Summary

• International small- and mid-cap stocks, as measured by the benchmark MSCI All Country World Ex USA Small Mid Cap Index, advanced 0.35% during the first quarter.
• The Virtus KAR International Small-Mid Cap Fund returned -6.32% in the quarter, underperforming the MSCI All Country World Ex USA Small Mid Cap Index's 0.35% return.
• VAT Group shares outperformed on the back of strong order momentum from semiconductor equipment customers.
• FinecoBank underperformed along with global financial services peers in response to concerns about AI software raising competitive pressure on human-led advisory services.
• During the quarter, the Fund purchased three stocks for the portfolio: UK software company IntegraFin, Singapore healthcare company Riverstone, and Australasia insurance broker Steadfast Group.

Market Summary

International small- and mid-cap stocks, as measured by the benchmark MSCI All Country World Ex USA Small Mid Cap Index, advanced 0.35% during the first quarter. AI-driven momentum remained a key market force, exhibiting continued strength in areas such

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