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A: HXBZX
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C: PXCZX
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I: HXBIX
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Before you invest, you may want to review the fund’s prospectus, which contains more information about the fund and its risks. You can find the fund’s prospectus, statement of additional information (SAI), annual report and other information about the fund online at virtus.com/products/prospectuses.
You can also get this information at no cost by calling 800-243-1574 or by sending an e-mail to: virtus.investment.partners@virtus.com. If you purchase shares of the fund through a broker-dealer or other financial intermediary (such as a bank), the prospectus and other information will also be available from your financial intermediary.
The fund’s prospectus and SAI, both dated September 23, 2016, are incorporated by reference into this Summary Prospectus.
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Shareholder Fees (fees paid directly from your investment)
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Class A
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Class C
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Class I
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| | Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) | | | | | | 2.75 | % | | | | | | | Non | e | | | | | | | Non | e | | | |
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Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds)
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| | | | | Non | e | | | | | | | 1.00 | %(a) | | | | | | | Non | e | | | |
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of
your investment) |
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Class A
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Class C
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Class I
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| | Management Fees | | | | | | 0.45 | % | | | | | | | 0.45 | % | | | | | | | 0.45 | % | | | |
| | Distribution and Service (12b-1) Fees | | | | | | 0.25 | % | | | | | | | 1.00 | % | | | | | | | Non | e | | | |
| | Other Expenses(b) | | | | | | 0.30 | % | | | | | | | 0.30 | % | | | | | | | 0.30 | % | | | |
| | Total Annual Fund Operating Expenses | | | | | | 1.00 | % | | | | | | | 1.75 | % | | | | | | | 0.75 | % | | | |
| | Less: Expense Reimbursement(c) | | | | | | (0.15 | %) | | | | | | | (0.15 | %) | | | | | | | (0.15 | %) | | | |
| | Total Annual Fund Operating Expenses After Expense Reimbursement(c) | | | | | | 0.85 | % | | | | | | | 1.60 | % | | | | | | | 0.60 | % | | | |
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Share Status
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1 Year
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3 Years
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5 Years
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10 Years
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| | Class A | | | |
Sold or Held
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| | | | | $359 | | | | | | | $570 | | | | | | | $798 | | | | | | | $1,453 | | | | ||||
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Class C
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Sold
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| | | | | $263 | | | | | | | $536 | | | | | | | $935 | | | | | | | $2,050 | | | | ||||
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Held
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| | | | | $163 | | | | | | | $536 | | | | | | | $935 | | | | | | | $2,050 | | | | |||||||||
| | Class I | | | |
Sold or Held
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| | | | | $61 | | | | | | | $225 | | | | | | | $402 | | | | | | | $916 | | | |
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Best Quarter:
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Q3/2009:
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10.03%
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Worst Quarter:
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Q3/2008:
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-5.64%
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Year-to-date (6/30/16):
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3.24%
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1 Year
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5 Years
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10 Years
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Since
Inception Class C (6/26/06) |
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| | Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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Return Before Taxes
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| | | | | 2.64 | % | | | | | | | 5.21 | % | | | | | | | 4.78 | % | | | | | | | | — | | | |
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Return After Taxes on Distributions
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| | | | | 2.62 | % | | | | | | | 5.20 | % | | | | | | | 4.72 | % | | | | | | | | — | | | |
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Return After Taxes on Distributions and Sale of Fund Shares
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| | | | | 2.73 | % | | | | | | | 4.79 | % | | | | | | | 4.57 | % | | | | | | | | — | | | |
| | Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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Return Before Taxes
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| | | | | -0.43 | % | | | | | | | 4.34 | % | | | | | | | 4.23 | % | | | | | | | | — | | | |
| | Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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Return Before Taxes
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| | | | | 1.62 | % | | | | | | | 4.15 | % | | | | | | | | — | | | | | | | 3.97 | % | | | |
| | Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | | | | | | 0.55 | % | | | | | | | 3.25 | % | | | | | | | 4.52 | % | | | | | | | 4.90 | % | | | |
| | Tax-Exempt Bond Linked Benchmark (reflects no deduction for fees, expenses or taxes) | | | | | | 3.07 | % | | | | | | | 5.11 | % | | | | | | | 4.60 | % | | | | | | | 4.82 | % | | | |
| 8431 | | |
9-16
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