Summary

• Virtus Newfleet Core Plus Bond Fund (Class I) returned -0.10% in the first quarter versus the Bloomberg U.S. Aggregate Bond Index return of -0.05%.
• Overweight and issue selection within ABS was positive. Despite ongoing volatility, ABS has remained relatively stable.
• The Fund's overweight and issue selection had a negative impact on performance during the quarter.

Fixed Income Market Review

The first quarter of 2026 challenged the prevailing market narrative of above-trend economic growth, moderating inflation, and global central bank expectations. Geopolitical risks, uncertainty around private credit and AI, and volatility in energy markets drove