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Products & Performance | Global Real Estate Securities (VGSAX)
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Daily Price
(as of 9/7/2010)
NAV Change ($)
19.30 -0.26
POP Change ($)
20.48 -0.27
Key Stats
(as of 9/7/2010)
Inception: 3/2/2009
Ticker: VGSAX
CUSIP: 92828R412
Fund No.: 1854
Net Assets by Fund: $3,031,605
Net Assets by Class: $2,117,772
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Prospectus/Financials
Goal & Strategy

The fund provides global exposure to the real estate securities market, focusing on companies with a rental business profile. Rental companies derive 70% or more of total revenue from rental income and are most similar in business profile to U.S. REITs. The global real estate market has exhibited lower correlation to traditional asset classes. Since founding its U.S. REIT business, Duff & Phelps has been employing this same philosophy, process and style. Duff & Phelps Investment Management Co. offers an investment product mix comprised of Global Utilities, Real Estate and Infrastructure portfolios. The product mix emanated from the in-depth fundamental research expertise in income-producing securities that the firm established in 1932.

Management Team
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Geoffrey P. Dybas, CFA
Industry start date: 1989
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Frank J. Haggerty, Jr., CFA
Industry start date: 1996
Fund Risks

Concentrating investments in REITs involves certain risks such as refinancing, property value changes and management skill.

Investing internationally, especially in emerging markets, involves additional risks such as currency, political, accounting, economic and market risk.

Investing in the securities of small and mid-sized companies involves greater risks and price volatility than larger, more established companies.

A non-diversified fund may be more susceptible to any single economic, political or regulatory event affecting an issuer than is a diversified fund.

Sales Charge and Expense

POP (Public Offering Price) performance reflects the deduction of the maximum sales charge of 5.75%. A contingent deferred sales charge of 1% may apply on certain redemptions made within 18 months following purchases on which a finder's fee has been paid.

Fund class operating expenses are 1.40% and gross operating expenses are 4.85%.

Operating expenses reflect a voluntary expense reimbursement, which may be discontinued at any time.
Top Holdings (%)
(as of 5/28/2010)
Simon Property Group Inc. 5.86
Westfield Group Australia 5.30
Equity Residential 3.84
Unibail-Rodamco S.A. 3.55
Vornado Realty Trust 3.24
Public Storage 3.00
Host Hotels & Resorts Inc. 2.83
Digital Realty Trust Inc. 2.56
Boston Properties Inc. 2.53
Hongkong Land Holdings Ltd. 2.18
Top Countries (%)
(as of 5/28/2010)
United States 55.41
Australia 10.40
United Kingdom 7.04
France 5.82
Canada 5.52

This material must be preceded or accompanied by a prospectus. Investors should carefully consider the investment objectives, risks, charges and expenses of any Virtus Mutual Fund before investing. The prospectus contains this and other information about the fund. Please click on the prospectus link on this page for a current prospectus. You should read the prospectus carefully before you invest or send money.

Performance data quoted represents past results. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, so your shares, when redeemed, may be worth more or less than their original cost.

Average annual total return is the annual compound return for the indicated period. It reflects the change in share price and the reinvestment of all dividends and capital gains. NAV returns do not include the effect of any applicable sales charges. POP and w/CDSC returns include the effect of maximum applicable sales charges.

Returns for periods of less than one year are cumulative total returns.

1Yields/Distributions: Distribution Yield (at NAV) is calculated by annualizing the latest month's distribution and dividing by the NAV on the last business day of the period. It does not include long- or short-term capital gain distributions. SEC Yield represents the net investment income earned by a fund over a 30-day period, expressed as an annual percentage rate based on the fund's share price at the end of the 30-day period. SEC Yield (gross) represents the SEC Yield had the fund not had expense reimbursements or partial waivers of fees.

2 Distribution History:  Distributions are represented on a cash basis and may be reclassified at year end for tax purposes. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. STCG: Short Term Capital Gain, LTCG: Long Term Capital Gain

3 Risk Statistics:  R2 is a statistical measure that represents the percentage of a fund or security's movements that can be explained by movements in a benchmark index.  Beta is a quantitative measure of the volatility of a given portfolio to the overall market.  Alpha is a risk adjusted measure of an investment's excess return relative to a benchmark. A positive Alpha indicates that the investment produced a return greater than expected for the risk (as measured by Beta) taken.  Standard Deviation measures variability of returns around the average return for an investment fund. Higher standard deviation suggests greater risk. Risk Statistics are calculated using 36 monthly returns.

4 Characteristics: For Equity Funds:Trailing P/E: Per-share stock price divided by the latest12-months Earnings per Share; Price/Cash Flow: Per-share stock price divided by the per-share operating cash flow; Price/Book: Per-share stock price divided by the latest 12-month per-share Book Value; 3-Year EPS Growth Rate: Average of earnings per share growth for latest 3-year period. The 3-Year EPS Growth Rate is not a forecast of the fund's performance. 
4 Characteristics: For Fixed Income Funds:  Duration represents the interest rate sensitivity of a fixed income fund. For example, if a fund's duration is five years, a 1% increase in interest rates would result in a 5% decline in the fund's price. Similarly, a 1% decline in interest rates would result in a 5% gain in the fund's price.

Mutual funds distributed by VP Distributors, Inc., member FINRA and subsidiary of Virtus Investment Partners, Inc.
 
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