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.

(e) Level 3 security.

(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.

(h) Non-income producing.

(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.