NPORT-EX 2 VIPH050VIRTUS123123.htm
VIRTUS Newfleet Multi-Sector Intermediate Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2023
($ reported in thousands)
  Par Value(1)   Value
U.S. Government Securities—7.4%
U.S. Treasury Bonds      
3.875%, 5/15/43 $     1,410   $  1,344
1.875%, 11/15/51      4,265     2,696
4.000%, 11/15/52     14,350    14,159
3.625%, 5/15/53      5,020     4,641
U.S. Treasury Notes      
1.875%, 2/15/32      9,195     7,905
3.375%, 5/15/33      4,765     4,573
Total U.S. Government Securities
(Identified Cost $36,876) 		   35,318
       
 
       
 
Municipal Bonds—0.4%
Florida—0.2%    
Broward County, Water & Sewer Utility Revenue, Series A
4.000%, 10/1/47 		       470       471
Miami-Dade County, Seaport Department Revenue Taxable
6.224%, 11/1/55 		       330       350
          821
       
 
Illinois—0.0%    
Sales Tax Securitization Corp., Sales Tax Revenue, Second Lien, Series B (BAM Insured)
3.411%, 1/1/43 		       100        79
New York—0.2%    
Metropolitan Transportation Authority, Sales Tax Revenue, Series A
5.000%, 11/15/45 		       665       734
Virginia—0.0%    
Tobacco Settlement Financing Corp. Revenue Taxable Series A-1
6.706%, 6/1/46 		       285       245
Total Municipal Bonds
(Identified Cost $1,987) 		    1,879
       
 
       
 
Foreign Government Securities—6.8%
Arab Republic of Egypt      
144A
7.600%, 3/1/29(2) 		       445       339
144A
5.875%, 2/16/31(2) 		     1,205       786
Bolivarian Republic of Venezuela      
9.375%, 1/13/34(3)      1,505       251
RegS
7.650%, 4/21/25(3)(4) 		     1,500       214
Brazil Notas do Tesouro Nacional Series F
10.000%, 1/1/29 		     3,660BRL       751
Dominican Republic 144A
4.875%, 9/23/32(2) 		     2,760     2,509
Federative Republic of Brazil
6.000%, 10/20/33 		     1,405     1,403
Hungary Government International Bond 144A
6.250%, 9/22/32(2) 		       950     1,014
Kingdom of Jordan 144A
5.850%, 7/7/30(2) 		       880       816
  Par Value(1)   Value
       
Foreign Government Securities—continued
Kingdom of Morocco      
144A
3.000%, 12/15/32(2) 		$       730   $    600
144A
5.500%, 12/11/42(2) 		       570       517
Republic of Angola 144A
8.250%, 5/9/28(2) 		     1,260     1,159
Republic of Argentina
3.500%, 7/9/41(5) 		     2,985     1,011
Republic of Chile
3.500%, 1/31/34 		       400       356
Republic of Colombia
8.000%, 11/14/35 		       585       639
Republic of El Salvador 144A
7.650%, 6/15/35(2) 		       900       698
Republic of Ghana RegS
8.125%, 3/26/32(3)(4) 		     2,170       944
Republic of Indonesia
2.850%, 2/14/30 		       790       713
Republic of Ivory Coast      
144A
6.375%, 3/3/28(2) 		       540       529
144A
6.125%, 6/15/33(2) 		       245       225
Republic of Nigeria 144A
7.375%, 9/28/33(2) 		     1,065       906
Republic of Philippines
3.700%, 3/1/41 		     1,075       921
Republic of Poland
4.875%, 10/4/33 		     1,070     1,082
Republic of Serbia 144A
6.500%, 9/26/33(2) 		     1,165     1,192
Republic of South Africa
5.875%, 6/22/30 		     1,505     1,459
Republic of Turkiye      
9.375%, 3/14/29        785       867
7.625%, 4/26/29      1,435     1,483
9.125%, 7/13/30      1,305     1,437
Romania Government International Bond 144A
7.125%, 1/17/33(2) 		       940     1,014
Saudi International Bond      
144A
5.500%, 10/25/32(2) 		       670       713
144A
4.500%, 10/26/46(2) 		     2,500     2,206
State of Qatar 144A
3.750%, 4/16/30(2) 		       620       605
Ukraine Government      
RegS
7.750%, 9/1/26(3)(4) 		       680       186
RegS
7.750%, 9/1/28(3)(4) 		       475       130
United Mexican States      
3.500%, 2/12/34        450       381
6.350%, 2/9/35      1,330     1,391
6.338%, 5/4/53      1,230     1,252
Total Foreign Government Securities
(Identified Cost $33,651) 		   32,699
       
 
       
 
See Notes to Schedule of Investments
1
VIRTUS Newfleet Multi-Sector Intermediate Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
($ reported in thousands)
  Par Value(1)   Value
       
       
Mortgage-Backed Securities—18.3%
Agency—3.3%    
Federal Home Loan Mortgage Corporation      
Pool #SD3238
5.500%, 12/1/52 		$       303   $    304
Pool #SD8309
6.000%, 3/1/53 		     3,897     3,957
Pool #SD8317
6.000%, 4/1/53 		     1,247     1,266
Federal National Mortgage Association      
Pool #FS4438
5.000%, 11/1/52 		       992       983
Pool #MA4785
5.000%, 10/1/52 		     1,875     1,858
Pool #MA4805
4.500%, 11/1/52 		     1,499     1,454
Pool #MA4980
6.000%, 4/1/53 		     4,501     4,574
Pool #MA5072
5.500%, 7/1/53 		     1,410     1,416
       15,812
       
 
Non-Agency—15.0%    
A&D Mortgage Trust 2023-NQM3, A1 144A
6.733%, 7/25/68(2)(5) 		     1,641     1,654
Ajax Mortgage Loan Trust 2022-B, A1 144A
3.500%, 3/27/62(2)(5) 		     1,579     1,486
American Homes 4 Rent Trust      
2014-SFR2, C 144A
4.705%, 10/17/36(2) 		     1,320     1,303
2015-SFR2, C 144A
4.691%, 10/17/52(2) 		     1,011       992
AMSR Trust      
2020-SFR1, A 144A
1.819%, 4/17/37(2) 		       669       636
2020-SFR2, D 144A
3.282%, 7/17/37(2) 		       660       630
2020-SFR3, B 144A
1.806%, 9/17/37(2) 		     2,000     1,870
2021-SFR2, C 144A
1.877%, 8/17/38(2) 		       510       459
2021-SFR3, D 144A
2.177%, 10/17/38(2) 		       540       481
Angel Oak Mortgage Trust      
2022-5, A1 144A
4.500%, 5/25/67(2)(5) 		     3,429     3,343
2023-1, A1 144A
4.750%, 9/26/67(2)(5) 		     2,836     2,779
Arroyo Mortgage Trust      
2019-1, A1 144A
3.805%, 1/25/49(2)(5) 		       105       100
2019-2, A1 144A
3.347%, 4/25/49(2)(5) 		       232       219
2021-1R, A1 144A
1.175%, 10/25/48(2)(5) 		       288       235
BBCMS Mortgage Trust 2018-TALL, A (1 month Term SOFR + 0.919%, Cap N/A, Floor 0.872%) 144A
6.281%, 3/15/37(2)(5) 		       590       547
Benchmark Mortgage Trust 2023-B38, A2
5.626%, 4/15/56 		       700       712
  Par Value(1)   Value
       
Non-Agency—continued    
BPR Trust 2022-OANA, A (1 month Term SOFR + 1.898%, Cap N/A, Floor 1.898%) 144A
7.260%, 4/15/37(2)(5) 		$       675   $    665
Bunker Hill Loan Depositary Trust 2019-2, A1 144A
2.879%, 7/25/49(2)(5) 		       239       226
BX Commercial Mortgage Trust 2019-XL, C (1 month Term SOFR + 1.364%, Cap N/A, Floor 1.250%) 144A
6.726%, 10/15/36(2)(5) 		     1,054     1,048
BX Trust      
2019-OC11, D 144A
3.944%, 12/9/41(2)(5) 		     1,412     1,229
2022-CLS, A 144A
5.760%, 10/13/27(2) 		       603       603
CENT Trust 2023-CITY, A (1 month Term SOFR + 2.620%, Cap N/A, Floor 2.620%) 144A
7.982%, 9/15/38(2)(5) 		       770       774
Chase Mortgage Finance Corp.      
2016-SH1, M2 144A
3.750%, 4/25/45(2)(5) 		       186       170
2016-SH2, M2 144A
3.750%, 12/25/45(2)(5) 		       389       355
CIM Trust 2022-R2, A1 144A
3.750%, 12/25/61(2)(5) 		       943       882
Citigroup Mortgage Loan Trust, Inc. 2018-RP1, A1 144A
3.000%, 9/25/64(2)(5) 		       756       727
COLT Mortgage Loan Trust      
2022-4, A1 144A
4.301%, 3/25/67(2)(5) 		     1,163     1,124
2022-5, A1 144A
4.550%, 4/25/67(2)(5) 		     1,418     1,390
2023-3, A1 144A
7.180%, 9/25/68(2)(5) 		     1,575     1,613
COMM Mortgage Trust 2013-300P, A1 144A
4.353%, 8/10/30(2) 		       985       915
CoreVest American Finance Trust 2019-3, C 144A
3.265%, 10/15/52(2) 		       250       217
Credit Suisse Mortgage Capital Certificates 2019-ICE4, A (1 month Term SOFR + 1.027%, Cap N/A, Floor 0.980%) 144A
6.389%, 5/15/36(2)(5) 		     1,272     1,272
Credit Suisse Mortgage Capital Trust 2020-RPL4, A1 144A
2.000%, 1/25/60(2)(5) 		       779       688
Deephaven Residential Mortgage Trust 2022-1, A1 144A
2.205%, 1/25/67(2)(5) 		       311       276
Ellington Financial Mortgage Trust      
2019-2, A3 144A
3.046%, 11/25/59(2)(5) 		        30        28
2022-1, A1 144A
2.206%, 1/25/67(2)(5) 		       278       233
Extended Stay America Trust 2021-ESH, C (1 month Term SOFR + 1.814%, Cap N/A, Floor 1.700%) 144A
7.176%, 7/15/38(2)(5) 		     2,007     1,974
FirstKey Homes Trust      
2020-SFR1, B 144A
1.740%, 8/17/37(2) 		       770       720
2020-SFR2, B 144A
1.567%, 10/19/37(2) 		     1,245     1,154
 
See Notes to Schedule of Investments
2
VIRTUS Newfleet Multi-Sector Intermediate Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
($ reported in thousands)
  Par Value(1)   Value
       
Non-Agency—continued    
2021-SFR1, D 144A
2.189%, 8/17/38(2) 		$       460   $    414
Galton Funding Mortgage Trust 2018-1, A23 144A
3.500%, 11/25/57(2)(5) 		        36        33
Homes Trust 2023-NQM2, A1 144A
6.456%, 2/25/68(2)(5) 		       413       418
Imperial Fund Mortgage Trust 2022-NQM3, A1 144A
4.380%, 5/25/67(2)(5) 		     1,229     1,182
INTOWN Mortgage Trust 2022-STAY, A (1 month Term SOFR + 2.489%, Cap N/A, Floor 2.489%) 144A
7.851%, 8/15/39(2)(5) 		       836       839
JPMBB Commercial Mortgage Securities Trust 2014-C18, AS
4.439%, 2/15/47(5) 		       885       878
JPMorgan Chase Commercial Mortgage Securities Trust 2013-C13, E 144A
3.986%, 1/15/46(2)(5) 		     1,331     1,094
JPMorgan Chase Mortgage Trust 2014-5, B2 144A
2.749%, 10/25/29(2)(5) 		       238       213
KNDL Mortgage Trust 2019-KNSQ, A (1 month Term SOFR + 0.996%, Cap N/A, Floor 0.800%) 144A
6.358%, 5/15/36(2)(5) 		       975       971
LHOME Mortgage Trust 2021-RTL1, A1 144A
3.090%, 2/25/26(2)(5) 		        17        17
MetLife Securitization Trust 2017-1A, M1 144A
3.447%, 4/25/55(2)(5) 		       425       372
MFA Trust      
2022-NQM2, A1 144A
4.000%, 5/25/67(2)(5) 		     1,279     1,207
2021-INV1, A1 144A
0.852%, 1/25/56(2)(5) 		       117       108
Mill City Mortgage Loan Trust      
2017-1, M2 144A
3.250%, 11/25/58(2)(5) 		       375       358
2017-3, B1 144A
3.250%, 1/25/61(2)(5) 		       675       571
2019-1, M2 144A
3.500%, 10/25/69(2)(5) 		       779       684
MIRA Trust 2023-MILE, A 144A
6.755%, 6/10/38(2) 		       640       660
New Residential Mortgage Loan Trust      
2016-3A, B1 144A
4.000%, 9/25/56(2)(5) 		       456       427
2016-4A, B1A 144A
4.500%, 11/25/56(2)(5) 		       375       357
2017-2A, A3 144A
4.000%, 3/25/57(2)(5) 		     1,411     1,335
2018-2A, A1 144A
4.500%, 2/25/58(2)(5) 		        29        29
2021-NQ2R, A1 144A
0.941%, 10/25/58(2)(5) 		       536       487
2022-NQM2, A1 144A
3.079%, 3/27/62(2)(5) 		       997       908
ORL Trust 2023-GLKS, A (1 month Term SOFR + 2.350%, Cap N/A, Floor 2.350%) 144A
7.712%, 10/19/36(2)(5) 		     1,110     1,110
Palisades Mortgage Loan Trust 2021-RTL1, A1 144A
2.857%, 6/25/26(2)(5) 		       385       381
Preston Ridge Partners Mortgage LLC 2021-RPL1, A1 144A
1.319%, 7/25/51(2)(5) 		       155       139
  Par Value(1)   Value
       
Non-Agency—continued    
Pretium Mortgage Credit Partners I LLC 2021-NPL1, A1 144A
2.240%, 9/27/60(2)(5) 		$       289   $    290
Progress Residential Trust      
2019-SFR3, B 144A
2.571%, 9/17/36(2) 		     1,000       974
2020-SFR3, A 144A
1.294%, 10/17/27(2) 		     1,155     1,074
RCKT Mortgage Trust 2023-CES1, A1A 144A
6.515%, 6/25/43(2)(5) 		     1,113     1,126
Residential Mortgage Loan Trust 2019-2, A1 144A
2.913%, 5/25/59(2)(5) 		        15        15
Sequoia Mortgage Trust 2013-8, B1
3.479%, 6/25/43(5) 		       136       129
STAR Trust 2021-1, A1 144A
1.219%, 5/25/65(2)(5) 		       823       727
Starwood Mortgage Residential Trust 2021-3, A3 144A
1.518%, 6/25/56(2)(5) 		       172       141
THPT Mortgage Trust 2023-THL, A 144A
6.994%, 12/10/34(2)(5) 		       900       915
Towd Point Mortgage Trust      
2016-1, M1 144A
3.500%, 2/25/55(2)(5) 		       160       158
2016-4, B1 144A
4.009%, 7/25/56(2)(5) 		       485       456
2017-1, M1 144A
3.750%, 10/25/56(2)(5) 		       550       527
2017-4, A2 144A
3.000%, 6/25/57(2)(5) 		       850       774
2018-6, A1A 144A
3.750%, 3/25/58(2)(5) 		        66        64
2018-6, A2 144A
3.750%, 3/25/58(2)(5) 		     1,925     1,701
2019-2, A2 144A
3.750%, 12/25/58(2)(5) 		     1,198     1,071
2020-1, M1 144A
3.500%, 1/25/60(2)(5) 		       305       254
2023-1, A1 144A
3.750%, 1/25/63(2) 		       623       589
2017-6, A2 144A
3.000%, 10/25/57(2)(5) 		       665       606
Tricon American Homes Trust      
2019-SFR1, C 144A
3.149%, 3/17/38(2) 		       610       579
2020-SFR2, D 144A
2.281%, 11/17/39(2) 		       840       735
TVC Mortgage Trust 2020-RTL1, M 144A
6.193%, 9/25/24(2)(5) 		     1,306     1,299
VCAT LLC      
2021-NPL3, A1 144A
1.743%, 5/25/51(2)(5) 		       355       343
2021-NPL4, A1 144A
1.868%, 8/25/51(2)(5) 		       486       469
Verus Securitization Trust      
2019-4, M1 144A
3.207%, 11/25/59(2)(5) 		       310       281
2021-R3, A1 144A
1.020%, 4/25/64(2)(5) 		       428       381
2022-5, A1 144A
3.800%, 4/25/67(2)(5) 		       817       767
 
See Notes to Schedule of Investments
3
VIRTUS Newfleet Multi-Sector Intermediate Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
($ reported in thousands)
  Par Value(1)   Value
       
Non-Agency—continued    
2022-6, A1 144A
4.910%, 6/25/67(2)(5) 		$     2,257   $  2,212
2022-7, A1 144A
5.152%, 7/25/67(2)(5) 		       453       453
2023-8, A1 144A
6.259%, 12/25/68(2)(5) 		     1,440     1,450
Visio Trust 2020-1R, A2 144A
1.567%, 11/25/55(2) 		       103        93
Wells Fargo Commercial Mortgage Trust 2014-C24, AS
3.931%, 11/15/47 		       716       671
       72,245
       
 
Total Mortgage-Backed Securities
(Identified Cost $89,910) 		   88,057
       
 
       
 
Asset-Backed Securities—13.2%
Automobiles—5.7%    
ACC Trust 2021-1, C 144A
2.080%, 12/20/24(2) 		       197       195
ACM Auto Trust 2023-2A, A 144A
7.970%, 6/20/30(2) 		       613       615
Avid Automobile Receivables Trust 2023-1, A 144A
6.630%, 7/15/26(2) 		       328       328
Avis Budget Rental Car Funding LLC      
(AESOP) 2019-2A, D 144A
3.040%, 9/22/25(2) 		     1,129     1,094
(AESOP) 2023-3A, A 144A
5.440%, 2/22/28(2) 		       841       848
Carvana Auto Receivables Trust      
2019-3A, E 144A
4.600%, 7/15/26(2) 		       593       589
2022-N1, D 144A
4.130%, 12/11/28(2) 		       685       663
2023-N1, C 144A
5.920%, 7/10/29(2) 		     1,749     1,741
CPS Auto Receivables Trust 2023-D, C 144A
7.170%, 1/15/30(2) 		     1,000     1,025
DT Auto Owner Trust      
2023-1A, D 144A
6.440%, 11/15/28(2) 		       777       777
2023-3A, C 144A
6.400%, 5/15/29(2) 		       485       490
Exeter Automobile Receivables Trust      
2023-2A, B
5.610%, 9/15/27 		     1,295     1,290
2023-3A, D
6.680%, 4/16/29 		       920       929
FHF Trust 2023-1A, A2 144A
6.570%, 6/15/28(2) 		       666       664
GLS Auto Receivables Issuer Trust      
2019-4A, D 144A
4.090%, 8/17/26(2) 		       991       979
2020-3A, E 144A
4.310%, 7/15/27(2) 		       940       925
2022-2A, D 144A
6.150%, 4/17/28(2) 		       800       797
2023-1A, B 144A
6.190%, 6/15/27(2) 		       983       985
  Par Value(1)   Value
       
Automobiles—continued    
Hertz Vehicle Financing LLC 2022-4A, D 144A
6.560%, 9/25/26(2) 		$       530   $    511
LAD Auto Receivables Trust      
2022-1A, A 144A
5.210%, 6/15/27(2) 		       903       898
2023-1A, D 144A
7.300%, 6/17/30(2) 		       780       792
2023-2A, D 144A
6.300%, 2/15/31(2) 		       750       746
Lendbuzz Securitization Trust 2023-2A, A2 144A
7.090%, 10/16/28(2) 		       715       720
Lobel Automobile Receivables Trust 2023-1, B 144A
7.050%, 9/15/28(2) 		       895       889
Merchants Fleet Funding LLC 2023-1A, A 144A
7.210%, 5/20/36(2) 		       975       985
OneMain Direct Auto Receivables Trust 2022-1A, C 144A
5.310%, 6/14/29(2) 		       520       510
Tesla Auto Lease Trust 2023-A, B 144A
6.410%, 7/20/27(2) 		       855       863
Tricolor Auto Securitization Trust      
2023-1A, B 144A
6.840%, 11/16/26(2) 		     1,088     1,089
2023-1A, C 144A
7.240%, 2/16/27(2) 		       780       783
U.S. Bank N.A. 2023-1, B 144A
6.789%, 8/25/32(2) 		     1,162     1,165
United Auto Credit Securitization Trust      
2023-1, C 144A
6.280%, 7/10/28(2) 		       784       781
2023-1, D 144A
8.000%, 7/10/28(2) 		     1,102     1,119
Westlake Automobile Receivables Trust 2022-1A, B 144A
2.750%, 3/15/27(2) 		       760       749
       27,534
       
 
Consumer Loans—1.5%    
ACHV ABS Trust      
2023-1PL, B 144A
6.800%, 3/18/30(2) 		       903       904
2023-3PL, B 144A
7.170%, 8/19/30(2) 		       865       865
Affirm Asset Securitization Trust 2023-B, A 144A
6.820%, 9/15/28(2) 		     1,172     1,190
BHG Securitization Trust 2021-B, D 144A
3.170%, 10/17/34(2) 		       875       738
Marlette Funding Trust 2023-2A, B 144A
6.540%, 6/15/33(2) 		       746       751
OneMain Financial Issuance Trust 2022-3A, A 144A
5.940%, 5/15/34(2) 		       743       745
Reach ABS Trust 2023-1A, B 144A
7.330%, 2/18/31(2) 		       767       774
Republic Finance Issuance Trust 2020-A, A 144A
2.470%, 11/20/30(2) 		       628       617
Upstart Pass-Through Trust Series 2021-ST2, A 144A
2.500%, 4/20/27(2) 		       185       179
Upstart Securitization Trust      
2022-2, A 144A
4.370%, 5/20/32(2) 		       119       118
 
See Notes to Schedule of Investments
4
VIRTUS Newfleet Multi-Sector Intermediate Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
($ reported in thousands)
  Par Value(1)   Value
       
Consumer Loans—continued    
2023-1, A 144A
6.590%, 2/20/33(2) 		$       356   $    356
        7,237
       
 
Credit Card—0.7%    
Mercury Financial Credit Card Master Trust      
2022-1A, A 144A
2.500%, 9/21/26(2) 		       735       715
2023-1A, A 144A
8.040%, 9/20/27(2) 		     1,317     1,331
Mission Lane Credit Card Master Trust      
2023-A, A 144A
7.230%, 7/17/28(2) 		       746       747
2023-B, A 144A
7.690%, 11/15/28(2) 		       280       283
        3,076
       
 
Equipment—0.2%    
Auxilior Term Funding LLC 2023-1A, D 144A
7.270%, 12/16/30(2) 		       740       752
Other—5.1%    
Adams Outdoor Advertising LP 2023-1, A2 144A
6.967%, 7/15/53(2) 		       855       866
Applebee’s Funding LLC 2023-1A, A2 144A
7.824%, 3/5/53(2) 		     1,146     1,175
Aqua Finance Trust      
2017-A, A 144A
3.720%, 11/15/35(2) 		        33        33
2019-A, C 144A
4.010%, 7/16/40(2) 		       694       639
2020-AA, D 144A
7.150%, 7/17/46(2) 		       815       717
Arby’s Funding LLC 2020-1A, A2 144A
3.237%, 7/30/50(2) 		       910       830
CCG Receivables Trust 2023-1, A2 144A
5.820%, 9/16/30(2) 		       818       823
Conn’s Receivables Funding LLC 2022-A, B 144A
9.520%, 12/15/26(2) 		       300       301
Dext ABS LLC      
2020-1, D 144A
7.210%, 2/15/28(2) 		       840       820
2023-1, A2 144A
5.990%, 3/15/32(2) 		       845       839
Elara HGV Timeshare Issuer LLC 2023-A, A 144A
6.160%, 2/25/38(2) 		       878       897
FAT Brands Royalty LLC 2021-1A, A2 144A
4.750%, 4/25/51(2) 		       826       783
Five Guys Holdings, Inc. 2023-1A, A2 144A
7.549%, 1/26/54(2) 		     1,050     1,114
Foundation Finance Trust 2023-2A, A 144A
6.530%, 6/15/49(2) 		       939       957
Hardee’s Funding LLC 2020-1A, A2 144A
3.981%, 12/20/50(2) 		     1,028       903
HIN Timeshare Trust 2020-A, C 144A
3.420%, 10/9/39(2) 		       652       615
Hotwire Funding LLC 2021-1, C 144A
4.459%, 11/20/51(2) 		       960       813
Jack in the Box Funding LLC 2022-1A, A2I 144A
3.445%, 2/26/52(2) 		     1,163     1,070
  Par Value(1)   Value
       
Other—continued    
Jersey Mike’s Funding 2019-1A, A2 144A
4.433%, 2/15/50(2) 		$       613   $    581
Mariner Finance Issuance Trust 2020-AA, A 144A
2.190%, 8/21/34(2) 		       724       708
Momnt Technologies Trust 2023-1A, A 144A
6.920%, 3/20/45(2) 		     1,400     1,403
NBC Funding LLC 2021-1, A2 144A
2.989%, 7/30/51(2) 		       963       865
Octane Receivables Trust      
2020-1A, B 144A
1.980%, 6/20/25(2) 		       186       186
2023-3A, C 144A
6.740%, 8/20/29(2) 		     1,435     1,466
Pawneee Equipment Receivables LLC 2022-1, B 144A
5.400%, 7/17/28(2) 		       635       618
Planet Fitness Master Issuer LLC 2018-1A, A2II 144A
4.666%, 9/5/48(2) 		       967       943
Progress Residential Trust 2021-SFR6, D 144A
2.225%, 7/17/38(2) 		       505       452
Sierra Timeshare Receivables Funding LLC 2023-2A, B 144A
6.280%, 4/20/40(2) 		       633       643
Taco Bell Funding LLC 2016-1A, A23 144A
4.970%, 5/25/46(2) 		       881       868
VFI ABS LLC 2023-1A, A 144A
7.270%, 3/26/29(2) 		       940       946
ZAXBY’S Funding LLC 2021-1A, A2 144A
3.238%, 7/30/51(2) 		       875       758
       24,632
       
 
Total Asset-Backed Securities
(Identified Cost $63,801) 		   63,231
       
 
       
 
Corporate Bonds and Notes—36.3%
Communication Services—1.7%    
Altice France Holding S.A. 144A
6.000%, 2/15/28(2) 		       660       317
Altice France S.A. 144A
5.125%, 7/15/29(2) 		       730       568
AT&T, Inc.
5.400%, 2/15/34 		     1,040     1,073
CCO Holdings LLC 144A
4.750%, 3/1/30(2) 		       970       886
CSC Holdings LLC      
5.250%, 6/1/24        450       441
144A 7.500%, 4/1/28(2)        710       531
CT Trust 144A
5.125%, 2/3/32(2) 		       610       530
DISH DBS Corp.      
5.875%, 11/15/24        590       553
7.750%, 7/1/26        440       306
Gray Television, Inc. 144A
7.000%, 5/15/27(2)(6) 		       970       922
Level 3 Financing, Inc. 144A
3.625%, 1/15/29(2) 		       530       223
Millennium Escrow Corp. 144A
6.625%, 8/1/26(2) 		       475       337
Rackspace Technology Global, Inc. 144A
5.375%, 12/1/28(2) 		       555       199
 
See Notes to Schedule of Investments
5
VIRTUS Newfleet Multi-Sector Intermediate Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
($ reported in thousands)
  Par Value(1)   Value
       
Communication Services—continued    
Sprint Capital Corp.
8.750%, 3/15/32 		$       645   $    796
Telesat Canada 144A
6.500%, 10/15/27(2) 		       365       171
T-Mobile USA, Inc.
5.050%, 7/15/33 		       301       303
        8,156
       
 
Consumer Discretionary—3.4%    
Ashtead Capital, Inc.      
144A 4.375%, 8/15/27(2)        870       835
144A 5.500%, 8/11/32(2)        285       282
Ashton Woods USA LLC 144A
4.625%, 4/1/30(2) 		     1,270     1,138
Carnival Corp.      
144A 7.625%, 3/1/26(2)        610       621
144A 7.000%, 8/15/29(2)        115       120
Churchill Downs, Inc. 144A
6.750%, 5/1/31(2) 		       515       523
Clarios Global LP      
144A 8.500%, 5/15/27(2)        450       452
144A 6.750%, 5/15/28(2)         65        66
Ford Motor Co.
4.750%, 1/15/43 		       475       392
Ford Motor Credit Co. LLC      
4.125%, 8/17/27        455       431
7.350%, 3/6/30        450       483
Genuine Parts Co.
6.875%, 11/1/33 		     1,005     1,116
Light & Wonder International, Inc. 144A
7.000%, 5/15/28(2) 		       575       581
MDC Holdings, Inc.
3.966%, 8/6/61 		     1,295       843
Meritage Homes Corp. 144A
3.875%, 4/15/29(2) 		       752       691
Michaels Cos., Inc. (The) 144A
7.875%, 5/1/29(2) 		       755       475
NCL Finance Ltd. 144A
6.125%, 3/15/28(2) 		       710       680
Newell Brands, Inc.
6.625%, 9/15/29(6) 		       892       888
Nissan Motor Acceptance Co. LLC 144A
7.050%, 9/15/28(2) 		       695       733
NMG Holding Co., Inc. 144A
7.125%, 4/1/26(2) 		       725       697
Ontario Gaming GTA LP 144A
8.000%, 8/1/30(2) 		       630       650
PetSmart, Inc. 144A
7.750%, 2/15/29(2) 		     1,065     1,036
Prime Security Services Borrower LLC 144A
6.250%, 1/15/28(2) 		       670       666
Royal Caribbean Cruises Ltd. 144A
9.250%, 1/15/29(2) 		        24        26
Tapestry, Inc.
7.850%, 11/27/33 		     1,180     1,259
Weekley Homes LLC 144A
4.875%, 9/15/28(2) 		       505       470
       16,154
       
 
  Par Value(1)   Value
       
Consumer Staples—1.2%    
Albertsons Cos., Inc.      
144A 3.250%, 3/15/26(2) $       285   $    269
144A 6.500%, 2/15/28(2)        272       275
BAT Capital Corp.
7.750%, 10/19/32 		       859       970
Central American Bottling Corp. 144A
5.250%, 4/27/29(2) 		       580       543
Coty, Inc. 144A
6.625%, 7/15/30(2) 		       720       740
HLF Financing S.a.r.l. LLC 144A
4.875%, 6/1/29(2) 		       465       365
Kronos Acquisition Holdings, Inc. 144A
7.000%, 12/31/27(2) 		       470       449
Minerva Luxembourg S.A. 144A
8.875%, 9/13/33(2) 		     1,230     1,301
Pilgrim’s Pride Corp.
6.250%, 7/1/33 		       695       715
Sigma Holdco B.V. 144A
7.875%, 5/15/26(2) 		       390       351
        5,978
       
 
Energy—6.9%    
Alliance Resource Operating Partners LP 144A
7.500%, 5/1/25(2) 		       716       712
Antero Midstream Partners LP 144A
5.750%, 1/15/28(2) 		       685       678
Ascent Resources Utica Holdings LLC 144A
8.250%, 12/31/28(2) 		       795       800
BP Capital Markets plc
4.875% (7) 		     1,530     1,453
Chesapeake Energy Corp. 144A
5.875%, 2/1/29(2) 		       455       446
CITGO Petroleum Corp. 144A
7.000%, 6/15/25(2) 		       640       639
Civitas Resources, Inc.      
144A 8.625%, 11/1/30(2)          5         5
144A 8.750%, 7/1/31(2)        385       410
Columbia Pipelines Operating Co. LLC      
144A 6.036%, 11/15/33(2)        820       859
144A 6.714%, 8/15/63(2)        100       110
Coronado Finance Pty Ltd. 144A
10.750%, 5/15/26(2) 		       679       707
CrownRock LP      
144A 5.625%, 10/15/25(2)        415       414
144A 5.000%, 5/1/29(2)        460       449
DT Midstream, Inc. 144A
4.125%, 6/15/29(2) 		       845       777
Ecopetrol S.A.      
4.625%, 11/2/31        770       651
8.875%, 1/13/33      1,020     1,106
Enbridge, Inc.      
7.625%, 1/15/83        685       686
8.500%, 1/15/84        416       443
Enerflex Ltd. 144A
9.000%, 10/15/27(2) 		       695       670
Energy Transfer LP Series H
6.500% (7) 		       660       627
Flex Intermediate Holdco LLC 144A
3.363%, 6/30/31(2) 		     1,330     1,089
Genesis Energy LP
8.875%, 4/15/30 		       580       600
 
See Notes to Schedule of Investments
6
VIRTUS Newfleet Multi-Sector Intermediate Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
($ reported in thousands)
  Par Value(1)   Value
       
Energy—continued    
Greensaif Pipelines Bidco S.a.r.l. 144A
6.129%, 2/23/38(2) 		$       375   $    391
Helix Energy Solutions Group, Inc. 144A
9.750%, 3/1/29(2) 		       700       736
Hilcorp Energy I LP      
144A 5.750%, 2/1/29(2)        485       468
144A 6.000%, 2/1/31(2)        485       468
International Petroleum Corp. 144A, RegS
7.250%, 2/1/27(2)(4) 		     1,200     1,114
KazMunayGas National Co. JSC 144A
6.375%, 10/24/48(2) 		     1,175     1,103
Kinder Morgan, Inc.
7.750%, 1/15/32 		       640       728
Magnolia Oil & Gas Operating LLC 144A
6.000%, 8/1/26(2) 		       660       644
Mesquite Energy, Inc. 144A
7.250%, 2/15/23(2) 		       375        28
Nabors Industries Ltd. 144A
7.250%, 1/15/26(2) 		       920       884
Northriver Midstream Finance LP 144A
5.625%, 2/15/26(2) 		       735       713
Occidental Petroleum Corp.
6.125%, 1/1/31 		       630       654
Odebrecht Oil & Gas Finance Ltd. 144A
0.000% (2)(7)(8) 		       124         4
Pertamina Persero PT 144A
2.300%, 2/9/31(2)(6) 		     2,270     1,913
Petroleos de Venezuela S.A. 144A
6.000%, 5/16/24(2)(3) 		     1,580       171
Petroleos Mexicanos      
6.500%, 3/13/27      1,240     1,152
6.700%, 2/16/32      1,250     1,034
7.690%, 1/23/50      1,390       989
Petronas Capital Ltd. 144A
3.500%, 4/21/30(2) 		       565       528
Reliance Industries Ltd. 144A
2.875%, 1/12/32(2) 		       890       762
Southwestern Energy Co.
5.375%, 2/1/29 		       615       600
State Oil Co. of the Azerbaijan Republic RegS
6.950%, 3/18/30(4) 		       885       930
Teine Energy Ltd. 144A
6.875%, 4/15/29(2) 		       415       390
Transocean, Inc.      
144A 11.500%, 1/30/27(2)        471       492
144A 8.750%, 2/15/30(2)        380       397
USA Compression Partners LP
6.875%, 4/1/26 		       410       408
Venture Global Calcasieu Pass LLC      
144A 3.875%, 8/15/29(2)         55        50
144A 4.125%, 8/15/31(2)        485       427
Viper Energy, Inc. 144A
7.375%, 11/1/31(2) 		       115       119
Western Midstream Operating LP
5.250%, 2/1/50 		       760       681
       33,309
       
 
Financials—10.0%    
Acrisure LLC 144A
7.000%, 11/15/25(2) 		     1,175     1,172
  Par Value(1)   Value
       
Financials—continued    
Allianz SE 144A
6.350%, 9/6/53(2) 		$       800   $    829
Allstate Corp. (The) Series B (3 month Term SOFR + 3.200%)
8.579%, 8/15/53(5) 		       850       845
American Express Co.
5.625%, 7/28/34 		       905       935
Ascot Group Ltd. 144A
4.250%, 12/15/30(2) 		       735       592
Banco Mercantil del Norte S.A. 144A
6.625% (2)(7) 		       855       724
Banco Santander Chile 144A
3.177%, 10/26/31(2) 		       935       807
Bank of America Corp.      
5.015%, 7/22/33        910       900
5.288%, 4/25/34        300       301
2.482%, 9/21/36        840       665
Bank of New York Mellon Corp. (The)      
5.834%, 10/25/33        515       546
Series G
4.700%(7) 		       795       775
Barclays plc
7.437%, 11/2/33 		       580       649
BBVA Bancomer S.A. 144A
5.125%, 1/18/33(2) 		       890       803
Blackstone Private Credit Fund      
2.625%, 12/15/26        430       390
144A 7.300%, 11/27/28(2)        250       260
Blue Owl Credit Income Corp.
4.700%, 2/8/27 		       422       399
Blue Owl Finance LLC 144A
3.125%, 6/10/31(2) 		     1,180       973
BPCE S.A. 144A
7.003%, 10/19/34(2) 		     1,350     1,467
BroadStreet Partners, Inc. 144A
5.875%, 4/15/29(2) 		       665       621
Brookfield Capital Finance LLC
6.087%, 6/14/33 		       705       735
Brookfield Finance, Inc.
6.350%, 1/5/34 		       215       229
Capital One Financial Corp.
2.359%, 7/29/32 		       865       655
Charles Schwab Corp. (The)      
6.136%, 8/24/34        365       385
Series H
4.000%(7) 		       720       569
Citadel LP 144A
4.875%, 1/15/27(2) 		       605       589
Citigroup, Inc.      
6.270%, 11/17/33        985     1,054
6.174%, 5/25/34        544       563
Citizens Bank N.A.
2.250%, 4/28/25 		       490       468
Corebridge Financial, Inc.
6.875%, 12/15/52 		     1,053     1,049
Discover Bank
4.650%, 9/13/28 		       905       861
Drawbridge Special Opportunities Fund LP 144A
3.875%, 2/15/26(2) 		       970       892
Export-Import Bank Korea
5.125%, 1/11/33 		       625       650
 
See Notes to Schedule of Investments
7
VIRTUS Newfleet Multi-Sector Intermediate Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
($ reported in thousands)
  Par Value(1)   Value
       
Financials—continued    
Fifth Third Bancorp
4.337%, 4/25/33 		$       645   $    600
First American Financial Corp.
4.000%, 5/15/30 		       820       737
Global Atlantic Fin Co. 144A
7.950%, 6/15/33(2) 		       607       673
Goldman Sachs Group, Inc. (The)      
3.102%, 2/24/33        790       678
6.450%, 5/1/36        355       383
Huntington Bancshares, Inc.
2.550%, 2/4/30 		       540       462
Huntington National Bank (The)
5.699%, 11/18/25 		       655       647
JPMorgan Chase & Co.      
5.717%, 9/14/33        570       590
5.350%, 6/1/34        325       330
6.254%, 10/23/34        185       201
1.953%, 2/4/32        795       646
KeyCorp
4.789%, 6/1/33 		       680       624
Ladder Capital Finance Holdings LLLP 144A
4.250%, 2/1/27(2) 		       430       405
Liberty Mutual Group, Inc. 144A
4.125%, 12/15/51(2) 		       740       620
Lincoln National Corp. (3 month LIBOR + 2.040%)
7.717%, 4/20/67(5) 		       666       445
MetLife, Inc. Series G
3.850% (7) 		       715       677
Midcap Financial Issuer Trust 144A
6.500%, 5/1/28(2) 		     1,080     1,010
Morgan Stanley      
6.342%, 10/18/33        710       766
5.250%, 4/21/34        570       570
5.424%, 7/21/34        345       350
5.948%, 1/19/38        352       356
MSCI, Inc. 144A
3.625%, 9/1/30(2) 		     1,176     1,064
National Rural Utilities Cooperative Finance Corp. (3 month Term SOFR + 3.172%)
8.562%, 4/30/43(5) 		       450       445
Nationstar Mortgage Holdings, Inc. 144A
5.750%, 11/15/31(2) 		       970       904
NCR Atleos Corp. 144A
9.500%, 4/1/29(2) 		       510       542
Nippon Life Insurance Co. 144A
6.250%, 9/13/53(2) 		       815       854
Northern Trust Corp.      
3.375%, 5/8/32        600       555
6.125%, 11/2/32        365       392
OneMain Finance Corp.
6.875%, 3/15/25 		       605       612
Prudential Financial, Inc.      
5.125%, 3/1/52        192       180
6.000%, 9/1/52        117       116
6.750%, 3/1/53        560       583
State Street Corp.      
4.821%, 1/26/34        838       825
6.123%, 11/21/34        415       441
Synchrony Financial      
4.875%, 6/13/25        310       305
3.700%, 8/4/26        180       169
  Par Value(1)   Value
       
Financials—continued    
Texas Capital Bancshares, Inc.
4.000%, 5/6/31 		$       945   $    820
Toronto-Dominion Bank (The)
8.125%, 10/31/82 		       600       624
UBS Group AG      
144A 9.250%(2)(7)         70        78
144A 4.988%, 8/5/33(2)      1,090     1,054
USI, Inc. 144A
7.500%, 1/15/32(2) 		       155       159
Wells Fargo & Co.      
5.389%, 4/24/34        425       427
6.491%, 10/23/34        310       337
Series BB
3.900%(7) 		       950       878
Series U
5.875%(5)(7) 		       505       500
       47,986
       
 
Health Care—3.2%    
AdaptHealth LLC 144A
5.125%, 3/1/30(2) 		     1,135       885
Akumin, Inc. 144A
7.000%, 11/1/25(2)(9) 		       665       539
Bausch Health Cos., Inc.      
144A 6.125%, 2/1/27(2)         45        30
144A 11.000%, 9/30/28(2)        133        97
144A 14.000%, 10/15/30(2)         26        14
Bio-Rad Laboratories, Inc.
3.700%, 3/15/32 		       556       502
Catalent Pharma Solutions, Inc. 144A
3.500%, 4/1/30(2)(6) 		       940       818
Cheplapharm Arzneimittel GmbH 144A
5.500%, 1/15/28(2) 		       800       756
Community Health Systems, Inc.      
144A 6.875%, 4/15/29(2)         70        45
144A 6.125%, 4/1/30(2)        645       418
144A 4.750%, 2/15/31(2)        650       511
DENTSPLY SIRONA, Inc.
3.250%, 6/1/30 		     1,190     1,052
HCA, Inc.
5.500%, 6/1/33 		       740       752
Illumina, Inc.
2.550%, 3/23/31 		     1,145       968
IQVIA, Inc. 144A
5.700%, 5/15/28(2) 		       986     1,004
Lannett Co., Inc. 144A
7.750%, 4/15/26(2)(10) 		       165         9
LifePoint Health, Inc. 144A
9.875%, 8/15/30(2) 		     1,115     1,127
Medline Borrower LP 144A
5.250%, 10/1/29(2) 		       670       632
Par Pharmaceutical, Inc. 144A
7.500%, 4/1/27(2)(9) 		       345       221
Surgery Center Holdings, Inc.      
144A 6.750%, 7/1/25(2)        340       339
144A 10.000%, 4/15/27(2)        173       175
Teva Pharmaceutical Finance Netherlands III B.V.
3.150%, 10/1/26 		       540       499
U.S. Acute Care Solutions LLC 144A
6.375%, 3/1/26(2) 		       820       685
 
See Notes to Schedule of Investments
8
VIRTUS Newfleet Multi-Sector Intermediate Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
($ reported in thousands)
  Par Value(1)   Value
       
Health Care—continued    
Universal Health Services, Inc.
2.650%, 1/15/32 		$     1,550   $  1,273
Viatris, Inc.      
2.700%, 6/22/30        915       775
4.000%, 6/22/50        455       320
Zimmer Biomet Holdings, Inc.
3.550%, 3/20/30 		       830       754
       15,200
       
 
Industrials—3.3%    
Alaska Airlines Pass-Through Trust 2020-1, A 144A
4.800%, 2/15/29(2) 		       878       853
Aviation Capital Group LLC 144A
3.500%, 11/1/27(2) 		       705       649
Avolon Holdings Funding Ltd. 144A
4.375%, 5/1/26(2) 		       597       578
Beacon Roofing Supply, Inc. 144A
6.500%, 8/1/30(2) 		       250       256
BlueLinx Holdings, Inc. 144A
6.000%, 11/15/29(2) 		         1         1
Boeing Co. (The)      
5.150%, 5/1/30        295       300
3.750%, 2/1/50        450       349
5.805%, 5/1/50        155       160
5.930%, 5/1/60        220       228
Chart Industries, Inc.      
144A 7.500%, 1/1/30(2)         10        10
144A 9.500%, 1/1/31(2)        550       597
Concentrix Corp.
6.650%, 8/2/26 		       495       507
CoStar Group, Inc. 144A
2.800%, 7/15/30(2) 		     1,265     1,075
Flowserve Corp.
3.500%, 10/1/30 		       740       654
Fortress Transportation & Infrastructure Investors LLC 144A
6.500%, 10/1/25(2) 		       280       279
GFL Environmental, Inc. 144A
6.750%, 1/15/31(2) 		        50        52
Global Infrastructure Solutions, Inc. 144A
7.500%, 4/15/32(2) 		       580       535
Hertz Corp. (The) 144A
5.000%, 12/1/29(2)(6) 		       765       628
Icahn Enterprises LP      
6.250%, 5/15/26        175       167
5.250%, 5/15/27        365       328
LBM Acquisition LLC 144A
6.250%, 1/15/29(2) 		     1,215     1,085
Neptune Bidco U.S., Inc. 144A
9.290%, 4/15/29(2) 		       325       303
Regal Rexnord Corp. 144A
6.400%, 4/15/33(2) 		       893       931
Science Applications International Corp. 144A
4.875%, 4/1/28(2) 		       650       619
Sempra Global 144A
3.250%, 1/15/32(2) 		       814       669
TransDigm, Inc.      
144A 6.875%, 12/15/30(2)        885       912
5.500%, 11/15/27        310       304
United Airlines Pass-Through Trust 2023-1, A
5.800%, 7/15/37 		       589       597
  Par Value(1)   Value
       
Industrials—continued    
United Rentals North America, Inc.
3.750%, 1/15/32 		$       540   $    478
Veralto Corp. 144A
5.450%, 9/18/33(2) 		       875       906
VistaJet Malta Finance plc 144A
9.500%, 6/1/28(2)(6) 		     1,075       910
       15,920
       
 
Information Technology—1.4%    
Booz Allen Hamilton, Inc.      
5.950%, 8/4/33        485       513
144A 3.875%, 9/1/28(2)        365       344
144A 4.000%, 7/1/29(2)        600       562
CommScope Technologies LLC 144A
6.000%, 6/15/25(2) 		       950       774
Consensus Cloud Solutions, Inc.      
144A 6.000%, 10/15/26(2)        110       105
144A 6.500%, 10/15/28(2)        635       576
Dell International LLC
8.100%, 7/15/36 		       575       707
GTCR W-2 Merger Sub LLC 144A
7.500%, 1/15/31(2) 		       831       878
Leidos, Inc.
2.300%, 2/15/31 		     1,135       950
Viasat, Inc. 144A
5.625%, 9/15/25(2) 		     1,110     1,082
        6,491
       
 
Materials—2.5%    
ArcelorMittal S.A.
6.800%, 11/29/32 		       595       643
ASP Unifrax Holdings, Inc. 144A
5.250%, 9/30/28(2) 		     1,235       892
Bayport Polymers LLC 144A
5.140%, 4/14/32(2) 		       710       667
Cleveland-Cliffs, Inc. 144A
6.750%, 3/15/26(2) 		       750       753
Corp. Nacional del Cobre de Chile 144A
5.950%, 1/8/34(2) 		       850       860
FMG Resources August 2006 Pty Ltd. 144A
5.875%, 4/15/30(2) 		     1,120     1,110
Graham Packaging Co., Inc. 144A
7.125%, 8/15/28(2) 		       988       889
Illuminate Buyer LLC 144A
9.000%, 7/1/28(2) 		       675       645
INEOS Quattro Finance 2 plc 144A
9.625%, 3/15/29(2) 		       275       293
LSB Industries, Inc. 144A
6.250%, 10/15/28(2) 		       930       882
Mauser Packaging Solutions Holding Co. 144A
7.875%, 8/15/26(2) 		       510       519
New Enterprise Stone & Lime Co., Inc. 144A
9.750%, 7/15/28(2) 		       591       591
Taseko Mines Ltd. 144A
7.000%, 2/15/26(2) 		       460       436
Teck Resources Ltd.
6.125%, 10/1/35 		       510       532
Trivium Packaging Finance B.V. 144A
8.500%, 8/15/27(2) 		       962       943
 
See Notes to Schedule of Investments
9
VIRTUS Newfleet Multi-Sector Intermediate Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
($ reported in thousands)
  Par Value(1)   Value
       
Materials—continued    
Windsor Holdings III LLC 144A
8.500%, 6/15/30(2) 		$       400   $    418
WR Grace Holdings LLC 144A
5.625%, 8/15/29(2) 		     1,037       912
       11,985
       
 
Real Estate—0.9%    
EPR Properties      
4.750%, 12/15/26        205       196
3.600%, 11/15/31        475       394
GLP Capital LP      
4.000%, 1/15/30        245       223
3.250%, 1/15/32        436       368
6.750%, 12/1/33        575       620
MPT Operating Partnership LP
3.500%, 3/15/31 		       510       319
Office Properties Income Trust
4.500%, 2/1/25 		       900       707
Service Properties Trust
4.950%, 2/15/27 		       455       412
VICI Properties LP      
4.950%, 2/15/30        375       364
5.125%, 5/15/32        725       707
144A 4.125%, 8/15/30(2)        180       164
        4,474
       
 
Unknown SOI_Virtus Sector—0.1%    
KazMunayGas National Co. JSC RegS
6.375%, 10/24/48(4) 		       400       375
Utilities—1.7%    
CMS Energy Corp.
4.750%, 6/1/50 		     1,130     1,020
Electricite de France S.A.      
144A 6.250%, 5/23/33(2)        200       216
144A 6.900%, 5/23/53(2)        605       684
Enel Finance International N.V. 144A
7.500%, 10/14/32(2) 		       585       668
Eskom Holdings SOC Ltd.      
144A 7.125%, 2/11/25(2)        465       465
144A 8.450%, 8/10/28(2)        285       288
RegS 6.350%, 8/10/28(4)        215       209
Ferrellgas LP      
144A 5.375%, 4/1/26(2)        495       484
144A 5.875%, 4/1/29(2)        600       567
KeySpan Gas East Corp. 144A
5.994%, 3/6/33(2) 		       775       788
NRG Energy, Inc. 144A
7.000%, 3/15/33(2) 		     1,007     1,064
Southern Co. (The) Series 21-A
3.750%, 9/15/51 		       877       799
Sunnova Energy Corp. 144A
5.875%, 9/1/26(2) 		       555       473
  Par Value(1)   Value
       
Utilities—continued    
Vistra Corp. 144A
8.000% (2)(7) 		$       437   $    435
        8,160
       
 
Total Corporate Bonds and Notes
(Identified Cost $177,555) 		  174,188
       
 
       
 
Leveraged Loans—12.3%
Aerospace—0.7%    
Amentum Government Services Holdings LLC (1 month Term SOFR + 4.000%)
9.358%, 2/15/29(5) 		       217       216
Brown Group Holding LLC (1 month Term SOFR + 2.850%)
8.206%, 6/7/28(5) 		       637       637
Dynasty Acquisition Co., Inc.      
2023, Tranche B-1 (1 month Term SOFR + 4.000%)
9.356%, 8/24/28(5) 		       337       337
2023, Tranche B-2 (1 month Term SOFR + 4.000%)
9.356%, 8/24/28(5) 		       144       145
Kestrel Bidco, Inc. (1 month Term SOFR + 3.100%)
8.455%, 12/11/26(5) 		       656       654
Mileage Plus Holdings LLC (3 month Term SOFR + 5.400%)
10.770%, 6/21/27(5) 		       269       278
Peraton Corp. Tranche B, First Lien (1 month Term SOFR + 3.850%)
9.206%, 2/1/28(5) 		       865       866
TransDigm, Inc. Tranche I (3 month Term SOFR + 3.250%)
8.598%, 8/24/28(5) 		       457       459
        3,592
       
 
Chemicals—0.4%    
Ineos Finance plc 2027 (1 month Term SOFR + 3.850%)
9.206%, 11/8/27(5) 		       406       407
LSF11 A5 Holdco LLC (1 month Term SOFR + 4.350%)
9.706%, 10/15/28(5) 		       403       404
Nouryon Finance B.V. (3 month Term SOFR + 4.100%)
9.467%, 4/3/28(5) 		       579       580
Windsor Holdings III LLC Tranche B (1 month Term SOFR + 4.500%)
9.841%, 8/1/30(5) 		       404       406
        1,797
       
 
Consumer Non-Durables—0.4%    
DS Parent, Inc.      
Tranche B (1 month Term SOFR + 3.750%)
0.000%, 12/16/30(5)(11) 		       725       691
Tranche B (1 month Term SOFR + 5.850%)
11.206%, 12/8/28(5) 		       283       283
Kronos Acquisition Holdings, Inc. Tranche B-1 (3 month Term SOFR + 4.012%)
9.360%, 12/22/26(5) 		       571       569
 
See Notes to Schedule of Investments
10
VIRTUS Newfleet Multi-Sector Intermediate Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
($ reported in thousands)
  Par Value(1)   Value
       
Consumer Non-Durables—continued    
Osmosis Buyer Ltd. 2023, Tranche B (1 month Term SOFR + 4.250%)
9.606%, 7/31/28(5) 		$       290   $    291
        1,834
       
 
Energy—0.6%    
Freeport LNG Investments LLP Tranche B (3 month Term SOFR + 3.762%)
9.177%, 12/21/28(5) 		       574       573
GIP Pilot Acquisition Partners LP (3 month Term SOFR + 3.000%)
8.388%, 10/4/30(5) 		       120       120
Hamilton Projects Acquiror LLC (1 month Term SOFR + 4.614%)
9.970%, 6/17/27(5) 		       374       375
Medallion Midland Acquisition LLC First Lien (3 month Term SOFR + 3.500%)
8.864%, 10/18/28(5) 		       620       622
Oryx Midstream Services Permian Basin LLC 2023 (1 month Term SOFR + 3.364%)
8.710%, 10/5/28(5) 		       486       487
Traverse Midstream Partners LLC 2023, Tranche B (3 month Term SOFR + 3.850%)
9.240%, 2/16/28(5) 		       520       520
        2,697
       
 
Financials—0.5%    
Acrisure LLC      
2020, Tranche B (3 month LIBOR + 3.500%)
9.150%, 2/15/27(5) 		       475       473
2023, Tranche B (3 month Term SOFR + 4.500%)
9.888%, 10/18/30(5) 		       290       290
AssuredPartners, Inc.      
2020 (1 month Term SOFR + 3.614%)
8.970%, 2/12/27(5) 		       399       400
2023 (1 month Term SOFR + 3.864%)
9.220%, 2/12/27(5) 		        60        60
Asurion LLC Tranche B-8 (1 month Term SOFR + 3.364%)
8.720%, 12/23/26(5) 		       588       585
Blackhawk Network Holdings, Inc. First Lien (3 month Term SOFR + 2.750%)
8.138%, 6/15/25(5) 		       268       268
Castlelake Aviation One Designated Activity Co. 2023 (3 month Term SOFR + 2.750%)
8.135%, 10/22/27(5) 		       361       362
        2,438
       
 
Food / Tobacco—0.9%    
Del Monte Foods, Inc. (1 month Term SOFR + 4.350% - 3 month PRIME + 3.250%)
9.706% - 11.750%, 5/16/29(5) 		       670       625
Froneri U.S., Inc. Tranche B-2 (1 month Term SOFR + 2.350%)
7.706%, 1/29/27(5) 		       769       769
Naked Juice LLC (3 month Term SOFR + 3.350%)
8.698%, 1/24/29(5) 		       549       530
  Par Value(1)   Value
       
Food / Tobacco—continued    
Pegasus Bidco B.V. Tranche B-2 (3 month Term SOFR + 4.250%)
9.630%, 7/12/29(5) 		$       545   $    545
Shearer’s Foods LLC First Lien (1 month Term SOFR + 3.614%)
8.970%, 9/23/27(5) 		       390       390
Sigma Bidco B.V. Tranche B-7 (6 month Term SOFR + 4.910%)
10.245%, 1/2/28(5) 		       894       876
Triton Water Holdings, Inc. First Lien (3 month Term SOFR + 3.512%)
8.860%, 3/31/28(5) 		       635       628
        4,363
       
 
Food and Drug—0.1%    
Chobani LLC 2023 (1 month Term SOFR + 3.750%)
9.112%, 10/25/27(5) 		       265       265
Forest Prod / Containers—0.3%    
Clydesdale Acquisition Holdings, Inc. Tranche B (1 month Term SOFR + 4.275%)
9.631%, 4/13/29(5) 		       383       384
Klockner Pentaplast of America, Inc. Tranche B (6 month Term SOFR + 4.975%)
10.476%, 2/12/26(5) 		       481       451
Mauser Packaging Solutions Holding Co. (1-3 month Term SOFR + 4.000%)
9.343% - 9.355%, 8/14/26(5) 		       209       210
TricorBraun, Inc. (1 month Term SOFR + 3.364%)
8.720%, 3/3/28(5) 		       561       557
        1,602
       
 
Gaming / Leisure—0.7%    
Caesars Entertainment, Inc. Tranche B (1 month Term SOFR + 3.350%)
8.706%, 2/6/30(5) 		       144       144
Carnival Corp. (1 month Term SOFR + 3.000%)
8.357%, 8/9/27(5) 		       358       359
ECL Entertainment LLC Tranche B (1 month Term SOFR + 4.750%)
10.106%, 9/3/30(5) 		       404       404
Entain Holdings Gibraltar Ltd. Tranche B (3 month Term SOFR + 2.600%)
7.948%, 3/29/27(5) 		       318       319
J&J Ventures Gaming LLC (3 month Term SOFR + 4.262%)
9.610%, 4/26/28(5) 		       332       329
Ontario Gaming GTA Ltd. Partnership Tranche B (3 month Term SOFR + 4.250%)
9.598%, 8/1/30(5) 		       140       141
Playa Hotels & Resorts B.V. (1 month Term SOFR + 3.250%)
8.582% - 8.608%, 1/5/29(5) 		       259       259
Playa Resorts Holding B.V. Tranche B (1 month Term SOFR + 3.750%)
0.000%, 1/5/29(5)(11) 		       354       354
Raptor Acquisition Corp. Tranche B (3 month Term SOFR + 4.262%)
9.633%, 11/1/26(5) 		       128       128
 
See Notes to Schedule of Investments
11
VIRTUS Newfleet Multi-Sector Intermediate Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
($ reported in thousands)
  Par Value(1)   Value
       
Gaming / Leisure—continued    
Scientific Games Holdings LP (3 month Term SOFR + 3.250%)
8.664%, 4/4/29(5) 		$       462   $    461
UFC Holdings LLC Tranche B-3 (3 month Term SOFR + 3.012%)
8.399%, 4/29/26(5) 		       556       557
        3,455
       
 
Health Care—1.5%    
Amneal Pharmaceuticals LLC (1 month Term SOFR + 5.500%)
10.856%, 5/4/28(5) 		       440       432
Bausch & Lomb Corp. (1 month Term SOFR + 4.000%)
9.356%, 9/14/28(5) 		       279       278
Catalent Pharma Solutions, Inc. Tranche B-4 (1 month Term SOFR + 3.000%)
8.356%, 2/22/28(5) 		        60        60
CHG Healthcare Services, Inc. First Lien (1 month Term SOFR + 3.364%)
8.720%, 9/29/28(5) 		       552       552
Financiere Mendel Tranche B (3 month Term SOFR + 4.250%)
9.616%, 11/12/30(5) 		       165       165
Gainwell Acquisition Corp. Tranche B (3 month Term SOFR + 4.100%)
9.448%, 10/1/27(5) 		       437       424
Hunter Holdco 3 Ltd. First Lien (3 month Term SOFR + 4.350%)
9.698%, 8/19/28(5) 		       265       264
IVC Acquisition Ltd. Tranche B-9 (3 month Term SOFR + 5.500%)
10.866%, 11/17/28(5) 		       285       285
Medline Borrower LP (1 month Term SOFR + 3.114%)
8.470%, 10/23/28(5) 		       554       556
Packaging Coordinators Midco, Inc. Tranche B, First Lien (3 month Term SOFR + 3.762%)
9.110%, 11/30/27(5) 		       464       464
Phoenix Guarantor, Inc.      
Tranche B-1 (1 month Term SOFR + 3.364%)
8.720%, 3/5/26(5) 		       311       310
Tranche B-3 (1 month Term SOFR + 3.614%)
8.970%, 3/5/26(5) 		       100       100
Phoenix Newco, Inc. First Lien (1 month Term SOFR + 3.364%)
8.720%, 11/15/28(5) 		       515       518
Sotera Health Holdings LLC (1 month Term SOFR + 3.750%)
9.106%, 12/11/26(5) 		       154       154
Southern Veterinary Partners LLC First Lien (1 month Term SOFR + 4.114%)
9.470%, 10/5/27(5) 		       444       442
Star Parent, Inc. Tranche B (3 month Term SOFR + 4.000%)
9.348%, 9/28/30(5) 		       635       627
Sunshine Luxembourg VII S.a.r.l. Tranche B-3 (3 month Term SOFR + 3.600%)
8.948%, 10/1/26(5) 		       575       577
Upstream Newco, Inc. 2021 (3 month Term SOFR + 4.512%)
9.895%, 11/20/26(5) 		       346       325
  Par Value(1)   Value
       
Health Care—continued    
Viant Medical Holdings, Inc. First Lien (1 month Term SOFR + 3.864%)
9.220%, 7/2/25(5) 		$       949   $    936
        7,469
       
 
Housing—0.4%    
Chariot Buyer LLC (1 month Term SOFR + 3.350%)
8.706%, 11/3/28(5) 		       453       452
Hunter Douglas Holding B.V. Tranche B-1 (3 month Term SOFR + 3.500%)
8.880%, 2/26/29(5) 		       484       481
Quikrete Holdings, Inc. Tranche B-1 (1 month Term SOFR + 2.864%)
8.220%, 3/18/29(5) 		       339       340
SRS Distribution, Inc.      
2021 (1 month Term SOFR + 3.614%)
8.970%, 6/2/28(5) 		       555       556
2022 (1 month Term SOFR + 3.600%)
8.956%, 6/2/28(5) 		        49        49
        1,878
       
 
Information Technology—1.4%    
Applied Systems, Inc.      
2026 (3 month Term SOFR + 4.500%)
9.848%, 9/18/26(5) 		       263       264
Second Lien (1 month Term SOFR + 6.750%)
12.098%, 9/17/27(5) 		       366       368
Barracuda Parent LLC First Lien (3 month Term SOFR + 4.500%)
9.883%, 8/15/29(5) 		       497       484
BMC Software 2028 (1 month Term SOFR + 4.250%)
9.606%, 12/29/28(5) 		       110       111
Central Parent LLC Tranche B (3 month Term SOFR + 4.000%)
9.348%, 7/6/29(5) 		       746       749
ConnectWise LLC (3 month Term SOFR + 3.614%)
8.963%, 9/29/28(5) 		       136       135
Epicor Software Corp.      
Tranche C (1 month Term SOFR + 3.364%)
8.720%, 7/30/27(5) 		       463       464
Tranche D, First Lien (1 month Term SOFR + 3.750%)
9.106%, 7/30/27(5) 		        35        35
GTCR W Merger Sub LLC Tranche B (1 month Term SOFR + 3.000%)
0.000%, 9/20/30(5)(11) 		       235       236
Indicor Tranche B (3 month Term SOFR + 4.000%)
9.348%, 11/22/29(5) 		       501       502
Mosel Bidco SE Tranche B (3 month Term SOFR + 4.750%)
10.098%, 9/16/30(5) 		       223       223
NCR Atleos LLC Tranche B (1 month Term SOFR + 4.850%)
10.206%, 3/27/29(5) 		       440       437
Polaris Newco LLC First Lien (1 month Term SOFR + 4.114%)
9.470%, 6/2/28(5) 		       577       568
Project Ruby Ultimate Parent Corp. First Lien (1 month Term SOFR + 3.364%)
8.720%, 3/10/28(5) 		       602       601
 
See Notes to Schedule of Investments
12
VIRTUS Newfleet Multi-Sector Intermediate Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
($ reported in thousands)
  Par Value(1)   Value
       
Information Technology—continued    
Proofpoint, Inc. (1 month Term SOFR + 3.364%)
8.720%, 8/31/28(5) 		$       136   $    136
RealPage, Inc. First Lien (1 month Term SOFR + 3.114%)
8.470%, 4/24/28(5) 		       252       250
Sophia LP Tranche B (1 month Term SOFR + 3.600%)
8.956%, 10/7/27(5) 		       336       336
UKG, Inc.      
2021, Second Lien (3 month Term SOFR + 5.350%)
10.764%, 5/3/27(5) 		        25        25
2021-2, First Lien (3 month Term SOFR + 3.350%)
8.764%, 5/4/26(5) 		       730       731
        6,655
       
 
Manufacturing—0.8%    
Alliance Laundry Systems LLC Tranche B (3 month Term SOFR + 3.600%)
8.994%, 10/8/27(5) 		       212       213
Arcline FM Holdings LLC      
First Lien (3 month Term SOFR + 5.012%)
10.360%, 6/23/28(5) 		       551       550
Second Lien (3 month Term SOFR + 8.512%)
13.860%, 6/25/29(5) 		       140       133
Chart Industries, Inc. Tranche B (1 month Term SOFR + 3.350%)
8.691%, 3/15/30(5) 		       219       219
CPM Holdings, Inc. (1 month Term SOFR + 4.500%)
9.843%, 9/28/28(5) 		       458       459
Filtration Group Corp. 2021 (1 month Term SOFR + 3.614%)
8.970%, 10/21/28(5) 		       620       620
Madison IAQ LLC (1 month Term SOFR + 3.364%)
8.721%, 6/21/28(5) 		       701       698
Safe Fleet Holdings LLC 2022 (1 month Term SOFR + 3.850%)
9.206%, 2/23/29(5) 		       396       397
Star U.S. Bidco LLC (1 month Term SOFR + 4.350%)
9.706%, 3/17/27(5) 		       430       429
        3,718
       
 
Media / Telecom - Broadcasting—0.3%    
Gray Television, Inc. (1 month Term SOFR + 3.114%)
8.457%, 12/1/28(5) 		       414       410
Terrier Media Buyer, Inc. 2021, Tranche B (3 month Term SOFR + 3.600%)
8.948%, 12/17/26(5) 		       623       574
Univision Communications, Inc. 2021 (1 month Term SOFR + 3.364%)
8.720%, 3/15/26(5) 		       615       616
        1,600
       
 
Media / Telecom - Cable/Wireless Video—0.3%    
CSC Holdings LLC 2017 (1 month LIBOR + 2.250%)
7.726%, 7/17/25(5) 		       660       648
DIRECTV Financing LLC (3 month Term SOFR + 5.262%)
10.650%, 8/2/27(5) 		       620       619
  Par Value(1)   Value
       
Media / Telecom - Cable/Wireless Video—continued    
Eagle Broadband Investments LLC (3 month Term SOFR + 3.262%)
8.610%, 11/12/27(5) 		$       378   $    370
        1,637
       
 
Media / Telecom - Diversified Media—0.3%    
Century DE Buyer LLC (3 month Term SOFR + 4.000%)
9.390%, 10/30/30(5) 		       530       531
McGraw-Hill Education, Inc. (1 month Term SOFR + 4.864%)
10.220%, 7/28/28(5) 		       272       271
Neptune Bidco U.S., Inc. Tranche B (3 month Term SOFR + 5.100%)
10.507%, 4/11/29(5) 		       732       668
        1,470
       
 
Media / Telecom - Telecommunications—0.2%    
Cincinnati Bell, Inc. Tranche B-2 (1 month Term SOFR + 3.350%)
8.706%, 11/22/28(5) 		       328       324
Numericable U.S. LLC Tranche B-11 (3 month LIBOR + 2.750%)
8.395%, 7/31/25(5) 		       613       597
          921
       
 
Media / Telecom - Wireless Communications—0.1%    
Viasat, Inc. (1 month Term SOFR + 4.500%)
9.856%, 3/2/29(5) 		       449       439
Metals / Minerals—0.1%    
Arsenal Aic Parent LLC Tranche B (1 month Term SOFR + 4.500%)
9.856%, 8/19/30(5) 		       184       185
Covia Holdings Corp. (3 month Term SOFR + 4.262%)
9.676%, 7/31/26(5) 		       530       526
          711
       
 
Retail—0.2%    
CNT Holdings I Corp. First Lien (3 month Term SOFR + 3.500%)
8.926%, 11/8/27(5) 		       364       364
PetsMart LLC (1 month Term SOFR + 3.850%)
9.206%, 2/11/28(5) 		       520       514
          878
       
 
Service—1.5%    
AlixPartners LLP (1 month Term SOFR + 2.864%)
8.220%, 2/4/28(5) 		       615       616
Ascend Learning LLC (1 month Term SOFR + 3.600%)
8.956%, 12/11/28(5) 		       401       394
BrightView Landscapes LLC Tranche B (3 month Term SOFR + 3.250%)
8.633%, 4/20/29(5) 		       345       345
DG Investment Intermediate Holdings 2, Inc. 2022 (1 month Term SOFR + 4.750%)
10.106%, 3/31/28(5) 		       423       421
 
See Notes to Schedule of Investments
13
VIRTUS Newfleet Multi-Sector Intermediate Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
($ reported in thousands)
  Par Value(1)   Value
       
Service—continued    
DXP Enterprises, Inc. (3 month Term SOFR + 4.850%)
10.291%, 10/15/30(5) 		$       419   $    420
Garda World Security Corp. Tranche B-2 (3 month Term SOFR + 4.350%)
9.725%, 10/30/26(5) 		       115       115
Grab Holdings, Inc. (1 month Term SOFR + 4.614%)
9.970%, 1/29/26(5) 		       128       129
Kuehg Corp. (3 month Term SOFR + 5.000%)
10.348%, 6/12/30(5) 		       459       460
NAB Holdings LLC First Lien (3 month Term SOFR + 2.900%)
8.248%, 11/23/28(5) 		       543       543
Omnia Partners LLC (3 month Term SOFR + 4.250%)
9.628%, 7/19/30(5) 		       539       542
Sedgwick Claims Management Services, Inc. 2023 (1 month Term SOFR + 3.750%)
9.106%, 2/24/28(5) 		       406       407
St. George’s University Scholastic Services LLC (1 month Term SOFR + 3.350%)
8.706%, 2/10/29(5) 		       261       261
The Hertz Corp. 2023 (1 month Term SOFR + 3.750%)
9.108%, 6/30/28(5) 		       493       492
Titan Acquisition Ltd. (1 month Term SOFR + 3.114%)
8.470%, 3/28/25(5) 		       766       764
TMF Sapphire Bidco B.V. Tranche B-2 (3 month Term SOFR + 5.000%)
10.414%, 5/3/28(5) 		       215       216
Trugreen Ltd. Partnership First Lien (1 month Term SOFR + 4.100%)
9.456%, 11/2/27(5) 		       449       433
WIN Waste Innovations Holdings, Inc. (1 month Term SOFR + 2.864%)
8.220%, 3/24/28(5) 		       514       481
        7,039
       
 
Transportation - Automotive—0.4%    
American Axle & Manufacturing, Inc. Tranche B, First Lien (1-3 month Term SOFR + 3.600%)
8.957% - 9.007%, 12/13/29(5) 		       379       380
Clarios Global LP 2023 (1 month Term SOFR + 3.750%)
9.106%, 5/6/30(5) 		       524       524
Mavis Tire Express Services Topco Corp. First Lien (1 month Term SOFR + 4.114%)
9.470%, 5/4/28(5) 		       613       614
PAI Holdco, Inc. Tranche B (3 month Term SOFR + 4.012%)
9.395%, 10/28/27(5) 		       438       408
        1,926
       
 
Utilities—0.2%    
Brookfield WEC Holdings, Inc. (1 month Term SOFR + 2.864%)
8.220%, 8/1/25(5) 		       730       731
  Par Value(1)   Value
       
Utilities—continued    
Generation Bridge Northeast LLC Tranche B (1 month Term SOFR + 4.250%)
9.606%, 8/7/29(5) 		$       176   $    177
          908
       
 
Total Leveraged Loans
(Identified Cost $58,796) 		   59,292
    
  Shares  
Preferred Stocks—0.6%
Financials—0.6%  
Capital Farm Credit ACA Series 1 144A, 5.000%(2)        525(12)     496
JPMorgan Chase & Co. Series HH, 4.600%        300(12)     289
MetLife, Inc. Series D, 5.875%(6)        478(12)     469
Truist Financial Corp. Series Q, 5.100%        725(12)     657
Zions Bancorp NA, 9.561%     38,525     988
      2,899
     
 
Total Preferred Stocks
(Identified Cost $2,954) 		  2,899
     
 
     
 
Common Stocks—0.0%
Consumer Discretionary—0.0%  
MYT Holding LLC Class B(10)(13)     42,729       6
NMG Parent LLC(13)        836      83
West Marine(13)        650       2
         91
     
 
Total Common Stocks
(Identified Cost $308) 		     91
     
 
     
 
Rights—0.0%
Utilities—0.0%  
Vistra Energy Corp., 12/29/49(10)(13)      6,252       8
Total Rights
(Identified Cost $5) 		      8
     
 
     
 
Total Long-Term Investments—95.3%
(Identified Cost $465,843) 		457,662
     
 
     
 
Short-Term Investment—2.5%
Money Market Mutual Fund—2.5%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 5.250%)(14) 12,210,488  12,210
Total Short-Term Investment
(Identified Cost $12,210) 		 12,210
     
 
     
 
 
See Notes to Schedule of Investments
14
VIRTUS Newfleet Multi-Sector Intermediate Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
($ reported in thousands)
  Shares   Value
       
       
Securities Lending Collateral—0.8%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 5.250%)(14)(15)  3,934,851   $  3,935
Total Securities Lending Collateral
(Identified Cost $3,935) 		    3,935
       
 
       
 
TOTAL INVESTMENTS—98.6%
(Identified Cost $481,988) 		  $473,807
Other assets and liabilities, net—1.4%     6,503
NET ASSETS—100.0%   $480,310
    
Abbreviations:
ABS Asset-Backed Securities
ACA American Capital Access Financial Guarantee Corp.
BAM Build America Municipal Insured
JSC Joint Stock Company
LIBOR London Interbank Offered Rate
LLC Limited Liability Company
LLLP Limited Liability Limited Partnership
LLP Limited Liability Partnership
LP Limited Partnership
MSCI Morgan Stanley Capital International
NA National Association
SOFR Secured Overnight Financing Rate
    
Foreign Currencies:
BRL Brazilian Real
    
Footnote Legend:
(1) Par Value disclosed in foreign currency is reported in thousands.
(2) 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 December 31, 2023, these securities amounted to a value of $246,149 or 51.2% of net assets.
(3) Security in default; no interest payments are being received.
(4) Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933.
(5) Variable rate security. Rate disclosed is as of December 31, 2023. 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.
(6) All or a portion of security is on loan.
(7) No contractual maturity date.
(8) Issued with a zero coupon. Income is recognized through the accretion of discount.
(9) Security in default; interest payments are being received.
(10) 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.
(11) This loan will settle after December 31, 2023, at which time the interest rate, calculated on the base lending rate and the agreed upon spread on trade date, will be reflected.
(12) Value shown as par value.
(13) Non-income producing.
(14) Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.
(15) Represents security purchased with cash collateral received for securities on loan.
    
Country Weightings†
United States 82%
Canada 2
Mexico 2
Netherlands 1
Turkey 1
France 1
Luxembourg 1
Other 10
Total 100%
† % of total investments as of December 31, 2023.
 
As of December 31, 2023, the Fund had the following unfunded loan commitments:
Borrower   Par Value   Commitment   Value   Unrealized
Appreciation
(Depreciation)
Omnia Partners LLC, (3 month LIBOR + 4.250%) 0.000%, 7/19/30   $51   $50   $51   $1
See Notes to Schedule of Investments
15
VIRTUS Newfleet Multi-Sector Intermediate Bond Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
($ reported in thousands)
The following table summarizes the value of the Fund’s investments as of December 31, 2023, 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, 2023 		  Level 1
Quoted Prices 		  Level 2
Significant
Observable
Inputs 		  Level 3
Significant
Unobservable
Inputs
Assets:              
Debt Instruments:              
U.S. Government Securities $35,318   $—   $35,318   $—
Municipal Bonds 1,879   —   1,879   —
Foreign Government Securities 32,699   —   32,699   —
Mortgage-Backed Securities 88,057   —   88,057   —
Asset-Backed Securities 63,231   —   63,231   —
Corporate Bonds and Notes 174,188   —   174,179   9
Leveraged Loans 59,292   —   59,292   —
Equity Securities:              
Preferred Stocks 2,899   988   1,911   —
Common Stocks 91   —   85   6
Rights 8   —   —   8
Money Market Mutual Fund 12,210   12,210   —   —
Securities Lending Collateral 3,935   3,935   —   —
Total Investments $473,807   $17,133   $456,651   $23
Securities held by the Fund with an end of period value of $337 were transferred from Level 3 to Level 2 due to an increase in trading activities at period end.
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.
Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the roll-forward of Level 3 securities and assumptions are not shown for the period ended December 31, 2023.
See Notes to Schedule of Investments
16
VIRTUS NEWFLEET MULTI-SECTOR INTERMEDIATE BOND FUND NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2023
Note 1. Security Valuation
The Fund’s Board of Trustees has 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 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.
17