Low- and high-velocity `water fountains': different evolutionary stages

`Water fountains' (WFs) are optically obscured evolved stars, most of them thought to be in the post-asymptotic giant branch (post-AGB) phase, characterized by H$_{2}$O maser emission tracing molecular jets. Interestingly, four WFs (IRAS 15445$-$5449, IRAS 18019$-$2216, IRAS 18443$-$0231, and IRAS 18464$-$0140) and one WF candidate (IRAS 18480+0008) are potential planetary nebulae (PNe) because they exhibit radio continuum emission, suggesting the presence of a photoionized region characteristic of PNe. To classify these objects, we obtained K-band (2.0-2.3 $\mu$m) spectra of these WFs, including the only WF PN known (IRAS 15103$-$5754) for comparison. Our spectra reveal two group of sources: (i) `low-velocity' WFs with H$_2$O maser velocity spread of $\lesssim$50 km s$^{-1}$ (IRAS 18019$-$2216, IRAS 18464$-$0140, and IRAS 18480+0008) showing the CO band at 2.29 $\mu$m in absorption, typical of cool giant stars, and no emission lines; and (ii) `high-velocity' WFs, velocity spread of $\gtrsim$50 km s$^{-1}$ (IRAS 15103$-$5754, IRAS 15445$-$5449, and IRAS 18443$-$0231), exhibiting emission lines of Br$\gamma$, He I, and H$_2$, consistent with hotter central stars and/or shock-excited emission. The emission line ratios of these lines in IRAS 18443$-$0231 indicates that it may be a nascent PN. The spectrum of IRAS 15445$-$5449 also shows a CO band and Na I doublet in emission, suggesting the presence of a compact circumstellar disk and/or active mass loss. These results favor the previously suggested notion that the difference between low- and high-velocity WFs is not simply a projection effect but reflects intrinsically different evolutionary stages. Moreover, the results are also consistent with the idea of an increase in the jet ejection velocity as the post-AGB evolution proceeds.