VIRTUS AllianzGI Global Dynamic Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2021
($ reported in thousands)
Par Value | Value | ||
U.S. Government Securities—0.6% | |||
U.S. Treasury Bonds | |||
2.000%, 11/15/41 | $ 11 | $ 11 | |
2.000%, 8/15/51 | 150 | 153 | |
U.S. Treasury Notes | |||
1.250%, 11/30/26(1) | 51 | 51 | |
1.375%, 11/15/31 | 133 | 131 | |
Total U.S. Government Securities (Identified Cost $343) | 346 | ||
Foreign Government Security—0.4% | |||
United Mexican States 4.500%, 1/31/50 | 200 | 212 | |
Total Foreign Government Security (Identified Cost $215) | 212 | ||
Corporate Bonds and Notes—15.4% | |||
Austria—0.0% | |||
Suzano Austria GmbH 3.750%, 1/15/31 | 20 | 20 | |
Canada—0.1% | |||
Canadian Pacific Railway Co. 3.100%, 12/2/51 | 36 | 37 | |
Cayman Islands—0.1% | |||
Fibria Overseas Finance Ltd. 5.500%, 1/17/27 | 25 | 28 | |
Ireland—0.4% | |||
AerCap Ireland Capital DAC | |||
3.500%, 1/15/25 | 85 | 89 | |
3.000%, 10/29/28 | 150 | 152 | |
Shire Acquisitions Investments Ireland DAC 3.200%, 9/23/26 | 20 | 21 | |
262 | |||
Japan—0.1% | |||
Takeda Pharmaceutical Co., Ltd. 3.025%, 7/9/40 | 40 | 41 | |
Luxembourg—0.0% | |||
ArcelorMittal S.A. 7.000%, 10/15/39 | 15 | 21 | |
Mexico—0.0% | |||
Petroleos Mexicanos 144A 6.700%, 2/16/32(2) | 28 | 28 |
Par Value | Value | ||
Netherlands—0.8% | |||
Cooperatieve Rabobank UA 144A 1.106%, 2/24/27(2) | $ 250 | $ 242 | |
Enel Finance International N.V. 144A 2.650%, 9/10/24(2) | 200 | 206 | |
NXP B.V. 144A 3.400%, 5/1/30(2) | 45 | 48 | |
496 | |||
Puerto Rico—0.3% | |||
Popular, Inc. 6.125%, 9/14/23 | 165 | 176 | |
United Kingdom—0.6% | |||
BAE Systems plc 144A 3.400%, 4/15/30(2) | 80 | 86 | |
NatWest Group plc 2.359%, 5/22/24 | 200 | 203 | |
Vodafone Group plc 5.125%, 6/4/81 | 40 | 41 | |
330 | |||
United States—13.0% | |||
Air Products & Chemicals, Inc. 2.800%, 5/15/50 | 37 | 38 | |
Alexandria Real Estate Equities, Inc. 2.000%, 5/18/32 | 18 | 17 | |
Amazon.com, Inc. 2.700%, 6/3/60 | 36 | 35 | |
American Airlines, Inc. | |||
144A 11.750%, 7/15/25(2) | 20 | 25 | |
144A 5.500%, 4/20/26(2) | 30 | 31 | |
American Express Co. 8.150%, 3/19/38 | 45 | 72 | |
American International Group, Inc. | |||
3.400%, 6/30/30 | 25 | 27 | |
6.820%, 11/15/37 | 14 | 20 | |
American Transmission Systems, Inc. 144A 2.650%, 1/15/32(2) | 24 | 24 | |
Amgen, Inc. 2.000%, 1/15/32 | 100 | 97 | |
Anheuser-Busch InBev Finance, Inc. 4.000%, 1/17/43 | 75 | 83 | |
Apple, Inc. 2.700%, 8/5/51 | 60 | 59 | |
AT&T, Inc. | |||
5.250%, 3/1/37 | 45 | 56 | |
3.100%, 2/1/43 | 113 | 110 | |
Athene Global Funding | |||
144A 2.550%, 6/29/25(2) | 35 | 36 |
Par Value | Value | ||
United States—continued | |||
144A 2.500%, 3/24/28(2) | $ 25 | $ 25 | |
Autodesk, Inc. 2.400%, 12/15/31 | 104 | 104 | |
AvalonBay Communities, Inc. 1.900%, 12/1/28 | 100 | 99 | |
Avnet, Inc. 3.000%, 5/15/31 | 55 | 54 | |
Bank of America Corp. 2.456%, 10/22/25 | 90 | 92 | |
Bank of New York Mellon Corp. (The) Series I 3.750% (3) | 50 | 50 | |
Baxter International, Inc. 144A 1.915%, 2/1/27(2) | 113 | 113 | |
Boeing Co. (The) 3.625%, 2/1/31 | 65 | 69 | |
Boston Gas Co. 144A 3.150%, 8/1/27(2) | 100 | 104 | |
Broadcom, Inc. 144A 3.137%, 11/15/35(2) | 88 | 89 | |
Capital One Financial Corp. 2.618%, 11/2/32 | 90 | 90 | |
Celgene Corp. 5.000%, 8/15/45 | 23 | 27 | |
Centene Corp. 2.450%, 7/15/28 | 59 | 58 | |
Charter Communications Operating LLC | |||
2.250%, 1/15/29 | 46 | 45 | |
5.375%, 4/1/38 | 30 | 36 | |
Chubb INA Holdings, Inc. 3.050%, 12/15/61 | 35 | 36 | |
Cigna Corp. | |||
4.125%, 11/15/25 | 30 | 33 | |
4.800%, 8/15/38 | 20 | 25 | |
Citigroup, Inc. 1.281%, 11/3/25 | 200 | 199 | |
Consolidated Edison Co. of New York, Inc. Series 03-C 5.100%, 6/15/33 | 16 | 19 | |
CVS Health Corp. | |||
4.300%, 3/25/28 | 8 | 9 | |
4.780%, 3/25/38 | 20 | 24 | |
2.700%, 8/21/40 | 25 | 24 | |
Dell, Inc. 7.100%, 4/15/28 | 25 | 31 | |
Delta Air Lines, Inc. 144A 4.750%, 10/20/28(2) | 27 | 30 | |
Discover Financial Services | |||
4.100%, 2/9/27 | 30 | 33 | |
Series C 5.500%(3) | 25 | 27 |
See Notes to Schedule of Investments
1
VIRTUS AllianzGI Global Dynamic Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2021
($ reported in thousands)
Par Value | Value | ||
United States—continued | |||
Discovery Communications LLC 5.200%, 9/20/47 | $ 25 | $ 31 | |
Dominion Energy, Inc. | |||
Series C 4.350%(3) | 65 | 67 | |
Series C 2.250%, 8/15/31 | 100 | 98 | |
DTE Electric Co. Series A 4.050%, 5/15/48 | 40 | 48 | |
Duke Energy Florida LLC 2.400%, 12/15/31 | 60 | 61 | |
Duke Energy Progress LLC | |||
3.450%, 3/15/29 | 85 | 92 | |
6.125%, 9/15/33 | 20 | 26 | |
Edison International Series B 5.000% (3) | 59 | 60 | |
El Paso Natural Gas Co. LLC 8.375%, 6/15/32 | 52 | 74 | |
Energy Transfer LP | |||
6.500%, 2/1/42 | 25 | 32 | |
Series G 7.125%(3) | 40 | 41 | |
Series H 6.500%(3) | 20 | 20 | |
Equinix, Inc. 1.000%, 9/15/25 | 190 | 184 | |
First Horizon Corp. 4.000%, 5/26/25 | 93 | 99 | |
First Maryland Capital II (3 month LIBOR + 0.850%) 0.982%, 2/1/27(4) | 25 | 24 | |
Ford Motor Credit Co. LLC 3.350%, 11/1/22 | 185 | 187 | |
GE Capital Funding LLC 4.550%, 5/15/32 | 89 | 105 | |
General Motors Co. 5.150%, 4/1/38 | 50 | 60 | |
Global Atlantic Fin Co. | |||
144A 3.125%, 6/15/31(2) | 40 | 40 | |
144A 4.700%, 10/15/51(2) | 90 | 91 | |
GLP Capital LP 3.250%, 1/15/32 | 27 | 27 | |
Goldman Sachs Group, Inc. (The) 0.855%, 2/12/26 | 55 | 54 | |
HCA, Inc. 5.875%, 2/15/26 | 60 | 68 | |
Hess Corp. 7.125%, 3/15/33 | 30 | 40 | |
Huntington Bancshares, Inc. Series F 5.625% (3) | 20 | 23 |
Par Value | Value | ||
United States—continued | |||
Huntington Capital Trust I (3 month LIBOR + 0.700%) 0.832%, 2/1/27(4) | $ 65 | $ 63 | |
Invitation Homes Operating Partnership LP 2.300%, 11/15/28 | 60 | 59 | |
Jersey Central Power & Light Co. | |||
6.150%, 6/1/37 | 65 | 86 | |
144A 2.750%, 3/1/32(2) | 21 | 21 | |
JPMorgan Chase & Co. | |||
0.768%, 8/9/25 | 110 | 108 | |
3.328%, 4/22/52 | 25 | 27 | |
Series U (3 month LIBOR + 0.950%) 1.082%, 2/2/37(4) | 85 | 76 | |
Kraft Heinz Foods Co. 5.500%, 6/1/50 | 20 | 27 | |
Leidos, Inc. 7.125%, 7/1/32 | 8 | 11 | |
Lincoln National Corp. (3 month LIBOR + 2.358%) 2.515%, 5/17/66(4) | 45 | 40 | |
Lowe’s Cos., Inc. 2.800%, 9/15/41 | 47 | 46 | |
Marathon Petroleum Corp. 5.850%, 12/15/45 | 45 | 57 | |
Massachusetts Institute of Technology 5.600%, 7/1/2111 | 15 | 26 | |
Massachusetts Mutual Life Insurance Co. 144A 5.077%, 2/15/69(2) | 100 | 124 | |
MetLife, Inc. 144A 9.250%, 4/8/38(2) | 95 | 141 | |
Metropolitan Life Insurance Co. 144A 7.800%, 11/1/25(2) | 130 | 158 | |
Microsoft Corp. | |||
3.500%, 11/15/42 | 65 | 75 | |
2.525%, 6/1/50 | 50 | 49 | |
MidAmerican Energy Co. 4.250%, 7/15/49 | 17 | 21 | |
Mileage Plus Holdings LLC 144A 6.500%, 6/20/27(2) | 90 | 96 | |
MSCI, Inc. 144A 3.625%, 11/1/31(2) | 75 | 78 | |
Narragansett Electric Co. (The) 144A 5.638%, 3/15/40(2) | 33 | 42 | |
Netflix, Inc. 4.875%, 4/15/28 | 81 | 92 |
Par Value | Value | ||
United States—continued | |||
New York Life Insurance Co. 144A 4.450%, 5/15/69(2) | $ 20 | $ 25 | |
New York State Electric & Gas Corp. 144A 2.150%, 10/1/31(2) | 60 | 59 | |
NextEra Energy Capital Holdings, Inc. 1.900%, 6/15/28 | 80 | 79 | |
NGPL PipeCo LLC 144A 3.250%, 7/15/31(2) | 15 | 15 | |
Niagara Mohawk Power Corp. 144A 1.960%, 6/27/30(2) | 35 | 33 | |
Northern Natural Gas Co. 144A 3.400%, 10/16/51(2) | 22 | 23 | |
Northwestern Mutual Life Insurance Co. (The) 144A 3.850%, 9/30/47(2) | 44 | 50 | |
Occidental Petroleum Corp. 8.000%, 7/15/25 | 42 | 49 | |
Pacific Gas & Electric Co. | |||
4.500%, 12/15/41 | 10 | 10 | |
4.950%, 7/1/50 | 40 | 44 | |
PacifiCorp. 2.900%, 6/15/52 | 10 | 10 | |
Pennsylvania Electric Co. | |||
6.150%, 10/1/38 | 20 | 27 | |
144A 4.150%, 4/15/25(2) | 35 | 37 | |
PepsiCo, Inc. 2.875%, 10/15/49 | 50 | 52 | |
PerkinElmer, Inc. 2.250%, 9/15/31 | 62 | 60 | |
Pilgrim’s Pride Corp. 144A 3.500%, 3/1/32(2) | 11 | 11 | |
Plains All American Pipeline LP Series B 6.125% (3) | 35 | 30 | |
President & Fellows of Harvard College 4.875%, 10/15/40 | 15 | 21 | |
Public Service Enterprise Group, Inc. 2.450%, 11/15/31 | 106 | 105 | |
Raytheon Technologies Corp. | |||
7.000%, 11/1/28 | 100 | 127 | |
3.030%, 3/15/52 | 48 | 48 | |
Sempra Energy 4.125%, 4/1/52 | 81 | 82 | |
Southern California Edison Co. 3.900%, 12/1/41 | 25 | 26 |
See Notes to Schedule of Investments
2
VIRTUS AllianzGI Global Dynamic Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2021
($ reported in thousands)
Par Value | Value | ||
United States—continued | |||
State Street Corp. (3 month LIBOR + 1.000%) 1.203%, 6/15/47(4) | $ 100 | $ 85 | |
SVB Financial Group Series E 4.700% (3) | 50 | 51 | |
Targa Resources Partners LP 5.500%, 3/1/30 | 55 | 60 | |
Time Warner Cable LLC 6.550%, 5/1/37 | 45 | 59 | |
T-Mobile USA, Inc. 2.875%, 2/15/31 | 29 | 29 | |
Truist Financial Corp. 1.267%, 3/2/27 | 80 | 79 | |
Trustees of Tufts College 3.099%, 8/15/51 | 40 | 42 | |
TSMC Arizona Corp. 3.125%, 10/25/41 | 200 | 208 | |
United Airlines, Inc. 144A 4.625%, 4/15/29(2) | 54 | 56 | |
Verizon Communications, Inc. 4.400%, 11/1/34 | 35 | 41 | |
ViacomCBS, Inc. | |||
4.375%, 3/15/43 | 40 | 46 | |
5.250%, 4/1/44 | 20 | 25 | |
6.250%, 2/28/57 | 34 | 38 | |
Viatris, Inc. 4.000%, 6/22/50 | 35 | 37 | |
Vistra Corp. 144A 7.000% (2)(3) | 30 | 30 | |
VMware, Inc. | |||
4.500%, 5/15/25 | 60 | 65 | |
2.200%, 8/15/31 | 65 | 64 | |
Walt Disney Co. (The) 3.500%, 5/13/40 | 30 | 33 | |
Western Digital Corp. 2.850%, 2/1/29 | 60 | 61 | |
Wisconsin Public Service Corp. 2.850%, 12/1/51 | 32 | 31 | |
7,613 | |||
Total Corporate Bonds and Notes (Identified Cost $9,060) | 9,052 | ||
Shares | ||
Preferred Stocks—0.2% | ||
Brazil—0.1% | ||
Banco Bradesco S.A. | 2,390 | 8 |
Cia de Saneamento do Parana | 5,700 | 4 |
Cia Energetica de Minas Gerais | 2,194 | 5 |
Shares | Value | ||
Brazil—continued | |||
Cia Paranaense de Energia | 4,400 | $ 5 | |
Petroleo Brasileiro S.A. | 2,500 | 13 | |
35 | |||
Chile—0.0% | |||
Embotelladora Andina S.A. | 2,122 | 4 | |
Germany—0.1% | |||
Porsche Automobil Holding SE | 99 | 9 | |
Volkswagen AG | 77 | 16 | |
25 | |||
South Korea—0.0% | |||
Samsung Electronics Co., Ltd., 2.180% | 213 | 13 | |
Taiwan—0.0% | |||
Fubon Financial Holding Co. Ltd.(5) | 301 | 1 | |
United States—0.0% | |||
Truist Financial Corp. Series Q, 5.100% | 20(6) | 22 | |
Total Preferred Stocks (Identified Cost $83) | 100 | ||
Common Stocks—49.3% | |||
Argentina—0.0% | |||
MercadoLibre, Inc.(5) | 18 | 24 | |
Australia—0.4% | |||
Ansell Ltd. | 263 | 6 | |
BHP Group Ltd. | 641 | 19 | |
BlueScope Steel Ltd. | 370 | 6 | |
Brambles Ltd. | 218 | 2 | |
Commonwealth Bank of Australia | 310 | 23 | |
CSL Ltd. | 301 | 64 | |
Fortescue Metals Group Ltd. | 675 | 9 | |
Harvey Norman Holdings Ltd. | 1,698 | 6 | |
Integral Diagnostics Ltd. | 1,025 | 4 | |
Medibank Pvt Ltd. | 1,178 | 3 | |
Qantas Airways Ltd.(5) | 761 | 3 | |
Rio Tinto Ltd. | 204 | 15 | |
Sonic Healthcare Ltd. | 301 | 10 | |
Vicinity Centres | 30,570 | 37 | |
Woolworths Group Ltd. | 253 | 7 | |
214 | |||
Austria—0.1% | |||
ams AG(5) | 240 | 5 | |
BAWAG Group AG(5) | 172 | 11 | |
Flughafen Wien AG(5) | 67 | 2 |
Shares | Value | ||
Austria—continued | |||
OMV AG | 146 | $ 8 | |
Raiffeisen Bank International AG | 239 | 7 | |
Telekom Austria AG(5) | 267 | 2 | |
35 | |||
Belgium—0.0% | |||
Ageas S.A. | 58 | 3 | |
Bekaert S.A. | 131 | 6 | |
Etablissements Franz Colruyt N.V. | 57 | 2 | |
Proximus SADP | 182 | 4 | |
15 | |||
Bermuda—0.2% | |||
Alpha & Omega Semiconductor Ltd.(5) | 142 | 9 | |
Bunge Ltd. | 100 | 9 | |
Haitong International Securities Group Ltd. | 18,000 | 4 | |
Norwegian Cruise Line Holdings Ltd.(5) | 4,580 | 95 | |
PAX Global Technology Ltd. | 3,000 | 2 | |
119 | |||
Brazil—0.1% | |||
B3 S.A. - Brasil Bolsa Balcao | 3,100 | 6 | |
Banco do Brasil S.A. | 1,200 | 7 | |
Telefonica Brasil S.A. | 600 | 5 | |
Vale S.A. | 1,145 | 16 | |
WEG S.A. | 1,200 | 7 | |
41 | |||
Canada—0.9% | |||
Agnico Eagle Mines Ltd. | 61 | 3 | |
Alimentation Couche-Tard, Inc. | 259 | 11 | |
B2Gold Corp. | 2,156 | 8 | |
Ballard Power Systems, Inc.(5) | 5,695 | 72 | |
Bank of Montreal | 144 | 15 | |
Barrick Gold Corp. | 407 | 8 | |
Baytex Energy Corp.(5) | 1,346 | 4 | |
Canadian Tire Corp., Ltd. Class A | 87 | 12 | |
Cascades, Inc. | 526 | 6 | |
Cenovus Energy, Inc. | 577 | 7 | |
Cogeco Communications, Inc. | 150 | 12 | |
Crescent Point Energy Corp. | 346 | 2 | |
DREAM Unlimited Corp. | 525 | 16 | |
Dundee Precious Metals, Inc. | 331 | 2 | |
Empire Co., Ltd. Class A | 285 | 9 | |
Exchange Income Corp. | 205 | 7 |
See Notes to Schedule of Investments
3
VIRTUS AllianzGI Global Dynamic Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2021
($ reported in thousands)
Shares | Value | ||
Canada—continued | |||
Fairfax Financial Holdings, Ltd. | 19 | $ 9 | |
First Quantum Minerals, Ltd. | 3,300 | 79 | |
Franco-Nevada Corp. | 178 | 25 | |
George Weston, Ltd. | 218 | 25 | |
Hydro One Ltd. | 268 | 7 | |
iA Financial Corp, Inc. | 128 | 7 | |
Intact Financial Corp. | 101 | 13 | |
Killam Apartment Real Estate Investment Trust | 152 | 3 | |
LifeWorks, Inc. | 35 | 1 | |
Loblaw Cos., Ltd. | 358 | 29 | |
Manulife Financial Corp. | 937 | 18 | |
Mullen Group Ltd. | 867 | 8 | |
Open Text Corp. | 226 | 11 | |
Power Corp. of Canada | 821 | 27 | |
Shopify, Inc. Class A(5) | 32 | 44 | |
Sun Life Financial, Inc. | 305 | 17 | |
Thomson Reuters Corp. | 44 | 5 | |
Topaz Energy Corp. | 401 | 6 | |
Torex Gold Resources, Inc.(5) | 150 | 2 | |
Trisura Group Ltd.(5) | 49 | 2 | |
Waste Connections, Inc. | 132 | 18 | |
550 | |||
Cayman Islands—0.1% | |||
China Risun Group Ltd. | 6,000 | 4 | |
Wynn Macau Ltd.(5) | 61,600 | 50 | |
54 | |||
Chile—0.1% | |||
Engie Energia Chile S.A. | 3,778 | 2 | |
Sociedad Quimica y Minera de Chile S.A. Sponsored ADR | 1,060 | 54 | |
56 | |||
China—1.8% | |||
Agricultural Bank of China Ltd. Class H | 25,000 | 9 | |
Alibaba Group Holding Ltd. Sponsored ADR(5) | 271 | 32 | |
Baidu, Inc. Sponsored ADR(5) | 57 | 8 | |
Bank of China Ltd. Class H | 63,000 | 23 | |
Bank of Communications Co., Ltd. Class H | 18,000 | 11 | |
China CITIC Bank Corp. Ltd. Class H | 12,000 | 5 | |
China Conch Venture Holdings Ltd. | 2,500 | 12 | |
China Construction Bank Corp. Class H | 33,812 | 23 | |
China Dongxiang Group Co., Ltd. | 16,117 | 1 | |
China Everbright Greentech Ltd. | 8,000 | 3 |
Shares | Value | ||
China—continued | |||
China International Capital Corp. Ltd. Class H | 2,400 | $ 7 | |
China Life Insurance Co., Ltd. Class H | 4,000 | 7 | |
China Minsheng Banking Corp. Ltd. Class H | 9,000 | 3 | |
China Water Affairs Group Ltd. | 2,000 | 3 | |
Chinasoft International Ltd.(5) | 4,000 | 5 | |
Chongqing Rural Commercial Bank Co., Ltd. Class H | 6,488 | 2 | |
CIFI Holdings Group Co., Ltd. | 193,000 | 116 | |
Country Garden Holdings Co., Ltd. | 90,000 | 80 | |
Country Garden Services Holdings Co., Ltd. | 2,172 | 13 | |
CSPC Pharmaceutical Group Ltd. | 11,440 | 12 | |
EVA Precision Industrial Holdings Ltd. | 20,236 | 5 | |
GF Securities Co. Ltd. Class H | 3,200 | 6 | |
Golden Eagle Retail Group Ltd. | 3,000 | 3 | |
Huatai Securities Co. Ltd. Class H | 1,400 | 2 | |
Industrial & Commercial Bank of China Ltd. Class H | 25,000 | 14 | |
JD.com, Inc. ADR(5) | 151 | 11 | |
Jiangsu Expressway Co., Ltd. Class H | 3,189 | 3 | |
Ju Teng International Holdings Ltd. | 4,744 | 1 | |
Lee & Man Paper Manufacturing Ltd. | 6,000 | 4 | |
Lenovo Group Ltd. | 18,000 | 21 | |
Meituan Class B(5) | 600 | 17 | |
NIO, Inc. ADR(5) | 353 | 11 | |
PICC Property & Casualty Co. Ltd. Class H | 2,000 | 2 | |
Postal Savings Bank of China Co., Ltd. Class H | 30,000 | 21 | |
Powerlong Real Estate Holdings Ltd. | 195,000 | 102 | |
Seazen Group Ltd.(5) | 170,000 | 115 | |
Shanghai Electric Group Co., Ltd. Class H | 18,000 | 6 | |
Shenzhen Expressway Corp. Ltd. Class H | 5,700 | 6 | |
Shenzhen Investment Holdings Bay Area Development Co., Ltd. | 6,000 | 2 | |
Sinopec Engineering Group Co., Ltd. Class H | 12,000 | 6 |
Shares | Value | ||
China—continued | |||
Sinopharm Group Co., Ltd. Class H | 2,000 | $ 4 | |
Sunac China Holdings Ltd. | 58,000 | 88 | |
Tencent Holdings Ltd. | 4,081 | 239 | |
Tingyi Cayman Islands Holding Corp. | 4,000 | 8 | |
Topsports International Holdings Ltd. | 2,000 | 2 | |
Vipshop Holdings Ltd. ADR(5) | 307 | 3 | |
Xinte Energy Co. Ltd. Class H | 800 | 1 | |
Zhuzhou CRRC Times Electric Co. Class H | 1,600 | 9 | |
1,087 | |||
Colombia—0.0% | |||
Bancolombia S.A. | 939 | 8 | |
Corp. Financiera Colombiana S.A.(5) | 1,390 | 10 | |
18 | |||
Curaçao—0.1% | |||
Schlumberger N.V. | 1,250 | 37 | |
Czech Republic—0.0% | |||
O2 Czech Republic AS | 318 | 4 | |
Denmark—1.0% | |||
Ambu A/S Class B | 4,350 | 115 | |
Carlsberg AS Class B | 60 | 10 | |
Coloplast A/S Class B | 394 | 69 | |
D/S Norden A/S | 343 | 9 | |
DSV A/S | 861 | 201 | |
Novo Nordisk A/S Class B | 1,652 | 186 | |
Scandinavian Tobacco Group A/S | 122 | 3 | |
Solar A/S Class B | 31 | 4 | |
Spar Nord Bank A/S | 137 | 2 | |
599 | |||
Finland—0.1% | |||
Elisa Oyj | 304 | 19 | |
Kesko Oyj Class B | 140 | 5 | |
Oriola Oyj Class B | 700 | 1 | |
TietoEVRY Oyj | 186 | 6 | |
31 | |||
France—1.8% | |||
Accor S.A.(5) | 1,350 | 44 | |
Aeroports de Paris(5) | 330 | 43 | |
APERAM S.A. | 51 | 3 | |
Atos SE | 107 | 4 | |
AXA S.A. | 448 | 13 | |
BNP Paribas S.A. | 235 | 16 | |
Boiron S.A. | 31 | 1 | |
Bouygues S.A. | 1,386 | 50 | |
Carrefour S.A. | 720 | 13 |
See Notes to Schedule of Investments
4
VIRTUS AllianzGI Global Dynamic Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2021
($ reported in thousands)
Shares | Value | ||
France—continued | |||
Casino Guichard Perrachon S.A.(5) | 159 | $ 4 | |
Cie de Saint-Gobain | 194 | 14 | |
CNP Assurances | 410 | 10 | |
Coface S.A.(5) | 627 | 9 | |
Credit Agricole S.A. | 341 | 5 | |
Dassault Aviation S.A. | 500 | 54 | |
Eiffage S.A. | 495 | 51 | |
Eutelsat Communications S.A. | 433 | 5 | |
Faurecia SE | 16 | 1 | |
Getlink SE | 1,930 | 32 | |
Hermes International | 4 | 7 | |
IPSOS | 108 | 5 | |
L’Oreal S.A. | 265 | 126 | |
LVMH Moet Hennessy Louis Vuitton SE | 323 | 267 | |
Orange S.A. | 2,024 | 22 | |
Publicis Groupe S.A. | 176 | 12 | |
Safran S.A. | 330 | 40 | |
Sanofi | 251 | 25 | |
Sartorius Stedim Biotech | 6 | 3 | |
Schneider Electric SE | 105 | 21 | |
Societe Generale S.A. | 183 | 6 | |
Sodexo S.A. | 900 | 79 | |
Teleperformance | 31 | 14 | |
TotalEnergies SE | 332 | 17 | |
Vinci S.A. | 395 | 42 | |
1,058 | |||
Germany—1.7% | |||
adidas AG | 583 | 168 | |
BASF SE | 257 | 18 | |
Bayer AG Registered Shares | 211 | 11 | |
Bayerische Motoren Werke AG | 202 | 20 | |
BioNTech SE ADR(5) | 13 | 3 | |
Daimler AG Registered Shares | 294 | 23 | |
Daimler Truck Holding AG(5) | 147 | 5 | |
Dermapharm Holding SE | 18 | 2 | |
Deutsche Lufthansa AG Registered Shares(5) | 6,000 | 42 | |
Deutsche Post AG Registered Shares | 585 | 38 | |
Deutsche Telekom AG Registered Shares | 2,240 | 42 | |
DWS Group GmbH & Co. KGaA | 185 | 8 | |
Fraport AG Frankfurt Airport Services Worldwide(5) | 1,250 | 84 | |
HeidelbergCement AG | 202 | 14 | |
HOCHTIEF AG | 500 | 40 | |
Hornbach Holding AG & Co. KGaA | 85 | 13 |
Shares | Value | ||
Germany—continued | |||
Infineon Technologies AG | 2,253 | $ 105 | |
LEG Immobilien SE | 42 | 6 | |
Nemetschek SE | 748 | 96 | |
SAP SE | 163 | 23 | |
TeamViewer AG(5) | 157 | 2 | |
TUI AG(5) | 29,000 | 89 | |
WCM Beteiligungs- und Grundbesitz-AG | 371 | 2 | |
Zalando SE(5) | 1,502 | 122 | |
976 | |||
Greece—0.0% | |||
National Bank of Greece S.A.(5) | 3,034 | 10 | |
Hong Kong—1.1% | |||
AIA Group Ltd. | 11,400 | 115 | |
Bosideng International Holdings Ltd. | 8,000 | 5 | |
Cathay Pacific Airways Ltd.(5) | 85,543 | 70 | |
China Lumena New Materials Corp.(5)(7) | 44 | — | |
China Overseas Land & Investment Ltd. | 67,000 | 159 | |
CITIC Telecom International Holdings Ltd. | 9,000 | 3 | |
CK Asset Holdings Ltd. | 2,529 | 16 | |
Fairwood Holdings Ltd. | 1,500 | 3 | |
Global Brands Group Holding Ltd.(5)(7) | 61,400 | — | |
Hongkong Land Holdings Ltd. | 11,700 | 61 | |
Hui Xian Real Estate Investment Trust | 6,000 | 1 | |
Hysan Development Co., Ltd. | 7,000 | 22 | |
Jardine Matheson Holdings Ltd. | 300 | 17 | |
Kerry Properties Ltd. | 1,243 | 3 | |
Kingboard Holdings Ltd. | 500 | 2 | |
Link REIT | 6,534 | 58 | |
Power Assets Holdings Ltd. | 1,000 | 6 | |
Shanghai Industrial Urban Development Group Ltd. | 17,000 | 2 | |
Shimao Group Holdings Ltd. | 48,000 | 31 | |
SITC International Holdings Co., Ltd. | 2,000 | 7 | |
Sun Hung Kai Properties Ltd. | 500 | 6 | |
Vinda International Holdings Ltd. | 2,000 | 5 | |
Wharf Real Estate Investment Co., Ltd. | 11,000 | 56 |
Shares | Value | ||
Hong Kong—continued | |||
Xinyi Glass Holdings Ltd. | 1,000 | $ 2 | |
650 | |||
Hungary—0.0% | |||
Magyar Telekom Telecommunications plc ADR | 2,911 | 4 | |
OTP Bank Nyrt(5) | 98 | 5 | |
Richter Gedeon Nyrt | 282 | 7 | |
16 | |||
India—0.3% | |||
HDFC Bank Ltd. ADR | 1,738 | 113 | |
ICICI Bank Ltd. Sponsored ADR | 311 | 6 | |
Infosys Ltd. Sponsored ADR | 555 | 14 | |
Reliance Industries Ltd. Sponsored GDR 144A(2) | 202 | 13 | |
State Bank of India Registered Shares GDR | 94 | 6 | |
152 | |||
Indonesia—0.0% | |||
Astra International Tbk PT | 16,100 | 6 | |
Bank Central Asia Tbk PT | 21,300 | 11 | |
Kalbe Farma Tbk PT | 48,400 | 6 | |
Media Nusantara Citra Tbk PT | 59,000 | 4 | |
27 | |||
Ireland—0.4% | |||
Horizon Therapeutics plc(5) | 69 | 8 | |
Irish Residential Properties REIT plc | 403 | 1 | |
Johnson Controls International plc | 213 | 17 | |
Kingspan Group plc | 1,236 | 148 | |
Origin Enterprises plc | 320 | 1 | |
Seagate Technology Holdings plc | 179 | 20 | |
Trane Technologies plc | 119 | 24 | |
Willis Towers Watson plc | 21 | 5 | |
224 | |||
Isle of Man—0.0% | |||
Entain plc(5) | 162 | 4 | |
Israel—0.0% | |||
Alony Hetz Properties & Investments Ltd. | 445 | 8 | |
B Communications Ltd.(5) | 749 | 3 |
See Notes to Schedule of Investments
5
VIRTUS AllianzGI Global Dynamic Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2021
($ reported in thousands)
Shares | Value | ||
Israel—continued | |||
Check Point Software Technologies Ltd.(5) | 39 | $ 5 | |
Formula Systems 1985 Ltd. | 85 | 11 | |
Shufersal Ltd. | 278 | 2 | |
29 | |||
Italy—0.4% | |||
Assicurazioni Generali SpA | 852 | 18 | |
Atlantia SpA(5) | 2,420 | 48 | |
Autogrill SpA(5) | 14,000 | 100 | |
Banca Popolare di Sondrio SCPA | 802 | 3 | |
De’ Longhi SpA | 57 | 2 | |
Enel SpA | 1,474 | 12 | |
Intesa Sanpaolo SpA | 8,302 | 21 | |
Sesa SpA | 11 | 2 | |
Telecom Italia SpA | 11,193 | 6 | |
Unipol Gruppo SpA | 912 | 5 | |
217 | |||
Japan—2.4% | |||
ABC-Mart, Inc. | 1,200 | 51 | |
ADEKA Corp. | 26 | 1 | |
AGC, Inc. | 200 | 10 | |
Aida Engineering Ltd. | 142 | 1 | |
Ajinomoto Co., Inc. | 100 | 3 | |
ANA Holdings, Inc.(5) | 2,500 | 52 | |
Aoyama Trading Co., Ltd.(5) | 111 | 1 | |
Asahi Kasei Corp. | 300 | 3 | |
Canon Marketing Japan, Inc. | 300 | 6 | |
Canon, Inc. | 810 | 20 | |
Capcom Co., Ltd. | 500 | 12 | |
Cawachi Ltd. | 300 | 6 | |
Central Japan Railway Co. | 400 | 53 | |
Chubu Electric Power Co., Inc. | 1,300 | 14 | |
Chugai Pharmaceutical Co., Ltd. | 300 | 10 | |
Daiichi Sankyo Co., Ltd. | 400 | 10 | |
Daiwabo Holdings Co., Ltd. | 200 | 3 | |
DCM Holdings Co., Ltd. | 525 | 5 | |
Doutor Nichires Holdings Co., Ltd. | 351 | 5 | |
DyDo Group Holdings, Inc. | 126 | 5 | |
Earth Corp. | 100 | 5 | |
ENEOS Holdings, Inc. | 1,500 | 6 | |
FUJIFILM Holdings Corp. | 321 | 24 | |
Fukuyama Transporting Co., Ltd. | 145 | 5 | |
H.U. Group Holdings, Inc. | 200 | 5 | |
Hankyu Hanshin Holdings, Inc. | 100 | 3 | |
HIS Co., Ltd.(5) | 2,800 | 46 |
Shares | Value | ||
Japan—continued | |||
Hitachi Ltd. | 200 | $ 11 | |
Honda Motor Co., Ltd. | 400 | 11 | |
Honeys Holdings Co., Ltd. | 39 | —(8) | |
Inpex Corp. | 600 | 5 | |
Internet Initiative Japan, Inc. | 100 | 4 | |
ITOCHU Corp. | 477 | 15 | |
Iwatani Corp. | 200 | 10 | |
Japan Post Bank Co., Ltd. | 1,600 | 15 | |
Japan Post Holdings Co., Ltd. | 2,900 | 23 | |
Japan Wool Textile Co., Ltd. (The) | 500 | 4 | |
Kajima Corp. | 400 | 5 | |
Kakaku.com, Inc. | 1,900 | 51 | |
Kamigumi Co., Ltd. | 300 | 6 | |
Kandenko Co., Ltd. | 600 | 4 | |
Kao Corp. | 200 | 10 | |
KDDI Corp. | 800 | 23 | |
Keyence Corp. | 200 | 126 | |
Koei Tecmo Holdings Co. Ltd. | 100 | 4 | |
Konica Minolta, Inc. | 1,500 | 7 | |
Marui Group Co., Ltd. | 3,300 | 62 | |
Maruichi Steel Tube Ltd. | 100 | 2 | |
McDonald’s Holdings Co. Japan Ltd. | 100 | 4 | |
Mirait Holdings Corp. | 400 | 7 | |
Mitsubishi Corp. | 400 | 13 | |
Mitsubishi Electric Corp. | 400 | 5 | |
Mitsubishi Estate Co., Ltd. | 300 | 4 | |
Mitsubishi HC Capital, Inc. | 2,100 | 10 | |
Mitsubishi Research Institute, Inc. | 100 | 3 | |
Mitsuboshi Belting Ltd. | 71 | 1 | |
Mitsui & Co., Ltd. | 500 | 12 | |
Mizuho Financial Group, Inc. | 1,600 | 20 | |
Morinaga Milk Industry Co., Ltd. | 100 | 5 | |
NEC Corp. | 400 | 18 | |
NGK Insulators Ltd. | 400 | 7 | |
NGK Spark Plug Co., Ltd. | 200 | 3 | |
Nihon Kohden Corp. | 100 | 3 | |
Nihon M&A Center Holdings, Inc. | 300 | 7 | |
Nippon Telegraph & Telephone Corp. | 1,316 | 36 | |
Nippon Yusen KK | 200 | 15 | |
Nitori Holdings Co., Ltd. | 100 | 15 | |
Nomura Holdings, Inc. | 2,500 | 11 | |
Nomura Real Estate Holdings, Inc. | 200 | 5 | |
Obayashi Corp. | 900 | 7 | |
Okumura Corp. | 200 | 6 | |
Osaka Gas Co., Ltd. | 400 | 7 | |
Raito Kogyo Co., Ltd. | 363 | 6 |
Shares | Value | ||
Japan—continued | |||
Renesas Electronics Corp.(5) | 500 | $ 6 | |
Rengo Co., Ltd. | 400 | 3 | |
Rinnai Corp. | 100 | 9 | |
Rohm Co., Ltd. | 100 | 9 | |
Ryohin Keikaku Co., Ltd. | 3,000 | 46 | |
Sankyo Co., Ltd. | 200 | 5 | |
Sanyo Special Steel Co., Ltd. | 182 | 3 | |
Sawai Group Holdings Co., Ltd. | 225 | 9 | |
Sekisui House Ltd. | 700 | 15 | |
Senko Group Holdings Co., Ltd. | 496 | 4 | |
Seven & i Holdings Co., Ltd. | 300 | 13 | |
Shibaura Electronics Co., Ltd. | 100 | 8 | |
SKY Perfect JSAT Holdings, Inc. | 800 | 3 | |
SoftBank Corp. | 1,100 | 14 | |
SoftBank Group Corp. | 300 | 14 | |
Sony Group Corp. | 200 | 25 | |
Sugi Holdings Co., Ltd. | 200 | 12 | |
Sumitomo Densetsu Co., Ltd. | 200 | 4 | |
Sumitomo Electric Industries Ltd. | 500 | 6 | |
Sumitomo Heavy Industries Ltd. | 300 | 7 | |
Sumitomo Mitsui Financial Group, Inc. | 400 | 14 | |
Sumitomo Rubber Industries Ltd. | 800 | 8 | |
Takasago Thermal Engineering Co., Ltd. | 397 | 7 | |
Takeda Pharmaceutical Co., Ltd. | 400 | 11 | |
TIS, Inc. | 100 | 3 | |
Tokyo Electron Ltd. | 100 | 58 | |
Towa Pharmaceutical Co., Ltd. | 214 | 5 | |
Toyo Suisan Kaisha Ltd. | 300 | 13 | |
Toyota Motor Corp. | 2,755 | 50 | |
Tv Tokyo Holdings Corp. | 166 | 3 | |
Yakult Honsha Co., Ltd. | 200 | 10 | |
Yamada Holdings Co., Ltd. | 1,500 | 5 | |
Yamaha Corp. | 100 | 5 | |
Yamaha Motor Co., Ltd. | 300 | 7 | |
Yaoko Co., Ltd. | 100 | 6 | |
Yokohama Rubber Co., Ltd. (The) | 200 | 3 | |
Yurtec Corp. | 132 | 1 | |
1,417 | |||
Jersey—0.1% | |||
Amcor plc | 51 | — | |
Aptiv plc(5) | 62 | 10 |
See Notes to Schedule of Investments
6
VIRTUS AllianzGI Global Dynamic Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2021
($ reported in thousands)
Shares | Value | ||
Jersey—continued | |||
Ferguson plc | 122 | $ 22 | |
32 | |||
Luxembourg—0.1% | |||
ArcelorMittal S.A. | 441 | 14 | |
Eurofins Scientific SE | 99 | 12 | |
Globant S.A.(5) | 20 | 7 | |
33 | |||
Malaysia—0.1% | |||
Axis Real Estate Investment Trust | 4,100 | 2 | |
Bermaz Auto Bhd | 3,500 | 1 | |
CIMB Group Holdings Bhd | 5,900 | 8 | |
Hong Leong Bank Bhd | 1,500 | 6 | |
Malayan Banking Bhd | 2,900 | 6 | |
MBM Resources BHD | 7,800 | 6 | |
MISC Bhd | 1,600 | 3 | |
RHB Bank Bhd | 3,800 | 5 | |
TIME dotCom Bhd | 5,700 | 6 | |
43 | |||
Mexico—0.1% | |||
Alfa SAB de CV Class A | 10,100 | 8 | |
Alpek SAB de CV Class A | 5,700 | 6 | |
Banco del Bajio S.A. | 1,800 | 3 | |
Grupo Financiero Banorte SAB de CV Class O | 1,600 | 10 | |
Grupo Financiero Inbursa SAB de CV Class O(5) | 2,500 | 3 | |
Grupo Lala SAB de CV Class B | 4 | —(8) | |
Nemak SAB de CV(5) | 19,369 | 6 | |
36 | |||
Morocco—0.0% | |||
Co. Sucrerie Marocaine et de Raffinage | 74 | 2 | |
Douja Promotion Groupe Addoha S.A.(5) | 1,239 | 1 | |
3 | |||
Netherlands—1.5% | |||
Adyen N.V.(5) | 38 | 100 | |
Aegon N.V. | 1,165 | 6 | |
AerCap Holdings N.V.(5) | 152 | 10 | |
Airbus SE(5) | 815 | 104 | |
ASM International N.V. | 36 | 16 | |
ASML Holding N.V. | 714 | 574 | |
ASR Nederland N.V. | 164 | 7 | |
Flow Traders | 102 | 4 | |
ForFarmers N.V. | 812 | 4 | |
Koninklijke Ahold Delhaize N.V. | 928 | 32 | |
NN Group N.V. | 238 | 13 |
Shares | Value | ||
Netherlands—continued | |||
Prosus N.V.(5) | 126 | $ 10 | |
Signify N.V. | 122 | 6 | |
Stellantis N.V. | 471 | 9 | |
895 | |||
New Zealand—0.2% | |||
Arvida Group Ltd. | 1,293 | 2 | |
Fisher & Paykel Healthcare Corp., Ltd. | 577 | 13 | |
Mainfreight Ltd. | 1,711 | 110 | |
Summerset Group Holdings Ltd. | 771 | 7 | |
132 | |||
Norway—0.1% | |||
Frontline, Ltd.(5) | 831 | 6 | |
Orkla ASA | 405 | 4 | |
Sparebanken Vest | 709 | 8 | |
TGS ASA | 423 | 4 | |
Yara International ASA | 166 | 8 | |
30 | |||
Panama—0.2% | |||
Carnival Corp.(5) | 4,950 | 100 | |
Peru—0.0% | |||
Ferreycorp SAA | 7,075 | 4 | |
Philippines—0.0% | |||
Globe Telecom, Inc. | 70 | 5 | |
PLDT, Inc. | 95 | 3 | |
8 | |||
Poland—0.0% | |||
Asseco Poland S.A. | 218 | 5 | |
Ciech S.A. | 206 | 2 | |
TEN Square Games S.A. | 70 | 6 | |
13 | |||
Portugal—0.0% | |||
REN - Redes Energeticas Nacionais SGPS S.A. | 627 | 2 | |
Russia—0.0% | |||
Sberbank of Russia PJSC Sponsored ADR | 949 | 15 | |
Singapore—0.7% | |||
BOC Aviation Ltd. | 800 | 6 | |
ComfortDelGro Corp., Ltd. | 45,200 | 47 | |
DBS Group Holdings Ltd. | 900 | 22 | |
Fortune Real Estate Investment Trust | 4,000 | 4 | |
Genting Singapore Ltd. | 88,500 | 51 | |
Parkway Life Real Estate Investment Trust | 600 | 2 | |
SATS Ltd.(5) | 17,600 | 51 | |
Sea Ltd. ADR(5) | 707 | 158 |
Shares | Value | ||
Singapore—continued | |||
Singapore Airlines Ltd.(5) | 15,500 | $ 57 | |
Sino Grandness Food Industry Group Ltd.(5)(7) | 25,900 | — | |
United Overseas Bank Ltd. | 600 | 12 | |
410 | |||
South Africa—0.1% | |||
Anglo American Platinum Ltd. | 74 | 8 | |
Impala Platinum Holdings Ltd. | 556 | 8 | |
MTN Group Ltd.(5) | 987 | 11 | |
Nedbank Group Ltd. | 873 | 10 | |
Old Mutual Ltd. | 8,447 | 7 | |
Sibanye Stillwater Ltd. | 2,068 | 6 | |
Thungela Resources Ltd.(5) | 91 | —(8) | |
50 | |||
South Korea—0.6% | |||
CJ CheilJedang Corp. | 14 | 5 | |
CJ Corp. | 79 | 6 | |
DB HiTek Co., Ltd. | 72 | 4 | |
DB Insurance Co., Ltd. | 97 | 4 | |
DGB Financial Group, Inc. | 503 | 4 | |
DL E&C Co., Ltd.(5) | 64 | 6 | |
GS Holdings Corp. | 127 | 4 | |
Hana Financial Group, Inc. | 231 | 8 | |
Hankook Tire & Technology Co., Ltd. | 103 | 3 | |
HDC Hyundai Development Co-Engineering & Construction | 1 | —(8) | |
JB Financial Group Co., Ltd. | 657 | 5 | |
Kakao Corp.(5) | 92 | 9 | |
Kangwon Land, Inc.(5) | 2,420 | 49 | |
KB Financial Group, Inc. | 134 | 6 | |
KC Co., Ltd. | 70 | 1 | |
Kia Corp. | 132 | 9 | |
KT Corp.(5) | 379 | 10 | |
KT Corp. Sponsored ADR(5) | 326 | 4 | |
LG Chem Ltd. | 106 | 55 | |
LG Innotek Co., Ltd. | 49 | 15 | |
LOTTE Fine Chemical Co., Ltd. | 125 | 8 | |
LX Semicon Co., Ltd. | 46 | 7 | |
NCSoft Corp. | 17 | 9 | |
POSCO | 36 | 8 | |
Posco International Corp. | 336 | 6 |
See Notes to Schedule of Investments
7
VIRTUS AllianzGI Global Dynamic Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2021
($ reported in thousands)
Shares | Value | ||
South Korea—continued | |||
Samsung Electronics Co., Ltd. Registered Shares GDR | 15 | $ 25 | |
Shinhan Financial Group Co., Ltd. | 305 | 9 | |
Shinsegae, Inc.(5) | 270 | 58 | |
SK Hynix, Inc.(5) | 134 | 15 | |
SK Square Co., Ltd.(5) | 72 | 4 | |
SK Telecom Co., Ltd. | 112 | 6 | |
Woori Financial Group, Inc. | 682 | 7 | |
369 | |||
Spain—0.5% | |||
Aena SME S.A.(5) | 290 | 46 | |
Banco Bilbao Vizcaya Argentaria S.A. | 3,445 | 21 | |
Banco Santander S.A. | 6,155 | 21 | |
Ebro Foods S.A. | 113 | 2 | |
Ferrovial S.A. | 1,414 | 44 | |
Iberdrola S.A. | 2,020 | 24 | |
International Consolidated Airlines Group S.A.(5) | 1,561 | 3 | |
International Consolidated Airlines Group S.A.(5) | 40,400 | 78 | |
Lar Espana Real Estate Socimi S.A. | 137 | 1 | |
Mapfre S.A. | 6,522 | 13 | |
Mediaset Espana Comunicacion S.A.(5) | 1,102 | 5 | |
Neinor Homes S.A.(5) | 509 | 6 | |
Repsol S.A. | 1,129 | 14 | |
Telefonica S.A. | 4,652 | 20 | |
298 | |||
Sweden—0.5% | |||
Annehem Fastigheter AB Class B(5) | 42 | —(8) | |
Arjo AB Class B | 684 | 8 | |
Assa Abloy AB Class B | 3,012 | 92 | |
Atlas Copco AB Class A | 1,053 | 73 | |
Getinge AB Class B | 149 | 6 | |
Hexagon AB Class B | 4,196 | 67 | |
Peab AB Class B | 211 | 3 | |
Saab AB Class B | 1,590 | 41 | |
Telefonaktiebolaget LM Ericsson Class B | 955 | 11 | |
Volvo AB Class B | 531 | 12 | |
313 | |||
Switzerland—1.6% | |||
ALSO Holding AG Registered Shares(5) | 10 | 3 | |
BKW AG | 16 | 2 | |
Chubb Ltd. | 133 | 26 | |
Cie Financiere Richemont S.A. Registered Shares | 117 | 17 |
Shares | Value | ||
Switzerland—continued | |||
Galenica AG | 48 | $ 4 | |
Holcim Ltd.(5) | 171 | 9 | |
Intershop Holding AG | 4 | 3 | |
Kuehne + Nagel International AG Registered Shares | 39 | 12 | |
Logitech International S.A. Registered Shares | 183 | 15 | |
Lonza Group AG Registered Shares | 157 | 131 | |
Nestle S.A. Registered Shares | 455 | 64 | |
Novartis AG Registered Shares | 590 | 52 | |
Partners Group Holding AG | 59 | 98 | |
PSP Swiss Property AG Registered Shares | 32 | 4 | |
Roche Holding AG | 170 | 71 | |
Sika AG Registered Shares | 489 | 204 | |
Swiss Life Holding AG Registered Shares | 18 | 11 | |
Swiss Prime Site AG Registered Shares | 78 | 8 | |
Swisscom AG Registered Shares | 26 | 15 | |
Tecan Group AG Registered Shares | 11 | 7 | |
UBS Group AG Registered Shares | 918 | 16 | |
VAT Group AG | 226 | 113 | |
Zurich Insurance Group AG | 75 | 33 | |
918 | |||
Taiwan—0.9% | |||
Acer, Inc. | 7,000 | 8 | |
ASE Technology Holding Co., Ltd. | 4,000 | 15 | |
Asia Cement Corp. | 8,000 | 13 | |
Asustek Computer, Inc. | 2,000 | 27 | |
AU Optronics Corp. | 8,000 | 7 | |
Cathay Financial Holding Co., Ltd. | 13,000 | 29 | |
China Development Financial Holding Corp. | 35,000 | 22 | |
China Motor Corp. | 2,000 | 5 | |
Compal Electronics, Inc. | 13,000 | 11 | |
CTBC Financial Holding Co., Ltd. | 10,000 | 9 | |
Evergreen Marine Corp. Taiwan Ltd. | 2,000 | 10 | |
Everlight Electronics Co., Ltd. | 4,000 | 8 | |
Far EasTone Telecommunications Co., Ltd. | 3,000 | 7 |
Shares | Value | ||
Taiwan—continued | |||
Fubon Financial Holding Co., Ltd. | 11,795 | $ 33 | |
Getac Holdings Corp. | 3,000 | 6 | |
Global Mixed Mode Technology, Inc. | 2,000 | 19 | |
Great Wall Enterprise Co., Ltd. | 3,553 | 7 | |
Hon Hai Precision Industry Co., Ltd. | 4,200 | 16 | |
Hua Nan Financial Holdings Co., Ltd. | 10,215 | 8 | |
Lien Hwa Industrial Holdings Corp. | 6,721 | 15 | |
Pegatron Corp. | 4,000 | 10 | |
Powertech Technology, Inc. | 4,000 | 14 | |
Qisda Corp. | 6,000 | 7 | |
Realtek Semiconductor Corp. | 1,500 | 31 | |
Silicon Motion Technology Corp. ADR | 72 | 7 | |
Sinbon Electronics Co., Ltd. | 2,000 | 21 | |
Synnex Technology International Corp. | 2,000 | 5 | |
Taiwan PCB Techvest Co., Ltd. | 2,000 | 3 | |
Taiwan Semiconductor Manufacturing Co., Ltd. | 4,000 | 89 | |
Tripod Technology Corp. | 2,000 | 9 | |
Uni-President Enterprises Corp. | 3,000 | 7 | |
United Microelectronics Corp. | 5,000 | 12 | |
United Microelectronics Corp. Sponsored ADR | 1,557 | 18 | |
Wisdom Marine Lines Co., Ltd. | 2,118 | 6 | |
Wistron Corp. | 7,000 | 7 | |
WT Microelectronics Co., Ltd. | 707 | 2 | |
Yuanta Financial Holding Co., Ltd. | 29,400 | 27 | |
550 | |||
Thailand—0.3% | |||
Bangchak Corp. PCL Foreign Shares | 3,000 | 2 | |
BTS Group Holdings PCL Foreign Shares | 205,600 | 58 | |
Central Pattana PCL Foreign Shares | 36,200 | 61 | |
Minor International PCL Foreign Shares(5) | 72,865 | 63 | |
Thanachart Capital PCL Foreign Shares | 4,000 | 4 | |
188 | |||
See Notes to Schedule of Investments
8
VIRTUS AllianzGI Global Dynamic Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2021
($ reported in thousands)
Shares | Value | ||
Turkey—0.0% | |||
Dogus Otomotiv Servis ve Ticaret AS | 909 | $ 3 | |
Turkcell Iletisim Hizmetleri AS | 2,677 | 4 | |
Turkiye Garanti Bankasi AS | 5,914 | 5 | |
Turkiye Petrol Rafinerileri AS(5) | 58 | — | |
12 | |||
United Kingdom—1.4% | |||
3i Group plc | 452 | 9 | |
Airtel Africa plc | 6,769 | 12 | |
Anglo American plc | 857 | 35 | |
AstraZeneca plc | 36 | 4 | |
Aviva plc | 1,920 | 11 | |
Barclays plc | 5,141 | 13 | |
BHP Group plc | 569 | 17 | |
BP plc | 4,052 | 18 | |
British Land Co. plc (The) | 5,690 | 41 | |
BT Group plc | 4,057 | 9 | |
Burberry Group plc | 1,658 | 41 | |
Compass Group plc(5) | 1,979 | 44 | |
Computacenter plc | 119 | 5 | |
Diageo plc | 71 | 4 | |
easyJet plc(5) | 5,950 | 45 | |
Endeavour Mining plc | 198 | 4 | |
Firstgroup plc(5) | 22,510 | 31 | |
Gamma Communications plc | 62 | 1 | |
Halfords Group plc | 1,115 | 5 | |
Hikma Pharmaceuticals plc | 277 | 8 | |
HSBC Holdings plc | 4,005 | 24 | |
IHS Markit Ltd. | 190 | 25 | |
Indivior plc(5) | 2,260 | 8 | |
Intertek Group plc | 126 | 10 | |
J Sainsbury plc | 4,273 | 16 | |
JD Sports Fashion plc | 1,580 | 5 | |
Keller Group plc | 654 | 9 | |
Kingfisher plc | 2,122 | 10 | |
Legal & General Group plc | 785 | 3 | |
Linde plc | 155 | 54 | |
M&G plc | 2,329 | 6 | |
Melrose Industries plc | 1,258 | 3 | |
Micro Focus International plc | 820 | 5 | |
Ortho Clinical Diagnostics Holdings plc(5) | 265 | 6 | |
Persimmon plc | 200 | 8 | |
Premier Foods plc | 2,759 | 4 | |
Reach plc | 1,492 | 6 | |
Rio Tinto plc | 447 | 29 | |
Rolls-Royce Holdings plc(5) | 45,000 | 75 | |
Royal Dutch Shell plc Class A | 841 | 18 | |
Royal Dutch Shell plc Class B | 658 | 14 |
Shares | Value | ||
United Kingdom—continued | |||
SSE plc | 183 | $ 4 | |
SSP Group plc(5) | 24,940 | 81 | |
Supermarket Income Reit plc | 2,593 | 4 | |
Virgin Money UK plc(5) | 1,098 | 3 | |
Vodafone Group plc | 7,110 | 11 | |
Whitbread plc(5) | 1,030 | 42 | |
840 | |||
United States—27.3% | |||
3M Co. | 93 | 17 | |
Abbott Laboratories | 502 | 71 | |
AbbVie, Inc. | 269 | 36 | |
ABM Industries, Inc. | 165 | 7 | |
Academy Sports & Outdoors, Inc.(5) | 193 | 8 | |
Accenture plc Class A | 172 | 71 | |
ACCO Brands Corp. | 673 | 6 | |
Activision Blizzard, Inc. | 1,013 | 67 | |
Adobe, Inc. (5) | 705 | 400 | |
Aflac, Inc. | 394 | 23 | |
AGCO Corp. | 40 | 5 | |
Agilent Technologies, Inc. | 208 | 33 | |
AGNC Investment Corp. | 1,064 | 16 | |
Air Lease Corp. Class A | 121 | 5 | |
Air Products & Chemicals, Inc. | 285 | 87 | |
Akamai Technologies, Inc.(5) | 83 | 10 | |
Albemarle Corp. | 335 | 78 | |
Albertsons Cos., Inc. Class A | 334 | 10 | |
Align Technology, Inc.(5) | 187 | 123 | |
Allstate Corp. (The) | 158 | 19 | |
Ally Financial, Inc. | 225 | 11 | |
Alphabet, Inc. Class A(5) | 109 | 316 | |
Alphabet, Inc. Class C(5) | 46 | 133 | |
Amazon.com, Inc.(5) | 177 | 590 | |
Amdocs Ltd. | 81 | 6 | |
AMERCO | 13 | 9 | |
American Airlines Group, Inc.(5) | 6,370 | 114 | |
American Electric Power Co., Inc. | 250 | 22 | |
American Equity Investment Life Holding Co. | 198 | 8 | |
American Express Co. | 773 | 126 | |
American Financial Group, Inc. | 92 | 13 | |
American Tower Corp. | 62 | 18 | |
American Water Works Co., Inc. | 105 | 20 | |
AMETEK, Inc. | 25 | 4 | |
Amgen, Inc. | 130 | 29 | |
Amphenol Corp. Class A | 288 | 25 | |
Analog Devices, Inc. | 77 | 14 | |
Anthem, Inc. | 77 | 36 | |
Apple, Inc. | 2,306 | 409 | |
Applied Materials, Inc. | 853 | 134 | |
ArcBest Corp. | 64 | 8 |
Shares | Value | ||
United States—continued | |||
Arrow Electronics, Inc.(5) | 81 | $ 11 | |
AT&T, Inc. | 1,716 | 42 | |
Automatic Data Processing, Inc. | 188 | 46 | |
AutoZone, Inc.(5) | 13 | 27 | |
Baker Hughes Co. | 1,540 | 37 | |
Bank of America Corp. | 4,682 | 208 | |
Baxter International, Inc. | 46 | 4 | |
Beazer Homes USA, Inc.(5) | 257 | 6 | |
Berkley (W.R.) Corp. | 44 | 4 | |
Berkshire Hathaway, Inc. Class B(5) | 66 | 20 | |
Biogen, Inc.(5) | 44 | 11 | |
Bio-Rad Laboratories, Inc. Class A(5) | 16 | 12 | |
BlackRock, Inc. Class A | 25 | 23 | |
Block, Inc. Class A(5) | 922 | 149 | |
Boeing Co. (The)(5) | 607 | 122 | |
Booz Allen Hamilton Holding Corp. Class A | 140 | 12 | |
Bristol-Myers Squibb Co. | 528 | 33 | |
Broadcom, Inc. | 69 | 46 | |
California Resources Corp. | 66 | 3 | |
Camping World Holdings, Inc. Class A | 112 | 5 | |
Capital One Financial Corp. | 42 | 6 | |
Carlyle Group, Inc. (The) | 56 | 3 | |
Carrier Global Corp. | 256 | 14 | |
Casey’s General Stores, Inc. | 20 | 4 | |
Catalent, Inc.(5) | 686 | 88 | |
Caterpillar, Inc. | 103 | 21 | |
CBTX, Inc. | 78 | 2 | |
CDW Corp. | 19 | 4 | |
Centene Corp.(5) | 247 | 20 | |
Central Garden & Pet Co. Class A(5) | 49 | 2 | |
Century Communities, Inc. | 62 | 5 | |
Charles Schwab Corp. (The) | 141 | 12 | |
Chart Industries, Inc.(5) | 390 | 62 | |
Chemed Corp. | 12 | 6 | |
Chevron Corp. | 303 | 36 | |
Chipotle Mexican Grill, Inc. Class A(5) | 2 | 4 | |
Church & Dwight Co., Inc. | 113 | 12 | |
Cigna Corp. | 76 | 17 | |
Cincinnati Financial Corp. | 63 | 7 | |
Cinemark Holdings, Inc.(5) | 6,650 | 107 | |
Cisco Systems, Inc. | 781 | 49 | |
Citigroup, Inc. | 297 | 18 | |
Citizens Financial Group, Inc. | 285 | 13 | |
Clorox Co. (The) | 107 | 19 | |
CMS Energy Corp. | 104 | 7 | |
CNA Financial Corp. | 126 | 6 |
See Notes to Schedule of Investments
9
VIRTUS AllianzGI Global Dynamic Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2021
($ reported in thousands)
Shares | Value | ||
United States—continued | |||
Coca-Cola Co. (The) | 961 | $ 57 | |
Colgate-Palmolive Co. | 427 | 36 | |
Comcast Corp. Class A | 258 | 13 | |
Computer Programs & Systems, Inc.(5) | 208 | 6 | |
Conagra Brands, Inc. | 258 | 9 | |
Conduent, Inc.(5) | 771 | 4 | |
ConocoPhillips | 233 | 17 | |
Consensus Cloud Solutions, Inc.(5) | 13 | 1 | |
Consolidated Edison, Inc. | 265 | 23 | |
Cooper Cos., Inc. (The) | 368 | 154 | |
Corning, Inc. | 432 | 16 | |
Costco Wholesale Corp. | 122 | 69 | |
Coterra Energy, Inc. | 244 | 5 | |
Crown Castle International Corp. | 135 | 28 | |
CSX Corp. | 209 | 8 | |
Cummins, Inc. | 59 | 13 | |
CVS Health Corp. | 552 | 57 | |
Danaher Corp. | 226 | 74 | |
Dave & Buster’s Entertainment, Inc.(5) | 3,320 | 127 | |
Deere & Co. | 119 | 41 | |
Dell Technologies, Inc. Class C(5) | 108 | 6 | |
Delta Air Lines, Inc.(5) | 215 | 8 | |
DENTSPLY SIRONA, Inc. | 158 | 9 | |
Dollar General Corp. | 134 | 32 | |
Domino’s Pizza, Inc. | 18 | 10 | |
Dover Corp. | 135 | 25 | |
Dow, Inc. | 164 | 9 | |
DR Horton, Inc. | 135 | 15 | |
Duke Energy Corp. | 166 | 17 | |
eBay, Inc. | 194 | 13 | |
Edwards Lifesciences Corp.(5) | 1,334 | 173 | |
Electronic Arts, Inc. | 55 | 7 | |
Eli Lilly & Co. | 356 | 98 | |
Ellington Financial, Inc. | 144 | 2 | |
Emergent BioSolutions, Inc.(5) | 181 | 8 | |
Emerson Electric Co. | 223 | 21 | |
Encompass Health Corp. | 132 | 9 | |
Ennis, Inc. | 50 | 1 | |
Enova International, Inc.(5) | 123 | 5 | |
Enphase Energy, Inc.(5) | 475 | 87 | |
EPAM Systems, Inc.(5) | 44 | 29 | |
Equifax, Inc. | 108 | 32 | |
Estee Lauder Cos., Inc. (The) Class A | 569 | 211 | |
Ethan Allen Interiors, Inc. | 152 | 4 | |
Exelon Corp. | 353 | 20 | |
ExlService Holdings, Inc.(5) | 34 | 5 | |
Expeditors International of Washington, Inc. | 70 | 9 | |
Extra Space Storage, Inc. | 185 | 42 | |
Exxon Mobil Corp. | 523 | 32 | |
FedEx Corp. | 51 | 13 |
Shares | Value | ||
United States—continued | |||
Fidelity National Information Services, Inc. | 46 | $ 5 | |
First NBC Bank Holding Co.(7) | 1,041 | — | |
FirstEnergy Corp. | 213 | 9 | |
Foot Locker, Inc. | 93 | 4 | |
Franklin Electric Co., Inc. | 48 | 5 | |
Freeport-McMoRan, Inc. | 2,175 | 91 | |
Gartner, Inc.(5) | 6 | 2 | |
Genco Shipping & Trading Ltd. | 394 | 6 | |
Generac Holdings, Inc.(5) | 224 | 79 | |
General Electric Co. | 241 | 23 | |
General Mills, Inc. | 72 | 5 | |
General Motors Co.(5) | 427 | 25 | |
Genworth Financial, Inc. Class A(5) | 1,059 | 4 | |
Gilead Sciences, Inc. | 466 | 34 | |
Goodyear Tire & Rubber Co. (The)(5) | 226 | 5 | |
Graham Holdings Co. Class B | 9 | 6 | |
Gray Television, Inc. | 233 | 5 | |
Green Brick Partners, Inc.(5) | 169 | 5 | |
Griffon Corp. | 141 | 4 | |
HarborOne Bancorp, Inc. | 288 | 4 | |
Hartford Financial Services Group, Inc. (The) | 292 | 20 | |
Haverty Furniture Cos., Inc. | 103 | 3 | |
Hawaiian Electric Industries, Inc. | 134 | 6 | |
Heidrick & Struggles International, Inc. | 216 | 9 | |
Hershey Co. (The) | 74 | 14 | |
Hewlett Packard Enterprise Co. | 939 | 15 | |
Hologic, Inc.(5) | 183 | 14 | |
Home Depot, Inc. (The) | 71 | 29 | |
Honeywell International, Inc. | 179 | 37 | |
Hormel Foods Corp. | 89 | 4 | |
Host Hotels & Resorts, Inc.(5) | 7,390 | 129 | |
HP, Inc. | 552 | 21 | |
Humana, Inc. | 47 | 22 | |
IDACORP, Inc. | 62 | 7 | |
IDEX Corp. | 44 | 10 | |
IDEXX Laboratories, Inc.(5) | 28 | 18 | |
IES Holdings, Inc.(5) | 89 | 5 | |
Illinois Tool Works, Inc. | 97 | 24 | |
Intel Corp. | 553 | 28 | |
International Paper Co. | 178 | 8 | |
Intuit, Inc. | 333 | 214 | |
Intuitive Surgical, Inc.(5) | 500 | 180 | |
Jack Henry & Associates, Inc. | 15 | 3 | |
Jack in the Box, Inc. | 78 | 7 |
Shares | Value | ||
United States—continued | |||
John Wiley & Sons, Inc. Class A | 83 | $ 5 | |
Johnson & Johnson | 567 | 97 | |
JPMorgan Chase & Co. | 1,211 | 192 | |
Kearny Financial Corp. | 346 | 5 | |
Kellogg Co. | 34 | 2 | |
Keysight Technologies, Inc.(5) | 115 | 24 | |
Kimberly-Clark Corp. | 101 | 14 | |
Kinder Morgan, Inc. | 492 | 8 | |
KLA Corp. | 42 | 18 | |
Knight-Swift Transportation Holdings, Inc. Class A | 161 | 10 | |
Kraft Heinz Co. (The) | 239 | 9 | |
Kroger Co. (The) | 736 | 33 | |
Kulicke & Soffa Industries, Inc. | 120 | 7 | |
Laboratory Corp. of America Holdings(5) | 46 | 14 | |
Lam Research Corp. | 34 | 24 | |
Las Vegas Sands Corp.(5) | 2,700 | 102 | |
Lennar Corp. Class A | 126 | 15 | |
Lennox International, Inc. | 247 | 80 | |
Live Nation Entertainment, Inc.(5) | 1,370 | 164 | |
Lowe’s Cos., Inc. | 143 | 37 | |
Lumen Technologies, Inc. | 1,090 | 14 | |
Marathon Petroleum Corp. | 80 | 5 | |
Maravai LifeSciences Holdings, Inc. Class A(5) | 101 | 4 | |
MarketAxess Holdings, Inc. | 147 | 60 | |
Marsh & McLennan Cos., Inc. | ��� 31 | 5 | |
Marten Transport Ltd. | 495 | 9 | |
Mastercard, Inc. Class A | 155 | 56 | |
Matson, Inc. | 53 | 5 | |
Matthews International Corp. Class A | 148 | 5 | |
McDonald’s Corp. | 303 | 81 | |
Medtronic plc | 226 | 23 | |
Merchants Bancorp | 189 | 9 | |
Merck & Co., Inc. | 1,184 | 91 | |
Meta Platforms, Inc. Class A(5) | 635 | 214 | |
Methode Electronics, Inc. | 160 | 8 | |
MetLife, Inc. | 348 | 22 | |
Mettler-Toledo International, Inc.(5) | 10 | 17 | |
Micron Technology, Inc. | 210 | 20 | |
Microsoft Corp. | 2,550 | 858 | |
Moderna, Inc.(5) | 87 | 22 | |
Molson Coors Beverage Co. Class B | 246 | 11 | |
Mondelez International, Inc. Class A | 342 | 23 |
See Notes to Schedule of Investments
10
VIRTUS AllianzGI Global Dynamic Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2021
($ reported in thousands)
Shares | Value | ||
United States—continued | |||
Monolithic Power Systems, Inc. | 24 | $ 12 | |
Moody’s Corp. | 26 | 10 | |
Mosaic Co. (The) | 517 | 20 | |
Motorola Solutions, Inc. | 63 | 17 | |
MSCI, Inc. Class A | 444 | 272 | |
MYR Group, Inc.(5) | 82 | 9 | |
NetApp, Inc. | 219 | 20 | |
Netflix, Inc.(5) | 17 | 10 | |
Newmont Corp. | 715 | 44 | |
NextEra Energy, Inc. | 1,438 | 134 | |
NIKE, Inc. Class B | 1,107 | 185 | |
Norfolk Southern Corp. | 88 | 26 | |
Northrop Grumman Corp. | 15 | 6 | |
NortonLifeLock, Inc. | 224 | 6 | |
Nucor Corp. | 102 | 12 | |
NVIDIA Corp. | 417 | 123 | |
Old Republic International Corp. | 218 | 5 | |
OneMain Holdings, Inc. Class A | 213 | 11 | |
Oracle Corp. | 397 | 35 | |
O’Reilly Automotive, Inc.(5) | 53 | 37 | |
Organon & Co. | 45 | 1 | |
Otis Worldwide Corp. | 263 | 23 | |
Owens & Minor, Inc. | 124 | 5 | |
Owens Corning | 94 | 9 | |
Park Hotels & Resorts, Inc.(5) | 6,040 | 114 | |
Paychex, Inc. | 79 | 11 | |
Paycom Software, Inc.(5) | 8 | 3 | |
PayPal Holdings, Inc.(5) | 1,348 | 254 | |
PepsiCo, Inc. | 234 | 41 | |
Pfizer, Inc. | 1,267 | 75 | |
Plug Power, Inc.(5) | 2,600 | 73 | |
Pool Corp. | 315 | 178 | |
Popular, Inc. | 214 | 18 | |
Portland General Electric Co. | 132 | 7 | |
Prestige Consumer Healthcare, Inc.(5) | 77 | 5 | |
Procter & Gamble Co. (The) | 605 | 99 | |
Prologis, Inc. | 66 | 11 | |
Prudential Financial, Inc. | 190 | 21 | |
Public Storage | 102 | 38 | |
PulteGroup, Inc. | 313 | 18 | |
QCR Holdings, Inc. | 33 | 2 | |
Qorvo, Inc.(5) | 72 | 11 | |
QUALCOMM, Inc. | 295 | 54 | |
Quanta Services, Inc. | 44 | 5 | |
Quest Diagnostics, Inc. | 69 | 12 | |
Ralph Lauren Corp. | 1,020 | 121 | |
Redwood Trust, Inc. | 607 | 8 | |
Regeneron Pharmaceuticals, Inc.(5) | 113 | 71 |
Shares | Value | ||
United States—continued | |||
Reinsurance Group of America, Inc. | 96 | $ 11 | |
Rent-A-Center, Inc. | 73 | 4 | |
Republic Services, Inc. Class A | 270 | 38 | |
ResMed, Inc. | 31 | 8 | |
Rimini Street, Inc.(5) | 893 | 5 | |
Roku, Inc. Class A (5) | 38 | 9 | |
Roper Technologies, Inc. | 363 | 179 | |
Ross Stores, Inc. | 786 | 90 | |
Royal Caribbean Cruises Ltd.(5) | 1,480 | 114 | |
S&P Global, Inc. | 822 | 388 | |
Sanderson Farms, Inc. | 9 | 2 | |
Schneider National, Inc. Class B | 175 | 5 | |
Schweitzer-Mauduit International, Inc. | 135 | 4 | |
Sempra Energy | 97 | 13 | |
Service Properties Trust | 11,060 | 97 | |
ServiceNow, Inc.(5) | 51 | 33 | |
Sherwin-Williams Co. (The) | 291 | 102 | |
Shoals Technologies Group, Inc. Class A(5) | 2,070 | 50 | |
Six Flags Entertainment Corp.(5) | 2,820 | 120 | |
Snap-on, Inc. | 64 | 14 | |
SolarEdge Technologies, Inc.(5) | 282 | 79 | |
Southern Co. (The) | 147 | 10 | |
Southwest Airlines Co.(5) | 2,310 | 99 | |
SP Plus Corp.(5) | 40 | 1 | |
Star Group LP | 721 | 8 | |
Starbucks Corp. | 373 | 44 | |
Steel Dynamics, Inc. | 358 | 22 | |
Stewart Information Services Corp. | 117 | 9 | |
Sunnova Energy International, Inc.(5) | 1,720 | 48 | |
Sunrun, Inc.(5) | 1,340 | 46 | |
Switch, Inc. Class A | 129 | 4 | |
Sylvamo Corp.(5) | 16 | —(8) | |
Synchrony Financial | 364 | 17 | |
Synopsys, Inc.(5) | 87 | 32 | |
Take-Two Interactive Software, Inc.(5) | 32 | 6 | |
Target Corp. | 278 | 64 | |
TEGNA, Inc. | 453 | 8 | |
Telephone & Data Systems, Inc. | 257 | 5 | |
Teradyne, Inc. | 100 | 16 | |
Tesla, Inc.(5) | 32 | 34 | |
Texas Instruments, Inc. | 293 | 55 | |
Thermo Fisher Scientific, Inc. | 200 | 133 | |
T-Mobile US, Inc.(5) | 54 | 6 | |
Tyler Technologies, Inc.(5) | 316 | 170 |
Shares | Value | ||
United States—continued | |||
Tyson Foods, Inc. Class A | 164 | $ 14 | |
U.S. Bancorp | 454 | 26 | |
Ultra Clean Holdings, Inc.(5) | 104 | 6 | |
United Airlines Holdings, Inc.(5) | 2,710 | 119 | |
United Therapeutics Corp.(5) | 42 | 9 | |
UnitedHealth Group, Inc. | 340 | 171 | |
Unum Group | 214 | 5 | |
Valero Energy Corp. | 490 | 37 | |
Valley National Bancorp | 151 | 2 | |
Valmont Industries, Inc. | 16 | 4 | |
Veeva Systems, Inc. Class A(5) | 96 | 25 | |
VeriSign, Inc.(5) | 68 | 17 | |
Verizon Communications, Inc. | 1,934 | 100 | |
Vertex Pharmaceuticals, Inc.(5) | 176 | 39 | |
Viatris, Inc. | 695 | 9 | |
Visa, Inc. Class A | 1,991 | 431 | |
VMware, Inc. Class A | 47 | 5 | |
Walgreens Boots Alliance, Inc. | 416 | 22 | |
Walmart, Inc. | 608 | 88 | |
Walt Disney Co. (The)(5) | 896 | 139 | |
Waste Management, Inc. | 270 | 45 | |
Waters Corp.(5) | 21 | 8 | |
Waterstone Financial, Inc. | 139 | 3 | |
WEC Energy Group, Inc. | 365 | 35 | |
West Pharmaceutical Services, Inc. | 88 | 41 | |
Westrock Co. | 301 | 13 | |
Whirlpool Corp. | 48 | 11 | |
Williams Cos., Inc. (The) | 280 | 7 | |
Xcel Energy, Inc. | 70 | 5 | |
Xerox Holdings Corp. | 536 | 12 | |
Yum! Brands, Inc. | 94 | 13 | |
Zebra Technologies Corp. Class A(5) | 20 | 12 | |
Zions Bancorp NA | 1,370 | 87 | |
Zoetis, Inc. Class A | 872 | 213 | |
Zoom Video Communications, Inc. Class A(5) | 27 | 5 | |
16,044 | |||
Total Common Stocks (Identified Cost $23,309) | 29,002 | ||
See Notes to Schedule of Investments
11
VIRTUS AllianzGI Global Dynamic Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2021
($ reported in thousands)
Shares | Value | ||
Exchange-Traded Fund—2.9% | |||
iShares JP Morgan USD Emerging Markets Bond ETF | 15,500 | $ 1,690 | |
Total Exchange-Traded Fund (Identified Cost $1,677) | 1,690 | ||
Rights—0.0% | |||
Cayman Islands—0.0% | |||
Seazen Group Ltd.(5) | 8,095 | — | |
Total Rights (Identified Cost $—) | — | ||
Warrants—0.0% | |||
Bermuda—0.0% | |||
Valaris Ltd.(5) | 5 | —(8) | |
Canada—0.0% | |||
Cenovus Energy, Inc.(5) | 65 | 1 | |
Thailand—0.0% | |||
BTS Group Holdings PCL(5) | 20,000 | —(8) | |
BTS Group Holdings PCL(5) | 40,000 | 1 | |
BTS Group Holdings PCL(5) | 80,000 | 1 | |
2 | |||
Total Warrants (Identified Cost $—) | 3 | ||
Purchased Options—0.0% | |||
(See open purchased options schedule) | |||
Total Purchased Options (Premiums paid $41) | 19 | ||
Total Long-Term Investments—68.8% (Identified Cost $34,728) | 40,424 | ||
Shares | Value | ||
Short-Term Investment—26.0% | |||
Money Market Mutual Fund—26.0% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(9) | 15,263,648 | $15,264 | |
Total Short-Term Investment (Identified Cost $15,264) | 15,264 | ||
TOTAL INVESTMENTS—94.8% (Identified Cost $49,992) | $55,688 | ||
Other assets and liabilities, net—5.2% | 3,070 | ||
NET ASSETS—100.0% | $58,758 |
Abbreviations: | |
ADR | American Depositary Receipt |
CDX.NA.HY | Credit Default Swap Index North American High Yield |
EAFE | Europe, Australasia and Far East |
ETF | Exchange-Traded Fund |
GDR | Global Depositary Receipt |
GS | Goldman Sachs & Co. |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
LP | Limited Partnership |
MSCI | Morgan Stanley Capital International |
NA | National Association |
PJSC | Public Joint Stock Company |
REIT | Real Estate Investment Trust |
S&P | Standard & Poor’s |
Footnote Legend: | |
(1) | All or a portion of the security is segregated as collateral for open swap contracts. |
(2) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2021, these securities amounted to a value of $2,230 or 3.8% of net assets. |
(3) | No contractual maturity date. |
(4) | Variable rate security. Rate disclosed is as of December 31, 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. |
(5) | Non-income producing. |
(6) | Value shown as par value. |
(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 $500. |
(9) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Counterparties: | |
ICE | Intercontinental Exchange |
Foreign Currencies: | |
EUR | Euro |
USD | United States Dollar |
Country Weightings† | |
United States | 73% |
Japan | 3 |
Netherlands | 3 |
United Kingdom | 2 |
China | 2 |
France | 2 |
Germany | 2 |
Other | 13 |
Total | 100% |
† % of total investments as of December 31, 2021. |
See Notes to Schedule of Investments
12
VIRTUS AllianzGI Global Dynamic Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2021
($ reported in thousands)
Open Purchased Options Contracts as of December 31, 2021 were as follows: | |||||
Description of Options | Number of Contracts | Contract Notional Amount | Strike Price(1) | Expiration Date | Value |
Call Option(2) | |||||
S&P 500® Index | 10 | $5,200 | $5,200.00 | 03/18/22 | $3 |
Put Options(2) | |||||
S&P 500® Index | 35 | 10,500 | 3,000.00 | 03/18/22 | 9 |
S&P 500® Index | 10 | 3,100 | 3,100.00 | 03/18/22 | 3 |
S&P 500® Index | 10 | 3,300 | 3,300.00 | 03/18/22 | 4 |
16 | |||||
Total Purchased Options | $19 | ||||
Footnote Legend: | |||||
(1) Strike price not reported in thousands. | |||||
(2) Exchange-traded options |
Exchange-Traded Futures contracts as of December 31, 2021 were as follows: | ||||||
Issue | Expiration | Contracts Purchased/(Sold) | Notional Value | Value / Unrealized Appreciation | Value / Unrealized (Depreciation) | |
Long Contracts: | ||||||
2 Year U.S. Treasury Note Future | March 2022 | 1 | $218 | $— | $—(1) | |
5 Year U.S. Treasury Note Future | March 2022 | 2 | 242 | —(1) | — | |
10 Year U.S. Treasury Note Future | March 2022 | 20 | 2,609 | 26 | — | |
10 Year Ultra Bond Future | March 2022 | 15 | 2,196 | 36 | — | |
30 Year U.S. Treasury Bond Future | March 2022 | 1 | 160 | — | (4) | |
Euro BTP Future | March 2022 | 26 | 4,352 | — | (74) | |
Euro Stoxx 20 Future | March 2022 | 52 | 1,186 | 61 | — | |
Euro Stoxx 50 Future | March 2022 | 13 | 634 | 20 | — | |
MSCI EAFE Index Future | March 2022 | 18 | 2,090 | 56 | — | |
Nasdaq 100 E-Mini Future | March 2022 | 4 | 1,306 | 32 | — | |
Nikkei 225 Stock Average Future | March 2022 | 12 | 1,733 | 63 | — | |
Russell 2000 E-Mini Future | March 2022 | 33 | 3,701 | 140 | — | |
SPI 200 Index Future | March 2022 | 5 | 668 | 14 | — | |
$448 | $(78) | |||||
Short Contracts: | ||||||
10 Year Euro-Bund Future | March 2022 | (22) | (4,292) | 71 | — | |
Euro Currency Future | March 2022 | (10) | (1,425) | — | (12) | |
U.S. Ultra Bond Future | March 2022 | (14) | (2,760) | — | (64) | |
71 | (76) | |||||
Total | $519 | $(154) | ||||
Footnote Legend: | ||||||
(1)Amount is less than $500. |
Centrally cleared credit default swap - buy protection(1) outstanding as of December 31, 2021 were as follows: | |||||||||||||
Reference Entity | Payment Frequency | Counterparty | Fixed Rate | Expiration Date | Notional Amount(2) | Value | Premiums Paid (Received) | Unrealized Appreciation | Unrealized (Depreciation) | ||||
CDX.NA.HY.37(3) | Quarterly | ICE | 5.000% | 12/20/26 | $775 | $(71) | $(69) | $— | $(2) | ||||
International Business Machines Corp. Senior | Quarterly | ICE | 1.000% | 12/20/26 | 245 | (8) | (7) | — | (1) | ||||
Southwest Airlines Co. Senior | Quarterly | ICE | 1.000% | 12/20/26 | 125 | (—) (4) | (—) (4) | — | — (4) | ||||
Valero Energy Corp. Senior | Quarterly | ICE | 1.000% | 12/20/26 | 110 | (—) (4) | — (4) | — (4) | — | ||||
Total | $(79) | $(76) | $— | $(3) |
See Notes to Schedule of Investments
13
VIRTUS AllianzGI Global Dynamic Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2021
($ reported in thousands)
Over-the-counter volatility swaps outstanding as of December 31, 2021 were as follows: | ||||||||||||||
Referenced Entity | Pay/Receive Volatility | Volatility Strike | Payment Frequency | Counterparty | Expiration Date | Notional Amount | Value | Premiums Paid (Received) | Unrealized Appreciation | Unrealized Depreciation | ||||
S&P 500® Index Intraday(5) | Pay | 15.70% | Maturity | Goldman Sachs & Co. | 01/07/22 | $5,000 | USD | $(5) | $— | $— | $(5) | |||
Euro Stoxx® Index(5) | Pay | 18.30 | Maturity | Goldman Sachs & Co. | 01/28/22 | 5,000 | EUR | (20) | — | — | (20) | |||
S&P 500® Index(5) | Pay | 18.10 | Maturity | UBS AG | 01/28/22 | 5,000 | USD | 4 | — | 4 | — | |||
S&P 500® Index(5) | Pay | 18.10 | Maturity | UBS AG | 01/28/22 | 5,000 | USD | 3 | — | 3 | — | |||
S&P 500® Index(5) | Pay | 24.25 | Maturity | JPMorgan Chase Bank | 01/28/22 | 5,000 | USD | 32 | — | 32 | — | |||
S&P 500® Index(5) | Pay | 28.00 | Maturity | UBS Securities LLC | 01/28/22 | 5,000 | USD | 46 | — | 46 | — | |||
Total | $60 | $— | $85 | $(25) |
Footnote Legend: | |
(1) | If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either: (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying investments comprising the referenced index; or (ii) receive a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index. |
(2) | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(3) | CDX.NA.HY is composed of 100 liquid North American entities with high yield credit ratings as published by Markit® from time to time. |
(4) | Amount is less than $500. |
(5) | Variance Swap. |
See Notes to Schedule of Investments
14
VIRTUS AllianzGI Global Dynamic Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2021
($ reported in thousands)
The following table summarizes the market value of the Fund’s investments as of December 31, 2021, based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):
Total Value at December 31, 2021 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Debt Securities: | |||||||
Corporate Bonds and Notes | $9,052 | $— | $9,052 | $— | |||
Foreign Government Security | 212 | — | 212 | — | |||
U.S. Government Securities | 346 | — | 346 | — | |||
Equity Securities: | |||||||
Common Stocks | 29,002 | 29,002 | — | —(1) | |||
Preferred Stocks | 100 | 78 | 22 | — | |||
Warrants | 3 | 3 | — | — | |||
Rights | — | — | — | — | |||
Exchange-Traded Fund | 1,690 | 1,690 | — | — | |||
Money Market Mutual Fund | 15,264 | 15,264 | — | — | |||
Other Financial Instruments: | |||||||
Purchased Options | 19 | 19 | — | — | |||
Futures Contracts | 519 | 519 | — | — | |||
Over-the-Counter Volatility swaps | 85 | — | 85 | — | |||
Total Assets | 56,292 | 46,575 | 9,717 | —(1) | |||
Liabilities: | |||||||
Other Financial Instruments: | |||||||
Futures Contracts | (154) | (154) | — | — | |||
Over-the-Counter Volatility swaps | (25) | — | (25) | — | |||
Centrally Cleared Credit Default Swap | (79) | — | (79) | — | |||
Total Liabilities | (258) | (154) | (104) | — | |||
Total Investments | $56,034 | $46,421 | $9,613 | $—(1) |
(1) | Includes internally fair valued securities currently priced at zero ($0). |
There were no transfers into or out of Level 3 related to securities held at December 31, 2021.
Some of the Fund’s investments that were categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of Level 3 investments.
Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the rollforward of Level 3 securities and assumptions are not shown for the period ended December 31, 2021.
See Notes to Schedule of Investments
15
VIRTUS ALLIANZGI GLOBAL DYNAMIC ALLOCATION FUND
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 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 fair values non-U.S. securities using an independent pricing service which considers the correlation of the trading patterns of the non-U.S. security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, exchange-traded funds (“ETFs”), and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.
Debt securities, including convertible bonds, and 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, activity of the underlying equities, and current day trade information, as well as dealer supplied prices. These valuations are generally categorized as Level 2 in the hierarchy. Structured debt instruments, such as mortgage-backed and asset-backed securities may also incorporate collateral analysis and utilize cash flow models for valuation and are generally categorized as Level 2 in the hierarchy. Pricing services do not provide pricing for all securities and therefore indicative bids from dealers are utilized which are based on pricing models used by market makers in the security and are generally categorized as Level 2 in the hierarchy. Debt securities that are internally fair valued by the Valuation Committee are generally categorized as Level 3 in the hierarchy.
Listed derivatives, such as options and futures, that are actively traded are valued at the last posted settlement price from the exchange where they are principally traded and are categorized as Level 1 in the hierarchy. Over-the-counter (“OTC”) derivative contracts, which include forward currency contracts, swaps, swaptions, options and equity linked instruments, are valued based on model prices provided by independent pricing services or from dealer quotes. Depending on the derivative type and the specific terms of the transaction, these models vary and include observable inputs in actively quoted markets including but not limited to: underlying reference entity details, indices, spreads, interest rates, yield curves, dividend and exchange rates. These instruments are generally categorized as Level 2 in the hierarchy. Centrally cleared swaps listed or traded on a bilateral or trade facility platform, such as a registered exchange, are valued at the last posted settlement price determined by the respective exchange. These securities are generally categorized as Level 2 within 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.
16