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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 July 31, 2015 this fund changed its name from the Virtus Global Dividend Fund.

Fund Risks

Equity Securities: The market price of equity securities may be adversely 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.

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

Industry/Sector Concentration: 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.

Income: Income received from the fund may vary widely over the short- and long-term.

Prospectus: For additional information on risks, please see the fund's prospectus.

Key Stats (as of 2/27/2017)

Inception: 12/30/2004
Ticker: PGUAX
CUSIP: 92828R826
Fund No: 1438
Net Assets by Fund: $110,633,416
Net Assets by Class: $48,081,169

Management Team

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

Industry start date: 1983

Start date with Fund: 2004

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

Industry start date: 1990

Start date with Fund: 2004

Duff & Phelps Investment Management Co.

Duff & Phelps Investment Management Co. offers an investment product mix comprised of Global Infrastructure, Global Real Estate, Energy, and MLPs. 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

As of 1/31/2017 the Fund was rated 3 stars out of 69 funds, 3 stars out of 50 funds and 4 stars out of 8 funds within the Infrastructure 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 1/31/2017)
  3 Mon. YTD 1YR 3YR 5YR 10YR Since Inception
NAV 0.91 2.36 12.03 4.11 7.67 5.30 7.03
POP -4.89 -3.52 5.59 2.08 6.40 4.68 6.51
Quarterly Performance (%) (as of 12/30/2016)
  3 Mon. YTD 1YR 3YR 5YR 10YR Since Inception
NAV -4.54 11.39 11.39 3.09 7.19 5.10 6.87
POP -10.03 4.98 4.98 1.08 5.93 4.48 6.35
Index -3.87 11.06 11.06 2.39 6.47 3.90 NA

Index: Global Infrastructure Linked Benchmark
The Global Infrastructure Linked Benchmark consists of the FTSE Developed Core Infrastructure 50/50 Index (net), a free float-adjusted market capitalization weighted index that gives participants an industry-defined interpretation of developed market infrastructure companies and adjusts the exposure to certain infrastructure subsectors. The constituent weights are 50% Utilities, 30% Transportation (including capping 7.5% for railroads/railways), and a 20% mix of other sectors including pipelines, satellites, and telecommunication towers. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do no reflect any fees, expenses, or sales charges, and is not available for direct investment. Performance of the Global Infrastructure Linked Benchmark between 9/1/2008 and 9/30/2016 represents a 100% allocation to the MSCI World Infrastructure Sector Capped Index. Prior to 9/1/2008 the allocation consisted 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.

The fund class gross expense ratio is 1.32%.

Risk Statistics3 (as of 12/30/2016)

  Fund Index
R2 0.94 1.00
Beta 0.96 1.00
Alpha 0.78 0.00
Std Dev 10.05 10.10
Index: Global Infrastructure Linked Benchmark

Daily Price (as of 2/27/2017)

NAV Change ($)
13.86 0.03
POP Change ($)
14.71 0.04

Top Holdings (% Fund)
(as of 12/30/2016)

Transurban Group Ltd. 5.48
NextEra Energy, Inc. 4.17
American Tower Corporation 3.90
TransCanada Corporation 3.63
Atlantia S.p.A 3.56
Enbridge Inc. 3.39
Crown Castle International Corp 3.29
Sempra Energy 3.09
Aena Sa 3.03
Kinder Morgan Inc Class P 2.99

Top Countries (% Invested Assets)
(as of 12/30/2016)

United States 56.18
Canada 12.80
Spain 10.11
Australia 8.27
Italy 3.59

Top Sectors (% Equity)
(as of 12/30/2016)

Oil & Gas Storage & Transportation 19.92
Multi-Utilities 17.71
Electric Utilities 17.27
Highways & Railtracks 11.82
Airport Services 8.29

(as of 12/30/2016)

Avg Weighted Market Cap (bn) $23.52
Median Market Cap (bn) $12.17
Trailing P/E 22.90x
Price-to-Cash Flow 12.25
Price-to-Book Value 3.03
3-Year EPS Growth Rate 10.08

Morningstar Ratings

Overall Rating

As of 1/31/2017 the Fund was rated 3 stars out of 69 funds, 3 stars out of 50 funds and 4 stars out of 8 funds within the Infrastructure 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:
The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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 managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

© 2016 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.