VIRTUS Duff & Phelps International Real Estate Securities Fund
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2021
($ reported in thousands)
Shares | Value | ||
Common Stocks—97.0% | |||
Australia—9.5% | |||
Dexus(1) | 100,718 | $806 | |
GPT Group (The) - In Specie(1)(2) | 588,920 | — | |
National Storage REIT | 490,504 | 728 | |
NEXTDC Ltd.(1) | 54,339 | 483 | |
Scentre Group | 562,000 | 1,155 | |
3,172 | |||
Belgium—1.7% | |||
Warehouses De Pauw CVA | 14,766 | 564 | |
Canada—8.7% | |||
Allied Properties Real Estate Investment Trust | 22,300 | 810 | |
Boardwalk Real Estate Investment Trust | 30,200 | 996 | |
Granite Real Estate Investment Trust | 11,326 | 754 | |
Summit Industrial Income REIT | 24,300 | 348 | |
2,908 | |||
China—2.4% | |||
GDS Holdings Ltd. ADR(1) | 10,100 | 793 | |
France—2.9% | |||
Klepierre SA | 37,631 | 970 | |
Germany—11.5% | |||
Aroundtown SA | 153,640 | 1,199 | |
Deutsche Wohnen SE | 10,600 | 648 | |
Vonovia SE | 31,149 | 2,014 | |
3,861 | |||
Hong Kong—11.6% | |||
Hysan Development Co., Ltd. | 168,000 | 669 | |
Link REIT | 176,441 | 1,710 | |
Swire Properties Ltd. | 504,000 | 1,503 | |
3,882 | |||
India—1.6% | |||
Ascendas India Trust | 525,100 | 543 | |
Ireland—2.5% | |||
Irish Residential Properties REIT plc | 466,000 | 841 | |
Japan—20.2% | |||
Ichigo Office REIT Investment Corp. | 525 | 467 | |
Kenedix Office Investment Corp. Class A | 132 | 930 | |
Kenedix Residential Next Investment Corp. | 426 | 921 | |
Mitsubishi Estate Co., Ltd. | 135,600 | 2,193 | |
Mitsui Fudosan Logistics Park, Inc. | 199 | 1,060 | |
Nippon Prologis REIT, Inc. | 368 | 1,171 | |
6,742 | |||
Singapore—2.4% | |||
Mapletree Industrial Trust | 390,600 | 822 | |
Spain—4.9% | |||
Inmobiliaria Colonial Socimi SA | 58,500 | 591 |
Shares | Value | ||
Spain—continued | |||
Merlin Properties Socimi SA | 100,800 | $1,044 | |
1,635 | |||
Sweden—4.8% | |||
Catena AB | 11,297 | 605 | |
Kungsleden AB | 81,600 | 988 | |
1,593 | |||
United Kingdom—12.3% | |||
Derwent London plc | 14,831 | 681 | |
Safestore Holdings plc | 64,726 | 848 | |
Segro plc | 36,368 | 551 | |
UNITE Group plc (The) | 64,600 | 960 | |
Workspace Group plc | 92,000 | 1,061 | |
4,101 | |||
Total Common Stocks (Identified Cost $25,276) | 32,427 | ||
Total Long-Term Investments—97.0% (Identified Cost $25,276) | 32,427 | ||
Short-Term Investment—2.1% | |||
Money Market Mutual Fund—2.1% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(3) | 688,376 | 688 | |
Total Short-Term Investment (Identified Cost $688) | 688 | ||
TOTAL INVESTMENTS—99.1% (Identified Cost $25,964) | $33,115 | ||
Other assets and liabilities, net—0.9% | 305 | ||
NET ASSETS—100.0% | $33,420 |
Abbreviations: | |
ADR | American Depositary Receipt |
REIT | Real Estate Investment Trust |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |
(3) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
See Notes to Schedule of Investments
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VIRTUS Duff & Phelps International Real Estate Securities Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
($ reported in thousands)
Country Weightings† | |
Japan | 20% |
United Kingdom | 12 |
Hong Kong | 12 |
Germany | 12 |
Australia | 10 |
Canada | 9 |
Spain | 5 |
Other | 20 |
Total | 100% |
† % of total investments as of June 30, 2021. |
The following table summarizes the market value of the Fund’s investments as of June 30, 2021, based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):
Total Value at June 30, 2021 | Level 1 Quoted Prices | Level 3 Significant Unobservable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $32,427 | $32,427 | $—(1) | ||
Money Market Mutual Fund | 688 | 688 | — | ||
Total Investments | $33,115 | $33,115 | $— |
(1) | Includes internally fair valued securities currently priced at zero ($0). |
There were no securities valued using significant observable inputs (Level 2) at June 30, 2021.
There were no transfers into or out of Level 3 related to securities held at June 30, 2021.
Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the rollforward of Level 3 securities and assumptions are not shown for the period ended June 30, 2021.
See Notes to Schedule of Investments
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VIRTUS DUFF & PHELPS INTERNATIONAL REAL ESTATE SECURITIES FUND
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2021
Note 1. Security Valuation
The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Fund’s policy is to recognize transfers into or out of Level 3 at the end of the reporting period.
• | Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities). |
• | Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
• | Level 3 – prices determined using significant unobservable inputs (including the Valuation Committee’s own assumptions in determining the fair value of investments). |
A description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis is as follows:
Equity securities are valued at the official closing price (typically last sale) on the exchange on which the securities are primarily traded or, if no closing price is available, at the last bid price and are categorized as Level 1 in the hierarchy. Restricted equity securities and private placements that are illiquid, or are internally fair valued by the Valuation Committee, are generally categorized as Level 3 in the hierarchy.
Certain non-U.S. securities may be fair valued in cases where closing prices are not readily available or are deemed not reflective of readily available market prices. For example, significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that non-U.S. markets close (where the security is principally traded) and the time that the Fund calculates its net asset value (“NAV”) at the close of regular trading on the New York Stock Exchange (“NYSE”) (generally 4 p.m. Eastern time) that may impact the value of securities traded in these non-U.S. markets. In such cases, the Fund’s fair value non-U.S. securities using an independent pricing service which considers the correlation of the trading patterns of the non-U.S. security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, exchange-traded funds (“ETFs”) and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.
Listed derivatives, such as options and futures, that are actively traded are valued based on quoted prices from the exchange and are categorized as Level 1 in the hierarchy. Over-the-counter derivative contracts, which include forward currency contracts and equity-linked instruments, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in the hierarchy.
Investments in open-end mutual funds are valued at NAV. Investments in closed-end funds and ETFs are valued as of the close of regular trading on the NYSE each business day. Each is categorized as Level 1 in the hierarchy.
A summary of the inputs used to value the Fund’s net assets by each major security type is disclosed at the end of the Schedule of Investments for the Fund. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
For additional information about significant accounting policies, refer to the Fund’s most recent semi or annual report.
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