Virtus AllianzGI High Yield Bond Fund

as of : 08/31/2021 (Unaudited)

SECURITY SHARES TRADED MARKET VALUE % OF PORTFOLIO LiveStyle Inc. Series B Preferred 57,581 $5,758,100 8.31 %

Algonquin Power & Utilities Corp 33,500 $1,691,750 2.44 %

CCF Holdings LLC 1,570,753 $1,068,112 1.54 %

OneMain Finance Corp, 6.6250% 01/15/2028 790,000 $911,842 1.32 %

Ford Motor Co, 9.0000% 04/22/2025 725,000 $885,733 1.28 %

Caesars Entertainment Inc, 8.1250% 07/01/2027 785,000 $867,661 1.25 %

Occidental Petroleum Corp, 5.5500% 03/15/2026 650,000 $724,750 1.05 %

Tenet Healthcare Corp, 6.1250% 10/01/2028 645,000 $680,897 0.98 %

Royal Caribbean Cruises Ltd, 11.5000% 06/01/2025 589,000 $678,086 0.98 %

Ford Motor Co, 9.6250% 04/22/2030 475,000 $676,984 0.98 %

TransDigm Inc, 6.3750% 06/15/2026 650,000 $674,895 0.97 %

Meredith Corp, 6.8750% 02/01/2026 645,000 $668,381 0.96 %

Kraft Heinz Foods Co, 6.5000% 02/09/2040 455,000 $659,296 0.95 %

Sprint Corp, 7.6250% 03/01/2026 530,000 $653,464 0.94 %

Scientific Games International Inc, 8.2500% 03/15/2026 600,000 $638,177 0.92 %

Delta Air Lines Inc, 7.3750% 01/15/2026 500,000 $588,651 0.85 %

Summit Materials LLC / Summit Materials Finance Corp, 5.2500% 01/15/2029 535,000 $566,431 0.82 %

Trivium Packaging Finance BV, 8.5000% 08/15/2027 525,000 $563,719 0.81 %

CSC Holdings LLC, 7.5000% 04/01/2028 510,000 $558,450 0.81 %

CCO Holdings LLC / CCO Holdings Capital Corp, 5.3750% 06/01/2029 500,000 $546,250 0.79 %

Bausch Health Americas Inc, 8.5000% 01/31/2027 500,000 $537,725 0.78 %

1 SECURITY SHARES TRADED MARKET VALUE % OF PORTFOLIO Terex Corp, 5.0000% 05/15/2029 510,000 $536,138 0.77 %

Clarios Global LP / Clarios US Finance Co, 8.5000% 05/15/2027 500,000 $533,750 0.77 %

DISH DBS Corp, 7.3750% 07/01/2028 495,000 $532,683 0.77 %

Clarivate Science Holdings Corp, 4.8750% 07/01/2029 515,000 $531,207 0.77 %

Organon & Co / Organon Foreign Debt Co-Issuer BV, 5.1250% 04/30/2031 505,000 $529,725 0.76 %

Hughes Satellite Systems Corp, 6.6250% 08/01/2026 465,000 $528,356 0.76 %

Gray Television Inc, 4.7500% 10/15/2030 530,000 $523,799 0.76 %

DIRECTV Holdings LLC / DIRECTV Financing Co Inc, 5.8750% 08/15/2027 500,000 $522,500 0.75 %

Iron Mountain Inc, 5.2500% 07/15/2030 490,000 $521,850 0.75 %

Cincinnati Bell Inc, 7.0000% 07/15/2024 510,000 $519,563 0.75 %

Post Holdings Inc, 4.5000% 09/15/2031 515,000 $519,506 0.75 %

GFL Environmental Inc, 4.7500% 06/15/2029 505,000 $518,888 0.75 %

USA Compression Partners LP / USA Compression Finance Corp, 6.8750% 09/01/2027 495,000 $518,443 0.75 %

Cleveland-Cliffs Inc, 5.8750% 06/01/2027 495,000 $517,275 0.75 %

Callon Petroleum Co, 8.0000% 08/01/2028 535,000 $514,938 0.74 %

Nationstar Mortgage Holdings Inc, 5.5000% 08/15/2028 495,000 $514,181 0.74 %

Deluxe Corp, 8.0000% 06/01/2029 480,000 $513,960 0.74 %

Avis Budget Car Rental LLC / Avis Budget Finance Inc, 5.3750% 03/01/2029 485,000 $509,250 0.73 %

United States Steel Corp, 6.8750% 03/01/2029 465,000 $508,013 0.73 %

Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp, 6.0000% 02/01/2029 495,000 $504,900 0.73 %

Comstock Resources Inc, 6.7500% 03/01/2029 475,000 $498,513 0.72 %

Owens-Brockway Glass Container Inc, 6.6250% 05/13/2027 460,000 $496,147 0.72 %

WESCO Distribution Inc, 7.2500% 06/15/2028 445,000 $494,925 0.71 %

Cedar Fair LP / Canada's Wonderland Co / Magnum Management Corp / Millennium Op, 5.3750% 04/15/2027 480,000 $492,000 0.71 %

Navient Corp, 6.7500% 06/15/2026 435,000 $491,006 0.71 %

Kennedy-Wilson Inc, 5.0000% 03/01/2031 470,000 $488,936 0.71 %

2 SECURITY SHARES TRADED MARKET VALUE % OF PORTFOLIO Lions Gate Capital Holdings LLC, 5.5000% 04/15/2029 470,000 $479,894 0.69 %

Occidental Petroleum Corp, 6.6250% 09/01/2030 380,000 $474,050 0.68 %

SS&C Technologies Inc, 5.5000% 09/30/2027 445,000 $471,233 0.68 %

US Foods Inc, 4.7500% 02/15/2029 460,000 $470,925 0.68 %

Avaya Inc, 6.1250% 09/15/2028 445,000 $469,475 0.68 %

Boyd Gaming Corp, 8.6250% 06/01/2025 430,000 $466,464 0.67 %

Builders FirstSource Inc, 5.0000% 03/01/2030 430,000 $460,100 0.66 %

International Game Technology PLC, 6.2500% 01/15/2027 400,000 $456,000 0.66 %

Taylor Morrison Communities Inc, 5.7500% 01/15/2028 400,000 $451,000 0.65 %

Triumph Group Inc, 8.8750% 06/01/2024 407,000 $448,209 0.65 %

Lumen Technologies Inc, 4.5000% 01/15/2029 440,000 $430,100 0.62 %

CNX Resources Corp, 7.2500% 03/14/2027 405,000 $429,300 0.62 %

LiveStyle Inc. Series A Preferred 2,672 $429,070 0.62 %

Antero Resources Corp, 7.6250% 02/01/2029 390,000 $429,000 0.62 %

EQT Corp, 7.5000% 02/01/2030 330,000 $428,759 0.62 %

PDC Energy Inc, 5.7500% 05/15/2026 400,000 $415,340 0.60 %

Prestige Brands Inc, 5.1250% 01/15/2028 395,000 $413,763 0.60 %

AdaptHealth LLC, 4.6250% 08/01/2029 410,000 $411,148 0.59 %

Scripps Escrow II Inc, 5.3750% 01/15/2031 405,000 $400,844 0.58 %

American Axle & Manufacturing Inc, 6.5000% 04/01/2027 380,000 $399,000 0.58 %

Carnival Corp, 10.5000% 02/01/2026 340,000 $392,275 0.57 %

Park-Ohio Industries Inc, 6.6250% 04/15/2027 390,000 $386,853 0.56 %

Picasso Finance Sub Inc, 6.1250% 06/15/2025 360,000 $380,700 0.55 %

HCA Inc, 5.6250% 09/01/2028 310,000 $369,675 0.53 %

Goodyear Tire & Rubber Co/The, 5.2500% 07/15/2031 345,000 $369,064 0.53 %

Koppers Inc, 6.0000% 02/15/2025 360,000 $369,000 0.53 %

3 SECURITY SHARES TRADED MARKET VALUE % OF PORTFOLIO Netflix Inc, 5.3750% 11/15/2029 300,000 $368,949 0.53 %

Hudbay Minerals Inc, 4.5000% 04/01/2026 365,000 $366,898 0.53 %

Compass Group Diversified Holdings LLC, 5.2500% 04/15/2029 350,000 $366,377 0.53 %

Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed, 4.6250% 03/01/2029 360,000 $366,354 0.53 %

Goodyear Tire & Rubber Co/The, 5.2500% 04/30/2031 340,000 $363,375 0.52 %

Clear Channel Outdoor Holdings Inc, 7.5000% 06/01/2029 350,000 $362,250 0.52 %

SM Energy Co, 6.5000% 07/15/2028 360,000 $361,753 0.52 %

Jazz Securities DAC, 4.3750% 01/15/2029 345,000 $357,506 0.52 %

Lumen Technologies Inc, 5.3750% 06/15/2029 345,000 $354,253 0.51 %

American Airlines Inc, 11.7500% 07/15/2025 285,000 $353,828 0.51 %

Synaptics Inc, 4.0000% 06/15/2029 345,000 $351,469 0.51 %

Rackspace Technology Global Inc, 5.3750% 12/01/2028 355,000 $351,354 0.51 %

Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 4.8750% 05/15/2029 340,000 $350,200 0.51 %

Bausch Health Cos Inc, 7.2500% 05/30/2029 340,000 $350,200 0.51 %

Tronox Inc, 4.6250% 03/15/2029 345,000 $349,813 0.50 %

LogMeIn Inc, 5.5000% 09/01/2027 335,000 $347,563 0.50 %

Performance Food Group Inc, 4.2500% 08/01/2029 345,000 $346,170 0.50 %

United Rentals North America Inc, 5.2500% 01/15/2030 315,000 $345,319 0.50 %

Plantronics Inc, 4.7500% 03/01/2029 360,000 $344,650 0.50 %

ADT Security Corp/The, 4.1250% 08/01/2029 345,000 $344,555 0.50 %

Select Medical Corp, 6.2500% 08/15/2026 325,000 $343,688 0.50 %

Tenneco Inc, 7.8750% 01/15/2029 305,000 $343,125 0.49 %

1011778 BC ULC / New Red Finance Inc, 4.0000% 10/15/2030 345,000 $343,096 0.49 %

NESCO Holdings II Inc, 5.5000% 04/15/2029 330,000 $342,309 0.49 %

Targa Resources Partners LP / Targa Resources Partners Finance Corp, 6.5000% 07/15/2027 315,000 $341,057 0.49 %

Bath & Body Works Inc, 6.6250% 10/01/2030 295,000 $339,988 0.49 %

4 SECURITY SHARES TRADED MARKET VALUE % OF PORTFOLIO Griffon Corp, 5.7500% 03/01/2028 320,000 $339,581 0.49 %

Fortress Transportation and Infrastructure Investors LLC, 9.7500% 08/01/2027 300,000 $338,625 0.49 %

CommScope Inc, 8.2500% 03/01/2027 320,000 $337,344 0.49 %

NuStar Logistics LP, 6.3750% 10/01/2030 305,000 $337,245 0.49 %

NCR Corp, 5.1250% 04/15/2029 325,000 $336,972 0.49 %

Carvana Co, 4.8750% 09/01/2029 340,000 $336,569 0.49 %

Triton Water Holdings Inc, 6.2500% 04/01/2029 340,000 $336,508 0.49 %

Live Nation Entertainment Inc, 4.7500% 10/15/2027 330,000 $335,280 0.48 %

NGL Energy Operating LLC / NGL Energy Finance Corp, 7.5000% 02/01/2026 330,000 $334,950 0.48 %

Antero Midstream Partners LP / Antero Midstream Finance Corp, 5.3750% 06/15/2029 325,000 $332,707 0.48 %

Mercer International Inc, 5.1250% 02/01/2029 330,000 $332,534 0.48 %

Uber Technologies Inc, 7.5000% 09/15/2027 305,000 $332,450 0.48 %

NCL Corp Ltd, 5.8750% 03/15/2026 330,000 $330,825 0.48 %

PBF Holding Co LLC / PBF Finance Corp, 6.0000% 02/15/2028 505,000 $330,775 0.48 %

WR Grace Holdings LLC, 5.6250% 08/15/2029 315,000 $327,994 0.47 %

Southwestern Energy Co, 5.3750% 03/15/2030 315,000 $327,672 0.47 %

CommScope Technologies LLC, 5.0000% 03/15/2027 330,000 $324,897 0.47 %

DCP Midstream Operating LP, 5.1250% 05/15/2029 290,000 $321,900 0.46 %

Continental Resources Inc/OK, 5.7500% 01/15/2031 260,000 $316,875 0.46 %

PennyMac Financial Services Inc, 4.2500% 02/15/2029 320,000 $308,000 0.44 %

Uber Technologies Inc, 8.0000% 11/01/2026 265,000 $282,225 0.41 %

Herc Holdings Inc, 5.5000% 07/15/2027 265,000 $279,363 0.40 %

CCO Holdings LLC / CCO Holdings Capital Corp, 4.5000% 05/01/2032 265,000 $276,885 0.40 %

Nexstar Media Inc, 5.6250% 07/15/2027 260,000 $276,042 0.40 %

Amkor Technology Inc, 6.6250% 09/15/2027 245,000 $263,865 0.38 %

Berry Global Inc, 5.6250% 07/15/2027 250,000 $263,125 0.38 %

5 SECURITY SHARES TRADED MARKET VALUE % OF PORTFOLIO MGM Resorts International, 4.7500% 10/15/2028 245,000 $257,250 0.37 %

Tenneco Inc, 5.0000% 07/15/2026 255,000 $254,804 0.37 %

Triumph Group Inc, 6.2500% 09/15/2024 245,000 $247,732 0.36 %

EQM Midstream Partners LP, 6.5000% 07/01/2027 220,000 $245,300 0.35 %

Virgin Media Finance PLC, 5.0000% 07/15/2030 235,000 $243,331 0.35 %

Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp, 5.5000% 03/01/2025 225,000 $238,500 0.34 %

Edgewell Personal Care Co, 5.5000% 06/01/2028 220,000 $232,925 0.34 %

Joseph T Ryerson & Son Inc, 8.5000% 08/01/2028 208,000 $231,914 0.33 %

Encompass Health Corp, 4.7500% 02/01/2030 210,000 $223,910 0.32 %

Frontier Communications Holdings LLC, 5.0000% 05/01/2028 210,000 $219,450 0.32 %

Sunoco LP / Sunoco Finance Corp, 5.8750% 03/15/2028 205,000 $216,531 0.31 %

Ccf Hldgs LLC Wt Ccf Hldgs LLC Wts C 485,227 $213,500 0.31 %

Occidental Petroleum Corp, 8.8750% 07/15/2030 150,000 $205,844 0.30 %

ModivCare Escrow Issuer Inc, 5.0000% 10/01/2029 200,000 $205,296 0.30 %

Service Properties Trust, 4.5000% 03/15/2025 200,000 $201,000 0.29 %

Ccf Holdings LLC Class M Equity 293,320 $199,458 0.29 %

CSC Holdings LLC, 5.0000% 11/15/2031 200,000 $199,000 0.29 %

OneMain Finance Corp, 5.3750% 11/15/2029 180,000 $196,650 0.28 %

RR Donnelley & Sons Co, 7.0000% 02/15/2022 193,000 $195,895 0.28 %

CSC Holdings LLC, 5.7500% 01/15/2030 185,000 $195,490 0.28 %

Clear Channel Outdoor Holdings Inc, 7.7500% 04/15/2028 185,000 $192,863 0.28 %

TransDigm Inc, 5.5000% 11/15/2027 185,000 $189,203 0.27 %

Carnival Corp, 5.7500% 03/01/2027 180,000 $184,019 0.27 %

Kraft Heinz Foods Co, 5.0000% 07/15/2035 145,000 $179,793 0.26 %

Antero Resources Corp, 5.3750% 03/01/2030 175,000 $178,050 0.26 %

American Airlines Inc/AAdvantage Loyalty IP Ltd, 5.7500% 04/20/2029 160,000 $172,778 0.25 %

6 SECURITY SHARES TRADED MARKET VALUE % OF PORTFOLIO Fortress Transportation and Infrastructure Investors LLC, 5.5000% 05/01/2028 170,000 $172,635 0.25 %

CITGO Petroleum Corp, 6.3750% 06/15/2026 170,000 $172,550 0.25 %

Hess Midstream Operations LP, 4.2500% 02/15/2030 170,000 $172,125 0.25 %

APi Group DE Inc, 4.1250% 07/15/2029 175,000 $171,500 0.25 %

Royal Caribbean Cruises Ltd, 5.5000% 04/01/2028 160,000 $161,170 0.23 %

Aramark Services Inc, 5.0000% 02/01/2028 150,000 $155,973 0.22 %

Service Properties Trust, 4.3500% 10/01/2024 150,000 $152,063 0.22 %

Erickson Inc 2,675 $75,141 0.11 %

Navient Corp, 4.8750% 03/15/2028 70,000 $71,225 0.10 %

LiveStyle Inc. Common Stock 67,983 $1 0.00 %

LiveStyle Inc. Series C warrants 14,500 $0 0.00 %

Affinion Group Holdings Wts 04/01/24 P 3,898 $0 0.00 %

Holdings subject to change.

Portfolio holdings are subject to change daily without notice and may not represent current or past portfolio composition. The holdings presented above include those directly held by the Fund and exclude cash, cash equivalents, as well as certain other assets and liabilities. Unlike the fund's regulatory filings, the portfolio data and its presentation in this document are not required to conform to Generally Accepted Accounting Principles (GAAP) and Securities and Exchange Commission (SEC) presentation requirements. Therefore, the information provided may differ from a fund's holdings disclosed in its annual/semi-annual report and Form N PORT-EX due to the exclusions noted above.

For information related to the Fund's collateral investments and other items mentioned above, please refer to the most recent Form N PORT-EX or the annual/semi-annual report in the above 'Related Resources' scrolling section of the page. Forms N PORT-EX are available on the SEC’s website at www.sec.gov.

Mutual funds distributed by VP Distributors LLC.

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