sub-advised by ZCI. Should the account statement not report one of the above described required items, the Access Person or Associated Person will be required to provide this information. Records of all reportable investments of Access Persons or Associated Persons disclosed upon of employment with ZCI or designation as an Access Person under this policy are retained by ZCI Compliance Team. |
| 2. | Records of Access and Associated Persons transactions must be provided no later than 30 days after the end of the calendar quarter in which the transaction was executed (the Compliance Team may grant exceptions to employees with extended time out of the office (e.g., sabbatical, family leave, etc.), in which case the transactions will be obtained promptly upon the employee's return). ZCI considers it has made the required record under 204-2(a)(12) when: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. ZCI receives an account statement,
 trade confirmation or transaction report within 30 days of quarter-end that contains
 all required information or,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Data feeds of transactions within the Software Application
 have been attested to.

&nbsp;&nbsp;&nbsp;&nbsp;3. ZCI maintains an exception report
 recording any Access Person's activity not in compliance with this Policy. The
 exception report contains the name of the Access Person, the security, the number of
 shares/units (or amount) of the transaction, the nature of the transaction (purchase
 or sale), the date the trade was executed, the price at which the trade was executed,
 the broker/dealer or entity the trade was executed through, the best client execution
 price, details surrounding the excepted transaction and details of resolution to the
 exception or if unrelated to trading, other appropriate information.

&nbsp;&nbsp;&nbsp;&nbsp;4. ZCI's Compliance Team has
 responsibility for reviewing Employee Access Persons' and their Associated Persons'
 trades and another member of senior management reviews the CCO's transactions.
 Quarterly, the President of ZCI further reviews all personal trading policy exceptions
 and makes a determination as to whether profits should be disgorged and/or disciplinary
 action taken.

&nbsp;&nbsp;&nbsp;&nbsp;5. ZCI requests a quarterly Report
 of Personal Investment Transactions from every Access Person, and attestation that all
 personal trades have been made within the guidelines of this Policy and that the Compliance
 Team has been notified of any new accounts and/or investments of the Access and Associated
 Persons.

&nbsp;&nbsp;&nbsp;&nbsp;6. Access and Associated Persons'
 personal trading records are treated with strict confidentiality, but such information
 may be made available to the following upon request: ZCI's President, Senior Management,
 Board

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| | |
|:---|:---|
|  | of Directors, designated legal counsel, consultants and auditors hired by ZCI, compliance teams of mutual funds to which ZCI serves as adviser or sub-adviser and/or the Securities and Exchange Commission or as otherwise required by law. |
| 7. | Any material revisions to this Policy are provided to all Access Persons immediately, with receipt of such revisions being acknowledged in writing. Absent any changes, this Policy is provided to all Access Persons annually, such receipt being acknowledged in writing via the Software Application. |
| 8. | All records associated with this Policy, whether in hard-copy or electronic format, are kept for a minimum of six years following the end of the calendar year to which the records were related (including policies, statements, acknowledgements, Reports of Personal Investment Transactions and Trade Tickets, etc.) with the two most recent years of hard-copy records retained onsite. |

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**Exemptions from Pre-Approval Requirements**

The following securities transactions are exempt from ZCI's required pre-approval procedures outlined earlier in this Policy. However, they are still reportable to ZCI as detailed in the Reporting, Recordkeeping and Review procedures described above:

&nbsp;&nbsp;&nbsp;&nbsp;1. Certain Corporate Actions –
 any acquisition or disposition of securities through stock dividends, dividend reinvestments,
 stock splits, reverse stock splits, mergers, consolidations, recapitalizations, spin-offs,
 or other similar corporate reorganizations or distributions generally applicable to all
 holders of the same class of securities;

&nbsp;&nbsp;&nbsp;&nbsp;2. Systematic Investment Plans –
 any acquisition of a security pursuant to a systematic investment plan that has previously
 been approved pursuant to this Policy (e.g., preapproval to automatically purchase mutual
 funds advised or sub-advised by ZCI is required). A systematic investment plan is one
 in which a prescribed investment is made automatically on a regular, predetermined basis
 without affirmative action by the Access or Associated Person;

&nbsp;&nbsp;&nbsp;&nbsp;3. Rights – any acquisition of
 securities through the exercise of rights issued by an issuer pro rata to all holders
 of a class of its securities, to the extent the rights were acquired in the issue;

&nbsp;&nbsp;&nbsp;&nbsp;4. "No Knowledge" Accounts
 – accounts over which the Access Person has no direct or indirect influence or
 control; where the Access Person has no knowledge of transactions before they are completed
 and is neither consulted nor advised of trades before they are executed. Examples of
 such accounts may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Investment partnerships or investment clubs, where the Access
 Person does not provide recommendations and is neither consulted nor advised of trades
 before they are executed, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Accounts held by Associated Persons, where the Access Person
 does not provide recommendations and is neither consulted nor advised of trades before
 they are executed, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Accounts of Access or Associated Persons where discretionary
 authority has been formally given to a third party for management of the account (i.e.
 investment advisory relationship).

These "No Knowledge" accounts are reviewed for trading irregularities on a regular basis via the Software Application or via submission of statements on at least a quarterly basis. If necessary, the Compliance Team may impose further restrictions and safeguards on a case-by-case basis. In addition to normal reporting requirements under this Policy, Access Persons shall be required to submit an annual written statement for such account(s) certifying that they have no direct or indirect influence or control over the account in question.

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**Exemptions from Pre-Approval and Reporting Requirements**

As these securities present little opportunity for high-risk trading, the following securities are exempt from both ZCI's pre-approval procedures and reporting, recordkeeping and review requirements described earlier in this Policy:

&nbsp;&nbsp;&nbsp;&nbsp;1. Transactions and holdings in stable, individual fixed income
 notes such as corporate bonds, asset-backed securities, mortgage-backed securities, agency
 or municipal bonds,

&nbsp;&nbsp;&nbsp;&nbsp;2. Transactions and holdings in direct obligations of the Government
 of the United States (e.g. Treasuries);

&nbsp;&nbsp;&nbsp;&nbsp;3. Transactions and holdings in money
 market instruments: banker's acceptances, bank certificates of deposits, commercial
 paper and high–quality, short-term (issuance less than 366 days) debt instruments
 including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;4. Transactions and holdings in
 money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;5. Transactions and holdings in U.S.
 registered, open-end mutual funds (except those advised or sub-advised by ZCI, as described
 earlier);

&nbsp;&nbsp;&nbsp;&nbsp;6. Transactions and holdings in a unit
 investment trust if the unit investment trust is invested exclusively in unaffiliated
 mutual funds, including interests in variable insurance products or variable annuities.

**Sanctions for Personal Trading Violations**

If it is determined that a material, intentional violation of this Policy has occurred, the President of ZCI is to be notified immediately and appropriate sanctions will be imposed which may include disgorgement of profits, censure, suspension or termination of employment, depending on the severity and circumstances. If the trade did not cause an adverse effect for a client of ZCI, but was an intentional violation of this Policy, ZCI need not provide a warning and may terminate the Employee without notice. If the trade is of criminal nature, the appropriate regulatory authorities will be notified.

**Disgorgement of Profits**

In situations where material, non-compliant trades occur and ZCI determines that disgorgement of profits is the appropriate sanction, the following remedies apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Tax-Exempt Loss on Non-Compliant Trade: No further action is necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Tax-Exempt Profit on Non-Compliant Trade:
Access Person pays to ZCI the amount of the profit (from a source other than the tax-exempt account).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Taxable Loss on Non-Compliant Trade: Access Person pays to ZCI the
amount of taxable benefit realized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Taxable Profit on Non-Compliant Trade: Access Person pays to ZCI the
amount of the profit.

Any payments ZCI receives as disgorgement of profits on noncompliant trades are to be clearly identified and segregated for accounting purposes. The proceeds are then used for charitable donations, with no resulting tax benefit to ZCI for such donations.

**Insider Trading**

Access or Associated Persons of ZCI may not trade a security while in possession of material, nonpublic information related to that security ("insider trading"), nor may Access or Associated Persons communicate material, nonpublic information to others. This applies to transactions and information within and outside of an Access Person's duties at ZCI.

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**Material Information**

Trading on inside information alone is not a basis for liability unless the information is material. Information is "material" when there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision. Generally, this is information that, if disclosed, has a substantial effect on the price of a company's securities. Unfortunately, there is no simple test to determine whether information is material. For this reason, questions about whether information is material should be directed to the Compliance Team. The mere fact that transactions occurred based on the information may contribute to the conclusion that the information was material. If there is any question, Employee Access Persons and their Associated Persons should always err on the side of assuming information is material.

Following is a list of items (while not exhaustive) that might be considered material:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· dividend changes,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· knowledge of unreported financial performance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· changes in previously disclosed earnings guidance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· new product announcements,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· changes to corporate strategy,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· regulatory product approvals, significant merger or acquisition proposals
or agreements,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· major litigation, the acquisition or loss of a contract,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a change in control or significant change in executive management,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a call of securities for redemption,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the purchase or sale of a significant asset,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a change in capital investment plans,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· labor disputes,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· stock buy-backs and/or a tender offer for another company's securities.

Note that material information may be information about either adverse or positive developments or conditions, and it may even relate to possible future events.

**Public Information**

Information is "public" when it has been dispersed broadly to investors in the marketplace. Tangible evidence of such disbursement is the best indication that the information is public. For example, information is public after it has become generally available through a public filing with the SEC (or other governmental agency), the Wall Street Journal or other publications or domains of general circulation.

Information is considered "nonpublic" until it has been effectively communicated to the marketplace. An individual must be able to point to some fact to show that the information is generally public. In general, it is assumed that information in reports filed with the SEC or research reports issued by a brokerage firm is public. If, however, it becomes apparent that there is particularly significant information included in the filing or report that has not otherwise been disclosed to the public, then purchases, sales or recommendations should not be made based on that information. Once information has become public, insiders and those with inside information must wait to trade until the market has absorbed the information; the waiting period is at least twenty-four hours, and in some situations longer.

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Tender offers (a broad solicitation by a company or a third party to purchase a substantial percentage of a target company's shares) raise concerns related to insider trading for two reasons. First, tender offer trading often results in extraordinary volatility in the price of the target company's securities. Trading during this time is more likely to attract regulatory attention. Second, the SEC has adopted a rule that expressly forbids trading and "tipping" while in possession of material, nonpublic information regarding a tender offer. Access and Associated Persons should exercise extra caution any time they become aware of material nonpublic information relating to a tender offer.

Any knowledge, or potential knowledge, of material non-public information is a serious issue and should be immediately reported to the CCO. <u>Once a determination has been made that information is material and nonpublic,</u> <u>no transactions in the security about which this information is known should be made by an Access or Associated</u> <u>Person for their own benefit, or for the benefit of clients.</u> Do not communicate the information to anyone (other than to ZCI's CCO, President or designated legal counsel), inside or outside of ZCI. Furthermore, access to any sources containing material nonpublic information will be restricted (e.g. lock files, restrict computer access).

Certain ZCI employees, primarily members of the Portfolio Management Team, may engage with investor relations teams of companies under active investment consideration or current holdings in ZCI client portfolios. To support compliance with insider trading regulations, the Portfolio Management Team maintains a log of these interactions, including the date, company name, and a brief summary of the discussion. This log will be periodically reviewed and compared by the Compliance Team against relevant personal trading activity to help ensure that no material nonpublic information has been received or acted upon. Additionally, the CCO or a designee may periodically attend investor relations calls and document their observations, including any compliance concerns.

If the information is determined to be material and nonpublic, a decision is then made to either place the security on a restricted list and initiate a trading blackout period (thereby prohibiting its purchase and sale for clients, by ZCI and any Access or Associated Persons) or prevent the flow of such information to any other persons within ZCI to allow Portfolio Managers to remain uncompromised.

**Violations of this Policy**

Should an Access Person suspect that any violation of this Policy has occurred (whether it is with regard to conduct, personal trading activities, etc.) they are to report such violations to the CCO immediately. Should an Access Person suspect a violation of this Policy by the CCO, such report should be made to ZCI's President. ZCI takes any violation of this Policy with the utmost seriousness. To ensure an environment of open communication with respect to such issues, no retribution or consequences will occur as a result of merely reporting such violation.

Violations of any relevant local or federal law, or provisions of this Policy, may result in significant penalties, including but not limited to: termination of employment of the Access Person, criminal and/or civil prosecution, fines, sanctions and permanent bar from the securities industry.

For the avoidance of doubt, nothing in this Code prohibits Access Persons from reporting possible violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the SEC, Congress, and any agency Inspector General, or making other disclosures that are protected under the whistleblower provisions of federal law or regulation. Access Persons do not need prior authorization from

---

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---

their supervisor, Senior Management, the CCO, or anyone else affiliated with ZCI to make any such reports or disclosures and are not required to notify ZCI that they have made such reports or disclosures.

**Investigating Violations of the Code**

ZCI's CCO is responsible for investigating any suspected violation of the Code and shall communicate promptly to an employee any suspected violation of the Code by such employee.

**Sanctions**

If ZCI's CCO determines that an employee has committed a violation of the Code, ZCI may impose sanctions and take other actions as it deems appropriate, including but not limited to: a warning, a letter of caution and warning, a forced sale of securities, profit disgorgement, suspension of personal trading rights, suspension of employment (with or without compensation), fine and termination of the employment of the violator for cause.

In addition to sanctions, violations may result in civil referral to the Securities and Exchange Commission or criminal referral, where appropriate.

Where an employee is required to reverse the transaction in question and forfeit any profit or absorb any loss associated or derived as a result, the amount of profit shall be calculated by ZCI's CCO and shall be remitted by the employee to ZCI's CCO. ZCI's CCO will forward this amount to a charitable organization selected by ZCI. Failure to promptly abide by a directive from ZCI's CCO to reverse a trade or forfeit profits may result in the imposition of additional sanctions. ZCI's CCO cannot review his or her own transaction.

**Board of Directors Review**

At least annually, the CCO shall provide a report to ZCI's Board of Directors summarizing this Policy and any procedural changes made in the last year. A report of any material violation that occurred during the past year that resulted in disciplinary actions is also included with the name of the securities involved, the date of the violation, the date the investigation began, the accounts/Access Person(s) involved, actions taken as a result of the investigations, and any recommendations for further action.

**Certification of Compliance with this Policy**

ZCI shall give a copy of this Policy to all Access Persons upon employment and annually thereafter. A copy of this Policy shall also be provided whenever a material amendment to this Policy is made. Upon initial receipt, annual updates and/or amendments to this Policy, all Access Persons certify at that time that they have read, understood and will comply with this Policy. In addition, each Access Person certifies quarterly that they have complied with all requirements of the Policy and that they have disclosed or reported all personal securities transactions required to be disclosed or reported pursuant to the requirements of this Policy. All Access Persons must certify trading for their own personal accounts and the accounts of Associated Persons. If an Access Person and/or their Associated Persons do not have a brokerage account, they must certify that. And, annually, the certification requires Access Persons provide an updated list of all brokerage accounts and/or all reportable securities under this Policy (including mutual funds advised/sub-advised by ZCI) for themselves and their Associated Persons. All such certification is facilitated via the Software Application.

---

| | | |
|:---|:---|:---|
| **Exhibit COE – CFAI Code of Ethics and Standards of Professional Conduct** | **Effective Date:** <br> **June 28, 2024** | Page **1** of **9** |

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**CFA Institute Code of Ethics and <br> Standards of Professional Conduct**

**Preamble**

The CFA Institute Code of Ethics and Standards of Professional Conduct are fundamental to the values of CFA Institute and essential to achieving its mission to continue to lead the investment profession globally by promoting the highest standards of ethics, education, and professional excellence for the ultimate benefit of society. High ethical standards are critical to maintaining the public's trust in financial markets and in the investment profession. Since their creation in the 1960s, the Code and Standards have promoted the integrity of CFA Institute members and served as a model for measuring the ethics of investment professionals globally, regardless of job function, cultural differences, or local laws and regulations. All CFA Institute members (including holders of the Chartered Financial Analyst [CFA] designation) and CFA candidates have the personal responsibility to embrace and uphold the provisions of the Code and Standards and are encouraged to notify their employer of this responsibility. Violations may result in disciplinary sanctions by CFA Institute. Sanctions can include revocation of membership, revocation of candidacy in the CFA Program, and revocation of the right to use the CFA designation.

---

| | | |
|:---|:---|:---|
| **Exhibit COE – CFAI Code of Ethics and Standards of Professional Conduct** | **Effective Date:** <br> **June 28, 2024** | Page **2** of **9** |

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**The Code of Ethics**

Members of CFA Institute (including CFA charterholders) and candidates for the CFA designation ("Members and Candidates") must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Act with integrity, competence, diligence, and respect and in an ethical manner with the public,
clients, prospective clients, employers, employees, colleagues in the investment profession, and other participants in the global
capital markets.

· Place the integrity of the investment profession and the interests of clients above their own
personal interests.

· Use reasonable care and exercise independent professional judgment when conducting investment
analysis, making investment recommendations, taking investment actions, and engaging in other professional activities.

· Practice and encourage others to practice in a professional and ethical manner that will reflect
credit on themselves and the profession.

· Promote the integrity and viability of the global capital markets for the ultimate benefit of
society.

· Maintain and improve their professional competence and strive to maintain and improve the competence
of other investment professionals.

---

| | | |
|:---|:---|:---|
| **Exhibit COE – CFAI Code of Ethics and Standards of Professional Conduct** | **Effective Date:** <br> **June 28, 2024** | Page **3** of **9** |

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**Standards of Professional Conduct**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **PROFESSIONALISM** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Knowledge of the Law** 

Members and Candidates must understand and comply with all applicable laws, rules, and regulations (including the CFA Institute Code of Ethics and Standards of Professional Conduct) of any government, regulatory organization, licensing agency, or professional association governing their professional activities. In the event of conflict, Members and Candidates must comply with the more strict law, rule, or regulation. Members and Candidates must not knowingly participate or assist in and must dissociate from any violation of such laws, rules, or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Independence and Objectivity** 

Members and Candidates must use reasonable care and judgment to achieve and maintain independence and objectivity in their professional activities. Members and Candidates must not offer, solicit, or accept any gift, benefit, compensation, or consideration that reasonably could be expected to compromise their own or another's independence and objectivity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Misrepresentation** 

Members and Candidates must not knowingly make any misrepresentations relating to investment analysis, recommendations, actions, or other professional activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Misconduct** 

Members and Candidates must not engage in any professional conduct

---

| | | |
|:---|:---|:---|
| **Exhibit COE – CFAI Code of Ethics and Standards of Professional Conduct** | **Effective Date:** <br> **June 28, 2024** | Page **4** of **9** |

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involving dishonesty, fraud, or deceit or commit any act that reflects adversely on their professional reputation, integrity, or competence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Competence** 

Members and Candidates must act with and maintain the competence necessary to fulfill their professional responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **INTEGRITY OF CAPITAL MARKETS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Material Nonpublic Information** 

Members and Candidates who possess material nonpublic information that could affect the value of an investment must not act or cause others to act on the information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Market Manipulation** 

Members and Candidates must not engage in practices that distort prices or artificially inflate trading volume with the intent to mislead market participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **DUTIES TO CLIENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Loyalty, Prudence, and Care** 

Members and Candidates have a duty of loyalty to their clients and must act with reasonable care and exercise prudent judgment. Members and Candidates must act for the benefit of their clients and place their clients' interests before their employer's or their own interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Fair Dealing** 

Members and Candidates must deal fairly and objectively with all clients when providing investment analysis, making investment

---

| | | |
|:---|:---|:---|
| **Exhibit COE – CFAI Code of Ethics and Standards of Professional Conduct** | **Effective Date:** <br> **June 28, 2024** | Page **5** of **9** |

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recommendations, taking investment action, or engaging in other professional activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Suitability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. When Members and Candidates are in an advisory relationship with a client, they must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Make a reasonable inquiry into a client's or prospective client's investment experience,
risk and return objectives, and financial constraints prior to making any investment recommendation or taking investment action
and must reassess and update this information regularly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Determine that an investment is suitable to the client's financial situation and consistent
with the client's written objectives, mandates, and constraints before making an investment recommendation or taking investment
action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Judge the suitability of investments in the context of the client's total portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. When Members and Candidates are responsible for managing a portfolio to a specific mandate, strategy,
or style, they must make only investment recommendations or take only investment actions that are consistent with the stated objectives
and constraints of the portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Performance Presentation** 

When communicating investment performance information, Members and Candidates must make reasonable efforts to ensure that it is fair, accurate, and complete.

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| | | |
|:---|:---|:---|
| **Exhibit COE – CFAI Code of Ethics and Standards of Professional Conduct** | **Effective Date:** <br> **June 28, 2024** | Page **6** of **9** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Preservation of Confidentiality** 

Members and Candidates must keep information about current, former, and prospective clients confidential unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The information concerns illegal activities on the part of the client or prospective client,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Disclosure is required by law, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The client or prospective client permits disclosure of the information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **DUTIES TO EMPLOYERS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Loyalty** 

In matters related to their employment, Members and Candidates must act for the benefit of their employer and not deprive their employer of the advantage of their skills and abilities, divulge confidential information, or otherwise cause harm to their employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Additional Compensation Arrangements** 

Members and Candidates must not accept gifts, benefits, compensation, or consideration that competes with or might reasonably be expected to create a conflict of interest with their employer's interest unless they obtain written consent from all parties involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Responsibilities of Supervisors** 

Members and Candidates must make reasonable efforts to ensure that anyone subject to their supervision or authority complies with applicable laws, rules, regulations, and the Code and Standards.

---

| | | |
|:---|:---|:---|
| **Exhibit COE – CFAI Code of Ethics and Standards of Professional Conduct** | **Effective Date:** <br> **June 28, 2024** | Page **7** of **9** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **INVESTMENT ANALYSIS, RECOMMENDATIONS, AND ACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Diligence and Reasonable Basis** 

Members and Candidates must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Exercise diligence, independence, and thoroughness in analyzing investments, making investment
recommendations, and taking investment actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Have a reasonable and adequate basis, supported by appropriate research and investigation, for
any investment analysis, recommendation, or action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Communication with Clients and Prospective Clients** 

Members and Candidates must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Disclose to clients and prospective clients the nature of the services provided, along with information
about the costs to the client associated with those services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Disclose to clients and prospective clients the basic format and general principles of the investment
processes they use to analyze investments, select securities, and construct portfolios and must promptly disclose any changes that
might materially affect those processes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Disclose to clients and prospective clients significant limitations and risks associated with
the investment process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Use reasonable judgment in identifying which factors are important to their investment analyses,
recommendations, or actions and include those factors in communications with

---

| | | |
|:---|:---|:---|
| **Exhibit COE – CFAI Code of Ethics and Standards of Professional Conduct** | **Effective Date:** <br> **June 28, 2024** | Page **8** of **9** |

---

clients and prospective clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Distinguish between fact and opinion in the presentation of investment analysis and recommendations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Record Retention** 

Members and Candidates must develop and maintain appropriate records to support their investment analyses, recommendations, actions, and other investment-related communications with clients and prospective clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **CONFLICTS OF INTEREST** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Avoid or Disclose Conflicts** 

Members and Candidates must avoid or make full and fair disclosure of all matters that could reasonably be expected to impair their independence and objectivity and interfere with respective duties to their clients, prospective clients, and employer. Members and Candidates must ensure that such disclosures are prominent, are delivered in plain language, and communicate the relevant information effectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Priority of Transactions** 

Investment transactions for clients and employers must have priority over investment transactions in which a Member or Candidate is the beneficial owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Referral Fees** 

Members and Candidates must disclose to their employer, clients, and prospective clients, as appropriate, any compensation, consideration, or benefit received from or paid to others for the recommendation of products or services.

---

| | | |
|:---|:---|:---|
| **Exhibit COE – CFAI Code of Ethics and Standards of Professional Conduct** | **Effective Date:** <br> **June 28, 2024** | Page **9** of **9** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **RESPONSIBILITIES AS A CFA INSTITUTE MEMBER OR CFA CANDIDATE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Conduct as Participants in CFA Institute Programs** 

Members and Candidates must not engage in any conduct that compromises the reputation or integrity of CFA Institute or the CFA designation or the integrity, validity, or security of CFA Institute programs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Reference to CFA Institute, the CFA Designation, and the CFA Program** 

When referring to CFA Institute, CFA Institute membership, the CFA designation, or candidacy in the CFA Program, Members and Candidates must not misrepresent or exaggerate the meaning or implications of membership in CFA Institute, holding the CFA designation, or candidacy in the CFA Program.

## Ex-99.(P)(4)

**Exhibit 99. (p)(4)**

**April 21, 2025**

Code of Ethics

**Voya Investment Management LLC**

**Voya Investments, LLC**

**Voya Investment Management Co. LLC**

**Voya Investment Management (UK) Limited**

**Voya Alternative Asset Management LLC**

**Pomona Management LLC**

**Voya Investments Distributor, LLC**

**Voya Realty Group LLC**

**Voya Investment Trust Co.**

This Code of Ethics (the "Code") supersedes all codes of ethics previously included in the Voya Investment Management Compliance Policies and Procedures Manual. Voya Investment Management reserves the right to modify any provision in this Code at any time in the future. Such changes will be distributed by an electronic communication or by other means, as appropriate.

![](x1_c114260x2x386.jpg)

Code of Ethics

**Table of Contents**

---

| | | |
|:---|:---|:---|
| **1.** | **Adoption of Code of Ethics** | **3** |
| **2.** | **Covered Persons** | **4** |
| **3.** | **Violations of the Code** | **4** |
| **4.** | **Exceptions to the Code** | **4** |
| **5.** | **Statement of Fiduciary Standards** | **4** |
| **6.** | **Duty of Confidentiality** | **5** |
| **7.** | **Duty to Comply with Federal Securities Laws** | **5** |
| **8.** | **Personal Trading Restrictions** | **6** |
| **9.** | **Intraday Trading Prohibition** | **8** |
| **10.** | **Prohibition on Short-Term Trading Profits** | **8** |
| **11.** | **Reporting Obligations** | **8** |
| **12.** | **Transactions in Voya Fund Shares** | **10** |
| **13.** | **Voya IM Gift & Entertainment Policy** | **10** |
| **14.** | **Outside Business Activity** | **12** |
| **Code of Ethics Guide – Securities Transactions Matrix** | **Code of Ethics Guide – Securities Transactions Matrix** | **16** |
| **Leveraged Credit Group Supplemental Code of Ethics** | **Leveraged Credit Group Supplemental Code of Ethics** | **20** |

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Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Adoption
 of Code of Ethics

This Code of Ethics (the "Code") has been adopted by each of the registered investment companies advised by Voya Investments, LLC (or an affiliate) and operating under the Voya funds umbrella (the "Voya funds") and by each of the following Voya Entities (collectively, referred to as "Voya Entities"):

---

| | |
|:---|:---|
| Voya Alternative Asset Management LLC | Pomona Management LLC |
| Voya Investment Management LLC | Voya Investments Distributor, LLC |
| Voya Investments, LLC | Voya Realty Group LLC |
| Voya Investment Management Co. LLC | Voya Investment Trust Co. |
| Voya Investment Management (UK) Limited |  |

---

The provisions of the Code are applicable to all directors, trustees, officers and persons employed or appointed by one or more of the Voya Entities as well as their immediate family members living in such designated person's household<sup>1</sup> (collectively, referred to as "Employees") unless otherwise noted. Employees on short-term disability, whose access rights have not been revoked will still be subject to the Code. Employees on long-term disability, whose access rights have been revoked will not be subject to the Code during the leave period.

Temporary contract workers, interns, independent contractors, or independent consultants, as well as certain persons of other affiliated entities are considered "Employees" for purposes of this Code if such person provides investment advice to clients on behalf of the Voya Entities, is subject to the supervision and control of the Voya Entities, has access to nonpublic information regarding any client's purchase or sale of securities, is involved in making securities recommendations to clients, or has access to such recommendations that are nonpublic. The Chief Compliance Officer ("CCO") may exempt such persons from any requirement hereunder if the CCO determines that such exemption would not have a material adverse effect on any client account and for those contingent workers subject to a contractual arrangement with the Voya Entities that addresses insider trading and/or similar potential conflicts of interest.

In addition, the Code is applicable to the trustees/directors of each of the Voya funds (the "Voya funds Directors").

All Employees and the Voya funds Directors (collectively, referred to as "Covered Persons") will be provided with a copy of this Code upon employment with the Voya Entities or appointment and notified when any material amendments are made to the Code.

The Code is not intended to supersede or otherwise replace the Voya Code of Business Conduct and Ethics. All of the policies and guidelines contained in the Voya Code of Business Conduct and Ethics shall remain in full force and effect as to Employees.

<sup>1</sup> An "immediate family member" includes any child, stepchild, grandchild, parent, stepparent, grandparent, spouse (including domestic partners), sibling and in-laws, as well as any person sharing the same household with the Employee in which the Employee contributes to the material financial support of such person. A person who holds account(s) in which the Employee is a joint owner, has trading authority, or beneficial ownership would also be considered an immediate family member, regardless of if that person lives in the same household as the Employee.

Beneficial ownership is interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the 1934 Act in determining whether a person is the beneficial owner of a security for purposes of Section 16 of the 1934 Act and the rules and regulations thereunder. Rule 16a-1(2) under the 1934 Act specifies that to have beneficial ownership, a person must have a "direct or indirect pecuniary interest", which is the opportunity to profit directly or indirectly from a transaction in securities. Thus, an Access Person may be deemed to have beneficial ownership of securities held by members of his or her immediate family sharing the same household, or by certain partnerships, trusts, corporations, or other arrangements.

Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Covered
 Persons

**Certification of Compliance.** All Covered Persons are required to certify to the Voya IM Compliance ("Compliance") annually that they have:

&nbsp;&nbsp;&nbsp;&nbsp;■ read and understand the provisions contained in the
Code;

&nbsp;&nbsp;&nbsp;&nbsp;■ complied with all the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;■ reported all transactional information required by
the Code.

Generally, as an Employee of the Company, you may be held personally liable for any improper or illegal acts committed during the course of your employment; non-compliance with this Policy may be deemed to encompass one of these acts. Accordingly, you must read this policy and comply with the spirit and the strict letter of its provisions. Failure to comply may result in the imposition of serious sanctions, which may include, but are not limited to, letter of written reprimand, the disgorgement of profits, cancellation of trades, selling of positions, and suspension of personal trading privileges, dismissal, and referral to law enforcement or regulatory agencies.

Covered Persons are required to certify their receipt and understanding of and compliance with the Code within ten days of becoming a Covered Person. On an annual basis, all Covered Persons are required to re-certify their understanding of and compliance with the Code. Additionally, whenever the Code is materially amended, Covered Persons must certify that they have received the amended Code and that they have read, understand, and will abide by the terms and provisions of the Code. You will be provided with timely notification of these certification requirements and directions on how to complete them by the Code of Ethics Office. Other reporting and certification requirements are set forth in the Gift & Entertainment ("G&E"), Political Contributions, and Personal Securities Transactions sections of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Violations
 of the Code

Employees are required to report any known or suspected violations of the Code to Compliance immediately. An Employee who violates this Code or fails to report a violation of the Code may be subject to sanctions. For example, if the same security is purchased or sold on the same day by an Employee, the Employee following a violation may be required to disgorge profits to charity. In addition, any Employee that violates the Code's pre-clearance or transaction reporting provisions may also be suspended from further trading for a period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Exceptions
 to the Code

Exceptions to the Code will only be made under extraordinary circumstances. No exception may be granted for those sections of the Code that are mandated by regulation.

Exceptions may be made only upon prior request, and no exception will be granted subsequent to a violation of the Code. To be granted an exception to the Code, a written request regarding the nature of the exception must be made and submitted to the CCO and approved by her or him and a member of Voya IM's Executive Leadership Team. Exceptions to the Code shall be reported as applicable to the CCO of the Voya funds and the Voya funds Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Statement
 of Fiduciary Standards

A fiduciary is a person or organization that manages money or property for another, usually a client, and, as a result, has a legal duty to act in the best interests of that client. This Code is based on the overriding principle that the Employees have a fiduciary duty to clients, including the Voya funds, while the Voya funds' Directors have a fiduciary duty only to the Voya funds. Our investment advisers owe a fiduciary duty to the Clients for which they serve as an adviser or sub-adviser. Covered Persons of our investment advisers must avoid activities, interests,

Code of Ethics

and relationships that could interfere or appear to interfere with our advisers' fiduciary duties. Accordingly, Covered Persons shall conduct their activities in accordance with the following standards:

---

| | | |
|:---|:---|:---|
| **Clients' Interests**<br> **Come First** | **Conflicts of Interest Should be<br> Avoided** | **Compromising Situations<br> Should be Avoided** |
| In the course of fulfilling their duties and responsibilities, Covered Persons **must at all times place the interests of the clients (or, in the case of the Voya funds Directors,** the Voya funds) first. Covered Persons shall avoid putting their own personal interests ahead of the interests of a client. | Covered Persons must avoid any situations involving an actual or potential conflicts of interest or possible impropriety with respect to their duties and responsibilities to, in the case of an Employee, a Voya Entity or a client of a Voya Entity or in the case of a Voya funds Director, the Voya funds. | Covered Persons shall never take advantage of their position of trust and responsibility. Covered Persons must avoid any situation that might compromise or call into question their exercise of full independent judgment in the best interests of clients. |

---

All activities of Covered Persons shall be guided by, and adhere to, these fiduciary standards. The remainder of this Code sets forth specific rules and procedures that are consistent with these fiduciary standards. However, all activities by Employees are required to conform to these standards regardless of whether the activity is specifically covered in this Code. Any violation of the Code by an Employee may include but not be limited to reprimand, suspension, disgorgement of trading profits and termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Duty
 of Confidentiality

Covered Persons must keep confidential any non-public information regarding Voya, a Voya Entity, a Voya fund, and any client or any entity whose securities they know or should know are under investment review by a portfolio management team acting on behalf of a Voya Entity. Covered Persons have the highest fiduciary obligation not to reveal confidential information of any nature to any party that does not have an explicitly clear and compelling need to know such information.

All information submitted by a Covered Person to Compliance pursuant to this Code will be treated as confidential information. It may, however, be made available to senior management, governmental and governmental agencies with regulatory authority over the Voya Entities, as well as to the Voya funds Directors, and each of their auditors and legal advisors, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Duty
 to Comply with Federal Securities Laws

Voya Entities' activities are governed by the federal securities laws, including the Investment Advisers Act of 1940, as amended (the "Advisers Act") and the Investment Company Act of 1940 (the "1940 Act"), as amended. Covered Persons are expected to adhere to the federal securities laws, whether or not the activity is specifically covered in this Code.

Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Personal
 Trading Restrictions

The restrictions of this section apply to all Employees, covered under the personal trading policies and procedures of Voya Investment Management ("Voya IM"), and to accounts over which they have the authority to make investment decisions, for all transactions involving securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.** **Pre-Clearance of Securities Transactions** 

Except for the transactions listed below, approval must be obtained from Compliance before entering an order to buy or sell or transfer securities by gift, engaging in derivative transactions, or selling of shares in connection with margin calls. **An approval to trade is only valid on the business day it is received (*note*: such approvals terminate at close of business day on the date such approval is granted).** If you receive approval and do not complete the trade that same day, you must seek pre-clearance to complete the trade the next (or any subsequent) business day. Except as noted below, approval must be received for every transaction. Pre-clearance approvals for securities *traded on a U.S. exchange or in a U.S. market* are effective until the close of business on the day that your pre-clearance request has been approved. Pre-clearance approvals for securities *traded on a foreign exchange or in a foreign market* are effective until the close of business on the business day following approval of your pre-clearance request. If you want to modify your trade request previously submitted in any way (*e.g.*, date of execution or share quantity), you must submit a new pre-clearance request.

The Voya Entities utilize a vendor system to process personal trading. All pre-clearance requests shall be made via the system, which can be accessed at: StarCompliance.

Employees assigned portfolio management or trading responsibility are prohibited from knowingly buying or selling the same security traded in an associated client account for a period of 15 days (7 days prior to the client trade and 7 days after the client trade).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.** **Requirements for Voya Financial securities.** 

**Employees must obtain pre-clearance for transactions involving Voya Financial securities, including:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Open market purchases and sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Gifting or making a charitable contribution of your
holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Transactions in Voya Company Stock Fund in the 401(k)
(other than automatic purchases made pursuant to an established payroll-deduction program, or transactions involving automatic
and/or pro-rata rebalances); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Sales of performance shares units or restricted stock
units.

**Employees who wish to transact in Voya securities should consider the following before seeking pre-clearance and transacting:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Voya Securities must be held for a **minimum of 60 calendar days** from the acquisition date, including the Voya Company Stock Fund in Voya 401(k) accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ **Prohibition of Short Selling and Derivatives of Voya Securities.** Because of the heightened legal risk, the potential misalignment of your interests and those of Voya Financial
and its shareholders, and the inappropriateness of engaging in speculative transactions involving Voya Financial securities, you
may not engage in:

‒ Short sales of Voya Financial common stock. For example, you cannot sell Voya Financial common stock that you do not own, or if you own the stock, you cannot deliver it against such sale, and borrowing shares to complete the sale; or

Code of Ethics

‒ Hedging or other transactions involving options (including exchange-traded options), puts, calls, forward contracts or other derivatives involving Voya Financial securities (excluding stock awards granted under any Voya Financial incentive plan). <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ **Prohibition of Trading in Voya Securities during the "Closed Period."** Employees are
 prohibited from trading Voya Securities, including the Voya Company Stock Fund in Voya's
 401(k) plan, during the "Closed Period for Voya's Financial Instruments"
 as set forth by Voya Financial. The Voya Closed Periods are set forth on the StarCompliance vendor
 system utilized to process personal trading requests.

***Warning:*** *Failure to pre-clear will result in sanctions including suspension of personal trading privileges.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3.** **Exceptions to Pre-Clearance of Securities Transactions.** 

The following types of transactions are not subject to the pre-clearance requirements of this Code; however, certain transactions listed below are subject to the reporting and holding period requirements of the Code. Please reference the *Code of Ethics Guide – Securities Transactions Matrix* for details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Direct obligations of the Government of the United
States ("U.S.") and its agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Direct obligations of the Government of the United
Kingdom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ High quality short-term debt instruments, including
bankers' acceptances, bank certificates of deposit, commercial paper, money market securities and repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Shares of open-end funds, including shares held in
Voya's 401(k) plan (as defined in *Transactions in Voya Fund Shares,* below) *;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Transactions in accounts over which an Employee has
no direct or indirect control or influence (managed or discretionary accounts);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Transactions under any incentive compensation plan
sponsored by the Voya Entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Transactions made through an automatic dividend reinvestment
plan, automatic payroll deduction or similar program (excluding Self-Directed Brokerage Accounts) where the timing of purchases
and sales is controlled by someone other than the Employee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Transactions involving Bitcoins or other cryptocurrencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Transactions made through a fully discretionary Robo-Advisor
program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ An exercise of pro-rata rights issued by a company
to all the holders of a class of its securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ On any given day, transactions involving 100 shares
or less (per account) of common stock issued by companies included in the S&P 500 Index;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Transactions involving exchange-traded funds (ETFs)
and exchange-traded notes (ETNs) <u>except</u> for single-stock ETFs and ETNs, and ETFs and ETNs advised or sub-advised by the
Voya Entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Transactions involving penny stocks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Transactions involving listed index options, index
futures, and other securities with an index as <br> underlying; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Transactions involving closed-end registered funds
that are not advised or sub-advised by the Voya Entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4.** **Prohibition of Initial Public Offerings and Initial Coin Offerings** **.** Employees are prohibited from acquiring securities
in initial public offerings, except for transactions made pursuant to an

Code of Ethics

employee incentive compensation, retention or other program put in place by a Voya Entity, and initial coin offerings <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.5.** **Restrictions on Private Placements** **.** Employees
 are prohibited from acquiring non-public securities (a private placement) without the
 prior approval of Compliance. If an Employee is granted approval to make such a personal
 investment, that Employee will not participate in any consideration of whether clients
 should invest in the same issuer's public or non-public securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.6.** **Borrowing Money from Suppliers or Clients** **.** Employees
 may not borrow money from any of Voya IM's suppliers, consultants, or clients.
 However, the receipt of credit on customary terms in connection with the purchase of
 goods or services is not considered to be borrowing within the foregoing prohibition.
 In addition, acceptance of loans from other banks or financial institutions on customary
 terms to finance proper and usual activities, such as home mortgage loans, is permitted
 except where prohibited by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Intraday
 Trading Prohibition

Covered persons are prohibited from the purchase and sale, and sale and purchase, of the same security, on the same day (intraday trading). This prohibition does not apply to transactions that are fully exempt from pre-clearance, reporting, and holding period requirements. Exceptions to this prohibition are subject to prior approval by Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Prohibition
 on Short-Term Trading Profits

The firm discourages its Employees from engaging in short-term trading strategies for their own accounts. Any excessive or inappropriate trading that, in the firm's view, interferes with job performance, or compromises the duty that the firm owes to its Clients, will not be tolerated. Employees must always conduct their personal trading activities lawfully, properly, and responsibly.

Employees may not profit from short-term trading, which is defined as transactions of securities, except as noted below and set forth in the *Code of Ethics Guide – Securities Transactions Matrix*, that are initiated and closed (the purchase and sale, or sale and purchase, of the same (or related) securities) within **30 calendar days.**

For shares of open-end funds, ETFs, or ETNs advised or sub-advised by the Voya Entities (including 401(k) transactions other than those involving the Voya Company Stock Fund) the 30-calendar day holding period is measured from the time of the most recent purchase date of the applicable shares.

Voya Financial securities must be held for 60 calendar days. Exception: You may sell Voya Financial securities within the 60-day holding period as part of the default option to cover taxes due upon the receipt or vesting of equity-based compensation as described in the Voya Financial Personal Trading Policy. Similarly, you may sell all or a portion of your Voya Financial securities deposited into your account as a result of equity-based compensation grants or vesting events within the 60-day holding period.

Profits made in connection with short-term trades may be subject to disgorgement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Reporting
 Obligations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1.** **Disinterested Directors/Trustees** 

Voya funds Directors/Trustees who are not deemed to be "interested persons" (as that term is defined under the 1940 Act) of a Voya fund, its investment adviser, or the investment adviser's affiliates (the "Disinterested Directors") must submit a quarterly report containing the information set forth in 11.2 - 11.5 below, only with respect to those transactions for which such person knew

Code of Ethics

or, in the ordinary course of fulfilling his or her official duties as a Disinterested Director, should have known, that during the 15-day period immediately before or after the Disinterested Director's transaction in securities that are otherwise subject to the reporting requirements described herein, an applicable Voya fund had purchased or sold the security at issue or that an investment adviser or sub-adviser for an applicable Voya fund had considered purchasing or selling such security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.** **Initial Disclosure of Personal Holdings** **.** Employees
 are required to disclose all their personal securities holdings to Compliance within
 10 days of commencing employment with a Voya Entity. The holdings report must be current
 as of a date not more than 45 days prior to the commencement of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3.** **Securities Transaction Records** **.** Employees
 should be aware that the Voya Entities maintain a list of designated broker-dealers with
 whom Employees may maintain a brokerage account. Employees shall notify Compliance if
 they intend to open, or have opened, a brokerage account. If requested, Employees shall
 direct their brokers to supply Compliance with duplicate confirmation statements of their
 securities transactions and copies of all periodic statements for their accounts. Employees
 must report new authorized brokerage accounts to Compliance within thirty (30) days of
 funding the account. Note: Employees may not trade in the new account prior to reporting
 the account. Any brokerage account opened to facilitate cryptocurrency trading is a reportable
 account under the Code and must be held with an approved designated broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.4.** **Quarterly Account and Transaction Reports** **.** Employees
 are required to submit a report listing <br> their securities
 transactions made during the previous quarter within 30 days of the end of each <br> calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.5.** **Annual Holdings Report** **.** Employees
 are required to submit a report listing all securities held as of December 31 of the
 year reported within 30 days of the end of the calendar year. The holdings reports must
 be current as of a date not more than 45 days prior to the date the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.6.** **Information to be Reported** **.** Employees
 are required to provide the following information when submitting reports as required
 by 11.2. through 11.5., above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.7.** **Initial and Annual Holdings Reports must include the**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ title or description and type of security, the exchange
ticker symbol or CUSIP number, the number of shares or principal amount of each security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ broker-dealer or bank where accounts are held; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ date the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.8.** **Quarterly Transaction Reports must include the:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ title or description and type of security, the exchange
ticker symbol or CUSIP number, the number of shares and principal amount of each security (as well as the interest rate and maturity
date, if applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ trade date and type of transaction (*i.e.*, buy,
sell, open, close, etc.):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ price of the security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ broker-dealer or bank account through which the transaction
was affected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ date the report is submitted.

All reports, other than the Initial Disclosure of Personal Holdings, shall be made via the vendor system, which can be accessed at: StarCompliance.

Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Transactions
 in Voya Fund Shares

The following restrictions and requirements apply to all purchases and sales of shares of open-end funds advised or sub-advised by the Voya Entities other than money market and short-term bond funds ("Voya Advised Shares") and all holdings of Voya Advised Shares by Covered Persons, including those in which they have a beneficial ownership interest, except as provided below.

These restrictions and requirements do not apply to purchases of Voya Advised Shares through (1) an automatic dividend reinvestment plan; or (2) through any other automatic investment plan, automatic payroll deduction plan, or other automatic plan approved by Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1.** **Compliance with Prospectus** 

All transactions in Voya Advised Shares must be in accordance with the policies and procedures set forth in the Prospectus and Statement of Additional Information for the relevant fund, including but not limited to the fund's policies and procedures relating to short-term trading and forward pricing of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2.** **Additional Restrictions** 

Certain Covered Persons may be considered insiders to a closed-end fund advised or sub- advised by the Voya Entities. In such cases, these persons will be notified of their status as well as advised of additional restrictions imposed on them and their ability to transact in such closed-end fund.

Solely to facilitate compliance with timely Form 4 and 5 filing requirements with the Securities and Exchange Commission ("SEC"), all such insiders must submit a written report of any transaction involving the closed-end fund on the trade date of such transaction to Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Voya
 IM Gift & Entertainment Policy

As a general rule, an Employee should not give or accept an inappropriate or significant gift or entertainment to/from a third party that has any business dealings with Voya Financial. The following provides guidelines related to the giving or acceptance of gifts, entertainment or non-cash compensation by Voya IM Employees. All Voya IM Employees who are also Financial Industry Regulatory Authority ("FINRA") registered representatives are, to the extent they are conducting business on behalf of Voya IM, do so under Voya Investments Distributor, LLC ("VID"), a registered broker-dealer with the SEC and a member of FINRA. VID is a subsidiary of Voya IM. (Note: those requirements are described more fully in the VID Written Supervisory Procedures).

This Policy should be read in conjunction with the Voya Financial Gift, Entertainment, and Conflicts of Interest Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1.** **Nominal Business Gifts and Business Entertainment** 

Giving or receiving gifts in a business setting may give rise to an appearance of impropriety or raise a potential conflict of interest. It could also, depending on facts and circumstances, qualify as paying or receiving non-cash compensation for a testimonial or endorsement under Rule 206(4)-1. As a general rule, Employees should not give to or accept from a third party (*e.g.*, client, broker, or vendor) any gift or gratuity. However, gifts less than $100 per year per person as well as occasional, normal and customary meals and/or business entertainment (where the person providing the entertainment is present) that on a fair market value basis does not exceed $500 per incident (note: dinner and a show or golf and lunch would be considered one business entertainment event) or $1,500 per year, the cost of which would be paid for by Voya IM as a reasonable business expense if not paid for by the third party, and which is not given or accepted in exchange for a testimonial or endorsement, are permitted. Any G&E in excess of these limits

Code of Ethics

should be declined or returned. If it is not practical to return a gift, provide it the Human Resources for donation. In the case of a perishable item worth more than $100, the gift may be shared with the Covered Person's entire department.

Ultimately, except for personal gifts explained more fully below, G&E must have a clear connection with Voya IM's business and are not permitted if an independent third party might think that the Employee would be influenced in conducting business or might otherwise provide an endorsement of that third party. Any G&E given or received in connection with Voya IM giving or receiving a testimonial or endorsement will qualify as a paid testimonial or endorsement under Rule 206(4)-1. While G&E under $1,000<sup>2</sup> are considered "de minimis" compensation and testimonials/endorsements given for de minimis compensation are exempt from some of the provisions of Rule 206(4)-1, such arrangements with third parties are still subject to adviser oversight and required disclosures. Employees should seek prior approval from Legal and Compliance prior to engaging in a testimonial or endorsement arrangement.

Family members (including domestic partners) of Employees are not permitted to accept fees, G&E, invitations to seminars/conferences, payments or other favors in connection with any business of Voya IM. Any questions should be directed to your supervisor or Compliance Officer, and in the case of FINRA registered representatives conducting business on behalf of VID, your broker-dealer supervisor.

Employees who plan G&E to anyone affiliated with a public entity, including but not limited to state and municipal pension plans, have a special responsibility to both know and adhere to the policy stated above, and to comply fully with additional policies, procedures, and restrictions placed on such Employees by statue statutes, municipal regulations or internal policies. Public entity employees may be under **even more stringent restrictions or outright prohibitions** with regard to receipt of meals and entertainment. Any Voya employee seeking to entertain a public entity employee should first check with Compliance and Legal to see what, if any, additional restrictions may apply. Compliance and Legal can assist in determining what such restrictions are prior to the gifting to and entertaining of such individuals.

Voya IM generally restricts employees from providing gifts and/or entertainment to government officials. However, under certain circumstances, expenditure for meals, entertainment and other normal social amenities for government officials may be permitted, provided it is not extravagant and otherwise complies with the laws and customs of the state or country in which the expenditure is incurred. Similarly, gifts may be given only if the gifts are of reasonable value and conform to laws and normal social customs in the recipient's state or country.

***Any employee seeking to provide gifts, entertainment, or social amenities to a government official should obtain prior authorization from their Executive Leadership Team representative and from Compliance***. This request should be submitted through StarCompliance.

**Gifts**

The following are some guidelines or examples of acceptable gifts. These guidelines also apply when employees are attending conferences sponsored by Clients, prospects, brokers, vendors and other third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ An acceptable gift may not exceed a face value of $100
per third party, per year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Purely personal gifts are permissible. Personal gifts
are gifts that serve a personal (not business) purpose, are paid by the giver (not the giver's employer) and are between
close friends or family members (*e.g.*, gifts that are related to commonly recognized personal events, such as births, promotion,
wedding, or retirement).

<sup>2</sup> For purposes of Rule 206(4)-1.

Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Discounts or rebates on merchandise or services that
do not exceed those available to arm's length clients. The final total cost or value of goods or services is subject to a
$100 limit per third party, per year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Occasional gifts with a modest nominal value and that
are widely distributed and include a company logo (*e.g.*, shirts, caps, pens, books, bags, cups, golf balls, towels, desk
ornaments) do not count toward the annual limit as long as they are infrequent and the reasonably estimated value of the item does
not exceed $50. Receipt of such gifts is permitted without any approval or reporting obligation.

**Business Meals and Entertainment**

The following are some guidelines regarding acceptable business meals and entertainment. These guidelines also apply when employees are attending conferences sponsored by Clients, prospects, brokers, vendors and other third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Normal, customary, and occasional business meals or
entertainment where the meal or entertainment takes place in one event and the person providing the entertainment is present. A
good test is whether Voya IM would consider such an expense reasonable, if not paid for by a third party. Also, a good rule of
thumb is whether an Employee can eat, drink, or enjoy the entertainment in one sitting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Business
 meals and entertainment should be consistent with FINRA guidance and advice. As such,
 the total fair market value of the event may not exceed $500 per Employee, per event
 (note: dinner and a show or golf and lunch would be considered one event), subject to
 an annual maximum amount of $1,500 per third party. <sup>3</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Entertainment, such as tickets to sporting events,
golf fees, or ski lift tickets, will be evaluated based on the published ticket price. Again, in all cases both the giver and the
recipient must be present.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ The
 cost of local transportation does not count towards the $500 per event/$1,500 annual
 limit, provided that the mode of transportation must be reasonable. Any travel and lodging
 related to the event should be paid for by Voya IM subject to the Voya
 Financial Travel and Entertainment Policy .

Any exceptions to the above guidelines must be approved by the Employee's manager and an Executive Leadership Team representative prior to acceptance.

In order to monitor compliance, employees are required to regularly report the receipt of gifts and entertainment (via StarCompliance) and regularly certify that they have complied with the Voya IM Gifts & Entertainment Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Outside
 Business Activities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.1.** **Outside Business Interests and Private Investments** 

All Employees are required to devote their full time and efforts to the business of Voya IM. You are not to maintain outside employment activities that compromise job performance or interfere with your regular duties. In addition, no person may make use of either his or her position as an Employee or information acquired during employment or make personal investments in a manner that may create a conflict, or the appearance of a conflict, between the Employee's personal interests and the interests of Voya IM.

<sup>3</sup> Nominal lunches (*e.g.*, snacks, sandwiches) provided by a broker-dealer during business-related meetings on company premises are exempt from reporting.

Code of Ethics

To assist in ensuring that such conflicts of interest are avoided, an Employee must obtain the written approval of the Employee's supervisor **and** Compliance prior to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Serving as a director, officer, general partner or
trustee of, or as a consultant to, any business, corporation or partnership, including family-owned businesses and charitable,
non-profit and political organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Serving as a registered representative of any broker-dealer
other than VID.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Making any monetary investment in any non-publicly
traded business, corporation or partnership, including passive investments in private companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Accepting employment of any kind or engaging in any
other business outside of Voya IM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Acting or representing that the Employee is acting
as agent for Voya IM, an Adviser or any other firm in any investment banking matter or as a consultant or finder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Forming or participating in any stockholders'
or creditors' committee that purports to represent security holders or claimants in connection with a bankruptcy or distressed
situation or in becoming actively involved in a proxy contest (see also Personal Trading Restrictions above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Receiving compensation of any nature, directly or indirectly,
from any person, firm, corporation, estate, trust or association other than Voya IM, whether as a fee, commission, bonus or other
consideration such as stock, options or warrants other than compensation earned prior to commencement of employment with Voya IM.

Every Employee is required to complete a disclosure form on the StarCompliance site and have such form approved by the Employee's supervisor and Compliance prior to serving in any of the capacities or making any of the investments described heretofore. ***Similarly, each Employee is required to maintain the data initially disclosed on such form and notify Compliance (and the Employee's supervisor) in the event of any change to the information provided after initial approval. From time to time, Employees may be asked to renew their OBA information.***

In addition, an Employee must advise Legal and his or her supervisor if the Employee is or believes that he or she may become a participant, either as a plaintiff, defendant or witness, in any litigation or arbitration that could reasonably relate to the business of Voya IM. Written confirmation of such advice should be obtained from the Employee's supervisor and Legal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2.** **"Control" Persons of Public Companies** 

Every Employee must disclose to Voya IM if their spouse, domestic partner, or any of their parents, siblings or children, regardless of living in the same household, ("family members") hold a position as a director or executive officer of any public company. Voya IM may, in its sole discretion, place limitations on an Employee's investment activities in the event an Employee's family member holds a position as a director or executive officer of any public company. ***Similarly, each Employee is required to maintain the data initially disclosed on such form and notify Compliance (and the Employee's supervisor) in the event of any change after initial approval.***

 ****

From time to time, an Employee of Voya IM may be offered a position as an executive officer or director of a publicly traded company, which, if accepted, would subject the Employee to requirements arising under Section 16 of the 1934 Act ("Section 16"). Prior to accepting the position, the Employee must receive clearance from the CCO and a member of the Voya IM senior management team. If the Employee is permitted to accept the position, the Employee will also be subject to the following procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Trades for client accounts or funds over which the
Employee has sole or shared investment discretion must also comply with the publicly traded company's policies and procedures.
It is the

Code of Ethics

responsibility of the Employee to understand and adhere to such company's reporting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Appropriate disclosure must be provided to affected
clients. The disclosure can be provided via offering documents or other communications sent to affected investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ **In accordance with Voya IM's policies on confidential information and insider trading, the Employee may not, under any circumstances, trade in the company's securities – whether for personal or client accounts – if the Employee is in possession of material non-public information regarding the company. Likewise, material non-public information regarding the company may not be shared with other Voya IM personnel, other than Legal or Compliance.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.3.** **Political Activity** 

While Voya maintains a political action committee, political contributions from Advisers or their respective Employees<sup>4</sup> may raise various legal and regulatory issues. Most notably, Rule 206(4)- 5 under the Advisers Act prohibits an Adviser from receiving compensation from a government entity for two years if the Adviser or certain Employees contributed money to a government official who is in a position to influence the selection of the Adviser to manage a public fund or provide investment advice to a government entity. Also, some states and municipalities may have laws disqualifying an Adviser from managing assets for various governmental entities if the Adviser or certain of its representatives have made contributions or provided gifts to certain candidates for office. To ensure compliance with these laws and to avoid actual and potential conflicts of interest, Voya IM has adopted the procedures described below, which requires pre-approval by Compliance and the Voya Political Activity Review Committee ("PARC") of political activities. The activities requiring pre-approval and the procedures for obtaining pre-approval are set out below.

<u>Prior</u> to making any personal contribution (whether it be monetary, or event driven, such as hosting a fundraiser) in an individual capacity to an incumbent or candidate, political party committee or political action committee, all Employees of Voya IM must submit a request for approval from Compliance and PARC through the StarCompliance site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Personal political activities of Employees must be
kept separate from employment and any expenses related to these activities may not be charged to an Adviser; personal political
contributions will not be reimbursed. Also, Employees are not to use Voya IM's facilities (such as telephones and photocopiers)
and may not use working hours for political campaign purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ When
 acting in a volunteer capacity to an incumbent or candidate running for office, you must
 obtain pre-approval from Compliance. All requests must be submitted through the StarCompliance site.
 For volunteer activity, it is important that your activities cannot be viewed as connected
 with your position with Voya IM. To the extent that your volunteer activity involves
 soliciting or fundraising for political contributions, you will also be required to obtain
 pre-approval from Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Employees should take extra care when soliciting fellow
Employees to ensure that the solicitation never gives the appearance of being coercive or otherwise related to their employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Employees
 who seek or are appointed to any government position, federal, state or local, paid or
 unpaid, must obtain pre-approval from Compliance of such activity to ensure compliance
 with applicable conflict of interest laws. All requests must be submitted through the StarCompliance site.

<sup>4</sup> As a reminder, all references to Employees also apply to an Employee's immediate family members.

Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Employees may not engage in any lobbying activities
on behalf of Voya IM or any affiliated entity without prior approval from Compliance. Please contact Compliance if you are not
sure whether your activities would be considered lobbying.

The use of an Adviser's funds in connection with an election is generally prohibited by law. In order to avoid any allegations of impropriety, it is Voya IM's policy that its funds may not be contributed to federal, state or local election campaigns. Any exception to this item, such as requests for company support of political events, political candidates and their campaigns, political parties or political action committees, must be pre-approved by Compliance. All requests must be submitted through the StarCompliance site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Gifts to government officials, including entertainment
and meals, are generally prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ State and local laws dealing with campaign fund raising
vary from jurisdiction to jurisdiction. Some laws expressly prohibit government officials from contracting, on behalf of their
political organizations, with any firm(s) whose employees have made a donation to that official's political campaign.

Voya IM Employees are required to complete a Political Contribution/Activity Certification on a quarterly basis. Please note that Compliance will keep necessary records based on the information gathered, in compliance with SEC Rule 204-2.

Code of Ethics

**Code of Ethics Guide – Securities Transactions Matrix**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Security** | **Pre-<br> Clearance<br> Required** | **Reporting<br> Required** | **Intraday<br> Trading <br> Restriction** | **Holding Period** |
| **Covered Securities Transactions for Pre-Clearance** | **Covered Securities Transactions for Pre-Clearance** | **Covered Securities Transactions for Pre-Clearance** | **Covered Securities Transactions for Pre-Clearance** | **Covered Securities Transactions for Pre-Clearance** |
| Stocks (common or preferred) | Yes | Yes | Yes | 30 calendar days |
| Warrants and rights | Yes | Yes | Yes | 30 calendar days |
| Depository receipts (ADRs or GDRs) | Yes | Yes | Yes | 30 calendar days |
| Fixed income securities (excluding direct obligations of the U.S. and UK Government and U.S. agency bonds) | Yes | Yes | Yes | 30 calendar days |
| Closed-end funds advised or sub-advised by the Voya Entities | Yes | Yes | Yes | 30 calendar days |
| Single-stock ETFs and ETNs | Yes | Yes | Yes | 30 calendar days |
| ETFs and ETNs advised or sub-advised by the Voya Entities | Yes | Yes | Yes | 30 calendar days from the time of the most recent purchase date |
| Structured notes | Yes | Yes | Yes | 30 calendar days |
| Derivatives on an individual stock | Yes | Yes | Yes | 30 calendar days |
| Transactions involving Voya securities, including the Voya Company Stock Fund in Voya's 401(k) plan accounts | Yes | Yes | Yes | 60 calendar days |
| Sales of Voya performance shares units (PSU) and restricted stock units (RSU) acquired from a vesting | Yes | Yes | N/A | N/A |
| Sales of restricted stock | Yes | Yes | N/A | N/A |
| Sales of stock acquired via Stock Purchase Plans including sales of Voya stock acquired through Voya's Stock Purchase Plan | Yes | Yes | N/A | N/A |
| **Private Investments and Outside Activities** | **Private Investments and Outside Activities** | **Private Investments and Outside Activities** | **Private Investments and Outside Activities** | **Private Investments and Outside Activities** |
| Private placements | Yes | Yes | N/A | N/A |
| Outside Activities | Yes | Yes | N/A | N/A |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Security** | **Pre-Clearance<br> Required** | **Reporting<br> Required** | **Intraday<br> Trading<br> Restriction** | **Holding Period** |
| **Transactions Exempt from Pre-Clearance** | **Transactions Exempt from Pre-Clearance** | **Transactions Exempt from Pre-Clearance** | **Transactions Exempt from Pre-Clearance** | **Transactions Exempt from Pre-Clearance** |
| Direct obligations of the Government of the U.S. and the UK | No | No | No | No |
| U.S. Government agency bonds (*e.g.,* GNMA, FNMA, FHLB, FHLMC) | No | Yes | Yes | 30 calendar days |
| High quality short-term debt instruments<br>Including: bankers' acceptances, bank certificates of deposit, commercial paper, money market securities and repurchase agreements | No | No | No | No |
| ETFs or ETNs, except single-stock ETFs or ETNs, and ETFs or ETNs that are not advised or sub-advised by the Voya Entities) | No | Yes | Yes | No |
| Open-end funds that are not advised or sub-advised by the Voya Entities | No | No | No<sup>5</sup> | No<sup>5</sup> |
| Open-end funds advised or sub-advised by the Voya Entities<br><u>Including</u>: funds held within the Voya 401(k) | No | Yes | Yes | 30 calendar days from the time of the most recent purchase date<sup>5</sup> |
| Derivatives on an ETF or ETN (excluding those on single-stock ETFs or ETNs) | No | Yes | Yes | No |
| Managed or discretionary accounts | No | Yes | No | No |
| Incentive compensation plan sponsored by the Voya Entities | No | Yes | N/A | No |

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<sup>5</sup> Please review the market timing policy described in the prospectus of each fund in which you invest. Each Employee must comply with that fund's specific market timing policy.

Code of Ethics

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Security** | **Pre-Clearance<br> Required** | **Reporting<br> Required** | **Intraday<br> Trading<br> Restriction** | **Holding Period** |
| Automatic dividend reinvestment plan, automatic payroll deduction<br><u>Excluding</u>: Self Directed Brokerage | No | Yes | N/A | No |
| Bitcoin or other cryptocurrencies | No | No | No | No |
| Exercise of pro-rata rights issued by a company to all the holders of a class of its securities | No | Yes | N/A | No |
| On any given day, transactions involving 100 shares or less (per account) of common stock issued by companies included in the S&P 500 Index | No | Yes | Yes | 30 calendar days |
| Penny stocks | No | Yes | Yes | 30 calendar days |
| Index options, index futures, and other securities with an index as underlying | No | Yes | Yes | No |
| Closed-end registered funds that are not advised or sub-advised by the Voya Entities (IPO issuances are prohibited) | No | Yes | Yes | 30 calendar days |
| **Prohibited Investments** | **Prohibited Investments** | **Prohibited Investments** | **Prohibited Investments** | **Prohibited Investments** |
| Short sales of Voya Financial common stock | Short sales of Voya Financial common stock | Short sales of Voya Financial common stock | Short sales of Voya Financial common stock | Short sales of Voya Financial common stock |
| Hedging or other transactions involving options (including exchange-traded options), puts, calls, forward contracts or other derivatives involving Voya Financial securities (excluding stock awards granted under any Voya Financial incentive plan) | Hedging or other transactions involving options (including exchange-traded options), puts, calls, forward contracts or other derivatives involving Voya Financial securities (excluding stock awards granted under any Voya Financial incentive plan) | Hedging or other transactions involving options (including exchange-traded options), puts, calls, forward contracts or other derivatives involving Voya Financial securities (excluding stock awards granted under any Voya Financial incentive plan) | Hedging or other transactions involving options (including exchange-traded options), puts, calls, forward contracts or other derivatives involving Voya Financial securities (excluding stock awards granted under any Voya Financial incentive plan) | Hedging or other transactions involving options (including exchange-traded options), puts, calls, forward contracts or other derivatives involving Voya Financial securities (excluding stock awards granted under any Voya Financial incentive plan) |
| Trading in securities issued by Voya during the "Closed Period for Voya Financial Instruments" | Trading in securities issued by Voya during the "Closed Period for Voya Financial Instruments" | Trading in securities issued by Voya during the "Closed Period for Voya Financial Instruments" | Trading in securities issued by Voya during the "Closed Period for Voya Financial Instruments" | Trading in securities issued by Voya during the "Closed Period for Voya Financial Instruments" |
| Initial Public Offerings | Initial Public Offerings | Initial Public Offerings | Initial Public Offerings | Initial Public Offerings |
| Initial Coin Offerings | Initial Coin Offerings | Initial Coin Offerings | Initial Coin Offerings | Initial Coin Offerings |
| Borrowing money from clients/suppliers | Borrowing money from clients/suppliers | Borrowing money from clients/suppliers | Borrowing money from clients/suppliers | Borrowing money from clients/suppliers |

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Code of Ethics

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| |
|:---|
| **Other Key Reminders** |
| Employees assigned portfolio management or trading responsibility are prohibited from knowingly buying or selling the same security traded in an associated client account for a period of 15 days (7 days prior to the client trade and 7 days after the client trade) |
| Approvals for **U.S. securities** are effective until the close of business on the day that pre-clearance request is approved |
| Approvals for **foreign securities** are effective until the close of business on the business day following pre-clearance approval. |

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Code of Ethics

Leveraged Credit Group

Supplemental Code of Ethics

**Scope**

This Supplemental Code of Ethics (this "Supplemental Code") has been adopted by the Voya Leveraged Credit Group (the "LC Group") of Voya Investment Management Co. LLC ("Voya IM") and applies to all: (a) Voya IM personnel employed within the LC Group and (b) Voya IM personnel serving outside of the Group who have routine access to the trading systems utilized by the LC Group in order to: (1) provide services (e.g., settlements and operational support) to the LC Group; or (2) monitor LC Group trading activity (each, a "Covered Person").

**Relation to Other Voya IM Policies**

This Supplemental Code is intended to supplement existing Voya IM policies. If any aspect of this Supplemental Code conflicts with any other Voya IM policy (as now or hereafter in effect), the provisions of such other policy shall control, *provided that*, Covered Persons will comply with the requirement to pre-clear S&P Small Lot Transactions, as defined and discussed below.

**Responsibilities** 

Each Covered Person must read this Supplemental Code and comply with its terms.

**Personal Trading**

**In General** 

Covered Persons may not purchase, sell, or own any equity or debt interest issued by any entity (or any of such entity's affiliates) if the LC Group is in possession of any current non-public information about such entity or any of its affiliates. For the purposes of this Policy, the LC Group is deemed to be in possession of current non-public information about an entity if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ The LC Group has determined to operate on the private
side of the market with regard to such entity; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ The LC Group received any non-public information, such
as, but not limited to, a "bank book" or other solicitation to invest in an issuance by such entity or any of its affiliates,
within the most recent six months (unless such non-public information has been made public or is otherwise determined to no longer
constitute non-public information).

**Pre-clearance** 

All proposed personal securities transactions by Covered Persons will be checked against the LC Group's records to prevent any violations of the above restriction. For all trades, including S&P Small Lot Transactions (see below), Covered Persons must obtain preclearance as a part of Voya IM's normal pre-clearance procedure for personal securities transactions using the <u>StarCompliance</u> system (or any successor thereto). The required preclearance against the LC Group's records will occur as part of the Voya IM approval process, i.e., the Covered Person does not need to take any additional action in this regard.

Code of Ethics

**S&P 500 Small Lot Transactions** 

Voya IM employees are not required to seek pre-clearance approval on daily transactions involving small lots (100 shares or less) of the common stock of companies in the S&P 500 (an "S&P Small Lot Transaction"). This exception to Voya IM's general rule that all securities transactions must receive pre-clearance does not supersede the LC Group's policy stated above prohibiting transactions in debt or equity securities of companies about which the LC Group is in possession of current material non-public information. Therefore, before undertaking an S&P Small Lot Transaction, Covered Persons must obtain pre-clearance. The pre-clearance procedure for S&P Small Lot Transactions is the same as the normal Voya IM pre-clearance procedure using the StarCompliance (or successor) system.

**Involving Relatives, Friends and Personal Business Associates in Voya IM Business Matters** 

In the course of acting on behalf of and in the best interests of Voya IM and its customers, occasions may arise where a Covered Person (each, a "PR Covered Person") has a personal relationship<sup>1</sup> with a person or entity that could provide services for compensation to Voya IM, is a customer of Voya IM or is an entity in whose loans or securities a Voya IM-managed portfolio has invested. If a PR Covered Person believes that such a situation exists, the PR Covered Person may not make any contact with such person or entity with regards to such situation, nor may the PR Covered Person provide any non-public information to such person or entity. Instead, the PR Covered Person must inform his or her manager and the Group Head of the situation and, if requested by the Group Head, provide appropriate contact information.

The Group Head may authorize contact with such person or entity, but any such contact shall be made by a Covered Person other than the PR Covered Person, as designated by the Group Head. The PR Covered Person shall not have any contact with the person or entity with which PR Covered Person has a personal relationship with regard to the subject matter. In addition, if such a contact is approved, the PR Covered Person shall be relieved of any and all responsibility with regard to the subject matter insofar as it relates to the participation or involvement of such person or entity, or the terms and conditions thereof.

The restriction in this section applies only to situations where there is the expectation that compensation will be paid. It does not apply to situations where advice or services may be provided without compensation or other financial benefit to the person or entity with which the Covered Person has a personal relationship. In all cases, however, the Covered Person may not receive any compensation or other financial benefit.

<sup>1</sup> Personal relationship includes, without limitation, family members and relatives, close personal friends, former employers, etc.