Schedule of Investments
Virtus AllianzGI Diversified Income & Convertible Fund
April 30, 2021 (unaudited)
| | | | | | | | |
| | Principal Amount (000s) | | | Value | |
|
CONVERTIBLE BONDS & NOTES—70.6% | |
| | |
Airlines—2.1% | | | | | | | | |
Air Canada, | | | | | | | | |
4.00%, 7/1/25 (a)(c) | | $ | 1,140 | | | $ | 1,748,760 | |
JetBlue Airways Corp., | | | | | | | | |
0.50%, 4/1/26 (a)(c) | | | 2,175 | | | | 2,376,187 | |
Southwest Airlines Co., | | | | | | | | |
1.25%, 5/1/25 (f) | | | 2,115 | | | | 3,672,169 | |
| | | | | | | | |
| | | | | | | 7,797,116 | |
| | | | | | | | |
Auto Manufacturers—3.0% | | | | | | | | |
Ford Motor Co., | | | | | | | | |
zero coupon, 3/15/26 (a)(c) | | | 4,145 | | | | 4,093,187 | |
NIO, Inc., | | | | | | | | |
0.50%, 2/1/27 (a)(c) | | | 1,345 | | | | 1,121,730 | |
Tesla, Inc., | | | | | | | | |
2.00%, 5/15/24 (f) | | | 530 | | | | 6,049,619 | |
| | | | | | | | |
| | | | | | | 11,264,536 | |
| | | | | | | | |
Biotechnology—4.4% | | | | | | | | |
Apellis Pharmaceuticals, Inc., | | | | | | | | |
3.50%, 9/15/26 (a)(c) | | | 1,130 | | | | 1,764,269 | |
Bridgebio Pharma, Inc., | | | | | | | | |
2.25%, 2/1/29 (a)(c) | | | 2,010 | | | | 1,847,007 | |
Exact Sciences Corp. (f), | | | | | | | | |
0.375%, 3/15/27 | | | 1,595 | | | | 2,172,191 | |
0.375%, 3/1/28 | | | 1,240 | | | | 1,579,450 | |
Guardant Health, Inc., | | | | | | | | |
zero coupon, 11/15/27 (a)(c) | | | 2,175 | | | | 2,850,609 | |
Halozyme Therapeutics, Inc., | | | | | | | | |
0.25%, 3/1/27 (a)(c) | | | 1,740 | | | | 1,674,750 | |
Illumina, Inc., | | | | | | | | |
zero coupon, 8/15/23 | | | 910 | | | | 1,086,313 | |
Insmed, Inc., | | | | | | | | |
1.75%, 1/15/25 (f) | | | 1,255 | | | | 1,399,325 | |
NeoGenomics, Inc., | | | | | | | | |
0.25%, 1/15/28 | | | 1,930 | | | | 1,949,344 | |
| | | | | | | | |
| | | | | | | 16,323,258 | |
| | | | | | | | |
Commercial Services—5.0% | | | | | | | | |
Alarm.com Holdings, Inc., | | | | | | | | |
zero coupon, 1/15/26 (a)(c) | | | 1,675 | | | | 1,561,937 | |
Chegg, Inc., | | | | | | | | |
zero coupon, 9/1/26 (a)(c)(f) | | | 3,560 | | | | 3,910,660 | |
Repay Holdings Corp., | | | | | | | | |
zero coupon, 2/1/26 (a)(c)(f) | | | 1,595 | | | | 1,542,166 | |
Sabre GLBL, Inc., | | | | | | | | |
4.00%, 4/15/25 | | | 965 | | | | 2,032,290 | |
Shift4 Payments, Inc., | | | | | | | | |
zero coupon, 12/15/25 (a)(c)(f) | | | 2,065 | | | | 2,898,847 | |
Square, Inc., | | | | | | | | |
zero coupon, 5/1/26 (a)(c) | | | 850 | | | | 977,500 | |
0.125%, 3/1/25 | | | 895 | | | | 1,854,887 | |
0.25%, 11/1/27 (a)(c)(f) | | | 1,705 | | | | 2,003,375 | |
0.50%, 5/15/23 (f) | | | 585 | | | | 1,842,659 | |
| | | | | | | | |
| | | | | | | 18,624,321 | |
| | | | | | | | |
| | | | | | | | |
| | Principal Amount (000s) | | | Value | |
| | |
Computers—2.2% | | | | | | | | |
Lumentum Holdings, Inc., | | | | | | | | |
0.50%, 12/15/26 | | $ | 2,090 | | | $ | 2,306,942 | |
Pure Storage, Inc., | | | | | | | | |
0.125%, 4/15/23 (f) | | | 2,305 | | | | 2,451,944 | |
Varonis Systems, Inc., | | | | | | | | |
1.25%, 8/15/25 (a)(c)(f) | | | 705 | | | | 1,290,150 | |
Zscaler, Inc., | | | | | | | | |
0.125%, 7/1/25 (a)(c)(f) | | | 1,405 | | | | 1,981,050 | |
| | | | | | | | |
| | | | | | | 8,030,086 | |
| | | | | | | | |
Diversified Financial Services—0.4% | |
Hannon Armstrong Sustainable Infrastructure Capital, Inc., | | | | | | | | |
zero coupon, 8/15/23 (f) | | | 1,260 | | | | 1,507,275 | |
| | | | | | | | |
Electronics—1.0% | | | | | | | | |
II-VI, Inc., | | | | | | | | |
0.25%, 9/1/22 (f) | | | 1,155 | | | | 1,722,394 | |
Itron, Inc., | | | | | | | | |
zero coupon, 3/15/26 (a)(c) | | | 2,135 | | | | 2,120,862 | |
| | | | | | | | |
| | | | | | | 3,843,256 | |
| | | | | | | | |
Energy-Alternate Sources—1.2% | | | | | | | | |
Enphase Energy, Inc. (a)(c), | | | | | | | | |
zero coupon, 3/1/26 | | | 1,465 | | | | 1,326,558 | |
zero coupon, 3/1/28 | | | 1,700 | | | | 1,490,807 | |
Plug Power, Inc., | | | | | | | | |
3.75%, 6/1/25 (a)(c) | | | 95 | | | | 538,049 | |
SolarEdge Technologies, Inc., | | | | | | | | |
zero coupon, 9/15/25 (a)(c)(f) | | | 850 | | | | 1,029,350 | |
| | | | | | | | |
| | | | | | | 4,384,764 | |
| | | | | | | | |
Entertainment—2.9% | | | | | | | | |
DraftKings, Inc., | | | | | | | | |
zero coupon, 3/15/28 (a)(c) | | | 3,435 | | | | 3,278,707 | |
IMAX Corp., | | | | | | | | |
0.50%, 4/1/26 (a)(c) | | | 2,095 | | | | 2,172,028 | |
Live Nation Entertainment, Inc., | | | | | | | | |
2.00%, 2/15/25 | | | 1,960 | | | | 2,151,100 | |
Penn National Gaming, Inc., | | | | | | | | |
2.75%, 5/15/26 (f) | | | 205 | | | | 791,813 | |
Vail Resorts, Inc., | | | | | | | | |
zero coupon, 1/1/26 (a)(c) | | | 2,280 | | | | 2,418,225 | |
| | | | | | | | |
| | | | | | | 10,811,873 | |
| | | | | | | | |
Equity Real Estate Investment Trusts (REITs)—1.4% | |
Colony Capital Operating Co. LLC, | | | | | | | | |
5.75%, 7/15/25 (a)(c)(f) | | | 950 | | | | 2,997,250 | |
Pebblebrook Hotel Trust, | | | | | | | | |
1.75%, 12/15/26 (f) | | | 1,885 | | | | 2,152,670 | |
| | | | | | | | |
| | | | | | | 5,149,920 | |
| | | | | | | | |
Healthcare-Products—5.0% | | | | | | | | |
CONMED Corp., | | | | | | | | |
2.625%, 2/1/24 | | | 1,180 | | | | 1,947,796 | |
Envista Holdings Corp., | | | | | | | | |
2.375%, 6/1/25 (a)(c) | | | 1,140 | | | | 2,443,134 | |
Schedule of Investments
Virtus AllianzGI Diversified Income & Convertible Fund
April 30, 2021 (unaudited) (continued)
| | | | | | | | |
| | Principal Amount (000s) | | | Value | |
| | |
Insulet Corp., | | | | | | | | |
0.375%, 9/1/26 (f) | | $ | 2,345 | | | $ | 3,360,678 | |
NanoString Technologies, Inc., | | | | | | | | |
2.625%, 3/1/25 | | | 885 | | | | 1,637,781 | |
Natera, Inc., | | | | | | | | |
2.25%, 5/1/27 | | | 750 | | | | 2,202,656 | |
Novocure Ltd., | | | | | | | | |
zero coupon, 11/1/25 (a)(c) | | | 1,850 | | | | 2,630,469 | |
Omnicell, Inc., | | | | | | | | |
0.25%, 9/15/25 (a)(c)(f) | | | 1,390 | | | | 2,164,230 | |
Repligen Corp., | | | | | | | | |
0.375%, 7/15/24 (f) | | | 1,165 | | | | 2,192,414 | |
| | | | | | | | |
| | | | | | | 18,579,158 | |
| | | | | | | | |
Healthcare-Services—1.9% | | | | | | | | |
Accolade, Inc., | | | | | | | | |
0.50%, 4/1/26 (a)(c) | | | 1,530 | | | | 1,860,501 | |
Anthem, Inc., | | | | | | | | |
2.75%, 10/15/42 | | | 115 | | | | 609,431 | |
Oak Street Health, Inc., | | | | | | | | |
zero coupon, 3/15/26 (a)(c)(f) | | | 2,330 | | | | 2,421,744 | |
Teladoc Health, Inc., | | | | | | | | |
1.25%, 6/1/27 (a)(c)(f) | | | 2,045 | | | | 2,286,566 | |
| | | | | | | | |
| | | | | | | 7,178,242 | |
| | | | | | | | |
Internet—15.1% | | | | | | | | |
21Vianet Group, Inc., | | | | | | | | |
zero coupon, 2/1/26 (a)(c) | | | 420 | | | | 370,650 | |
Airbnb, Inc., | | | | | | | | |
zero coupon, 3/15/26 (a)(c) | | | 3,205 | | | | 3,171,700 | |
Booking Holdings, Inc., | | | | | | | | |
0.75%, 5/1/25 (a)(c) | | | 2,070 | | | | 3,129,840 | |
Etsy, Inc., | | | | | | | | |
0.125%, 9/1/27 (a)(c) | | | 1,790 | | | | 2,312,456 | |
Eventbrite, Inc., | | | | | | | | |
0.75%, 9/15/26 (a)(c) | | | 1,330 | | | | 1,448,869 | |
Expedia Group, Inc., | | | | | | | | |
zero coupon, 2/15/26 (a)(c) | | | 2,675 | | | | 2,899,700 | |
Magnite, Inc., | | | | | | | | |
0.25%, 3/15/26 (a)(c) | | | 1,600 | | | | 1,505,000 | |
Match Group Financeco 2, Inc., | | | | | | | | |
0.875%, 6/15/26 (a)(c)(f) | | | 2,240 | | | | 4,125,822 | |
Okta, Inc. (f), | | | | | | | | |
0.125%, 9/1/25 | | | 620 | | | | 954,413 | |
0.375%, 6/15/26 (a)(c) | | | 1,615 | | | | 2,118,678 | |
Palo Alto Networks, Inc. (f), | | | | | | | | |
0.375%, 6/1/25 (a)(c) | | | 2,490 | | | | 3,246,960 | |
0.75%, 7/1/23 | | | 620 | | | | 872,650 | |
RealReal, Inc. (a)(c)(f), | | | | | | | | |
1.00%, 3/1/28 | | | 1,345 | | | | 1,407,274 | |
3.00%, 6/15/25 | | | 650 | | | | 1,038,584 | |
Shopify, Inc., | | | | | | | | |
0.125%, 11/1/25 (f) | | | 1,940 | | | | 2,273,437 | |
Snap, Inc., | | | | | | | | |
zero coupon, 5/1/27 (a)(c) | | | 2,140 | | | | 2,189,487 | |
0.75%, 8/1/26 (f) | | | 1,275 | | | | 3,499,875 | |
| | | | | | | | |
| | Principal Amount (000s) | | | Value | |
| | |
Spotify USA, Inc., | | | | | | | | |
zero coupon, 3/15/26 (a)(c)(f) | | $ | 2,240 | | | $ | 2,065,280 | |
TechTarget, Inc., | | | | | | | | |
0.125%, 12/15/25 (a)(c)(f) | | | 1,175 | | | | 1,471,805 | |
Twitter, Inc. (f), | | | | | | | | |
zero coupon, 3/15/26 (a)(c) | | | 1,070 | | | | 972,941 | |
0.25%, 6/15/24 | | | 1,080 | | | | 1,322,698 | |
Uber Technologies, Inc., | | | | | | | | |
zero coupon, 12/15/25 (a)(c)(f) | | | 3,225 | | | | 3,383,112 | |
Wayfair, Inc. (f), | | | | | | | | |
0.625%, 10/1/25 (a)(c) | | | 1,215 | | | | 1,259,803 | |
1.00%, 8/15/26 | | | 915 | | | | 1,910,063 | |
Zendesk, Inc., | | | | | | | | |
0.625%, 6/15/25 (a)(c)(f) | | | 1,700 | | | | 2,494,750 | |
Zillow Group, Inc., | | | | | | | | |
2.75%, 5/15/25 (f) | | | 2,185 | | | | 4,513,391 | |
| | | | | | | | |
| | | | | | | 55,959,238 | |
| | | | | | | | |
Iron/Steel—0.5% | | | | | | | | |
Cleveland-Cliffs, Inc., | | | | | | | | |
1.50%, 1/15/25 | | | 720 | | | | 1,681,920 | |
| | | | | | | | |
Leisure—2.1% | | | | | | | | |
Callaway Golf Co., | | | | | | | | |
2.75%, 5/1/26 (a)(c) | | | 820 | | | | 1,477,537 | |
NCL Corp., Ltd., | | | | | | | | |
5.375%, 8/1/25 (a)(c) | | | 1,295 | | | | 2,451,435 | |
Royal Caribbean Cruises Ltd. (a)(c)(f), | | | | | | | | |
2.875%, 11/15/23 | | | 1,850 | | | | 2,392,975 | |
4.25%, 6/15/23 | | | 1,140 | | | | 1,599,990 | |
| | | | | | | | |
| | | | | | | 7,921,937 | |
| | | | | | | | |
Machinery-Diversified—0.9% | |
Chart Industries, Inc., | | | | | | | | |
1.00%, 11/15/24 (a)(c)(f) | | | 610 | | | | 1,691,606 | |
Middleby Corp., | | | | | | | | |
1.00%, 9/1/25 (a)(c) | | | 1,050 | | | | 1,572,900 | |
| | | | | | | | |
| | | | 3,264,506 | |
| | | | | | | | |
Media—1.6% | |
DISH Network Corp., | | | | | | | | |
zero coupon, 12/15/25 (a)(c) | | | 2,460 | | | | 3,006,120 | |
Liberty Broadband Corp., | | | | | | | | |
2.75%, 9/30/50 (a)(c) | | | 1,290 | | | | 1,327,564 | |
Liberty Media Corp., | | | | | | | | |
1.375%, 10/15/23 (f) | | | 1,290 | | | | 1,678,532 | |
| | | | | | | | |
| | | | 6,012,216 | |
| | | | | | | | |
Mining—0.3% | |
MP Materials Corp., | | | | | | | | |
0.25%, 4/1/26 (a)(c) | | | 450 | | | | 427,781 | |
SSR Mining, Inc., | | | | | | | | |
2.50%, 4/1/39 | | | 720 | | | | 858,600 | |
| | | | | | | | |
| | | | 1,286,381 | |
| | | | | | | | |
Schedule of Investments
Virtus AllianzGI Diversified Income & Convertible Fund
April 30, 2021 (unaudited) (continued)
| | | | | | | | |
| | Principal Amount (000s) | | | Value | |
|
Oil, Gas & Consumable Fuels—1.8% | |
EQT Corp., | | | | | | | | |
1.75%, 5/1/26 (a)(c) | | $ | 2,305 | | | $ | 3,421,542 | |
Pioneer Natural Resources Co., | | | | | | | | |
0.25%, 5/15/25 (a)(c)(f) | | | 2,120 | | | | 3,216,040 | |
| | | | | | | | |
| | | | 6,637,582 | |
| | | | | | | | |
Pharmaceuticals—1.3% | |
DexCom, Inc., | | | | | | | | |
0.75%, 12/1/23 (f) | | | 855 | | | | 2,015,662 | |
Jazz Investments I Ltd., | | | | | | | | |
2.00%, 6/15/26 (a)(c) | | | 2,265 | | | | 2,896,369 | |
| | | | | | | | |
| | | | 4,912,031 | |
| | | | | | | | |
Real Estate—0.2% | |
Redfin Corp., | | | | | | | | |
zero coupon, 10/15/25 (a)(c)(f) | | | 645 | | | | 776,580 | |
| | | | | | | | |
Retail—2.9% | |
American Eagle Outfitters, Inc., | | | | | | | | |
3.75%, 4/15/25 (a)(c) | | | 530 | | | | 2,133,250 | |
Burlington Stores, Inc., | | | | | | | | |
2.25%, 4/15/25 (a)(c)(f) | | | 1,765 | | | | 2,816,278 | |
Dick’s Sporting Goods, Inc., | | | | | | | | |
3.25%, 4/15/25 | | | 730 | | | | 1,792,150 | |
RH, | | | | | | | | |
zero coupon, 9/15/24 | | | 720 | | | | 2,341,162 | |
Shake Shack, Inc., | | | | | | | | |
zero coupon, 3/1/28 (a)(c)(f) | | | 1,775 | | | | 1,678,485 | |
| | | | | | | | |
| | | | 10,761,325 | |
| | | | | | | | |
Semiconductors—3.9% | |
Cree, Inc., | |
0.875%, 9/1/23 (f) | | | 330 | | | | 555,844 | |
1.75%, 5/1/26 (a)(c) | | | 335 | | | | 733,014 | |
MACOM Technology Solutions Holdings, Inc., | | | | | | | | |
0.25%, 3/15/26 (a)(c) | | | 1,645 | | | | 1,638,831 | |
Microchip Technology, Inc., | | | | | | | | |
0.125%, 11/15/24 | | | 3,980 | | | | 4,512,325 | |
Micron Technology, Inc., | | | | | | | | |
3.125%, 5/1/32, Ser. D | | | 190 | | | | 1,636,147 | |
ON Semiconductor Corp., | | | | | | | | |
1.625%, 10/15/23 (f) | | | 1,010 | | | | 1,970,131 | |
Synaptics, Inc., | | | | | | | | |
0.50%, 6/15/22 (f) | | | 875 | | | | 1,667,422 | |
Teradyne, Inc., | | | | | | | | |
1.25%, 12/15/23 (f) | | | 420 | | | | 1,660,837 | |
| | | | | | | | |
| | | | 14,374,551 | |
| | | | | | | | |
Software—8.7% | |
Atlassian, Inc., | | | | | | | | |
0.625%, 5/1/23 (f) | | | 410 | | | | 1,191,563 | |
Bentley Systems, Inc., | | | | | | | | |
0.125%, 1/15/26 (a)(c) | | | 2,445 | | | | 2,588,644 | |
Bill.com Holdings, Inc., | | | | | | | | |
zero coupon, 12/1/25 (a)(c) | | | 1,505 | | | | 1,822,931 | |
| | | | | | | | |
| | Principal Amount (000s) | | | Value | |
| | |
Blackline, Inc., | | | | | | | | |
zero coupon, 3/15/26 (a)(c) | | $ | 1,920 | | | $ | 1,892,400 | |
Cardlytics, Inc., | | | | | | | | |
1.00%, 9/15/25 (a)(c) | | | 935 | | | | 1,664,861 | |
Cloudflare, Inc., | | | | | | | | |
0.75%, 5/15/25 (a)(c)(f) | | | 870 | | | | 2,017,312 | |
Coupa Software, Inc., | | | | | | | | |
0.375%, 6/15/26 (a)(c)(f) | | | 1,980 | | | | 2,281,950 | |
Five9, Inc., | | | | | | | | |
0.50%, 6/1/25 (a)(c)(f) | | | 1,370 | | | | 2,080,250 | |
HubSpot, Inc., | | | | | | | | |
0.375%, 6/1/25 (a)(c)(f) | | | 1,165 | | | | 2,251,362 | |
LivePerson, Inc., | | | | | | | | |
zero coupon, 12/15/26 (a)(c) | | | 1,505 | | | | 1,509,665 | |
MicroStrategy, Inc., | | | | | | | | |
zero coupon, 2/15/27 (a)(c) | | | 2,670 | | | | 2,192,070 | |
MongoDB, Inc., | | | | | | | | |
0.25%, 1/15/26 | | | 945 | | | | 1,463,569 | |
RingCentral, Inc., | | | | | | | | |
zero coupon, 3/1/25 (f) | | | 1,550 | | | | 1,755,046 | |
Splunk, Inc., | | | | | | | | |
0.50%, 9/15/23 (f) | | | 730 | | | | 808,019 | |
Twilio, Inc., | | | | | | | | |
0.25%, 6/1/23 (f) | | | 255 | | | | 1,321,538 | |
Tyler Technologies, Inc., | | | | | | | | |
0.25%, 3/15/26 (a)(c)(f) | | | 1,450 | | | | 1,530,475 | |
Workday, Inc., | | | | | | | | |
0.25%, 10/1/22 | | | 735 | | | | 1,250,897 | |
Zynga, Inc. (f), | |
zero coupon, 12/15/26 (a)(c) | | | 1,145 | | | | 1,238,031 | |
0.25%, 6/1/24 | | | 1,065 | | | | 1,493,023 | |
| | | | | | | | |
| | | | 32,353,606 | |
| | | | | | | | |
Telecommunications—0.4% | |
Viavi Solutions, Inc., | | | | | | | | |
1.00%, 3/1/24 (f) | | | 1,060 | | | | 1,423,713 | |
| | | | | | | | |
Transportation—0.4% | |
Seaspan Corp., | | | | | | | | |
3.75%, 12/15/25 (a)(c)(f) | | | 1,155 | | | | 1,398,705 | |
| | | | | | | | |
| |
| | |
Total Convertible Bonds & Notes (Cost—$226,419,182) | | | | | | | 262,258,096 | |
| | | | | | | | |
| | |
| | Shares | | | | |
|
COMMON STOCK—29.2% | |
| |
Air Freight & Logistics—0.3% | | | | | |
FedEx Corp. (f) | | | 3,670 | | | | 1,065,438 | |
| | | | | | | | |
Automobiles—1.1% | |
Ford Motor Co. (h) | | | 63,240 | | | | 729,790 | |
Tesla, Inc. (f)(h) | | | 4,550 | | | | 3,227,952 | |
| | | | | | | | |
| | | | 3,957,742 | |
| | | | | | | | |
Schedule of Investments
Virtus AllianzGI Diversified Income & Convertible Fund
April 30, 2021 (unaudited) (continued)
| | | | | | | | |
| | Shares | | | Value | |
|
Banks—0.8% | |
CCF Holdings LLC (d)(e)(h) | | | 491,272 | | | $ | 196,509 | |
CCF Holdings LLC, Class M (d)(e)(h) | | | 219,990 | | | | 87,996 | |
CCF Holdings LLC, Class B (d)(e)(h) | | | 5,357 | | | | 2,143 | |
JPMorgan Chase & Co. | | | 9,190 | | | | 1,413,514 | |
Wells Fargo & Co. | | | 25,530 | | | | 1,150,126 | |
| | | | | | | | |
| | | | 2,850,288 | |
| | | | | | | | |
Biotechnology—0.3% | |
AbbVie, Inc. | | | 10,225 | | | | 1,140,088 | |
| | | | | | | | |
Capital Markets—0.5% | |
Charles Schwab Corp. | | | 11,765 | | | | 828,256 | |
S&P Global, Inc. | | | 2,855 | | | | 1,114,563 | |
| | | | | | | | |
| | | | 1,942,819 | |
| | | | | | | | |
Chemicals—0.2% | |
Chemours Co. | | | 16,600 | | | | 501,320 | |
Dow, Inc. | | | 4,055 | | | | 253,438 | |
| | | | | | | | |
| | | | 754,758 | |
| | | | | | | | |
Entertainment—0.7% | |
Activision Blizzard, Inc. (f) | | | 12,000 | | | | 1,094,280 | |
Netflix, Inc. (f)(h) | | | 1,100 | | | | 564,817 | |
Roku, Inc. (h) | | | 2,505 | | | | 859,140 | |
| | | | | | | | |
| | | | 2,518,237 | |
| | | | | | | | |
Equity Real Estate Investment Trusts (REITs)—0.4% | |
Crown Castle International Corp. | | | 7,700 | | | | 1,455,762 | |
| | | | | | | | |
Food & Staples Retailing—0.3% | |
Costco Wholesale Corp. (f) | | | 3,170 | | | | 1,179,525 | |
| | | | | | | | |
Healthcare Equipment & Supplies—1.2% | |
Abbott Laboratories | | | 11,525 | | | | 1,383,922 | |
Align Technology, Inc. (h) | | | 1,910 | | | | 1,137,462 | |
DexCom, Inc. (f)(h) | | | 1,730 | | | | 667,953 | |
Intuitive Surgical, Inc. (h) | | | 1,530 | | | | 1,323,450 | |
| | | | | | | | |
| | | | 4,512,787 | |
| | | | | | | | |
Healthcare Providers & Services—0.7% | |
UnitedHealth Group, Inc. | | | 6,700 | | | | 2,671,960 | |
| | | | | | | | |
Hotels, Restaurants & Leisure—1.3% | |
Booking Holdings, Inc. (h) | | | 745 | | | | 1,837,230 | |
Darden Restaurants, Inc. | | | 5,270 | | | | 773,214 | |
MGM Resorts International (f) | | | 15,900 | | | | 647,448 | |
Starbucks Corp. | | | 13,203 | | | | 1,511,611 | |
| | | | | | | | |
| | | | 4,769,503 | |
| | | | | | | | |
Household Durables—0.4% | |
DR Horton, Inc. (f) | | | 14,050 | | | | 1,380,974 | |
| | | | | | | | |
Industrial Conglomerates—0.3% | |
Honeywell International, Inc. | | | 4,800 | | | | 1,070,592 | |
| | | | | | | | |
Insurance—0.2% | | | | | | | | |
Aon PLC, Class A | | | 3,135 | | | | 788,264 | |
| | | | | | | | |
Interactive Media & Services—3.5% | | | | | |
Alphabet, Inc., Class A (h) | | | 2,585 | | | | 6,083,798 | |
Facebook, Inc., Class A (h) | | | 17,915 | | | | 5,823,808 | |
Match Group, Inc. (f)(h) | | | 5,534 | | | | 861,256 | |
| | | | | | | | |
| | | | | | | 12,768,862 | |
| | | | | | | | |
| | | | | | | | |
| | Shares | | | Value | |
|
Internet & Direct Marketing Retail—1.4% | |
Amazon.com, Inc. (h) | | | 1,525 | | | $ | 5,287,815 | |
| | | | | | | | |
IT Services—2.9% | | | | | | | | |
Accenture PLC, Class A | | | 3,575 | | | | 1,036,643 | |
Mastercard, Inc., Class A | | | 6,905 | | | | 2,638,124 | |
PayPal Holdings, Inc. (f)(h) | | | 8,610 | | | | 2,258,317 | |
Shopify, Inc., Class A (h) | | | 460 | | | | 543,955 | |
Square, Inc., Class A (h) | | | 3,595 | | | | 880,128 | |
Twilio, Inc., Class A (h) | | | 2,125 | | | | 781,575 | |
Visa, Inc., Class A (f) | | | 11,810 | | | | 2,758,343 | |
| | | | | | | | |
| | | | | | | 10,897,085 | |
| | | | | | | | |
Life Sciences Tools & Services—1.1% | |
Agilent Technologies, Inc. | | | 6,687 | | | | 893,651 | |
Illumina, Inc. (h) | | | 835 | | | | 328,021 | |
IQVIA Holdings, Inc. (h) | | | 6,860 | | | | 1,609,974 | |
Thermo Fisher Scientific, Inc. | | | 2,775 | | | | 1,304,888 | |
| | | | | | | | |
| | | | | | | 4,136,534 | |
| | | | | | | | |
Machinery—0.6% | | | | | | | | |
Caterpillar, Inc. (f) | | | 4,880 | | | | 1,113,177 | |
Deere & Co. (f) | | | 3,140 | | | | 1,164,469 | |
| | | | | | | | |
| | | | | | | 2,277,646 | |
| | | | | | | | |
Media—0.0% | | | | | | | | |
LiveStyle, Inc. (cost—$0; purchased 2/3/16-11/30/16) (d)(e)(g)(h)(i) | | | 13,574 | | | | — | * |
| | | | | | | | |
Metals & Mining—0.3% | | | | | | | | |
Freeport-McMoRan, Inc. | | | 32,505 | | | | 1,225,764 | |
| | | | | | | | |
Multi-Line Retail—0.3% | | | | | | | | |
Target Corp. (f) | | | 5,350 | | | | 1,108,841 | |
| | | | | | | | |
Oil, Gas & Consumable Fuels—0.3% | |
Occidental Petroleum Corp. | | | 8,170 | | | | 207,191 | |
Southwestern Energy Co. (f)(h) | | | 60,184 | | | | 256,986 | |
Valero Energy Corp. | | | 6,200 | | | | 458,552 | |
| | | | | | | | |
| | | | | | | 922,729 | |
| | | | | | | | |
Pharmaceuticals—0.9% | | | | | | | | |
Eli Lilly & Co. | | | 7,475 | | | | 1,366,206 | |
Horizon Therapeutics PLC (h) | | | 9,000 | | | | 851,580 | |
Zoetis, Inc. | | | 6,770 | | | | 1,171,413 | |
| | | | | | | | |
| | | | | | | 3,389,199 | |
| | | | | | | | |
Road & Rail—0.2% | | | | | | | | |
Union Pacific Corp. | | | 3,725 | | | | 827,285 | |
| | | | | | | | |
Semiconductors & Semiconductor Equipment—2.8% | |
Advanced Micro Devices, Inc. (f)(h) | | | 13,240 | | | | 1,080,649 | |
Broadcom, Inc. | | | 2,055 | | | | 937,491 | |
Enphase Energy, Inc. (h) | | | 5,575 | | | | 776,319 | |
Intel Corp. | | | 4,085 | | | | 235,010 | |
Lam Research Corp. | | | 2,750 | | | | 1,706,238 | |
Marvell Technology, Inc. | | | 17,190 | | | | 777,160 | |
Micron Technology, Inc. (f)(h) | | | 15,675 | | | | 1,349,147 | |
NVIDIA Corp. (f) | | | 4,022 | | | | 2,414,728 | |
QUALCOMM, Inc. | | | 6,350 | | | | 881,380 | |
| | | | | | | | |
| | | | | | | 10,158,122 | |
| | | | | | | | |
Schedule of Investments
Virtus AllianzGI Diversified Income & Convertible Fund
April 30, 2021 (unaudited) (continued)
| | | | | | | | |
| | Shares | | | Value | |
| | |
Software—3.5% | | | | | | | | |
Adobe, Inc. (h) | | | 2,840 | | | $ | 1,443,686 | |
Atlassian Corp. PLC, Class A (f)(h) | | | 2,440 | | | | 579,646 | |
Crowdstrike Holdings, Inc., Class A (f)(h) | | | 5,800 | | | | 1,209,358 | |
DocuSign, Inc. (f)(h) | | | 2,585 | | | | 576,300 | |
Intuit, Inc. | | | 3,125 | | | | 1,288,000 | |
Microsoft Corp. | | | 22,480 | | | | 5,669,006 | |
Salesforce.com, Inc. (h) | | | 3,800 | | | | 875,216 | |
ServiceNow, Inc. (f)(h) | | | 1,005 | | | | 508,902 | |
Workday, Inc., Class A (h) | | | 3,525 | | | | 870,675 | |
| | | | | | | | |
| | | | 13,020,789 | |
| | | | | | | | |
Specialty Retail—0.9% | |
Home Depot, Inc. | | | 8,800 | | | | 2,848,296 | |
TJX Cos., Inc. | | | 7,460 | | | | 529,660 | |
| | | | | | | | |
| | | | 3,377,956 | |
| | | | | | | | |
Technology Hardware, Storage & Peripherals—1.3% | |
Apple, Inc. | | | 37,634 | | | | 4,947,366 | |
| | | | | | | | |
Textiles, Apparel & Luxury Goods—0.5% | |
NIKE, Inc., Class B | | | 14,615 | | | | 1,938,241 | |
| | | | | | | | |
Total Common Stock (Cost—$87,002,892) | | | | 108,342,971 | |
| | | | | | | | |
| | |
| | Principal Amount (000s) | | | | |
|
CORPORATE BONDS & NOTES—15.1% | |
|
Advertising—0.0% | |
Clear Channel Outdoor Holdings, Inc., | | | | | | | | |
7.75%, 4/15/28 (a)(c) | | $ | 155 | | | | 159,582 | |
| | | | | | | | |
Aerospace & Defense—0.4% | |
TransDigm, Inc., | |
5.50%, 11/15/27 (f) | | | 345 | | | | 359,007 | |
6.375%, 6/15/26 | | | 140 | | | | 145,162 | |
6.50%, 5/15/25 (f) | | | 715 | | | | 724,244 | |
Triumph Group, Inc. (a)(c)(f), | |
6.25%, 9/15/24 | | | 175 | | | | 176,523 | |
8.875%, 6/1/24 | | | 180 | | | | 200,250 | |
| | | | | | | | |
| | | | 1,605,186 | |
| | | | | | | | |
Airlines—0.4% | |
American Airlines, Inc. (a)(c), | |
5.75%, 4/20/29 | | | 300 | | | | 321,450 | |
11.75%, 7/15/25 (f) | | | 300 | | | | 375,750 | |
Delta Air Lines, Inc., | | | | | | | | |
7.375%, 1/15/26 (f) | | | 375 | | | | 440,484 | |
Hawaiian Brand Intellectual Property Ltd., | | | | | | | | |
5.75%, 1/20/26 (a)(c) | | | 300 | | | | 316,875 | |
| | | | | | | | |
| | | | 1,454,559 | |
| | | | | | | | |
| | | | | | | | |
| | Principal Amount (000s) | | | Value | |
|
Auto Components—0.6% | |
American Axle & Manufacturing, Inc., | | | | | | | | |
6.50%, 4/1/27 | | $ | 590 | | | $ | 623,187 | |
Clarios Global L.P., | | | | | | | | |
8.50%, 5/15/27 (a)(c)(f) | | | 645 | | | | 696,600 | |
Goodyear Tire & Rubber Co., | |
5.00%, 5/31/26 (f) | | | 320 | | | | 328,400 | |
5.25%, 4/30/31 | | | 295 | | | | 297,272 | |
Tenneco, Inc., | | | | | | | | |
7.875%, 1/15/29 (a)(c)(f) | | | 350 | | | | 394,082 | |
| | | | | | | | |
| | | | 2,339,541 | |
| | | | | | | | |
Auto Manufacturers—0.7% | |
Ford Motor Co., | |
7.45%, 7/16/31 | | | 250 | | | | 321,563 | |
9.00%, 4/22/25 (f) | | | 530 | | | | 647,262 | |
9.625%, 4/22/30 (f) | | | 460 | | | | 645,150 | |
Ford Motor Credit Co. LLC, | | | | | | | | |
5.125%, 6/16/25 (f) | | | 150 | | | | 163,860 | |
Navistar International Corp., | | | | | | | | |
6.625%, 11/1/25 (a)(c)(f) | | | 410 | | | | 424,350 | |
Tesla, Inc., | | | | | | | | |
5.30%, 8/15/25 (a)(c)(f) | | | 255 | | | | 264,244 | |
| | | | | | | | |
| | | | 2,466,429 | |
| | | | | | | | |
Beverages—0.1% | |
Triton Water Holdings, Inc., | | | | | | | | |
6.25%, 4/1/29 (a)(c) | | | 300 | | | | 303,750 | |
| | | | | | | | |
Building Materials—0.2% | |
Builders FirstSource, Inc., | | | | | | | | |
5.00%, 3/1/30 (a)(c)(f) | | | 410 | | | | 435,112 | |
Griffon Corp., | | | | | | | | |
5.75%, 3/1/28 | | | 230 | | | | 245,525 | |
| | | | | | | | |
| | | | 680,637 | |
| | | | | | | | |
Chemicals—0.1% | |
Tronox, Inc., | | | | | | | | |
4.625%, 3/15/29 (a)(c)(f) | | | 300 | | | | 306,375 | |
| | | | | | | | |
Commercial Services—0.7% | |
Avis Budget Car Rental LLC, | | | | | | | | |
5.75%, 7/15/27 (a)(c)(f) | | | 455 | | | | 481,736 | |
Herc Holdings, Inc., | | | | | | | | |
5.50%, 7/15/27 (a)(c)(f) | | | 475 | | | | 502,312 | |
NESCO Holdings II, Inc., | | | | | | | | |
5.50%, 4/15/29 (a)(c) | | | 445 | | | | 458,350 | |
RR Donnelley & Sons Co., | | | | | | | | |
6.00%, 4/1/24 (f) | | | 915 | | | | 960,750 | |
United Rentals North America, Inc., | | | | | | | | |
5.25%, 1/15/30 (f) | | | 310 | | | | 339,063 | |
| | | | | | | | |
| | | | 2,742,211 | |
| | | | | | | | |
Computers—0.1% | |
Dell International LLC, | | | | | | | | |
7.125%, 6/15/24 (a)(c)(f) | | | 420 | | | | 431,298 | |
| | | | | | | | |
Schedule of Investments
Virtus AllianzGI Diversified Income & Convertible Fund
April 30, 2021 (unaudited) (continued)
| | | | | | | | |
| | Principal Amount (000s) | | | Value | |
|
Containers & Packaging—0.3% | |
Berry Global, Inc., | | | | | | | | |
5.625%, 7/15/27 (a)(c)(f) | | $ | 455 | | | $ | 484,575 | |
Owens-Brockway Glass Container, Inc., | | | | | | | | |
6.625%, 5/13/27 (a)(c)(f) | | | 385 | | | | 415,800 | |
Trivium Packaging Finance BV, | | | | | | | | |
8.50%, 8/15/27 (a)(c)(f) | | | 355 | | | | 379,850 | |
| | | | | | | | |
| | | | 1,280,225 | |
| | | | | | | | |
Distribution/Wholesale—0.1% | |
Performance Food Group, Inc., | | | | | | | | |
5.50%, 10/15/27 (a)(c)(f) | | | 450 | | | | 474,228 | |
| | | | | | | | |
Diversified Financial Services—0.6% | |
Nationstar Mortgage Holdings, Inc., | | | | | | | | |
5.50%, 8/15/28 (a)(c) | | | 290 | | | | 292,900 | |
Navient Corp., | |
5.00%, 3/15/27 | | | 285 | | | | 287,137 | |
6.75%, 6/15/26 (f) | | | 495 | | | | 534,600 | |
OneMain Finance Corp. (f), | |
6.625%, 1/15/28 | | | 270 | | | | 307,125 | |
8.25%, 10/1/23 | | | 835 | | | | 944,594 | |
| | | | | | | | |
| | | | 2,366,356 | |
| | | | | | | | |
Electrical Equipment—0.1% | |
WESCO Distribution, Inc., | | | | | | | | |
7.25%, 6/15/28 (a)(c)(f) | | | 210 | | | | 233,100 | |
| | | | | | | | |
Entertainment—1.0% | |
AMC Entertainment Holdings, Inc., | | | | | | | | |
6.125%, 5/15/27 (f) | | | 885 | | | | 628,350 | |
Caesars Entertainment, Inc., | | | | | | | | |
6.25%, 7/1/25 (a)(c)(f) | | | 430 | | | | 457,176 | |
Cedar Fair L.P. (f), | |
5.375%, 6/1/24 | | | 250 | | | | 251,928 | |
5.375%, 4/15/27 | | | 465 | | | | 478,601 | |
International Game Technology PLC, | | | | | | | | |
6.25%, 1/15/27 (a)(c)(f) | | | 450 | | | | 505,548 | |
Lions Gate Capital Holdings LLC, | | | | | | | | |
5.50%, 4/15/29 (a)(c) | | | 450 | | | | 451,125 | |
Scientific Games International, Inc., | | | | | | | | |
8.25%, 3/15/26 (a)(c)(f) | | | 430 | | | | 463,325 | |
Stars Group Holdings BV, | | | | | | | | |
7.00%, 7/15/26 (a)(c) | | | 425 | | | | 444,125 | |
| | | | | | | | |
| | | | 3,680,178 | |
| | | | | | | | |
Equity Real Estate Investment Trusts (REITs)—0.2% | |
Iron Mountain, Inc., | | | | | | | | |
4.875%, 9/15/27 (a)(c) | | | 425 | | | | 442,000 | |
Service Properties Trust (f), | |
4.35%, 10/1/24 | | | 125 | | | | 124,375 | |
4.50%, 3/15/25 | | | 300 | | | | 295,185 | |
| | | | | | | | |
| | | | 861,560 | |
| | | | | | | | |
Food & Beverage—0.5% | |
Kraft Heinz Foods Co., | | | | | | | | |
6.50%, 2/9/40 (f) | | | 440 | | | | 581,515 | |
| | | | | | | | |
| | Principal Amount (000s) | | | Value | |
| | |
Post Holdings, Inc., | | | | | | | | |
5.75%, 3/1/27 (a)(c)(f) | | $ | 495 | | | $ | 518,512 | |
Simmons Foods, Inc., | | | | | | | | |
4.625%, 3/1/29 (a)(c)(f) | | | 300 | | | | 302,313 | |
U.S. Foods, Inc., | | | | | | | | |
6.25%, 4/15/25 (a)(c)(f) | | | 410 | | | | 435,500 | |
| | | | | | | | |
| | | | 1,837,840 | |
| | | | | | | | |
Food Service—0.1% | |
Aramark Services, Inc., | | | | | | | | |
5.00%, 2/1/28 (a)(c)(f) | | | 390 | | | | 408,038 | |
| | | | | | | | |
Healthcare-Services—0.4% | |
Centene Corp., | | | | | | | | |
4.625%, 12/15/29 (f) | | | 395 | | | | 427,588 | |
Select Medical Corp., | | | | | | | | |
6.25%, 8/15/26 (a)(c)(f) | | | 345 | | | | 366,816 | |
Tenet Healthcare Corp., | | | | | | | | |
6.25%, 2/1/27 (a)(c)(f) | | | 730 | | | | 765,587 | |
| | | | | | | | |
| | | | 1,559,991 | |
| | | | | | | | |
Home Builders—0.1% | |
Picasso Finance Sub, Inc., | | | | | | | | |
6.125%, 6/15/25 (a)(c) | | | 274 | | | | 291,468 | |
| | | | | | | | |
Internet—0.4% | |
Go Daddy Operating Co. LLC, | | | | | | | | |
5.25%, 12/1/27 (a)(c)(f) | | | 260 | | | | 272,025 | |
Match Group Holdings II LLC, | | | | | | | | |
5.00%, 12/15/27 (a)(c)(f) | | | 220 | | | | 231,550 | |
Netflix, Inc., | | | | | | | | |
5.375%, 11/15/29 (a)(c)(f) | | | 415 | | | | 492,813 | |
Uber Technologies, Inc. (a)(c)(f), | |
7.50%, 9/15/27 | | | 190 | | | | 209,526 | |
8.00%, 11/1/26 | | | 235 | | | | 254,317 | |
| | | | | | | | |
| | | | 1,460,231 | |
| | | | | | | | |
Investment Companies—0.1% | |
Compass Group Diversified Holdings LLC, | | | | | | | | |
5.25%, 4/15/29 (a)(c) | | | 435 | | | | 458,925 | |
| | | | | | | | |
Iron/Steel—0.2% | |
Cleveland-Cliffs, Inc., | |
5.875%, 6/1/27 (f) | | | 455 | | | | 477,181 | |
9.875%, 10/17/25 (a)(c) | | | 250 | | | | 293,438 | |
| | | | | | | | |
| | | | 770,619 | |
| | | | | | | | |
Leisure—0.4% | |
Carnival Corp. (a)(c), | |
5.75%, 3/1/27 | | | 150 | | | | 158,157 | |
10.50%, 2/1/26 | | | 265 | | | | 312,342 | |
NCL Corp., Ltd., | | | | | | | | |
5.875%, 3/15/26 (a)(c) | | | 605 | | | | 632,225 | |
Royal Caribbean Cruises Ltd., | | | | | | | | |
11.50%, 6/1/25 (a)(c)(f) | | | 305 | | | | 353,324 | |
| | | | | | | | |
| | | | 1,456,048 | |
| | | | | | | | |
Lodging—0.5% | |
Boyd Gaming Corp., | | | | | | | | |
8.625%, 6/1/25 (a)(c)(f) | | | 560 | | | | 620,032 | |
Schedule of Investments
Virtus AllianzGI Diversified Income & Convertible Fund
April 30, 2021 (unaudited) (continued)
| | | | | | | | |
| | Principal Amount (000s) | | | Value | |
| | |
Hilton Domestic Operating Co., Inc., | | | | | | | | |
4.00%, 5/1/31 (a)(c) | | $ | 225 | | | $ | 227,250 | |
MGM Resorts International, | |
4.75%, 10/15/28 | | | 305 | | | | 321,738 | |
6.75%, 5/1/25 | | | 145 | | | | 155,513 | |
Wynn Las Vegas LLC, | | | | | | | | |
5.50%, 3/1/25 (a)(c)(f) | | | 430 | | | | 459,025 | |
| | | | | | | | |
| | | | 1,783,558 | |
| | | | | | | | |
Machinery-Construction & Mining—0.1% | |
Terex Corp., | | | | | | | | |
5.00%, 5/15/29 (a)(c) | | | 445 | | | | 462,800 | |
| | | | | | | | |
Media—1.1% | |
CCO Holdings LLC (a)(c), | |
4.50%, 5/1/32 | | | 380 | | | | 383,800 | |
5.375%, 6/1/29 | | | 275 | | | | 298,504 | |
Clear Channel Worldwide Holdings, Inc., | | | | | | | | |
9.25%, 2/15/24 (f) | | | 152 | | | | 158,650 | |
CSC Holdings LLC (a)(c), | |
5.00%, 11/15/31 | | | 200 | | | | 200,375 | |
5.75%, 1/15/30 | | | 140 | | | | 148,838 | |
7.50%, 4/1/28 (f) | | | 535 | | | | 589,169 | |
DISH DBS Corp., | | | | | | | | |
7.375%, 7/1/28 (f) | | | 420 | | | | 453,568 | |
Gray Television, Inc. (a)(c)(f), | |
4.75%, 10/15/30 | | | 305 | | | | 305,000 | |
5.875%, 7/15/26 | | | 295 | | | | 306,063 | |
Meredith Corp., | | | | | | | | |
6.875%, 2/1/26 | | | 293 | | | | 300,691 | |
Nexstar Broadcasting, Inc., | | | | | | | | |
5.625%, 7/15/27 (a)(c)(f) | | | 445 | | | | 470,031 | |
Virgin Media Secured Finance PLC, | | | | | | | | |
5.50%, 5/15/29 (a)(c)(f) | | | 310 | | | | 331,468 | |
| | | | | | | | |
| | | | 3,946,157 | |
| | | | | | | | |
Metal Fabricate/Hardware—0.2% | |
Park-Ohio Industries, Inc., | | | | | | | | |
6.625%, 4/15/27 (f) | | | 670 | | | | 685,075 | |
| | | | | | | | |
Mining—0.4% | |
FMG Resources August 206 Pty Ltd., | | | | | | | | |
4.375%, 4/1/31 (a)(c) | | | 305 | | | | 316,819 | |
Freeport-McMoRan, Inc., | | | | | | | | |
5.25%, 9/1/29 (f) | | | 475 | | | | 526,063 | |
Hudbay Minerals, Inc., | | | | | | | | |
4.50%, 4/1/26 (a)(c) | | | 300 | | | | 304,500 | |
Joseph T. Ryerson & Son, Inc., | | | | | | | | |
8.50%, 8/1/28 (a)(c)(f) | | | 272 | | | | 300,546 | |
| | | | | | | | |
| | | | 1,447,928 | |
| | | | | | | | |
Miscellaneous Manufacturing—0.1% | |
Koppers, Inc., | | | | | | | | |
6.00%, 2/15/25 (a)(c)(f) | | | 305 | | | | 313,388 | |
| | | | | | | | |
Oil, Gas & Consumable Fuels—1.0% | |
Antero Resources Corp., | | | | | | | | |
7.625%, 2/1/29 (a)(c) | | | 300 | | | | 325,335 | |
| | | | | | | | |
| | Principal Amount (000s) | | | Value | |
| | |
CITGO Petroleum Corp., | | | | | | | | |
6.375%, 6/15/26 (a)(c) | | $ | 135 | | | $ | 138,389 | |
CNX Resources Corp., | | | | | | | | |
7.25%, 3/14/27 (a)(c)(f) | | | 295 | | | | 318,665 | |
Comstock Resources, Inc., | | | | | | | | |
6.75%, 3/1/29 (a)(c) | | | 295 | | | | 301,342 | |
Continental Resources, Inc., | |
4.375%, 1/15/28 (f) | | | 160 | | | | 174,000 | |
5.75%, 1/15/31 (a)(c) | | | 180 | | | | 208,800 | |
EQT Corp., | | | | | | | | |
8.50%, 2/1/30 (f) | | | 265 | | | | 338,869 | |
Occidental Petroleum Corp. (f), | |
5.55%, 3/15/26 | | | 510 | | | | 547,612 | |
6.625%, 9/1/30 | | | 220 | | | | 250,800 | |
PBF Holding Co. LLC, | | | | | | | | |
6.00%, 2/15/28 (f) | | | 425 | | | | 320,699 | |
PDC Energy, Inc., | | | | | | | | |
5.75%, 5/15/26 (f) | | | 435 | | | | 452,261 | |
Sunoco L.P., | | | | | | | | |
5.875%, 3/15/28 (f) | | | 120 | | | | 126,900 | |
USA Compression Partners L.P., | | | | | | | | |
6.875%, 9/1/27 (f) | | | 300 | | | | 315,660 | |
| | | | | | | | |
| | | | 3,819,332 | |
| | | | | | | | |
Paper & Forest Products—0.1% | |
Mercer International, Inc., | | | | | | | | |
5.125%, 2/1/29 (a)(c) | | | 300 | | | | 310,125 | |
| | | | | | | | |
Personal Products—0.1% | |
Edgewell Personal Care Co., | | | | | | | | |
5.50%, 6/1/28 (a)(c)(f) | | | 300 | | | | 318,750 | |
| | | | | | | | |
Pharmaceuticals—0.7% | |
AdaptHealth LLC, | | | | | | | | |
4.625%, 8/1/29 (a)(c) | | | 455 | | | | 452,457 | |
Bausch Health Americas, Inc., | | | | | | | | |
8.50%, 1/31/27 (a)(c)(f) | | | 550 | | | | 612,562 | |
Bausch Health Cos., Inc., | | | | | | | | |
7.25%, 5/30/29 (a)(c)(f) | | | 450 | | | | 498,640 | |
Horizon Therapeutics USA, Inc., | | | | | | | | |
5.50%, 8/1/27 (a)(c)(f) | | | 285 | | | | 304,950 | |
Jazz Securities DAC, | | | | | | | | |
4.375%, 1/15/29 (a)(c) | | | 305 | | | | 311,863 | |
Organon Finance 1 LLC, | | | | | | | | |
5.125%, 4/30/31 (a)(c) | | | 295 | | | | 306,092 | |
| | | | | | | | |
| | | | 2,486,564 | |
| | | | | | | | |
Pipelines—0.7% | |
Cheniere Energy Partners L.P., | | | | | | | | |
5.625%, 10/1/26 (f) | | | 315 | | | | 328,388 | |
Crestwood Midstream Partners L.P., | |
5.75%, 4/1/25 (f) | | | 220 | | | | 225,775 | |
6.00%, 2/1/29 (a)(c) | | | 235 | | | | 242,931 | |
DCP Midstream Operating L.P., | | | | | | | | |
5.125%, 5/15/29 (f) | | | 370 | | | | 394,975 | |
EQM Midstream Partners L.P. (a)(c), | |
4.75%, 1/15/31 | | | 155 | | | | 153,433 | |
6.50%, 7/1/27 (f) | | | 290 | | | | 320,228 | |
Schedule of Investments
Virtus AllianzGI Diversified Income & Convertible Fund
April 30, 2021 (unaudited) (continued)
| | | | | | | | |
| | Principal Amount (000s) | | | Value | |
| | |
NGL Energy Operating LLC, | | | | | | | | |
7.50%, 2/1/26 (a)(c) | | $ | 290 | | | $ | 303,775 | |
NuStar Logistics L.P., | | | | | | | | |
6.375%, 10/1/30 | | | 305 | | | | 335,881 | |
Targa Resources Partners L.P., | | | | | | | | |
6.50%, 7/15/27 (f) | | | 335 | | | | 364,312 | |
| | | | | | | | |
| | | | 2,669,698 | |
| | | | | | | | |
Real Estate—0.1% | |
Kennedy-Wilson, Inc., | | | | | | | | |
5.00%, 3/1/31 | | | 445 | | | | 460,526 | |
| | | | | | | | |
Retail—0.2% | |
Asbury Automotive Group Inc, | | | | | | | | |
4.75%, 3/1/30 | | | 267 | | | | 279,015 | |
L Brands, Inc., | | | | | | | | |
6.625%, 10/1/30 (a)(c) | | | 325 | | | | 374,549 | |
| | | | | | | | |
| | | | 653,564 | |
| | | | | | | | |
Semiconductors—0.2% | |
Amkor Technology, Inc., | | | | | | | | |
6.625%, 9/15/27 (a)(c)(f) | | | 605 | | | | 651,204 | |
| | | | | | | | |
Software—0.3% | |
Rackspace Technology Global, Inc., | | | | | | | | |
5.375%, 12/1/28 (a)(c)(f) | | | 415 | | | | 423,665 | |
SS&C Technologies, Inc., | | | | | | | | |
5.50%, 9/30/27 (a)(c)(f) | | | 480 | | | | 509,940 | |
| | | | | | | | |
| | | | 933,605 | |
| | | | | | | | |
Telecommunications—1.1% | |
Avaya, Inc., | | | | | | | | |
6.125%, 9/15/28 (a)(c)(f) | | | 420 | | | | 446,250 | |
Cincinnati Bell, Inc., | | | | | | | | |
7.00%, 7/15/24 (a)(c)(f) | | | 330 | | | | 340,725 | |
CommScope Technologies LLC, | | | | | | | | |
6.00%, 6/15/25 (a)(c)(f) | | | 486 | | | | 494,505 | |
Hughes Satellite Systems Corp., | | | | | | | | |
6.625%, 8/1/26 | | | 400 | | | | 442,000 | |
LogMeIn, Inc., | | | | | | | | |
5.50%, 9/1/27 (a)(c) | | | 430 | | | | 448,172 | |
Lumen Technologies, Inc. (a)(c), | |
4.50%, 1/15/29 | | | 305 | | | | 300,425 | |
5.125%, 12/15/26 (f) | | | 490 | | | | 513,888 | |
Plantronics, Inc., | | | | | | | | |
4.75%, 3/1/29 (a)(c)(f) | | | 315 | | | | 310,275 | |
Sprint Corp., | | | | | | | | |
7.625%, 3/1/26 (f) | | | 465 | | | | 570,206 | |
T-Mobile USA, Inc., | | | | | | | | |
3.50%, 4/15/31 | | | 295 | | | | 299,425 | |
| | | | | | | | |
| | | | 4,165,871 | |
| | | | | | | | |
Toys/Games/Hobbies—0.1% | |
Mattel, Inc., | | | | | | | | |
5.875%, 12/15/27 (a)(c)(f) | | | 170 | | | | 186,788 | |
| | | | | | | | |
| | | | | | | | |
| | Principal Amount (000s) | | | Value | |
|
Transportation—0.3% | |
Fortress Transportation and Infrastructure Investors LLC (a)(c), | | | | | | | | |
5.50%, 5/1/28 | | $ | 150 | | | $ | 155,437 | |
9.75%, 8/1/27 (f) | | | 265 | | | | 306,075 | |
XPO Logistics, Inc., | | | | | | | | |
6.125%, 9/1/23 (a)(c)(f) | | | 600 | | | | 607,950 | |
| | | | | | | | |
| | | | 1,069,462 | |
| | | | | | | | |
Total Corporate Bonds & Notes (Cost—$53,651,242) | | | | 55,992,770 | |
| | | | | | | | |
| | |
| | Shares | | | | |
|
CONVERTIBLE PREFERRED STOCK—10.7% | |
|
Auto Components—0.6% | |
Aptiv PLC, | | | | | | | | |
5.50%, 6/15/23, Ser. A | | | 12,960 | | | | 2,116,368 | |
| | | | | | | | |
Diversified Financial Services—1.0% | |
2020 Mandatory Exchangeable Trust, | | | | | | | | |
6.50%, 5/16/23 (a)(c)(f) | | | 570 | | | | 1,035,348 | |
KKR & Co., Inc., | | | | | | | | |
6.00%, 9/15/23, Ser. C (f) | | | 37,580 | | | | 2,817,748 | |
| | | | | | | | |
| | | | 3,853,096 | |
| | | | | | | | |
Electric Utilities—1.9% | |
AES Corp., | | | | | | | | |
6.875%, 2/15/24 | | | 14,355 | | | | 1,564,551 | |
NextEra Energy, Inc., | |
5.279%, 3/1/23 (f) | | | 67,060 | | | | 3,377,812 | |
6.219%, 9/1/23 | | | 39,525 | | | | 1,994,827 | |
| | | | | | | | |
| | | | 6,937,190 | |
| | | | | | | | |
Environmental Services—0.4% | |
GFL Environmental, Inc., | | | | | | | | |
6.00%, 3/15/23 (f) | | | 19,260 | | | | 1,474,738 | |
| | | | | | | | |
Hand/Machine Tools—0.7% | |
Stanley Black & Decker, Inc., | | | | | | | | |
5.25%, 11/15/22 (f) | | | 22,970 | | | | 2,802,570 | |
| | | | | | | | |
Healthcare-Products—3.0% | |
Avantor, Inc., | | | | | | | | |
6.25%, 5/15/22, Ser. A (f) | | | 29,025 | | | | 2,868,831 | |
Boston Scientific Corp., | | | | | | | | |
5.50%, 6/1/23, Ser. A | | | 20,065 | | | | 2,359,243 | |
Danaher Corp., | | | | | | | | |
4.75%, 4/15/22, Ser. A (f) | | | 3,385 | | | | 5,800,231 | |
| | | | | | | | |
| | | | 11,028,305 | |
| | | | | | | | |
Machinery-Diversified—0.4% | |
Colfax Corp., | | | | | | | | |
5.75%, 1/15/22 | | | 9,000 | | | | 1,654,020 | |
| | | | | | | | |
Media—0.4% | |
ViacomCBS, Inc., | | | | | | | | |
5.75%, 4/1/24, Ser. A | | | 21,340 | | | | 1,548,004 | |
| | | | | | | | |
Schedule of Investments
Virtus AllianzGI Diversified Income & Convertible Fund
April 30, 2021 (unaudited) (continued)
| | | | | | | | |
| | Shares | | | Value | |
|
Semiconductors—1.4% | |
Broadcom, Inc., | | | | | | | | |
8.00%, 9/30/22, Ser. A (f) | | | 3,490 | | | $ | 5,058,581 | |
| | | | | | | | |
Telecommunications—0.9% | |
2020 Cash Mandatory Exchangeable Trust, | | | | | | | | |
5.25%, 6/1/23 (a)(c)(f) | | | 2,785 | | | | 3,270,509 | |
| | | | | | | | |
Total Convertible Preferred Stock (Cost—$33,012,335) | | | | 39,743,381 | |
| | | | | | | | |
| | |
| | Principal Amount (000s) | | | | |
|
SENIOR LOANS (a)(b)—0.4% | |
|
Entertainment—0.1% | |
Music Technology Holdings, LLC, | | | | | | | | |
(3 mo. PIK + 8.000%), 8.000%, 12/16/22, Fixed PIK Term Loan | | $ | 374 | | | | 373,541 | |
| | | | | | | | |
Healthcare-Products—0.1% | |
Avantor Funding, Inc., | | | | | | | | |
(1 mo. LIBOR + 2.250%), 3.250%, 11/8/27, 2020 Incremental Term Loan B4 | | | 314 | | | | 314,134 | |
| | | | | | | | |
Software—0.1% | |
Camelot U.S. Acquisition 1 Co., | | | | | | | | |
(1 mo. LIBOR + 3.000%), 3.113%, 10/30/26, Term Loan B | | | 323 | | | | 320,210 | |
| | | | | | | | |
Specialty Retail—0.1% | |
Petco Health and Wellness Co., Inc., | | | | | | | | |
(3 mo. LIBOR + 3.250%), 4.000%, 3/3/28, 2021 Term Loan B | | | 235 | | | | 233,498 | |
| | | | | | | | |
Total Senior Loans (Cost—$1,244,563) | | | | 1,241,383 | |
| | | | | | | | |
| | |
| | Shares | | | | |
|
PREFERRED STOCK (a)(d)(e)(h)(i)—0.3% | |
|
Media—0.3% | |
LiveStyle, Inc., Ser. A (cost—$52,401; purchased 2/10/16-12/01/16) (g) | | | 532 | | | | 81,322 | |
LiveStyle, Inc., Ser. B (cost—$1,127,441; purchased 2/3/16-11/30/16) (g) | | | 11,500 | | | | 1,150,000 | |
LiveStyle, Inc., Ser. B | | | 1,250 | | | | 12 | |
| | | | | | | | |
Total Preferred Stock (Cost—$2,429,842) | | | | 1,231,334 | |
| | | | | | | | |
| | | | | | | | |
| | Units | | | Value | |
|
WARRANTS (d)(e)(h)—0.0% | |
|
Banks—0.0% | |
CCF Holdings LLC, expires 3/25/26 | | | 363,920 | | | $ | 76,423 | |
| | | | | | | | |
Media—0.0% | |
LiveStyle, Inc., expires 11/30/21, Ser. C (a)(i) | | | 3,000 | | | | — | * |
| | | | | | | | |
Total Warrants (Cost—$0) | | | | 76,423 | |
| | | | | | | | |
| | |
| | Principal Amount (000s) | | | | |
|
Repurchase Agreements—2.4% | |
State Street Bank and Trust Co., dated 4/30/21, 0.00%, due 5/3/21, proceeds $9,023,000; collateralized by U.S. Treasury Inflation Indexed Notes, 0.375%, due 1/15/27, valued at $9,203,528 including accrued interest (cost—$9,023,000) | | $ | 9,023 | | | | 9,023,000 | |
| | | | | | | | |
| |
Total Investments, before options written (cost—$412,783,056)—128.7% | | | | 477,909,358 | |
| | | | | | | | |
| |
Total Options Written—(0.0)% (premiums received—$69,363) (h) | | | | (59,539 | ) |
| | | | | | | | |
| |
Total Investments, net of options written (cost—$412,713,693)—128.7% | | | | 477,849,819 | |
| | | | | | | | |
| |
Other assets and liabilities, net—(28.7)% | | | | (106,532,161 | ) |
| | | | | | | | |
| |
Net Assets—100.0% | | | $ | 371,317,658 | |
| | | | | | | | |
Abbreviations:
LIBOR—London Inter-Bank Offered Rate
PIK—Payment-in-Kind
REIT—Real Estate Investment Trust
Schedule of Investments
Virtus AllianzGI Diversified Income & Convertible Fund
April 30, 2021 (unaudited) (continued)
Footnote Legend:
* | Actual amount rounds to less than $1. |
(a) | Private Placement—Restricted as to resale and may not have a readily available market. Private placement securities may include Rule 144A securities. These securities have an aggregate value of $207,523,962, representing 55.9% of net assets. |
(b) | These securities generally pay interest at rates which are periodically pre-determined by reference to a base lending rate plus a premium. These base lending rates are generally either the lending rate offered by one or more major European banks, such as the “LIBOR” or the prime rate offered by one or more major United States banks, or the certificate of deposit rate. These securities are generally considered to be restricted as the Fund is ordinarily contractually obligated to receive approval from the Agent bank and/or borrower prior to disposition. Remaining maturities of senior loans may be less than the stated maturities shown as a result of contractual or optional payments by the borrower. Such prepayments cannot be predicted with certainty. The interest rate disclosed reflects the rate in effect on April 30, 2021. |
(c) | 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 April 30, 2021, these securities amounted to a value of $205,051,245 or 55.2% of net assets. |
(d) | Fair-Valued—Securities with an aggregate value of $1,594,405, representing 0.4% of net assets. |
(f) | All or partial amount segregated for the benefit of the counterparty as collateral for options written and long-term and short-term loan financing. |
(g) | Restricted. The aggregate cost of such securities is $1,179,842. The aggregate value is $1,231,322, representing 0.3% of net assets. |
(i) | A member of the Fund’s portfolio management team is a member of the board of directors of LiveStyle, Inc. The Fund’s aggregate value of investments in LiveStyle, Inc. represents 0.3% of net assets. |
Options written contracts outstanding at April 30, 2021:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Description | | Exercise Price | | | Expiration Date | | | Number of Contracts | | | Notional Amount | | | Market Value | | | Premiums Received | | | Unrealized Appreciation (Depreciation) | |
Call options: | |
Activision Blizzard, Inc. | | | 106.00 USD | | | | 5/21/21 | | | | (28 | ) | | $ | (2,800 | ) | | $ | (896 | ) | | $ | (1,421 | ) | | $ | 525 | |
Advanced Micro Devices, Inc. | | | 105.00 USD | | | | 5/21/21 | | | | (45 | ) | | | (4,500 | ) | | | (450 | ) | | | (2,842 | ) | | | 2,392 | |
Atlassian Corp. PLC | | | 270.00 USD | | | | 5/21/21 | | | | (13 | ) | | | (1,300 | ) | | | (715 | ) | | | (2,452 | ) | | | 1,737 | |
Caterpillar, Inc. | | | 245.00 USD | | | | 5/21/21 | | | | (22 | ) | | | (2,200 | ) | | | (1,980 | ) | | | (2,017 | ) | | | 37 | |
Costco Wholesale Corp. | | | 385.00 USD | | | | 5/21/21 | | | | (13 | ) | | | (1,300 | ) | | | (2,353 | ) | | | (2,226 | ) | | | (127 | ) |
Crowdstrike Holdings, Inc. | | | 245.00 USD | | | | 5/21/21 | | | | (30 | ) | | | (3,000 | ) | | | (1,890 | ) | | | (2,536 | ) | | | 646 | |
Deere & Co. | | | 415.00 USD | | | | 5/21/21 | | | | (16 | ) | | | (1,600 | ) | | | (1,744 | ) | | | (2,080 | ) | | | 336 | |
DexCom, Inc. | | | 440.00 USD | | | | 5/21/21 | | | | (8 | ) | | | (800 | ) | | | (560 | ) | | | (856 | ) | | | 296 | |
DocuSign, Inc. | | | 250.00 USD | | | | 5/21/21 | | | | (13 | ) | | | (1,300 | ) | | | (1,378 | ) | | | (1,888 | ) | | | 510 | |
DR Horton, Inc. | | | 105.00 USD | | | | 5/21/21 | | | | (35 | ) | | | (3,500 | ) | | | (2,450 | ) | | | (2,608 | ) | | | 158 | |
FedEx Corp. | | | 320.00 USD | | | | 5/21/21 | | | | (19 | ) | | | (1,900 | ) | | | (1,311 | ) | | | (1,981 | ) | | | 670 | |
Match Group, Inc. | | | 180.00 USD | | | | 5/21/21 | | | | (30 | ) | | | (3,000 | ) | | | (4,095 | ) | | | (3,920 | ) | | | (175 | ) |
MGM Resorts International | | | 45.00 USD | | | | 5/21/21 | | | | (80 | ) | | | (8,000 | ) | | | (2,640 | ) | | | (2,971 | ) | | | 331 | |
Microchip Technology, Inc. | | | 96.00 USD | | | | 5/21/21 | | | | (80 | ) | | | (8,000 | ) | | | (4,080 | ) | | | (4,971 | ) | | | 891 | |
Netflix, Inc. | | | 640.00 USD | | | | 5/21/21 | | | | (8 | ) | | | (800 | ) | | | (192 | ) | | | (2,500 | ) | | | 2,308 | |
NVIDIA Corp. | | | 675.00 USD | | | | 5/21/21 | | | | (20 | ) | | | (2,000 | ) | | | (3,880 | ) | | | (5,176 | ) | | | 1,296 | |
PayPal Holdings, Inc. | | | 305.00 USD | | | | 5/21/21 | | | | (44 | ) | | | (4,400 | ) | | | (3,960 | ) | | | (4,823 | ) | | | 863 | |
ServiceNow, Inc. | | | 600.00 USD | | | | 5/21/21 | | | | (7 | ) | | | (700 | ) | | | (315 | ) | | | (2,895 | ) | | | 2,580 | |
Target Corp. | | | 230.00 USD | | | | 5/21/21 | | | | (30 | ) | | | (3,000 | ) | | | (2,850 | ) | | | (2,847 | ) | | | (3 | ) |
Tesla, Inc. | | | 850.00 USD | | | | 5/21/21 | | | | (25 | ) | | | (2,500 | ) | | | (6,275 | ) | | | (10,799 | ) | | | 4,524 | |
Visa, Inc. | | | 235.00 USD | | | | 5/21/21 | | | | (45 | ) | | | (4,500 | ) | | | (15,525 | ) | | | (5,554 | ) | | | (9,971 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total options written contracts | | | | | | | | | | | $ | (59,539 | ) | | $ | (69,363 | ) | | $ | 9,824 | |
| | | | | | | | | | | | | | | | | | | | | |
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 a 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 trading in the U.S. markets for investments such as ADRs, 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 convertible bonds and 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, activity of the underlying equities, 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 and futures, that are actively traded are valued at the last posted settlement price from the exchange where they are principally traded and are categorized as Level 1 in the hierarchy. Over-the-counter (“OTC”) derivative contracts, which include forward currency contracts, swaps, swaptions, options and equity linked instruments, are valued based on model prices provided by independent pricing services or from dealer quotes. Depending on the derivative type and the specific terms of the transaction, these models vary and include observable inputs in actively quoted markets including but not limited to: underlying reference entity details, indices, spreads, interest rates, yield curves, dividend and exchange rates. These instruments are generally categorized as Level 2 in the hierarchy. Centrally cleared swaps listed or traded on a bilateral or trade facility platform, such as a registered exchange, are valued at the last posted settlement price determined by the respective exchange. These securities are generally categorized as Level 2 within 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.
The following is a summary of the inputs used to value the Fund’s net assets by each major security type. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
| | | | | | | | | | | | | | | | |
| | Level 1 - Quoted Prices | | | Level 2 - Other Significant Observable Inputs | | | Level 3 - Significant Unobservable Inputs | | | Total Value at 4/30/21 | |
Assets: | |
Convertible Bonds & Notes | | | — | | | $ | 262,258,096 | | | | — | | | $ | 262,258,096 | |
Common Stock | | $ | 108,056,323 | | | | — | | | $ | 286,648 | | | | 108,342,971 | |
Corporate Bonds & Notes | | | — | | | | 55,992,770 | | | | — | | | | 55,992,770 | |
Convertible Preferred Stock | | | 35,437,524 | | | | 4,305,857 | | | | — | | | | 39,743,381 | |
Senior Loans | | | — | | | | 1,241,383 | | | | — | | | | 1,241,383 | |
Preferred Stock | | | — | | | | — | | | | 1,231,334 | | | | 1,231,334 | |
Warrants | | | — | | | | — | | | | 76,423 | | | | 76,423 | |
Repurchase Agreements | | | — | | | | 9,023,000 | | | | — | | | | 9,023,000 | |
| | | | | | | | | | | | | | | | |
| | | 143,493,847 | | | | 332,821,106 | | | | 1,594,405 | | | | 477,909,358 | |
| | | | | | | | | | | | | | | | |
Liabilities: | |
Options Written | | | (59,539 | ) | | | — | | | | — | | | | (59,539 | ) |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 143,434,308 | | | $ | 332,821,106 | | | $ | 1,594,405 | | | $ | 477,849,819 | |
| | | | | | | | | | | | | | | | |
There were no transfers into or out of Level 3 related to securities held at April 30, 2021.
Management has determined that the total value of Level 3 securities compared to total net assets is not material; therefore, the rollforward of Level 3 securities and valuation inputs are not shown for the period ended April 30, 2021.