Duff & Phelps Investment Management Co.

David Grumhaus is president and chief investment officer at Duff & Phelps Investment Management, Co., an investment management affiliate of Virtus Investment Partners. Mr. Grumhaus leads the firm’s investment team, including portfolio management and research, and is also a senior portfolio manager for the firm’s master limited partnership (MLP) and energy infrastructure strategies.

Prior to joining Duff & Phelps in 2014, Mr. Grumhaus served as a portfolio manager and director of research for Copia Capital, LLC. Previously, he was an investment banker for Goldman, Sachs & Co., and William Blair & Company, LLC.

Mr. Grumhaus earned a B.A. in history, cum laude, from Princeton University and an M.B.A. from Harvard Graduate School of Business Administration, where he was a George F. Baker scholar. He is a member of the Investment Committee and Board of Directors at Ann and Robert H. Lurie Children’s Hospital of Chicago. Mr. Grumhaus joined the investment industry in 1989.

Benjamin Bielawski is a managing director, senior research analyst, and portfolio manager for the clean energy strategy at Duff & Phelps Investment Management Co., an investment management affiliate of Virtus Investment Partners. He concentrates his research on the global utilities and communications sectors and leads the firm’s research efforts on companies and technologies that will power the energy needs of the future.

Mr. Bielawski joined Duff & Phelps in 2017 from Institutional Capital LLC (ICAP), where he covered global utilities, telecommunications, infrastructure, media, and consumer services sectors as a senior global equity analyst and executive vice president for over 18 years. In addition to these responsibilities, he co-managed ICAP’s global high dividend yield portfolios and was a voting member of the Institutional Capital Investment Committee, which made final decisions on all portfolio recommendations domestically and internationally. Prior to ICAP, he spent four years at Harris Associates in Institutional Services.

Mr. Bielawski earned a B.S. in business administration from Wayne State University and an M.B.A. with concentrations in accounting and finance from the University of Chicago Graduate School of Business. He is a Chartered Financial Analyst® (CFA®) charterholder and he began working in the investment industry in 1995.

Rodney Clayton is a managing director, portfolio manager, and senior research analyst for MLPs and energy infrastructure at Duff & Phelps Investment Management Co., an investment management affiliate of Virtus Investment Partners. Mr. Clayton concentrates his research on North American midstream energy companies.

Prior to joining Duff & Phelps in April 2016, Mr. Clayton served as a senior manager due diligence analyst at UBS Financial Services, focusing on MLP, large-cap value, and equity income strategies. Previously, he worked as an equity research analyst at J.P. Morgan Securities, covering the exploration and production, engineering and construction, and environmental services industries.

Mr. Clayton completed his undergraduate studies and holds an M.B.A. from Florida A&M University. He is a Chartered Financial Analyst® (CFA®) charterholder and has been working in the investment industry since 2004.

Geoffrey Dybas is an executive managing director and senior portfolio manager at Duff & Phelps Investment Management, an investment management affiliate of Virtus Investment Partners. He heads the Global Real Estate Securities team. In addition, Mr. Dybas is co-founder of all dedicated REIT strategies managed by Duff & Phelps.

Prior to joining Duff & Phelps in 1995, Mr. Dybas was a corporate banker for Bank One and began his investment career in 1989.

Mr. Dybas earned a B.S., cum laude, from Marquette University and an M.B.A. from the Kellogg School of Management at Northwestern University. He is a Chartered Financial Analyst® (CFA®) charterholder. Mr. Dybas is a member of the CFA Institute, the CFA Society of Chicago, the National Association of Real Estate Investment Trusts (NAREIT), and the European Public Real Estate Association (EPRA).

Eric Fogarty is a managing director, senior research analyst on the infrastructure team, and portfolio manager for the clean energy strategy at Duff & Phelps Investment Management Co., an investment management affiliate of Virtus Investment Partners. He concentrates his research on the utilities sector and leads the firm’s research efforts on companies and technologies that will power the energy needs of the future.

Mr. Fogarty joined Duff & Phelps in 2018 from Goldman Sachs Asset Management (GSAM), where he served as an investment committee member and portfolio manager for the GSAM Global Infrastructure Fund. He was also portfolio manager for the U.S. ESG Fund and a senior member of the task force charged with integrating ESG factors into GSAM’s investment process. Additionally, he was the utilities and consumer staples sector specialist for GSAM’s small-, mid-, and large-cap value and income funds. He also held roles as a derivatives specialist, equity fund risk manager, and trader at GSAM. Prior to Goldman Sachs, he worked at Chase Manhattan Bank in New York, where he started his career.

Mr. Fogarty earned a B.S. from Binghamton University. He is a Chartered Financial Analyst® (CFA®) charterholder and began working in the investment industry in 1997.

Frank Haggerty is a senior managing director and senior portfolio manager at Duff & Phelps Investment Management Co., an investment management affiliate of Virtus Investment Partners. He serves as portfolio manager for all dedicated REIT strategies managed by Duff & Phelps.

Prior to joining Duff & Phelps in 2005, Mr. Haggerty served as a REIT portfolio manager and senior analyst at ABN AMRO Asset Management.

Mr. Haggerty earned a B.S. from Illinois State University and an M.B.A. with distinction from DePaul University Kellstadt Graduate School of Business. He is a Chartered Financial Analyst® (CFA®) charterholder. Mr. Haggerty is a member of the CFA Institute, the CFA Society of Chicago, National Association of Real Estate Investment Trusts (NAREIT), the European Public Real Estate Association (EPRA), and the FTSE EPRA/NAREIT Global Real Estate Series Americas Committee. He began his investment career in 1996.

Nicholas Holmes is a managing director, portfolio manager, and senior research analyst at Duff & Phelps Investment Management Co., an investment management affiliate of Virtus Investment Partners. His research focuses on supply, quality, and efficiency in the water sector.

Prior to joining Duff & Phelps in 2023, Mr. Holmes was a portfolio manager at TortoiseEcofin, where he managed a sustainable global water strategy and was the lead analyst on water-specific private placement transactions in the energy sector.

Mr. Holmes earned a B.A. in political science from Yale University and an M.B.A from the University of Kansas. He is a Chartered Financial Analyst® (CFA®) charterholder. Mr. Holmes began his career in the investment industry in 2009.

Connie Luecke is a senior managing director and senior portfolio manager at Duff & Phelps Investment Management Co., an investment management affiliate of Virtus Investment Partners. She is the senior portfolio manager for the firm’s global listed infrastructure strategies and is chief investment officer of DNP Select Income Fund Inc. (NYSE: DNP).

Prior to joining Duff & Phelps in 1992, Ms. Luecke served as a financial valuation consultant at Coopers & Lybrand, and as a research associate at Harris Associates L.P.

Ms. Luecke earned a B.S. from DePaul University and an M.B.A. from Loyola University of Chicago. She is a Chartered Financial Analyst® (CFA®) charterholder, a member of the CFA Institute, the CFA Society of Chicago, and a past president of the Utility and Telecommunications Securities Club of Chicago. She began her career in the investment industry in 1983.

Daniel J.Petrisko is an executive managing director and senior portfolio manager at Duff& Phelps Investment Management, an investment management affiliate of Virtus Investment Partners. As the head of the Portfolio Solutions group, he is responsible for oversight and management of institutional and retail fixed income and passive equity products, in addition to serving as chief operating officer for the Duff & Phelps closed-end funds.

Mr. Petrisko serves as the fixed income portfolio manager of DNP Select Income Fund, Inc.(NYSE: DNP) and co-portfolio manager of Virtus Duff & Phelps Real Asset Fund. Prior to joining Duff & Phelps in 1995, he held positions in the Treasury and Investment areas of Citibank.

Mr. Petrisko earned a B.A. from St. Xavier University and an M.B.A. from DePaul University. He is a CFA® (Chartered Financial Analyst®) charterholder, a member of both the CFA Society of Chicago, and the Fixed Income Analysts Society (FIASI). Mr.Petrisko started working in the investment industry in 1983.

Steven Wittwer is an executive managing director and a senior portfolio manager at Duff & Phelps Investment Management, Co., an investment management affiliate of Virtus Investment Partners. Mr. Wittwer is the head of Duff & Phelps’ Infrastructure and Utilities Group and serves as a senior portfolio manager for the Global Listed Infrastructure strategies.

Prior to joining Duff & Phelps in 2017, Mr. Wittwer was a portfolio manager and senior equity analyst at Great Lakes Advisors in Chicago. Previously, he worked for UBS Global Asset Management for 14 years in various capacities, including head of the global telecom team, conducting research in the United States, Asia, and Europe, and a key participant on the UBS global technology team.

Mr. Wittwer holds a B.B.A. in accounting from the Wisconsin School of Business, University of Wisconsin, and an M.B.A. in finance from the Ross School of Business, University of Michigan-Ann Arbor. He is a Chartered Financial Analyst® (CFA®) charterholder, and a Certified Public Accountant (CPA) (inactive). He began his career in the investment industry in 1997.