Virtus KAR Mid-Cap Core Fund 

Under typical market conditions, this fund commits a substantial portion—at least 80%—of its total assets to equity investments in companies characterized by a medium market capitalization. Its primary objective is to achieve significant long-term growth for capital within the mid-cap sector. Importantly, it aims to accomplish this while exhibiting a risk profile that mirrors the comparatively lower volatility of the large-capitalization S&P 500® Index. The fund's subadviser employs a diligent selection process, investing in a concentrated group of mid-sized enterprises that it believes are currently undervalued relative to their anticipated future growth potential.