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cik0000867297:SPNorthAmericanTechnologyIndex3Member 2016-01-01 2025-12-31 0000867297 cik0000867297:S000007980Member cik0000867297:NasdaqCompositeIndex3Member 2026-06-30 2026-06-30 0000867297 cik0000867297:S000007980Member cik0000867297:NasdaqCompositeIndex3Member 2025-01-01 2025-12-31 0000867297 cik0000867297:S000007980Member cik0000867297:NasdaqCompositeIndex3Member 2021-01-01 2025-12-31 0000867297 cik0000867297:S000007980Member cik0000867297:NasdaqCompositeIndex3Member 2016-01-01 2025-12-31 iso4217:USD pure N-1A VIRTUS INVESTMENT TRUST 2026-10-28 AOTAX AOTIX AEMOX AZNAX AZNCX AZNIX RGSAX DGSCX RAGHX HLHIX PNEAX PNECX NFJEX ANDVX AFJAX ANJIX ANAVX PNBAX ANVIX VAAGX PQNAX PQNCX PRNIX ANPRX PCVAX PSVIX ANFVX PGWAX PGWCX PGFIX AFGFX RMDAX RMDCX DRMCX RMDZX AZBAX AZBCX AZBIX ASCFX RAGTX RCGTX DRGTX DRRJX Virtus Emerging Markets Opportunities Fund Investment Objective <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; font-style:normal;"><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The fund </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#231F20; font-weight:normal; text-decoration:none;">seeks</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#231F20; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#231F20; font-weight:normal; text-decoration:none;">maximum</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#231F20; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#231F20; font-weight:normal; text-decoration:none;">long-term</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#231F20; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#231F20; font-weight:normal; text-decoration:none;">capital</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#231F20; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#231F20; font-weight:normal; text-decoration:none;">appreciation</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">.</span></p> Fees and Expenses <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; font-style:normal;"><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The tables below illustrate the fees and expenses that you may pay if you buy, hold and sell shares of the fund. </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> You may qualify for sales charge discounts in Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Funds.</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">More information on these and other discounts is available: (i) from your financial professional or other financial intermediary; (ii) under “Sales Charges” on page 93 of the fund’s prospectus; and (iii) with respect to purchase of shares through specific intermediaries, in Appendix A to the fund’s prospectus, entitled “Intermediary Sales Charge Discounts and Waivers.”</span></p> You may qualify for sales charge discounts in Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Funds. 50000 Shareholder Fees (fees paid directly from your investment) 0.0550 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0085 0.0085 0.0085 0.0025 0 0 0.0038 0.0036 0.0025 0.0148 0.0121 0.0110 -0.0019 -0.0027 -0.0021 0.0129 0.0094 0.0089 Example <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods or continued to hold them. The example also assumes that your investment has a 5% return each year, that the fund’s operating expenses remain the same and that the expense reimbursement agreement remains in place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 674 674 975 975 1296 1296 2206 2206 96 96 357 357 639 639 1442 1442 91 91 329 329 586 586 1321 1321 Portfolio Turnover <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 85% of the average value of its portfolio. </p> 0.85 Principal Investment Strategies <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; font-style:normal;"><span class="fnd_NmRule35d1EightyPctInvstmntPlcyTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Under normal circumstances, the fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in securities of companies that are tied economically to countries with emerging securities markets.</span><span class="fnd_NmRule35d1TermDfnSmryTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> For this purpose, countries with emerging securities markets are those with securities markets that are, in the opinion of the portfolio managers, less sophisticated than more developed markets in terms of participation by investors, analyst coverage, liquidity and/or regulation.</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span class="fnd_NmRule35d1TermSlctnCritSmryTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The fund will normally invest primarily in companies located in the countries represented in the fund’s benchmark, the MSCI Emerging Markets Index (“Emerging Market Countries”).</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> Under normal circumstances, the fund will have exposure to at least five Emerging Market Countries.</span><span style="font-size:3.0pt; font-family:Sans-Serif; font-style:normal; color:#FFFFFF; font-weight:normal; text-decoration:none;"></span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The fund may </span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">invest a substantial portion of its assets in equity securities of companies located in China. The portfolio managers seek to invest in emerging markets equities which they believe are benefiting from change not yet fully reflected in the market. Members of the portfolio management team believe that behavioral biases of investors contribute to market inefficiencies. Their quantitative investment process begins with a proprietary investment-return forecasting model which combines behavioral factors (which seek to capitalize on human behavioral biases (i.e., systematic tendencies) from financial analysts, company management and investors), with intrinsic and valuation factors (which are expected to provide tangible measures of a company’s true worth). The portfolio managers integrate this multi-factor approach with a proprietary risk model to form the basis of portfolio construction, with constraints at the individual security, country and industry levels to manage exposures relative to the benchmark. Additionally, all investment recommendations are thoroughly vetted on an individual company level to confirm the investment rationale and suitability before a purchase or sale. The fund normally invests primarily in common stocks, either directly or indirectly through depositary receipts. In addition to common stocks, equity securities in which the fund may invest include, without limitation, preferred stocks, convertible securities and warrants. The fund may invest in issuers of any size market capitalization, including smaller capitalization companies. The fund may utilize foreign currency exchange contracts, options, stock index futures contracts and other derivative instruments. The fund may also use participatory notes (“P-Notes”) or other equity-linked notes to gain exposure to issuers in certain countries. Although the fund did not invest significantly in derivative instruments as of the most recent fiscal year end, it may do so at any time.</p> Under normal circumstances, the fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in securities of companies that are tied economically to countries with emerging securities markets. Under normal circumstances, the fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in securities of companies that are tied economically to countries with emerging securities markets. <span class="fnd_NmRule35d1TermDfnSmryTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> For this purpose, countries with emerging securities markets are those with securities markets that are, in the opinion of the portfolio managers, less sophisticated than more developed markets in terms of participation by investors, analyst coverage, liquidity and/or regulation.</span> <span class="fnd_NmRule35d1TermSlctnCritSmryTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The fund will normally invest primarily in companies located in the countries represented in the fund’s benchmark, the MSCI Emerging Markets Index (“Emerging Market Countries”).</span> <p style="margin-top:revert; margin-bottom:revert; font-size:11.0pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:bold; text-decoration:none;">Principal Risks</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The fund may not achieve its objective(s), and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. Purchase and redemption activities by fund shareholders may impact the management of the fund and its ability to achieve its investment objective(s). The principal risks of investing in the fund are identified below (in alphabetical order after the first eight risks).</p> If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Volatility Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The value of the securities in the fund may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional or global events such as war or military conflict (e.g., Russia’s invasion of Ukraine), geopolitical risk, acts of terrorism, the spread of infectious illness or other public health issue, recessions, tariffs and other restrictions on trade, or the threat or potential of one or more such events and developments, could have a significant impact on the fund and its investments, including hampering the ability of the fund’s portfolio manager(s) to invest the fund’s assets as intended.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Issuer Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The fund will be affected by factors specific to the issuers of securities and other instruments in which the fund invests, including actual or perceived changes in the financial condition or business prospects of such issuers.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Equity Securities Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The value of the stocks held by the fund may be negatively affected by the financial market, industries in which the fund invests, or issuer-specific events. Focus on a particular style or in small or medium-sized companies may enhance that risk.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Foreign Investing Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Investing in foreign securities subjects the fund to additional risks such as increased volatility; currency fluctuations; less liquidity; less publicly available information about the foreign investment; and political, regulatory, economic, and market risk.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Emerging Market Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Emerging markets securities may be more volatile, or more greatly affected by negative conditions, than those of their counterparts in more established foreign markets. Such securities may also be subject to Sanctions Risk.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Investing in China Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The government of China maintains strict currency controls in order to achieve economic, trade and political objectives and regularly intervenes in the currency market. The Chinese government also plays a major role in the country’s economic policies regarding foreign investments. Foreign investors are subject to the risk of loss from expropriation or nationalization of their investment assets and property, governmental restrictions on foreign investments and the repatriation of capital invested. In addition, the rapid growth rate of the Chinese economy over the past several years may not continue, and the trend toward economic liberalization and disparities in wealth may result in social disorder, including violence and labor unrest. These and other factors could have a negative impact on the fund’s performance and increase the volatility of an investment in the fund. Certain securities issued by companies located or operating in China, such as China A-shares, are also subject to trading restrictions, quota limitations and less market liquidity, which could pose risks to the fund.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Sanctions Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The imposition of sanctions and other similar measures could cause a decline in the value and/or liquidity of securities issued by or tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of transactions, and negatively impact the fund’s liquidity and performance.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Focused Investment Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">To the extent the fund focuses its investments on a limited number of issuers, sectors, industries, geographic regions or portfolio themes, it may be subject to increased risk and volatility.</span></p>  <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Small and Medium Market Capitalization Companies Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The fund’s investments in small and medium market capitalization companies may increase the volatility and risk of loss to the fund, as compared with investments in larger, more established companies.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Counterparty Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> There is risk that a party upon whom the fund relies to complete a transaction will default.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Credit Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">If the issuer of a debt instrument fails to pay interest or principal in a timely manner, or negative perceptions exist in the market of the issuer’s ability to make such payments, the price of the security may decline.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Currency Rate Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect the value of the fund’s shares.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Depositary Receipts Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> Investments in foreign companies through depositary receipts may expose the fund to the same risks as direct investments in securities of foreign issuers.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Derivatives and other similar instruments (collectively referred to in this section as “derivatives”) may include, among other things, futures, options, forwards, and swap agreements, and may be used in order to hedge portfolio risks, create leverage or attempt to increase returns. Investments in derivatives may result in increased volatility and the fund may incur a loss greater than its principal investment.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:bold; margin-left:39.6pt; font-style:italic;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Leverage Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">When the fund leverages its portfolio by borrowing or by engaging in certain types of transactions or instruments, including derivatives, the fund may be less liquid, may liquidate positions at an unfavorable time, and the volatility of the fund’s value may increase.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:bold; margin-left:39.6pt; font-style:italic;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Liquidity Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Certain instruments may be difficult or impossible to sell at a time and price beneficial to the fund.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Portfolio Turnover Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The fund’s principal investment strategies may result in a high portfolio turnover rate. See the “Portfolio Turnover” section above for more information about the impact that portfolio turnover can have on your investment.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Preferred Stocks Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Preferred stocks may decline in price, fail to pay dividends when expected, or be illiquid.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Redemption Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">One or more large shareholders or groups of shareholders may redeem their holdings in the fund, resulting in an adverse impact on remaining shareholders in the fund by causing the fund to take actions it would not otherwise have taken. The effects of taxable gains resulting from large redemptions of fund shares would particularly impact non-redeeming shareholders who do not hold their fund shares in a tax-advantaged or tax-exempt vehicle. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the fund’s net asset value and liquidity. In addition, a large redemption could result in the fund’s current expenses being allocated over a smaller asset base, leading to an increase in the fund’s expense ratio.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none; font-style:italic;">Please see “More Information About Risks of Investing in the Funds” in the fund’s prospectus for a more detailed description of the fund’s risks.</p> Performance Information <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The bar chart shows changes in the fund’s performance from year to year over a 10-year period. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index. Updated performance information is available at virtus.com or by calling 800-243-1574.</p> The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. virtus.com 800-243-1574 Calendar year total returns for Institutional Class Shares  Returns do not reflect sales charges applicable to other share classes and would be lower if they did. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:auto;margin-right:auto" width="72%"><tr style="font-size:1pt;"><td style="width:14.16%;"> </td><td style="width:10.09%;"> </td><td style="width:10.09%;"> </td><td style="width:14.14%;"> </td><td style="width:10.09%;"> </td><td style="width:10.09%;"> </td><td style="width:22.22%;"> </td><td style="width:9.1%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Best Quarter:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q2:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">19.07%</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Worst Quarter:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q1:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">-23.46%</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Year to Date (9/30/2026):</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">35.83%</p></td></tr></table> Best Quarter 2020-06-30 0.1907 Worst Quarter 2020-03-31 -0.2346 Year to Date 2026-09-30 0.3583 Average Annual Total Returns (for the periods ended 12/31/25) Return Before Taxes 0.2980 0.0464 0.0819 Return After Taxes on Distributions 0.2927 0.0478 0.0781 Return After Taxes on Distributions and Sale of Fund Shares 0.1882 0.0442 0.0686 Return Before Taxes 0.2227 0.0311 0.0720 Return Before Taxes 0.2988 0.0469 0.0824 MSCI Emerging Markets Index (net) (reflects no deduction for fees or expenses) 0.3357 0.0420 0.0842 <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The MSCI Emerging Markets Index (net) is a free float-adjusted market capitalization-weighted index designed to measure equity market performance in the global emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged and not available for direct investment.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.</p> The MSCI Emerging Markets Index (net) is a free float-adjusted market capitalization-weighted index designed to measure equity market performance in the global emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged and not available for direct investment. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. Virtus Income & Growth Fund Investment Objective <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The fund seeks total return comprised of current income, current gains and capital appreciation.</p> Fees and Expenses <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; font-style:normal;"><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The tables below illustrate the fees and expenses that you may pay if you buy, hold and sell shares of the fund. </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> You may qualify for sales charge discounts in Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Funds.</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">More information on these and other discounts is available: (i) from your financial professional or other financial intermediary; (ii) under “Sales Charges” on page 93 of the fund’s prospectus; and (iii) with respect to purchase of shares through specific intermediaries, in Appendix A to the fund’s prospectus, entitled “Intermediary Sales Charge Discounts and Waivers.”</span></p> You may qualify for sales charge discounts in Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Funds. 50000 Shareholder Fees (fees paid directly from your investment) 0.0550 0 0 0 0.0100 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0065 0.0065 0.0065 0.0025 0.0100 0 0.0024 0.0024 0.0024 0.0114 0.0189 0.0089 Example <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods or continued to hold them. The example also assumes that your investment has a 5% return each year, that the fund’s operating expenses remain the same and that the expense reimbursement agreement remains in place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 660 660 892 892 1143 1143 1860 1860 292 594 1021 2212 192 594 1021 2212 91 91 284 284 493 493 1096 1096 Portfolio Turnover <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 99% of the average value of its portfolio. </p> 0.99 Principal Investment Strategies <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The fund seeks to achieve its investment objective by normally investing in a combination of common stocks and other equity securities, debt securities and convertible securities. The allocation of the fund’s investments across these asset classes will vary from time to time, but as of the date of this prospectus, the fund expects its assets to be allocated approximately evenly to the following three strategies: </p><p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; font-style:normal;"><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;">U.S. Growth Equities: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">This strategy’s subadviser invests the fund’s assets primarily in equity securities of U.S. companies with market capitalizations of at least $1 billion. The portfolio managers attempt to include securities in the fund’s portfolio that exhibit the greatest combination of earnings growth potential, quality (as reflected by consistent business fundamentals), and attractive valuation. This strategy may also include non-U.S. securities, including through American Depositary Receipts (ADRs), as well as securities issued in initial public offerings (IPOs) and real estate investment trusts (REITs).</span></p><p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">Under normal circumstances, this strategy’s subadviser expects to employ a strategy of writing (selling) options on stocks and/or indexes related to the fund’s equity portfolio. The extent of the fund’s use of this strategy will vary depending on market conditions and other factors, and the fund may from time to time write options on only a portion, or none, of the fund’s equity portfolio. This strategy’s subadviser may also seek to generate additional income for the fund by buying equity-linked notes (ELNs) that are designed by this strategy’s subadviser to have the effect of writing (selling) options on a portion of its equity portfolio.</p><p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; font-style:normal;"><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;">Convertible Securities: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">This strategy’s subadviser follows a disciplined, fundamental bottom-up research process, which facilitates the early identification of issuers demonstrating the ability to improve their fundamental characteristics. The portfolio managers use fundamental analysis and qualitative measures to </span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">assess and select issuers they believe exhibit high visibility of future expected operating performance. The fundamental research process generally includes: a breakdown of a company and its growth by division and region, including revenue model analysis; profit margin analysis; analysis of experience and quality of its management; industry dynamics and competitive analysis; distribution channel and supply chain analysis; and macroeconomic climate analysis. Also, the portfolio managers typically look for the following in candidates: the potential for bond rating upgrades; debt reduction capabilities; the ability to secure other sources of capital; the potential to be recognized as an acquisition candidate; and corporate dividend policy. This strategy’s subadviser may consider selling a particular security when the portfolio managers perceive a change in company fundamentals, a decline in relative attractiveness to other issues, and/or a decline in industry fundamentals, or if any of the original reasons for purchase materially changes. The convertible securities in which the fund may invest include bonds, debentures, notes, preferred stocks and other securities or investments that may be converted or exchanged (by the holder or by the issuer) into equity securities of the issuer (or cash or securities of equivalent value). The fund may also gain exposure to convertible securities through derivatives or other “synthetic” means. In addition to gaining “synthetic” exposure to convertible securities through derivatives as outlined above, the fund may utilize foreign currency exchange contracts, options, stock index futures contracts, warrants and other derivative instruments. The fund may also invest a portion of its assets in contingent convertible securities (“CoCos”), which are a form of hybrid security that generally either converts into equity or has its principal written down at the election of investors and upon the occurrence of certain pre-specified triggering events. The weighted average maturity of the portion of the fund’s assets invested in convertible and debt securities will typically be 10 years or less, although the weighted average maturity may vary depending on market and other conditions. The strategy’s subadviser may invest a portion of its assets in non-U.S. securities, including emerging market securities.</p><p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">With respect to convertible securities, the portfolio managers evaluate each such security’s investment characteristics as a fixed income instrument as well as its potential for capital appreciation. Under normal market conditions, the portfolio managers seek to invest in securities that can participate in the upside of the underlying equity and provide downside protection from the bond. </p><p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; font-style:normal;"><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;">High-Income Credits: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Under normal circumstances, this strategy invests in various types of lower-rated, higher yielding debt instruments, including corporate obligations, first- and second- lien senior floating rate loans and other debt obligations. In selecting investments for purchase and sale, the subadviser will emphasize instruments which are within the segment of the high yield market it has targeted, which are loans and instruments rated below investment grade (sometimes referred to as “high yield securities” or “junk bonds”) or unrated instruments that the subadviser believes are of comparable quality. The fund’s loan investments will include both secured loans and “covenant lite” loans which have few or no financial maintenance covenants that would require a borrower to maintain certain financial metrics. In addition, to implement this investment strategy, the fund may buy or sell derivative instruments (such as swaps, including credit default swaps, futures and warrants) to use as a substitute for a purchase or sale of a position in the underlying assets and/or as part of a strategy designed to reduce exposure to other risks, such as interest rate or credit risks. The fund may invest in debt obligations of U.S. and non-U.S. issuers, including emerging market debt. It is expected that a high percentage of the fund’s investments in this strategy will be rated below investment grade. The fund’s fixed income portfolio will be managed with a duration that is close to the fund’s comparative benchmark, the ICE BofA US High Yield BB-B Constrained Index, which is generally between 3 and 6 years. Duration measures a bond or fund’s sensitivity to interest rate or other changes (such as changes in a bond’s yield) and is expressed as a number of years. The higher the number, the greater the risk. Under normal circumstances, for example, if a portfolio has a duration of five years, its value will change by 5% if yields change by 1%. Shorter duration bonds generally result in lower expected volatility. The fund may also invest a portion of its assets in instruments that are restricted as to resale.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:11.0pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:bold; text-decoration:none;">Principal Risks</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The fund may not achieve its objective(s), and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. Purchase and redemption activities by fund shareholders may impact the management of the fund and its ability to achieve its investment objective(s). The principal risks of investing in the fund are identified below (in alphabetical order after the first nine risks).</p> If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Volatility Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The value of the securities in the fund may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional or global events such as war or military conflict (e.g., Russia’s invasion of Ukraine), geopolitical risk, acts of terrorism, the spread of infectious illness or other public health issue, recessions, tariffs and other restrictions on trade, or the threat or potential of one or more such events and developments, could have a significant impact on the fund and its investments, including hampering the ability of the fund’s portfolio manager(s) to invest the fund’s assets as intended.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Issuer Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The fund will be affected by factors specific to the issuers of securities and other instruments in which the fund invests, including actual or perceived changes in the financial condition or business prospects of such issuers.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">High-Yield/High-Risk Fixed Income Securities (Junk Bonds) Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">There is a greater risk of issuer default, less liquidity, and increased price volatility related to high-yield/high-risk securities than investment grade securities, and high-yield/high-risk securities are generally considered to be speculative.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Bank Loan Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">In addition to the risks typically associated with high-yield/high-risk fixed income securities, bank loans may be unsecured or not fully collateralized, may be subject to restrictions on resale, may be less liquid and may trade infrequently on the secondary market. Bank loans settle on a delayed basis; thus, sale proceeds may not be available to meet redemptions for a substantial period of time after the sale of the loan.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Equity Securities Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The value of the stocks held by the fund may be negatively affected by the financial market, industries in which the fund invests, or issuer-specific events. Focus on a particular style or in small or medium-sized companies may enhance that risk.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Credit Ratings and Unrated Securities Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">If a subadviser is unable to accurately assess the quality of an unrated fixed income security or the credit rating assigned by a rating agency does not reflect an issuer’s current financial condition or credit quality, the fund may invest in a security with greater risk than intended, or the securities may be more difficult to sell than anticipated.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Debt Instruments Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Debt instruments are subject to greater levels of credit and liquidity risk, may be speculative and may decline in value due to changes in interest rates or an issuer’s or counterparty’s deterioration or default.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Derivatives and other similar instruments (collectively referred to in this section as “derivatives”) may include, among other things, futures, options, forwards, and swap agreements, and may be used in order to hedge portfolio risks, create leverage or attempt to increase returns. Investments in derivatives may result in increased volatility and the fund may incur a loss greater than its principal investment.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Convertible Securities Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The value of a convertible security may decline as interest rates rise and/or vary with fluctuations in the market value of the underlying securities. The security may be called for redemption at a time and/or price unfavorable to the fund.</span></p>  <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Allocation Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">If the fund’s exposure to equities and fixed income securities, or to other asset classes, deviates from the intended allocation, or if the fund’s allocation is not optimal for market conditions at a given time, the fund’s performance may suffer.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Contingent Convertible Securities Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> Contingent convertible securities (“CoCos”) are subject to greater levels of credit and liquidity risk than fixed income securities generally. They may rank junior to other creditors in the event of a liquidation or other bankruptcy-related event and become further subordinated as a result of conversion from debt to equity.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Counterparty Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> There is risk that a party upon whom the fund relies to complete a transaction will default.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Covenant Lite Loans Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The lack of financial maintenance covenants in covenant lite loans increases the risk that the fund will experience difficulty or delays in enforcing its rights on its holdings of such loans, which may result in losses, especially during a downturn in the credit cycle.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Credit Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">If the issuer of a debt instrument fails to pay interest or principal in a timely manner, or negative perceptions exist in the market of the issuer’s ability to make such payments, the price of the security may decline.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Currency Rate Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect the value of the fund’s shares.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Depositary Receipts Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> Investments in foreign companies through depositary receipts may expose the fund to the same risks as direct investments in securities of foreign issuers.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Emerging Market Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Emerging markets securities may be more volatile, or more greatly affected by negative conditions, than those of their counterparts in more established foreign markets. Such securities may also be subject to Sanctions Risk.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Equity Linked Notes (ELNs) Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">When the fund invests in ELNs, it receives cash but limits its opportunity to profit from an increase in the market value of the reference benchmark because of the limits relating to the call options written within the particular ELN. Investments in ELNs often have risks similar to the reference benchmark, which include market risk. Should the price of the reference benchmark move in an unexpected manner, the fund may not achieve the anticipated benefits of an investment in an ELN, and may realize losses, which could be significant and could include the fund’s entire principal investment.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Focused Investment Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">To the extent the fund focuses its investments on a limited number of issuers, sectors, industries, geographic regions or portfolio themes, it may be subject to increased risk and volatility.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Foreign Investing Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Investing in foreign securities subjects the fund to additional risks such as increased volatility; currency fluctuations; less liquidity; less publicly available information about the foreign investment; and political, regulatory, economic, and market risk.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Growth Stocks Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The fund’s investments in growth stocks may be more volatile than investments in other types of stocks, or may perform differently from the market as a whole and from other types of stocks.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Income Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Income received from the fund may vary widely over the short- and long-term and/or be less than anticipated if the proceeds from maturing securities in the fund are reinvested in lower-yielding securities.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Interest Rate Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The values of debt instruments may rise or fall in response to changes in interest rates, and this risk may be enhanced for securities with longer maturities.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Large Market Capitalization Companies Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The value of investments in larger companies may not rise as much as smaller companies, or larger companies may be unable to respond quickly to competitive challenges, such as changes in technology and consumer tastes.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:bold; margin-left:39.6pt; font-style:italic;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Leverage Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">When the fund leverages its portfolio by borrowing or by engaging in certain types of transactions or instruments, including derivatives, the fund may be less liquid, may liquidate positions at an unfavorable time, and the volatility of the fund’s value may increase.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:bold; margin-left:39.6pt; font-style:italic;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Liquidity Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Certain instruments may be difficult or impossible to sell at a time and price beneficial to the fund.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Redemption Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">One or more large shareholders or groups of shareholders may redeem their holdings in the fund, resulting in an adverse impact on remaining shareholders in the fund by causing the fund to take actions it would not otherwise have taken. The effects of taxable gains resulting from large redemptions of fund shares would particularly impact non-redeeming shareholders who do not hold their fund shares in a tax-advantaged or tax-exempt vehicle. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the fund’s net asset value and liquidity. In addition, a large redemption could result in the fund’s current expenses being allocated over a smaller asset base, leading to an increase in the fund’s expense ratio.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Sanctions Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The imposition of sanctions and other similar measures could cause a decline in the value and/or liquidity of securities issued by or tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of transactions, and negatively impact the fund’s liquidity and performance.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Small and Medium Market Capitalization Companies Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The fund’s investments in small and medium market capitalization companies may increase the volatility and risk of loss to the fund, as compared with investments in larger, more established companies.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none; font-style:italic;">Please see “More Information About Risks of Investing in the Funds” in the fund’s prospectus for a more detailed description of the fund’s risks.</p> Performance Information <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The bar chart shows changes in the fund’s performance from year to year over a 10-year period. The table shows how the fund’s average annual returns compare to those of two broad-based securities market indexes. Updated performance information is available at virtus.com or by calling 800-243-1574.</p> The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. virtus.com 800-243-1574 Calendar year total returns for Institutional Class Shares  Returns do not reflect sales charges applicable to other share classes and would be lower if they did. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:auto;margin-right:auto" width="72%"><tr style="font-size:1pt;"><td style="width:14.16%;"> </td><td style="width:10.09%;"> </td><td style="width:10.09%;"> </td><td style="width:14.14%;"> </td><td style="width:10.09%;"> </td><td style="width:10.09%;"> </td><td style="width:22.22%;"> </td><td style="width:9.1%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Best Quarter:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q2:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">17.98%</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Worst Quarter:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2022, Q2:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">-14.97%</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Year to Date (9/30/2026):</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">5.51%</p></td></tr></table> Best Quarter 2020-06-30 0.1798 Worst Quarter 2022-06-30 -0.1497 Year to Date 2026-09-30 0.0551 Average Annual Total Returns (for the periods ended 12/31/25) Return Before Taxes 0.1196 0.0593 0.0906 Return After Taxes on Distributions 0.1037 0.0362 0.0601 Return After Taxes on Distributions and Sale of Fund Shares 0.0714 0.0349 0.0563 Return Before Taxes 0.0547 0.0449 0.0812 Return Before Taxes 0.1078 0.0487 0.0793 S&P 500® Index (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1482 Bloomberg US Aggregate Bond Index 0.0730 -0.0036 0.0201 <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The S&amp;P 500^® Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The Bloomberg US Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The index is calculated on a total return basis. The indexes are unmanaged and not available for direct investment.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. </p> The Bloomberg US Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The index is calculated on a total return basis. The indexes are unmanaged and not available for direct investment. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. Virtus KAR Global Small-Cap Fund Investment Objective <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; font-style:normal;"><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The fund </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#231F20; font-weight:normal; text-decoration:none;">seeks</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#231F20; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#231F20; font-weight:normal; text-decoration:none;">long-term</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#231F20; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#231F20; font-weight:normal; text-decoration:none;">capital</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#231F20; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#231F20; font-weight:normal; text-decoration:none;">appreciation</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">.</span></p> Fees and Expenses <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; font-style:normal;"><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The tables below illustrate the fees and expenses that you may pay if you buy, hold and sell shares of the fund. </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> You may qualify for sales charge discounts in Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Funds.</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">More information on these and other discounts is available: (i) from your financial professional or other financial intermediary; (ii) under “Sales Charges” on page 93 of the fund’s prospectus; and (iii) with respect to purchase of shares through specific intermediaries, in Appendix A to the fund’s prospectus, entitled “Intermediary Sales Charge Discounts and Waivers.”</span></p> You may qualify for sales charge discounts in Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Funds. 50000 Shareholder Fees (fees paid directly from your investment) 0.0550 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0090 0.0090 0.0025 0 0.0053 0.0052 0.0168 0.0142 -0.0005 -0.0014 0.0163 0.0128 Example <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods or continued to hold them. The example also assumes that your investment has a 5% return each year, that the fund’s operating expenses remain the same and that the expense reimbursement agreement remains in place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 707 707 1046 1046 1408 1408 2424 2424 130 130 436 436 763 763 1690 1690 Portfolio Turnover <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 41% of the average value of its portfolio. </p> 0.41 Principal Investment Strategies <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The fund pursues long-term capital appreciation in the small capitalization market while seeking to incur less risk than the small capitalization market. The fund invests in a select group of small market capitalization companies believed by the fund’s subadviser to possess sustainable competitive advantages at prices the subadviser deems attractive. The fund invests in U.S. and non-U.S. companies.</p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; font-style:normal;"><span class="fnd_NmRule35d1EightyPctInvstmntPlcyTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Under normal circumstances, the fund invests at least 80% of net assets (plus borrowing for investment purposes) in equity securities of small-capitalization companies. </span><span class="fnd_NmRule35d1TermDfnSmryTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">As of the date of this prospectus, the fund’s subadviser considers small-capitalization companies for this purpose to be those companies that have market capitalizations of less than $10 billion. Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Equity securities include common stocks (including depositary receipts evidencing ownership of common stock), preferred stocks and other preferred securities, convertible securities, rights and warrants, and other securities, such as hybrid securities and trust preferred securities, believed to have equity-like characteristics. </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The fund intends to diversify its investments globally among countries and normally to have represented in the portfolio business activities of a number of different countries, both U.S. and non-U.S. In determining whether an issuer is economically tied to a non-U.S. country, the subadviser primarily considers: (i) whether at least 50% of the issuer’s revenues or profits are attributable to goods produced or sold, investments made, or services performed in, a non-U.S. country; (ii) whether the issuer has at least 50% of its assets in a non-U.S. country; and (iii) whether the principal exchange listing for the issuer’s securities or the issuer’s headquarters is in a non-U.S. country. Equity securities in which the fund invests include common stocks, preferred stocks and Depositary Receipts (DRs). The fund may invest in emerging markets issuers. Generally, the fund invests in approximately 30-60 securities at any given time.</span></p> Under normal circumstances, the fund invests at least 80% of net assets (plus borrowing for investment purposes) in equity securities of small-capitalization companies. Under normal circumstances, the fund invests at least 80% of net assets (plus borrowing for investment purposes) in equity securities of small-capitalization companies. <span class="fnd_NmRule35d1TermDfnSmryTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">As of the date of this prospectus, the fund’s subadviser considers small-capitalization companies for this purpose to be those companies that have market capitalizations of less than $10 billion. Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Equity securities include common stocks (including depositary receipts evidencing ownership of common stock), preferred stocks and other preferred securities, convertible securities, rights and warrants, and other securities, such as hybrid securities and trust preferred securities, believed to have equity-like characteristics. </span> <p style="margin-top:revert; margin-bottom:revert; font-size:11.0pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:bold; text-decoration:none;">Principal Risks</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The fund may not achieve its objective(s), and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. Purchase and redemption activities by fund shareholders may impact the management of the fund and its ability to achieve its investment objective(s). The principal risks of investing in the fund are identified below (in alphabetical order after the first six risks).</p> If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Volatility Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The value of the securities in the fund may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional or global events such as war or military conflict (e.g., Russia’s invasion of Ukraine), geopolitical risk, acts of terrorism, the spread of infectious illness or other public health issue, recessions, tariffs and other restrictions on trade, or the threat or potential of one or more such events and developments, could have a significant impact on the fund and its investments, including hampering the ability of the fund’s portfolio manager(s) to invest the fund’s assets as intended.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Issuer Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The fund will be affected by factors specific to the issuers of securities and other instruments in which the fund invests, including actual or perceived changes in the financial condition or business prospects of such issuers.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Equity Securities Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The value of the stocks held by the fund may be negatively affected by the financial market, industries in which the fund invests, or issuer-specific events. Focus on a particular style or in small or medium-sized companies may enhance that risk.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Foreign Investing Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Investing in foreign securities subjects the fund to additional risks such as increased volatility; currency fluctuations; less liquidity; less publicly available information about the foreign investment; and political, regulatory, economic, and market risk.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Emerging Market Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Emerging markets securities may be more volatile, or more greatly affected by negative conditions, than those of their counterparts in more established foreign markets. Such securities may also be subject to Sanctions Risk.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Sanctions Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The imposition of sanctions and other similar measures could cause a decline in the value and/or liquidity of securities issued by or tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of transactions, and negatively impact the fund’s liquidity and performance.</span></p>  <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Currency Rate Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect the value of the fund’s shares.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Depositary Receipts Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> Investments in foreign companies through depositary receipts may expose the fund to the same risks as direct investments in securities of foreign issuers.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:bold; margin-left:39.6pt; font-style:italic;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Limited Number of Investments Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Because the fund may have a limited number of securities, it may be more susceptible to factors adversely affecting its securities than a fund with a greater number of securities.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:bold; margin-left:39.6pt; font-style:italic;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Liquidity Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Certain instruments may be difficult or impossible to sell at a time and price beneficial to the fund.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Preferred Stocks Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Preferred stocks may decline in price, fail to pay dividends when expected, or be illiquid.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Redemption Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">One or more large shareholders or groups of shareholders may redeem their holdings in the fund, resulting in an adverse impact on remaining shareholders in the fund by causing the fund to take actions it would not otherwise have taken. The effects of taxable gains resulting from large redemptions of fund shares would particularly impact non-redeeming shareholders who do not hold their fund shares in a tax-advantaged or tax-exempt vehicle. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the fund’s net asset value and liquidity. In addition, a large redemption could result in the fund’s current expenses being allocated over a smaller asset base, leading to an increase in the fund’s expense ratio.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Small and Medium Market Capitalization Companies Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The fund’s investments in small and medium market capitalization companies may increase the volatility and risk of loss to the fund, as compared with investments in larger, more established companies.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none; font-style:italic;">Please see “More Information About Risks of Investing in the Funds” in the fund’s prospectus for a more detailed description of the fund’s risks.</p> Performance Information <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. The current subadviser commenced providing services for the fund in July 2022 and therefore the returns shown in the table for periods prior to that date reflect the performance of other investment professionals.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The bar chart shows changes in the fund’s performance from year to year over a 10-year period. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a style-specific index that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.</p> The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. virtus.com 800-243-1574 Calendar year total returns for Institutional Class Shares  Returns do not reflect sales charges applicable to other share classes and would be lower if they did. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:auto;margin-right:auto" width="72%"><tr style="font-size:1pt;"><td style="width:14.16%;"> </td><td style="width:10.09%;"> </td><td style="width:10.09%;"> </td><td style="width:14.14%;"> </td><td style="width:10.09%;"> </td><td style="width:10.09%;"> </td><td style="width:22.22%;"> </td><td style="width:9.1%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Best Quarter:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q2:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">27.60%</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Worst Quarter:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q1:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">-26.34%</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Year to Date (9/30/2026):</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">-0.22%</p></td></tr></table> Best Quarter 2020-06-30 0.2760 Worst Quarter 2020-03-31 -0.2634 Year to Date 2026-09-30 -0.0022 Average Annual Total Returns (for the periods ended 12/31/25) Return Before Taxes -0.0093 0.0126 0.0627 Return After Taxes on Distributions -0.0202 -0.0103 0.0403 Return After Taxes on Distributions and Sale of Fund Shares 0.0013 0.0056 0.0448 Return Before Taxes -0.0669 -0.0020 0.0532 MSCI ACWI Index (net) (reflects no deduction for fees or expenses) 0.2234 0.1119 0.1172 MSCI ACWI Small Cap Index (net) 0.1972 0.0729 0.0932 <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The MSCI ACWI Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets. The MSCI ACWI Index (net) is calculated on a total return basis with net dividends reinvested. The index is unmanaged and not available for direct investment.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The MSCI ACWI Small Cap Index (net) is a free float-adjusted market capitalization-weighted index that measures small cap equity performance of developed and emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged and not available for direct investment.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.</p> The MSCI ACWI Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets. The MSCI ACWI Index (net) is calculated on a total return basis with net dividends reinvested. The index is unmanaged and not available for direct investment. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. Virtus KAR Health Sciences Fund Investment Objective <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; font-style:normal;"><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The fund </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#231F20; font-weight:normal; text-decoration:none;">seeks</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#231F20; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#231F20; font-weight:normal; text-decoration:none;">long-term</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#231F20; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#231F20; font-weight:normal; text-decoration:none;">capital</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#231F20; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#231F20; font-weight:normal; text-decoration:none;">appreciation</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">.</span></p> Fees and Expenses <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; font-style:normal;"><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The tables below illustrate the fees and expenses that you may pay if you buy, hold and sell shares of the fund. </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> You may qualify for sales charge discounts in Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Funds.</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">More information on these and other discounts is available: (i) from your financial professional or other financial intermediary; (ii) under “Sales Charges” on page 93 of the fund’s prospectus; and (iii) with respect to purchase of shares through specific intermediaries, in Appendix A to the fund’s prospectus, entitled “Intermediary Sales Charge Discounts and Waivers.”</span></p> You may qualify for sales charge discounts in Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Funds. 50000 Shareholder Fees (fees paid directly from your investment) 0.0550 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0080 0.0080 0.0025 0 0.0036 0.0033 0.0141 0.0113 0 -0.0008 0.0141 0.0105 Example <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods or continued to hold them. The example also assumes that your investment has a 5% return each year, that the fund’s operating expenses remain the same and that the expense reimbursement agreement remains in place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 686 686 972 972 1279 1279 2148 2148 107 107 351 351 615 615 1367 1367 Portfolio Turnover <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 13% of the average value of its portfolio. </p> 0.13 Principal Investment Strategies <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The fund pursues long-term capital appreciation in health sciences-related companies. The fund invests in a select group of health science-related companies believed by the fund’s subadviser to possess sustainable competitive advantages at prices the subadviser deems attractive. </p><p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; font-style:normal;"><span class="fnd_NmRule35d1EightyPctInvstmntPlcyTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Under normal circumstances, the fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in health sciences-related companies. </span><span class="fnd_NmRule35d1TermDfnSmryTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">As of the date of this prospectus, the fund considers health sciences-related companies to include companies that design, manufacture or sell products or services used for or in connection with healthcare, medicine or life sciences.</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The fund will invest primarily in common stocks and other equity securities. Although the fund may invest in companies of any market capitalization, the fund does not currently intend to invest more than 15% of its assets in </span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">companies with market capitalizations below $1 billion. The fund may invest in U.S. and non-U.S. companies. The fund may invest in securities issued in initial public offerings (IPOs). Generally, the fund invests in approximately 25 to 40 securities at any given time.</p> Under normal circumstances, the fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in health sciences-related companies. Under normal circumstances, the fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in health sciences-related companies. <span class="fnd_NmRule35d1TermDfnSmryTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">As of the date of this prospectus, the fund considers health sciences-related companies to include companies that design, manufacture or sell products or services used for or in connection with healthcare, medicine or life sciences.</span> <p style="margin-top:revert; margin-bottom:revert; font-size:11.0pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:bold; text-decoration:none;">Principal Risks</p><p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The fund may not achieve its objective(s), and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. In addition, you will also be subject to the risks associated with the principal investment strategies of any closed-end funds and ETFs in which the fund invests. Purchase and redemption activities by fund shareholders may impact the management of the fund and its ability to achieve its investment objective(s). The principal risks of investing in the fund are identified below (in alphabetical order after the first six risks).</p> If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Volatility Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The value of the securities in the fund may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional or global events such as war or military conflict (e.g., Russia’s invasion of Ukraine), geopolitical risk, acts of terrorism, the spread of infectious illness or other public health issue, recessions, tariffs and other restrictions on trade, or the threat or potential of one or more such events and developments, could have a significant impact on the fund and its investments, including hampering the ability of the fund’s portfolio manager(s) to invest the fund’s assets as intended.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Issuer Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The fund will be affected by factors specific to the issuers of securities and other instruments in which the fund invests, including actual or perceived changes in the financial condition or business prospects of such issuers.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Equity Securities Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The value of the stocks held by the fund may be negatively affected by the financial market, industries in which the fund invests, or issuer-specific events. Focus on a particular style or in small or medium-sized companies may enhance that risk.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Focused Investment Risk (Health Sciences-Related Risk): </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">To the extent the fund focuses its investments on a limited number of issuers, sectors, industries or geographic regions, it may be subject to increased risk and volatility. Risks affecting companies in the health sciences sector include new government regulations or changes to existing regulations, changes in government subsidy and reimbursement levels and product or service approvals, rapid obsolescence of products or services, dramatic fluctuations of economic prospects and healthcare-related liability issues.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Foreign Investing Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Investing in foreign securities subjects the fund to additional risks such as increased volatility; currency fluctuations; less liquidity; less publicly available information about the foreign investment; and political, regulatory, economic, and market risk.</span></p>  <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Currency Rate Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect the value of the fund’s shares.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Depositary Receipts Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> Investments in foreign companies through depositary receipts may expose the fund to the same risks as direct investments in securities of foreign issuers.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">IPO Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Securities purchased in initial public offerings have no trading history, limited issuer information and increased volatility.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:bold; margin-left:39.6pt; font-style:italic;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Liquidity Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Certain instruments may be difficult or impossible to sell at a time and price beneficial to the fund.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Portfolio Turnover Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The fund’s principal investment strategies may result in a high portfolio turnover rate. See the “Portfolio Turnover” section above for more information about the impact that portfolio turnover can have on your investment.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Redemption Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">One or more large shareholders or groups of shareholders may redeem their holdings in the fund, resulting in an adverse impact on remaining shareholders in the fund by causing the fund to take actions it would not otherwise have taken. The effects of taxable gains resulting from large redemptions of fund shares would particularly impact non-redeeming shareholders who do not hold their fund shares in a tax-advantaged or tax-exempt vehicle. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the fund’s net asset value and liquidity. In addition, a large redemption could result in the fund’s current expenses being allocated over a smaller asset base, leading to an increase in the fund’s expense ratio.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Small and Medium Market Capitalization Companies Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The fund’s investments in small and medium market capitalization companies may increase the volatility and risk of loss to the fund, as compared with investments in larger, more established companies.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none; font-style:italic;">Please see “More Information About Risks of Investing in the Funds” in the fund’s prospectus for a more detailed description of the fund’s risks.</p> Performance Information <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. The current subadviser commenced providing services for the fund in July 2022 and therefore the returns shown in the table for periods prior to that date reflect the performance of other investment professionals.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The bar chart shows changes in the fund’s performance from year to year over a 10-year period. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a style-specific index that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.</p> The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. virtus.com 800-243-1574 Calendar year total returns for Institutional Class Shares  Returns do not reflect sales charges applicable to other share classes and would be lower if they did. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:auto;margin-right:auto" width="72%"><tr style="font-size:1pt;"><td style="width:14.16%;"> </td><td style="width:10.09%;"> </td><td style="width:10.09%;"> </td><td style="width:14.14%;"> </td><td style="width:10.09%;"> </td><td style="width:10.09%;"> </td><td style="width:22.22%;"> </td><td style="width:9.1%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Best Quarter:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2019, Q4:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">16.54%</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Worst Quarter:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q1:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">-11.80%</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Year to Date (9/30/2026):</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">1.17%</p></td></tr></table> Best Quarter 2019-12-31 0.1654 Worst Quarter 2020-03-31 -0.1180 Year to Date 2026-09-30 0.0117 Average Annual Total Returns (for the periods ended 12/31/25) Return Before Taxes 0.0760 0.0381 0.0715 Return After Taxes on Distributions 0.0760 0.0223 0.0530 Return After Taxes on Distributions and Sale of Fund Shares 0.0450 0.0268 0.0526 Return Before Taxes 0.0133 0.0235 0.0621 Wilshire 5000 Total Market Index (reflects no deduction for fees, expenses or taxes) 0.1713 0.1340 0.1445 Russell 3000® Health Care Index 0.1456 0.0631 0.0954 <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The Wilshire 5000 Total Market Index (formerly known as the FT Wilshire 5000 Index) is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged and not available for direct investment.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; font-style:normal;"><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The Russell 3000</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">^®</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> Health Care Index is a free float-adjusted market capitalization-weighted index of companies involved in medical services or healthcare in the Russell 3000</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">^®</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> Index, which includes the largest 3,000 US companies as determined by total market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged and not available for direct investment.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.</p> The Russell 3000® Health Care Index is a free float-adjusted market capitalization-weighted index of companies involved in medical services or healthcare in the Russell 3000® Index, which includes the largest 3,000 US companies as determined by total market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged and not available for direct investment. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. Virtus NFJ Dividend Value Fund Investment Objective <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The fund seeks long-term growth of capital and income.</p> Fees and Expenses <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; font-style:normal;"><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The tables below illustrate the fees and expenses that you may pay if you buy, hold and sell shares of the fund. </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> You may qualify for sales charge discounts in Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Funds.</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">More information on these and other discounts is available: (i) from your financial professional or other financial intermediary; (ii) under “Sales Charges” on page 93 of the fund’s prospectus; and (iii) with respect to purchase of shares through specific intermediaries, in Appendix A to the fund’s prospectus, entitled “Intermediary Sales Charge Discounts and Waivers.”</span></p> You may qualify for sales charge discounts in Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Funds. 50000 Shareholder Fees (fees paid directly from your investment) 0.0550 0 0 0 0 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0045 0.0045 0.0045 0.0045 0.0025 0.0100 0 0 0.0031 0.0029 0.0027 0.0019 0.0101 0.0174 0.0072 0.0064 0 0 -0.0002 0 0.0101 0.0174 0.0070 0.0064 Example <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods or continued to hold them. The example also assumes that your investment has a 5% return each year, that the fund’s operating expenses remain the same and that the expense reimbursement agreement remains in place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 647 647 854 854 1077 1077 1718 1718 277 548 944 2052 177 548 944 2052 72 72 228 228 399 399 893 893 65 65 205 205 357 357 798 798 Portfolio Turnover <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 106% of the average value of its portfolio. </p> 1.06 Principal Investment Strategies <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; font-style:normal;"><span class="fnd_NmRule35d1EightyPctInvstmntPlcyTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Under normal circumstances, the fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks and other equity securities of value companies that pay or are expected to pay dividends. </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Under normal conditions, the fund will invest primarily in common stocks of companies with market capitalizations greater than $3.5 billion. </span><span class="fnd_NmRule35d1TermDfnSmryTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">As of the date of this prospectus, the fund’s subadviser considers value companies for this purpose to be those companies whose securities the portfolio managers believe have attractive valuation and fundamental strength. Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Equity securities include common stocks (including depositary receipts evidencing ownership of common stock), preferred stocks and other preferred securities, convertible securities, rights and warrants, and other securities, such as hybrid securities and trust preferred securities, believed to have equity-like characteristics.</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The portfolio managers partition the fund’s selection universe by industry and then identify what they believe to be the most attractively valued securities in each industry to determine potential holdings for the fund representing a broad range of industry groups. The portfolio managers use initial parameters and quantitative tools to narrow the fund’s selection universe and also review and consider fundamental changes. In selecting individual holdings and constructing the overall portfolio, the portfolio managers take into account the dividend yields of their investments. After narrowing the universe through a combination of qualitative analysis and fundamental research, the portfolio managers select securities for the fund. In addition to common stocks and other equity securities, the fund may also invest up to 25% of its assets in real estate investment trusts (REITs) and real estate-related investments, and a portion of its assets in non-U.S. securities (including through American Depositary Receipts (ADRs)), including emerging market securities. The fund may utilize foreign currency exchange contracts, options, stock index futures contracts and other derivative instruments. Although the fund did not invest significantly in derivative instruments as of the most recent fiscal year end, it may do so at any time.</span></p> Under normal circumstances, the fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks and other equity securities of value companies that pay or are expected to pay dividends. Under normal circumstances, the fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks and other equity securities of value companies that pay or are expected to pay dividends. <span class="fnd_NmRule35d1TermDfnSmryTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">As of the date of this prospectus, the fund’s subadviser considers value companies for this purpose to be those companies whose securities the portfolio managers believe have attractive valuation and fundamental strength. Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Equity securities include common stocks (including depositary receipts evidencing ownership of common stock), preferred stocks and other preferred securities, convertible securities, rights and warrants, and other securities, such as hybrid securities and trust preferred securities, believed to have equity-like characteristics.</span> <p style="margin-top:revert; margin-bottom:revert; font-size:11.0pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:bold; text-decoration:none;">Principal Risks</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The fund may not achieve its objective(s), and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. Purchase and redemption activities by fund shareholders may impact the management of the fund and its ability to achieve its investment objective(s). The principal risks of investing in the fund are identified below (in alphabetical order after the first three risks).</p> If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Volatility Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The value of the securities in the fund may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional or global events such as war or military conflict (e.g., Russia’s invasion of Ukraine), geopolitical risk, acts of terrorism, the spread of infectious illness or other public health issue, recessions, tariffs and other restrictions on trade, or the threat or potential of one or more such events and developments, could have a significant impact on the fund and its investments, including hampering the ability of the fund’s portfolio manager(s) to invest the fund’s assets as intended.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Issuer Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The fund will be affected by factors specific to the issuers of securities and other instruments in which the fund invests, including actual or perceived changes in the financial condition or business prospects of such issuers.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Equity Securities Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The value of the stocks held by the fund may be negatively affected by the financial market, industries in which the fund invests, or issuer-specific events. Focus on a particular style or in small or medium-sized companies may enhance that risk.</span></p>  <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Counterparty Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> There is risk that a party upon whom the fund relies to complete a transaction will default.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Credit Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">If the issuer of a debt instrument fails to pay interest or principal in a timely manner, or negative perceptions exist in the market of the issuer’s ability to make such payments, the price of the security may decline.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Currency Rate Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect the value of the fund’s shares.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Depositary Receipts Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> Investments in foreign companies through depositary receipts may expose the fund to the same risks as direct investments in securities of foreign issuers.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Derivatives and other similar instruments (collectively referred to in this section as “derivatives”) may include, among other things, futures, options, forwards, and swap agreements, and may be used in order to hedge portfolio risks, create leverage or attempt to increase returns. Investments in derivatives may result in increased volatility and the fund may incur a loss greater than its principal investment.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Emerging Market Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Emerging markets securities may be more volatile, or more greatly affected by negative conditions, than those of their counterparts in more established foreign markets. Such securities may also be subject to Sanctions Risk.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Sanctions Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The imposition of sanctions and other similar measures could cause a decline in the value and/or liquidity of securities issued by or tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of transactions, and negatively impact the fund’s liquidity and performance.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Focused Investment Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">To the extent the fund focuses its investments on a limited number of issuers, sectors, industries, geographic regions or portfolio themes, it may be subject to increased risk and volatility.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Foreign Investing Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Investing in foreign securities subjects the fund to additional risks such as increased volatility; currency fluctuations; less liquidity; less publicly available information about the foreign investment; and political, regulatory, economic, and market risk.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:bold; margin-left:39.6pt; font-style:italic;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Liquidity Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Certain instruments may be difficult or impossible to sell at a time and price beneficial to the fund.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Portfolio Turnover Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The fund’s principal investment strategies may result in a high portfolio turnover rate. See the “Portfolio Turnover” section above for more information about the impact that portfolio turnover can have on your investment.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Real Estate Investment Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The fund may be negatively affected by changes in real estate values or economic conditions, credit risk and interest rate fluctuations, changes in the value of the underlying real estate and defaults by lessees and/or borrowers.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Redemption Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">One or more large shareholders or groups of shareholders may redeem their holdings in the fund, resulting in an adverse impact on remaining shareholders in the fund by causing the fund to take actions it would not otherwise have taken. The effects of taxable gains resulting from large redemptions of fund shares would particularly impact non-redeeming shareholders who do not hold their fund shares in a tax-advantaged or tax-exempt vehicle. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the fund’s net asset value and liquidity. In addition, a large redemption could result in the fund’s current expenses being allocated over a smaller asset base, leading to an increase in the fund’s expense ratio.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Small and Medium Market Capitalization Companies Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The fund’s investments in small and medium market capitalization companies may increase the volatility and risk of loss to the fund, as compared with investments in larger, more established companies.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Value Stocks Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The fund may underperform when value investing is out of favor or the fund’s investments may not appreciate in value as anticipated.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none; font-style:italic;">Please see “More Information About Risks of Investing in the Funds” in the fund’s prospectus for a more detailed description of the fund’s risks.</p> Performance Information <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The bar chart shows changes in the fund’s performance from year to year over a 10-year period. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a style-specific index that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.</p> The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. virtus.com 800-243-1574 Calendar year total returns for Institutional Class Shares  Returns do not reflect sales charges applicable to other share classes and would be lower if they did. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:auto;margin-right:auto" width="72%"><tr style="font-size:1pt;"><td style="width:14.16%;"> </td><td style="width:10.09%;"> </td><td style="width:10.09%;"> </td><td style="width:14.14%;"> </td><td style="width:10.09%;"> </td><td style="width:10.09%;"> </td><td style="width:22.22%;"> </td><td style="width:9.1%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Best Quarter:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2023, Q4:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">14.87%</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Worst Quarter:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q1:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">-26.23%</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Year to Date (9/30/2026):</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">19.31%</p></td></tr></table> Best Quarter 2023-12-31 0.1487 Worst Quarter 2020-03-31 -0.2623 Year to Date 2026-09-30 0.1931 Average Annual Total Returns (for the periods ended 12/31/25) Return Before Taxes 0.0843 0.0879 0.0855 Return After Taxes on Distributions 0.0547 0.0602 0.0523 Return After Taxes on Distributions and Sale of Fund Shares 0.0705 0.0647 0.0593 Return Before Taxes 0.0226 0.0724 0.0758 Return Before Taxes 0.0737 0.0768 0.0740 Return Before Taxes 0.0857 0.0887 0.0861 Wilshire 5000 Total Market Index (reflects no deduction for fees, expenses or taxes) 0.1713 0.1340 0.1445 Russell 1000® Value Index 0.1591 0.1133 0.1053 <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The Wilshire 5000 Total Market Index (formerly known as the FT Wilshire 5000 Index) is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged and not available for direct investment.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; font-style:normal;"><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The Russell 1000</span><span style="font-size:11.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">^®</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> Value Index is a free float-adjusted market capitalization-weighted index of value-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. Effective March 24, 2025, the index applies a capping methodology. Index constituents are capped quarterly so that no more than 22.5% of the index weight may be allocated to a single constituent, and the sum of the weights of all constituents representing more than 4.5% of the index should not exceed 45% of the total index weight. For periods prior to March 24, 2025, the index was uncapped. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged and not available for direct investment.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.</p> The Russell 1000® Value Index is a free float-adjusted market capitalization-weighted index of value-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. Effective March 24, 2025, the index applies a capping methodology. Index constituents are capped quarterly so that no more than 22.5% of the index weight may be allocated to a single constituent, and the sum of the weights of all constituents representing more than 4.5% of the index should not exceed 45% of the total index weight. For periods prior to March 24, 2025, the index was uncapped. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged and not available for direct investment. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. Virtus NFJ International Value Fund Investment Objective <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The fund seeks long-term growth of capital and income.</p> Fees and Expenses <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; font-style:normal;"><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The tables below illustrate the fees and expenses that you may pay if you buy, hold and sell shares of the fund. </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> You may qualify for sales charge discounts in Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Funds.</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">More information on these and other discounts is available: (i) from your financial professional or other financial intermediary; (ii) under “Sales Charges” on page 93 of the fund’s prospectus; and (iii) with respect to purchase of shares through specific intermediaries, in Appendix A to the fund’s prospectus, entitled “Intermediary Sales Charge Discounts and Waivers.”</span></p> You may qualify for sales charge discounts in Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Funds. 50000 Shareholder Fees (fees paid directly from your investment) 0.0550 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0060 0.0060 0.0060 0.0025 0 0 0.0046 0.0045 0.0032 0.0131 0.0105 0.0092 -0.0001 -0.0010 -0.0002 0.0130 0.0095 0.0090 Example <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods or continued to hold them. The example also assumes that your investment has a 5% return each year, that the fund’s operating expenses remain the same and that the expense reimbursement agreement remains in place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 675 675 941 941 1228 1228 2041 2041 97 97 324 324 570 570 1274 1274 92 92 291 291 507 507 1129 1129 Portfolio Turnover <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 93% of the average value of its portfolio. </p> 0.93 Principal Investment Strategies <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; font-style:normal;"><span class="fnd_NmRule35d1EightyPctInvstmntPlcyTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Under normal circumstances, the fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks and other equity securities (such as preferred stocks, convertible securities and warrants) of value companies. </span><span class="fnd_NmRule35d1TermDfnSmryTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">As of the date of this prospectus, the fund’s subadviser considers value companies for this purpose to be those companies whose securities the portfolio managers believe have attractive valuation and fundamental strength. The </span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; font-style:normal;"><span class="fnd_NmRule35d1TermDfnSmryTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">fund normally invests primarily in non-U.S. companies with market capitalizations greater than $1 billion. Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Equity securities include common stocks (including depositary receipts evidencing ownership of common stock), preferred stocks and other preferred securities, convertible securities, rights and warrants, and other securities, such as hybrid securities and trust preferred securities, believed to have equity-like characteristics. </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The fund normally invests significantly in securities that the portfolio managers expect will generate income (for example, by paying dividends). The fund may invest up to 50% of its assets in emerging market securities and may invest a portion of its assets in equity securities of companies located in China. The fund may also achieve its exposure to non-U.S. equity securities through investing in American Depositary Receipts (ADRs). The fund may also invest in real estate investment trusts (REITs) and real estate-related investments. The portfolio managers partition the fund’s selection universe by industry and then identify what they believe to be the most attractively valued securities in each industry to determine potential holdings for the fund representing a broad range of industry groups. The portfolio managers use initial parameters and quantitative tools to narrow the fund’s selection universe and also review and consider fundamental changes. After narrowing the universe through a combination of qualitative analysis and fundamental research, the portfolio managers select securities for the fund.</span></p> Under normal circumstances, the fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks and other equity securities (such as preferred stocks, convertible securities and warrants) of value companies. Under normal circumstances, the fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks and other equity securities (such as preferred stocks, convertible securities and warrants) of value companies. <span class="fnd_NmRule35d1TermDfnSmryTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">As of the date of this prospectus, the fund’s subadviser considers value companies for this purpose to be those companies whose securities the portfolio managers believe have attractive valuation and fundamental strength. The </span><span class="fnd_NmRule35d1TermDfnSmryTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">fund normally invests primarily in non-U.S. companies with market capitalizations greater than $1 billion. Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Equity securities include common stocks (including depositary receipts evidencing ownership of common stock), preferred stocks and other preferred securities, convertible securities, rights and warrants, and other securities, such as hybrid securities and trust preferred securities, believed to have equity-like characteristics. </span> <p style="margin-top:revert; margin-bottom:revert; font-size:11.0pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:bold; text-decoration:none;">Principal Risks</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The fund may not achieve its objective(s), and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. Purchase and redemption activities by fund shareholders may impact the management of the fund and its ability to achieve its investment objective(s). The principal risks of investing in the fund are identified below (in alphabetical order after the first six risks).</p> If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Volatility Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The value of the securities in the fund may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional or global events such as war or military conflict (e.g., Russia’s invasion of Ukraine), geopolitical risk, acts of terrorism, the spread of infectious illness or other public health issue, recessions, tariffs and other restrictions on trade, or the threat or potential of one or more such events and developments, could have a significant impact on the fund and its investments, including hampering the ability of the fund’s portfolio manager(s) to invest the fund’s assets as intended.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Issuer Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The fund will be affected by factors specific to the issuers of securities and other instruments in which the fund invests, including actual or perceived changes in the financial condition or business prospects of such issuers.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Equity Securities Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The value of the stocks held by the fund may be negatively affected by the financial market, industries in which the fund invests, or issuer-specific events. Focus on a particular style or in small or medium-sized companies may enhance that risk.</span></p>  <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Foreign Investing Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Investing in foreign securities subjects the fund to additional risks such as increased volatility; currency fluctuations; less liquidity; less publicly available information about the foreign investment; and political, regulatory, economic, and market risk.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Emerging Market Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Emerging markets securities may be more volatile, or more greatly affected by negative conditions, than those of their counterparts in more established foreign markets. Such securities may also be subject to Sanctions Risk.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Investing in China Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The government of China maintains strict currency controls in order to achieve economic, trade and political objectives and regularly intervenes in the currency market. The Chinese government also plays a major role in the country’s economic policies regarding foreign investments. Foreign investors are subject to the risk of loss from expropriation or nationalization of their investment assets and property, governmental restrictions on foreign investments and the repatriation of capital invested. In addition, the rapid growth rate of the Chinese economy over the past several years may not continue, and the trend toward economic liberalization and disparities in wealth may result in social disorder, including violence and labor unrest. These and other factors could have a negative impact on the fund’s performance and increase the volatility of an investment in the fund. Certain securities issued by companies located or operating in China, such as China A-shares, are also subject to trading restrictions, quota limitations and less market liquidity, which could pose risks to the fund.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Sanctions Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The imposition of sanctions and other similar measures could cause a decline in the value and/or liquidity of securities issued by or tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of transactions, and negatively impact the fund’s liquidity and performance.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Small and Medium Market Capitalization Companies Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The fund’s investments in small and medium market capitalization companies may increase the volatility and risk of loss to the fund, as compared with investments in larger, more established companies.</span></p>  <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Counterparty Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> There is risk that a party upon whom the fund relies to complete a transaction will default.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Credit Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">If the issuer of a debt instrument fails to pay interest or principal in a timely manner, or negative perceptions exist in the market of the issuer’s ability to make such payments, the price of the security may decline.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Currency Rate Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect the value of the fund’s shares.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Depositary Receipts Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> Investments in foreign companies through depositary receipts may expose the fund to the same risks as direct investments in securities of foreign issuers.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Focused Investment Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">To the extent the fund focuses its investments on a limited number of issuers, sectors, industries, geographic regions or portfolio themes, it may be subject to increased risk and volatility.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:bold; margin-left:39.6pt; font-style:italic;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Liquidity Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Certain instruments may be difficult or impossible to sell at a time and price beneficial to the fund.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Portfolio Turnover Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The fund’s principal investment strategies may result in a high portfolio turnover rate. See the “Portfolio Turnover” section above for more information about the impact that portfolio turnover can have on your investment.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Preferred Stocks Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Preferred stocks may decline in price, fail to pay dividends when expected, or be illiquid.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Real Estate Investment Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The fund may be negatively affected by changes in real estate values or economic conditions, credit risk and interest rate fluctuations, changes in the value of the underlying real estate and defaults by lessees and/or borrowers.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Redemption Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">One or more large shareholders or groups of shareholders may redeem their holdings in the fund, resulting in an adverse impact on remaining shareholders in the fund by causing the fund to take actions it would not otherwise have taken. The effects of taxable gains resulting from large redemptions of fund shares would particularly impact non-redeeming shareholders who do not hold their fund shares in a tax-advantaged or tax-exempt vehicle. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the fund’s net asset value and liquidity. In addition, a large redemption could result in the fund’s current expenses being allocated over a smaller asset base, leading to an increase in the fund’s expense ratio.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Value Stocks Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The fund may underperform when value investing is out of favor or the fund’s investments may not appreciate in value as anticipated.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none; font-style:italic;">Please see “More Information About Risks of Investing in the Funds” in the fund’s prospectus for a more detailed description of the fund’s risks.</p> Performance Information <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The bar chart shows changes in the fund’s performance from year to year over a 10-year period. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index. Updated performance information is available at virtus.com or by calling 800-243-1574.</p> The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. virtus.com 800-243-1574 Calendar year total returns for Institutional Class Shares  Returns do not reflect sales charges applicable to other share classes and would be lower if they did. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:auto;margin-right:auto" width="72%"><tr style="font-size:1pt;"><td style="width:14.16%;"> </td><td style="width:10.09%;"> </td><td style="width:10.09%;"> </td><td style="width:14.14%;"> </td><td style="width:10.09%;"> </td><td style="width:10.09%;"> </td><td style="width:22.22%;"> </td><td style="width:9.1%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Best Quarter:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2022, Q4:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">20.11%</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Worst Quarter:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q1:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">-23.81%</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Year to Date (9/30/2026):</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">17.76%</p></td></tr></table> Best Quarter 2022-12-31 0.2011 Worst Quarter 2020-03-31 -0.2381 Year to Date 2026-09-30 0.1776 Average Annual Total Returns (for the periods ended 12/31/25) Return Before Taxes 0.4241 0.0659 0.0602 Return After Taxes on Distributions 0.3987 0.0601 0.0518 Return After Taxes on Distributions and Sale of Fund Shares 0.2564 0.0520 0.0452 Return Before Taxes 0.3407 0.0502 0.0505 Return Before Taxes 0.4248 0.0664 0.0607 MSCI ACWI ex USA Index (net) (reflects no deduction for fees or expenses) 0.3239 0.0791 0.0841 <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The MSCI ACWI ex USA Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets, excluding the United States. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged and not available for direct investment.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.</p> The MSCI ACWI ex USA Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets, excluding the United States. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged and not available for direct investment. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. Virtus NFJ Large-Cap Value Fund Investment Objective <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The fund seeks long-term growth of capital and income.</p> Fees and Expenses <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; font-style:normal;"><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The tables below illustrate the fees and expenses that you may pay if you buy, hold and sell shares of the fund. </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> You may qualify for sales charge discounts in Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Funds.</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">More information on these and other discounts is available: (i) from your financial professional or other financial intermediary; (ii) under “Sales Charges” on page 93 of the fund’s prospectus; and (iii) with respect to purchase of shares through specific intermediaries, in Appendix A to the fund’s prospectus, entitled “Intermediary Sales Charge Discounts and Waivers.”</span></p> You may qualify for sales charge discounts in Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Funds. 50000 Shareholder Fees (fees paid directly from your investment) 0.0550 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0045 0.0045 0.0045 0.0025 0 0 0.0030 0.0030 0.0021 0.0100 0.0075 0.0066 0 0 -0.0001 0.0100 0.0075 0.0065 Example <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods or continued to hold them. The example also assumes that your investment has a 5% return each year, that the fund’s operating expenses remain the same and that the expense reimbursement agreement remains in place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 646 646 851 851 1072 1072 1707 1707 77 77 240 240 417 417 930 930 66 66 210 210 367 367 822 822 Portfolio Turnover <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 119% of the average value of its portfolio. </p> 1.19 Principal Investment Strategies <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; font-style:normal;"><span class="fnd_NmRule35d1EightyPctInvstmntPlcyTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Under normal circumstances, the fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks and other equity securities of value companies with large market capitalizations. </span><span class="fnd_NmRule35d1TermDfnSmryTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">As of the date of this prospectus, the fund’s subadviser considers value companies for this purpose to be those companies whose securitie</span><span class="fnd_NmRule35d1TermDfnSmryTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">s the portfolio managers believe have attractive valuation and fundamental strength and considers a company’s market capitalization to be large if it equals or exceeds $5 billion. </span><span class="fnd_NmRule35d1TermDfnSmryTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Equity securities include common stocks (including depositary receipts evidencing ownership of common stock), preferred stocks and other preferred </span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; font-style:normal;"><span class="fnd_NmRule35d1TermDfnSmryTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">securities, convertible securities, rights and warrants, and other securities, such as hybrid securities and trust preferred securities, believed to have equity-like characteristics.</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The fund normally invests significantly in securities that the portfolio managers expect will generate income (for example, by paying dividends). The portfolio managers partition the fund’s selection universe by industry and then identify what they believe to be the most attractively valued securities in each industry. While the fund’s portfolio selections are guided by this analysis, the fund’s industry allocations may deviate from those of its primary benchmark and typically represent a broad range of industry groups. The portfolio managers use initial parameters and quantitative tools to narrow the fund’s selection universe and also review and consider fundamental changes. After narrowing the universe through a combination of qualitative analysis and fundamental research, the portfolio managers select securities for the fund. In addition to common stocks and other equity securities (such as preferred stocks, convertible securities and warrants), the fund may invest up to 25% of its assets in real estate investment trusts (REITs) and real estate-related investments, and a portion of its assets in non-U.S. securities (including through American Depositary Receipts (ADRs)), including emerging market securities. The fund may utilize foreign currency exchange contracts, options, stock index futures contracts and other derivative instruments. Although the fund did not invest significantly in derivative instruments as of the most recent fiscal year end, it may do so at any time.</span></p> Under normal circumstances, the fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks and other equity securities of value companies with large market capitalizations. Under normal circumstances, the fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks and other equity securities of value companies with large market capitalizations. <span class="fnd_NmRule35d1TermDfnSmryTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">As of the date of this prospectus, the fund’s subadviser considers value companies for this purpose to be those companies whose securitie</span><span class="fnd_NmRule35d1TermDfnSmryTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">s the portfolio managers believe have attractive valuation and fundamental strength and considers a company’s market capitalization to be large if it equals or exceeds $5 billion. </span><span class="fnd_NmRule35d1TermDfnSmryTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Equity securities include common stocks (including depositary receipts evidencing ownership of common stock), preferred stocks and other preferred </span><span class="fnd_NmRule35d1TermDfnSmryTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">securities, convertible securities, rights and warrants, and other securities, such as hybrid securities and trust preferred securities, believed to have equity-like characteristics.</span> <p style="margin-top:revert; margin-bottom:revert; font-size:11.0pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:bold; text-decoration:none;">Principal Risks</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The fund may not achieve its objective(s), and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. Purchase and redemption activities by fund shareholders may impact the management of the fund and its ability to achieve its investment objective(s). The principal risks of investing in the fund are identified below (in alphabetical order after the first three risks).</p> If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Volatility Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The value of the securities in the fund may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional or global events such as war or military conflict (e.g., Russia’s invasion of Ukraine), geopolitical risk, acts of terrorism, the spread of infectious illness or other public health issue, recessions, tariffs and other restrictions on trade, or the threat or potential of one or more such events and developments, could have a significant impact on the fund and its investments, including hampering the ability of the fund’s portfolio manager(s) to invest the fund’s assets as intended.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Issuer Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The fund will be affected by factors specific to the issuers of securities and other instruments in which the fund invests, including actual or perceived changes in the financial condition or business prospects of such issuers.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Equity Securities Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The value of the stocks held by the fund may be negatively affected by the financial market, industries in which the fund invests, or issuer-specific events. Focus on a particular style or in small or medium-sized companies may enhance that risk.</span></p>  <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Counterparty Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> There is risk that a party upon whom the fund relies to complete a transaction will default.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Credit Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">If the issuer of a debt instrument fails to pay interest or principal in a timely manner, or negative perceptions exist in the market of the issuer’s ability to make such payments, the price of the security may decline.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Currency Rate Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect the value of the fund’s shares.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Depositary Receipts Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> Investments in foreign companies through depositary receipts may expose the fund to the same risks as direct investments in securities of foreign issuers.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Derivatives and other similar instruments (collectively referred to in this section as “derivatives”) may include, among other things, futures, options, forwards, and swap agreements, and may be used in order to hedge portfolio risks, create leverage or attempt to increase returns. Investments in derivatives may result in increased volatility and the fund may incur a loss greater than its principal investment.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Emerging Market Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Emerging markets securities may be more volatile, or more greatly affected by negative conditions, than those of their counterparts in more established foreign markets. Such securities may also be subject to Sanctions Risk.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Sanctions Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The imposition of sanctions and other similar measures could cause a decline in the value and/or liquidity of securities issued by or tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of transactions, and negatively impact the fund’s liquidity and performance.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Focused Investment Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">To the extent the fund focuses its investments on a limited number of issuers, sectors, industries, geographic regions or portfolio themes, it may be subject to increased risk and volatility.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Foreign Investing Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Investing in foreign securities subjects the fund to additional risks such as increased volatility; currency fluctuations; less liquidity; less publicly available information about the foreign investment; and political, regulatory, economic, and market risk.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Large Market Capitalization Companies Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The value of investments in larger companies may not rise as much as smaller companies, or larger companies may be unable to respond quickly to competitive challenges, such as changes in technology and consumer tastes.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:bold; margin-left:39.6pt; font-style:italic;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Liquidity Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Certain instruments may be difficult or impossible to sell at a time and price beneficial to the fund.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Portfolio Turnover Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The fund’s principal investment strategies may result in a high portfolio turnover rate. See the “Portfolio Turnover” section above for more information about the impact that portfolio turnover can have on your investment.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Preferred Stocks Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Preferred stocks may decline in price, fail to pay dividends when expected, or be illiquid.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Real Estate Investment Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The fund may be negatively affected by changes in real estate values or economic conditions, credit risk and interest rate fluctuations, changes in the value of the underlying real estate and defaults by lessees and/or borrowers.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Redemption Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">One or more large shareholders or groups of shareholders may redeem their holdings in the fund, resulting in an adverse impact on remaining shareholders in the fund by causing the fund to take actions it would not otherwise have taken. The effects of taxable gains resulting from large redemptions of fund shares would particularly impact non-redeeming shareholders who do not hold their fund shares in a tax-advantaged or tax-exempt vehicle. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the fund’s net asset value and liquidity. In addition, a large redemption could result in the fund’s current expenses being allocated over a smaller asset base, leading to an increase in the fund’s expense ratio.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Value Stocks Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The fund may underperform when value investing is out of favor or the fund’s investments may not appreciate in value as anticipated.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none; font-style:italic;">Please see “More Information About Risks of Investing in the Funds” in the fund’s prospectus for a more detailed description of the fund’s risks.</p> Performance Information <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The bar chart shows changes in the fund’s performance from year to year over a 10-year period. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a style-specific index that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.</p> The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. virtus.com 800-243-1574 Calendar year total returns for Institutional Class Shares  Returns do not reflect sales charges applicable to other share classes and would be lower if they did. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:auto;margin-right:auto" width="72%"><tr style="font-size:1pt;"><td style="width:14.16%;"> </td><td style="width:10.09%;"> </td><td style="width:10.09%;"> </td><td style="width:14.14%;"> </td><td style="width:10.09%;"> </td><td style="width:10.09%;"> </td><td style="width:22.22%;"> </td><td style="width:9.1%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Best Quarter:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q2:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">15.67%</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Worst Quarter:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q1:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">-25.54%</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Year to Date (9/30/2026):</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">18.05%</p></td></tr></table> Best Quarter 2020-06-30 0.1567 Worst Quarter 2020-03-31 -0.2554 Year to Date 2026-09-30 0.1805 Average Annual Total Returns (for the periods ended 12/31/25) 2021-10-29 2021-10-29 2021-10-29 Return Before Taxes 0.0675 0.0764 0.0880 Return After Taxes on Distributions 0.0408 0.0525 0.0710 Return After Taxes on Distributions and Sale of Fund Shares 0.0560 0.0558 0.0669 Return Before Taxes 0.0066 0.0616 0.0785 Return Before Taxes 0.0691 0.0391 Wilshire 5000 Total Market Index (reflects no deduction for fees, expenses or taxes) 0.1713 0.1340 0.1445 0.1054 Russell 1000® Value Index 0.1591 0.1133 0.1053 0.0841 <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The Wilshire 5000 Total Market Index (formerly known as the FT Wilshire 5000 Index) is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged and not available for direct investment.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; font-style:normal;"><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The Russell 1000</span><span style="font-size:11.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">^®</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> Value Index is a free float-adjusted market capitalization-weighted index of value-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. Effective March 24, 2025, the index applies a capping methodology. Index constituents are </span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">capped quarterly so that no more than 22.5% of the index weight may be allocated to a single constituent, and the sum of the weights of all constituents representing more than 4.5% of the index should not exceed 45% of the total index weight. For periods prior to March 24, 2025, the index was uncapped. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged and not available for direct investment.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.</p> The Russell 1000® Value Index is a free float-adjusted market capitalization-weighted index of value-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. Effective March 24, 2025, the index applies a capping methodology. Index constituents are capped quarterly so that no more than 22.5% of the index weight may be allocated to a single constituent, and the sum of the weights of all constituents representing more than 4.5% of the index should not exceed 45% of the total index weight. For periods prior to March 24, 2025, the index was uncapped. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged and not available for direct investment. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. Virtus NFJ Mid-Cap Value Fund Investment Objective <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The fund seeks long-term growth of capital and income.</p> Fees and Expenses <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; font-style:normal;"><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The tables below illustrate the fees and expenses that you may pay if you buy, hold and sell shares of the fund. </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> You may qualify for sales charge discounts in Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Funds.</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">More information on these and other discounts is available: (i) from your financial professional or other financial intermediary; (ii) under “Sales Charges” on page 93 of the fund’s prospectus; and (iii) with respect to purchase of shares through specific intermediaries, in Appendix A to the fund’s prospectus, entitled “Intermediary Sales Charge Discounts and Waivers.”</span></p> You may qualify for sales charge discounts in Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Funds. 50000 Shareholder Fees (fees paid directly from your investment) 0.0550 0 0 0 0 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0055 0.0055 0.0055 0.0055 0.0025 0.0100 0 0 0.0030 0.0031 0.0026 0.0019 0.0110 0.0186 0.0081 0.0074 -0.0010 -0.0011 -0.0016 -0.0014 0.0100 0.0175 0.0065 0.0060 Example <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods or continued to hold them. The example also assumes that your investment has a 5% return each year, that the fund’s operating expenses remain the same and that the expense reimbursement agreement remains in place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 646 646 871 871 1114 1114 1808 1808 278 574 996 2171 178 574 996 2171 66 66 243 243 434 434 987 987 61 61 222 222 398 398 905 905 Portfolio Turnover <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 103% of the average value of its portfolio. </p> 1.03 Principal Investment Strategies <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; font-style:normal;"><span class="fnd_NmRule35d1EightyPctInvstmntPlcyTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Under normal circumstances, the fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks and other equity securities of value companies with medium market capitalizations. </span><span class="fnd_NmRule35d1TermDfnSmryTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Equity securities include common stocks (including depositary receipts evidencing ownership of common stock), preferred stocks and other preferred securities, convertible securities, rights and warrants, and other securities, such as hybrid securities and trust preferred securities, believed to have equity-like characteristics. As of the date of this prospectus, the fund’s subadviser considers value companies for this purpose to be those companies whose securities the portfolio managers believe have attractive valuation and fundamental strength and considers medium market capitalization companies to be those companies with a market capitalization of at least $3 billion and up to the higher of $50 billion or the largest company held in the Russell Midcap Index. </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">As of June 30, 2026, the largest company held in the Russell Midcap Index had a market capitalization of $92.7 billion. The fund may continue to hold securities of a portfolio company that subsequently appreciates above the medium market capitalization threshold, although such a company will not be considered for purposes of the fund’s 80% policy to be a medium market capitalization company at that point. The fund normally invests significantly in securities that the portfolio managers expect will generate income (for example, by paying dividends). The portfolio managers use initial parameters and quantitative tools to narrow the fund’s selection universe and also review and consider fundamental changes. After narrowing the universe through a combination of qualitative analysis and fundamental research, the portfolio managers select securities for the fund. In addition to common stocks and other equity securities (such as preferred stocks, convertible securities and warrants), the fund may invest up to 25% of its assets in non-U.S. securities, including emerging market securities (but without limit in American Depositary Receipts (ADRs)) and may invest up to 25% of its assets in real estate investment trusts (REITs). The fund may utilize foreign currency exchange contracts, options, stock index futures contracts and other derivative instruments. Although the fund did not invest significantly in derivative instruments as of the most recent fiscal year end, it may do so at any time.</span></p> Under normal circumstances, the fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks and other equity securities of value companies with medium market capitalizations. Under normal circumstances, the fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks and other equity securities of value companies with medium market capitalizations. <span class="fnd_NmRule35d1TermDfnSmryTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Equity securities include common stocks (including depositary receipts evidencing ownership of common stock), preferred stocks and other preferred securities, convertible securities, rights and warrants, and other securities, such as hybrid securities and trust preferred securities, believed to have equity-like characteristics. As of the date of this prospectus, the fund’s subadviser considers value companies for this purpose to be those companies whose securities the portfolio managers believe have attractive valuation and fundamental strength and considers medium market capitalization companies to be those companies with a market capitalization of at least $3 billion and up to the higher of $50 billion or the largest company held in the Russell Midcap Index. </span> <p style="margin-top:revert; margin-bottom:revert; font-size:11.0pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:bold; text-decoration:none;">Principal Risks</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The fund may not achieve its objective(s), and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. Purchase and redemption activities by fund shareholders may impact the management of the fund and its ability to achieve its investment objective(s). The principal risks of investing in the fund are identified below (in alphabetical order after the first four risks).</p> If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Volatility Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The value of the securities in the fund may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional or global events such as war or military conflict (e.g., Russia’s invasion of Ukraine), geopolitical risk, acts of terrorism, the spread of infectious illness or other public health issue, recessions, tariffs and other restrictions on trade, or the threat or potential of one or more such events and developments, could have a significant impact on the fund and its investments, including hampering the ability of the fund’s portfolio manager(s) to invest the fund’s assets as intended.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Issuer Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The fund will be affected by factors specific to the issuers of securities and other instruments in which the fund invests, including actual or perceived changes in the financial condition or business prospects of such issuers.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Equity Securities Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The value of the stocks held by the fund may be negatively affected by the financial market, industries in which the fund invests, or issuer-specific events. Focus on a particular style or in small or medium-sized companies may enhance that risk.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Counterparty Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> There is risk that a party upon whom the fund relies to complete a transaction will default.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Credit Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">If the issuer of a debt instrument fails to pay interest or principal in a timely manner, or negative perceptions exist in the market of the issuer’s ability to make such payments, the price of the security may decline.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Currency Rate Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect the value of the fund’s shares.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Depositary Receipts Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> Investments in foreign companies through depositary receipts may expose the fund to the same risks as direct investments in securities of foreign issuers.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Derivatives and other similar instruments (collectively referred to in this section as “derivatives”) may include, among other things, futures, options, forwards, and swap agreements, and may be used in order to hedge portfolio risks, create leverage or attempt to increase returns. Investments in derivatives may result in increased volatility and the fund may incur a loss greater than its principal investment.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Emerging Market Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Emerging markets securities may be more volatile, or more greatly affected by negative conditions, than those of their counterparts in more established foreign markets. Such securities may also be subject to Sanctions Risk.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Sanctions Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The imposition of sanctions and other similar measures could cause a decline in the value and/or liquidity of securities issued by or tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of transactions, and negatively impact the fund’s liquidity and performance.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Focused Investment Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">To the extent the fund focuses its investments on a limited number of issuers, sectors, industries, geographic regions or portfolio themes, it may be subject to increased risk and volatility.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Foreign Investing Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Investing in foreign securities subjects the fund to additional risks such as increased volatility; currency fluctuations; less liquidity; less publicly available information about the foreign investment; and political, regulatory, economic, and market risk.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:bold; margin-left:39.6pt; font-style:italic;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Liquidity Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Certain instruments may be difficult or impossible to sell at a time and price beneficial to the fund.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Portfolio Turnover Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The fund’s principal investment strategies may result in a high portfolio turnover rate. See the “Portfolio Turnover” section above for more information about the impact that portfolio turnover can have on your investment.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Preferred Stocks Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Preferred stocks may decline in price, fail to pay dividends when expected, or be illiquid.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Real Estate Investment Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The fund may be negatively affected by changes in real estate values or economic conditions, credit risk and interest rate fluctuations, changes in the value of the underlying real estate and defaults by lessees and/or borrowers.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Redemption Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">One or more large shareholders or groups of shareholders may redeem their holdings in the fund, resulting in an adverse impact on remaining shareholders in the fund by causing the fund to take actions it would not otherwise have taken. The effects of taxable gains resulting from large redemptions of fund shares would particularly impact non-redeeming shareholders who do not hold their fund shares in a tax-advantaged or tax-exempt vehicle. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the fund’s net asset value and liquidity. In addition, a large redemption could result in the fund’s current expenses being allocated over a smaller asset base, leading to an increase in the fund’s expense ratio.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Small and Medium Market Capitalization Companies Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The fund’s investments in small and medium market capitalization companies may increase the volatility and risk of loss to the fund, as compared with investments in larger, more established companies.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Value Stocks Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The fund may underperform when value investing is out of favor or the fund’s investments may not appreciate in value as anticipated.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none; font-style:italic;">Please see “More Information About Risks of Investing in the Funds” in the fund’s prospectus for a more detailed description of the fund’s risks.</p> Performance Information <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The bar chart shows changes in the fund’s performance from year to year over a 10-year period. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a style-specific index that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.</p> The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. virtus.com 800-243-1574 Calendar year total returns for Institutional Class Shares  Returns do not reflect sales charges applicable to other share classes and would be lower if they did. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:auto;margin-right:auto" width="72%"><tr style="font-size:1pt;"><td style="width:14.16%;"> </td><td style="width:10.09%;"> </td><td style="width:10.09%;"> </td><td style="width:14.14%;"> </td><td style="width:10.09%;"> </td><td style="width:10.09%;"> </td><td style="width:22.22%;"> </td><td style="width:9.1%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Best Quarter:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q2:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">16.58%</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Worst Quarter:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q1:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">-28.04%</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Year to Date (9/30/2026):</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">13.39%</p></td></tr></table> Best Quarter 2020-06-30 0.1658 Worst Quarter 2020-03-31 -0.2804 Year to Date 2026-09-30 0.1339 Average Annual Total Returns (for the periods ended 12/31/25) 2017-12-18 2017-12-18 2017-12-18 Return Before Taxes 0.0571 0.0716 0.0877 Return After Taxes on Distributions 0.0440 0.0447 0.0667 Return After Taxes on Distributions and Sale of Fund Shares 0.0433 0.0498 0.0649 Return Before Taxes -0.0043 0.0559 0.0779 Return Before Taxes 0.0457 0.0599 0.0758 Return Before Taxes 0.0578 0.0722 0.0566 Wilshire 5000 Total Market Index (reflects no deduction for fees, expenses or taxes) 0.1713 0.1340 0.1445 0.1364 Russell Midcap® Value Index 0.1105 0.0983 0.0978 0.0811 <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The Wilshire 5000 Total Market Index (formerly known as the FT Wilshire 5000 Index) is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged and not available for direct investment.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; font-style:normal;"><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Russell</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Midcap</span><span style="font-size:6.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">^®</span><span style="font-size:6.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Value</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Index</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">is</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">a</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> free float-adjusted </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">market</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">capitalization-weighted</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">index</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">of</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">medium-capitalization,</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">value-oriented</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">stocks.</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> Effective March 24, 2025, the index applies a capping methodology. Index constituents are capped quarterly so that no more than 22.5% of the index weight may be allocated to a single constituent, and the sum of the weights of all constituents representing more than 4.5% of the index should not exceed 45% of the total index weight. For periods prior to March 24, 2025, the index was uncapped. </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">index</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">is</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">calculated </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">on</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">a</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">total-return</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">basis</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">with</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> dividends reinvested.</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">index</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">is</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> unmanaged</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">and</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">not</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">available</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">for</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">direct</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">investment.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.</p> The Russell Midcap® Value Index is a free float-adjusted market capitalization-weighted index of medium-capitalization, value-oriented stocks. Effective March 24, 2025, the index applies a capping methodology. Index constituents are capped quarterly so that no more than 22.5% of the index weight may be allocated to a single constituent, and the sum of the weights of all constituents representing more than 4.5% of the index should not exceed 45% of the total index weight. For periods prior to March 24, 2025, the index was uncapped. The index is calculated on a total-return basis with dividends reinvested. The index is unmanaged and not available for direct investment. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. Virtus NFJ Small-Cap Value Fund Investment Objective <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The fund seeks long-term growth of capital and income.</p> Fees and Expenses <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; font-style:normal;"><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The tables below illustrate the fees and expenses that you may pay if you buy, hold and sell shares of the fund. </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> You may qualify for sales charge discounts in Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Funds.</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">More information on these and other discounts is available: (i) from your financial professional or other financial intermediary; (ii) under “Sales Charges” on page 93 of the fund’s prospectus; and (iii) with respect to purchase of shares through specific intermediaries, in Appendix A to the fund’s prospectus, entitled “Intermediary Sales Charge Discounts and Waivers.”</span></p> You may qualify for sales charge discounts in Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Funds. 50000 Shareholder Fees (fees paid directly from your investment) 0.0550 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0060 0.0060 0.0060 0.0025 0 0 0.0036 0.0031 0.0022 0.0121 0.0091 0.0082 -0.0004 -0.0009 -0.0005 0.0117 0.0082 0.0077 Example <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods or continued to hold them. The example also assumes that your investment has a 5% return each year, that the fund’s operating expenses remain the same and that the expense reimbursement agreement remains in place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 663 663 909 909 1175 1175 1932 1932 84 84 281 281 495 495 1111 1111 79 79 257 257 450 450 1009 1009 Portfolio Turnover <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 87% of the average value of its portfolio. </p> 0.87 Principal Investment Strategies <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; font-style:normal;"><span class="fnd_NmRule35d1EightyPctInvstmntPlcyTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Under normal circumstances, the fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks and other equity securities of value companies with smaller market capitalizations. </span><span class="fnd_NmRule35d1TermDfnSmryTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Equity securities include common stocks (including depositary receipts evidencing ownership of common stock), preferred stocks and other preferred securities, convertible securities, rights and warrants, and other securities, such as hybrid securities and trust preferred securities, believed to have equity-like characteristics. As of the date of this prospectus, the fund’s subadviser considers value companies for this purpose to be those companies whose securities the </span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; font-style:normal;"><span class="fnd_NmRule35d1TermDfnSmryTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">portfolio managers believe have attractive valuation and fundamental strength and considers smaller market capitalization companies to be companies with market capitalizations of between $100 million and the greater of $4 billion or the capitalization of the largest company in the Russell 2000</span><span class="fnd_NmRule35d1TermDfnSmryTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">^®</span><span class="fnd_NmRule35d1TermDfnSmryTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> Index.</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> As of June 30, 2026, the market capitalization of the largest company in the Russell 2000</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">^®</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> Index was $13.2 billion. The fund may continue to hold securities of a portfolio company that subsequently appreciates above the smaller market capitalization threshold, including in situations where such securities continue to trade at valuations the portfolio managers consider attractive, although such a company will not be considered for purposes of the fund’s 80% policy to be a medium market capitalization company at that point. The fund normally invests significantly in securities of companies that the portfolio managers expect will generate income (for example, by paying dividends). The portfolio managers use initial parameters and quantitative tools to narrow the fund’s selection universe and also review and consider fundamental changes. After narrowing the universe through a combination of qualitative analysis and fundamental research, the portfolio managers select securities for the fund. In addition to common stocks and other equity securities (such as preferred stocks, convertible securities and warrants), the fund may invest a substantial portion of its assets in real estate investment trusts (REITs). The fund may also invest a portion of its assets in non-U.S. securities (including through American Depositary Receipts (ADRs)), including emerging market securities. The fund may utilize foreign currency exchange contracts, options, stock index futures contracts and other derivative instruments. Although the fund did not invest significantly in derivative instruments as of the most recent fiscal year end, it may do so at any time.</span></p> Under normal circumstances, the fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks and other equity securities of value companies with smaller market capitalizations. Under normal circumstances, the fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks and other equity securities of value companies with smaller market capitalizations. <span class="fnd_NmRule35d1TermDfnSmryTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Equity securities include common stocks (including depositary receipts evidencing ownership of common stock), preferred stocks and other preferred securities, convertible securities, rights and warrants, and other securities, such as hybrid securities and trust preferred securities, believed to have equity-like characteristics. As of the date of this prospectus, the fund’s subadviser considers value companies for this purpose to be those companies whose securities the </span><span class="fnd_NmRule35d1TermDfnSmryTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">portfolio managers believe have attractive valuation and fundamental strength and considers smaller market capitalization companies to be companies with market capitalizations of between $100 million and the greater of $4 billion or the capitalization of the largest company in the Russell 2000</span><span class="fnd_NmRule35d1TermDfnSmryTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">^®</span><span class="fnd_NmRule35d1TermDfnSmryTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> Index.</span> <p style="margin-top:revert; margin-bottom:revert; font-size:11.0pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:bold; text-decoration:none;">Principal Risks</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The fund may not achieve its objective(s), and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. Purchase and redemption activities by fund shareholders may impact the management of the fund and its ability to achieve its investment objective(s). The principal risks of investing in the fund are identified below (in alphabetical order after the first five risks).</p> If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Volatility Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The value of the securities in the fund may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional or global events such as war or military conflict (e.g., Russia’s invasion of Ukraine), geopolitical risk, acts of terrorism, the spread of infectious illness or other public health issue, recessions, tariffs and other restrictions on trade, or the threat or potential of one or more such events and developments, could have a significant impact on the fund and its investments, including hampering the ability of the fund’s portfolio manager(s) to invest the fund’s assets as intended.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Issuer Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The fund will be affected by factors specific to the issuers of securities and other instruments in which the fund invests, including actual or perceived changes in the financial condition or business prospects of such issuers.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Equity Securities Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The value of the stocks held by the fund may be negatively affected by the financial market, industries in which the fund invests, or issuer-specific events. Focus on a particular style or in small or medium-sized companies may enhance that risk.</span></p>  <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Counterparty Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> There is risk that a party upon whom the fund relies to complete a transaction will default.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Credit Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">If the issuer of a debt instrument fails to pay interest or principal in a timely manner, or negative perceptions exist in the market of the issuer’s ability to make such payments, the price of the security may decline.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Currency Rate Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect the value of the fund’s shares.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Depositary Receipts Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> Investments in foreign companies through depositary receipts may expose the fund to the same risks as direct investments in securities of foreign issuers.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Derivatives and other similar instruments (collectively referred to in this section as “derivatives”) may include, among other things, futures, options, forwards, and swap agreements, and may be used in order to hedge portfolio risks, create leverage or attempt to increase returns. Investments in derivatives may result in increased volatility and the fund may incur a loss greater than its principal investment.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Emerging Market Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Emerging markets securities may be more volatile, or more greatly affected by negative conditions, than those of their counterparts in more established foreign markets. Such securities may also be subject to Sanctions Risk.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Sanctions Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The imposition of sanctions and other similar measures could cause a decline in the value and/or liquidity of securities issued by or tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of transactions, and negatively impact the fund’s liquidity and performance.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Focused Investment Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">To the extent the fund focuses its investments on a limited number of issuers, sectors, industries, geographic regions or portfolio themes, it may be subject to increased risk and volatility.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Foreign Investing Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Investing in foreign securities subjects the fund to additional risks such as increased volatility; currency fluctuations; less liquidity; less publicly available information about the foreign investment; and political, regulatory, economic, and market risk.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:bold; margin-left:39.6pt; font-style:italic;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Liquidity Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Certain instruments may be difficult or impossible to sell at a time and price beneficial to the fund.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Portfolio Turnover Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The fund’s principal investment strategies may result in a high portfolio turnover rate. See the “Portfolio Turnover” section above for more information about the impact that portfolio turnover can have on your investment.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Real Estate Investment Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The fund may be negatively affected by changes in real estate values or economic conditions, credit risk and interest rate fluctuations, changes in the value of the underlying real estate and defaults by lessees and/or borrowers.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Redemption Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">One or more large shareholders or groups of shareholders may redeem their holdings in the fund, resulting in an adverse impact on remaining shareholders in the fund by causing the fund to take actions it would not otherwise have taken. The effects of taxable gains resulting from large redemptions of fund shares would particularly impact non-redeeming shareholders who do not hold their fund shares in a tax-advantaged or tax-exempt vehicle. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the fund’s net asset value and liquidity. In addition, a large redemption could result in the fund’s current expenses being allocated over a smaller asset base, leading to an increase in the fund’s expense ratio.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Small and Medium Market Capitalization Companies Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The fund’s investments in small and medium market capitalization companies may increase the volatility and risk of loss to the fund, as compared with investments in larger, more established companies.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Value Stocks Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The fund may underperform when value investing is out of favor or the fund’s investments may not appreciate in value as anticipated.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none; font-style:italic;">Please see “More Information About Risks of Investing in the Funds” in the fund’s prospectus for a more detailed description of the fund’s risks.</p> Performance Information <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The bar chart shows changes in the fund’s performance from year to year over a 10-year period. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a style-specific index that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.</p> The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. virtus.com 800-243-1574 Calendar year total returns for Institutional Class Shares  Returns do not reflect sales charges applicable to other share classes and would be lower if they did. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:auto;margin-right:auto" width="72%"><tr style="font-size:1pt;"><td style="width:14.16%;"> </td><td style="width:10.09%;"> </td><td style="width:10.09%;"> </td><td style="width:14.14%;"> </td><td style="width:10.09%;"> </td><td style="width:10.09%;"> </td><td style="width:22.22%;"> </td><td style="width:9.1%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Best Quarter:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q4:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">23.37%</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Worst Quarter:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q1:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">-32.42%</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Year to Date (9/30/2026):</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">12.28%</p></td></tr></table> Best Quarter 2020-12-31 0.2337 Worst Quarter 2020-03-31 -0.3242 Year to Date 2026-09-30 0.1228 Average Annual Total Returns (for the periods ended 12/31/25) Return Before Taxes 0.0140 0.0683 0.0621 Return After Taxes on Distributions 0.0064 0.0489 0.0369 Return After Taxes on Distributions and Sale of Fund Shares 0.0138 0.0503 0.0429 Return Before Taxes -0.0449 0.0525 0.0523 Return Before Taxes 0.0146 0.0687 0.0626 Wilshire 5000 Total Market Index (reflects no deduction for fees, expenses or taxes) 0.1713 0.1340 0.1445 Russell 2000® Value Index 0.1259 0.0888 0.0927 <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The Wilshire 5000 Total Market Index (formerly known as the FT Wilshire 5000 Index) is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged and not available for direct investment.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; font-style:normal;"><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Russell</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">2000</span><span style="font-size:6.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">^®</span><span style="font-size:6.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Value Index is a free float-adjusted market capitalization-weighted index of value-oriented stocks of the smallest 2,000 companies in the Russell universe, which comprises the 3,000 largest U.S. companies. Effective March 24, 2025, the index applies a capping methodology. Index constituents are capped quarterly so that no more than 22.5% of the index weight may be allocated to a single constituent, and the sum of the weights of all constituents representing more than 4.5% of the index should not exceed 45% of the total index weight. For periods prior to March 24, 2025, the index was uncapped. The index is calculated on a total-return basis with dividends reinvested. The index is unmanaged and not available for direct investment.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.</p> The Russell 2000® Value Index is a free float-adjusted market capitalization-weighted index of value-oriented stocks of the smallest 2,000 companies in the Russell universe, which comprises the 3,000 largest U.S. companies. Effective March 24, 2025, the index applies a capping methodology. Index constituents are capped quarterly so that no more than 22.5% of the index weight may be allocated to a single constituent, and the sum of the weights of all constituents representing more than 4.5% of the index should not exceed 45% of the total index weight. For periods prior to March 24, 2025, the index was uncapped. The index is calculated on a total-return basis with dividends reinvested. The index is unmanaged and not available for direct investment. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. Virtus Silvant Focused Growth Fund Investment Objective <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; font-style:normal;"><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The fund </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#231F20; font-weight:normal; text-decoration:none;">seeks</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#231F20; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#231F20; font-weight:normal; text-decoration:none;">long-term</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#231F20; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#231F20; font-weight:normal; text-decoration:none;">capital</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#231F20; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#231F20; font-weight:normal; text-decoration:none;">appreciation</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">.</span></p> Fees and Expenses <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; font-style:normal;"><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The tables below illustrate the fees and expenses that you may pay if you buy, hold and sell shares of the fund. </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> You may qualify for sales charge discounts in Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Funds.</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">More information on these and other discounts is available: (i) from your financial professional or other financial intermediary; (ii) under “Sales Charges” on page 93 of the fund’s prospectus; and (iii) with respect to purchase of shares through specific intermediaries, in Appendix A to the fund’s prospectus, entitled “Intermediary Sales Charge Discounts and Waivers.”</span></p> You may qualify for sales charge discounts in Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Funds. 50000 Shareholder Fees (fees paid directly from your investment) 0.0550 0 0 0 0 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0045 0.0045 0.0045 0.0045 0.0025 0.0100 0 0 0.0024 0.0026 0.0024 0.0017 0.0094 0.0171 0.0069 0.0062 0 0 -0.0002 0 0.0094 0.0171 0.0067 0.0062 Example <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods or continued to hold them. The example also assumes that your investment has a 5% return each year, that the fund’s operating expenses remain the same and that the expense reimbursement agreement remains in place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 641 641 833 833 1041 1041 1641 1641 274 539 928 2019 174 539 928 2019 68 68 219 219 382 382 857 857 63 63 199 199 346 346 774 774 Portfolio Turnover <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 24% of the average value of its portfolio. </p> 0.24 Principal Investment Strategies <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The fund seeks to achieve its investment objective by normally investing primarily in equity securities of U.S. companies with market capitalizations of at least $1 billion. The fund is “non-diversified,” which means that it may invest a significant portion of its assets in a relatively small number of issuers, which may increase risk. The fund may also invest up to 20% of its assets in non-U.S. securities (but no more than 10% in any one non-U.S. country), including through American Depositary Receipts (ADRs). In addition to common stocks and other equity securities (such as preferred stocks, convertible securities and warrants), the fund may invest in securities issued in initial public offerings (IPOs) and real estate investment trusts (REITs). At times, depending on market conditions, the fund may also invest a significant percentage of its assets in a small number of business sectors or industries. The portfolio managers typically select 25 to 35 stocks for the fund’s portfolio.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The portfolio managers attempt to include securities in the fund’s portfolio that exhibit the greatest combination of earnings growth potential, quality (as reflected in consistent business fundamentals) and attractive valuation. The portfolio managers ordinarily look for several of the following characteristics when analyzing specific companies for possible investments: higher than average growth and strong potential for capital appreciation; substantial capacity for growth in revenue, cash flow or earnings through either an expanding market or expanding market share; a strong balance sheet; superior management; strong commitment to research and product development; and differentiated or superior products and services or a steady stream of new products and services.</p> <p style="margin-top:revert; margin-bottom:revert; font-size:11.0pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:bold; text-decoration:none;">Principal Risks</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The fund may not achieve its objective(s), and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. Purchase and redemption activities by fund shareholders may impact the management of the fund and its ability to achieve its investment objective(s). The principal risks of investing in the fund are identified below (in alphabetical order after the first four risks).</p> If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Volatility Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The value of the securities in the fund may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional or global events such as war or military conflict (e.g., Russia’s invasion of Ukraine), geopolitical risk, acts of terrorism, the spread of infectious illness or other public health issue, recessions, tariffs and other restrictions on trade, or the threat or potential of one or more such events and developments, could have a significant impact on the fund and its investments, including hampering the ability of the fund’s portfolio manager(s) to invest the fund’s assets as intended.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Issuer Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The fund will be affected by factors specific to the issuers of securities and other instruments in which the fund invests, including actual or perceived changes in the financial condition or business prospects of such issuers.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Equity Securities Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The value of the stocks held by the fund may be negatively affected by the financial market, industries in which the fund invests, or issuer-specific events. Focus on a particular style or in small or medium-sized companies may enhance that risk.</span></p>  <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Focused Investment Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">To the extent the fund focuses its investments on a limited number of issuers, sectors, industries, geographic regions or portfolio themes, it may be subject to increased risk and volatility.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Currency Rate Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect the value of the fund’s shares.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Depositary Receipts Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> Investments in foreign companies through depositary receipts may expose the fund to the same risks as direct investments in securities of foreign issuers.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Foreign Investing Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Investing in foreign securities subjects the fund to additional risks such as increased volatility; currency fluctuations; less liquidity; less publicly available information about the foreign investment; and political, regulatory, economic, and market risk.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Growth Stocks Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The fund’s investments in growth stocks may be more volatile than investments in other types of stocks, or may perform differently from the market as a whole and from other types of stocks.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">IPO Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Securities purchased in initial public offerings have no trading history, limited issuer information and increased volatility.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:bold; margin-left:39.6pt; font-style:italic;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Liquidity Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Certain instruments may be difficult or impossible to sell at a time and price beneficial to the fund.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Non-Diversification Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The fund is not diversified and may be more susceptible to factors negatively impacting its holdings to the extent the fund invests more of its assets in the securities of fewer issuers than would a diversified fund.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Portfolio Turnover Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The fund’s principal investment strategies may result in a high portfolio turnover rate. See the “Portfolio Turnover” section above for more information about the impact that portfolio turnover can have on your investment.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Preferred Stocks Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Preferred stocks may decline in price, fail to pay dividends when expected, or be illiquid.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Real Estate Investment Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The fund may be negatively affected by changes in real estate values or economic conditions, credit risk and interest rate fluctuations, changes in the value of the underlying real estate and defaults by lessees and/or borrowers.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Redemption Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">One or more large shareholders or groups of shareholders may redeem their holdings in the fund, resulting in an adverse impact on remaining shareholders in the fund by causing the fund to take actions it would not otherwise have taken. The effects of taxable gains resulting from large redemptions of fund shares would particularly impact non-redeeming shareholders who do not hold their fund shares in a tax-advantaged or tax-exempt vehicle. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a fund to sell portfolio securities at </span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; margin-left:39.6pt; text-decoration:none;">times when it would not otherwise do so, which may negatively impact the fund’s net asset value and liquidity. In addition, a large redemption could result in the fund’s current expenses being allocated over a smaller asset base, leading to an increase in the fund’s expense ratio.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none; font-style:italic;">Please see “More Information About Risks of Investing in the Funds” in the fund’s prospectus for a more detailed description of the fund’s risks.</p> Performance Information <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. The current subadviser commenced providing services for the fund in July 2022 and therefore the returns shown in the table for periods prior to that date reflect the performance of other investment professionals.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The bar chart shows changes in the fund’s performance from year to year over a 10-year period. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a style-specific index that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.</p> The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. virtus.com 800-243-1574 Calendar year total returns for Institutional Class Shares  Returns do not reflect sales charges applicable to other share classes and would be lower if they did. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:auto;margin-right:auto" width="72%"><tr style="font-size:1pt;"><td style="width:14.16%;"> </td><td style="width:10.09%;"> </td><td style="width:10.09%;"> </td><td style="width:14.14%;"> </td><td style="width:10.09%;"> </td><td style="width:10.09%;"> </td><td style="width:22.22%;"> </td><td style="width:9.1%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Best Quarter:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q2:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">30.97%</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Worst Quarter:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2022, Q2:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">-23.08%</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Year to Date (9/30/2026):</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2.53%</p></td></tr></table> Best Quarter 2020-06-30 0.3097 Worst Quarter 2022-06-30 -0.2308 Year to Date 2026-09-30 0.0253 Average Annual Total Returns (for the periods ended 12/31/25) Return Before Taxes 0.2055 0.1533 0.1790 Return After Taxes on Distributions 0.1906 0.1316 0.1562 Return After Taxes on Distributions and Sale of Fund Shares 0.1321 0.1167 0.1428 Return Before Taxes 0.1360 0.1371 0.1688 Return Before Taxes 0.1930 0.1413 0.1664 Return Before Taxes 0.2062 0.1538 0.1796 Wilshire 5000 Total Market Index (reflects no deduction for fees, expenses or taxes) 0.1713 0.1340 0.1445 Russell 1000® Growth Index 0.1856 0.1532 0.1813 <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The Wilshire 5000 Total Market Index (formerly known as the FT Wilshire 5000 Index) is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged and not available for direct investment.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; font-style:normal;"><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The Russell 1000</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">^®</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> Growth Index is a free float-adjusted market capitalization-weighted index of growth-oriented stocks of the 1,000 largest companies in the Russell universe, which comprises the 3,000 largest U.S. companies. Effective March 24, 2025, the index applies a capping methodology. Index constituents are capped quarterly so that no more than 22.5% of the index weight may be allocated to a single constituent, and the sum of the weights of all constituents representing more than 4.5% of the index should not exceed 45% of the total index weight. For periods prior to March 24, 2025, the index was uncapped. The index is calculated on a total-return basis with dividends reinvested. The index is unmanaged and not available for direct investment.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. </p> The Russell 1000® Growth Index is a free float-adjusted market capitalization-weighted index of growth-oriented stocks of the 1,000 largest companies in the Russell universe, which comprises the 3,000 largest U.S. companies. Effective March 24, 2025, the index applies a capping methodology. Index constituents are capped quarterly so that no more than 22.5% of the index weight may be allocated to a single constituent, and the sum of the weights of all constituents representing more than 4.5% of the index should not exceed 45% of the total index weight. For periods prior to March 24, 2025, the index was uncapped. The index is calculated on a total-return basis with dividends reinvested. The index is unmanaged and not available for direct investment. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. Virtus Silvant Mid-Cap Growth Fund Investment Objective <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The fund seeks long-term capital appreciation.</p> Fees and Expenses <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; font-style:normal;"><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The tables below illustrate the fees and expenses that you may pay if you buy, hold and sell shares of the fund. </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> You may qualify for sales charge discounts in Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Funds.</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">More information on these and other discounts is available: (i) from your financial professional or other financial intermediary; (ii) under “Sales Charges” on page 93 of the fund’s prospectus; and (iii) with respect to purchase of shares through specific intermediaries, in Appendix A to the fund’s prospectus, entitled “Intermediary Sales Charge Discounts and Waivers.”</span></p> You may qualify for sales charge discounts in Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Funds. 50000 Shareholder Fees (fees paid directly from your investment) 0.0550 0 0 0 0 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0047 0.0047 0.0047 0.0047 0.0025 0.0100 0 0 0.0027 0.0032 0.0030 0.0022 0.0099 0.0179 0.0077 0.0069 0 0 -0.0001 -0.0001 0.0099 0.0179 0.0076 0.0068 Example <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 645 645 848 848 1067 1067 1696 1696 282 563 970 2105 182 563 970 2105 78 78 245 245 427 427 953 953 69 69 220 220 383 383 858 858 Portfolio Turnover <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 88% of the average value of its portfolio. </p> 0.88 Principal Investment Strategies <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; font-style:normal;"><span class="fnd_NmRule35d1EightyPctInvstmntPlcyTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Under normal circumstances, the fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks and other equity securities of medium-sized growth companies. </span><span class="fnd_NmRule35d1TermDfnSmryTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">As of the date of this prospectus, the fund’s subadviser considers growth companies to be those companies that have above-average growth potential to beat expectations, as determined by the subadviser’s bottom-up process focused on finding companies with strong business fundamentals, such as revenue growth, improving cash flows, increasing margins and positive earning trends; and defines medium-sized companies as those having market capitalizations comparable to those companies included in the Russell Midcap Growth Index (between $2.49 billion and $92.7 billion as of June 30, 2026). Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Equity securities include common stocks (including depositary receipts evidencing ownership of common stock), preferred stocks and other preferred securities, convertible securities, rights and warrants, and other securities, such as hybrid securities and trust preferred securities, believed to have equity-like characteristics.</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The fund normally invests primarily in equity securities of U.S. companies. </span><span class="fnd_NmRule35d1TermSlctnCritSmryTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The portfolio managers ordinarily look for companies with the following characteristics: higher than average growth and strong potential for capital appreciation; substantial capacity for growth in revenue through an expanding market or market share; a strong balance sheet; superior management; strong commitment to research and product development; differentiated or superior products and services and a notable competitive advantage. </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">In addition to common stocks and other equity securities (such as preferred stocks, convertible securities and warrants), the fund may invest in securities issued in initial public offerings (IPOs), real estate investment trusts (REITs) and in non-U.S. securities, including through American Depositary Receipts (ADRs).</span></p> Under normal circumstances, the fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks and other equity securities of medium-sized growth companies. Under normal circumstances, the fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks and other equity securities of medium-sized growth companies. <span class="fnd_NmRule35d1TermDfnSmryTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">As of the date of this prospectus, the fund’s subadviser considers growth companies to be those companies that have above-average growth potential to beat expectations, as determined by the subadviser’s bottom-up process focused on finding companies with strong business fundamentals, such as revenue growth, improving cash flows, increasing margins and positive earning trends; and defines medium-sized companies as those having market capitalizations comparable to those companies included in the Russell Midcap Growth Index (between $2.49 billion and $92.7 billion as of June 30, 2026). Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Equity securities include common stocks (including depositary receipts evidencing ownership of common stock), preferred stocks and other preferred securities, convertible securities, rights and warrants, and other securities, such as hybrid securities and trust preferred securities, believed to have equity-like characteristics.</span> <span class="fnd_NmRule35d1TermSlctnCritSmryTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The portfolio managers ordinarily look for companies with the following characteristics: higher than average growth and strong potential for capital appreciation; substantial capacity for growth in revenue through an expanding market or market share; a strong balance sheet; superior management; strong commitment to research and product development; differentiated or superior products and services and a notable competitive advantage. </span> <p style="margin-top:revert; margin-bottom:revert; font-size:11.0pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:bold; text-decoration:none;">Principal Risks</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The fund may not achieve its objective(s), and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. Purchase and redemption activities by fund shareholders may impact the management of the fund and its ability to achieve its investment objective(s). The principal risks of investing in the fund are identified below (in alphabetical order after the first five risks).</p> If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Volatility Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The value of the securities in the fund may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional or global events such as war or military conflict (e.g., Russia’s invasion of Ukraine), geopolitical risk, acts of terrorism, the spread of infectious illness or other public health issue, recessions, tariffs and other restrictions on trade, or the threat or potential of one or more such events and developments, could have a significant impact on the fund and its investments, including hampering the ability of the fund’s portfolio manager(s) to invest the fund’s assets as intended.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Issuer Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The fund will be affected by factors specific to the issuers of securities and other instruments in which the fund invests, including actual or perceived changes in the financial condition or business prospects of such issuers.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Equity Securities Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The value of the stocks held by the fund may be negatively affected by the financial market, industries in which the fund invests, or issuer-specific events. Focus on a particular style or in small or medium-sized companies may enhance that risk.</span></p>  <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Small and Medium Market Capitalization Companies Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The fund’s investments in small and medium market capitalization companies may increase the volatility and risk of loss to the fund, as compared with investments in larger, more established companies.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Focused Investment Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">To the extent the fund focuses its investments on a limited number of issuers, sectors, industries, geographic regions or portfolio themes, it may be subject to increased risk and volatility.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Currency Rate Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect the value of the fund’s shares.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Depositary Receipts Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> Investments in foreign companies through depositary receipts may expose the fund to the same risks as direct investments in securities of foreign issuers.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Foreign Investing Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Investing in foreign securities subjects the fund to additional risks such as increased volatility; currency fluctuations; less liquidity; less publicly available information about the foreign investment; and political, regulatory, economic, and market risk.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Growth Stocks Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The fund’s investments in growth stocks may be more volatile than investments in other types of stocks, or may perform differently from the market as a whole and from other types of stocks.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">IPO Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Securities purchased in initial public offerings have no trading history, limited issuer information and increased volatility.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:bold; margin-left:39.6pt; font-style:italic;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Liquidity Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Certain instruments may be difficult or impossible to sell at a time and price beneficial to the fund.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Portfolio Turnover Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The fund’s principal investment strategies may result in a high portfolio turnover rate. See the “Portfolio Turnover” section above for more information about the impact that portfolio turnover can have on your investment.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Preferred Stocks Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Preferred stocks may decline in price, fail to pay dividends when expected, or be illiquid.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Real Estate Investment Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The fund may be negatively affected by changes in real estate values or economic conditions, credit risk and interest rate fluctuations, changes in the value of the underlying real estate and defaults by lessees and/or borrowers.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Redemption Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">One or more large shareholders or groups of shareholders may redeem their holdings in the fund, resulting in an adverse impact on remaining shareholders in the fund by causing the fund to take actions it would not otherwise have taken. The effects of taxable gains resulting from large redemptions of fund shares would particularly impact non-redeeming shareholders who do not hold their fund shares in a tax-advantaged or tax-exempt vehicle. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the fund’s net asset value and liquidity. In addition, a large redemption could result in the fund’s current expenses being allocated over a smaller asset base, leading to an increase in the fund’s expense ratio.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none; font-style:italic;">Please see “More Information About Risks of Investing in the Funds” in the fund’s prospectus for a more detailed description of the fund’s risks.</p> Performance Information <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. The current subadviser commenced providing services for the fund in July 2022 and therefore the returns shown in the table for periods prior to that date reflect the performance of other investment professionals.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The bar chart shows changes in the fund’s performance from year to year over a 10-year period. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a style-specific index that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.</p> The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. virtus.com 800-243-1574 Calendar year total returns for Institutional Class Shares  Returns do not reflect sales charges applicable to other share classes and would be lower if they did. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:auto;margin-right:auto" width="72%"><tr style="font-size:1pt;"><td style="width:14.16%;"> </td><td style="width:10.09%;"> </td><td style="width:10.09%;"> </td><td style="width:14.14%;"> </td><td style="width:10.09%;"> </td><td style="width:10.09%;"> </td><td style="width:22.22%;"> </td><td style="width:9.1%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Best Quarter:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q2:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">32.90%</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Worst Quarter:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2022, Q2:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">-24.08%</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Year to Date (9/30/2026):</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">10.05%</p></td></tr></table> Best Quarter 2020-06-30 0.3290 Worst Quarter 2022-06-30 -0.2408 Year to Date 2026-09-30 0.1005 Average Annual Total Returns (for the periods ended 12/31/25) Return Before Taxes 0.1812 0.0677 0.1381 Return After Taxes on Distributions 0.1409 0.0471 0.1152 Return After Taxes on Distributions and Sale of Fund Shares 0.1352 0.0495 0.1080 Return Before Taxes 0.1148 0.0534 0.1284 Return Before Taxes 0.1712 0.0572 0.1263 Wilshire 5000 Total Market Index (reflects no deduction for fees, expenses or taxes) 0.1713 0.1340 0.1445 Russell Midcap® Growth Index 0.0866 0.0665 0.1249 <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The Wilshire 5000 Total Market Index (formerly known as the FT Wilshire 5000 Index) is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged and not available for direct investment.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The Russell Midcap^® Growth Index is a free float-adjusted market capitalization-weighted index of medium-capitalization, growth-oriented stocks of U.S. companies. The index is calculated on a total-return basis with dividends reinvested. Effective March 24, 2025, the index applies a capping methodology. Index constituents are capped quarterly so that no more than 22.5% of the index weight may be allocated to a single constituent, and the sum of the weights of all constituents representing more than 4.5% of the index should not exceed 45% of the total index weight. For periods prior to March 24, 2025, the index was uncapped. The index is unmanaged and not available for direct investment.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. </p> The Russell Midcap® Growth Index is a free float-adjusted market capitalization-weighted index of medium-capitalization, growth-oriented stocks of U.S. companies. The index is calculated on a total-return basis with dividends reinvested. Effective March 24, 2025, the index applies a capping methodology. Index constituents are capped quarterly so that no more than 22.5% of the index weight may be allocated to a single constituent, and the sum of the weights of all constituents representing more than 4.5% of the index should not exceed 45% of the total index weight. For periods prior to March 24, 2025, the index was uncapped. The index is unmanaged and not available for direct investment. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. Virtus Small-Cap Fund Investment Objective <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The fund seeks long-term capital appreciation.</p> Fees and Expenses <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; font-style:normal;"><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The tables below illustrate the fees and expenses that you may pay if you buy, hold and sell shares of the fund. </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> You may qualify for sales charge discounts in Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Funds.</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">More information on these and other discounts is available: (i) from your financial professional or other financial intermediary; (ii) under “Sales Charges” on page 93 of the fund’s prospectus; and (iii) with respect to purchase of shares through specific intermediaries, in Appendix A to the fund’s prospectus, entitled “Intermediary Sales Charge Discounts and Waivers.”</span></p> You may qualify for sales charge discounts in Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Funds. 50000 Shareholder Fees (fees paid directly from your investment) 0.0550 0 0 0 0 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0060 0.0060 0.0060 0.0060 0.0025 0.0100 0 0 0.0034 0.0038 0.0036 0.0027 0.0119 0.0198 0.0096 0.0087 -0.0002 -0.0006 -0.0014 -0.0010 0.0117 0.0192 0.0082 0.0077 Example <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods or continued to hold them. The example also assumes that your investment has a 5% return each year, that the fund’s operating expenses remain the same and that the expense reimbursement agreement remains in place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 663 663 905 905 1167 1167 1912 1912 295 616 1062 2301 195 616 1062 2301 84 84 292 292 517 517 1165 1165 79 79 268 268 472 472 1063 1063 Portfolio Turnover <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 71% of the average value of its portfolio. </p> 0.71 Principal Investment Strategies <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; font-style:normal;"><span class="fnd_NmRule35d1EightyPctInvstmntPlcyTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Under normal circumstances, the fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in companies with smaller market capitalizations. </span><span class="fnd_NmRule35d1TermDfnSmryTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">As of the date of this prospectus, the fund considers smaller market capitalization companies to be companies with market capitalizations that are smaller than the largest company in the fund’s benchmark, the Russell 2000 Index (approximately $14.2 billion as of June 30, 2026). </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The fund expects to invest principally in U.S. companies but may invest to a lesser extent in non-U.S. companies. The fund’s principal investment universe includes micro-cap companies, which the portfolio managers consider to be those with market capitalizations generally in the bottom half of the benchmark. The portfolio managers generally seek exposure to smaller capitalization companies, including micro-cap companies, by employing three distinct small-cap strategies or “sleeves” for selecting individual stocks:</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-10.8pt; font-weight:normal; margin-left:32.4pt; font-style:normal;"><span style="font-size:9.5pt; font-family:Wingdings; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"></span><span style="word-spacing:6.4pt;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:underline;">Quantitative Core</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">. The Quantitative Core sleeve normally invests primarily in common stocks of companies with smaller market capitalizations that are listed on U.S. exchanges. The team’s quantitative investment process begins with a proprietary alpha model which blends behavioral factors (e.g., human behaviors and biases) and intrinsic valuation factors (e.g., tangible measures of a company’s underlying worth). The team utilizes a risk model for portfolio construction, with constraints at the individual security and industry levels to manage exposures relative to the benchmark. Additionally, all investment recommendations are thoroughly vetted at the individual company level to confirm the investment rationale and suitability before a purchase or sale.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-10.8pt; font-weight:normal; margin-left:32.4pt; font-style:normal;"><span style="font-size:9.5pt; font-family:Wingdings; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"></span><span style="word-spacing:6.4pt;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:underline;">Quantitative Growth</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">. The growth sleeve is managed similar to the core sleeve but against a growth index. This sleeve normally invests primarily in common stocks of companies with smaller market capitalizations that are listed on U.S. exchanges. The team’s quantitative investment process begins with a proprietary alpha model which blends behavioral factors (e.g., human behaviors and biases) and intrinsic valuation factors (e.g., tangible measures of a company’s underlying worth). The team utilizes a risk model for portfolio construction, with constraints at the individual security and industry levels to manage exposures relative to the benchmark. Additionally, all investment recommendations are thoroughly vetted at the individual company level to confirm the investment rationale and suitability before a purchase or sale.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-10.8pt; font-weight:normal; margin-left:32.4pt; font-style:normal;"><span style="font-size:9.5pt; font-family:Wingdings; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"></span><span style="word-spacing:6.4pt;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:underline;">Managed Volatility</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">. The Managed Volatility sleeve selects primarily common stocks of smaller-cap companies which in aggregate offer lower forecast risk and lower levels of correlation among the individual stocks. This focus may result in the sleeve outperforming the general securities market during periods of flat or negative market performance, and underperforming the general securities market during periods of strong positive market performance. This strategy utilizes both a quantitative and fundamental research process to make individual security and sector selection decisions.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The allocation of fund assets among the sleeves discussed above is set from time to time, may vary in size significantly from sleeve to sleeve and may periodically be adjusted through a collaborative effort among the portfolio managers. In addition to common stocks and other equity securities, the fund may invest a substantial portion of its assets in securities issued in initial public offerings (IPOs). The fund may invest up to 15% of its assets in non-U.S. securities, except that it may invest without limit in American Depositary Receipts (ADRs). The fund may also invest a portion of its assets in real estate investment trusts (REITs). In order to gain exposure to desired asset classes or securities, or for hedging or other investment purposes, the fund may also utilize foreign currency exchange contracts, options, stock index futures contracts, warrants and other derivative instruments. Although the fund did not invest significantly in derivative instruments as of the end of its most recent fiscal year, it may do so at any time.</p> Under normal circumstances, the fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in companies with smaller market capitalizations. Under normal circumstances, the fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in companies with smaller market capitalizations. <span class="fnd_NmRule35d1TermDfnSmryTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">As of the date of this prospectus, the fund considers smaller market capitalization companies to be companies with market capitalizations that are smaller than the largest company in the fund’s benchmark, the Russell 2000 Index (approximately $14.2 billion as of June 30, 2026). </span> <p style="margin-top:revert; margin-bottom:revert; font-size:11.0pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:bold; text-decoration:none;">Principal Risks</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The fund may not achieve its objective(s), and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. Purchase and redemption activities by fund shareholders may impact the management of the fund and its ability to achieve its investment objective(s). The principal risks of investing in the fund are identified below (in alphabetical order after the first six risks).</p> If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Volatility Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The value of the securities in the fund may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional or global events such as war or military conflict (e.g., Russia’s invasion of Ukraine), geopolitical risk, acts of terrorism, the spread of infectious illness or other public health issue, recessions, tariffs and other restrictions on trade, or the threat or potential of one or more such events and developments, could have a significant impact on the fund and its investments, including hampering the ability of the fund’s portfolio manager(s) to invest the fund’s assets as intended.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Issuer Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The fund will be affected by factors specific to the issuers of securities and other instruments in which the fund invests, including actual or perceived changes in the financial condition or business prospects of such issuers.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Equity Securities Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The value of the stocks held by the fund may be negatively affected by the financial market, industries in which the fund invests, or issuer-specific events. Focus on a particular style or in small or medium-sized companies may enhance that risk.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Foreign Investing Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Investing in foreign securities subjects the fund to additional risks such as increased volatility; currency fluctuations; less liquidity; less publicly available information about the foreign investment; and political, regulatory, economic, and market risk.</span></p>  <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Counterparty Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> There is risk that a party upon whom the fund relies to complete a transaction will default.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Credit Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">If the issuer of a debt instrument fails to pay interest or principal in a timely manner, or negative perceptions exist in the market of the issuer’s ability to make such payments, the price of the security may decline.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Currency Rate Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect the value of the fund’s shares.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Depositary Receipts Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> Investments in foreign companies through depositary receipts may expose the fund to the same risks as direct investments in securities of foreign issuers.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Derivatives Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Derivatives and other similar instruments (collectively referred to in this section as “derivatives”) may include, among other things, futures, options, forwards, and swap agreements, and may be used in order to hedge portfolio risks, create leverage or attempt to increase returns. Investments in derivatives may result in increased volatility and the fund may incur a loss greater than its principal investment.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Focused Investment Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">To the extent the fund focuses its investments on a limited number of issuers, sectors, industries, geographic regions or portfolio themes, it may be subject to increased risk and volatility.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">IPO Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Securities purchased in initial public offerings have no trading history, limited issuer information and increased volatility.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:bold; margin-left:39.6pt; font-style:italic;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Leverage Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">When the fund leverages its portfolio by borrowing or by engaging in certain types of transactions or instruments, including derivatives, the fund may be less liquid, may liquidate positions at an unfavorable time, and the volatility of the fund’s value may increase.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:bold; margin-left:39.6pt; font-style:italic;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Liquidity Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Certain instruments may be difficult or impossible to sell at a time and price beneficial to the fund.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Portfolio Turnover Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The fund’s principal investment strategies may result in a high portfolio turnover rate. See the “Portfolio Turnover” section above for more information about the impact that portfolio turnover can have on your investment.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Preferred Stocks Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Preferred stocks may decline in price, fail to pay dividends when expected, or be illiquid.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Real Estate Investment Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The fund may be negatively affected by changes in real estate values or economic conditions, credit risk and interest rate fluctuations, changes in the value of the underlying real estate and defaults by lessees and/or borrowers.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Redemption Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">One or more large shareholders or groups of shareholders may redeem their holdings in the fund, resulting in an adverse impact on remaining shareholders in the fund by causing the fund to take actions it would not otherwise have taken. The effects of taxable gains resulting from large redemptions of fund shares would particularly impact non-redeeming shareholders who do not hold their fund shares in a tax-advantaged or tax-exempt vehicle. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the fund’s net asset value and liquidity. In addition, a large redemption could result in the fund’s current expenses being allocated over a smaller asset base, leading to an increase in the fund’s expense ratio.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Small and Medium Market Capitalization Companies Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The fund’s investments in small and medium market capitalization companies may increase the volatility and risk of loss to the fund, as compared with investments in larger, more established companies.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none; font-style:italic;">Please see “More Information About Risks of Investing in the Funds” in the fund’s prospectus for a more detailed description of the fund’s risks.</p> Performance Information <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The bar chart shows changes in the fund’s performance from year to year over a 10-year period. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a style-specific index that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.</p> The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. virtus.com 800-243-1574 Calendar year total returns for Institutional Class Shares  Returns do not reflect sales charges applicable to other share classes and would be lower if they did. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:auto;margin-right:auto" width="72%"><tr style="font-size:1pt;"><td style="width:14.16%;"> </td><td style="width:10.09%;"> </td><td style="width:10.09%;"> </td><td style="width:14.14%;"> </td><td style="width:10.09%;"> </td><td style="width:10.09%;"> </td><td style="width:22.22%;"> </td><td style="width:9.1%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Best Quarter:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q4:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">23.60%</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Worst Quarter:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q1:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">-28.46%</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Year to Date (9/30/2026):</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">16.25%</p></td></tr></table> Best Quarter 2020-12-31 0.2360 Worst Quarter 2020-03-31 -0.2846 Year to Date 2026-09-30 0.1625 Average Annual Total Returns (for the periods ended 12/31/25) 2018-08-22 2018-08-22 2018-08-22 Return Before Taxes 0.0851 0.0765 0.1034 Return After Taxes on Distributions 0.0731 0.0581 0.0867 Return After Taxes on Distributions and Sale of Fund Shares 0.0591 0.0570 0.0800 Return Before Taxes 0.0215 0.0606 0.0934 Return Before Taxes 0.0731 0.0646 0.0913 Return Before Taxes 0.0856 0.0770 0.0740 Wilshire 5000 Total Market Index (reflects no deduction for fees, expenses or taxes) 0.1713 0.1340 0.1445 0.1375 Russell 2000® Index 0.1281 0.0609 0.0962 0.0653 <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The Wilshire 5000 Total Market Index (formerly known as the FT Wilshire 5000 Index) is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged and not available for direct investment.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The Russell 2000^® Index is a free float-adjusted market capitalization-weighted index of the 2,000 smallest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged and not available for direct investment.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. </p> The Russell 2000® Index is a free float-adjusted market capitalization-weighted index of the 2,000 smallest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged and not available for direct investment. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. Virtus Zevenbergen Technology Fund Investment Objective <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The fund seeks long-term capital appreciation.</p> Fees and Expenses <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; font-style:normal;"><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The tables below illustrate the fees and expenses that you may pay if you buy, hold and sell shares of the fund. </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> You may qualify for sales charge discounts in Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Funds.</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">More information on these and other discounts is available: (i) from your financial professional or other financial intermediary; (ii) under “Sales Charges” on page 93 of the fund’s prospectus; and (iii) with respect to purchase of shares through specific intermediaries, in Appendix A to the fund’s prospectus, entitled “Intermediary Sales Charge Discounts and Waivers.”</span></p> You may qualify for sales charge discounts in Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Funds. 50000 Shareholder Fees (fees paid directly from your investment) 0.0550 0 0 0 0.0100 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0090 0.0090 0.0090 0.0025 0.0100 0 0.0026 0.0025 0.0025 0.0141 0.0215 0.0115 0 0 0 0.0141 0.0215 0.0115 Example <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> Although your actual costs may be higher or lower, based on these assumptions your costs would be: 686 686 972 972 1279 1279 2148 2148 318 673 1154 2483 218 673 1154 2483 117 117 365 365 633 633 1398 1398 Portfolio Turnover <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 14% of the average value of its portfolio. </p> 0.14 Principal Investment Strategies <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; font-style:normal;"><span class="fnd_NmRule35d1EightyPctInvstmntPlcyTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Under normal circumstances, the fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks of U.S. companies and other U.S.-traded equity securities of technology companies. </span><span class="fnd_NmRule35d1TermDfnSmryTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The portfolio managers define technology companies as those that provide technology products or services, or those that benefit from utilizing technology to gain competitive advantages, improve their business processes, products or applications. These may include, but are not limited to, internet products and services (including e-commerce), computers and computer peripherals, software, electronic components and systems, communications equipment and services, semiconductors, transportation technology, transportation services and products, artificial intelligence technology, video gaming, security services and products, media and information services, environmental services, chemical products and synthetic materials, defense and aerospace products and services, nanotechnology, energy equipment and services, digital currency enablers, financial and payment technology and others. Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Equity securities include common stocks (including depositary receipts evidencing ownership of common stock), preferred stocks and other preferred securities, convertible securities, rights and warrants, and other securities, such as hybrid securities and trust preferred securities, believed to have equity-like characteristics. The fund considers U.S.-traded equity securities to include American Depositary Receipts (“ADRs”), as well as securities that are traded in the U.S. that have been issued by companies established, domiciled or operating in foreign countries. </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The fund intends to invest primarily in companies with market capitalizations greater than $500 million. The fund is “non-diversified,” which means that it may invest a significant portion of its assets in a relatively small number of issuers, which may increase risk. The portfolio managers evaluate fundamental value and growth prospects and focus on companies that they expect will have strong potential for capital appreciation. In addition to common stocks, the fund may invest in securities issued in initial public offerings (IPOs).</span></p> Under normal circumstances, the fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks of U.S. companies and other U.S.-traded equity securities of technology companies. The portfolio managers define technology companies as those that provide technology products or services, or those that benefit from utilizing technology to gain competitive advantages, improve their business processes, products or applications. These may include, but are not limited to, internet products and services (including e-commerce), computers and computer peripherals, software, electronic components and systems, communications equipment and services, semiconductors, transportation technology, transportation services and products, artificial intelligence technology, video gaming, security services and products, media and information services, environmental services, chemical products and synthetic materials, defense and aerospace products and services, nanotechnology, energy equipment and services, digital currency enablers, financial and payment technology and others. Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Equity securities include common stocks (including depositary receipts evidencing ownership of common stock), preferred stocks and other preferred securities, convertible securities, rights and warrants, and other securities, such as hybrid securities and trust preferred securities, believed to have equity-like characteristics. The fund considers U.S.-traded equity securities to include American Depositary Receipts (“ADRs”), as well as securities that are traded in the U. Under normal circumstances, the fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks of U.S. companies and other U.S.-traded equity securities of technology companies. <span class="fnd_NmRule35d1TermDfnSmryTextBlock" style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The portfolio managers define technology companies as those that provide technology products or services, or those that benefit from utilizing technology to gain competitive advantages, improve their business processes, products or applications. These may include, but are not limited to, internet products and services (including e-commerce), computers and computer peripherals, software, electronic components and systems, communications equipment and services, semiconductors, transportation technology, transportation services and products, artificial intelligence technology, video gaming, security services and products, media and information services, environmental services, chemical products and synthetic materials, defense and aerospace products and services, nanotechnology, energy equipment and services, digital currency enablers, financial and payment technology and others. Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Equity securities include common stocks (including depositary receipts evidencing ownership of common stock), preferred stocks and other preferred securities, convertible securities, rights and warrants, and other securities, such as hybrid securities and trust preferred securities, believed to have equity-like characteristics. The fund considers U.S.-traded equity securities to include American Depositary Receipts (“ADRs”), as well as securities that are traded in the U.S. that have been issued by companies established, domiciled or operating in foreign countries. </span> <p style="margin-top:revert; margin-bottom:revert; font-size:11.0pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:bold; text-decoration:none;">Principal Risks</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The fund may not achieve its objective(s), and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. Purchase and redemption activities by fund shareholders may impact the management of the fund and its ability to achieve its investment objective(s). The principal risks of investing in the fund are identified below (in alphabetical order after the first six risks).</p> If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Market Volatility Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The value of the securities in the fund may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional or global events such as war or military conflict (e.g., Russia’s invasion of Ukraine), geopolitical risk, acts of terrorism, the spread of infectious illness or other public health issue, recessions, tariffs and other restrictions on trade, or the threat or potential of one or more such events and developments, could have a significant impact on the fund and its investments, including hampering the ability of the fund’s portfolio manager(s) to invest the fund’s assets as intended.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Issuer Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The fund will be affected by factors specific to the issuers of securities and other instruments in which the fund invests, including actual or perceived changes in the financial condition or business prospects of such issuers.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Equity Securities Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The value of the stocks held by the fund may be negatively affected by the financial market, industries in which the fund invests, or issuer-specific events. Focus on a particular style or in small or medium-sized companies may enhance that risk.</span></p>  <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Focused Investment Risk (Technology-Related Risk): </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">To the extent the fund focuses its investments on a limited number of issuers, sectors, industries or geographic regions, it may be subject to increased risk and volatility. Risks affecting companies in the technology sector include competition from new and existing companies, limited operating histories and management experience, patent and other intellectual property considerations and the commercial non-viability or rapid obsolescence of equipment, products or services.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Foreign Investing Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Investing in foreign securities subjects the fund to additional risks such as increased volatility; currency fluctuations; less liquidity; less publicly available information about the foreign investment; and political, regulatory, economic, and market risk.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Currency Rate Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect the value of the fund’s shares.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Depositary Receipts Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> Investments in foreign companies through depositary receipts may expose the fund to the same risks as direct investments in securities of foreign issuers.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">IPO Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Securities purchased in initial public offerings have no trading history, limited issuer information and increased volatility.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:bold; margin-left:39.6pt; font-style:italic;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Liquidity Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">Certain instruments may be difficult or impossible to sell at a time and price beneficial to the fund.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Non-Diversification Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">The fund is not diversified and may be more susceptible to factors negatively impacting its holdings to the extent the fund invests more of its assets in the securities of fewer issuers than would a diversified fund.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Portfolio Turnover Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The fund’s principal investment strategies may result in a high portfolio turnover rate. See the “Portfolio Turnover” section above for more information about the impact that portfolio turnover can have on your investment.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Redemption Risk: </span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">One or more large shareholders or groups of shareholders may redeem their holdings in the fund, resulting in an adverse impact on remaining shareholders in the fund by causing the fund to take actions it would not otherwise have taken. The effects of taxable gains resulting from large redemptions of fund shares would particularly impact non-redeeming shareholders who do not hold their fund shares in a tax-advantaged or tax-exempt vehicle. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the fund’s net asset value and liquidity. In addition, a large redemption could result in the fund’s current expenses being allocated over a smaller asset base, leading to an increase in the fund’s expense ratio.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; text-indent:-18.0pt; font-weight:normal; margin-left:39.6pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">&gt;</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; color:#000000; font-weight:bold; text-decoration:none;">Small and Medium Market Capitalization Companies Risk:</span><span style="font-size:9.5pt; font-family:Sans-Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> The fund’s investments in small and medium market capitalization companies may increase the volatility and risk of loss to the fund, as compared with investments in larger, more established companies.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none; font-style:italic;">Please see “More Information About Risks of Investing in the Funds” in the fund’s prospectus for a more detailed description of the fund’s risks.</p> Performance Information <p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. The current subadviser commenced providing services for the fund in July 2022 and therefore the returns shown in the table for periods prior to that date reflect the performance of other investment professionals.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The bar chart shows changes in the fund’s performance from year to year over a 10-year period. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and two style-specific benchmarks that reflect the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574.</p><p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">Performance for Class R6 Shares is not shown here as Class R6 Shares had not begun operations until May 21, 2026 and therefore had no performance for the periods shown.</p> The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. virtus.com 800-243-1574 Calendar year total returns for Institutional Class Shares  Returns do not reflect sales charges applicable to other share classes and would be lower if they did. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:auto;margin-right:auto" width="72%"><tr style="font-size:1pt;"><td style="width:14.16%;"> </td><td style="width:10.09%;"> </td><td style="width:10.09%;"> </td><td style="width:14.14%;"> </td><td style="width:10.09%;"> </td><td style="width:10.09%;"> </td><td style="width:22.22%;"> </td><td style="width:9.1%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-left:0.5pt; border-left-style:solid; border-left-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Best Quarter:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2020, Q2:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">35.47%</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Worst Quarter:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">2022, Q2:</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">-25.79%</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">Year to Date (9/30/2026):</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.5pt; border-top-style:solid; border-top-color:#000000; border-right:0.5pt; border-right-style:solid; border-right-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; text-decoration:none;">30.82%</p></td></tr></table> Best Quarter 2020-06-30 0.3547 Worst Quarter 2022-06-30 -0.2579 Year to Date 2026-09-30 0.3082 Average Annual Total Returns (for the periods ended 12/31/25) Return Before Taxes 0.2508 0.1277 0.2061 Return After Taxes on Distributions 0.2435 0.1011 0.1709 Return After Taxes on Distributions and Sale of Fund Shares 0.1536 0.0896 0.1582 Return Before Taxes 0.1790 0.1120 0.1956 Return Before Taxes 0.2386 0.1164 0.1935 Wilshire 5000 Total Market Index (reflects no deduction for fees, expenses or taxes) 0.1713 0.1340 0.1445 S&P North American Technology Index 0.2782 0.1802 0.2254 Nasdaq Composite® Index 0.2114 0.1335 0.1766 <p style="margin-top:revert; margin-bottom:revert;font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The Wilshire 5000 Total Market Index (formerly known as the FT Wilshire 5000 Index) is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged and not available for direct investment.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">The S&amp;P North American Technology Sector Index is a modified capitalization-weighted index of selected technology and internet-related stocks. The Nasdaq Composite Index is a market capitalization-weighted index of all common stocks listed on the Nasdaq Stock Market. The indexes are calculated on a total return basis. The indexes are unmanaged and not available for direct investment.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.5pt; font-family:Sans-Serif; text-align:left; color:#000000; font-weight:normal; text-decoration:none;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. </p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are shown only for Institutional Class Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. 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http://www.virtus.com/20260630/role/RRRiskTable19 ~ ~ http://www.virtus.com/20260630/role/RRRiskTable21 ~ ~ http://www.virtus.com/20260630/role/RRRiskTable23 ~ ~ http://www.virtus.com/20260630/role/RRRiskTable25 ~ ~ http://www.virtus.com/20260630/role/RRRiskTable27 ~ The fund's investment adviser has contractually agreed to limit the fund's total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales charges, taxes (federal, state or otherwise), tax reclaim expenses, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on credit or redemption facilities), interest, brokerage commissions, depositary receipt program fees, expenses incurred in connection with any merger or reorganization, expenses incurred in connection with any meeting of the fund's shareholders, unusual or infrequently occurring expenses, litigation expenses (including expenses for responding to document requests for litigation to which the fund is not a party), acquired fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 1.29% for Class A Shares, 0.94% for Institutional Class Shares and 0.89% for Class R6 Shares through October 31, 2027. Prior to October 31, 2027, only the fund's Board may modify or terminate the expense limitation agreement. Following the contractual period, the adviser may discontinue these expense reimbursement arrangements at any time. Under certain conditions, the adviser may recapture operating expenses reimbursed and/or fees waived under these arrangements for a period of three years following the date such waiver or reimbursement occurred, provided that the recapture does not cause the fund to exceed its expense limit in effect at the time of the waiver or reimbursement, and any in effect at the time of recapture, after repayment is taken into account. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. Not included in the table are extraordinary expenses. If such amounts were reflected in this table, the Other Expenses would have been 0.54% for Class A Shares and 0.53% for Institutional Class Shares and . The fund's investment adviser has contractually agreed to limit the fund's total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales charges, taxes (federal, state or otherwise), tax reclaim expenses, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on credit or redemption facilities), interest, brokerage commissions, depositary receipt program fees, expenses incurred in connection with any merger or reorganization, expenses incurred in connection with any meeting of the fund's shareholders, unusual or infrequently occurring expenses, litigation expenses (including expenses for responding to document requests for litigation to which the fund is not a party), acquired fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 1.63% for Class A Shares and 1.28% for Institutional Class Shares through October 31, 2027. Prior to October 31, 2027, only the fund's Board may modify or terminate the expense limitation agreement. Following the contractual period, the adviser may discontinue these expense reimbursement arrangements at any time. Under certain conditions, the adviser may recapture operating expenses reimbursed and/or fees waived under these arrangements for a period of three years following the date such waiver or reimbursement occurred, provided that the recapture does not cause the fund to exceed its expense limit in effect at the time of the waiver or reimbursement, and any in effect at the time of recapture, after repayment is taken into account. The fund's investment adviser has contractually agreed to limit the fund's total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales charges, taxes (federal, state or otherwise), tax reclaim expenses, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on credit or redemption facilities), interest, brokerage commissions, depositary receipt program fees, expenses incurred in connection with any merger or reorganization, expenses incurred in connection with any meeting of the fund's shareholders, unusual or infrequently occurring expenses, litigation expenses (including expenses for responding to document requests for litigation to which the fund is not a party), acquired fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 1.05% for Institutional Class Shares through October 31, 2027. Prior to October 31, 2027, only the fund's Board may modify or terminate the expense limitation agreement. Following the contractual period, the adviser may discontinue these expense reimbursement arrangements at any time. Under certain conditions, the adviser may recapture operating expenses reimbursed and/or fees waived under these arrangements for a period of three years following the date such waiver or reimbursement occurred, provided that the recapture does not cause the fund to exceed its expense limit in effect at the time of the waiver or reimbursement, and any in effect at the time of recapture, after repayment is taken into account. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. The fund's investment adviser has contractually agreed to limit the fund's total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales charges, taxes (federal, state or otherwise), tax reclaim expenses, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on credit or redemption facilities), interest, brokerage commissions, depositary receipt program fees, expenses incurred in connection with any merger or reorganization, expenses incurred in connection with any meeting of the fund's shareholders, unusual or infrequently occurring expenses, litigation expenses (including expenses for responding to document requests for litigation to which the fund is not a party), acquired fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 0.70% for Institutional Class Shares through October 31, 2027. Prior to October 31, 2027, only the fund's Board may modify or terminate the expense limitation agreement. Following the contractual period, the adviser may discontinue these expense reimbursement arrangements at any time. Under certain conditions, the adviser may recapture operating expenses reimbursed and/or fees waived under these arrangements for a period of three years following the date such waiver or reimbursement occurred, provided that the recapture does not cause the fund to exceed its expense limit in effect at the time of the waiver or reimbursement, and any in effect at the time of recapture, after repayment is taken into account. Not included in the table are extraordinary expenses. If such amounts were reflected in this table, the Other Expenses would have been 0.56% for Class A Shares, 0.53% for Institutional Class Shares and 0.43% for Class R6 Shares. The fund's investment adviser has contractually agreed to limit the fund's total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales charges, taxes (federal, state or otherwise), tax reclaim expenses, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on credit or redemption facilities), interest, brokerage commissions, depositary receipt program fees, expenses incurred in connection with any merger or reorganization, expenses incurred in connection with any meeting of the fund's shareholders, unusual or infrequently occurring expenses, litigation expenses (including expenses for responding to document requests for litigation to which the fund is not a party), acquired fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 1.30% for Class A Shares, 0.95% for Institutional Class Shares and 0.90% for Class R6 Shares through October 31, 2027. Prior to October 31, 2027, only the fund's Board may modify or terminate the expense limitation agreement. Following the contractual period, the adviser may discontinue these expense reimbursement arrangements at any time. Under certain conditions, the adviser may recapture operating expenses reimbursed and/or fees waived under these arrangements for a period of three years following the date such waiver or reimbursement occurred, provided that the recapture does not cause the fund to exceed its expense limit in effect at the time of the waiver or reimbursement, and any in effect at the time of recapture, after repayment is taken into account. The fund's investment adviser has contractually agreed to limit the fund's total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales charges, taxes (federal, state or otherwise), tax reclaim expenses, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on credit or redemption facilities), interest, brokerage commissions, depositary receipt program fees, expenses incurred in connection with any merger or reorganization, expenses incurred in connection with any meeting of the fund's shareholders, unusual or infrequently occurring expenses, litigation expenses (including expenses for responding to document requests for litigation to which the fund is not a party), acquired fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 0.65% for Class R6 Shares through October 31, 2027. Prior to October 31, 2027, only the fund's Board may modify or terminate the expense limitation agreement. Following the contractual period, the adviser may discontinue these expense reimbursement arrangements at any time. Under certain conditions, the adviser may recapture operating expenses reimbursed and/or fees waived under these arrangements for a period of three years following the date such waiver or reimbursement occurred, provided that the recapture does not cause the fund to exceed its expense limit in effect at the time of the waiver or reimbursement, and any in effect at the time of recapture, after repayment is taken into account. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. The fund's investment adviser has contractually agreed to limit the fund's total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales charges, taxes (federal, state or otherwise), tax reclaim expenses, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on credit or redemption facilities), interest, brokerage commissions, depositary receipt program fees, expenses incurred in connection with any merger or reorganization, expenses incurred in connection with any meeting of the fund's shareholders, unusual or infrequently occurring expenses, litigation expenses (including expenses for responding to document requests for litigation to which the fund is not a party), acquired fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 1.00% for Class A Shares, 1.75% for Class C Shares, 0.65% for Institutional Class Shares and 0.60% for Class R6 Shares through October 31, 2027. Prior to October 31, 2027, only the fund's Board may modify or terminate the expense limitation agreement. Following the contractual period, the adviser may discontinue these expense reimbursement arrangements at any time. Under certain conditions, the adviser may recapture operating expenses reimbursed and/or fees waived under these arrangements for a period of three years following the date such waiver or reimbursement occurred, provided that the recapture does not cause the fund to exceed its expense limit in effect at the time of the waiver or reimbursement, and any in effect at the time of recapture, after repayment is taken into account. The fund's investment adviser has contractually agreed to limit the fund's total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales charges, taxes (federal, state or otherwise), tax reclaim expenses, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on credit or redemption facilities), interest, brokerage commissions, depositary receipt program fees, expenses incurred in connection with any merger or reorganization, expenses incurred in connection with any meeting of the fund's shareholders, unusual or infrequently occurring expenses, litigation expenses (including expenses for responding to document requests for litigation to which the fund is not a party), acquired fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 1.17% for Class A Shares, 0.82% for Institutional Class Shares and 0.77% for Class R6 Shares through October 31, 2027. Prior to October 31, 2027, only the fund's Board may modify or terminate the expense limitation agreement. Following the contractual period, the adviser may discontinue these expense reimbursement arrangements at any time. Under certain conditions, the adviser may recapture operating expenses reimbursed and/or fees waived under these arrangements for a period of three years following the date such waiver or reimbursement occurred, provided that the recapture does not cause the fund to exceed its expense limit in effect at the time of the waiver or reimbursement, and any in effect at the time of recapture, after repayment is taken into account. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. The fund's investment adviser has contractually agreed to limit the fund's total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales charges, taxes (federal, state or otherwise), tax reclaim expenses, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on credit or redemption facilities), interest, brokerage commissions, depositary receipt program fees, expenses incurred in connection with any merger or reorganization, expenses incurred in connection with any meeting of the fund's shareholders, unusual or infrequently occurring expenses, litigation expenses (including expenses for responding to document requests for litigation to which the fund is not a party), acquired fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 0.67% for Institutional Class Shares through October 31, 2027. Prior to October 31, 2027, only the fund's Board may modify or terminate the expense limitation agreement. Following the contractual period, the adviser may discontinue these expense reimbursement arrangements at any time. Under certain conditions, the adviser may recapture operating expenses reimbursed and/or fees waived under these arrangements for a period of three years following the date such waiver or reimbursement occurred, provided that the recapture does not cause the fund to exceed its expense limit in effect at the time of the waiver or reimbursement, and any in effect at the time of recapture, after repayment is taken into account. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. The fund's investment adviser has contractually agreed to limit the fund's total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales charges, taxes (federal, state or otherwise), tax reclaim expenses, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on credit or redemption facilities), interest, brokerage commissions, depositary receipt program fees, expenses incurred in connection with any merger or reorganization, expenses incurred in connection with any meeting of the fund's shareholders, unusual or infrequently occurring expenses, litigation expenses (including expenses for responding to document requests for litigation to which the fund is not a party), acquired fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 0.76% for Institutional Class Shares and 0.68% for Class R6 Shares through October 31, 2027. Prior to October 31, 2027, only the fund's Board may modify or terminate the expense limitation agreement. Following the contractual period, the adviser may discontinue these expense reimbursement arrangements at any time. Under certain conditions, the adviser may recapture operating expenses reimbursed and/or fees waived under these arrangements for a period of three years following the date such waiver or reimbursement occurred, provided that the recapture does not cause the fund to exceed its expense limit in effect at the time of the waiver or reimbursement, and any in effect at the time of recapture, after repayment is taken into account. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. The fund's investment adviser has contractually agreed to limit the fund's total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales charges, taxes (federal, state or otherwise), tax reclaim expenses, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on credit or redemption facilities), interest, brokerage commissions, depositary receipt program fees, expenses incurred in connection with any merger or reorganization, expenses incurred in connection with any meeting of the fund's shareholders, unusual or infrequently occurring expenses, litigation expenses (including expenses for responding to document requests for litigation to which the fund is not a party), acquired fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 1.17% for Class A Shares, 1.92% for Class C Shares, 0.82% for Institutional Class Shares and 0.77% for Class R6 Shares through October 31, 2027. Prior to October 31, 2027, only the fund's Board may modify or terminate the expense limitation agreement. Following the contractual period, the adviser may discontinue these expense reimbursement arrangements at any time. Under certain conditions, the adviser may recapture operating expenses reimbursed and/or fees waived under these arrangements for a period of three years following the date such waiver or reimbursement occurred, provided that the recapture does not cause the fund to exceed its expense limit in effect at the time of the waiver or reimbursement, and any in effect at the time of recapture, after repayment is taken into account. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. The fund's investment adviser has contractually agreed to limit the fund's total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales charges, taxes (federal, state or otherwise), tax reclaim expenses, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on credit or redemption facilities), interest, brokerage commissions, depositary receipt program fees, expenses incurred in connection with any merger or reorganization, expenses incurred in connection with any meeting of the fund's shareholders, unusual or infrequently occurring expenses, litigation expenses (including expenses for responding to document requests for litigation to which the fund is not a party), acquired fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 0.92% for Class R6 Shares through October 31, 2027. Prior to October 31, 2027, only the fund's Board may modify or terminate the expense limitation agreement. Following the contractual period, the adviser may discontinue these expense reimbursement arrangements at any time. Under certain conditions, the adviser may recapture operating expenses reimbursed and/or fees waived under these arrangements for a period of three years following the date such waiver or reimbursement occurred, provided that the recapture does not cause the fund to exceed its expense limit in effect at the time of the waiver or reimbursement, and any in effect at the time of recapture, after repayment is taken into account.