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3249746.113 4256170.849 3082628.964 12330.51586 10078.14395 2888141.51 11552.56604 9363.581191 3053317.941 11441.76347 10100.87178 10461.04089 3321096.317 9641900.727 6515539.438 5142632.623 10182.04235 12182.75385 10036.92365 9035.209924 2834312.989 12213.27176 10324.28645 6651541.351 8231901.082 0001589756 false N-1A N-CSR Virtus Alternative Solutions Trust 2025-12-31 Virtus AlphaSimplex Global Alternatives Fund Class A GAFAX This annual shareholder report contains important information about the Virtus AlphaSimplex Global Alternatives Fund (“Fund”) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; font-family: 'arial';">https://www.virtus.com/investor-resources/mutual-fund-documents</span>. You can also request this information by contacting us at 1‑800‑243‑1574. https://www.virtus.com/investor-resources/mutual-fund-documents 1‑800‑243‑1574 <div style="margin-top: 0px; font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; font-size: 11.5pt; color: inherit;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial';">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; font-weight: bold; vertical-align: bottom; width: 150pt; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Virtus AlphaSimplex Global Alternatives Fund<br/>Class A / GAFAX</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>154</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.49<span>%</span></td> </tr> </table> 154 0.0149 <div style="font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; font-size: 11.5pt; color: inherit; margin-top: 14pt; break-after: avoid;">What factors impacted Fund performance over the reporting period?</div> <div style="font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; margin-top: 10pt;">The Fund is a multi-strategy alternative investment vehicle that seeks to provide capital appreciation consistent with the risk/return characteristics of a diversified portfolio of hedge funds. The secondary goal of the Fund is to achieve these returns with less volatility than major equity indexes. The Fund’s hedge fund replication models use advanced statistical techniques to identify and emulate the liquid market exposures of hedge funds and other liquid alternative strategies. The Fund’s alternative risk premia models use small allocations to historically non-correlated strategies designed to provide diversifying return streams. Over the course of the year, gains came primarily from the Fund’s hedge fund replication models, while the Fund’s alternative risk premia models detracted from performance. The Fund was able to capitalize on the broad market exposures of the hedge fund industry, particularly to equities and commodities, as well as on certain opportunistic trading strategies. The following table outlines key factors that materially affected the Fund’s performance during the reporting period.</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; text-transform: uppercase; font-weight: bold; color: inherit; min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; padding: 6pt 3pt 3pt 3pt;">FACTOR</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; text-transform: uppercase; font-weight: bold; color: inherit; min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">IMPACT</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; text-transform: uppercase; font-weight: bold; color: inherit; min-width: 70pt; text-align: left; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">SUMMARY</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Equities<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Positive<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">Equities drove performance over the year as these markets made new highs, with gains coming from both the hedge fund replication models and the alternative risk premia models.<br/><br/></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fixed income<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Negative<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">Fixed income detracted from performance as bond markets struggled to account for central bank policy.<br/><br/></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Currencies<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Negative<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">Currency losses came primarily from several of the alternative risk premia models as the U.S. dollar weakened. Gains within other models could not make up for these losses.<br/><br/></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Commodities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Positive</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">Commodity gains came primarily from the hedge fund replication models, particularly due to the surge in gold prices, while the alternative risk premia models detracted from performance.</td> </tr> </table> <div style="margin-top: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial';">The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.</div> <div style="margin-top: 0px; font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; font-size: 11.5pt; color: inherit;">How has the Fund historically performed?</div> <div style="margin-top: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; break-before: avoid;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.</div> <div style="margin-top: 0px; font-size: 9pt; font-family: 'arial'; color: inherit; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-weight: bold; break-before: avoid;">GROWTH OF $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); break-before: avoid; break-inside: avoid; margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g90247chartimages_11223281.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 521pt;"/> </div> (2)POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.(3)“CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder’s fee being paid. <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Arial'; text-align: right; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Virtus AlphaSimplex Global Alternatives Fund (Class A/GAFAX) at NAV<sup style="vertical-align: super; font-size: 6pt; line-height: 1px;">(1)</sup></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.48<span style="visibility: visible;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.87<span style="visibility: visible;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.57<span style="visibility: visible;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Virtus AlphaSimplex Global Alternatives Fund (Class A/GAFAX) at POP<sup style="vertical-align: super; font-size: 6pt; line-height: 1px;">(2),(3)</sup></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.62<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.70<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.99<span style="visibility: hidden;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">FT Wilshire 5000 Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">17.13<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">13.40<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">14.45<span style="visibility: hidden;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Barclay Fund of Funds Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">11.18<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.61<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.98<span style="visibility: hidden;">%</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-top: 4pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; white-space: nowrap; font-weight: bold; width: 12pt; vertical-align: top; margin-top: -1pt; padding: 0 3pt 0 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 6pt; margin-bottom: 6pt;">(1<span>)</span></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: normal; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; vertical-align: top; padding: 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 8pt; margin-bottom: 6pt;">“NAV” (Net Asset Value) total returns do not include the effect of any sales charge.</div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; white-space: nowrap; font-weight: bold; width: 12pt; vertical-align: top; margin-top: -1pt; padding: 0 3pt 0 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 6pt; margin-bottom: 6pt;">(2<span>)</span></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: normal; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; vertical-align: top; padding: 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 8pt; margin-bottom: 6pt;">“POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.</div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; white-space: nowrap; font-weight: bold; width: 12pt; vertical-align: top; margin-top: -1pt; padding: 0 3pt 0 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 6pt; margin-bottom: 6pt;">(3<span>)</span></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: normal; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; vertical-align: top; padding: 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 8pt; margin-bottom: 6pt;">“CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder’s fee being paid.</div> </td> </tr> </table> Virtus AlphaSimplex Global Alternatives Fund (Class A/GAFAX) at NAV 0.0648 0.0387 0.0257 Virtus AlphaSimplex Global Alternatives Fund (Class A/GAFAX) at POP 0.0062 0.0270 0.0199 FT Wilshire 5000 Index 0.1713 0.1340 0.1445 Barclay Fund of Funds Index 0.1118 0.0461 0.0398 Past performance does not guarantee future results. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. <b>Please visit </b> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; font-family: 'arial';">https://www.virtus.com/mutual-funds-monthly-performance</span> <b> for performance data current to the most recent month end.</b> <div style="font-family: 'arial'; font-size: 9pt; letter-spacing: 1.25px; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; margin: 5pt 0px 5pt 0px;">KEY FUND STATISTICS (as of December 31, 2025)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; padding-right: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 18pt 3pt 10pt;">Fund net assets (‘000s)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 18pt 3pt 10pt;"><span style="float: none;">$</span>75,884</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 18pt 3pt 10pt;"><span style="white-space: nowrap;">Total number of portfolio holdings</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 18pt 3pt 10pt;">652</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 18pt 3pt 10pt;">Total advisory fee paid (‘000s)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 18pt 3pt 10pt;"><span style="float: none;">$</span>901</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">514<span>%</span></td> </tr> </table> 75884000 652 901000 5.14 <div style="font-family: 'arial'; font-size: 9pt; letter-spacing: 1.25px; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; margin: 5pt 0px 5pt 0px;"><b>Asset Allocation<sup style="vertical-align: super; font-size: 6pt; line-height: 1px;">(1)</sup></b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; padding: 6pt 0 3pt 3pt;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">57</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"><span style="display: inline;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Software</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">3</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Oil, Gas &amp; Consumable Fuels</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">3</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Capital Markets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">3</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">All other Common Stocks</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">48</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Short-Term Investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">38</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">U.S. Government Security</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; padding: 6pt 0 3pt 3pt;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">5</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Total</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">100</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-top: 6pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; font-family: 'arial'; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; width: 13pt; text-align: left; vertical-align: text-top; padding: 0 0 0 3pt;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 8pt; margin-bottom: 5pt;">​<sup style="vertical-align: super; font-size: 6pt; line-height: 1px;">(1)</sup></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; vertical-align: text-top; padding: 3;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 8pt; margin-bottom: 5pt;">Percentage of total investments as of December 31, 2025.</div> </td> </tr> </table> 0.57 0.03 0.03 0.03 0.48 0.38 0.05 1 Virtus AlphaSimplex Global Alternatives Fund Class C GAFCX This annual shareholder report contains important information about the Virtus AlphaSimplex Global Alternatives Fund (“Fund”) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; font-family: 'arial';">https://www.virtus.com/investor-resources/mutual-fund-documents</span>. You can also request this information by contacting us at 1‑800‑243‑1574. https://www.virtus.com/investor-resources/mutual-fund-documents 1‑800‑243‑1574 This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report. <div style="margin-top: 0px; font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; font-size: 11.5pt; color: inherit;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial';">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; font-weight: bold; vertical-align: bottom; width: 150pt; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Virtus AlphaSimplex Global Alternatives Fund<br/>Class C / GAFCX</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>230</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">2.24<span>%</span></td> </tr> </table> 230 0.0224 <div style="font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; font-size: 11.5pt; color: inherit; margin-top: 14pt; break-after: avoid;">What factors impacted Fund performance over the reporting period?</div> <div style="font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; margin-top: 10pt;">The Fund is a multi-strategy alternative investment vehicle that seeks to provide capital appreciation consistent with the risk/return characteristics of a diversified portfolio of hedge funds. The secondary goal of the Fund is to achieve these returns with less volatility than major equity indexes. The Fund’s hedge fund replication models use advanced statistical techniques to identify and emulate the liquid market exposures of hedge funds and other liquid alternative strategies. The Fund’s alternative risk premia models use small allocations to historically non-correlated strategies designed to provide diversifying return streams. Over the course of the year, gains came primarily from the Fund’s hedge fund replication models, while the Fund’s alternative risk premia models detracted from performance. The Fund was able to capitalize on the broad market exposures of the hedge fund industry, particularly to equities and commodities, as well as on certain opportunistic trading strategies. The following table outlines key factors that materially affected the Fund’s performance during the reporting period.</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; text-transform: uppercase; font-weight: bold; color: inherit; min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; padding: 6pt 3pt 3pt 3pt;">FACTOR</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; text-transform: uppercase; font-weight: bold; color: inherit; min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">IMPACT</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; text-transform: uppercase; font-weight: bold; color: inherit; min-width: 70pt; text-align: left; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">SUMMARY</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Equities<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Positive<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">Equities drove performance over the year as these markets made new highs, with gains coming from both the hedge fund replication models and the alternative risk premia models.<br/><br/></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fixed income<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Negative<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">Fixed income detracted from performance as bond markets struggled to account for central bank policy.<br/><br/></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Currencies<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Negative<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">Currency losses came primarily from several of the alternative risk premia models as the U.S. dollar weakened. Gains within other models could not make up for these losses.<br/><br/></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Commodities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Positive</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">Commodity gains came primarily from the hedge fund replication models, particularly due to the surge in gold prices, while the alternative risk premia models detracted from performance.</td> </tr> </table> <div style="margin-top: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial';">The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.</div> <div style="margin-top: 0px; font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; font-size: 11.5pt; color: inherit;">How has the Fund historically performed?</div> <div style="margin-top: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; break-before: avoid;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.</div> <div style="margin-top: 0px; font-size: 9pt; font-family: 'arial'; color: inherit; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-weight: bold; break-before: avoid;">GROWTH OF $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); break-before: avoid; break-inside: avoid; margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g90247chartimages_11223324.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 521pt;"/> </div> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-top: 4pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; white-space: nowrap; font-weight: bold; width: 12pt; vertical-align: top; margin-top: -1pt; padding: 0 3pt 0 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 6pt; margin-bottom: 6pt;">(1<span>)</span></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: normal; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; vertical-align: top; padding: 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 8pt; margin-bottom: 6pt;">“NAV” (Net Asset Value) total returns do not include the effect of any sales charge.</div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; white-space: nowrap; font-weight: bold; width: 12pt; vertical-align: top; margin-top: -1pt; padding: 0 3pt 0 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 6pt; margin-bottom: 6pt;">(2<span>)</span></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: normal; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; vertical-align: top; padding: 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 8pt; margin-bottom: 6pt;">“CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.</div> </td> </tr> </table> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Arial'; text-align: right; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Virtus AlphaSimplex Global Alternatives Fund (Class C/GAFCX) at NAV<sup style="vertical-align: super; font-size: 6pt; line-height: 1px;">(1)</sup> and with CDSC<sup style="vertical-align: super; font-size: 6pt; line-height: 1px;">(2)</sup></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.69<span style="visibility: visible;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.09<span style="visibility: visible;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.80<span style="visibility: visible;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">FT Wilshire 5000 Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">17.13<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">13.40<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">14.45<span style="visibility: hidden;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Barclay Fund of Funds Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">11.18<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.61<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.98<span style="visibility: hidden;">%</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-top: 4pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; white-space: nowrap; font-weight: bold; width: 12pt; vertical-align: top; margin-top: -1pt; padding: 0 3pt 0 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 6pt; margin-bottom: 6pt;">(1<span>)</span></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: normal; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; vertical-align: top; padding: 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 8pt; margin-bottom: 6pt;">“NAV” (Net Asset Value) total returns do not include the effect of any sales charge.</div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; white-space: nowrap; font-weight: bold; width: 12pt; vertical-align: top; margin-top: -1pt; padding: 0 3pt 0 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 6pt; margin-bottom: 6pt;">(2<span>)</span></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: normal; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; vertical-align: top; padding: 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 8pt; margin-bottom: 6pt;">“CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.</div> </td> </tr> </table> Virtus AlphaSimplex Global Alternatives Fund (Class C/GAFCX) at NAV and with CDSC 0.0569 0.0309 0.0180 FT Wilshire 5000 Index 0.1713 0.1340 0.1445 Barclay Fund of Funds Index 0.1118 0.0461 0.0398 Past performance does not guarantee future results. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. <b>Please visit </b> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; font-family: 'arial';">https://www.virtus.com/mutual-funds-monthly-performance</span> <b> for performance data current to the most recent month end.</b> <div style="font-family: 'arial'; font-size: 9pt; letter-spacing: 1.25px; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; margin: 5pt 0px 5pt 0px;">KEY FUND STATISTICS (as of December 31, 2025)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; padding-right: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 18pt 3pt 10pt;">Fund net assets (‘000s)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 18pt 3pt 10pt;"><span style="float: none;">$</span>75,884</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 18pt 3pt 10pt;"><span style="white-space: nowrap;">Total number of portfolio holdings</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 18pt 3pt 10pt;">652</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 18pt 3pt 10pt;">Total advisory fee paid (‘000s)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 18pt 3pt 10pt;"><span style="float: none;">$</span>901</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">514<span>%</span></td> </tr> </table> 75884000 652 901000 5.14 <div style="font-family: 'arial'; font-size: 9pt; letter-spacing: 1.25px; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; margin: 5pt 0px 5pt 0px;"><b>Asset Allocation<sup style="vertical-align: super; font-size: 6pt; line-height: 1px;">(1)</sup></b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; padding: 6pt 0 3pt 3pt;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">57</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"><span style="display: inline;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Software</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">3</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Oil, Gas &amp; Consumable Fuels</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">3</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Capital Markets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">3</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">All other Common Stocks</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">48</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Short-Term Investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">38</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">U.S. Government Security</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; padding: 6pt 0 3pt 3pt;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">5</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Total</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">100</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-top: 6pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; font-family: 'arial'; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; width: 13pt; text-align: left; vertical-align: text-top; padding: 0 0 0 3pt;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 8pt; margin-bottom: 5pt;">​<sup style="vertical-align: super; font-size: 6pt; line-height: 1px;">(1)</sup></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; vertical-align: text-top; padding: 3;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 8pt; margin-bottom: 5pt;">Percentage of total investments as of December 31, 2025.</div> </td> </tr> </table> 0.57 0.03 0.03 0.03 0.48 0.38 0.05 1 <div style="font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; font-size: 11.5pt; color: inherit; margin-top: 0px;"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; margin-bottom: 7.5pt;">Effective January 26, 2026, Class C shares were converted to Class A shares.</div> Virtus AlphaSimplex Global Alternatives Fund Class I GAFYX This annual shareholder report contains important information about the Virtus AlphaSimplex Global Alternatives Fund (“Fund”) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; font-family: 'arial';">https://www.virtus.com/investor-resources/mutual-fund-documents</span>. You can also request this information by contacting us at 1‑800‑243‑1574. https://www.virtus.com/investor-resources/mutual-fund-documents 1‑800‑243‑1574 <div style="margin-top: 0px; font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; font-size: 11.5pt; color: inherit;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial';">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; font-weight: bold; vertical-align: bottom; width: 150pt; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Virtus AlphaSimplex Global Alternatives Fund<br/>Class I / GAFYX</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>128</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.24<span>%</span></td> </tr> </table> 128 0.0124 <div style="font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; font-size: 11.5pt; color: inherit; margin-top: 14pt; break-after: avoid;">What factors impacted Fund performance over the reporting period?</div> <div style="font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; margin-top: 10pt;">The Fund is a multi-strategy alternative investment vehicle that seeks to provide capital appreciation consistent with the risk/return characteristics of a diversified portfolio of hedge funds. The secondary goal of the Fund is to achieve these returns with less volatility than major equity indexes. The Fund’s hedge fund replication models use advanced statistical techniques to identify and emulate the liquid market exposures of hedge funds and other liquid alternative strategies. The Fund’s alternative risk premia models use small allocations to historically non-correlated strategies designed to provide diversifying return streams. Over the course of the year, gains came primarily from the Fund’s hedge fund replication models, while the Fund’s alternative risk premia models detracted from performance. The Fund was able to capitalize on the broad market exposures of the hedge fund industry, particularly to equities and commodities, as well as on certain opportunistic trading strategies. The following table outlines key factors that materially affected the Fund’s performance during the reporting period.</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; text-transform: uppercase; font-weight: bold; color: inherit; min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; padding: 6pt 3pt 3pt 3pt;">FACTOR</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; text-transform: uppercase; font-weight: bold; color: inherit; min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">IMPACT</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; text-transform: uppercase; font-weight: bold; color: inherit; min-width: 70pt; text-align: left; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">SUMMARY</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Equities<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Positive<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">Equities drove performance over the year as these markets made new highs, with gains coming from both the hedge fund replication models and the alternative risk premia models.<br/><br/></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fixed income<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Negative<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">Fixed income detracted from performance as bond markets struggled to account for central bank policy.<br/><br/></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Currencies<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Negative<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">Currency losses came primarily from several of the alternative risk premia models as the U.S. dollar weakened. Gains within other models could not make up for these losses.<br/><br/></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Commodities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Positive</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">Commodity gains came primarily from the hedge fund replication models, particularly due to the surge in gold prices, while the alternative risk premia models detracted from performance.</td> </tr> </table> <div style="margin-top: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial';">The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.</div> <div style="margin-top: 0px; font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; font-size: 11.5pt; color: inherit;">How has the Fund historically performed?</div> <div style="margin-top: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; break-before: avoid;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I shares. It assumes a $100,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.</div> <div style="margin-top: 0px; font-size: 9pt; font-family: 'arial'; color: inherit; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-weight: bold; break-before: avoid;">GROWTH OF $100,000</div> <div style="font-family: 'arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); break-before: avoid; break-inside: avoid; margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g90247chartimages_11223367.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 521pt;"/> </div> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-top: 4pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; white-space: nowrap; font-weight: bold; width: 12pt; vertical-align: top; margin-top: -1pt; padding: 0 3pt 0 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 6pt; margin-bottom: 6pt;">(1<span>)</span></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: normal; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; vertical-align: top; padding: 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 8pt; margin-bottom: 6pt;">“NAV” (Net Asset Value) total returns do not include the effect of any sales charge.</div> </td> </tr> </table> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Arial'; text-align: right; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Virtus AlphaSimplex Global Alternatives Fund (Class I/GAFYX) at NAV<sup style="vertical-align: super; font-size: 6pt; line-height: 1px;">(1)</sup></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.78<span style="visibility: visible;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.11<span style="visibility: visible;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.82<span style="visibility: visible;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">FT Wilshire 5000 Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">17.13<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">13.40<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">14.45<span style="visibility: hidden;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Barclay Fund of Funds Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">11.18<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.61<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.98<span style="visibility: hidden;">%</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-top: 4pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; white-space: nowrap; font-weight: bold; width: 12pt; vertical-align: top; margin-top: -1pt; padding: 0 3pt 0 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 6pt; margin-bottom: 6pt;">(1<span>)</span></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: normal; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; vertical-align: top; padding: 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 8pt; margin-bottom: 6pt;">“NAV” (Net Asset Value) total returns do not include the effect of any sales charge.</div> </td> </tr> </table> Virtus AlphaSimplex Global Alternatives Fund (Class I/GAFYX) at NAV 0.0678 0.0411 0.0282 FT Wilshire 5000 Index 0.1713 0.1340 0.1445 Barclay Fund of Funds Index 0.1118 0.0461 0.0398 Past performance does not guarantee future results. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. <b>Please visit </b> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; font-family: 'arial';">https://www.virtus.com/mutual-funds-monthly-performance</span> <b> for performance data current to the most recent month end.</b> <div style="font-family: 'arial'; font-size: 9pt; letter-spacing: 1.25px; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; margin: 5pt 0px 5pt 0px;">KEY FUND STATISTICS (as of December 31, 2025)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; padding-right: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 18pt 3pt 10pt;">Fund net assets (‘000s)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 18pt 3pt 10pt;"><span style="float: none;">$</span>75,884</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 18pt 3pt 10pt;"><span style="white-space: nowrap;">Total number of portfolio holdings</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 18pt 3pt 10pt;">652</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 18pt 3pt 10pt;">Total advisory fee paid (‘000s)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 18pt 3pt 10pt;"><span style="float: none;">$</span>901</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">514<span>%</span></td> </tr> </table> 75884000 652 901000 5.14 <div style="font-family: 'arial'; font-size: 9pt; letter-spacing: 1.25px; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; margin: 5pt 0px 5pt 0px;"><b>Asset Allocation<sup style="vertical-align: super; font-size: 6pt; line-height: 1px;">(1)</sup></b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; padding: 6pt 0 3pt 3pt;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">57</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"><span style="display: inline;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Software</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">3</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Oil, Gas &amp; Consumable Fuels</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">3</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Capital Markets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">3</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">All other Common Stocks</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">48</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Short-Term Investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">38</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">U.S. Government Security</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; padding: 6pt 0 3pt 3pt;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">5</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Total</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">100</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-top: 6pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; font-family: 'arial'; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; width: 13pt; text-align: left; vertical-align: text-top; padding: 0 0 0 3pt;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 8pt; margin-bottom: 5pt;">​<sup style="vertical-align: super; font-size: 6pt; line-height: 1px;">(1)</sup></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; vertical-align: text-top; padding: 3;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 8pt; margin-bottom: 5pt;">Percentage of total investments as of December 31, 2025.</div> </td> </tr> </table> 0.57 0.03 0.03 0.03 0.48 0.38 0.05 1 Virtus AlphaSimplex Global Alternatives Fund Class R6 GAFNX This annual shareholder report contains important information about the Virtus AlphaSimplex Global Alternatives Fund (“Fund”) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; font-family: 'arial';">https://www.virtus.com/investor-resources/mutual-fund-documents</span>. You can also request this information by contacting us at 1‑800‑243‑1574. https://www.virtus.com/investor-resources/mutual-fund-documents 1‑800‑243‑1574 <div style="margin-top: 0px; font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; font-size: 11.5pt; color: inherit;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial';">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; font-weight: bold; vertical-align: bottom; width: 150pt; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Virtus AlphaSimplex Global Alternatives Fund<br/>Class R6 / GAFNX</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>123</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.19<span>%</span></td> </tr> </table> 123 0.0119 <div style="font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; font-size: 11.5pt; color: inherit; margin-top: 14pt; break-after: avoid;">What factors impacted Fund performance over the reporting period?</div> <div style="font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; margin-top: 10pt;">The Fund is a multi-strategy alternative investment vehicle that seeks to provide capital appreciation consistent with the risk/return characteristics of a diversified portfolio of hedge funds. The secondary goal of the Fund is to achieve these returns with less volatility than major equity indexes. The Fund’s hedge fund replication models use advanced statistical techniques to identify and emulate the liquid market exposures of hedge funds and other liquid alternative strategies. The Fund’s alternative risk premia models use small allocations to historically non-correlated strategies designed to provide diversifying return streams. Over the course of the year, gains came primarily from the Fund’s hedge fund replication models, while the Fund’s alternative risk premia models detracted from performance. The Fund was able to capitalize on the broad market exposures of the hedge fund industry, particularly to equities and commodities, as well as on certain opportunistic trading strategies. The following table outlines key factors that materially affected the Fund’s performance during the reporting period.</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; text-transform: uppercase; font-weight: bold; color: inherit; min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; padding: 6pt 3pt 3pt 3pt;">FACTOR</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; text-transform: uppercase; font-weight: bold; color: inherit; min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">IMPACT</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; text-transform: uppercase; font-weight: bold; color: inherit; min-width: 70pt; text-align: left; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">SUMMARY</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Equities<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Positive<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">Equities drove performance over the year as these markets made new highs, with gains coming from both the hedge fund replication models and the alternative risk premia models.<br/><br/></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fixed income<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Negative<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">Fixed income detracted from performance as bond markets struggled to account for central bank policy.<br/><br/></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Currencies<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Negative<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">Currency losses came primarily from several of the alternative risk premia models as the U.S. dollar weakened. Gains within other models could not make up for these losses.<br/><br/></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Commodities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Positive</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">Commodity gains came primarily from the hedge fund replication models, particularly due to the surge in gold prices, while the alternative risk premia models detracted from performance.</td> </tr> </table> <div style="margin-top: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial';">The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.</div> <div style="margin-top: 0px; font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; font-size: 11.5pt; color: inherit;">How has the Fund historically performed?</div> <div style="margin-top: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; break-before: avoid;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class R6 shares. It assumes a $2,500,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.</div> <div style="margin-top: 0px; font-size: 9pt; font-family: 'arial'; color: inherit; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-weight: bold; break-before: avoid;">GROWTH OF $2,500,000</div> <div style="font-family: 'arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); break-before: avoid; break-inside: avoid; margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g90247chartimages_11223410.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 521pt;"/> </div> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-top: 4pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; white-space: nowrap; font-weight: bold; width: 12pt; vertical-align: top; margin-top: -1pt; padding: 0 3pt 0 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 6pt; margin-bottom: 6pt;">(1<span>)</span></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: normal; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; vertical-align: top; padding: 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 8pt; margin-bottom: 6pt;">“NAV” (Net Asset Value) total returns do not include the effect of any sales charge.</div> </td> </tr> </table> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Arial'; text-align: right; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Virtus AlphaSimplex Global Alternatives Fund (Class R6/GAFNX) at NAV<sup style="vertical-align: super; font-size: 6pt; line-height: 1px;">(1)</sup></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.77<span style="visibility: visible;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.19<span style="visibility: visible;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.88<span style="visibility: visible;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">FT Wilshire 5000 Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">17.13<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">13.40<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">14.45<span style="visibility: hidden;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Barclay Fund of Funds Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">11.18<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.61<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.98<span style="visibility: hidden;">%</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-top: 4pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; white-space: nowrap; font-weight: bold; width: 12pt; vertical-align: top; margin-top: -1pt; padding: 0 3pt 0 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 6pt; margin-bottom: 6pt;">(1<span>)</span></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: normal; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; vertical-align: top; padding: 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 8pt; margin-bottom: 6pt;">“NAV” (Net Asset Value) total returns do not include the effect of any sales charge.</div> </td> </tr> </table> Virtus AlphaSimplex Global Alternatives Fund (Class R6/GAFNX) at NAV 0.0677 0.0419 0.0288 FT Wilshire 5000 Index 0.1713 0.1340 0.1445 Barclay Fund of Funds Index 0.1118 0.0461 0.0398 Past performance does not guarantee future results. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. <b>Please visit </b> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; font-family: 'arial';">https://www.virtus.com/mutual-funds-monthly-performance</span> <b> for performance data current to the most recent month end.</b> <div style="font-family: 'arial'; font-size: 9pt; letter-spacing: 1.25px; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; margin: 5pt 0px 5pt 0px;">KEY FUND STATISTICS (as of December 31, 2025)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; padding-right: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 18pt 3pt 10pt;">Fund net assets (‘000s)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 18pt 3pt 10pt;"><span style="float: none;">$</span>75,884</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 18pt 3pt 10pt;"><span style="white-space: nowrap;">Total number of portfolio holdings</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 18pt 3pt 10pt;">652</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 18pt 3pt 10pt;">Total advisory fee paid (‘000s)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 18pt 3pt 10pt;"><span style="float: none;">$</span>901</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">514<span>%</span></td> </tr> </table> 75884000 652 901000 5.14 <div style="font-family: 'arial'; font-size: 9pt; letter-spacing: 1.25px; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; margin: 5pt 0px 5pt 0px;"><b>Asset Allocation<sup style="vertical-align: super; font-size: 6pt; line-height: 1px;">(1)</sup></b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; padding: 6pt 0 3pt 3pt;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">57</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"><span style="display: inline;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Software</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">3</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Oil, Gas &amp; Consumable Fuels</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">3</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Capital Markets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">3</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">All other Common Stocks</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">48</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Short-Term Investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">38</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">U.S. Government Security</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; padding: 6pt 0 3pt 3pt;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">5</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Total</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">100</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-top: 6pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; font-family: 'arial'; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; width: 13pt; text-align: left; vertical-align: text-top; padding: 0 0 0 3pt;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 8pt; margin-bottom: 5pt;">​<sup style="vertical-align: super; font-size: 6pt; line-height: 1px;">(1)</sup></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; vertical-align: text-top; padding: 3;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 8pt; margin-bottom: 5pt;">Percentage of total investments as of December 31, 2025.</div> </td> </tr> </table> 0.57 0.03 0.03 0.03 0.48 0.38 0.05 1 Virtus AlphaSimplex Managed Futures Strategy Fund Class A AMFAX This annual shareholder report contains important information about the Virtus AlphaSimplex Managed Futures Strategy Fund (“Fund”) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; font-family: 'arial';">https://www.virtus.com/investor-resources/mutual-fund-documents</span>. You can also request this information by contacting us at 1‑800‑243‑1574. https://www.virtus.com/investor-resources/mutual-fund-documents 1‑800‑243‑1574 <div style="margin-top: 0px; font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; font-size: 11.5pt; color: inherit;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial';">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; font-weight: bold; vertical-align: bottom; width: 150pt; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Virtus AlphaSimplex Managed Futures Strategy Fund<br/>Class A / AMFAX</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>162</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.70<span>%</span></td> </tr> </table> 162 0.0170 <div style="font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; font-size: 11.5pt; color: inherit; margin-top: 14pt; break-after: avoid;">What factors impacted Fund performance over the reporting period?</div> <div style="font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; margin-top: 10pt;">The Fund pursues an absolute return strategy that seeks to provide long-term capital appreciation. The Fund’s strategy uses a pure trend-following approach that seeks to take advantage of momentum in a range of liquid futures and forward contracts across global equity, fixed income, currency, and commodity markets. Significant volatility and structural shifts, driven by dramatic changes in U.S. political and economic policy, led to a difficult period for trend followers. The Fund’s losses were driven by fixed income and currencies, while commodities and equities contributed slightly to performance. The following table outlines key factors that materially affected the Fund’s performance during the reporting period.</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; text-transform: uppercase; font-weight: bold; color: inherit; min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; padding: 6pt 3pt 3pt 3pt;">FACTOR</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; text-transform: uppercase; font-weight: bold; color: inherit; min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">IMPACT</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; text-transform: uppercase; font-weight: bold; color: inherit; min-width: 70pt; text-align: left; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">SUMMARY</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Equity markets<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Positive<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">As equity markets rallied during the fiscal year, the Fund saw gains from long positions in international developed markets and some emerging markets, with the biggest gains coming from the IBEX 35<sup style="font-size: smaller; vertical-align: super;">®</sup> (Spain), S&amp;P/TSX 60 (Canada), and Japanese equities. U.S. equities detracted from performance, especially the S&amp;P 500<sup style="font-size: smaller; vertical-align: super;">®</sup> Index and the Dow Jones Industrial Average<sup style="font-size: smaller; vertical-align: super;">®</sup>.<br/><br/></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fixed income<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Negative<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">Losses came from both short and long positions as global bond markets struggled to account for central bank policy. The largest losses were in the French 10-Year Note (OAT), U.S. bonds, and the Canadian 10-Year Note.<br/><br/></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Currencies<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Negative<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">Currency losses were driven by short positions in foreign currencies, while being long the U.S. dollar, as the dollar weakened. The largest losses came from the euro, New Zealand dollar, and Swiss franc. Long positions in some emerging market currencies, while being short the U.S. dollar, especially the Mexican peso and Polish zloty, provided gains.<br/><br/></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Commodities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Positive</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">Commodities were more mixed. The Fund had significant gains from long positions in precious metals, especially gold and silver, while energies, agricultural commodities, and base metals detracted from performance over the course of the year.</td> </tr> </table> <div style="margin-top: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial';">The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.</div> <div style="margin-top: 0px; font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; font-size: 11.5pt; color: inherit;">How has the Fund historically performed?</div> <div style="margin-top: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; break-before: avoid;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.</div> <div style="margin-top: 0px; font-size: 9pt; font-family: 'arial'; color: inherit; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-weight: bold; break-before: avoid;">GROWTH OF $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); break-before: avoid; break-inside: avoid; margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g90247chartimages_11223453.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 521pt;"/> </div> (2)“POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.(3)“CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder’s fee being paid. <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Arial'; text-align: right; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Virtus AlphaSimplex Managed Futures Strategy Fund (Class A/AMFAX) at NAV<sup style="vertical-align: super; font-size: 6pt; line-height: 1px;">(1)</sup></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">(9.86<span>)</span><span style="visibility: visible;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.71<span style="visibility: visible;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.55<span style="visibility: visible;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Virtus AlphaSimplex Managed Futures Strategy Fund (Class A/AMFAX) at POP<sup style="vertical-align: super; font-size: 6pt; line-height: 1px;">(2),(3)</sup></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">(14.81<span>)</span><span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.56<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.98<span style="visibility: hidden;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">FT Wilshire 5000 Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">17.13<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">13.40<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">14.45<span style="visibility: hidden;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Credit Suisse Managed Futures Liquid Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">(4.04<span>)</span><span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.24<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.55<span style="visibility: hidden;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">SG Trend Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.48<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.99<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.67<span style="visibility: hidden;">%</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-top: 4pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; white-space: nowrap; font-weight: bold; width: 12pt; vertical-align: top; margin-top: -1pt; padding: 0 3pt 0 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 6pt; margin-bottom: 6pt;">(1<span>)</span></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: normal; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; vertical-align: top; padding: 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 8pt; margin-bottom: 6pt;">“NAV” (Net Asset Value) total returns do not include the effect of any sales charge.</div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; white-space: nowrap; font-weight: bold; width: 12pt; vertical-align: top; margin-top: -1pt; padding: 0 3pt 0 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 6pt; margin-bottom: 6pt;">(2<span>)</span></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: normal; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; vertical-align: top; padding: 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 8pt; margin-bottom: 6pt;">“POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.</div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; white-space: nowrap; font-weight: bold; width: 12pt; vertical-align: top; margin-top: -1pt; padding: 0 3pt 0 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 6pt; margin-bottom: 6pt;">(3<span>)</span></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: normal; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; vertical-align: top; padding: 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 8pt; margin-bottom: 6pt;">“CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder’s fee being paid.</div> </td> </tr> </table> Virtus AlphaSimplex Managed Futures Strategy Fund (Class A/AMFAX) at NAV -0.0986 0.0171 0.0155 Virtus AlphaSimplex Managed Futures Strategy Fund (Class A/AMFAX) at POP -0.1481 0.0056 0.0098 FT Wilshire 5000 Index 0.1713 0.1340 0.1445 Credit Suisse Managed Futures Liquid Index -0.0404 0.0224 0.0055 SG Trend Index 0.0248 0.0699 0.0367 Past performance does not guarantee future results. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. <b>Please visit </b> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; font-family: 'arial';">https://www.virtus.com/mutual-funds-monthly-performance</span> <b> for performance data current to the most recent month end.</b> <div style="font-family: 'arial'; font-size: 9pt; letter-spacing: 1.25px; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; margin: 5pt 0px 5pt 0px;">KEY FUND STATISTICS (as of December 31, 2025)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; padding-right: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 18pt 3pt 10pt;">Fund net assets (‘000s)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 18pt 3pt 10pt;"><span style="float: none;">$</span>1,111,820</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 18pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 18pt 3pt 10pt;">94</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 18pt 3pt 20pt;">Number of Long Positions</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 18pt 3pt 20pt;">61</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 18pt 3pt 20pt;">Number of Short Positions</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 18pt 3pt 20pt;">33</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 18pt 3pt 10pt;">Total advisory fee paid (‘000s)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 18pt 3pt 10pt;"><span style="float: none;">$</span>15,637</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span class="sec-hidden" style="-sec-ix-hidden: h_126_4fc9a07b_8a14_146d_7a62_63aa231bf97a;">—</span><span>%</span></td> </tr> </table> 1111820000 94 15637000 <div style="font-family: 'arial'; font-size: 9pt; letter-spacing: 1.25px; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; margin: 5pt 0px 5pt 0px;"><b>ASSET CLASS ALLOCATION<sup style="vertical-align: super; font-size: 6pt; line-height: 1px;">(1)</sup></b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Certificates of Deposits</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">58</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"><span style="display: inline;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">U.S. Government Securities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">36</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Commercial Paper</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">6</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; padding: 6pt 0 3pt 3pt;">100</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-top: 6pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; font-family: 'arial'; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; width: 13pt; text-align: left; vertical-align: text-top; padding: 0 0 0 3pt;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 8pt; margin-bottom: 5pt;">​<sup style="vertical-align: super; font-size: 6pt; line-height: 1px;">(1)</sup></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; vertical-align: text-top; padding: 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 8pt; margin-bottom: 5pt;">Percentage of total investments as of December 31, 2025.</div> </td> </tr> </table> <div style="font-family: 'arial'; font-size: 9pt; letter-spacing: 1.25px; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; margin: 5pt 0px 5pt 0px;"><b>% RISK ALLOCATION (includes futures contracts)</b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Commodities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">35</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Currencies</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">17</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Equities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">29</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fixed Income</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">19</td> </tr> </table> 0.58 0.36 0.06 1 0.35 0.17 0.29 0.19 Virtus AlphaSimplex Managed Futures Strategy Fund Class C ASFCX This annual shareholder report contains important information about the Virtus AlphaSimplex Managed Futures Strategy Fund (“Fund”) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; font-family: 'arial';">https://www.virtus.com/investor-resources/mutual-fund-documents</span>. You can also request this information by contacting us at 1‑800‑243‑1574. https://www.virtus.com/investor-resources/mutual-fund-documents 1‑800‑243‑1574 <div style="margin-top: 0px; font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; font-size: 11.5pt; color: inherit;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial';">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; font-weight: bold; vertical-align: bottom; width: 150pt; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Virtus AlphaSimplex Managed Futures Strategy Fund<br/>Class C / ASFCX</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>232</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">2.45<span>%</span></td> </tr> </table> 232 0.0245 <div style="font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; font-size: 11.5pt; color: inherit; margin-top: 14pt; break-after: avoid;">What factors impacted Fund performance over the reporting period?</div> <div style="font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; margin-top: 10pt;">The Fund pursues an absolute return strategy that seeks to provide long-term capital appreciation. The Fund’s strategy uses a pure trend-following approach that seeks to take advantage of momentum in a range of liquid futures and forward contracts across global equity, fixed income, currency, and commodity markets. Significant volatility and structural shifts, driven by dramatic changes in U.S. political and economic policy, led to a difficult period for trend followers. The Fund’s losses were driven by fixed income and currencies, while commodities and equities contributed slightly to performance. The following table outlines key factors that materially affected the Fund’s performance during the reporting period.</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; text-transform: uppercase; font-weight: bold; color: inherit; min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; padding: 6pt 3pt 3pt 3pt;">FACTOR</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; text-transform: uppercase; font-weight: bold; color: inherit; min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">IMPACT</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; text-transform: uppercase; font-weight: bold; color: inherit; min-width: 70pt; text-align: left; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">SUMMARY</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Equity markets<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Positive<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">As equity markets rallied during the fiscal year, the Fund saw gains from long positions in international developed markets and some emerging markets, with the biggest gains coming from the IBEX 35<sup style="font-size: smaller; vertical-align: super;">®</sup> (Spain), S&amp;P/TSX 60 (Canada), and Japanese equities. U.S. equities detracted from performance, especially the S&amp;P 500<sup style="font-size: smaller; vertical-align: super;">®</sup> Index and the Dow Jones Industrial Average<sup style="font-size: smaller; vertical-align: super;">®</sup>.<br/><br/></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fixed income<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Negative<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">Losses came from both short and long positions as global bond markets struggled to account for central bank policy. The largest losses were in the French 10-Year Note (OAT), U.S. bonds, and the Canadian 10-Year Note.<br/><br/></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Currencies<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Negative<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">Currency losses were driven by short positions in foreign currencies, while being long the U.S. dollar, as the dollar weakened. The largest losses came from the euro, New Zealand dollar, and Swiss franc. Long positions in some emerging market currencies, while being short the U.S. dollar, especially the Mexican peso and Polish zloty, provided gains.<br/><br/></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Commodities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Positive</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">Commodities were more mixed. The Fund had significant gains from long positions in precious metals, especially gold and silver, while energies, agricultural commodities, and base metals detracted from performance over the course of the year.</td> </tr> </table> <div style="margin-top: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial';">The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.</div> <div style="margin-top: 0px; font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; font-size: 11.5pt; color: inherit;">How has the Fund historically performed?</div> <div style="margin-top: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; break-before: avoid;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.</div> <div style="margin-top: 0px; font-size: 9pt; font-family: 'arial'; color: inherit; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-weight: bold; break-before: avoid;">GROWTH OF $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); break-before: avoid; break-inside: avoid; margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g90247chartimages_11223496.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 521pt;"/> </div> (1)“NAV” (Net Asset Value) total returns do not include the effect of any sales charge.(2)“CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter. <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Arial'; text-align: right; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Virtus AlphaSimplex Managed Futures Strategy Fund (Class C/ASFCX) at NAV<sup style="vertical-align: super; font-size: 6pt; line-height: 1px;">(1)</sup> and with CDSC<sup style="vertical-align: super; font-size: 6pt; line-height: 1px;">(2)</sup></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">(10.62<span>)</span><span style="visibility: visible;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.93<span style="visibility: visible;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.79<span style="visibility: visible;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">FT Wilshire 5000 Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">17.13<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">13.40<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">14.45<span style="visibility: hidden;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Credit Suisse Managed Futures Liquid Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">(4.04<span>)</span><span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.24<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.55<span style="visibility: hidden;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">SG Trend Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.48<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.99<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.67<span style="visibility: hidden;">%</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-top: 4pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; white-space: nowrap; font-weight: bold; width: 12pt; vertical-align: top; margin-top: -1pt; padding: 0 3pt 0 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 6pt; margin-bottom: 6pt;">(1<span>)</span></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: normal; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; vertical-align: top; padding: 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 8pt; margin-bottom: 6pt;">“NAV” (Net Asset Value) total returns do not include the effect of any sales charge.</div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; white-space: nowrap; font-weight: bold; width: 12pt; vertical-align: top; margin-top: -1pt; padding: 0 3pt 0 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 6pt; margin-bottom: 6pt;">(2<span>)</span></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: normal; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; vertical-align: top; padding: 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 8pt; margin-bottom: 6pt;">“CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.</div> </td> </tr> </table> Virtus AlphaSimplex Managed Futures Strategy Fund (Class C/ASFCX) at NAVandwith CDSC -0.1062 0.0093 0.0079 FT Wilshire 5000 Index 0.1713 0.1340 0.1445 Credit Suisse Managed Futures Liquid Index -0.0404 0.0224 0.0055 SG Trend Index 0.0248 0.0699 0.0367 Past performance does not guarantee future results. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. <b>Please visit </b> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; font-family: 'arial';">https://www.virtus.com/mutual-funds-monthly-performance</span> <b> for performance data current to the most recent month end.</b> <div style="font-family: 'arial'; font-size: 9pt; letter-spacing: 1.25px; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; margin: 5pt 0px 5pt 0px;">KEY FUND STATISTICS (as of December 31, 2025)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; padding-right: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 18pt 3pt 10pt;">Fund net assets (‘000s)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 18pt 3pt 10pt;"><span style="float: none;">$</span>1,111,820</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 18pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 18pt 3pt 10pt;">94</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 18pt 3pt 20pt;">Number of Long Positions</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 18pt 3pt 20pt;">61</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 18pt 3pt 20pt;">Number of Short Positions</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 18pt 3pt 20pt;">33</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 18pt 3pt 10pt;">Total advisory fee paid (‘000s)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 18pt 3pt 10pt;"><span style="float: none;">$</span>15,637</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span class="sec-hidden" style="-sec-ix-hidden: h_153_fa87c5f6_374f_80d1_9a41_c3aab99a9a66;">—</span><span>%</span></td> </tr> </table> 1111820000 94 15637000 <div style="font-family: 'arial'; font-size: 9pt; letter-spacing: 1.25px; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; margin: 5pt 0px 5pt 0px;"><b>ASSET CLASS ALLOCATION<sup style="vertical-align: super; font-size: 6pt; line-height: 1px;">(1)</sup></b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Certificates of Deposits</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">58</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"><span style="display: inline;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">U.S. Government Securities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">36</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Commercial Paper</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">6</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; padding: 6pt 0 3pt 3pt;">100</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-top: 6pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; font-family: 'arial'; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; width: 13pt; text-align: left; vertical-align: text-top; padding: 0 0 0 3pt;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 8pt; margin-bottom: 5pt;">​<sup style="vertical-align: super; font-size: 6pt; line-height: 1px;">(1)</sup></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; vertical-align: text-top; padding: 3;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 8pt; margin-bottom: 5pt;">Percentage of total investments as of December 31, 2025.</div> </td> </tr> </table> <div style="font-family: 'arial'; font-size: 9pt; letter-spacing: 1.25px; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; margin: 5pt 0px 5pt 0px;"><b>% RISK ALLOCATION (includes futures contracts)</b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Commodities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">35</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Currencies</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">17</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Equities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">29</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fixed Income</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">19</td> </tr> </table> 0.58 0.36 0.06 1 0.35 0.17 0.29 0.19 Virtus AlphaSimplex Managed Futures Strategy Fund Class I ASFYX This annual shareholder report contains important information about the Virtus AlphaSimplex Managed Futures Strategy Fund (“Fund”) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; font-family: 'arial';">https://www.virtus.com/investor-resources/mutual-fund-documents</span>. You can also request this information by contacting us at 1‑800‑243‑1574. https://www.virtus.com/investor-resources/mutual-fund-documents 1‑800‑243‑1574 <div style="margin-top: 0px; font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; font-size: 11.5pt; color: inherit;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial';">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; font-weight: bold; vertical-align: bottom; width: 150pt; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Virtus AlphaSimplex Managed Futures Strategy Fund<br/>Class I / ASFYX</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>138</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.45<span>%</span></td> </tr> </table> 138 0.0145 <div style="font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; font-size: 11.5pt; color: inherit; margin-top: 14pt; break-after: avoid;">What factors impacted Fund performance over the reporting period?</div> <div style="font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; margin-top: 10pt;">The Fund pursues an absolute return strategy that seeks to provide long-term capital appreciation. The Fund’s strategy uses a pure trend-following approach that seeks to take advantage of momentum in a range of liquid futures and forward contracts across global equity, fixed income, currency, and commodity markets. Significant volatility and structural shifts, driven by dramatic changes in U.S. political and economic policy, led to a difficult period for trend followers. The Fund’s losses were driven by fixed income and currencies, while commodities and equities contributed slightly to performance. The following table outlines key factors that materially affected the Fund’s performance during the reporting period.</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; text-transform: uppercase; font-weight: bold; color: inherit; min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; padding: 6pt 3pt 3pt 3pt;">FACTOR</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; text-transform: uppercase; font-weight: bold; color: inherit; min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">IMPACT</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; text-transform: uppercase; font-weight: bold; color: inherit; min-width: 70pt; text-align: left; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">SUMMARY</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Equity markets<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Positive<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">As equity markets rallied during the fiscal year, the Fund saw gains from long positions in international developed markets and some emerging markets, with the biggest gains coming from the IBEX 35<sup style="font-size: smaller; vertical-align: super;">®</sup> (Spain), S&amp;P/TSX 60 (Canada), and Japanese equities. U.S. equities detracted from performance, especially the S&amp;P 500<sup style="font-size: smaller; vertical-align: super;">®</sup> Index and the Dow Jones Industrial Average<sup style="font-size: smaller; vertical-align: super;">®</sup>.<br/><br/></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fixed income<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Negative<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">Losses came from both short and long positions as global bond markets struggled to account for central bank policy. The largest losses were in the French 10-Year Note (OAT), U.S. bonds, and the Canadian 10-Year Note.<br/><br/></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Currencies<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Negative<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">Currency losses were driven by short positions in foreign currencies, while being long the U.S. dollar, as the dollar weakened. The largest losses came from the euro, New Zealand dollar, and Swiss franc. Long positions in some emerging market currencies, while being short the U.S. dollar, especially the Mexican peso and Polish zloty, provided gains.<br/><br/></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Commodities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Positive</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">Commodities were more mixed. The Fund had significant gains from long positions in precious metals, especially gold and silver, while energies, agricultural commodities, and base metals detracted from performance over the course of the year.</td> </tr> </table> <div style="margin-top: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial';">The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.</div> <div style="margin-top: 0px; font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; font-size: 11.5pt; color: inherit;">How has the Fund historically performed?</div> <div style="margin-top: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; break-before: avoid;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I shares. It assumes a $100,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.</div> <div style="margin-top: 0px; font-size: 9pt; font-family: 'arial'; color: inherit; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-weight: bold; break-before: avoid;">GROWTH OF $100,000</div> <div style="font-family: 'arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); break-before: avoid; break-inside: avoid; margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g90247chartimages_11223539.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 521pt;"/> </div> (1“NAV” (Net Asset Value) total returns do not include the effect of any sales charge. <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Arial'; text-align: right; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Virtus AlphaSimplex Managed Futures Strategy Fund (Class I/ASFYX) at NAV<sup style="vertical-align: super; font-size: 6pt; line-height: 1px;">(1)</sup></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">(9.78<span>)</span><span style="visibility: visible;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.94<span style="visibility: visible;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.80<span style="visibility: visible;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">FT Wilshire 5000 Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">17.13<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">13.40<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">14.45<span style="visibility: hidden;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Credit Suisse Managed Futures Liquid Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">(4.04<span>)</span><span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.24<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.55<span style="visibility: hidden;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">SG Trend Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.48<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.99<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.67<span style="visibility: hidden;">%</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-top: 4pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; white-space: nowrap; font-weight: bold; width: 12pt; vertical-align: top; margin-top: -1pt; padding: 0 3pt 0 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 6pt; margin-bottom: 6pt;">(1<span>)</span></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: normal; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; vertical-align: top; padding: 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 8pt; margin-bottom: 6pt;">“NAV” (Net Asset Value) total returns do not include the effect of any sales charge.</div> </td> </tr> </table> Virtus AlphaSimplex Managed Futures Strategy Fund (Class I/ASFYX) at NAV -0.0978 0.0194 0.0180 FT Wilshire 5000 Index 0.1713 0.1340 0.1445 Credit Suisse Managed Futures Liquid Index -0.0404 0.0224 0.0055 SG Trend Index 0.0248 0.0699 0.0367 Past performance does not guarantee future results. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. <b>Please visit </b> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; font-family: 'arial';">https://www.virtus.com/mutual-funds-monthly-performance</span> <b> for performance data current to the most recent month end.</b> <div style="font-family: 'arial'; font-size: 9pt; letter-spacing: 1.25px; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; margin: 5pt 0px 5pt 0px;">KEY FUND STATISTICS (as of December 31, 2025)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; padding-right: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 18pt 3pt 10pt;">Fund net assets (‘000s)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 18pt 3pt 10pt;"><span style="float: none;">$</span>1,111,820</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 18pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 18pt 3pt 10pt;">94</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 18pt 3pt 20pt;">Number of Long Positions</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 18pt 3pt 20pt;">61</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 18pt 3pt 20pt;">Number of Short Positions</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 18pt 3pt 20pt;">33</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 18pt 3pt 10pt;">Total advisory fee paid (‘000s)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 18pt 3pt 10pt;"><span style="float: none;">$</span>15,637</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span class="sec-hidden" style="-sec-ix-hidden:h_180_dcc30b49_7ff1_d1da_f689_2282c5fa37aa">—</span><span>%</span></td> </tr> </table> 1111820000 94 15637000 <div style="font-family: 'arial'; font-size: 9pt; letter-spacing: 1.25px; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; margin: 5pt 0px 5pt 0px;"><b>ASSET CLASS ALLOCATION<sup style="vertical-align: super; font-size: 6pt; line-height: 1px;">(1)</sup></b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Certificates of Deposits</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">58</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"><span style="display: inline;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">U.S. Government Securities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">36</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Commercial Paper</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">6</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; padding: 6pt 0 3pt 3pt;">100</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-top: 6pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; font-family: 'arial'; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; width: 13pt; text-align: left; vertical-align: text-top; padding: 0 0 0 3pt;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 8pt; margin-bottom: 5pt;">​<sup style="vertical-align: super; font-size: 6pt; line-height: 1px;">(1)</sup></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; vertical-align: text-top; padding: 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 8pt; margin-bottom: 5pt;">Percentage of total investments as of December 31, 2025.</div> </td> </tr> </table> <div style="font-family: 'arial'; font-size: 9pt; letter-spacing: 1.25px; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; margin: 5pt 0px 5pt 0px;"><b>% RISK ALLOCATION (includes futures contracts)</b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Commodities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">35</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Currencies</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">17</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Equities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">29</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fixed Income</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">19</td> </tr> </table> 0.58 0.36 0.06 1 0.35 0.17 0.29 0.19 Virtus AlphaSimplex Managed Futures Strategy Fund Class R6 AMFNX This annual shareholder report contains important information about the Virtus AlphaSimplex Managed Futures Strategy Fund (“Fund”) for the period of January 1, 2025 to December 31, 2025. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; font-family: 'arial';">https://www.virtus.com/investor-resources/mutual-fund-documents</span>. You can also request this information by contacting us at 1‑800‑243‑1574. https://www.virtus.com/investor-resources/mutual-fund-documents 1‑800‑243‑1574 <div style="margin-top: 0px; font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; font-size: 11.5pt; color: inherit;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial';">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; font-weight: bold; vertical-align: bottom; width: 150pt; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Virtus AlphaSimplex Managed Futures Strategy Fund<br/>Class R6 / AMFNX</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>127</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.33<span>%</span></td> </tr> </table> 127 0.0133 <div style="font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; font-size: 11.5pt; color: inherit; margin-top: 14pt; break-after: avoid;">What factors impacted Fund performance over the reporting period?</div> <div style="font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; margin-top: 10pt;">The Fund pursues an absolute return strategy that seeks to provide long-term capital appreciation. The Fund’s strategy uses a pure trend-following approach that seeks to take advantage of momentum in a range of liquid futures and forward contracts across global equity, fixed income, currency, and commodity markets. Significant volatility and structural shifts, driven by dramatic changes in U.S. political and economic policy, led to a difficult period for trend followers. The Fund’s losses were driven by fixed income and currencies, while commodities and equities contributed slightly to performance. The following table outlines key factors that materially affected the Fund’s performance during the reporting period.</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; text-transform: uppercase; font-weight: bold; color: inherit; min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; padding: 6pt 3pt 3pt 3pt;">FACTOR</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; text-transform: uppercase; font-weight: bold; color: inherit; min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">IMPACT</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; text-transform: uppercase; font-weight: bold; color: inherit; min-width: 70pt; text-align: left; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">SUMMARY</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Equity markets<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Positive<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">As equity markets rallied during the fiscal year, the Fund saw gains from long positions in international developed markets and some emerging markets, with the biggest gains coming from the IBEX 35<sup style="font-size: smaller; vertical-align: super;">®</sup> (Spain), S&amp;P/TSX 60 (Canada), and Japanese equities. U.S. equities detracted from performance, especially the S&amp;P 500<sup style="font-size: smaller; vertical-align: super;">®</sup> Index and the Dow Jones Industrial Average<sup style="font-size: smaller; vertical-align: super;">®</sup>.<br/><br/></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Fixed income<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Negative<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">Losses came from both short and long positions as global bond markets struggled to account for central bank policy. The largest losses were in the French 10-Year Note (OAT), U.S. bonds, and the Canadian 10-Year Note.<br/><br/></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Currencies<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Negative<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">Currency losses were driven by short positions in foreign currencies, while being long the U.S. dollar, as the dollar weakened. The largest losses came from the euro, New Zealand dollar, and Swiss franc. Long positions in some emerging market currencies, while being short the U.S. dollar, especially the Mexican peso and Polish zloty, provided gains.<br/><br/></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Commodities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Positive</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">Commodities were more mixed. The Fund had significant gains from long positions in precious metals, especially gold and silver, while energies, agricultural commodities, and base metals detracted from performance over the course of the year.</td> </tr> </table> <div style="margin-top: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial';">The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.</div> <div style="margin-top: 0px; font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; font-size: 11.5pt; color: inherit;">How has the Fund historically performed?</div> <div style="margin-top: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; break-before: avoid;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class R6 shares from inception (May 1, 2017). It assumes a $2,500,000 initial investment from inception, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.</div> <div style="margin-top: 0px; font-size: 9pt; font-family: 'arial'; color: inherit; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-weight: bold; break-before: avoid;">GROWTH OF $2,500,000</div> <div style="font-family: 'arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); break-before: avoid; break-inside: avoid; margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g90247chartimages_11223582.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 521pt;"/> </div> (1“NAV” (Net Asset Value) total returns do not include the effect of any sales charge. 2017-05-01 <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURNS for periods ended 12/31/25</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Arial'; text-align: right; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Since Inception</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Virtus AlphaSimplex Managed Futures Strategy Fund (Class R6/AMFNX) at NAV<sup style="vertical-align: super; font-size: 6pt; line-height: 1px;">(1)</sup></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">(9.61<span>)</span><span style="visibility: visible;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.06<span style="visibility: visible;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.89<span style="visibility: visible;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">FT Wilshire 5000 Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">17.13<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">13.40<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">14.27<span style="visibility: hidden;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Credit Suisse Managed Futures Liquid Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">(4.04<span>)</span><span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.24<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.81<span style="visibility: hidden;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">SG Trend Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.48<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.99<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.28<span style="visibility: hidden;">%</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-top: 4pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; white-space: nowrap; font-weight: bold; width: 12pt; vertical-align: top; margin-top: -1pt; padding: 0 3pt 0 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 6pt; margin-bottom: 6pt;">(1<span>)</span></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: normal; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; vertical-align: top; padding: 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 8pt; margin-bottom: 6pt;">“NAV” (Net Asset Value) total returns do not include the effect of any sales charge.</div> </td> </tr> </table> Virtus AlphaSimplex Managed Futures Strategy Fund (Class R6/AMFNX) at NAV -0.0961 0.0206 0.0289 FT Wilshire 5000 Index 0.1713 0.1340 0.1427 Credit Suisse Managed Futures Liquid Index -0.0404 0.0224 0.0081 SG Trend Index 0.0248 0.0699 0.0528 Past performance does not guarantee future results. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. <b>Please visit </b> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; font-family: 'arial';">https://www.virtus.com/mutual-funds-monthly-performance</span> <b> for performance data current to the most recent month end.</b> <div style="font-family: 'arial'; font-size: 9pt; letter-spacing: 1.25px; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; margin: 5pt 0px 5pt 0px;">KEY FUND STATISTICS (as of December 31, 2025)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; padding-right: 10pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 18pt 3pt 10pt;">Fund net assets (‘000s)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 18pt 3pt 10pt;"><span style="float: none;">$</span>1,111,820</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 18pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 18pt 3pt 10pt;">94</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 18pt 3pt 20pt;">Number of Long Positions</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 18pt 3pt 20pt;">61</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 18pt 3pt 20pt;">Number of Short Positions</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 18pt 3pt 20pt;">33</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 18pt 3pt 10pt;">Total advisory fee paid (‘000s)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 18pt 3pt 10pt;"><span style="float: none;">$</span>15,637</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span class="sec-hidden" style="-sec-ix-hidden:h_207_15644626_e21f_7089_3939_7fae65cd29cc">—</span><span>%</span></td> </tr> </table> 1111820000 94 15637000 <div style="font-family: 'arial'; font-size: 9pt; letter-spacing: 1.25px; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; margin: 5pt 0px 5pt 0px;"><b>ASSET CLASS ALLOCATION<sup style="vertical-align: super; font-size: 6pt; line-height: 1px;">(1)</sup></b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Certificates of Deposits</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">58</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"><span style="display: inline;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">U.S. Government Securities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">36</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Commercial Paper</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">6</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Total</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; padding: 6pt 0 3pt 3pt;">100</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-top: 6pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; font-family: 'arial'; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; width: 13pt; text-align: left; vertical-align: text-top; padding: 0 0 0 3pt;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 8pt; margin-bottom: 5pt;">​<sup style="vertical-align: super; font-size: 6pt; line-height: 1px;">(1)</sup></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; vertical-align: text-top; padding: 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; font-size: 8pt; margin-bottom: 5pt;">Percentage of total investments as of December 31, 2025.</div> </td> </tr> </table> <div style="font-family: 'arial'; font-size: 9pt; letter-spacing: 1.25px; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; margin: 5pt 0px 5pt 0px;"><b>% RISK ALLOCATION (includes futures contracts)</b></div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Commodities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">35</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Currencies</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">17</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Equities</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">29</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;">Fixed Income</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">19</td> </tr> </table> 0.58 0.36 0.06 1 0.35 0.17 0.29 0.19 “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder’s fee being paid. “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder’s fee being paid. Percentage of total investments as of December 31, 2025. “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter. Percentage of total investments as of December 31, 2025. “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. Percentage of total investments as of December 31, 2025. “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. Percentage of total investments as of December 31, 2025. Percentage of total investments as of December 31, 2025. “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter. “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. Percentage of total investments as of December 31, 2025. “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. Percentage of total investments as of December 31, 2025. “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. Percentage of total investments as of December 31, 2025.