Newfleet Asset Management, LLC

David Albrycht is president and chief investment officer of Newfleet Asset Management, an investment management affiliate of Virtus Investment Partners. Prior to joining Newfleet in 2011, Mr. Albrycht was executive managing director and senior portfolio manager with Goodwin Capital Advisers, a former Virtus investment management subsidiary. He joined the Goodwin multi-sector fixed income team in 1985 as a credit analyst and has managed fixed income portfolios since 1991.

Mr. Albrycht is portfolio manager of the Virtus Newfleet Multi-Sector Short Term Bond Fund since 1993 and Virtus Newfleet Multi-Sector Intermediate Bond Fund since 1994. He is co-manager of the Virtus Newfleet Senior Floating Rate Fund since 2008, Virtus Tactical Allocation Fund and Virtus Newfleet High Yield Fund since 2011; Virtus Newfleet Core Plus Bond Fund, and Virtus Newfleet Low Duration Core Plus Bond since 2012. In addition, he co-manages two variable investment options and two closed-end funds, Virtus Total Return Fund Inc. (NYSE: ZTR), and Virtus Global Multi-Sector Income Fund (NYSE: VGI). He also is a manager of three exchange-traded funds, AdvisorShares Newfleet Multi-Sector Income ETF (NYSE: MINC), Virtus Newfleet Multi-Sector Bond ETF (NFLT), and Virtus Newfleet Dynamic Credit ETF (BLHY), and two offshore funds, the Virtus GF Multi-Sector Short Duration Bond Fund and Virtus GF Multi-Sector Income Fund. He is also responsible for the structuring and management of Newfleet’s CLO platform

In Barron’s “Best Fund Families of 2016” annual rankings published in 2017, Virtus Investment Partners was ranked the #2 Taxable Bond Fund Family, and held the #1 position in 2012 and 2010, due in large part to the expert management of the firm’s multi-sector fixed income funds by Mr. Albrycht and the Newfleet team.¹ The Virtus Newfleet Multi-Sector Short Term Bond Fund, managed by Mr. Albrycht, received the 2018 Lipper Fund Award for best Short-Intermediate Investment-Grade Debt Fund over ten years.² Recognized in the industry as a leading multi-sector fixed income strategist, Mr. Albrycht has appeared on CNBC and Bloomberg Television, and been quoted or featured in Barron’s, The Wall Street Journal, Business Week, Dow Jones, and InvestmentNews.

While at Goodwin Capital, Mr. Albrycht also served as director of credit research. In addition, he managed the Phoenix MISTIC CDO, a $1 billion multi-sector collateralized debt obligation, where he was responsible for credit analysis and deal structure.

Mr. Albrycht earned a B.A., cum laude, from Central Connecticut State University and an M.B.A., with honors, from the University of Connecticut. He is a Chartered Financial Analyst^® (CFA^®) charterholder. He began his career in the investment industry in 1985.

¹Barron's Best Mutual Fund Families Annual Rankings: Within the taxable bond category for 2016 (published February 11, 2017), 2012 (published February 11, 2013), and 2010 (published February 7, 2011), Virtus Investment Partners ranked 2 out of 61, 1 out of 62, and 1 out of 57 qualifying fund families for the 1-year period ended 12/31/16, 12/31/12, and 12/31/10, respectively. Barron’s annual fund family rankings are based on asset-weighted returns (excluding 12b-1 fees and sales charges) in five fund categories: U.S. equity, world equity, mixed asset, taxable bond, and tax-exempt bond, as calculated by Lipper. Each fund’s performance is measured against all other funds in its Lipper category, resulting in a percentile ranking which is weighted by asset size relative to the fund family’s other assets in its general classification.

Barron’s is a registered trademark of Dow Jones & Company; all rights reserved.

²Lipper Fund Awards: The Lipper Fund Awards from Refinitiv, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The awards are based on the Lipper Leader for Consistent Return rating, a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the Lipper Fund Award. Virtus Newfleet Multi-Sector Short Term Bond Fund (I: PIMSX) had the highest Effective Return value in its Lipper classification, Short-Intermediate Investment-Grade Debt Funds, out of 32 funds, based on total return for the 10-year period as of 11/30/18. Rankings do not include the effect of a fund’s sales load, if applicable. Ranking is for Class I shares only, other classes may have different performance characteristics.

Lipper, Inc. is a nationally recognized organization that ranks the performance of mutual funds.

Past performance is no guarantee of future results. Strong ratings may not be indicative of positive fund performance. Performance for some funds may be negative.

Virtus Newfleet ETFs: Please consider the Fund’s objectives, risks, charges, and expenses before investing. Contact us at 1-800-243-4361 or visit Newfleet.com for a prospectus, which contains this and other information about the Fund. Read the prospectus carefully before investing.

Virtus Newfleet ETFs distributed by ETF Distributors LLC, an affiliate of Virtus ETF Advisers LLC.

Ben Caron is a senior managing director and portfolio manager at Newfleet Asset Management, an investment management affiliate of Virtus Investment Partners.

Mr. Caron is co-portfolio manager of the Virtus Newfleet Low Duration Core Plus Bond Fund, the closed-end Virtus Global Multi-Sector Income Fund (NYSE: VGI), and two actively managed ETFs: AdvisorShares Newfleet Multi-Sector Income ETF (NYSE: MINC), and Virtus Newfleet Multi-Sector Bond ETF (NYSE: NFLT). He also assists in the management of the Virtus Newfleet Multi-Sector Short Term Bond Fund, Virtus Newfleet Multi-Sector Intermediate Bond Fund, Virtus Tactical Allocation Fund, two variable investment options, and the closed-end Virtus Total Return Fund Inc. (NYSE: ZTR).

Prior to joining Newfleet in 2011, Mr. Caron was on the fixed income team at Goodwin Capital Advisers, a former Virtus investment management subsidiary. He joined Goodwin Capital in 2002 as a client service associate for the institutional markets group focusing on institutional fixed income clients. Earlier in his career, he was with Fidelity Investments, where he was responsible for client management and sales in the managed account group.

Mr. Caron earned a B.A. from Syracuse University and an M.B.A. from Suffolk University. He is a Chartered Financial Analyst® (CFA®) charterholder. Mr. Caron began his career in the investment industry in 1996.

Tim Heaney is senior managing director and senior portfolio manager of municipal securities at Newfleet Asset Management, an investment management affiliate of Virtus Investment Partners.

Mr. Heaney specializes in both taxable and tax-exempt municipal bonds. He manages a variety of municipal bond portfolios, including the Virtus Newfleet Tax-Exempt Bond Fund, high-net-worth portfolios for Newfleet, as well as institutional portfolios and DTF Tax-Free Income, Inc., a closed-end fund, for Virtus’ affiliated manager Duff & Phelps Investment Management Co.

Mr. Heaney has held successive fixed income roles at Newfleet and Virtus since 1992. Prior to joining Newfleet in 2011, he was a senior vice president and portfolio manager at Virtus Investment Advisers (VIA) from 2008 to 2011. Previously, Mr. Heaney was associated with Goodwin Capital Advisors, a former Virtus affiliate, and was a managing director, fixed income (1997-2007); director, fixed income research (1996-1997); and investment analyst (1995-1996). He was an investment analyst at Phoenix Life Insurance Company from 1992 to 1994. Previously, he was a senior credit analyst in the commercial lending division at Connecticut National Bank.

Mr. Heaney earned a B.S. and an M.B.A. from the University of Connecticut. He is a Chartered Financial Analyst^® (CFA^®) charterholder. He began his career in the investment industry in 1990.

Kyle Jennings is a senior managing director and the head of credit research at Newfleet Asset Management, an investment management affiliate of Virtus Investment Partners. Mr. Jennings also serves as co-portfolio manager of the Virtus Newfleet Senior Floating Rate Fund, Virtus Newfleet High Yield Fund, and closed-end Virtus Global Multi-Sector Income Fund (NYSE: VGI).

Mr. Jennings has been a member of Newfleet's corporate credit research team since 1998 and currently covers the gaming, healthcare, and pharmaceutical industries. He is also a member of the team that formulates the leveraged finance strategy for the multi-sector fixed income strategies. In addition, Mr. Jennings is responsible for the structuring and management of Newfleet’s CLO platform.

Prior to joining Newfleet in 2011, Mr. Jennings was on the fixed income team at Goodwin Capital Advisers, a former Virtus investment management subsidiary. Before that, he was a credit research analyst in the banking industry for Shawmut Bank, Ironwood Capital, and Citizens Bank.

Mr. Jennings earned a B.S. in finance from the University of Connecticut and is a Chartered Financial Analyst^® (CFA^®) charterholder. He began his career in the investment industry in 1992.

Frank Ossino is senior managing director, senior portfolio manager, and sector head of the bank loan asset class at Newfleet Asset Management, an investment management affiliate of Virtus Investment Partners. Mr. Ossino serves as co-portfolio manager of the Virtus Newfleet Senior Floating Rate Fund, Virtus Newfleet High Yield Fund, and Virtus Newfleet Dynamic Credit ETF (BLHY), as well as a number of other subadvised portfolios in leveraged finance including Newfleet’s collateralized loan business. Additionally, Mr. Ossino is responsible for the structuring and management of Newfleet’s CLO platform.

From 2004 to 2011, Mr. Ossino was a portfolio manager at Hartford Investment Management Company and in 2012, he managed mutual funds focused on bank loans and a commingled bank loan portfolio for institutional investors at Hartford Funds’ subadviser Wellington Management. Previously, he held a variety of credit analyst and portfolio management positions at CIGNA, HVB Bank, and FleetBoston Financial.

Mr. Ossino earned his M.S. in international economics and finance from Brandeis University and Luigi Bocconi University in Milan, Italy and a B.S. in economics, cum laude, from Brandeis University. He began his career in the investment industry in 1996.

Lisa Baribault is a director and portfolio manager at Newfleet Asset Management, an investment management affiliate of Virtus Investment Partners. Ms. Baribault is co-portfolio manager of Virtus Newfleet Low Duration Core Plus Bond Fund. She also has management responsibilities for several open-end mutual funds, institutional accounts, and subadvisory assignments.

Prior to joining Newfleet in 2011, Ms. Baribault was a manager of Investment Accounting at Phoenix Life Insurance Company.

Ms. Baribault earned a B.S. in finance from Quinnipiac University and an M.B.A. from Regis University. She began her career in the investment industry in 2003.

Eric Hess is a managing director, portfolio manager, and sector head of high yield credit at Newfleet Asset Management, an investment management affiliate of Virtus Investment Partners. He is also responsible for credit research of the energy sector. In addition, he serves as co-portfolio manager of the Virtus Newfleet High Yield Fund and Virtus Newfleet Dynamic Credit ETF (NYSE: BLHY).

Prior to joining Newfleet in 2011, Mr. Hess served on the fixed income team at Goodwin Capital Advisers, a former Virtus investment management subsidiary. He joined Goodwin Capital’s corporate credit research group in 2010. Previously, he was a credit analyst for The Travelers Companies.

Mr. Hess earned a B.B.A. in finance from the University of Notre Dame. He is a Chartered Financial Analyst® (CFA®) charterholder. Mr. Hess began his career in the investment industry in 2006.

Stephen Hooker is a managing director and portfolio manager at Newfleet Asset Management, an investment management affiliate of Virtus Investment Partners.

Mr. Hooker is a member of the multi-sector portfolio management team with primary responsibilities for institutional accounts. He also serves as co-portfolio manager of the Virtus Newfleet Core Plus Bond Fund, and assists in the management of the closed-end Virtus Global Dividend & Income Fund Inc. (NYSE: ZTR). He joined Newfleet in 2011 to serve as sector manager for emerging markets, where he was responsible for researching issuers in Europe, the Middle East, and Africa.

From 2005 until 2011, Mr. Hooker was vice president, senior credit analyst at Aladdin Capital Management and Global Plus Investment Management, respectively, both of which specialize in high yield and structured credit products. Prior to 2005, he was at Goodwin Capital Advisers, a former Virtus investment management subsidiary, for 12 years, serving in various capacities, including as a senior credit analyst and emerging markets sector manager.

Mr. Hooker earned a B.A. in psychology from Trinity College. He is a Chartered Financial Analyst^® (CFA^®) charterholder. He began his career in the investment industry in 1993.

Lisa Leonard is a managing director and portfolio manager of municipal securities at Newfleet Asset Management, an investment management affiliate of Virtus Investment Partners.

Ms. Leonard specializes in both taxable and tax-exempt municipal bonds. She is portfolio manager for several municipal bond portfolios, including the Virtus Newfleet Tax-Exempt Bond Fund, high-net-worth portfolios for Newfleet, and institutional portfolios for Virtus affiliate Duff & Phelps Investment Management Co. She is also on the management team of DTF Tax-Free Income, Inc., a closed-end fund managed by Duff & Phelps.

Ms. Leonard has held successive fixed income roles at Newfleet and Virtus since 1987. Prior to joining Newfleet in 2011, she was a vice president and portfolio manager, fixed income of Virtus Investment Advisers (VIA) from 2008 to 2011. Previously, Ms. Leonard was associated with Goodwin Capital Advisers, a former Virtus affiliate, where she was director, municipal research (1998-2007); director, investment operations (1994-1998); and fixed income trader (1987-1993). Previously, she was a municipal finance analyst with Connecticut Bank & Trust.

Ms. Leonard earned a B.S. from the University of Connecticut. She began her career in the investment industry in 1986.

Daniel Senecal is a managing director at Newfleet Asset Management, an investment management affiliate of Virtus Investment Partners. He is a sector manager within the emerging markets with regional responsibilities for Latin America, including Mexico and Central America. In addition, he is co-portfolio manager of the Virtus Global Multi-Sector Income Fund (NYSE: VGI), a closed-end fund.

Prior to joining Newfleet in 2011, Mr. Senecal was on the fixed income team at Goodwin Capital Advisers, an investment management company that previously was a subsidiary of Virtus. He began at Goodwin Capital in 1997 as a corporate credit research analyst, followed by several roles, including sector manager for investment grade corporate credit and sovereign credit. He was also lead portfolio manager of the Phoenix High Yield Fund from 2003 until 2005 and Phoenix Emerging Market Fund from 2004 to 2005.

Earlier in his career, Mr. Senecal completed a formal credit training program at Shawmut National Bank where he was a credit research analyst and lender. He also worked at BankBoston as a corporate bond analyst.

Mr. Senecal earned a B.A. in economics and English from Assumption College and an M.B.A. in finance from the University of Connecticut. He is a CFA^® (Chartered Financial Analyst^®) charterholder. He began his career in the investment industry in 1990.

Bill Eastwood is a senior managing director, portfolio manager, and head of trading at Newfleet Asset Management, an investment management affiliate of Virtus Investment Partners. Mr. Eastwood’s trading responsibilities are primarily for leveraged finance. In addition, he serves as co-portfolio manager of the Virtus Newfleet High Yield Fund and Virtus Newfleet Dynamic Credit ETF (NYSE: BLHY).

Mr. Eastwood joined Newfleet in 2011 as a senior fixed income trader. Prior to joining Newfleet, he served as a senior fixed income trader at several firms, including Neuberger Berman, PPM America, and Phoenix Investment Counsel.

Mr. Eastwood earned a B.S. in finance from Post University, and an M.B.A. from the University of Hartford. He is a CFA® (Chartered Financial Analyst®) charterholder. He began his career in the investment industry in 1995.