Prospectus by Investment Company (Form 497)

Shareholder Fees (fees paid directly from your investment)

Class A

Class C

Class I

Class R6

Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price)

5.50%

None

None

None

Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds)

None

1.00%^(a)

None

None

Annual Fund Operating Expenses (expenses that you pay each year as
a percentage of the value of your investment)

Class A

Class C

Class I

Class R6

Management Fees

0.75%

0.75%

0.75%

0.75%

Distribution and Shareholder Servicing (12b-1) Fees

0.25%

1.00%

None

None

Other Expenses

0.36%

0.30%

0.37%

0.21%

Total Annual Fund Operating Expenses

1.36%

2.05%

1.12%

0.96%

Less: Fee Waiver and/or Expense Reimbursement^(b)

-

(0.24)%

(0.30)%

(0.19)%

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement^(b)

1.36%

1.81%

0.82%

0.77%

(a)

The deferred sales charge is imposed on Class C Shares redeemed during the first year only.

(b)

The fund's investment adviser has contractually agreed to limit the fund's total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales charges, taxes, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on credit or redemption facilities), interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 1.81% for Class C Shares, 0.82% for Class I Shares and 0.77% for Class R6 Shares through April 30, 2026. Prior to April 30, 2026, only the fund's Board may modify or terminate the expense limitation agreement. Following the contractual period, the adviser may discontinue these expense reimbursement arrangements at any time. Under certain conditions, the adviser may recapture operating expenses reimbursed and/or fees waived under these arrangements for a period of three years following the date such waiver or reimbursement occurred, provided that the recapture does not cause the fund to exceed its expense limit in effect at the time of the waiver or reimbursement, and any in effect at the time of recapture, after repayment is taken into account.

Class

Share Status

1 Year

3 Years

5 Years

10 Years

Class A

Sold or Held

$681

$957

$1,254

$2,095

Class C

Sold

$284

$620

$1,081

$2,360

Held

$184

$620

$1,081

$2,360

Class I

Sold or Held

$84

$326

$588

$1,336

Class R6

Sold or Held

$79

$287

$512

$1,161

Class A Shares

Class C Shares

Class I Shares

Class R6 Shares

Virtus Ceredex Small-Cap Value Fund^(**)

1.46%^(*)

1.81%

0.82%

0.77%

Fund

Management Fee

Virtus Ceredex Small-Cap Value Equity Fund

0.75%

Shareholder Fees (fees paid directly from your investment)

Class A

Class I

Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price)

2.75%

None

Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds)

None

None

Annual Fund Operating Expenses (expenses that you pay each year as
a percentage of the value of your investment)

Class A

Class I

Management Fees

0.50%

0.50%

Distribution and Shareholder Servicing (12b-1) Fees

0.25%

None

Other Expenses

0.29%

0.34%

Total Annual Fund Operating Expenses

1.04%

0.84%

Less: Fee Waiver and/or Expense Reimbursement^(a)

(0.37)%

(0.34)%

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement^(a)

0.67%

0.50%

(a)

The fund's investment adviser has contractually agreed to limit the fund's total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales charges, taxes, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on credit or redemption facilities), interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 0.67% for Class A Shares and 0.50% for Class I Shares through April 30, 2026. Prior to April 30, 2026, only the fund's Board may modify or terminate the expense limitation agreement. Following the contractual period, the adviser may discontinue these expense reimbursement arrangements at any time. Under certain conditions, the adviser may recapture operating expenses reimbursed and/or fees waived under these arrangements for a period of three years following the date such waiver or reimbursement occurred, provided that the recapture does not cause the fund to exceed its expense limit in effect at the time of the waiver or reimbursement, and any in effect at the time of recapture, after repayment is taken into account.

Class

Share Status

1 Year

3 Years

5 Years

10 Years

Class A

Sold or Held

$342

$561

$798

$1,479

Class I

Sold or Held

$51

$234

$433

$1,006

Class A Shares

Class C Shares

Class I Shares

Class R6 Shares

Virtus Seix Investment Grade Tax-Exempt Bond Fund^(**)

0.67%

N/A

0.50%

N/A

Fund

Investment Advisory Fee

Ceredex Small-Cap Value Equity Fund

0.75%

Fund

Class A

Class C

Class I

Class R6

Ceredex Small-Cap Value Fund^(*)

1.46%

1.81%

0.82%

0.77%

Seix Investment Grade Tax-Exempt Bond Fund^(*)

0.67%

N/A

0.50%

N/A