Virtus Tactical Allocation Fund

Fund Investments as of : 06/30/2021 (Unaudited) Sector Allocations as Percentage of Invested Assets

Fixed Income 0.2% Equity 69.4% Fixed Income 30.4% Total: 100.0%

Equity

0.16 %

Security Name Market Value VanEck Vectors High Yield Muni ETF $1,533,001

Total Market Value: $1,533,001 Equity 69.45 %

Security Name Market Value PLC $7,956,382

Activision Blizzard Inc $6,430,461

Adevinta ASA $5,637,804

Admicom Oyj $1,155,677

Airbnb Inc $3,648,714

Alibaba Group Holding Ltd $19,583,587

Allegro.eu SA $2,084,162

Alten SA $3,607,277

Amazon.com Inc $42,327,729

Amphenol Corp $11,419,408

Ascential PLC $4,261,360

Auto Trader Group PLC $6,036,563

1 Autohome Inc $1,818,383

Avalara Inc $15,553,672

Bank of America Corp $9,981,618

Bill.com Holdings Inc $36,039,566

Boa Vista Servicos SA $2,131,139

Bouvet ASA $2,876,956

Brockhaus Capital Management AG $1,436,538

BTS Group AB $3,985,930

CAE Inc $4,774,841

Cerved Group SpA $1,446,629

CME Group Inc $4,503,712

Corp Moctezuma SAB de CV $1,883,010

CoStar Group Inc $9,488,687

CTS Eventim AG & Co KGaA $1,518,983

CTT Systems AB $2,365,282

Danaher Corp $10,822,422

DocuSign Inc $5,295,056

Duck Creek Technologies Inc $9,783,311

Ecolab Inc $5,633,280

Enento Group Oyj $3,535,400

Equifax Inc $5,082,642

Estee Lauder Cos Inc/The $5,827,862

Facebook Inc $30,980,266

Fair Isaac Corp $6,112,589

FDM Group Holdings PLC $1,961,483

Fineos Corp Ltd $658,181

Fintel Plc $4,488,345

Frontera Energy Corp $11,148

Gruppo MutuiOnline SpA $3,654,593

Haitian International Holdings Ltd $1,419,207

Haw Par Corp Ltd $3,929,568

HeadHunter Group PLC $7,461,399

HealthEquity Inc $3,641,720

Heineken Malaysia Bhd $1,350,114

Home Depot Inc/The $6,764,295

2 Infrastrutture Wireless Italiane SpA $2,277,889

Kansas City Southern $4,995,246

Kanzhun Ltd $4,339,693

Karnov Group AB $3,541,977

Kaspi.KZ JSC $4,551,534

Knorr-Bremse AG $1,265,655

Las Vegas Sands Corp $5,713,282

Marel HF $3,521,289

MarketAxess Holdings Inc $7,654,334

MarkLines Co Ltd $1,492,758

Marriott International Inc/MD $5,105,575

Max Stock Ltd $2,169,833

McCormick & Co Inc/MD $4,173,032

Meitec Corp $2,515,550

MercadoLibre Inc $12,582,270

Mercari Inc $3,489,176

Mintra Holding AS $1,740,504

Monster Beverage Corp $6,751,222

Mortgage Advice Bureau Holdings Ltd $3,048,684

MTU Aero Engines AG $1,917,966

Nakanishi Inc $1,769,540

Netflix Inc $15,941,378

New Work SE $4,259,931

NIKE Inc $14,159,163

Nordnet AB publ $1,810,617

NVIDIA Corp $30,899,862

Pason Systems Inc $3,589,138

Paycom Software Inc $16,879,547

Procter & Gamble Co/The $6,655,017

Progressive Corp/The $3,039,305

Redbubble Ltd $1,913,504

Rightmove PLC $6,302,111

Roper Technologies Inc $8,782,396

Ross Stores Inc $7,366,220

Rotork PLC $1,459,888

3 S-1 Corp $3,776,643

Sabre Insurance Group PLC $2,204,102

SimCorp A/S $1,512,077

Snowflake Inc $3,649,487

Sonans Holding AS $5,302,055

Tegma Gestao Logistica SA $3,231,956

Tencent Holdings Ltd $14,391,713

Trade Desk Inc/The $11,856,967

Trip.com Group Ltd $3,061,226

Uber Technologies Inc $9,641,234

Union Auction PCL $1,129,392

Vasta Platform Ltd $1,745,979

Visa Inc $22,605,250

VNV Global AB $164,899

VNV Global AB $2,994,053

Voltronic Power Technology Corp $1,636,157

Webcash Corp $1,192,602

Webstep AS $795,470

Wolters Kluwer NV $3,445,566

Workday Inc $11,438,511

Yandex NV $2,635,367

Zoetis Inc $13,536,259

Equity Total Market Value: $661,988,993 Fixed Income 30.39 %

Security Name Market Value ACRES Commercial Realty Corp, 1.2745% $133,481

AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.6500% 07/21/2027 $416,630

Ajax Mortgage Loan Trust 2019-D, 2.9560% 09/25/2065 $614,310

Ajax Mortgage Loan Trust 2021-A, 1.0650% $694,511

Aker BP ASA, 2.8750% 01/15/2026 $811,026

Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC, 3.5000% 03/15/2029 $59,325

Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC, 4.6250% 01/15/2027 $475,907

AlixPartners LLP, Initial Dollar Term Loan, 02/04/2028 $686,840

Alliance Laundry Systems LLC, Initial Term B Loan, 10/08/2027 $504,371

4 Alliance Resource Operating Partners LP / Alliance Resource Finance Corp, 7.5000% 05/01/2025 $449,075

Allstate Corp/The, 5.7500% 08/15/2053 $615,144

Ally Financial Inc, 4.7000% 08/15/2169 $650,420

American Airlines Inc, Initial Term Loan, 04/20/2028 $473,996

American Airlines Inc/AAdvantage Loyalty IP Ltd, 5.7500% 04/20/2029 $200,031

American Assets Trust LP, 3.3750% 02/01/2031 $936,595

American Builders & Contractors Supply Co Inc, 4.0000% 01/15/2028 $604,579

American Receivables Trust 2018-4, 3.9700% 01/13/2025 $108,387

American Credit Acceptance Receivables Trust 2019-2, 3.1700% 06/12/2025 $431,666

American Credit Acceptance Receivables Trust 2021-2, 0.9700% 07/13/2027 $899,526

American Homes 4 Rent 2014-SFR2 Trust, 4.7050% 10/01/2036 $1,127,085

American Homes 4 Rent 2015-SFR1, 3.4670% 04/01/2052 $1,010,358

American Homes 4 Rent 2015-SFR2 Trust, 4.6910% 10/01/2052 $363,797

AmeriCredit Automobile Receivables Trust 2020-3, 1.0600% 08/18/2026 $1,253,805

AMSR 2020-SFR1 Trust, 2.1200% 04/01/2037 $534,978

AMSR 2020-SFR2 Trust, 2.5330% 07/01/2037 $407,999

AMSR 2020-SFR2 Trust, 3.2820% 07/01/2037 $793,982

Angel Oak Mortgage Trust 2019-3, 2.9300% $211,072

Angel Oak Mortgage Trust 2020-4, 1.4690% $1,155,769

Angel Oak SB Commercial Mortgage Trust 2020-SBC1, 2.0680% $948,945

Anheuser-Busch InBev Worldwide Inc, 4.0000% 04/13/2028 $592,080

Anheuser-Busch InBev Worldwide Inc, 4.7500% 01/23/2029 $154,864

Anthem Inc, 2.8750% 09/15/2029 $598,942

Applied Systems Inc, 2021 Term Loan (Second Lien), 09/19/2025 $55,032

Applied Systems Inc, Closing Date Term Loan (First Lien), 09/19/2024 $393,260

Aqua Finance Trust 2017-A, 3.7200% 11/15/2035 $43,291

Aqua Finance Trust 2019-A, 4.0100% 07/16/2040 $759,232

Aqua Finance Trust 2020-A, 2.7900% 07/17/2046 $774,046

Aramark Services Inc, 6.3750% 05/01/2025 $308,125

Aramark Services Inc, U.S. Term B-4 Loan, 01/15/2027 $97,474

Arbys Funding LLC, 3.2370% 07/30/2050 $559,987

Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 4.0000% 09/01/2029 $198,315

Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc, 4.1250% 08/15/2026 $629,825

Ares Finance Co LLC, 4.0000% 10/08/2024 $754,090

Aristocrat International Pty Ltd, Initial Term Loan, 10/19/2024 $287,939

5 Arroyo Mortgage Trust 2018-1, 3.7630% $1,662,225

Arroyo Mortgage Trust 2019-1, 3.8050% $129,752

Arroyo Mortgage Trust 2019-2, 3.3470% $1,903,385

Arroyo Mortgage Trust 2021-1R, 1.1750% $1,321,627

Ascot Group Ltd, 4.2500% 12/15/2030 $784,113

Ashtead Capital Inc, 4.3750% 08/15/2027 $947,988

Astoria Energy LLC, Term B Advance (2020), 12/10/2027 $426,774

Athene Global Funding, 2.4500% 08/20/2027 $799,675

Atkore International Inc, Initial Term Loan, 05/18/2028 $89,820

Aviation Capital Group LLC, 3.5000% 11/01/2027 $588,384

Avolon Holdings Funding Ltd, 4.3750% 05/01/2026 $614,149

Avolon TLB Borrower 1 US LLC, Term B-5 Loan, 12/01/2027 $308,194

Bacardi Ltd, 4.7000% 05/15/2028 $604,959

Banc of America Funding 2004-B Trust, 2.6479% $36,120

Banc of America Funding 2005-1 Trust, 5.5000% $128,518

Banff Merger Sub Inc, 9.7500% 09/01/2026 $15,788

Bank of America Corp, 0.9464% 02/05/2026 $648,538

Bank of America Corp, 2.6870% 04/22/2032 $1,774,671

Bank of New York Mellon Corp/The, 4.7000% 09/20/2169 $774,788

Bankers Healthcare Group Securitization Trust 2020-A, 2.5600% 09/17/2031 $366,249

BAT Capital Corp, 4.9060% 04/02/2030 $809,929

Bausch Health Americas Inc, First Incremental Term Loan, 11/27/2025 $104,163

Bausch Health Americas Inc, Initial Term Loan, 06/02/2025 $53,932

Bausch Health Cos Inc, 5.7500% 08/15/2027 $212,276

Bayview Opportunity Master Fund IVa Trust 2016-SPL1, 4.2500% 04/28/2055 $535,115

Bayview Opportunity Master Fund IVa Trust 2017-SPL5, 4.0000% 06/28/2057 $103,834

Bayview Opportunity Master Fund IVb Trust 2016-SPL2, 4.2500% 06/28/2053 $257,064

BBCMS 2018-TALL Mortgage Trust, 0.7949% $795,013

BBVA Bancomer SA/Texas, 5.1250% 01/18/2033 $563,382

Berry Global Inc, Term Z Loan, 07/01/2026 $553,791

Blue Owl Finance LLC, 3.1250% 06/10/2031 $734,417

Boardwalk Pipelines LP, 4.9500% 12/15/2024 $614,764

Boeing Co/The, 5.1500% 05/01/2030 $491,424

Boxer Parent Co Inc, 2021 Replacement Dollar Term Loan, 10/02/2025 $547,922

BPR Trust 2021-KEN, 1.3230% $920,000

6 BRAVO Residential Funding Trust 2021-A, 1.9910% $433,150

Brazilian Government International Bond, 3.8750% 06/12/2030 $594,956

Brighthouse Financial Inc, 3.7000% 06/22/2027 $120,692

Brighthouse Financial Inc, 5.6250% 05/15/2030 $612,019

Brightsphere Investment Group Inc, 4.8000% 07/27/2026 $612,653

Broadcom Inc, 2.4500% 02/15/2031 $381,285

Broadcom Inc, 4.1500% 11/15/2030 $841,061

Brookfield Finance Inc, 2.7240% 04/15/2031 $1,235,318

Brookfield WEC Holdings Inc, Refinancing No 2 Term Loan, 08/01/2025 $617,068

Brown Group Holding LLC, Initial Term Loan, 06/07/2028 $621,563

Buckeye Partners LP, 2021 Tranche B-1 Term Loan, 11/01/2026 $102,914

Burford Capital Global Finance LLC, 6.2500% 04/15/2028 $210,054

BX Commercial Mortgage Trust 2020-BXLP, 1.3230% $441,572

BX Trust 2019-OC11, 4.0755% $1,475,419

Cable Onda SA, 4.5000% 01/30/2030 $485,024

Caesars Resort Collection LLC, Term B Loan, 12/23/2024 $449,690

Calpine Corp, Term Loan (04/19), 04/05/2026 $439,818

Capital Auto Receivables Asset Trust 2017-1, 2.7000% 09/20/2022 $291,667

Capital Auto Receivables Asset Trust 2017-1, 3.1500% 02/20/2025 $135,189

Capital One Financial Corp, 3.7500% 07/28/2026 $645,329

Capital One Financial Corp, 4.2000% 10/29/2025 $335,005

Carriage Services Inc, 4.2500% 05/15/2029 $214,673

Carvana Auto Receivables Trust 2019-1, 5.6400% 01/15/2026 $1,068,699

Carvana Auto Receivables Trust 2019-3, 3.0400% 04/15/2025 $594,434

Carvana Auto Receivables Trust 2020-P1, 0.9200% 11/09/2026 $768,419

Cascade MH Asset Trust 2021-MH1, 1.7530% $1,308,037

Catalent Pharma Solutions Inc, Dollar Term B-3 Loan, 02/22/2028 $295,284

CCO Holdings LLC / CCO Holdings Capital Corp, 4.7500% 03/01/2030 $306,675

Centene Corp, 4.6250% 12/15/2029 $241,949

CF Hippolyta LLC, 1.6900% 07/15/2060 $412,156

Charles Schwab Corp/The, 4.0000% 03/01/2170 $792,825

Chase Mortgage Finance Corp, 3.7078% $423,714

Chase Mortgage Finance Corp, 3.7500% $227,457

Chemours Co/The, 5.7500% 11/15/2028 $460,001

Cheniere Energy Inc, 4.6250% 10/15/2028 $247,925

7 CHG Healthcare Services Inc, New Term Loan (2017) (First Lien), 06/07/2023 $305,690

CHG PPC Parent LLC, Initial Term Loan (First Lien), 03/31/2025 $177,207

CHL Mortgage Pass-Through Trust 2004-6, 2.0760% $139,927

CIG Auto Receivables Trust 2020-1, 4.4300% 02/12/2027 $559,643

Citadel LP, 4.8750% 01/15/2027 $610,394

Citadel Securities LP, 2021 Term Loan, 02/02/2028 $651,082

CITGO Petroleum Corp, 2019 Incremental Term B Loan, 03/28/2024 $259,552

Citigroup Inc, 1.3949% 07/01/2026 $1,234,402

Citigroup Inc, 3.2000% 10/21/2026 $568,712

Citigroup Mortgage Loan Trust 2015-A, 3.5000% $7,844

Citigroup Mortgage Loan Trust Inc, 3.0000% 09/01/2064 $684,023

Citrix Systems Inc, 3.3000% 03/01/2030 $1,025,775

City of Bristol VA, 4.2100% 01/01/2042 $684,822

City of San Antonio TX, 1.9630% 02/01/2033 $530,531

CityCenter Holdings LLC, Term B Loan, 04/18/2024 $596,599

Cleveland-Cliffs Inc, 6.7500% 03/15/2026 $614,888

COLT 2020-1 Mortgage Loan Trust, 2.4880% $231,313

COLT 2020-RPL1 Trust, 1.3897% $192,126

COMM 2020-CBM Mortgage Trust, 3.0990% $492,351

Consolidated Communications Inc, Term B-1 Loan, 10/02/2027 $103,660

Consumer Loan Underlying Bond Credit Trust 2019-P1, 3.2800% 07/15/2026 $700,127

Cooper-Standard Automotive Inc, Additional Term B-1 Loan, 11/02/2023 $479,978

CoreVest American Finance 2018-2 Trust, 4.0260% 11/01/2052 $492,975

Corevest American Finance 2019-3 Trust, 3.2650% 10/01/2052 $308,040

Corevest American Finance 2020-1 Trust, 1.8320% 03/01/2050 $512,195

CoreVest American Finance 2020-3 Trust, 1.3580% $740,958

Corevest American Finance 2020-4 Trust, 1.1740% $602,804

Corporate Office Properties LP, 2.7500% 04/15/2031 $685,131

CPG International LLC, New Term Loan, 05/06/2024 $500,184

CPS Auto Receivables Trust 2020-C, 1.7100% 08/17/2026 $548,668

Credit Acceptance Auto Loan Trust 2020-3, 1.7700% 12/17/2029 $548,295

Credit Suisse Mortgage Capital Certificates 2019-ICE4, 1.0530% $531,417

CrownRock LP / CrownRock Finance Inc, 5.0000% 05/01/2029 $315,075

CrownRock LP / CrownRock Finance Inc, 5.6250% 10/15/2025 $357,075

CSC Holdings LLC, October 2018 Incremental Term Loan, 01/15/2026 $411,628

8 CSMC 2017-RPL1 Trust, 2.7500% 07/01/2057 $665,795

CSMC 2020-NQM1 Trust, 1.2080% $204,916

CSMC 2020-RPL4 Trust, 2.0000% $440,858

Csmc 2021-Nqm1 , 0.8090% $283,511

Csmc 2021-Nqm2 , 1.1790% $682,271

CSMC Trust 2014-IVR2, 3.8131% $16,254

CVR Partners LP / CVR Nitrogen Finance Corp, 6.1250% 06/15/2028 $5,125

DaVita Inc, 4.6250% 06/01/2030 $580,944

Dell International LLC / EMC Corp, 8.1000% 07/15/2036 $320,066

Diamond Resorts Owner Trust 2021-1, 1.5100% 11/21/2033 $562,496

Diamond Resorts Owner Trust, 3.2700% 10/22/2029 $88,410

Diamond Sports Group LLC / Diamond Sports Finance Co, 5.3750% 08/15/2026 $165,113

Diamond Sports Group LLC / Diamond Sports Finance Co, 6.6250% 08/15/2027 $68,759

Discover Bank, 4.6820% 08/09/2028 $1,524,185

Discover Financial Services, 6.1250% 03/23/2169 $196,385

DISH DBS Corp, 5.0000% 03/15/2023 $313,989

DISH DBS Corp, 7.7500% 07/01/2026 $203,850

Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Fin, 3.8750% 02/15/2026 $796,534

Drive Auto Receivables Trust 2019-4, 2.5100% 11/17/2025 $588,307

DT Auto Owner Trust 2019-2, 2.9900% 04/17/2023 $119,179

DT Midstream Inc, Initial Term Loan, 06/10/2028 $160,142

Dun & Bradstreet Corp/The, Term Loan B, 02/06/2026 $733,959

Dycom Industries Inc, 4.5000% 04/15/2029 $231,992

Ellington Financial Mortgage Trust 2019-2, 3.0460% $102,437

Ellington Financial Mortgage Trust 2021-2, 1.2910% $838,945

Emirate of Dubai Government International Bonds, 5.2500% 01/30/2043 $608,116

Energy Transfer LP, 6.5000% 11/15/2169 $601,505

EPR Properties, 4.7500% 12/15/2026 $937,471

EQM Midstream Partners LP, 4.7500% 01/15/2031 $144,262

EQM Midstream Partners LP, 6.0000% 07/01/2025 $59,813

EQM Midstream Partners LP, 6.5000% 07/01/2027 $72,475

Exelon Corp, 3.4970% 06/01/2022 $445,982

Exeter Automobile Receivables Trust 2018-4, 4.3500% 09/16/2024 $165,051

Exeter Automobile Receivables Trust 2019-1, 4.1300% 12/16/2024 $160,204

Exeter Automobile Receivables Trust 2019-2, 3.3000% 03/15/2024 $494,368

9 Exeter Automobile Receivables Trust 2019-4, 2.4400% 09/16/2024 $699,011

Fair Square Issuance Trust, 2.9000% 09/20/2024 $652,031

Fairfax Financial Holdings Ltd, 4.8500% 04/17/2028 $672,941

Fannie Mae Pool, 3.0000% $1,993,947

Fannie Mae Pool, 5.0000% $97,661

Fannie Mae Pool, 5.5000% $106,108

Fannie Mae Pool, 5.5000% $99,085

Fannie Mae Pool, 5.5000% $3,970

Fannie Mae Pool, 5.5000% $79,088

Fannie Mae Pool, 6.0000% $73,286

Fannie Mae Pool, 6.0000% $8,229

Fannie Mae Pool, 6.0000% $23,235

Fannie Mae Pool, 6.0000% $170,888

Fannie Mae Pool, 6.5000% $136,445

First Investors Auto Owner Trust 2021-1, 1.1700% 03/15/2027 $789,386

FirstKey Homes 2020-SFR2 Trust, 1.5670% 10/03/2037 $640,984

FirstKey Homes 2021-SFR1 Trust, 2.1890% 08/01/2028 $879,984

Flagship Credit Auto Trust 2020-3, 1.7300% 09/15/2026 $549,951

Flagship Credit Auto Trust 2020-4, 1.2800% 02/16/2027 $969,672

Flagstar Mortgage Trust 2017-1, 3.5000% $178,727

Flex Intermediate Holdco LLC, 3.3630% 06/30/2031 $794,635

Flex Ltd, 3.7500% 02/01/2026 $606,966

Ford Motor Co, 9.0000% 04/22/2025 $803,831

Fortress Transportation and Infrastructure Investors LLC, 6.5000% 10/01/2025 $36,356

Foundation Finance Trust 2017-1, 3.3000% 07/15/2033 $550,658

Foundation Finance Trust 2021-1, 1.2700% 05/15/2041 $700,206

Foursight Capital Automobile Receivables Trust 2019-1, 4.3000% 09/15/2025 $780,200

Freddie Mac Gold Pool, 5.0000% $77,150

Freddie Mac Gold Pool, 6.0000% $133,371

Freeport-McMoRan Inc, 5.4500% 03/15/2043 $580,602

Galton Funding Mortgage Trust 2017-1, 3.5000% $54,311

Galton Funding Mortgage Trust 2017-1, 3.5000% $69,840

Galton Funding Mortgage Trust 2018-2, 4.5000% $49,007

Galton Funding Mortgage Trust 2019-H1, 2.6570% $73,968

Galton Funding Mortgage Trust 2020-H1, 2.3100% $304,119

10 Gates Global LLC, Initial B-3 Dollar Term Loan, 03/31/2027 $595,448

Gateway Casinos & Entertainment Ltd, 8.2500% 03/01/2024 $385,000

Gcat 2019-Nqm1 LLC , 2.9850% $152,675

GCAT 2019-NQM2 Trust, 2.2470% $118,392

GCT Commercial Mortgage Trust 2021-GCT, 0.8730% $1,081,285

Gemini HDPE LLC, 2027 Advance, 12/31/2027 $177,286

General Electric Co, 3.4489% 06/15/2170 $710,500

Genesee & Wyoming Inc, Initial Term Loan, 12/30/2026 $592,673

Genesis Private Label Amortizing Trust 2020-1, 2.8300% 07/20/2030 $626,711

Genesis Sales Finance Master Trust, 1.6500% 09/22/2025 $780,360

GFL Environmental Inc, 3.7500% 08/01/2025 $472,650

GFL Environmental Inc, 4.0000% 08/01/2028 $143,238

Glencore Funding LLC, 2.8500% 04/27/2031 $762,701

GLP Capital LP / GLP Financing II Inc, 5.7500% 06/01/2028 $779,357

GLS Auto Receivables Issuer Trust 2019-4, 3.0600% 08/15/2025 $771,818

GLS Auto Receivables Issuer Trust 2020-4, 1.1400% 11/17/2025 $934,315

GLS Auto Receivables Trust 2017-1, 3.5000% 07/15/2022 $197

GLS Auto Receivables Trust 2018-1, 3.5200% 08/15/2023 $86,532

GLS Auto Receivables Trust 2018-3, 4.1800% 07/15/2024 $658,565

Goldman Sachs Group Inc/The, 1.3259% 05/15/2026 $703,098

Greatbatch Ltd, Repriced Term Loan B, 10/27/2022 $520,654

GS Mortgage Securities Corp Trust 2012-ALOHA, 3.5510% $189,055

GS Mortgage Securities Trust 2020-GC45, 3.1731% $607,665

GS Mortgage-Backed Securities Trust 2020-NQM1, 2.3520% $493,035

Hanesbrands Inc, 5.3750% 05/15/2025 $592,900

Harbor Freight Tools USA Inc, Initial Loan (2020), 10/19/2027 $611,515

HCA Inc, 5.2500% 06/15/2049 $528,997

HCA Inc, Term Loan, 06/24/2028 $65,114

Hertz Vehicle Financing II LP, 2.6500% 07/25/2022 $48,167

Hertz Vehicle Financing II LP, 3.7100% 03/25/2023 $54,017

Hewlett Packard Enterprise Co, 4.9000% 10/15/2025 $768,426

Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 5.0000% 06/01/2029 $148,263

Hilton Grand Vacations Borrower LLC, First Lien Term Loan, 05/19/2028 $80,025

Hilton USA Trust 2016-SFP, 3.3228% $503,779

Hilton Worldwide Finance LLC, Refinanced Series B-2 Term Loan, 06/22/2026 $599,597

11 HollyFrontier Corp, 5.8750% 04/01/2026 $728,771

Home Partners of America 2020-2 Trust, 1.5320% 01/17/2041 $595,780

Homeward Opportunities Fund I Trust 2018-2, 3.9850% $1,960,202

Hostess Brands LLC, 2019 Refinancing Term B Loan (First Lien), 08/03/2025 $593,977

HP Inc, 3.4000% 06/17/2030 $894,313

Icahn Enterprises LP / Icahn Enterprises Finance Corp, 6.2500% 05/15/2026 $753,310

ICON Luxembourg Sarl, Term Loan B, 07/01/2028 $60,125

Idaho Health Facilities Authority, 5.0200% 03/01/2048 $572,740

Illumina Inc, 2.5500% 03/23/2031 $375,586

Indigo Merger Sub Inc, Term Loan B1, 07/01/2028 $14,980

Indigo Natural Resources LLC, 5.3750% 02/01/2029 $240,350

INEOS US Finance LLC, 2024 Dollar Term Loan, 04/01/2024 $682,306

INEOS US Petrochem LLC, 2026 Tranche B Dollar Term Loan, 01/29/2026 $458,418

Ingersoll-Rand Services Co, 2020 Spinco Tranche B-1 Dollar Term Loan, 03/01/2027 $43,894

International Flavors & Fragrances Inc, 2.3000% 11/01/2030 $631,416

Inversiones CMPC SA, 3.8500% 01/13/2030 $927,864

IQVIA Inc, Term B-3 Dollar Loan, 06/11/2025 $369,596

Jaguar Holding Co II / PPD Development LP, 5.0000% 06/15/2028 $308,917

JBS USA Lux S.A. (fka JBS USA, LLC), New Term Loan, 05/01/2026 $599,724

Jefferies Group LLC / Jefferies Group Capital Finance Inc, 4.8500% 01/15/2027 $395,480

Jersey Mike's Funding, 4.4330% 02/15/2050 $610,442

JP Morgan Mortgage Trust 2014-1, 3.5000% $32,392

JP Morgan Mortgage Trust 2014-2, 3.5000% $36,344

JP Morgan Mortgage Trust 2017-1, 3.4976% $200,000

JP Morgan Mortgage Trust 2017-3, 2.5000% $81,180

JP Morgan Mortgage Trust 2017-4, 3.5000% $507,774

JP Morgan Mortgage Trust 2017-5, 3.0905% $313,392

JPMorgan Chase & Co, 1.9530% 02/04/2032 $1,403,382

JPMorgan Chase & Co, 4.6000% 08/01/2169 $315,035

Kazakhstan Temir Zholy Finance BV, 6.9500% 07/10/2042 $603,689

KeyCorp, 5.0000% 12/15/2169 $489,896

Kinder Morgan Energy Partners LP, 7.5000% 11/15/2040 $1,306,108

KKR Industrial Portfolio Trust 2021-KDIP, 1.0729% $869,738

KNDL 2019-KNSQ Mortgage Trust, 0.8730% $565,350

Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp, 4.2500% 02/01/2027 $489,307

12 LCM Investments Holdings II LLC, 4.8750% 05/01/2029 $20,500

Legacy LifePoint Health LLC, 4.3750% 02/15/2027 $308,660

Leidos Inc, 2.3000% 02/15/2031 $780,496

Lendmark Funding Trust 2018-2, 4.2300% 04/20/2027 $161,715

Level 3 Financing Inc, 4.2500% 07/01/2028 $659,594

LHOME Mortgage Trust 2019-RTL1, 4.5800% $134,748

LHOME Mortgage Trust 2021-RTL1, 2.0900% $479,255

Liberty Mutual Group Inc, 4.5690% 02/01/2029 $732,429

LifePoint Health Inc, First Lien Term B Loan, 11/17/2025 $434,081

Lincoln National Corp, 2.2283% 04/20/2067 $523,519

Live Nation Entertainment Inc, 4.7500% 10/15/2027 $82,900

Louisiana-Pacific Corp, 3.6250% 03/15/2029 $493,063

Lumen Technologies Inc, Term B Loan, 03/15/2027 $150,439

M/I Homes Inc, 4.9500% 02/01/2028 $453,814

Mariner Finance Issuance Trust 2020-A, 2.1900% 08/21/2034 $564,501

Marriott International Inc/MD, 2.8500% 04/15/2031 $83,270

Marriott Ownership Resorts Inc, 4.7500% 01/15/2028 $343,275

Mello Warehouse Securitization Trust 2021-1, 1.2061% $400,985

Mello Warehouse Securitization Trust 2021-2, 1.1915% $180,217

MetLife Inc, 3.8500% 03/15/2170 $730,619

MetLife Inc, 5.8750% 09/15/2169 $319,323

Metlife Securitization Trust , 3.4974% 04/01/2055 $902,540

Metlife Securitization Trust 2019-1 , 3.7500% $369,090

Mexico Government International Bond, 2.6590% 05/24/2031 $630,094

Mileage Plus Holdings LLC, Initial Term Loan, 06/21/2027 $640,296

Mill City Mortgage Loan Trust 2017-1, 3.2500% 11/01/2058 $415,730

Mill City Mortgage Loan Trust 2019-1, 3.5000% $548,564

Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13, 4.2660% $292,259

Morgan Stanley Bank of America Merrill Lynch Trust 2015-C22, 3.5610% $880,297

Morgan Stanley, 3.1250% 07/27/2026 $1,170,156

Morgan Stanley, 6.3750% 07/24/2042 $889,711

Motorola Solutions Inc, 4.6000% 02/23/2028 $602,473

Motorola Solutions Inc, 4.6000% 05/23/2029 $308,972

MPT Operating Partnership LP / MPT Finance Corp, 3.5000% 03/15/2031 $530,245

MPT Operating Partnership LP / MPT Finance Corp, 4.6250% 08/01/2029 $149,864

13 MPT Operating Partnership LP / MPT Finance Corp, 5.0000% 10/15/2027 $254,422

Mvw 2020-1 LLC , 1.7400% 10/20/2037 $336,422

MVW Owner Trust 2016-1, 2.2500% 12/20/2033 $96,341

National Fuel Gas Co, 2.9500% 03/01/2031 $246,421

Navistar Inc, Tranche B Term Loan, 11/06/2024 $225,136

NCR Corp, 5.1250% 04/15/2029 $360,938

New Residential Mortgage Loan Trust 2014-1, 3.7500% $246,404

New Residential Mortgage Loan Trust 2015-2, 3.7500% $163,139

New Residential Mortgage Loan Trust 2016-1, 3.7500% $79,597

New Residential Mortgage Loan Trust 2016-3, 4.0000% $448,761

New Residential Mortgage Loan Trust 2016-4, 3.7500% $58,207

New Residential Mortgage Loan Trust 2016-4, 4.5000% $585,794

New Residential Mortgage Loan Trust 2017-2, 4.0000% $123,941

New Residential Mortgage Loan Trust 2019-NQM4, 2.4919% $148,919

New Residential Mortgage Loan Trust 2020-1, 3.5000% $709,232

New Residential Mortgage Loan Trust 2021-NQM2R, 0.9405% $410,118

NewRez Warehouse Securitization Trust 2021-1, 1.1415% $120,080

Nexstar Broadcasting Inc, Term B-4 Loan, 09/18/2026 $449,336

Nouryon USA LLC, Initial Dollar Term Loan, 10/01/2025 $606,903

NovaStar Mortgage Funding Trust Series 2004-4, 1.8165% 03/25/2035 $52,323

Oasis 2020-1 LLC, 3.8196% 01/15/2032 $196,742

OBX 2018-EXP2 Trust, 4.0000% $152,870

OBX 2019-INV1 Trust, 4.5000% $179,792

Occidental Petroleum Corp, 5.5000% 12/01/2025 $16,575

Octane Receivables Trust 2019-1, 3.1600% 09/20/2023 $150,544

Octane Receivables Trust 2020-1, 1.7100% 02/20/2025 $419,682

Odebrecht Oil & Gas Finance Ltd, 0.0000% 01/03/2170 $253

Office Properties Income Trust, 4.5000% 02/01/2025 $602,658

Oman Government International Bond, 7.3750% 10/28/2032 $661,925

OneMain Direct Auto Receivables Trust 2018-1, 3.8500% 10/14/2025 $359,334

OneMain Finance Corp, 6.8750% 03/15/2025 $372,438

OneMain Finance Corp, 7.1250% 03/15/2026 $157,236

Onemain Financial Issuance Trust 2018-1, 3.3000% 03/14/2029 $335,089

Orange Lake Timeshare Trust 2019-A, 3.3600% 04/09/2038 $359,781

Oscar US Funding XII LLC, 1.0000% 04/10/2028 $544,570

14 Pactiv Evergreen Group Holdings Inc, Tranche B-1 U.S. Term Loan, 02/05/2023 $598,500

Par Pharmaceutical Inc, 7.5000% 04/01/2027 $219,801

Parsley Energy LLC / Parsley Finance Corp, 4.1250% 02/15/2028 $347,325

Patterson-UTI Energy Inc, 5.1500% 11/15/2029 $365,981

Peraton Corp, First Lien Term B Loan, 02/01/2028 $328,860

Pertamina Persero PT, 6.4500% 05/30/2044 $1,276,776

Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 4.1250% 05/15/2027 $227,745

Petroleos de Venezuela SA, 6.0000% 05/16/2024 $10,838

Petroleos Mexicanos, 6.5000% 03/13/2027 $369,425

Petroleos Mexicanos, 7.6900% 01/23/2050 $539,000

Petronas Capital Ltd, 3.5000% 04/21/2030 $580,545

PetSmart Inc, Initial Term Loan, 02/11/2028 $300,075

Playtika Holding Corp, Term B-1 Loan, 03/13/2028 $446,581

Pods LLC , Term Loan, 03/31/2028 $328,352

Post Holdings Inc, 4.5000% 09/15/2031 $369,390

PPD Inc, Initial Term Loan, 01/13/2028 $418,229

Pretium Mortgage Credit Partners I 2020-NPL3 LLC, 3.1048% $930,972

Pretium Mortgage Credit Partners I 2021-NPL1 LLC, 2.2395% $493,118

Prime Healthcare Services Inc, 7.2500% 11/01/2025 $37,890

Progress Residential 2018-SFR2 Trust, 3.8410% 08/01/2035 $475,176

Progress Residential 2019-SFR2 Trust, 3.1470% 05/01/2036 $393,970

Progress Residential 2019-SFR3 Trust, 2.5710% $466,092

Progress Residential 2021-SFR2 Trust, 2.1970% 04/03/2038 $748,671

Progress Residential 2021-SFR3, 2.2880% 05/01/2026 $451,813

Progress Residential Trust, 1.8550% 07/01/2038 $145,040

Provident Funding Mortgage Trust 2019-1, 3.0000% $395,966

Prpm 2020-1 LLC , 2.9810% $546,473

Prpm 2020-2 LLC , 3.6710% $186,104

Prpm 2020-3 LLC , 2.8570% $1,006,450

Prpm 2020-6 LLC , 2.3630% $1,024,191

Prpm 2021-2 LLC , 2.1150% $1,027,835

Prpm 2021-3 LLC , 1.8670% $584,891

Prudential Financial Inc, 5.6250% 06/15/2043 $772,670

Prudential Financial Inc, 5.8750% 09/15/2042 $301,278

Pug LLC, USD Term B Loan, 02/12/2027 $269,762

15 Puget Energy Inc, 2.3790% 06/15/2028 $457,633

PulteGroup Inc, 6.3750% 05/15/2033 $369,813

Purchasing Power Funding 2021-A LLC, 1.5700% 10/15/2025 $899,871

Qatar Government International Bond, 4.4000% 04/16/2050 $748,546

Quikrete Holdings Inc, Term Loan B1, 06/11/2028 $431,329

QVC Inc, 4.3750% 03/15/2023 $463,976

Radiate Holdco LLC / Radiate Finance Inc, 4.5000% 09/15/2026 $155,250

Radiate Holdco LLC, Term B Loan, 09/25/2026 $60,817

RCKT Mortgage Trust 2020-1, 3.0000% $553,271

RCO V Mortgage LLC 2019-2, 3.4748% $523,604

Republic of South Africa Government International Bond, 4.8500% 09/27/2027 $665,725

Residential Mortgage Loan Trust 2019-2, 2.9130% $291,939

Resideo Funding Inc, New Term Loan B, 02/11/2028 $299,250

Retail Opportunity Investments Partnership LP, 4.0000% 12/15/2024 $523,624

Retail Properties of America Inc, 4.7500% 09/15/2030 $864,072

Sabine Pass Liquefaction LLC, 4.2000% 03/15/2028 $237,159

Sabine Pass Liquefaction LLC, 6.2500% 03/15/2022 $435,941

Sales Tax Securitization Corp, 3.4110% 01/01/2043 $75,642

Santa Clara Valley Water District, 2.9670% 06/01/2050 $514,052

Santander Drive Auto Receivables Trust 2020-4, 1.0100% 01/15/2026 $1,398,063

Santander Holdings USA Inc, 4.4000% 07/13/2027 $719,238

Saudi Government International Bond, 3.2500% 10/22/2030 $521,981

SBA Senior Finance II LLC, Initial Term Loan, 04/11/2025 $614,664

Science Applications International Corp, 4.8750% 04/01/2028 $608,275

Scientific Games International Inc, 5.0000% 10/15/2025 $382,025

Scientific Games International Inc, 7.0000% 05/15/2028 $87,376

Scientific Games International Inc, 8.2500% 03/15/2026 $225,221

Sedgwick Claims Management Services Inc, Initial Term Loan, 12/31/2025 $620,953

Seminole Tribe of Florida Inc, 2018 Replacement Term B Loan, 07/08/2024 $273,373

Sequoia Mortgage Trust 2013-8, 3.5065% $118,947

Service Properties Trust, 4.9500% 02/15/2027 $636,800

SG Residential Mortgage Trust 2019-3, 2.7030% $642,434

SK Hynix Inc, 1.5000% 01/19/2026 $458,685

Skopos Auto Receivables Trust 2019-1, 3.6300% 09/16/2024 $586,927

Small Business Lending Trust 2019-A, 2.8500% 07/15/2026 $43,906

16 Societe Generale SA, 4.7500% 11/24/2025 $596,553

Sophia LP, Closing Date Term Loan, 10/07/2027 $542,389

Southern Co/The, 3.7500% 09/15/2051 $799,082

Spirit AeroSystems Inc, 5.5000% 01/15/2025 $632,188

Sprint Spectrum Co LLC / Sprint Spectrum Co II LLC / Sprint Spectrum Co III LLC, 4.7380% 03/20/2025 $603,484

Square Inc, 3.5000% 06/01/2031 $408,544

Sram LLC , Initial Term Loan, 05/18/2028 $159,200

Stanley Black & Decker Inc, 4.0000% 03/15/2060 $616,588

Star US Bidco LLC, Initial Term Loan, 03/17/2027 $460,507

Starwood Mortgage Residential Trust 2020-2, 2.7180% $304,462

Starwood Mortgage Residential Trust 2020-3, 1.4860% $313,112

Starwood Mortgage Residential Trust 2021-3, 1.5180% $294,998

State of Texas, 3.2110% 04/01/2044 $189,876

Station Casinos LLC, Term B-1 Facility Loan, 02/08/2027 $160,928

Summit Materials LLC, New Term Loan, 11/21/2024 $597,151

Surgery Center Holdings Inc, 6.7500% 07/01/2025 $15,300

Syngenta Finance NV, 4.4410% 04/24/2023 $211,139

Synovus Financial Corp, 5.9000% 02/07/2029 $325,459

Talen Energy Supply LLC, 6.6250% 01/15/2028 $283,914

Targa Resources Partners LP / Targa Resources Partners Finance Corp, 5.8750% 04/15/2026 $451,633

Teck Resources Ltd, 6.1250% 10/01/2035 $695,209

Telesat Canada / Telesat LLC, 5.6250% 12/06/2026 $175,656

Telesat Canada / Telesat LLC, 6.5000% 10/15/2027 $290,513

Tenable Inc, Term Loan B, 06/17/2028 $134,663

Tenet Healthcare Corp, 7.5000% 04/01/2025 $54,007

Tenneco Inc, 5.1250% 04/15/2029 $554,899

Teva Pharmaceutical Finance Netherlands III BV, 3.1500% 10/01/2026 $489,894

Texas Capital Bancshares Inc, 4.0000% 05/06/2031 $924,666

Texas Public Finance Authority, 2.1400% 02/01/2035 $570,589

Texas Transportation Commission State Highway Fund, 4.0000% 10/01/2033 $196,753

T-Mobile USA Inc, 3.8750% 04/15/2030 $966,914

Toronto-Dominion Bank/The, 3.6250% 09/15/2031 $803,320

Towd Point HE Trust 2019-HE1, 0.9915% $395,624

Towd Point Mortgage Trust 2015-2, 3.2500% $600,909

Towd Point Mortgage Trust 2016-1, 3.5000% $164,304

17 Towd Point Mortgage Trust 2016-3, 3.5000% 04/01/2056 $1,117,792

Towd Point Mortgage Trust 2016-4, 3.8598% 07/01/2056 $637,934

Towd Point Mortgage Trust 2017-4, 3.0000% $704,458

Towd Point Mortgage Trust 2018-6, 3.7500% $447,868

Towd Point Mortgage Trust 2018-6, 3.7500% $1,348,028

Towd Point Mortgage Trust 2019-1, 3.7218% $623,698

Towd Point Mortgage Trust 2019-2, 3.7500% 12/01/2058 $534,661

Towd Point Mortgage Trust 2019-4, 3.2500% 10/01/2059 $694,566

Towd Point Mortgage Trust 2020-MH1, 2.5000% $1,142,515

TransDigm Inc, 5.5000% 11/15/2027 $317,963

TransDigm Inc, Tranche E Refinancing Term Loan, 05/30/2025 $664,643

Transocean Guardian Ltd, 5.8750% 01/15/2024 $95,183

Tricon American Homes 2019-SFR1 Trust, 3.1490% 02/28/2038 $450,883

Tricon American Homes 2020-SFR2 Trust, 2.2810% 11/01/2027 $635,680

Trinity Rail Leasing 2019-1 LLC, 3.8200% 04/17/2049 $368,651

Trinseo Materials Operating SCA, 2021 Incremental Term Loan, 03/17/2028 $481,062

TripAdvisor Inc, 7.0000% 07/15/2025 $478,820

Truist Financial Corp, 5.1000% 03/01/2170 $764,150

Turkey Government International Bond, 5.8750% 06/26/2031 $1,091,813

TVC Mortgage Trust 2020-RTL1, 5.1930% $509,844

UBS AG/Stamford CT, 7.6250% 08/17/2022 $1,538,373

UKG Inc, 2021 Incremental Term Loan, 05/04/2026 $268,370

Ultra Clean Holdings Inc, Second Amendment Term B Loan, 08/27/2025 $176,623

United Airlines Inc, Class B Term Loan, 04/21/2028 $45,550

United Auto Credit Securitization Trust 2019-1, 3.4700% 08/12/2024 $498,696

United Auto Credit Securitization Trust, 0.8400% 06/10/2026 $899,287

United States Treasury Note/Bond, 0.2500% 05/31/2025 $1,582,957

United States Treasury Note/Bond, 0.2500% 11/15/2023 $3,464,171

United States Treasury Note/Bond, 1.1250% 02/15/2031 $2,490,054

United States Treasury Note/Bond, 1.3750% 08/15/2050 $10,744,135

United States Treasury Note/Bond, 1.5000% 02/15/2030 $2,045,013

United States Treasury Note/Bond, 1.6250% 05/15/2031 $1,512,816

United States Treasury Note/Bond, 1.8750% 02/15/2051 $3,674,344

United States Treasury Note/Bond, 2.0000% 02/15/2050 $2,009,053

United States Treasury Note/Bond, 3.0000% 08/15/2048 $11,754,776

18 University of California, 4.4280% 05/15/2048 $419,618

UPC Broadband Finco BV, 4.8750% 07/15/2031 $601,380

UPC Financing Partnership, Facility AX, 01/31/2029 $278,040

Utah Acquisition Sub Inc, 3.9500% 06/15/2026 $738,029

Vcat 2020-Npl1 LLC , 3.6710% 08/25/2050 $157,750

Vcat 2021-Npl1 LLC , 4.8262% $619,606

Vcat 2021-Npl2 LLC , 2.1150% $409,781

Vcat 2021-Npl3 LLC , 1.7430% $474,852

Vector Group Ltd, 5.7500% 02/01/2029 $595,945

Venezuela Government International Bond, 7.6500% 04/21/2025 $32,000

Venezuela Government International Bond, 8.2500% 10/13/2024 $4,120

Venezuela Government International Bond, 9.3750% 01/13/2034 $13,000

Verizon Communications Inc, 2.5500% 03/21/2031 $428,270

Veros Automobile Receivables Trust 2020-1, 2.1900% 06/16/2025 $589,648

Verus Securitization Trust 2019-4, 3.2070% $285,297

Verus Securitization Trust 2019-INV2, 2.9130% $273,095

Virgin Media Bristol LLC, Facility Q, 01/31/2029 $69,893

Visio 2020-1R Trust, 1.5670% $366,858

Visio Trust, 1.2800% $422,833

Volt C LLC , 1.9918% $358,352

Volt Xcii LLC , 1.8925% $668,408

Vontier Corp, 2.9500% 04/01/2031 $644,929

WaMu Mortgage Pass-Through Certificates Series 2003-S11 Trust, 5.9500% $102,873

Weber-Stephen Products LLC, Initial Term B Loan, 10/30/2027 $308,836

Wells Fargo & Co, 2.3930% 06/02/2028 $1,358,595

Wells Fargo & Co, 3.9000% 03/15/2170 $1,195,772

Wells Fargo Mortgage Backed Securities 2020-4 Trust, 3.0000% $174,344

Westgate Resorts 2020-1 LLC, 2.7130% 03/01/2034 $627,945

WEX Inc, Term B Loan, 03/31/2028 $578,799

WFRBS Commercial Mortgage Trust 2014-C24, 3.9310% $279,791

Xerox Holdings Corp, 5.5000% 08/15/2028 $472,740

Zayo Group Holdings Inc, Initial Dollar Term Loan, 03/09/2027 $372,568

Zebra Buyer LLC, Term Loan, 04/22/2028 $45,104

Zions Bancorp NA $178,048

Zions Bancorp NA, 3.2500% 10/29/2029 $424,456

19 Fixed Income Total Market Value: $289,717,158

Total Invested Assets: $953,239,152

The holdings do not include cash, cash equivalents, futures, forward contracts. This fund is actively managed and current holdings may be different. The fund holdings listing provided here is not part of the fund's annual/semiannual report or Form NPORT-EX. The most recent annual/semiannual report can be viewed at www.virtus.com. Forms NPORT-Q are available at the SEC's website at www.sec.gov. The information provided in this listing may differ from a fund's holdings disclosed in it's annual/semiannual report and Form NPORT-EX. Please carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For this and other information about any Virtus mutual fund, call 1-800-243-4361 or visit www.virtus.com for a prospectus and/or summary prospectus. Read the prospectus and/or summary prospectus carefully before you invest or send money.

Mutual funds distributed by VP Distributors, LLC.

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