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0001005020 false N-1A N-CSRS Virtus Opportunities Trust 2026-03-31 Virtus Duff & Phelps Global Infrastructure Fund Class A PGUAX This semi-annual shareholder report contains important information about the Virtus Duff & Phelps Global Infrastructure Fund (“Fund”) for the period of October 1, 2025 to March 31, 2026. semi-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 six months?</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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Virtus Duff & Phelps Global Infrastructure Fund<br/>Class A / PGUAX</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>64</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;">1.23<span>%</span></td> </tr> </table> 64 0.0123 <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 March 31, 2026)</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>173,148</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;">53</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;">25<span>%</span></td> </tr> </table>

173148000

0.25

173148000

0.25

173148000

0.25

400024000

0.06

400024000

0.06

400024000

0.06

400024000

0.06

48693000

0.06

48693000

0.06

48693000

0.06

341142000

0.05

341142000

0.05

341142000

0.05

341142000

0.05

3667000

0.24

3667000

0.24

3667000

0.24

336728000

0.31

336728000

0.31

336728000

0.31

336728000

0.31

783038000

0.19

783038000

0.19

783038000

0.19

783038000

0.19

626584000

742

0.14

<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;">Corporate Bonds and Notes</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;">34</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;">Financials</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;">15</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;">Energy</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;">4</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;">Industrials</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 Corporate Bonds and Notes</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;">12</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;">Mortgage-Backed Securities</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;">29</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 Securities</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;">15</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;">Asset-Backed Securities</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;">10</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;">Leveraged Loans</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;">4</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;">Short-Term Investment</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;">4</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;">Foreign Government Securities</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;">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> </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;">Other</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;">1</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: 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 March 31, 2026.</div> </td> </tr> </table> 0.34 0.15 0.04 0.03 0.12 0.29 0.15 0.10 0.04 0.04 0.03 0.01 1 Virtus Newfleet Core Plus Bond Fund Class C SAVCX This semi-annual shareholder report contains important information about the Virtus Newfleet Core Plus Bond Fund (“Fund”) for the period of October 1, 2025 to March 31, 2026. semi-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; line-height: normal; font-weight: bold; font-family: 'arial'; font-size: 11.5pt; color: inherit; margin-bottom: 2.1pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; 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: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 2pt 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); line-height: normal; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 2pt 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); line-height: normal; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; width: 150pt; padding: 2pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 2pt 3pt 3pt 3pt;">Virtus Newfleet Core Plus Bond Fund<br/>Class C / SAVCX</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; font-family: 'Arial'; vertical-align: bottom; padding: 2pt 3pt 3pt 3pt;"><span style="float: none;">$</span>72</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); line-height: normal; font-family: 'Arial'; white-space: nowrap; vertical-align: bottom; padding: 2pt 3pt 3pt 3pt;">1.45<span>%</span></td> </tr> </table> 72 0.0145 <div style="font-family: 'arial'; font-size: 9pt; line-height: normal; letter-spacing: 1.25px; text-align: center; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; padding-bottom: 3.5pt; margin: 3.5pt 0px 3.5pt 0px;">KEY FUND STATISTICS (as of March 31, 2026)</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: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 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); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 2pt 18pt 3pt 10pt;"><span style="float: none;">$</span>626,584</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 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); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 2pt 18pt 3pt 10pt;">742</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 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); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 2pt 10pt 3pt 10pt;">14<span>%</span></td> </tr> </table>

626584000

742

0.14

<div style="font-family: 'arial'; font-size: 9pt; line-height: normal; letter-spacing: 1.25px; text-align: center; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; padding-bottom: 3.5pt; margin: 3.5pt 0px 3.5pt 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: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Corporate Bonds and Notes</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); line-height: normal; font-family: 'Arial'; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">34</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"><span style="display: inline;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 12pt;">Financials</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); line-height: normal; padding: 2pt 0 3pt 3pt;">15</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 12pt;">Energy</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); line-height: normal; padding: 2pt 0 3pt 3pt;">4</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 12pt;">Industrials</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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 12pt;">All other Corporate Bonds and Notes</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); line-height: normal; padding: 2pt 0 3pt 3pt;">12</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Mortgage-Backed Securities</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); line-height: normal; font-family: 'Arial'; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">29</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 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-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; font-family: 'Arial'; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">15</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Asset-Backed Securities</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); line-height: normal; font-family: 'Arial'; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">10</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Leveraged Loans</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); line-height: normal; font-family: 'Arial'; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">4</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Short-Term Investment</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); line-height: normal; font-family: 'Arial'; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">4</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Foreign Government Securities</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); line-height: normal; font-family: 'Arial'; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Other</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); line-height: normal; font-family: 'Arial'; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">1</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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: 14pt; 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); line-height: normal; 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'; line-height: 10pt; 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); line-height: normal; 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'; line-height: 10pt; font-size: 8pt; margin-bottom: 5pt;">Percentage of total investments as of March 31, 2026.</div> </td> </tr> </table> 0.34 0.15 0.04 0.03 0.12 0.29 0.15 0.10 0.04 0.04 0.03 0.01 1 <div style="line-height: normal; font-weight: bold; font-family: 'arial'; font-size: 11.5pt; color: inherit; margin-bottom: 2.1pt; margin-top: 14pt;"><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'; line-height: 10pt; margin-bottom: 5.25pt;">Effective January 21, 2026, Class C shares were closed to new purchases by new or existing shareholders, except by existing shareholders through qualifying transactions.</div> Virtus Newfleet Core Plus Bond Fund Class I SAVYX This semi-annual shareholder report contains important information about the Virtus Newfleet Core Plus Bond Fund (“Fund”) for the period of October 1, 2025 to March 31, 2026. semi-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 six months?</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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Virtus Newfleet Core Plus Bond Fund<br/>Class I / SAVYX</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>23</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;">0.45<span>%</span></td> </tr> </table> 23 0.0045 <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 March 31, 2026)</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>626,584</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;">742</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;">14<span>%</span></td> </tr> </table>

626584000

742

0.14

<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;">Corporate Bonds and Notes</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;">34</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;">Financials</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;">15</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;">Energy</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;">4</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;">Industrials</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 Corporate Bonds and Notes</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;">12</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;">Mortgage-Backed Securities</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;">29</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 Securities</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;">15</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;">Asset-Backed Securities</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;">10</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;">Leveraged Loans</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;">4</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;">Short-Term Investment</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;">4</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;">Foreign Government Securities</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;">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> </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;">Other</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;">1</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: 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 March 31, 2026.</div> </td> </tr> </table> 0.34 0.15 0.04 0.03 0.12 0.29 0.15 0.10 0.04 0.04 0.03 0.01 1 Virtus Newfleet Core Plus Bond Fund Class R6 VBFRX This semi-annual shareholder report contains important information about the Virtus Newfleet Core Plus Bond Fund (“Fund”) for the period of October 1, 2025 to March 31, 2026. semi-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 six months?</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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Virtus Newfleet Core Plus Bond Fund<br/>Class R6 / VBFRX</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>18</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;">0.35<span>%</span></td> </tr> </table> 18 0.0035 <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 March 31, 2026)</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>626,584</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;">742</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;">14<span>%</span></td> </tr> </table>

626584000

742

0.14

<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;">Corporate Bonds and Notes</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;">34</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;">Financials</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;">15</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;">Energy</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;">4</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;">Industrials</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 Corporate Bonds and Notes</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;">12</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;">Mortgage-Backed Securities</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;">29</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 Securities</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;">15</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;">Asset-Backed Securities</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;">10</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;">Leveraged Loans</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;">4</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;">Short-Term Investment</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;">4</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;">Foreign Government Securities</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;">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> </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;">Other</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;">1</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: 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 March 31, 2026.</div> </td> </tr> </table> 0.34 0.15 0.04 0.03 0.12 0.29 0.15 0.10 0.04 0.04 0.03 0.01 1 Virtus Newfleet High Yield Fund Class A PHCHX This semi-annual shareholder report contains important information about the Virtus Newfleet High Yield Fund (“Fund”) for the period of October 1, 2025 to March 31, 2026. semi-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 six months?</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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Virtus Newfleet High Yield Fund<br/>Class A / PHCHX</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>47</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;">0.95<span>%</span></td> </tr> </table> 47 0.0095 <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 March 31, 2026)</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>51,565</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;">233</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;">19<span>%</span></td> </tr> </table>

51565000

233

0.19

<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;">Corporate Bonds and Notes</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;">95</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;">Financials</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;">25</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;">Energy</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;">16</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;">Industrials</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;">11</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 Corporate Bonds and Notes</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;">43</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-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;">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> </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;">Leveraged Loans</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;">0</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;">Other</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;">2</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: 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 March 31, 2026.</div> </td> </tr> </table> 0.95 0.25 0.16 0.11 0.43 0.03 0 0.02 1 Virtus Newfleet High Yield Fund Class I PHCIX This semi-annual shareholder report contains important information about the Virtus Newfleet High Yield Fund (“Fund”) for the period of October 1, 2025 to March 31, 2026. semi-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 six months?</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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Virtus Newfleet High Yield Fund<br/>Class I / PHCIX</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>35</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;">0.70<span>%</span></td> </tr> </table> 35 0.0070 <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 March 31, 2026)</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>51,565</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;">233</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;">19<span>%</span></td> </tr> </table>

51565000

233

0.19

<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;">Corporate Bonds and Notes</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;">95</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;">Financials</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;">25</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;">Energy</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;">16</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;">Industrials</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;">11</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 Corporate Bonds and Notes</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;">43</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-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;">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> </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;">Leveraged Loans</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;">0</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;">Other</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;">2</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: 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 March 31, 2026.</div> </td> </tr> </table> 0.95 0.25 0.16 0.11 0.43 0.03 0 0.02 1 Virtus Newfleet High Yield Fund Class R6 VRHYX This semi-annual shareholder report contains important information about the Virtus Newfleet High Yield Fund (“Fund”) for the period of October 1, 2025 to March 31, 2026. semi-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 six months?</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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Virtus Newfleet High Yield Fund<br/>Class R6 / VRHYX</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>29</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;">0.59<span>%</span></td> </tr> </table> 29 0.0059 <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 March 31, 2026)</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>51,565</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;">233</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;">19<span>%</span></td> </tr> </table>

51565000

233

0.19

<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;">Corporate Bonds and Notes</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;">95</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;">Financials</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;">25</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;">Energy</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;">16</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;">Industrials</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;">11</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 Corporate Bonds and Notes</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;">43</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-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;">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> </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;">Leveraged Loans</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;">0</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;">Other</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;">2</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: 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 March 31, 2026.</div> </td> </tr> </table> 0.95 0.25 0.16 0.11 0.43 0.03 0 0.02 1 Virtus Newfleet Low Duration Core Plus Bond Fund Class A HIMZX This semi-annual shareholder report contains important information about the Virtus Newfleet Low Duration Core Plus Bond Fund (“Fund”) for the period of October 1, 2025 to March 31, 2026. semi-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 six months?</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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Virtus Newfleet Low Duration Core Plus Bond Fund<br/>Class A / HIMZX</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>38</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;">0.75<span>%</span></td> </tr> </table> 38 0.0075 <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 March 31, 2026)</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>412,982</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;">558</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;">23<span>%</span></td> </tr> </table>

412982000

558

0.23

<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;">Asset-Backed Securities</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;">32</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;">Mortgage-Backed Securities</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;">28</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;">Corporate Bonds and Notes</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;">25</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 12pt;">Financials</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;">12</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;">Health Care</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;">2</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;">Industrials</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;">2</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 Corporate Bonds and Notes</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;">9</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;">U.S. Government Securities</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;">10</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;">Leveraged Loans</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;">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> </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;">Other (includes securities lending collateral)</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;">2</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: 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 March 31, 2026.</div> </td> </tr> </table> 0.32 0.28 0.25 0.12 0.02 0.02 0.09 0.10 0.03 0.02 1 Virtus Newfleet Low Duration Core Plus Bond Fund Class C PCMZX This semi-annual shareholder report contains important information about the Virtus Newfleet Low Duration Core Plus Bond Fund (“Fund”) for the period of October 1, 2025 to March 31, 2026. semi-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; line-height: normal; font-weight: bold; font-family: 'arial'; font-size: 11.5pt; color: inherit; margin-bottom: 2.1pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; 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: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 2pt 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); line-height: normal; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 2pt 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); line-height: normal; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; width: 150pt; padding: 2pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 2pt 3pt 3pt 3pt;">Virtus Newfleet Low Duration Core Plus Bond Fund<br/>Class C / PCMZX</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; font-family: 'Arial'; vertical-align: bottom; padding: 2pt 3pt 3pt 3pt;"><span style="float: none;">$</span>75</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); line-height: normal; font-family: 'Arial'; white-space: nowrap; vertical-align: bottom; padding: 2pt 3pt 3pt 3pt;">1.50<span>%</span></td> </tr> </table> 75 0.0150 <div style="font-family: 'arial'; font-size: 9pt; line-height: normal; letter-spacing: 1.25px; text-align: center; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; padding-bottom: 3.5pt; margin: 3.5pt 0px 3.5pt 0px;">KEY FUND STATISTICS (as of March 31, 2026)</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: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 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); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 2pt 18pt 3pt 10pt;"><span style="float: none;">$</span>412,982</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 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); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 2pt 18pt 3pt 10pt;">558</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 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); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 2pt 10pt 3pt 10pt;">23<span>%</span></td> </tr> </table>

412982000

558

0.23

<div style="font-family: 'arial'; font-size: 9pt; line-height: normal; letter-spacing: 1.25px; text-align: center; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; padding-bottom: 3.5pt; margin: 3.5pt 0px 3.5pt 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: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Asset-Backed Securities</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); line-height: normal; font-family: 'Arial'; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">32</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"><span style="display: inline;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Mortgage-Backed Securities</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); line-height: normal; font-family: 'Arial'; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">28</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Corporate Bonds and Notes</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); line-height: normal; font-family: 'Arial'; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">25</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 12pt;">Financials</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); line-height: normal; padding: 2pt 0 3pt 3pt;">12</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 12pt;">Health Care</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); line-height: normal; padding: 2pt 0 3pt 3pt;">2</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 12pt;">Industrials</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); line-height: normal; padding: 2pt 0 3pt 3pt;">2</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 12pt;">All other Corporate Bonds and Notes</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); line-height: normal; padding: 2pt 0 3pt 3pt;">9</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 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-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; font-family: 'Arial'; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">10</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Leveraged Loans</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); line-height: normal; font-family: 'Arial'; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Other (includes securities lending collateral)</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); line-height: normal; font-family: 'Arial'; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">2</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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: 14pt; 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); line-height: normal; 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'; line-height: 10pt; 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); line-height: normal; 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'; line-height: 10pt; font-size: 8pt; margin-bottom: 5pt;">Percentage of total investments as of March 31, 2026.</div> </td> </tr> </table> 0.32 0.28 0.25 0.12 0.02 0.02 0.09 0.10 0.03 0.02 1 <div style="line-height: normal; font-weight: bold; font-family: 'arial'; font-size: 11.5pt; color: inherit; margin-bottom: 2.1pt; margin-top: 14pt;"><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'; line-height: 10pt; margin-bottom: 5.25pt;">Effective January 21, 2026, Class C shares were closed to new purchases by new or existing shareholders, except by existing shareholders through qualifying transactions.</div> Virtus Newfleet Low Duration Core Plus Bond Fund Class I HIBIX This semi-annual shareholder report contains important information about the Virtus Newfleet Low Duration Core Plus Bond Fund (“Fund”) for the period of October 1, 2025 to March 31, 2026. semi-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 six months?</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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Virtus Newfleet Low Duration Core Plus Bond Fund<br/>Class I / HIBIX</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>25</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;">0.50<span>%</span></td> </tr> </table> 25 0.0050 <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 March 31, 2026)</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>412,982</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;">558</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;">23<span>%</span></td> </tr> </table>

412982000

558

0.23

<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;">Asset-Backed Securities</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;">32</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;">Mortgage-Backed Securities</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;">28</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;">Corporate Bonds and Notes</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;">25</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 12pt;">Financials</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;">12</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;">Health Care</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;">2</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;">Industrials</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;">2</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 Corporate Bonds and Notes</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;">9</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;">U.S. Government Securities</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;">10</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;">Leveraged Loans</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;">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> </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;">Other (includes securities lending collateral)</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;">2</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: 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 March 31, 2026.</div> </td> </tr> </table> 0.32 0.28 0.25 0.12 0.02 0.02 0.09 0.10 0.03 0.02 1 Virtus Newfleet Low Duration Core Plus Bond Fund Class R6 VLDRX This semi-annual shareholder report contains important information about the Virtus Newfleet Low Duration Core Plus Bond Fund (“Fund”) for the period of October 1, 2025 to March 31, 2026. semi-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 six months?</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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Virtus Newfleet Low Duration Core Plus Bond Fund<br/>Class R6 / VLDRX</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>22</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;">0.43<span>%</span></td> </tr> </table> 22 0.0043 <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 March 31, 2026)</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>412,982</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;">558</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;">23<span>%</span></td> </tr> </table>

412982000

558

0.23

<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;">Asset-Backed Securities</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;">32</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;">Mortgage-Backed Securities</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;">28</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;">Corporate Bonds and Notes</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;">25</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 12pt;">Financials</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;">12</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;">Health Care</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;">2</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;">Industrials</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;">2</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 Corporate Bonds and Notes</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;">9</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;">U.S. Government Securities</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;">10</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;">Leveraged Loans</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;">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> </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;">Other (includes securities lending collateral)</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;">2</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: 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 March 31, 2026.</div> </td> </tr> </table> 0.32 0.28 0.25 0.12 0.02 0.02 0.09 0.10 0.03 0.02 1 Virtus Newfleet Multi-Sector Intermediate Bond Fund Class A NAMFX This semi-annual shareholder report contains important information about the Virtus Newfleet Multi-Sector Intermediate Bond Fund (“Fund”) for the period of October 1, 2025 to March 31, 2026. semi-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; line-height: normal; font-weight: bold; font-family: 'arial'; font-size: 11.5pt; color: inherit; margin-bottom: 2.1pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; 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: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 2pt 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); line-height: normal; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 2pt 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); line-height: normal; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; width: 150pt; padding: 2pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 2pt 3pt 3pt 3pt;">Virtus Newfleet Multi-Sector Intermediate Bond Fund<br/>Class A / NAMFX</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; font-family: 'Arial'; vertical-align: bottom; padding: 2pt 3pt 3pt 3pt;"><span style="float: none;">$</span>50</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); line-height: normal; font-family: 'Arial'; white-space: nowrap; vertical-align: bottom; padding: 2pt 3pt 3pt 3pt;">0.99<span>%</span></td> </tr> </table> 50 0.0099 <div style="font-family: 'arial'; font-size: 9pt; line-height: normal; letter-spacing: 1.25px; text-align: center; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; padding-bottom: 3.5pt; margin: 3.5pt 0px 3.5pt 0px;">KEY FUND STATISTICS (as of March 31, 2026)</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: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 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); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 2pt 18pt 3pt 10pt;"><span style="float: none;">$</span>938,779</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 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); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 2pt 18pt 3pt 10pt;">925</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 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); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 2pt 10pt 3pt 10pt;">24<span>%</span></td> </tr> </table>

938779000

925

0.24

<div style="font-family: 'arial'; font-size: 9pt; line-height: normal; letter-spacing: 1.25px; text-align: center; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; padding-bottom: 3.5pt; margin: 3.5pt 0px 3.5pt 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: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Corporate Bonds and Notes</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); line-height: normal; font-family: 'Arial'; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">34</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"><span style="display: inline;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 12pt;">Financials</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); line-height: normal; padding: 2pt 0 3pt 3pt;">13</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 12pt;">Energy</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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 12pt;">Industrials</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); line-height: normal; padding: 2pt 0 3pt 3pt;">4</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 12pt;">All other Corporate Bonds and Notes</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); line-height: normal; padding: 2pt 0 3pt 3pt;">12</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Mortgage-Backed Securities</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); line-height: normal; font-family: 'Arial'; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">23</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Foreign Government Securities</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); line-height: normal; font-family: 'Arial'; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">16</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Asset-Backed Securities</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); line-height: normal; font-family: 'Arial'; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">13</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Leveraged Loans</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); line-height: normal; font-family: 'Arial'; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">8</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 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-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; font-family: 'Arial'; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">4</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Affiliated Exchange-Traded Fund</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); line-height: normal; font-family: 'Arial'; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">1</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Other (includes short-term investment)</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); line-height: normal; font-family: 'Arial'; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">1</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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: 14pt; 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); line-height: normal; 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'; line-height: 10pt; 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); line-height: normal; 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 March 31, 2026.</div> </td> </tr> </table> 0.34 0.13 0.05 0.04 0.12 0.23 0.16 0.13 0.08 0.04 0.01 0.01 1 Virtus Newfleet Multi-Sector Intermediate Bond Fund Class C NCMFX This semi-annual shareholder report contains important information about the Virtus Newfleet Multi-Sector Intermediate Bond Fund (“Fund”) for the period of October 1, 2025 to March 31, 2026. semi-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; line-height: normal; font-weight: bold; font-family: 'arial'; font-size: 11.5pt; color: inherit; margin-bottom: 2.1pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; 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: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 2pt 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); line-height: normal; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 2pt 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); line-height: normal; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; width: 150pt; padding: 2pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 2pt 3pt 3pt 3pt;">Virtus Newfleet Multi-Sector Intermediate Bond Fund<br/>Class C / NCMFX</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; font-family: 'Arial'; vertical-align: bottom; padding: 2pt 3pt 3pt 3pt;"><span style="float: none;">$</span>87</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); line-height: normal; font-family: 'Arial'; white-space: nowrap; vertical-align: bottom; padding: 2pt 3pt 3pt 3pt;">1.74<span>%</span></td> </tr> </table> 87 0.0174 <div style="font-family: 'arial'; font-size: 9pt; line-height: normal; letter-spacing: 1.25px; text-align: center; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; padding-bottom: 3.5pt; margin: 3.5pt 0px 3.5pt 0px;">KEY FUND STATISTICS (as of March 31, 2026)</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: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 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); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 2pt 18pt 3pt 10pt;"><span style="float: none;">$</span>938,779</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 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); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 2pt 18pt 3pt 10pt;">925</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 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); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 2pt 10pt 3pt 10pt;">24<span>%</span></td> </tr> </table>

938779000

925

0.24

<div style="font-family: 'arial'; font-size: 9pt; line-height: normal; letter-spacing: 1.25px; text-align: center; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; padding-bottom: 3.5pt; margin: 3.5pt 0px 3.5pt 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: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Corporate Bonds and Notes</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); line-height: normal; font-family: 'Arial'; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">34</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"><span style="display: inline;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 12pt;">Financials</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); line-height: normal; padding: 2pt 0 3pt 3pt;">13</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 12pt;">Energy</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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 12pt;">Industrials</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); line-height: normal; padding: 2pt 0 3pt 3pt;">4</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 12pt;">All other Corporate Bonds and Notes</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); line-height: normal; padding: 2pt 0 3pt 3pt;">12</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Mortgage-Backed Securities</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); line-height: normal; font-family: 'Arial'; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">23</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Foreign Government Securities</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); line-height: normal; font-family: 'Arial'; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">16</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Asset-Backed Securities</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); line-height: normal; font-family: 'Arial'; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">13</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Leveraged Loans</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); line-height: normal; font-family: 'Arial'; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">8</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 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-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; font-family: 'Arial'; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">4</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Affiliated Exchange-Traded Fund</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); line-height: normal; font-family: 'Arial'; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">1</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Other (includes short-term investment)</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); line-height: normal; font-family: 'Arial'; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">1</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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: 14pt; 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); line-height: normal; 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'; line-height: 10pt; 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); line-height: normal; 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 March 31, 2026.</div> </td> </tr> </table> 0.34 0.13 0.05 0.04 0.12 0.23 0.16 0.13 0.08 0.04 0.01 0.01 1 Virtus Newfleet Multi-Sector Intermediate Bond Fund Class I VMFIX This semi-annual shareholder report contains important information about the Virtus Newfleet Multi-Sector Intermediate Bond Fund (“Fund”) for the period of October 1, 2025 to March 31, 2026. semi-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; line-height: normal; font-weight: bold; font-family: 'arial'; font-size: 11.5pt; color: inherit; margin-bottom: 2.1pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; 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: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 2pt 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); line-height: normal; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 2pt 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); line-height: normal; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; width: 150pt; padding: 2pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 2pt 3pt 3pt 3pt;">Virtus Newfleet Multi-Sector Intermediate Bond Fund<br/>Class I / VMFIX</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; font-family: 'Arial'; vertical-align: bottom; padding: 2pt 3pt 3pt 3pt;"><span style="float: none;">$</span>37</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); line-height: normal; font-family: 'Arial'; white-space: nowrap; vertical-align: bottom; padding: 2pt 3pt 3pt 3pt;">0.74<span>%</span></td> </tr> </table> 37 0.0074 <div style="font-family: 'arial'; font-size: 9pt; line-height: normal; letter-spacing: 1.25px; text-align: center; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; padding-bottom: 3.5pt; margin: 3.5pt 0px 3.5pt 0px;">KEY FUND STATISTICS (as of March 31, 2026)</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: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 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); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 2pt 18pt 3pt 10pt;"><span style="float: none;">$</span>938,779</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 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); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 2pt 18pt 3pt 10pt;">925</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 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); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 2pt 10pt 3pt 10pt;">24<span>%</span></td> </tr> </table>

938779000

925

0.24

<div style="font-family: 'arial'; font-size: 9pt; line-height: normal; letter-spacing: 1.25px; text-align: center; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; padding-bottom: 3.5pt; margin: 3.5pt 0px 3.5pt 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: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Corporate Bonds and Notes</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); line-height: normal; font-family: 'Arial'; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">34</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"><span style="display: inline;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 12pt;">Financials</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); line-height: normal; padding: 2pt 0 3pt 3pt;">13</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 12pt;">Energy</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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 12pt;">Industrials</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); line-height: normal; padding: 2pt 0 3pt 3pt;">4</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 12pt;">All other Corporate Bonds and Notes</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); line-height: normal; padding: 2pt 0 3pt 3pt;">12</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Mortgage-Backed Securities</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); line-height: normal; font-family: 'Arial'; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">23</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Foreign Government Securities</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); line-height: normal; font-family: 'Arial'; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">16</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Asset-Backed Securities</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); line-height: normal; font-family: 'Arial'; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">13</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Leveraged Loans</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); line-height: normal; font-family: 'Arial'; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">8</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 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-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; font-family: 'Arial'; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">4</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Affiliated Exchange-Traded Fund</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); line-height: normal; font-family: 'Arial'; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">1</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Other (includes short-term investment)</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); line-height: normal; font-family: 'Arial'; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">1</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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: 14pt; 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); line-height: normal; 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'; line-height: 10pt; 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); line-height: normal; 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'; line-height: 10pt; font-size: 8pt; margin-bottom: 5pt;">Percentage of total investments as of March 31, 2026.</div> </td> </tr> </table> 0.34 0.13 0.05 0.04 0.12 0.23 0.16 0.13 0.08 0.04 0.01 0.01 1 Virtus Newfleet Multi-Sector Intermediate Bond Fund Class R6 VMFRX This semi-annual shareholder report contains important information about the Virtus Newfleet Multi-Sector Intermediate Bond Fund (“Fund”) for the period of October 1, 2025 to March 31, 2026. semi-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; line-height: normal; font-weight: bold; font-family: 'arial'; font-size: 11.5pt; color: inherit; margin-bottom: 2.1pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; 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: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 2pt 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); line-height: normal; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 2pt 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); line-height: normal; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; width: 150pt; padding: 2pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 2pt 3pt 3pt 3pt;">Virtus Newfleet Multi-Sector Intermediate Bond Fund<br/>Class R6 / VMFRX</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; font-family: 'Arial'; vertical-align: bottom; padding: 2pt 3pt 3pt 3pt;"><span style="float: none;">$</span>30</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); line-height: normal; font-family: 'Arial'; white-space: nowrap; vertical-align: bottom; padding: 2pt 3pt 3pt 3pt;">0.60<span>%</span></td> </tr> </table> 30 0.0060 <div style="font-family: 'arial'; font-size: 9pt; line-height: normal; letter-spacing: 1.25px; text-align: center; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; padding-bottom: 3.5pt; margin: 3.5pt 0px 3.5pt 0px;">KEY FUND STATISTICS (as of March 31, 2026)</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: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 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); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 2pt 18pt 3pt 10pt;"><span style="float: none;">$</span>938,779</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 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); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 2pt 18pt 3pt 10pt;">925</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 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); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 2pt 10pt 3pt 10pt;">24<span>%</span></td> </tr> </table>

938779000

925

0.24

<div style="font-family: 'arial'; font-size: 9pt; line-height: normal; letter-spacing: 1.25px; text-align: center; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; padding-bottom: 3.5pt; margin: 3.5pt 0px 3.5pt 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: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Corporate Bonds and Notes</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); line-height: normal; font-family: 'Arial'; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">34</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"><span style="display: inline;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 12pt;">Financials</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); line-height: normal; padding: 2pt 0 3pt 3pt;">13</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 12pt;">Energy</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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 12pt;">Industrials</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); line-height: normal; padding: 2pt 0 3pt 3pt;">4</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 12pt;">All other Corporate Bonds and Notes</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); line-height: normal; padding: 2pt 0 3pt 3pt;">12</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Mortgage-Backed Securities</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); line-height: normal; font-family: 'Arial'; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">23</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Foreign Government Securities</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); line-height: normal; font-family: 'Arial'; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">16</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Asset-Backed Securities</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); line-height: normal; font-family: 'Arial'; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">13</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Leveraged Loans</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); line-height: normal; font-family: 'Arial'; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">8</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 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-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; font-family: 'Arial'; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">4</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Affiliated Exchange-Traded Fund</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); line-height: normal; font-family: 'Arial'; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">1</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Other (includes short-term investment)</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); line-height: normal; font-family: 'Arial'; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">1</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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: 14pt; 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); line-height: normal; 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'; line-height: 10pt; 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); line-height: normal; 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'; line-height: 10pt; font-size: 8pt; margin-bottom: 5pt;">Percentage of total investments as of March 31, 2026.</div> </td> </tr> </table> 0.34 0.13 0.05 0.04 0.12 0.23 0.16 0.13 0.08 0.04 0.01 0.01 1 Virtus Newfleet Multi-Sector Short Term Bond Fund Class A NARAX This semi-annual shareholder report contains important information about the Virtus Newfleet Multi-Sector Short Term Bond Fund (“Fund”) for the period of October 1, 2025 to March 31, 2026. semi-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; line-height: normal; font-weight: bold; font-family: 'arial'; font-size: 11.5pt; color: inherit; margin-bottom: 2.1pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; 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: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 2pt 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); line-height: normal; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 2pt 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); line-height: normal; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; width: 150pt; padding: 2pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 2pt 3pt 3pt 3pt;">Virtus Newfleet Multi-Sector Short Term Bond Fund<br/>Class A / NARAX</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; font-family: 'Arial'; vertical-align: bottom; padding: 2pt 3pt 3pt 3pt;"><span style="float: none;">$</span>45</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); line-height: normal; font-family: 'Arial'; white-space: nowrap; vertical-align: bottom; padding: 2pt 3pt 3pt 3pt;">0.90<span>%</span></td> </tr> </table> 45 0.0090 <div style="font-family: 'arial'; font-size: 9pt; line-height: normal; letter-spacing: 1.25px; text-align: center; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; padding-bottom: 3.5pt; margin: 3.5pt 0px 3.5pt 0px;">KEY FUND STATISTICS (as of March 31, 2026)</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: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 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); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 2pt 18pt 3pt 10pt;"><span style="float: none;">$</span>4,772,399</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 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); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 2pt 18pt 3pt 10pt;">914</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 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); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 2pt 10pt 3pt 10pt;">22<span>%</span></td> </tr> </table>

4772399000

914

0.22

<div style="font-family: 'arial'; font-size: 9pt; line-height: normal; letter-spacing: 1.25px; text-align: center; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; padding-bottom: 3.5pt; margin: 3.5pt 0px 3.5pt 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: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Corporate Bonds and Notes</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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">27</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"><span style="display: inline;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 12pt;">Financials</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); line-height: normal; padding: 2pt 0 3pt 3pt;">11</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 12pt;">Energy</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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 12pt;">Health Care</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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 12pt;">All other Corporate Bonds and Notes</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); line-height: normal; padding: 2pt 0 3pt 3pt;">10</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Asset-Backed 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">27</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Mortgage-Backed 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">25</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Foreign 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">7</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">7</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Leveraged Loans</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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Other (includes short-term investment and securities lending collateral)</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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">2</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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: 14pt; 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); line-height: normal; 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'; line-height: 10pt; 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); line-height: normal; 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'; line-height: 10pt; font-size: 8pt; margin-bottom: 8pt;">Percentage of total investments as of March 31, 2026.</div> </td> </tr> </table> 0.27 0.11 0.03 0.03 0.10 0.27 0.25 0.07 0.07 0.05 0.02 1 Virtus Newfleet Multi-Sector Short Term Bond Fund Class C PSTCX This semi-annual shareholder report contains important information about the Virtus Newfleet Multi-Sector Short Term Bond Fund (“Fund”) for the period of October 1, 2025 to March 31, 2026. semi-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; line-height: normal; font-weight: bold; font-family: 'arial'; font-size: 11.5pt; color: inherit; margin-bottom: 2.1pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; 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: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 2pt 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); line-height: normal; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 2pt 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); line-height: normal; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; width: 150pt; padding: 2pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 2pt 3pt 3pt 3pt;">Virtus Newfleet Multi-Sector Short Term Bond Fund<br/>Class C / PSTCX</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; font-family: 'Arial'; vertical-align: bottom; padding: 2pt 3pt 3pt 3pt;"><span style="float: none;">$</span>58</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); line-height: normal; font-family: 'Arial'; white-space: nowrap; vertical-align: bottom; padding: 2pt 3pt 3pt 3pt;">1.16<span>%</span></td> </tr> </table> 58 0.0116 <div style="font-family: 'arial'; font-size: 9pt; line-height: normal; letter-spacing: 1.25px; text-align: center; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; padding-bottom: 3.5pt; margin: 3.5pt 0px 3.5pt 0px;">KEY FUND STATISTICS (as of March 31, 2026)</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: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 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); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 2pt 18pt 3pt 10pt;"><span style="float: none;">$</span>4,772,399</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 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); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 2pt 18pt 3pt 10pt;">914</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 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); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 2pt 10pt 3pt 10pt;">22<span>%</span></td> </tr> </table>

4772399000

914

0.22

<div style="font-family: 'arial'; font-size: 9pt; line-height: normal; letter-spacing: 1.25px; text-align: center; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; padding-bottom: 3.5pt; margin: 3.5pt 0px 3.5pt 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: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Corporate Bonds and Notes</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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">27</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"><span style="display: inline;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 12pt;">Financials</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); line-height: normal; padding: 2pt 0 3pt 3pt;">11</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 12pt;">Energy</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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 12pt;">Health Care</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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 12pt;">All other Corporate Bonds and Notes</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); line-height: normal; padding: 2pt 0 3pt 3pt;">10</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Asset-Backed 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">27</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Mortgage-Backed 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">25</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Foreign 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">7</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">7</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Leveraged Loans</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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Other (includes short-term investment and securities lending collateral)</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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">2</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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: 14pt; 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); line-height: normal; 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'; line-height: 10pt; 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); line-height: normal; 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'; line-height: 10pt; font-size: 8pt; margin-bottom: 5pt;">Percentage of total investments as of March 31, 2026.</div> </td> </tr> </table> 0.27 0.11 0.03 0.03 0.10 0.27 0.25 0.07 0.07 0.05 0.02 1 <div style="line-height: normal; font-weight: bold; font-family: 'arial'; font-size: 11.5pt; color: inherit; margin-bottom: 2.1pt; margin-top: 14pt;"><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'; line-height: 10pt; margin-bottom: 5.25pt;">Effective January 21, 2026, Class C shares were closed to new purchases by new or existing shareholders, except by existing shareholders through qualifying transactions.</div> Virtus Newfleet Multi-Sector Short Term Bond Fund Class C1 PMSTX This semi-annual shareholder report contains important information about the Virtus Newfleet Multi-Sector Short Term Bond Fund (“Fund”) for the period of October 1, 2025 to March 31, 2026. semi-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; line-height: normal; font-weight: bold; font-family: 'arial'; font-size: 11.5pt; color: inherit; margin-bottom: 2.1pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; 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: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 2pt 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); line-height: normal; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 2pt 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); line-height: normal; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; width: 150pt; padding: 2pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 2pt 3pt 3pt 3pt;">Virtus Newfleet Multi-Sector Short Term Bond Fund<br/>Class C1 / PMSTX</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; font-family: 'Arial'; vertical-align: bottom; padding: 2pt 3pt 3pt 3pt;"><span style="float: none;">$</span>83</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); line-height: normal; font-family: 'Arial'; white-space: nowrap; vertical-align: bottom; padding: 2pt 3pt 3pt 3pt;">1.66<span>%</span></td> </tr> </table> 83 0.0166 <div style="font-family: 'arial'; font-size: 9pt; line-height: normal; letter-spacing: 1.25px; text-align: center; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; padding-bottom: 3.5pt; margin: 3.5pt 0px 3.5pt 0px;">KEY FUND STATISTICS (as of March 31, 2026)</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: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 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); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 2pt 18pt 3pt 10pt;"><span style="float: none;">$</span>4,772,399</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 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); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 2pt 18pt 3pt 10pt;">914</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 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); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 2pt 10pt 3pt 10pt;">22<span>%</span></td> </tr> </table>

4772399000

914

0.22

<div style="font-family: 'arial'; font-size: 9pt; line-height: normal; letter-spacing: 1.25px; text-align: center; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; padding-bottom: 3.5pt; margin: 3.5pt 0px 3.5pt 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: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Corporate Bonds and Notes</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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">27</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"><span style="display: inline;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 12pt;">Financials</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); line-height: normal; padding: 2pt 0 3pt 3pt;">11</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 12pt;">Energy</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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 12pt;">Health Care</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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 12pt;">All other Corporate Bonds and Notes</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); line-height: normal; padding: 2pt 0 3pt 3pt;">10</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Asset-Backed 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">27</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Mortgage-Backed 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">25</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Foreign 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">7</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">7</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Leveraged Loans</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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Other (includes short-term investment and securities lending collateral)</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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">2</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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: 14pt; 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); line-height: normal; 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'; line-height: 10pt; 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); line-height: normal; 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'; line-height: 10pt; font-size: 8pt; margin-bottom: 5pt;">Percentage of total investments as of March 31, 2026.</div> </td> </tr> </table> 0.27 0.11 0.03 0.03 0.10 0.27 0.25 0.07 0.07 0.05 0.02 1 Virtus Newfleet Multi-Sector Short Term Bond Fund Class I PIMSX This semi-annual shareholder report contains important information about the Virtus Newfleet Multi-Sector Short Term Bond Fund (“Fund”) for the period of October 1, 2025 to March 31, 2026. semi-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; line-height: normal; font-weight: bold; font-family: 'arial'; font-size: 11.5pt; color: inherit; margin-bottom: 2.1pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; 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: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 2pt 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); line-height: normal; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 2pt 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); line-height: normal; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; width: 150pt; padding: 2pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 2pt 3pt 3pt 3pt;">Virtus Newfleet Multi-Sector Short Term Bond Fund<br/>Class I / PIMSX</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; font-family: 'Arial'; vertical-align: bottom; padding: 2pt 3pt 3pt 3pt;"><span style="float: none;">$</span>33</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); line-height: normal; font-family: 'Arial'; white-space: nowrap; vertical-align: bottom; padding: 2pt 3pt 3pt 3pt;">0.65<span>%</span></td> </tr> </table> 33 0.0065 <div style="font-family: 'arial'; font-size: 9pt; line-height: normal; letter-spacing: 1.25px; text-align: center; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; padding-bottom: 3.5pt; margin: 3.5pt 0px 3.5pt 0px;">KEY FUND STATISTICS (as of March 31, 2026)</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: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 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); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 2pt 18pt 3pt 10pt;"><span style="float: none;">$</span>4,772,399</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 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); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 2pt 18pt 3pt 10pt;">914</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 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); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 2pt 10pt 3pt 10pt;">22<span>%</span></td> </tr> </table>

4772399000

914

0.22

<div style="font-family: 'arial'; font-size: 9pt; line-height: normal; letter-spacing: 1.25px; text-align: center; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; padding-bottom: 3.5pt; margin: 3.5pt 0px 3.5pt 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: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Corporate Bonds and Notes</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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">27</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"><span style="display: inline;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 12pt;">Financials</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); line-height: normal; padding: 2pt 0 3pt 3pt;">11</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 12pt;">Energy</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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 12pt;">Health Care</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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 12pt;">All other Corporate Bonds and Notes</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); line-height: normal; padding: 2pt 0 3pt 3pt;">10</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Asset-Backed 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">27</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Mortgage-Backed 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">25</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Foreign 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">7</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">7</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Leveraged Loans</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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Other (includes short-term investment and securities lending collateral)</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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">2</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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: 14pt; 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); line-height: normal; 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'; line-height: 10pt; 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); line-height: normal; 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'; line-height: 10pt; font-size: 8pt; margin-bottom: 5pt;">Percentage of total investments as of March 31, 2026.</div> </td> </tr> </table> 0.27 0.11 0.03 0.03 0.10 0.27 0.25 0.07 0.07 0.05 0.02 1 Virtus Newfleet Multi-Sector Short Term Bond Fund Class R6 VMSSX This semi-annual shareholder report contains important information about the Virtus Newfleet Multi-Sector Short Term Bond Fund (“Fund”) for the period of October 1, 2025 to March 31, 2026. semi-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; line-height: normal; font-weight: bold; font-family: 'arial'; font-size: 11.5pt; color: inherit; margin-bottom: 2.1pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; 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: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 2pt 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); line-height: normal; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 2pt 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); line-height: normal; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; width: 150pt; padding: 2pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 2pt 3pt 3pt 3pt;">Virtus Newfleet Multi-Sector Short Term Bond Fund<br/>Class R6 / VMSSX</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; font-family: 'Arial'; vertical-align: bottom; padding: 2pt 3pt 3pt 3pt;"><span style="float: none;">$</span>26</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); line-height: normal; font-family: 'Arial'; white-space: nowrap; vertical-align: bottom; padding: 2pt 3pt 3pt 3pt;">0.52<span>%</span></td> </tr> </table> 26 0.0052 <div style="font-family: 'arial'; font-size: 9pt; line-height: normal; letter-spacing: 1.25px; text-align: center; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; padding-bottom: 3.5pt; margin: 3.5pt 0px 3.5pt 0px;">KEY FUND STATISTICS (as of March 31, 2026)</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: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 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); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 2pt 18pt 3pt 10pt;"><span style="float: none;">$</span>4,772,399</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 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); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 2pt 18pt 3pt 10pt;">914</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 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); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 2pt 10pt 3pt 10pt;">22<span>%</span></td> </tr> </table>

4772399000

914

0.22

<div style="font-family: 'arial'; font-size: 9pt; line-height: normal; letter-spacing: 1.25px; text-align: center; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; padding-bottom: 3.5pt; margin: 3.5pt 0px 3.5pt 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: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Corporate Bonds and Notes</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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">27</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"><span style="display: inline;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 12pt;">Financials</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); line-height: normal; padding: 2pt 0 3pt 3pt;">11</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 12pt;">Energy</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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 12pt;">Health Care</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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 12pt;">All other Corporate Bonds and Notes</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); line-height: normal; padding: 2pt 0 3pt 3pt;">10</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Asset-Backed 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">27</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Mortgage-Backed 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">25</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Foreign 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">7</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">7</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Leveraged Loans</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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 2pt 3pt 3pt 3pt;">Other (includes short-term investment and securities lending collateral)</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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 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); line-height: normal; padding: 2pt 0 3pt 3pt;">2</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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 14pt; 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); line-height: normal; text-align: left; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; padding: 2pt 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); line-height: normal; padding: 2pt 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); line-height: normal; text-align: left; width: auto; vertical-align: top; white-space: nowrap; padding: 2pt 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: 14pt; 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); line-height: normal; 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'; line-height: 10pt; 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); line-height: normal; 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'; line-height: 10pt; font-size: 8pt; margin-bottom: 5pt;">Percentage of total investments as of March 31, 2026.</div> </td> </tr> </table> 0.27 0.11 0.03 0.03 0.10 0.27 0.25 0.07 0.07 0.05 0.02 1 Virtus Newfleet Senior Floating Rate Fund Class A PSFRX This semi-annual shareholder report contains important information about the Virtus Newfleet Senior Floating Rate Fund (“Fund”) for the period of October 1, 2025 to March 31, 2026. semi-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 six months?</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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Virtus Newfleet Senior Floating Rate Fund<br/>Class A / PSFRX</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>48</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;">0.95<span>%</span></td> </tr> </table> 48 0.0095 <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 March 31, 2026)</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>127,089</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;">252</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;">21<span>%</span></td> </tr> </table>

127089000

252

0.21

<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;">Leveraged Loans</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;">96</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;">Service</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;">12</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;">Information Technology</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;">12</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;">Health Care</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;">11</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;">Gaming / Leisure</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> <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;">Manufacturing</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> <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;">Financials</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> <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;">Food / Tobacco</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> <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 Leveraged Loans</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> <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;">Corporate Bonds and Notes</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;">4</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: 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 March 31, 2026.</div> </td> </tr> </table> 0.96 0.12 0.12 0.11 0.06 0.06 0.06 0.05 0.38 0.04 1 Virtus Newfleet Senior Floating Rate Fund Class C PFSRX This semi-annual shareholder report contains important information about the Virtus Newfleet Senior Floating Rate Fund (“Fund”) for the period of October 1, 2025 to March 31, 2026. semi-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; line-height: normal; font-weight: bold; font-family: 'arial'; font-size: 11.5pt; color: inherit; margin-bottom: 2.4pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; 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: 16pt; 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); line-height: normal; 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); line-height: normal; 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); line-height: normal; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; width: 150pt; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 16pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Virtus Newfleet Senior Floating Rate Fund<br/>Class C / PFSRX</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>85</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); line-height: normal; font-family: 'Arial'; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.70<span>%</span></td> </tr> </table> 85 0.0170 <div style="font-family: 'arial'; font-size: 9pt; line-height: normal; letter-spacing: 1.25px; text-align: center; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; padding-bottom: 4pt; margin: 4pt 0px 4pt 0px;">KEY FUND STATISTICS (as of March 31, 2026)</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: 16pt; 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); line-height: normal; 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); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 18pt 3pt 10pt;"><span style="float: none;">$</span>127,089</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 16pt; 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); line-height: normal; 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); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 18pt 3pt 10pt;">252</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 16pt; 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); line-height: normal; 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); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">21<span>%</span></td> </tr> </table>

127089000

252

0.21

<div style="font-family: 'arial'; font-size: 9pt; line-height: normal; letter-spacing: 1.25px; text-align: center; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; padding-bottom: 4pt; margin: 4pt 0px 4pt 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: 16pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Leveraged Loans</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); line-height: normal; 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); line-height: normal; 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); line-height: normal; padding: 6pt 0 3pt 3pt;">96</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); line-height: normal; 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: 16pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Service</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); line-height: normal; padding: 6pt 0 3pt 3pt;">12</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); line-height: normal; 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); line-height: normal; 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); line-height: normal; 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: 16pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Information Technology</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); line-height: normal; padding: 6pt 0 3pt 3pt;">12</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); line-height: normal; 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); line-height: normal; 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); line-height: normal; 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: 16pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Health Care</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); line-height: normal; padding: 6pt 0 3pt 3pt;">11</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); line-height: normal; 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); line-height: normal; 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); line-height: normal; 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: 16pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Gaming / Leisure</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); line-height: normal; 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); line-height: normal; 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); line-height: normal; 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); line-height: normal; 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: 16pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Manufacturing</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); line-height: normal; 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); line-height: normal; 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); line-height: normal; 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); line-height: normal; 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: 16pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Financials</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); line-height: normal; 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); line-height: normal; 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); line-height: normal; 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); line-height: normal; 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: 16pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">Food / Tobacco</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); line-height: normal; 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); line-height: normal; 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); line-height: normal; 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); line-height: normal; 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: 16pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 12pt;">All other Leveraged Loans</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); line-height: normal; 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); line-height: normal; 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); line-height: normal; 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); line-height: normal; 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: 16pt; 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); line-height: normal; text-align: left; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Corporate Bonds and Notes</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); line-height: normal; 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); line-height: normal; 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); line-height: normal; padding: 6pt 0 3pt 3pt;">4</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); line-height: normal; 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: 16pt; 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); line-height: normal; 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); line-height: normal; 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); line-height: normal; 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); line-height: normal; 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); line-height: normal; 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: 16pt; 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); line-height: normal; 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'; line-height: 9pt; 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); line-height: normal; 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'; line-height: 9pt; font-size: 8pt; margin-bottom: 5pt;">Percentage of total investments as of March 31, 2026.</div> </td> </tr> </table> 0.96 0.12 0.12 0.11 0.06 0.06 0.06 0.05 0.38 0.04 1 <div style="line-height: normal; font-weight: bold; font-family: 'arial'; font-size: 11.5pt; color: inherit; margin-bottom: 2.4pt; margin-top: 16pt;"><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'; line-height: 9pt; margin-bottom: 6pt;">Effective January 21, 2026, Class C shares were closed to new purchases by new or existing shareholders, except by existing shareholders through qualifying transactions.</div> Virtus Newfleet Senior Floating Rate Fund Class I PSFIX This semi-annual shareholder report contains important information about the Virtus Newfleet Senior Floating Rate Fund (“Fund”) for the period of October 1, 2025 to March 31, 2026. semi-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 six months?</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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Virtus Newfleet Senior Floating Rate Fund<br/>Class I / PSFIX</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>35</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;">0.70<span>%</span></td> </tr> </table> 35 0.0070 <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 March 31, 2026)</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>127,089</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;">252</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;">21<span>%</span></td> </tr> </table>

127089000

252

0.21

<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;">Leveraged Loans</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;">96</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;">Service</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;">12</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;">Information Technology</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;">12</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;">Health Care</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;">11</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;">Gaming / Leisure</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> <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;">Manufacturing</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> <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;">Financials</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> <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;">Food / Tobacco</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> <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 Leveraged Loans</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> <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;">Corporate Bonds and Notes</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;">4</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: 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 March 31, 2026.</div> </td> </tr> </table> 0.96 0.12 0.12 0.11 0.06 0.06 0.06 0.05 0.38 0.04 1 Virtus Newfleet Senior Floating Rate Fund Class R6 VRSFX This semi-annual shareholder report contains important information about the Virtus Newfleet Senior Floating Rate Fund (“Fund”) for the period of October 1, 2025 to March 31, 2026. semi-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 six months?</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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Virtus Newfleet Senior Floating Rate Fund<br/>Class R6 / VRSFX</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>30</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;">0.60<span>%</span></td> </tr> </table> 30 0.0060 <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 March 31, 2026)</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>127,089</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;">252</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;">21<span>%</span></td> </tr> </table>

127089000

252

0.21

<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;">Leveraged Loans</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;">96</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;">Service</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;">12</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;">Information Technology</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;">12</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;">Health Care</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;">11</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;">Gaming / Leisure</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> <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;">Manufacturing</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> <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;">Financials</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> <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;">Food / Tobacco</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> <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 Leveraged Loans</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> <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;">Corporate Bonds and Notes</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;">4</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: 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 March 31, 2026.</div> </td> </tr> </table> 0.96 0.12 0.12 0.11 0.06 0.06 0.06 0.05 0.38 0.04 1 Virtus Seix Tax-Exempt Bond Fund Class A HXBZX This semi-annual shareholder report contains important information about the Virtus Seix Tax-Exempt Bond Fund (“Fund”) for the period of October 1, 2025 to March 31, 2026. semi-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 six months?</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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Virtus Seix Tax-Exempt Bond Fund<br/>Class A / HXBZX</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>48</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;">0.96<span>%</span></td> </tr> </table> 48 0.0096 <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 March 31, 2026)</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>45,611</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;">73</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;">11<span>%</span></td> </tr> </table>

45611000

0.11

45611000

0.11

447415000

0.16

447415000

0.16

447415000

0.16

447415000

0.16