Virtus KAR Mid-Cap Core Fund Class I

This fund typically allocates a minimum of 80% of its portfolio to the common stocks of mid-sized companies. Its core objective is to generate substantial long-term capital appreciation within the medium-capitalization sector. While pursuing this, it also endeavors to maintain a risk profile akin to that of the generally more stable large-cap S&P 500® Index. The subadviser strategically selects a focused group of mid-market-cap firms believed to be undervalued in comparison to their anticipated future growth.