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Virtus Duff & Phelps Water Fund Class A AWTAX

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Strategy

The investment seeks long-term capital appreciation. The fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets (plus borrowings made for investment purposes) in common stocks and other equity securities of companies that are represented in one or more of the S&P Global Water Index, the NASDAQ OMX U.S. Water or Global Water Indices or the S-Network Global Water Index (Composite), or that are substantially engaged in water-related activities. The fund is non-diversified.

Ticker	Name	Share Class Type	Investment Status	Morningstar Rating for Funds Overall	Medalist Rating Overall	Inception Date	Total Net Assets for Share Class	Adjusted Expense Ratio	Fee Level Distribution	Minimum Initial Investment	1-Year Net Flow
AWTIX	Virtus Duff & Phelps Water Fund Institutional Class	Institutional	Open	—	—	Jul 15, 2008	$281.73M	0.930%	Average	$1M	−$24.98M
AWTAX	Virtus Duff & Phelps Water Fund Class A	Front Load	Open	—	—	Mar 31, 2008	$175.02M	1.220%	Average	$2,500	−$14.62M
AWTCX	Virtus Duff & Phelps Water Fund Class C	Level Load	Closed	—	—	Mar 31, 2008	$16.56M	1.970%	Average	$2,500	−$7.47M

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