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important information about the Virtus Stone Harbor Emerging Markets Bond Fund (“Fund”) for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; font-family: 'arial';">https://www.virtus.com/investor-resources/mutual-fund-documents</span>. You can also request this information by contacting us at 1‑800‑243‑1574. https://www.virtus.com/investor-resources/mutual-fund-documents 1‑800‑243‑1574 This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report. <div style="margin-top: 0px; font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; font-size: 11.5pt; color: inherit;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial';">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; font-weight: bold; vertical-align: bottom; width: 150pt; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Virtus Stone Harbor Emerging Markets Bond Fund<br/>Class A / VSHAX</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>122</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;">1.17<span>%</span></td> </tr> </table> 122 0.0117 <div style="font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; font-size: 11.5pt; color: inherit; margin-top: 14pt; break-after: avoid;">What factors impacted Fund performance over the reporting period?</div> <div style="font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; margin-top: 10pt;">Country exposures and issue selection contributed positively to performance relative to the J.P. Morgan CEMBI Broad Diversified Index (the "Index") for the 12 months ended May 31, 2026. Exposures in Asia contributed most to relative performance. In other regions, issue selection in Argentina and Colombia and overweights in Ghana and Ukraine enhanced performance. In terms of industry attribution, an underweight to and issue selection within financial/lease contributed, as did an overweight to and issue selection in exploration &amp; production ("E&amp;P"). Underweight exposures in higher-rated credits and overweight exposures in lower-quality credits contributed to relative performance for the period. Some of the positive performance attribution was offset by an overweight to Brazil and an underweight to Trinidad.</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; text-transform: uppercase; font-weight: bold; color: inherit; min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; padding: 6pt 3pt 3pt 3pt;">FACTOR</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; text-transform: uppercase; font-weight: bold; color: inherit; min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">IMPACT</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; text-transform: uppercase; font-weight: bold; color: inherit; min-width: 70pt; text-align: left; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">SUMMARY</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Argentina<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Positive<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">Issue selection, particularly in Albanesi, a thermal power and gas generator in Argentina, contributed to performance relative to the Index.<br/><br/></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Colombia<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Positive<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">Issue selection, particularly in Gran Tierra, an international oil and gas E&amp;P company with main operations in Colombia and Ecuador, contributed to relative performance.<br/><br/></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Trinidad<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Negative<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">Issue selection, particularly in Consolidated Energy, a global natural gas-based petrochemical producer with core operations in Trinidad and Tobago, detracted from relative performance.<br/><br/></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Brazil</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Negative</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">Issue selection, particularly in Ambipar, a global environmental solutions provider based in Brazil, detracted from relative performance.</td> </tr> </table> <div style="margin-top: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial';">The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.</div> <div style="margin-top: 0px; font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; font-size: 11.5pt; color: inherit;">How has the Fund historically performed?</div> <div style="margin-top: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; break-before: avoid;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class A shares from inception (April 11, 2022) including any applicable sales charges or fees. It assumes a $10,000 initial investment from inception, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.</div> <div style="margin-top: 0px; font-size: 9pt; font-family: 'arial'; color: inherit; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-weight: bold; break-before: avoid;">GROWTH OF $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); break-before: avoid; break-inside: avoid; margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g22211chartimages_11963064.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 521pt;"/> </div> (2)“POP” (Public Offering Price) total returns include the effect of the maximum front-end 3.75% sales charge.(3)“CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder’s fee being paid. 2022-04-11 <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURNS for periods ended 5/31/26</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Arial'; text-align: right; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Since Inception</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Virtus Stone Harbor Emerging Markets Bond Fund (Class A/VSHAX) at NAV<sup style="vertical-align: super; font-size: 6pt; line-height: 1px;">(1)</sup></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">9.31<span style="visibility: visible;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.88<span style="visibility: visible;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Virtus Stone Harbor Emerging Markets Bond Fund (Class A/VSHAX) at POP<sup style="vertical-align: super; font-size: 6pt; line-height: 1px;">(2),(3)</sup></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.08<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.91<span style="visibility: hidden;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Bloomberg Global Aggregate Bond Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.26<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.90<span style="visibility: hidden;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">J.P. Morgan CEMBI Broad Diversified Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.86<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.78<span style="visibility: hidden;">%</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-top: 4pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; white-space: nowrap; font-weight: bold; width: 12pt; vertical-align: top; margin-top: -1pt; padding: 0 3pt 0 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 6pt; margin-bottom: 6pt;">(1<span>)</span></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: normal; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; vertical-align: top; padding: 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 8pt; margin-bottom: 6pt;">“NAV” (Net Asset Value) total returns do not include the effect of any sales charge.</div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; white-space: nowrap; font-weight: bold; width: 12pt; vertical-align: top; margin-top: -1pt; padding: 0 3pt 0 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 6pt; margin-bottom: 6pt;">(2<span>)</span></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: normal; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; vertical-align: top; padding: 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 8pt; margin-bottom: 6pt;">“POP” (Public Offering Price) total returns include the effect of the maximum front-end 3.75% sales charge.</div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; white-space: nowrap; font-weight: bold; width: 12pt; vertical-align: top; margin-top: -1pt; padding: 0 3pt 0 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 6pt; margin-bottom: 6pt;">(3<span>)</span></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: normal; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; vertical-align: top; padding: 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 8pt; margin-bottom: 6pt;">“CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder’s fee being paid.</div> </td> </tr> </table> Virtus Stone Harbor Emerging Markets Bond Fund (Class A/VSHAX) at NAV 0.0931 0.0588 Virtus Stone Harbor Emerging Markets Bond Fund (Class A/VSHAX) at POP 0.0508 0.0491 Bloomberg Global Aggregate Bond Index 0.0326 0.0090 J.P. Morgan CEMBI Broad Diversified Index 0.0786 0.0578 Past performance does not guarantee future results. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. <b>Please visit </b> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; font-family: 'arial';">https://www.virtus.com/mutual-funds-monthly-performance</span> <b> for performance data current to the most recent month end.</b> <div style="font-family: 'arial'; font-size: 9pt; letter-spacing: 1.25px; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; margin: 5pt 0px 5pt 0px;">KEY FUND STATISTICS (as of May 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>6,966</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;">189</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 18pt 3pt 10pt;">Total advisory fee paid (‘000s)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 18pt 3pt 10pt;"><span style="float: none;">$</span>-</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;">51<span>%</span></td> </tr> </table> 6966000 189 0 0.51 <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-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;">98</td> <td style="break-inside: avoid-page; page-break-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;">Financial &amp; Lease</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">19</td> <td style="break-inside: avoid-page; page-break-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;">Electric</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">17</td> <td style="break-inside: avoid-page; page-break-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;">Exploration &amp; Production</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">14</td> <td style="break-inside: avoid-page; page-break-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;">Wireless</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 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); 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</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-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;">Metals, Mining &amp; Steel</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-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, Beverages &amp; 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;">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;">Industrial Other</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-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;">Refining</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-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;">Chemicals</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-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;">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 3pt;">Short-Term Investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">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 May 31, 2026.</div> </td> </tr> </table> 0.98 0.19 0.17 0.14 0.08 0.06 0.06 0.04 0.03 0.03 0.03 0.15 0.02 1 <div style="font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; font-size: 11.5pt; color: inherit; margin-top: 0px;"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; margin-bottom: 7.5pt;">Effective January 1, 2026, a new expense limitation of 1.14% went into effect for Class A shares.</div> <div style="margin-top: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; margin-bottom: 7.5pt;">Effective January 1, 2026, a new expense limitation of 1.14% went into effect for Class A shares.</div> 2026-01-01 Virtus Stone Harbor Emerging Markets Bond Fund Class I SHCDX This annual shareholder report contains important information about the Virtus Stone Harbor Emerging Markets Bond Fund (“Fund”) for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; font-family: 'arial';">https://www.virtus.com/investor-resources/mutual-fund-documents</span>. You can also request this information by contacting us at 1‑800‑243‑1574. https://www.virtus.com/investor-resources/mutual-fund-documents 1‑800‑243‑1574 This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report. <div style="margin-top: 0px; font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; font-size: 11.5pt; color: inherit;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial';">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; font-weight: bold; vertical-align: bottom; width: 150pt; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Virtus Stone Harbor Emerging Markets Bond Fund<br/>Class I / SHCDX</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>97</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;">0.93<span>%</span></td> </tr> </table> 97 0.0093 <div style="font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; font-size: 11.5pt; color: inherit; margin-top: 14pt; break-after: avoid;">What factors impacted Fund performance over the reporting period?</div> <div style="font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; margin-top: 10pt;">Country exposures and issue selection contributed positively to performance relative to the J.P. Morgan CEMBI Broad Diversified Index (the "Index") for the 12 months ended May 31, 2026. Exposures in Asia contributed most to relative performance. In other regions, issue selection in Argentina and Colombia and overweights in Ghana and Ukraine enhanced performance. In terms of industry attribution, an underweight to and issue selection within financial/lease contributed, as did an overweight to and issue selection in exploration &amp; production ("E&amp;P"). Underweight exposures in higher-rated credits and overweight exposures in lower-quality credits contributed to relative performance for the period. Some of the positive performance attribution was offset by an overweight to Brazil and an underweight to Trinidad.</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; text-transform: uppercase; font-weight: bold; color: inherit; min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; padding: 6pt 3pt 3pt 3pt;">FACTOR</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; text-transform: uppercase; font-weight: bold; color: inherit; min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">IMPACT</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; text-transform: uppercase; font-weight: bold; color: inherit; min-width: 70pt; text-align: left; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">SUMMARY</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Argentina<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Positive<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">Issue selection, particularly in Albanesi, a thermal power and gas generator in Argentina, contributed to performance relative to the Index.<br/><br/></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Colombia<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Positive<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">Issue selection, particularly in Gran Tierra, an international oil and gas E&amp;P company with main operations in Colombia and Ecuador, contributed to relative performance.<br/><br/></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Trinidad<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Negative<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">Issue selection, particularly in Consolidated Energy, a global natural gas-based petrochemical producer with core operations in Trinidad and Tobago, detracted from relative performance.<br/><br/></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Brazil</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Negative</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">Issue selection, particularly in Ambipar, a global environmental solutions provider based in Brazil, detracted from relative performance.</td> </tr> </table> <div style="margin-top: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial';">The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.</div> <div style="margin-top: 0px; font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; font-size: 11.5pt; color: inherit;">How has the Fund historically performed?</div> <div style="margin-top: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; break-before: avoid;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I shares. It assumes a $100,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.</div> <div style="margin-top: 0px; font-size: 9pt; font-family: 'arial'; color: inherit; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-weight: bold; break-before: avoid;">GROWTH OF $100,000</div> <div style="font-family: 'arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); break-before: avoid; break-inside: avoid; margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g22211chartimages_11963021.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 521pt;"/> </div> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-top: 4pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; white-space: nowrap; font-weight: bold; width: 12pt; vertical-align: top; margin-top: -1pt; padding: 0 3pt 0 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 6pt; margin-bottom: 6pt;">(1<span>)</span></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: normal; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; vertical-align: top; padding: 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 8pt; margin-bottom: 6pt;">“NAV” (Net Asset Value) total returns do not include the effect of any sales charge.</div> </td> </tr> </table> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURNS for periods ended 5/31/26</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Arial'; text-align: right; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Virtus Stone Harbor Emerging Markets Bond Fund (Class I/SHCDX) at NAV<sup style="vertical-align: super; font-size: 6pt; line-height: 1px;">(1)</sup></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">9.55<span style="visibility: visible;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.19<span style="visibility: visible;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.60<span style="visibility: visible;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Bloomberg Global Aggregate Bond Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.26<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">(1.58<span>)</span><span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.74<span style="visibility: hidden;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">J.P. Morgan CEMBI Broad Diversified Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.86<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.75<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.36<span style="visibility: hidden;">%</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-top: 4pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; white-space: nowrap; font-weight: bold; width: 12pt; vertical-align: top; margin-top: -1pt; padding: 0 3pt 0 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 6pt; margin-bottom: 6pt;">(1<span>)</span></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: normal; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; vertical-align: top; padding: 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 8pt; margin-bottom: 6pt;">“NAV” (Net Asset Value) total returns do not include the effect of any sales charge.</div> </td> </tr> </table> Virtus Stone Harbor Emerging Markets Bond Fund (Class I/SHCDX) at NAV 0.0955 0.0319 0.0460 Bloomberg Global Aggregate Bond Index 0.0326 -0.0158 0.0074 J.P. Morgan CEMBI Broad Diversified Index 0.0786 0.0275 0.0436 Performance data quoted represents past performance. Past performance does not guarantee future results. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. <b>Please visit </b> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; font-family: 'arial';">https://www.virtus.com/mutual-funds-monthly-performance</span> <b> for performance data current to the most recent month end.</b> <div style="font-family: 'arial'; font-size: 9pt; letter-spacing: 1.25px; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; margin: 5pt 0px 5pt 0px;">KEY FUND STATISTICS (as of May 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>6,966</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;">189</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 18pt 3pt 10pt;">Total advisory fee paid (‘000s)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 18pt 3pt 10pt;"><span style="float: none;">$</span>-</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;">51<span>%</span></td> </tr> </table> 6966000 189 0 0.51 <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-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;">98</td> <td style="break-inside: avoid-page; page-break-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;">Financial &amp; Lease</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">19</td> <td style="break-inside: avoid-page; page-break-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;">Electric</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">17</td> <td style="break-inside: avoid-page; page-break-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;">Exploration &amp; Production</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">14</td> <td style="break-inside: avoid-page; page-break-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;">Wireless</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 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); 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</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-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;">Metals, Mining &amp; Steel</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-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, Beverages &amp; 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;">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;">Industrial Other</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-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;">Refining</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-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;">Chemicals</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-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;">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 3pt;">Short-Term Investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; width: auto; vertical-align: top; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">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 May 31, 2026.</div> </td> </tr> </table> 0.98 0.19 0.17 0.14 0.08 0.06 0.06 0.04 0.03 0.03 0.03 0.15 0.02 1 <div style="font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; font-size: 11.5pt; color: inherit; margin-top: 0px;"><b>Material Fund Changes</b></div> <div style="margin-top: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; margin-bottom: 7.5pt;">Effective January 1, 2026, a new expense limitation of 0.89% went into effect for Class I shares.</div> <div style="margin-top: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; margin-bottom: 7.5pt;">Effective January 1, 2026, a new expense limitation of 0.89% went into effect for Class I shares.</div> 2026-01-01 Virtus Stone Harbor Emerging Markets Debt Income Fund Class A VSHCX This annual shareholder report contains important information about the Virtus Stone Harbor Emerging Markets Debt Income Fund (“Fund”) for the period of June 1, 2025 to May 31, 2026. 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: 2.7pt;">What were the Fund costs for the last year?</div><div style="margin-top: 0px; margin-bottom: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); 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: 18pt; 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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 18pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Virtus Stone Harbor Emerging Markets Debt Income Fund<br/>Class A / VSHCX</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>108</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;">1.00<span>%</span></td> </tr> </table> 108 0.0100 <div style="line-height: normal; font-weight: bold; font-family: 'arial'; font-size: 11.5pt; color: inherit; margin-bottom: 2.7pt; break-after: avoid; margin-top: 12.6pt;">What factors impacted Fund performance over the reporting period?</div> <div style="font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; margin-bottom: 9pt; line-height: 9.5pt; margin-top: 9pt;">Country selection decisions were the largest contributor to performance relative to the J.P. Morgan EMBI Global Diversified Index (the "Index") for the 12 months ended May 31, 2026. Issue selection within hard currency-denominated debt was also a contributor. Hard currency bonds are debt securities issued in foreign currencies, typically U.S. dollars, rather than their local currency. Additionally, out of benchmark allocations to hard currency corporate debt in certain countries enhanced performance, while out of benchmark local currency exposure was a small detractor. Attribution from movements in U.S. Treasuries was negative during the period. In terms of regional performance, Latin America, namely an overweight and issue selection in Venezuela, was a considerable contributor to relative performance. In Europe, Middle East, and Africa, an underweight to and issue selection in Bahrain were large contributors to performance, as was an underweight to China in the Fund’s Asia allocation.</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: 18pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; line-height: normal; text-transform: uppercase; font-weight: bold; color: inherit; min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; padding: 6pt 3pt 3pt 3pt;">FACTOR</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; line-height: normal; text-transform: uppercase; font-weight: bold; color: inherit; min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">IMPACT</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; line-height: normal; text-transform: uppercase; font-weight: bold; color: inherit; min-width: 70pt; text-align: left; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">SUMMARY</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 18pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Venezuela<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Positive<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">Overweight exposure and issue selection in Venezuela enhanced performance relative to the Index for the period.<br/><br/></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 18pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">China<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Positive<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">Underweight exposure in China enhanced relative returns.<br/><br/></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 18pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Senegal<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Negative<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">An overweight to Senegal detracted from relative performance. Delays in securing funding from the International Monetary Fund amid fiscal concerns and previously misreported deficit data weakened investor confidence.<br/><br/></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 18pt; 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; min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Pakistan</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Negative</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">An underweight to Pakistan detracted from relative performance.</td> </tr> </table> <div style="margin-top: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; margin-bottom: 9pt; line-height: 9.5pt;">The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.</div> <div style="margin-top: 0px; line-height: normal; font-weight: bold; font-family: 'arial'; font-size: 11.5pt; color: inherit; margin-bottom: 2.7pt;">How has the Fund historically performed?</div> <div style="margin-top: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; margin-bottom: 9pt; line-height: 9.5pt; break-before: avoid;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class A shares from inception (April 11, 2022) including any applicable sales charges or fees. It assumes a $10,000 initial investment from inception, in an appropriate broad-based securities market index and style-specific index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.</div> <div style="margin-top: 0px; font-size: 9pt; line-height: normal; font-family: 'arial'; color: inherit; letter-spacing: 1.25px; text-transform: uppercase; font-weight: bold; margin-bottom: 2.7pt; break-before: avoid;">GROWTH OF $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); break-before: avoid; break-inside: avoid; margin-bottom: 18pt;"> <img alt="Fund Performance - Growth of 10K" src="g22211chartimages_11962892.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 521pt;"/> </div> (2)“POP” (Public Offering Price) total returns include the effect of the maximum front-end 3.75% sales charge.(3)“CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder’s fee being paid. 2022-04-11 <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: 18pt; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); line-height: normal; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURNS for periods ended 5/31/26</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); line-height: normal; font-weight: bold; font-family: 'Arial'; text-align: right; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); line-height: normal; font-weight: bold; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Since Inception</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 18pt; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); line-height: normal; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Virtus Stone Harbor Emerging Markets Debt Income Fund (Class A/VSHCX) at NAV<sup style="vertical-align: super; font-size: 6pt; line-height: 1px;">(1)</sup></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">15.69<span style="visibility: visible;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.00<span style="visibility: visible;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 18pt; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); line-height: normal; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Virtus Stone Harbor Emerging Markets Debt Income Fund (Class A/VSHCX) at POP<sup style="vertical-align: super; font-size: 6pt; line-height: 1px;">(2),(3)</sup></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">11.36<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.00<span style="visibility: hidden;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 18pt; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); line-height: normal; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Bloomberg Global Aggregate Bond Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.26<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.90<span style="visibility: hidden;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 18pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); line-height: normal; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">J.P. Morgan EMBI Global Diversified Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">13.66<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.65<span style="visibility: hidden;">%</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-top: 4pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); line-height: normal; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; white-space: nowrap; font-weight: bold; width: 12pt; vertical-align: top; margin-top: -1pt; padding: 0 3pt 0 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; line-height: 9.5pt; text-align: left; font-style: normal; font-size: 6pt; margin-bottom: 6pt;">(1<span>)</span></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; vertical-align: top; padding: 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; line-height: 9.5pt; text-align: left; font-style: normal; font-size: 8pt; margin-bottom: 6pt;">“NAV” (Net Asset Value) total returns do not include the effect of any sales charge.</div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); line-height: normal; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; white-space: nowrap; font-weight: bold; width: 12pt; vertical-align: top; margin-top: -1pt; padding: 0 3pt 0 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; line-height: 9.5pt; text-align: left; font-style: normal; font-size: 6pt; margin-bottom: 6pt;">(2<span>)</span></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; vertical-align: top; padding: 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; line-height: 9.5pt; text-align: left; font-style: normal; font-size: 8pt; margin-bottom: 6pt;">“POP” (Public Offering Price) total returns include the effect of the maximum front-end 3.75% sales charge.</div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); line-height: normal; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; white-space: nowrap; font-weight: bold; width: 12pt; vertical-align: top; margin-top: -1pt; padding: 0 3pt 0 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; line-height: 9.5pt; text-align: left; font-style: normal; font-size: 6pt; margin-bottom: 6pt;">(3<span>)</span></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; vertical-align: top; padding: 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; line-height: 9.5pt; text-align: left; font-style: normal; font-size: 8pt; margin-bottom: 6pt;">“CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder’s fee being paid.</div> </td> </tr> </table> Virtus Stone Harbor Emerging Markets Debt Income Fund (Class A/VSHCX) at NAV 0.1569 0.0800 Virtus Stone Harbor Emerging Markets Debt Income Fund (Class A/VSHCX) at POP 0.1136 0.0700 Bloomberg Global Aggregate Bond Index 0.0326 0.0090 J.P. Morgan EMBI Global Diversified Index 0.1366 0.0665 Past performance does not guarantee future results. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. <b>Please visit </b> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; font-family: 'arial';">https://www.virtus.com/mutual-funds-monthly-performance</span> <b> for performance data current to the most recent month end.</b> <div style="font-family: 'arial'; font-size: 9pt; 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: 4.5pt; margin: 4.5pt 0px 4.5pt 0px;">KEY FUND STATISTICS (as of May 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: 18pt; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <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>339,117</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 18pt; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <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;">330</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 18pt; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <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;">Total advisory fee paid (‘000s)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 18pt 3pt 10pt;"><span style="float: none;">$</span>1,060</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 18pt; 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;">124<span>%</span></td> </tr> </table> 339117000 330 1060000 1.24 <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: 4.5pt; margin: 4.5pt 0px 4.5pt 0px;"><b>Asset Allocation<sup style="vertical-align: super; font-size: 6pt; line-height: 1px;">(1)</sup></b></div><div style="font-family: 'arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0);"> <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: 18pt; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <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;">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: 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;">79</td> <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: 18pt; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <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;">17</td> <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: 18pt; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <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;">Exploration &amp; Production</td> <td style="break-inside: avoid-page; 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;">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: 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: 18pt; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <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;">Electric</td> <td style="break-inside: avoid-page; 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;">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: 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: 18pt; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <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;">Financial &amp; Lease</td> <td style="break-inside: avoid-page; 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;">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: 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: 18pt; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <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;">Metals, Mining &amp; Steel</td> <td style="break-inside: avoid-page; 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;">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: 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: 18pt; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <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 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;">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: 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: 18pt; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <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;">Affiliated Mutual Funds</td> <td style="break-inside: avoid-page; 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;">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: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 18pt; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <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;">Credit Linked 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;">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: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 18pt; border-bottom-color: rgb(128, 128, 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: 18pt; 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: 9.5pt; 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: 9.5pt; font-size: 8pt; margin-bottom: 5pt;">Percentage of total investments as of May 31, 2026.</div> </td> </tr> </table> </div> 0.79 0.17 0.08 0.03 0.02 0.02 0.02 0.03 0.01 1 Virtus Stone Harbor Emerging Markets Debt Income Fund Class I SHMDX This annual shareholder report contains important information about the Virtus Stone Harbor Emerging Markets Debt Income Fund (“Fund”) for the period of June 1, 2025 to May 31, 2026. 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: 2.7pt;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); 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: 18pt; 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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 18pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Virtus Stone Harbor Emerging Markets Debt Income Fund<br/>Class I / SHMDX</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>78</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;">0.72<span>%</span></td> </tr> </table> 78 0.0072 <div style="line-height: normal; font-weight: bold; font-family: 'arial'; font-size: 11.5pt; color: inherit; margin-bottom: 2.7pt; break-after: avoid; margin-top: 12.6pt;">What factors impacted Fund performance over the reporting period?</div> <div style="font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; margin-bottom: 9pt; line-height: 9.5pt; margin-top: 9pt;">Country selection decisions were the largest contributor to performance relative to the J.P. Morgan EMBI Global Diversified Index (the "Index") for the 12 months ended May 31, 2026. Issue selection within hard currency-denominated debt was also a contributor. Hard currency bonds are debt securities issued in foreign currencies, typically U.S. dollars, rather than their local currency. Additionally, out of benchmark allocations to hard currency corporate debt in certain countries enhanced performance, while out of benchmark local currency exposure was a small detractor. Attribution from movements in U.S. Treasuries was negative during the period. In terms of regional performance, Latin America, namely an overweight and issue selection in Venezuela, was a considerable contributor to relative performance. In Europe, Middle East, and Africa, an underweight to and issue selection in Bahrain were large contributors to performance, as was an underweight to China in the Fund’s Asia allocation.</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: 18pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; line-height: normal; text-transform: uppercase; font-weight: bold; color: inherit; min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; padding: 6pt 3pt 3pt 3pt;">FACTOR</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; line-height: normal; text-transform: uppercase; font-weight: bold; color: inherit; min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">IMPACT</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; line-height: normal; text-transform: uppercase; font-weight: bold; color: inherit; min-width: 70pt; text-align: left; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">SUMMARY</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 18pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Venezuela<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Positive<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">Overweight exposure and issue selection in Venezuela enhanced performance relative to the Index for the period.<br/><br/></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 18pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">China<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Positive<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">Underweight exposure in China enhanced relative returns.<br/><br/></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 18pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Senegal<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Negative<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">An overweight to Senegal detracted from relative performance. Delays in securing funding from the International Monetary Fund amid fiscal concerns and previously misreported deficit data weakened investor confidence.<br/><br/></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 18pt; 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; min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Pakistan</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Negative</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">An underweight to Pakistan detracted from relative performance.</td> </tr> </table> <div style="margin-top: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; margin-bottom: 9pt; line-height: 9.5pt;">The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.</div> <div style="margin-top: 0px; line-height: normal; font-weight: bold; font-family: 'arial'; font-size: 11.5pt; color: inherit; margin-bottom: 2.7pt;">How has the Fund historically performed?</div> <div style="margin-top: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; margin-bottom: 9pt; line-height: 9.5pt; break-before: avoid;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I shares. It assumes a $100,000 initial investment at the beginning of the first fiscal year, in an appropriate broad-based securities market index and style-specific index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.</div> <div style="margin-top: 0px; font-size: 9pt; line-height: normal; font-family: 'arial'; color: inherit; letter-spacing: 1.25px; text-transform: uppercase; font-weight: bold; margin-bottom: 2.7pt; break-before: avoid;">GROWTH OF $100,000</div> <div style="font-family: 'arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); break-before: avoid; break-inside: avoid; margin-bottom: 18pt;"> <img alt="Fund Performance - Growth of 10K" src="g22211chartimages_11962849.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 521pt;"/> </div> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-top: 4pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); line-height: normal; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; white-space: nowrap; font-weight: bold; width: 12pt; vertical-align: top; margin-top: -1pt; padding: 0 3pt 0 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; line-height: 9.5pt; text-align: left; font-style: normal; font-size: 6pt; margin-bottom: 6pt;">(1<span>)</span></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; vertical-align: top; padding: 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; line-height: 9.5pt; text-align: left; font-style: normal; font-size: 8pt; margin-bottom: 6pt;">“NAV” (Net Asset Value) total returns do not include the effect of any sales charge.</div> </td> </tr> </table> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 18pt; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); line-height: normal; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURNS for periods ended 5/31/26</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); line-height: normal; font-weight: bold; font-family: 'Arial'; text-align: right; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); line-height: normal; font-weight: bold; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); line-height: normal; font-weight: bold; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 18pt; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); line-height: normal; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Virtus Stone Harbor Emerging Markets Debt Income Fund (Class I/SHMDX) at NAV<sup style="vertical-align: super; font-size: 6pt; line-height: 1px;">(1)</sup></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">16.06<span style="visibility: visible;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.47<span style="visibility: visible;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.41<span style="visibility: visible;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 18pt; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); line-height: normal; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Bloomberg Global Aggregate Bond Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.26<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">(1.58<span>)</span><span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.74<span style="visibility: hidden;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 18pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); line-height: normal; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">J.P. Morgan EMBI Global Diversified Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">13.66<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.59<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.99<span style="visibility: hidden;">%</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-top: 4pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); line-height: normal; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; white-space: nowrap; font-weight: bold; width: 12pt; vertical-align: top; margin-top: -1pt; padding: 0 3pt 0 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; line-height: 9.5pt; text-align: left; font-style: normal; font-size: 6pt; margin-bottom: 6pt;">(1<span>)</span></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; vertical-align: top; padding: 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; line-height: 9.5pt; text-align: left; font-style: normal; font-size: 8pt; margin-bottom: 6pt;">“NAV” (Net Asset Value) total returns do not include the effect of any sales charge.</div> </td> </tr> </table> Virtus Stone Harbor Emerging Markets Debt Income Fund (Class I/SHMDX) at NAV 0.1606 0.0347 0.0441 Bloomberg Global Aggregate Bond Index 0.0326 -0.0158 0.0074 J.P. Morgan EMBI Global Diversified Index 0.1366 0.0259 0.0399 Performance data quoted represents past performance. Past performance does not guarantee future results. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. <b>Please visit </b> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; font-family: 'arial';">https://www.virtus.com/mutual-funds-monthly-performance</span> <b> for performance data current to the most recent month end.</b> <div style="font-family: 'arial'; font-size: 9pt; 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: 4.5pt; margin: 4.5pt 0px 4.5pt 0px;">KEY FUND STATISTICS (as of May 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: 18pt; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <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>339,117</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 18pt; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <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;">330</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 18pt; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <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;">Total advisory fee paid (‘000s)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); line-height: normal; font-family: 'Arial'; white-space: nowrap; padding: 6pt 18pt 3pt 10pt;"><span style="float: none;">$</span>1,060</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 18pt; 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;">124<span>%</span></td> </tr> </table> 339117000 330 1060000 1.24 <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: 4.5pt; margin: 4.5pt 0px 4.5pt 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: 18pt; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <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;">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: 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;">79</td> <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: 18pt; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <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;">17</td> <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: 18pt; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <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;">Exploration &amp; Production</td> <td style="break-inside: avoid-page; 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;">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: 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: 18pt; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <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;">Electric</td> <td style="break-inside: avoid-page; 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;">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: 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: 18pt; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <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;">Financial &amp; Lease</td> <td style="break-inside: avoid-page; 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;">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: 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: 18pt; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <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;">Metals, Mining &amp; Steel</td> <td style="break-inside: avoid-page; 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;">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: 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: 18pt; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <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 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;">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: 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: 18pt; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <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;">Affiliated Mutual Funds</td> <td style="break-inside: avoid-page; 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;">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: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 18pt; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <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;">Credit Linked 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;">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: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: 18pt; border-bottom-color: rgb(128, 128, 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: 18pt; 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: 9.5pt; 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: 9.5pt; font-size: 8pt; margin-bottom: 5pt;">Percentage of total investments as of May 31, 2026.</div> </td> </tr> </table> 0.79 0.17 0.08 0.03 0.02 0.02 0.02 0.03 0.01 1 Virtus Stone Harbor Local Markets Fund Class A VSHEX This annual shareholder report contains important information about the Virtus Stone Harbor Local Markets Fund (“Fund”) for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; font-family: 'arial';">https://www.virtus.com/investor-resources/mutual-fund-documents</span>. You can also request this information by contacting us at 1‑800‑243‑1574. https://www.virtus.com/investor-resources/mutual-fund-documents 1‑800‑243‑1574 <div style="margin-top: 0px; font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; font-size: 11.5pt; color: inherit;">What were the Fund costs for the last year?</div><div style="margin-top: 0px; margin-bottom: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial';">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; font-weight: bold; vertical-align: bottom; width: 150pt; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Virtus Stone Harbor Local Markets Fund<br/>Class A / VSHEX</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>134</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;">1.27<span>%</span></td> </tr> </table> 134 0.0127 <div style="font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; font-size: 11.5pt; color: inherit; margin-top: 14pt; break-after: avoid;">What factors impacted Fund performance over the reporting period?</div> <div style="font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; margin-top: 10pt;">Foreign exchange ("FX") exposure (a measurement of currency risk) and duration positioning (a measurement of adjusting the portfolio’s sensitivity to changes in interest rates), as well as security selection and taxes, all contributed to performance relative to the J.P. Morgan GBI-EM Global Diversified Index (the "Index") for the 12 months ended May 31, 2026. In FX, overweights in the Hungarian forint and Brazilian real and underweights in the Indonesian rupiah and Thai baht all enhanced performance. An overweight exposure in the Egyptian pound and underweight in the Colombian peso detracted from performance. Within duration positioning we continued to emphasize countries with attractive real (after-inflation) yields that we believe have sufficient space to further ease policy interest rates. Overweights in South Africa and Mexico were the biggest contributors, while an overweight to Paraguay was a small detractor. Within the Fund’s underweight positions, Thailand was the notable outperformer, while India underperformed.</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; text-transform: uppercase; font-weight: bold; color: inherit; min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; padding: 6pt 3pt 3pt 3pt;">FACTOR</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; text-transform: uppercase; font-weight: bold; color: inherit; min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">IMPACT</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; text-transform: uppercase; font-weight: bold; color: inherit; min-width: 70pt; text-align: left; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">SUMMARY</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">South Africa<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Positive<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">The Fund’s overweight duration position relative to the Index, as well as issue selection, contributed to relative performance.<br/><br/></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Mexico<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Positive<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">FX and duration overweights, as well as issue selection, contributed to relative performance.<br/><br/></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">India<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Negative<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">The Fund’s underweight duration relative to the Index, along with security selection and taxes, detracted from relative performance.<br/><br/></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Poland</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Negative</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">A duration underweight, as well as issue selection and taxes, all detracted from relative performance.</td> </tr> </table> <div style="margin-top: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial';">The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.</div> <div style="margin-top: 0px; font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; font-size: 11.5pt; color: inherit;">How has the Fund historically performed?</div> <div style="margin-top: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; break-before: avoid;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class A shares from inception (April 11, 2022) including any applicable sales charges or fees. It assumes a $10,000 initial investment from inception, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.</div> <div style="margin-top: 0px; font-size: 9pt; font-family: 'arial'; color: inherit; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-weight: bold; break-before: avoid;">GROWTH OF $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); break-before: avoid; break-inside: avoid; margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g22211chartimages_11962978.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 521pt;"/> </div> (2)“POP” (Public Offering Price) total returns include the effect of the maximum front-end 3.75% sales charge.(3)“CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder’s fee being paid. 2022-04-11 <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURNS for periods ended 5/31/26</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Arial'; text-align: right; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Since Inception</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Virtus Stone Harbor Local Markets Fund (Class A/VSHEX) at NAV<sup style="vertical-align: super; font-size: 6pt; line-height: 1px;">(1)</sup></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">10.54<span style="visibility: visible;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.99<span style="visibility: visible;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Virtus Stone Harbor Local Markets Fund (Class A/VSHEX) at POP<sup style="vertical-align: super; font-size: 6pt; line-height: 1px;">(2),(3)</sup></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.39<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.02<span style="visibility: hidden;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Bloomberg Global Aggregate Bond Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.26<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.90<span style="visibility: hidden;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">J.P. Morgan GBI-EM Global Diversified Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">10.63<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.14<span style="visibility: hidden;">%</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-top: 4pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; white-space: nowrap; font-weight: bold; width: 12pt; vertical-align: top; margin-top: -1pt; padding: 0 3pt 0 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 6pt; margin-bottom: 6pt;">(1<span>)</span></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: normal; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; vertical-align: top; padding: 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 8pt; margin-bottom: 6pt;">“NAV” (Net Asset Value) total returns do not include the effect of any sales charge.</div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; white-space: nowrap; font-weight: bold; width: 12pt; vertical-align: top; margin-top: -1pt; padding: 0 3pt 0 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 6pt; margin-bottom: 6pt;">(2<span>)</span></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: normal; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; vertical-align: top; padding: 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 8pt; margin-bottom: 6pt;">“POP” (Public Offering Price) total returns include the effect of the maximum front-end 3.75% sales charge.</div> </td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; white-space: nowrap; font-weight: bold; width: 12pt; vertical-align: top; margin-top: -1pt; padding: 0 3pt 0 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 6pt; margin-bottom: 6pt;">(3<span>)</span></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: normal; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; vertical-align: top; padding: 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 8pt; margin-bottom: 6pt;">“CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder’s fee being paid.</div> </td> </tr> </table> Virtus Stone Harbor Local Markets Fund (Class A/VSHEX) at NAV 0.1054 0.0499 Virtus Stone Harbor Local Markets Fund (Class A/VSHEX) at POP 0.0639 0.0402 Bloomberg Global Aggregate Bond Index 0.0326 0.0090 J.P. Morgan GBI-EM Global Diversified Index 0.1063 0.0614 Past performance does not guarantee future results. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. <b>Please visit </b> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; font-family: 'arial';">https://www.virtus.com/mutual-funds-monthly-performance</span> <b> for performance data current to the most recent month end.</b> <div style="font-family: 'arial'; font-size: 9pt; letter-spacing: 1.25px; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; margin: 5pt 0px 5pt 0px;">KEY FUND STATISTICS (as of May 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>14,494</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;">54</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 18pt 3pt 10pt;">Total advisory fee paid (‘000s)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 18pt 3pt 10pt;"><span style="float: none;">$</span>34</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;">150<span>%</span></td> </tr> </table> 14494000 54 34000 1.50 <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;">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); padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">99</td> <td style="break-inside: avoid-page; page-break-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;">Commercial Paper</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-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 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-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 May 31, 2026.</div> </td> </tr> </table> 0.99 0.01 1 Virtus Stone Harbor Local Markets Fund Class I SHLMX This annual shareholder report contains important information about the Virtus Stone Harbor Local Markets Fund (“Fund”) for the period of June 1, 2025 to May 31, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; font-family: 'arial';">https://www.virtus.com/investor-resources/mutual-fund-documents</span>. You can also request this information by contacting us at 1‑800‑243‑1574. https://www.virtus.com/investor-resources/mutual-fund-documents 1‑800‑243‑1574 <div style="margin-top: 0px; font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; font-size: 11.5pt; color: inherit;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial';">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Arial'; font-weight: bold; vertical-align: bottom; width: 150pt; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Virtus Stone Harbor Local Markets Fund<br/>Class I / SHLMX</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>107</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;">1.02<span>%</span></td> </tr> </table> 107 0.0102 <div style="font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; font-size: 11.5pt; color: inherit; margin-top: 14pt; break-after: avoid;">What factors impacted Fund performance over the reporting period?</div> <div style="font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; margin-top: 10pt;">Foreign exchange ("FX") exposure (a measurement of currency risk) and duration positioning (a measurement of adjusting the portfolio’s sensitivity to changes in interest rates), as well as security selection and taxes, all contributed to performance relative to the J.P. Morgan GBI-EM Global Diversified Index (the "Index") for the 12 months ended May 31, 2026. In FX, overweights in the Hungarian forint and Brazilian real and underweights in the Indonesian rupiah and Thai baht all enhanced performance. An overweight exposure in the Egyptian pound and underweight in the Colombian peso detracted from performance. Within duration positioning we continued to emphasize countries with attractive real (after-inflation) yields that we believe have sufficient space to further ease policy interest rates. Overweights in South Africa and Mexico were the biggest contributors, while an overweight to Paraguay was a small detractor. Within the Fund’s underweight positions, Thailand was the notable outperformer, while India underperformed.</div> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; text-transform: uppercase; font-weight: bold; color: inherit; min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; padding: 6pt 3pt 3pt 3pt;">FACTOR</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; text-transform: uppercase; font-weight: bold; color: inherit; min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; text-align: center; padding: 6pt 3pt 3pt 3pt;">IMPACT</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; text-transform: uppercase; font-weight: bold; color: inherit; min-width: 70pt; text-align: left; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">SUMMARY</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">South Africa<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Positive<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">The Fund’s overweight duration position relative to the Index, as well as issue selection, contributed to relative performance.<br/><br/></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Mexico<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Positive<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">FX and duration overweights, as well as issue selection, contributed to relative performance.<br/><br/></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">India<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Negative<br/><br/><br/></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">The Fund’s underweight duration relative to the Index, along with security selection and taxes, detracted from relative performance.<br/><br/></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">Poland</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; font-family: 'Arial'; text-align: center; padding: 6pt 3pt 3pt 3pt;">Negative</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); min-width: 70pt; text-align: left; font-family: 'Arial'; border-right-color: initial; border-right-style: none; border-right-width: initial; padding: 6pt 3pt 3pt 3pt;">A duration underweight, as well as issue selection and taxes, all detracted from relative performance.</td> </tr> </table> <div style="margin-top: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial';">The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.</div> <div style="margin-top: 0px; font-weight: bold; margin-bottom: 3pt; font-family: 'arial'; font-size: 11.5pt; color: inherit;">How has the Fund historically performed?</div><div style="margin-top: 0px; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); margin-bottom: 10pt; font-family: 'arial'; break-before: avoid;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I shares. It assumes a $100,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.</div><div style="margin-top: 0px; font-size: 9pt; font-family: 'arial'; color: inherit; letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt; font-weight: bold; break-before: avoid;">GROWTH OF $100,000</div><div style="font-family: 'arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); break-before: avoid; break-inside: avoid; margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g22211chartimages_11962935.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 521pt;"/> </div> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-top: 4pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; white-space: nowrap; font-weight: bold; width: 12pt; vertical-align: top; margin-top: -1pt; padding: 0 3pt 0 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 6pt; margin-bottom: 6pt;">(1<span>)</span></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: normal; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; vertical-align: top; padding: 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 8pt; margin-bottom: 6pt;">“NAV” (Net Asset Value) total returns do not include the effect of any sales charge.</div> </td> </tr> </table> <table style="width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURNS for periods ended 5/31/26</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Arial'; text-align: right; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Arial'; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Virtus Stone Harbor Local Markets Fund (Class I/SHLMX) at NAV<sup style="vertical-align: super; font-size: 6pt; line-height: 1px;">(1)</sup></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">10.76<span style="visibility: visible;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.10<span style="visibility: visible;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.32<span style="visibility: visible;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Bloomberg Global Aggregate Bond Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.26<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">(1.58<span>)</span><span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.74<span style="visibility: hidden;">%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">J.P. Morgan GBI-EM Global Diversified Index</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">10.63<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.84<span style="visibility: hidden;">%</span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.25<span style="visibility: hidden;">%</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; width: auto; margin-top: 4pt;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; white-space: nowrap; font-weight: bold; width: 12pt; vertical-align: top; margin-top: -1pt; padding: 0 3pt 0 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 6pt; margin-bottom: 6pt;">(1<span>)</span></div> </td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-weight: normal; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; font-family: 'Arial'; vertical-align: top; padding: 0;"> <div style="margin-top: 0px; font-weight: normal; color: rgb(0, 0, 0); font-family: 'arial'; text-align: left; font-style: normal; font-size: 8pt; margin-bottom: 6pt;">“NAV” (Net Asset Value) total returns do not include the effect of any sales charge.</div> </td> </tr> </table> Virtus Stone Harbor Local Markets Fund (Class I/SHLMX) at NAV 0.1076 0.0110 0.0232 Bloomberg Global Aggregate Bond Index 0.0326 -0.0158 0.0074 J.P. Morgan GBI-EM Global Diversified Index 0.1063 0.0184 0.0325 Performance data quoted represents past performance. Past performance does not guarantee future results. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. <b>Please visit </b> <span style="text-decoration-line: underline; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; font-family: 'arial';">https://www.virtus.com/mutual-funds-monthly-performance</span> <b> for performance data current to the most recent month end.</b> <div style="font-family: 'arial'; font-size: 9pt; letter-spacing: 1.25px; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-weight: bold; color: inherit; text-transform: none; margin: 5pt 0px 5pt 0px;">KEY FUND STATISTICS (as of May 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>14,494</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;">54</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(128, 128, 128); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); text-align: left; font-family: 'Arial'; padding: 6pt 18pt 3pt 10pt;">Total advisory fee paid (‘000s)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Arial'; white-space: nowrap; padding: 6pt 18pt 3pt 10pt;"><span style="float: none;">$</span>34</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;">150<span>%</span></td> </tr> </table> 14494000 54 34000 1.50 <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;">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); padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 0 3pt 3pt;">99</td> <td style="break-inside: avoid-page; page-break-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;">Commercial Paper</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-size: 9pt; font-weight: normal; color: rgb(0, 0, 0); padding: 6pt 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-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 3pt 3pt 3pt;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-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 May 31, 2026.</div> </td> </tr> </table> 0.99 0.01 1 “POP” (Public Offering Price) total returns include the effect of the maximum front-end 3.75% sales charge. “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder’s fee being paid. “POP” (Public Offering Price) total returns include the effect of the maximum front-end 3.75% sales charge. “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder’s fee being paid. Percentage of total investments as of May 31, 2026. “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. Percentage of total investments as of May 31, 2026. “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. Percentage of total investments as of May 31, 2026. Percentage of total investments as of May 31, 2026. “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. “POP” (Public Offering Price) total returns include the effect of the maximum front-end 3.75% sales charge. “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder’s fee being paid. Percentage of total investments as of May 31, 2026. “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. Percentage of total investments as of May 31, 2026. “NAV” (Net Asset Value) total returns do not include the effect of any sales charge.