0001193125-13-254296.txt : 20130611 0001193125-13-254296.hdr.sgml : 20130611 20130611103117 ACCESSION NUMBER: 0001193125-13-254296 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130611 DATE AS OF CHANGE: 20130611 EFFECTIVENESS DATE: 20130611 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: 13905262 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 S000030077 Virtus International Equity Fund C000092267 Class A VIEAX C000092268 Class C VIECX C000092269 Class I VIIEX 497 1 d541174d497.htm VIRTUS OPPORTUNITIES TRUST Virtus Opportunities Trust

1933 Act/Rule 497(e)

June 11, 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 International Equity Fund (the “Fund”) as filed under Rule 497(e) on May 20, 2013. The purpose of this filing is to submit the 497(e) filing dated May 20, 2013 in XBRL for the Fund.

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 vot-20130520.xml XBRL INSTANCE DOCUMENT 0001005020 2012-02-01 2013-01-31 0001005020 vot:S000030077Member 2012-02-01 2013-01-31 0001005020 2013-05-20 2013-05-20 2013-01-31 Other 2012-09-30 false <p align="center" style="font-family: 'Times New Roman'; font-size: medium; margin-top: 0px; margin-bottom: 0px;"><font size="3"><b>Virtus International Equity Fund,</b></font></p><p align="center" style="font-family: 'Times New Roman'; font-size: medium; margin-top: 0px; margin-bottom: 0px;"><font size="3"><b>a Series of Virtus Opportunities Trust (the &#8220;Trust&#8221;)</b></font></p><p align="center" style="font-family: 'Times New Roman'; font-size: medium; margin-top: 12px; margin-bottom: 0px;"><font size="3">Supplement dated May&nbsp;20, 2013 to the</font></p><p align="center" style="font-family: 'Times New Roman'; font-size: medium; margin-top: 0px; margin-bottom: 0px;"><font size="3">Summary Prospectus and the Virtus Opportunities Trust Statutory Prospectus,</font></p><p align="center" style="font-family: 'Times New Roman'; font-size: medium; margin-top: 0px; margin-bottom: 0px;"><font size="3">each dated January&nbsp;31, 2013</font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 14px; margin-bottom: 0px;"><font size="2"><b>I<small>MPORTANT</small>&nbsp;N<small>OTICE</small>&nbsp;<small>TO</small>&nbsp;I<small>NVESTORS</small></b></font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 12px; margin-bottom: 0px; text-indent: 4%;"><font size="2">Effective on or about May&nbsp;22, 2013, the Fund&#8217;s current subadviser, Pyrford International Ltd. (&#8220;Pyrford&#8221;), will be replaced by Euclid Advisors LLC, an affiliate of the Fund&#8217;s investment adviser, Virtus Investment Advisers, Inc. (&#8220;Adviser&#8221; or &#8220;VIA&#8221;).</font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 9px; margin-bottom: 0px; text-indent: 4%;"><font size="2">Pyrford recently provided notice to VIA that Pyrford intended to terminate is service as subadviser to the Fund. In connection with that notice the Adviser recommended to the Board of Trustees of the Trust that the Fund appoint Euclid Advisors LLC (&#8220;Euclid&#8221; or &#8220;Subadviser&#8221;), which has a strong performance history in managing international equity products similar to the Fund, as the new subadviser to the Fund.</font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 9px; margin-bottom: 0px; text-indent: 4%;"><font size="2">At a special meeting of the Board of Trustees held on May&nbsp;14, 2013, the Trustees approved an interim subadvisory agreement between VIA and Euclid, an affiliate of VIA, with respect to the Fund (the &#8220;Interim Subadvisory Agreement&#8221;). In connection with Pyrford&#8217;s impending resignation, the Board decided to appoint Euclid as subadviser to the Fund effective May&nbsp;22, 2013, or as soon as practicable thereafter, under the Interim Subadvisory Agreement and terminate the previous subadvisory agreement with Pyrford on such date. The Interim Subadvisory Agreement has a term of the earlier of 150 days or the date on which a new subadvisory agreement is entered into.</font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 9px; margin-bottom: 0px; text-indent: 4%;"><font size="2">The Board of Trustees also approved and recommended for shareholder approval a new investment subadvisory agreement between VIA and the Euclid, with respect to the Fund (the &#8220;Subadvisory Agreement&#8221;). The Trustees approved, and recommended approval by shareholders at a Special Meeting of Shareholders to be held on July&nbsp;9, 2013, the following proposal:</font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 9px; margin-bottom: 0px; margin-left: 55.515625px; text-indent: 4%;"><font size="2">To approve a Subadvisory Agreement between Euclid Advisors LLC and Virtus Investment Advisers, Inc. on behalf of Virtus International Equity Fund.</font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 9px; margin-bottom: 0px; text-indent: 4%;"><font size="2">As Subadviser, Euclid would be responsible for the day-to-day management of the Fund&#8217;s portfolio.</font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 9px; margin-bottom: 0px; text-indent: 4%;"><font size="2">The Fund would pay no fee directly to Euclid as the Subadviser. Under the Interim Subadvisory Agreement and the Subadvisory Agreement, the fee to be paid by VIA to the Subadviser would be 50% of the net investment advisory fee. If approved, the Subadvisory Agreement would have an initial term through December&nbsp;31, 2014. The Subadvisory Agreement would continue thereafter on a year-to-year basis with the approval of the Fund&#8217;s Trustees, including a majority of the Independent Trustees.</font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 14px; margin-bottom: 0px;"><font size="2"><b>Information about Euclid</b></font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 12px; margin-bottom: 0px; text-indent: 4%;"><font size="2">Euclid Advisors LLC has offices at 100 Pearl Street, Hartford, CT 06103 and 1540 Broadway, New York, NY 10036. Euclid is registered as an investment adviser under the Investment Advisers Act of 1940, and is a wholly-owned indirect subsidiary of Virtus. Founded in 1997, Euclid serves as subadviser to certain Virtus-sponsored mutual funds. As of March&nbsp;31, 2013, Euclid had $7.3 billion of assets under management.</font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 9px; margin-bottom: 0px; text-indent: 4%;"><font size="2">In managing the Fund, Euclid will use an investment process driven by bottom-up fundamental research and informed by top-down macro views. Top-down research will be utilized to make global and regional decisions, country selection, and sector selection. As part of the process, Euclid will take into account, among other things, monetary policy, geo-political factors, direction of interest rate movements, economic growth and outlook, and valuation. In evaluating securities for inclusion in the Fund, Euclid will apply a Cash Flow Return on Capital approach to valuation as well as fundamental analysis to assess the financial strength, franchise quality, and management capabilities of individual securities.</font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 9px; margin-bottom: 0px; text-indent: 4%;"><font size="2">The following individual will serve as portfolio manager of the Fund:</font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 9px; margin-bottom: 0px; text-indent: 4%;"><font size="2">Frederick A. Brimberg is Senior Managing Director and Senior Portfolio Manager at Euclid (since July 2012). Prior to joining Euclid, he was senior vice president and international portfolio manager at Avatar Associates (2006 to 2012), where he started the&nbsp;international strategy in 2006. Earlier, he was vice president and portfolio manager at ING Investment Management with a focus on the international separately managed account product. Mr.&nbsp;Brimberg&#8217;s career spans 30-plus years in investment management, trading, and capital markets, with various positions at Lexington Management, Brimberg&nbsp;&amp; Co., and Lehman Brothers Kuhn Loeb Inc.</font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 9px; margin-bottom: 0px; text-indent: 4%;"><font size="2">The Fund&#8217;s summary prospectus and statutory prospectus are hereby amended to reflect the change in principal investment strategies, subadviser and portfolio manager as described above, effective May&nbsp;22, 2013.</font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 9px; margin-bottom: 0px; text-indent: 4%;"><font size="2">For more information about the proposal being submitted to shareholders, please refer to the Fund&#8217;s Proxy Statement filed by Virtus Opportunities Trust with the Securities and Exchange Commission (&#8220;SEC&#8221;) on May&nbsp;15, 2013 by visiting the SEC&#8217;s Web site at&nbsp;www.sec.gov. The Funds&#8217; Proxy Statement will be mailed to shareholders of the Fund as of the record date.</font></p> <p align="center" style="font-family: 'Times New Roman'; font-size: medium; margin-top: 0px; margin-bottom: 0px;"><font size="3"><b>Virtus International Equity Fund,</b></font></p><p align="center" style="font-family: 'Times New Roman'; font-size: medium; margin-top: 0px; margin-bottom: 0px;"><font size="3"><b>a Series of Virtus Opportunities Trust (the &#8220;Trust&#8221;)</b></font></p><p align="center" style="font-family: 'Times New Roman'; font-size: medium; margin-top: 12px; margin-bottom: 0px;"><font size="3">Supplement dated May&nbsp;20, 2013 to the</font></p><p align="center" style="font-family: 'Times New Roman'; font-size: medium; margin-top: 0px; margin-bottom: 0px;"><font size="3">Summary Prospectus and the Virtus Opportunities Trust Statutory Prospectus,</font></p><p align="center" style="font-family: 'Times New Roman'; font-size: medium; margin-top: 0px; margin-bottom: 0px;"><font size="3">each dated January&nbsp;31, 2013</font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 14px; margin-bottom: 0px;"><font size="2"><b>I<small>MPORTANT</small>&nbsp;N<small>OTICE</small>&nbsp;<small>TO</small>&nbsp;I<small>NVESTORS</small></b></font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 12px; margin-bottom: 0px; text-indent: 4%;"><font size="2">Effective on or about May&nbsp;22, 2013, the Fund&#8217;s current subadviser, Pyrford International Ltd. (&#8220;Pyrford&#8221;), will be replaced by Euclid Advisors LLC, an affiliate of the Fund&#8217;s investment adviser, Virtus Investment Advisers, Inc. (&#8220;Adviser&#8221; or &#8220;VIA&#8221;).</font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 9px; margin-bottom: 0px; text-indent: 4%;"><font size="2">Pyrford recently provided notice to VIA that Pyrford intended to terminate is service as subadviser to the Fund. In connection with that notice the Adviser recommended to the Board of Trustees of the Trust that the Fund appoint Euclid Advisors LLC (&#8220;Euclid&#8221; or &#8220;Subadviser&#8221;), which has a strong performance history in managing international equity products similar to the Fund, as the new subadviser to the Fund.</font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 9px; margin-bottom: 0px; text-indent: 4%;"><font size="2">At a special meeting of the Board of Trustees held on May&nbsp;14, 2013, the Trustees approved an interim subadvisory agreement between VIA and Euclid, an affiliate of VIA, with respect to the Fund (the &#8220;Interim Subadvisory Agreement&#8221;). In connection with Pyrford&#8217;s impending resignation, the Board decided to appoint Euclid as subadviser to the Fund effective May&nbsp;22, 2013, or as soon as practicable thereafter, under the Interim Subadvisory Agreement and terminate the previous subadvisory agreement with Pyrford on such date. The Interim Subadvisory Agreement has a term of the earlier of 150 days or the date on which a new subadvisory agreement is entered into.</font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 9px; margin-bottom: 0px; text-indent: 4%;"><font size="2">The Board of Trustees also approved and recommended for shareholder approval a new investment subadvisory agreement between VIA and the Euclid, with respect to the Fund (the &#8220;Subadvisory Agreement&#8221;). The Trustees approved, and recommended approval by shareholders at a Special Meeting of Shareholders to be held on July&nbsp;9, 2013, the following proposal:</font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 9px; margin-bottom: 0px; margin-left: 55.515625px; text-indent: 4%;"><font size="2">To approve a Subadvisory Agreement between Euclid Advisors LLC and Virtus Investment Advisers, Inc. on behalf of Virtus International Equity Fund.</font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 9px; margin-bottom: 0px; text-indent: 4%;"><font size="2">As Subadviser, Euclid would be responsible for the day-to-day management of the Fund&#8217;s portfolio.</font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 9px; margin-bottom: 0px; text-indent: 4%;"><font size="2">The Fund would pay no fee directly to Euclid as the Subadviser. Under the Interim Subadvisory Agreement and the Subadvisory Agreement, the fee to be paid by VIA to the Subadviser would be 50% of the net investment advisory fee. If approved, the Subadvisory Agreement would have an initial term through December&nbsp;31, 2014. The Subadvisory Agreement would continue thereafter on a year-to-year basis with the approval of the Fund&#8217;s Trustees, including a majority of the Independent Trustees.</font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 14px; margin-bottom: 0px;"><font size="2"><b>Information about Euclid</b></font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 12px; margin-bottom: 0px; text-indent: 4%;"><font size="2">Euclid Advisors LLC has offices at 100 Pearl Street, Hartford, CT 06103 and 1540 Broadway, New York, NY 10036. Euclid is registered as an investment adviser under the Investment Advisers Act of 1940, and is a wholly-owned indirect subsidiary of Virtus. Founded in 1997, Euclid serves as subadviser to certain Virtus-sponsored mutual funds. As of March&nbsp;31, 2013, Euclid had $7.3 billion of assets under management.</font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 9px; margin-bottom: 0px; text-indent: 4%;"><font size="2">In managing the Fund, Euclid will use an investment process driven by bottom-up fundamental research and informed by top-down macro views. Top-down research will be utilized to make global and regional decisions, country selection, and sector selection. As part of the process, Euclid will take into account, among other things, monetary policy, geo-political factors, direction of interest rate movements, economic growth and outlook, and valuation. In evaluating securities for inclusion in the Fund, Euclid will apply a Cash Flow Return on Capital approach to valuation as well as fundamental analysis to assess the financial strength, franchise quality, and management capabilities of individual securities.</font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 9px; margin-bottom: 0px; text-indent: 4%;"><font size="2">The following individual will serve as portfolio manager of the Fund:</font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 9px; margin-bottom: 0px; text-indent: 4%;"><font size="2">Frederick A. Brimberg is Senior Managing Director and Senior Portfolio Manager at Euclid (since July 2012). Prior to joining Euclid, he was senior vice president and international portfolio manager at Avatar Associates (2006 to 2012), where he started the&nbsp;international strategy in 2006. Earlier, he was vice president and portfolio manager at ING Investment Management with a focus on the international separately managed account product. Mr.&nbsp;Brimberg&#8217;s career spans 30-plus years in investment management, trading, and capital markets, with various positions at Lexington Management, Brimberg&nbsp;&amp; Co., and Lehman Brothers Kuhn Loeb Inc.</font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 9px; margin-bottom: 0px; text-indent: 4%;"><font size="2">The Fund&#8217;s summary prospectus and statutory prospectus are hereby amended to reflect the change in principal investment strategies, subadviser and portfolio manager as described above, effective May&nbsp;22, 2013.</font></p><p style="font-family: 'Times New Roman'; font-size: medium; margin-top: 9px; margin-bottom: 0px; text-indent: 4%;"><font size="2">For more information about the proposal being submitted to shareholders, please refer to the Fund&#8217;s Proxy Statement filed by Virtus Opportunities Trust with the Securities and Exchange Commission (&#8220;SEC&#8221;) on May&nbsp;15, 2013 by visiting the SEC&#8217;s Web site at&nbsp;www.sec.gov. 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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VIRTUS OPPORTUNITIES TRUST
Prospectus Date rr_ProspectusDate Jan. 31, 2013
Supplement [Text Block] vot_SupplementTextBlock

Virtus International Equity Fund,

a Series of Virtus Opportunities Trust (the “Trust”)

Supplement dated May 20, 2013 to the

Summary Prospectus and the Virtus Opportunities Trust Statutory Prospectus,

each dated January 31, 2013

IMPORTANT NOTICE TO INVESTORS

Effective on or about May 22, 2013, the Fund’s current subadviser, Pyrford International Ltd. (“Pyrford”), will be replaced by Euclid Advisors LLC, an affiliate of the Fund’s investment adviser, Virtus Investment Advisers, Inc. (“Adviser” or “VIA”).

Pyrford recently provided notice to VIA that Pyrford intended to terminate is service as subadviser to the Fund. In connection with that notice the Adviser recommended to the Board of Trustees of the Trust that the Fund appoint Euclid Advisors LLC (“Euclid” or “Subadviser”), which has a strong performance history in managing international equity products similar to the Fund, as the new subadviser to the Fund.

At a special meeting of the Board of Trustees held on May 14, 2013, the Trustees approved an interim subadvisory agreement between VIA and Euclid, an affiliate of VIA, with respect to the Fund (the “Interim Subadvisory Agreement”). In connection with Pyrford’s impending resignation, the Board decided to appoint Euclid as subadviser to the Fund effective May 22, 2013, or as soon as practicable thereafter, under the Interim Subadvisory Agreement and terminate the previous subadvisory agreement with Pyrford on such date. The Interim Subadvisory Agreement has a term of the earlier of 150 days or the date on which a new subadvisory agreement is entered into.

The Board of Trustees also approved and recommended for shareholder approval a new investment subadvisory agreement between VIA and the Euclid, with respect to the Fund (the “Subadvisory Agreement”). The Trustees approved, and recommended approval by shareholders at a Special Meeting of Shareholders to be held on July 9, 2013, the following proposal:

To approve a Subadvisory Agreement between Euclid Advisors LLC and Virtus Investment Advisers, Inc. on behalf of Virtus International Equity Fund.

As Subadviser, Euclid would be responsible for the day-to-day management of the Fund’s portfolio.

The Fund would pay no fee directly to Euclid as the Subadviser. Under the Interim Subadvisory Agreement and the Subadvisory Agreement, the fee to be paid by VIA to the Subadviser would be 50% of the net investment advisory fee. If approved, the Subadvisory Agreement would have an initial term through December 31, 2014. The Subadvisory Agreement would continue thereafter on a year-to-year basis with the approval of the Fund’s Trustees, including a majority of the Independent Trustees.

Information about Euclid

Euclid Advisors LLC has offices at 100 Pearl Street, Hartford, CT 06103 and 1540 Broadway, New York, NY 10036. Euclid is registered as an investment adviser under the Investment Advisers Act of 1940, and is a wholly-owned indirect subsidiary of Virtus. Founded in 1997, Euclid serves as subadviser to certain Virtus-sponsored mutual funds. As of March 31, 2013, Euclid had $7.3 billion of assets under management.

In managing the Fund, Euclid will use an investment process driven by bottom-up fundamental research and informed by top-down macro views. Top-down research will be utilized to make global and regional decisions, country selection, and sector selection. As part of the process, Euclid will take into account, among other things, monetary policy, geo-political factors, direction of interest rate movements, economic growth and outlook, and valuation. In evaluating securities for inclusion in the Fund, Euclid will apply a Cash Flow Return on Capital approach to valuation as well as fundamental analysis to assess the financial strength, franchise quality, and management capabilities of individual securities.

The following individual will serve as portfolio manager of the Fund:

Frederick A. Brimberg is Senior Managing Director and Senior Portfolio Manager at Euclid (since July 2012). Prior to joining Euclid, he was senior vice president and international portfolio manager at Avatar Associates (2006 to 2012), where he started the international strategy in 2006. Earlier, he was vice president and portfolio manager at ING Investment Management with a focus on the international separately managed account product. Mr. Brimberg’s career spans 30-plus years in investment management, trading, and capital markets, with various positions at Lexington Management, Brimberg & Co., and Lehman Brothers Kuhn Loeb Inc.

The Fund’s summary prospectus and statutory prospectus are hereby amended to reflect the change in principal investment strategies, subadviser and portfolio manager as described above, effective May 22, 2013.

For more information about the proposal being submitted to shareholders, please refer to the Fund’s Proxy Statement filed by Virtus Opportunities Trust with the Securities and Exchange Commission (“SEC”) on May 15, 2013 by visiting the SEC’s Web site at www.sec.gov. The Funds’ Proxy Statement will be mailed to shareholders of the Fund as of the record date.

Virtus International Equity Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] vot_SupplementTextBlock

Virtus International Equity Fund,

a Series of Virtus Opportunities Trust (the “Trust”)

Supplement dated May 20, 2013 to the

Summary Prospectus and the Virtus Opportunities Trust Statutory Prospectus,

each dated January 31, 2013

IMPORTANT NOTICE TO INVESTORS

Effective on or about May 22, 2013, the Fund’s current subadviser, Pyrford International Ltd. (“Pyrford”), will be replaced by Euclid Advisors LLC, an affiliate of the Fund’s investment adviser, Virtus Investment Advisers, Inc. (“Adviser” or “VIA”).

Pyrford recently provided notice to VIA that Pyrford intended to terminate is service as subadviser to the Fund. In connection with that notice the Adviser recommended to the Board of Trustees of the Trust that the Fund appoint Euclid Advisors LLC (“Euclid” or “Subadviser”), which has a strong performance history in managing international equity products similar to the Fund, as the new subadviser to the Fund.

At a special meeting of the Board of Trustees held on May 14, 2013, the Trustees approved an interim subadvisory agreement between VIA and Euclid, an affiliate of VIA, with respect to the Fund (the “Interim Subadvisory Agreement”). In connection with Pyrford’s impending resignation, the Board decided to appoint Euclid as subadviser to the Fund effective May 22, 2013, or as soon as practicable thereafter, under the Interim Subadvisory Agreement and terminate the previous subadvisory agreement with Pyrford on such date. The Interim Subadvisory Agreement has a term of the earlier of 150 days or the date on which a new subadvisory agreement is entered into.

The Board of Trustees also approved and recommended for shareholder approval a new investment subadvisory agreement between VIA and the Euclid, with respect to the Fund (the “Subadvisory Agreement”). The Trustees approved, and recommended approval by shareholders at a Special Meeting of Shareholders to be held on July 9, 2013, the following proposal:

To approve a Subadvisory Agreement between Euclid Advisors LLC and Virtus Investment Advisers, Inc. on behalf of Virtus International Equity Fund.

As Subadviser, Euclid would be responsible for the day-to-day management of the Fund’s portfolio.

The Fund would pay no fee directly to Euclid as the Subadviser. Under the Interim Subadvisory Agreement and the Subadvisory Agreement, the fee to be paid by VIA to the Subadviser would be 50% of the net investment advisory fee. If approved, the Subadvisory Agreement would have an initial term through December 31, 2014. The Subadvisory Agreement would continue thereafter on a year-to-year basis with the approval of the Fund’s Trustees, including a majority of the Independent Trustees.

Information about Euclid

Euclid Advisors LLC has offices at 100 Pearl Street, Hartford, CT 06103 and 1540 Broadway, New York, NY 10036. Euclid is registered as an investment adviser under the Investment Advisers Act of 1940, and is a wholly-owned indirect subsidiary of Virtus. Founded in 1997, Euclid serves as subadviser to certain Virtus-sponsored mutual funds. As of March 31, 2013, Euclid had $7.3 billion of assets under management.

In managing the Fund, Euclid will use an investment process driven by bottom-up fundamental research and informed by top-down macro views. Top-down research will be utilized to make global and regional decisions, country selection, and sector selection. As part of the process, Euclid will take into account, among other things, monetary policy, geo-political factors, direction of interest rate movements, economic growth and outlook, and valuation. In evaluating securities for inclusion in the Fund, Euclid will apply a Cash Flow Return on Capital approach to valuation as well as fundamental analysis to assess the financial strength, franchise quality, and management capabilities of individual securities.

The following individual will serve as portfolio manager of the Fund:

Frederick A. Brimberg is Senior Managing Director and Senior Portfolio Manager at Euclid (since July 2012). Prior to joining Euclid, he was senior vice president and international portfolio manager at Avatar Associates (2006 to 2012), where he started the international strategy in 2006. Earlier, he was vice president and portfolio manager at ING Investment Management with a focus on the international separately managed account product. Mr. Brimberg’s career spans 30-plus years in investment management, trading, and capital markets, with various positions at Lexington Management, Brimberg & Co., and Lehman Brothers Kuhn Loeb Inc.

The Fund’s summary prospectus and statutory prospectus are hereby amended to reflect the change in principal investment strategies, subadviser and portfolio manager as described above, effective May 22, 2013.

For more information about the proposal being submitted to shareholders, please refer to the Fund’s Proxy Statement filed by Virtus Opportunities Trust with the Securities and Exchange Commission (“SEC”) on May 15, 2013 by visiting the SEC’s Web site at www.sec.gov. The Funds’ Proxy Statement will be mailed to shareholders of the Fund as of the record date.

XML 14 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6

Virtus International Equity Fund,

a Series of Virtus Opportunities Trust (the “Trust”)

Supplement dated May 20, 2013 to the

Summary Prospectus and the Virtus Opportunities Trust Statutory Prospectus,

each dated January 31, 2013

IMPORTANT NOTICE TO INVESTORS

Effective on or about May 22, 2013, the Fund’s current subadviser, Pyrford International Ltd. (“Pyrford”), will be replaced by Euclid Advisors LLC, an affiliate of the Fund’s investment adviser, Virtus Investment Advisers, Inc. (“Adviser” or “VIA”).

Pyrford recently provided notice to VIA that Pyrford intended to terminate is service as subadviser to the Fund. In connection with that notice the Adviser recommended to the Board of Trustees of the Trust that the Fund appoint Euclid Advisors LLC (“Euclid” or “Subadviser”), which has a strong performance history in managing international equity products similar to the Fund, as the new subadviser to the Fund.

At a special meeting of the Board of Trustees held on May 14, 2013, the Trustees approved an interim subadvisory agreement between VIA and Euclid, an affiliate of VIA, with respect to the Fund (the “Interim Subadvisory Agreement”). In connection with Pyrford’s impending resignation, the Board decided to appoint Euclid as subadviser to the Fund effective May 22, 2013, or as soon as practicable thereafter, under the Interim Subadvisory Agreement and terminate the previous subadvisory agreement with Pyrford on such date. The Interim Subadvisory Agreement has a term of the earlier of 150 days or the date on which a new subadvisory agreement is entered into.

The Board of Trustees also approved and recommended for shareholder approval a new investment subadvisory agreement between VIA and the Euclid, with respect to the Fund (the “Subadvisory Agreement”). The Trustees approved, and recommended approval by shareholders at a Special Meeting of Shareholders to be held on July 9, 2013, the following proposal:

To approve a Subadvisory Agreement between Euclid Advisors LLC and Virtus Investment Advisers, Inc. on behalf of Virtus International Equity Fund.

As Subadviser, Euclid would be responsible for the day-to-day management of the Fund’s portfolio.

The Fund would pay no fee directly to Euclid as the Subadviser. Under the Interim Subadvisory Agreement and the Subadvisory Agreement, the fee to be paid by VIA to the Subadviser would be 50% of the net investment advisory fee. If approved, the Subadvisory Agreement would have an initial term through December 31, 2014. The Subadvisory Agreement would continue thereafter on a year-to-year basis with the approval of the Fund’s Trustees, including a majority of the Independent Trustees.

Information about Euclid

Euclid Advisors LLC has offices at 100 Pearl Street, Hartford, CT 06103 and 1540 Broadway, New York, NY 10036. Euclid is registered as an investment adviser under the Investment Advisers Act of 1940, and is a wholly-owned indirect subsidiary of Virtus. Founded in 1997, Euclid serves as subadviser to certain Virtus-sponsored mutual funds. As of March 31, 2013, Euclid had $7.3 billion of assets under management.

In managing the Fund, Euclid will use an investment process driven by bottom-up fundamental research and informed by top-down macro views. Top-down research will be utilized to make global and regional decisions, country selection, and sector selection. As part of the process, Euclid will take into account, among other things, monetary policy, geo-political factors, direction of interest rate movements, economic growth and outlook, and valuation. In evaluating securities for inclusion in the Fund, Euclid will apply a Cash Flow Return on Capital approach to valuation as well as fundamental analysis to assess the financial strength, franchise quality, and management capabilities of individual securities.

The following individual will serve as portfolio manager of the Fund:

Frederick A. Brimberg is Senior Managing Director and Senior Portfolio Manager at Euclid (since July 2012). Prior to joining Euclid, he was senior vice president and international portfolio manager at Avatar Associates (2006 to 2012), where he started the international strategy in 2006. Earlier, he was vice president and portfolio manager at ING Investment Management with a focus on the international separately managed account product. Mr. Brimberg’s career spans 30-plus years in investment management, trading, and capital markets, with various positions at Lexington Management, Brimberg & Co., and Lehman Brothers Kuhn Loeb Inc.

The Fund’s summary prospectus and statutory prospectus are hereby amended to reflect the change in principal investment strategies, subadviser and portfolio manager as described above, effective May 22, 2013.

For more information about the proposal being submitted to shareholders, please refer to the Fund’s Proxy Statement filed by Virtus Opportunities Trust with the Securities and Exchange Commission (“SEC”) on May 15, 2013 by visiting the SEC’s Web site at www.sec.gov. The Funds’ Proxy Statement will be mailed to shareholders of the Fund as of the record date.

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Document and Entity Information
12 Months Ended
Jan. 31, 2013
Risk/Return:  
Document Type Other
Document Period End Date Sep. 30, 2012
Registrant Name VIRTUS OPPORTUNITIES TRUST
Central Index Key 0001005020
Amendment Flag false
Document Creation Date May 20, 2013
Document Effective Date May 20, 2013
Prospectus Date Jan. 31, 2013