Virtus Opportunities Trust

0001193125-13-006628.txt : 20130108 0001193125-13-006628.hdr.sgml : 20130108 20130108135804 ACCESSION NUMBER: 0001193125-13-006628 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130108 DATE AS OF CHANGE: 20130108 EFFECTIVENESS DATE: 20130108 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VIRTUS OPPORTUNITIES TRUST CENTRAL INDEX KEY: 0001005020 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-07455 FILM NUMBER: 13517599 BUSINESS ADDRESS: STREET 1: 101 MUNSON STREET CITY: GREENFIELD STATE: MA ZIP: 01301 BUSINESS PHONE: 800-243-1574 MAIL ADDRESS: STREET 1: 100 PEARL STREET CITY: HARTFORD STATE: CT ZIP: 06103 FORMER COMPANY: FORMER CONFORMED NAME: PHOENIX OPPORTUNITIES TRUST DATE OF NAME CHANGE: 20060127 FORMER COMPANY: FORMER CONFORMED NAME: PHOENIX SENECA FUNDS DATE OF NAME CHANGE: 19990122 FORMER COMPANY: FORMER CONFORMED NAME: SENECA FUNDS DATE OF NAME CHANGE: 19951218 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VIRTUS OPPORTUNITIES TRUST CENTRAL INDEX KEY: 0001005020 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-65137 FILM NUMBER: 13517600 BUSINESS ADDRESS: STREET 1: 101 MUNSON STREET CITY: GREENFIELD STATE: MA ZIP: 01301 BUSINESS PHONE: 800-243-1574 MAIL ADDRESS: STREET 1: 100 PEARL STREET CITY: HARTFORD STATE: CT ZIP: 06103 FORMER COMPANY: FORMER CONFORMED NAME: PHOENIX OPPORTUNITIES TRUST DATE OF NAME CHANGE: 20060127 FORMER COMPANY: FORMER CONFORMED NAME: PHOENIX SENECA FUNDS DATE OF NAME CHANGE: 19990122 FORMER COMPANY: FORMER CONFORMED NAME: SENECA FUNDS DATE OF NAME CHANGE: 19951218

0001005020 S000039392 Virtus Disciplined Select Bond Fund

C000121401 Class A

C000121402 Class C

C000121403 Class I

0001005020 S000039393 Virtus Disciplined Equity Style Fund

C000121404 Class A

C000121405 Class C

C000121406 Class I

0001005020 S000039394 Virtus Disciplined Select Country Fund

C000121407 Class A

C000121408 Class C

C000121409 Class I

485BPOS 1 d414111d485bpos.htm VIRTUS OPPORTUNITIES TRUST Virtus Opportunities Trust

As filed with the Securities and Exchange Commission on January 8, 2013

File No. 033-65137

File No. 811-07455

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT

Under

the SECURITIES ACT OF 1933

Pre-Effective Amendment No.

Post-Effective Amendment No. 60

and/or

REGISTRATION STATEMENT

Under

the INVESTMENT COMPANY ACT OF 1940

Amendment No. 61

(Check appropriate box or boxes)

Virtus Opportunities Trust

(Exact Name of Registrant as Specified in Charter)

Area Code and Telephone Number: (800) 243-1574

101 Munson Street

Greenfield, Massachusetts 01301

(Address of Principal Executive Offices)

Kevin J. Carr, Esq.

Counsel

Virtus Investment Partners, Inc.

100 Pearl St.

Hartford, Connecticut 06103

(Name and Address of Agent for Service)

Copies of All Correspondence to:

David Mahaffey, Esq.

Sullivan & Worcester LLP

1666 K Street, N.W.

Washington, D.C. 20006

It is proposed that this filing will become effective (check appropriate box):

immediately upon filing pursuant to paragraph (b)

on pursuant to paragraph (b) of Rule 485

60 days after filing pursuant to paragraph (a)(1)

on or at such later date as the Commission shall order pursuant to paragraph (a)(2)

75 days after filing pursuant to paragraph (a)(2)

on pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

EXPLANATORY NOTE

This Post-Effective Amendment No. 60 relates to the following funds:

Virtus Disciplined Equity Style Fund

Virtus Disciplined Select Bond Fund

Virtus Disciplined Select Country Fund

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness for this registration statement under Rule 485(b) of the Securities Act and has duly caused this amendment to the registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Hartford and the State of Connecticut on the 8th day of January, 2013.


		VIRTUS OPPORTUNITIES TRUST

		By:		/s/ George R. Aylward

				George R. Aylward
				President

Pursuant to the requirements of the Securities Act of 1933, as amended, this amendment to the registration statement has been signed below by the following persons in the capacities indicated on the 8th day of January, 2013.


Signature		Title

/s/ George R. Aylward George R. Aylward		Trustee and President (principal executive officer)

/s/ W. Patrick Bradley W. Patrick Bradley		Chief Financial Officer and Treasurer (principal financial and accounting officer)

/s/ Leroy Keith, Jr. Leroy Keith, Jr.*		Trustee

/s/ Philip R. McLoughlin Philip R. McLoughlin*		Trustee and Chairman

/s/ Geraldine M. McNamara Geraldine M. McNamara*		Trustee

/s/ James M. Oates James M. Oates*		Trustee

/s/ Richard E. Segerson Richard E. Segerson*		Trustee

/s/ Ferdinand L.J. Verdonck Ferdinand L.J. Verdonck*		Trustee



*By		/s/ George R. Aylward
		*George R. Aylward, Attorney-in-Fact, pursuant to a power of attorney

[VOT 485B (3 Newfound Funds) (XBRL) – 1/2013

Exhibit Index


Exhibit Number		Description

EX-101.INS		XBRL Instance Document

EX-101.SCH		XBRL Taxonomy Extension Schema Document

EX-101.CAL		XBRL Taxonomy Extension Calculation Linkbase

EX-101.DEF		XBRL Taxonomy Extension Definition Linkbase

EX-101.LAB		XBRL Taxonomy Extension Labels Linkbase

EX-101.PRE		XBRL Taxomony Extension Presentation Linkbase

EX-101.INS 3 vot8-20121218.xml XBRL INSTANCE DOCUMENT 0001005020 2011-12-19 2012-12-18 0001005020 vot8:S000039392Member 2011-12-19 2012-12-18 0001005020 vot8:S000039392Member vot8:C000121401Member 2011-12-19 2012-12-18 0001005020 vot8:S000039392Member vot8:C000121402Member 2011-12-19 2012-12-18 0001005020 vot8:S000039392Member vot8:C000121403Member 2011-12-19 2012-12-18 0001005020 vot8:S000039394Member 2011-12-19 2012-12-18 0001005020 vot8:S000039393Member 2011-12-19 2012-12-18 0001005020 vot8:S000039394Member vot8:C000121407Member 2011-12-19 2012-12-18 0001005020 vot8:S000039394Member vot8:C000121408Member 2011-12-19 2012-12-18 0001005020 vot8:S000039394Member vot8:C000121409Member 2011-12-19 2012-12-18 0001005020 vot8:S000039393Member vot8:C000121404Member 2011-12-19 2012-12-18 0001005020 vot8:S000039393Member vot8:C000121405Member 2011-12-19 2012-12-18 0001005020 vot8:S000039393Member vot8:C000121406Member 2011-12-19 2012-12-18 pure iso4217:USD 485BPOS VIRTUS OPPORTUNITIES TRUST 0001005020 false 2012-12-18 2012-12-18 2012-12-18 2012-12-18 Virtus Disciplined Select Bond Fund Investment Objective The fund has an investment objective of high total return from current income and capital appreciation. Fees and Expenses The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 22 of the fund’s prospectus and “Alternative Purchase Arrangements” on page of the fund’s statement of additional information. Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same and that the expense reimbursement arrangement remains in place only for the period indicated. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investments, Risks and Performance Principal Investment Strategies The fund seeks to maximize total return over a full market cycle in the bond market by tactically allocating net assets among six subsectors within the broad Treasury, TIPS and Corporate classifications of the bond market as set forth below: <blockquote>Treasuries:</blockquote><ul type="square"><li style="margin-left:80px"><blockquote>Short term U.S. Treasury Securities (1-3 year maturities)</blockquote></li></ul><ul type="square"><li style="margin-left:80px"><blockquote>Medium term U.S. Treasury Securities (7-10 year maturities)</blockquote></li></ul><ul type="square"><li style="margin-left:80px"><blockquote>Long term U.S. Treasury securities (20+ year maturities)</blockquote></li></ul><blockquote>Treasury Inflation Protected Securities (TIPS):</blockquote><ul type="square"><li style="margin-left:80px"><blockquote> TIPS</blockquote></li></ul><blockquote>Corporate Bonds:</blockquote><ul type="square"><li style="margin-left:80px"><blockquote>Investment Grade Corporate Bonds</blockquote></li></ul><ul type="square"><li style="margin-left:80px"><blockquote>High Yield Corporate Securities (Junk Bonds)</blockquote></li></ul>Allocations are based on a quantitative model that estimates performance trends for each pairing of these six subsectors of the bond market relative to each other and uses these estimates to generate, on a weekly basis, a positive or negative signal for each of the broad Treasury, TIPS and Corporate classifications. The classifications with positive signals will receive allocations, whereas the classifications with negative signals will not. Each allocation may be invested in ETFs and/or baskets of securities representative of such ETFs. The fund may invest in a basket of securities to represent an ETF if it determines that investment in the ETF is not feasible or otherwise not in the best interest of the fund. Under normal circumstances, the fund intends to invest at least 80% of its assets in ETFs and/or securities representative of the bond market. Principal Risks The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:<ul type="square"><li style="margin-left:10px"><blockquote>Credit Risk. The risk that the issuer of a security will fail to pay interest or principal in a timely manner, or that negative perceptions of the issuer’s ability to make such payments will cause the price of the security to decline.</blockquote></li></ul><ul type="square"><li style="margin-left:10px"><blockquote>Exchange-Traded Funds (ETFs) Risk. The risk that the value of an ETF will be more volatile than the underlying portfolio of securities the ETF is designed to track, or that the costs to the fund of owning shares of the ETF will exceed those the fund would incur by investing in such securities directly.</blockquote></li></ul><ul type="square"><li style="margin-left:10px"><blockquote>Fund of Funds Risk. The risk that the underlying funds in which the fund invests will expose the fund to negative performance and additional expenses associated with investment in such funds, and increased volatility.</blockquote></li></ul><ul type="square"><li style="margin-left:10px"><blockquote>High Yield-High Risk Fixed Income Securities (Junk Bonds) Risk. The risk that the issuers of high yield-high risk securities in the fund’s portfolio will default, that the prices of such securities will be volatile, and that the securities will not be liquid.</blockquote></li></ul><ul type="square"><li style="margin-left:10px"><blockquote>Interest Rate Risk. The risk that when interest rates rise, the values of the fund’s debt securities, especially those with longer maturities, will fall.</blockquote></li></ul><ul type="square"><li style="margin-left:10px"><blockquote>Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.</blockquote></li></ul><ul type="square"><li style="margin-left:10px"><blockquote>U.S. Government Securities Risk. The risk that U.S. Government securities in the fund’s portfolio will be subject to price fluctuations, or that an agency or instrumentality will default on an obligation not backed by the full faith and credit of the United States.</blockquote></li></ul> Performance Information The fund has not had a full calendar year of operations; therefore, performance information is not shown. December 31, 2013 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. 50000 Estimated for current fiscal year. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. The fund has not had a full calendar year of operations; therefore, performance information is not shown. 0.0375 0 0 0.01 0.01 0 0.008 0.008 0.008 0.0025 0.01 0 0.0057 0.0057 0.0057 0.0019 0.0019 0.0019 0.0181 0.0256 0.0156 -0.0022 -0.0022 -0.0022 0.0159 0.0234 0.0134 531 337 136 858 730 425 531 237 136 858 730 425 <div style="display:none">~ http://www.virtus.com/role/ScheduleShareholderFeesVirtusDisciplinedSelectBondFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualFundOperatingExpensesVirtusDisciplinedSelectBondFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleTransposedVirtusDisciplinedSelectBondFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleNoRedemptionTransposedVirtusDisciplinedSelectBondFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleShareholderFeesVirtusDisciplinedSelectCountryFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualFundOperatingExpensesVirtusDisciplinedSelectCountryFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleTransposedVirtusDisciplinedSelectCountryFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleShareholderFeesVirtusDisciplinedEquityStyleFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualFundOperatingExpensesVirtusDisciplinedEquityStyleFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleTransposedVirtusDisciplinedEquityStyleFund column period compact * ~</div> 0.0575 0 0 0 0.011 0.011 0.011 0.0025 0.01 0 0.0064 0.0064 0.0064 0.0051 0.0051 0.0051 0.025 0.0325 0.0225 -0.0029 -0.0029 -0.0029 0.0221 0.0296 0.0196 0.01 0.01 786 399 199 1226 915 615 786 299 199 1226 915 615 Estimated for current fiscal year. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. 50000 If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. The fund has not had a full calendar year of operations; therefore, performance information is not shown. December 31, 2013 Investment Objective The fund has an investment objective of capital appreciation. Fees and Expenses The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 22 of the fund’s prospectus and “Alternative Purchase Arrangements” on page of the fund’s statement of additional information. Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same and that the expense reimbursement arrangement remains in place only for the period indicated. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. Principal Risks Performance Information The fund has not had a full calendar year of operations; therefore, performance information is not shown. The fund seeks to outperform the MSCI EAFE® Index over a full market cycle by tactically allocating net assets among countries included in the MSCI EAFE® Index. In pursuing this strategy, the fund maintains an emphasis on preservation of capital. Allocations are based on a quantitative model that provides a positive or negative signal, on a weekly basis, for each country evaluated. Countries with positive signals will receive allocations approximating their relative weights in the MSCI EAFE® Index. The remaining portfolio assets will be allocated to the subadviser’s “minimum volatility portfolio,” which is designed to limit downside risk. The minimum volatility portfolio is allocated equally among the four countries that, in the subadviser’s opinion, have exhibited the lowest volatility pattern historically. To mitigate concentration, geographic, and political risk, the four countries in the minimum volatility portfolio cannot be from the same geographic or political region. Each allocation may be invested in ETFs and/or baskets of securities representative of such ETFs. The fund may invest in a basket of securities to represent an ETF if it determines that investment in the ETF is not feasible or otherwise not in the best interest of the fund. The fund may invest in issuers of any capitalization. Investments, Risks and Performance Principal Investment Strategies The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are: <ul type="square"> <li style="margin-left:80px"><blockquote>Equity Securities Risk. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund’s shares over short or extended periods. Investments in smaller companies may be more volatile than investments in larger companies.</blockquote></li> <li style="margin-left:80px"><blockquote>Exchange-Traded Funds (ETFs) Risk. The risk that the value of an ETF will be more volatile than the underlying portfolio of securities the ETF is designed to track, or that the costs to the fund of owning shares of the ETF will exceed those the fund would incur by investing in such securities directly.</blockquote></li> <li style="margin-left:80px"><blockquote> Foreign Investing Risk. The risk that the prices of foreign securities may be more volatile than those of their domestic counterparts.</blockquote></li> <li style="margin-left:80px"><blockquote>Fund of Funds Risk. The risk that the underlying funds in which the fund invests will expose the fund to negative performance and additional expenses associated with investment in such funds, and increased volatility.</blockquote></li> <li style="margin-left:80px"><blockquote>Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.</blockquote></li> <li style="margin-left:80px"><blockquote>Small and Medium Market Capitalization Companies. Investments in small and medium market capitalization companies may be more volatile than investments in larger companies.</blockquote></li></ul> Virtus Disciplined Select Country Fund Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleNoRedemptionTransposedVirtusDisciplinedSelectCountryFund column period compact * ~</div> The deferred sales charge is imposed on Class C Shares redeemed during the first year only. Virtus Disciplined Equity Style Fund Investment Objective The fund has an investment objective of capital appreciation. Fees and Expenses The tables below illustrate all fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and under “Sales Charges” on page 22 of the fund’s prospectus and “Alternative Purchase Arrangements” on page of the fund’s statement of additional information. Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same and that the expense reimbursement arrangement remains in place only for the period indicated. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Investments, Risks and Performance Principal Investment Strategies The fund seeks to outperform the Russell 3000® Index over a full market cycle in the U.S. equity market by tactically allocating net assets among six subsets of the U.S. equity universe that make up the Growth and Value equity styles as set forth below. <blockquote>Growth:</blockquote> <ul type="square"><li style="margin-left:80px"><blockquote> Large-Cap Growth</blockquote></li></ul><ul type="square"><li style="margin-left:80px"><blockquote> Mid-Cap Growth</blockquote></li></ul><ul type="square"><li style="margin-left:80px"><blockquote> Small-Cap Growth</blockquote></li></ul> <blockquote>Value: </blockquote><ul type="square"><li style="margin-left:80px"><blockquote> Large-Cap Value</blockquote></li></ul><ul type="square"><li style="margin-left:80px"><blockquote> Mid-Cap Value</blockquote></li></ul><ul type="square"><li style="margin-left:80px"><blockquote> Small-Cap Value</blockquote></li></ul>Allocations are based on a quantitative model that estimates performance trends for each pairing of these six subsets of the U.S. equity market relative to each other and uses these estimates to determine, on a weekly basis, whether the Growth or Value style is better positioned. The fund will invest assets in the equity style with the favorable aggregate score relative to the other style. The ability of the fund to outperform the Russell 3000® Index will depend on, among other things, the length of time and degree to which Growth stocks outperform Value stocks or Value stocks outperform Growth stocks in the U.S. equity market. Each allocation may be invested in ETFs and/or baskets of securities representative of such ETFs. The fund may invest in a basket of securities to represent an ETF if it determines that investment in the ETF is not feasible or otherwise not in the best interest of the fund. Under normal circumstances, the fund intends to invest at least 80% of its assets in ETFs and/or securities representative of the U.S. equity market. Principal Risks The fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the fund’s investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are: <ul type="square"><li style="margin-left:80px"><blockquote> Equity Securities Risk. The risk that events negatively affecting issuers, industries or financial markets in which the fund invests will impact the value of the stocks held by the fund and thus, the value of the fund’s shares over short or extended periods.</blockquote></li></ul><ul type="square"><li style="margin-left:80px"><blockquote> Exchange-Traded Funds (ETFs) Risk. The risk that the value of an ETF will be more volatile than the underlying portfolio of securities the ETF is designed to track, or that the costs to the fund of owning shares of the ETF will exceed those the fund would incur by investing in such securities directly.</blockquote></li></ul><ul type="square"><li style="margin-left:80px"><blockquote> Fund of Funds Risk. The risk that the underlying funds in which the fund invests will expose the fund to negative performance and additional expenses associated with investment in such funds, and increased volatility.</blockquote></li></ul><ul type="square"><li style="margin-left:80px"><blockquote> Growth Stocks Risk. The risk that the fund will underperform when growth investing is out of favor or that the fund’s investments will not appreciate as anticipated.</blockquote></li></ul><ul type="square"><li style="margin-left:80px"><blockquote> Market Volatility Risk. The risk that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.</blockquote></li></ul><ul type="square"><li style="margin-left:80px"><blockquote> Small and Medium Market Capitalization Companies. Investments in small and medium market capitalization companies may be more volatile than investments in larger companies.</blockquote></li></ul><ul type="square"><li style="margin-left:80px"><blockquote> Value Stocks Risk. The risk that the fund will underperform when value investing is out of favor or that the fund’s investments will not appreciate in value as anticipated. </blockquote></li></ul> Performance Information The fund has not had a full calendar year of operations; therefore, performance information is not shown. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. 50000 December 31, 2013 The deferred sales charge is imposed on Class C Shares redeemed during the first year only. Estimated for current fiscal year. The fund has not had a full calendar year of operations; therefore, performance information is not shown. 0.0575 0 0 0 0.01 0.01 0.01 0.01 0.01 0.0025 0.01 0 0.0061 0.0061 0.0061 0.0023 0.0023 0.0023 0.0209 0.0284 0.0184 -0.0026 -0.0026 -0.0026 0.0183 0.0258 0.0158 750 361 161 1117 802 499 750 261 161 1117 802 499 <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleNoRedemptionTransposedVirtusDisciplinedEquityStyleFund column period compact * ~</div> If between the time you purchase shares and the time you sell shares the value of the fund’s investments decreases, you will lose money. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. Estimated for current fiscal year. Estimated for current fiscal year. Estimated for current fiscal year. Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The deferred sales charge is imposed on Class C Shares redeemed during the first year only. Estimated for current fiscal year. The fund's investment adviser has contractually agreed to limit the fund's total operating expenses (excluding interest, taxes, extraordinary expenses and acquired fund fees and expenses) so that such expenses do not exceed 1.40% for Class A Shares, 2.15% for Class C Shares and 1.15% for Class I Shares through December 31, 2013. Following the contractual period, the adviser may discontinue these expense reimbursement arrangements at any time. Under certain conditions, the adviser may recapture operating expenses reimbursed under these arrangements for a period of three years following the fiscal year in which such reimbursement occurred. Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The fund's investment adviser has contractually agreed to limit the fund's total operating expenses (excluding interest, taxes, extraordinary expenses and acquired fund fees and expenses) so that such expenses do not exceed 1.70% for Class A Shares, 2.45% for Class C Shares and 1.45% for Class I Shares through December 31, 2013. Following the contractual period, the adviser may discontinue these expense reimbursement arrangements at any time. Under certain conditions, the adviser may recapture operating expenses reimbursed under these arrangements for a period of three years following the fiscal year in which such reimbursement occurred. Generally, Class A Shares are not subject to any charges by the Fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within 18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finder's fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase was made. The fund's investment adviser has contractually agreed to limit the fund's total operating expenses (excluding interest, taxes, extraordinary expenses and acquired fund fees and expenses) so that such expenses do not exceed 1.60% for Class A Shares, 2.35% for Class C Shares and 1.35% for Class I Shares through December 31, 2013. Following the contractual period, the adviser may discontinue these expense reimbursement arrangements at any time. Under certain conditions, the adviser may recapture operating expenses reimbursed under these arrangements for a period of three years following the fiscal year in which such reimbursement occurred. 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