# EDGAR Filing Document

**Accession Number:** 0001005020
**File Stem:** 0000930413-26-000232
**Filing Date:** 2026-1
**Character Count:** 73733
**Document Hash:** 64dc1463857af529895e585f6f483ba9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-26-000232.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0000930413-26-000232

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**EFFECTIVENESS DATE**: 20260128

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VIRTUS ALTERNATIVE SOLUTIONS TRUST
- **CENTRAL INDEX KEY:** 0001589756

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-191940
- **FILM NUMBER:** 26568435

**BUSINESS ADDRESS:**
- **STREET 1:** 101 MUNSON STREET
- **CITY:** GREENFIELD
- **STATE:** MA
- **ZIP:** 01301
- **BUSINESS PHONE:** 860.263.4790

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VIRTUS ALTERNATIVE SOLUTIONS FUNDS
- **DATE OF NAME CHANGE:** 20140204

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VIRTUS ALTERNATIVES TRUST I
- **DATE OF NAME CHANGE:** 20131022
**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:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-36528
- **FILM NUMBER:** 26568440

**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 ASSET TRUST
- **CENTRAL INDEX KEY:** 0001018593

**ORGANIZATION NAME:**
- **EIN:** 956981193
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-08045
- **FILM NUMBER:** 26568439

**BUSINESS ADDRESS:**
- **STREET 1:** 101 MUNSON STREET
- **CITY:** GREENFIELD
- **STATE:** MA
- **ZIP:** 01301
- **BUSINESS PHONE:** (800) 243-4361

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PHOENIX ASSET TRUST
- **DATE OF NAME CHANGE:** 20060523

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PHOENIX-KAYNE FUNDS
- **DATE OF NAME CHANGE:** 20021223

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KAYNE ANDERSON RUDNICK MUTUAL FUNDS
- **DATE OF NAME CHANGE:** 20010226
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Virtus Event Opportunities Trust
- **CENTRAL INDEX KEY:** 0001572617

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-187583
- **FILM NUMBER:** 26568436

**BUSINESS ADDRESS:**
- **STREET 1:** 101 MUNSON STREET
- **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:** Westchester Capital Funds
- **DATE OF NAME CHANGE:** 20130320
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MERGER FUND
- **CENTRAL INDEX KEY:** 0000701804

**ORGANIZATION NAME:**
- **EIN:** 146117490
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-76969
- **FILM NUMBER:** 26568437

**BUSINESS ADDRESS:**
- **STREET 1:** 101 MUNSON STREET
- **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:** AYCO FUND
- **DATE OF NAME CHANGE:** 19890223
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VIRTUS OPPORTUNITIES TRUST
- **CENTRAL INDEX KEY:** 0001005020

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-65137
- **FILM NUMBER:** 26568438

**BUSINESS ADDRESS:**
- **STREET 1:** 101 MUNSON STREET
- **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:** PHOENIX OPPORTUNITIES TRUST
- **DATE OF NAME CHANGE:** 20060127

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PHOENIX SENECA FUNDS
- **DATE OF NAME CHANGE:** 19990122

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SENECA FUNDS
- **DATE OF NAME CHANGE:** 19951218

## Series and Classes Contracts Data

### The Merger Fund (Series ID: S000005158)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class A    | MERFX         | C000014124 |
| Class I    | MERIX         | C000129310 |

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

### Virtus Stone Harbor Emerging Markets Bond Fund (Series ID: S000075276)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class I    | SHCDX         | C000234172 |
| Class A    | VSHAX         | C000234173 |

---

### Virtus Stone Harbor Emerging Markets Debt Income Fund (Series ID: S000075278)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class I    | SHMDX         | C000234176 |
| Class A    | VSHCX         | C000234177 |

---

### Virtus Stone Harbor Local Markets Fund (Series ID: S000075280)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class I    | SHLMX         | C000234180 |
| Class A    | VSHEX         | C000234181 |

---

### Virtus Ceredex Large-Cap Value Equity Fund (Series ID: S000057022)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class A    | SVIIX         | C000181155 |
| Class I    | STVTX         | C000181157 |
| Class R6   | STVZX         | C000181158 |

---

### Virtus Seix High Grade Municipal Bond Fund (Series ID: S000057023)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class A    | SFLTX         | C000181160 |
| Class I    | SCFTX         | C000181161 |

---

### Virtus Seix High Yield Fund (Series ID: S000057025)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class A    | HYPSX         | C000181168 |
| Class I    | SAMHX         | C000181169 |
| Class R6   | HYIZX         | C000181170 |

---

### Virtus Seix Investment Grade Tax-Exempt Bond Fund (Series ID: S000057026)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class A    | SISIX         | C000181173 |
| Class I    | STTBX         | C000181174 |

---

### Virtus Seix Total Return Bond Fund (Series ID: S000057031)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class A    | CBPSX         | C000181187 |
| Class I    | SAMFX         | C000181188 |
| Class R6   | SAMZX         | C000181189 |

---

### Virtus Seix U.S. Government Securities Ultra-Short Bond Fund (Series ID: S000057032)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class I    | SIGVX         | C000181192 |
| Class R6   | SIGZX         | C000181193 |
| Class A    | SSAGX         | C000203236 |

---

### Virtus Ceredex Mid-Cap Value Equity Fund (Series ID: S000057033)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class A    | SAMVX         | C000181196 |
| Class C    | SMVFX         | C000181197 |
| Class I    | SMVTX         | C000181198 |
| Class R6   | SMVZX         | C000181199 |

---

### Virtus Silvant Large-Cap Growth Stock Fund (Series ID: S000057037)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class A    | STCIX         | C000181209 |
| Class I    | STCAX         | C000181211 |
| Class R6   | STCZX         | C000181212 |

---

### Virtus SGA International Growth Fund (Series ID: S000057039)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class A    | SCIIX         | C000181219 |
| Class I    | STITX         | C000181220 |
| Class R6   | SCIZX         | C000181221 |

---

### Virtus Zevenbergen Innovative Growth Stock Fund (Series ID: S000057040)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class A    | SAGAX         | C000181224 |
| Class I    | SCATX         | C000181225 |
| Class R6   | VZGRX         | C000224214 |

---

### Virtus Ceredex Small-Cap Value Equity Fund (Series ID: S000057041)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class A    | SASVX         | C000181226 |
| Class I    | SCETX         | C000181228 |
| Class R6   | VVERX         | C000211610 |

---

### Virtus Seix Core Bond Fund (Series ID: S000057044)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class A    | STGIX         | C000181238 |
| Class I    | STIGX         | C000181239 |
| Class R6   | STGZX         | C000181240 |

---

### Virtus Seix Floating Rate High Income Fund (Series ID: S000057046)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class A    | SFRAX         | C000181247 |
| Class C    | SFRCX         | C000181248 |
| Class I    | SAMBX         | C000181249 |
| Class R6   | SFRZX         | C000181250 |

---

### Virtus Westchester Event-Driven Fund (Series ID: S000040968)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class A    | WCERX         | C000127094 |
| Class I    | WCEIX         | C000127095 |

---

### Virtus Westchester Credit Event Fund (Series ID: S000059351)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class I    | WCFIX         | C000194735 |
| Class A    | WCFRX         | C000194736 |

---

### Virtus Duff & Phelps Select MLP and Energy Fund (Series ID: S000050625)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class A    | VLPAX         | C000159801 |
| Class I    | VLPIX         | C000159803 |

---

### Virtus AlphaSimplex Global Alternatives Fund (Series ID: S000079777)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class I    | GAFYX         | C000241132 |
| Class R6   | GAFNX         | C000241133 |
| Class A    | GAFAX         | C000241134 |

---

### Virtus AlphaSimplex Managed Futures Strategy Fund (Series ID: S000079778)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class R6   | AMFNX         | C000241135 |
| Class A    | AMFAX         | C000241136 |
| Class C    | ASFCX         | C000241137 |
| Class I    | ASFYX         | C000241138 |

---

## Series and Classes Contracts Data

### The Merger Fund (Series ID: S000005158)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000014124 | Class A      | MERFX           |
| C000129310 | Class I      | MERIX           |

### 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           |
| C000021614 | Institutional | ANJIX           |
| C000135574 | R6            | ANAVX           |

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

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

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

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000021621 | A             | PCVAX           |
| 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           |
| C000150255 | Institutional Class | HLHIX           |

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

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000021688 | A             | RGSAX           |
| 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           |
| 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           |

### Virtus Stone Harbor Emerging Markets Bond Fund (Series ID: S000075276)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000234172 | Class I      | SHCDX           |
| C000234173 | Class A      | VSHAX           |

### Virtus Stone Harbor Emerging Markets Debt Income Fund (Series ID: S000075278)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000234176 | Class I      | SHMDX           |
| C000234177 | Class A      | VSHCX           |

### Virtus Stone Harbor Local Markets Fund (Series ID: S000075280)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000234180 | Class I      | SHLMX           |
| C000234181 | Class A      | VSHEX           |

### Virtus Ceredex Large-Cap Value Equity Fund (Series ID: S000057022)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000181155 | Class A      | SVIIX           |
| C000181157 | Class I      | STVTX           |
| C000181158 | Class R6     | STVZX           |

### Virtus Seix High Grade Municipal Bond Fund (Series ID: S000057023)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000181160 | Class A      | SFLTX           |
| C000181161 | Class I      | SCFTX           |

### Virtus Seix High Yield Fund (Series ID: S000057025)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000181168 | Class A      | HYPSX           |
| C000181169 | Class I      | SAMHX           |
| C000181170 | Class R6     | HYIZX           |

### Virtus Seix Investment Grade Tax-Exempt Bond Fund (Series ID: S000057026)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000181173 | Class A      | SISIX           |
| C000181174 | Class I      | STTBX           |

### Virtus Seix Total Return Bond Fund (Series ID: S000057031)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000181187 | Class A      | CBPSX           |
| C000181188 | Class I      | SAMFX           |
| C000181189 | Class R6     | SAMZX           |

### Virtus Seix U.S. Government Securities Ultra-Short Bond Fund (Series ID: S000057032)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000181192 | Class I      | SIGVX           |
| C000181193 | Class R6     | SIGZX           |
| C000203236 | Class A      | SSAGX           |

### Virtus Ceredex Mid-Cap Value Equity Fund (Series ID: S000057033)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000181196 | Class A      | SAMVX           |
| C000181197 | Class C      | SMVFX           |
| C000181198 | Class I      | SMVTX           |
| C000181199 | Class R6     | SMVZX           |

### Virtus Silvant Large-Cap Growth Stock Fund (Series ID: S000057037)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000181209 | Class A      | STCIX           |
| C000181211 | Class I      | STCAX           |
| C000181212 | Class R6     | STCZX           |

### Virtus SGA International Growth Fund (Series ID: S000057039)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000181219 | Class A      | SCIIX           |
| C000181220 | Class I      | STITX           |
| C000181221 | Class R6     | SCIZX           |

### Virtus Zevenbergen Innovative Growth Stock Fund (Series ID: S000057040)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000181224 | Class A      | SAGAX           |
| C000181225 | Class I      | SCATX           |
| C000224214 | Class R6     | VZGRX           |

### Virtus Ceredex Small-Cap Value Equity Fund (Series ID: S000057041)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000181226 | Class A      | SASVX           |
| C000181228 | Class I      | SCETX           |
| C000211610 | Class R6     | VVERX           |

### Virtus Seix Core Bond Fund (Series ID: S000057044)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000181238 | Class A      | STGIX           |
| C000181239 | Class I      | STIGX           |
| C000181240 | Class R6     | STGZX           |

### Virtus Seix Floating Rate High Income Fund (Series ID: S000057046)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000181247 | Class A      | SFRAX           |
| C000181248 | Class C      | SFRCX           |
| C000181249 | Class I      | SAMBX           |
| C000181250 | Class R6     | SFRZX           |

### Virtus Westchester Event-Driven Fund (Series ID: S000040968)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000127094 | Class A      | WCERX           |
| C000127095 | Class I      | WCEIX           |

### Virtus Westchester Credit Event Fund (Series ID: S000059351)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000194735 | Class I      | WCFIX           |
| C000194736 | Class A      | WCFRX           |

### Virtus Duff & Phelps Select MLP and Energy Fund (Series ID: S000050625)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000159801 | Class A      | VLPAX           |
| C000159803 | Class I      | VLPIX           |

### Virtus AlphaSimplex Global Alternatives Fund (Series ID: S000079777)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000241132 | Class I      | GAFYX           |
| C000241133 | Class R6     | GAFNX           |
| C000241134 | Class A      | GAFAX           |

### Virtus AlphaSimplex Managed Futures Strategy Fund (Series ID: S000079778)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000241135 | Class R6     | AMFNX           |
| C000241136 | Class A      | AMFAX           |
| C000241137 | Class C      | ASFCX           |
| C000241138 | Class I      | ASFYX           |

**Virtus Alternative Solutions Trust**

Supplement dated January 28, 2026 to the Statutory Prospectus pertaining to<br> Virtus Duff & Phelps Select MLP and Energy Fund dated February 28, 2025, as supplemented

**The Merger Fund<sup>®</sup><br> Virtus Event Opportunities Trust**

Supplement dated January 28, 2026 to the Statutory Prospectus,<br> dated April 28, 2025, as supplemented

**Virtus Asset Trust**

Supplement dated January 28, 2026 to the Statutory Prospectus dated April 28, 2025, as supplemented

**Virtus Alternative Solutions Trust**

Supplement dated January 28, 2026 to the Statutory Prospectus pertaining to Virtus AlphaSimplex Global Alternatives Fund and Virtus AlphaSimplex Managed Futures Strategy Fund dated April 28, 2025, as supplemented

**Virtus Opportunities Trust**

Supplement dated January 28, 2026 to the Virtus Opportunities Trust Statutory Prospectus pertaining to the series of Virtus Stone Harbor Emerging Markets Bond Fund, Virtus Stone Harbor Emerging Markets Debt Income Fund and Virtus Stone Harbor Local Markets Fund, dated September 29, 2025, as supplemented

**Virtus Investment Trust**

Supplement dated January 28, 2026 to the Statutory Prospectus dated October 28, 2025, as supplemented

**IMPORTANT NOTICE**

Effective January 28, 2026, the Appendix A section titled "Intermediary Sales Charge Discounts and Waivers" is hereby replaced in its entirety with the following:

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***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ *Transaction size breakpoints,* as described in this prospectus
or the SAI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ *Rights of accumulation (ROA),* as described in this prospectus
or the SAI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ *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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ shares purchased by employees and registered representatives of Ameriprise
Financial or its affiliates and their immediate family members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ redemptions due to death or disability of the shareholder

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ shares sold as part of a systematic withdrawal plan as described in
this prospectus or the SAI

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ redemptions made in connection with a return of excess contributions
from an IRA account

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ shares purchased through a Right of Reinstatement (as defined above)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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:*

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***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds
as described in the prospectus.

***Rights of Accumulation ("ROA")***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ ROA is determined by calculating the higher of cost minus redemptions
or market value (current shares x NAV).

***Letter of Intent ("LOI")***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares purchased in an Edward Jones fee-based program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares purchased through reinvestment of capital gains distributions
and dividend reinvestment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The redemption and repurchase occur in the same account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The death or disability of the shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Systematic withdrawals with up to 10% per year of the account value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Return of excess contributions from an Individual Retirement Account
(IRA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares sold to pay Edward Jones fees or costs in such cases where
the transaction is initiated by Edward Jones.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares exchanged in an Edward Jones fee-based program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares acquired through NAV reinstatement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Initial purchase minimum: $250

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ A fee-based account held on an Edward Jones platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ A 529 account held on an Edward Jones platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ An account with an active systematic investment plan or LOI.

***Exchanging Share Classes***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares purchased by employees and registered representatives of Janney
or its affiliates and their family members as designated by Janney.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares acquired through a right of reinstatement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares sold upon the death or disability of the shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares sold as part of a systematic withdrawal plan as described in
this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares purchased in connection with a return of excess contributions
from an IRA account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares sold to pay Janney fees but only if the transaction is initiated
by Janney.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares acquired through a right of reinstatement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Breakpoints as described in this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares of funds purchased through J.P. Morgan Securities LLC Self-Directed
Investing accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares purchased through rights of reinstatement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares sold upon the death or disability of the shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares sold as part of a systematic withdrawal plan as described in
the fund's prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares purchased in connection with a return of excess contributions
from an IRA account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares sold as part of a required minimum distribution for IRA and
retirement accounts pursuant to the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Breakpoints as described in the prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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).

**Merrill Lynch ("Merrill")**

Purchases or sales of front-end (for example, Class A) or level-load (for example, 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 listed below.

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, discounts, and share class exchanges 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***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares purchased through a Merrill investment advisory program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Brokerage class shares exchanged from advisory class shares due to
the holdings moving from a Merrill investment advisory program to a Merrill brokerage account

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares purchased through the Merrill Edge Self-Directed platform

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares purchased by eligible persons associated with the fund as defined
in this prospectus (e.g. the fund's officers or trustees)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares sold due to the client's death or disability (as defined
by Internal Revenue Code Section 22(e)(3))

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares sold pursuant to a systematic withdrawal program subject to
Merrill's maximum systematic withdrawal limits as described in the Merrill SLWD Supplement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares sold due to return of excess contributions from an IRA account

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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

On or about May 1, 2026, assets not held at Merrill will no longer be included in the ROA calculation. For more detail on the timing and calculation, please refer to the Merrill SLWD Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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

On or about May 1, 2026, Merrill will no longer accept new LOIs. For more detail on the timing, please refer to the Merrill SLWD Supplement.

**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***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Morgan Stanley employee and employee-related accounts according to
Morgan Stanley's account linking rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares purchased through reinvestment of dividends and capital gains
distributions when purchasing shares of the same fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares purchased through a Morgan Stanley self-directed brokerage
account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares purchased by or through a 529 Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares purchased through a OPCO affiliated investment advisory program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Employees and registered representatives of OPCO or its affiliates
and their family members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Death or disability of the shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares sold as part of a systematic withdrawal plan as described in
this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Return of excess contributions from an IRA account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares sold to pay OPCO fees but only if the transaction is initiated
by OPCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares acquired through a right of reinstatement.

***Front-end Sales Charge Discounts Available at OPCO: Breakpoints, Rights of Accumulation, and/or Letters of Intent***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Breakpoints as described in this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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.

**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***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares purchased in an investment advisory program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Employees and registered representatives of Raymond James or its affiliates
and their family members as designated by Raymond James.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Death or disability of the shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares sold as part of a systematic withdrawal plan as described in
this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Return of excess contributions from an IRA account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares sold to pay Raymond James fees but only if the transaction
is initiated by Raymond James.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Breakpoints as described in this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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. ("Baird")**

Effective January 1, 2026, 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***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares purchased through reinvestment of capital gains distributions
and dividend reinvestment when purchasing shares of the same fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares purchased by employees and registered representatives of Baird
or its affiliates and their family members as designated by Baird

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares purchased within 90 days following a redemption from an Virtus
Fund, provided (1) the redemption and purchase occur within the purchaser's Baird household and (2) the redeemed shares were
subject to a front-end or deferred sales charge (known as rights of reinstatement)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ A shareholder in the Fund's Investor C Shares will have their
share converted at net asset value to Investor A shares of the same fund if the shares are no longer subject to CDSC and the conversion
is in line with the policies and procedures of Baird

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares sold due to death or disability of the shareholder

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares sold as part of a systematic withdrawal plan as described in
the Fund's Prospectus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares bought due to returns of excess contributions from an IRA Account

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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 the Fund's prospectus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares sold to pay Baird fees but only if the transaction is initiated
by Baird

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares acquired through a right of reinstatement

***Front-End Sales Charge Discounts Available at Baird: Breakpoints and/or Rights of Accumulations***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Breakpoints as described in this prospectus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Rights of accumulations which entitles shareholders to breakpoint
discounts will be automatically calculated based on the aggregated holding of Virtus assets held by accounts within the purchaser's
household at Baird. Eligible Virtus assets not held at Baird may be included in the rights of accumulations calculation only if
the shareholder notifies his or her financial advisor about such assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Letters of Intent (LOI) allow for breakpoint discounts based on anticipated
purchases of Virtus 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***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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.

**Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC (collectively, "Wells Fargo Advisors")**

**Wells Fargo Clearing Services, LLC operates a First Clearing business, but these rules are not intended to include First Clearing firms.**

Effective April 1, 2026, Clients of Wells Fargo Advisors purchasing fund shares through Wells Fargo Advisors are eligible for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the prospectus or statement of additional information ("SAI"). In all instances, it is the investor's responsibility to inform Wells Fargo Advisors at the time of purchase of any relationship, holdings, or other facts qualifying the investor for discounts or waivers. Wells Fargo Advisors can ask for documentation supporting the qualification.

***Wells Fargo Advisors Class A share front-end sales charge waivers information.***

Wells Fargo Advisors clients purchasing or converting to Class A shares of the fund in a Wells Fargo Advisors brokerage account are entitled to a waiver of the front-end load in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Wells Fargo Advisors employee and employee-related accounts according
to Wells Fargo Advisors' employee account linking rules. Legacy accounts and positions receiving affiliate discounts prior
to the effective date will continue to receive discounts. Going forward employees of affiliate businesses will not be offered NAV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares purchased through reinvestment of dividends and capital gains
distributions when purchasing shares of the same fund.

WellsTrade, the firm's online self-directed brokerage account, generally offers no-load share classes but there could be instances where a Class A share is offered without a front-end sales charge.

Unless specifically described above, other front-end load waivers are not available on mutual fund purchases through Wells Fargo Advisors.

***Wells Fargo Advisors Contingent Deferred Sales Charge information.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Contingent deferred sales charges (CDSC) imposed on fund redemptions
will not be rebated based on future purchases.

***Wells Fargo Advisors Class A front-end load discounts.***

Wells Fargo Advisors Clients purchasing Class A shares of the fund through Wells Fargo Advisors brokerage accounts will follow the following aggregation rules for breakpoint discounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Effective April 1, 2026, SEP or SIMPLE IRAs will not be aggregated
as a group plan. They will aggregate with the client's personal accounts based on Social Security Number. Previously established
SEP and SIMPLE IRAs may still be aggregated as a group plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Effective April 1, 2026, Employer-sponsored retirement plan (e.g.,
401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans)
accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts
under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans do not include
SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Gift of shares will not be considered when determining breakpoint
discounts.

All other sales charge waivers and reductions described elsewhere in this prospectus or the SAI still apply.

MultiTrust Appendix A update – ML-WF-RWB update (1/2026)