NPORT-EX 2 VIAC050VIRTUS043023.htm
VIRTUS Diversified Income & Convertible Fund
SCHEDULE OF INVESTMENTS (Unaudited)
April 30, 2023
($ reported in thousands)
  Par Value   Value
Convertible Bonds and Notes—79.6%
Auto Manufacturers—0.5%    
Lucid Group, Inc. 144A
1.250%, 12/15/26(1)(2) 		$     1,060   $     572
Rivian Automotive, Inc. 144A
4.625%, 3/15/29(1) 		       480        444
         1,016
       
 
Automobile Components—0.8%    
indie Semiconductor, Inc. 144A
4.500%, 11/15/27(1)(2) 		       650        763
Luminar Technologies, Inc. 144A
1.250%, 12/15/26(1) 		     1,280        828
         1,591
       
 
Banks—1.6%    
Barclays Bank plc
0.000%, 2/18/25(2) 		     2,105      2,161
BofA Finance LLC
0.600%, 5/25/27(2) 		     1,095      1,262
         3,423
       
 
Biotechnology—3.3%    
Alnylam Pharmaceuticals, Inc. 144A
1.000%, 9/15/27(1)(2) 		     1,740      1,726
Apellis Pharmaceuticals, Inc.
3.500%, 9/15/26(2) 		       150        330
Bridgebio Pharma, Inc.
2.250%, 2/1/29 		     1,395        840
Insmed, Inc.      
1.750%, 1/15/25(2)      1,275      1,182
0.750%, 6/1/28(2)        700        577
Sarepta Therapeutics, Inc. 144A
1.250%, 9/15/27(1) 		     2,115      2,385
         7,040
       
 
Commercial Services—4.5%    
Affirm Holdings, Inc.
0.000%, 11/15/26(2) 		     1,130        713
Block, Inc.
0.125%, 3/1/25(2) 		     1,815      1,691
Repay Holdings Corp. 144A
0.000%, 2/1/26(1) 		     1,905      1,427
Shift4 Payments, Inc.      
0.000%, 12/15/25(2)        960      1,047
0.500%, 8/1/27      2,490      2,216
Stride, Inc.
1.125%, 9/1/27(2) 		     2,170      2,268
         9,362
       
 
Computers—2.5%    
CyberArk Software Ltd.
0.000%, 11/15/24(2) 		       925        961
KBR, Inc.
2.500%, 11/1/23(2) 		       640      1,431
Parsons Corp.
0.250%, 8/15/25 		     1,695      1,832
  Par Value   Value
       
Computers—continued    
Rapid7, Inc.
0.250%, 3/15/27 		$     1,260   $   1,126
         5,350
       
 
Electric Utilities—2.1%    
Alliant Energy Corp. 144A
3.875%, 3/15/26(1) 		       400        414
PPL Capital Funding, Inc. 144A
2.875%, 3/15/28(1) 		     1,135      1,138
Southern Co. (The) 144A
3.875%, 12/15/25(1) 		     2,880      2,968
         4,520
       
 
Energy-Alternate Sources—1.5%    
Enphase Energy, Inc.
0.000%, 3/1/26 		       875        833
Sunnova Energy International, Inc. 144A
2.625%, 2/15/28(1) 		     2,920      2,351
         3,184
       
 
Entertainment—3.2%    
DraftKings Holdings, Inc.
0.000%, 3/15/28(2) 		     2,095      1,500
IMAX Corp.
0.500%, 4/1/26(2) 		     2,010      2,013
Live Nation Entertainment, Inc.
2.000%, 2/15/25(2) 		     1,525      1,478
Vail Resorts, Inc.
0.000%, 1/1/26(2) 		     1,955      1,768
         6,759
       
 
Financial Services—4.3%    
Coinbase Global, Inc.
0.500%, 6/1/26(2) 		     1,510        973
Encore Capital Group, Inc. 144A
4.000%, 3/15/29(1) 		     2,685      2,756
Goldman Sachs Finance Corp.
0.500%, 12/29/27(2)(3) 		     3,015      3,072
JPMorgan Chase Financial Co., LLC
0.500%, 6/15/27(2) 		     1,850      2,241
         9,042
       
 
Food & Beverage—0.5%    
Post Holdings, Inc. 144A
2.500%, 8/15/27(1) 		       970      1,016
Healthcare-Products—7.8%    
Alphatec Holdings, Inc.
0.750%, 8/1/26(2) 		     1,460      1,499
CONMED Corp. 144A
2.250%, 6/15/27(1)(2) 		     2,665      2,882
Envista Holdings Corp.
2.375%, 6/1/25(2) 		       425        807
Exact Sciences Corp.      
0.375%, 3/15/27(2)      2,815      2,565
0.375%, 3/1/28(2)        250        217
Insulet Corp.
0.375%, 9/1/26(2) 		     1,595      2,380
See Notes to Schedule of Investments
1
VIRTUS Diversified Income & Convertible Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2023
($ reported in thousands)
  Par Value   Value
       
Healthcare-Products—continued    
Integer Holdings Corp. 144A
2.125%, 2/15/28(1)(2) 		$       890   $   1,010
Lantheus Holdings, Inc. 144A
2.625%, 12/15/27(1) 		     1,065      1,411
Natera, Inc.
2.250%, 5/1/27(2) 		     1,185      1,775
Novocure Ltd.
0.000%, 11/1/25(2) 		     1,575      1,404
Repligen Corp.
0.375%, 7/15/24 		       325        454
        16,404
       
 
Internet—8.6%    
Booking Holdings, Inc.
0.750%, 5/1/25(2) 		       930      1,386
Etsy, Inc.
0.250%, 6/15/28(2) 		     1,225        995
Match Group Financeco 2, Inc. 144A
0.875%, 6/15/26(1)(2) 		     1,525      1,341
Palo Alto Networks, Inc.      
0.750%, 7/1/23(2)      1,160      2,374
0.375%, 6/1/25(2)      1,485      2,743
Snap, Inc.
0.750%, 8/1/26 		     1,165      1,004
Uber Technologies, Inc.
0.000%, 12/15/25 		     1,425      1,239
Wayfair, Inc.      
1.125%, 11/1/24      1,280      1,143
1.000%, 8/15/26        705        457
144A 3.250%, 9/15/27(1)        695        584
Zillow Group, Inc.      
2.750%, 5/15/25      3,715      3,771
1.375%, 9/1/26        855        998
        18,035
       
 
Leisure Time—3.3%    
NCL Corp., Ltd.      
5.375%, 8/1/25        415        443
1.125%, 2/15/27(2)      3,560      2,582
Royal Caribbean Cruises Ltd.      
2.875%, 11/15/23      1,450      1,474
144A 6.000%, 8/15/25(1)        585        892
Topgolf Callaway Brands Corp.
2.750%, 5/1/26 		     1,170      1,627
         7,018
       
 
Machinery-Diversified—0.7%    
Middleby Corp. (The)
1.000%, 9/1/25(2) 		     1,210      1,465
Media—2.9%    
DISH Network Corp.
0.000%, 12/15/25(2) 		     1,160        566
Liberty Broadband Corp. 144A
3.125%, 3/31/53(1)(2) 		     3,585      3,542
  Par Value   Value
       
Media—continued    
Liberty Media Corp.-Liberty Formula One 144A
2.250%, 8/15/27(1)(2) 		$     1,955   $   2,071
         6,179
       
 
Mining—0.6%    
Lithium Americas Corp.
1.750%, 1/15/27(2) 		     1,545      1,196
Miscellaneous Manufacturing—1.4%    
Axon Enterprise, Inc. 144A
0.500%, 12/15/27(1)(2) 		     2,570      2,891
Oil, Gas & Consumable Fuels—2.5%    
Northern Oil & Gas, Inc. 144A
3.625%, 4/15/29(1)(2) 		     1,635      1,845
Permian Resources Operating LLC
3.250%, 4/1/28 		       790      1,452
Pioneer Natural Resources Co.
0.250%, 5/15/25(2) 		       860      1,958
         5,255
       
 
Passenger Airlines—0.5%    
American Airlines Group, Inc.
6.500%, 7/1/25(2) 		       885        981
Personal Care Product—0.7%    
Beauty Health Co. (The) 144A
1.250%, 10/1/26(1)(2) 		     1,870      1,529
Pharmaceuticals—4.4%    
Dexcom, Inc.      
0.750%, 12/1/23(2)        335        988
0.250%, 11/15/25(2)      5,410      5,903
Mirum Pharmaceuticals, Inc. 144A
4.000%, 5/1/29(1) 		       680        775
Revance Therapeutics, Inc.
1.750%, 2/15/27 		     1,250      1,519
         9,185
       
 
Retail—3.8%    
Burlington Stores, Inc.
2.250%, 4/15/25(2) 		     2,050      2,298
Freshpet, Inc. 144A
3.000%, 4/1/28(1) 		     1,785      2,146
Guess, Inc. 144A
3.750%, 4/15/28(1) 		     1,425      1,429
Shake Shack, Inc.
0.000%, 3/1/28 		     2,800      2,077
         7,950
       
 
Semiconductors—3.6%    
Impinj, Inc.
1.125%, 5/15/27(2) 		       845        910
MACOM Technology Solutions Holdings, Inc.
0.250%, 3/15/26(2) 		     1,125      1,080
Microchip Technology, Inc.
0.125%, 11/15/24(2) 		       910        964
 
See Notes to Schedule of Investments
2
VIRTUS Diversified Income & Convertible Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2023
($ reported in thousands)
  Par Value   Value
       
Semiconductors—continued    
ON Semiconductor Corp. 144A
0.500%, 3/1/29(1) 		$     2,680   $   2,581
Silicon Laboratories, Inc.
0.625%, 6/15/25 		       435        521
Wolfspeed, Inc.
0.250%, 2/15/28 		     2,105      1,525
         7,581
       
 
Software—13.3%    
Bentley Systems, Inc.
0.125%, 1/15/26(2) 		     2,770      2,606
BILL Holdings, Inc.
0.000%, 12/1/25(2) 		     1,760      1,607
Cerence, Inc.
3.000%, 6/1/25(2) 		       930        955
Cloudflare, Inc.
0.000%, 8/15/26(2) 		     1,650      1,361
Confluent, Inc.
0.000%, 1/15/27(2) 		     1,380      1,093
Datadog, Inc.
0.125%, 6/15/25(2) 		     1,130      1,178
DigitalOcean Holdings, Inc.
0.000%, 12/1/26(2) 		       445        348
Envestnet, Inc. 144A
2.625%, 12/1/27(1)(2) 		     2,145      2,340
Evolent Health, Inc.
1.500%, 10/15/25(2) 		     2,060      2,631
Five9, Inc.
0.500%, 6/1/25(2) 		     1,280      1,178
HubSpot, Inc.
0.375%, 6/1/25(2) 		       945      1,468
MicroStrategy, Inc.
0.750%, 12/15/25 		       790        818
Model N, Inc. 144A
1.875%, 3/15/28(1) 		       290        282
MongoDB, Inc.
0.250%, 1/15/26 		       880      1,158
PagerDuty, Inc.
1.250%, 7/1/25 		     1,780      1,882
Splunk, Inc.      
1.125%, 9/15/25      1,360      1,283
1.125%, 6/15/27      1,770      1,513
Tyler Technologies, Inc.
0.250%, 3/15/26(2) 		     2,760      2,770
Workiva, Inc.
1.125%, 8/15/26 		     1,070      1,413
        27,884
       
 
Telecommunications—0.7%    
Viavi Solutions, Inc. 144A
1.625%, 3/15/26(1) 		     1,420      1,377
Total Convertible Bonds and Notes
(Identified Cost $173,365) 		   167,233
       
 
       
 
Corporate Bonds and Notes—19.6%
Aerospace & Defense—0.8%    
Bombardier, Inc. 144A
7.500%, 2/1/29(1)(2) 		       435        428
  Par Value   Value
       
Aerospace & Defense—continued    
Spirit AeroSystems, Inc. 144A
9.375%, 11/30/29(1) 		$       305   $     328
TransDigm, Inc. 144A
6.750%, 8/15/28(1) 		       665        675
Triumph Group, Inc. 144A
9.000%, 3/15/28(1) 		       230        233
         1,664
       
 
Auto Manufacturers—0.4%    
Ford Motor Co.      
9.625%, 4/22/30(2)        460        535
7.450%, 7/16/31(2)        250        263
6.100%, 8/19/32        115        110
           908
       
 
Automobile Components—0.8%    
American Axle & Manufacturing, Inc.
6.500%, 4/1/27(2) 		       250        231
Clarios Global LP 144A
8.500%, 5/15/27(1)(2) 		       645        649
Goodyear Tire & Rubber Co. (The)      
9.500%, 5/31/25(2)        250        256
5.250%, 4/30/31(2)        265        230
5.250%, 7/15/31(2)        305        263
         1,629
       
 
Building Materials—0.3%    
Builders FirstSource, Inc. 144A
6.375%, 6/15/32(1)(2) 		       245        244
Griffon Corp.
5.750%, 3/1/28(2) 		       370        341
           585
       
 
Chemicals—0.1%    
Chemours Co. (The) 144A
5.750%, 11/15/28(1)(2) 		       265        235
Commercial Services—1.1%    
ADT Security Corp. (The) 144A
4.125%, 8/1/29(1)(2) 		       400        348
Avis Budget Car Rental LLC 144A
5.375%, 3/1/29(1)(2) 		       420        381
Deluxe Corp. 144A
8.000%, 6/1/29(1) 		       145        112
Herc Holdings, Inc. 144A
5.500%, 7/15/27(1)(2) 		       470        449
Hertz Corp. (The) 144A
5.000%, 12/1/29(1)(2) 		       405        331
NESCO Holdings II, Inc. 144A
5.500%, 4/15/29(1)(2) 		       360        325
United Rentals North America, Inc.
5.250%, 1/15/30(2) 		       310        300
         2,246
       
 
Computers—0.2%    
McAfee Corp. 144A
7.375%, 2/15/30(1)(2) 		       275        228
 
See Notes to Schedule of Investments
3
VIRTUS Diversified Income & Convertible Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2023
($ reported in thousands)
  Par Value   Value
       
Computers—continued    
NCR Corp. 144A
5.125%, 4/15/29(1)(2) 		$       330   $     286
           514
       
 
Containers & Packaging—0.7%    
Berry Global, Inc. 144A
5.625%, 7/15/27(1)(2) 		       270        266
Mauser Packaging Solutions Holding Co. 144A
7.875%, 8/15/26(1)(2) 		       340        345
Owens-Brockway Glass Container, Inc. 144A
6.625%, 5/13/27(1)(2) 		       485        486
Trivium Packaging Finance B.V. 144A
8.500%, 8/15/27(1)(2) 		       355        343
         1,440
       
 
Diversified REITS—0.4%    
Iron Mountain, Inc. 144A
5.250%, 7/15/30(1)(2) 		       425        391
Service Properties Trust
7.500%, 9/15/25 		       445        436
           827
       
 
Electric Utilities—0.2%    
PG&E Corp.
5.250%, 7/1/30 		       375        346
Electronic Equipment, Instruments & Components—0.2%    
WESCO Distribution, Inc. 144A
7.250%, 6/15/28(1)(2) 		       500        513
Electronics—0.3%    
Coherent Corp. 144A
5.000%, 12/15/29(1)(2) 		       400        360
Sensata Technologies B.V. 144A
5.875%, 9/1/30(1) 		       230        226
           586
       
 
Entertainment—1.5%    
Caesars Entertainment, Inc.      
144A 8.125%, 7/1/27(1)(2)        785        801
144A 4.625%, 10/15/29(1)(2)        425        373
144A 7.000%, 2/15/30(1)(2)        230        232
CDI Escrow Issuer, Inc. 144A
5.750%, 4/1/30(1) 		       230        222
Lions Gate Capital Holdings LLC 144A
5.500%, 4/15/29(1)(2) 		       410        299
Live Nation Entertainment, Inc. 144A
6.500%, 5/15/27(1)(2) 		       425        430
Scientific Games International, Inc. 144A
7.000%, 5/15/28(1) 		       180        179
SeaWorld Parks & Entertainment, Inc.      
144A 8.750%, 5/1/25(1)        215        219
144A 5.250%, 8/15/29(1)(2)        425        382
         3,137
       
 
Environmental Services—0.2%    
GFL Environmental, Inc. 144A
4.750%, 6/15/29(1)(2) 		       545        507
  Par Value   Value
       
Financial Services—0.5%    
Nationstar Mortgage Holdings, Inc.      
144A 5.500%, 8/15/28(1)(2) $       290   $     259
144A 5.750%, 11/15/31(1)(2)        145        121
Navient Corp.
6.750%, 6/15/26(2) 		       375        365
OneMain Finance Corp.
8.250%, 10/1/23(2) 		       110        110
PRA Group, Inc. 144A
8.375%, 2/1/28(1) 		       225        224
         1,079
       
 
Food & Beverage—0.3%    
Post Holdings, Inc.      
144A 5.500%, 12/15/29(1)        250        238
144A 4.500%, 9/15/31(1)(2)        300        262
Simmons Foods, Inc. 144A
4.625%, 3/1/29(1) 		       120         99
           599
       
 
Healthcare-Products—0.2%    
Medline Borrower LP 144A
5.250%, 10/1/29(1)(2) 		       385        333
Healthcare-Services—0.5%    
Select Medical Corp. 144A
6.250%, 8/15/26(1)(2) 		       345        338
Tenet Healthcare Corp.
6.125%, 10/1/28(2) 		       695        674
         1,012
       
 
Hotel & Resort REITs—0.2%    
Park Intermediate Holdings LLC      
144A 5.875%, 10/1/28(1)        260        240
144A 4.875%, 5/15/29(1)(2)        290        251
           491
       
 
Housewares—0.2%    
Newell Brands, Inc.
6.625%, 9/15/29(2) 		       340        336
Internet—0.7%    
Gen Digital, Inc. 144A
7.125%, 9/30/30(1)(2) 		       450        452
Uber Technologies, Inc.      
144A 8.000%, 11/1/26(1)(2)        235        241
144A 7.500%, 9/15/27(1)(2)        370        382
144A 6.250%, 1/15/28(1)        360        363
         1,438
       
 
Investment Companies—0.2%    
Compass Group Diversified Holdings LLC 144A
5.250%, 4/15/29(1)(2) 		       435        392
Leisure Time—0.7%    
Carnival Corp.      
144A 10.500%, 2/1/26(1)(2)        650        679
144A 10.500%, 6/1/30(1)(2)        135        128
 
See Notes to Schedule of Investments
4
VIRTUS Diversified Income & Convertible Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2023
($ reported in thousands)
  Par Value   Value
       
Leisure Time—continued    
NCL Corp., Ltd. 144A
8.375%, 2/1/28(1)(2) 		$       340   $     342
Royal Caribbean Cruises Ltd.      
144A 11.500%, 6/1/25(1)(2)        105        111
144A 11.625%, 8/15/27(1)        275        293
         1,553
       
 
Lodging—0.3%    
Hilton Grand Vacations Borrower Escrow LLC 144A
5.000%, 6/1/29(1)(2) 		       415        376
MGM Resorts International
4.750%, 10/15/28(2) 		       305        285
           661
       
 
Machinery-Construction & Mining—0.2%    
Terex Corp. 144A
5.000%, 5/15/29(1)(2) 		       370        344
Machinery-Diversified—0.2%    
Chart Industries, Inc. 144A
7.500%, 1/1/30(1)(2) 		       455        469
Media—2.1%    
CCO Holdings LLC      
144A 6.375%, 9/1/29(1)(2)        475        451
144A 7.375%, 3/1/31(1)(2)        575        563
CSC Holdings LLC 144A
7.500%, 4/1/28(1)(2) 		       315        197
DirecTV Financing LLC 144A
5.875%, 8/15/27(1)(2) 		       575        505
DISH Network Corp. 144A
11.750%, 11/15/27(1)(2) 		       555        524
Gray Television, Inc.      
144A 7.000%, 5/15/27(1)(2)        450        364
144A 4.750%, 10/15/30(1)(2)        295        191
Nexstar Media, Inc. 144A
5.625%, 7/15/27(1)(2) 		       445        418
Scripps Escrow II, Inc. 144A
5.375%, 1/15/31(1) 		       300        209
Sirius XM Radio, Inc. 144A
4.000%, 7/15/28(1)(2) 		       450        380
TEGNA, Inc.
5.000%, 9/15/29(2) 		       280        245
Virgin Media Secured Finance plc 144A
5.500%, 5/15/29(1)(2) 		       395        363
         4,410
       
 
Mining—0.2%    
Hudbay Minerals, Inc. 144A
6.125%, 4/1/29(1)(2) 		       465        435
Oil, Gas & Consumable Fuels—1.6%    
Antero Resources Corp. 144A
7.625%, 2/1/29(1) 		       213        218
Callon Petroleum Co. 144A
8.000%, 8/1/28(1)(2) 		       355        350
CITGO Petroleum Corp. 144A
6.375%, 6/15/26(1)(2) 		       445        434
  Par Value   Value
       
Oil, Gas & Consumable Fuels—continued    
CNX Resources Corp.      
144A 7.250%, 3/14/27(1)(2) $       255   $     252
144A 7.375%, 1/15/31(1)        230        222
Occidental Petroleum Corp.
6.625%, 9/1/30(2) 		       220        235
SM Energy Co.
6.500%, 7/15/28(2) 		       530        502
Sunoco LP      
5.875%, 3/15/28(2)        115        112
4.500%, 4/30/30        145        129
USA Compression Partners LP
6.875%, 9/1/27(2) 		       415        404
Weatherford International Ltd. 144A
8.625%, 4/30/30(1)(2) 		       525        535
         3,393
       
 
Paper & Forest Products—0.1%    
Mercer International, Inc. 144A
5.125%, 2/1/29(1)(2) 		       300        250
Passenger Airlines—0.3%    
American Airlines, Inc. 144A
11.750%, 7/15/25(1)(2) 		       300        330
Delta Air Lines, Inc.
7.375%, 1/15/26(2) 		       275        290
           620
       
 
Personal Care Product—0.2%    
Coty, Inc. 144A
6.500%, 4/15/26(1)(2) 		       475        474
Pharmaceuticals—0.4%    
Jazz Securities DAC 144A
4.375%, 1/15/29(1)(2) 		       380        349
Organon & Co. 144A
5.125%, 4/30/31(1)(2) 		       520        464
           813
       
 
Pipelines—0.9%    
Antero Midstream Partners LP 144A
5.375%, 6/15/29(1)(2) 		       290        271
Crestwood Midstream Partners LP 144A
6.000%, 2/1/29(1)(2) 		       605        570
EQM Midstream Partners LP 144A
7.500%, 6/1/30(1)(2) 		       455        442
NGL Energy Operating LLC 144A
7.500%, 2/1/26(1)(2) 		       290        278
NuStar Logistics LP
6.375%, 10/1/30(2) 		       305        294
         1,855
       
 
Real Estate—0.1%    
Kennedy-Wilson, Inc.
5.000%, 3/1/31(2) 		       395        299
Retail—0.8%    
Asbury Automotive Group, Inc.      
4.750%, 3/1/30(2)        422        375
 
See Notes to Schedule of Investments
5
VIRTUS Diversified Income & Convertible Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2023
($ reported in thousands)
  Par Value   Value
       
Retail—continued    
144A 4.625%, 11/15/29(1)(2) $       145   $     129
Bath & Body Works, Inc. 144A
6.625%, 10/1/30(1)(2) 		       590        566
Macy’s Retail Holdings LLC      
144A 5.875%, 3/15/30(1)(2)        135        120
144A 6.125%, 3/15/32(1)(2)        265        232
New Red Finance, Inc. 144A
4.000%, 10/15/30(1) 		       300        262
         1,684
       
 
Semiconductors—0.3%    
Amkor Technology, Inc. 144A
6.625%, 9/15/27(1)(2) 		       225        225
Entegris Escrow Corp. 144A
5.950%, 6/15/30(1)(2) 		       505        480
           705
       
 
Software—0.3%    
Alteryx, Inc. 144A
8.750%, 3/15/28(1) 		       275        267
Clarivate Science Holdings Corp. 144A
4.875%, 7/1/29(1)(2) 		       300        270
           537
       
 
Telecommunications—0.7%    
CommScope, Inc. 144A
6.000%, 3/1/26(1)(2) 		       335        320
Frontier Communications Holdings LLC      
144A 5.000%, 5/1/28(1)(2)        265        233
144A 8.750%, 5/15/30(1)(2)        445        440
Hughes Satellite Systems Corp.
6.625%, 8/1/26(2) 		       400        378
         1,371
       
 
Transportation—0.2%    
Fortress Transportation & Infrastructure Investors LLC      
144A 9.750%, 8/1/27(1)(2)        350        365
144A 5.500%, 5/1/28(1)(2)        150        137
           502
       
 
Total Corporate Bonds and Notes
(Identified Cost $43,884) 		    41,192
    
  Shares  
Convertible Preferred Stocks—7.9%
Automobile Components—0.6%  
Aptiv plc Series A, 5.500%(2)     10,515    1,190
Banks—2.4%  
Wells Fargo & Co. Series L, 7.500%      4,305    5,028
Capital Markets—0.6%  
KKR & Co., Inc. Series C, 6.000%(2)     21,705    1,386
Electric Utilities—1.4%  
NextEra Energy, Inc., 6.926%(2)     33,590    1,590
  Shares   Value
Electric Utilities—continued    
PG&E Corp., 5.500%      9,900   $   1,484
         3,074
       
 
Healthcare Equipment & Supplies—1.1%    
Boston Scientific Corp. Series A, 5.500%(2)     17,965      2,259
Machinery—1.2%    
Chart Industries, Inc. Series B, 6.750%     21,620      1,212
RBC Bearings, Inc. Series A, 5.000%     11,245      1,243
         2,455
       
 
Telecommunications—0.6%    
T-Mobile U.S. 2020 Cash Mandatory Exchangeable Trust 144A, 5.250%(1)(2)      1,115      1,299
Total Convertible Preferred Stocks
(Identified Cost $17,168) 		    16,691
       
 
       
 
Preferred Stock—0.1%
Entertainment—0.1%    
LiveStyle, Inc. Series B (3)(4)(5)      1,848        145
Total Preferred Stock
(Identified Cost $181) 		       145
       
 
       
 
Common Stocks—34.5%
Air Freight & Logistics—0.4%    
FedEx Corp.      3,320        756
Automobiles—0.9%    
Tesla, Inc.(4)     11,988      1,970
Banks—1.4%    
CCF Holdings LLC (3)(4)  1,026,972        401
CCF Holdings LLC Class M(3)(4)    219,990         86
JPMorgan Chase & Co.      9,150      1,265
Wells Fargo & Co.     28,890      1,148
         2,900
       
 
Biotechnology—0.4%    
AbbVie, Inc.      6,075        918
Broadline Retail—1.4%    
Amazon.com, Inc.(4)     26,945      2,841
Capital Markets—1.0%    
CME Group, Inc. Class A      3,965        737
Moody’s Corp.(6)      4,310      1,349
         2,086
       
 
Chemicals—0.9%    
DuPont de Nemours, Inc.(6)     17,360      1,210
Sherwin-Williams Co. (The)      2,935        697
         1,907
       
 
 
See Notes to Schedule of Investments
6
VIRTUS Diversified Income & Convertible Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2023
($ reported in thousands)
  Shares   Value
       
Commercial Services & Supplies—0.5%    
GFL Environmental, Inc.     15,842   $     575
Waste Management, Inc.(6)      2,515        418
           993
       
 
Communications Equipment—0.3%    
Cisco Systems, Inc.     12,995        614
Consumer Finance—0.4%    
Capital One Financial Corp.      9,300        905
Consumer Staples Distribution & Retail—0.8%    
Costco Wholesale Corp.      2,480      1,248
Target Corp.      2,770        437
         1,685
       
 
Electric Utilities—1.0%    
Exelon Corp.     46,995      1,994
Electrical Equipment—0.2%    
Generac Holdings, Inc.(4)      2,070        212
Plug Power, Inc.(4)     18,725        169
           381
       
 
Energy Equipment & Services—0.5%    
Schlumberger N.V.     22,995      1,135
Entertainment—0.0%    
LiveStyle, Inc. (3)(4)(5)     13,574         —
Financial Services—1.1%    
Mastercard, Inc. Class A(6)      6,230      2,368
Ground Transportation—1.2%    
Uber Technologies, Inc.(4)     23,440        728
Union Pacific Corp.      9,060      1,773
         2,501
       
 
Healthcare Equipment & Supplies—1.3%    
Abbott Laboratories      7,550        834
Align Technology, Inc.(4)(6)      2,220        722
Intuitive Surgical, Inc.(4)      3,830      1,154
         2,710
       
 
Healthcare Providers & Services—0.5%    
UnitedHealth Group, Inc.      2,182      1,074
Hotels, Restaurants & Leisure—1.5%    
Booking Holdings, Inc.(4)        520      1,397
Chipotle Mexican Grill, Inc. Class A(4)(6)        430        889
Las Vegas Sands Corp.(4)     15,005        958
         3,244
       
 
Insurance—0.1%    
Aon plc Class A        940        306
  Shares   Value
       
Interactive Media & Services—3.0%    
Alphabet, Inc. Class A(4)     37,665   $   4,043
Meta Platforms, Inc. Class A(4)(6)      9,605      2,308
         6,351
       
 
IT Services—0.7%    
Accenture plc Class A(6)      4,210      1,180
EPAM Systems, Inc.(4)      1,062        300
         1,480
       
 
Life Sciences Tools & Services—1.2%    
IQVIA Holdings, Inc.(4)      4,935        929
Thermo Fisher Scientific, Inc.(6)      2,765      1,534
         2,463
       
 
Machinery—0.3%    
Deere & Co.      1,565        592
Oil, Gas & Consumable Fuels—0.9%    
ConocoPhillips      9,550        983
Devon Energy Corp.     18,670        997
         1,980
       
 
Pharmaceuticals—1.0%    
Eli Lilly & Co.(6)      1,605        635
Zoetis, Inc. Class A      8,890      1,563
         2,198
       
 
Semiconductors & Semiconductor Equipment—2.0%    
Lam Research Corp.      2,035      1,066
Marvell Technology, Inc.     10,735        424
Micron Technology, Inc.     16,235      1,045
NVIDIA Corp.      5,690      1,579
         4,114
       
 
Software—4.8%    
Atlassian Corp. Class A(4)      2,390        353
Crowdstrike Holdings, Inc. Class A(4)      5,615        674
Intuit, Inc.      2,110        937
Microsoft Corp.(6)     17,281      5,310
Salesforce, Inc.(4)      6,570      1,303
ServiceNow, Inc.(4)      3,320      1,525
        10,102
       
 
Specialized REITs—0.5%    
American Tower Corp.      4,875        996
Specialty Retail—1.2%    
AutoZone, Inc.(4)         10         26
Home Depot, Inc. (The)(6)      4,555      1,369
TJX Cos., Inc. (The)     14,030      1,106
         2,501
       
 
Technology Hardware, Storage & Peripherals—2.4%    
Apple, Inc.     29,980      5,087
 
See Notes to Schedule of Investments
7
VIRTUS Diversified Income & Convertible Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2023
($ reported in thousands)
  Shares   Value
       
Textiles, Apparel & Luxury Goods—0.7%    
NIKE, Inc. Class B     10,765   $   1,364
Total Common Stocks
(Identified Cost $84,782) 		    72,516
       
 
       
 
Warrant—0.0%
Banks—0.0%    
CCF Holdings LLC, 4/1/24(3)(4)    363,920         62
Total Warrant
(Identified Cost $—) 		        62
       
 
       
 
Total Long-Term Investments—141.7%
(Identified Cost $319,380) 		    297,839
       
 
       
 
Short-Term Investment—7.3%
Money Market Mutual Fund—7.3%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.745%)(7) 15,329,212     15,329
Total Short-Term Investment
(Identified Cost $15,329) 		    15,329
       
 
       
 
TOTAL INVESTMENTS, BEFORE WRITTEN OPTIONS—149.0%
(Identified Cost $334,709) 		   313,168
    
     
Written Options—(0.0)%
(See open written options schedule)    
Total Written Options
(Premiums Received $23) 		     (38)
     
 
     
 
TOTAL INVESTMENTS, NET OF WRITTEN OPTIONS—149.0%
(Identified Cost $334,686) 		 $313,130
Other assets and liabilities, net—(49.0)% (103,002)
NET ASSETS—100.0%  $210,128
Abbreviations:
EV Enterprise Value
LLC Limited Liability Company
LP Limited Partnership
REIT Real Estate Investment Trust
    
Footnote Legend:
(1) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2023, these securities amounted to a value of $83,863 or 39.9% of net assets.
(2) All or a portion of the security is segregated as collateral for margin loan financing. The value of securities segregated as collateral is $129,106.
(3) The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments.
(4) Non-income producing.
(5) Security is restricted from resale.
(6) All or a portion of the security is segregated as collateral for written options.The value of securities segregated as collateral is $10,052.
(7) Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.
    
Country Weightings†
United States 94%
Canada 2
United Kingdom 1
Bermuda 1
Liberia 1
Jersey 1
Total 100%
† % of total investments, net of written options, as of April 30, 2023.
 
Open written options contracts as of April 30, 2023 were as follows:
Description of Options Number of
Contracts 		Contract
Notional
Amount 		Strike
Price(1) 		Expiration
Date 		Value
Call Options(2)          
Accenture plc (30) $(930) $310.00 05/19/23 $(—) (3)
Align Technology, Inc. (10) (420) 420.00 05/19/23 (—) (3)
Chipotle Mexican Grill, Inc. (2) (420) 2,100.00 05/19/23 (6) 
DuPont de Nemours, Inc. (120) (960) 80.00 05/19/23 (1) 
Eli Lilly & Co. (10) (430) 430.00 05/19/23 (1) 
Home Depot, Inc. (The) (30) (1,035) 345.00 05/19/23 (—) (3)
Mastercard, Inc. (29) (1,160) 400.00 05/19/23 (2) 
Meta Platforms, Inc. (28) (770) 275.00 05/19/23 (1) 
Microsoft Corp. (85) (2,678) 315.00 05/19/23 (24) 
Moody’s Corp. (20) (660) 330.00 05/19/23 (2) 
ServiceNow, Inc. (10) (540) 540.00 05/19/23 (—) (3)
Thermo Fisher Scientific, Inc. (20) (1,240) 620.00 05/19/23 (—) (3)
See Notes to Schedule of Investments
8
VIRTUS Diversified Income & Convertible Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2023
($ reported in thousands)
Open written options contracts as of April 30, 2023 were as follows (continued):
Description of Options Number of
Contracts 		Contract
Notional
Amount 		Strike
Price(1) 		Expiration
Date 		Value
Call Options(2) (continued)          
Waste Management, Inc. (13) $(224) $172.50 05/19/23 $(—) (3)
          (37)
Put Options          
AutoZone, Inc. (1) (236) 2,360.00 05/19/23 (—) (3)
AutoZone, Inc. (1) (250) 2,500.00 05/19/23 (1) 
          (1)
Total Written Options   $(38)
    
Footnote Legend:
(1) Strike price not reported in thousands.
(2) Exchange-traded options.
(3) Amount is less than $500.
The following table summarizes the value of the Fund’s investments as of April 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
April 30, 2023 		  Level 1
Quoted Prices 		  Level 2
Significant
Observable
Inputs 		  Level 3
Significant
Unobservable
Inputs
Assets:              
Debt Instruments:              
Corporate Bonds and Notes $41,192   $—   $41,192   $—
Convertible Bonds and Notes 167,233   —   164,161   3,072
Equity Securities:              
Common Stocks 72,516   72,029   —   487(1)
Convertible Preferred Stocks 16,691   15,392   1,299   —
Preferred Stock 145   —   —   145
Warrant 62   —   —   62
Money Market Mutual Fund 15,329   15,329   —   —
Total Assets 313,168   102,750   206,652   3,766
Liabilities:              
Other Financial Instruments:              
Written Options (38)   (38)   —   —
Total Liabilities (38)   (38)   —   —
Total Investments, Net of Written Options $313,130   $102,712   $206,652   $3,766
    
(1) Includes internally fair valued securities currently priced at zero ($0).
There were no transfers into or out of Level 3 related to securities held at April 30, 2023.
Some of the Fund’s investments that were categorized as Level 3 may have been valued utilizing third party pricing information without adjustment. If applicable, such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of Level 3 investments.
See Notes to Schedule of Investments
9
VIRTUS Diversified Income & Convertible Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2023
($ reported in thousands)
The following is a reconciliation of assets of the Fund for Level 3 investments for which significant unobservable inputs were used to determine fair value.
  Total   Convertible
Bonds and
Notes 		  Common
Stocks 		  Preferred
Stocks 		  Warrants
Investments in Securities                  
Balance as of January 31, 2023: $ 4,189   $ 3,152   $ 760   $ 139   $ 138
Net change in unrealized appreciation (depreciation)(a) (423)   (80)   (273)   6   (76)
Balance as of April 30, 2023 $ 3,766   $ 3,072   $ 487(b)   $ 145   $ 62
(a) The net change in unrealized appreciation (depreciation) on investments still held at April 30, 2023, was $423.
(b) Includes internally fair valued securities currently priced at zero ($0).
The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 at April 30, 2023:
Investments in
Securities – Assets 		  Ending
Balance
at April 30, 2023 		  Valuation Technique Used   Unobservable
Inputs 		  Input
Values
                 
Preferred Stocks:                
LiveStyle, Inc. Series B   $145   Discounted cash flows liquidation approach   Discount rate   23.89% (23.67% - 24.03%)
                 
Common Stocks:                
CCF Holdings LLC   $401   Market and Company Comparables   EV Multiples   1.12x (0.70x - 1.44x)
                6.14x (5.08x - 7.72x)
                0.44x (0.22x - 0.64x)
            Illiquidity Discount   25%
                 
CCF Holdings LLC Class M   $86   Market and Company Comparables   EV Multiples   1.12x (0.70x - 1.44x)
                6.14x (5.08x - 7.72x)
                0.44x (0.22x - 0.64x)
            Illiquidity Discount   25%
                 
Warrant:                
CCF Holdings LLC   $62   Market and Company Comparables   EV Multiples   1.12x (0.70x - 1.44x)
                6.14x (5.08x - 7.72x)
                0.44x (0.22x - 0.64x)
            Illiquidity Discount   25%
        Black-Scholes Model   Volatility   50.27%
                 
See Notes to Schedule of Investments
10
VIRTUS Diversified Income & Convertible Fund
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
April 30, 2023
Note 1. Security Valuation
The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Fund’s policy is to recognize transfers into or out of Level 3 at the end of the reporting period.
• Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities).
• Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
• Level 3 – prices determined using significant unobservable inputs (including the 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 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 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.
11