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Products & Performance | Global Infrastructure (PGUAX)
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Daily Price
(as of 9/10/2010)
NAV Change ($)
10.52 0.01
POP Change ($)
11.16 0.01
Key Stats
(as of 9/10/2010)
Inception: 12/30/2004
Ticker: PGUAX
CUSIP: 92828R826
Fund No.: 1438
Net Assets by Fund: $69,531,808
Net Assets by Class: $25,416,982
Related Resources
Marketing
Prospectus/Financials
Goal & Strategy

The fund invests globally in owners/operators of infrastructure involved in the communications, utility, energy and transportation industries. Infrastructure owners/operators offer revenues with low variability; stable and predictable cash flows; an ability to distribute relatively high dividends; and many have inflation-linked revenues via long-term lease contracts. Infrastructure owners/operators exhibit attractive risk/return characteristics, offer moderate-to-high income and moderate growth; and are defensive in nature. 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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Connie Luecke, CFA
Industry start date: 1983
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Randle Smith, CFA
Industry start date: 1990
Fund Risks

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

The Fund may invest in high yield bonds, which may be subject to greater credit and market risks.

Infrastructure related entities are subject to factors that may adversely affect their business including government policies and regulation.

Investing in Funds that use leverage, short selling, futures, options and/or derivatives may expose the fund to additional risks.

Because the Fund is heavily weighted in a single sector, it will be impacted by that sector's performance more than a Fund with broader sector diversification.

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 1.33%.
Top Holdings (%)
(as of 6/30/2010)
Enbridge Inc. 6.74
TransCanada Corp. 5.37
AT&T Inc. 5.07
Spectra Energy Corp. 4.51
Vodafone Group PLC ADS 4.34
Williams Cos. 4.32
Verizon Communications Inc. 2.76
Atlantia S.p.A. 2.71
Koninklijke Vopak N.V. 2.48
American Tower Corp. 2.42
Top Sectors (%)
(as of 6/30/2010)
Oil & Gas Storage & Transportation 21.25
Integrated Telecommunication Services 20.90
Electric Utilities 12.90
Wireless Telecommunication Services 10.63
Highways & Railtracks 7.05
Top Countries (%)
(as of 6/30/2010)
United States 48.70
Canada 15.92
United Kingdom 6.27
Spain 5.81
Germany 5.76
Risk Statistics3
(as of 6/30/2010)
  Fund Index
R2 0.99 1.00
Beta 1.00 1.00
Alpha 1.35 1.00
Std Dev 18.27 18.07

Index: Global Infrastructure Linked Benchmark
Characteristics 4
(as of 6/30/2010)
Avg Weighted Market Cap (bn) $29.40
Median Market Cap (bn) $10.72
Trailing P/E 14.21x
Price-to-Cash Flow 6.82
Price-to-Book Value 2.05
3-Year EPS Growth Rate 12.54

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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