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Investment Opportunity

The fund invests globally in owners/operators of essential services companies involved in the communications, utility, energy, and transportation industries. These companies strive to offer revenues with low variability; stable and predictable cash flows and an ability to distribute relatively high dividends. Essential services owners/operators exhibit attractive risk/return characteristics, offer moderate-to-high income and moderate growth, and are defensive in nature.

Effective September 28, 2012 this fund changed its name from the Virtus Global Infrastructure Fund.

Fund Risks

The market price of equity securities may be affected by financial market, industry, or issuer-specific events. Focus on a particular style or on small or medium-sized companies may enhance that risk.

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

A fund that focuses its investments in infrastructure-related companies will be more sensitive to conditions affecting their business or operations.

A fund that focuses its investments in a particular industry or sector will be more sensitive to conditions that affect that industry or sector than a non-concentrated fund.

Key Stats (as of 2/27/2015)

Inception: 12/30/2004
Ticker: PGUAX
CUSIP: 92828R826
Fund No: 1438
Net Assets by Fund: $185,604,745
Net Assets by Class: $74,612,934

Management Team

Connie Luecke, CFA
Connie Luecke, CFA Duff & Phelps Investment Management

Industry start date: 1983

Start date with Fund: 2004

Randle Smith, CFA
Randle Smith, CFA Duff & Phelps Investment Management

Industry start date: 1990

Start date with Fund: 2004

Duff & Phelps Investment Management

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.

Morningstar Ratings

Overall Rating Non Load-Waived

As of 1/30/2015 the Fund was rated 2 stars out of 894 funds, 4 stars out of 691 funds and 5 stars out of 345 funds within the World Stock category for the 3-, 5- and 10 year periods, respectively.

Overall Rating Load-Waived

As of 1/30/2015 the Fund was rated 3 stars out of 894 funds, 4 stars out of 691 funds and 5 stars out of 345 funds within the World Stock category for the 3-, 5- and 10 year periods, respectively.

Strong ratings are not indicative of positive fund performance.

Average Annual Total Returns

Monthly Performance (%) (as of 2/27/2015)
  3 Mon. YTD 1YR 3YR 5YR 10YR Since Inception
NAV -1.22 0.13 6.29 11.41 12.48 8.14 8.19
POP -6.90 -5.63 0.18 9.23 11.16 7.50 7.56
Quarterly Performance (%) (as of 12/31/2014)
  3 Mon. YTD 1YR 3YR 5YR 10YR Since Inception
NAV 0.57 9.63 9.63 12.29 11.06 8.32 8.31
POP -5.21 3.33 3.33 10.09 9.75 7.68 7.67
Index 0.23 10.26 10.26 12.01 9.60 7.78 NA

Index: Global Dividend Linked Benchmark
The Global Dividend Linked Benchmark consists of the MSCI World Infrastructure Sector Capped Index, a market capitalization weighted index that measures performance of global infrastructure companies by capturing broad and diversified opportunities across telecommunication, utilities, energy, transportation and social infrastructure sectors. The telecommunication infrastructure and utilities sector each represent one-third of the index weight, while energy, transportation and social infrastructure sectors have a combined weight of the remaining one-third of the index. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. Performance of the Global Dividend Linked Benchmark prior to 9/1/2008 represents an allocation consisting of 65% MSCI USA/Utilities Index, 20% MSCI World Telecom Services Index, and 15% MSCI World ex USA/Utilities Index.

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 be imposed on certain redemptions within 18 months on purchases on which a finder’s fee has been paid.

Fund class operating expenses are 1.29%.

Risk Statistics3 (as of 12/31/2014)

  Fund Index
R2 0.92 1.00
Beta 0.93 1.00
Alpha 1.02 0.00
Std Dev 9.30 9.54
Index: Global Dividend Linked Benchmark

Daily Price (as of 2/27/2015)

NAV Change ($)
15.20 0.06
POP Change ($)
16.13 0.07

Top Holdings (% Fund)
(as of 12/31/2014)

Enbridge Inc. 5.46
Williams Companies, Inc. 4.79
Verizon Communications Inc. 3.80
AT&T Inc. 3.77
TransCanada Corporation 3.51
National Grid plc 3.21
NextEra Energy, Inc. 3.12
Kinder Morgan Inc Class P 3.01
Spectra Energy Corp 2.91
Sempra Energy 2.51

Top Countries (% Invested Assets)
(as of 12/31/2014)

United States 53.49
Canada 14.68
United Kingdom 9.68
Spain 5.06
Australia 4.69

Top Sectors (% Equity)
(as of 12/31/2014)

Oil & Gas Storage & Transportation 24.69
Multi-Utilities 15.63
Electric Utilities 14.91
Integrated Telecommunication Services 14.60
Highways & Railtracks 6.48

Characteristics4
(as of 12/31/2014)

Avg Weighted Market Cap (bn) $40.21
Median Market Cap (bn) $14.33
Trailing P/E 20.04x
Price-to-Cash Flow 11.95
Price-to-Book Value 2.76

Morningstar Ratings

Overall Rating Non Load-Waived

As of 1/30/2015 the Fund was rated 2 stars out of 894 funds, 4 stars out of 691 funds and 5 stars out of 345 funds within the World Stock category for the 3-, 5- and 10 year periods, respectively.

Overall Rating Load-Waived

As of 1/30/2015 the Fund was rated 3 stars out of 894 funds, 4 stars out of 691 funds and 5 stars out of 345 funds within the World Stock category for the 3-, 5- and 10 year periods, respectively.

Strong ratings are not indicative of positive fund performance.

Investors should carefully consider the investment objectives, risks, charges and expenses of any Virtus Mutual Fund before investing. The prospectus and summary prospectus contains this and other information about the fund. Please contact your financial representative, call 1-800- 243-4361 or visit www.virtus.com to obtain a current prospectus and/or summary prospectus. You should read the prospectus and/or summary 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.

1 Yields/Distributions: Distribution Yield (at NAV) is calculated by (a) annualizing the latest distribution for fixed income funds or funds less than 1 year old (b) summing all distributions over the preceding 12 months for all other funds, and dividing the NAV on the last business date of the period. 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 public offering share price at the end of the 30-day period.  Gross SEC Yield represents the yield if there were no expense reimbursements.

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.



Morningstar Disclosures: 
For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for a variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in an investment category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. Ratings are for the A Shares as shown only; other share classes bear different fees and expenses, which affect performance.

Load-waived A share star ratings do not include any front-end sales load and are intended for those investors who have access to such purchase terms (e.g., plan participants of a defined contribution plan). Not all A share mutual funds for which Morningstar calculates a load-waived A share star rating may actually waive their front-end sales load. Therefore, Morningstar strongly encourages investors to contact their investment professional to determine whether they are eligible to purchase the A share without paying the front load.

© 2013 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.