UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
811-07455
(Exact name of registrant as specified in charter)
101 Munson Street
Greenfield, MA 01301-9668
Greenfield, MA 01301-9668
Jennifer Fromm, Esq.
Vice President, Chief Legal Officer, Counsel and Secretary for Registrant
One Financial Plaza
Hartford, CT 06103-2608
(Name and address of agent for service)
Registrant's telephone number, including area code:
(800)-243-1574
Date of fiscal year end:
September 30
Date of reporting period:
Item 1. Report to Stockholders.
(a) The registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus Duff & Phelps Global Infrastructure Fund Class A / PGUAX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Utilities | % | |
| Industrials | ||
| Energy | ||
| Real Estate | ||
| Communication Services | ||
| Total | % |
| (1) |
Percentage of total investments as of March 31, 2026. |
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8134
Virtus Duff & Phelps Global Infrastructure Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus Duff & Phelps Global Infrastructure Fund Class I / PGIUX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Utilities | % | |
| Industrials | ||
| Energy | ||
| Real Estate | ||
| Communication Services | ||
| Total | % |
| (1) |
Percentage of total investments as of March 31, 2026. |
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8136
Virtus Duff & Phelps Global Infrastructure Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus Duff & Phelps Global Infrastructure Fund Class R6 / VGIRX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Utilities | % | |
| Industrials | ||
| Energy | ||
| Real Estate | ||
| Communication Services | ||
| Total | % |
| (1) |
Percentage of total investments as of March 31, 2026. |
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8137
Virtus Duff & Phelps Global Infrastructure Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus Duff & Phelps Global Real Estate Securities Fund Class A / VGSAX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Industrial/Office REITS | % | |
| Health Care REITS | ||
| Retail REITS | ||
| Data Centers REITS | ||
| Residential REITS | ||
| Real Estate Management & Development REITS | ||
| Self Storage REITS | ||
| Other REITS | ||
| Total | % |
| (1) |
Percentage of total investments as of March 31, 2026. |
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8138
Virtus Duff & Phelps Global Real Estate Securities Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus Duff & Phelps Global Real Estate Securities Fund Class C / VGSCX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Industrial/Office REITS | % | |
| Health Care REITS | ||
| Retail REITS | ||
| Data Centers REITS | ||
| Residential REITS | ||
| Real Estate Management & Development REITS | ||
| Self Storage REITS | ||
| Other REITS | ||
| Total | % |
| (1) |
|
Material Fund Changes
Effective January 21, 2026, Class C shares were closed to new purchases by new or existing shareholders, except by existing shareholders through qualifying transactions.
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8139
Virtus Duff & Phelps Global Real Estate Securities Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus Duff & Phelps Global Real Estate Securities Fund Class I / VGISX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Industrial/Office REITS | % | |
| Health Care REITS | ||
| Retail REITS | ||
| Data Centers REITS | ||
| Residential REITS | ||
| Real Estate Management & Development REITS | ||
| Self Storage REITS | ||
| Other REITS | ||
| Total | % |
| (1) |
|
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8140
Virtus Duff & Phelps Global Real Estate Securities Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus Duff & Phelps Global Real Estate Securities Fund Class R6 / VRGEX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Industrial/Office REITS | % | |
| Health Care REITS | ||
| Retail REITS | ||
| Data Centers REITS | ||
| Residential REITS | ||
| Real Estate Management & Development REITS | ||
| Self Storage REITS | ||
| Other REITS | ||
| Total | % |
| (1) |
|
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8141
Virtus Duff & Phelps Global Real Estate Securities Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus Duff & Phelps Real Asset Fund Class A / PDPAX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Affiliated Mutual Funds | % | ||
| Exchange-Traded Funds | |||
| Affiliated Exchange-Traded Fund | |||
| Total | % |
| (1) |
|
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8142
Virtus Duff & Phelps Real Asset Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus Duff & Phelps Real Asset Fund Class I / VADIX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Affiliated Mutual Funds | % | ||
| Exchange-Traded Funds | |||
| Affiliated Exchange-Traded Fund | |||
| Total | % |
| (1) |
|
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8144
Virtus Duff & Phelps Real Asset Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus Duff & Phelps Real Asset Fund Class R6 / VAABX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Affiliated Mutual Funds | % | ||
| Exchange-Traded Funds | |||
| Affiliated Exchange-Traded Fund | |||
| Total | % |
| (1) |
|
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8145
Virtus Duff & Phelps Real Asset Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus Duff & Phelps Real Estate Securities Fund Class A / PHRAX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Health Care REITS | % | |
| Industrial/Office REITS | ||
| Retail REITS | ||
| Data Centers REITS | ||
| Residential REITS | ||
| Self Storage REITS | ||
| Specialty REITS | ||
| Other REITS | ||
| Total | % |
| (1) |
Percentage of total investments as of March 31, 2026. |
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8146
Virtus Duff & Phelps Real Estate Securities Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus Duff & Phelps Real Estate Securities Fund Class C / PHRCX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Health Care REITS | % | |
| Industrial/Office REITS | ||
| Retail REITS | ||
| Data Centers REITS | ||
| Residential REITS | ||
| Self Storage REITS | ||
| Specialty REITS | ||
| Other REITS | ||
| Total | % |
| (1) |
Percentage of total investments as of March 31, 2026. |
Material Fund Changes
Effective January 21, 2026, Class C shares were closed to new purchases by new or existing shareholders, except by existing shareholders through qualifying transactions.
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8147
Virtus Duff & Phelps Real Estate Securities Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus Duff & Phelps Real Estate Securities Fund Class I / PHRIX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Health Care REITS | % | |
| Industrial/Office REITS | ||
| Retail REITS | ||
| Data Centers REITS | ||
| Residential REITS | ||
| Self Storage REITS | ||
| Specialty REITS | ||
| Other REITS | ||
| Total | % |
| (1) |
Percentage of total investments as of March 31, 2026. |
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8148
Virtus Duff & Phelps Real Estate Securities Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus Duff & Phelps Real Estate Securities Fund Class R6 / VRREX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Health Care REITS | % | |
| Industrial/Office REITS | ||
| Retail REITS | ||
| Data Centers REITS | ||
| Residential REITS | ||
| Self Storage REITS | ||
| Specialty REITS | ||
| Other REITS | ||
| Total | % |
| (1) |
Percentage of total investments as of March 31, 2026. |
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8149
Virtus Duff & Phelps Real Estate Securities Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus KAR Developing Markets Fund Class A / VDMAX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Industrials | % | |
| Financials | ||
| Consumer Staples | ||
| Information Technology | ||
| Materials | ||
| Communication Services | ||
| Consumer Discretionary | ||
| Other | ||
| Total | % |
| (1) |
Percentage of total investments as of March 31, 2026. |
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8179
Virtus KAR Developing Markets Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus KAR Developing Markets Fund Class I / VIDMX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Industrials | % | |
| Financials | ||
| Consumer Staples | ||
| Information Technology | ||
| Materials | ||
| Communication Services | ||
| Consumer Discretionary | ||
| Other | ||
| Total | % |
| (1) |
Percentage of total investments as of March 31, 2026. |
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8181
Virtus KAR Developing Markets Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus KAR Developing Markets Fund Class R6 / VDMRX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Industrials | % | |
| Financials | ||
| Consumer Staples | ||
| Information Technology | ||
| Materials | ||
| Communication Services | ||
| Consumer Discretionary | ||
| Other | ||
| Total | % |
| (1) |
Percentage of total investments as of March 31, 2026. |
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8182
Virtus KAR Developing Markets Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus KAR Emerging Markets Small-Cap Fund Class A / VAESX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Industrials | % | |
| Financials | ||
| Consumer Staples | ||
| Health Care | ||
| Materials | ||
| Consumer Discretionary | ||
| Communication Services | ||
| Other | ||
| Total | % |
| (1) |
|
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8183
Virtus KAR Emerging Markets Small-Cap Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus KAR Emerging Markets Small-Cap Fund Class C / VCESX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Industrials | % | |
| Financials | ||
| Consumer Staples | ||
| Health Care | ||
| Materials | ||
| Consumer Discretionary | ||
| Communication Services | ||
| Other | ||
| Total | % |
| (1) |
|
Material Fund Changes
Effective January 21, 2026, Class C shares were closed to new purchases by new or existing shareholders, except by existing shareholders through qualifying transactions.
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8184
Virtus KAR Emerging Markets Small-Cap Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus KAR Emerging Markets Small-Cap Fund Class I / VIESX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Industrials | % | |
| Financials | ||
| Consumer Staples | ||
| Health Care | ||
| Materials | ||
| Consumer Discretionary | ||
| Communication Services | ||
| Other | ||
| Total | % |
| (1) |
|
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8185
Virtus KAR Emerging Markets Small-Cap Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus KAR Emerging Markets Small-Cap Fund Class R6 / VRESX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Industrials | % | |
| Financials | ||
| Consumer Staples | ||
| Health Care | ||
| Materials | ||
| Consumer Discretionary | ||
| Communication Services | ||
| Other | ||
| Total | % |
| (1) |
Percentage of total investments as of March 31, 2026. |
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8186
Virtus KAR Emerging Markets Small-Cap Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus KAR International Small-Mid Cap Fund Class A / VISAX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Industrials | % | |
| Financials | ||
| Health Care | ||
| Materials | ||
| Communication Services | ||
| Information Technology | ||
| Energy | ||
| Other | ||
| Total | % |
| (1) |
Percentage of total investments as of March 31, 2026. |
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8211
Virtus KAR International Small-Mid Cap Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus KAR International Small-Mid Cap Fund Class C / VCISX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Industrials | % | |
| Financials | ||
| Health Care | ||
| Materials | ||
| Communication Services | ||
| Information Technology | ||
| Energy | ||
| Other | ||
| Total | % |
| (1) |
Percentage of total investments as of March 31, 2026. |
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8212
Virtus KAR International Small-Mid Cap Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus KAR International Small-Mid Cap Fund Class I / VIISX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Industrials | % | |
| Financials | ||
| Health Care | ||
| Materials | ||
| Communication Services | ||
| Information Technology | ||
| Energy | ||
| Other | ||
| Total | % |
| (1) |
Percentage of total investments as of March 31, 2026. |
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8213
Virtus KAR International Small-Mid Cap Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus KAR International Small-Mid Cap Fund Class R6 / VRISX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Industrials | % | |
| Financials | ||
| Health Care | ||
| Materials | ||
| Communication Services | ||
| Information Technology | ||
| Energy | ||
| Other | ||
| Total | % |
| (1) |
Percentage of total investments as of March 31, 2026. |
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8214
Virtus KAR International Small-Mid Cap Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus Newfleet Core Plus Bond Fund Class A / SAVAX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Corporate Bonds and Notes | % | |||
| Financials | ||||
| Energy | ||||
| Industrials | ||||
| All other Corporate Bonds and Notes | ||||
| Mortgage-Backed Securities | ||||
| U.S. Government Securities | ||||
| Asset-Backed Securities | ||||
| Leveraged Loans | ||||
| Short-Term Investment | ||||
| Foreign Government Securities | ||||
| Other | ||||
| Total | % |
| (1) |
Percentage of total investments as of March 31, 2026. |
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8257
Virtus Newfleet Core Plus Bond Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus Newfleet Core Plus Bond Fund Class C / SAVCX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Corporate Bonds and Notes | % | |||
| Financials | ||||
| Energy | ||||
| Industrials | ||||
| All other Corporate Bonds and Notes | ||||
| Mortgage-Backed Securities | ||||
| U.S. Government Securities | ||||
| Asset-Backed Securities | ||||
| Leveraged Loans | ||||
| Short-Term Investment | ||||
| Foreign Government Securities | ||||
| Other | ||||
| Total | % |
| (1) |
|
Material Fund Changes
Effective January 21, 2026, Class C shares were closed to new purchases by new or existing shareholders, except by existing shareholders through qualifying transactions.
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8258
Virtus Newfleet Core Plus Bond Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus Newfleet Core Plus Bond Fund Class I / SAVYX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Corporate Bonds and Notes | % | |||
| Financials | ||||
| Energy | ||||
| Industrials | ||||
| All other Corporate Bonds and Notes | ||||
| Mortgage-Backed Securities | ||||
| U.S. Government Securities | ||||
| Asset-Backed Securities | ||||
| Leveraged Loans | ||||
| Short-Term Investment | ||||
| Foreign Government Securities | ||||
| Other | ||||
| Total | % |
| (1) |
|
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8259
Virtus Newfleet Core Plus Bond Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus Newfleet Core Plus Bond Fund Class R6 / VBFRX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Corporate Bonds and Notes | % | |||
| Financials | ||||
| Energy | ||||
| Industrials | ||||
| All other Corporate Bonds and Notes | ||||
| Mortgage-Backed Securities | ||||
| U.S. Government Securities | ||||
| Asset-Backed Securities | ||||
| Leveraged Loans | ||||
| Short-Term Investment | ||||
| Foreign Government Securities | ||||
| Other | ||||
| Total | % |
| (1) |
Percentage of total investments as of March 31, 2026. |
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8260
Virtus Newfleet Core Plus Bond Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus Newfleet High Yield Fund Class A / PHCHX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Corporate Bonds and Notes | % | |||
| Financials | ||||
| Energy | ||||
| Industrials | ||||
| All other Corporate Bonds and Notes | ||||
| Short-Term Investment | ||||
| Leveraged Loans | ||||
| Other | ||||
| Total | % |
| (1) |
Percentage of total investments as of March 31, 2026. |
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8261
Virtus Newfleet High Yield Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus Newfleet High Yield Fund Class I / PHCIX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Corporate Bonds and Notes | % | |||
| Financials | ||||
| Energy | ||||
| Industrials | ||||
| All other Corporate Bonds and Notes | ||||
| Short-Term Investment | ||||
| Leveraged Loans | ||||
| Other | ||||
| Total | % |
| (1) |
Percentage of total investments as of March 31, 2026. |
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8263
Virtus Newfleet High Yield Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus Newfleet High Yield Fund Class R6 / VRHYX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Corporate Bonds and Notes | % | |||
| Financials | ||||
| Energy | ||||
| Industrials | ||||
| All other Corporate Bonds and Notes | ||||
| Short-Term Investment | ||||
| Leveraged Loans | ||||
| Other | ||||
| Total | % |
| (1) |
Percentage of total investments as of March 31, 2026. |
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8264
Virtus Newfleet High Yield Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus Newfleet Low Duration Core Plus Bond Fund Class A / HIMZX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Asset-Backed Securities | % | |||
| Mortgage-Backed Securities | ||||
| Corporate Bonds and Notes | ||||
| Financials | ||||
| Health Care | ||||
| Industrials | ||||
| All other Corporate Bonds and Notes | ||||
| U.S. Government Securities | ||||
| Leveraged Loans | ||||
| Other (includes securities lending collateral) | ||||
| Total | % |
| (1) |
|
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8265
Virtus Newfleet Low Duration Core Plus Bond Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus Newfleet Low Duration Core Plus Bond Fund Class C / PCMZX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Asset-Backed Securities | % | |||
| Mortgage-Backed Securities | ||||
| Corporate Bonds and Notes | ||||
| Financials | ||||
| Health Care | ||||
| Industrials | ||||
| All other Corporate Bonds and Notes | ||||
| U.S. Government Securities | ||||
| Leveraged Loans | ||||
| Other (includes securities lending collateral) | ||||
| Total | % |
| (1) |
|
Material Fund Changes
Effective January 21, 2026, Class C shares were closed to new purchases by new or existing shareholders, except by existing shareholders through qualifying transactions.
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8266
Virtus Newfleet Low Duration Core Plus Bond Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus Newfleet Low Duration Core Plus Bond Fund Class I / HIBIX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Asset-Backed Securities | % | |||
| Mortgage-Backed Securities | ||||
| Corporate Bonds and Notes | ||||
| Financials | ||||
| Health Care | ||||
| Industrials | ||||
| All other Corporate Bonds and Notes | ||||
| U.S. Government Securities | ||||
| Leveraged Loans | ||||
| Other (includes securities lending collateral) | ||||
| Total | % |
| (1) |
Percentage of total investments as of March 31, 2026. |
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8267
Virtus Newfleet Low Duration Core Plus Bond Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus Newfleet Low Duration Core Plus Bond Fund Class R6 / VLDRX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Asset-Backed Securities | % | |||
| Mortgage-Backed Securities | ||||
| Corporate Bonds and Notes | ||||
| Financials | ||||
| Health Care | ||||
| Industrials | ||||
| All other Corporate Bonds and Notes | ||||
| U.S. Government Securities | ||||
| Leveraged Loans | ||||
| Other (includes securities lending collateral) | ||||
| Total | % |
| (1) |
Percentage of total investments as of March 31, 2026. |
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8268
Virtus Newfleet Low Duration Core Plus Bond Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund Class A / NAMFX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Corporate Bonds and Notes | % | |||
| Financials | ||||
| Energy | ||||
| Industrials | ||||
| All other Corporate Bonds and Notes | ||||
| Mortgage-Backed Securities | ||||
| Foreign Government Securities | ||||
| Asset-Backed Securities | ||||
| Leveraged Loans | ||||
| U.S. Government Securities | ||||
| Affiliated Exchange-Traded Fund | ||||
| Other (includes short-term investment) | ||||
| Total | % |
| (1) |
Percentage of total investments as of March 31, 2026. |
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8270
Virtus Newfleet Multi-Sector Intermediate Bond Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund Class C / NCMFX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Corporate Bonds and Notes | % | |||
| Financials | ||||
| Energy | ||||
| Industrials | ||||
| All other Corporate Bonds and Notes | ||||
| Mortgage-Backed Securities | ||||
| Foreign Government Securities | ||||
| Asset-Backed Securities | ||||
| Leveraged Loans | ||||
| U.S. Government Securities | ||||
| Affiliated Exchange-Traded Fund | ||||
| Other (includes short-term investment) | ||||
| Total | % |
| (1) |
Percentage of total investments as of March 31, 2026. |
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8271
Virtus Newfleet Multi-Sector Intermediate Bond Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund Class I / VMFIX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Corporate Bonds and Notes | % | |||
| Financials | ||||
| Energy | ||||
| Industrials | ||||
| All other Corporate Bonds and Notes | ||||
| Mortgage-Backed Securities | ||||
| Foreign Government Securities | ||||
| Asset-Backed Securities | ||||
| Leveraged Loans | ||||
| U.S. Government Securities | ||||
| Affiliated Exchange-Traded Fund | ||||
| Other (includes short-term investment) | ||||
| Total | % |
| (1) |
|
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8272
Virtus Newfleet Multi-Sector Intermediate Bond Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund Class R6 / VMFRX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Corporate Bonds and Notes | % | |||
| Financials | ||||
| Energy | ||||
| Industrials | ||||
| All other Corporate Bonds and Notes | ||||
| Mortgage-Backed Securities | ||||
| Foreign Government Securities | ||||
| Asset-Backed Securities | ||||
| Leveraged Loans | ||||
| U.S. Government Securities | ||||
| Affiliated Exchange-Traded Fund | ||||
| Other (includes short-term investment) | ||||
| Total | % |
| (1) |
Percentage of total investments as of March 31, 2026. |
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8273
Virtus Newfleet Multi-Sector Intermediate Bond Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus Newfleet Multi-Sector Short Term Bond Fund Class A / NARAX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Corporate Bonds and Notes | % | |||
| Financials | ||||
| Energy | ||||
| Health Care | ||||
| All other Corporate Bonds and Notes | ||||
| Asset-Backed Securities | ||||
| Mortgage-Backed Securities | ||||
| Foreign Government Securities | ||||
| U.S. Government Securities | ||||
| Leveraged Loans | ||||
| Other (includes short-term investment and securities lending collateral) | ||||
| Total | % |
| (1) |
Percentage of total investments as of March 31, 2026. |
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8276
Virtus Newfleet Multi-Sector Short Term Bond Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus Newfleet Multi-Sector Short Term Bond Fund Class C / PSTCX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Corporate Bonds and Notes | % | |||
| Financials | ||||
| Energy | ||||
| Health Care | ||||
| All other Corporate Bonds and Notes | ||||
| Asset-Backed Securities | ||||
| Mortgage-Backed Securities | ||||
| Foreign Government Securities | ||||
| U.S. Government Securities | ||||
| Leveraged Loans | ||||
| Other (includes short-term investment and securities lending collateral) | ||||
| Total | % |
| (1) |
Percentage of total investments as of March 31, 2026. |
Material Fund Changes
Effective January 21, 2026, Class C shares were closed to new purchases by new or existing shareholders, except by existing shareholders through qualifying transactions.
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8277
Virtus Newfleet Multi-Sector Short Term Bond Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus Newfleet Multi-Sector Short Term Bond Fund Class C1 / PMSTX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Corporate Bonds and Notes | % | |||
| Financials | ||||
| Energy | ||||
| Health Care | ||||
| All other Corporate Bonds and Notes | ||||
| Asset-Backed Securities | ||||
| Mortgage-Backed Securities | ||||
| Foreign Government Securities | ||||
| U.S. Government Securities | ||||
| Leveraged Loans | ||||
| Other (includes short-term investment and securities lending collateral) | ||||
| Total | % |
| (1) |
Percentage of total investments as of March 31, 2026. |
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8278
Virtus Newfleet Multi-Sector Short Term Bond Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus Newfleet Multi-Sector Short Term Bond Fund Class I / PIMSX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Corporate Bonds and Notes | % | |||
| Financials | ||||
| Energy | ||||
| Health Care | ||||
| All other Corporate Bonds and Notes | ||||
| Asset-Backed Securities | ||||
| Mortgage-Backed Securities | ||||
| Foreign Government Securities | ||||
| U.S. Government Securities | ||||
| Leveraged Loans | ||||
| Other (includes short-term investment and securities lending collateral) | ||||
| Total | % |
| (1) |
Percentage of total investments as of March 31, 2026. |
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8279
Virtus Newfleet Multi-Sector Short Term Bond Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus Newfleet Multi-Sector Short Term Bond Fund Class R6 / VMSSX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Corporate Bonds and Notes | % | |||
| Financials | ||||
| Energy | ||||
| Health Care | ||||
| All other Corporate Bonds and Notes | ||||
| Asset-Backed Securities | ||||
| Mortgage-Backed Securities | ||||
| Foreign Government Securities | ||||
| U.S. Government Securities | ||||
| Leveraged Loans | ||||
| Other (includes short-term investment and securities lending collateral) | ||||
| Total | % |
| (1) |
Percentage of total investments as of March 31, 2026. |
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8280
Virtus Newfleet Multi-Sector Short Term Bond Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus Newfleet Senior Floating Rate Fund Class A / PSFRX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Leveraged Loans | % | |||
| Service | ||||
| Information Technology | ||||
| Health Care | ||||
| Gaming / Leisure | ||||
| Manufacturing | ||||
| Financials | ||||
| Food / Tobacco | ||||
| All other Leveraged Loans | ||||
| Corporate Bonds and Notes | ||||
| Total | % |
| (1) |
|
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8281
Virtus Newfleet Senior Floating Rate Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus Newfleet Senior Floating Rate Fund Class C / PFSRX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Leveraged Loans | % | |||
| Service | ||||
| Information Technology | ||||
| Health Care | ||||
| Gaming / Leisure | ||||
| Manufacturing | ||||
| Financials | ||||
| Food / Tobacco | ||||
| All other Leveraged Loans | ||||
| Corporate Bonds and Notes | ||||
| Total | % |
| (1) |
Percentage of total investments as of March 31, 2026. |
Material Fund Changes
Effective January 21, 2026, Class C shares were closed to new purchases by new or existing shareholders, except by existing shareholders through qualifying transactions.
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8282
Virtus Newfleet Senior Floating Rate Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus Newfleet Senior Floating Rate Fund Class I / PSFIX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Leveraged Loans | % | |||
| Service | ||||
| Information Technology | ||||
| Health Care | ||||
| Gaming / Leisure | ||||
| Manufacturing | ||||
| Financials | ||||
| Food / Tobacco | ||||
| All other Leveraged Loans | ||||
| Corporate Bonds and Notes | ||||
| Total | % |
| (1) |
Percentage of total investments as of March 31, 2026. |
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8283
Virtus Newfleet Senior Floating Rate Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus Newfleet Senior Floating Rate Fund Class R6 / VRSFX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Leveraged Loans | % | |||
| Service | ||||
| Information Technology | ||||
| Health Care | ||||
| Gaming / Leisure | ||||
| Manufacturing | ||||
| Financials | ||||
| Food / Tobacco | ||||
| All other Leveraged Loans | ||||
| Corporate Bonds and Notes | ||||
| Total | % |
| (1) |
Percentage of total investments as of March 31, 2026. |
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8284
Virtus Newfleet Senior Floating Rate Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus Seix Tax-Exempt Bond Fund Class A / HXBZX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Municipal Bonds | % | ||
| Total | % |
| (1) |
|
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8340
Virtus Seix Tax-Exempt Bond Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus Seix Tax-Exempt Bond Fund Class I / HXBIX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Municipal Bonds | % | ||
| Total | % |
| (1) |
|
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8342
Virtus Seix Tax-Exempt Bond Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus SGA Emerging Markets Equity Fund Class A / HEMZX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Financials | % | |
| Consumer Discretionary | ||
| Information Technology | ||
| Consumer Staples | ||
| Communication Services | ||
| Industrials | ||
| Health Care | ||
| Total | % |
| (1) |
|
Material Fund Changes
Effective January 1, 2026 , a new expense limitation of 1.46% went into effect for Class A shares.
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8349
Virtus SGA Emerging Markets Equity Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus SGA Emerging Markets Equity Fund Class C / PICEX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Financials | % | |
| Consumer Discretionary | ||
| Information Technology | ||
| Consumer Staples | ||
| Communication Services | ||
| Industrials | ||
| Health Care | ||
| Total | % |
| (1) |
|
Material Fund Changes
Effective January 1, 2026 , a new expense limitation of 2.21% went into effect for Class C shares.
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8350
Virtus SGA Emerging Markets Equity Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus SGA Emerging Markets Equity Fund Class I / HIEMX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Financials | % | |
| Consumer Discretionary | ||
| Information Technology | ||
| Consumer Staples | ||
| Communication Services | ||
| Industrials | ||
| Health Care | ||
| Total | % |
| (1) |
|
Material Fund Changes
Effective January 1, 2026 , a new expense limitation of 1.21% went into effect for Class I shares.
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8351
Virtus SGA Emerging Markets Equity Fund
Semi-Annual SHAREHOLDER REPORT | March 31, 2026
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Virtus SGA Emerging Markets Equity Fund Class R6 / VREMX |
$ |
KEY FUND STATISTICS (as of March 31, 2026)
| Fund net assets (‘000s) | $ |
| Total number of portfolio holdings | |
| Portfolio turnover rate as of the end of the reporting period |
Asset Allocation(1)
| Financials | % | |
| Consumer Discretionary | ||
| Information Technology | ||
| Consumer Staples | ||
| Communication Services | ||
| Industrials | ||
| Health Care | ||
| Total | % |
| (1) |
|
Where can I find more information?
For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.
8352
Virtus SGA Emerging Markets Equity Fund
