Mutual Fund Summary Prospectus (497k)
31 Enero 2013 - 4:25PM
Edgar (US Regulatory)
Summary Prospectus January 31, 2013
Virtus Global Premium
AlphaSector
SM
Fund
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A: VGPAX
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C: VGPCX
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I: VGPIX
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Before you invest, you may want to review the funds prospectus, which contains more information about the fund and its risks.
You can find the funds prospectus, statement of additional information (SAI), annual report and other information about the fund online at http://www.virtus.com/individuals/forms/prospectuses.aspx?type=individual.
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 funds prospectus and SAI, both dated January 31, 2013, are incorporated by reference into this Summary
Prospectus.
Investment Objective
The fund has an investment objective of capital appreciation. In
pursuing this objective, the fund maintains an emphasis on preservation of capital.
Fees and Expenses
The tables below illustrate all fees and expenses that you may pay if
you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Virtus Mutual Funds. More information about these and other discounts, as well as
eligibility requirements for each share class, is available from your financial advisor and under Sales Charges on page 193 of the funds prospectus and Alternative Purchase Arrangements on page 57 of the funds
statement of additional information.
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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)
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5.75%
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None
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None
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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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1.00%
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(a)
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1.00%
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(
b
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None
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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
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1.10%
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1.10%
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1.10%
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Distribution and Shareholder Servicing (12b-1) Fees
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0.25%
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1.00%
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(
d
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None
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Other Expenses
(d)
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0.42%
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0.42%
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0.42%
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Acquired Fund Fees and Expenses
(
c
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0.28%
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0.28%
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0.28%
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Total Annual Fund Operating Expenses
(d)
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2.05%
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2.80%
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1.80%
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Less: Fee Waiver
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(0.03)%
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(
e
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Total Annual Fund Operating Expenses After Fee Waiver
(d)
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2.05%
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2.77%
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1.80%
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(a)
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Generally, Class A Shares are not subject to any charges by the fund when redeemed; however, a contingent deferred sales charge may be imposed on certain redemptions within
18 months on exchanges from a Virtus non-money market fund into a Virtus money market fund and purchases on which a finders fee has been paid. The 18-month period begins on the last day of the month preceding the month in which the purchase
was made.
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(b)
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The deferred sales charge is imposed on Class C Shares redeemed during the first year only.
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(c)
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The Total Annual Fund Operating Expenses do not correlate to the ratio of expense to average net assets appearing in the Financial Highlights tables, which tables reflect only
the operating expenses of the fund and do not include acquired fund fees and expenses.
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(d)
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Restated to reflect current expenses.
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(e)
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The funds distributor has contractually agreed to waive its 12b-1 fees applicable to Class C Shares to the extent that the funds investments in underlying ETFs with
their own 12b-1 fees would otherwise cause the total 12b-1 fees paid directly or indirectly by the fund to exceed the limits set forth in applicable law or regulation.
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Example
This example is intended to help you compare the cost of investing in the fund with
the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a
5% return each year and that the funds operating expenses remain the same and that the expense reimbursement arrangement remains in place only for the period indicated. Although your actual costs may be higher or lower, based on these
assumptions your costs would be:
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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
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Sold or Held
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$771
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$1,181
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$1,615
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$2,817
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Class C
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Sold
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$380
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$859
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$1,464
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$3,099
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Held
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$280
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$859
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$1,464
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$3,099
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Class I
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Sold or Held
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$183
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$566
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$975
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$2,116
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Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells shares of the exchange-traded funds (ETFs) or securities (or turns over its portfolio). A higher portfolio
turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the funds
performance. During the most recent fiscal year, the funds portfolio turnover rate was 258% of the average value of its portfolio.
Investments, Risks and Performance
Principal Investment Strategies
The fund allocates net assets to U.S. Equity and International Equity. Allocations within each asset class are based on proprietary quantitative
models.
The U.S. Equity allocation may be invested in ETFs and/or securities representing the primary sectors of the S&P 500
®
Index. The primary sectors of the S&P 500
®
Index represented are: consumer discretionary, consumer staples, energy, financials, healthcare, industrials, materials, technology, and utilities. The International
Equity allocation may be invested in ETFs and/or securities representing both developed markets (EAFE) and emerging markets. The fund may also invest in stocks (without restriction as to market capitalization) and short-term securities. The fund may
invest in a basket of securities to represent a sector if it determines that investment in the ETF for that sector is not feasible or otherwise not in the best interest of the fund. The fund may also deviate from a model allocation if it is
determined that tracking the model allocation is likely to violate applicable legal or regulatory restrictions or otherwise result in adverse consequences for the fund. In times of market weakness, the fund has the ability to move partially or fully
to short-term cash equivalents.
Under normal circumstances, the fund intends to allocate at least 40% of its assets to ETFs and/or securities
representative of non-U.S. markets. Through its investment in these ETFs and/or securities, the funds exposure to non-U.S. markets will be diversified among countries and will have represented the business activities of a number of different
countries.
Principal Risks
The
fund may not achieve its objective, and it is not intended to be a complete investment program. The value of the funds investments that supports your share value may decrease. If between the time you purchase shares and the time you sell
shares the value of the funds investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse
than expected, and investments may fail to perform as the adviser expects. As a result, the value of your shares may decrease. In addition, you will also be subject to the risks associated with the principal investment strategies of any ETFs in
which the fund invests. The principal risks of investing in the fund are:
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Emerging Market Investing Risk.
The
risk that prices of emerging markets securities will be more volatile, or will be more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.
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Equity Securities Risk.
The risk
that events negatively affecting issuers, industries or financial markets in which the fund invests, will impact the value of the stocks held by the fund and thus, the value of the funds shares over short or extended periods. Investments in
smaller companies may be more volatile than investments in larger companies.
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Exchange-Traded Funds (ETFs) Risk.
The risk that the value of an ETF will be more volatile than the underlying portfolio of securities the ETF is designed to track, or that the costs to the fund of owning shares of the ETF will exceed those the fund would incur by investing in such
securities directly.
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>
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Fund of Funds Risk.
The risk that
the underlying funds in which the fund invests will expose the fund to negative performance and additional expenses associated with investment in such funds, and increased volatility.
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>
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Foreign Investing Risk.
The risk
that the prices of foreign securities in the funds portfolio will be more volatile than those of domestic securities, or will be negatively affected by economic, political or other developments.
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Market Volatility Risk.
The risk
that the value of the securities in which the fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.
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Model Portfolio Risk.
The risk that
investments selected using quantitative models may perform differently from the market as a whole or from their expected performance. There can be no assurance that use of a quantitative model will enable the fund to achieve positive returns or
outperform the market.
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Portfolio Turnover Risk.
The risk
that the funds principal investment strategies will result in a consistently high portfolio turnover rate. See the Portfolio Turnover section above for more information about the impact that portfolio turnover can have on fund
performance.
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Sector Focused Investing Risk.
The
risk that events negatively affecting a particular industry or market sector in which the fund focuses its investments will cause the value of the funds shares to decrease, perhaps significantly. To the extent that the fund invests a
significant portion of its portfolio in ETFs representing one or more of the primary sectors of the S&P 500
®
Index
(such as consumer discretionary, energy, healthcare) or in an ETF representing U.S. Treasuries, the fund is more vulnerable to conditions that negatively affect such sectors as compared to a fund that is not significantly invested in such sectors.
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2
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U.S. Government Securities Risk.
The risk that U.S. Government securities in the funds portfolio will be subject to price fluctuations, or that an agency or instrumentality will default on an obligation not backed by the full faith and credit of the United States.
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Performance Information
The bar chart and table below provide some indication of the potential risks of investing in the fund. The funds past performance, before and after taxes, is not necessarily an indication of how the fund will
perform in the future.
The bar chart shows changes in the funds performance for its first full year of operations. The table shows how the
funds average annual returns compare to those of a broad-based securities market index and a more narrowly-based benchmark that reflects the market sectors in which the fund invests. Updated performance information is available at
virtus.com
or by calling 800-243-1574.
Calendar year total returns for Class A Shares
Returns do not reflect sales charges and would be lower if they did.
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Best
Quarter: Q1/2012: 6.76%
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Worst Quarter:
Q2/2012: -1.94%
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Average Annual Total Returns
(for the periods ended
12/31/12)
Returns reflect deduction of maximum sales charges and full redemption at end of
periods shown.
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1 Year
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Since
Inception
(3/15/11)
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Class A
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Return Before Taxes
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4.86%
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0.80%
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Return After Taxes on
Distributions
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3.75%
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0.16%
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Return After Taxes on Distributions and
Sale of Fund Shares
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2.44%
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0.17%
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Class C
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Return Before Taxes
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10.35%
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3.38%
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Class I
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Return Before Taxes
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11.47%
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4.39%
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S&P 500
®
Index (reflects no deduction for fees, expenses or taxes)
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16.00%
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8.45%
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MSCI World Index (net)
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15.83%
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5.30%
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The S&P 500
®
Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The index is calculated on a total return basis with dividends
reinvested. The MSCI World Index (net) is a free float-adjusted market capitalization-weighted index that measures developed global market equity performance. The index is calculated on a total return basis with net dividends reinvested. The indexes
are unmanaged and not available for direct investment.
After-tax returns are calculated using the historical highest individual federal marginal income
tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for Class A Shares; after-tax returns for other classes will vary. Actual after-tax returns depend on the investors tax situation and may
differ from those shown. After-tax returns are not relevant to investors who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. In certain cases, the Return After Taxes on Distributions and Sale of Fund Shares for a
period may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of fund shares and provides an assumed tax benefit that increases the return.
Management
The funds investment adviser is Virtus Investment Advisers, Inc.
(VIA).
The funds subadvisers are Euclid Advisors LLC (Euclid), an affiliate of VIA, and F-Squared Institutional Advisors,
LLC (F-Squared Institutional).
3
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c/o Virtus Mutual Funds
P.O. Box 9874
Providence, RI 02940-8074
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Portfolio Management
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Howard Present,
Co-founder,
President and CEO of F-Squared Institutional, is a manager of the fund. Mr. Present has served as a Portfolio Manager of the fund since inception in March 2011.
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Amy Robinson,
Managing Director at
Euclid, is a manager of the fund. Ms. Robinson has served as a Portfolio Manager of the fund since inception in March 2011.
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Purchase and Sale of Fund Shares
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Purchase Minimums
(except Class I
Shares)
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Minimum Initial Purchase
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$2,500
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Individual Retirement Accounts (IRAs),
systematic purchase or systematic exchange accounts
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$100
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Defined contribution plans, asset-based
fee programs, profit-sharing plans or employee benefit plans
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No minimum
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Minimum Additional Purchase
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$100
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Defined contribution plans, asset-based
fee programs, profit-sharing plans or employee benefit plans
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No minimum
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For Class I Shares, the minimum initial purchase is $100,000; there is no minimum for additional purchases.
In general, you may buy or sell shares of the fund by mail or telephone on any business day. You also may buy and sell shares through a financial advisor.
Taxes
The funds
distributions are taxable to you either as ordinary income or capital gains, except when your investment is through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Such tax-deferred arrangements may be taxed
later upon withdrawal of monies from those arrangements.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the
intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial advisor to recommend the fund over another investment. Ask your
financial advisor or visit your financial intermediarys Web site for more information.
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