Virtus Global Real Estate Securities Fund Fund Investments as of : 12/30/2016 (Unaudited)

Percentage of Market Value by Country Australia Canada Finland France Germany Hong Kong Italy Japan

United States

Luxembourg Mexico Netherlands Norway Singapore Spain Sweden United Kingdom

Australia 4.9% Canada 3.0% Finland 1.0% France 4.2% Germany 3.7% Hong Kong 1.8% Italy 0.2% Japan 6.5% Luxembourg 1.2% Mexico 0.3% Netherlands 0.4% Norway 0.7% Singapore 0.7% Spain 1.4% Sweden 0.9% United Kingdom 5.8% United States 63.2% Total: 100.0%

Australia

4.92%

Shares

Security Name

243,339

Dexus Property Group

13,566 1,194,000

Market Value

$1,689,330

GPT Group (The) - In Specie

$871

National Storage Reit

$1,288,170

898,389

Scentre Group

$3,008,223

401,350

Westfield Corporation

$2,716,776 Australia Total Market Value:

Canada Shares

$8,703,370

3.05% Market Value

Security Name

70,385

Allied Properties Real Estate Investment Trust

$1,884,587

22,475

Canadian Real Estate Investment Trust

$775,029

53,880

First Capital Realty Inc.

$829,479

95,662

RioCan Real Estate Investment Trust

$1,897,352 Canada Total Market Value:

$5,386,446

1

Finland

0.97%

Shares

Security Name

695,232

Citycon Oyj

Market Value

$1,711,039 Finland Total Market Value:

France

$1,711,039

4.20%

Shares

Market Value

Security Name

53,620

Klepierre SA

$2,107,875

45,150

Mercialys Sa

$914,663

18,448

Unibail-rodamco Se

$4,403,339 France Total Market Value:

Germany Shares

56,075

$7,425,877

3.69% Market Value

Security Name

Deutsche Wohnen Ag

$1,761,382

8,304

Leg Immobilien Ag

$645,103

65,400

Tlg Immobilien Ag

$1,232,300

88,848

Vonovia SE

$2,890,427 Germany Total Market Value:

Hong Kong

$6,529,212

1.81%

Shares

Security Name

106,000

Hysan Development Co., Ltd.

425,504

Link Real Estate Investment Trust

Market Value

$438,107 $2,765,543 Hong Kong Total Market Value:

Italy

$3,203,650

0.24% Shares

Security Name

738,062

Beni Stabili S.p.A. SIIQ

Market Value

$421,870 Italy Total Market Value:

Japan Shares

$421,870

6.47% Security Name

Market Value

2

1,052 131,900 1,735

GLP-J REIT

$1,211,544

Hulic Co., Ltd.

$1,172,570

Invincible Investment Corp.

$782,327

218

Japan Real Estate Investment Corp.

$1,188,158

231

Kenedix Office Investment Corporation

$1,328,188

385

Kenedix Retail REIT Corp

1,506

$877,553

Lasalle Logiport Reit

$1,426,432

217

Nippon Building Fund, Inc.

$1,201,275

593

Nippon Prologis REIT, Inc.

$1,212,130

688

United Urban Investment Corporation

$1,047,232 Japan Total Market Value:

Luxembourg Shares

64,542

1.23% Market Value

Security Name

ADO Properties S.A.

$2,174,771 Luxembourg Total Market Value:

Mexico Shares

60,722 329,800

$11,447,409

$2,174,771

0.31% Market Value

Security Name

Fideicomiso PLA Administradora Industrial S de RL de CV

$76,453

Prologis Property Mexico, S.A. de C.V

$472,355 Mexico Total Market Value:

Netherlands

$548,808

0.39%

Shares

Security Name

168,000

Atrium European Real Estate Limited

Market Value

$695,004 Netherlands Total Market Value:

Norway

$695,004

0.74%

Shares

Security Name

132,500

Entra Asa

Market Value

$1,315,740 Norway Total Market Value:

$1,315,740

3

Singapore

0.67% Market Value

Shares

Security Name

432,450

CapitaLand Mall Trust

$562,903

409,500

Global Logistic Properties Limited

$622,104 Singapore Total Market Value:

Spain

$1,185,007

1.40%

Shares

Market Value

Security Name

90,024

Axiare Patrimonio Socimi Sa

$1,309,640

99,318

Hispania Activos Inmobiliarios, SOCIMI, S.A.

$1,170,409 Spain Total Market Value:

Sweden

$2,480,049

0.89%

Shares

Security Name

114,410

Castellum AB

Market Value

$1,568,482 Sweden Total Market Value:

United Kingdom

$1,568,482

5.82% Market Value

Shares

Security Name

125,728

Big Yellow Group PLC

$1,062,169

143,500

British Land Company PLC

$1,113,274

28,910

Derwent London PLC

$987,633

59,276

Great Portland Estates PLC

$488,354

190,420

Hammerson PLC

$1,344,688

108,131

Land Securities Group PLC

$1,420,567

238,557

Safestore Holdings PLC

$1,028,998

219,690

Segro PLC

$1,240,295

215,400

UNITE Group plc

$1,608,691 United Kingdom Total Market Value:

United States Shares

44,738

Security Name

American Campus Communities, Inc.

$10,294,668

63.20% Market Value

$2,226,610

4

74,050

American Homes 4 Rent Class A

$1,553,569

50,100

Apartment Investment and Management Company Class A

$2,277,045

19,565

AvalonBay Communities, Inc.

$3,465,940

20,528

Boston Properties, Inc.

$2,582,012

118,633

Brixmor Property Group, Inc.

$2,897,018

28,300

CoreSite Realty Corporation

$2,246,171

111,400

Cousins Properties Incorporated

138,975

CubeSmart

$948,014 $3,720,361

20,500

CyrusOne, Inc.

80,298

DCT Industrial Trust Inc.

$3,844,668

50,450

Digital Realty Trust, Inc.

$4,957,217

85,695

Douglas Emmett, Inc

$3,133,009

Duke Realty Corporation

$3,679,383

Equinix, Inc.

$1,930,014

23,746

Equity LifeStyle Properties, Inc.

$1,712,087

37,415

Equity Residential

$2,408,029

19,491

Essex Property Trust, Inc.

$4,531,658

39,745

Extra Space Storage Inc.

$3,069,904

19,900

Federal Realty Investment Trust

$2,827,989

63,719

General Growth Properties, Inc.

$1,591,701

57,321

Healthcare Realty Trust Incorporated

$1,737,973

87,800

Healthcare Trust of America, Inc. Class A

$2,555,858

49,806

Highwoods Properties, Inc.

$2,540,604

72,708

Host Hotels & Resorts, Inc.

$1,369,819

55,875

Kilroy Realty Corporation

$4,091,168

Paramount Group, Inc.

$2,421,526

138,531 5,400

151,440 9,825

Parkway, Inc.

$916,965

$218,606

36,509

Pebblebrook Hotel Trust

$1,086,143

97,798

Prologis, Inc.

$5,162,756

18,122

Public Storage

$4,050,267

51,650

Regency Centers Corporation

$3,561,268

62,550

Rlj Lodging Trust

$1,531,850

46,031

Simon Property Group, Inc.

$8,178,328

113,672

STORE Capital Corporation

$2,808,835

Sun Communities, Inc.

$2,945,655

38,450

5

79,750

Tanger Factory Outlet Centers, Inc.

$2,853,455

36,372

Ventas, Inc.

$2,273,977

48,600

Vornado Realty Trust

$5,072,382

11,919

Welltower, Inc.

$797,739 United States Total Market Value:

Total Invested Assets:

$111,777,570

$176,868,971

The holdings do not include cash, cash equivalents, futures, forward contracts. This fund is actively managed and current holdings may be different. The fund holdings listing provided here is not part of the fund's annual/semiannual report or Form N-Q. The most recent annual/semiannual report can be viewed at www.virtus.com. Forms N-Q are available at the SEC's website at www.sec.gov. The information provided in this listing may differ from a fund's holdings disclosed in it's annual/semiannual report and Form N-Q. Please carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For this and other information about any Virtus mutual fund, call 1-800-243-4361 or visit www.virtus.com for a prospectus and/or summary prospectus. Read the prospectus and/or summary prospectus carefully before you invest or send money. Mutual funds distributed by VP Distributors, LLC.

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