NPORT-EX 2 VIPX401VIRTUS123125.htm EDGAR HTML
VIRTUS Tactical Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2025
($ reported in thousands)
 
 
Par Value
Value
U.S. Government Securities—5.1%
U.S. Treasury Bonds
3.000%, 8/15/48
$4,330
$3,206
2.000%, 2/15/50
2,045
1,199
1.375%, 8/15/50
12,795
6,291
1.875%, 2/15/51
5,255
2,937
2.250%, 2/15/52
35
21
2.875%, 5/15/52
2,335
1,631
3.625%, 2/15/53
425
344
3.625%, 5/15/53
3,840
3,106
4.125%, 8/15/53
940
832
4.250%, 2/15/54
4,255
3,847
4.625%, 5/15/54
3,870
3,727
4.500%, 11/15/54
1,885
1,778
U.S. Treasury Notes
4.375%, 12/31/29
1,070
1,099
4.250%, 11/15/34
495
500
Total U.S. Government Securities
(Identified Cost $40,735)
30,518
 
 
 
 
Foreign Government Securities—1.1%
Abu Dhabi Government International Bond 144A
3.125%, 9/30/49(1)
165
118
Costa Rica Government
144A
6.550%, 4/3/34(1)
65
71
144A
7.300%, 11/13/54(1)
40
45
Dominican Republic 144A
4.875%, 9/23/32(1)
417
401
Federative Republic of Brazil

6.000%, 10/20/33
395
399

7.250%, 1/12/56
66
65
Hungary Government International Bond
144A
6.250%, 9/22/32(1)
275
293
144A
5.500%, 3/26/36(1)
98
98
Kingdom of Morocco 144A
3.000%, 12/15/32(1)
110
97
Republic of Angola
144A
8.000%, 11/26/29(1)
70
68
144A
9.244%, 1/15/31(1)
72
73
Republic of Colombia

7.375%, 4/25/30
125
132

8.000%, 11/14/35
142
151

8.750%, 11/14/53
57
63
Republic of El Salvador
144A
8.625%, 2/28/29(1)
82
87
RegS
7.650%, 6/15/35(2)
72
75
Republic of Guatemala 144A
6.600%, 6/13/36(1)
72
77
Republic of Indonesia
5.100%, 2/10/54
252
244
Republic of Ivory Coast 144A
8.250%, 1/30/37(1)
162
176
Republic of Kazakhstan 144A
5.500%, 7/1/37(1)
176
181
 
Par Value
Value
 
Foreign Government Securities—continued
Republic of Kenya
144A
9.750%, 2/16/31(1)
$55
$60
144A
7.875%, 10/9/33(1)
90
90
Republic of Nigeria 144A
10.375%, 12/9/34(1)
163
193
Republic of Panama
8.000%, 3/1/38
219
256
Republic of Peru
5.375%, 2/8/35
240
245
Republic of Philippines
4.750%, 3/5/35
314
315
Republic of Poland

4.875%, 10/4/33
275
279

5.125%, 9/18/34
67
68
Republic of Serbia 144A
6.500%, 9/26/33(1)
76
81
Republic of South Africa

4.850%, 9/30/29
121
121

5.875%, 6/22/30
135
140

5.650%, 9/27/47
35
30
Republic of Turkiye

7.625%, 5/15/34
340
369

6.625%, 2/17/45
80
74
Republica Orient Uruguay
5.100%, 6/18/50
302
285
Romanian Government International Bond
144A
5.875%, 1/30/29(1)
194
201
144A
7.125%, 1/17/33(1)
85
92
144A
6.625%, 5/16/36(1)
94
98
Saudi International Bond
144A
4.875%, 7/18/33(1)
160
163
144A
5.625%, 1/13/35(1)
134
142
144A
4.500%, 10/26/46(1)
110
94
United Mexican States

6.000%, 5/7/36
245
249

6.625%, 1/29/38
200
209
Uzbekistan International Bond 144A
6.900%, 2/28/32(1)
45
48
Total Foreign Government Securities
(Identified Cost $6,553)
6,816
 
 
 
 
Mortgage-Backed Securities—5.9%
Agency—5.9%
Federal Home Loan Mortgage Corporation
Pool #A46224
5.000%, 7/1/35
26
27
Pool #A62213
6.000%, 6/1/37
52
55
Pool #SD5594
5.500%, 7/1/53
994
1,011
Pool #SD5856
3.500%, 1/1/54
2,843
2,635
See Notes to Schedule of Investments
1
VIRTUS Tactical Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2025
($ reported in thousands)
 
Par Value
Value
 
Agency—continued
Pool #SD8309
6.000%, 3/1/53
$2,873
$2,959
Pool #SD8350
6.000%, 8/1/53
795
818
Pool #SD8383
5.500%, 12/1/53
1,071
1,088
Pool #SD8418
4.500%, 4/1/54
2,248
2,196
Pool #SD8492
5.000%, 1/1/55
2,635
2,629
Federal National Mortgage Association
Pool #254549
6.000%, 12/1/32
7
7
Pool #310041
6.500%, 5/1/37
65
69
Pool #735061
6.000%, 11/1/34
63
66
Pool #880117
5.500%, 4/1/36
2
2
Pool #909092
6.000%, 9/1/37
4
4
Pool #909175
5.500%, 4/1/38
44
45
Pool #909220
6.000%, 8/1/38
27
28
Pool #929625
5.500%, 6/1/38
52
54
Pool #938574
5.500%, 9/1/36
33
35
Pool #972569
5.000%, 3/1/38
44
45
Pool #CB6857
4.500%, 8/1/53
891
875
Pool #FA0685
6.000%, 1/1/55
2,209
2,269
Pool #FA1378
4.000%, 3/1/55
2,592
2,468
Pool #FA1728
6.000%, 10/1/53
2,264
2,326
Pool #FA2472
5.000%, 4/1/54
1,262
1,263
Pool #FS4438
5.000%, 11/1/52
1,514
1,516
Pool #FS6679
6.000%, 12/1/53
1,439
1,481
Pool #FS7751
4.000%, 3/1/53
2,105
2,005
Pool #FS8791
6.000%, 8/1/54
580
596
Pool #MA4785
5.000%, 10/1/52
1,301
1,305
Pool #MA4805
4.500%, 11/1/52
895
877
Pool #MA4980
6.000%, 4/1/53
1,343
1,386
Pool #MA5072
5.500%, 7/1/53
809
823
 
Par Value
Value
 
Agency—continued
Pool #MA5385
4.000%, 6/1/54
$2,170
$2,059
Total Mortgage-Backed Securities
(Identified Cost $34,605)
35,022
 
 
 
 
Corporate Bonds and Notes—10.9%
Communication Services—0.2%
Charter Communications Operating LLC
4.800%, 3/1/50
325
244
Meta Platforms, Inc.
5.750%, 11/15/65
560
534
Omnicom Group, Inc. 144A

5.375%, 6/15/33(1)
225
228
Sprint Capital Corp.
8.750%, 3/15/32
340
411
 
1,417
 
 
Consumer Discretionary—0.4%
Ashtead Capital, Inc. 144A

5.950%, 10/15/33(1)
375
397
Dick’s Sporting Goods, Inc.
4.100%, 1/15/52
755
552
DR Horton, Inc.
5.500%, 10/15/35
365
380
Ford Motor Co.
3.250%, 2/12/32
286
252
Meritage Homes Corp. 144A

3.875%, 4/15/29(1)
191
188
Sodexo, Inc. 144A

5.800%, 8/15/35(1)
465
486
 
2,255
 
 
Consumer Staples—0.3%
Alimentation Couche-Tard, Inc. 144A

5.077%, 9/29/35(1)
465
468
BAT Capital Corp.
7.750%, 10/19/32
330
385
Mars, Inc. 144A

5.200%, 3/1/35(1)
265
272
Philip Morris International, Inc.
4.900%, 11/1/34
460
464
Pilgrim’s Pride Corp.
6.250%, 7/1/33
463
495
 
2,084
 
 
Energy—1.3%
BP Capital Markets plc
4.875% (3)
375
373
Columbia Pipelines Operating Co. LLC

144A 6.036%, 11/15/33(1)
230
246

144A 5.439%, 2/15/35(1)
225
230
Diamondback Energy, Inc.
5.900%, 4/18/64
385
363
DT Midstream, Inc. 144A

4.375%, 6/15/31(1)
360
352
Enbridge, Inc.
8.500%, 1/15/84
510
585
See Notes to Schedule of Investments
2
VIRTUS Tactical Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2025
($ reported in thousands)
 
Par Value
Value
 
Energy—continued
EOG Resources, Inc.
5.350%, 1/15/36
$100
$103
5.650%, 12/1/54
385
377
Flex Intermediate Holdco LLC 144A

3.363%, 6/30/31(1)
785
722
Harbour Energy plc 144A

6.327%, 4/1/35(1)
475
481
HF Sinclair Corp.
6.250%, 1/15/35
380
396
Kinder Morgan Energy Partners LP
7.500%, 11/15/40
220
256
Occidental Petroleum Corp.
5.550%, 10/1/34
235
240
6.200%, 3/15/40
340
345
Pertamina Persero PT 144A

6.450%, 5/30/44(1)
370
395
Petroleos Mexicanos
5.950%, 1/28/31
291
282
7.690%, 1/23/50
12
11
6.950%, 1/28/60
11
9
Petronas Capital Ltd. 144A

5.848%, 4/3/55(1)
163
170
Reliance Industries Ltd. 144A

2.875%, 1/12/32(1)
310
283
Saudi Arabian Oil Co. 144A

5.250%, 7/17/34(1)
355
365
Sempra Infrastructure Partners LP 144A

3.250%, 1/15/32(1)
729
645
Western Midstream Operating LP
5.250%, 2/1/50
345
295
 
7,524
 
 
Financials—5.0%
AerCap Ireland Capital DAC
6.950%, 3/10/55
229
240
Allianz SE 144A

6.350%, 9/6/53(1)
400
429
Ally Financial, Inc.
5.543%, 1/17/31
385
394
American Express Co.
5.625%, 7/28/34
670
700
Apollo Debt Solutions BDC
6.900%, 4/13/29
360
377
Apollo Global Management, Inc.
6.000%, 12/15/54
475
469
Ascot Group Ltd. 144A

4.250%, 12/15/30(1)
745
692
Australia & New Zealand Banking Group Ltd. 144A

5.816%, 6/18/36(1)
350
362
Avolon Holdings Funding Ltd. 144A

5.750%, 11/15/29(1)
470
487
Bank of America Corp.
2.687%, 4/22/32
245
225
2.972%, 2/4/33
408
373
5.518%, 10/25/35
540
553
Barclays plc
7.437%, 11/2/33
355
406
BlackRock Funding, Inc.
5.250%, 3/14/54
350
335
Blackstone Private Credit Fund
6.000%, 1/29/32
370
376
 
Par Value
Value
 
Financials—continued
Blue Owl Finance LLC
3.125%, 6/10/31
$610
$553
BNSF Funding Trust I
6.613%, 12/15/55
380
380
BPCE S.A. 144A

7.003%, 10/19/34(1)
535
596
Brookfield Asset Management Ltd.
5.795%, 4/24/35
325
340
Capital One Financial Corp.
2.359%, 7/29/32
388
340
6.377%, 6/8/34
105
114
Capital Power U.S. Holdings, Inc. 144A

6.189%, 6/1/35(1)
275
287
Charles Schwab Corp. (The)
6.136%, 8/24/34
195
213
Series H 4.000%(3)
260
243
Citigroup, Inc.
6.270%, 11/17/33
690
751
6.174%, 5/25/34
379
402
Corebridge Financial, Inc.
6.375%, 9/15/54
565
569
Deutsche Bank AG
5.403%, 9/11/35
475
485
Drawbridge Special Opportunities Fund LP 144A

5.950%, 9/17/30(1)
350
334
EMD Finance LLC 144A

5.000%, 10/15/35(1)
460
462
F&G Annuities & Life, Inc.
6.500%, 6/4/29
385
401
Fifth Third Bancorp
4.337%, 4/25/33
355
347
Flutter Treasury DAC 144A

5.875%, 6/4/31(1)
460
466
Foundry JV Holdco LLC 144A

5.875%, 1/25/34(1)
235
241
Global Atlantic Fin Co. 144A

7.950%, 6/15/33(1)
197
225
Global Payments, Inc.
5.550%, 11/15/35
460
457
Goldman Sachs Group, Inc. (The)
5.330%, 7/23/35
665
683
HA Sustainable Infrastructure Capital, Inc.
6.375%, 7/1/34
210
214
6.750%, 7/15/35
240
251
Huntington Bancshares, Inc.
5.709%, 2/2/35
340
355
6.141%, 11/18/39
235
245
Icon Investments Six DAC
6.000%, 5/8/34
400
423
Imperial Brands Finance plc 144A

5.875%, 7/1/34(1)
345
361
JH North America Holdings, Inc. 144A

6.125%, 7/31/32(1)
475
488
JPMorgan Chase & Co.
2.956%, 5/13/31
230
217
5.717%, 9/14/33
495
523
1.953%, 2/4/32
635
566
KeyCorp
6.401%, 3/6/35
600
652
Lloyds Banking Group plc
6.625% (3)
25
25
See Notes to Schedule of Investments
3
VIRTUS Tactical Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2025
($ reported in thousands)
 
Par Value
Value
 
Financials—continued
M&T Bank Corp.
5.400%, 7/30/35
$375
$379
Mizuho Financial Group, Inc.
2.564%, 9/13/31
385
345
Morgan Stanley
6.342%, 10/18/33
120
132
5.250%, 4/21/34
165
170
5.424%, 7/21/34
285
296
5.948%, 1/19/38
249
262
MSCI, Inc. 144A

3.625%, 9/1/30(1)
792
756
NatWest Group plc
6.475%, 6/1/34
390
409
NextEra Energy Capital Holdings, Inc.
6.500%, 8/15/55
445
469
Nippon Life Insurance Co.

144A 6.250%, 9/13/53(1)
200
212

144A 6.500%, 4/30/55(1)
75
81
Northern Trust Corp.
3.375%, 5/8/32
590
582
PNC Financial Services Group, Inc. (The)
5.575%, 1/29/36
455
474
Prudential Financial, Inc.
5.125%, 3/1/52
179
177
6.750%, 3/1/53
285
305
Reinsurance Group of America, Inc.
6.650%, 9/15/55
390
403
Societe Generale S.A. 144A

6.066%, 1/19/35(1)
415
438
South Bow USA Infrastructure Holdings LLC
5.584%, 10/1/34
240
242
6.176%, 10/1/54
95
91
State Street Corp.
6.123%, 11/21/34
110
119
Series I 6.700%(3)
240
250
Stellantis Finance U.S., Inc. 144A

6.450%, 3/18/35(1)
340
353
Sumitomo Life Insurance Co. 144A

5.875%, 9/10/55(1)
460
465
Toronto-Dominion Bank (The)
8.125%, 10/31/82
440
464
Transurban Finance Co. Pty Ltd. 144A

4.924%, 3/24/36(1)
465
461
U.S. Bancorp
5.424%, 2/12/36
475
494
UBS Group AG 144A

4.988%, 8/5/33(1)
550
558
Wells Fargo & Co.
6.491%, 10/23/34
445
493
Series BB 3.900%(3)
490
488
 
29,995
 
 
Health Care—0.8%
180 Medical, Inc. 144A

5.300%, 10/8/35(1)
575
573
Amgen, Inc.
5.650%, 3/2/53
432
423
Baxter International, Inc.
5.650%, 12/15/35
455
460
CVS Health Corp.
5.050%, 3/25/48
600
529
 
Par Value
Value
 
Health Care—continued
DENTSPLY SIRONA, Inc.
3.250%, 6/1/30
$610
$564
HCA, Inc.
5.450%, 9/15/34
235
242
5.250%, 6/15/49
415
375
IQVIA, Inc.
6.250%, 2/1/29
440
464
Royalty Pharma plc
5.400%, 9/2/34
325
333
3.350%, 9/2/51
330
219
Smith & Nephew plc
5.400%, 3/20/34
450
465
Universal Health Services, Inc.
2.650%, 1/15/32
510
450
Viatris, Inc. 144A

2.300%, 6/22/27(1)
1
—
(4)
 
5,097
 
 
Industrials—0.9%
Alaska Airlines Pass-Through Trust 2020-1, A 144A

4.800%, 2/15/29(1)
575
578
Aviation Capital Group LLC

144A 3.500%, 11/1/27(1)
125
123

144A 6.375%, 7/15/30(1)
210
224
Boeing Co. (The)
5.930%, 5/1/60
525
515
British Airways Pass-Through Trust 2021-1, A 144A

2.900%, 9/15/36(1)
487
445
CoStar Group, Inc. 144A

2.800%, 7/15/30(1)
505
463
DP World Ltd. 144A

6.850%, 7/2/37(1)
105
119
Flowserve Corp.
3.500%, 10/1/30
480
458
Ingersoll Rand, Inc.
5.700%, 8/14/33
460
487
L3Harris Technologies, Inc.
5.400%, 7/31/33
480
500
New York State Electric & Gas Corp. 144A

5.850%, 8/15/33(1)
320
339
Regal Rexnord Corp.
6.400%, 4/15/33
334
359
United Airlines Pass-Through Trust 2023-1, A
5.800%, 7/15/37
258
270
United Airlines Pass-Through-Trust 2024-1, AA
5.450%, 8/15/38
24
25
Veralto Corp.
5.450%, 9/18/33
310
324
 
5,229
 
 
Information Technology—0.6%
Booz Allen Hamilton, Inc.
5.950%, 8/4/33
445
464

144A 4.000%, 7/1/29(1)
215
210
Broadcom, Inc. 144A

3.137%, 11/15/35(1)
570
491
Flex Ltd.
5.375%, 11/13/35
460
459
Gartner, Inc. 144A

3.750%, 10/1/30(1)
595
564
See Notes to Schedule of Investments
4
VIRTUS Tactical Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2025
($ reported in thousands)
 
Par Value
Value
 
Information Technology—continued
Marvell Technology, Inc.
5.450%, 7/15/35
$465
$479
Oracle Corp.
6.900%, 11/9/52
215
212
5.550%, 2/6/53
122
101
3.850%, 4/1/60
140
86
Roper Technologies, Inc.
5.100%, 9/15/35
465
469
 
3,535
 
 
Materials—0.5%
Bayport Polymers LLC 144A

5.140%, 4/14/32(1)
580
574
Berry Global, Inc.
5.650%, 1/15/34
440
458
Corp. Nacional del Cobre de Chile 144A

5.950%, 1/8/34(1)
350
365
Glencore Funding LLC 144A

2.850%, 4/27/31(1)
505
466
Smurfit Kappa Treasury ULC
5.777%, 4/3/54
570
573
Sonoco Products Co.
5.000%, 9/1/34
360
357
 
2,793
 
 
Utilities—0.9%
Black Hills Corp.
6.150%, 5/15/34
570
611
Brooklyn Union Gas Co. (The) 144A

4.866%, 8/5/32(1)
595
589
CMS Energy Corp.
4.750%, 6/1/50
615
605
Dominion Energy, Inc.
6.200%, 2/15/56
270
270
Series B 7.000%, 6/1/54
280
303
Electricite de France S.A. 144A

6.900%, 5/23/53(1)
425
468
Enel Finance International N.V. 144A

7.500%, 10/14/32(1)
400
461
Entergy Corp.
7.125%, 12/1/54
590
619
NRG Energy, Inc. 144A

7.000%, 3/15/33(1)
433
479
Puget Energy, Inc.
4.224%, 3/15/32
640
614
Southern California Edison Co.
6.000%, 1/15/34
355
373
 
5,392
 
 
Total Corporate Bonds and Notes
(Identified Cost $63,854)
65,321
 
 
Shares
 
Common Stocks—61.7%
Communication Services—6.3%
Alphabet, Inc. Class A
36,027
11,277
Dayamitra Telekomunikasi PT
48,932,000
2,054
Infrastrutture Wireless Italiane SpA
237,527
2,201
Meta Platforms, Inc. Class A
12,577
8,302
 
Shares
Value
Communication Services—continued
Netflix, Inc.(5)
66,110
$6,199
oOh!media Ltd.
4,254,860
3,691
Sarana Menara Nusantara Tbk PT
42,934,000
1,506
Trade Desk, Inc. (The) Class A(5)
74,903
2,843
 
38,073
 
 
Consumer Discretionary—8.6%
Allegro.eu S.A.(5)
275,225
2,378
Amazon.com, Inc.(5)
56,769
13,103
Bright Horizons Family Solutions, Inc.(5)
12,851
1,303
Choice Hotels International, Inc.
12,724
1,212
Hermes International SCA Unsponsored ADR
15,801
3,919
Home Depot, Inc. (The)
8,396
2,889
Marriott International, Inc. Class A
21,070
6,537
MercadoLibre, Inc.(5)
1,845
3,716
NIKE, Inc. Class B
36,206
2,307
Ollie’s Bargain Outlet Holdings, Inc.(5)
12,548
1,375
O’Reilly Automotive, Inc.(5)
70,185
6,402
Pool Corp.
6,263
1,433
Rollins, Inc.
38,792
2,328
SiteOne Landscape Supply, Inc.(5)
9,116
1,135
Thor Industries, Inc.
17,736
1,821
 
51,858
 
 
Consumer Staples—1.0%
Anhui Gujing Distillery Co., Ltd. Class B
190,600
2,139
BJ’s Wholesale Club Holdings, Inc.(5)
15,856
1,428
Heineken Malaysia Bhd
478,300
2,706
 
6,273
 
 
Energy—0.5%
Pason Systems, Inc.
308,809
2,698
Financials—9.6%
AJ Bell plc
844,538
5,023
Caixa Seguridade Participacoes S.A.
2,074,636
6,292
FinecoBank Banca Fineco SpA
232,550
6,067
Hamilton Lane, Inc. Class A
7,632
1,025
Interactive Brokers Group, Inc. Class A
50,021
3,217
Jack Henry & Associates, Inc.
10,143
1,851
LPL Financial Holdings, Inc.
8,066
2,881
Moltiply Group SpA
29,775
1,214
Mortgage Advice Bureau Holdings Ltd.
200,106
1,856
Progressive Corp. (The)
23,571
5,368
Qualitas Controladora SAB de C.V.
140,753
1,455
S&P Global, Inc.
9,712
5,075
Steadfast Group Ltd.
265,776
936
Visa, Inc. Class A
36,920
12,948
W. R. Berkley Corp.
37,696
2,643
 
57,851
 
 
Health Care—6.3%
As One Corp.
256,300
3,934
Chemed Corp.
2,402
1,028
Cooper Cos., Inc. (The)(5)
24,326
1,994
Danaher Corp.
19,248
4,406
Eli Lilly & Co.
6,380
6,856
Haw Par Corp., Ltd.
494,700
6,035
IDEXX Laboratories, Inc.(5)
6,371
4,310
See Notes to Schedule of Investments
5
VIRTUS Tactical Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2025
($ reported in thousands)
 
Shares
Value
 
Health Care—continued
Intuitive Surgical, Inc.(5)
7,786
$4,410
Medline, Inc. Class A(5)
48,512
2,037
Riverstone Holdings Ltd.
998,500
676
Sartorius Stedim Biotech
7,639
1,885
 
37,571
 
 
Industrials—12.1%
Allegion plc
15,246
2,427
Epiroc AB Class B
240,268
4,872
Equifax, Inc.
19,393
4,208
Exponent, Inc.
13,538
940
Fair Isaac Corp.(5)
4,688
7,926
Haitian International Holdings Ltd.
1,300,006
3,702
Howden Joinery Group plc
327,002
3,670
Knorr-Bremse AG
23,479
2,625
Lennox International, Inc.
3,317
1,611
MEITEC Group Holdings, Inc.
117,500
2,660
MISUMI Group, Inc.
160,400
2,506
MonotaRO Co., Ltd.
229,700
3,667
MTU Aero Engines AG
9,752
4,072
NICE Information Service Co., Ltd.
143,029
1,688
Nordson Corp.
8,257
1,985
S-1 Corp.
54,645
2,735
Saia, Inc.(5)
4,794
1,565
Spirax Group plc
39,304
3,613
Uber Technologies, Inc.(5)
76,056
6,215
UL Solutions, Inc. Class A
26,039
2,053
VAT Group AG
7,528
3,668
Watsco, Inc.
4,532
1,527
Zurn Elkay Water Solutions Corp.
53,177
2,472
 
72,407
 
 
Information Technology—14.9%
Alten S.A.
40,547
3,452
Amphenol Corp. Class A
120,859
16,333
Bentley Systems, Inc. Class B
51,943
1,982
Bouvet ASA
449,284
2,746
Cadence Design Systems, Inc.(5)
15,836
4,950
Kainos Group plc
121,419
1,643
Monolithic Power Systems, Inc.
4,311
3,907
NVIDIA Corp.
93,801
17,494
Riken Keiki Co., Ltd.
130,200
2,660
ServiceNow, Inc.(5)
31,625
4,845
ServiceTitan, Inc. Class A(5)
15,303
1,630
Shopify, Inc. Class A(5)
49,268
7,931
Snowflake, Inc. Class A(5)
31,015
6,803
Sopra Steria Group
13,226
2,403
Teledyne Technologies, Inc.(5)
3,919
2,002
Trimble, Inc.(5)
18,820
1,474
Universal Display Corp.
14,734
1,721
Workday, Inc. Class A(5)
18,688
4,014
Zebra Technologies Corp. Class A(5)
5,837
1,417
 
89,407
 
 
Materials—1.9%
Corp. Moctezuma SAB de C.V.
943,523
4,244
Ecolab, Inc.
14,346
3,766
Forterra plc
659,129
1,647
 
Shares
Value
 
Materials—continued
Ibstock plc
886,281
$1,668
 
11,325
 
 
Real Estate—0.5%
CoStar Group, Inc.(5)
44,668
3,003
Total Common Stocks
(Identified Cost $239,666)
370,466
 
 
 
 
Affiliated Mutual Funds—12.7%
Fixed Income Funds—12.7%
Virtus Newfleet ABS MACS(6)(7)
2,060,081
20,457
Virtus Newfleet CMBS MACS(6)(7)
1,169,858
11,745
Virtus Newfleet Floating Rate MACS(6)(7)
968,426
9,365
Virtus Newfleet High Yield MACS(6)(7)
976,412
9,579
Virtus Newfleet RMBS MACS(6)(7)
2,487,729
25,250
Total Affiliated Mutual Funds
(Identified Cost $76,597)
76,396
 
 
 
 
Affiliated Exchange-Traded Fund—0.4%
Financials—0.4%
Virtus Newfleet Securitized Income ETF(6)(7)
95,902
2,326
Total Affiliated Exchange-Traded Fund
(Identified Cost $2,343)
2,326
 
 
 
 
Total Long-Term Investments—97.8%
(Identified Cost $464,353)
586,865
 
 
 
 
TOTAL INVESTMENTS—97.8%
(Identified Cost $464,353)
$586,865
Other assets and liabilities, net—2.2%
13,234
NET ASSETS—100.0%
$600,099
 
Abbreviations:
ABS
Asset-Backed Securities
ADR
American Depositary Receipt
BDC
Business Development Companies
CMBS
Commercial Mortgage-Backed Securities
DAC
Designated Activity Company
ETF
Exchange-Traded Fund
LLC
Limited Liability Company
LP
Limited Partnership
MACS
Managed Account Completion Shares
MSCI
Morgan Stanley Capital International
plc
Public Limited Company
RMBS
Residential Mortgage-Backed Securities
S&P
Standard & Poor’s
ULC
Unlimited Liability Company
 
See Notes to Schedule of Investments
6
VIRTUS Tactical Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2025
($ reported in thousands)
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, 2025, these securities amounted
to a value of $25,260 or 4.2% of net assets.
(2)
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.
(3)
No contractual maturity date.
(4)
Amount is less than $500 (not in thousands).
(5)
Non-income producing.
(6)
Affiliated investment.
(7)
Shares of this fund are publicly offered, and its prospectus and annual report are
publicly available.
 
Country Weightings†
United States
75
%
United Kingdom
4
Japan
3
France
2
Brazil
2
Italy
2
Germany
1
Other
11
Total
100
%
† % of total investments as of December 31, 2025.
The following table summarizes the value of the Fund’s investments as of December 31, 2025, 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, 2025
Level 1
Quoted Prices
Level 2
Significant
Observable
Inputs
Assets:
Debt Instruments:
U.S. Government Securities
$30,518
$—
$30,518
Foreign Government Securities
6,816
—
6,816
Mortgage-Backed Securities
35,022
—
35,022
Corporate Bonds and Notes
65,321
—
65,321
Equity Securities:
Common Stocks
370,466
370,466
—
Affiliated Exchange-Traded Fund
2,326
2,326
—
Affiliated Mutual Funds
76,396
76,396
—
Total Investments
$586,865
$449,188
$137,677
There were no securities valued using significant unobservable inputs (Level 3) at December 31, 2025.
There were no transfers into or out of Level 3 related to securities held at December 31, 2025.
See Notes to Schedule of Investments
7
VIRTUS TACTICAL ALLOCATION FUND
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2025
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.
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 financial statements.
8