NPORT-EX 2 VIAC050VIRTUS103121.htm

VIRTUS AllianzGI Diversified Income & Convertible Fund

SCHEDULE OF INVESTMENTS (Unaudited)

October 31, 2021

($ reported in thousands)

	Par Value		Value
Corporate Bonds and Notes—14.1%
Advertising—0.1%
Clear Channel Outdoor Holdings, Inc.
144A 7.750%, 4/15/28(1)	$       155		$     161
144A 7.500%, 6/1/29(1)	275		281
			442
Aerospace & Defense—0.3%
TransDigm, Inc.
6.375%, 6/15/26	390		403
5.500%, 11/15/27	345		353
Triumph Group, Inc.
144A 8.875%, 6/1/24(1)	143		158
144A 6.250%, 9/15/24(1)	175		175
			1,089
Airlines—0.2%
American Airlines, Inc.
144A 11.750%, 7/15/25(1)	300		371
144A 5.750%, 4/20/29(1)	140		151
Delta Air Lines, Inc. 7.375%, 1/15/26	375		441
			963
Auto Components—0.6%
American Axle & Manufacturing, Inc. 6.500%, 4/1/27	390		407
Clarios Global LP 144A 8.500%, 5/15/27(1)	645		685
Goodyear Tire & Rubber Co. (The)
5.250%, 4/30/31	295		316
144A 5.250%, 7/15/31(1)	305		324
Tenneco, Inc.
5.000%, 7/15/26	290		283
144A 7.875%, 1/15/29(1)	130		142
			2,157

	Par Value		Value
Auto Manufacturers—0.5%
Ford Motor Co.
9.000%, 4/22/25	$       530		$     637
9.625%, 4/22/30	460		663
7.450%, 7/16/31	250		331
Ford Motor Credit Co. LLC 5.125%, 6/16/25	150		163
			1,794
Building Materials—0.3%
Builders FirstSource, Inc. 144A 5.000%, 3/1/30(1)	410		433
Griffon Corp. 5.750%, 3/1/28	230		241
Koppers, Inc. 144A 6.000%, 2/15/25(1)	305		312
			986
Chemicals—0.1%
Tronox, Inc. 144A 4.625%, 3/15/29(1)	300		294
WR Grace Holdings LLC 144A 5.625%, 8/15/29(1)	285		288
			582
Commercial Services—0.7%
ADT Security Corp. (The) 144A 4.125%, 8/1/29(1)	295		291
Avis Budget Car Rental LLC 144A 5.375%, 3/1/29(1)	420		442
Deluxe Corp. 144A 8.000%, 6/1/29(1)	285		300
HealthEquity, Inc. 144A 4.500%, 10/1/29(1)	150		152
NESCO Holdings II, Inc. 144A 5.500%, 4/15/29(1)	285		288

See Notes to Schedule of Investments

1

VIRTUS AllianzGI Diversified Income & Convertible Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

October 31, 2021

($ reported in thousands)

	Par Value		Value
Commercial Services—continued
RR Donnelley & Sons Co. 6.000%, 4/1/24	$       915		$     952
United Rentals North America, Inc. 5.250%, 1/15/30	310		335
			2,760
Computers—0.2%
Dell International LLC 144A 7.125%, 6/15/24(1)	420		427
NCR Corp. 144A 5.125%, 4/15/29(1)	285		291
			718
Containers & Packaging—0.3%
Berry Global, Inc. 144A 5.625%, 7/15/27(1)	270		283
Owens-Brockway Glass Container, Inc. 144A 6.625%, 5/13/27(1)	385		412
Trivium Packaging Finance B.V. 144A 8.500%, 8/15/27(1)	355		374
			1,069
Cosmetics & Personal Care—0.1%
Edgewell Personal Care Co. 144A 5.500%, 6/1/28(1)	300		314
Diversified Financial Services—0.5%
Nationstar Mortgage Holdings, Inc. 144A 5.500%, 8/15/28(1)	290		297
Navient Corp.
6.750%, 6/15/26	375		414
5.000%, 3/15/27	285		291
4.875%, 3/15/28	140		140
OneMain Finance Corp.
8.250%, 10/1/23	320		356
6.625%, 1/15/28	270		303
5.375%, 11/15/29	20		21
			1,822

	Par Value		Value
Electronic Equipment, Instruments & Components—0.1%
WESCO Distribution, Inc. 144A 7.250%, 6/15/28(1)	$       210		$     232
Entertainment—0.8%
AMC Entertainment Holdings, Inc. 6.125%, 5/15/27	885		655
Caesars Entertainment, Inc. 144A 6.250%, 7/1/25(1)	430		452
Cedar Fair LP
5.375%, 6/1/24	250		252
5.375%, 4/15/27	465		479
International Game Technology plc 144A 6.250%, 1/15/27(1)	450		506
Lions Gate Capital Holdings LLC 144A 5.500%, 4/15/29(1)	410		419
Scientific Games International, Inc. 144A 8.250%, 3/15/26(1)	430		456
			3,219
Environmental Services—0.1%
GFL Environmental, Inc. 144A 4.750%, 6/15/29(1)	405		408
Equity Real Estate Investment Trusts (REITs)—0.3%
Iron Mountain, Inc. 144A 5.250%, 7/15/30(1)	425		444
Park Intermediate Holdings LLC 144A 4.875%, 5/15/29(1)	290		293
Service Properties Trust
4.350%, 10/1/24	125		126
4.500%, 3/15/25	300		300
			1,163

See Notes to Schedule of Investments

2

VIRTUS AllianzGI Diversified Income & Convertible Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

October 31, 2021

($ reported in thousands)

	Par Value		Value
Food & Beverage—0.6%
Kraft Heinz Foods Co.
5.000%, 7/15/35	$       125		$     154
6.500%, 2/9/40	440		628
Performance Food Group, Inc. 144A 4.250%, 8/1/29(1)	300		300
Post Holdings, Inc. 144A 4.500%, 9/15/31(1)	300		294
Simmons Foods, Inc. 144A 4.625%, 3/1/29(1)	300		303
Triton Water Holdings, Inc. 144A 6.250%, 4/1/29(1)	300		299
US Foods, Inc.
144A 6.250%, 4/15/25(1)	220		230
144A 4.750%, 2/15/29(1)	180		182
			2,390
Food Service—0.1%
Aramark Services, Inc. 144A 5.000%, 2/1/28(1)	390		399
Healthcare-Products—0.1%
Mozart Debt Merger Sub, Inc. 144A 5.250%, 10/1/29(1)	295		299
Healthcare-Services—0.4%
Centene Corp. 4.625%, 12/15/29	395		426
ModivCare Escrow Issuer, Inc. 144A 5.000%, 10/1/29(1)	175		178
Select Medical Corp. 144A 6.250%, 8/15/26(1)	280		293
Tenet Healthcare Corp. 144A 6.125%, 10/1/28(1)	690		724
			1,621

	Par Value		Value
Home Builders—0.1%
Picasso Finance Sub, Inc. 144A 6.125%, 6/15/25(1)	$       247		$     260
Home Furnishings—0.0%
Tempur Sealy International, Inc. 144A 3.875%, 10/15/31(1)	150		149
Internet—0.3%
Match Group Holdings II LLC 144A 5.000%, 12/15/27(1)	220		229
Netflix, Inc. 144A 5.375%, 11/15/29(1)	415		501
Uber Technologies, Inc.
144A 8.000%, 11/1/26(1)	235		250
144A 7.500%, 9/15/27(1)	190		208
			1,188
Investment Companies—0.1%
Compass Group Diversified Holdings LLC 144A 5.250%, 4/15/29(1)	435		452
Iron & Steel—0.2%
Cleveland-Cliffs, Inc.
5.875%, 6/1/27	455		473
144A 9.875%, 10/17/25(1)	250		286
			759
Leisure Time—0.4%
Carnival Corp.
144A 10.500%, 2/1/26(1)	265		308
144A 5.750%, 3/1/27(1)	150		153
144A 6.000%, 5/1/29(1)	290		290
NCL Corp., Ltd. 144A 5.875%, 3/15/26(1)	605		606

See Notes to Schedule of Investments

3

VIRTUS AllianzGI Diversified Income & Convertible Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

October 31, 2021

($ reported in thousands)

	Par Value		Value
Leisure Time—continued
Royal Caribbean Cruises Ltd. 144A 11.500%, 6/1/25(1)	$       181		$     206
			1,563
Lodging—0.2%
Boyd Gaming Corp. 144A 8.625%, 6/1/25(1)	370		399
Hilton Domestic Operating Co., Inc. 144A 4.000%, 5/1/31(1)	225		226
MGM Resorts International 4.750%, 10/15/28	305		317
			942
Machinery-Construction & Mining—0.1%
Terex Corp. 144A 5.000%, 5/15/29(1)	280		286
Media—1.2%
CCO Holdings LLC
4.500%, 5/1/32	380		382
144A 5.375%, 6/1/29(1)	275		296
CSC Holdings LLC
144A 7.500%, 4/1/28(1)	535		569
144A 5.750%, 1/15/30(1)	140		138
DIRECTV Holdings LLC 144A 5.875%, 8/15/27(1)	575		596
DISH DBS Corp. 7.375%, 7/1/28	420		442
Gray Escrow II, Inc. 144A 5.375%, 11/15/31(1)	145		146
Gray Television, Inc. 144A 4.750%, 10/15/30(1)	455		449
Meredith Corp. 6.875%, 2/1/26	293		304
Nexstar Media, Inc. 144A 5.625%, 7/15/27(1)	445		469
Sirius XM Radio, Inc. 144A 4.000%, 7/15/28(1)	450		453
Virgin Media Finance plc 144A 5.000%, 7/15/30(1)	230		229

	Par Value		Value
Media—continued
Virgin Media Secured Finance plc 144A 5.500%, 5/15/29(1)	$       225		$     237
			4,710
Metal Fabricate/Hardware—0.1%
Park-Ohio Industries, Inc. 6.625%, 4/15/27	620		583
Mining—0.3%
FMG Resources August 2006 Pty Ltd. 144A 4.375%, 4/1/31(1)	265		269
Freeport-McMoRan, Inc. 5.250%, 9/1/29	475		520
Hudbay Minerals, Inc. 144A 4.500%, 4/1/26(1)	300		299
Joseph T Ryerson & Son, Inc. 144A 8.500%, 8/1/28(1)	180		200
			1,288
Oil, Gas & Consumable Fuels—1.4%
Antero Resources Corp.
144A 7.625%, 2/1/29(1)	300		332
144A 5.375%, 3/1/30(1)	150		159
Callon Petroleum Co. 144A 8.000%, 8/1/28(1)	300		302
CITGO Petroleum Corp. 144A 6.375%, 6/15/26(1)	135		139
CNX Resources Corp. 144A 7.250%, 3/14/27(1)	295		314
Comstock Resources, Inc.
144A 6.750%, 3/1/29(1)	295		317
144A 5.875%, 1/15/30(1)	285		296
Continental Resources, Inc.
4.375%, 1/15/28	160		175
144A 5.750%, 1/15/31(1)	180		216
EQT Corp. 7.500%, 2/1/30	265		339
Occidental Petroleum Corp.
5.550%, 3/15/26	510		563
6.625%, 9/1/30	220		269

See Notes to Schedule of Investments

4

VIRTUS AllianzGI Diversified Income & Convertible Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

October 31, 2021

($ reported in thousands)

	Par Value		Value
Oil, Gas & Consumable Fuels—continued
PBF Holding Co. LLC 6.000%, 2/15/28	$       145		$     105
PDC Energy, Inc. 5.750%, 5/15/26	435		448
SM Energy Co. 6.500%, 7/15/28	305		320
Southwestern Energy Co. 5.375%, 3/15/30	285		301
Sunoco LP
5.875%, 3/15/28	120		127
144A 4.500%, 4/30/30(1)	145		146
USA Compression Partners LP 6.875%, 9/1/27	415		431
Weatherford International Ltd. 144A 8.625%, 4/30/30(1)	150		154
			5,453
Paper & Forest Products—0.1%
Mercer International, Inc. 144A 5.125%, 2/1/29(1)	300		298
Pharmaceuticals—0.6%
AdaptHealth LLC 144A 4.625%, 8/1/29(1)	455		450
Bausch Health Americas, Inc. 144A 8.500%, 1/31/27(1)	550		584
Bausch Health Cos., Inc. 144A 7.250%, 5/30/29(1)	450		456
Horizon Therapeutics USA, Inc. 144A 5.500%, 8/1/27(1)	285		300
Jazz Securities DAC 144A 4.375%, 1/15/29(1)	305		314
Organon & Co. 144A 5.125%, 4/30/31(1)	295		304
			2,408

	Par Value		Value
Pipelines—0.6%
Antero Midstream Partners LP 144A 5.375%, 6/15/29(1)	$       290		$     303
Crestwood Midstream Partners LP 144A 6.000%, 2/1/29(1)	280		290
DCP Midstream Operating LP 5.125%, 5/15/29	370		419
EQM Midstream Partners LP 144A 6.500%, 7/1/27(1)	290		323
NGL Energy Operating LLC 144A 7.500%, 2/1/26(1)	290		294
NuStar Logistics LP 6.375%, 10/1/30	305		334
Targa Resources Partners LP 6.500%, 7/15/27	335		359
			2,322
Real Estate—0.1%
Kennedy-Wilson, Inc. 5.000%, 3/1/31	395		402
Retail—0.3%
Asbury Automotive Group, Inc. 4.750%, 3/1/30	267		272
Bath & Body Works, Inc. 144A 6.625%, 10/1/30(1)	325		364
Carvana Co. 144A 4.875%, 9/1/29(1)	295		285
Foot Locker, Inc. 144A 4.000%, 10/1/29(1)	145		144
New Red Finance, Inc. 144A 4.000%, 10/15/30(1)	300		291
			1,356

See Notes to Schedule of Investments

5

VIRTUS AllianzGI Diversified Income & Convertible Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

October 31, 2021

($ reported in thousands)

	Par Value		Value
Semiconductors—0.1%
Amkor Technology, Inc. 144A 6.625%, 9/15/27(1)	$       275		$     292
Software—0.4%
Clarivate Science Holdings Corp. 144A 4.875%, 7/1/29(1)	440		438
Consensus Cloud Solutions, Inc. 144A 6.500%, 10/15/28(1)	295		307
Rackspace Technology Global, Inc. 144A 5.375%, 12/1/28(1)	315		303
SS&C Technologies, Inc. 144A 5.500%, 9/30/27(1)	480		505
			1,553
Telecommunications—1.0%
Avaya, Inc. 144A 6.125%, 9/15/28(1)	420		437
Cincinnati Bell, Inc. 144A 7.000%, 7/15/24(1)	330		336
CommScope Technologies LLC 144A 5.000%, 3/15/27(1)	235		218
Frontier Communications Holdings LLC
144A 5.000%, 5/1/28(1)	265		269
144A 6.000%, 1/15/30(1)	150		151
Hughes Satellite Systems Corp. 6.625%, 8/1/26	400		453
LogMeIn, Inc. 144A 5.500%, 9/1/27(1)	430		430
Lumen Technologies, Inc.
144A 4.500%, 1/15/29(1)	305		295
144A 5.375%, 6/15/29(1)	425		427
Sprint Corp. 7.625%, 3/1/26	465		558
T-Mobile USA, Inc. 3.500%, 4/15/31	295		305
			3,879

	Par Value		Value
Transportation—0.1%
Fortress Transportation & Infrastructure Investors LLC
144A 9.750%, 8/1/27(1)	$       265		$      299
144A 5.500%, 5/1/28(1)	150		150
			449
Total Corporate Bonds and Notes (Identified Cost $53,674)			55,019
Leveraged Loans—0.1%
Healthcare-Services—0.1%
Aveanna Healthcare LLC
0.000%, 6/30/28 (2)(3)	55		55
2021, First Lien (1 month LIBOR + 3.750%) 4.250%, 7/17/28 (3)	225		224
			279
Retail—0.0%
Petco Health & Wellness Co., Inc. First Lien (3 month LIBOR + 3.250%) 4.000%, 3/3/28 (3)	234		234
Total Leveraged Loans (Identified Cost $513)			513

	Shares
Convertible Preferred Stocks—12.8%
Auto Components—0.9%
Aptiv plc Series A, 5.500%	18,610	3,595
Capital Markets—0.9%
KKR & Co., Inc. Series C, 6.000%	35,005	3,502
Commercial Services & Supplies—0.5%
GFL Environmental, Inc., 6.000%	20,170	1,903

See Notes to Schedule of Investments

6

VIRTUS AllianzGI Diversified Income & Convertible Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

October 31, 2021

($ reported in thousands)

	Shares		Value
Communications Equipment—0.5%
T-Mobile US, 2020 Cash Mandatory Exchangeable Trust 144A, 5.250%(1)	1,920		$   2,009
Diversified Financial Services—0.4%
Chewy, Inc. 2020 Mandatory Exchangeable Trust 144A, 6.500%(1)	865		1,482
Electric Utilities—2.0%
NextEra Energy, Inc., 5.279%	105,235		5,732
NextEra Energy, Inc., 6.219%	39,025		2,139
			7,871
Healthcare Equipment & Supplies—2.6%
Boston Scientific Corp. Series A, 5.500%	31,905		3,734
Danaher Corp. Series A, 4.750%	3,125		6,517
			10,251
Life Sciences Tools & Services—0.8%
Avantor, Inc. Series A, 6.250%	26,095		3,230
Machinery—1.6%
Colfax Corp., 5.750%	9,000		1,878
RBC Bearings, Inc. Series A, 5.000%	15,165		1,814
Stanley Black & Decker, Inc., 5.250%	21,640		2,335
			6,027
Pharmaceuticals—0.4%
Elanco Animal Health, Inc., 5.000%	32,620		1,653
Professional Services—0.4%
Clarivate plc Series A, 5.250%	15,725		1,446

	Shares		Value
Semiconductors & Semiconductor Equipment—1.8%
Broadcom, Inc. Series A, 8.000%	4,220		$    7,078
Total Convertible Preferred Stocks (Identified Cost $41,099)			50,047
Preferred Stocks—0.1%
Entertainment—0.1%
LiveStyle, Inc. Series B(4)(5)(6)(7)(8)	3,783		379
LiveStyle, Inc. Series B(4)(5)(6)(7)	1,250		—
			379
Total Preferred Stocks (Identified Cost $1,621)			379
Common Stocks—31.0%
Automobiles—1.3%
Tesla, Inc.(7)	4,550		5,069
Banks—1.4%
CCF Holdings LLC(6)(7)	1,026,972		801
CCF Holdings LLC Class M(6)(7)	219,990		172
JPMorgan Chase & Co.(9)	14,575		2,476
Wells Fargo & Co.	39,640		2,028
			5,477
Biotechnology—0.5%
AbbVie, Inc.	10,225		1,172
Horizon Therapeutics plc(7)	7,530		903
			2,075
Capital Markets—0.7%
Charles Schwab Corp. (The)	16,520		1,355

See Notes to Schedule of Investments

7

VIRTUS AllianzGI Diversified Income & Convertible Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

October 31, 2021

($ reported in thousands)

	Shares		Value
Capital Markets—continued
S&P Global, Inc.	3,195		$   1,515
			2,870
Chemicals—0.3%
Sherwin-Williams Co. (The)	3,270		1,035
Electrical Equipment—0.3%
Generac Holdings, Inc.(7)	2,370		1,182
Energy Equipment & Services—0.3%
Schlumberger N.V.	33,240		1,072
Entertainment—0.7%
LiveStyle, Inc.(4)(5)(6)(7)(8)	13,574		—(10)
Netflix, Inc.(7)(9)	2,450		1,691
Roku, Inc. Class A (7)	2,225		679
Walt Disney Co. (The)(7)	1,640		277
			2,647
Equity Real Estate Investment—0.4%
Crown Castle International Corp.	7,700		1,388
Food & Staples Retailing—0.5%
Costco Wholesale Corp.	3,665		1,801
Healthcare Equipment & Supplies—1.1%
Abbott Laboratories	5,070		653
Align Technology, Inc.(7)(9)	905		565
Dexcom, Inc.(7)	2,735		1,705
Intuitive Surgical, Inc.(7)(9)	3,990		1,441
			4,364
Healthcare Providers & Services—0.5%
UnitedHealth Group, Inc.	3,837		1,767
Hotels, Restaurants & Leisure—1.3%
Booking Holdings, Inc.(7)	745		1,803
Chipotle Mexican Grill, Inc. Class A(7)	465		827
Darden Restaurants, Inc.(9)	4,085		589
MGM Resorts International	18,540		874
Starbucks Corp.	8,113		861
			4,954
Household Durables—0.3%
DR Horton, Inc.	14,260		1,273

	Shares		Value
Industrial Conglomerates—0.3%
Honeywell International, Inc.	4,800		$   1,049
Insurance—0.3%
Aon plc Class A	3,960		1,267
Interactive Media & Services—3.0%
Alphabet, Inc. Class A(7)	2,210		6,544
Match Group, Inc.(7)	6,284		947
Meta Platforms, Inc. Class A(7)(9)	12,470		4,035
			11,526
Internet & Direct Marketing Retail—1.2%
Amazon.com, Inc.(7)	1,360		4,587
IT Services—2.1%
Accenture plc Class A	5,665		2,032
EPAM Systems, Inc.(7)	980		660
Mastercard, Inc. Class A	4,095		1,374
PayPal Holdings, Inc.(7)	7,885		1,834
Square, Inc. Class A(7)	2,415		615
Visa, Inc. Class A	8,190		1,734
			8,249
Life Sciences Tools & Services—1.2%
Agilent Technologies, Inc.	10,152		1,599
IQVIA Holdings, Inc.(7)	5,910		1,545
Thermo Fisher Scientific, Inc.	2,295		1,453
			4,597
Machinery—0.2%
Deere & Co.	2,800		958
Metals & Mining—0.1%
Freeport-McMoRan, Inc.	9,490		358
Multiline Retail—0.4%
Target Corp.	5,350		1,389
Oil, Gas & Consumable Fuels—0.7%
Exxon Mobil Corp.	24,060		1,551
Occidental Petroleum Corp.	8,170		274
Valero Energy Corp.	12,680		981
			2,806

See Notes to Schedule of Investments

8

VIRTUS AllianzGI Diversified Income & Convertible Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

October 31, 2021

($ reported in thousands)

	Shares		Value
Pharmaceuticals—0.8%
Eli Lilly & Co.	8,260		$   2,105
Zoetis, Inc. Class A	4,895		1,058
			3,163
Road & Rail—0.2%
Union Pacific Corp.	3,725		899
Semiconductors & Semiconductor Equipment—3.1%
Advanced Micro Devices, Inc.(7)(9)	13,330		1,603
Broadcom, Inc.	2,075		1,103
Enphase Energy, Inc.(7)(9)	6,165		1,428
Global Foundries, Inc.(7)	23,950		1,167
Lam Research Corp.	2,220		1,251
Marvell Technology, Inc.	19,115		1,310
NVIDIA Corp.	14,265		3,647
QUALCOMM, Inc.	4,380		583
			12,092
Software—4.7%
Adobe, Inc. (7)	3,915		2,546
Atlassian Corp. plc Class A(7)	3,385		1,551
Crowdstrike Holdings, Inc. Class A(7)(9)	5,415		1,526
DocuSign, Inc.(7)	1,085		302
Intuit, Inc.	3,650		2,285
Microsoft Corp.	21,345		7,078
salesforce.com, Inc.(7)	5,255		1,575
ServiceNow, Inc.(7)	2,295		1,601
			18,464
Specialty Retail—1.2%
Carvana Co. Class A(7)	2,295		696
Home Depot, Inc. (The)	8,800		3,271
TJX Cos., Inc. (The)	8,970		588
			4,555

	Shares		Value
Technology Hardware, Storage & Peripherals—1.5%
Apple, Inc.	39,859		$    5,971
Textiles, Apparel & Luxury Goods—0.4%
NIKE, Inc. Class B	10,360		1,733
Total Common Stocks (Identified Cost $87,582)			120,637
Warrants—0.1%
Banks—0.1%
CCF Holdings LLC(6)(7)	363,920		189
Entertainment—0.0%
LiveStyle, Inc. Series C(4)(5)(6)(7)	3,000		—(10)
Total Warrants (Identified Cost $—)			189

	Par Value
Convertible Bonds and Notes—64.4%
Airlines—1.0%
Southwest Airlines Co. 1.250%, 5/1/25	$     2,710	3,804
Auto Manufacturers—2.0%
Ford Motor Co. 144A 0.000%, 3/15/26(1)	2,170	2,567
NIO, Inc. 144A 0.500%, 2/1/27(1)	1,735	1,462
Tesla, Inc. 2.000%, 5/15/24	220	3,947
		7,976
Biotechnology—1.4%
Bridgebio Pharma, Inc. 144A 2.250%, 2/1/29(1)	1,845	1,647

See Notes to Schedule of Investments

9

VIRTUS AllianzGI Diversified Income & Convertible Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

October 31, 2021

($ reported in thousands)

	Par Value		Value
Biotechnology—continued
Exact Sciences Corp. 0.375%, 3/15/27	$     1,435		$   1,622
Guardant Health, Inc. 144A 0.000%, 11/15/27(1)	1,035		1,140
NeoGenomics, Inc. 0.250%, 1/15/28	1,060		1,071
			5,480
Commercial Services—2.8%
Chegg, Inc. 0.000%, 9/1/26	1,555		1,452
Repay Holdings Corp. 144A 0.000%, 2/1/26(1)	1,560		1,440
Shift4 Payments, Inc.
144A 0.000%, 12/15/25(1)	1,495		1,621
144A 0.500%, 8/1/27(1)	320		295
Square, Inc.
0.500%, 5/15/23	295		964
144A 0.000%, 5/1/26(1)	1,470		1,721
144A 0.250%, 11/1/27(1)	2,855		3,449
			10,942
Computers—2.4%
CyberArk Software Ltd. 0.000%, 11/15/24	1,450		1,875
Lumentum Holdings, Inc. 0.500%, 12/15/26	1,325		1,441
Pure Storage, Inc. 0.125%, 4/15/23	2,715		3,241
Zscaler, Inc. 0.125%, 7/1/25	1,340		2,891
			9,448
Cosmetics & Personal Care—0.7%
Beauty Health Co. (The) 144A 1.250%, 10/1/26(1)	2,265		2,571
Diversified Financial Services—1.9%
Coinbase Global, Inc. 144A 0.500%, 6/1/26(1)	2,565		3,042
SoFi Technologies, Inc. 144A 0.000%, 10/15/26(1)	2,375		2,779

	Par Value		Value
Diversified Financial Services—continued
Upstart Holdings, Inc. 144A 0.250%, 8/15/26(1)	$     1,170		$   1,634
			7,455
Energy-Alternate Sources—2.1%
Enphase Energy, Inc.
144A 0.250%, 3/1/25(1)	195		564
144A 0.000%, 3/1/26(1)	1,765		1,910
144A 0.000%, 3/1/28(1)	1,880		2,107
Plug Power, Inc. 3.750%, 6/1/25	160		1,226
Sunnova Energy International, Inc. 144A 0.250%, 12/1/26(1)	1,660		2,358
			8,165
Entertainment—2.8%
DraftKings, Inc. 144A 0.000%, 3/15/28(1)	3,910		3,409
Live Nation Entertainment, Inc. 2.000%, 2/15/25	3,990		4,860
Vail Resorts, Inc. 144A 0.000%, 1/1/26(1)	2,480		2,724
			10,993
Equity Real Estate Investment Trusts (REITs)—0.5%
Pebblebrook Hotel Trust 1.750%, 12/15/26	1,885		2,098
Healthcare-Products—3.6%
CONMED Corp. 2.625%, 2/1/24	1,205		2,063
Envista Holdings Corp. 2.375%, 6/1/25	765		1,492
Insulet Corp. 0.375%, 9/1/26	1,535		2,277
Natera, Inc. 2.250%, 5/1/27	895		2,740
Novocure Ltd. 144A 0.000%, 11/1/25(1)	850		866

See Notes to Schedule of Investments

10

VIRTUS AllianzGI Diversified Income & Convertible Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

October 31, 2021

($ reported in thousands)

	Par Value		Value
Healthcare-Products—continued
Omnicell, Inc. 0.250%, 9/15/25	$     1,390		$   2,582
Repligen Corp. 0.375%, 7/15/24	735		1,860
			13,880
Healthcare-Services—1.3%
Anthem, Inc. 2.750%, 10/15/42	395		2,433
Oak Street Health, Inc. 144A 0.000%, 3/15/26(1)	1,600		1,494
Teladoc Health, Inc. 1.250%, 6/1/27	1,135		1,161
			5,088
Internet—13.5%
Airbnb, Inc. 144A 0.000%, 3/15/26(1)	3,370		3,299
Booking Holdings, Inc. 0.750%, 5/1/25	1,825		2,707
Etsy, Inc.
0.125%, 9/1/27	2,145		3,171
144A 0.250%, 6/15/28(1)	2,585		3,302
Expedia Group, Inc. 144A 0.000%, 2/15/26(1)	1,500		1,619
Match Group Financeco 2, Inc. 144A 0.875%, 6/15/26(1)	2,460		4,469
NortonLifeLock, Inc. 144A 2.000%, 8/15/22(1)	1,055		1,373
Okta, Inc. 0.375%, 6/15/26	1,750		2,189
Opendoor Technologies, Inc. 144A 0.250%, 8/15/26(1)	1,070		1,485
Palo Alto Networks, Inc.
0.750%, 7/1/23	1,075		2,068
0.375%, 6/1/25	2,835		4,956
Sea Ltd. 0.250%, 9/15/26	2,835		2,977
Shopify, Inc. 0.125%, 11/1/25	1,175		1,491
Snap, Inc. 144A 0.000%, 5/1/27(1)	4,085		4,137
TechTarget, Inc. 144A 0.125%, 12/15/25(1)	1,175		1,723

	Par Value		Value
Internet—continued
Twitter, Inc.
0.250%, 6/15/24	$       685		$     808
144A 0.000%, 3/15/26(1)	905		829
Uber Technologies, Inc. 144A 0.000%, 12/15/25(1)	3,390		3,261
Upwork, Inc. 144A 0.250%, 8/15/26(1)	1,770		1,895
Wayfair, Inc.
0.625%, 10/1/25	1,450		1,428
1.000%, 8/15/26	425		772
Zendesk, Inc. 0.625%, 6/15/25	810		953
Zillow Group, Inc. 2.750%, 5/15/25	955		1,663
			52,575
Iron & Steel—0.3%
Cleveland-Cliffs, Inc. 1.500%, 1/15/25	440		1,369
Leisure Time—1.6%
Callaway Golf Co. 2.750%, 5/1/26	1,140		1,961
NCL Corp., Ltd. 5.375%, 8/1/25	940		1,566
Royal Caribbean Cruises Ltd. 144A 2.875%, 11/15/23(1)	2,180		2,723
			6,250
Machinery-Diversified—1.2%
Chart Industries, Inc. 144A 1.000%, 11/15/24(1)	770		2,336
Middleby Corp. (The) 1.000%, 9/1/25	1,450		2,183
			4,519
Media—2.1%
DISH Network Corp.
3.375%, 8/15/26	1,345		1,370
144A 0.000%, 12/15/25(1)	2,435		2,794
Liberty Broadband Corp. 144A 2.750%, 9/30/50(1)	1,620		1,686

See Notes to Schedule of Investments

11

VIRTUS AllianzGI Diversified Income & Convertible Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

October 31, 2021

($ reported in thousands)

	Par Value		Value
Media—continued
Liberty Media Corp. 1.375%, 10/15/23	$     1,645		$   2,378
			8,228
Mining—0.8%
MP Materials Corp. 144A 0.250%, 4/1/26(1)	1,945		2,034
SSR Mining, Inc. 2.500%, 4/1/39	810		952
			2,986
Oil, Gas & Consumable Fuels—1.5%
EQT Corp. 1.750%, 5/1/26	1,070		1,672
Pioneer Natural Resources Co. 0.250%, 5/15/25	2,345		4,145
			5,817
Pharmaceuticals—2.5%
Dexcom, Inc.
0.750%, 12/1/23	290		1,099
0.250%, 11/15/25	4,310		5,502
Jazz Investments I Ltd. 2.000%, 6/15/26	1,515		1,764
Sarepta Therapeutics, Inc. 1.500%, 11/15/24	985		1,332
			9,697
Private Equity—0.6%
Digitalbridge Operating Co. LLC 144A 5.750%, 7/15/25(1)	735		2,229
Retail—1.2%
Burlington Stores, Inc. 2.250%, 4/15/25	935		1,340
Dick’s Sporting Goods, Inc. 3.250%, 4/15/25	435		1,656
National Vision Holdings, Inc. 2.500%, 5/15/25	500		1,030

	Par Value		Value
Retail—continued
RH 0.000%, 9/15/24	$       235		$     732
			4,758
Semiconductors—2.9%
MACOM Technology Solutions Holdings, Inc. Class A 144A 0.250%, 3/15/26(1)	2,220		2,432
Microchip Technology, Inc. 0.125%, 11/15/24	2,305		2,576
ON Semiconductor Corp. 144A 0.000%, 5/1/27(1)	2,430		2,921
Silicon Laboratories, Inc. 0.625%, 6/15/25	200		322
Teradyne, Inc. 1.250%, 12/15/23	365		1,568
Wolfspeed, Inc. 1.750%, 5/1/26	595		1,543
			11,362
Software—13.1%
Avalara, Inc. 144A 0.250%, 8/1/26(1)	2,185		2,282
Bentley Systems, Inc. 144A 0.125%, 1/15/26(1)	1,555		1,765
Bill.com Holdings, Inc.
144A 0.000%, 12/1/25(1)	1,035		1,999
144A 0.000%, 4/1/27(1)	1,520		1,625
Blackline, Inc. 144A 0.000%, 3/15/26(1)	1,895		1,932
Cerence, Inc. 3.000%, 6/1/25	545		1,578
Ceridian HCM Holding, Inc. 144A 0.250%, 3/15/26(1)	1,695		1,947
Cloudflare, Inc. 144A 0.000%, 8/15/26(1)	2,320		2,920
Coupa Software, Inc. 0.375%, 6/15/26	1,390		1,521

See Notes to Schedule of Investments

12

VIRTUS AllianzGI Diversified Income & Convertible Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

October 31, 2021

($ reported in thousands)

	Par Value		Value
Software—continued
Datadog, Inc. 0.125%, 6/15/25	$       905		$    1,714
DocuSign, Inc. 144A 0.000%, 1/15/24(1)	1,985		2,090
Five9, Inc. 0.500%, 6/1/25	1,370		1,833
HubSpot, Inc. 0.375%, 6/1/25	995		2,865
Jamf Holding Corp. 144A 0.125%, 9/1/26(1)	1,935		2,254
MongoDB, Inc. 0.250%, 1/15/26	1,140		2,864
Nutanix, Inc. 144A 0.250%, 10/1/27(1)	4,023		3,801
Porch Group, Inc. 144A 0.750%, 9/15/26(1)	3,090		3,394
ServiceNow, Inc. 0.000%, 6/1/22	190		983
Splunk, Inc.
0.500%, 9/15/23	1,210		1,510
1.125%, 9/15/25	1,200		1,567
Tyler Technologies, Inc. 144A 0.250%, 3/15/26(1)	2,580		3,144
Workday, Inc. 0.250%, 10/1/22	1,640		3,237
Workiva, Inc. 1.125%, 8/15/26	625		1,233
Zynga, Inc. 144A 0.000%, 12/15/26(1)	1,005		965
			51,023
Telecommunications—0.6%
Viavi Solutions, Inc. 1.000%, 3/1/24	1,885		2,417
Total Convertible Bonds and Notes (Identified Cost $223,513)			251,130
Total Long-Term Investments—122.6% (Identified Cost $408,002)			477,914

	Shares		Value
Short-Term Investment—4.4%
Money Market Mutual Fund—4.4%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(11)	17,290,990		$   17,291
Total Short-Term Investment (Identified Cost $17,291)			17,291
TOTAL INVESTMENTS, BEFORE WRITTEN OPTIONS—127.0% (Identified Cost $425,293)			495,205
Written Options—(0.0)%
(See open written options schedule)
Total Written Options (Premiums Received $33)			(54)
TOTAL INVESTMENTS, NET OF WRITTEN OPTIONS—127.0% (Identified Cost $425,260)			$ 495,151
Other assets and liabilities, net—(27.0)%			(105,179)
NET ASSETS—100.0%			$ 389,972

Abbreviations:
LIBOR	London Interbank Offered Rate
LLC	Limited Liability Company
LP	Limited Partnership
REIT	Real Estate Investment Trust
S&P	Standard & Poor’s

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 October 31, 2021, these securities amounted to a value of $156,704 or 40.2% of net assets.

See Notes to Schedule of Investments

13

VIRTUS AllianzGI Diversified Income & Convertible Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

October 31, 2021

($ reported in thousands)

(2)	This loan will settle after October 31, 2021, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.
(3)	Variable rate security. Rate disclosed is as of October 31, 2021. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
(4)	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 0.10% of net assets.
(5)	Affiliated investment.
(6)	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.
(7)	Non-income producing.
(8)	Security is restricted from resale.
(9)	All or a portion of the security is segregated as collateral for written options.
(10)	Amount is less than $500.
(11)	Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

Country Weightings†
United States	93%
Jersey	1
Canada	1
Cayman Islands	1
Bermuda	1
United Kingdom	1
Liberia	1
Other	1
Total	100%
† % of total investments, net of written options, as of October 31, 2021.

See Notes to Schedule of Investments

14

VIRTUS AllianzGI Diversified Income & Convertible Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

October 31, 2021

($ reported in thousands)

Open Written Options Contracts as of October 31, 2021 were as follows:
Description of Options	Number of Contracts	Contract Notional Amount	Strike Price(1)	Expiration Date	Value
Call Options(2)
Advanced Micro Device, Inc.	48	$ 672	$140.00	11/19/21	$ (2)
Align Technology, Inc.	7	469	670.00	11/19/21	(3)
Crowdstrike Holdings, Inc.	20	650	325.00	11/19/21	(2)
Darden Restaurants, Inc.	17	264	155.00	11/19/21	(1)
Enphase Energy, Inc.	22	583	265.00	11/19/21	(5)
Facebook, Inc.	65	2,437	375.00	11/19/21	(3)
Intuitive Surgical, Inc.	15	555	370.00	11/19/21	(7)
JPMorgan Chase & Co.	50	875	175.00	11/19/21	(6)
Netflix, Inc.	14	966	690.00	11/19/21	(25)
Total Written Options					$(54)
Footnote Legend:
(1) Strike price not reported in thousands.
(2) Exchange-traded options

See Notes to Schedule of Investments

15

VIRTUS AllianzGI Diversified Income & Convertible Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

October 31, 2021

($ reported in thousands)

The following table summarizes the market value of the Fund’s investments as of October 31, 2021, based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):

	Total Value at October 31, 2021		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Debt Securities:
Corporate Bonds and Notes	$ 55,019		$ —		$ 55,019		$ —
Leveraged Loans	513		—		513		—
Convertible Bonds and Notes	251,130		—		251,130		—
Equity Securities:
Common Stocks	120,637		119,664		—		973
Convertible Preferred Stocks	50,047		46,556		3,491		—
Preferred Stocks	379		—		—		379(1)
Warrants	189		—		—		189
Money Market Mutual Fund	17,291		17,291		—		—
Total Investments, before Written Options	495,205		183,511		310,153		1,541
Liabilities:
Other Financial Instruments:
Written Options	(54)		(54)		—		—
Total Investments, Net of Written Options	$495,151		$183,457		$310,153		$1,541

⁽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 October 31, 2021.

Some of the Fund’s investments that were categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of Level 3 investments.

See Notes to Schedule of Investments

16

VIRTUS AllianzGI Diversified Income & Convertible Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

October 31, 2021

($ 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		Common Stocks		Preferred Stock		Warrants
Investments in Securities
Balance as of January 31, 2021:	$  2,951		$  1,843		$ 1,108		$  —(a)
Accrued discount/(premium)	6		6		—		—
Realized gain (loss)	23		—		23		—
Change in unrealized appreciation (depreciation)(b)	830		562		79		189
Purchases	1,918		1,918		—		—
Sales	(4,187)		(3,356)		(831)		—
Balance as of October 31, 2021	$  1,541		$  973		$  379(c)		$ 189

^(a) Amount is less than $500.

^(b) The change in unrealized appreciation (depreciation) on investments still held at October 31, 2021, was $677.

^(c) Includes internally fair valued security 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 October 31, 2021:

Investments in Securities – Assets		Ending Balance at October 31, 2021		Valuation Technique Used		Unobservable Inputs		Input Values
Common Stocks:
CCF Holdings LLC		$801		Market and Company Comparables		EV Multiples Illiquidity Discount		1.11x (0.33x - 1.99x) 0.58x (0.20x - 0.88x) 20%
CCF Holdings LLC Series M		$172		Market and Company Comparables		EV Multiples Illiquidity Discount		1.11x (0.33x - 1.99x) 0.58x (0.20x - 0.88x) 20%
LiveStyle, Inc.		$ — 1		Market and Company Comparables		EV Multiples Illiquidity Discount		4.71x (0.38x - 19.46x) 30%
Preferred Stock:
LiveStyle, Inc. Series B		$379		Market and Company Comparables		EV Multiples		4.71x (0.38x - 19.46x)
						Illiquidity Discount		30%

See Notes to Schedule of Investments

17

VIRTUS AllianzGI Diversified Income & Convertible Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

October 31, 2021

($ reported in thousands)

Investments in Securities – Assets		Ending Balance at October 31, 2021		Valuation Technique Used		Unobservable Inputs		Input Values
Warrants:
CCF Holdings LLC		$189		Market and Company Comparables		EV Multiples		1.11x (0.33x - 1.99x) 0.58x (0.20x - 0.88x)
						Illiquidity Discount		20%
				Black-Scholes Model		Volatility		53.81%
LiveStyle, Inc. Series C		$ — 1		Market and Company Comparables		EV Multiples		4.71x (0.38x - 19.46x)
						Illiquidity Discount		30%

⁽¹⁾Amount is less than $500.

See Notes to Schedule of Investments

18

VIRTUS ALLIANZGI DIVERSIFIED INCOME & CONVERTIBLE FUND

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

October 31, 2021

Note 1. Security Valuation

The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Fund’s policy is to recognize transfers into or out of Level 3 at the end of the reporting period.

•    Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities).

•    Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

•    Level 3 – prices determined using significant unobservable inputs (including the Valuation Committee’s own assumptions in determining the fair value of investments).

A description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis is as follows:

Equity securities are valued at the official closing price (typically last sale) on the exchange on which the securities are primarily traded or, if no closing price is available, at the last bid price and are categorized as Level 1 in the hierarchy. Restricted equity securities and private placements that are illiquid, or are internally fair valued by the Valuation Committee, are generally categorized as Level 3 in the hierarchy.

Certain non-U.S. securities may be fair valued in cases where closing prices are not readily available or are deemed not reflective of readily available market prices. For example, significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that non-U.S. markets close (where the security is principally traded) and the time that the 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 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

See Notes to Schedule of Investments

19

VIRTUS ALLIANZGI DIVERSIFIED INCOME & CONVERTIBLE FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

October 31, 2021

the security and are generally categorized as Level 2 in the hierarchy. Debt securities that are internally fair valued by the Valuation Committee are generally categorized as Level 3 in the hierarchy.

Listed derivatives, such as options, that are actively traded are valued based on quoted prices from the exchange and are categorized as Level 1 in the hierarchy. Over-the-counter derivative contracts, which include forward currency contracts and equity-linked instruments, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in the hierarchy.

Investments in open-end mutual funds are valued at NAV. Investments in closed-end funds and ETFs are valued as of the close of regular trading on the NYSE each business day. Each is categorized as Level 1 in the hierarchy.

A summary of the inputs used to value the Fund’s net assets by each major security type is disclosed at the end of the Schedule of Investments for the Fund. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

For additional information about significant accounting policies, refer to the Fund’s most recent semi or annual report.

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