NPORT-EX 2 VIPX401VirtTacticalAllFd.htm
VIRTUS Tactical Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2021
($ reported in thousands)
  Par Value   Value
U.S. Government Securities—4.1%
U.S. Treasury Bonds      
3.000%, 8/15/48 $9,845   $11,755
2.000%, 2/15/50 2,045   2,009
1.375%, 8/15/50 12,745   10,744
1.875%, 2/15/51 3,850   3,674
U.S. Treasury Notes      
0.250%, 11/15/23 3,470   3,464
0.250%, 5/31/25 1,610   1,583
1.500%, 2/15/30 2,025   2,045
1.125%, 2/15/31(1) 2,565   2,490
1.625%, 5/15/31 1,490   1,513
Total U.S. Government Securities
(Identified Cost $38,498) 		  39,277
       
 
       
 
Municipal Bonds—0.4%
California—0.1%    
Santa Clara Valley Water District Series B, Taxable
2.967%, 6/1/50 		510   514
University of California, Series B-A, Taxable
4.428%, 5/15/48 		380   420
      934
       
 
Idaho—0.1%    
Idaho Health Facilities Authority Saint Luke’s Health System Revenue Taxable
5.020%, 3/1/48 		450   573
Illinois—0.0%    
Sales Tax Securitization Corp. Series B, Second Lien, Taxable (BAM Insured)
3.411%, 1/1/43 		70   75
Texas—0.1%    
City of San Antonio, General Obligation Taxable
1.963%, 2/1/33 		530   530
State of Texas, General Obligation Taxable
3.211%, 4/1/44 		180   190
Texas Public Finance Authority Revenue Taxable
2.140%, 2/1/35 		585   571
Texas Transportation Commission State Highway Fund Revenue Taxable
4.000%, 10/1/33 		160   197
      1,488
       
 
Virginia—0.1%    
City of Bristol, General Obligation Taxable (State AID Withholding Insured)
4.210%, 1/1/42 		640   685
Total Municipal Bonds
(Identified Cost $3,541) 		  3,755
       
 
       
 
Foreign Government Securities—0.6%
Bolivarian Republic of Venezuela
9.375%, 1/13/34(2) 		130   13
Emirate of Dubai Government International Bonds RegS
5.250%, 1/30/43(3) 		540   608
  Par Value   Value
       
Foreign Government Securities—continued
Federative Republic of Brazil
3.875%, 6/12/30 		$590   $595
Oman Government International Bond 144A
7.375%, 10/28/32(4) 		580   662
Republic of South Africa International Bond
4.850%, 9/27/27 		620   666
Republic of Turkey
5.875%, 6/26/31 		1,125   1,092
Republic of Venezuela      
RegS
8.250%, 10/13/24(2)(3) 		40   4
RegS
7.650%, 4/21/25(2)(3) 		320   32
Saudi Arabia Government International Bond 144A
3.250%, 10/22/30(4) 		485   522
State of Qatar 144A
4.400%, 4/16/50(4) 		615   748
United Mexican States
2.659%, 5/24/31 		645   630
Total Foreign Government Securities
(Identified Cost $5,992) 		  5,572
       
 
       
 
Mortgage-Backed Securities—7.8%
Agency—0.3%    
Federal Home Loan Mortgage Corporation      
Pool #A46224
5.000%, 7/1/35 		67   77
Pool #A62213
6.000%, 6/1/37 		112   134
Federal National Mortgage Association      
Pool #254549
6.000%, 12/1/32 		20   23
Pool #735061
6.000%, 11/1/34 		144   171
Pool #880117
5.500%, 4/1/36 		3   4
Pool #938574
5.500%, 9/1/36 		86   99
Pool #310041
6.500%, 5/1/37 		115   137
Pool #909092
6.000%, 9/1/37 		7   8
Pool #972569
5.000%, 3/1/38 		88   98
Pool #909175
5.500%, 4/1/38 		69   79
Pool #929625
5.500%, 6/1/38 		91   106
Pool #909220
6.000%, 8/1/38 		63   73
Pool #MA3905
3.000%, 1/1/50 		1,912   1,994
      3,003
       
 
Non-Agency—7.5%    
ACRES Commercial Realty Corp. 2020-RSO8, A (1 month LIBOR + 1.150%, Cap N/A, Floor 1.15%) 144A
1.274%, 3/15/35(4)(5) 		133   134
1
VIRTUS Tactical Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
($ reported in thousands)
  Par Value   Value
       
Non-Agency—continued    
Ajax Mortgage Loan Trust      
2021-A, A1 144A
1.065%, 9/25/65(4)(5) 		$695   $695
2019-D, A1 144A
2.956%, 9/25/65(4)(5) 		610   614
American Homes 4 Rent Trust      
2014-SFR2, C 144A
4.705%, 10/17/36(4) 		1,050   1,127
2015-SFR1, A 144A
3.467%, 4/17/52(4) 		953   1,010
2015-SFR2, C 144A
4.691%, 10/17/52(4) 		335   364
AMSR Trust      
2020-SFR1, B 144A
2.120%, 4/17/37(4) 		530   535
2020-SFR2, C 144A
2.533%, 7/17/37(4) 		400   408
2020-SFR2, D 144A
3.282%, 7/17/37(4) 		770   794
Angel Oak Mortgage Trust LLC      
2019-3, A1 144A
2.930%, 5/25/59(4)(5) 		210   211
2020-4, A1 144A
1.469%, 6/25/65(4)(5) 		1,149   1,156
Angel Oak SB Commercial Mortgage Trust 2020-SBC1, A1 144A
2.068%, 5/25/50(4)(5) 		947   949
Arroyo Mortgage Trust      
2021-1R, A1 144A
1.175%, 10/25/48(4)(5) 		1,320   1,322
2019-1, A1 144A
3.805%, 1/25/49(4)(5) 		127   130
2019-2, A1 144A
3.347%, 4/25/49(4)(5) 		1,872   1,903
Banc of America Funding Trust      
2004-B, 2A1
2.648%, 11/20/34(5) 		33   36
2005-1, 1A1
5.500%, 2/25/35 		125   129
Bayview Opportunity Master Fund IVa Trust      
2016-SPL1, B1 144A
4.250%, 4/28/55(4) 		510   535
2017-SPL5, B1 144A
4.000%, 6/28/57(4)(5) 		100   104
Bayview Opportunity Master Fund IVb Trust 2016-SPL2, B1 144A
4.250%, 6/28/53(4)(5) 		245   257
BBCMS Mortgage Trust 2018-TALL, A (1 month LIBOR + 0.722%, Cap N/A, Floor 0.722%) 144A
0.795%, 3/15/37(4)(5) 		800   795
BPR Trust 2021-KEN, A (1 month LIBOR + 1.250%, Cap N/A, Floor 1.250%) 144A
1.323%, 2/15/29(4)(5) 		920   920
BRAVO Residential Funding Trust 2021-A, A1 144A
1.991%, 1/25/24(4)(5) 		433   433
BX Commercial Mortgage Trust 2020-BXLP, D (1 month LIBOR + 1.250%, Cap N/A, Floor 1.250%) 144A
1.323%, 12/15/36(4)(5) 		442   442
BX Trust 2019-OC11, D 144A
4.075%, 12/9/41(4)(5) 		1,379   1,475
Cascade MH Asset Trust 2021-MH1, A1 144A
1.753%, 2/25/46(4) 		1,303   1,308
  Par Value   Value
       
Non-Agency—continued    
CF Hippolyta LLC 2020-1, A1 144A
1.690%, 7/15/60(4) 		$406   $412
CHL Mortgage Pass-Through Trust 2004-6, 1A2
2.076%, 5/25/34(5) 		139   140
Citigroup Mortgage Loan Trust, Inc.      
2015-A, A1 144A
3.500%, 6/25/58(4)(5) 		8   8
2018-RP1, A1 144A
3.000%, 9/25/64(4)(5) 		663   684
COLT Mortgage Loan Trust Funding LLC 2020-1, A1 144A
2.488%, 2/25/50(4)(5) 		230   231
COLT Trust 2020-RPL1, A1 144A
1.390%, 1/25/65(4)(5) 		191   192
COMM Mortgage Trust 2020-CBM, B 144A
3.099%, 2/10/37(4) 		490   492
CoreVest American Finance Trust      
2020-4, A 144A
1.174%, 12/15/52(4) 		609   603
2018-2, A 144A
4.026%, 11/15/52(4) 		469   493
2019-3, C 144A
3.265%, 10/15/52(4) 		295   308
2020-1, A1 144A
1.832%, 3/15/50(4) 		504   512
2020-3, A 144A
1.358%, 8/15/53(4) 		748   741
Credit Suisse Mortgage Capital Certificates 2019-ICE4, A (1 month LIBOR + 0.980%, Cap N/A, Floor 0.98%) 144A
1.053%, 5/15/36(4)(5) 		530   531
Credit Suisse Mortgage Capital Trust      
2014-IVR2, A2 144A
3.813%, 4/25/44(4)(5) 		16   16
2020-RPL4, A1 144A
2.000%, 1/25/60(4)(5) 		430   441
2020-NQM1, A1 144A
1.208%, 5/25/65(4)(5) 		204   205
2021-NQM1, A1 144A
0.809%, 5/25/65(4)(5) 		284   284
2021-NQM2, A1 144A
1.179%, 2/25/66(4)(5) 		682   682
CSMC Trust 2017-RPL1, A1 144A
2.750%, 7/25/57(4)(5) 		641   666
Ellington Financial Mortgage Trust      
2019-2, A3 144A
3.046%, 11/25/59(4)(5) 		101   102
2021-2, A3 144A
1.291%, 6/25/66(4)(5) 		841   839
FirstKey Homes Trust      
2021-SFR1, D 144A
2.189%, 8/17/28(4) 		880   880
2020-SFR2, B 144A
1.567%, 10/19/37(4) 		645   641
Flagstar Mortgage Trust 2017-1, 1A3 144A
3.500%, 3/25/47(4)(5) 		176   179
Galton Funding Mortgage Trust      
2017-1, A21 144A
3.500%, 7/25/56(4)(5) 		54   54
2018-1, A23 144A
3.500%, 11/25/57(4)(5) 		69   70
2018-2, A41 144A
4.500%, 10/25/58(4)(5) 		49   49
 
2
VIRTUS Tactical Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
($ reported in thousands)
  Par Value   Value
       
Non-Agency—continued    
2019-H1, A1 144A
2.657%, 10/25/59(4)(5) 		$73   $74
2020-H1, A1 144A
2.310%, 1/25/60(4)(5) 		299   304
GCAT LLC 2019-NQM1, A1 144A
2.985%, 2/25/59(4)(5) 		152   153
GCAT Trust 2020-NQM1, A1 144A
2.247%, 1/25/60(4)(5) 		117   118
GCT Commercial Mortgage Trust 2021-GCT, A (1 month LIBOR + 0.800%, Cap N/A, Floor 0.800%) 144A
0.873%, 2/15/38(4)(5) 		1,080   1,081
GS Mortgage Securities Trust      
2012-ALOH, A 144A
3.551%, 4/10/34(4) 		187   189
2020-GC45, AS
3.173%, 2/13/53(5) 		565   608
GS Mortgage-Backed Securities Trust 2020-NQM1, A3 144A
2.352%, 9/27/60(4)(5) 		486   493
Hilton USA Trust 2016-SFP, B 144A
3.323%, 11/5/35(4) 		500   504
Home Partners of America Trust 2020-2, A 144A
1.532%, 1/17/41(4) 		600   596
Homeward Opportunities Fund I Trust 2018-2, A1 144A
3.985%, 11/25/58(4)(5) 		1,928   1,960
JPMorgan Chase (WaMu) Mortgage Pass-Through Certificates 2003-S11, 3A5
5.950%, 11/25/33 		99   103
JPMorgan Chase Mortgage Trust      
2014-2, 2A2 144A
3.500%, 6/25/29(4)(5) 		36   36
2014-1, 2A12 144A
3.500%, 1/25/44(4)(5) 		32   32
2016-SH1, M2 144A
3.750%, 4/25/45(4)(5) 		223   227
2016-SH2, M2 144A
3.708%, 12/25/45(4)(5) 		411   424
2017-1, A2 144A
3.498%, 1/25/47(4)(5) 		197   200
2017-3, 2A2 144A
2.500%, 8/25/47(4)(5) 		80   81
2017-5, A1 144A
3.090%, 10/26/48(4)(5) 		305   313
2017-4, A3 144A
3.500%, 11/25/48(4)(5) 		502   508
KKR Industrial Portfolio Trust 2021-KDIP, C (1 month LIBOR + 1.000%, Cap N/A, Floor 1.000%) 144A
1.073%, 12/15/37(4)(5) 		870   870
KNDL Mortgage Trust 2019-KNSQ, A (1 month LIBOR + 0.800%, Cap N/A, Floor 0.800%) 144A
0.873%, 5/15/36(4)(5) 		565   565
LHOME Mortgage Trust      
2019-RTL1, A1 144A
4.580%, 10/25/23(4)(5) 		135   135
2021-RTL1, A1 144A
2.090%, 9/25/26(4)(5) 		480   479
Mello Warehouse Securitization Trust      
2021-1, C (1 month LIBOR + 1.100%, Cap N/A, Floor 1.100%) 144A
1.206%, 2/25/55(4)(5) 		400   401
  Par Value   Value
       
Non-Agency—continued    
2021-2, C (1 month LIBOR + 1.100%, Cap N/A, Floor 1.100%) 144A
1.192%, 4/25/55(4)(5) 		$180   $180
MetLife Securitization Trust      
2017-1A, M1 144A
3.497%, 4/25/55(4)(5) 		860   903
2019-1A, A1A 144A
3.750%, 4/25/58(4)(5) 		358   369
Mill City Mortgage Loan Trust      
2017-1, M2 144A
3.250%, 11/25/58(4)(5) 		395   416
2019-1, M2 144A
3.500%, 10/25/69(4)(5) 		509   549
Morgan Stanley - Bank of America (Merrill Lynch) Trust      
2013-C13, AS
4.266%, 11/15/46 		275   292
2015-C22, AS
3.561%, 4/15/48 		835   880
New Residential Mortgage Loan Trust      
2016-3A, B1 144A
4.000%, 9/25/56(4)(5) 		415   449
2016-4A, B1A 144A
4.500%, 11/25/56(4)(5) 		533   586
2017-2A, A3 144A
4.000%, 3/25/57(4)(5) 		116   124
2021-NQ2R, A1 144A
0.941%, 9/25/58(4)(5) 		410   410
2014-1A, A 144A
3.750%, 1/25/54(4)(5) 		233   246
2015-2A, A1 144A
3.750%, 8/25/55(4)(5) 		154   163
2016-1A, A1 144A
3.750%, 3/25/56(4)(5) 		75   80
2016-4A, A1 144A
3.750%, 11/25/56(4)(5) 		55   58
2019-NQM4, A1 144A
2.492%, 9/25/59(4)(5) 		147   149
2020-1A, A1B 144A
3.500%, 10/25/59(4)(5) 		672   709
NewRez Warehouse Securitization Trust 2021-1, C (1 month LIBOR + 1.050%, Cap N/A, Floor 1.050%) 144A
1.142%, 5/25/55(4)(5) 		120   120
NovaStar Mortgage Funding Trust 2004-4, M5 (1 month LIBOR + 1.725%, Cap 11.00%, Floor 1.725%)
1.817%, 3/25/35(5) 		52   52
OBX Trust      
2019-INV1, A3 144A
4.500%, 11/25/48(4)(5) 		174   180
2018-EXP2, 1A1 144A
4.000%, 7/25/58(4)(5) 		152   153
Preston Ridge Partners Mortgage LLC      
2020-1A, A1 144A
2.981%, 2/25/25(4)(5) 		544   546
2020-2, A1 144A
3.671%, 8/25/25(4)(5) 		185   186
2020-3, A1 144A
2.857%, 9/25/25(4)(5) 		1,001   1,006
2020-6, A1 144A
2.363%, 11/25/25(4)(5) 		1,022   1,024
2021-2, A1 144A
2.115%, 3/25/26(4)(5)(6) 		1,026   1,028
 
3
VIRTUS Tactical Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
($ reported in thousands)
  Par Value   Value
       
Non-Agency—continued    
2021-3, A1 144A
1.867%, 4/25/26(4)(5) 		$582   $585
Pretium Mortgage Credit Partners I LLC      
2020-NPL3, A1 144A
3.105%, 6/27/60(4)(5) 		922   931
2021-NPL1, A1 144A
2.240%, 9/27/60(4)(5)(7) 		493   493
Progress Residential Trust      
2021-SFR3, D 144A
2.288%, 5/17/26(4) 		450   452
2021-SFR2, D 144A
2.197%, 4/19/38(4) 		750   749
2021-SFR6, C 144A
1.855%, 7/17/38(4) 		145   145
2018-SFR2, B 144A
3.841%, 8/17/35(4) 		475   475
2019-SFR2, A 144A
3.147%, 5/17/36(4) 		387   394
2019-SFR3, B 144A
2.571%, 9/17/36(4) 		460   466
Provident Funding Mortgage Trust 2019-1, A2 144A
3.000%, 12/25/49(4)(5) 		392   396
RCKT Mortgage Trust 2020-1, A1 144A
3.000%, 2/25/50(4)(5) 		545   553
RCO V Mortgage LLC 2019-2, A1 144A
3.475%, 11/25/24(4)(5) 		522   524
Residential Mortgage Loan Trust 2019-2, A1 144A
2.913%, 5/25/59(4)(5) 		288   292
Sequoia Mortgage Trust 2013-8, B1
3.506%, 6/25/43(5) 		117   119
SG Residential Mortgage Trust 2019-3, A1 144A
2.703%, 9/25/59(4)(5) 		640   642
Starvest Emerging Markets CBO I 2021-3, A3 144A
1.518%, 6/25/56(4)(5) 		295   295
Starwood Mortgage Residential Trust      
2020-2, A1 144A
2.718%, 4/25/60(4)(5) 		301   304
2020-3, A1 144A
1.486%, 4/25/65(4)(5) 		310   313
Towd Point Mortgage Trust      
2016-4, B1 144A
3.860%, 7/25/56(4)(5) 		585   638
2019-4, A2 144A
3.250%, 10/25/59(4)(5) 		650   695
2016-1, M1 144A
3.500%, 2/25/55(4)(5) 		160   164
2016-3, M1 144A
3.500%, 4/25/56(4)(5) 		1,080   1,118
2017-4, A2 144A
3.000%, 6/25/57(4)(5) 		670   704
2019-1, A1 144A
3.722%, 3/25/58(4)(5) 		592   624
2018-6, A1B 144A
3.750%, 3/25/58(4)(5) 		420   448
2018-6, A2 144A
3.750%, 3/25/58(4)(5) 		1,270   1,348
2020-MH1, A2 144A
2.500%, 2/25/60(4)(5) 		1,115   1,143
2019-2, A2 144A
3.750%, 12/25/58(4)(5) 		500   535
2015-2, 1M1 144A
3.250%, 11/25/60(4)(5) 		585   601
  Par Value   Value
       
Non-Agency—continued    
Towd Point Trust 2019-HE1, A1 (1 month LIBOR + 0.900%) 144A
0.992%, 4/25/48(4)(5) 		$395   $396
Tricon American Homes Trust      
2019-SFR1, C 144A
3.149%, 3/17/38(4) 		435   451
2020-SFR2, D 144A
2.281%, 11/17/39(4) 		640   636
TVC Mortgage Trust 2020-RTL1, M 144A
5.193%, 9/25/24(4)(5) 		510   510
VCAT LLC      
2020-NPL1, A1 144A
3.671%, 8/25/50(4)(5) 		157   158
2021-NPL1, A2 144A
4.826%, 12/26/50(4)(5) 		620   620
2021-NPL2, A1 144A
2.115%, 3/27/51(4)(5) 		410   410
2021-NPL3, A1 144A
1.743%, 5/25/51(4)(5) 		475   475
Vericrest Opportunity Loan Trust C LLC 2021-NPL9, A1 144A
1.992%, 5/25/51(4)(5) 		358   358
Vericrest Opportunity Loan Trust XCII LLC 2021-NPL1, A1 144A
1.893%, 2/27/51(4)(5) 		668   668
Verus Securitization Trust      
2019-4, M1 144A
3.207%, 11/25/59(4)(5) 		280   285
2019-INV2, A1 144A
2.913%, 7/25/59(4)(5) 		269   273
Visio Trust      
2020-1R, A2 144A
1.567%, 11/25/55(4) 		366   367
2021-1R, A1 144A
1.280%, 5/25/56(4) 		424   423
Wells Fargo Commercial Mortgage Trust 2014-C24, AS
3.931%, 11/15/47 		265   280
Wells Fargo Mortgage Backed Securities Trust 2020-4, A1 144A
3.000%, 7/25/50(4)(5) 		171   174
      72,183
       
 
Total Mortgage-Backed Securities
(Identified Cost $74,305) 		  75,186
       
 
       
 
Asset-Backed Securities—3.3%
Automobiles—2.0%    
American Credit Acceptance Receivables Trust      
2018-4, C 144A
3.970%, 1/13/25(4) 		108   108
2019-2, C 144A
3.170%, 6/12/25(4) 		427   432
2021-2, C 144A
0.970%, 7/13/27(4) 		900   900
AmeriCredit Automobile Receivables Trust 2020-3, C
1.060%, 8/18/26 		1,245   1,254
Capital Auto Receivables Asset Trust      
2017-1, C 144A
2.700%, 9/20/22(4) 		291   292
2017-1, D 144A
3.150%, 2/20/25(4) 		135   135
 
4
VIRTUS Tactical Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
($ reported in thousands)
  Par Value   Value
       
Automobiles—continued    
Carvana Auto Receivables Trust      
2019-1A, E 144A
5.640%, 1/15/26(4) 		$1,010   $1,069
2019-3A, D 144A
3.040%, 4/15/25(4) 		575   594
2020-P1, B
0.920%, 11/9/26 		775   768
CIG Auto Receivables Trust 2020-1A, E 144A
4.430%, 2/12/27(4) 		545   560
CPS Auto Receivables Trust 2020-C, C 144A
1.710%, 8/17/26(4) 		540   549
Credit Acceptance Auto Loan Trust 2020-3A, B 144A
1.770%, 12/17/29(4) 		540   548
Drive Auto Receivables Trust 2019-4, C
2.510%, 11/17/25 		580   588
DT Auto Owner Trust 2019-2A, B 144A
2.990%, 4/17/23(4) 		119   119
Exeter Automobile Receivables Trust      
2018-4A, D 144A
4.350%, 9/16/24(4) 		160   165
2019-1A, D 144A
4.130%, 12/16/24(4) 		155   160
2019-2A, C 144A
3.300%, 3/15/24(4) 		489   494
2019-4A, C 144A
2.440%, 9/16/24(4) 		690   699
First Investors Auto Owner Trust 2021-1A, C 144A
1.170%, 3/15/27(4) 		790   789
Flagship Credit Auto Trust      
2020-3, C 144A
1.730%, 9/15/26(4) 		540   550
2020-4, C 144A
1.280%, 2/16/27(4) 		965   970
Foursight Capital Automobile Receivables Trust 2019-1, E 144A
4.300%, 9/15/25(4) 		745   780
GLS Auto Receivables Issuer Trust      
2019-4A, C 144A
3.060%, 8/15/25(4) 		745   772
2020-4A, C 144A
1.140%, 11/17/25(4) 		930   934
GLS Auto Receivables Trust      
2017-1A, C 144A
3.500%, 7/15/22(4) 		—   —(8)
2018-1A, B 144A
3.520%, 8/15/23(4) 		86   87
2018-3A, C 144A
4.180%, 7/15/24(4) 		640   659
Hertz Vehicle Financing II LP 2016-4A, A 144A
2.650%, 7/25/22(4) 		48   48
OneMain Direct Auto Receivables Trust 2018-1A, C 144A
3.850%, 10/14/25(4) 		355   359
Oscar US Funding XII LLC 2021-1A, A4 144A
1.000%, 4/10/28(4) 		550   545
Santander Drive Auto Receivables Trust 2020-4, C
1.010%, 1/15/26 		1,390   1,398
Skopos Auto Receivables Trust 2019-1A, C 144A
3.630%, 9/16/24(4) 		575   587
United Auto Credit Securitization Trust      
2019-1, D 144A
3.470%, 8/12/24(4) 		496   499
  Par Value   Value
       
Automobiles—continued    
2021-1, C 144A
0.840%, 6/10/26(4) 		$900   $899
Veros Automobile Receivables Trust 2020-1, B 144A
2.190%, 6/16/25(4) 		585   590
      19,900
       
 
Credit Card—0.2%    
Fair Square Issuance Trust 2020-AA, A 144A
2.900%, 9/20/24(4) 		645   652
Genesis Private Label Amortizing Trust 2020-1, B 144A
2.830%, 7/20/30(4) 		625   627
Genesis Sales Finance Master Trust 2020-AA, A 144A
1.650%, 9/22/25(4) 		775   780
      2,059
       
 
Other—1.1%    
Aqua Finance Trust      
2017-A, A 144A
3.720%, 11/15/35(4) 		42   43
2019-A, C 144A
4.010%, 7/16/40(4) 		720   759
2020-AA, B 144A
2.790%, 7/17/46(4) 		755   774
Arby’s Funding LLC 2020-1A, A2 144A
3.237%, 7/30/50(4) 		536   560
Bankers Healthcare Group Securitization Trust 2020-A, A 144A
2.560%, 9/17/31(4) 		361   366
Consumer Loan Underlying Bond Credit Trust 2019-P1, B 144A
3.280%, 7/15/26(4) 		695   700
Diamond Resorts Owner Trust      
2017-1A, A 144A
3.270%, 10/22/29(4) 		87   88
2021-1A, A 144A
1.510%, 11/21/33(4) 		560   562
Foundation Finance Trust      
2017-1A, A 144A
3.300%, 7/15/33(4) 		543   551
2021-1A, A 144A
1.270%, 5/15/41(4) 		699   700
Jersey Mike’s Funding 2019-1A, A2 144A
4.433%, 2/15/50(4) 		570   610
Lendmark Funding Trust 2018-2A, A 144A
4.230%, 4/20/27(4) 		160   162
Mariner Finance Issuance Trust 2020-AA, A 144A
2.190%, 8/21/34(4) 		555   565
MVW LLC 2020-1A, A 144A
1.740%, 10/20/37(4) 		330   336
MVW Owner Trust 2016-1A, A 144A
2.250%, 12/20/33(4) 		96   96
Oasis LLC 2020-1A, A 144A
3.820%, 1/15/32(4) 		196   197
Octane Receivables Trust      
2019-1A, A 144A
3.160%, 9/20/23(4) 		149   151
2020-1A, A 144A
1.710%, 2/20/25(4) 		416   420
OneMain Financial Issuance Trust 2018-1A, A 144A
3.300%, 3/14/29(4) 		334   335
 
5
VIRTUS Tactical Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
($ reported in thousands)
  Par Value   Value
       
Other—continued    
Orange Lake Timeshare Trust 2019-A, B 144A
3.360%, 4/9/38(4) 		$349   $360
Purchasing Power Funding LLC 2021-A, A 144A
1.570%, 10/15/25(4) 		900   900
Small Business Lending Trust 2019-A, A 144A
2.850%, 7/15/26(4) 		44   44
Trinity Rail Leasing LLC 2019-1A, A 144A
3.820%, 4/17/49(4) 		354   369
Westgate Resorts LLC 2020-1A, A 144A
2.713%, 3/20/34(4) 		615   628
      10,276
       
 
Total Asset-Backed Securities
(Identified Cost $31,884) 		  32,235
       
 
       
 
Corporate Bonds and Notes—10.2%
Communication Services—0.6%    
Cable Onda S.A. 144A
4.500%, 1/30/30(4) 		460   485
CCO Holdings LLC 144A
4.750%, 3/1/30(4) 		290   307
Diamond Sports Group LLC      
144A 5.375%, 8/15/26(4) 255   165
144A 6.625%, 8/15/27(4) 140   69
DISH DBS Corp.      
5.000%, 3/15/23 300   314
7.750%, 7/1/26 180   204
Level 3 Financing, Inc. 144A
4.250%, 7/1/28(4) 		650   660
Live Nation Entertainment, Inc. 144A
4.750%, 10/15/27(4) 		80   83
Radiate Holdco LLC 144A
4.500%, 9/15/26(4) 		150   155
Sprint Spectrum Co. LLC 144A
4.738%, 3/20/25(4) 		562   603
Telesat Canada      
144A 5.625%, 12/6/26(4) 175   176
144A 6.500%, 10/15/27(4) 305   290
T-Mobile USA, Inc.
3.875%, 4/15/30 		865   967
TripAdvisor, Inc. 144A
7.000%, 7/15/25(4) 		445   479
UPC Broadband Finco B.V. 144A
4.875%, 7/15/31(4) 		600   601
Verizon Communications, Inc.
2.550%, 3/21/31 		419   428
      5,986
       
 
Consumer Discretionary—0.6%    
American Builders & Contractors Supply Co., Inc. 144A
4.000%, 1/15/28(4) 		590   605
Aramark Services, Inc. 144A
6.375%, 5/1/25(4) 		290   308
Carriage Services, Inc. 144A
4.250%, 5/15/29(4) 		215   215
Ford Motor Co.
9.000%, 4/22/25 		652   804
Gateway Casinos & Entertainment Ltd. 144A
8.250%, 3/1/24(4) 		385   385
  Par Value   Value
       
Consumer Discretionary—continued    
Hanesbrands, Inc. 144A
5.375%, 5/15/25(4) 		$560   $593
Hilton Grand Vacations Borrower Escrow LLC 144A
5.000%, 6/1/29(4) 		145   148
LCM Investments Holdings II LLC 144A
4.875%, 5/1/29(4) 		20   21
M/I Homes, Inc.
4.950%, 2/1/28 		435   454
Marriott International, Inc. Series HH
2.850%, 4/15/31 		82   83
Marriott Ownership Resorts, Inc.
4.750%, 1/15/28 		335   343
PulteGroup, Inc.
6.375%, 5/15/33 		280   370
QVC, Inc.
4.375%, 3/15/23 		440   464
Scientific Games International, Inc.      
144A 5.000%, 10/15/25(4) 370   382
144A 8.250%, 3/15/26(4) 210   225
144A 7.000%, 5/15/28(4) 80   87
Tenneco, Inc. 144A
5.125%, 4/15/29(4) 		540   555
      6,042
       
 
Consumer Staples—0.4%    
Albertsons Cos., Inc.      
144A 4.625%, 1/15/27(4) 455   476
144A 3.500%, 3/15/29(4) 60   59
Anheuser-Busch InBev Worldwide, Inc.      
4.000%, 4/13/28 520   592
4.750%, 1/23/29 130   155
Bacardi Ltd. 144A
4.700%, 5/15/28(4) 		520   605
BAT Capital Corp.
4.906%, 4/2/30 		705   810
Post Holdings, Inc. 144A
4.500%, 9/15/31(4) 		370   369
Vector Group Ltd. 144A
5.750%, 2/1/29(4) 		585   596
      3,662
       
 
Energy—1.2%    
Aker BP ASA 144A
2.875%, 1/15/26(4) 		770   811
Alliance Resource Operating Partners LP 144A
7.500%, 5/1/25(4) 		460   449
Boardwalk Pipelines LP
4.950%, 12/15/24 		550   615
Cheniere Energy, Inc. 144A
4.625%, 10/15/28(4) 		235   248
CrownRock LP      
144A 5.625%, 10/15/25(4) 345   357
144A 5.000%, 5/1/29(4) 300   315
Energy Transfer LP Series H
6.500% (6) 		590   602
EQM Midstream Partners LP      
144A 6.000%, 7/1/25(4) 55   60
144A 6.500%, 7/1/27(4) 65   72
144A 4.750%, 1/15/31(4) 140   144
Flex Intermediate Holdco LLC 144A
3.363%, 6/30/31(4) 		785   795
 
6
VIRTUS Tactical Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
($ reported in thousands)
  Par Value   Value
       
Energy—continued    
HollyFrontier Corp.
5.875%, 4/1/26 		$630   $729
Indigo Natural Resources LLC 144A
5.375%, 2/1/29(4) 		230   240
Kinder Morgan Energy Partners LP
7.500%, 11/15/40 		885   1,306
Occidental Petroleum Corp.
5.500%, 12/1/25 		15   17
Odebrecht Oil & Gas Finance Ltd. 144A
0.000% (4)(6)(7) 		25   —(8)
Parsley Energy LLC 144A
4.125%, 2/15/28(4) 		330   347
Patterson-UTI Energy, Inc.
5.150%, 11/15/29 		350   366
Pertamina Persero PT 144A
6.450%, 5/30/44(4) 		980   1,277
Petroleos de Venezuela S.A. 144A
6.000%, 5/16/24(2)(4) 		255   11
Petroleos Mexicanos      
6.500%, 3/13/27 350   369
7.690%, 1/23/50 560   539
Petronas Capital Ltd. 144A
3.500%, 4/21/30(4) 		530   581
Sabine Pass Liquefaction LLC      
6.250%, 3/15/22 425   436
4.200%, 3/15/28 210   237
Targa Resources Partners LP
5.875%, 4/15/26 		430   452
Transocean Guardian Ltd. 144A
5.875%, 1/15/24(4) 		98   95
      11,470
       
 
Financials—3.8%    
AerCap Ireland Capital DAC
3.650%, 7/21/27 		390   417
Allstate Corp. (The) Series B
5.750%, 8/15/53 		565   615
Ally Financial, Inc. Series B
4.700% (6) 		628   650
Ares Finance Co. LLC 144A
4.000%, 10/8/24(4) 		705   754
Ascot Group Ltd. 144A
4.250%, 12/15/30(4) 		745   784
Athene Global Funding 144A
2.450%, 8/20/27(4) 		775   800
Bank of America Corp.      
2.687%, 4/22/32 1,725   1,775
(3 month LIBOR + 0.770%)
0.946%, 2/5/26(5) 		640   649
Bank of New York Mellon Corp. (The) Series G
4.700% (6) 		710   775
BBVA Bancomer S.A. 144A
5.125%, 1/18/33(4) 		540   563
Blue Owl Finance LLC 144A
3.125%, 6/10/31(4) 		740   734
Brighthouse Financial, Inc.      
3.700%, 6/22/27(1) 111   121
5.625%, 5/15/30 503   612
Brightsphere Investment Group, Inc.
4.800%, 7/27/26 		570   613
Brookfield Finance, Inc.
2.724%, 4/15/31 		1,200   1,235
  Par Value   Value
       
Financials—continued    
Burford Capital Global Finance LLC 144A
6.250%, 4/15/28(4) 		$200   $210
Capital One Financial Corp.      
4.200%, 10/29/25 300   335
3.750%, 7/28/26 585   645
Charles Schwab Corp. (The) Series H
4.000% (6) 		775   793
Citadel LP 144A
4.875%, 1/15/27(4) 		565   610
Citigroup, Inc.      
3.200%, 10/21/26 525   569
(3 month LIBOR + 1.250%)
1.395%, 7/1/26(5) 		1,200   1,234
Corporate Office Properties LP
2.750%, 4/15/31 		680   685
Discover Bank
4.682%, 8/9/28 		1,435   1,524
Drawbridge Special Opportunities Fund LP 144A
3.875%, 2/15/26(4) 		770   797
Fairfax Financial Holdings Ltd.
4.850%, 4/17/28 		585   673
Goldman Sachs Group, Inc. (The) (3 month LIBOR + 1.170%)
1.326%, 5/15/26(5) 		685   703
Icahn Enterprises LP
6.250%, 5/15/26 		710   753
Jefferies Group LLC
4.850%, 1/15/27 		340   396
JPMorgan Chase & Co.
1.953%, 2/4/32 		1,445   1,403
Ladder Capital Finance Holdings LLLP 144A
4.250%, 2/1/27(4) 		490   489
Liberty Mutual Group, Inc. 144A
4.569%, 2/1/29(4) 		627   732
Lincoln National Corp. (3 month LIBOR + 2.040%)
2.228%, 4/20/67(5) 		615   524
MetLife, Inc. Series G
3.850% (6) 		695   731
Morgan Stanley      
3.125%, 7/27/26 1,080   1,170
6.375%, 7/24/42 580   890
OneMain Finance Corp.      
6.875%, 3/15/25 330   372
7.125%, 3/15/26 135   157
Prudential Financial, Inc.      
5.875%, 9/15/42 285   301
5.625%, 6/15/43 720   773
Santander Holdings USA, Inc.
4.400%, 7/13/27 		640   719
Societe Generale S.A. 144A
4.750%, 11/24/25(4) 		535   597
Synovus Financial Corp.
5.900%, 2/7/29 		300   326
Texas Capital Bancshares, Inc.
4.000%, 5/6/31 		890   925
Toronto-Dominion Bank (The)
3.625%, 9/15/31 		725   803
UBS AG
7.625%, 8/17/22 		1,430   1,538
Wells Fargo & Co.      
2.393%, 6/2/28 1,310   1,359
Series BB
3.900%(6) 		1,155   1,196
 
7
VIRTUS Tactical Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
($ reported in thousands)
  Par Value   Value
       
Financials—continued    
Zions Bancorp NA
3.250%, 10/29/29 		$405   $424
      36,453
       
 
Health Care—0.5%    
Anthem, Inc.
2.875%, 9/15/29 		565   599
Bausch Health Cos., Inc. 144A
5.750%, 8/15/27(4) 		200   212
Centene Corp.
4.625%, 12/15/29 		220   242
DaVita, Inc. 144A
4.625%, 6/1/30(4) 		565   581
HCA, Inc.
5.250%, 6/15/49 		415   529
Illumina, Inc.
2.550%, 3/23/31 		370   375
Jaguar Holding Co. II 144A
5.000%, 6/15/28(4) 		285   309
Legacy LifePoint Health LLC 144A
4.375%, 2/15/27(4) 		305   309
Par Pharmaceutical, Inc. 144A
7.500%, 4/1/27(4) 		215   220
Prime Healthcare Services, Inc. 144A
7.250%, 11/1/25(4) 		35   38
Surgery Center Holdings, Inc. 144A
6.750%, 7/1/25(4) 		15   15
Tenet Healthcare Corp. 144A
7.500%, 4/1/25(4) 		50   54
Teva Pharmaceutical Finance Netherlands III B.V.
3.150%, 10/1/26 		515   490
Utah Acquisition Sub, Inc.
3.950%, 6/15/26 		670   738
      4,711
       
 
Industrials—0.6%    
American Airlines, Inc. 144A
5.750%, 4/20/29(4) 		185   200
Ashtead Capital, Inc. 144A
4.375%, 8/15/27(4) 		905   948
Aviation Capital Group LLC 144A
3.500%, 11/1/27(4) 		560   588
Avolon Holdings Funding Ltd. 144A
4.375%, 5/1/26(4) 		565   614
Boeing Co. (The)
5.150%, 5/1/30 		415   492
Dycom Industries, Inc. 144A
4.500%, 4/15/29(4) 		230   232
Fortress Transportation & Infrastructure Investors LLC 144A
6.500%, 10/1/25(4) 		35   36
GFL Environmental, Inc.      
144A 3.750%, 8/1/25(4) 460   473
144A 4.000%, 8/1/28(4) 145   143
Kazakhstan Temir Zholy Finance BV 144A
6.950%, 7/10/42(4) 		440   604
Spirit AeroSystems, Inc. 144A
5.500%, 1/15/25(4) 		595   632
Stanley Black & Decker, Inc.
4.000%, 3/15/60 		580   617
  Par Value   Value
       
Industrials—continued    
TransDigm, Inc.
5.500%, 11/15/27 		$305   $318
      5,897
       
 
Information Technology—1.0%    
Banff Merger Sub, Inc. 144A
9.750%, 9/1/26(4) 		15   16
Broadcom, Inc.      
4.150%, 11/15/30 750   841
144A 2.450%, 2/15/31(4) 388   381
Citrix Systems, Inc.
3.300%, 3/1/30 		975   1,026
Dell International LLC
8.100%, 7/15/36 		210   320
Elastic N.V. 144A
4.125%, 7/15/29(4) 		85   85
Flex Ltd.
3.750%, 2/1/26 		555   607
Hewlett Packard Enterprise Co.
4.900%, 10/15/25 		675   768
HP, Inc.
3.400%, 6/17/30 		835   894
Leidos, Inc.
2.300%, 2/15/31 		800   781
Motorola Solutions, Inc.      
4.600%, 2/23/28 517   602
4.600%, 5/23/29 265   309
NCR Corp. 144A
5.125%, 4/15/29(4) 		350   361
Science Applications International Corp. 144A
4.875%, 4/1/28(4) 		580   608
SK Hynix, Inc. 144A
1.500%, 1/19/26(4) 		465   459
Square, Inc. 144A
3.500%, 6/1/31(4) 		405   409
Vontier Corp. 144A
2.950%, 4/1/31(4) 		643   645
Xerox Holdings Corp. 144A
5.500%, 8/15/28(4) 		455   473
      9,585
       
 
Materials—0.6%    
Ardagh Metal Packaging Finance USA LLC 144A
4.000%, 9/1/29(4) 		200   198
Ardagh Packaging Finance plc 144A
4.125%, 8/15/26(4) 		610   630
Chemours Co. (The) 144A
5.750%, 11/15/28(4) 		430   460
Cleveland-Cliffs, Inc. 144A
6.750%, 3/15/26(4) 		570   615
CVR Partners LP 144A
6.125%, 6/15/28(4) 		5   5
Freeport-McMoRan, Inc.
5.450%, 3/15/43 		475   581
Glencore Funding LLC 144A
2.850%, 4/27/31(4) 		750   763
International Flavors & Fragrances, Inc. 144A
2.300%, 11/1/30(4) 		635   631
Inversiones CMPC S.A. 144A
3.850%, 1/13/30(4) 		870   928
 
8
VIRTUS Tactical Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
($ reported in thousands)
  Par Value   Value
       
Materials—continued    
Louisiana-Pacific Corp. 144A
3.625%, 3/15/29(4) 		$490   $493
Syngenta Finance N.V. 144A
4.441%, 4/24/23(4) 		200   211
Teck Resources Ltd.
6.125%, 10/1/35 		540   695
      6,210
       
 
Real Estate—0.6%    
American Assets Trust LP
3.375%, 2/1/31 		910   937
EPR Properties
4.750%, 12/15/26 		865   937
GLP Capital LP
5.750%, 6/1/28 		655   779
MPT Operating Partnership LP      
5.000%, 10/15/27 240   254
4.625%, 8/1/29 140   150
3.500%, 3/15/31 525   530
Office Properties Income Trust
4.500%, 2/1/25 		555   603
Retail Opportunity Investments Partnership LP
4.000%, 12/15/24 		485   524
Retail Properties of America, Inc.
4.750%, 9/15/30 		780   864
Service Properties Trust
4.950%, 2/15/27 		640   637
      6,215
       
 
Utilities—0.3%    
Exelon Corp.
3.497%, 6/1/22 		435   446
National Fuel Gas Co.
2.950%, 3/1/31 		245   246
Perusahaan Listrik Negara PT 144A
4.125%, 5/15/27(4) 		210   228
Puget Energy, Inc. 144A
2.379%, 6/15/28(4) 		453   458
Southern Co. (The) Series A
3.750%, 9/15/51 		794   799
Talen Energy Supply LLC 144A
6.625%, 1/15/28(4) 		310   284
      2,461
       
 
Total Corporate Bonds and Notes
(Identified Cost $94,060) 		  98,692
       
 
       
 
Leveraged Loans—3.2%
Aerospace—0.3%    
American Airlines, Inc. (3 month LIBOR + 4.750%)
5.500%, 4/20/28(5) 		455   474
Brown Group Holding LLC (3 month LIBOR + 2.750%)
3.250%, 6/7/28(5) 		625   622
Mileage Plus Holdings, LLC (3 month LIBOR + 5.250%)
6.250%, 6/21/27(5) 		600   640
TransDigm, Inc. Tranche E (1 month LIBOR + 2.250%)
2.354%, 5/30/25(5) 		674   665
  Par Value   Value
       
Aerospace—continued    
United AirLines, Inc. Tranche B (3 month LIBOR + 3.750%)
4.500%, 4/21/28(5) 		$45   $45
      2,446
       
 
Chemicals—0.2%    
Gemini HDPE LLC 2027 (3 month LIBOR + 3.000%)
3.500%, 12/31/27(5) 		178   177
Ineos U.S. Finance LLC 2024 (3 month LIBOR + 2.000%)
2.104%, 4/1/24(5) 		690   682
Ineos U.S. Petrochem LLC 2026, Tranche B (1 month LIBOR + 2.750%)
3.250%, 1/29/26(5) 		460   459
Starfruit Finco B.V. (1 month LIBOR + 1.750%)
2.843% - 5.000%, 10/1/25(5) 		610   605
Trinseo Materials Operating SCA 2021 (1 month LIBOR + 2.500%)
2.604%, 5/3/28(5) 		485   481
      2,404
       
 
Consumer Durables—0.1%    
Resideo Funding, Inc. Tranche B (1 month LIBOR + 2.250%)
2.750%, 2/11/28(5) 		299   298
Weber-Stephen Products LLC Tranche B (1 month LIBOR + 3.250%)
4.000%, 10/30/27(5) 		309   309
      607
       
 
Consumer Non-Durables—0.0%    
SRAM LLC (1 month LIBOR + 2.750%)
3.250%, 5/18/28(5) 		159   158
Energy—0.1%    
Buckeye Partners LP Tranche B, First Lien (3 month LIBOR + 2.250%)
2.354%, 11/1/26(5) 		104   103
CITGO Petroleum Corp. 2019, Tranche B (3 month LIBOR + 6.250%)
7.250%, 3/28/24(5) 		258   260
DT Midstream, Inc. (3 month LIBOR + 2.000%)
0.000%, 6/12/28(5)(9) 		160   160
      523
       
 
Financial—0.1%    
Avolon TLB Borrower 1 US LLC Tranche B-5 (1 month LIBOR + 2.500%)
3.250%, 12/1/27(5) 		309   308
Citadel Securities LP 2021 (1 month LIBOR + 2.500%)
2.604%, 2/2/28(5) 		658   651
Zebra Buyer LLC (3 month LIBOR + 3.500%)
0.000%, 4/21/28(5)(9) 		45   45
      1,004
       
 
Food / Tobacco—0.1%    
Aramark Services, Inc. Tranche B-4 (1 month LIBOR + 1.750%)
1.854%, 1/15/27(5) 		99   97
 
9
VIRTUS Tactical Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
($ reported in thousands)
  Par Value   Value
       
Food / Tobacco—continued    
CHG PPC Parent LLC First Lien (1 month LIBOR + 2.750%)
2.854%, 3/31/25(5) 		$179   $177
Hostess Brands LLC 2019, Tranche B (1 month LIBOR + 2.250%)
3.000%, 8/3/25(5) 		597   594
JBS USA Lux S.A. (1 month LIBOR + 2.000%)
2.104%, 5/1/26(5) 		602   600
      1,468
       
 
Forest Prod / Containers—0.1%    
Berry Global, Inc. Tranche Z (1 month LIBOR + 1.750%)
1.827%, 7/1/26(5) 		558   554
Reynolds Group Holdings, Inc. (1 month LIBOR + 2.750%)
2.854%, 2/6/23(5) 		600   598
      1,152
       
 
Gaming / Leisure—0.3%    
Aristocrat Technologies, Inc. (3 month LIBOR + 3.750%)
4.750%, 10/19/24(5) 		287   288
Caesars Resort Collection LLC Tranche B (1 month LIBOR + 2.750%)
0.000%, 12/23/24(5)(9) 		454   450
CityCenter Holdings LLC (1 month LIBOR + 2.250%)
3.000%, 4/18/24(5) 		602   597
Hilton Grand Vacations Borrower LLC First Lien (3 month LIBOR + 3.250%)
0.000%, 5/19/28(5) 		80   80
Hilton Worldwide Finance LLC Tranche B-2 (1 month LIBOR + 1.750%)
1.842%, 6/22/26(5) 		605   600
Playtika Holding Corp. Tranche B-1 (1 month LIBOR + 2.750%)
2.854%, 3/13/28(5) 		449   446
Pug LLC Tranche B (1 month LIBOR + 3.500%)
3.604%, 2/12/27(5) 		276   269
Seminole Tribe of Florida (1 month LIBOR + 1.750%)
1.854%, 7/8/24(5) 		274   273
Station Casinos LLC Tranche B-1 (1 month LIBOR + 2.250%)
2.500%, 2/8/27(5) 		163   161
      3,164
       
 
Healthcare—0.3%    
Bausch Health Cos., Inc.      
(1 month LIBOR + 2.750%)
2.843%, 11/27/25 		105   104
(1 month LIBOR + 3.000%)
3.104%, 6/2/25(5) 		54   54
Catalent Pharma Solutions, Inc. Tranche B-3 (1 month LIBOR + 2.000%)
2.500%, 2/22/28 		295   295
CHG Healthcare Services, Inc. (3 month LIBOR + 3.000%)
0.000%, 6/7/23(5) 		306   306
Greatbatch Ltd. Tranche B (1 month LIBOR + 2.500%)
3.500%, 10/27/22(5) 		509   510
  Par Value   Value
       
Healthcare—continued    
HCA, Inc. (3 month LIBOR + 1.750%)
0.000%, 6/23/28(5)(9) 		$65   $65
ICON Luxembourg S.a.r.l.      
Tranche B (3 month LIBOR + 2.500%)
0.000%, 6/16/28(5)(9) 		60   60
Tranche B-1 (3 month LIBOR + 2.500%)
0.000%, 6/16/28(5)(9) 		15   15
IQVIA, Inc. Tranche B-3 (3 month LIBOR + 1.750%)
1.897%, 6/11/25(5) 		372   370
LifePoint Health, Inc. Tranche B, First Lien (1 month LIBOR + 3.750%)
3.854%, 11/17/25(5) 		436   434
PPD, Inc. (1 month LIBOR + 2.250%)
2.750%, 1/13/28(5) 		419   418
      2,631
       
 
Housing—0.2%    
CPG International LLC (3 month LIBOR + 2.500%)
3.250%, 5/6/24 		501   500
Quikrete Holdings, Inc. Tranche B1 (3 month LIBOR + 3.000%)
0.000%, 6/11/28(5)(9) 		435   432
Summit Materials LLC Tranche B (1 month LIBOR + 2.000%)
2.093%, 11/21/24(5) 		600   597
      1,529
       
 
Information Technology—0.2%    
Applied Systems, Inc.      
First Lien (3 month LIBOR + 3.250%)
3.750%, 9/19/24 		394   393
Second Lien (3 month LIBOR + 5.500%)
6.250%, 9/19/25(5) 		55   55
Boxer Parent Co., Inc. 2021 (1 month LIBOR + 3.750%)
3.854%, 10/2/25(5) 		552   548
Sophia LP (3 month LIBOR + 3.750%)
3.897%, 10/7/27(5) 		542   542
Tenable Holdings, Inc. Tranche B (3 month LIBOR + 2.750%)
0.000%, 6/28/28(5)(9) 		135   135
UKG, Inc. 2021 (3 month LIBOR + 3.250%)
4.000%, 5/4/26(5) 		268   268
Ultra Clean Holdings, Inc. Tranche B (1 month LIBOR + 3.750%)
3.843%, 8/27/25(5) 		175   176
      2,117
       
 
Manufacturing—0.2%    
Alliance Laundry Systems LLC Tranche B (3 month LIBOR + 3.500%)
4.250%, 10/8/27(5) 		503   503
Gates Global LLC Tranche B-3 (1 month LIBOR + 2.750%)
3.500%, 3/31/27(5) 		597   595
Ingersoll-Rand Services Co. 2020, Tranche B-1 (1 month LIBOR + 1.750%)
1.854%, 3/1/27(5) 		44   44
 
10
VIRTUS Tactical Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
($ reported in thousands)
  Par Value   Value
       
Manufacturing—continued    
Star US Bidco LLC (1 month LIBOR + 4.250%)
5.250%, 3/17/27(5) 		$461   $461
      1,603
       
 
Media / Telecom - Broadcasting—0.0%    
Nexstar Broadcasting, Inc. Tranche B-4 (1 month LIBOR + 2.500%)
2.592%, 9/18/26(5) 		451   449
Media / Telecom - Cable/Wireless Video—0.1%    
CSC Holdings LLC 2018 (1 month LIBOR + 2.250%)
2.323%, 1/15/26(5) 		418   411
Radiate Holdco LLC Tranche B (1 month LIBOR + 3.500%)
4.250%, 9/25/26(5) 		61   61
Virgin Media Bristol LLC Tranche Q (3 month LIBOR + 3.250%)
3.353%, 1/31/29(5) 		70   70
      542
       
 
Media / Telecom - Diversified Media—0.0%    
UPC Financing Partnership Tranche AX (1 month LIBOR + 3.000%)
3.073%, 1/31/29(5) 		280   278
Media / Telecom - Telecommunications—0.1%    
CenturyLink, Inc. Tranche B (1 month LIBOR + 2.250%)
2.354%, 3/15/27(5) 		153   150
Consolidated Communications, Inc. Tranche B-1 (1 month LIBOR + 3.500%)
4.250%, 10/2/27(5) 		103   104
Zayo Group Holdings, Inc. (1 month LIBOR + 3.000%)
3.104%, 3/9/27 		377   373
      627
       
 
Media / Telecom - Wireless Communications—0.1%    
SBA Senior Finance II LLC Tranche B (1 month LIBOR + 1.750%)
1.860%, 4/11/25(5) 		620   615
Metals / Minerals—0.0%    
Atkore International, Inc. (3 month LIBOR + 2.000%)
2.500%, 5/18/28(5) 		90   90
Retail—0.1%    
Harbor Freight Tools USA, Inc. 2020 (1 month LIBOR + 3.000%)
3.750%, 10/19/27(5) 		612   612
PetsMart LLC (3 month LIBOR + 3.750%)
4.500%, 2/11/28(5) 		300   300
      912
       
 
Service—0.3%    
AlixPartners LLP (1 month LIBOR + 2.750%)
3.250%, 2/4/28(5) 		688   685
Dun & Bradstreet Corp. (The) Tranche B (1 month LIBOR + 3.250%)
3.345%, 2/6/26(5) 		738   734
  Par Value   Value
       
Service—continued    
Peraton Corp. Tranche B, First Lien (1 month LIBOR + 3.750%)
4.500%, 2/1/28(5) 		$328   $329
PODS LLC (3 month LIBOR + 3.000%)
3.750%, 3/31/28(5) 		329   328
Sedgwick Claims Management Services, Inc. (1 month LIBOR + 3.250%)
3.354%, 12/31/25(5) 		628   621
WEX, Inc. Tranche B (1 month LIBOR + 2.250%)
2.354%, 3/31/28(5) 		584   579
      3,276
       
 
Transportation - Automotive—0.1%    
Cooper-Standard Automotive, Inc. Tranche B-1 (1 month LIBOR + 2.000%)
2.750%, 11/2/23(5) 		493   480
Navistar, Inc. Tranche B (1 month LIBOR + 3.500%)
3.600%, 11/6/24(5) 		225   225
      705
       
 
Transportation - Land Transportation—0.1%    
Genesee & Wyoming, Inc. (3 month LIBOR + 2.000%)
2.147%, 12/30/26(5) 		597   593
Utility—0.1%    
Astoria Energy LLC Tranche B (3 month LIBOR + 3.500%)
4.500%, 12/10/27 		426   425
Brookfield WEC Holdings, Inc. (1 month LIBOR + 2.750%)
3.250%, 8/1/25(5) 		622   615
Calpine Corp. 2019 (1 month LIBOR + 2.000%)
2.110%, 4/5/26(5) 		446   440
      1,480
       
 
Total Leveraged Loans
(Identified Cost $30,345) 		  30,373
       
 
       
 
    
  Shares  
Preferred Stocks—0.3%
Financials—0.2%  
Discover Financial Services Series D, 6.125% 175(10) 197
JPMorgan Chase & Co. Series HH, 4.600% 304(10) 315
KeyCorp Series D, 5.000% 440(10) 490
MetLife, Inc. Series D, 5.875% 277(10) 319
Truist Financial Corp. Series Q, 5.100% 680(10) 764
Zions Bancorp NA, 6.950% 6,400 178
    2,263
     
 
Industrials—0.1%  
General Electric Co. Series D, 3.449%(5) 725(10) 710
Total Preferred Stocks
(Identified Cost $2,691) 		2,973
     
 
     
 
 
11
VIRTUS Tactical Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
($ reported in thousands)
  Shares   Value
       
       
Common Stocks—68.7%
Communication Services—11.6%    
Activision Blizzard, Inc. 67,377   $6,431
Adevinta ASA Class B(11) 294,196   5,638
Ascential plc(11) 740,523   4,261
Auto Trader Group plc(11) 688,962   6,037
Autohome, Inc. ADR 28,430   1,818
CTS Eventim AG & Co. KGaA(11) 24,308   1,519
Facebook, Inc. Class A(11) 89,098   30,980
Infrastrutture Wireless Italiane SpA 201,961   2,278
Kanzhun Ltd. ADR(11) 109,450   4,340
Karnov Group AB Class B 576,285   3,542
MarkLines Co., Ltd. 56,600   1,493
Netflix, Inc.(11) 30,180   15,941
New Work SE 13,557   4,260
Rightmove plc 701,548   6,302
Tencent Holdings Ltd. ADR 191,125   14,392
Yandex N.V. Class A(11) 37,249   2,635
      111,867
       
 
Consumer Discretionary—14.3%    
Airbnb, Inc. Class A(11) 23,826   3,649
Alibaba Group Holding Ltd. Sponsored ADR(11) 86,355   19,584
Allegro.eu SA(11) 121,105   2,084
Amazon.com, Inc.(11) 12,304   42,328
Home Depot, Inc. (The) 21,212   6,764
Las Vegas Sands Corp.(11) 108,432   5,713
Marriott International, Inc. Class A(11) 37,398   5,106
Max Stock Ltd. 572,792   2,170
MercadoLibre, Inc.(11) 8,077   12,582
Mercari, Inc.(11) 65,700   3,489
NIKE, Inc. Class B 91,651   14,159
Redbubble Ltd.(11) 706,789   1,914
Ross Stores, Inc. 59,405   7,366
Sonans Holding AS(11) 830,027   5,302
Trip.com Group Ltd. ADR(11) 86,329   3,061
Union Auction PCL 3,619,700   1,129
Vasta Platform Ltd. Class A(11) 215,022   1,746
      138,146
       
 
Consumer Staples—2.6%    
Estee Lauder Cos., Inc. (The) Class A 18,322   5,828
Heineken Malaysia Bhd 237,500   1,350
McCormick & Co., Inc. 47,249   4,173
Monster Beverage Corp.(11) 73,905   6,751
Procter & Gamble Co. (The) 49,322   6,655
      24,757
       
 
Energy—0.4%    
Frontera Energy Corp.(11) 1,798   11
Pason Systems, Inc. 498,219   3,589
      3,600
       
 
Financials—4.6%    
Bank of America Corp. 242,096   9,982
Cerved Group SpA(11) 124,491   1,447
CME Group, Inc. Class A 21,176   4,504
Gruppo Mutuionline SpA 76,669   3,654
Kaspi.KZ JSC GDR, 144A(4) 42,939   4,551
MarketAxess Holdings, Inc. 16,511   7,654
  Shares   Value
       
Financials—continued    
Mortgage Advice Bureau Holdings Ltd. 186,773   $3,049
Nordnet AB publ 107,272   1,811
Progressive Corp. (The) 30,947   3,039
Sabre Insurance Group plc 624,849   2,204
VNV Global AB(11) 268,730   2,994
      44,889
       
 
Health Care—3.5%    
Danaher Corp. 40,328   10,822
Haw Par Corp., Ltd. 385,700   3,930
HealthEquity, Inc.(11) 45,250   3,642
Nakanishi, Inc. 80,900   1,770
Zoetis, Inc. Class A 72,635   13,536
      33,700
       
 
Industrials—10.1%    
Boa Vista Servicos SA 948,109   2,131
BTS Group AB Class B 104,638   3,986
CAE, Inc.(11) 155,026   4,775
CoStar Group, Inc.(11) 114,570   9,489
CTT Systems AB 93,498   2,365
Enento Group Oyj 87,952   3,535
Equifax, Inc. 21,221   5,083
Fair Isaac Corp.(11) 12,160   6,113
Fintel plc 1,392,560   4,488
Haitian International Holdings Ltd. 423,000   1,419
HeadHunter Group plc ADR 176,101   7,461
Kansas City Southern 17,628   4,995
Knorr-Bremse AG 11,004   1,266
Marel HF 506,770   3,521
Meitec Corp. 46,500   2,516
MTU Aero Engines AG 7,743   1,918
Roper Technologies, Inc. 18,678   8,782
Rotork plc 310,037   1,460
S-1 Corp. 51,930   3,777
Tegma Gestao Logistica SA 663,712   3,232
Uber Technologies, Inc.(11) 192,363   9,641
Voltronic Power Technology Corp. 33,894   1,636
Wolters Kluwer NV 34,299   3,446
      97,035
       
 
Information Technology—20.8%    
Accenture plc Class A 26,990   7,956
Admicom Oyj 11,333   1,156
Alten SA 27,211   3,607
Amphenol Corp. Class A 166,926   11,419
Avalara, Inc.(11) 96,129   15,554
Bill.com Holdings, Inc.(11) 196,744   36,040
Bouvet ASA 404,095   2,877
Brockhaus Capital Management AG(11) 52,904   1,437
DocuSign, Inc.(11) 18,940   5,295
Duck Creek Technologies, Inc.(11) 224,852   9,783
FDM Group Holdings plc 139,017   1,961
Fineos Corp., Ltd. CDI(11) 225,034   658
Mintra Holding AS(11) 2,506,020   1,741
NVIDIA Corp. 38,620   30,900
Paycom Software, Inc.(11) 46,440   16,880
SimCorp A/S 12,046   1,512
Snowflake, Inc. Class A(11) 15,093   3,649
Trade Desk, Inc. (The) Class A(11) 153,270   11,857
 
12
VIRTUS Tactical Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
($ reported in thousands)
  Shares   Value
       
Information Technology—continued    
Visa, Inc. Class A 96,678   $22,605
Webcash Corp. 37,463   1,193
Webstep AS 246,371   795
Workday, Inc. Class A(11) 47,912   11,439
      200,314
       
 
Materials—0.8%    
Corp. Moctezuma SAB de C.V. 620,531   1,883
Ecolab, Inc. 27,350   5,633
      7,516
       
 
Total Common Stocks
(Identified Cost $315,526) 		  661,824
       
 
       
 
Exchange-Traded Fund—0.2%
VanEck Vectors High Yield Muni ETF 24,100   1,533
Total Exchange-Traded Fund
(Identified Cost $1,510) 		  1,533
       
 
       
 
Warrant—0.0%
Financials—0.0%    
VNV Global AB(11) 88,478   165
Total Warrant
(Identified Cost $—) 		  165
       
 
       
 
Total Long-Term Investments—98.8%
(Identified Cost $598,352) 		  951,585
       
 
       
 
Short-Term Investment—0.9%
Money Market Mutual Fund—0.9%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(12) 8,462,209   8,462
Total Short-Term Investment
(Identified Cost $8,462) 		  8,462
       
 
       
 
Securities Lending Collateral—0.3%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(12)(13) 2,615,593   2,616
Total Securities Lending Collateral
(Identified Cost $2,616) 		  2,616
       
 
       
 
TOTAL INVESTMENTS—100.0%
(Identified Cost $609,430) 		  $962,663
Other assets and liabilities, net—0.0%   48
NET ASSETS—100.0%   $962,711
Abbreviations:
ADR American Depositary Receipt
BAM Build America Municipal Insured
CBO Collateralized Bond Obligation
CDI CREST Depositary Interest
ETF Exchange-Traded Fund
GDR Global Depositary Receipt
GS Goldman Sachs & Co.
JSC Joint Stock Company
LIBOR London Interbank Offered Rate
LLC Limited Liability Company
LLLP Limited Liability Limited Partnership
LP Limited Partnership
NA National Association
WaMu Washington Mutual
    
Footnote Legend:
(1) All or a portion of security is on loan.
(2) Security in default; no interest payments are being received during the bankruptcy proceedings.
(3) 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.
(4) 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 June 30, 2021, these securities amounted to a value of $142,377 or 14.8% of net assets.
(5) Variable rate security. Rate disclosed is as of June 30, 2021. 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) No contractual maturity date.
(7) 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.
(8) Amount is less than $500.
(9) This loan will settle after June 30, 2021, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.
(10) Value shown as par value.
(11) Non-income producing.
(12) Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.
(13) Represents security purchased with cash collateral received for securities on loan.
    
Country Weightings†
United States 79%
China 5
United Kingdom 3
Norway 2
Switzerland 1
Italy 1
Canada 1
Other 8
Total 100%
† % of total investments as of June 30, 2021.
 
13
VIRTUS Tactical Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
June 30, 2021
($ reported in thousands)
The following table summarizes the market value of the Fund’s investments as of June 30, 2021, 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, 2021 		  Level 1
Quoted Prices 		  Level 2
Significant
Observable
Inputs
Assets:          
Debt Securities:          
Asset-Backed Securities $32,235   $—   $32,235
Corporate Bonds and Notes 98,692   —   98,692
Foreign Government Securities 5,572   —   5,572
Leveraged Loans 30,373   —   30,373
Mortgage-Backed Securities 75,186   —   75,186
Municipal Bonds 3,755   —   3,755
U.S. Government Securities 39,277   —   39,277
Equity Securities:          
Common Stocks 661,824   661,824   —
Preferred Stocks 2,973   178   2,795
Warrant 165   165   —
Securities Lending Collateral 2,616   2,616   —
Exchange-Traded Fund 1,533   1,533   —
Money Market Mutual Fund 8,462   8,462   —
Total Investments $962,663   $674,778   $287,885
There were no securities valued using significant unobservable inputs (Level 3) at June 30, 2021.
Securities held by the Fund with an end of period value of $—(1) were transferred from Level 3 to Level 2 due to a increase in trading activities at period end.
(1) Amount is less than $500.
14
VIRTUS TACTICAL ALLOCATION FUND
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2021
Note 1. Security Valuation
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 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. Restricted equity securities and private placements that are illiquid or are internally fair valued by the Valuation Committee, 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’s fair value 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 Depository 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 securities, including 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, 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 securities that are internally fair valued by the Valuation Committee are generally categorized as Level 3 in the hierarchy.
Listed derivatives, such as options, that are actively traded are valued based on quoted prices from the exchange 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.
15