NPORT-EX 2 VI44120VIRTUS063023.htm
VIRTUS Seix Tax-Exempt Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023
($ reported in thousands)
  Par Value   Value
Municipal Bonds(1)—95.9%
Alabama—1.3%    
Black Belt Energy Gas District, Natural Gas Purchase Revenue, Mandatory Put, Series A, 12/1/23,
4.000%, 12/1/48(2) 		$      910   $   910
Arizona—3.5%    
Arizona Board of Regents, Arizona State University System Revenue, Green Bond, Series B
5.000%, 7/1/37 		      360      374
Arizona Board of Regents, Arizona State University System Revenue, Green Bond, Series C
5.000%, 7/1/36 		    1,000    1,038
Arizona Department of Transportation, State Highway Fund Revenue,
5.000%, 7/1/36 		      500      524
Arizona State Health Facilities Authority, Scottsdale Lincoln Hospital Revenue,
5.000%, 12/1/24 		      565      578
       2,514
       
 
Arkansas—0.7%    
University of Arkansas, Facility Revenue, Series A
5.000%, 11/1/33 		      505      533
California—2.3%    
California Municipal Finance Authority, Bowles Hall Foundation Revenue, Series A
4.500%, 6/1/24 		      150      151
California State Health Facilities Financing Authority, Providence St. Joseph Health, Series A
4.000%, 10/1/36 		      275      277
Inglewood Redevelopment Agency Successor Agency, Subordinate Lien Merged Redevelopment Project, Tax Allocation Revenue, Series A (BAM Insured)
5.000%, 5/1/32 		      545      585
Santa Clarita Community College District, General Obligation,
3.000%, 8/1/44 		      500      409
Temecula Valley Unified School District Financing Authority, Special Tax Revenue, (BAM Insured)
5.000%, 9/1/25 		      175      180
       1,602
       
 
Colorado—8.1%    
City & County of Denver Co. Airport System Revenue, Series D (AMT)
5.500%, 11/15/30 		    1,000    1,138
Denver Convention Center Hotel Authority Revenue, Senior Lien,
5.000%, 12/1/27 		      400      412
Public Authority For Colorado Energy, Natural Gas Purchase Revenue,      
6.125%, 11/15/23       510      514
6.250%, 11/15/28     2,250    2,414
Regional Transportation District, Sales Tax Revenue, Fastracks Project, Series A
5.000%, 11/1/32 		    1,195    1,269
       5,747
       
 
  Par Value   Value
       
Connecticut—2.9%    
Connecticut Housing Finance Authority, Mortgage Revenue, Series F1 (GNMA / FNMA / FHLMC Insured)
3.200%, 11/15/33 		$      325   $   310
Connecticut State Health & Educational Facilities Authority Revenue, Series A
4.000%, 7/1/40 		      725      691
Connecticut State Higher Education Supplement Loan Authority, Chesla Loan Program Revenue, Series D (Pre-Refunded 11/15/26 @ 100)
3.000%, 11/15/35 		      200      200
State of Connecticut, Series E General Obligation,
5.000%, 9/15/34 		      750      821
       2,022
       
 
District of Columbia—4.7%    
Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Convertible Capital Appreciation Series C Second Lien, (AGC Insured) (Pre-Refunded 10/1/26 @ 100)
6.500%, 10/1/41 		    3,000    3,333
Florida—16.1%    
Brevard County School Board, Certificates of Participation, Series A
5.000%, 7/1/32 		    1,000    1,080
Broward County School Board, Certificates of Participation, Series A
5.000%, 7/1/32 		      300      313
Central Florida Expressway Authority, Senior Lien Toll Revenue, Series B
4.000%, 7/1/30 		      230      235
City of Tallahassee, Health Facilities Revenue, Tallahassee Memorial Healthcare, Series A
5.000%, 12/1/36 		      500      504
Miami Beach Redevelopment Agency,      
Tax Increment Revenue,
5.000%, 2/1/32 		      320      323
Tax Increment Revenue, (AGM Insured)
5.000%, 2/1/31 		       40       40
Miami-Dade County Educational Facilities Authority, University of Miami Revenue, Series A
5.000%, 4/1/30 		      200      205
Miami-Dade County School Board, Certificates of Participation, Series D
5.000%, 2/1/34 		    1,700    1,759
Miami-Dade Seaport Department County Revenue, Senior Bonds Series A
5.250%, 10/1/52 		      500      525
Seminole County School Board, Certificates of Participation, Series C
5.000%, 7/1/29 		    1,935    2,036
South Florida Water Management District, Certificates of Participation,
5.000%, 10/1/35 		      750      779
State of Florida, Department of Transportation Right of Way General Obligation, Series B
5.000%, 7/1/31 		    3,000    3,324
See Notes to Schedule of Investments
1
VIRTUS Seix Tax-Exempt Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023
($ reported in thousands)
  Par Value   Value
       
Florida—continued    
Wildwood Utility Dependent District, South Sumter Utility Project Revenue, (BAM Insured)
5.000%, 10/1/37 		$      250   $   279
      11,402
       
 
Georgia—0.8%    
Atlanta Water & Wastewater Revenue,
5.000%, 11/1/31 		      550      569
Illinois—6.9%    
City of Chicago      
Second Lien, (AGM Insured)
5.250%, 11/1/32 		      350      378
Second Lien, Series 2017-2 (AGM Insured)
5.000%, 11/1/31 		      500      534
Waterworks Revenue, Second Lien,
5.000%, 11/1/30 		      500      524
Cook County School District No. 78 Rosemont, General Obligation, (AGM Insured)
5.000%, 12/1/38 		    1,000    1,101
Illinois State Toll Highway Authority, Toll Highway Revenue, Senior Lien, Series B
5.000%, 1/1/32 		    1,000    1,049
State of Illinois, General Obligation,
5.000%, 2/1/27 		    1,250    1,317
       4,903
       
 
Indiana—3.3%    
Indiana Finance Authority, Parkview Health System, Series A
5.000%, 11/1/43 		    1,700    1,757
Indianapolis Local Public Improvement Bond Bank Revenue, (AMT)
5.000%, 1/1/34 		      500      553
       2,310
       
 
Maine—1.9%    
City of Portland, General Airport Revenue,      
5.000%, 7/1/29       580      581
5.000%, 7/1/30       770      771
       1,352
       
 
Maryland—3.9%    
Maryland Community Development Administration, Revenue, Series A
1.250%, 3/1/30 		      200      169
Maryland Health & Higher Educational Facilities Authority, Medstar Health System Revenue,
5.000%, 8/15/26 		      800      818
Maryland Health & Higher Educational Facilities Authority, Medstar Health System Revenue, Series A
5.000%, 5/15/42 		      600      619
Maryland Stadium Authority, Series A
5.000%, 3/1/37 		    1,000    1,137
       2,743
       
 
  Par Value   Value
       
Massachusetts—1.2%    
Massachusetts Housing Finance Agency,
2.300%, 12/1/40 		$      500   $   356
Massachusetts Port Authority, Transportation Revenue, Series A (AMT)
5.000%, 7/1/31 		      500      529
         885
       
 
Michigan—1.4%    
Michigan State Building Authority, Facilities Program Lease Revenue, Series I      
5.000%, 4/15/25       500      517
4.000%, 10/15/36       500      508
       1,025
       
 
Minnesota—3.5%    
Minneapolis Special School District No. 1      
Series B General Obligation, (SD CRED PROG Insured)
5.000%, 2/1/39 		    1,085    1,221
Series B General Obligation, (SD CRED PROG Insured)
5.000%, 2/1/40 		    1,140    1,277
       2,498
       
 
Mississippi—1.4%    
State of Mississippi, Series B (Covid-19 Go Emergency Bonds) General Obligation,
4.000%, 10/1/39 		    1,000    1,006
New Jersey—1.9%    
New Jersey Turnpike Authority, Toll Revenue, Series B
4.000%, 1/1/35 		      240      247
Tobacco Settlement Financing Corp., Tobacco Settlement Revenue, Series A      
5.000%, 6/1/31       250      268
5.000%, 6/1/32       250      268
5.000%, 6/1/33       250      268
5.000%, 6/1/34       250      267
       1,318
       
 
New York—2.2%    
Dutchess County Local Development Corp., The Culinary Institute of America Revenue,
5.000%, 7/1/33 		      180      187
New York City Industrial Development Agency, Queens Baseball Stadium Project Revenue,      
Series A (AGM Insured)
3.000%, 1/1/36 		      250      222
Series A (AGM Insured)
3.000%, 1/1/37 		      100       87
Series A (AGM Insured)
3.000%, 1/1/46 		      750      576
New York State Dormitory Authority,      
New York University Hospitals Center Revenue,
5.000%, 7/1/33 		      150      157
 
See Notes to Schedule of Investments
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VIRTUS Seix Tax-Exempt Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023
($ reported in thousands)
  Par Value   Value
       
New York—continued    
Orange Regional Medical Center Revenue,
144A 5.000%, 12/1/23(3) 		$      300   $   300
       1,529
       
 
Ohio—0.7%    
Buckeye Tobacco Settlement Financing Authority, Tobacco Settlement Senior Series A-2 Class 1 Revenue,
4.000%, 6/1/48 		      500      463
Oregon—2.9%    
Oregon State Housing & Community, Mortgage Revenue, Residential Finance Program Revenue, Series A
4.500%, 1/1/49 		       40       40
State of Oregon, Article XI-Q Series F General Obligation,
5.000%, 5/1/33 		    1,095    1,155
Washington & Multnomah Counties, Beaverton School District No. 48J, Capital Appreciation Bond, General Obligation, Series D (SCH BD GTY Insured)
5.000%, 6/15/36 		      800      851
       2,046
       
 
Pennsylvania—5.3%    
City of Philadelphia, Water & Wastewater Revenue, Series A
5.000%, 10/1/42 		      300      315
Delaware River Joint Toll Bridge Commission, Bridge System Revenue,
5.000%, 7/1/34 		      250      269
Pennsylvania Economic Development Financing Authority Revenue, PENNDOT Major Bridges (AMT)
5.500%, 6/30/39 		      485      533
Pennsylvania Turnpike Commission Revenue, First Subordinate Series
5.000%, 12/1/38 		    2,325    2,613
       3,730
       
 
South Carolina—0.4%    
South Carolina Association of Governmental Organizations Educational Facilities Corp., for Pickens School District Lease Revenue,
5.000%, 12/1/24 		      290      296
Tennessee—5.7%    
Chattanooga-Hamilton County Hospital Authority, Erlanger Health System Revenue, Series A
5.000%, 10/1/26 		    1,000    1,015
Metropolitan Nashville Airport Authority (The)      
Revenue, Series A
5.250%, 7/1/47 		      250      276
Revenue, Series A
5.000%, 7/1/52 		      250      268
Revenue, Series B (AMT)
5.500%, 7/1/40 		      500      554
Revenue, Series B (AMT)
5.500%, 7/1/41 		      250      276
  Par Value   Value
       
Tennessee—continued    
Revenue, Series B (AMT)
5.500%, 7/1/52 		$      500   $   544
Tennessee State School Bond Authority, Higher Education Program Revenue, Series B (State Higher Education Intercept Program Insured)
5.000%, 11/1/34 		    1,000    1,086
       4,019
       
 
Texas—10.3%    
Central Texas Regional Mobility Authority, Senior Lien Toll Revenue, Series D
4.000%, 1/1/38 		      750      753
Georgetown Independent School District General Obligation, (PSF-GTD Insured)
3.750%, 8/15/41 		      500      493
Lamar Consolidated Independent School District, General Obligation, (PSF-GTD Insured)
5.000%, 2/15/34 		    1,000    1,063
Northwest Independent School District, Series A General Obligation, (PSF-GTD Insured)
5.000%, 2/15/39 		    1,370    1,531
Texas Municipal Gas Acquisition and Supply Corp. I, Gas Supply Revenue, Senior Lien, Series D
6.250%, 12/15/26 		      895      933
Texas Municipal Gas Acquisition and Supply Corp. II, Gas Supply Revenue, LIBOR Index Series C
4.354%, 9/15/27(2) 		    1,895    1,885
Wharton Independent School District, General Obligation, (PSF-GTD Insured)
3.000%, 2/15/32 		      645      620
       7,278
       
 
Vermont—0.4%    
Vermont Educational & Health Buildings Financing Agency, University of Vermont Health Network Revenue, Series A
5.000%, 12/1/35 		      300      312
West Virginia—0.4%    
Monongalia County Building Commission, Monongalia Health System Revenue,
5.000%, 7/1/23 		      300      300
Wisconsin—1.8%    
Public Finance Authority,      
Renown Regional Medical Center Revenue, Series A
5.000%, 6/1/33 		    1,000    1,031
Waste Management, Inc. Project Revenue, (AMT)
2.875%, 5/1/27 		      250      238
       1,269
       
 
Total Municipal Bonds
(Identified Cost $68,562) 		  67,914
       
 
       
 
Total Long-Term Investments—95.9%
(Identified Cost $68,562) 		  67,914
    
 
See Notes to Schedule of Investments
3
VIRTUS Seix Tax-Exempt Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2023
($ reported in thousands)
  Shares   Value
Short-Term Investment—2.1%
Money Market Mutual Fund—2.1%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.997%)(4) 1,454,750   $ 1,455
Total Short-Term Investment
(Identified Cost $1,455) 		   1,455
       
 
       
 
TOTAL INVESTMENTS—98.0%
(Identified Cost $70,017) 		  $69,369
Other assets and liabilities, net—2.0%    1,442
NET ASSETS—100.0%   $70,811
    
Abbreviations:
AGC Assured Guaranty Corp.
AGM Assured Guaranty Municipal Corp.
AMT Alternative Minimum Tax
BAM Build America Municipal Insured
FHLMC Federal Home Loan Mortgage Corporation (“Freddie Mac”)
FNMA Federal National Mortgage Association (“Fannie Mae”)
GNMA Government National Mortgage Association (“Ginnie Mae”)
LIBOR London Interbank Offered Rate
PSF-GTD Permanent School Fund Guarantee Program
SCH BD GTY School Bond Guaranty
SD CRED PROG State Credit Enhancement Program
Footnote Legend:
(1) At June 30, 2023, 22.7% of the securities in the portfolio are backed by insurance of financial institutions and financial guaranty assurance agencies. None of the insurers concentration exceeds 10% of the Fund’s net assets.
(2) Variable or step coupon security; interest rate shown reflects the rate in effect at June 30, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. 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. These securities do not indicate a reference rate and spread in their description above.
(3) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2023, these securities amounted to a value of $300 or 0.4% of net assets.
(4) Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.
The following table summarizes the value of the Fund’s investments as of June 30, 2023, based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):
  Total
Value at
June 30, 2023 		  Level 1
Quoted Prices 		  Level 2
Significant
Observable
Inputs
Assets:          
Debt Instruments:          
Municipal Bonds $67,914   $—   $67,914
Money Market Mutual Fund 1,455   1,455   —
Total Investments $69,369   $1,455   $67,914
There were no securities valued using significant unobservable inputs (Level 3) at June 30, 2023.
There were no transfers into or out of Level 3 related to securities held at June 30, 2023.
See Notes to Schedule of Investments
4
VIRTUS SEIX TAX-EXEMPT BOND FUND 
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023
Note 1. Security Valuation
The Trustees have designated the Investment Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940. The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Fund’s policy is to recognize transfers into or out of Level 3 at the end of the reporting period.
• Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities).
• Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
• Level 3 – prices determined using significant unobservable inputs (including the Investment Adviser’s Valuation Committee’s own assumptions in determining the fair value of investments).
A description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis is as follows:
Equity securities are valued at the official closing price (typically last sale) on the exchange on which the securities are primarily traded or, if no closing price is available, at the last bid price and are categorized as Level 1 in the hierarchy. Illiquid, restricted equity securities and illiquid private placements are internally fair valued by the Investment Adviser’s Valuation Committee, and are generally categorized as Level 3 in the hierarchy.
Certain non-U.S. securities may be fair valued in cases where closing prices are not readily available or are deemed not reflective of readily available market prices. For example, significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that non-U.S. markets close (where the security is principally traded) and the time that the Fund calculates its net asset value (“NAV”) at the close of regular trading on the New York Stock Exchange (“NYSE”) (generally 4 p.m. Eastern time) that may impact the value of securities traded in these non-U.S. markets. In such cases, the Fund fair values non-U.S. securities using an independent pricing service which considers the correlation of the trading patterns of the non-U.S. security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, Exchange Traded Funds (“ETFs”), and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.
Debt instruments, including convertible bonds, and restricted securities, are valued based on evaluated quotations received from independent pricing services or from dealers who make markets in such securities. For most bond types, the pricing service utilizes matrix pricing that considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type, activity of the underlying equities, and current day trade information, as well as dealer supplied prices. These valuations are generally categorized as Level 2 in the hierarchy. Structured debt instruments, such as mortgage-backed and asset-backed securities may also incorporate collateral analysis and utilize cash flow models for valuation and are generally categorized as Level 2 in the hierarchy. Pricing services do not provide pricing for all securities and therefore indicative bids from dealers are utilized which are based on pricing models used by market makers in the security and are generally categorized as Level 2 in the hierarchy. Debt instruments that are internally fair valued by the Investment Adviser’s Valuation Committee are generally categorized as Level 3 in the hierarchy.
Listed derivatives, such as options, that are actively traded are valued at the last posted settlement price from the exchange where they are principally traded and are categorized as Level 1 in the hierarchy. Over-the-counter (“OTC”) derivative contracts, which include forward currency contracts and equity-linked instruments, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in the hierarchy.
Investments in open-end mutual funds are valued at NAV. Investments in closed-end funds and ETFs are valued as of the close of regular trading on the NYSE each business day. Each is categorized as Level 1 in the hierarchy.
A summary of the inputs used to value the Fund’s net assets by each major security type is disclosed at the end of the Schedule of Investments for the Fund. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
For additional information about significant accounting policies, refer to the Fund’s most recent semi or annual report.
5