Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Virtus KAR Small-Cap Growth I Release date as of 2024-03-31. Data on page is subject to change. Snapshot Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2024-03-31 Out of 552 Small Growth Funds Morningstar® Style Box™ What is this? As of 2023-12-31 Total Fund Assets ($ Mil) 88.69 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks long-term capital growth. The Series pursues long-term capital appreciation in the small capitalization market while seeking to incur less risk than the small capitalization growth market. The Series invests in a select group of small-cap companies believed by the subadviser to possess sustainable competitive advantages at prices the subadviser deems attractive. Under normal circumstances, the Series invests at least 80% of its assets in common stocks of small capitalization companies.

Morningstar Category: Small Growth Small-growth portfolios focus on faster-growing companies whose shares are at the lower end of the market-capitalization range. These portfolios tend to favor companies in up-and-coming industries or young firms in their early growth stages. Because these businesses are fast-growing and often richly valued, their stocks tend to be volatile. Stocks in the bottom 10% of the capitalization of the U.S. equity market are defined as small cap. Growth is defined based on fast growth (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields).

Investment Risks Small Cap Funds: Smaller companies typically have higher risk of failure, and are not as well established as larger blue-chip companies. Historically, the smaller company stocks have experienced a greater degree of market volatility than the overall market average.

Portfolio Profile Asset Allocation % of Net Assets U.S. Stocks 82.5 Non-U.S. Stocks 15.6 Bonds 0.0 Cash 1.8 Other 0.0 Data through 2023-12-31 Morningstar Equity Sectors % of Stocks Cyclical 45.26 Basic Materials 0.00 Consumer Cyclical 11.39 Financial Services 33.87 Real Estate 0.00 Sensitive 46.48 Communication Services 12.47 Energy 0.00 Industrials 8.39 Technology 25.62 Defensive 8.26 Consumer Defensive 4.09 Healthcare 4.17 Utilities 0.00 Data through 2023-12-31 Holding Status Total Number of Stock Holdings 30 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 54.94 Turnover % (as of 2023-12-31) 9.00 30 Day SEC Yield % --- Top Holdings Sector P/E % of Net Assets Ryan Specialty Holdings Inc Class A 106.73 7.97 Morningstar Inc 93.73 6.73 AAON Inc 41.36 6.69 Auto Trader Group PLC --- 6.32 Endava PLC ADR --- 4.66 Rightmove PLC --- 4.66 Servisfirst Bancshares Inc 17.51 4.65 Interactive Brokers Group Inc Class A 19.70 4.63 Fox Factory Holding Corp 18.27 4.42 Ncino Inc Ordinary Shares --- 4.21 Data through 2023-12-31

Principal Risks    Foreign Securities, Loss of Money, Not FDIC Insured, Growth Investing, Market/Market Volatility, Depositary Receipts, Equity Securities, Industry and Sector Investing, Shareholder Activity, Portfolio Diversification, Small Cap Show Risk Definitions

Other Information Inception Date: 2013-04-30 Portfolio Manager(s) Todd Beiley   (2010-11-05) Before joining Kayne Anderson Rudnick in 2002, Mr. Beiley worked as an Associate Analyst in equity research at Prudential Securities and before that was an Equity Research Associate at RNC Capital Management. He has approximately 23 years of equity research experience. Mr. Beiley earned a B.S. in Finance from Northern Arizona University and an M.B.A. from the University of Southern California. Mr. Beiley is a Chartered Financial Analyst charterholder. Jon K Christensen   (2010-11-05) Jon Christensen, CFA, Portfolio Manager | Mr. Christensen is a Portfolio Manager and a Senior Research Analyst with primary research responsibilities for the small and mid-capitalization health-care sector. Before joining Kayne Anderson Rudnick in 2001, Mr. Christensen was a Portfolio Manager and Senior Research Analyst for Doheny Asset Management and has approximately 18 years of equity research experience. He earned a B.S. in Mathematics/Applied Science from the University of California, Los Angeles, and an M.B.A. from the California State University, Long Beach. Mr. Christensen is a Chartered Financial Analyst charterholder. Investment Advisor(s) Virtus Investment Advisers, Inc. Issuer Virtus Subadvisor(s) Kayne Anderson Rudnick Investment Management LLC

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