They help with stability and directional control. They prevent the aircraft from side slipping at specific speed ranges. The F-111 did not have them and it would try to swap ends in a tight turn. It also wobbled a lot at low speeds. After they were installed, it solved their problems. The F-8 ventral fins were added in an effort for better slow speed handeling.
Berny
Phormer Phantom Phixer
On the bench
TF-102A Delta Dagger, 32nd FIS, 54-1370, 1/48 scale. Monogram Pro Modeler with C&H conversion.
Revell F-4E Phantom II 33rd TFW, 58th TFS, 69-260, 1/32 scale.
Tamiya F-4D Phantom II, 13th TFS, 66-8711, 1/32 scale. F-4 Phantom Group Build.