Virtus KAR Emerging Markets Small-Cap Fund

Under typical conditions, this fund allocates a minimum of 80% of its portfolio to shares and other equity-linked investments issued by smaller companies operating in developing global economies. The fund's subadviser classifies small-capitalization firms as those with a market valuation below $8 billion at the time of their initial acquisition. These emerging market nations generally include all countries worldwide, with the exception of the United States, Canada, Japan, Australia, New Zealand, and the majority of Western European countries.