VIRTUS Duff & Phelps Real Estate Securities Fund

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2024

($ reported in thousands)

	Shares	Value
Common Stocks—99.4%
Real Estate Investment Trusts—99.4%
Data Centers—15.5%
Digital Realty Trust, Inc.	118,945	$ 21,093
Equinix, Inc.	38,061	35,887
		56,980
Gaming REITs—3.7%
Gaming & Leisure Properties, Inc.	199,820	9,623
VICI Properties, Inc. Class A	142,930	4,175
		13,798
Health Care—14.6%
Healthpeak Properties, Inc.	117,520	2,382
Sabra Health Care REIT, Inc.	570,005	9,873
Ventas, Inc.	274,900	16,189
Welltower, Inc.	200,310	25,245
		53,689
Industrial/Office—16.4%
Industrial—12.2%
Americold Realty Trust, Inc.	175,300	3,751
Prologis, Inc.	303,741	32,105
Rexford Industrial Realty, Inc.	236,925	9,160
		45,016
Office—4.2%
BXP, Inc.	76,100	5,659
Cousins Properties, Inc.	145,746	4,466
Vornado Realty Trust	126,560	5,320
		15,445
Total Industrial/Office		60,461
Lodging/Resorts—3.2%
Host Hotels & Resorts, Inc.	287,144	5,031
Ryman Hospitality Properties, Inc.	65,257	6,809
		11,840
Residential—16.2%
Apartments—10.3%
AvalonBay Communities, Inc.	80,840	17,782
Essex Property Trust, Inc.	30,000	8,563
Mid-America Apartment Communities, Inc.	74,190	11,468
		37,813
Manufactured Homes—1.7%
Sun Communities, Inc.	51,481	6,331

	Shares	Value
Single Family Homes—4.2%
American Homes 4 Rent Class A	411,200	$ 15,387
Total Residential		59,531
Retail—16.1%
Free Standing—4.6%
Essential Properties Realty Trust, Inc.	319,850	10,005
Realty Income Corp.	129,404	6,911
		16,916
Regional Malls—4.5%
Simon Property Group, Inc.	97,266	16,750
Shopping Centers—7.0%
Brixmor Property Group, Inc.	398,906	11,106
Kimco Realty Corp.	365,620	8,567
Phillips Edison & Co., Inc.	158,205	5,926
		25,599
Total Retail		59,265
Self Storage—7.1%
CubeSmart	229,314	9,826
Public Storage	54,305	16,261
		26,087
Specialty—5.2%
Iron Mountain, Inc.	138,200	14,526
Lamar Advertising Co. Class A	37,200	4,529
		19,055
Telecommunications REITs—1.4%
American Tower Corp.	29,330	5,379
Total Common Stocks (Identified Cost $239,563)		366,085
Total Long-Term Investments—99.4% (Identified Cost $239,563)		366,085
TOTAL INVESTMENTS—99.4% (Identified Cost $239,563)		$366,085
Other assets and liabilities, net—0.6%		2,039
NET ASSETS—100.0%		$368,124

Abbreviation:
REIT	Real Estate Investment Trust

See Notes to Schedule of Investments

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VIRTUS Duff & Phelps Real Estate Securities Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2024

($ reported in thousands)

The following table summarizes the value of the Fund’s investments as of December 31, 2024, 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, 2024	Level 1 Quoted Prices
Assets:
Equity Securities:
Common Stocks	$366,085	$366,085
Total Investments	$366,085	$366,085

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2024.

There were no transfers into or out of Level 3 related to securities held at December 31, 2024.

See Notes to Schedule of Investments

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VIRTUS DUFF & PHELPS REAL ESTATE SECURITIES FUND

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 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, restricted securities, and leveraged loans are valued based on either evaluated or composite 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 Financials.

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