Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Virtus Duff & Phelps Real Estt Secs I Release date as of 2024-10-31. Data on page is subject to change. Snapshot Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2024-10-31 Out of 225 Real Estate Funds Morningstar® Style Box™ What is this? As of 2024-09-30 Total Fund Assets ($ Mil) 108.64 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks capital appreciation and income with approximately equal emphasis. The Series offers exposure to the equity real estate investment trust (REITs) market utilizing a quality and relative value style with a fundamental security analysis approach designed to identify the most attractive investment candidates. Under normal circumstances, it invests at least 80% of its assets in publicly-traded REITs and companies that are principally engaged in the real estate industry. The Series concentrates its assets in the real estate industry.

Morningstar Category: Real Estate Real estate portfolios invest primarily in real estate investment trusts of various types. REITs are companies that develop and manage real estate properties. There are several different types of REITs, including apartment, factory-outlet, health-care, hotel, industrial, mortgage, office, and shopping center REITs. Some portfolios in this category also invest in real estate operating companies.

Investment Risks Sector Funds: Funds that invest exclusively in one sector or industry involve risks due to the lack of industry diversification and expose the investor to increased industry-specific risks.

Portfolio Profile Asset Allocation % of Net Assets U.S. Stocks 96.3 Non-U.S. Stocks 0.0 Bonds 0.0 Cash 3.7 Other 0.0 Data through 2024-09-30 Morningstar Equity Sectors % of Stocks Cyclical 100.00 Basic Materials 0.00 Consumer Cyclical 0.00 Financial Services 0.00 Real Estate 100.00 Sensitive 0.00 Communication Services 0.00 Energy 0.00 Industrials 0.00 Technology 0.00 Defensive 0.00 Consumer Defensive 0.00 Healthcare 0.00 Utilities 0.00 Data through 2024-09-30 Holding Status Total Number of Stock Holdings 32 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 55.24 Turnover % (as of 2023-12-31) 29.00 30 Day SEC Yield % 2.66 Top Holdings Sector P/E % of Net Assets Prologis Inc --- 9.68 Equinix Inc --- 8.31 Welltower Inc --- 6.36 Simon Property Group Inc --- 4.84 Public Storage --- 4.80 AvalonBay Communities Inc --- 4.79 Digital Realty Trust Inc --- 4.77 Ventas Inc --- 4.36 Iron Mountain Inc --- 4.05 American Homes 4 Rent Class A --- 3.28 Data through 2024-09-30

Principal Risks    Loss of Money, Not FDIC Insured, Market/Market Volatility, Equity Securities, Industry and Sector Investing, Shareholder Activity, Real Estate/REIT Sector Show Risk Definitions

Other Information Inception Date: 2013-04-30 Portfolio Manager(s) Geoffrey P. Dybas   (2007-05-31) Geoffrey P. Dybas heads the Duff & Phelps’ Global Real Estate Securities team. He is Senior Portfolio Manager and co-founder of all dedicated REIT strategies managed by Duff & Phelps, including the Virtus Real Estate Securities Fund; the Virtus International Real Estate Securities Fund; the Virtus Global Real Estate Securities Fund; the Virtus Real Estate Securities Series, a series of the Virtus Variable Insurance Trust; the REIT portfolio within the DNP Select Income Fund Inc., a closed-end fund; and separate institutional accounts. He joined Duff & Phelps in 1995.Mr. Dybas serves as Senior Portfolio Manager since 2007. He is Senior Portfolio Manager and co-founder for all dedicated REIT portfolios managed by Duff & Phelps, inclusive of the real estate strategies in the Virtus Opportunities Trust. In addition, Mr. Dybas manages the REIT portfolio within the DNP Select Income Fund Inc., a closed-end mutual fund; an affiliated mutual fund series offered under certain universal life insurance and annuity products; and separate institutional accounts Mr. Dybas was a corporate banker for Bank One and began his investment career in 1989. He holds a BS degree, cum laude, from Marquette University and an MBA from the Kellogg School of Management at Northwestern University. Frank J. Haggerty   (2007-08-13) Frank J. Haggerty, Jr., CFA.  Mr. Haggerty joined Duff & Phelps in 2005 and serves as Senior Managing Director and Senior Portfolio Manager, providing portfolio management for the dedicated REIT products managed by Duff & Phelps. Prior to joining Duff & Phelps, Mr. Haggerty was a senior analyst and portfolio manager at ABN AMRO Asset Management for seven years. He holds a BS from IL State University and an MBA from the Kellstadt Graduate School of Management at DePaul University. Investment Advisor(s) Virtus Investment Advisers, Inc. Issuer Virtus Subadvisor(s) Duff & PheLPs Investment Management Co

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