VIRTUS Duff & Phelps Global Infrastructure Fund

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2022

($ reported in thousands)

	Shares	Value
Common Stocks—99.1%
Communication Services—1.7%
Cellnex Telecom S.A. (Spain)	41,115	$ 1,361
Energy—15.0%
Cheniere Energy, Inc. (United States)	21,172	3,175
DT Midstream, Inc. (United States)	16,381	905
Enbridge, Inc. (Canada)	56,229	2,198
ONEOK, Inc. (United States)	16,773	1,102
Pembina Pipeline Corp. (Canada)	46,558	1,580
Targa Resources Corp. (United States)	15,499	1,139
TC Energy Corp. (Canada)	17,632	703
Williams Cos., Inc. (The) (United States)	35,185	1,158
		11,960
Industrials—24.5%
Aena SME S.A. (Spain)(1)	19,459	2,443
Atlas Arteria Ltd. (Australia)	510,138	2,296
Auckland International Airport Ltd. (New Zealand)(1)	379,525	1,882
Canadian National Railway Co. (Canada)	11,456	1,362
Canadian Pacific Railway Ltd. (Canada)	18,206	1,358
Ferrovial S.A. (Spain)	48,827	1,279
Flughafen Zurich AG Registered Shares (Switzerland)(1)	7,589	1,174
Norfolk Southern Corp. (United States)	3,878	956
Transurban Group (Australia)	545,131	4,818
Union Pacific Corp. (United States)	4,483	928
Vinci S.A. (France)	10,463	1,045
		19,541
Real Estate—8.9%
American Tower Corp. (United States)	20,068	4,252
Crown Castle, Inc. (United States)	20,814	2,823
		7,075
Utilities—49.0%
Ameren Corp. (United States)	15,527	1,381
American Electric Power Co., Inc. (United States)	25,787	2,448
APA Group (Australia)	206,882	1,515
Atmos Energy Corp. (United States)	13,674	1,532
CenterPoint Energy, Inc. (United States)	79,966	2,398
CMS Energy Corp. (United States)	18,364	1,163
Dominion Energy, Inc. (United States)	45,255	2,775
DTE Energy Co. (United States)	8,835	1,038
EDP - Energias de Portugal S.A. (Portugal)	216,840	1,081
Emera, Inc. (Canada)	37,222	1,423
Enel SpA (Italy)	209,529	1,128
Entergy Corp. (United States)	11,313	1,273
Eversource Energy (United States)	26,663	2,235
Iberdrola S.A. (Spain)	91,856	1,075
National Grid plc (United Kingdom)	192,140	2,317

	Shares	Value
Utilities—continued
NextEra Energy, Inc. (United States)	58,778	$ 4,914
Orsted AS (Denmark)	10,504	954
Public Service Enterprise Group, Inc. (United States)	18,552	1,137
Sempra Energy (United States)	16,673	2,577
Severn Trent plc (United Kingdom)	38,380	1,230
Southern Co. (The) (United States)	19,810	1,415
Xcel Energy, Inc. (United States)	30,343	2,127
		39,136
Total Common Stocks (Identified Cost $75,275)		79,073
Total Long-Term Investments—99.1% (Identified Cost $75,275)		79,073
Short-Term Investment—0.5%
Money Market Mutual Fund—0.5%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.190%)(2)	378,627	379
Total Short-Term Investment (Identified Cost $379)		379
TOTAL INVESTMENTS—99.6% (Identified Cost $75,654)		$79,452
Other assets and liabilities, net—0.4%		347
NET ASSETS—100.0%		$79,799

Footnote Legend:
(1)	Non-income producing.
(2)	Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

Country Weightings†
United States	57%
Australia	11
Canada	11
Spain	8
United Kingdom	5
New Zealand	2
Switzerland	2
Other	4
Total	100%
† % of total investments as of December 31, 2022.

See Notes to Schedule of Investments

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VIRTUS Duff & Phelps Global Infrastructure Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2022

($ reported in thousands)

The following table summarizes the value of the Fund’s investments as of December 31, 2022, based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):

	Total Value at December 31, 2022	Level 1 Quoted Prices
Assets:
Equity Securities:
Common Stocks	$79,073	$79,073
Money Market Mutual Fund	379	379
Total Investments	$79,452	$79,452

There were no securities valued using  significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2022.

There were no transfers into or  out of Level 3 related to securities held at December 31, 2022.

See Notes to Schedule of Investments

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VIRTUS DUFF & PHELPS GLOBAL INFRASTRUCTURE FUND 

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2022

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 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 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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