# EDGAR Filing Document

**Accession Number:** 0001423227
**File Stem:** 0000930413-25-002732
**Filing Date:** 2025-8
**Character Count:** 33630
**Document Hash:** 0ddc98307734e40f397da4067e185bd5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-25-002732.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0000930413-25-002732

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**EFFECTIVENESS DATE**: 20250826

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Virtus Strategy Trust
- **CENTRAL INDEX KEY:** 0001423227

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-148624
- **FILM NUMBER:** 251257761

**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 Multi-Strategy Trust
- **DATE OF NAME CHANGE:** 20080109

## Series and Classes Contracts Data

### Virtus Global Allocation Fund (Series ID: S000025374)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000075793 | Class C             | PALCX           |
| C000075797 | Institutional Class | PALLX           |
| C000075799 | Class A             | PALAX           |
| C000160541 | Class R6            | AGASX           |

<br> Summary Prospectus August 26, 2025 <br> <u>Virtus Global Allocation Fund</u>

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| | | | |
|:---|:---|:---|:---|
| **A: PALAX** | **C: PALCX** | **INSTITUTIONAL: PALLX** | **R6: AGASX** |

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Before you invest, you may want to review the fund's prospectus, which contains more information about the fund and its risks. You can find the fund's prospectus, shareholder reports, statement of additional information ("SAI"), and other information about the fund online at www.virtus.com/investor-resources/mutual-fund-documents.<br>You can also get this information at no cost by calling 800-243-1574 or by sending an e-mail to: virtus.investment.partners@virtus.com. If you purchase shares of the fund through a broker-dealer or other financial intermediary such as a bank, the prospectus and other information will also be available from your financial intermediary.<br>The fund's prospectus and SAI both dated August 26, 2025, are incorporated by reference into this Summary Prospectus.<br>

#### Investment Objective
The fund seeks after-inflation capital appreciation and current 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 25 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** | **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<sup>(b)</sup> | 0.10% | 0.10% | 0.10% | 0.10% |
| Distribution and Shareholder Servicing (12b-1) Fees | 0.25% | 1.00% |  |  |
| Other Expenses<sup>(c)</sup> | 0.38% | 0.39% | 0.37% | 0.28% |
| Acquired Fund Fees and Expenses<sup>(c)</sup> | 0.25% | 0.25% | 0.25% | 0.25% |
| Total Annual Fund Operating Expenses<sup>(d)</sup> | 0.98% | 1.74% | 0.72% | 0.63% |
| Less: Fee Waiver and/or Expense Reimbursement<sup>(e)</sup> | (0.21)% | (0.22)% | (0.18)% | (0.16)% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(d)(e)</sup> | 0.77% | 1.52% | 0.54% | 0.47% |

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

(b) Restated to reflect current management fee.

(c) Estimated for current fiscal year, as annualized.

(d) The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses
to average net assets appearing in the Financial Highlights tables, which tables reflect only the operating
expenses of the fund and do not include acquired fund fees and expenses.

(e) The fund's investment adviser has contractually agreed to limit the fund's
total operating expenses (excluding certain expenses, such as 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 0.52% for Class A Shares, 1.27% for Class C Shares, 0.29% for Institutional
Class Shares and 0.22% for Class R6 Shares through February 1, 2027. Prior to February 1, 2027, 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:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class**  | **Share Status** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A  | Sold or Held | $624 | $825 | $1043 | $1667 |
| Class C  | Sold | $255 | $527 | $923 | $2033 |
|  | Held | $155 | $527 | $923 | $2033 |
| Institutional Class  | Sold or Held | $55 | $212 | $383 | $878 |
| Class R6  | Sold or Held | $48 | $186 | $335 | $771 |

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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 69% of the average value of its portfolio.

#### Investments, Risks and Performance

#### Principal Investment Strategies
The fund seeks to achieve its investment objective by primarily investing across global equity securities and U.S. fixed income instruments, with the majority of those assets indirectly invested in those asset classes through mutual funds and/or exchange-traded funds ("ETFs"), including those managed by the fund's subadvisers and/or their affiliates. The fund may also invest directly in such asset classes, such as through common stocks, individual bonds, convertible securities, and in derivative instruments such as equity-linked notes and futures. The fund's allocations to different strategies and instruments are expected to vary over time and from time to time.

The fund's subadvisers select investments based on their classifications, risk/return expectations, income potential and other factors. The fund's baseline long-term allocation consists of 60% to global equity exposure (the "Equity Component") and 40% to fixed income exposure (the "Fixed Income Component"), which is also the allocation of the blended benchmark index against which the fund's portfolio is managed. The Equity Component can include direct or indirect exposure to equity securities of any market capitalization, including small capitalization, any sector and from any country, including emerging markets. Under normal circumstances, the Equity Component will be invested in securities of both U.S. and non-U.S. issuers. The fund's subadviser determines the country of each issuer of the fund's investments and generally bases its determination on the country of the issuer's domicile. The Fixed Income Component primarily consists of direct or indirect exposure to fixed income securities from any sector, of any credit-quality including high yield bonds (commonly known as "junk bonds"), from any part of the capital structure including loans, preferred securities and convertibles, denominated in any currency and issued by any country including emerging markets. Depending on market conditions, the Equity Component may range between approximately 50% and 70% of the fund's assets. The Fixed Income Component may range between approximately 10% and 70% of the fund's assets. The fund's investments in each component may vary from the ranges due to market movements, and it is at the portfolio managers' discretion when to bring the fund back within the range. The portfolio managers adjust the fund's exposure to each of the Equity Component and the Fixed Income Component in response to changes in their views based on their analysis of market, macroeconomic and other factors, such as equity price levels, interest rate levels and their anticipated direction. Such adjustments may be achieved through purchases and/or sales of the fund's holdings in the Equity Component and/or the Fixed Income Component, and/or through the use of derivatives. As a result of its derivative positions, the fund may have gross investment exposures in excess of 100% of its net assets (i.e., the fund may be leveraged) and therefore subject to a heightened risk of loss. The fund's performance can depend substantially on the performance of assets or indices underlying its derivatives even though it does not directly or indirectly own those underlying assets or indices.

Under normal circumstances, the fund will seek to generate additional income by buying equity-linked notes (ELNs) that are designed by the fund's portfolio management team to have the effect of writing (selling) covered call options on a portion of its equity portfolio. In implementing its investment strategies, the fund also may make substantial use of other over-the-counter (OTC) and exchange-traded derivatives, including futures contracts, credit default swaps and options (calls and puts) purchased or sold by the fund. The fund may use derivatives for a variety of purposes, including as a hedge against adverse changes in the market price of securities, interest rates, or currency exchange rates; as a substitute for purchasing or selling securities; to increase the fund's return as a non-hedging strategy that may be considered speculative; and to manage portfolio characteristics. Derivatives positions are eligible to be held in both the Equity Component and the Fixed Income Component of the fund. The fund may maintain a significant percentage of its assets in cash and cash equivalents which will serve as margin or collateral for the fund's obligations under derivative transactions.

The fund may liquidate a holding if it locates another instrument that offers a more attractive exposure to an asset class or when there is a change in the fund's target asset allocation, or if the instrument is otherwise deemed inappropriate.

#### 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 subadvisers expect. 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 underlying funds 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 seven risks).

> ***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.

> ***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

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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.

> ***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.

> ***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.

> ***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.

> ***Affiliated Fund and ETF Risk:*** The fund's subadviser may select and substitute affiliated and/or unaffiliated mutual funds and/or exchange-traded funds (ETFs), which may create a conflict of interest because the subadviser or its affiliate(s) may receive fees from affiliated funds and/or ETFs, some of which pay the subadviser or its affiliate(s) more than others.

> ***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.

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

> ***Covered Call Option Writing Risk:*** By writing covered call options in return for the receipt of premiums, the fund will give up the opportunity to benefit from potential increases in the value of the reference benchmark above the exercise prices of such options, but will continue to bear the risk of declines in the value of the reference benchmark. The premiums received from the options may not be sufficient to offset any losses sustained from the volatility of the underlying benchmark over time.

> ***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.

> ***Equity-Linked Instruments Risk:*** The performance of equity-linked instruments is subject to similar risks to those of the referenced equity security, in addition to the risk that the equity-linked instruments fail to replicate the performance of the referenced equity security. Equity-linked instruments also expose the fund to counterparty risk, which could result in a loss of all or part of the fund's investment.

> ***Equity Linked Notes (ELNs) Risk:*** When the fund invests in ELNs, it receives cash but limits its opportunity to profit from an increase in the market value of the reference benchmark because of the limits relating to the call options written within the particular ELN. Investments in ELNs often have risks similar to the reference benchmark, which include market risk. Should the price of the reference benchmark move in an unexpected manner, the fund may not achieve the anticipated benefits of an investment in an ELN, and may realize losses, which could be significant and could include the fund's entire 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.

> ***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.

> ***Fund of Funds Risk:*** Because the fund can invest in other funds, it bears its proportionate share of the operating expenses and management fees of, and may be adversely affected by, the underlying fund(s). The expenses associated with the fund's investment in other funds will cost shareholders more than direct investments would have cost.

> ***High-Yield Fixed Income Securities (Junk Bonds) Risk:*** High-yield or junk bonds are subject to greater levels of credit and liquidity risk, may be speculative and may decline in value due to increases in interest rates or an issuer's deterioration or default.

> ***Index Risk:*** Investments in index-linked derivatives are subject to the risks associated with the applicable index.

***> *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 securities may be substantially less liquid than many other securities, such as U.S. Government securities or common stocks. To the extent the fund invests in less liquid securities or the level of liquidity in a particular market is constrained, the lack of an active market for investments may cause delay in disposition or force a sale below fair value.***

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> ***Mortgage-Backed and Asset-Backed Securities Risk:*** Changes in interest rates may cause both extension and prepayment risks for mortgage-backed and asset-backed securities. These securities are also subject to risks associated with the non-repayment of underlying collateral, including losses to the fund.

> ***Mutual Fund and ETF Investing Risk:*** The fund will be indirectly affected by factors, risks and performance specific to any other mutual fund and/or exchange-traded fund (ETF) ("underlying fund") in which it invests. Further, the net asset value per share of each underlying fund will include the effect of any fees and expenses of the underlying fund, so the fund's investment in such underlying funds will cause the fund to indirectly bear its proportionate share of such fees and expenses, which are reflected in the fund's Fees and Expenses table as "Acquired Fund Fees and Expenses" if they are estimated to amount to at least 0.01% of the fund's total net assets.

> ***Portfolio Turnover Risk:*** High levels of portfolio turnover increase transaction costs and taxes and may lower investment performance.

> ***Prepayment/Call Risk:*** Issuers may prepay or call their fixed rate obligations when interest rates fall, forcing the fund to reinvest in obligations with lower interest rates and the fund may not benefit fully from the increase in value that other fixed income investments experience when interest rates decline.

> ***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.

> ***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.

> ***Variable Distribution Risk:*** Periodic distributions by investments of variable or floating interest rates vary with fluctuations in market interest rates.

*Please see "More Information About Risks of Investing in the Fund" 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 and a composite benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.

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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. |

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![PerformanceBarChartData(2015:-1.53, 2016:3.68, 2017:16.94, 2018:-8.52, 2019:18.35, 2020:14.17, 2021:11.13, 2022:-15.41, 2023:11.94, 2024:6.74)](img_e94b58c3518a4f1.jpg)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Best Quarter: | 2020, Q2: | 13.26% | Worst Quarter: | 2020, Q1: | -12.48% | Year to Date (6/30/2025): | 8.20% |

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  |  | **Since <br>Inception** |
|  |  |  |  | **Class R6** |
| **Class** | **1 Year** | **5 Years** | **10 Years** | **(9/8/2015)** |
| Institutional Class Shares |  |  |  |  |
| Return Before Taxes | 6.74% | 5.10% | 5.18% |  |
| Return After Taxes on Distributions | 5.55% | 3.24% | 3.17% |  |
| Return After Taxes on Distributions and Sale of Fund Shares | 4.19% | 3.40% | 3.39% |  |
| Class A Shares |  |  |  |  |
| Return Before Taxes | 0.60% | 3.67% | 4.35% |  |
| Class C Shares |  |  |  |  |
| Return Before Taxes | 5.62% | 4.06% | 4.15% |  |
| Class R6 Shares |  |  |  |  |
| Return Before Taxes | 6.75% | 5.15% |  | 5.92% |
| **Index** |  |  |  |  |
| Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | 1.25% | -0.33% | 1.35% | 1.39% |
| MSCI All Country World Index (net) (reflects no deduction for fees or expenses) | 17.49% | 10.06% | 9.23% | 10.52% |
| 60% MSCI All Country World Index (net) / 40% Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | 10.77% | 6.06% | 6.25% | 7.02% |

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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 index is unmanaged and not available for direct investment.

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.

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 subadvisers are Virtus Multi-Asset, an operating division of Virtus Advisers, LLC ("VA"), an affiliate of VIA, for Overlay Management (which includes allocating the fund's assets among the components described in the fund's principal investment strategies as well as management of the Fixed Income Component and the unallocated portions of the Equity Component) and the Other Component; and Virtus Systematic, an operating division of VA, an affiliate of VIA, for a significant portion of the Equity Component and for convertible bonds within the Fixed Income Component (collectively, the "Virtus Systematic Allocation").

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

> ***Heather Bergman, Ph.D.,*** Senior Portfolio Manager and Managing Director, Virtus Multi-Asset, has managed the fund's Overlay Management, portions of the Equity Component and the Fixed Income Component that are not allocated to other subadvisers, and the Other Component since 2017.

> ***Kunal Ghosh,*** Chief Investment Officer and Senior Managing Director, Virtus Systematic, has managed the Virtus Systematic Allocation of the fund since July 2022.

> ***Paul Pietranico, CFA,*** Chief Investment Officer and Senior Managing Director, Virtus Multi-Asset, has managed the fund's Overlay Management, portions of the Equity Component and the Fixed Income Component that are not allocated to other subadvisers, and the Other Component since 2009.

> ***Michael Rothstein, CFA, FRM, CAIA,*** Senior Portfolio Manager and Managing Director, Virtus Multi-Asset, has managed the fund's Overlay Management, portions of the Equity Component and the Fixed Income Component that are not allocated to other subadvisers, and the Other Component since January 2023.

#### Purchase and Sale of Fund Shares
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.

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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.

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<br> Virtus Mutual Funds<br>P.O. Box 534470<br>Pittsburgh, PA 15253-4470

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| 8055 | 8-25 |

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