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Duff & Phelps Investment Management Company

PRI reporting framework 2020

Asset class implementation gateway indicators [OO 10 - 12] Peering questions [OO LE 01 - HF 01]

Investment policy [SG 01 - 04] Objectives and strategies [SG 05 - 06] Governance and human resources [SG 07 - 08] Promoting responsible investment [SG 09 - 11] Outsourcing to fiduciary managers and investment consultants [SG 12] ESG issues in asset allocation [SG 13 - 15] Asset class implementation not reported in other modules [SG 16 - 17] Communication [SG 19]

Direct - Listed Equity Incorporation

ESG incorporation in actively managed listed equities [LEI 01 - 10] Implementation processes [LEI 01 - 10] (C) Implementation: Integration of ESG factors [LEI 08 - 10] Outputs and outcomes [LEI 12 - 13]

Direct - Listed Equity Active Ownership

Overview [LEA 01] Engagement [LEA 02 - 08] (Proxy) voting and shareholder resolutions [LEA 12 - 21]

Confidence building measures

Confidence building measures [CM1 01 - 07]

Export Public Responses

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Basic information

OO 01. Signatory category and services

01.1. Select the services and funds you offer

Select the services and funds you offer	% of asset under management (AUM) in ranges
Fund management	0% <10% 10-50% >50%
Fund of funds, manager of managers, sub-advised products	0% <10% 10-50% >50%
Other	0% <10% 10-50% >50%
Total 100%

Further options (may be selected in addition to the above)

Hedge funds

Fund of hedge funds

01.2. Additional information. [Optional]

Duff & Phelps Investment Management Co. (“D&P”) is an investment management boutique located in Chicago, IL. D&P was founded in 1932 and, since 1995, is a wholly-owned subsidiary of Virtus Partners, Inc., which is a wholly-owned subsidiary of Virtus Investment Partners, Inc., an independent, publicly-traded company (NASDAQ:VRTS, http://www.virtus.com). The firm offers several investment strategies, including: Global Listed Infrastructure, Global Listed Real Estate and customized portfolio solutions, including fixed income.

Our fund management services include separately managed institutional accounts, pooled investment funds, and portfolio solutions for institutional, sub-advisory, and retail clients.

OO 02. Headquarters and operational countries

02.1. Select the location of your organisation’s headquarters.

United States

02.2. Indicate the number of countries in which you have offices (including your headquarters).

2-5

6-10

>10

02.3. Indicate the approximate number of staff in your organisation in full-time equivalents (FTE).

53 FTE

02.4. Additional information. [Optional]

OO 03. Subsidiaries that are separate PRI signatories

03.1. Indicate whether you have subsidiaries within your organisation that are also PRI signatories in their own right.

Yes

03.3. Additional information. [Optional]

We do not have any subsidiaries, but several affiliates of our parent company, Virtus, are also UN PRI signatories, including but not limited to Kayne Anderson Rudnick Investment Management, LLC and Sustainable Growth Advisers, LP.

OO 04. Reporting year and AUM

04.1. Indicate the year end date for your reporting year.

31/12/2019

04.2. Indicate your total AUM at the end of your reporting year.

Include the AUM of subsidiaries, but exclude advisory/execution only assets, and exclude the assets of your PRI signatory subsidiaries that you have chosen not to report on in OO 03.2

Total AUM
Total AUM	trillions	billions	millions	thousands	hundreds
Currency
Assets in USD
Assets in USD	trillions	billions	millions	thousands	hundreds

Not applicable as we are in the fund-raising process

04.4. Indicate the assets which are subject to an execution and/or advisory approach. Provide this figure based on the end of your reporting year

Not applicable as we do not have any assets under execution and/or advisory approach

04.5. Additional information. [Optional]

The firm also offers a model portfolio for one our strategies, which contains non-discretionary assets totalling less than 1% of firm assets. These assets are not included in our total firm AUM listed in OO 04.2.

OO 06. How would you like to disclose your asset class mix

06.1. Select how you would like to disclose your asset class mix.

as percentage breakdown

as broad ranges

	Internally managed (%)	Externally managed (%)
Listed equity	>50% 76	0 0
Fixed income	10-50% 19	0 0
Private equity	0 0	0 0
Property	0 0	0 0
Infrastructure	0 0	0 0
Commodities	0 0	0 0
Hedge funds	0 0	0 0
Fund of hedge funds	0 0	0 0
Forestry	0 0	0 0
Farmland	0 0	0 0
Inclusive finance	0 0	0 0
Cash	<10% 1	0 0
Money market instruments	<10% 1	0 0
Other (1), specify	<10% 3	0 0
Other (2), specify	0 0	0 0

`Other (1)` specified

          Other (1) includes ETFs managed by others.

06.2. Publish asset class mix as per attached image [Optional].

06.3. Indicate whether your organisation has any off-balance sheet assets [Optional].

Yes

06.5. Indicate whether your organisation uses fiduciary managers.

Yes, we use a fiduciary manager and our response to OO 5.1 is reflective of their management of our assets.

No, we do not use fiduciary managers.

06.6. Provide contextual information on your AUM asset class split. [Optional]

OO 07. Fixed income AUM breakdown (Private)

OO 08. Segregated mandates or pooled funds (Not Applicable)

OO 09. Breakdown of AUM by market

09.1. Indicate the breakdown of your organisation’s AUM by market.

99.9 Developed Markets

.1 Emerging Markets

0 Frontier Markets

0 Other Markets

Total 100% 100%

09.2. Additional information. [Optional]

Duff & Phelps Investment Management Co. (“D&P”) is an investment management boutique founded in 1932, amidst the Great Depression. Securities analysts, William Duff and George Phelps, identified the pressing need of institutional investors for high quality, objective research, and analysis of the security offerings of utility companies. As a result, D&P emerged as a fundamental research firm specializing in the security offerings of utility companies. In 1979, the firm registered with the Securities and Exchange Commission and began operating as a U.S. registered investment adviser.

Since 1995, D&P is a wholly-owned subsidiary of Virtus Partners, Inc. (d/b/a Virtus Investment Partners) and its predecessor company. Virtus Partners, Inc. is a wholly-owned subsidiary of Virtus Investment Partners, Inc., an independent, publicly-traded company (NASDAQ:VRTS, http://www.virtus.com). Today the firm’s boutique structure is designed to focus resources on our specialized, active investment strategies. We seek to deliver consistent results, proactive communication, and ESG-conscious decisions for our institutional and individual investors alike. We offer several investment strategies, including: Global Listed Infrastructure, Global Listed Real Estate, and customized portfolio solutions, including fixed income.

Our mission is to provide speciality investment strategies that enhance client outcomes through active portfolio management and customized solutions. Our values of quality, reliability, and specialization work together to reinforce who we are and what our future will be.

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