VIRTUS Duff & Phelps Global Infrastructure Fund

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2024

($ reported in thousands)

	Shares	Value
Common Stocks—98.7%
Communication Services—1.9%
Cellnex Telecom S.A. (Spain)	83,276	$  2,709
Energy—14.5%
Cheniere Energy, Inc. (United States)	28,763	5,029
DT Midstream, Inc. (United States)	19,952	1,417
Koninklijke Vopak N.V. (Netherlands)	50,739	2,106
ONEOK, Inc. (United States)	38,586	3,147
Pembina Pipeline Corp. (Canada)	60,343	2,239
Targa Resources Corp. (United States)	25,012	3,221
Williams Cos., Inc. (The) (United States)	71,003	3,017
		20,176
Industrials—30.0%
Aena SME S.A. (Spain)	45,271	9,115
Aeroports de Paris S.A. (France)	18,834	2,291
Atlas Arteria Ltd. (Australia)	406,674	1,386
Auckland International Airport Ltd. (New Zealand)	670,765	3,117
Canadian Pacific Kansas City Ltd. (Canada)	15,091	1,188
CSX Corp. (United States)	56,919	1,904
Ferrovial SE (Netherlands)	57,127	2,219
Flughafen Zurich AG Registered Shares (Switzerland)	18,020	3,985
Grupo Aeroportuario del Centro Norte SAB de C.V. Class B (Mexico)	96,800	822
Norfolk Southern Corp. (United States)	16,415	3,524
Transurban Group (Australia)	840,585	6,953
Union Pacific Corp. (United States)	14,437	3,267
Vinci S.A. (France)	18,995	2,001
		41,772
Real Estate—7.3%
American Tower Corp. (United States)	37,325	7,255
Crown Castle, Inc. (United States)	29,364	2,869
		10,124
Utilities—45.0%
Ameren Corp. (United States)	27,882	1,983
Atmos Energy Corp. (United States)	25,238	2,944
CenterPoint Energy, Inc. (United States)	105,205	3,259
DTE Energy Co. (United States)	19,031	2,113
Duke Energy Corp. (United States)	20,350	2,040
E.ON SE (Germany)	129,614	1,701
Edison International (United States)	48,705	3,498
EDP - Energias de Portugal S.A. (Portugal)	458,863	1,719
Emera, Inc. (Canada)	55,658	1,857
Entergy Corp. (United States)	19,991	2,139
Eversource Energy (United States)	68,983	3,912
Iberdrola S.A. (Spain)	160,893	2,088
National Grid plc (United Kingdom)	438,627	4,894

	Shares	Value
Utilities—continued
NextEra Energy, Inc. (United States)	114,034	$  8,075
NiSource, Inc. (United States)	116,779	3,364
Public Service Enterprise Group, Inc. (United States)	22,210	1,637
Redeia Corp. S.A. (Spain)	103,611	1,811
Sempra (United States)	68,147	5,183
Severn Trent plc (United Kingdom)	69,041	2,077
Southern Co. (The) (United States)	63,742	4,944
United Utilities Group plc (United Kingdom)	109,313	1,358
		62,596
Total Common Stocks (Identified Cost $131,906)		137,377
Total Long-Term Investments—98.7% (Identified Cost $131,906)		137,377
Short-Term Investment—0.2%
Money Market Mutual Fund—0.2%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 5.191%)(1)	225,987	226
Total Short-Term Investment (Identified Cost $226)		226
TOTAL INVESTMENTS—98.9% (Identified Cost $132,132)		$137,603
Other assets and liabilities, net—1.1%		1,502
NET ASSETS—100.0%		$139,105

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

Country Weightings†
United States	58%
Spain	12
Australia	6
United Kingdom	6
Canada	4
Netherlands	3
France	3
Other	8
Total	100%
† % of total investments as of June 30, 2024.

See Notes to Schedule of Investments

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VIRTUS Duff & Phelps Global Infrastructure Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2024

($ reported in thousands)

The following table summarizes the value of the Fund’s investments as of June 30, 2024, based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):

	Total Value at June 30, 2024	Level 1 Quoted Prices
Assets:
Equity Securities:
Common Stocks	$137,377	$137,377
Money Market Mutual Fund	226	226
Total Investments	$137,603	$137,603

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at June 30, 2024.

There were no transfers into or out of Level 3 related to securities held at June 30, 2024.

See Notes to Schedule of Investments

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VIRTUS DUFF & PHELPS GLOBAL INFRASTRUCTURE FUND NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2024

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.

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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