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Fees and Expenses The tables below illustrate the fees and expenses that you may pay if you buy, hold and sell shares of the fund. 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. Shareholder Fees (fees paid directly from your investment) 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0000 0.0056 0.0056 -0.0056 0.0000 Example 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: Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0 0 0 0 0 0 0 0 Portfolio Turnover 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 39% of the average value of its portfolio. 0.39 Principal Investment Strategies The fund invests in asset-backed securities (“ABS”) issued or guaranteed by the U.S. Government, its agencies or instrumentalities, or issued by non-government entities, such as commercial banks or other private lenders, with an emphasis on investment-grade securities.Under normal circumstances, the fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade tranches of ABS, and in other instruments that have economic characteristics similar to such investments.Asset-backed securities represent interests in “pools” of assets in which payments of both interest and principal on the securities are made periodically, thus in effect “passing through” such payments made by the individual borrowers on the assets that underlie the securities, net of any fees paid to the issuer or guarantor of the securities. The fund will invest exclusively in debt tranches of ABS. The types of ABS in which the fund may invest include those backed by auto loans, timeshare receivables, consumer loans, equipment leases, rentals, whole business securitizations, credit card receivables, and student loans, as well as any collateral type that is securitized but not listed above. There is no limitation on the maturity of the fund’s debt investments. The ABS in which the fund invests are generally purchased pursuant to Rule 144A under the Securities Act of 1933 and are therefore subject to certain resale restrictions. Timeshare receivables are generated by vacation ownership interest in a divided form of property ownership, in which collateral can be secured with a fee simple interest in real estate or unsecured with the right to use the unit but no ownership interest in the real estate. Equipment lease securitizations represent interests in small, medium and large equipment leases, in which collateral can consist of various types of equipment, such as copiers, trucks, or construction equipment. Whole business securitizations represent franchise ownerships collateralized primarily by royalty fees paid by franchisees to franchisors, such as a percentage of the amount of sales generated. In addition, if the franchisor owns a store outright, a synthetic royalty or the operating profits of the owned store may be pledged as additional collateral to the securitization. Credit card receivables represent the securitization of a pool of credit card debt owed by consumers. Student loan securitizations are backed by pools of student loans. The cash flows generated from the underlying agreements for each of these types of ABS provide the bond holders with regular income.For purposes of its investment objective, the fund defines a “relatively high level of income” as a level of income comparable to the yield to maturity of the agency component of the Bloomberg US Mortgage Backed Securities (MBS) Index. As of June 30, 2026, the yield to maturity of the agency component of the Bloomberg US Mortgage Backed Securities Index was 4.97%. Under normal circumstances, the fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade tranches of ABS, and in other instruments that have economic characteristics similar to such investments. Asset-backed securities represent interests in “pools” of assets in which payments of both interest and principal on the securities are made periodically, thus in effect “passing through” such payments made by the individual borrowers on the assets that underlie the securities, net of any fees paid to the issuer or guarantor of the securities. The fund will invest exclusively in debt tranches of ABS. The types of ABS in which the fund may invest include those backed by auto loans, timeshare receivables, consumer loans, equipment leases, rentals, whole business securitizations, credit card receivables, and student loans, as well as any collateral type that is securitized but not listed above. Principal RisksThe 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. 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;">> Asset-Backed Securities Risk: Changes in interest rates may cause both extension and prepayment risks for asset-backed securities. These securities are also subject to risks associated with the non-repayment of underlying collateral, including losses to the fund. <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;">> Income Risk: 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. <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;">> Credit Risk: 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. <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;">> Interest Rate Risk: 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. <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;">> Prepayment/Call Risk: Issuers may prepay or call their fixed rate obligations when interest rates fall, forcing the fund to reinvest in obligations with lower interest rates and the fund may not benefit fully from the increase in value that other fixed income investments experience when interest rates decline. <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;">> Sector Focused Investing Risk: Events negatively affecting the asset-backed securities sector and its sub-sectors, in which the fund focuses its investments may cause the value of the fund’s shares to decrease, perhaps significantly. <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;">> Illiquid and Restricted Securities Risk: Certain securities in which the fund invests may be difficult to sell at the time and price beneficial to the fund, for example due to low trading volumes or legal restrictions. <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;">> Market Volatility Risk: 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. <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:normal; margin-left:39.6pt; font-style:normal;">> Large Shareholder Risk: Certain account holders, including the subadviser or funds or accounts over which the subadviser has investment discretion, may from time to time own or control a significant percentage of the fund’s shares. The fund is subject to the risk that a redemption by large shareholders of all or a portion of their fund shares or a purchase of fund shares in large amounts and/or on a frequent basis, including as a result of asset allocation decisions made by the subadviser, will adversely affect the fund’s performance if it is forced to sell portfolio securities or invest cash when the subadviser would not otherwise choose to do so. This risk will be particularly pronounced if one shareholder owns a substantial portion of the fund. Redemptions of a large number of shares may affect the liquidity of the fund’s portfolio, increase the fund’s transaction costs and/or lead to the liquidation of the fund. Such transactions also potentially limit the use of any capital loss carryforwards and certain other losses to offset future realized capital gains (if any). 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. Performance Information The fund has not had a full calendar year of operations; therefore, performance information is not shown here. Updated performance information is available by calling 800-243-1574. The fund has not had a full calendar year of operations; therefore, performance information is not shown here. Virtus Newfleet CMBS MACS Investment Objective The fund has a primary investment objective of long-term total return, inclusive of a relatively high level of income. Fees and Expenses The tables below illustrate the fees and expenses that you may pay if you buy, hold and sell shares of the fund. 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. Shareholder Fees (fees paid directly from your investment) 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0000 0.0078 0.0078 -0.0078 0.0000 Example 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: Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0 0 0 0 0 0 0 0 Portfolio Turnover 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 33% of the average value of its portfolio. 0.33 Principal Investment Strategies <p class="fnd_NmRule35d1TermSlctnCritSmryTextBlock" 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;">The fund invests in commercial mortgage-backed securities (“CMBS”) issued or guaranteed by the U.S. Government, its agencies or instrumentalities, or issued by non-government entities, such as commercial banks or other private lenders, with an emphasis on investment-grade securities.Under normal circumstances, the fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade tranches of CMBS, and in other instruments that have economic characteristics similar to such investments.Mortgage-backed securities represent interests in pools of mortgage loans purchased from individual lenders by a federal agency or originated and issued by private lenders. CMBS include securities that reflect an interest in, and are secured by, mortgage loans on commercial real property. The fund will invest exclusively in debt tranches of CMBS, which may include below-investment grade debt securities, commonly referred to as “high yield” securities or “junk bonds.” There is no limitation on the maturity of the fund’s debt investments. The CMBS in which the fund invests are generally purchased pursuant to Rule 144A under the Securities Act of 1933 and are therefore subject to certain resale restrictions. For purposes of its investment objective, the fund defines a “relatively high level of income” as a level of income comparable to the yield to maturity of the agency component of the Bloomberg US Mortgage Backed Securities (MBS) Index. As of June 30, 2026, the yield to maturity of the agency component of the Bloomberg US Mortgage Backed Securities Index was 4.97%. <p class="fnd_NmRule35d1TermSlctnCritSmryTextBlock" 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;">The fund invests in commercial mortgage-backed securities (“CMBS”) issued or guaranteed by the U.S. Government, its agencies or instrumentalities, or issued by non-government entities, such as commercial banks or other private lenders, with an emphasis on investment-grade securities.The fund will invest exclusively in debt tranches of CMBS, which may include below-investment grade debt securities, commonly referred to as “high yield” securities or “junk bonds.” Under normal circumstances, the fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade tranches of CMBS, and in other instruments that have economic characteristics similar to such investments. Mortgage-backed securities represent interests in pools of mortgage loans purchased from individual lenders by a federal agency or originated and issued by private lenders. CMBS include securities that reflect an interest in, and are secured by, mortgage loans on commercial real property. Principal RisksThe 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. 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;">> Mortgage-Backed Securities Risk: Changes in interest rates may cause both extension and prepayment risks for mortgage-backed securities. These securities are also subject to risks associated with the non-repayment of underlying collateral, including losses to the fund. <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;">> Commercial Mortgage-Backed Securities Risk: CMBS are not backed by the full faith and credit of the U.S. government and are subject to risk of default on the underlying mortgages, particularly during periods of economic downturn. CMBS are subject to a greater degree of prepayment and extension risk than many other forms of fixed income investments and therefore react differently to changes in interest rates than other bonds, and the prices of CMBS may reflect adverse economic and market conditions. <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;">> Income Risk: 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. <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;">> Credit Risk: 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. <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;">> Interest Rate Risk: 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. <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;">> Prepayment/Call Risk: Issuers may prepay or call their fixed rate obligations when interest rates fall, forcing the fund to reinvest in obligations with lower interest rates and the fund may not benefit fully from the increase in value that other fixed income investments experience when interest rates decline. <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;">> High-Yield/High-Risk Fixed Income Securities (Junk Bonds) Risk: 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. <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;">> Illiquid and Restricted Securities Risk: Certain securities in which the fund invests may be difficult to sell at the time and price beneficial to the fund, for example due to low trading volumes or legal restrictions. <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;">> Market Volatility Risk: 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. <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;">> MBS Sector Focused Investing Risk: Events negatively affecting the commercial mortgage-backed securities sector and its sub-sectors, in which the fund focuses its investments may cause the value of the fund’s shares to decrease, perhaps significantly. <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:normal; margin-left:39.6pt; font-style:normal;">> Large Shareholder Risk: Certain account holders, including the subadviser or funds or accounts over which the subadviser has investment discretion, may from time to time own or control a significant percentage of the fund’s shares. The fund is subject to the risk that a redemption by large shareholders of all or a portion of their fund shares or a purchase of fund shares in large amounts and/or on a frequent basis, including as a result of asset allocation decisions made by the subadviser, will adversely affect the fund’s performance if it is forced to sell portfolio securities or invest cash when the subadviser would not otherwise choose to do so. This risk will be particularly pronounced if one shareholder owns a substantial portion of the fund. Redemptions of a large number of shares may affect the liquidity of the fund’s portfolio, increase the fund’s transaction costs and/or lead to the liquidation of the fund. Such transactions also potentially limit the use of any capital loss carryforwards and certain other losses to offset future realized capital gains (if any). 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. Performance Information The fund has not had a full calendar year of operations; therefore, performance information is not shown here. Updated performance information is available by calling 800-243-1574. The fund has not had a full calendar year of operations; therefore, performance information is not shown here. Virtus Newfleet Floating Rate MACS Investment Objective The fund has an investment objective of high total return from both current income and capital appreciation. Fees and Expenses The tables below illustrate the fees and expenses that you may pay if you buy, hold and sell shares of the fund. 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. Shareholder Fees (fees paid directly from your investment) 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0000 0.0099 0.0002 0.0101 -0.0099 0.0002 Example 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: Although your actual costs may be higher or lower, based on these assumptions your costs would be: 2 2 6 6 11 11 26 26 Portfolio Turnover 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 49% of the average value of its portfolio. 0.49 Principal Investment Strategies Under normal circumstances, the fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a portfolio of senior floating rate loans (“Senior Loans”), including 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. Loans are used by borrowers to finance a variety of transactions, and senior floating rate loans generally hold the most senior position in the capital structure of a borrower and pay interest at rates that are adjusted periodically according to a specific formula, usually with reference to an interest rate index or market interest rate.<p class="fnd_NmRule35d1TermSlctnCritSmryTextBlock" 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;">The fund invests primarily in non-investment grade bank loans with a focus on “best in class” companies with leading market share and ability to generate income. For this purpose, the fund’s subadviser considers “best in class” companies to be companies within the fund’s investment universe that the subadviser believes have a competitive advantage, sustainable capital structure, stable cash flow, and a focus on reducing debt levels. For purposes of its 80% investment policy, indirect exposure to Senior Loans through investment in exchange-traded funds (“ETFs”) that invest in such Senior Loans will be considered to be investments by the fund in Senior Loans. ETFs in which the fund invests may include affiliated ETFs that are also managed by the fund’s subadviser and/or its affiliates. The fund may invest up to 15% of total assets in U.S. and non-U.S. dollar denominated foreign securities and foreign Senior Loans, including Yankee bonds, which are dollar-denominated instruments issued in the U.S. market by foreign branches of U.S. banks and U.S. branches of foreign banks. The fund may purchase derivative instruments, including, but not limited to, options, futures contracts, credit-linked notes, and swaps.The fund may borrow an amount up to 33 1/3% of its total assets (including the amount borrowed). The fund may borrow for investment purposes, to meet repurchase requests and for temporary, extraordinary or emergency purposes. Under normal circumstances, the fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a portfolio of senior floating rate loans (“Senior Loans”), including 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. Loans are used by borrowers to finance a variety of transactions, and senior floating rate loans generally hold the most senior position in the capital structure of a borrower and pay interest at rates that are adjusted periodically according to a specific formula, usually with reference to an interest rate index or market interest rate. <p class="fnd_NmRule35d1TermSlctnCritSmryTextBlock" 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;">The fund invests primarily in non-investment grade bank loans with a focus on “best in class” companies with leading market share and ability to generate income. For this purpose, the fund’s subadviser considers “best in class” companies to be companies within the fund’s investment universe that the subadviser believes have a competitive advantage, sustainable capital structure, stable cash flow, and a focus on reducing debt levels. Principal RisksThe 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. 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;">> Credit Risk: 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. <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;">> Interest Rate Risk: 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. <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;">> Bank Loan Risk: 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. <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;">> Floating-Rate Securities Risk: The market value of floating-rate securities may fall in a declining interest rate environment and may also fall in a rising interest rate environment if there is a lag between the rise in interest rates and the reset. Income earned by the Fund on floating-rate securities also may decline in a declining interest rate environment due to lower coupon payments on floating-rate securities. <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;">> High-Yield/High-Risk Fixed Income Securities (Junk Bonds) Risk: 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. <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;">> Illiquid and Restricted Securities Risk: Certain securities in which the fund invests may be difficult to sell at the time and price beneficial to the fund, for example due to low trading volumes or legal restrictions. > Leverage Risk: 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. <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;">> Market Volatility Risk: 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. <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;">> Affiliated Exchange-Traded Funds (ETFs) Risk: The fund’s subadviser may select and substitute affiliated and/or unaffiliated ETFs, which may create a conflict of interest. <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;">> Covenant Lite Loans Risk: 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. <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;">> Prepayment/Call Risk: Issuers may prepay or call their fixed rate obligations when interest rates fall, forcing the fund to reinvest in obligations with lower interest rates and the fund may not benefit fully from the increase in value that other fixed income investments experience when interest rates decline. <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;">> Currency Rate Risk: Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect the value of the fund’s shares. > Derivatives Risk: 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. <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;">> Exchange-Traded Funds (ETFs) Risk: The value of an ETF may be more volatile than the underlying portfolio of securities the ETF is designed to track. The costs to the fund of owning shares of an ETF may exceed the cost of investing directly in the underlying securities. <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;">> Foreign Investing Risk: 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. <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;">> Income Risk: 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. <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:normal; margin-left:39.6pt; font-style:normal;">> Large Shareholder Risk: Certain account holders, including the subadviser or funds or accounts over which the subadviser has investment discretion, may from time to time own or control a significant percentage of the fund’s shares. The fund is subject to the risk that a redemption by large shareholders of all or a portion of their fund shares or a purchase of fund shares in large amounts and/or on a frequent basis, including as a result of asset allocation decisions made by the subadviser, will adversely affect the fund’s performance if it is forced to sell portfolio securities or invest cash when the subadviser would not otherwise choose to do so. This risk will be particularly pronounced if one shareholder owns a substantial portion of the fund. Redemptions of a large number of shares may affect the liquidity of the fund’s portfolio, increase the fund’s transaction costs and/or lead to the liquidation of the fund. Such transactions also potentially limit the use of any capital loss carryforwards and certain other losses to offset future realized capital gains (if any). 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. Performance Information The fund has not had a full calendar year of operations; therefore, performance information is not shown here. Updated performance information is available by calling 800-243-1574. The fund has not had a full calendar year of operations; therefore, performance information is not shown here. Virtus Newfleet High Yield MACS Investment Objective The fund has a primary investment objective of providing higher current income than the average income of investment-grade bonds and a secondary objective of capital growth. secondary objective of capital growth. Fees and Expenses The tables below illustrate the fees and expenses that you may pay if you buy, hold and sell shares of the fund. 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. Shareholder Fees (fees paid directly from your investment) 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0000 0.0069 0.0069 -0.0069 0.0000 Example 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: Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0 0 0 0 0 0 0 0 Portfolio Turnover 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 48% of the average value of its portfolio. 0.48 Principal Investment Strategies Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in high yield fixed income securities (also known as “junk bonds”).<p class="fnd_NmRule35d1TermDfnSmryTextBlock" 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;">Fixed income securities are used by issuers to borrow money. The issuer usually pays a fixed, variable, or floating rate of interest, and must repay the amount borrowed, usually at the maturity of the security. Fixed income securities include corporate bonds, government securities (including Treasury securities), repurchase agreements, money market securities, and mortgage and other asset-backed securities. High-yield fixed income securities are those that are rated below investment grade (below BBB-/Baa3) or unrated securities that the subadviser believes are of comparable quality. The subadviser uses an investment process that focuses on adding value through issue selection, sector/industry selection and opportunistic trading. The subadviser believes that issue selection extends beyond the company to focus on risk/return analysis on an issue-by-issue basis. A company is reviewed and vetted, and then specific issues are selected based on factors such as positions in capital structure, compensation for taking a lower placement on the capital structure or turn of leverage, issue size, call protection, covenant analysis, and finally liquidity. Sector/Industry selection focuses on market inefficiencies, based on the subadviser’s anticipation of the fundamental direction of credit quality in each applicable sector or industry. The subadviser generally favors those sectors or industries that it believes have stable to improving fundamentals over sectors or industries with highly volatile business profiles, or irregular cash flows from non-business related activities. The fund will generally overweight those sectors and industries where the subadviser identifies well-valued companies whose business profiles are viewed to be improving. The subadviser generally views as well-valued those companies with seasoned management, solid financials, good liquidity, solid or improving free cash flow generation, appropriate leverage and/or asset protection over a full market cycle, and generally views as improving those companies with fundamentals and financial ratios (e.g., profitability, liquidity or leverage) that are improving over time. The fund is not limited with respect to which sectors and industries in which to focus its investments.The subadviser attempts to maintain the duration of the fund at a level similar to that of its style benchmark, the Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index. Duration measures the interest rate sensitivity of a fixed income security. Generally, the longer the maturity the greater the duration and, therefore, the greater effect interest rate changes have on the price of the security. Typically, for a fund maintaining a modified adjusted duration of 3.5 years, for example, a one percent increase in interest rates would cause a 3.5% decrease in the value of the fund’s fixed income assets. Similarly, a one percent decrease in interest rates typically would cause the value of the fund’s fixed income assets to increase by 3.5%. The fund invests primarily in U.S. securities but may invest in foreign securities including those in emerging markets. The Fund may use credit default swaps to increase or hedge (decrease) investment exposure to the high yield credit market or particular high yield fixed income securities. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in high yield fixed income securities (also known as “junk bonds”). Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in high yield fixed income securities (also known as “junk bonds”). <p class="fnd_NmRule35d1TermDfnSmryTextBlock" 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;">Fixed income securities are used by issuers to borrow money. The issuer usually pays a fixed, variable, or floating rate of interest, and must repay the amount borrowed, usually at the maturity of the security. Fixed income securities include corporate bonds, government securities (including Treasury securities), repurchase agreements, money market securities, and mortgage and other asset-backed securities. High-yield fixed income securities are those that are rated below investment grade (below BBB-/Baa3) or unrated securities that the subadviser believes are of comparable quality. The fund will generally overweight those sectors and industries where the subadviser identifies well-valued companies whose business profiles are viewed to be improving. The subadviser generally views as well-valued those companies with seasoned management, solid financials, good liquidity, solid or improving free cash flow generation, appropriate leverage and/or asset protection over a full market cycle, and generally views as improving those companies with fundamentals and financial ratios (e.g., profitability, liquidity or leverage) that are improving over time. Principal RisksThe 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. 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;">> Credit Risk: 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. <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;">> Interest Rate Risk: 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. <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;">> High-Yield/High-Risk Fixed Income Securities (Junk Bonds) Risk: 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. <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;">> Industry/Sector Concentration Risk: A fund that focuses its investments in a particular industry or sector will be more sensitive to conditions that affect that industry or sector than a non-concentrated fund. Such a focus may cause a decrease in the fund’s value, perhaps significantly. <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;">> Foreign Investing Risk: 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. <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;">> Market Volatility Risk: 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. <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;">> Currency Rate Risk: Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect the value of the fund’s shares. > Derivatives Risk: 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. <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;">> Credit Default Swaps Risk: Credit default swaps are subject to the credit risk of the underlying reference obligation and to counterparty credit risk. If the counterparty fails to meet its obligations, the fund may lose money. Credit default swaps are also subject to the risk that the fund’s subadviser will not properly assess the risk of the underlying reference obligation. If the fund is selling credit protection, there is a risk that a credit event will occur and the fund will have to pay the counterparty. If the fund is buying credit protection, there is a risk that no credit event will occur and the fund will receive no benefit for the premium paid. Credit default swaps may be difficult to value and may result in increased volatility, and the fund may incur a loss greater than its principal investment. <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;">> Emerging Market Risk: 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. <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;">> Sanctions Risk: 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. <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;">> Income Risk: 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. > Long-Term Maturities/Durations Risk: Debt instruments with longer maturities or durations may experience greater price fluctuations than instruments having shorter maturities or durations. <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;">> Prepayment/Call Risk: Issuers may prepay or call their fixed rate obligations when interest rates fall, forcing the fund to reinvest in obligations with lower interest rates and the fund may not benefit fully from the increase in value that other fixed income investments experience when interest rates decline. <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:normal; margin-left:39.6pt; font-style:normal;">> Large Shareholder Risk: Certain account holders, including the subadviser or funds or accounts over which the subadviser has investment discretion, may from time to time own or control a significant percentage of the fund’s shares. The fund is subject to the risk that a redemption by large shareholders of all or a portion of their fund shares or a purchase of fund shares in large amounts and/or on a frequent basis, including as a result of asset allocation decisions made by the subadviser, will adversely affect the fund’s performance if it is forced to sell portfolio securities or invest cash when the subadviser would not otherwise choose to do so. This risk will be particularly pronounced if one shareholder owns a substantial portion of the fund. Redemptions of a large number of shares may affect the liquidity of the fund’s portfolio, increase the fund’s transaction costs and/or lead to the liquidation of the fund. Such transactions also potentially limit the use of any capital loss carryforwards and certain other losses to offset future realized capital gains (if any). 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. <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;">> U.S. Government Securities Risk: U.S. Government securities may be subject to price fluctuations. An agency may default on an obligation not backed by the full faith and credit of the United States. Any guarantee on U.S. government securities does not apply to the value of the fund’s shares. Performance Information The fund has not had a full calendar year of operations; therefore, performance information is not shown here. Updated performance information is available by calling 800-243-1574. The fund has not had a full calendar year of operations; therefore, performance information is not shown here. Virtus Newfleet RMBS MACS Investment Objective The fund has an investment objective of long-term total return, inclusive of a relatively high level of income. Fees and Expenses The tables below illustrate the fees and expenses that you may pay if you buy, hold and sell shares of the fund. 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. Shareholder Fees (fees paid directly from your investment) 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0000 0.0058 0.0058 -0.0058 0.0000 Example 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: Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0 0 0 0 0 0 0 0 Portfolio Turnover 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 16% of the average value of its portfolio. 0.16 Principal Investment Strategies <p class="fnd_NmRule35d1TermSlctnCritSmryTextBlock" 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;">The fund invests in residential mortgage-backed securities (“RMBS”) issued or guaranteed by the U.S. Government, its agencies or instrumentalities, or issued by non-government entities, such as commercial banks or other private lenders, with an emphasis on investment-grade securities.Under normal circumstances, the fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade tranches of RMBS, and in other instruments that have economic characteristics similar to such investments. Mortgage-backed securities represent interests in pools of mortgage loans purchased from individual lenders by a federal agency or non-government entity, or originated and issued by private lenders. RMBS include securities that reflect an interest in, and are secured by, mortgage loans on residential real property. The fund will invest exclusively in debt tranches of RMBS. There is no limitation on the maturity of the fund’s debt investments. The RMBS in which the fund invests are generally purchased pursuant to Rule 144A under the Securities Act of 1933 and are therefore subject to certain resale restrictions.For purposes of its investment objective, the fund defines a “relatively high level of income” as a level of income comparable to the yield to maturity of the agency component of the Bloomberg US Mortgage Backed Securities (MBS) Index. As of June 30, 2026, the yield to maturity of the agency component of the Bloomberg US Mortgage Backed Securities Index was 4.97%. <p class="fnd_NmRule35d1TermSlctnCritSmryTextBlock" 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;">The fund invests in residential mortgage-backed securities (“RMBS”) issued or guaranteed by the U.S. Government, its agencies or instrumentalities, or issued by non-government entities, such as commercial banks or other private lenders, with an emphasis on investment-grade securities.The fund will invest exclusively in debt tranches of RMBS. Under normal circumstances, the fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade tranches of RMBS, and in other instruments that have economic characteristics similar to such investments. Mortgage-backed securities represent interests in pools of mortgage loans purchased from individual lenders by a federal agency or non-government entity, or originated and issued by private lenders. RMBS include securities that reflect an interest in, and are secured by, mortgage loans on residential real property. Principal RisksThe 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. 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;">> Mortgage-Backed Securities Risk: Changes in interest rates may cause both extension and prepayment risks for mortgage-backed securities. These securities are also subject to risks associated with the non-repayment of underlying collateral, including losses to the fund. <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;">> Residential Mortgage-Backed Securities Risk: RMBS are subject to the risks of default, foreclosure timeline extension, fraud, home price depreciation and unfavorable modification of loan principal amount, interest rate and amortization of principal accompanying the underlying residential mortgage loans. Non-agency RMBS may be subject to greater volatility than agency RMBS, for which principal and interest are guaranteed by federally chartered entities such as Fannie Mae and Freddie Mac. <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;">> Income Risk: 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. <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;">> Credit Risk: 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. <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;">> Interest Rate Risk: 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. <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;">> Prepayment/Call Risk: Issuers may prepay or call their fixed rate obligations when interest rates fall, forcing the fund to reinvest in obligations with lower interest rates and the fund may not benefit fully from the increase in value that other fixed income investments experience when interest rates decline. <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;">> RMBS Sector Focused Investing Risk: Events negatively affecting the residential mortgage-backed securities sector and its sub-sectors, in which the fund focuses its investments may cause the value of the fund’s shares to decrease, perhaps significantly. <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;">> Illiquid and Restricted Securities Risk: Certain securities in which the fund invests may be difficult to sell at the time and price beneficial to the fund, for example due to low trading volumes or legal restrictions. <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;">> Market Volatility Risk: 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. <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:normal; margin-left:39.6pt; font-style:normal;">> Large Shareholder Risk: Certain account holders, including the subadviser or funds or accounts over which the subadviser has investment discretion, may from time to time own or control a significant percentage of the fund’s shares. The fund is subject to the risk that a redemption by large shareholders of all or a portion of their fund shares or a purchase of fund shares in large amounts and/or on a frequent basis, including as a result of asset allocation decisions made by the subadviser, will adversely affect the fund’s performance if it is forced to sell portfolio securities or invest cash when the subadviser would not otherwise choose to do so. This risk will be particularly pronounced if one shareholder owns a substantial portion of the fund. Redemptions of a large number of shares may affect the liquidity of the fund’s portfolio, increase the fund’s transaction costs and/or lead to the liquidation of the fund. Such transactions also potentially limit the use of any capital loss carryforwards and certain other losses to offset future realized capital gains (if any). 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. Performance Information The fund has not had a full calendar year of operations; therefore, performance information is not shown here. Updated performance information is available by calling 800-243-1574. The fund has not had a full calendar year of operations; therefore, performance information is not shown here. Virtus Seix High Yield MACS Investment Objective The fund has an investment objective of seeking current income and capital appreciation. Fees and Expenses The tables below illustrate the fees and expenses that you may pay if you buy, hold and sell shares of the fund. 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. Shareholder Fees (fees paid directly from your investment) 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0000 0.0173 0.0173 -0.0173 0.0000 Example 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: Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0 0 0 0 0 0 0 0 Portfolio Turnover 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 36% of the average value of its portfolio. 0.36 Principal Investment Strategies Under normal circumstances, the fund invests in various types of lower-rated, higher yielding debt instruments, including corporate obligations, floating rate loans and other debt obligations. The fund may invest in debt obligations of U.S. and non-U.S. issuers. The fund’s investment in non-U.S. issuers may at times be significant.Debt instruments are used by issuers to borrow money. The issuer usually pays a fixed, variable, or floating rate of interest, and must repay the amount borrowed, usually at the maturity of the security. Debt instruments include corporate bonds, government securities (including Treasury securities), repurchase agreements, money market securities, loan participations and assignments, and mortgage and other asset-backed securities. High-yield debt instruments are those that are rated below investment grade (below BBB-/Baa3) or unrated securities that the subadviser believes are of comparable quality. Such investments are commonly known as “junk bonds” and present greater risks than investment grade bonds.Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in high yield debt instruments. These instruments will be chosen from the broad universe of available U.S. dollar denominated, high yield debt rated below investment grade by the ICE BofA US Cash Pay High Yield Index or unrated debt instruments that the subadviser believes are of comparable quality. Although the fund seeks to achieve its investment objective primarily through investment in high yield debt instruments, the fund may invest up to 20% of its net assets in investment grade instruments.The fund will be managed with a duration that is close to the ICE BofA US High Yield BB-B Constrained Index, which is generally between 2 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 or days. The higher the number, the greater the risk. Under normal circumstances, for example, if a portfolio has a duration of 5 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.The fund may invest up to 15% of its total assets in U.S. and non-U.S. dollar denominated foreign debt, including emerging markets debt and Yankee bonds, which are dollar-denominated instruments issued in the U.S. market by foreign branches of U.S. banks and U.S. branches of foreign banks. Under normal circumstances, the fund invests in various types of lower-rated, higher yielding debt instruments, including corporate obligations, floating rate loans and other debt obligations. The fund may invest in debt obligations of U.S. and non-U.S. issuers.These instruments will be chosen from the broad universe of available U.S. dollar denominated, high yield debt rated below investment grade by the ICE BofA US Cash Pay High Yield Index or unrated debt instruments that the subadviser believes are of comparable quality. Debt instruments are used by issuers to borrow money. The issuer usually pays a fixed, variable, or floating rate of interest, and must repay the amount borrowed, usually at the maturity of the security. Debt instruments include corporate bonds, government securities (including Treasury securities), repurchase agreements, money market securities, loan participations and assignments, and mortgage and other asset-backed securities. High-yield debt instruments are those that are rated below investment grade (below BBB-/Baa3) or unrated securities that the subadviser believes are of comparable quality. Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in high yield debt instruments. Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in high yield debt instruments. Principal RisksThe 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. 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;">> Credit Risk: 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. <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;">> Interest Rate Risk: 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. <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;">> High-Yield/High-Risk Fixed Income Securities (Junk Bonds) Risk: 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. <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;">> Foreign Investing Risk: 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. <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;">> Currency Rate Risk: Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect the value of the fund’s shares. <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;">> Emerging Market Risk: 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. <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;">> Sanctions Risk: 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. <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;">> Market Volatility Risk: 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. <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;">> Bank Loan Risk: 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. <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;">> Illiquid and Restricted Securities Risk: Certain securities in which the fund invests may be difficult to sell at the time and price beneficial to the fund, for example due to low trading volumes or legal restrictions. <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;">> Income Risk: 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. <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;">> Prepayment/Call Risk: Issuers may prepay or call their fixed rate obligations when interest rates fall, forcing the fund to reinvest in obligations with lower interest rates and the fund may not benefit fully from the increase in value that other fixed income investments experience when interest rates decline. <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:normal; margin-left:39.6pt; font-style:normal;">> Large Shareholder Risk: Certain account holders, including the subadviser or funds or accounts over which the subadviser has investment discretion, may from time to time own or control a significant percentage of the fund’s shares. The fund is subject to the risk that a redemption by large shareholders of all or a portion of their fund shares or a purchase of fund shares in large amounts and/or on a frequent basis, including as a result of asset allocation decisions made by the subadviser, will adversely affect the fund’s performance if it is forced to sell portfolio securities or invest cash when the subadviser would not otherwise choose to do so. This risk will be particularly pronounced if one shareholder owns a substantial portion of the fund. Redemptions of a large number of shares may affect the liquidity of the fund’s portfolio, increase the fund’s transaction costs and/or lead to the liquidation of the fund. Such transactions also potentially limit the use of any capital loss carryforwards and certain other losses to offset future realized capital gains (if any). 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. Performance Information The fund has not had a full calendar year of operations; therefore, performance information is not shown here. Updated performance information is available by calling 800-243-1574. The fund has not had a full calendar year of operations; therefore, performance information is not shown here. Virtus Stone Harbor EMD MACS Investment Objective The fund has an investment objective of seeking to maximize total return, which consists of income on its investments and capital appreciation. Fees and Expenses The tables below illustrate the fees and expenses that you may pay if you buy, hold and sell shares of the fund. 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. Shareholder Fees (fees paid directly from your investment) 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0000 0.0164 0.0164 -0.0164 0.0000 Example 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: Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0 0 0 0 0 0 0 0 Portfolio Turnover 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 40% of the average value of its portfolio. 0.40 Principal Investment Strategies Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings made for investment purposes) in emerging markets debt investments and derivatives that have economic characteristics of emerging markets debt investments (collectively, “EMD Investments”). EMD Investments are debt instruments, including loans, issued by corporations or other business organizations that are economically tied to an emerging market country, and sovereign or quasi-sovereign debt instruments economically tied to an emerging market country. EMD Investments also include derivative instruments used for hedging purposes or to otherwise gain or reduce long or short exposure to EMD Investments. For example, the fund may utilize futures or other derivatives whose return is based on specific EMD Investments or indices of such investments. Debt instruments are used by issuers to borrow money. The issuer usually pays a fixed, variable, or floating rate of interest, and must repay the amount borrowed, usually at the maturity of the security. Debt instruments include corporate bonds, government securities (including Treasury securities), repurchase agreements, money market securities, loan participations and assignments, and mortgage and other asset-backed securities. A corporation or other business organization is economically tied to an emerging market country if it issues securities that are principally traded on the country’s securities markets or if it is organized or principally operates in the country, derives a majority of its income from its operations within the country or has a majority of its assets within the country. “Sovereign” refers to a government and “quasi-sovereign” refers to a governmental agency, political subdivision or other instrumentality or issuer that is majority owned, directly or indirectly, or whose obligations are guaranteed, by a government. A sovereign or quasi-sovereign debt instrument is economically tied to an emerging market country if it is principally traded on the country’s securities markets or the issuer is organized or principally operates in the country, derives a majority of its income from its operations within the country or has a majority of its assets within the country. Although the fund is not limited in the types of derivatives it can use, the fund currently expects that its derivatives investments will consist primarily of the following instruments and transactions: futures, options, swaps, credit linked notes and credit default swaps. The fund may use derivatives to a significant extent. The fund’s investments may be denominated in non-U.S. currencies or in the U.S. dollar.The fund considers “emerging market countries” to include countries identified by the World Bank Group as not being “high income economies” or which are included in a JPMorgan emerging market bond index. It is anticipated that the fund will focus most of its investments in Asia, Africa, the Middle East, Latin America and/or the developing countries of Europe. The fund’s investments may include, among other things, corporate debt securities, sovereign debt securities, structured notes, convertible securities, securities issued by supranational organizations, fixed and floating rate commercial loans, loan participations and assignments, private placements, Rule 144A securities, non-U.S. currencies, forward currency contracts and other foreign currency transactions and derivatives related to the types of investments listed herein. The fund seeks capital appreciation through country selection, issuer selection, industry selection, security selection and currency selection.The fund may invest in securities of any credit rating (including unrated securities) and may invest without limit in higher risk, below-investment grade debt securities, commonly referred to as “high yield” securities or “junk bonds.” Such securities may include those that are in default with respect to the payment of principal or interest.The subadviser normally maintains an average portfolio duration of between 2 and 7 years. However, the fund’s average duration may be outside this range, and the fund may invest in securities of any duration and maturity. Duration measures the interest rate sensitivity of a fixed income security. Generally, the longer the maturity the greater the duration and, therefore, the greater effect interest rate changes have on the price of the security. Typically, for a fund maintaining a modified adjusted duration of 3.5 years, for example, a one percent increase in interest rates would cause a 3.5% decrease in the value of the fund’s fixed income assets. Similarly, a one percent decrease in interest rates typically would cause the value of the fund’s fixed income assets to increase by 3.5%. Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings made for investment purposes) in emerging markets debt investments and derivatives that have economic characteristics of emerging markets debt investments (collectively, “EMD Investments”). Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings made for investment purposes) in emerging markets debt investments and derivatives that have economic characteristics of emerging markets debt investments (collectively, “EMD Investments”). EMD Investments are debt instruments, including loans, issued by corporations or other business organizations that are economically tied to an emerging market country, and sovereign or quasi-sovereign debt instruments economically tied to an emerging market country. EMD Investments also include derivative instruments used for hedging purposes or to otherwise gain or reduce long or short exposure to EMD Investments.Debt instruments are used by issuers to borrow money. The issuer usually pays a fixed, variable, or floating rate of interest, and must repay the amount borrowed, usually at the maturity of the security. Debt instruments include corporate bonds, government securities (including Treasury securities), repurchase agreements, money market securities, loan participations and assignments, and mortgage and other asset-backed securities.“Sovereign” refers to a government and “quasi-sovereign” refers to a governmental agency, political subdivision or other instrumentality or issuer that is majority owned, directly or indirectly, or whose obligations are guaranteed, by a government. A corporation or other business organization is economically tied to an emerging market country if it issues securities that are principally traded on the country’s securities markets or if it is organized or principally operates in the country, derives a majority of its income from its operations within the country or has a majority of its assets within the country.A sovereign or quasi-sovereign debt instrument is economically tied to an emerging market country if it is principally traded on the country’s securities markets or the issuer is organized or principally operates in the country, derives a majority of its income from its operations within the country or has a majority of its assets within the country.The fund considers “emerging market countries” to include countries identified by the World Bank Group as not being “high income economies” or which are included in a JPMorgan emerging market bond index. Principal RisksThe 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. 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;">> Emerging Market Risk: 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. <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;">> Sanctions Risk: 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. <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;">> Foreign Investing Risk: 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. <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;">> Credit Risk: 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. <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;">> Interest Rate Risk: 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. <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;">> Counterparty Risk: There is risk that a party upon whom the fund relies to complete a transaction will default. <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;">> Currency Rate Risk: Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect the value of the fund’s shares. > Derivatives Risk: 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. <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;">> Bank Loan Risk: 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. <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;">> Credit Default Swaps Risk: Credit default swaps are subject to the credit risk of the underlying reference obligation and to counterparty credit risk. If the counterparty fails to meet its obligations, the fund may lose money. Credit default swaps are also subject to the risk that the fund’s subadviser will not properly assess the risk of the underlying reference obligation. If the fund is selling credit protection, there is a risk that a credit event will occur and the fund will have to pay the counterparty. If the fund is buying credit protection, there is a risk that no credit event will occur and the fund will receive no benefit for the premium paid. Credit default swaps may be difficult to value and may result in increased volatility, and the fund may incur a loss greater than its principal investment. <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;">> High-Yield/High-Risk Fixed Income Securities (Junk Bonds) Risk: 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. <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;">> Illiquid and Restricted Securities Risk: Certain securities in which the fund invests may be difficult to sell at the time and price beneficial to the fund, for example due to low trading volumes or legal restrictions. <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;">> Income Risk: 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. <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:normal; margin-left:39.6pt; font-style:normal;">> Large Shareholder Risk: Certain account holders, including the subadviser or funds or accounts over which the subadviser has investment discretion, may from time to time own or control a significant percentage of the fund’s shares. The fund is subject to the risk that a redemption by large shareholders of all or a portion of their fund shares or a purchase of fund shares in large amounts and/or on a frequent basis, including as a result of asset allocation decisions made by the subadviser, will adversely affect the fund’s performance if it is forced to sell portfolio securities or invest cash when the subadviser would not otherwise choose to do so. This risk will be particularly pronounced if one shareholder owns a substantial portion of the fund. Redemptions of a large number of shares may affect the liquidity of the fund’s portfolio, increase the fund’s transaction costs and/or lead to the liquidation of the fund. Such transactions also potentially limit the use of any capital loss carryforwards and certain other losses to offset future realized capital gains (if any). 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. <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;">> Market Volatility Risk: 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. <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;">> Prepayment/Call Risk: Issuers may prepay or call their fixed rate obligations when interest rates fall, forcing the fund to reinvest in obligations with lower interest rates and the fund may not benefit fully from the increase in value that other fixed income investments experience when interest rates decline. <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;">> Private Placement Risk: Private placements may have limited liquidity and/or be difficult to value. As a result, the fund may have difficulty selling these securities and may incur losses to the fund. <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;">> Short-Term Investments Risk: The fund’s short-term investments may not provide the liquidity or protection intended or may prevent the fund from experiencing positive movements in the fund’s principal investment strategies. <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;">> Sovereign, Quasi-sovereign and Supranational Debt Risk: Investing in foreign government obligations, debt obligations of supranational entities and the sovereign debt of foreign countries creates exposure to the direct or indirect consequences of political, social or economic changes in the countries that issue the securities or in which the issuers are located. A governmental entity may delay, refuse or be unable to pay interest or principal on its debt due to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or the failure to put in place economic reforms. There may be no legal or bankruptcy process for collecting sovereign debt. Emerging markets countries tend to have economic, political and legal systems that are less fully developed and are less stable than those of more advanced countries. <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;">> Structured Products Risk: The risk that, in addition to the general risks associated with investing in debt instruments, the fund’s exposure to certain risks -- such as counterparty risk, liquidity risk and market volatility risk -- will be different or greater as a result of investing through structured products. Performance Information The fund has not had a full calendar year of operations; therefore, performance information is not shown here. Updated performance information is available by calling 800-243-1574. The fund has not had a full calendar year of operations; therefore, performance information is not shown here. Virtus Stone Harbor EMD Sovereign MACS Investment Objective The fund has an investment objective of seeking to maximize total return, which consists of income on its investments and capital appreciation. Fees and Expenses The tables below illustrate the fees and expenses that you may pay if you buy, hold and sell shares of the fund. 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. Shareholder Fees (fees paid directly from your investment) 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0000 0.0164 0.0164 -0.0164 0.0000 Example 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: Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0 0 0 0 0 0 0 0 Portfolio Turnover 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. As of the date of this prospectus, the fund has not commenced operations; therefore, portfolio turnover information for the fund is not shown here. Principal Investment Strategies Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings made for investment purposes) in debt instruments of emerging country sovereign and quasi-sovereign issuers and derivatives that have economic characteristics of debt of emerging country sovereign and quasi-sovereign issuers (collectively, “EMD Sovereign Investments”). “Sovereign” refers to a government, and “quasi-sovereign” refers to a governmental agency, political subdivision or other instrumentality or issuer that is majority owned, directly or indirectly, or whose obligations are guaranteed, by a government. EMD Sovereign Investments include fixed income investments and derivative instruments (including, but not limited to, spot and currency contracts, futures, options and swaps) that economically are tied to countries with emerging securities markets or whose performance is linked to those countries’ markets, economies or ability to repay loans. Such investments may be denominated in non-U.S. currencies or the U.S. dollar. A security or instrument is economically tied to an emerging market country if it is principally traded on the country’s securities markets or the issuer is organized or principally operates in the country, derives a majority of its income from its operations within the country or has a majority of its assets within the country. EMD Sovereign Investments also include derivatives and other instruments used to hedge or gain exposure to emerging securities markets (for example, futures or other derivatives whose return is based on specific emerging markets securities or indices). Although the fund is not limited in the types of derivatives it can use, the fund currently expects that its derivatives investments will consist primarily of the following instruments and transactions: futures, options, swaps, credit linked notes and credit default swaps. The fund may use derivatives to a significant extent. The subadviser has broad discretion to identify and invest in countries that it considers to be emerging securities markets. The fund considers “emerging market countries” to include countries identified by the World Bank Group as not being “high income economies” or which are included in a JPMorgan emerging market bond index. It is anticipated that the fund will focus most of its investments in Asia, Africa, the Middle East, Latin America and/or the developing countries of Europe. EMD Sovereign Investments may include, among other things, sovereign debt securities, corporate debt securities, structured notes, convertible securities, securities issued by supranational organizations, floating rate commercial loans, securitized loan participations, Rule 144A securities and derivatives related to these types of securities. The fund seeks capital appreciation through country selection, sector selection and security selection.The fund may invest in securities of any credit rating (including unrated securities) and may invest without limit in higher risk, below investment grade debt securities, commonly referred to as “high yield” securities or “junk bonds.”The subadviser normally maintains an average portfolio duration of between 2 and 7 years. However, the fund’s average duration may be outside this range, and the fund may invest in securities of any duration and maturity. Duration measures the interest rate sensitivity of a fixed income security. Generally, the longer the maturity the greater the duration and, therefore, the greater effect interest rate changes have on the price of the security. Typically, for a fund maintaining a modified adjusted duration of 3.5 years, for example, a one percent increase in interest rates would cause a 3.5% decrease in the value of the fund’s fixed income assets. Similarly, a one percent decrease in interest rates typically would cause the value of the fund’s fixed income assets to increase by 3.5%. Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings made for investment purposes) in debt instruments of emerging country sovereign and quasi-sovereign issuers and derivatives that have economic characteristics of debt of emerging country sovereign and quasi-sovereign issuers (collectively, “EMD Sovereign Investments”). Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings made for investment purposes) in debt instruments of emerging country sovereign and quasi-sovereign issuers and derivatives that have economic characteristics of debt of emerging country sovereign and quasi-sovereign issuers (collectively, “EMD Sovereign Investments”). “Sovereign” refers to a government, and “quasi-sovereign” refers to a governmental agency, political subdivision or other instrumentality or issuer that is majority owned, directly or indirectly, or whose obligations are guaranteed, by a government. EMD Sovereign Investments include fixed income investments and derivative instruments (including, but not limited to, spot and currency contracts, futures, options and swaps) that economically are tied to countries with emerging securities markets or whose performance is linked to those countries’ markets, economies or ability to repay loans.EMD Sovereign Investments also include derivatives and other instruments used to hedge or gain exposure to emerging securities markets (for example, futures or other derivatives whose return is based on specific emerging markets securities or indices). A security or instrument is economically tied to an emerging market country if it is principally traded on the country’s securities markets or the issuer is organized or principally operates in the country, derives a majority of its income from its operations within the country or has a majority of its assets within the country.The fund considers “emerging market countries” to include countries identified by the World Bank Group as not being “high income economies” or which are included in a JPMorgan emerging market bond index. Principal RisksThe 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. 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;">> Emerging Market Risk: 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. <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;">> Sanctions Risk: 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. <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;">> Foreign Investing Risk: 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. <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;">> Credit Risk: 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. <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;">> Interest Rate Risk: 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. <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;">> Counterparty Risk: There is risk that a party upon whom the fund relies to complete a transaction will default. <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;">> Sovereign, Quasi-sovereign and Supranational Debt Risk: Investing in foreign government obligations, debt obligations of supranational entities and the sovereign debt of foreign countries creates exposure to the direct or indirect consequences of political, social or economic changes in the countries that issue the securities or in which the issuers are located. A governmental entity may delay, refuse or be unable to pay interest or principal on its debt due to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or the failure to put in place economic reforms. There may be no legal or bankruptcy process for collecting sovereign debt. Emerging markets countries tend to have economic, political and legal systems that are less fully developed and are less stable than those of more advanced countries. <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;">> Bank Loan Risk: 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. <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;">> Credit Default Swaps Risk: Credit default swaps are subject to the credit risk of the underlying reference obligation and to counterparty credit risk. If the counterparty fails to meet its obligations, the fund may lose money. Credit default swaps are also subject to the risk that the fund’s subadviser will not properly assess the risk of the underlying reference obligation. If the fund is selling credit protection, there is a risk that a credit event will occur and the fund will have to pay the counterparty. If the fund is buying credit protection, there is a risk that no credit event will occur and the fund will receive no benefit for the premium paid. Credit default swaps may be difficult to value and may result in increased volatility, and the fund may incur a loss greater than its principal investment. <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;">> Currency Rate Risk: Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect the value of the fund’s shares. > Derivatives Risk: 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. <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;">> High-Yield/High-Risk Fixed Income Securities (Junk Bonds) Risk: 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. <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;">> Illiquid and Restricted Securities Risk: Certain securities in which the fund invests may be difficult to sell at the time and price beneficial to the fund, for example due to low trading volumes or legal restrictions. <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;">> Income Risk: 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. <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:normal; margin-left:39.6pt; font-style:normal;">> Large Shareholder Risk: Certain account holders, including the subadviser or funds or accounts over which the subadviser has investment discretion, may from time to time own or control a significant percentage of the fund’s shares. The fund is subject to the risk that a redemption by large shareholders of all or a portion of their fund shares or a purchase of fund shares in large amounts and/or on a frequent basis, including as a result of asset allocation decisions made by the subadviser, will adversely affect the fund’s performance if it is forced to sell portfolio securities or invest cash when the subadviser would not otherwise choose to do so. This risk will be particularly pronounced if one shareholder owns a substantial portion of the fund. Redemptions of a large number of shares may affect the liquidity of the fund’s portfolio, increase the fund’s transaction costs and/or lead to the liquidation of the fund. Such transactions also potentially limit the use of any capital loss carryforwards and certain other losses to offset future realized capital gains (if any). 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. <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;">> Market Volatility Risk: 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. <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;">> Portfolio Turnover Risk: 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. <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;">> Prepayment/Call Risk: Issuers may prepay or call their fixed rate obligations when interest rates fall, forcing the fund to reinvest in obligations with lower interest rates and the fund may not benefit fully from the increase in value that other fixed income investments experience when interest rates decline. <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;">> Private Placement Risk: Private placements may have limited liquidity and/or be difficult to value. As a result, the fund may have difficulty selling these securities and may incur losses to the fund. <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;">> Short-Term Investments Risk: The fund’s short-term investments may not provide the liquidity or protection intended or may prevent the fund from experiencing positive movements in the fund’s principal investment strategies. <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;">> Structured Products Risk: The risk that, in addition to the general risks associated with investing in debt instruments, the fund’s exposure to certain risks -- such as counterparty risk, liquidity risk and market volatility risk -- will be different or greater as a result of investing through structured products. Performance Information The fund has not had a full calendar year of operations; therefore, performance information is not shown here. The fund has not had a full calendar year of operations; therefore, performance information is not shown here. 485BPOS 2026-06-30 0002025137 false 2026-10-28 2026-10-21 ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData row dei_DocumentInformationDocumentAxis compact cik0002025137_S000086622SummaryMember row dei_LegalEntityAxis compact cik0002025137_S000086622Member ~ ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData row dei_DocumentInformationDocumentAxis compact cik0002025137_S000086622SummaryMember row dei_LegalEntityAxis compact cik0002025137_S000086622Member ~ ~ http://xbrl.sec.gov/rr/role/ExpenseExample row dei_DocumentInformationDocumentAxis compact cik0002025137_S000086622SummaryMember row dei_LegalEntityAxis compact cik0002025137_S000086622Member ~ ~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption row dei_DocumentInformationDocumentAxis compact cik0002025137_S000086622SummaryMember row dei_LegalEntityAxis compact cik0002025137_S000086622Member ~ ~ 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Shareholders should be aware, however, that the fund is an integral part of separately managed account programs, and the fund’s investment adviser, the fund’s subadviser or their affiliates will be compensated directly or indirectly by separately managed account program sponsors or program participants for managed account advisory services. The fund’s subadviser 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 0.00% indefinitely. Only the fund’s Board may modify or terminate the expense limitation agreement. Neither the fund’s investment adviser nor the fund’s subadviser charges a management fee to the fund. Shareholders should be aware, however, that the fund is an integral part of separately managed account programs, and the fund’s investment adviser, the fund’s subadviser or their affiliates will be compensated directly or indirectly by separately managed account program sponsors or program participants for managed account advisory services. The fund’s subadviser 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 0.00% indefinitely. Only the fund’s Board may modify or terminate the expense limitation agreement. Neither the fund’s investment adviser nor the fund’s subadviser charges a management fee to the fund. Shareholders should be aware, however, that the fund is an integral part of separately managed account programs, and the fund’s investment adviser, the fund’s subadviser or their affiliates will be compensated directly or indirectly by separately managed account program sponsors or program participants for managed account advisory services. The fund’s subadviser 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 0.00% indefinitely. Only the fund’s Board may modify or terminate the expense limitation agreement. The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets appearing in the Financial Highlights tables, which tables reflect only the operating expenses of the fund and do not include acquired fund fees and expenses. Neither the fund’s investment adviser nor the fund’s subadviser charges a management fee to the fund. Shareholders should be aware, however, that the fund is an integral part of separately managed account programs, and the fund’s investment adviser, the fund’s subadviser or their affiliates will be compensated directly or indirectly by separately managed account program sponsors or program participants for managed account advisory services. The fund’s subadviser 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 0.00% indefinitely. Only the fund’s Board may modify or terminate the expense limitation agreement. Neither the fund’s investment adviser nor the fund’s subadviser charges a management fee to the fund. Shareholders should be aware, however, that the fund is an integral part of separately managed account programs, and the fund’s investment adviser, the fund’s subadviser or their affiliates will be compensated directly or indirectly by separately managed account program sponsors or program participants for managed account advisory services. The fund’s subadviser 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 0.00% indefinitely. Only the fund’s Board may modify or terminate the expense limitation agreement. Neither the fund’s investment adviser nor the fund’s subadviser charges a management fee to the fund. Shareholders should be aware, however, that the fund is an integral part of separately managed account programs, and the fund’s investment adviser, the fund’s subadviser or their affiliates will be compensated directly or indirectly by separately managed account program sponsors or program participants for managed account advisory services. The fund’s subadviser 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 0.00% indefinitely. Only the fund’s Board may modify or terminate the expense limitation agreement. Neither the fund’s investment adviser nor the fund’s subadviser charges a management fee to the fund. Shareholders should be aware, however, that the fund is an integral part of separately managed account programs, and the fund’s investment adviser, the fund’s subadviser or their affiliates will be compensated directly or indirectly by separately managed account program sponsors or program participants for managed account advisory services. The fund’s subadviser 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 0.00% indefinitely. Only the fund’s Board may modify or terminate the expense limitation agreement. Neither the fund’s investment adviser nor the fund’s subadviser charges a management fee to the fund. Shareholders should be aware, however, that the fund is an integral part of separately managed account programs, and the fund’s investment adviser, the fund’s subadviser or their affiliates will be compensated directly or indirectly by separately managed account program sponsors or program participants for managed account advisory services. Estimated for current fiscal year, as annualized. The fund’s subadviser 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 0.00% indefinitely. Only the fund’s Board may modify or terminate the expense limitation agreement.