PHCHX : Virtus Newfleet High Yield Fund Class A

Fund Summary

The investment seeks high current income and a secondary objective of capital growth. The fund normally invests at least 80% of its assets in high yield fixed income securities. It is appropriate for investors seeking diversification and the potential rewards associated with investing in high-yield fixed income securities. High-yield fixed income securities are those that are rated below investment grade. The subadviser attempts to maintain the duration of the fund at a level similar to that of its style benchmark, the Bloomberg Barclays U.S. High-Yield 2% Issuer Capped Bond Index.