Virtus Opportunities Trust

0001193125-13-062426.txt : 20130218 0001193125-13-062426.hdr.sgml : 20130218 20130215140726 ACCESSION NUMBER: 0001193125-13-062426 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130215 DATE AS OF CHANGE: 20130215 EFFECTIVENESS DATE: 20130215 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: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-65137 FILM NUMBER: 13618888 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 S000030643 Virtus Global Commodities Stock Fund

C000094976 Class A VGCAX

C000094977 Class C VGCCX

C000094978 Class I VGCIX

0001005020 S000038115 Virtus Emerging Markets Equity Income Fund

C000117502 Class A VEIAX

C000117503 Class C VEICX

C000117504 Class I VEIIX

0001005020 S000038118 Virtus International Small-Cap Fund

C000117511 Class A VISAX

C000117512 Class C VCISX

C000117513 Class I VIISX

497 1 d475498d497.htm VIRTUS OPPORTUNITIES TRUST Virtus Opportunities Trust

1933 Act/Rule 497(e)

February 15, 2013

VIA EDGAR

Securities and Exchange Commission

100 F Street, N.E.

Washington, DC 20549

RE:	Virtus Opportunities Trust

File Nos. 033-65137 and 811-7455

To The Commission Staff:

On behalf of Virtus Opportunities Trust (the “Trust” or “Registrant”), transmitted herewith for filing under Rule 497(e) under the Securities Act of 1933 and the Investment Company Act of 1940, are exhibits containing interactive data format risk/return summary information that mirrors the risk/return summary information in the prospectus for Virtus Emerging Markets Equity Income Fund, Virtus Global Commodities Stock Fund and Virtus International Small-Cap Fund (the “Funds”) as filed under Rule 497(c) on January 25, 2013. The purpose of this filing is to submit the 497(c) filing dated January 25, 2013 in XBRL for the Funds.

Please contact Ann Flood at (860) 263-4746 or the undersigned at (860) 263-4791 if you have any questions concerning this filing.

Very truly yours,

/s/ Kevin J. Carr

Kevin J. Carr

cc: Ann Flood

EX-101.INS 2 vot11-20130131.xml XBRL INSTANCE DOCUMENT 0001005020 vot11:S000030643Member vot11:C000094976Member 2012-02-01 2013-01-31 0001005020 vot11:S000030643Member vot11:C000094977Member 2012-02-01 2013-01-31 0001005020 vot11:S000030643Member vot11:C000094978Member 2012-02-01 2013-01-31 0001005020 vot11:S000038118Member vot11:C000117511Member 2012-02-01 2013-01-31 0001005020 vot11:S000038118Member vot11:C000117512Member 2012-02-01 2013-01-31 0001005020 vot11:S000038118Member vot11:C000117513Member 2012-02-01 2013-01-31 0001005020 vot11:S000030643Member 2012-02-01 2013-01-31 0001005020 vot11:S000038118Member 2012-02-01 2013-01-31 0001005020 vot11:S000030643Member rr:AfterTaxesOnDistributionsMember vot11:C000094976Member 2012-02-01 2013-01-31 0001005020 vot11:S000030643Member rr:AfterTaxesOnDistributionsAndSalesMember vot11:C000094976Member 2012-02-01 2013-01-31 0001005020 vot11:S000030643Member vot11:SandpFiveHundredIndexMember 2012-02-01 2013-01-31 0001005020 vot11:S000030643Member vot11:MsciAcWorldCommoditiesProducersSectorCappedIndexMember 2012-02-01 2013-01-31 0001005020 2012-02-01 2013-01-31 0001005020 vot11:S000038115Member 2012-02-01 2013-01-31 0001005020 vot11:S000038115Member vot11:C000117502Member 2012-02-01 2013-01-31 0001005020 vot11:S000038115Member vot11:C000117503Member 2012-02-01 2013-01-31 0001005020 vot11:S000038115Member vot11:C000117504Member 2012-02-01 2013-01-31 pure iso4217:USD 0.01 0.01 0.01 0.01 0.01 0.01 0.0025 0.01 0 0.0025 0.01 0 0.0058 0.0058 0.0058 0.0093 0.0093 0.0093 0.0218 0.0293 0.0005 0.0005 0.0005 0.0193 0.0188 0.0263 -0.0058 0.0163 -0.0058 -0.0058 0.016 0.0235 0.0135 <b>Investment Objective </b> The fund has an investment objective of capital appreciation. <b>Fees and Expenses </b> 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 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information. <b>Example </b> 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. It shows your costs if you sold your shares at the end of the period or continued to hold them. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Portfolio Turnover </b> 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. During the most recent fiscal year, the fund’s portfolio turnover rate was 96% of the average value of its portfolio. <b>Investments, Risks and Performance<br/><br/>Principal Investment Strategies </b> <b>Principal Risks </b> <b>Performance Information </b> The fund offers investors exposure to commodities-related investments in markets located throughout the world, including emerging market countries. Under normal circumstances, the fund invests globally at least 80% of its assets in stocks of companies principally engaged in the base metals, precious metals, energy, and agriculture group of industries. The fund will concentrate its investments in this commodities-related group of industries. The fund is a non-diversified portfolio and will consist primarily of common and preferred stocks, but may contain commodity-related exchange-traded funds (“ETFs”) and commodities-linked notes. The fund will primarily hold securities of companies listed on global securities exchanges or quoted on established over-the-counter markets, or American Depositary Receipts (ADRs). The fund typically invests in the securities of medium to large capitalization companies, but it is not limited to investing in the securities of companies of any particular size. <br /><br />Under normal circumstances, the fund will hold at least 40% of its assets in non-U.S issuers and ETFs and/or commodities-linked notes providing exposure to non-U.S markets. The fund intends to diversify its investments among countries and normally have represented in the portfolio business activities of a number of different countries. In determining the “location” of an issuer, the subadviser primarily relies on the country where the issuer is incorporated. However, the country of risk is ultimately determined based on analysis of the following criteria: actual building address (domicile), primary exchange on which the security is traded and country in which the greatest percentage of company revenue is generated. This evaluation is conducted so as to determine that the issuer’s assets are exposed to the economic fortunes and risks of the designated country. <b>Investment Objective </b> The fund has an investment objective of capital appreciation. 0.0067 -0.0113 <b>Fees and Expenses </b> -0.0074 0.0597 0.0709 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 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information. 0.16 0.0684 <b>Example </b> 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: -0.0535 -0.0629 -0.0531 -0.029 -0.0192 0.0845 -0.0487 <b>Principal Risks </b> <b>Performance Information </b> 366 817 1395 2964 728 137 550 755 166 1132 514 1533 887 2649 1933 266 817 1395 2964 755 166 1132 514 1533 887 2649 1933 0.0575 0 0 0.0575 0 0 0 0.01 0.01 0.01 0.01 0 <b>Portfolio Turnover</b> 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. During the period from inception (September 5, 2012) through its fiscal year end (September 30, 2012), the fund’s portfolio turnover rate was 0% of the average value of its portfolio. 238 852 137 550 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 adviser expects. As a result, the value of your shares may decrease. The principal risks of investing in the fund are:<ul type="square"><li><b>Commodities Concentration Risk.</b> The risk that events negatively affecting the base metals, precious metals, energy and agriculture industries in which the fund focuses its investments will cause the value of the fund’s shares to decrease, perhaps significantly. Since the fund concentrates its assets in commodities-related investments, the fund is more vulnerable to conditions that negatively affect commodities-related companies and investments as compared to a fund that is not significantly invested in such companies.</li></ul><ul type="square"><li><b>Commodity and Commodity-Linked Instrument Risk.</b> The risk that investments in commodities or commodity-linked notes will subject the fund’s portfolio to greater volatility than investments in traditional securities, or that commodity-linked instruments will experience returns different from the commodities they attempt to track.</li></ul><ul type="square"><li><b>Depositary Receipts.</b> The risk that investments in foreign companies through depositary receipts will expose the fund to the same risks as direct investment in securities of foreign issuers.</li></ul><ul type="square"><li><b>Emerging Market Investing Risk.</b> The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.</li></ul><ul type="square"><li><b>Equity Securities Risk.</b> 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 small and medium-sized companies may be more volatile than investments in larger companies.</li></ul><ul type="square"><li><b>Exchange-Traded Funds (ETFs) Risk.</b> 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.</li></ul><ul type="square"><li><b>Foreign Investing Risk.</b> The risk that the prices of foreign securities in the fund’s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.</li></ul><ul type="square"><li><b> Market Volatility Risk.</b> 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.</li></ul><ul type="square"><li><b>Non-Diversification Risk.</b> The risk that the fund will be more susceptible to factors negatively impacting the securities in its portfolio to the extent that each such security represents a significant portion of the fund’s assets.</li></ul> The bar chart and table below provide some indication of the potential risks of investing in the fund. The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. <br/><br/>The bar chart shows changes in the fund’s performance for its first full year of operations. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at virtus.com or by calling 800-243-1574. 0.0681 <b>Calendar year total returns for Class A Shares</b> <b>Average Annual Total Returns</b> (for the periods ended 12/31/12) <b>Virtus Global Commodities Stock Fund</b> Other VIRTUS OPPORTUNITIES TRUST 0001005020 false 2013-01-31 2013-01-31 2013-01-31 <b>Virtus Emerging Markets Equity Income Fund</b> <b>Investment Objective </b> The fund has an investment objective of seeking capital appreciation and income. <b>Fees and Expenses </b> 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 193 of the fund’s prospectus and “Alternative Purchase Arrangements” on page 57 of the fund’s statement of additional information. Shareholder Fees (fees paid directly from your investment) 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) 0.0575 0 0 0.01 0.01 0 50000 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. Restated to reflect current expenses. 0.96 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 bar chart shows changes in the fund’s performance for its first full year of operations. The table shows how the fund’s average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. virtus.com 800-243-1574 The fund’s past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. Best Quarter: 2012-09-30 0.137 Worst Quarter: 2012-06-30 -0.0798 <b>Virtus International Small-Cap Fund </b> 50000 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. 0 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 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><b>Depositary Receipts.</b> The risk that investments in foreign companies through depositary receipts will expose the fund to the same risks as direct investment in securities of foreign issuers.</li></ul><ul type="square"><li><b>Emerging Market Investing Risk.</b> The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.</li></ul><ul type="square"><li><b>Equity Securities Risk.</b> 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.</li></ul><ul type="square"><li><b>Foreign Investing Risk.</b> The risk that the prices of foreign securities in the fund’s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.</li></ul><ul type="square"><li><b>Limited Number of Investments Risk.</b> The risk that the fund’s portfolio will be more susceptible to factors adversely affecting issuers of securities in the fund’s portfolio than would a fund holding a greater number of securities.</li></ul><ul type="square"><li><b>Market Volatility Risk.</b> 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.</li></ul><ul type="square"><li> <b> Small Market Capitalization Companies Risk.</b> The risk that the fund’s investments in small market capitalization companies will increase the volatility and risk of loss to the fund, as compared with investments in larger, more established companies.</li></ul> The fund pursues capital appreciation in the small-cap international arena. The fund invests in a select group of small-cap companies believed by the subadviser to be undervalued relative to their future market growth potential. The investment strategy emphasizes companies that the subadviser believes to have a sustainable competitive advantage, strong management and low financial risk and to be able to grow over market cycles.<br /><br /> Under normal circumstances, the fund invests at least 80% of its assets in equity securities of non-U.S. small capitalization companies. As of the date of the Prospectus, the fund’s subadviser considers small-capitalization companies to be those companies that, at the time of initial purchase, have market capitalizations of between $75 million and $5 billion. The fund intends to diversify its investments among countries and normally to have represented in the portfolio business activities of a number of different countries. In determining “location” of an issuer, the subadviser primarily relies on the country where the issuer is incorporated. However, the country of risk is ultimately determined based on analysis of the following criteria: actual building address (domicile), primary exchange on which the security is traded and country in which the greatest percentage of company revenue is generated. This evaluation is conducted so as to determine that the issuer’s assets are exposed to the economic fortunes and risks of the designated country. Equity securities in which the fund invests include common stocks, preferred stocks and American Depositary Receipts (ADRs). The fund may invest in emerging markets issuers. Generally, the fund invests in approximately 30-60 securities at any given time and invests in issuers in approximately 20 countries. The fund has not had a full calendar year of operations; therefore, performance information is not shown. The fund has not had a full calendar year of operations; therefore, performance information is not shown. Returns do not reflect sales charges and would be lower if they did. Returns do not reflect sales charges and would be lower if they did. <br/><br />Annual Return (%) <b>Investments, Risks and Performance </b><br/><br/><b>Principal Investment Strategies </b> <div> <div class="MetaData"> <p style="margin-top: 0px; margin-bottom: 0px"> </p> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="49%"> </td> <td valign="bottom" width="1%"> </td> <td width="50%"> </td></tr> <tr><td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding-left: 8px; border-top: #000000 1px solid;" valign="top" align="center">Best Quarter:    Q3/2012:    13.70% </td> <td style="border-bottom: #000000 1px solid; border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid; padding-right: 8px; border-top: #000000 1px solid; border-right: #000000 1px solid;" valign="bottom" align="center">Worst Quarter:     Q2/2012:    -7.98%</td></tr></table></div> </div> January 31, 2014 Estimated for current fiscal year. Returns reflect deduction of maximum sales charges and full redemption at end of periods shown. The S&P 500<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The MSCI AC World Commodity Producer Sector Capped Index (net) is a market capitalization weighted index that measures performance of developed and emerging market commodity producers within the energy, metals and agricultural sectors. Each of the three sectors are equally weighted within the index. The index is calculated on a total return basis with net dividends reinvested. The indexes are unmanaged and not available for direct investment.<br/><br/> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return. 2011-03-15 2011-03-15 2011-03-15 The Total Annual Fund Operating Expenses do not correlate to the ratio of expense to average net assets appearing in the Financial Highlights tables, which tables reflect only the operating expenses of the fund and do not include acquired fund fees and expenses. <ul type="square"><li><b>Non-Diversification Risk.</b> The risk that the fund will be more susceptible to factors negatively impacting the securities in its portfolio to the extent that each such security represents a significant portion of the fund’s assets.</li></ul> <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualFundOperatingExpensesVirtusGlobalCommoditiesStockFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleShareholderFeesVirtusInternationalSmallCapFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleTransposedVirtusGlobalCommoditiesStockFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualFundOperatingExpensesVirtusInternationalSmallCapFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleTransposedVirtusInternationalSmallCapFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleNoRedemptionTransposedVirtusGlobalCommoditiesStockFund column period compact * ~</div> 0.0105 0.0105 0.0105 <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleNoRedemptionTransposedVirtusInternationalSmallCapFund column period compact * ~</div> 0.0025 0.01 0 <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualTotalReturnsVirtusGlobalCommoditiesStockFundBarChart column period compact * ~</div> 0.009 0.009 0.009 0.022 0.0295 0.0195 -0.0045 -0.0045 -0.0045 0.0175 0.025 0.015 <div style="display:none">~ http://www.virtus.com/role/ScheduleShareholderFeesVirtusGlobalCommoditiesStockFund column period compact * ~</div> <b>Example </b> 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: 743 353 153 1183 870 569 Shareholder Fees (fees paid directly from your investment) 743 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 253 153 1183 870 569 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. <br/><br/>The deferred sales charge is imposed on Class C Shares redeemed during the first year only. <b>Portfolio Turnover </b> 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. During the period from inception (September 5, 2012) through its fiscal year end (September 30, 2012), the fund’s portfolio turnover rate was 37% of the average value of its portfolio. 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.<br/><br/>The deferred sales charge is imposed on Class C Shares redeemed during the first year only. <b>Investments, Risks and Performance<br/><br/>Principal Investment Strategies This fund offers investors exposure to emerging markets. The securities chosen for inclusion in the fund are those that, in the opinion of the subadviser, are high quality companies that pay above average dividends, have above average dividend growth potential, strong balance sheets and cash flow and adhere to better corporate governance. Companies selected must have the financial strength to maintain and grow their dividend payout commitments. The process is focused on identifying companies that have chosen to generate high levels of cash flow and to pay a high proportion of it to their shareholders. It is the belief of the subadviser that those companies offer the best opportunity for capital appreciation as well as superior income generation.<br/><br/>Under normal circumstances, the fund invests at least 80% of its assets in equity securities of issuers located in emerging markets countries; such issuers may be of any capitalization. The equity securities in which the fund invests include common stocks, preferred stocks and American Depositary Receipts (ADRs). Emerging markets countries generally include every nation in the world except the U.S., Canada, Japan, Australia, New Zealand and most nations located in Western Europe. The fund intends to diversify its investments among countries and normally to have represented in the portfolio business activities of a number of different countries. In determining “location” of an issuer, the subadviser primarily relies on the country where the issuer is incorporated. However, the country of risk is ultimately determined based on analysis of the following criteria: actual building address (domicile), primary exchange on which the security is traded and country in which the greatest percentage of company revenue is generated. This evaluation is conducted so as to determine that the issuer’s assets are exposed to the economic fortunes and risks of the designated country. <b>Principal Risks </b> 338 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><b>Depositary Receipts</b>. The risk that investments in foreign companies through depositary receipts will expose the fund to the same risks as direct investment in securities of foreign issuers.</li></ul><ul type="square"><li><b>Emerging Market Investing Risk</b>. The risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.</li></ul><ul type="square"><li><b>Equity Securities Risk</b>. 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.</li></ul><ul type="square"><li><b>Foreign Investing Risk</b>. The risk that the prices of foreign securities in the fund’s portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.</li></ul><ul type="square"><li><b>Geographic Concentration Risk</b>. The risk that events negatively affecting the geographic location where the fund focuses its investments will cause the value of the fund’s shares to decrease, perhaps significantly.</li></ul><ul type="square"><li><b>Market Volatility Risk</b>. 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.</li></ul> <b>Performance Information</b> The fund has not had a full calendar year of operations; therefore, performance information is not shown. 728 1165 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. Estimated for current fiscal year. 1165 January 31, 2014 852 0.37 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. <div style="display:none">~ http://www.virtus.com/role/ScheduleShareholderFeesVirtusEmergingMarketsEquityIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAnnualFundOperatingExpensesVirtusEmergingMarketsEquityIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleAverageAnnualTotalReturnsTransposedVirtusGlobalCommoditiesStockFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleTransposedVirtusEmergingMarketsEquityIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.virtus.com/role/ScheduleExpenseExampleNoRedemptionTransposedVirtusEmergingMarketsEquityIncomeFund column period compact * ~</div> 2012-09-30 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 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. <br/><br/>The deferred sales charge is imposed on Class C Shares redeemed during the first year only. Under normal circumstances, the fund invests globally at least 80% of its assets in stocks of companies principally engaged in the base metals, precious metals, energy, and agriculture group of industries. The fund will concentrate its investments in this commodities-related group of industries. 50000 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. The Total Annual Fund Operating Expenses do not correlate to the ratio of expense to average net assets appearing in the Financial Highlights tables, which tables reflect only the operating expenses of the fund and do not include acquired fund fees and expenses. Restated to reflect current expenses. Estimated for current fiscal year. The fund's investment adviser has contractually agreed to limit the fund's total operating expenses (excluding interest, taxes and extraordinary 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 January 31, 2014. 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. The fund's investment adviser has contractually agreed to limit the fund's total operating expenses (excluding interest, taxes and extraordinary expenses) so that such expenses do not exceed 1.75% for Class A Shares, 2.50% for Class C Shares and 1.50% for Class I Shares through January 31, 2014. 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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