To achieve investment objective the Fund invests at least 80 percent of its net assets (plus borrowings made for investment purposes) in the securities of companies that pay dividend income and are tied economically to emerging market countries. Virtus Systematic (Systematic), a division of Virtus Advisers, LLC, the Funds sub-adviser, defines emerging market countries as countries with securities markets that are less sophisticated than more developed markets in terms of participation by investors, analyst coverage, liquidity and/or regulation. The Fund will normally invest primarily in companies located in the countries represented in the Funds benchmark, the MSCI Emerging Markets Index (each an Emerging Market Country). The Fund considers a company to be economically tied to an Emerging Market Country if (i) its stock is listed on an emerging market exchange, or (ii) it is domiciled or headquartered or primarily operates in, or derives a majority of its profits, revenues, sales, or income from an Emerging Market Country. The Fund may invest a substantial portion of its assets in equity securities of companies located in China.