Virtus AllianzGI Convertible Fund, Virtus AllianzGI Core Plus Bond Fund,

Virtus AllianzGI Global Allocation Fund, Virtus AllianzGI Global Dynamic Allocation Fund,

Virtus AllianzGI Global Sustainability Fund, Virtus AllianzGI High Yield Bond Fund,

Virtus AllianzGI International Small-Cap Fund, Virtus AllianzGI Preferred Securities and Income Fund, Virtus AllianzGI Short Duration High Income Fund and Virtus AllianzGI Water Fund,

each a series of Virtus Strategy Trust

Supplement dated May 27, 2022, to the Summary Prospectuses of the funds listed above, and the Statutory Prospectus and Statement of Additional Information (“SAI”) of Virtus Strategy Trust,

each dated January 28, 2022, as supplemented

Important Notice to Investors

Effective June 10, 2022, the names of the following funds will be changed as shown in the table.

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

VST 8060/ Virtus AllianzGI Fund Name Changes (5/2022)