Virtus Investment Advisers

Virtus Investment Advisers as of March 31, 2013

Portfolio Holdings for Virtus Investment Advisers

Virtus Investment Advisers holds 0 positions in its portfolio as reported in the March 2013 quarterly 13F filing

                COLUMN 8
     COLUMN 1                COLUMN 2  COLUMN 3  COLUMN 4  COLUMN 5           COLUMN 6   COLUMN 7             VOTING AUTHORITY
--------------         -------------- ---------  ------   ---------           ---------- --------             -----------------
                                                          SHARES OR
                             TITLE OF             VALUE   PRINCIPAL  SH/ PUT/ INVESTMENT  OTHER      SOLE          SHARED       NONE
NAME OF ISSUER                CLASS     CUSIP    (X1000)  AMOUNT     PRN CALL DISCRETION MANAGER     (A)             (B)         (C)
--------------         -------------- ---------  ------   ---------  --- ---- ---------- -------- ----------- ----------------  ----
{S}                    {C}            {C}        {C}      {C}        {C} {C}  {C}        {C}      {C}              {C}          {C}
SELECT SECTOR SPDR TR  SBI MATERIALS  81369Y100   22,717    579,811 SH       SOLE                    579,811
SELECT SECTOR SPDR TR  SBI HEALTHCARE 81369Y209   24,994    543,235 SH       SOLE                    543,235
SELECT SECTOR SPDR TR  SBI CONS STPLS 81369Y308   24,766    622,732 SH       SOLE                    622,732
SELECT SECTOR SPDR TR  SBI CONS DISCR 81369Y407   24,228    457,141 SH       SOLE                    457,141
SELECT SECTOR SPDR TR  SBI INT-ENERGY 81369Y506   24,128    304,222 SH       SOLE                    304,222
SELECT SECTOR SPDR TR  SBI INT-FINL   81369Y605   23,972  1,316,494 SH       SOLE                  1,316,494
SELECT SECTOR SPDR TR  SBI INT-INDS   81369Y704   23,755    568,851 SH       SOLE                    568,851
SELECT SECTOR SPDR TR  TECHNOLOGY     81369Y803   22,725    750,755 SH       SOLE                    750,755
SELECT SECTOR SPDR TR  SBI INT-UTILS  81369Y886   24,558    628,071 SH       SOLE                    628,071