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Virtus Intermediate Tax-Exempt Bond Fund (HIXIX) named Category King for the Intermediate Municipal Fund realm in Monday’s 10/5/09 edition of Wall Street Journal.

The Virtus Intermediate Tax-Exempt Bond Fund I Share (HIXIX) was the number #1 Intermediate Municipal Bond Fund in the Wall Street Journal's Category Kings rankings released in the Monday, October 5th, 2009 edition of the Wall Street Journal listed on page R10.

Utilizing Lipper data, the Wall Street Journal's Category Kings combines similar categories and ranks the top-performing mutual funds in 22 categories as of the end of each calendar quarter based on 1-year total return at NAV. For the Intermediate Municipal Bond Fund realm, the Virtus Intermediate Tax-Exempt Bond Fund I Share (HIXIX) was ranked first out of 351 funds in the realm for the 1-year ending September 30, 2009.

Virtus Intermediate Tax-Exempt Bond Fund (HIXIX) Fund's Annual Operating Expense Ratio is .65% and gross operating expenses are .70%. Operating Expenses reflect a voluntary expense reimbursement, which may be discontinued at any time.

The I share has no sales charge and the minimum investment purchase is $100,000. The I share may be available on certain fee-based platforms depending on your firm. To invest in the Fund in a brokerage account, you may be required to use the A share, HIXZX or C share, PCXIX.


Performance as of 9/30/09

1 Year

5 Year

10 Year

HIXIX at NAV

16.26%

4.22%

5.44%

Lipper Intermediate Tax Exempt Funds Percentile Ranking

1st

20th

7th

# of funds in Lipper category

156

126

74
















Lipper ranks the Fund based on total return as of the 1-year periods shown in the bar graph. Category: Lipper Intermediate Tax Exempt Bond Funds. Each fund is ranked within a universe of funds similar in portfolio characteristics and capitalization. Rankings do not include the effect of a fund's sales load, if applicable. Lipper ranking is for Class I shares only; other classes may have different performance characteristics. Lipper, Inc. is a nationally recognized organization that ranks the performance of mutual funds. Fund rank and number of funds in category are aligned with each bar in the graph.

Fund Specific Risks

A portion of income may be subject to some state and/or local taxes and, for certain investors, a portion may be subject to the federal alternative minimum tax.

As interest rates rise, existing bond prices fall and can cause the value of an investment in the Fund to decline. Changes in interest rates will affect the value of longer-term fixed income securities more than shorter-term securities.

Investing in municipal bonds involves market risk and credit risk

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 may fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Please visit Virtus.com for performance data current to the most recent month-end.

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 for a current prospectus. You should read the prospectus carefully before you invest or send money.