NPORT-EX 2 VIPHS10VIRTUS123123.htm
VIRTUS Newfleet Senior Floating Rate Fund
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2023
($ reported in thousands)
  Par Value   Value
Corporate Bonds and Notes—4.8%
Communication Services—0.5%    
CSC Holdings LLC 144A
7.500%, 4/1/28(1) 		$      200   $    150
Gray Television, Inc. 144A
7.000%, 5/15/27(1) 		      320       304
Level 3 Financing, Inc. 144A
4.250%, 7/1/28(1) 		       55        27
Nexstar Media, Inc. 144A
5.625%, 7/15/27(1) 		      375       363
          844
       
 
Consumer Discretionary—0.8%    
Carnival Corp. 144A
7.000%, 8/15/29(1) 		       70        73
CCM Merger, Inc. 144A
6.375%, 5/1/26(1) 		      350       341
Clarios Global LP 144A
6.750%, 5/15/28(1) 		       35        36
Ontario Gaming GTA LP 144A
8.000%, 8/1/30(1) 		      195       201
PetSmart, Inc. 144A
4.750%, 2/15/28(1) 		      500       471
Prime Security Services Borrower LLC 144A
6.250%, 1/15/28(1) 		      275       274
        1,396
       
 
Consumer Staples—0.6%    
Albertsons Cos., Inc. 144A
6.500%, 2/15/28(1) 		      265       268
Coty, Inc. 144A
6.625%, 7/15/30(1) 		      190       195
Kronos Acquisition Holdings, Inc. 144A
5.000%, 12/31/26(1) 		        5         5
Sigma Holdco B.V. 144A
7.875%, 5/15/26(1) 		      380       342
Triton Water Holdings, Inc. 144A
6.250%, 4/1/29(1) 		      225       196
        1,006
       
 
Financials—0.7%    
Acrisure LLC 144A
4.250%, 2/15/29(1) 		      240       216
Blackstone Private Credit Fund 144A
7.300%, 11/27/28(1) 		      530       551
Ladder Capital Finance Holdings LLLP 144A
4.250%, 2/1/27(1) 		      225       212
NCR Atleos Corp. 144A
9.500%, 4/1/29(1) 		      334       355
        1,334
       
 
Health Care—0.5%    
Community Health Systems, Inc. 144A
6.125%, 4/1/30(1) 		       75        48
Legacy LifePoint Health LLC 144A
4.375%, 2/15/27(1) 		      260       240
LifePoint Health, Inc. 144A
9.875%, 8/15/30(1) 		      550       556
  Par Value   Value
       
Health Care—continued    
Medline Borrower LP 144A
3.875%, 4/1/29(1) 		$      150   $    136
          980
       
 
Industrials—1.0%    
Beacon Roofing Supply, Inc. 144A
6.500%, 8/1/30(1) 		      235       240
GFL Environmental, Inc. 144A
6.750%, 1/15/31(1) 		       25        26
Icahn Enterprises LP
4.750%, 9/15/24 		      550       546
Regal Rexnord Corp.      
144A 6.050%, 4/15/28(1)       195       197
144A 6.300%, 2/15/30(1)       270       277
TransDigm, Inc.      
144A 6.875%, 12/15/30(1)       330       340
144A 7.125%, 12/1/31(1)        15        16
Vertiv Group Corp. 144A
4.125%, 11/15/28(1) 		      295       277
        1,919
       
 
Information Technology—0.1%    
Central Parent LLC 144A
8.000%, 6/15/29(1) 		       50        52
GTCR W-2 Merger Sub LLC 144A
7.500%, 1/15/31(1) 		      123       130
          182
       
 
Materials—0.4%    
Ardagh Packaging Finance plc 144A
4.125%, 8/15/26(1) 		      590       539
Mauser Packaging Solutions Holding Co. 144A
7.875%, 8/15/26(1) 		      130       132
          671
       
 
Real Estate—0.2%    
VICI Properties LP      
4.950%, 2/15/30       300       291
144A 4.625%, 6/15/25(1)        70        69
          360
       
 
Total Corporate Bonds and Notes
(Identified Cost $8,736) 		    8,692
       
 
       
 
Leveraged Loans—89.9%
Aerospace—5.0%    
Amentum Government Services Holdings LLC (1 month Term SOFR + 4.000%)
9.358%, 2/15/29(2) 		      650       649
American Airlines, Inc. (3 month Term SOFR + 5.012%)
10.427%, 4/20/28(2) 		      351       360
Brown Group Holding LLC (1 month Term SOFR + 2.850%)
8.206%, 6/7/28(2) 		    1,283     1,284
Dynasty Acquisition Co., Inc.      
2023, Tranche B-1 (1 month Term SOFR + 4.000%)
9.356%, 8/24/28(2) 		      527       528
See Notes to Schedule of Investments
1
VIRTUS Newfleet Senior Floating Rate Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
($ reported in thousands)
  Par Value   Value
       
Aerospace—continued    
2023, Tranche B-2 (1 month Term SOFR + 4.000%)
9.356%, 8/24/28(2) 		$      226   $    227
Kestrel Bidco, Inc. (1 month Term SOFR + 3.100%)
8.455%, 12/11/26(2) 		      810       808
Mileage Plus Holdings LLC (3 month Term SOFR + 5.400%)
10.770%, 6/21/27(2) 		      753       777
Peraton Corp.      
Tranche B, First Lien (1 month Term SOFR + 3.850%)
9.206%, 2/1/28(2) 		    1,693     1,695
Tranche B-1, Second Lien (3 month Term SOFR + 7.850%)
13.222%, 2/1/29(2) 		      259       257
TransDigm, Inc. Tranche I (3 month Term SOFR + 3.250%)
8.598%, 8/24/28(2) 		    1,840     1,847
United AirLines, Inc. Tranche B (1 month Term SOFR + 3.864%)
9.220%, 4/21/28(2) 		      643       644
        9,076
       
 
Chemicals—3.5%    
Ineos Finance plc 2027 (1 month Term SOFR + 3.850%)
9.206%, 11/8/27(2) 		    1,791     1,796
Innophos Holdings, Inc. (1 month Term SOFR + 3.364%)
8.720%, 2/5/27(2) 		    1,320     1,293
LSF11 A5 Holdco LLC (1 month Term SOFR + 4.350%)
9.706%, 10/15/28(2) 		      880       882
Nouryon Finance B.V. (3 month Term SOFR + 4.100%)
9.467%, 4/3/28(2) 		    1,533     1,537
Windsor Holdings III LLC Tranche B (1 month Term SOFR + 4.500%)
9.841%, 8/1/30(2) 		      888       892
        6,400
       
 
Consumer Durables—0.6%    
Zodiac Pool Solutions LLC (1 month Term SOFR + 2.025%)
7.381%, 1/29/29(2) 		    1,039     1,036
Consumer Non-Durables—1.9%    
DS Parent, Inc.      
Tranche B (1 month Term SOFR + 3.750%)
0.000%, 12/16/30(2)(3) 		      995       948
Tranche B (1 month Term SOFR + 5.850%)
11.206%, 12/8/28(2) 		      666       665
Kronos Acquisition Holdings, Inc. Tranche B-1 (3 month Term SOFR + 4.012%)
9.360%, 12/22/26(2) 		    1,527     1,524
Osmosis Buyer Ltd. 2023, Tranche B (1 month Term SOFR + 4.250%)
9.606%, 7/31/28(2) 		      265       266
        3,403
       
 
Energy—3.0%    
AL GCX Holdings LLC (1 month Term SOFR + 3.600%)
8.945%, 5/17/29(2) 		      593       593
  Par Value   Value
       
Energy—continued    
Freeport LNG Investments LLP Tranche B (3 month Term SOFR + 3.762%)
9.177%, 12/21/28(2) 		$    1,058   $  1,055
GIP Pilot Acquisition Partners LP (3 month Term SOFR + 3.000%)
8.388%, 10/4/30(2) 		      290       290
Hamilton Projects Acquiror LLC (1 month Term SOFR + 4.614%)
9.970%, 6/17/27(2) 		      648       650
Medallion Midland Acquisition LLC First Lien (3 month Term SOFR + 3.500%)
8.864%, 10/18/28(2) 		    1,209     1,213
Oryx Midstream Services Permian Basin LLC 2023 (1 month Term SOFR + 3.364%)
8.710%, 10/5/28(2) 		      763       764
Paragon Offshore Finance Co. (3 month LIBOR + 1.750%)
3.750%, 7/16/21(4)(5) 		       11        —
Traverse Midstream Partners LLC 2023, Tranche B (3 month Term SOFR + 3.850%)
9.240%, 2/16/28(2) 		    1,014     1,014
        5,579
       
 
Financials—4.6%    
Acrisure LLC      
2020, Tranche B (3 month LIBOR + 3.500%)
9.150%, 2/15/27(2) 		    1,221     1,216
2023, Tranche B (3 month Term SOFR + 4.500%)
9.888%, 10/18/30(2) 		      320       320
AssuredPartners, Inc.      
2020 (1 month Term SOFR + 3.614%)
8.970%, 2/12/27(2) 		      913       914
2023 (1 month Term SOFR + 3.864%)
9.220%, 2/12/27(2) 		       95        95
Asurion LLC Tranche B-8 (1 month Term SOFR + 3.364%)
8.720%, 12/23/26(2) 		    1,114     1,111
Avolon TLB Borrower 1 U.S. LLC Tranche B-6 (1 month Term SOFR + 2.000%)
7.358%, 6/22/28(2) 		      651       652
Blackhawk Network Holdings, Inc. First Lien (3 month Term SOFR + 2.750%)
8.138%, 6/15/25(2) 		      958       957
Castlelake Aviation One Designated Activity Co. 2023 (3 month Term SOFR + 2.750%)
8.135%, 10/22/27(2) 		      678       679
Citadel Securities LP Tranche B (1 month Term SOFR + 2.614%)
7.970%, 7/29/30(2) 		    1,497     1,499
Finco I LLC 2023 (3 month Term SOFR + 3.000%)
8.383%, 6/27/29(2) 		      975       978
        8,421
       
 
Food / Tobacco—5.4%    
Aramark Services, Inc. Tranche B-5 (1 month Term SOFR + 2.614%)
7.970%, 4/6/28(2) 		      960       960
Del Monte Foods, Inc. (1 month Term SOFR + 4.350% - 3 month PRIME + 3.250%)
9.706% - 11.750%, 5/16/29(2) 		    1,148     1,072
 
See Notes to Schedule of Investments
2
VIRTUS Newfleet Senior Floating Rate Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
($ reported in thousands)
  Par Value   Value
       
Food / Tobacco—continued    
Froneri U.S., Inc. Tranche B-2 (1 month Term SOFR + 2.350%)
7.706%, 1/29/27(2) 		$    1,774   $  1,774
Naked Juice LLC (3 month Term SOFR + 3.350%)
8.698%, 1/24/29(2) 		    1,011       975
Pegasus Bidco B.V. Tranche B-2 (3 month Term SOFR + 4.250%)
9.630%, 7/12/29(2) 		    1,064     1,063
Shearer’s Foods LLC First Lien (1 month Term SOFR + 3.614%)
8.970%, 9/23/27(2) 		    1,049     1,049
Sigma Bidco B.V. Tranche B-7 (6 month Term SOFR + 4.910%)
10.190% - 10.340%, 1/2/28(2) 		    2,004     1,964
Triton Water Holdings, Inc. First Lien (3 month Term SOFR + 3.512%)
8.860%, 3/31/28(2) 		      956       946
        9,803
       
 
Food and Drug—0.3%    
Chobani LLC 2023 (1 month Term SOFR + 3.750%)
9.112%, 10/25/27(2) 		      545       546
Forest Prod / Containers—3.2%    
Anchor Glass Container Corp. 2023, First Lien (1-3 month Term SOFR + 5.428%)
10.827% - 10.896%, 12/7/25(2) 		      744       608
Clydesdale Acquisition Holdings, Inc. Tranche B (1 month Term SOFR + 4.275%)
9.631%, 4/13/29(2) 		      990       993
Klockner Pentaplast of America, Inc. Tranche B (6 month Term SOFR + 4.975%)
10.476%, 2/12/26(2) 		    1,308     1,227
Mauser Packaging Solutions Holding Co. (1-3 month Term SOFR + 4.000%)
9.343%, 8/14/26(2) 		      786       788
TricorBraun, Inc. (1 month Term SOFR + 3.364%)
8.720%, 3/3/28(2) 		    1,212     1,203
Trident TPI Holdings, Inc. Tranche B-5 (3 month Term SOFR + 4.500%)
9.848%, 9/15/28(2) 		    1,018     1,018
        5,837
       
 
Gaming / Leisure—6.3%    
Caesars Entertainment, Inc. Tranche B (1 month Term SOFR + 3.350%)
8.706%, 2/6/30(2) 		      700       701
Carnival Corp.      
(1 month Term SOFR + 3.000%)
8.357%, 8/9/27(2) 		      667       667
2021, Tranche B (1 month Term SOFR + 3.364%)
8.720%, 10/18/28(2) 		      465       465
ECL Entertainment LLC Tranche B (1 month Term SOFR + 4.750%)
10.106%, 9/3/30(2) 		      683       684
Entain Holdings Gibraltar Ltd. Tranche B (3 month Term SOFR + 2.600%)
7.948%, 3/29/27(2) 		      706       707
Fertitta Entertainment LLC Tranche B (1 month Term SOFR + 4.000%)
9.356%, 1/26/29(2) 		      995       995
  Par Value   Value
       
Gaming / Leisure—continued    
Flutter Entertainment Public Ltd Co. Tranche B (3 month Term SOFR + 2.350%)
7.698%, 11/25/30(2) 		$    1,205   $  1,206
J&J Ventures Gaming LLC (3 month Term SOFR + 4.262%)
9.610%, 4/26/28(2) 		      870       862
Ontario Gaming GTA Ltd. Partnership Tranche B (3 month Term SOFR + 4.250%)
9.598%, 8/1/30(2) 		      380       381
Playa Hotels & Resorts B.V. (1 month Term SOFR + 3.250%)
8.608%, 1/5/29(2) 		    1,009     1,009
Scientific Games Holdings LP (3 month Term SOFR + 3.250%)
8.664%, 4/4/29(2) 		    1,243     1,242
Scientific Games International, Inc. Tranche B (1 month Term SOFR + 3.100%)
8.465%, 4/16/29(2) 		    1,311     1,313
UFC Holdings LLC Tranche B-3 (3 month Term SOFR + 3.012%)
8.399%, 4/29/26(2) 		    1,378     1,382
       11,614
       
 
Health Care—12.0%    
Agiliti Health, Inc. 2023, Tranche B (3 month Term SOFR + 3.000%)
8.395%, 5/1/30(2) 		      829       828
Amneal Pharmaceuticals LLC (1 month Term SOFR + 5.500%)
10.856%, 5/4/28(2) 		      570       559
Bausch & Lomb Corp. (1 month Term SOFR + 4.000%)
9.356%, 9/14/28(2) 		      384       383
Catalent Pharma Solutions, Inc.      
Tranche B-3 (1 month Term SOFR + 2.114%)
7.471%, 2/22/28(2) 		      945       925
Tranche B-4 (1 month Term SOFR + 3.000%)
8.356%, 2/22/28(2) 		       50        50
CHG Healthcare Services, Inc. First Lien (1 month Term SOFR + 3.364%)
8.720%, 9/29/28(2) 		    1,093     1,093
Endo Luxembourg Finance Co. I S.a.r.l. 2021 (3 month PRIME + 6.250%)
14.500%, 3/27/28(6) 		      530       346
eResearch Technology, Inc. First Lien (1 month Term SOFR + 4.614%)
9.970%, 2/4/27(2) 		      617       615
Financiere Mendel Tranche B (3 month Term SOFR + 4.250%)
9.616%, 11/12/30(2) 		      225       225
Gainwell Acquisition Corp. Tranche B (3 month Term SOFR + 4.100%)
9.448%, 10/1/27(2) 		    1,374     1,333
Hunter Holdco 3 Ltd. First Lien (3 month Term SOFR + 4.350%)
9.698%, 8/19/28(2) 		      512       509
IVC Acquisition Ltd. Tranche B-9 (3 month Term SOFR + 5.500%)
10.866%, 11/17/28(2) 		      365       365
Medline Borrower LP (1 month Term SOFR + 3.114%)
8.470%, 10/23/28(2) 		    2,027     2,035
 
See Notes to Schedule of Investments
3
VIRTUS Newfleet Senior Floating Rate Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
($ reported in thousands)
  Par Value   Value
       
Health Care—continued    
One Call Corp. Tranche B, First Lien (3 month Term SOFR + 5.762%)
11.140%, 4/22/27(2) 		$      672   $    578
Packaging Coordinators Midco, Inc. Tranche B, First Lien (3 month Term SOFR + 3.762%)
9.110%, 11/30/27(2) 		    1,101     1,101
Perrigo Investments LLC Tranche B (1 month Term SOFR + 2.350%)
7.706%, 4/20/29(2) 		    1,032     1,028
Phoenix Guarantor, Inc.      
Tranche B-1 (1 month Term SOFR + 3.364%)
8.720%, 3/5/26(2) 		      296       296
Tranche B-3 (1 month Term SOFR + 3.614%)
8.970%, 3/5/26(2) 		      801       800
Phoenix Newco, Inc. First Lien (1 month Term SOFR + 3.364%)
8.720%, 11/15/28(2) 		      877       882
Pluto Acquisition I, Inc. 2021, First Lien (3 month Term SOFR + 4.262%)
9.650%, 6/22/26(2) 		      634       492
Select Medical Corp. Tranche B-1 (1 month Term SOFR + 3.000%)
8.356%, 3/6/27(2) 		    1,122     1,121
Sotera Health Holdings LLC (1 month Term SOFR + 3.750%)
9.106%, 12/11/26(2) 		      289       288
Southern Veterinary Partners LLC First Lien (1 month Term SOFR + 4.114%)
9.470%, 10/5/27(2) 		      869       866
Star Parent, Inc. Tranche B (3 month Term SOFR + 4.000%)
9.348%, 9/28/30(2) 		      905       893
Sunshine Luxembourg VII S.a.r.l. Tranche B-3 (3 month Term SOFR + 3.600%)
8.948%, 10/1/26(2) 		    1,283     1,289
Surgery Center Holdings, Inc. First Lien (1 month Term SOFR + 3.500%)
8.856%, 12/19/30(2) 		    1,152     1,156
Team Health Holdings, Inc. (3 month Term SOFR + 5.250%)
10.633%, 3/2/27(2) 		      394       298
Upstream Newco, Inc. 2021 (3 month Term SOFR + 4.512%)
9.895%, 11/20/26(2) 		      260       244
Viant Medical Holdings, Inc. First Lien (1 month Term SOFR + 3.864%)
9.220%, 7/2/25(2) 		    1,383     1,364
       21,962
       
 
Housing—3.0%    
84 Lumber Co. (1 month Term SOFR + 2.850%)
8.206%, 11/15/30(2) 		      290       291
Chariot Buyer LLC (1 month Term SOFR + 3.350%)
8.706%, 11/3/28(2) 		      877       874
CPG International LLC (1 month Term SOFR + 2.600%)
7.956%, 4/28/29(2) 		      898       898
Hunter Douglas Holding B.V. Tranche B-1 (3 month Term SOFR + 3.500%)
8.880%, 2/26/29(2) 		      554       551
Quikrete Holdings, Inc. Tranche B-1 (1 month Term SOFR + 2.864%)
8.220%, 3/18/29(2) 		    1,213     1,216
  Par Value   Value
       
Housing—continued    
SRS Distribution, Inc.      
2021 (1 month Term SOFR + 3.614%)
8.970%, 6/2/28(2) 		$    1,507   $  1,508
2022 (1 month Term SOFR + 3.600%)
8.956%, 6/2/28(2) 		       74        74
Summit Materials LLC Tranche B-2 (3 month Term SOFR + 2.500%)
7.826%, 11/30/28(2) 		      115       115
        5,527
       
 
Information Technology—11.3%    
Applied Systems, Inc.      
2026 (3 month Term SOFR + 4.500%)
9.848%, 9/18/26(2) 		    1,793     1,799
Second Lien (1 month Term SOFR + 6.750%)
12.098%, 9/17/27(2) 		      747       750
Barracuda Parent LLC First Lien (3 month Term SOFR + 4.500%)
9.883%, 8/15/29(2) 		    1,169     1,138
BMC Software 2028 (1 month Term SOFR + 4.250%)
9.606%, 12/29/28(2) 		      230       231
CCC Intelligent Solutions, Inc. Tranche B (1 month Term SOFR + 2.364%)
7.720%, 9/21/28(2) 		    1,294     1,293
Central Parent LLC Tranche B (3 month Term SOFR + 4.000%)
9.348%, 7/6/29(2) 		      842       845
ConnectWise LLC (3 month Term SOFR + 3.614%)
8.963%, 9/29/28(2) 		      828       825
Epicor Software Corp.      
Tranche C (1 month Term SOFR + 3.364%)
8.720%, 7/30/27(2) 		      958       960
Tranche D, First Lien (1 month Term SOFR + 3.750%)
9.106%, 7/30/27(2) 		       55        56
GTCR W Merger Sub LLC Tranche B (1 month Term SOFR + 3.000%)
0.000%, 9/20/30(2)(3) 		      580       582
Indicor Tranche B (3 month Term SOFR + 4.000%)
9.348%, 11/22/29(2) 		      913       915
Infinite Bidco LLC Second Lien (3 month Term SOFR + 7.262%)
12.645%, 3/2/29(2) 		      290       244
Iron Mountain Information Management LLC Tranche B (1 month Term SOFR + 2.250%)
7.607%, 1/31/31(2) 		      450       450
Mosel Bidco SE Tranche B (3 month Term SOFR + 4.750%)
10.098%, 9/16/30(2) 		      235       235
NCR Atleos LLC Tranche B (1 month Term SOFR + 4.850%)
10.206%, 3/27/29(2) 		      970       963
Open Text Corp. Tranche B (1 month Term SOFR + 2.850%)
8.206%, 1/31/30(2) 		      925       927
Polaris Newco LLC First Lien (1 month Term SOFR + 4.114%)
9.470%, 6/2/28(2) 		      985       970
Project Ruby Ultimate Parent Corp. First Lien (1 month Term SOFR + 3.364%)
8.720%, 3/10/28(2) 		      942       941
 
See Notes to Schedule of Investments
4
VIRTUS Newfleet Senior Floating Rate Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
($ reported in thousands)
  Par Value   Value
       
Information Technology—continued    
Proofpoint, Inc. (1 month Term SOFR + 3.364%)
8.720%, 8/31/28(2) 		$    1,151   $  1,150
RealPage, Inc. First Lien (1 month Term SOFR + 3.114%)
8.470%, 4/24/28(2) 		      870       862
Sophia LP Tranche B (1 month Term SOFR + 3.600%)
8.956%, 10/7/27(2) 		      787       788
Uber Technologies, Inc. 2023 (3 month Term SOFR + 2.750%)
8.135%, 3/3/30(2) 		      673       675
UKG, Inc.      
2021, Second Lien (3 month Term SOFR + 5.350%)
10.764%, 5/3/27(2) 		       55        55
2021-2, First Lien (3 month Term SOFR + 3.350%)
8.764%, 5/4/26(2) 		    1,916     1,919
Vertiv Group Corp. (1 month Term SOFR + 2.614%)
7.974%, 3/2/27(2) 		    1,021     1,024
       20,597
       
 
Manufacturing—5.4%    
Alliance Laundry Systems LLC Tranche B (3 month Term SOFR + 3.600%)
8.994%, 10/8/27(2) 		      906       908
Arcline FM Holdings LLC      
First Lien (3 month Term SOFR + 5.012%)
10.360%, 6/23/28(2) 		    1,112     1,110
Second Lien (3 month Term SOFR + 8.512%)
13.860%, 6/25/29(2) 		      400       381
Chart Industries, Inc. Tranche B (1 month Term SOFR + 3.350%)
8.691%, 3/15/30(2) 		      884       885
CPM Holdings, Inc. (1 month Term SOFR + 4.500%)
9.843%, 9/28/28(2) 		      703       705
Filtration Group Corp. 2021 (1 month Term SOFR + 3.614%)
8.970%, 10/21/28(2) 		    1,611     1,612
Gates Global LLC Tranche B-3 (1 month Term SOFR + 2.600%)
7.956%, 3/31/27(2) 		    1,525     1,526
Madison IAQ LLC (1 month Term SOFR + 3.364%)
8.721%, 6/21/28(2) 		    1,008     1,003
Safe Fleet Holdings LLC 2022 (1 month Term SOFR + 3.850%)
9.206%, 2/23/29(2) 		      905       906
Star U.S. Bidco LLC (1 month Term SOFR + 4.350%)
9.706%, 3/17/27(2) 		      924       922
        9,958
       
 
Media / Telecom - Broadcasting—1.5%    
Gray Television, Inc. (1 month Term SOFR + 3.114%)
8.457%, 12/1/28(2) 		      363       360
Terrier Media Buyer, Inc. 2021, Tranche B (3 month Term SOFR + 3.600%)
8.948%, 12/17/26(2) 		    1,164     1,074
Univision Communications, Inc. 2021 (1 month Term SOFR + 3.364%)
8.720%, 3/15/26(2) 		    1,237     1,237
        2,671
       
 
  Par Value   Value
       
Media / Telecom - Cable/Wireless Video—3.4%    
Cogeco Communications Finance USA LP Tranche B-1 (1 month Term SOFR + 3.250%)
8.606%, 9/18/30(2) 		$    1,230   $  1,209
CSC Holdings LLC      
2017 (1 month LIBOR + 2.250%)
7.726%, 7/17/25(2) 		      547       537
2022 (1 month Term SOFR + 4.500%)
9.862%, 1/18/28(2) 		    1,046     1,009
DIRECTV Financing LLC (3 month Term SOFR + 5.262%)
10.650%, 8/2/27(2) 		    1,429     1,428
Eagle Broadband Investments LLC (3 month Term SOFR + 3.262%)
8.610%, 11/12/27(2) 		      851       832
Virgin Media Bristol LLC Tranche N (1 month Term SOFR + 2.614%)
7.976%, 1/31/28(2) 		    1,215     1,209
        6,224
       
 
Media / Telecom - Diversified Media—1.7%    
Century DE Buyer LLC (3 month Term SOFR + 4.000%)
9.390%, 10/30/30(2) 		      480       481
Dotdash Meredith, Inc. Tranche B (1 month Term SOFR + 4.100%)
9.443%, 12/1/28(2) 		      739       732
McGraw-Hill Education, Inc. (1 month Term SOFR + 4.864%)
10.220%, 7/28/28(2) 		      828       826
Neptune Bidco U.S., Inc. Tranche B (3 month Term SOFR + 5.100%)
10.507%, 4/11/29(2) 		    1,091       994
        3,033
       
 
Media / Telecom - Telecommunications—2.3%    
Cincinnati Bell, Inc. Tranche B-2 (1 month Term SOFR + 3.350%)
8.706%, 11/22/28(2) 		      957       946
Level 3 Financing, Inc. 2027, Tranche B (1 month Term SOFR + 1.864%)
7.220%, 3/1/27(2) 		    1,541     1,462
Numericable U.S. LLC      
Tranche B-11 (3 month LIBOR + 2.750%)
8.395%, 7/31/25(2) 		    1,320     1,283
Tranche B-12 (3 month LIBOR + 3.688%)
9.343%, 1/31/26(2) 		      519       487
        4,178
       
 
Media / Telecom - Wireless Communications—0.4%    
Viasat, Inc. (1 month Term SOFR + 4.500%)
9.833%, 3/2/29(2) 		      743       727
Metals / Minerals—0.8%    
Arsenal Aic Parent LLC Tranche B (1 month Term SOFR + 4.500%)
9.856%, 8/19/30(2) 		      589       590
Covia Holdings Corp. (3 month Term SOFR + 4.262%)
9.676%, 7/31/26(2) 		      951       943
        1,533
       
 
 
See Notes to Schedule of Investments
5
VIRTUS Newfleet Senior Floating Rate Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
($ reported in thousands)
  Par Value   Value
       
Retail—1.0%    
CNT Holdings I Corp. First Lien (3 month Term SOFR + 3.500%)
8.926%, 11/8/27(2) 		$      840   $    841
Peer Holding III B.V. Tranche B-4 (3 month Term SOFR + 3.250%)
8.598%, 10/28/30(2) 		      575       576
PetsMart LLC (1 month Term SOFR + 3.850%)
9.206%, 2/11/28(2) 		      517       511
        1,928
       
 
Service—9.0%    
AlixPartners LLP (1 month Term SOFR + 2.864%)
8.220%, 2/4/28(2) 		    1,169     1,171
Allied Universal Holdco LLC (1 month Term SOFR + 3.850%)
9.206%, 5/12/28(2) 		      557       554
Ascend Learning LLC (1 month Term SOFR + 3.600%)
8.956%, 12/11/28(2) 		      604       593
BrightView Landscapes LLC Tranche B (3 month Term SOFR + 3.250%)
8.633%, 4/20/29(2) 		      919       919
DG Investment Intermediate Holdings 2, Inc. 2022 (1 month Term SOFR + 4.750%)
10.106%, 3/31/28(2) 		      632       629
Dun & Bradstreet Corp. (The) Tranche B (1 month Term SOFR + 2.850%)
8.205%, 2/6/26(2) 		    1,010     1,011
DXP Enterprises, Inc. (3 month Term SOFR + 4.850%)
10.291%, 10/15/30(2) 		      504       505
Garda World Security Corp. Tranche B-2 (3 month Term SOFR + 4.350%)
9.725%, 10/30/26(2) 		      915       915
Grab Holdings, Inc. (1 month Term SOFR + 4.614%)
9.970%, 1/29/26(2) 		      364       365
Kuehg Corp. (3 month Term SOFR + 5.000%)
10.348%, 6/12/30(2) 		      678       681
NAB Holdings LLC First Lien (3 month Term SOFR + 2.750%)
8.098%, 11/23/28(2) 		    1,178     1,178
Omnia Partners LLC (3 month Term SOFR + 4.250%)
9.628%, 7/19/30(2) 		    1,042     1,048
Pike Corp. 2028 (1 month Term SOFR + 3.114%)
8.470%, 1/21/28(2) 		    1,141     1,143
Sedgwick Claims Management Services, Inc. 2023 (1 month Term SOFR + 3.750%)
9.106%, 2/24/28(2) 		      937       940
St. George’s University Scholastic Services LLC (1 month Term SOFR + 3.350%)
8.706%, 2/10/29(2) 		    1,150     1,149
The Hertz Corp. 2023 (1 month Term SOFR + 3.750%)
9.108%, 6/30/28(2) 		      935       933
Titan Acquisition Ltd. (1 month Term SOFR + 3.114%)
8.470%, 3/28/25(2) 		    1,247     1,244
TMF Sapphire Bidco B.V. Tranche B-2 (3 month Term SOFR + 5.000%)
10.414%, 5/3/28(2) 		      320       321
Trugreen Ltd. Partnership First Lien (1 month Term SOFR + 4.100%)
9.456%, 11/2/27(2) 		      564       543
  Par Value   Value
       
Service—continued    
WIN Waste Innovations Holdings, Inc. (1 month Term SOFR + 2.864%)
8.220%, 3/24/28(2) 		$      573   $    538
       16,380
       
 
Transportation - Automotive—2.1%    
American Axle & Manufacturing, Inc. Tranche B, First Lien (1-3 month Term SOFR + 3.600%)
8.957% - 9.007%, 12/13/29(2) 		      850       851
Clarios Global LP 2023 (1 month Term SOFR + 3.750%)
9.106%, 5/6/30(2) 		      883       884
Mavis Tire Express Services Topco Corp. First Lien (1 month Term SOFR + 4.114%)
9.470%, 5/4/28(2) 		      969       970
PAI Holdco, Inc. Tranche B (3 month Term SOFR + 4.012%)
9.395%, 10/28/27(2) 		    1,284     1,195
        3,900
       
 
Utilities—2.2%    
Brookfield WEC Holdings, Inc. (1 month Term SOFR + 2.864%)
8.220%, 8/1/25(2) 		    1,832     1,835
Calpine Construction Finance Co. L P (1 month Term SOFR + 2.250%)
7.606%, 7/31/30(2) 		    1,026     1,025
Generation Bridge Northeast LLC Tranche B (1 month Term SOFR + 4.250%)
9.606%, 8/7/29(2) 		      303       305
Lightstone HoldCo LLC      
Tranche B (3 month Term SOFR + 5.750%)
11.133%, 1/29/27(2) 		      801       760
Tranche C (3 month Term SOFR + 5.750%)
11.133%, 1/29/27(2) 		       45        43
        3,968
       
 
Total Leveraged Loans
(Identified Cost $163,865) 		  164,301
    
  Shares  
Common Stocks—0.2%
Consumer Discretionary—0.2%  
NMG Parent LLC(7)     3,033     303
West Marine(7)     1,450       5
        308
     
 
Health Care—0.0%  
Envision Healthcare Corp.(4)(7)     6,407      48
Total Common Stocks
(Identified Cost $224) 		    356
     
 
     
 
 
See Notes to Schedule of Investments
6
VIRTUS Newfleet Senior Floating Rate Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
($ reported in thousands)
  Shares   Value
       
       
Rights—0.1%
Utilities—0.1%    
Vistra Energy Corp., 12/29/49(4)(7)   152,810   $    197
Total Rights
(Identified Cost $129) 		      197
       
 
       
 
Total Long-Term Investments—95.0%
(Identified Cost $172,954) 		  173,546
       
 
       
 
Short-Term Investment—3.4%
Money Market Mutual Fund—3.4%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 5.250%)(8) 6,201,703     6,202
Total Short-Term Investment
(Identified Cost $6,202) 		    6,202
       
 
       
 
TOTAL INVESTMENTS—98.4%
(Identified Cost $179,156) 		  $179,748
Other assets and liabilities, net—1.6%     2,955
NET ASSETS—100.0%   $182,703
    
Abbreviations:
LIBOR London Interbank Offered Rate
LLC Limited Liability Company
LLLP Limited Liability Limited Partnership
LLP Limited Liability Partnership
LP Limited Partnership
SOFR Secured Overnight Financing Rate
    
Footnote Legend:
(1) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2023, these securities amounted to a value of $7,855 or 4.3% of net assets.
(2) 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.
(3) 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.
(4) 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.
(5) Security in default; no interest payments are being received.
(6) Security in default; interest payments are being received.
(7) Non-income producing.
(8) Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.
    
Country Weightings†
United States 90%
Canada 4
Netherlands 2
France 1
Luxembourg 1
Panama 1
Spain 1
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   $98   $97   $98   $1
See Notes to Schedule of Investments
7
VIRTUS Newfleet Senior Floating Rate Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2023
($ 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:              
Corporate Bonds and Notes $8,692   $—   $8,692   $—
Leveraged Loans 164,301   —   164,301   —(1)
Equity Securities:              
Common Stocks 356   —   308   48
Rights 197   —   —   197
Money Market Mutual Fund 6,202   6,202   —   —
Total Investments $179,748   $6,202   $173,301   $245
    
(1) Includes internally fair valued securities currently priced at zero ($0).
Securities held by the Fund with an end of period value of $543 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
8
VIRTUS NEWFLEET SENIOR FLOATING RATE 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.
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