Strategy And Objective

Virtus AllianzGI Emerging Markets Opportunities Fund (formerly AllianzGI Emerging Markets Opportunities Fund). he fund seeks to achieve its investment objective by normally investing at least 80% of its net assets (plus borrowings made for investment purposes) in securities of companies that are tied economically to countries with emerging securities markets that is, countries with securities markets that are, in the opinion portfolio managers, less sophisticated than more developed markets in terms of participation by investors, analyst coverage, liquidity and/or regulation. The fund s portfolio managers consider a security to be tied economically to a country with an emerging securities market if it is classified as an emerging market security by MSCI Inc. (MSCI), incorporated in an Emerging Market Country (as defined below), traded on an exchange in an Emerging Market Country or if it has exposure to an Emerging Market Country. The fund will normally invest primarily in companies located in the countries represented in the funds benchmark, the MSCI Emerging Markets Index (Emerging Market Countries), and have exposure to at least 5 Emerging Market Countries. The fund may invest a substantial portion of its assets in equity securities of companies located in China. The fund normally invests primarily in common stocks, either directly or indirectly through depositary receipts. In addition to common stocks, equity securities in which the fund may invest include, without limitation, preferred stocks, convertible securities and warrants.