VIRTUS Newfleet Multi-Sector Intermediate Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2021
($ reported in thousands)
Par Value | Value | ||
U.S. Government Securities—1.0% | |||
U.S. Treasury Notes | |||
0.875%, 6/30/26 | $1,645 | $1,644 | |
1.625%, 5/15/31 | 1,645 | 1,670 | |
Total U.S. Government Securities (Identified Cost $3,308) | 3,314 | ||
Municipal Bonds—0.1% | |||
Illinois—0.0% | |||
Sales Tax Securitization Corp. Series B, Second Lien, Taxable (BAM Insured) 3.411%, 1/1/43 | 100 | 108 | |
Virginia—0.1% | |||
Tobacco Settlement Financing Corp. Revenue Taxable Series A-1, Taxable 6.706%, 6/1/46 | 300 | 315 | |
Total Municipal Bonds (Identified Cost $398) | 423 | ||
Foreign Government Securities—7.3% | |||
Abu Dhabi Government International Bond 144A 3.125%, 4/16/30(1) | 200 | 217 | |
Bolivarian Republic of Venezuela | |||
9.375%, 1/13/34(2) | 920 | 92 | |
RegS 7.650%, 4/21/25(2)(3) | 1,500 | 150 | |
Dominican Republic | |||
144A 6.875%, 1/29/26(1) | 160 | 185 | |
144A 5.950%, 1/25/27(1) | 420 | 472 | |
144A 4.500%, 1/30/30(1) | 185 | 189 | |
144A 5.875%, 1/30/60(1) | 395 | 394 | |
Emirate of Dubai Government International Bonds RegS 5.250%, 1/30/43(3) | 1,175 | 1,323 | |
Federative Republic of Brazil 3.875%, 6/12/30 | 690 | 696 | |
Kingdom of Morocco 144A 5.500%, 12/11/42(1) | 410 | 465 | |
Kingdom of Saudi Arabia | |||
144A 3.625%, 3/4/28(1) | 755 | 834 | |
144A 4.500%, 10/26/46(1) | 770 | 902 | |
Mongolia Government International Bond 144A 4.450%, (1) | 200 | 196 | |
Oman Government International Bond 144A 7.375%, 10/28/32(1) | 1,125 | 1,284 | |
Republic of Angola 144A 8.250%, 5/9/28(1) | 465 | 485 | |
Republic of Argentina | |||
0.125%, 7/9/35(4) | 1,385 | 438 | |
0.125%, 7/9/41(4) | 835 | 298 | |
Republic of Colombia | |||
3.125%, 4/15/31 | 1,125 | 1,101 | |
4.125%, 5/15/51 | 225 | 213 |
Par Value | Value | ||
Foreign Government Securities—continued | |||
Republic of Ecuador 144A 0.500%, 7/31/35(1)(4) | $465 | $319 | |
Republic of Egypt | |||
144A 7.600%, 3/1/29(1) | 800 | 878 | |
144A 8.500%, 1/31/47(1) | 345 | 359 | |
Republic of Ghana 144A 8.125%, 3/26/32(1) | 435 | 441 | |
Republic of Indonesia | |||
2.850%, 2/14/30 | 2,905 | 3,012 | |
144A 4.350%, 1/8/27(1) | 570 | 645 | |
Republic of Ivory Coast 144A 6.125%, 6/15/33(1) | 235 | 248 | |
Republic of Kenya 144A 8.000%, 5/22/32(1) | 210 | 236 | |
Republic of Nigeria | |||
144A 6.500%, 11/28/27(1) | 260 | 276 | |
144A 7.875%, 2/16/32(1) | 225 | 242 | |
Republic of Pakistan | |||
144A 8.250%, 9/30/25(1) | 385 | 426 | |
144A 6.875%, 12/5/27(1) | 200 | 208 | |
Republic of Panama 3.160%, 1/23/30 | 280 | 294 | |
Republic of Philippines 3.700%, 3/1/41 | 765 | 828 | |
Republic of South Africa | |||
4.850%, 9/27/27 | 250 | 268 | |
5.875%, 6/22/30(5) | 480 | 548 | |
Republic of Turkey | |||
4.875%, 10/9/26 | 915 | 895 | |
7.625%, 4/26/29 | 460 | 504 | |
5.250%, 3/13/30 | 420 | 398 | |
State of Israel 2.750%, 7/3/30 | 355 | 379 | |
State of Qatar | |||
144A 3.750%, 4/16/30(1) | 620 | 701 | |
144A 4.400%, 4/16/50(1) | 430 | 523 | |
Ukraine Government 144A 7.253%, 3/15/33(1) | 940 | 979 | |
United Mexican States 4.500%, 1/31/50 | 890 | 946 | |
Total Foreign Government Securities (Identified Cost $25,612) | 24,487 | ||
Mortgage-Backed Securities—13.8% | |||
Non-Agency—13.8% | |||
American Homes 4 Rent Trust | |||
2014-SFR2, C 144A 4.705%, 10/17/36(1) | 1,320 | 1,417 | |
2015-SFR2, C 144A 4.691%, 10/17/52(1) | 1,011 | 1,098 |
See Notes to Schedule of Investments
1
VIRTUS Newfleet Multi-Sector Intermediate Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
($ reported in thousands)
Par Value | Value | ||
Non-Agency—continued | |||
AMSR Trust | |||
2020-SFR2, D 144A 3.282%, 7/17/37(1) | $660 | $681 | |
2020-SFR3, B 144A 1.806%, 9/17/37(1) | 2,000 | 2,001 | |
Arroyo Mortgage Trust | |||
2021-1R, A1 144A 1.175%, 10/25/48(1)(4) | 840 | 841 | |
2019-1, A1 144A 3.805%, 1/25/49(1)(4) | 255 | 260 | |
2019-2, A1 144A 3.347%, 4/25/49(1)(4) | 231 | 236 | |
Banc of America Funding Trust | |||
2005-1, 1A1 5.500%, 2/25/35 | 168 | 173 | |
2006-2, 3A1 6.000%, 3/25/36 | 76 | 77 | |
Bayview Opportunity Master Fund IVa Trust | |||
2016-SPL1, B1 144A 4.250%, 4/28/55(1) | 625 | 656 | |
2017-SPL5, B1 144A 4.000%, 6/28/57(1)(4) | 1,000 | 1,038 | |
Bayview Opportunity Master Fund IVb Trust 2016-SPL2, B1 144A 4.250%, 6/28/53(1)(4) | 445 | 467 | |
Bunker Hill Loan Depositary Trust 2019-2, A1 144A 2.879%, 7/25/49(1)(4) | 184 | 186 | |
BX Trust 2019-OC11, D 144A 4.075%, 12/9/41(1)(4) | 972 | 1,040 | |
Citigroup Mortgage Loan Trust, Inc. | |||
2019-IMC1, A1 144A 2.720%, 7/25/49(1)(4) | 302 | 305 | |
2015-A, A1 144A 3.500%, 6/25/58(1)(4) | 42 | 42 | |
2019-RP1, A1 144A 3.500%, 1/25/66(1)(4) | 575 | 597 | |
CoreVest American Finance Trust 2019-3, C 144A 3.265%, 10/15/52(1) | 250 | 261 | |
Credit Suisse Mortgage Capital Trust | |||
2014-IVR2, A2 144A 3.813%, 4/25/44(1)(4) | 93 | 95 | |
2020-RPL4, A1 144A 2.000%, 1/25/60(1)(4) | 824 | 845 | |
Ellington Financial Mortgage Trust | |||
2019-2, A3 144A 3.046%, 11/25/59(1)(4) | 101 | 103 | |
2021-2, A3 144A 1.291%, 6/25/66(1)(4) | 806 | 805 | |
FirstKey Homes Trust | |||
2020-SFR1, B 144A 1.740%, 9/17/25(1) | 770 | 771 | |
2021-SFR1, D 144A 2.189%, 8/17/28(1) | 1,010 | 1,010 | |
2020-SFR2, B 144A 1.567%, 10/19/37(1) | 1,245 | 1,237 | |
Galton Funding Mortgage Trust | |||
2018-1, A23 144A 3.500%, 11/25/57(1)(4) | 147 | 149 | |
2018-2, A41 144A 4.500%, 10/25/58(1)(4) | 35 | 35 | |
2020-H1, A1 144A 2.310%, 1/25/60(1)(4) | 434 | 441 |
Par Value | Value | ||
Non-Agency—continued | |||
JPMorgan Chase Mortgage Trust | |||
2014-2, 2A2 144A 3.500%, 6/25/29(1)(4) | $81 | $83 | |
2014-5, B2 144A 2.910%, 10/25/29(1)(4) | 237 | 244 | |
2016-SH1, M2 144A 3.750%, 4/25/45(1)(4) | 321 | 328 | |
2016-SH2, M2 144A 3.708%, 12/25/45(1)(4) | 557 | 575 | |
LHOME Mortgage Trust 2021-RTL1, A1 144A 2.090%, 9/25/26(1)(4) | 450 | 449 | |
Mello Warehouse Securitization Trust 2021-2, C (1 month LIBOR + 1.100%, Cap N/A, Floor 1.100%) 144A 1.192%, 4/25/55(1)(4) | 235 | 235 | |
MetLife Securitization Trust 2017-1A, M1 144A 3.497%, 4/25/55(1)(4) | 425 | 446 | |
Mill City Mortgage Loan Trust | |||
2017-1, M2 144A 3.250%, 11/25/58(1)(4) | 375 | 395 | |
2019-1, M2 144A 3.500%, 10/25/69(1)(4) | 779 | 839 | |
New Residential Mortgage Loan Trust | |||
2016-3A, B1 144A 4.000%, 9/25/56(1)(4) | 610 | 660 | |
2016-4A, B1A 144A 4.500%, 11/25/56(1)(4) | 450 | 495 | |
2017-2A, A3 144A 4.000%, 3/25/57(1)(4) | 382 | 408 | |
2018-2A, A1 144A 4.500%, 2/25/58(1)(4) | 58 | 62 | |
OBX Trust 2019-INV1, A3 144A 4.500%, 11/25/48(1)(4) | 208 | 215 | |
Preston Ridge Partners Mortgage LLC | |||
2020-1A, A1 144A 2.981%, 2/25/25(1)(4) | 1,062 | 1,067 | |
2020-2, A1 144A 3.671%, 8/25/25(1)(4) | 959 | 966 | |
2020-6, A1 144A 2.363%, 11/25/25(1)(4) | 1,355 | 1,359 | |
Pretium Mortgage Credit Partners I LLC 2020-NPL3, A1 144A 3.105%, 6/27/60(1)(4) | 1,056 | 1,066 | |
Progress Residential Trust | |||
2019-SFR2, D 144A 3.794%, 5/17/36(1) | 410 | 416 | |
2021-SFR6, C 144A 1.855%, 7/17/38(1) | 505 | 505 | |
2018-SFR2, B 144A 3.841%, 8/17/35(1) | 1,380 | 1,381 | |
2019-SFR3, B 144A 2.571%, 9/17/36(1) | 1,000 | 1,013 | |
RCO V Mortgage LLC 2019-2, A1 144A 3.475%, 11/25/24(1)(4) | 307 | 307 | |
Residential Mortgage Loan Trust 2019-2, A1 144A 2.913%, 5/25/59(1)(4) | 356 | 361 | |
Sequoia Mortgage Trust 2013-8, B1 3.506%, 6/25/43(4) | 310 | 316 | |
SG Residential Mortgage Trust 2019-3, A1 144A 2.703%, 9/25/59(1)(4) | 824 | 827 | |
Starvest Emerging Markets CBO I 2021-3, A3 144A 1.518%, 6/25/56(1)(4) | 335 | 335 |
See Notes to Schedule of Investments
2
VIRTUS Newfleet Multi-Sector Intermediate Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
($ reported in thousands)
Par Value | Value | ||
Non-Agency—continued | |||
Towd Point Mortgage Trust | |||
2016-4, B1 144A 3.860%, 7/25/56(1)(4) | $485 | $529 | |
2016-1, M1 144A 3.500%, 2/25/55(1)(4) | 380 | 390 | |
2017-1, M1 144A 3.750%, 10/25/56(1)(4) | 450 | 475 | |
2017-4, A2 144A 3.000%, 6/25/57(1)(4) | 570 | 599 | |
2018-6, A2 144A 3.750%, 3/25/58(1)(4) | 1,925 | 2,043 | |
2019-2, A2 144A 3.750%, 12/25/58(1)(4) | 1,198 | 1,281 | |
2015-2, 1M1 144A 3.250%, 11/25/60(1)(4) | 710 | 729 | |
Tricon American Homes Trust | |||
2019-SFR1, C 144A 3.149%, 3/17/38(1) | 610 | 632 | |
2020-SFR2, D 144A 2.281%, 11/17/39(1) | 840 | 834 | |
TVC Mortgage Trust 2020-RTL1, M 144A 5.193%, 9/25/24(1)(4) | 1,405 | 1,405 | |
UBS Commercial Mortgage Trust 2012-C1, D 144A 5.754%, 5/10/45(1)(4) | 1,259 | 1,206 | |
VCAT LLC | |||
2020-NPL1, A1 144A 3.671%, 8/25/50(1)(4) | 368 | 370 | |
2021-NPL1, A2 144A 4.826%, 12/26/50(1)(4) | 415 | 415 | |
2021-NPL3, A1 144A 1.743%, 5/25/51(1)(4) | 722 | 722 | |
Vericrest Opportunity Loan Trust C LLC 2021-NPL9, A1 144A 1.992%, 5/25/51(1)(4) | 267 | 267 | |
Vericrest Opportunity Loan Trust XCII LLC 2021-NPL1, A1 144A 1.893%, 2/27/51(1)(4) | 881 | 881 | |
Verus Securitization Trust 2019-4, M1 144A 3.207%, 11/25/59(1)(4) | 310 | 316 | |
Visio Trust 2020-1R, A2 144A 1.567%, 11/25/55(1) | 358 | 359 | |
Wells Fargo Commercial Mortgage Trust 2014-C24, AS 3.931%, 11/15/47 | 665 | 702 | |
46,375 | |||
Total Mortgage-Backed Securities (Identified Cost $45,757) | 46,375 | ||
Asset-Backed Securities—10.8% | |||
Automobiles—4.6% | |||
ACC Trust | |||
2019-1, B 144A 4.470%, 10/20/22(1) | 606 | 611 | |
2021-1, C 144A 2.080%, 12/20/24(1) | 825 | 824 | |
Avid Automobile Receivables Trust 2019-1, C 144A 3.140%, 7/15/26(1) | 930 | 956 | |
Avis Budget Rental Car Funding LLC (AESOP) 2019-2A, D 144A 3.040%, 9/22/25(1) | 825 | 821 |
Par Value | Value | ||
Automobiles—continued | |||
CIG Auto Receivables Trust 2020-1A, E 144A 4.430%, 2/12/27(1) | $1,040 | $1,068 | |
Exeter Automobile Receivables Trust 2019-1A, D 144A 4.130%, 12/16/24(1) | 1,415 | 1,463 | |
GLS Auto Receivables Issuer Trust | |||
2019-4A, D 144A 4.090%, 8/17/26(1) | 750 | 782 | |
2020-3A, E 144A 4.310%, 7/15/27(1) | 940 | 986 | |
GLS Auto Receivables Trust | |||
2017-1A, C 144A 3.500%, 7/15/22(1) | 1 | 1 | |
2018-3A, C 144A 4.180%, 7/15/24(1) | 1,015 | 1,044 | |
Hertz Vehicle Financing II LP 2018-1A, A 144A 3.290%, 2/25/24(1) | 162 | 162 | |
Hertz Vehicle Financing III LP 2021-2A, A 144A 1.680%, 12/27/27(1) | 1,315 | 1,318 | |
OneMain Direct Auto Receivables Trust 2018-1A, C 144A 3.850%, 10/14/25(1) | 660 | 668 | |
Prestige Auto Receivables Trust 2019-1A, D 144A 3.010%, 8/15/25(1) | 710 | 728 | |
United Auto Credit Securitization Trust 2019-1, E 144A 4.290%, 8/12/24(1) | 670 | 678 | |
USASF Receivables LLC | |||
2020-1A, B 144A 3.220%, 5/15/24(1) | 615 | 626 | |
2020-1A, C 144A 5.940%, 8/15/24(1) | 1,435 | 1,502 | |
Veros Automobile Receivables Trust 2020-1, B 144A 2.190%, 6/16/25(1) | 1,220 | 1,230 | |
15,468 | |||
Consumer Loans—0.2% | |||
Republic Finance Issuance Trust 2020-A, A 144A 2.470%, 11/20/30(1) | 835 | 850 | |
Credit Card—0.4% | |||
Fair Square Issuance Trust 2020-AA, A 144A 2.900%, 9/20/24(1) | 820 | 829 | |
Genesis Private Label Amortizing Trust 2020-1, B 144A 2.830%, 7/20/30(1) | 470 | 471 | |
1,300 | |||
Equipment—0.1% | |||
NMEF Funding LLC 2019-A, A 144A 2.730%, 8/17/26(1) | 194 | 195 | |
Other—5.5% | |||
Aqua Finance Trust | |||
2017-A, A 144A 3.720%, 11/15/35(1) | 321 | 330 | |
2019-A, C 144A 4.010%, 7/16/40(1) | 915 | 965 | |
2020-AA, D 144A 7.150%, 7/17/46(1) | 815 | 849 | |
Arby’s Funding LLC 2020-1A, A2 144A 3.237%, 7/30/50(1) | 933 | 975 | |
BCC Funding Corp. XVI LLC 2019-1A, D 144A 3.940%, 7/20/27(1) | 930 | 939 |
See Notes to Schedule of Investments
3
VIRTUS Newfleet Multi-Sector Intermediate Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
($ reported in thousands)
Par Value | Value | ||
Other—continued | |||
BCC Funding XVII LLC 2020-1, D 144A 4.890%, 9/22/25(1) | $1,050 | $1,052 | |
Business Jet Securities LLC | |||
2019-1, A 144A 4.212%, 7/15/34(1) | 311 | 320 | |
2020-1A, A 144A 2.981%, 11/15/35(1) | 704 | 717 | |
Conn’s Receivables Funding LLC 2020-A, B 144A 4.270%, 6/16/25(1) | 666 | 672 | |
Dext ABS LLC 2020-1, D 144A 7.210%, 2/15/28(1) | 840 | 845 | |
FAT Brands Royalty LLC 2021-1A, A2 144A 4.750%, 4/25/51(1) | 830 | 833 | |
FREED ABS Trust | |||
2019-1, B 144A 3.870%, 6/18/26(1) | 186 | 187 | |
2019-2, B 144A 3.190%, 11/18/26(1) | 775 | 784 | |
Hardee’s Funding LLC 2020-1A, A2 144A 3.981%, 12/20/50(1) | 1,055 | 1,116 | |
HIN Timeshare Trust 2020-A, C 144A 3.420%, 10/9/39(1) | 733 | 761 | |
Jersey Mike’s Funding 2019-1A, A2 144A 4.433%, 2/15/50(1) | 785 | 841 | |
Mariner Finance Issuance Trust 2020-AA, A 144A 2.190%, 8/21/34(1) | 1,010 | 1,027 | |
Oasis LLC 2020-1A, A 144A 3.820%, 1/15/32(1) | 274 | 275 | |
Oasis Securitization Funding LLC 2021-1A, A 144A 2.579%, 2/15/33(1) | 671 | 673 | |
Octane Receivables Trust 2020-1A, B 144A 1.980%, 6/20/25(1) | 1,290 | 1,307 | |
Planet Fitness Master Issuer LLC 2018-1A, A2II 144A 4.666%, 9/5/48(1) | 992 | 1,035 | |
Purchasing Power Funding LLC 2021-A, B 144A 1.920%, 10/15/25(1) | 1,000 | 999 | |
Upstart Pass-Through Trust Series 2021-ST2, A 144A 2.500%, 4/20/27(1) | 933 | 944 | |
18,446 | |||
Total Asset-Backed Securities (Identified Cost $35,403) | 36,259 | ||
Corporate Bonds and Notes—42.0% | |||
Communication Services—4.1% | |||
Altice France Holding S.A. 144A 6.000%, 2/15/28(1) | 705 | 702 | |
Altice France S.A. | |||
144A 7.375%, 5/1/26(1) | 200 | 208 | |
144A 5.125%, 7/15/29(1) | 200 | 201 | |
Baidu, Inc. 3.425%, 4/7/30 | 490 | 530 | |
Cable Onda S.A. 144A 4.500%, 1/30/30(1) | 790 | 833 | |
Cars.com, Inc. 144A 6.375%, 11/1/28(1) | 675 | 720 | |
CCO Holdings LLC 144A 4.750%, 3/1/30(1) | 960 | 1,015 | |
Cinemark USA, Inc. 144A 5.875%, 3/15/26(1) | 635 | 664 |
Par Value | Value | ||
Communication Services—continued | |||
Clear Channel Outdoor Holdings, Inc. 144A 7.750%, 4/15/28(1) | $15 | $16 | |
Clear Channel Worldwide Holdings, Inc. 144A 5.125%, 8/15/27(1) | 250 | 256 | |
CSC Holdings LLC 144A 5.750%, 1/15/30(1) | 970 | 1,008 | |
Diamond Sports Group LLC | |||
144A 5.375%, 8/15/26(1) | 320 | 207 | |
144A 6.625%, 8/15/27(1)(5) | 620 | 305 | |
DISH DBS Corp. 7.750%, 7/1/26 | 450 | 510 | |
Frontier Communications Holdings LLC 144A 6.750%, 5/1/29(1) | 900 | 957 | |
iHeartCommunications, Inc. 8.375%, 5/1/27 | 426 | 456 | |
Live Nation Entertainment, Inc. | |||
144A 5.625%, 3/15/26(1) | 370 | 385 | |
144A 4.750%, 10/15/27(1) | 770 | 798 | |
McGraw-Hill Global Education Holdings LLC Senior Unsecured Notes 144A 7.875%, 5/15/24(1) | 513 | 523 | |
Northwest Fiber LLC | |||
144A 6.000%, 2/15/28(1) | 80 | 80 | |
144A 10.750%, 6/1/28(1) | 340 | 383 | |
Radiate Holdco LLC | |||
144A 4.500%, 9/15/26(1) | 140 | 145 | |
144A 6.500%, 9/15/28(1) | 485 | 510 | |
Telesat Canada | |||
144A 5.625%, 12/6/26(1) | 30 | 30 | |
144A 6.500%, 10/15/27(1) | 1,235 | 1,176 | |
TripAdvisor, Inc. 144A 7.000%, 7/15/25(1) | 485 | 522 | |
Univision Communications, Inc. 144A 5.125%, 2/15/25(1) | 760 | 775 | |
13,915 | |||
Consumer Discretionary—4.3% | |||
Adtalem Global Education, Inc. 144A 5.500%, 3/1/28(1) | 810 | 823 | |
Ambience Merger Sub, Inc. | |||
144A 4.875%, 7/15/28(1) | 115 | 115 | |
144A 7.125%, 7/15/29(1) | 560 | 566 | |
Aston Martin Capital Holdings Ltd. 144A 10.500%, 11/30/25(1) | 480 | 534 | |
Carriage Services, Inc. 144A 4.250%, 5/15/29(1) | 470 | 469 | |
Carvana Co. | |||
144A 5.625%, 10/1/25(1) | 485 | 504 | |
144A 5.875%, 10/1/28(1) | 295 | 310 | |
Clarios Global LP 144A 8.500%, 5/15/27(1) | 445 | 485 | |
Cooper-Standard Automotive, Inc. 144A 13.000%, 6/1/24(1) | 545 | 616 | |
Downstream Development Authority of the Quapaw Tribe of Oklahoma 144A 10.500%, 2/15/23(1) | 736 | 767 | |
Ford Motor Credit Co. LLC 4.125%, 8/17/27 | 485 | 514 | |
Gateway Casinos & Entertainment Ltd. 144A 8.250%, 3/1/24(1) | 746 | 746 | |
Golden Nugget, Inc. 144A 8.750%, 10/1/25(1)(5) | 590 | 622 |
See Notes to Schedule of Investments
4
VIRTUS Newfleet Multi-Sector Intermediate Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
($ reported in thousands)
Par Value | Value | ||
Consumer Discretionary—continued | |||
Goodyear Tire & Rubber Co. (The) | |||
144A 5.000%, 7/15/29(1) | $105 | $110 | |
144A 5.250%, 7/15/31(1) | 155 | 162 | |
Hilton Grand Vacations Borrower Escrow LLC 144A 5.000%, 6/1/29(1) | 415 | 424 | |
LCM Investments Holdings II LLC 144A 4.875%, 5/1/29(1) | 30 | 31 | |
M/I Homes, Inc. 4.950%, 2/1/28 | 800 | 835 | |
Magic Mergeco, Inc. 144A 7.875%, 5/1/29(1) | 190 | 196 | |
Metis Merger Sub LLC 144A 6.500%, 5/15/29(1) | 335 | 330 | |
Mohegan Gaming & Entertainment 144A 8.000%, 2/1/26(1) | 620 | 648 | |
NCL Corp., Ltd. 144A 5.875%, 3/15/26(1) | 410 | 429 | |
NCL Finance Ltd. 144A 6.125%, 3/15/28(1) | 225 | 236 | |
NMG Holding Co., Inc. 144A 7.125%, 4/1/26(1) | 500 | 534 | |
Peninsula Pacific Entertainment LLC 144A 8.500%, 11/15/27(1) | 85 | 91 | |
PetSmart, Inc. 144A 7.750%, 2/15/29(1) | 300 | 331 | |
PulteGroup, Inc. 7.875%, 6/15/32 | 525 | 754 | |
Raptor Acquisition Corp. 144A 4.875%, 11/1/26(1) | 50 | 51 | |
Royal Caribbean Cruises Ltd. | |||
144A 9.125%, 6/15/23(1) | 495 | 543 | |
144A 4.250%, 7/1/26(1) | 25 | 25 | |
Scientific Games International, Inc. | |||
144A 8.250%, 3/15/26(1) | 570 | 611 | |
144A 7.000%, 5/15/28(1) | 175 | 191 | |
Tenneco, Inc. 144A 5.125%, 4/15/29(1) | 745 | 766 | |
14,369 | |||
Consumer Staples—1.2% | |||
BAT Capital Corp. 4.906%, 4/2/30 | 630 | 724 | |
Chobani LLC 144A 7.500%, 4/15/25(1) | 785 | 817 | |
HLF Financing S.a.r.l. LLC 144A 4.875%, 6/1/29(1) | 455 | 458 | |
Post Holdings, Inc. 144A 4.500%, 9/15/31(1) | 615 | 614 | |
Triton Water Holdings, Inc. 144A 6.250%, 4/1/29(1) | 165 | 165 | |
Turning Point Brands, Inc. 144A 5.625%, 2/15/26(1) | 605 | 625 | |
Vector Group Ltd. 144A 5.750%, 2/1/29(1) | 515 | 525 | |
3,928 | |||
Energy—8.3% | |||
Alliance Resource Operating Partners LP 144A 7.500%, 5/1/25(1) | 660 | 644 | |
Antero Midstream Partners LP | |||
144A 7.875%, 5/15/26(1) | 430 | 481 |
Par Value | Value | ||
Energy—continued | |||
144A 5.750%, 1/15/28(1) | $740 | $779 | |
Antero Resources Corp. | |||
144A 8.375%, 7/15/26(1) | 340 | 387 | |
144A 7.625%, 2/1/29(1) | 215 | 239 | |
Ascent Resources Utica Holdings LLC 144A 8.250%, 12/31/28(1) | 575 | 632 | |
BP Capital Markets plc 4.875% (6) | 865 | 950 | |
Callon Petroleum Co. | |||
6.125%, 10/1/24(5) | 290 | 286 | |
144A 8.000%, 8/1/28(1) | 25 | 25 | |
Cheniere Energy, Inc. 144A 4.625%, 10/15/28(1) | 395 | 417 | |
Chesapeake Energy Corp. | |||
144A 5.500%, 2/1/26(1) | 610 | 644 | |
144A 5.875%, 2/1/29(1) | 120 | 130 | |
Citgo Holding, Inc. 144A 9.250%, 8/1/24(1) | 250 | 255 | |
Colgate Energy Partners III LLC 144A 5.875%, 7/1/29(1) | 85 | 88 | |
Coronado Finance Pty Ltd. 144A 10.750%, 5/15/26(1) | 500 | 533 | |
CrownRock LP | |||
144A 5.625%, 10/15/25(1) | 670 | 693 | |
144A 5.000%, 5/1/29(1) | 160 | 168 | |
CSI Compressco LP 144A 7.500%, 4/1/25(1) | 740 | 751 | |
Energy Transfer LP Series H 6.500% (6) | 650 | 663 | |
EQM Midstream Partners LP | |||
144A 6.000%, 7/1/25(1) | 190 | 207 | |
144A 6.500%, 7/1/27(1) | 220 | 245 | |
144A 4.500%, 1/15/29(1) | 185 | 188 | |
144A 4.750%, 1/15/31(1) | 185 | 191 | |
Hilcorp Energy I LP | |||
144A 5.750%, 2/1/29(1) | 480 | 500 | |
144A 6.000%, 2/1/31(1) | 480 | 509 | |
HollyFrontier Corp. 5.875%, 4/1/26 | 900 | 1,041 | |
Indigo Natural Resources LLC 144A 5.375%, 2/1/29(1) | 605 | 632 | |
KazMunayGas National Co., JSC | |||
144A 4.750%, 4/19/27(1) | 780 | 890 | |
144A 6.375%, 10/24/48(1) | 470 | 622 | |
Kinder Morgan, Inc. 7.750%, 1/15/32 | 805 | 1,155 | |
Kosmos Energy Ltd. 144A 7.500%, 3/1/28(1)(5) | 800 | 790 | |
Magnolia Oil & Gas Operating LLC 144A 6.000%, 8/1/26(1) | 650 | 670 | |
Mesquite Energy, Inc. 144A 7.250%, 2/15/23(1)(7) | 375 | 8 | |
Northriver Midstream Finance LP 144A 5.625%, 2/15/26(1) | 585 | 607 | |
Oasis Petroleum, Inc. 144A 6.375%, 6/1/26(1) | 40 | 42 | |
Occidental Petroleum Corp. | |||
5.500%, 12/1/25 | 20 | 22 | |
3.500%, 8/15/29 | 340 | 341 | |
6.625%, 9/1/30 | 205 | 246 | |
6.125%, 1/1/31 | 395 | 465 | |
Odebrecht Oil & Gas Finance Ltd. 144A 0.000% (1)(6) | 124 | 1 |
See Notes to Schedule of Investments
5
VIRTUS Newfleet Multi-Sector Intermediate Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
($ reported in thousands)
Par Value | Value | ||
Energy—continued | |||
Parsley Energy LLC 144A 4.125%, 2/15/28(1) | $600 | $631 | |
Patterson-UTI Energy, Inc. 5.150%, 11/15/29 | 635 | 664 | |
Pertamina Persero PT 144A 6.450%, 5/30/44(1) | 1,015 | 1,322 | |
Petrobras Global Finance B.V. 7.375%, 1/17/27 | 345 | 425 | |
Petroleos de Venezuela S.A. 144A 6.000%, 5/16/24(1)(2) | 1,580 | 67 | |
Petroleos Mexicanos | |||
6.500%, 3/13/27 | 1,275 | 1,346 | |
5.950%, 1/28/31 | 1,875 | 1,822 | |
6.375%, 1/23/45 | 130 | 112 | |
6.350%, 2/12/48 | 480 | 409 | |
Petronas Capital Ltd. 144A 3.500%, 4/21/30(1) | 765 | 838 | |
Plains All American Pipeline LP 3.800%, 9/15/30 | 870 | 931 | |
Saudi Arabian Oil Co. 144A 2.250%, 11/24/30(1) | 890 | 873 | |
Transocean, Inc. 144A 11.500%, 1/30/27(1) | 31 | 33 | |
USA Compression Partners LP 6.875%, 4/1/26 | 400 | 419 | |
28,029 | |||
Financials—9.0% | |||
Acrisure LLC 144A 7.000%, 11/15/25(1) | 780 | 796 | |
AerCap Ireland Capital DAC 3.650%, 7/21/27 | 555 | 593 | |
Allstate Corp. (The) Series B 5.750%, 8/15/53 | 845 | 920 | |
Ally Financial, Inc. Series B 4.700% (6) | 1,029 | 1,066 | |
Ascot Group Ltd. 144A 4.250%, 12/15/30(1) | 990 | 1,042 | |
Athene Global Funding 144A 2.450%, 8/20/27(1) | 1,215 | 1,254 | |
Banco de Bogota S.A. 144A 6.250%, 5/12/26(1) | 330 | 361 | |
Banco Internacional del Peru SAA Interbank 144A 4.000%, 7/8/30(1) | 770 | 764 | |
Bank of New York Mellon Corp. (The) Series G 4.700% (6) | 795 | 867 | |
BBVA Bancomer S.A. 144A 5.125%, 1/18/33(1) | 890 | 928 | |
Blue Owl Finance LLC 144A 3.125%, 6/10/31(1) | 980 | 973 | |
Brighthouse Financial, Inc. 5.625%, 5/15/30 | 663 | 807 | |
Brightsphere Investment Group, Inc. 4.800%, 7/27/26 | 785 | 844 | |
BroadStreet Partners, Inc. 144A 5.875%, 4/15/29(1) | 500 | 510 | |
Charles Schwab Corp. (The) Series H 4.000% (6) | 1,035 | 1,059 | |
Citadel LP 144A 4.875%, 1/15/27(1) | 605 | 654 | |
Citigroup, Inc. Series W 4.000% (6) | 625 | 646 |
Par Value | Value | ||
Financials—continued | |||
Corporate Office Properties LP 2.750%, 4/15/31 | $710 | $715 | |
Discover Bank 4.682%, 8/9/28 | 865 | 919 | |
Doric Nimrod Air Alpha Pass-Through Trust 2013-1, A 144A 5.250%, 5/30/23(1) | 320 | 321 | |
Drawbridge Special Opportunities Fund LP 144A 3.875%, 2/15/26(1) | 970 | 1,003 | |
Fairfax Financial Holdings Ltd. 4.850%, 4/17/28 | 845 | 972 | |
Icahn Enterprises LP | |||
6.250%, 5/15/26 | 765 | 812 | |
Series KK 144A 5.250%, 5/15/27(1) | 55 | 57 | |
Intercorp Peru Ltd. 144A 3.875%, 8/15/29(1) | 740 | 716 | |
Itau Unibanco Holding SA 144A 3.875%, 4/15/31(1) | 775 | 769 | |
JPMorgan Chase & Co. 1.953%, 2/4/32 | 795 | 772 | |
Ladder Capital Finance Holdings LLLP 144A 4.250%, 2/1/27(1) | 425 | 424 | |
Lincoln National Corp. (3 month LIBOR + 2.040%) 2.228%, 4/20/67(4) | 870 | 740 | |
MetLife, Inc. Series G 3.850% (6) | 875 | 920 | |
Midcap Financial Issuer Trust 144A 6.500%, 5/1/28(1) | 695 | 727 | |
OneMain Finance Corp. 7.125%, 3/15/26 | 670 | 780 | |
Prospect Capital Corp. 3.706%, 1/22/26 | 975 | 1,002 | |
Prudential Financial, Inc. | |||
5.875%, 9/15/42 | 485 | 513 | |
5.625%, 6/15/43 | 450 | 483 | |
Santander Holdings USA, Inc. 4.400%, 7/13/27 | 700 | 787 | |
Synovus Financial Corp. 5.900%, 2/7/29 | 437 | 474 | |
Texas Capital Bancshares, Inc. 4.000%, 5/6/31 | 985 | 1,023 | |
Wells Fargo & Co. Series BB 3.900% (6) | 1,295 | 1,341 | |
30,354 | |||
Health Care—2.7% | |||
Akumin, Inc. 144A 7.000%, 11/1/25(1) | 655 | 680 | |
Bausch Health Americas, Inc. 144A 8.500%, 1/31/27(1) | 315 | 342 | |
Bausch Health Cos., Inc. 144A 7.000%, 1/15/28(1) | 455 | 469 | |
Cheplapharm Arzneimittel GmbH 144A 5.500%, 1/15/28(1) | 700 | 718 | |
Community Health Systems, Inc. | |||
144A 6.625%, 2/15/25(1) | 375 | 397 | |
144A 6.875%, 4/15/29(1) | 65 | 68 | |
144A 6.125%, 4/1/30(1) | 65 | 66 | |
144A 4.750%, 2/15/31(1) | 640 | 642 | |
DaVita, Inc. 144A 4.625%, 6/1/30(1) | 550 | 566 |
See Notes to Schedule of Investments
6
VIRTUS Newfleet Multi-Sector Intermediate Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
($ reported in thousands)
Par Value | Value | ||
Health Care—continued | |||
Encompass Health Corp. 4.500%, 2/1/28 | $475 | $493 | |
Endo Luxembourg Finance Co. I S.a.r.l. 144A 6.125%, 4/1/29(1) | 320 | 314 | |
Illumina, Inc. 2.550%, 3/23/31 | 460 | 467 | |
Lannett Co., Inc. 144A 7.750%, 4/15/26(1) | 190 | 189 | |
Legacy LifePoint Health LLC | |||
144A 6.750%, 4/15/25(1) | 320 | 341 | |
144A 4.375%, 2/15/27(1) | 305 | 309 | |
Ortho-Clinical Diagnostics, Inc. | |||
144A 7.375%, 6/1/25(1) | 222 | 238 | |
144A 7.250%, 2/1/28(1) | 66 | 72 | |
Par Pharmaceutical, Inc. 144A 7.500%, 4/1/27(1) | 335 | 342 | |
Prime Healthcare Services, Inc. 144A 7.250%, 11/1/25(1) | 75 | 81 | |
Surgery Center Holdings, Inc. | |||
144A 6.750%, 7/1/25(1) | 670 | 683 | |
144A 10.000%, 4/15/27(1) | 290 | 318 | |
Team Health Holdings, Inc. 144A 6.375%, 2/1/25(1) | 505 | 480 | |
Tenet Healthcare Corp. 144A 7.500%, 4/1/25(1) | 65 | 70 | |
Teva Pharmaceutical Finance Netherlands III B.V. 3.150%, 10/1/26 | 850 | 809 | |
9,154 | |||
Industrials—3.7% | |||
Alaska Airlines Pass-Through Trust 144A 4.800%, 8/15/27(1) | 869 | 962 | |
Allied Universal Holdco LLC 144A 6.000%, 6/1/29(1) | 200 | 203 | |
American Airlines Group, Inc. 144A 5.000%, 6/1/22(1) | 465 | 466 | |
American Airlines, Inc. | |||
144A 11.750%, 7/15/25(1) | 785 | 985 | |
144A 5.500%, 4/20/26(1) | 95 | 101 | |
144A 5.750%, 4/20/29(1) | 45 | 49 | |
Ashtead Capital, Inc. 144A 4.375%, 8/15/27(1) | 870 | 911 | |
Aviation Capital Group LLC 144A 3.500%, 11/1/27(1) | 705 | 741 | |
Avolon Holdings Funding Ltd. 144A 4.375%, 5/1/26(1) | 597 | 649 | |
BCPE Ulysses Intermediate, Inc. PIK 144A 7.750%, 4/1/27(1)(8) | 645 | 661 | |
Boeing Co. (The) | |||
5.150%, 5/1/30 | 550 | 651 | |
3.750%, 2/1/50 | 450 | 464 | |
5.930%, 5/1/60 | 220 | 304 | |
Cleaver-Brooks, Inc. 144A 7.875%, 3/1/23(1) | 655 | 649 | |
CoStar Group, Inc. 144A 2.800%, 7/15/30(1) | 780 | 792 | |
CP Atlas Buyer, Inc. 144A 7.000%, 12/1/28(1) | 785 | 813 | |
Delta Air Lines, Inc. 3.750%, 10/28/29 | 631 | 630 | |
Deluxe Corp. 144A 8.000%, 6/1/29(1) | 245 | 266 |
Par Value | Value | ||
Industrials—continued | |||
Stanley Black & Decker, Inc. 4.000%, 3/15/60 | $841 | $895 | |
Titan Acquisition Ltd. 144A 7.750%, 4/15/26(1) | 638 | 661 | |
TransDigm, Inc. 5.500%, 11/15/27 | 305 | 318 | |
United Airlines, Inc. | |||
144A 4.375%, 4/15/26(1) | 65 | 67 | |
144A 4.625%, 4/15/29(1) | 65 | 67 | |
12,305 | |||
Information Technology—2.8% | |||
Banff Merger Sub, Inc. 144A 9.750%, 9/1/26(1) | 493 | 519 | |
Broadcom, Inc. 144A 2.450%, 2/15/31(1) | 648 | 637 | |
Dell International LLC 8.100%, 7/15/36 | 295 | 450 | |
Elastic N.V. 144A 4.125%, 7/15/29(1) | 75 | 75 | |
J2 Global, Inc. 144A 4.625%, 10/15/30(1) | 460 | 476 | |
MicroStrategy, Inc. 144A 6.125%, 6/15/28(1)(5) | 325 | 325 | |
NCR Corp. 144A 5.125%, 4/15/29(1) | 565 | 583 | |
Plantronics, Inc. 144A 4.750%, 3/1/29(1) | 610 | 606 | |
Rocket Software, Inc. 144A 6.500%, 2/15/29(1) | 590 | 585 | |
Science Applications International Corp. 144A 4.875%, 4/1/28(1) | 995 | 1,043 | |
SK Hynix, Inc. 144A 2.375%, 1/19/31(1) | 1,220 | 1,188 | |
Veritas US, Inc. 144A 7.500%, 9/1/25(1) | 540 | 562 | |
Viasat, Inc. 144A 5.625%, 9/15/25(1) | 830 | 846 | |
Vontier Corp. 144A 2.950%, 4/1/31(1) | 845 | 848 | |
Xerox Holdings Corp. 144A 5.500%, 8/15/28(1) | 700 | 727 | |
9,470 | |||
Materials—2.9% | |||
ARD Finance S.A. PIK 144A 6.500%, 6/30/27(1)(9) | 1,160 | 1,218 | |
Chemours Co. (The) 144A 5.750%, 11/15/28(1) | 595 | 636 | |
Cleveland-Cliffs, Inc. 144A 6.750%, 3/15/26(1) | 740 | 798 | |
CVR Partners LP 144A 6.125%, 6/15/28(1) | 15 | 15 | |
Freeport-McMoRan, Inc. 5.450%, 3/15/43 | 625 | 764 | |
Hecla Mining Co. 7.250%, 2/15/28 | 560 | 612 | |
INEOS Group Holdings S.A. 144A 5.625%, 8/1/24(1) | 335 | 336 | |
Inversiones CMPC S.A. 144A 3.850%, 1/13/30(1) | 700 | 747 |
See Notes to Schedule of Investments
7
VIRTUS Newfleet Multi-Sector Intermediate Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
($ reported in thousands)
Par Value | Value | ||
Materials—continued | |||
Louisiana-Pacific Corp. 144A 3.625%, 3/15/29(1) | $985 | $991 | |
Mauser Packaging Solutions Holding Co. 144A 7.250%, 4/15/25(1) | 480 | 470 | |
Syngenta Finance N.V. 144A 4.441%, 4/24/23(1) | 315 | 333 | |
Taseko Mines Ltd. 144A 7.000%, 2/15/26(1) | 630 | 657 | |
Teck Resources Ltd. 6.125%, 10/1/35 | 510 | 657 | |
Trident TPI Holdings, Inc. | |||
144A 9.250%, 8/1/24(1) | 730 | 763 | |
144A 6.625%, 11/1/25(1) | 446 | 457 | |
United States Steel Corp. 6.875%, 3/1/29 | 400 | 428 | |
9,882 | |||
Real Estate—1.6% | |||
American Assets Trust LP 3.375%, 2/1/31 | 995 | 1,024 | |
GLP Capital LP | |||
5.750%, 6/1/28 | 229 | 272 | |
5.300%, 1/15/29 | 336 | 391 | |
iStar, Inc. 4.250%, 8/1/25 | 770 | 792 | |
Office Properties Income Trust 4.500%, 2/1/25 | 900 | 977 | |
Retail Properties of America, Inc. 4.750%, 9/15/30 | 840 | 931 | |
Service Properties Trust 4.950%, 2/15/27 | 900 | 896 | |
5,283 | |||
Utilities—1.4% | |||
CMS Energy Corp. 4.750%, 6/1/50 | 860 | 958 | |
Eskom Holdings SOC Ltd. 144A 7.125%, 2/11/25(1) | 975 | 1,029 | |
Ferrellgas LP | |||
144A 5.375%, 4/1/26(1) | 150 | 149 | |
144A 5.875%, 4/1/29(1) | 170 | 168 | |
National Fuel Gas Co. 2.950%, 3/1/31 | 480 | 483 | |
PG&E Corp. 5.250%, 7/1/30 | 495 | 500 | |
Southern Co. (The) Series A 3.750%, 9/15/51 | 877 | 882 | |
Talen Energy Supply LLC | |||
144A 7.250%, 5/15/27(1) | 145 | 135 | |
144A 6.625%, 1/15/28(1) | 560 | 513 | |
4,817 | |||
Total Corporate Bonds and Notes (Identified Cost $136,587) | 141,506 | ||
Par Value | Value | ||
Leveraged Loans—21.0% | |||
Aerospace—0.8% | |||
Amentum Government Services Holdings LLC Tranche 2, First Lien (3 month LIBOR + 4.750%) 5.500%, 1/29/27(4) | $534 | $537 | |
American Airlines, Inc. (3 month LIBOR + 4.750%) 5.500%, 4/20/28(4) | 120 | 125 | |
Brown Group Holding LLC (3 month LIBOR + 2.750%) 3.250%, 6/7/28(4) | 490 | 487 | |
Mileage Plus Holdings, LLC (3 month LIBOR + 5.250%) 6.250%, 6/21/27(4) | 695 | 742 | |
TransDigm, Inc. | |||
Tranche E (1 month LIBOR + 2.250%) 2.354%, 5/30/25(4) | 457 | 451 | |
Tranche F (1 month LIBOR + 2.250%) 2.354%, 12/9/25(4) | 224 | 220 | |
United AirLines, Inc. Tranche B (3 month LIBOR + 3.750%) 4.500%, 4/21/28(4) | 259 | 263 | |
2,825 | |||
Chemicals—0.8% | |||
Aruba Investments Holdings LLC First Lien (3 month LIBOR + 4.000%) 4.750%, 11/24/27(4) | 455 | 456 | |
CPC Acquisition Corp. First Lien (3 month LIBOR + 3.750%) 4.500%, 12/29/27(4) | 500 | 499 | |
Herens Holdco S.a.r.l. Tranche B (3 month LIBOR + 4.000%) 0.000%, 5/14/28(4)(10) | 595 | 595 | |
Ineos U.S. Finance LLC 2024 (3 month LIBOR + 2.000%) 0.000%, 4/1/24(4)(10) | 503 | 498 | |
Innophos Holdings, Inc. (1 month LIBOR + 3.500%) 3.604%, 2/5/27(4) | 395 | 394 | |
Starfruit Finco B.V. (1 month LIBOR + 1.750%) 2.843%-5.000%, 10/1/25(4) | 300 | 297 | |
2,739 | |||
Consumer Durables—0.3% | |||
Gloves Buyer, Inc. First Lien (1 month LIBOR + 4.000%) 4.750%, 12/29/27(4) | 640 | 640 | |
Resideo Funding, Inc. Tranche B (1 month LIBOR + 2.250%) 2.750%, 2/11/28(4) | 399 | 398 | |
1,038 | |||
Consumer Non-Durables—1.0% | |||
American Greetings Corp. (3 month LIBOR + 4.500%) 5.500%, 4/6/24(4) | 341 | 341 | |
Diamond (BC) B.V. (3 month LIBOR + 3.000%) 3.186%, 9/6/24(4) | 803 | 798 | |
Parfums Holding Co., Inc. First Lien (1 month LIBOR + 4.000%) 4.104%, 6/30/24(4) | 846 | 842 | |
Rodan & Fields LLC (1 month LIBOR + 4.000%) 4.073%, 6/16/25(4) | 694 | 550 | |
SRAM LLC (1 month LIBOR + 2.750%) 3.250%, 5/18/28(4) | 174 | 173 |
See Notes to Schedule of Investments
8
VIRTUS Newfleet Multi-Sector Intermediate Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
($ reported in thousands)
Par Value | Value | ||
Consumer Non-Durables—continued | |||
ZEP, Inc. First Lien (3 month LIBOR + 4.000%) 5.000%, 8/12/24(4) | $724 | $713 | |
3,417 | |||
Energy—0.8% | |||
CITGO Petroleum Corp. 2019, Tranche B (3 month LIBOR + 6.250%) 7.250%, 3/28/24(4) | 321 | 322 | |
DT Midstream, Inc. (3 month LIBOR + 2.000%) 0.000%, 6/12/28(4)(10) | 180 | 180 | |
Fieldwood Energy LLC First Lien (3 month LIBOR + 4.250%) 7.500%, 4/11/22(4)(11) | 880 | 458 | |
Hamilton Projects Acquiror LLC (3 month LIBOR + 4.750%) 5.750%, 6/17/27(4) | 480 | 475 | |
Medallion Midland Acquisition LLC (1 month LIBOR + 3.250%) 4.250%, 10/30/24(4) | 499 | 495 | |
Traverse Midstream Partners LLC (1 month LIBOR + 5.500%) 6.500%, 9/27/24(4) | 609 | 611 | |
2,541 | |||
Financial—0.7% | |||
Asurion LLC | |||
Tranche B3, Second Lien (1 month LIBOR + 5.250%) 5.354%, 1/31/28(4) | 360 | 362 | |
Tranche B-9 (1 month LIBOR + 3.250%) 3.354%, 7/31/27(4) | 349 | 345 | |
Avolon TLB Borrower 1 US LLC Tranche B-5 (1 month LIBOR + 2.500%) 3.250%, 12/1/27(4) | 339 | 338 | |
Citadel Securities LP 2021 (1 month LIBOR + 2.500%) 2.604%, 2/2/28(4) | 733 | 725 | |
Deerfield Dakota Holding LLC First Lien (1 month LIBOR + 3.750%) 4.750%, 4/9/27(4) | 381 | 383 | |
Zebra Buyer LLC (3 month LIBOR + 3.500%) 0.000%, 4/21/28(4)(10) | 65 | 65 | |
2,218 | |||
Food / Tobacco—0.7% | |||
Arterra Wines Canada, Inc. Tranche B-1 (3 month LIBOR + 3.500%) 4.250%, 11/24/27(4) | 55 | 55 | |
Chobani LLC (1 month LIBOR + 3.500%) 4.500%, 10/25/27(4) | 338 | 338 | |
Dole Food Co., Inc. Tranche B (1 month LIBOR + 2.750%) 3.750%, 4/6/24(4) | 451 | 451 | |
H-Food Holdings LLC (1 month LIBOR + 3.688%) 3.792%, 5/23/25(4) | 342 | 340 | |
Shearer’s Foods LLC First Lien (3 month LIBOR + 3.500%) 4.250%, 9/23/27(4) | 671 | 671 | |
Triton Water Holdings, Inc. First Lien (3 month LIBOR + 3.500%) 4.000%, 3/31/28(4) | 500 | 499 | |
2,354 | |||
Par Value | Value | ||
Forest Prod / Containers—0.7% | |||
Anchor Glass Container Corp. 2017 (3 month LIBOR + 2.750%) 0.000%, 12/7/23(4)(10) | $279 | $257 | |
BWay Holding Co. (1 month LIBOR + 3.250%) 3.354%, 4/3/24(4) | 314 | 306 | |
Klockner Pentaplast of America, Inc. Tranche B (3 month LIBOR + 4.750%) 5.250%, 2/12/26(4) | 663 | 667 | |
Spectrum Holdings III Corp. First Lien (3 month LIBOR + 3.250%) 4.250%, 1/31/25(4) | 482 | 461 | |
Technimark Holdings LLC First Lien (3 month LIBOR + 3.750%) 0.000%, 6/30/28(4)(10) | 230 | 229 | |
TricorBraun, Inc. | |||
(3 month LIBOR + 3.250%) 3.750%, 3/3/28(4) | 3 | 3 | |
(6 month LIBOR + 3.250%) 3.750%, 3/3/28(4) | 361 | 358 | |
2,281 | |||
Gaming / Leisure—1.2% | |||
Carnival Corp. Tranche B (3 month LIBOR + 3.000%) 3.750%, 6/30/25(4) | 144 | 147 | |
CCM Merger, Inc. Tranche B (3 month LIBOR + 3.750%) 4.500%, 11/4/25(4) | 326 | 326 | |
ECL Entertainment LLC Tranche B (1 month LIBOR + 7.500%) 8.250%, 3/31/28(4) | 100 | 102 | |
Everi Payments, Inc. | |||
(3 month LIBOR + 10.500%) 11.500%, 5/9/24(4) | 45 | 46 | |
Tranche B (3 month LIBOR + 2.750%) 3.500%, 5/9/24(4) | 255 | 254 | |
Hilton Grand Vacations Borrower LLC First Lien (3 month LIBOR + 3.250%) 0.000%, 5/19/28(4)(10) | 90 | 90 | |
J&J Ventures Gaming LLC (1 month LIBOR + 4.000%) 4.750%, 4/26/28(4) | 400 | 401 | |
Landry’s Finance Acquisition Co. 2020 (3 month LIBOR + 12.000%) 13.000%, 10/6/23(4) | 45 | 50 | |
Playa Resorts Holding B.V. (1 month LIBOR + 2.750%) 3.750%, 4/29/24(4) | 1,003 | 963 | |
Pug LLC Tranche B (1 month LIBOR + 3.500%) 3.604%, 2/12/27(4) | 640 | 625 | |
Raptor Acquisition Corp. Tranche B (3 month LIBOR + 4.000%) 0.000%, 11/1/26(4)(10) | 130 | 130 | |
Scientific Games International, Inc. Tranche B-5 (1 month LIBOR + 2.750%) 2.854%, 8/14/24(4) | 329 | 327 | |
UFC Holdings LLC Tranche B-3 (3 month LIBOR + 3.000%) 3.750%, 4/29/26(4) | 573 | 572 | |
4,033 | |||
See Notes to Schedule of Investments
9
VIRTUS Newfleet Multi-Sector Intermediate Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
($ reported in thousands)
Par Value | Value | ||
Healthcare—4.1% | |||
Accelerated Health Systems LLC (1 month LIBOR + 3.500%) 3.591%, 10/31/25(4) | $629 | $627 | |
AHP Health Partners, Inc. Tranche B-1 (1 month LIBOR + 3.750%) 4.750%, 6/30/25(4) | 483 | 484 | |
Ani Pharmaceuticals, Inc. Tranche B (3 month LIBOR + 6.000%) 0.000%, 5/24/27(4)(10) | 380 | 373 | |
ASP Navigate Acquisition Corp. (3 month LIBOR + 4.500%) 5.500%, 10/6/27(4) | 353 | 354 | |
AthenaHealth, Inc. Tranche B-1 (3 month LIBOR + 4.250%) 4.410%, 2/11/26(4) | 219 | 220 | |
Azalea TopCo, Inc. 2021 (3 month LIBOR + 3.750%) 4.500%, 7/24/26(4) | 673 | 674 | |
CHG Healthcare Services, Inc. (3 month LIBOR + 3.000%) 4.000%, 6/7/23(4) | 545 | 544 | |
CPI Holdco, LLC Tranche B-1, First Lien (1 month LIBOR + 3.750%) 3.854%, 11/4/26(4) | 45 | 45 | |
Envision Healthcare Corp. (1 month LIBOR + 3.750%) 3.854%, 10/10/25(4) | 283 | 242 | |
eResearch Technology, Inc. First Lien (1 month LIBOR + 4.500%) 5.500%, 2/4/27(4) | 95 | 95 | |
Gainwell Acquisition Corp. Tranche B (3 month LIBOR + 4.000%) 4.750%, 10/1/27(4) | 632 | 634 | |
Heartland Dental LLC 2021 (1 month LIBOR + 4.000%) 4.073%, 4/30/25(4) | 310 | 309 | |
Insulet Corp. Tranche B (1 month LIBOR + 3.250%) 3.750%, 4/28/28(4) | 125 | 125 | |
LifePoint Health, Inc. Tranche B, First Lien (1 month LIBOR + 3.750%) 3.854%, 11/17/25(4) | 563 | 561 | |
National Mentor Holdings, Inc. | |||
First Lien (3 month LIBOR + 3.750%) 4.500%, 3/2/28(4) | 444 | 445 | |
Tranche C, First Lien (3 month LIBOR + 3.750%) 4.500%, 3/2/28(4) | 14 | 14 | |
One Call Corp. Tranche B, First Lien (3 month LIBOR + 5.500%) 6.250%, 4/22/27(4) | 860 | 869 | |
Packaging Coordinators Midco, Inc. Tranche B, First Lien (3 month LIBOR + 3.500%) 4.250%, 11/30/27(4) | 414 | 414 | |
Parexel International Corp. (3 month LIBOR + 2.750%) 0.000%, 9/27/24(4)(10) | 500 | 497 | |
Pearl Intermediate Parent LLC First Lien (1 month LIBOR + 2.750%) 2.854%, 2/14/25(4) | 596 | 587 | |
PetVet Care Centers LLC 2021, First Lien (1 month LIBOR + 3.500%) 4.250%, 2/14/25(4) | 417 | 418 | |
Phoenix Guarantor, Inc. | |||
Tranche B-1 (1 month LIBOR + 3.250%) 3.341%, 3/5/26(4) | 735 | 729 | |
Tranche B3 (1 month LIBOR + 3.500%) 3.573%, 3/5/26(4) | 309 | 306 |
Par Value | Value | ||
Healthcare—continued | |||
Pluto Acquisition I, Inc. 2021, First Lien (3 month LIBOR + 4.500%) 4.000%, 6/20/26(4)(10) | $370 | $370 | |
Precision Medicine Group LLC (3 month LIBOR + 3.000%) 3.750%, 11/18/27(4) | 715 | 712 | |
Southern Veterinary Partners LLC First Lien (3 month LIBOR + 4.000%) 5.000%, 10/5/27(4) | 637 | 640 | |
Sterigenics-Nordion Holdings LLC (3 month LIBOR + 2.750%) 3.250%, 12/11/26(4) | 285 | 284 | |
Sunshine Luxembourg VII S.a.r.l. Tranche B3 (3 month LIBOR + 3.750%) 4.500%, 10/1/26(4) | 284 | 285 | |
Surgery Center Holdings, Inc. 2021 (1 month LIBOR + 3.750%) 4.500%, 8/31/26(4) | 319 | 320 | |
Viant Medical Holdings, Inc. First Lien (1 month LIBOR + 3.750%) 3.854%, 7/2/25(4) | 1,137 | 1,102 | |
Waystar Technologies, Inc. 2021 (1 month LIBOR + 4.000%) 4.104%, 10/22/26(4) | 470 | 470 | |
13,749 | |||
Housing—0.3% | |||
84 Lumber Co. Tranche B-1 (1 month LIBOR + 3.000%) 3.750%, 11/13/26(4) | 334 | 334 | |
Quikrete Holdings, Inc. Tranche B1 (3 month LIBOR + 3.000%) 0.000%, 6/11/28(4)(10) | 605 | 600 | |
SRS Distribution, Inc. 2021 (1 month LIBOR + 3.750%) 4.250%, 6/4/28 | 175 | 175 | |
1,109 | |||
Information Technology—3.0% | |||
Acuris Finance US, Inc. (3 month LIBOR + 4.000%) 4.500%, 2/16/28(4) | 95 | 95 | |
Applied Systems, Inc. Second Lien (3 month LIBOR + 5.500%) 6.250%, 9/19/25(4) | 366 | 370 | |
Aston Finco S.a.r.l. First Lien (1 month LIBOR + 4.250%) 4.343%, 10/9/26(4) | 465 | 461 | |
Barracuda Networks, Inc. First Lien (3 month LIBOR + 3.750%) 3.896%, 2/12/25(4) | 575 | 577 | |
Boxer Parent Co., Inc. 2021 (1 month LIBOR + 3.750%) 3.854%, 10/2/25(4) | 543 | 539 | |
Epicor Software Corp. Tranche C (1 month LIBOR + 3.250%) 4.000%, 7/30/27(4) | 814 | 813 | |
Greeneden US Holdings II LLC Tranche B-4 (1 month LIBOR + 4.000%) 4.750%, 12/1/27(4) | 499 | 500 | |
Hyland Software, Inc. 2018 (1 month LIBOR + 3.500%) 4.250%, 7/1/24(4) | 809 | 810 | |
Infinite Bidco LLC | |||
First Lien (1 month LIBOR + 3.750%) 4.250%, 3/2/28(4) | 595 | 594 | |
Second Lien (1 month LIBOR + 7.000%) 7.500%, 2/24/29(4) | 225 | 226 |
See Notes to Schedule of Investments
10
VIRTUS Newfleet Multi-Sector Intermediate Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
($ reported in thousands)
Par Value | Value | ||
Information Technology—continued | |||
Ion Trading Finance Ltd. (3 month LIBOR + 4.750%) 4.917%, 4/1/28(4) | $115 | $115 | |
Masergy Holdings, Inc. 2017, First Lien (3 month LIBOR + 3.250%) 4.250%, 12/15/23(4) | 610 | 610 | |
Project Ruby Ultimate Parent Corp. First Lien (1 month LIBOR + 3.250%) 4.000%, 3/10/28(4) | 533 | 532 | |
Proofpoint, Inc. (3 month LIBOR + 3.250%) 0.000%, 6/9/28(4)(10) | 240 | 239 | |
RealPage, Inc. First Lien (3 month LIBOR + 3.250%) 3.750%, 4/24/28(4) | 480 | 478 | |
Rocket Software, Inc. 2021 (3 month LIBOR + 4.250%) 0.000%, 11/28/25(4)(10) | 335 | 329 | |
Sophia LP (3 month LIBOR + 3.750%) 3.897%, 10/7/27(4) | 856 | 856 | |
Turing Midco LLC (1 month LIBOR + 3.250%) 3.750%, 3/24/28(4) | 489 | 488 | |
UKG, Inc. 2021 (3 month LIBOR + 3.250%) 4.000%, 5/4/26(4) | 859 | 859 | |
Ultimate Software Group, Inc. (The) Second Lien (3 month LIBOR + 6.750%) 7.500%, 5/3/27(4) | 25 | 25 | |
Ultra Clean Holdings, Inc. Tranche B (1 month LIBOR + 3.750%) 3.843%, 8/27/25(4) | 227 | 228 | |
Vertiv Group Corp. Tranche B (1 month LIBOR + 2.750%) 2.836%, 3/2/27 | 341 | 338 | |
Virtusa Corp. (1 month LIBOR + 4.250%) 5.000%, 2/11/28(4) | 95 | 95 | |
10,177 | |||
Manufacturing—1.6% | |||
Alliance Laundry Systems LLC Tranche B (3 month LIBOR + 3.500%) 4.250%, 10/8/27(4) | 660 | 660 | |
Arcline FM Holdings LLC | |||
First Lien (3 month LIBOR + 4.750%) 5.500%, 6/23/28(4) | 205 | 205 | |
Second Lien (3 month LIBOR + 8.250%) 9.000%, 6/15/29(4) | 140 | 140 | |
Backyard Acquireco, Inc. (3 month LIBOR + 3.750%) 4.500%, 11/2/27(4) | 920 | 922 | |
Circor international, Inc. (1 month LIBOR + 3.250%) 4.250%, 12/11/24(4) | 625 | 621 | |
Filtration Group Corp. | |||
(1 month LIBOR + 3.000%) 3.104%, 3/31/25(4) | 654 | 648 | |
Tranche A (1 month LIBOR + 3.750%) 4.500%, 3/29/25(4) | 342 | 343 | |
Gates Global LLC Tranche B-3 (1 month LIBOR + 2.750%) 3.500%, 3/31/27(4) | 602 | 600 | |
Star US Bidco LLC (1 month LIBOR + 4.250%) 5.250%, 3/17/27(4) | 585 | 584 | |
Truck Hero, Inc. (1 month LIBOR + 3.750%) 4.500%, 1/29/28(4) | 244 | 244 | |
US Farathane LLC Tranche B5 (3 month LIBOR + 4.250%) 5.250%, 12/23/24(4) | 355 | 351 | |
5,318 | |||
Par Value | Value | ||
Media / Telecom - Broadcasting—0.1% | |||
Diamond Sports Group LLC (1 month LIBOR + 3.250%) 3.360%, 8/24/26(4) | $275 | $165 | |
Media / Telecom - Cable/Wireless Video—0.1% | |||
Intelsat Jackson Holdings S.A. Tranche B-5 8.625%, 1/2/24(11) | 318 | 323 | |
Radiate Holdco LLC Tranche B (1 month LIBOR + 3.500%) 4.250%, 9/25/26(4) | 116 | 116 | |
439 | |||
Media / Telecom - Diversified Media—0.3% | |||
UPC Financing Partnership Tranche AX (1 month LIBOR + 3.000%) 3.073%, 1/31/29(4) | 595 | 591 | |
William Morris Endeavor Entertainment LLC Tranche B-1 (1 month LIBOR + 2.750%) 2.860%, 5/18/25(4) | 499 | 488 | |
1,079 | |||
Media / Telecom - Telecommunications—0.2% | |||
Consolidated Communications, Inc. Tranche B-1 (1 month LIBOR + 3.500%) 4.250%, 10/2/27(4) | 268 | 268 | |
Securus Technologies Holdings, Inc. First Lien (3 month LIBOR + 4.500%) 5.500%, 11/1/24(4) | 248 | 232 | |
500 | |||
Retail—0.9% | |||
CNT Holdings I Corp. First Lien (3 month LIBOR + 3.750%) 4.500%, 11/8/27(4) | 494 | 494 | |
Great Outdoors Group LLC Tranche B-1 (6 month LIBOR + 4.250%) 5.000%, 3/6/28(4) | 497 | 499 | |
Harbor Freight Tools USA, Inc. 2020 (1 month LIBOR + 3.000%) 3.750%, 10/19/27(4) | 698 | 698 | |
Michaels Cos., Inc. (The) Tranche B (3 month LIBOR + 4.250%) 5.000%, 4/15/28(4) | 330 | 331 | |
Petco Health and Wellness Co., Inc. First Lien (3 month LIBOR + 3.250%) 4.000%, 3/3/28(4) | 419 | 418 | |
PetsMart LLC (3 month LIBOR + 3.750%) 4.500%, 2/11/28(4) | 440 | 440 | |
Rising Tide Holdings, Inc. First Lien (3 month LIBOR + 4.750%) 0.000%, 6/1/28(4)(10) | 260 | 260 | |
3,140 | |||
Service—2.7% | |||
AIT Worldwide Logistics, Inc. First Lien (3 month LIBOR + 4.750%) 5.500%, 3/31/28(4) | 250 | 250 | |
Allied Universal Holdco LLC (3 month LIBOR + 3.750%) 4.250%, 5/12/28(4) | 90 | 90 |
See Notes to Schedule of Investments
11
VIRTUS Newfleet Multi-Sector Intermediate Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
($ reported in thousands)
Par Value | Value | ||
Service—continued | |||
Carlisle Foodservice Products, Inc. First Lien (6 month LIBOR + 3.000%) 4.000%, 3/20/25(4) | $484 | $474 | |
DG Investment Intermediate Holdings 2, Inc. | |||
First Lien (1 month LIBOR + 3.750%) 4.500%, 3/31/28(4) | 302 | 303 | |
First Lien (1 month LIBOR + 3.750%) 3.750%-4.500%, 3/31/28(4) | 48 | 48 | |
Dun & Bradstreet Corp. (The) Tranche B (1 month LIBOR + 3.250%) 3.345%, 2/6/26(4) | 592 | 589 | |
DXP Enterprises, Inc. (1 month LIBOR + 4.750%) 5.750%, 12/23/27(4) | 343 | 343 | |
Ensemble RCM LLC (3 month LIBOR + 3.750%) 3.936%, 8/3/26(4) | 144 | 144 | |
Grab Holdings, Inc. (3 month LIBOR + 4.500%) 5.500%, 1/29/26(4) | 838 | 850 | |
Hertz Corp. (The) | |||
Tranche B (3 month LIBOR + 3.500%) 0.000%, 6/30/28(4)(10) | 134 | 134 | |
Tranche C (3 month LIBOR + 3.500%) 0.000%, 6/30/28(4)(10) | 25 | 25 | |
Hoya Midco LLC First Lien (1 month LIBOR + 3.500%) 4.500%, 6/30/24(4) | 628 | 624 | |
NAB Holdings LLC 2018 (3 month LIBOR + 3.000%) 4.000%, 7/1/24(4) | 645 | 645 | |
Paysafe Holdings US Corp. Tranche B1 (3 month LIBOR + 2.750%) 0.000%, 6/28/28(4)(10) | 390 | 388 | |
Peraton Corp. Tranche B, First Lien (1 month LIBOR + 3.750%) 4.500%, 2/1/28(4) | 669 | 671 | |
Pike Corp. 2028 (1 month LIBOR + 3.000%) 3.110%, 1/21/28(4) | 802 | 799 | |
PODS LLC (3 month LIBOR + 3.000%) 3.750%, 3/31/28(4) | 663 | 662 | |
Sedgwick Claims Management Services, Inc. 2019 (1 month LIBOR + 3.750%) 3.854%, 9/3/26(4) | 767 | 765 | |
St. George’s University Scholastic Services LLC Tranche B (3 month LIBOR + 3.250%) 0.000%, 6/29/28(4)(10) | 415 | 414 | |
TTF Holdings LLC (3 month LIBOR + 4.250%) 5.000%, 3/31/28(4) | 195 | 194 | |
Weld North Education LLC 2020 (1 month LIBOR + 4.000%) 4.750%, 12/15/27(4) | 652 | 652 | |
9,064 | |||
Transportation - Automotive—0.5% | |||
Clarios Global LP First Lien (1 month LIBOR + 3.250%) 3.354%, 4/30/26 | 313 | 310 | |
Cooper-Standard Automotive, Inc. Tranche B-1 (1 month LIBOR + 2.000%) 2.750%, 11/2/23(4) | 864 | 842 | |
Mavis Tire Express Services Topco Corp. First Lien (3 month LIBOR + 4.000%) 4.750%, 5/4/28(4) | 250 | 251 |
Par Value | Value | ||
Transportation - Automotive—continued | |||
PAI Holdco, Inc. Tranche B (3 month LIBOR + 3.750%) 4.500%, 10/28/27(4) | $165 | $165 | |
1,568 | |||
Utility—0.2% | |||
Brookfield WEC Holdings, Inc. (1 month LIBOR + 2.750%) 3.250%, 8/1/25(4) | 688 | 681 | |
PG&E Corp. Tranche B (3 month LIBOR + 3.000%) 3.500%, 6/23/25(4) | 148 | 146 | |
827 | |||
Total Leveraged Loans (Identified Cost $70,596) | 70,581 | ||
Shares | ||
Preferred Stocks—1.6% | ||
Financials—1.3% | ||
Capital Farm Credit ACA Series 1 144A, 5.000%(1) | 525(12) | 545 |
Discover Financial Services Series D, 6.125% | 360(12) | 404 |
KeyCorp Series D, 5.000% | 755(12) | 840 |
MetLife, Inc. Series D, 5.875% | 478(12) | 551 |
Truist Financial Corp. Series Q, 5.100% | 880(12) | 989 |
Zions Bancorp NA, 6.950%(5) | 38,525 | 1,072 |
4,401 | ||
Industrials—0.3% | ||
General Electric Co. Series D, 3.449%(4) | 1,055(12) | 1,034 |
Total Preferred Stocks (Identified Cost $4,930) | 5,435 | |
Common Stocks—0.1% | ||
Consumer Discretionary—0.1% | ||
Mark IV Industries(7)(13) | 446 | 2 |
MYT Holding LLC Class B | 42,729 | 229 |
231 | ||
Energy—0.0% | ||
Frontera Energy Corp.(13) | 6,656 | 41 |
Financials—0.0% | ||
Neiman Marcus Group, Inc.(13) | 836 | 102 |
Total Common Stocks (Identified Cost $427) | 374 | |
Exchange-Traded Fund—1.0% | ||
VanEck Vectors High Yield Muni ETF | 53,200 | 3,384 |
Total Exchange-Traded Fund (Identified Cost $3,333) | 3,384 | |
See Notes to Schedule of Investments
12
VIRTUS Newfleet Multi-Sector Intermediate Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
($ reported in thousands)
Shares | Value | ||
Rights—0.0% | |||
Utilities—0.0% | |||
Vistra Energy Corp.(7)(13) | 6,252 | $7 | |
Total Rights (Identified Cost $5) | 7 | ||
Total Long-Term Investments—98.7% (Identified Cost $326,356) | 332,145 | ||
Short-Term Investment—1.6% | |||
Money Market Mutual Fund—1.6% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(14) | 5,350,534 | 5,351 | |
Total Short-Term Investment (Identified Cost $5,351) | 5,351 | ||
Securities Lending Collateral—0.9% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(14)(15) | 2,969,586 | 2,970 | |
Total Securities Lending Collateral (Identified Cost $2,970) | 2,970 | ||
TOTAL INVESTMENTS—101.2% (Identified Cost $334,677) | $340,466 | ||
Other assets and liabilities, net—(1.2)% | (3,899) | ||
NET ASSETS—100.0% | $336,567 |
Abbreviations: | |
ABS | Asset-Backed Securities |
ACA | American Capital Access Financial Guarantee Corp. |
BAM | Build America Municipal Insured |
CBO | Collateralized Bond Obligation |
ETF | Exchange-Traded Fund |
JSC | Joint Stock Company |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
LLLP | Limited Liability Limited Partnership |
LP | Limited Partnership |
NA | National Association |
PIK | Payment-in-Kind Security |
Footnote Legend: | |
(1) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2021, these securities amounted to a value of $184,798 or 54.9% of net assets. |
(2) | Security in default; no interest payments are being received during the bankruptcy proceedings. |
(3) | Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933. |
(4) | Variable rate security. Rate disclosed is as of June 30, 2021. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
(5) | All or a portion of security is on loan. |
(6) | No contractual maturity date. |
(7) | 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. |
(8) | First pay date will be in October 2021. |
(9) | 100% of the income received was in cash. |
(10) | This loan will settle after June 30, 2021, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected. |
(11) | Security in default, interest payments are being received during the bankruptcy proceedings. |
(12) | Value shown as par value. |
(13) | Non-income producing. |
(14) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(15) | Represents security purchased with cash collateral received for securities on loan. |
Country Weightings† | |
United States | 79% |
Mexico | 3 |
Netherlands | 2 |
Indonesia | 2 |
Luxembourg | 1 |
Canada | 1 |
Kazakhstan | 1 |
Other | 11 |
Total | 100% |
† % of total investments as of June 30, 2021. |
See Notes to Schedule of Investments
13
VIRTUS Newfleet Multi-Sector Intermediate Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
($ reported in thousands)
As of June 30, 2021, the Fund had the following unfunded loan commitments:
Borrower | Par Value | Commitment | Value | Unrealized Appreciation (Depreciation) | ||||
DG Investment Intermediate Holdings 2, Inc., (1 month LIBOR + 3.750%) 3.750%, 3/31/28 | $15 | $15 | $15 | $—(1) | ||||
National Mentor Holdings, Inc., (3 month LIBOR + 3.750%) 3.750%, 3/02/28 | 21 | 21 | 21 | —(1) | ||||
Precision Medicine Group LLC, (3 month LIBOR + 3.750%) 3.750%, 11/28/27 | 77 | 77 | 76 | —(1) | ||||
Southern Veterinary Partners LLC, (3 month LIBOR + 2.000%) 2.000%, 10/01/27 | 88 | 88 | 89 | 1 | ||||
TricorBraun, Inc., (3 month LIBOR + 3.250%) 3.250%, 3/03/28 | 78 | 78 | 77 | (1) | ||||
Total | $279 | $279 | $278 | $— |
(1) | Amount is less than $500. |
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 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Debt Securities: | |||||||
Asset-Backed Securities | $36,259 | $— | $36,259 | $— | |||
Corporate Bonds and Notes | 141,506 | — | 141,498 | 8 | |||
Foreign Government Securities | 24,487 | — | 24,487 | — | |||
Leveraged Loans | 70,581 | — | 70,581 | — | |||
Mortgage-Backed Securities | 46,375 | — | 46,375 | — | |||
Municipal Bonds | 423 | — | 423 | — | |||
U.S. Government Securities | 3,314 | — | 3,314 | — | |||
Equity Securities: | |||||||
Preferred Stocks | 5,435 | 1,072 | 4,363 | — | |||
Common Stocks | 374 | 41 | 331 | 2 | |||
Rights | 7 | — | — | 7 | |||
Securities Lending Collateral | 2,970 | 2,970 | — | — | |||
Exchange-Traded Fund | 3,384 | 3,384 | — | — | |||
Money Market Mutual Fund | 5,351 | 5,351 | — | — | |||
Total Investments | $340,466 | $12,818 | $327,631 | $17 |
Security held by the Fund with an end of period value of $1 was transferred from Level 3 to Level 2 due to an increase in trading activities at period end. Securities held by the Fund with an end of period value of $16 were transferred from Level 2 to Level 3 due to a decrease in trading activities at period end.
Some of the Fund’s investments that were categorized as Level 3 were valued utilizing third party pricing infonrmation without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of Level 3 investments.
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
14
VIRTUS NEWFLEET MULTI-SECTOR INTERMEDIATE BOND 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 Funds 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 Depository 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.
Debt securities, including restricted securities, are valued based on evaluated quotations received from independent pricing services or from dealers who make markets in such securities. For most bond types, the pricing service utilizes matrix pricing that considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type, and current day trade information, as well as dealer supplied prices. These valuations are generally categorized as Level 2 in the hierarchy. Structured debt instruments, such as mortgage-backed and asset-backed securities may also incorporate collateral analysis and utilize cash flow models for valuation and are generally categorized as Level 2 in the hierarchy. Pricing services do not provide pricing for all securities and therefore indicative bids from dealers are utilized which are based on pricing models used by market makers in the security and are generally categorized as Level 2 in the hierarchy. Debt securities that are internally fair valued by the Valuation Committee are generally categorized as Level 3 in the hierarchy.
Listed derivatives, such as options, 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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