VIRTUS Tactical Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023
($ reported in thousands)
| Par Value | Value | ||
| U.S. Government Securities—4.5% | |||
| U.S. Treasury Bonds | |||
| 2.375%, 2/15/42 | $ 2,780 | $ 2,164 | |
| 3.250%, 5/15/42 | 1,195 | 1,066 | |
| 3.000%, 8/15/48 | 7,650 | 6,454 | |
| 2.000%, 2/15/50 | 2,045 | 1,402 | |
| 1.375%, 8/15/50 | 12,745 | 7,406 | |
| 1.875%, 2/15/51 | 5,255 | 3,480 | |
| 2.000%, 8/15/51 | 440 | 300 | |
| 2.250%, 2/15/52 | 35 | 25 | |
| 2.875%, 5/15/52 | 2,335 | 1,935 | |
| 3.625%, 2/15/53 | 425 | 408 | |
| 3.625%, 5/15/53 | 2,755 | 2,648 | |
| U.S. Treasury Notes 1.125%, 2/15/31 | 1,320 | 1,085 | |
| Total U.S. Government Securities (Identified Cost $37,158) | 28,373 | ||
| Municipal Bonds—1.4% | |||
| California—0.1% | |||
| Santa Clara Valley Water District Series B, Taxable 2.967%, 6/1/50 | 510 | 357 | |
| University of California, Series B-A, Taxable 4.428%, 5/15/48 | 380 | 335 | |
| 692 | |||
| Florida—0.3% | |||
| Broward County, Water & Sewer Utility Revenue Series A 4.000%, 10/1/47 | 2,115 | 2,084 | |
| Idaho—0.1% | |||
| Idaho Health Facilities Authority St. Luke’s Health System Revenue Taxable Series B 5.020%, 3/1/48 | 450 | 416 | |
| Illinois—0.0% | |||
| Sales Tax Securitization Corp. Series B, Second Lien, Taxable (BAM Insured) 3.411%, 1/1/43 | 70 | 55 | |
| New York—0.6% | |||
| Metropolitan Transportation Authority Revenue Taxable Series A 5.000%, 11/15/45 | 2,555 | 2,793 | |
| New York State Environmental Facilities Corp. Revenue Taxable 5.000%, 6/15/51 | 1,065 | 1,171 | |
| 3,964 | |||
| Texas—0.2% | |||
| City of San Antonio, General Obligation Taxable 1.963%, 2/1/33 | 530 | 424 | |
| State of Texas, General Obligation Taxable 3.211%, 4/1/44 | 180 | 146 | |
| Texas Public Finance Authority Revenue Taxable 2.140%, 2/1/35 | 585 | 453 | |
| Par Value | Value | ||
| Texas—continued | |||
| Texas Transportation Commission State Highway Fund Revenue Taxable 4.000%, 10/1/33 | $ 160 | $ 152 | |
| 1,175 | |||
| Virginia—0.1% | |||
| City of Bristol, General Obligation Taxable (State AID Withholding Insured) 4.210%, 1/1/42 | 640 | 565 | |
| Total Municipal Bonds (Identified Cost $9,998) | 8,951 | ||
| Foreign Government Securities—0.5% | |||
| Bolivarian Republic of Venezuela | |||
| 9.375%, 1/13/34(1) | 130 | 10 | |
| RegS 8.250%, 10/13/24(1)(2) | 40 | 3 | |
| RegS 7.650%, 4/21/25(1)(2) | 320 | 26 | |
| Dominican Republic 144A 4.875%, 9/23/32(3) | 820 | 698 | |
| Emirate of Dubai Government International Bonds RegS 5.250%, 1/30/43(2) | 540 | 507 | |
| Federative Republic of Brazil 6.000%, 10/20/33 | 620 | 612 | |
| Republic of Serbia 144A 6.500%, 9/26/33(3) | 235 | 230 | |
| United Mexican States | |||
| 2.659%, 5/24/31 | 645 | 535 | |
| 6.350%, 2/9/35 | 695 | 729 | |
| Total Foreign Government Securities (Identified Cost $3,888) | 3,350 | ||
| Mortgage-Backed Securities—8.4% | |||
| Agency—1.0% | |||
| Federal Home Loan Mortgage Corporation | |||
| Pool #A46224 5.000%, 7/1/35 | 43 | 43 | |
| Pool #A62213 6.000%, 6/1/37 | 80 | 83 | |
| Federal National Mortgage Association | |||
| Pool #254549 6.000%, 12/1/32 | 12 | 13 | |
| Pool #310041 6.500%, 5/1/37 | 76 | 81 | |
| Pool #735061 6.000%, 11/1/34 | 94 | 97 | |
| Pool #880117 5.500%, 4/1/36 | 3 | 3 | |
| Pool #909092 6.000%, 9/1/37 | 5 | 6 | |
| Pool #909175 5.500%, 4/1/38 | 53 | 54 | |
| Pool #909220 6.000%, 8/1/38 | 57 | 59 | |
| Pool #929625 5.500%, 6/1/38 | 69 | 71 | |
See Notes to Schedule of Investments
1
VIRTUS Tactical Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023
($ reported in thousands)
| Par Value | Value | ||
| Agency—continued | |||
| Pool #938574 5.500%, 9/1/36 | $ 54 | $ 55 | |
| Pool #972569 5.000%, 3/1/38 | 65 | 64 | |
| Pool #FS4438 5.000%, 11/1/52 | 1,883 | 1,847 | |
| Pool #MA4785 5.000%, 10/1/52 | 1,686 | 1,653 | |
| Pool #MA4805 4.500%, 11/1/52 | 1,075 | 1,034 | |
| Pool #MA5072 5.500%, 7/1/53 | 1,045 | 1,040 | |
| 6,203 | |||
| Non-Agency—7.4% | |||
| Ajax Mortgage Loan Trust | |||
| 2019-D, A1 144A 2.956%, 9/25/65(3)(4) | 363 | 333 | |
| 2021-A, A1 144A 1.065%, 9/25/65(3)(4) | 415 | 362 | |
| American Homes 4 Rent Trust | |||
| 2014-SFR2, C 144A 4.705%, 10/17/36(3) | 1,050 | 1,025 | |
| 2015-SFR2, C 144A 4.691%, 10/17/52(3) | 335 | 324 | |
| AMSR Trust | |||
| 2020-SFR1, B 144A 2.120%, 4/17/37(3) | 530 | 490 | |
| 2020-SFR2, C 144A 2.533%, 7/17/37(3) | 750 | 693 | |
| 2020-SFR2, D 144A 3.282%, 7/17/37(3) | 770 | 718 | |
| Angel Oak Mortgage Trust | |||
| 2020-4, A1 144A 1.469%, 6/25/65(3)(4) | 371 | 340 | |
| 2022-5, A1 144A 4.500%, 5/25/67(3)(4) | 235 | 224 | |
| Angel Oak SB Commercial Mortgage Trust 2020-SBC1, A1 144A 2.068%, 5/25/50(3)(4) | 504 | 456 | |
| Arroyo Mortgage Trust | |||
| 2019-1, A1 144A 3.805%, 1/25/49(3)(4) | 135 | 125 | |
| 2019-2, A1 144A 3.347%, 4/25/49(3)(4) | 754 | 696 | |
| 2022-1, A1B 144A 3.269%, 12/25/56(3)(4) | 670 | 580 | |
| Benchmark Mortgage Trust 2023-B38, A2 5.626%, 4/15/56 | 525 | 513 | |
| BPR Trust 2021-KEN, A (1 month Term SOFR + 1.364%, Cap N/A, Floor 1.250%) 144A 6.511%, 2/15/29(3)(4) | 920 | 903 | |
| BX Commercial Mortgage Trust 2022-LP2, D (1 month Term SOFR + 1.961%, Cap N/A, Floor 1.961%) 144A 7.108%, 2/15/39(3)(4) | 246 | 234 | |
| BX Trust 2019-OC11, D 144A 4.075%, 12/9/41(3)(4) | 1,379 | 1,146 | |
| Cascade MH Asset Trust 2021-MH1, A1 144A 1.753%, 2/25/46(3) | 984 | 835 | |
| Par Value | Value | ||
| Non-Agency—continued | |||
| Chase Mortgage Finance Corp. | |||
| 2016-SH1, M2 144A 3.750%, 4/25/45(3)(4) | $ 140 | $ 125 | |
| 2016-SH2, M2 144A 3.750%, 12/25/45(3)(4) | 309 | 267 | |
| CHL Mortgage Pass-Through Trust 2004-6, 1A2 4.890%, 5/25/34(4) | 115 | 105 | |
| CIM Trust 2022-R2, A1 144A 3.750%, 12/25/61(3)(4) | 769 | 705 | |
| Citigroup Mortgage Loan Trust, Inc. 2018-RP1, A1 144A 3.000%, 9/25/64(3)(4) | 290 | 274 | |
| COLT Mortgage Loan Trust 2022-5, A1 144A 4.550%, 4/25/67(3)(4) | 1,053 | 1,012 | |
| COMM Mortgage Trust 2020-CBM, B 144A 3.099%, 2/10/37(3) | 490 | 453 | |
| CoreVest American Finance Issuer LLC 2021-RTL1, A1 144A 2.239%, 3/28/29(3)(4) | 290 | 264 | |
| CoreVest American Finance Trust | |||
| 2019-3, C 144A 3.265%, 10/15/52(3) | 295 | 247 | |
| 2020-1, A1 144A 1.832%, 3/15/50(3) | 205 | 194 | |
| 2020-3, A 144A 1.358%, 8/15/53(3) | 372 | 335 | |
| 2020-4, A 144A 1.174%, 12/15/52(3) | 474 | 427 | |
| Credit Suisse Mortgage Capital Trust | |||
| 2017-RPL1, A1 144A 2.750%, 7/25/57(3)(4) | 333 | 316 | |
| 2020-NQM1, A1 144A 1.208%, 5/25/65(3)(4) | 73 | 65 | |
| 2020-RPL4, A1 144A 2.000%, 1/25/60(3)(4) | 279 | 240 | |
| 2021-NQM1, A1 144A 0.809%, 5/25/65(3)(4) | 123 | 102 | |
| Ellington Financial Mortgage Trust | |||
| 2019-2, A3 144A 3.046%, 11/25/59(3)(4) | 35 | 32 | |
| 2022-1, A1 144A 2.206%, 1/25/67(3)(4) | 379 | 315 | |
| FirstKey Homes Trust | |||
| 2020-SFR2, B 144A 1.567%, 10/19/37(3) | 645 | 580 | |
| 2021-SFR1, D 144A 2.189%, 8/17/38(3) | 880 | 756 | |
| Flagstar Mortgage Trust 2017-1, 1A3 144A 3.500%, 3/25/47(3)(4) | 83 | 73 | |
| Galton Funding Mortgage Trust | |||
| 2017-1, A21 144A 3.500%, 7/25/56(3)(4) | 14 | 12 | |
| 2018-1, A23 144A 3.500%, 11/25/57(3)(4) | 331 | 295 | |
| GCAT Trust 2020-NQM1, A1 144A 2.247%, 1/25/60(3)(4) | 23 | 21 | |
| GCT Commercial Mortgage Trust 2021-GCT, A (1 month LIBOR + 0.800%, Cap N/A, Floor 0.800%) 144A 5.993%, 2/15/38(3)(4) | 1,080 | 922 | |
See Notes to Schedule of Investments
2
VIRTUS Tactical Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023
($ reported in thousands)
| Par Value | Value | ||
| Non-Agency—continued | |||
| Goldman Sachs Mortgage Securities Trust 2020-GC45, AS 3.173%, 2/13/53(4) | $ 565 | $ 471 | |
| Hilton USA Trust 2016-SFP, B 144A 3.323%, 11/5/35(3) | 500 | 441 | |
| Homes Trust 2023-NQM2, A1 144A 6.456%, 2/25/68(3)(4) | 306 | 304 | |
| Imperial Fund Mortgage Trust 2021-NQM4, A1 144A 2.091%, 1/25/57(3)(4) | 1,111 | 923 | |
| INTOWN Mortgage Trust 2022-STAY, A (1 month Term SOFR + 2.489%, Cap N/A, Floor 2.489%) 144A 7.636%, 8/15/39(3)(4) | 590 | 590 | |
| JPMBB Commercial Mortgage Securities Trust 2014-C18, AS 4.439%, 2/15/47(4) | 656 | 638 | |
| JPMorgan Chase Mortgage Trust | |||
| 2014-1, 2A12 144A 3.500%, 1/25/44(3)(4) | 14 | 12 | |
| 2014-2, 2A2 144A 3.500%, 6/25/29(3)(4) | 14 | 14 | |
| 2017-3, 2A2 144A 2.500%, 8/25/47(3)(4) | 47 | 40 | |
| 2017-4, A3 144A 3.500%, 11/25/48(3)(4) | 111 | 101 | |
| 2017-5, A1 144A 3.356%, 10/26/48(3)(4) | 70 | 68 | |
| KKR Industrial Portfolio Trust 2021-KDIP, C (1 month Term SOFR + 1.114%, Cap N/A, Floor 1.000%) 144A 6.261%, 12/15/37(3)(4) | 652 | 631 | |
| KNDL Mortgage Trust 2019-KNSQ, A (1 month LIBOR + 0.950%, Cap N/A, Floor 0.800%) 144A 6.143%, 5/15/36(3)(4) | 565 | 561 | |
| LHOME Mortgage Trust | |||
| 2021-RTL1, A1 144A 2.090%, 2/25/26(3)(4) | 259 | 255 | |
| 2021-RTL2, A1 144A 2.090%, 6/25/26(3)(4) | 295 | 286 | |
| MetLife Securitization Trust 2017-1A, M1 144A 3.453%, 4/25/55(3)(4) | 860 | 734 | |
| Mill City Mortgage Loan Trust | |||
| 2017-3, B1 144A 3.250%, 1/25/61(3)(4) | 363 | 301 | |
| 2019-1, M2 144A 3.500%, 10/25/69(3)(4) | 509 | 439 | |
| MIRA Trust 2023-MILE, A 144A 6.755%, 6/10/28(3) | 455 | 454 | |
| Morgan Stanley Bank of America Merrill Lynch Trust | |||
| 2013-C13, AS 4.266%, 11/15/46 | 275 | 271 | |
| 2015-C22, AS 3.561%, 4/15/48 | 835 | 780 | |
| 2015-C25, A4 3.372%, 10/15/48 | 590 | 561 | |
| New Residential Mortgage Loan Trust | |||
| 2014-1A, A 144A 3.750%, 1/25/54(3)(4) | 154 | 143 | |
| 2015-2A, A1 144A 3.750%, 8/25/55(3)(4) | 97 | 89 | |
| 2016-1A, A1 144A 3.750%, 3/25/56(3)(4) | 45 | 41 | |
| Par Value | Value | ||
| Non-Agency—continued | |||
| 2016-3A, B1 144A 4.000%, 9/25/56(3)(4) | $ 330 | $ 299 | |
| 2016-4A, A1 144A 3.750%, 11/25/56(3)(4) | 34 | 31 | |
| 2016-4A, B1A 144A 4.500%, 11/25/56(3)(4) | 463 | 432 | |
| 2017-2A, A3 144A 4.000%, 3/25/57(3)(4) | 70 | 66 | |
| 2019-RPL2, M2 144A 3.750%, 2/25/59(3)(4) | 660 | 562 | |
| 2021-NQ2R, A1 144A 0.941%, 10/25/58(3)(4) | 142 | 125 | |
| NLT Trust 2021-INV2, A1 144A 1.162%, 8/25/56(3)(4) | 411 | 329 | |
| OBX Trust 2019-INV1, A3 144A 4.500%, 11/25/48(3)(4) | 49 | 46 | |
| Palisades Mortgage Loan Trust 2021-RTL1, A1 144A 2.857%, 6/25/26(3)(4) | 430 | 410 | |
| Preston Ridge Partners Mortgage LLC | |||
| 2021-2, A1 144A 2.115%, 3/25/26(3)(4) | 730 | 689 | |
| 2021-3, A1 144A 1.867%, 4/25/26(3)(4) | 361 | 336 | |
| Pretium Mortgage Credit Partners I LLC 2021-NPL1, A1 144A 2.240%, 9/27/60(3)(4) | 531 | 499 | |
| Progress Residential Trust | |||
| 2019-SFR3, B 144A 2.571%, 9/17/36(3) | 460 | 440 | |
| 2021-SFR2, D 144A 2.197%, 4/19/38(3) | 940 | 824 | |
| 2021-SFR3, D 144A 2.288%, 5/17/26(3) | 450 | 394 | |
| Provident Funding Mortgage Trust 2019-1, A2 144A 3.000%, 12/25/49(3)(4) | 224 | 190 | |
| RCKT Mortgage Trust 2020-1, A1 144A 3.000%, 2/25/50(3)(4) | 244 | 206 | |
| Residential Mortgage Loan Trust 2019-2, A1 144A 2.913%, 5/25/59(3)(4) | 32 | 32 | |
| Sequoia Mortgage Trust 2013-8, B1 3.481%, 6/25/43(4) | 59 | 55 | |
| SG Residential Mortgage Trust 2019-3, A1 144A 2.703%, 9/25/59(3)(4) | 54 | 52 | |
| Starwood Mortgage Residential Trust | |||
| 2020-3, A1 144A 1.486%, 4/25/65(3)(4) | 94 | 86 | |
| 2021-3, A3 144A 1.518%, 6/25/56(3)(4) | 159 | 126 | |
| Towd Point Mortgage Trust | |||
| 2016-1, M1 144A 3.500%, 2/25/55(3)(4) | 103 | 101 | |
| 2016-3, M1 144A 3.500%, 4/25/56(3)(4) | 1,075 | 1,054 | |
| 2016-4, B1 144A 3.951%, 7/25/56(3)(4) | 585 | 534 | |
| 2017-1, M1 144A 3.750%, 10/25/56(3)(4) | 185 | 173 | |
| 2018-2, A2 144A 3.500%, 3/25/58(3)(4) | 560 | 512 | |
| 2018-6, A1B 144A 3.750%, 3/25/58(3)(4) | 420 | 385 | |
See Notes to Schedule of Investments
3
VIRTUS Tactical Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023
($ reported in thousands)
| Par Value | Value | ||
| Non-Agency—continued | |||
| 2018-6, A2 144A 3.750%, 3/25/58(3)(4) | $ 1,270 | $ 1,107 | |
| 2019-1, A1 144A 3.750%, 3/25/58(3)(4) | 357 | 334 | |
| 2019-2, A2 144A 3.750%, 12/25/58(3)(4) | 500 | 436 | |
| 2019-4, A2 144A 3.250%, 10/25/59(3)(4) | 650 | 558 | |
| 2019-HY2, M1 (1 month LIBOR + 1.600%, Cap N/A, Floor 1.600%) 144A 6.750%, 5/25/58(3)(4) | 215 | 211 | |
| 2020-MH1, A2 144A 2.500%, 2/25/60(3)(4) | 1,115 | 962 | |
| 2021-1, A2 144A 2.750%, 11/25/61(3)(4) | 1,265 | 1,010 | |
| Tricon American Homes Trust | |||
| 2019-SFR1, C 144A 3.149%, 3/17/38(3) | 435 | 401 | |
| 2020-SFR2, D 144A 2.281%, 11/17/39(3) | 880 | 744 | |
| Tricon Residential Trust 2021-SFR1, B 144A 2.244%, 7/17/38(3) | 515 | 458 | |
| TVC Mortgage Trust | |||
| 2020-RTL1, A1 144A 3.474%, 9/25/24(3) | 5 | 5 | |
| 2020-RTL1, M 144A 5.193%, 9/25/24(3)(4) | 510 | 504 | |
| VCAT LLC | |||
| 2021-NPL2, A1 144A 2.115%, 3/27/51(3)(4) | 221 | 208 | |
| 2021-NPL3, A1 144A 1.743%, 5/25/51(3)(4) | 240 | 222 | |
| 2021-NPL4, A1 144A 1.868%, 8/25/51(3)(4) | 492 | 456 | |
| Verus Securitization Trust | |||
| 2019-4, M1 144A 3.207%, 11/25/59(3)(4) | 280 | 243 | |
| 2019-INV2, A1 144A 2.913%, 7/25/59(3)(4) | 63 | 61 | |
| 2022-4, A1 144A 4.474%, 4/25/67(3)(4) | 412 | 393 | |
| 2022-5, A1 144A 3.800%, 4/25/67(3)(4) | ��� 779 | 717 | |
| 2022-7, A1 144A 5.152%, 7/25/67(3)(4) | 645 | 621 | |
| Visio Trust | |||
| 2020-1R, A2 144A 1.567%, 11/25/55(3) | 121 | 107 | |
| 2021-1R, A1 144A 1.280%, 5/25/56(3) | 211 | 191 | |
| Wells Fargo Commercial Mortgage Trust 2014-C24, AS 3.931%, 11/15/47 | 675 | 640 | |
| 46,859 | |||
| Total Mortgage-Backed Securities (Identified Cost $57,940) | 53,062 | ||
| Par Value | Value | ||
| Asset-Backed Securities—3.9% | |||
| Automobiles—2.2% | |||
| American Credit Acceptance Receivables Trust 2021-2, C 144A 0.970%, 7/13/27(3) | $ 388 | $ 383 | |
| AmeriCredit Automobile Receivables Trust 2020-3, C 1.060%, 8/18/26 | 1,245 | 1,172 | |
| Carvana Auto Receivables Trust | |||
| 2019-2A, D 144A 3.280%, 1/15/25(3) | 47 | 47 | |
| 2019-3A, D 144A 3.040%, 4/15/25(3) | 189 | 187 | |
| 2020-P1, B 0.920%, 11/9/26 | 775 | 702 | |
| 2021-N3, D 1.580%, 6/12/28 | 585 | 546 | |
| CIG Auto Receivables Trust 2020-1A, E 144A 4.430%, 2/12/27(3) | 545 | 542 | |
| Credit Acceptance Auto Loan Trust | |||
| 2020-3A, B 144A 1.770%, 12/17/29(3) | 540 | 527 | |
| 2022-1A, A 144A 4.600%, 6/15/32(3) | 595 | 578 | |
| DT Auto Owner Trust 2023-1A, B 144A 5.190%, 10/16/28(3) | 871 | 855 | |
| Exeter Automobile Receivables Trust 2019-1A, D 144A 4.130%, 12/16/24(3) | 10 | 10 | |
| FHF Trust 2023-1A, A2 144A 6.570%, 6/15/28(3) | 535 | 530 | |
| First Investors Auto Owner Trust | |||
| 2021-1A, C 144A 1.170%, 3/15/27(3) | 790 | 750 | |
| 2022-1A, C 144A 3.130%, 5/15/28(3) | 685 | 641 | |
| Flagship Credit Auto Trust | |||
| 2020-3, C 144A 1.730%, 9/15/26(3) | 540 | 521 | |
| 2020-4, C 144A 1.280%, 2/16/27(3) | 965 | 929 | |
| Foursight Capital Automobile Receivables Trust 2022-1, B 144A 2.150%, 5/17/27(3) | 545 | 508 | |
| GLS Auto Receivables Issuer Trust 2020-4A, C 144A 1.140%, 11/17/25(3) | 386 | 381 | |
| LAD Auto Receivables Trust 2021-1A, D 144A 3.990%, 11/15/29(3) | 710 | 645 | |
| Lendbuzz Securitization Trust 2022-1A, A 144A 4.220%, 5/17/27(3) | 504 | 489 | |
| Oscar US Funding XII LLC 2021-1A, A4 144A 1.000%, 4/10/28(3) | 550 | 505 | |
| Santander Drive Auto Receivables Trust | |||
| 2020-4, C 1.010%, 1/15/26 | 204 | 203 | |
| 2021-3, C 0.950%, 9/15/27 | 871 | 853 | |
| 2022-7, A2 5.810%, 1/15/26 | 388 | 388 | |
| United Auto Credit Securitization Trust 2023-1, B 144A 5.910%, 7/10/28(3) | 651 | 646 | |
See Notes to Schedule of Investments
4
VIRTUS Tactical Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023
($ reported in thousands)
| Par Value | Value | ||
| Automobiles—continued | |||
| Westlake Automobile Receivables Trust 2023-1A, C 144A 5.740%, 8/15/28(3) | $ 650 | $ 641 | |
| 14,179 | |||
| Consumer Loans—0.1% | |||
| Marlette Funding Trust 2023-2A, B 144A 6.540%, 6/15/33(3) | 528 | 525 | |
| SoFi Consumer Loan Program Trust 2022-1S, A 144A 6.210%, 4/15/31(3) | 220 | 220 | |
| 745 | |||
| Credit Card—0.1% | |||
| Avant Credit Card Master Trust 2021-1A, A 144A 1.370%, 4/15/27(3) | 730 | 683 | |
| Other—1.5% | |||
| Amur Equipment Finance Receivables XII LLC 2023-1A, A2 144A 6.090%, 12/20/29(3) | 520 | 519 | |
| Applebee’s Funding LLC 2023-1A, A2 144A 7.824%, 3/5/53(3) | 500 | 492 | |
| Aqua Finance Trust | |||
| 2017-A, A 144A 3.720%, 11/15/35(3) | 10 | 10 | |
| 2019-A, C 144A 4.010%, 7/16/40(3) | 635 | 559 | |
| 2020-AA, B 144A 2.790%, 7/17/46(3) | 755 | 656 | |
| Arby’s Funding LLC 2020-1A, A2 144A 3.237%, 7/30/50(3) | 807 | 711 | |
| Bankers Healthcare Group Securitization Trust 2020-A, A 144A 2.560%, 9/17/31(3) | 93 | 91 | |
| BHG Securitization Trust 2021-A, A 144A 1.420%, 11/17/33(3) | 400 | 374 | |
| Cajun Global LLC 2021-1, A2 144A 3.931%, 11/20/51(3) | 420 | 358 | |
| CF Hippolyta Issuer LLC 2020-1, A1 144A 1.690%, 7/15/60(3) | 382 | 343 | |
| Dext ABS LLC 2023-1, A2 144A 5.990%, 3/15/32(3) | 423 | 417 | |
| Diamond Resorts Owner Trust 2021-1A, A 144A 1.510%, 11/21/33(3) | 202 | 184 | |
| Foundation Finance Trust 2021-1A, A 144A 1.270%, 5/15/41(3) | 312 | 274 | |
| Jersey Mike’s Funding 2019-1A, A2 144A 4.433%, 2/15/50(3) | 516 | 473 | |
| Mariner Finance Issuance Trust 2020-AA, A 144A 2.190%, 8/21/34(3) | 555 | 534 | |
| MVW LLC 2020-1A, A 144A 1.740%, 10/20/37(3) | 410 | 374 | |
| Navient Private Education Refi Loan Trust 2021-EA, A 144A 0.970%, 12/16/69(3) | 604 | 510 | |
| NBC Funding LLC 2021-1, A2 144A 2.989%, 7/30/51(3) | 586 | 499 | |
| NMEF Funding LLC 2022-A, B 144A 3.350%, 10/16/28(3) | 525 | 497 | |
| Par Value | Value | ||
| Other—continued | |||
| Octane Receivables Trust 2020-1A, A 144A 1.710%, 2/20/25(3) | $ 20 | $ 20 | |
| Orange Lake Timeshare Trust 2019-A, B 144A 3.360%, 4/9/38(3) | 158 | 150 | |
| Progress Residential Trust 2021-SFR6, D 144A 2.225%, 7/17/38(3) | 145 | 125 | |
| Purchasing Power Funding LLC 2021-A, A 144A 1.570%, 10/15/25(3) | 606 | 598 | |
| Trinity Rail Leasing LLC 2019-1A, A 144A 3.820%, 4/17/49(3) | 322 | 283 | |
| Westgate Resorts LLC 2020-1A, A 144A 2.713%, 3/20/34(3) | 192 | 187 | |
| 9,238 | |||
| Total Asset-Backed Securities (Identified Cost $26,332) | 24,845 | ||
| Corporate Bonds and Notes—11.1% | |||
| Communication Services—0.4% | |||
| CCO Holdings LLC | |||
| 144A 6.375%, 9/1/29(3) | 54 | 51 | |
| 144A 4.750%, 3/1/30(3) | 250 | 214 | |
| Level 3 Financing, Inc. 144A 4.250%, 7/1/28(3) | 555 | 357 | |
| Sprint Capital Corp. 8.750%, 3/15/32 | 340 | 411 | |
| Sprint Spectrum Co. LLC 144A 4.738%, 9/20/29(3) | 175 | 173 | |
| Telecomunicaciones Digitales S.A. 144A 4.500%, 1/30/30(3) | 460 | 391 | |
| T-Mobile USA, Inc. 5.050%, 7/15/33 | 216 | 212 | |
| Vodafone Group plc 5.625%, 2/10/53 | 495 | 485 | |
| 2,294 | |||
| Consumer Discretionary—0.4% | |||
| Ashtead Capital, Inc. 144A 5.500%, 8/11/32(3) | 255 | 247 | |
| Churchill Downs, Inc. 144A 6.750%, 5/1/31(3) | 255 | 252 | |
| Clarios Global LP 144A 6.750%, 5/15/28(3) | 45 | 45 | |
| Ford Motor Co. 3.250%, 2/12/32 | 406 | 319 | |
| MDC Holdings, Inc. 3.966%, 8/6/61 | 350 | 209 | |
| Newell Brands, Inc. 6.375%, 9/15/27 | 330 | 316 | |
| PulteGroup, Inc. 6.375%, 5/15/33 | 780 | 807 | |
| Scientific Games International, Inc. 144A 7.000%, 5/15/28(3) | 290 | 288 | |
| 2,483 | |||
| Consumer Staples—0.4% | |||
| Bacardi Ltd. 144A 5.400%, 6/15/33(3) | 455 | 451 | |
See Notes to Schedule of Investments
5
VIRTUS Tactical Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023
($ reported in thousands)
| Par Value | Value | ||
| Consumer Staples—continued | |||
| BAT Capital Corp. 7.750%, 10/19/32 | $ 600 | $ 660 | |
| Central American Bottling Corp. 144A 5.250%, 4/27/29(3) | 225 | 208 | |
| Church & Dwight Co., Inc. 5.000%, 6/15/52 | 585 | 578 | |
| Pilgrim’s Pride Corp. 6.250%, 7/1/33 | 523 | 507 | |
| 2,404 | |||
| Energy—1.3% | |||
| Aker BP ASA 144A 2.000%, 7/15/26(3) | 364 | 327 | |
| Alliance Resource Operating Partners LP 144A 7.500%, 5/1/25(3) | 400 | 400 | |
| BP Capital Markets plc 4.875% (5) | 600 | 545 | |
| Civitas Resources, Inc. 144A 8.750%, 7/1/31(3) | 210 | 213 | |
| CrownRock LP 144A 5.000%, 5/1/29(3) | 270 | 253 | |
| DT Midstream, Inc. 144A 4.125%, 6/15/29(3) | 360 | 316 | |
| Ecopetrol S.A. 8.875%, 1/13/33 | 425 | 419 | |
| Enbridge, Inc. 7.625%, 1/15/83 | 620 | 623 | |
| Enerflex Ltd. 144A 9.000%, 10/15/27(3) | 205 | 200 | |
| Energy Transfer LP Series H 6.500% (5) | 515 | 468 | |
| Flex Intermediate Holdco LLC 144A 3.363%, 6/30/31(3) | 785 | 624 | |
| Genesis Energy LP 8.875%, 4/15/30 | 220 | 215 | |
| Kinder Morgan Energy Partners LP 7.500%, 11/15/40 | 445 | 494 | |
| Occidental Petroleum Corp. 6.125%, 1/1/31 | 300 | 305 | |
| Odebrecht Oil & Gas Finance Ltd. 144A 0.000% (3)(5) | 25 | —(6) | |
| Parsley Energy LLC 144A 4.125%, 2/15/28(3) | 330 | 306 | |
| Pertamina Persero PT 144A 6.450%, 5/30/44(3) | 980 | 1,023 | |
| Petroleos de Venezuela S.A. 144A 6.000%, 5/16/24(3)(7) | 255 | 9 | |
| Petroleos Mexicanos 7.690%, 1/23/50 | 560 | 377 | |
| Reliance Industries Ltd. 144A 2.875%, 1/12/32(3) | 695 | 579 | |
| Venture Global Calcasieu Pass LLC 144A 3.875%, 8/15/29(3) | 305 | 266 | |
| 7,962 | |||
| Financials—3.7% | |||
| Allstate Corp. (The) Series B 5.750%, 8/15/53 | 565 | 556 | |
| Ascot Group Ltd. 144A 4.250%, 12/15/30(3) | 745 | 572 | |
| Par Value | Value | ||
| Financials—continued | |||
| Banco Mercantil del Norte S.A. 144A 6.625% (3)(5) | $ 620 | $ 476 | |
| Bank of America Corp. | |||
| 2.687%, 4/22/32 | 1,725 | 1,430 | |
| 2.482%, 9/21/36 | 750 | 574 | |
| Bank of New York Mellon Corp. (The) Series G 4.700% (5) | 710 | 690 | |
| Barclays plc 7.437%, 11/2/33 | 530 | 573 | |
| BBVA Bancomer S.A. 144A 5.125%, 1/18/33(3) | 540 | 470 | |
| Blackstone Private Credit Fund 2.625%, 12/15/26 | 313 | 266 | |
| Blue Owl Finance LLC 144A 3.125%, 6/10/31(3) | 555 | 422 | |
| Brighthouse Financial, Inc. 5.625%, 5/15/30 | 223 | 215 | |
| Brookfield Finance, Inc. 2.724%, 4/15/31 | 1,200 | 983 | |
| Capital One Financial Corp. 2.359%, 7/29/32 | 878 | 620 | |
| Charles Schwab Corp. (The) Series H 4.000% (5) | 535 | 390 | |
| Citadel LP 144A 4.875%, 1/15/27(3) | 460 | 440 | |
| Citigroup, Inc. | |||
| 6.270%, 11/17/33 | 690 | 732 | |
| 6.174%, 5/25/34 | 379 | 382 | |
| Citizens Bank N.A. 2.250%, 4/28/25 | 375 | 339 | |
| Corebridge Financial, Inc. 6.875%, 12/15/52 | 565 | 542 | |
| Discover Financial Services 6.700%, 11/29/32 | 276 | 284 | |
| Drawbridge Special Opportunities Fund LP 144A 3.875%, 2/15/26(3) | 770 | 688 | |
| Fifth Third Bancorp 4.337%, 4/25/33 | 355 | 313 | |
| Global Atlantic Fin Co. 144A 7.950%, 6/15/33(3) | 197 | 198 | |
| Goldman Sachs Group, Inc. (The) | |||
| 1.992%, 1/27/32 | 365 | 287 | |
| 3.102%, 2/24/33 | 630 | 532 | |
| 6.450%, 5/1/36 | 200 | ��� 209 | |
| Huntington Bancshares, Inc. 2.550%, 2/4/30 | 405 | 324 | |
| JPMorgan Chase & Co. | |||
| 5.717%, 9/14/33 | 495 | 502 | |
| (SOFR + 1.180%) 6.270%, 2/24/28(4) | 530 | 533 | |
| 1.953%, 2/4/32 | 1,445 | 1,151 | |
| Ladder Capital Finance Holdings LLLP 144A 4.250%, 2/1/27(3) | 420 | 365 | |
| Liberty Mutual Group, Inc. 144A 4.125%, 12/15/51(3) | 525 | 413 | |
| Lincoln National Corp. (3 month LIBOR + 2.040%) 7.290%, 4/20/67(4) | 488 | 313 | |
| MetLife, Inc. Series G 3.850% (5) | 350 | 323 | |
| Morgan Stanley | |||
| 6.342%, 10/18/33 | 215 | 229 | |
| 5.250%, 4/21/34 | 165 | 163 | |
See Notes to Schedule of Investments
6
VIRTUS Tactical Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023
($ reported in thousands)
| Par Value | Value | ||
| Financials—continued | |||
| 5.948%, 1/19/38 | $ 249 | $ 246 | |
| 6.375%, 7/24/42 | 580 | 647 | |
| National Rural Utilities Cooperative Finance Corp. (3 month LIBOR + 2.910%) 8.209%, 4/30/43(4) | 319 | 309 | |
| OneMain Finance Corp. 6.875%, 3/15/25 | 285 | 282 | |
| OWL Rock Core Income Corp. 4.700%, 2/8/27 | 384 | 348 | |
| Prudential Financial, Inc. | |||
| 5.125%, 3/1/52 | 179 | 162 | |
| 6.000%, 9/1/52 | 104 | 99 | |
| 6.750%, 3/1/53 | 430 | 433 | |
| State Street Corp. | |||
| 4.164%, 8/4/33 | 590 | 546 | |
| 4.821%, 1/26/34 | 188 | 183 | |
| Synchrony Financial | |||
| 4.875%, 6/13/25 | 90 | 86 | |
| 3.700%, 8/4/26 | 134 | 120 | |
| Texas Capital Bancshares, Inc. 4.000%, 5/6/31 | 805 | 584 | |
| Toronto-Dominion Bank (The) 8.125%, 10/31/82 | 550 | 559 | |
| Wells Fargo & Co. Series BB 3.900% (5) | 795 | 700 | |
| Zions Bancorp NA 3.250%, 10/29/29 | 405 | 297 | |
| 23,100 | |||
| Health Care—1.1% | |||
| AdaptHealth LLC 144A 5.125%, 3/1/30(3) | 385 | 312 | |
| Amgen, Inc. | |||
| 5.250%, 3/2/33 | 244 | 244 | |
| 5.650%, 3/2/53 | 187 | 189 | |
| Bausch Health Cos., Inc. 144A 5.750%, 8/15/27(3) | 155 | 95 | |
| Bio-Rad Laboratories, Inc. | |||
| 3.300%, 3/15/27 | 376 | 350 | |
| 3.700%, 3/15/32 | 119 | 105 | |
| Catalent Pharma Solutions, Inc. 144A 3.500%, 4/1/30(3)(8) | 495 | 401 | |
| CVS Health Corp. 5.875%, 6/1/53 | 543 | 557 | |
| DENTSPLY SIRONA, Inc. 3.250%, 6/1/30 | 605 | 523 | |
| GE HealthCare Technologies, Inc. 5.857%, 3/15/30 | 555 | 570 | |
| HCA, Inc. | |||
| 5.500%, 6/1/33 | 315 | 314 | |
| 5.250%, 6/15/49 | 415 | 375 | |
| Illumina, Inc. 2.550%, 3/23/31 | 370 | 305 | |
| IQVIA, Inc. 144A 5.700%, 5/15/28(3) | 400 | 396 | |
| Par Pharmaceutical, Inc. 144A 7.500%, 4/1/27(3)(9) | 185 | 137 | |
| Royalty Pharma plc | |||
| 2.150%, 9/2/31 | 265 | 208 | |
| 3.350%, 9/2/51 | 330 | 213 | |
| Par Value | Value | ||
| Health Care—continued | |||
| Universal Health Services, Inc. 2.650%, 1/15/32 | $ 685 | $ 540 | |
| Utah Acquisition Sub, Inc. 3.950%, 6/15/26 | 315 | 299 | |
| Viatris, Inc. | |||
| 2.300%, 6/22/27 | 361 | 315 | |
| 144A 2.300%, 6/22/27(3) | 1 | —(6) | |
| Zimmer Biomet Holdings, Inc. 3.550%, 3/20/30 | 585 | 511 | |
| 6,959 | |||
| Industrials—1.1% | |||
| Alaska Airlines Pass-Through Trust 2020-1, A 144A 4.800%, 2/15/29(3) | 760 | 730 | |
| Aviation Capital Group LLC 144A 3.500%, 11/1/27(3) | 350 | 309 | |
| Avolon Holdings Funding Ltd. 144A 4.375%, 5/1/26(3) | 565 | 528 | |
| BlueLinx Holdings, Inc. 144A 6.000%, 11/15/29(3) | 505 | 442 | |
| Boeing Co. (The) 5.930%, 5/1/60 | 370 | 366 | |
| British Airways Pass-Through Trust 2021-1, A 144A 2.900%, 9/15/36(3) | 582 | 480 | |
| CoStar Group, Inc. 144A 2.800%, 7/15/30(3) | 630 | 520 | |
| Ferguson Finance plc 144A 4.650%, 4/20/32(3) | 730 | 688 | |
| Fortress Transportation & Infrastructure Investors LLC 144A 6.500%, 10/1/25(3) | 24 | 24 | |
| Huntington Ingalls Industries, Inc. 2.043%, 8/16/28 | 778 | 653 | |
| Regal Rexnord Corp. 144A 6.400%, 4/15/33(3) | 579 | 579 | |
| Science Applications International Corp. 144A 4.875%, 4/1/28(3) | 440 | 409 | |
| Sempra Global 144A 3.250%, 1/15/32(3) | 729 | 585 | |
| TransDigm, Inc. 5.500%, 11/15/27 | 260 | 245 | |
| United Airlines Pass-Through Trust 2023-1, A 5.800%, 7/15/37 | 277 | 282 | |
| 6,840 | |||
| Information Technology—0.8% | |||
| Booz Allen Hamilton, Inc. | |||
| 144A 3.875%, 9/1/28(3) | 285 | 258 | |
| 144A 4.000%, 7/1/29(3) | 320 | 287 | |
| Broadcom, Inc. 4.150%, 11/15/30 | 532 | 489 | |
| CDW LLC 3.569%, 12/1/31 | 734 | 619 | |
| Consensus Cloud Solutions, Inc. 144A 6.500%, 10/15/28(3) | 320 | 274 | |
| Dell International LLC 8.100%, 7/15/36 | 594 | 695 | |
| Kyndryl Holdings, Inc. 2.700%, 10/15/28 | 433 | 352 | |
See Notes to Schedule of Investments
7
VIRTUS Tactical Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023
($ reported in thousands)
| Par Value | Value | ||
| Information Technology—continued | |||
| Leidos, Inc. 2.300%, 2/15/31 | $ 800 | $ 630 | |
| Motorola Solutions, Inc. 4.600%, 5/23/29 | 265 | 257 | |
| Oracle Corp. | |||
| 6.250%, 11/9/32 | 385 | 409 | |
| 5.550%, 2/6/53 | 247 | 239 | |
| 3.850%, 4/1/60 | 140 | 99 | |
| TD SYNNEX Corp. 2.375%, 8/9/28 | 515 | 422 | |
| 5,030 | |||
| Materials—0.4% | |||
| ArcelorMittal S.A. 6.800%, 11/29/32 | 550 | 565 | |
| Bayport Polymers LLC 144A 5.140%, 4/14/32(3) | 580 | 518 | |
| Celanese U.S. Holdings LLC 5.900%, 7/5/24 | 185 | 185 | |
| FMG Resources August 2006 Pty Ltd. 144A 5.875%, 4/15/30(3) | 495 | 471 | |
| Glencore Funding LLC 144A 2.850%, 4/27/31(3) | 505 | 417 | |
| Knife River Corp. 144A 7.750%, 5/1/31(3) | 50 | 51 | |
| Teck Resources Ltd. 6.125%, 10/1/35 | 540 | 543 | |
| 2,750 | |||
| Real Estate—0.8% | |||
| EPR Properties 4.750%, 12/15/26 | 520 | 473 | |
| GLP Capital LP | |||
| 5.750%, 6/1/28 | 655 | 641 | |
| 3.250%, 1/15/32 | 72 | 58 | |
| Kite Realty Group Trust 4.750%, 9/15/30 | 550 | 494 | |
| MPT Operating Partnership LP | |||
| 4.625%, 8/1/29 | 115 | 87 | |
| 3.500%, 3/15/31 | 450 | 310 | |
| Office Properties Income Trust 4.500%, 2/1/25 | 383 | 331 | |
| Ontario Teachers’ Cadillac Fairview Properties Trust 144A 2.500%, 10/15/31(3) | 870 | 685 | |
| Phillips Edison Grocery Center Operating Partnership I LP 2.625%, 11/15/31 | 760 | 563 | |
| Retail Opportunity Investments Partnership LP 4.000%, 12/15/24 | 485 | 465 | |
| Service Properties Trust 4.950%, 2/15/27 | 375 | 321 | |
| VICI Properties LP | |||
| 4.950%, 2/15/30 | 350 | 328 | |
| 5.125%, 5/15/32 | 350 | 327 | |
| 5,083 | |||
| Par Value | Value | ||
| Utilities—0.7% | |||
| Brooklyn Union Gas Co. (The) 144A 4.866%, 8/5/32(3) | $ 805 | $ 754 | |
| CMS Energy Corp. 4.750%, 6/1/50 | 480 | 413 | |
| Electricite de France S.A. 144A 6.900%, 5/23/53(3) | 425 | 440 | |
| Enel Finance International N.V. 144A 7.500%, 10/14/32(3) | 400 | 443 | |
| Exelon Corp. 5.600%, 3/15/53 | 495 | 499 | |
| NRG Energy, Inc. 144A 7.000%, 3/15/33(3) | 433 | 437 | |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 144A 4.125%, 5/15/27(3) | 210 | 200 | |
| Puget Energy, Inc. | |||
| 2.379%, 6/15/28 | 453 | 391 | |
| 4.224%, 3/15/32 | 315 | 283 | |
| Southern Co. (The) Series 21-A 3.750%, 9/15/51 | 719 | 612 | |
| Vistra Corp. 144A 8.000% (3)(5) | 255 | 238 | |
| 4,710 | |||
| Total Corporate Bonds and Notes (Identified Cost $76,620) | 69,615 | ||
| Leveraged Loans—2.1% | |||
| Aerospace—0.2% | |||
| Brown Group Holding LLC (1 month Term SOFR + 2.600%) 7.702%, 6/7/28(4) | 317 | 311 | |
| Delta Air Lines, Inc. (3 month Term SOFR + 3.750%) 8.798%, 10/20/27(4) | 211 | 220 | |
| Mileage Plus Holdings LLC (3 month LIBOR + 5.250%) 10.764%, 6/21/27(4) | 192 | 199 | |
| TransDigm, Inc. Tranche I (3 month Term SOFR + 3.250%) 8.492%, 8/24/28(4) | 392 | 392 | |
| 1,122 | |||
| Chemicals—0.2% | |||
| Ineos Finance plc 2027 (1 month Term SOFR + 3.850%) 8.952%, 11/8/27(4) | 470 | 468 | |
| Trinseo Materials Operating SCA 2018 (3 month LIBOR + 2.000%) 7.538%, 9/6/24(4) | 424 | 407 | |
| Windsor Holdings III LLC (3 month LIBOR + 3.250%) 0.000%, 6/21/30(4)(10) | 275 | 270 | |
| 1,145 | |||
| Consumer Durables—0.0% | |||
| Resideo Funding, Inc. Tranche B (1-3 month LIBOR + 2.250%) 7.470% - 7.600%, 2/11/28(4) | 244 | 242 | |
See Notes to Schedule of Investments
8
VIRTUS Tactical Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023
($ reported in thousands)
| Par Value | Value | ||
| Energy—0.1% | |||
| Freeport LNG Investments LLP Tranche B (3 month LIBOR + 3.500%) 8.750%, 12/21/28(4) | $ 246 | $ 241 | |
| Oryx Midstream Services Permian Basin LLC 2023 (1 month Term SOFR + 3.364%) 8.505% - 8.539%, 10/5/28(4) | 274 | 273 | |
| 514 | |||
| Financials—0.0% | |||
| Blackhawk Network Holdings, Inc. First Lien (3 month Term SOFR + 3.000%) 8.264%, 6/15/25(4) | 213 | 211 | |
| Food / Tobacco—0.2% | |||
| Aramark Services, Inc. Tranche B-6 (1 month Term SOFR + 2.614%) 7.717%, 6/22/30(4) | 227 | 227 | |
| Del Monte Foods, Inc. (1 month Term SOFR + 4.350%) 9.439%, 5/16/29(4) | 105 | 101 | |
| Froneri U.S., Inc. Tranche B-2 (1 month LIBOR - Term SOFR + 2.250%) 7.452%, 1/29/27(4) | 419 | 416 | |
| Hostess Brands LLC | |||
| 2019, Tranche B (3 month LIBOR + 2.250%) 7.523%, 8/3/25(4) | 269 | 268 | |
| Tranche B (3 month Term SOFR + 2.500%) 7.742%, 6/21/30(4) | 110 | 110 | |
| 1,122 | |||
| Forest Prod / Containers—0.1% | |||
| Berry Global, Inc. Tranche Z (1 month LIBOR + 1.750%) 6.972%, 7/1/26(4) | 441 | 441 | |
| Gaming / Leisure—0.2% | |||
| Caesars Entertainment, Inc. Tranche B (1 month Term SOFR + 3.350%) 8.452%, 2/6/30(4) | 120 | 119 | |
| Entain plc Tranche B-2 (3 month LIBOR + 3.250%) 0.000%, 10/31/29(4)(10) | 35 | 35 | |
| Hilton Worldwide Finance LLC Tranche B-2 (1 month Term SOFR + 1.750%) 6.939%, 6/22/26(4) | 245 | 245 | |
| Scientific Games International, Inc. Tranche B (1 month Term SOFR + 3.100%) 8.248%, 4/13/29(4) | 134 | 133 | |
| Station Casinos LLC Tranche B-1 (1 month LIBOR + 2.250%) 7.450%, 2/8/27(4) | 238 | 237 | |
| UFC Holdings LLC Tranche B-3 (3 month LIBOR + 2.750%) 8.050%, 4/29/26(4) | 235 | 235 | |
| 1,004 | |||
| Health Care—0.2% | |||
| Agiliti Health, Inc. 2023, Tranche B (1 month Term SOFR + 3.000%) 8.160%, 5/1/30(4) | 262 | 261 | |
| Par Value | Value | ||
| Health Care—continued | |||
| CHG Healthcare Services, Inc. First Lien (3 month LIBOR + 3.250%) 0.000%, 9/29/28(4)(10) | $ 210 | $ 208 | |
| LifePoint Health, Inc. Tranche B, First Lien (3 month LIBOR + 3.750%) 9.023%, 11/16/25(4) | 220 | 204 | |
| Medline Borrower LP (1 month Term SOFR + 3.250%) 8.352%, 10/23/28(4) | 438 | 432 | |
| Perrigo Investments LLC Tranche B (1 month Term SOFR + 2.350%) 7.452%, 4/20/29(4) | 342 | 339 | |
| 1,444 | |||
| Housing—0.0% | |||
| Standard Industries, Inc. (1 month Term SOFR + 2.614%) 7.692%, 9/22/28(4) | 242 | 241 | |
| Information Technology—0.3% | |||
| Applied Systems, Inc. 2026 (3 month Term SOFR + 4.500%) 9.742%, 9/18/26(4) | 388 | 388 | |
| CCC Intelligent Solutions, Inc. Tranche B (1 month Term SOFR + 2.364%) 7.467%, 9/21/28(4) | 246 | 245 | |
| CDK Global, Inc. (3 month LIBOR + 2.000%) 0.000%, 7/6/29(4)(10) | 414 | 413 | |
| Open Text Corp. (1 month Term SOFR + 3.600%) 8.702%, 1/31/30(4) | 214 | 215 | |
| Sophia LP Tranche B (3 month LIBOR + 3.500%) 9.038%, 10/7/27(4) | 240 | 237 | |
| Uber Technologies, Inc. 2023 (3 month Term SOFR + 2.750%) 7.999% - 8.026%, 3/3/30(4) | 363 | 363 | |
| UKG, Inc. 2021-2, First Lien (3 month Term SOFR + 3.350%) 8.271%, 5/4/26(4) | 244 | 239 | |
| 2,100 | |||
| Manufacturing—0.1% | |||
| Alliance Laundry Systems LLC Tranche B (1 month Term SOFR + 3.600%) 8.559%, 10/8/27(4) | 246 | 245 | |
| NCR Corp. (3 month LIBOR + 2.500%) 7.780%, 8/28/26(4) | 244 | 244 | |
| 489 | |||
| Media / Telecom - Broadcasting—0.0% | |||
| Nexstar Media, Inc. Tranche B-4 (1 month Term SOFR + 2.614%) 7.717%, 9/18/26(4) | 145 | 145 | |
| Media / Telecom - Cable/Wireless Video—0.1% | |||
| DIRECTV Financing LLC (1 month Term SOFR + 5.000%) 10.217%, 8/2/27(4) | 424 | 414 | |
See Notes to Schedule of Investments
9
VIRTUS Tactical Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023
($ reported in thousands)
| Par Value | Value | ||
| Media / Telecom - Wireless Communications—0.0% | |||
| SBA Senior Finance II LLC Tranche B (1 month LIBOR + 1.750%) 6.950%, 4/11/25(4) | $ 356 | $ 356 | |
| Service—0.2% | |||
| BrightView Landscapes LLC Tranche B (3 month LIBOR + 2.000%) 0.000%, 4/20/29(4)(10) | 429 | 422 | |
| Dun & Bradstreet Corp. (The) Tranche B (1 month Term SOFR + 3.350%) 8.434%, 2/6/26(4) | 233 | 233 | |
| NAB Holdings LLC First Lien (3 month Term SOFR + 3.150%) 8.392%, 11/23/28(4) | 246 | 243 | |
| Peraton Corp. Tranche B, First Lien (1 month Term SOFR + 3.850%) 8.952%, 2/1/28(4) | 206 | 202 | |
| 1,100 | |||
| Transportation - Automotive—0.1% | |||
| Clarios Global LP 2023 (1 month Term SOFR + 3.750%) 8.852%, 5/6/30(4) | 375 | 374 | |
| Utilities—0.1% | |||
| Brookfield WEC Holdings, Inc. (1 month LIBOR + 2.750%) 7.943%, 8/1/25(4) | 667 | 665 | |
| Total Leveraged Loans (Identified Cost $13,126) | 13,129 | ||
| Shares | ||
| Preferred Stocks—0.3% | ||
| Financials—0.2% | ||
| JPMorgan Chase & Co. Series HH, 4.600% | 304(11) | 283 |
| MetLife, Inc. Series D, 5.875%(8) | 277(11) | 255 |
| Truist Financial Corp. Series Q, 5.100% | 460(11) | 398 |
| Zions Bancorp NA, 6.950% | 6,400 | 156 |
| 1,092 | ||
| Industrials—0.1% | ||
| General Electric Co. Series D (3 month LIBOR + 3.330%), 8.882%(4) | 438(11) | 438 |
| Total Preferred Stocks (Identified Cost $1,598) | 1,530 | |
| Common Stocks—66.0% | ||
| Communication Services—5.5% | ||
| Adevinta ASA Class B(12) | 199,477 | 1,308 |
| Auto Trader Group plc | 677,940 | 5,255 |
| Baltic Classifieds Group plc | 2,490,365 | 5,820 |
| CTS Eventim AG & Co. KGaA | 23,872 | 1,507 |
| Dayamitra Telekomunikasi PT | 64,540,000 | 2,863 |
| Infrastrutture Wireless Italiane SpA | 115,391 | 1,521 |
| New Work SE | 15,527 | 2,094 |
| Rightmove plc | 660,295 | 4,387 |
| Shares | Value | ||
| Communication Services—continued | |||
| Trade Desk, Inc. (The) Class A(12) | 131,536 | $ 10,157 | |
| 34,912 | |||
| Consumer Discretionary—10.8% | |||
| Airbnb, Inc. Class A(12) | 47,734 | 6,118 | |
| Allegro.eu S.A.(12) | 376,682 | 2,965 | |
| Amazon.com, Inc.(12) | 126,821 | 16,532 | |
| AutoZone, Inc.(12) | 2,009 | 5,009 | |
| Home Depot, Inc. (The) | 18,190 | 5,650 | |
| Marriott International, Inc. Class A | 45,245 | 8,311 | |
| Max Stock Ltd. | 486,865 | 1,001 | |
| MercadoLibre, Inc.(12) | 4,252 | 5,037 | |
| Mercari, Inc.(12) | 90,100 | 2,121 | |
| NIKE, Inc. Class B | 78,582 | 8,673 | |
| Ross Stores, Inc. | 50,928 | 5,710 | |
| Victorian Plumbing Group plc | 1,405,019 | 1,187 | |
| 68,314 | |||
| Consumer Staples—3.7% | |||
| Anhui Gujing Distillery Co., Ltd. Class B | 82,400 | 1,421 | |
| Estee Lauder Cos., Inc. (The) Class A | 23,195 | 4,555 | |
| Heineken Malaysia Bhd | 381,700 | 2,136 | |
| McCormick & Co., Inc. Non-voting Shares | 57,423 | 5,009 | |
| Monster Beverage Corp.(12) | 126,734 | 7,279 | |
| PepsiCo, Inc. | 14,798 | 2,741 | |
| 23,141 | |||
| Energy—1.9% | |||
| Devon Energy Corp. | 37,295 | 1,803 | |
| Hess Corp. | 23,237 | 3,159 | |
| Pason Systems, Inc. | 128,648 | 1,116 | |
| Pioneer Natural Resources Co. | 15,548 | 3,221 | |
| Schlumberger N.V. | 49,201 | 2,417 | |
| 11,716 | |||
| Financials—8.9% | |||
| AJ Bell plc | 472,332 | 1,926 | |
| Bank of America Corp. | 96,058 | 2,756 | |
| Block, Inc. Class A(12) | 68,980 | 4,592 | |
| FinecoBank Banca Fineco SpA | 214,248 | 2,879 | |
| Gruppo MutuiOnline SpA(12) | 95,662 | 3,220 | |
| Hargreaves Lansdown plc | 142,299 | 1,474 | |
| Hypoport SE(12) | 12,452 | 2,273 | |
| MarketAxess Holdings, Inc. | 7,442 | 1,945 | |
| Mortgage Advice Bureau Holdings Ltd. | 321,863 | 2,412 | |
| Nordnet AB publ | 66,366 | 888 | |
| Progressive Corp. (The) | 51,681 | 6,841 | |
| S&P Global, Inc. | 12,546 | 5,030 | |
| Visa, Inc. Class A | 82,958 | 19,701 | |
| VNV Global AB(12) | 169,419 | 314 | |
| 56,251 | |||
| Health Care—6.0% | |||
| Danaher Corp. | 27,743 | 6,658 | |
| Eli Lilly & Co. | 14,323 | 6,717 | |
| Haw Par Corp., Ltd. | 547,500 | 3,790 | |
| HealthEquity, Inc.(12) | 38,817 | 2,451 | |
| IDEXX Laboratories, Inc.(12) | 6,918 | 3,474 | |
See Notes to Schedule of Investments
10
VIRTUS Tactical Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023
($ reported in thousands)
| Shares | Value | ||
| Health Care—continued | |||
| Mettler-Toledo International, Inc.(12) | 2,312 | $ 3,033 | |
| Nakanishi, Inc. | 42,700 | 946 | |
| Zoetis, Inc. Class A | 62,303 | 10,729 | |
| 37,798 | |||
| Industrials—10.7% | |||
| Boa Vista Servicos S.A. | 2,022,570 | 3,341 | |
| CAE, Inc.(12) | 117,106 | 2,621 | |
| CoStar Group, Inc.(12) | 98,239 | 8,743 | |
| Enento Group Oyj(12) | 65,677 | 1,509 | |
| Equifax, Inc. | 24,741 | 5,822 | |
| Fair Isaac Corp.(12) | 10,443 | 8,451 | |
| Haitian International Holdings Ltd. | 1,034,337 | 2,426 | |
| Howden Joinery Group plc | 322,871 | 2,634 | |
| Knorr-Bremse AG | 44,447 | 3,394 | |
| Meitec Corp. | 145,600 | 2,512 | |
| MTU Aero Engines AG | 13,411 | 3,474 | |
| Paycom Software, Inc. | 39,859 | 12,804 | |
| S-1 Corp. | 67,673 | 2,746 | |
| Uber Technologies, Inc.(12) | 164,947 | 7,121 | |
| 67,598 | |||
| Information Technology—16.5% | |||
| Accenture plc Class A | 23,142 | 7,141 | |
| Alten S.A. | 18,024 | 2,838 | |
| Amphenol Corp. Class A | 143,215 | 12,166 | |
| BILL Holdings, Inc.(12) | 59,175 | 6,915 | |
| Bouvet ASA | 424,107 | 2,564 | |
| Brockhaus Technologies AG(12) | 47,334 | 1,234 | |
| Cadence Design Systems, Inc.(12) | 14,175 | 3,324 | |
| FDM Group Holdings plc | 270,580 | 1,928 | |
| MongoDB, Inc. Class A(12) | 22,345 | 9,184 | |
| NVIDIA Corp. | 71,784 | 30,366 | |
| Roper Technologies, Inc. | 16,010 | 7,698 | |
| Shopify, Inc. Class A(12) | 50,273 | 3,248 | |
| Snowflake, Inc. Class A(12) | 34,858 | 6,134 | |
| Workday, Inc. Class A(12) | 41,118 | 9,288 | |
| 104,028 | |||
| Materials—1.4% | |||
| Corp. Moctezuma SAB de C.V. | 721,710 | 2,551 | |
| Ecolab, Inc. | 32,219 | 6,015 | |
| 8,566 | |||
| Real Estate—0.6% | |||
| Prologis, Inc. | 31,867 | 3,908 | |
| Total Common Stocks (Identified Cost $268,729) | 416,232 | ||
| Shares | Value | ||
| Warrant—0.0% | |||
| Financials—0.0% | |||
| VNV Global AB, 08/10/23(12) | 88,478 | $ —(6) | |
| Total Warrant (Identified Cost $—) | —(6) | ||
| Total Long-Term Investments—98.2% (Identified Cost $495,389) | 619,087 | ||
| Securities Lending Collateral—0.1% | |||
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.997%)(13)(14) | 416,220 | 416 | |
| Total Securities Lending Collateral (Identified Cost $416) | 416 | ||
| TOTAL INVESTMENTS—98.3% (Identified Cost $495,805) | $619,503 | ||
| Other assets and liabilities, net—1.7% | 11,009 | ||
| NET ASSETS—100.0% | $630,512 | ||
| Abbreviations: | |
| ABS | Asset-Backed Securities |
| BAM | Build America Municipal Insured |
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Company |
| LLLP | Limited Liability Limited Partnership |
| LLP | Limited Liability Partnership |
| LP | Limited Partnership |
| NA | National Association |
| S&P | Standard & Poor’s |
| SOFR | Secured Overnight Financing Rate |
| Footnote Legend: | |
| (1) | Security in default; no interest payments are being received. |
| (2) | 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. |
| (3) | 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, 2023, these securities amounted to a value of $88,079 or 14.0% of net assets. |
| (4) | Variable rate security. Rate disclosed is as of June 30, 2023. 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) | No contractual maturity date. |
| (6) | Amount is less than $500 (not in thousands). |
| (7) | Security in default; no interest payments are being received during the bankruptcy proceedings. |
| (8) | All or a portion of security is on loan. |
| (9) | Security in default, interest payments are being received during the bankruptcy proceedings. |
See Notes to Schedule of Investments
11
VIRTUS Tactical Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023
($ reported in thousands)
| (10) | This loan will settle after June 30, 2023, at which time the interest rate, calculated on the base lending rate and the agreed upon spread on trade date, will be reflected. |
| (11) | Value shown as par value. |
| (12) | Non-income producing. |
| (13) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
| (14) | Represents security purchased with cash collateral received for securities on loan. |
| Country Weightings† | |
| United States | 81% |
| United Kingdom | 5 |
| Germany | 2 |
| Brazil | 2 |
| Canada | 1 |
| Italy | 1 |
| Japan | 1 |
| Other | 7 |
| Total | 100% |
| † % of total investments as of June 30, 2023. | |
The following table summarizes the value of the Fund’s investments as of June 30, 2023, 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, 2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
| Assets: | |||||||
| Debt Instruments: | |||||||
| Asset-Backed Securities | $24,845 | $— | $24,845 | $— | |||
| Corporate Bonds and Notes | 69,615 | — | 69,615 | —(1) | |||
| Foreign Government Securities | 3,350 | — | 3,350 | — | |||
| Leveraged Loans | 13,129 | — | 13,129 | — | |||
| Mortgage-Backed Securities | 53,062 | — | 53,062 | — | |||
| Municipal Bonds | 8,951 | — | 8,951 | — | |||
| U.S. Government Securities | 28,373 | — | 28,373 | — | |||
| Equity Securities: | |||||||
| Common Stocks | 416,232 | 395,271 | 20,961 | — | |||
| Preferred Stocks | 1,530 | 156 | 1,374 | — | |||
| Warrant | —(1) | —(1) | — | — | |||
| Securities Lending Collateral | 416 | 416 | — | — | |||
| Total Investments | $619,503 | $395,843 | $223,660 | $—(1) |
| (1) | Amount is less than $500 (not in thousands). |
There were no transfers into or out of Level 3 related to securities held at June 30, 2023.
Some of the Fund’s investments that were categorized as Level 3 may have been valued utilizing third party pricing information without adjustment. If applicable, 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 roll-forward of Level 3 securities and assumptions are not shown for the period ended June 30, 2023.
See Notes to Schedule of Investments
12
VIRTUS TACTICAL ALLOCATION FUND
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023
Note 1. Security Valuation
The Trustees have designated the Investment Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940. 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 Investment Adviser’s 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. Illiquid, restricted equity securities and illiquid private placements are internally fair valued by the Investment Adviser’s Valuation Committee, and 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 fair values non-U.S. securities using an independent pricing service which considers the correlation of the trading patterns of the non-U.S. security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, Exchange-Traded Funds (“ETFs”), and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.
Debt instruments, 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 instruments that are internally fair valued by the Investment Adviser’s Valuation Committee are generally categorized as Level 3 in the hierarchy.
Listed derivatives, such as options, 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 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.
13