0000792359 2011-05-02 2012-05-01 0000792359 vvit1:S000001949Member vvit1:C000005133Member 2011-05-02 2012-05-01 0000792359 vvit1:S000001949Member 2011-05-02 2012-05-01 0000792359 vvit1:S000001950Member vvit1:C000005134Member 2011-05-02 2012-05-01 0000792359 vvit1:S000001950Member 2011-05-02 2012-05-01 0000792359 vvit1:S000001958Member vvit1:C000005142Member 2011-05-02 2012-05-01 0000792359 vvit1:S000001958Member 2011-05-02 2012-05-01 0000792359 vvit1:S000001962Member vvit1:C000005146Member 2011-05-02 2012-05-01 0000792359 vvit1:S000001962Member 2011-05-02 2012-05-01 0000792359 vvit1:S000001963Member vvit1:C000005147Member 2011-05-02 2012-05-01 0000792359 vvit1:S000001963Member 2011-05-02 2012-05-01 0000792359 vvit1:S000001964Member vvit1:C000005148Member 2011-05-02 2012-05-01 0000792359 vvit1:S000001964Member 2011-05-02 2012-05-01 0000792359 vvit1:S000001966Member vvit1:C000005150Member 2011-05-02 2012-05-01 0000792359 vvit1:S000001966Member 2011-05-02 2012-05-01 0000792359 vvit1:S000002231Member 2011-05-02 2012-05-01 0000792359 vvit1:S000002231Member vvit1:C000005730Member 2011-05-02 2012-05-01 pure 2012-05-01 Other VIRTUS VARIABLE INSURANCE TRUST 0000792359 2012-12-21 2012-12-21 false 2011-12-31 0.0085 0.0025 0.0023 0.0001 0.0134 -0.0028 0.0106 April 30, 2014 Restated to reflect current expenses as of May 1, 2012. Annual Series Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.005 0.0025 0.0021 0.0096 -0.0021 0.0075 Annual Series Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): April 30, 2014 Restated to reflect current expenses as of May 1, 2012. 0.009 0.0025 0.002 0.0001 0.0136 -0.0005 0.0131 Annual Series Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): Restated to reflect current expenses as of May 1, 2012. April 30, 2014 0.0075 0.0025 0.0021 0.0121 -0.0011 0.011 Annual Series Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): April 30, 2014 Restated to reflect current expenses as of May 1, 2012. 0.007 0.0025 0.0019 0.0001 0.0115 -0.0019 0.0096 Annual Series Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): April 30, 2014 Restated to reflect current expenses as of May 1, 2012. 0.007 0.0025 0.002 0.0001 0.0116 -0.0025 0.0091 Annual Series Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): April 30, 2014 Restated to reflect current expenses as of May 1, 2012. 0.006 0.0025 0.0021 0.0106 -0.0021 0.0085 April 30, 2014 Restated to reflect current expenses as of May 1, 2012. Annual Series Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): Annual Series Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0073 0.0025 0.0021 0.0119 -0.0016 0.0103 April 30, 2014 Restated to reflect current expenses as of May 1, 2012. Virtus Variable Insurance Trust Supplement dated December 21, 2012 to the Summary Prospectuses and Statutory Prospectuses dated May 1, 2012 IMPORTANT NOTICE TO INVESTORS Effective November 5, 2012, the limits under the contractual expense limitation arrangements for certain of the series of Virtus Variable Insurance Trust have changed. Effective November 6, 2012, the following disclosure describes the current expense limitation arrangements for each affected Series. Virtus Capital Growth Series The "Annual Series Operating Expenses" table and its associated footnotes under "Fees and Expenses" in the Series' summary prospectus and in the summary section of the statutory prospectus is hereby replaced with the following.   <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="90%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="4%"></td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td></tr> <tr bgcolor="#cceeff"> <td valign="top">Annual Series Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top">Management Fees</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.70%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top">Distribution and/or Service (12b-1) Fees</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.25%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td valign="top">Other Expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.19%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top">Acquired Fund Fees and Expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.01%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr> <td valign="top">Total Annual Series Operating Expenses(1)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.15%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top">Less: Expense Reimbursements(2)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(0.19%</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr> <td valign="top">Net Annual Series Operating Expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.96%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr></table>     <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="3%" align="left">(1)</td> <td valign="top" align="left">Restated to reflect current expenses as of May 1, 2012. </td></tr></table>   <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="3%" align="left">(2)</td> <td valign="top" align="left">Prior to November 6, 2012, the Series' investment adviser had contractually agreed to limit the Series' total operating expenses (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) so that such expenses did not exceed 0.95%. Effective November 6, 2012, the contractual expense cap (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) is 1.03%, through April 30, 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. </td></tr></table>Virtus Growth & Income Series The "Annual Series Operating Expenses" table and its associated footnotes under "Fees and Expenses" in the Series' summary prospectus and in the summary section of the statutory prospectus is hereby replaced with the following.   <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="90%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="4%"></td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td></tr> <tr bgcolor="#cceeff"> <td valign="top">Annual Series Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top">Management Fees</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.70%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top">Distribution and/or Service (12b-1) Fees</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.25%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td valign="top">Other Expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.20%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top">Acquired Fund Fees and Expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.01%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr> <td valign="top">Total Annual Series Operating Expenses(1)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.16%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top">Less: Expense Reimbursements(2)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(0.25%</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr> <td valign="top">Net Annual Series Operating Expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.91%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr></table>     <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="3%" align="left">(1)</td> <td valign="top" align="left">Restated to reflect current expenses as of May 1, 2012. </td></tr></table>   <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="3%" align="left">(2)</td> <td valign="top" align="left">Prior to November 6, 2012, the Series' investment adviser had contractually agreed to limit the Series' total operating expenses (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) so that such expenses did not exceed 0.90%. Effective November 6, 2012, the contractual expense cap (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) is 0.98%, through April 30, 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. </td></tr></table>Virtus International Series The "Annual Series Operating Expenses" table and its associated footnotes under "Fees and Expenses" in the Series' summary prospectus and in the summary section of the statutory prospectus is hereby replaced with the following.   <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="90%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="4%"></td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td></tr> <tr bgcolor="#cceeff"> <td valign="top">Annual Series Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top">Management Fees</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.73%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top">Distribution and/or Service (12b-1) Fees</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.25%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td valign="top">Other Expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.21%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr bgcolor="#cceeff"> <td valign="top">Total Annual Series Operating Expenses(1)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.19%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td valign="top">Less: Expense Reimbursements(2)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(0.16%</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr bgcolor="#cceeff"> <td valign="top">Net Annual Series Operating Expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.03%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr></table>     <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="3%" align="left">(1)</td> <td valign="top" align="left">Restated to reflect current expenses as of May 1, 2012. </td></tr></table>   <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="3%" align="left">(2)</td> <td valign="top" align="left">Prior to November 6, 2012, the Series' investment adviser had contractually agreed to limit the Series' total operating expenses (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) so that such expenses did not exceed 1.03%. Effective November 6, 2012, the contractual expense cap (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) is 1.23%, through April 30, 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. </td></tr></table>Virtus Multi-Sector Fixed Income Series The "Annual Series Operating Expenses" table and its associated footnotes under "Fees and Expenses" in the Series' summary prospectus and in the summary section of the statutory prospectus is hereby replaced with the following.   <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="90%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="4%"></td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td></tr> <tr bgcolor="#cceeff"> <td valign="top">Annual Series Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top">Management Fees</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.50%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top">Distribution and/or Service (12b-1) Fees</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.25%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td valign="top">Other Expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.21%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr bgcolor="#cceeff"> <td valign="top">Total Annual Series Operating Expenses(1)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.96%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td valign="top">Less: Expense Reimbursements(2)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(0.21%</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr bgcolor="#cceeff"> <td valign="top">Net Annual Series Operating Expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.75%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr></table>     <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="3%" align="left">(1)</td> <td valign="top" align="left">Restated to reflect current expenses as of May 1, 2012. </td></tr></table>   <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="3%" align="left">(2)</td> <td valign="top" align="left">Prior to November 6, 2012, the Series' investment adviser had contractually agreed to limit the Series' total operating expenses (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) so that such expenses did not exceed 0.75%. Effective November 6, 2012, the contractual expense cap (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) is 0.94%, through April 30, 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. </td></tr></table>Virtus Real Estate Securities Series The "Annual Series Operating Expenses" table and its associated footnotes under "Fees and Expenses" in the Series' summary prospectus and in the summary section of the statutory prospectus is hereby replaced with the following.   <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="90%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="4%"></td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td></tr> <tr bgcolor="#cceeff"> <td valign="top">Annual Series Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top">Management Fees</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.75%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top">Distribution and/or Service (12b-1) Fees</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.25%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td valign="top">Other Expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.21%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr bgcolor="#cceeff"> <td valign="top">Total Annual Series Operating Expenses(1)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.21%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td valign="top">Less: Expense Reimbursements(2)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(0.11%</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr bgcolor="#cceeff"> <td valign="top">Net Annual Series Operating Expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.10%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr></table>     <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="3%" align="left">(1)</td> <td valign="top" align="left">Restated to reflect current expenses as of May 1, 2012. </td></tr></table>   <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="3%" align="left">(2)</td> <td valign="top" align="left">Prior to November 6, 2012, the Series' investment adviser had contractually agreed to limit the Series' total operating expenses (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) so that such expenses did not exceed 1.10%. Effective November 6, 2012, the contractual expense cap (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) is 1.16%, through April 30, 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. </td></tr></table>Virtus Small-Cap Growth Series The "Annual Series Operating Expenses" table and its associated footnotes under "Fees and Expenses" in the Series' summary prospectus and in the summary section of the statutory prospectus is hereby replaced with the following.   <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="92%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td></tr> <tr bgcolor="#cceeff"> <td valign="top">Annual Series Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> Management Fees</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.85%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> Distribution and/or Service (12b-1) Fees</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.25%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td valign="top">Other Expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.23%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top">Acquired Fund Fees and Expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.01%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr> <td valign="top">Total Annual Series Operating Expenses(1)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.34%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top">Less: Expense Reimbursements(2)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(0.28%</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr> <td valign="top">Net Annual Series Operating Expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.06%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr></table>     <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="3%" align="left">(1)</td> <td valign="top" align="left">Restated to reflect current expenses as of May 1, 2012. </td></tr></table>   <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="3%" align="left">(2)</td> <td valign="top" align="left">Prior to November 6, 2012, the Series' investment adviser had contractually agreed to limit the Series' total operating expenses (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) so that such expenses did not exceed 1.05%. Effective November 6, 2012, the contractual expense cap (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) is 1.19%, through April 30, 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. </td></tr></table>Virtus Small-Cap Value Series The "Annual Series Operating Expenses" table and its associated footnotes under "Fees and Expenses" in the Series' summary prospectus and in the summary section of the statutory prospectus is hereby replaced with the following.   <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="92%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td></tr> <tr bgcolor="#cceeff"> <td valign="top">Annual Series Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top">Management Fees</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.90%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top">Distribution and/or Service (12b-1) Fees</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.25%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td valign="top">Other Expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.20%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top">Acquired Fund Fees and Expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.01%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr> <td valign="top">Total Annual Series Operating Expenses(1)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.36%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top">Less: Expense Reimbursements(2)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(0.05%</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr> <td valign="top">Net Annual Series Operating Expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.31%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr></table>     <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="3%" align="left">(1)</td> <td valign="top" align="left">Restated to reflect current expenses as of May 1, 2012. </td></tr></table>   <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="3%" align="left">(2)</td> <td valign="top" align="left">Prior to November 6, 2012, the Series' investment adviser had contractually agreed to limit the Series' total operating expenses (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) so that such expenses did not exceed 1.30%. Effective November 6, 2012, the contractual expense cap (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) is 1.20%, through April 30, 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. </td></tr></table> Virtus Strategic Allocation Series The "Annual Series Operating Expenses" table and its associated footnotes under "Fees and Expenses" in the Series' summary prospectus and in the summary section of the statutory prospectus is hereby replaced with the following.   <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="92%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td></tr> <tr bgcolor="#cceeff"> <td valign="top">Annual Series Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top">Management Fees</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.60%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top">Distribution and/or Service (12b-1) Fees</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.25%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td valign="top">Other Expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.21%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr bgcolor="#cceeff"> <td valign="top">Total Annual Series Operating Expenses(1)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.06%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td valign="top">Less: Expense Reimbursements(2)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(0.21%</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr bgcolor="#cceeff"> <td valign="top">Net Annual Series Operating Expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.85%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr></table>     <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="3%" align="left">(1)</td> <td valign="top" align="left">Restated to reflect current expenses as of May 1, 2012. </td></tr></table>   <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="3%" align="left">(2)</td> <td valign="top" align="left">Prior to November 6, 2012, the Series' investment adviser had contractually agreed to limit the Series' total operating expenses (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) so that such expenses did not exceed 0.85%. Effective November 6, 2012, the contractual expense cap (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) is 0.98%, through April 30, 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. </td></tr></table> Virtus Variable Insurance Trust Supplement dated December 21, 2012 to the Summary Prospectuses and Statutory Prospectuses dated May 1, 2012 IMPORTANT NOTICE TO INVESTORS Effective November 5, 2012, the limits under the contractual expense limitation arrangements for certain of the series of Virtus Variable Insurance Trust have changed. Effective November 6, 2012, the following disclosure describes the current expense limitation arrangements for each affected Series. Virtus Strategic Allocation Series The "Annual Series Operating Expenses" table and its associated footnotes under "Fees and Expenses" in the Series' summary prospectus and in the summary section of the statutory prospectus is hereby replaced with the following.   <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="92%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td></tr> <tr bgcolor="#cceeff"> <td valign="top">Annual Series Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top">Management Fees</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.60%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top">Distribution and/or Service (12b-1) Fees</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.25%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td valign="top">Other Expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.21%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr bgcolor="#cceeff"> <td valign="top">Total Annual Series Operating Expenses(1)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.06%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td valign="top">Less: Expense Reimbursements(2)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(0.21%</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr bgcolor="#cceeff"> <td valign="top">Net Annual Series Operating Expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.85%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr></table>     <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="3%" align="left">(1)</td> <td valign="top" align="left">Restated to reflect current expenses as of May 1, 2012. </td></tr></table>   <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="3%" align="left">(2)</td> <td valign="top" align="left">Prior to November 6, 2012, the Series' investment adviser had contractually agreed to limit the Series' total operating expenses (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) so that such expenses did not exceed 0.85%. Effective November 6, 2012, the contractual expense cap (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) is 0.98%, through April 30, 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. </td></tr></table> Virtus Variable Insurance Trust Supplement dated December 21, 2012 to the Summary Prospectuses and Statutory Prospectuses dated May 1, 2012 IMPORTANT NOTICE TO INVESTORS Effective November 5, 2012, the limits under the contractual expense limitation arrangements for certain of the series of Virtus Variable Insurance Trust have changed. Effective November 6, 2012, the following disclosure describes the current expense limitation arrangements for each affected Series. Virtus International Series The "Annual Series Operating Expenses" table and its associated footnotes under "Fees and Expenses" in the Series' summary prospectus and in the summary section of the statutory prospectus is hereby replaced with the following.   <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="90%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="4%"></td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td></tr> <tr bgcolor="#cceeff"> <td valign="top">Annual Series Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top">Management Fees</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.73%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top">Distribution and/or Service (12b-1) Fees</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.25%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td valign="top">Other Expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.21%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr bgcolor="#cceeff"> <td valign="top">Total Annual Series Operating Expenses(1)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.19%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td valign="top">Less: Expense Reimbursements(2)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(0.16%</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr bgcolor="#cceeff"> <td valign="top">Net Annual Series Operating Expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.03%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr></table>     <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="3%" align="left">(1)</td> <td valign="top" align="left">Restated to reflect current expenses as of May 1, 2012. </td></tr></table>   <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="3%" align="left">(2)</td> <td valign="top" align="left">Prior to November 6, 2012, the Series' investment adviser had contractually agreed to limit the Series' total operating expenses (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) so that such expenses did not exceed 1.03%. Effective November 6, 2012, the contractual expense cap (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) is 1.23%, through April 30, 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. </td></tr></table> Virtus Variable Insurance Trust Supplement dated December 21, 2012 to the Summary Prospectuses and Statutory Prospectuses dated May 1, 2012 IMPORTANT NOTICE TO INVESTORS Effective November 5, 2012, the limits under the contractual expense limitation arrangements for certain of the series of Virtus Variable Insurance Trust have changed. Effective November 6, 2012, the following disclosure describes the current expense limitation arrangements for each affected Series. Virtus Capital Growth Series The "Annual Series Operating Expenses" table and its associated footnotes under "Fees and Expenses" in the Series' summary prospectus and in the summary section of the statutory prospectus is hereby replaced with the following.   <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="90%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="4%"></td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> Annual Series Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> Management Fees</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.70%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> Distribution and/or Service (12b-1) Fees</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.25%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td valign="top"> Other Expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.19%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> Acquired Fund Fees and Expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.01%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr> <td valign="top"> Total Annual Series Operating Expenses(1)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.15%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> Less: Expense Reimbursements(2)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(0.19%</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr> <td valign="top">Net Annual Series Operating Expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.96%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr></table>     <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="3%" align="left">(1)</td> <td valign="top" align="left">Restated to reflect current expenses as of May 1, 2012. </td></tr></table>   <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="3%" align="left">(2)</td> <td valign="top" align="left">Prior to November 6, 2012, the Series' investment adviser had contractually agreed to limit the Series' total operating expenses (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) so that such expenses did not exceed 0.95%. Effective November 6, 2012, the contractual expense cap (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) is 1.03%, through April 30, 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. </td></tr></table> Virtus Variable Insurance Trust Supplement dated December 21, 2012 to the Summary Prospectuses and Statutory Prospectuses dated May 1, 2012 IMPORTANT NOTICE TO INVESTORS Effective November 5, 2012, the limits under the contractual expense limitation arrangements for certain of the series of Virtus Variable Insurance Trust have changed. Effective November 6, 2012, the following disclosure describes the current expense limitation arrangements for each affected Series. Virtus Growth & Income Series The "Annual Series Operating Expenses" table and its associated footnotes under "Fees and Expenses" in the Series' summary prospectus and in the summary section of the statutory prospectus is hereby replaced with the following.   <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="90%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="4%"></td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td></tr> <tr bgcolor="#cceeff"> <td valign="top">Annual Series Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top">Management Fees</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.70%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top">Distribution and/or Service (12b-1) Fees</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.25%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td valign="top">Other Expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.20%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top">Acquired Fund Fees and Expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.01%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr> <td valign="top">Total Annual Series Operating Expenses(1)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.16%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top">Less: Expense Reimbursements(2)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(0.25%</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr> <td valign="top">Net Annual Series Operating Expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.91%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr></table>     <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="3%" align="left">(1)</td> <td valign="top" align="left">Restated to reflect current expenses as of May 1, 2012. </td></tr></table>   <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="3%" align="left">(2)</td> <td valign="top" align="left">Prior to November 6, 2012, the Series' investment adviser had contractually agreed to limit the Series' total operating expenses (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) so that such expenses did not exceed 0.90%. Effective November 6, 2012, the contractual expense cap (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) is 0.98%, through April 30, 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. </td></tr></table> Virtus Variable Insurance Trust Supplement dated December 21, 2012 to the Summary Prospectuses and Statutory Prospectuses dated May 1, 2012 IMPORTANT NOTICE TO INVESTORS Effective November 5, 2012, the limits under the contractual expense limitation arrangements for certain of the series of Virtus Variable Insurance Trust have changed. Effective November 6, 2012, the following disclosure describes the current expense limitation arrangements for each affected Series. Virtus Multi-Sector Fixed Income Series The "Annual Series Operating Expenses" table and its associated footnotes under "Fees and Expenses" in the Series' summary prospectus and in the summary section of the statutory prospectus is hereby replaced with the following.   <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="90%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="4%"></td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td></tr> <tr bgcolor="#cceeff"> <td valign="top">Annual Series Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top">Management Fees</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.50%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top">Distribution and/or Service (12b-1) Fees</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.25%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td valign="top">Other Expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.21%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr bgcolor="#cceeff"> <td valign="top">Total Annual Series Operating Expenses(1)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.96%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td valign="top">Less: Expense Reimbursements(2)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(0.21%</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr bgcolor="#cceeff"> <td valign="top">Net Annual Series Operating Expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.75%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr></table>     <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="3%" align="left">(1)</td> <td valign="top" align="left">Restated to reflect current expenses as of May 1, 2012. </td></tr></table>   <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="3%" align="left">(2)</td> <td valign="top" align="left">Prior to November 6, 2012, the Series' investment adviser had contractually agreed to limit the Series' total operating expenses (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) so that such expenses did not exceed 0.75%. Effective November 6, 2012, the contractual expense cap (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) is 0.94%, through April 30, 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. </td></tr></table> Virtus Variable Insurance Trust Supplement dated December 21, 2012 to the Summary Prospectuses and Statutory Prospectuses dated May 1, 2012 IMPORTANT NOTICE TO INVESTORS Effective November 5, 2012, the limits under the contractual expense limitation arrangements for certain of the series of Virtus Variable Insurance Trust have changed. Effective November 6, 2012, the following disclosure describes the current expense limitation arrangements for each affected Series. Virtus Real Estate Securities Series The "Annual Series Operating Expenses" table and its associated footnotes under "Fees and Expenses" in the Series' summary prospectus and in the summary section of the statutory prospectus is hereby replaced with the following.   <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="90%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="4%"></td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td></tr> <tr bgcolor="#cceeff"> <td valign="top">Annual Series Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top">Management Fees</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.75%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top">Distribution and/or Service (12b-1) Fees</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.25%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td valign="top">Other Expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.21%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr bgcolor="#cceeff"> <td valign="top">Total Annual Series Operating Expenses(1)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.21%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td valign="top">Less: Expense Reimbursements(2)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(0.11%</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr bgcolor="#cceeff"> <td valign="top">Net Annual Series Operating Expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.10%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr></table>     <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="3%" align="left">(1)</td> <td valign="top" align="left">Restated to reflect current expenses as of May 1, 2012. </td></tr></table>   <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="3%" align="left">(2)</td> <td valign="top" align="left">Prior to November 6, 2012, the Series' investment adviser had contractually agreed to limit the Series' total operating expenses (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) so that such expenses did not exceed 1.10%. Effective November 6, 2012, the contractual expense cap (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) is 1.16%, through April 30, 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. </td></tr></table> Virtus Variable Insurance Trust Supplement dated December 21, 2012 to the Summary Prospectuses and Statutory Prospectuses dated May 1, 2012 IMPORTANT NOTICE TO INVESTORS Effective November 5, 2012, the limits under the contractual expense limitation arrangements for certain of the series of Virtus Variable Insurance Trust have changed. Effective November 6, 2012, the following disclosure describes the current expense limitation arrangements for each affected Series. Virtus Small-Cap Value Series The "Annual Series Operating Expenses" table and its associated footnotes under "Fees and Expenses" in the Series' summary prospectus and in the summary section of the statutory prospectus is hereby replaced with the following.   <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="92%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td></tr> <tr bgcolor="#cceeff"> <td valign="top">Annual Series Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top">Management Fees</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.90%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top">Distribution and/or Service (12b-1) Fees</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.25%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td valign="top">Other Expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.20%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top">Acquired Fund Fees and Expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.01%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr> <td valign="top">Total Annual Series Operating Expenses(1)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.36%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top">Less: Expense Reimbursements(2)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(0.05%</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr> <td valign="top">Net Annual Series Operating Expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.31%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr></table>     <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="3%" align="left">(1)</td> <td valign="top" align="left">Restated to reflect current expenses as of May 1, 2012. </td></tr></table>   <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="3%" align="left">(2)</td> <td valign="top" align="left">Prior to November 6, 2012, the Series' investment adviser had contractually agreed to limit the Series' total operating expenses (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) so that such expenses did not exceed 1.30%. Effective November 6, 2012, the contractual expense cap (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) is 1.20%, through April 30, 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. </td></tr></table> Virtus Variable Insurance Trust Supplement dated December 21, 2012 to the Summary Prospectuses and Statutory Prospectuses dated May 1, 2012 IMPORTANT NOTICE TO INVESTORS Effective November 5, 2012, the limits under the contractual expense limitation arrangements for certain of the series of Virtus Variable Insurance Trust have changed. Effective November 6, 2012, the following disclosure describes the current expense limitation arrangements for each affected Series. Virtus Small-Cap Growth Series The "Annual Series Operating Expenses" table and its associated footnotes under "Fees and Expenses" in the Series' summary prospectus and in the summary section of the statutory prospectus is hereby replaced with the following.   <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="92%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td></tr> <tr> <td height="8"></td> <td height="8" colspan="4"></td></tr> <tr bgcolor="#cceeff"> <td valign="top">Annual Series Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"> Management Fees</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.85%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top"> Distribution and/or Service (12b-1) Fees</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.25%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr> <td valign="top">Other Expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.23%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top">Acquired Fund Fees and Expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.01%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr> <td valign="top">Total Annual Series Operating Expenses(1)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.34%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"> <td valign="top">Less: Expense Reimbursements(2)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(0.28%</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr> <td valign="top">Net Annual Series Operating Expenses</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.06%</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr></table>     <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="3%" align="left">(1)</td> <td valign="top" align="left">Restated to reflect current expenses as of May 1, 2012. </td></tr></table>   <table style="border-collapse: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="3%" align="left">(2)</td> <td valign="top" align="left">Prior to November 6, 2012, the Series' investment adviser had contractually agreed to limit the Series' total operating expenses (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) so that such expenses did not exceed 1.05%. Effective November 6, 2012, the contractual expense cap (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) is 1.19%, through April 30, 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. </td></tr></table> Restated to reflect current expenses as of May 1, 2012. Prior to November 6, 2012, the Series' investment adviser had contractually agreed to limit the Series' total operating expenses (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) so that such expenses did not exceed 0.95%. Effective November 6, 2012, the contractual expense cap (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) is 1.03%, through April 30, 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. Prior to November 6, 2012, the Series' investment adviser had contractually agreed to limit the Series' total operating expenses (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) so that such expenses did not exceed 0.90%. Effective November 6, 2012, the contractual expense cap (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) is 0.98%, through April 30, 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. Prior to November 6, 2012, the Series' investment adviser had contractually agreed to limit the Series' total operating expenses (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) so that such expenses did not exceed 1.03%. Effective November 6, 2012, the contractual expense cap (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) is 1.23%, through April 30, 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. Prior to November 6, 2012, the Series' investment adviser had contractually agreed to limit the Series' total operating expenses (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) so that such expenses did not exceed 0.75%. Effective November 6, 2012, the contractual expense cap (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) is 0.94%, through April 30, 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. Prior to November 6, 2012, the Series' investment adviser had contractually agreed to limit the Series' total operating expenses (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) so that such expenses did not exceed 1.10%. Effective November 6, 2012, the contractual expense cap (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) is 1.16%, through April 30, 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. Prior to November 6, 2012, the Series' investment adviser had contractually agreed to limit the Series' total operating expenses (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) so that such expenses did not exceed 1.05%. Effective November 6, 2012, the contractual expense cap (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) is 1.19%, through April 30, 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. Prior to November 6, 2012, the Series' investment adviser had contractually agreed to limit the Series' total operating expenses (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) so that such expenses did not exceed 1.30%. Effective November 6, 2012, the contractual expense cap (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) is 1.20%, through April 30, 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. Prior to November 6, 2012, the Series' investment adviser had contractually agreed to limit the Series' total operating expenses (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) so that such expenses did not exceed 0.85%. Effective November 6, 2012, the contractual expense cap (excluding interest, taxes, extraordinary expenses, and acquired fund fees and expenses, if any) is 0.98%, through April 30, 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.