VIRTUS Artificial Intelligence & Technology Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited)
April 30, 2026
($ reported in thousands)
 
 
Par Value
Value
Convertible Bonds and Notes—28.1%
Aerospace & Defense—0.4%
AeroVironment, Inc.
0.000%, 7/15/30(1)
$3,535
$3,586
Commercial Services—0.6%
Affirm Holdings, Inc.
0.750%, 12/15/29(1)
5,165
5,449
Computers—4.9%
Lumentum Holdings, Inc.
0.500%, 6/15/28(1)(2)
3,770
25,860
Western Digital Corp.
3.000%, 11/15/28
1,840
21,145
 
47,005
 
 
Electric Utilities—1.1%
FirstEnergy Corp. 144A
3.625%, 1/15/29(3)
9,455
10,330
Electronics—0.5%
OSI Systems, Inc. 144A
0.500%, 2/1/31(3)
4,865
5,197
Entertainment—0.9%
Live Nation Entertainment, Inc.
2.875%, 1/15/30
7,305
8,134
Health Care REITs—2.5%
Welltower OP LLC 144A
3.125%, 7/15/29(3)
14,005
24,236
Internet—1.2%
Alibaba Group Holding Ltd.
0.500%, 6/1/31
3,255
4,699
Trip.com Group Ltd.
0.750%, 6/15/29
3,120
3,355
Uber Technologies, Inc.
0.875%, 12/1/28
2,780
3,399
 
11,453
 
 
Machinery-Construction & Mining—3.0%
Bloom Energy Corp. 144A
0.000%, 11/15/30(3)
10,240
17,825
BWX Technologies, Inc. 144A
0.000%, 11/1/30(3)
9,850
10,657
 
28,482
 
 
Oil, Gas & Consumable Fuels—0.3%
Solaris Energy Infrastructure, Inc.
0.250%, 10/1/31
1,945
2,971
Real Estate—0.5%
Compass, Inc. 144A
0.250%, 4/15/31(3)
5,980
5,250
Semiconductors—8.8%
MACOM Technology Solutions Holdings, Inc.
0.000%, 12/15/29(1)(4)
11,680
20,545
 
Par Value
Value
 
Semiconductors—continued
MKS, Inc.
1.250%, 6/1/30
$10,530
$20,713
Semtech Corp. 144A
0.000%, 10/15/30(1)(3)
13,100
17,488
Synaptics, Inc.
0.750%, 12/1/31
6,460
7,939
Ultra Clean Holdings, Inc. 144A
0.000%, 3/15/31(3)
4,360
5,397
Veeco Instruments, Inc.
2.875%, 6/1/29(1)
6,115
11,151
 
83,233
 
 
Software—2.5%
Cloudflare, Inc.
0.000%, 8/15/26
9,490
11,025
Datadog, Inc.
0.000%, 12/1/29(1)(4)
4,270
4,294
Nebius Group N.V. 144A
1.250%, 3/15/31(3)
7,990
8,868
 
24,187
 
 
Telecommunications—0.9%
AST SpaceMobile, Inc. 144A
2.000%, 1/15/36(3)
8,025
8,153
Total Convertible Bonds and Notes
(Identified Cost $192,344)
267,666
 
 
 
 
Corporate Bonds and Notes—15.1%
Commercial Services—0.9%
EquipmentShare.com, Inc. 144A
8.000%, 3/15/33(1)(2)(3)
8,570
8,987
Computers—0.7%
Seagate Data Storage Technology Pte Ltd. 144A
8.500%, 7/15/31(3)
6,290
6,589
Diversified REITs—1.2%
Iron Mountain, Inc. 144A
7.000%, 2/15/29(2)(3)
10,955
11,195
Electric Utilities—0.9%
Talen Energy Supply LLC 144A
6.500%, 2/1/36(2)(3)
8,385
8,417
Electronic Equipment, Instruments & Components—1.0%
WESCO Distribution, Inc. 144A
7.250%, 6/15/28(2)(3)
9,910
9,935
Entertainment—0.5%
Caesars Entertainment, Inc. 144A
6.000%, 10/15/32(1)(2)(3)
5,000
4,481
Food & Beverage—1.0%
Performance Food Group, Inc. 144A
6.125%, 9/15/32(2)(3)
9,600
9,731
See Notes to Schedule of Investments
1
VIRTUS Artificial Intelligence & Technology Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2026
($ reported in thousands)
 
Par Value
Value
 
Healthcare-Services—0.8%
Tenet Healthcare Corp. 144A
6.000%, 11/15/33(1)(2)(3)
$7,925
$8,010
Internet—0.7%
Gen Digital, Inc. 144A
7.125%, 9/30/30(2)(3)
6,360
6,450
Machinery-Diversified—0.5%
Chart Industries, Inc. 144A
9.500%, 1/1/31(2)(3)
4,175
4,388
Miscellaneous Manufacturing—1.1%
Axon Enterprise, Inc. 144A
6.250%, 3/15/33(2)(3)
10,585
10,862
Retail—0.8%
Advance Auto Parts, Inc. 144A
7.375%, 8/1/33(2)(3)
7,195
7,424
Software—1.9%
CoreWeave, Inc. 144A
9.250%, 6/1/30(1)(2)(3)
13,990
14,167
UKG, Inc. 144A
6.875%, 2/1/31(2)(3)
3,780
3,679
 
17,846
 
 
Telecommunications—2.0%
Level 3 Financing, Inc. 144A
8.500%, 1/15/36(3)
9,285
9,944
WULF Compute LLC 144A
7.750%, 10/15/30(2)(3)
8,230
8,650
 
18,594
 
 
Transportation—1.1%
XPO, Inc. 144A
7.125%, 6/1/31(1)(2)(3)
9,925
10,274
Total Corporate Bonds and Notes
(Identified Cost $143,440)
143,183
 
 
Shares
 
Convertible Preferred Stocks—8.7%
Aerospace & Defense—1.6%
Boeing Co. (The), 6.000%(1)
218,980
15,810
Banks—0.9%
Wells Fargo & Co. Series L, 7.500%
7,065
8,413
Electric Utilities—1.2%
NextEra Energy, Inc., 7.375%
214,380
11,259
Semiconductors & Semiconductor Equipment—2.1%
Microchip Technology, Inc., 7.500%
256,480
20,177
Software—1.7%
Oracle Corp. Series D, 6.500%
328,200
15,974
 
Shares
Value
Technology Hardware, Storage & Peripherals—1.2%
Hewlett Packard Enterprise Co., 7.625%
148,845
$11,405
Total Convertible Preferred Stocks
(Identified Cost $71,854)
83,038
 
 
 
 
Common Stocks—58.1%
Aerospace & Defense—1.2%
Howmet Aerospace, Inc.(2)
45,845
11,142
Air Freight & Logistics—0.8%
FedEx Corp.
20,175
8,137
Banks—4.3%
Bank of America Corp.
52,245
2,793
Citigroup, Inc.(2)
154,717
19,801
Citizens Financial Group, Inc.
78,045
5,077
JPMorgan Chase & Co.(2)
42,500
13,312
 
40,983
 
 
Capital Markets—1.1%
Morgan Stanley
54,400
10,368
Commercial Services & Supplies—0.3%
Waste Management, Inc.(2)
12,585
2,927
Communications Equipment—2.4%
Arista Networks, Inc.(5)
48,245
8,332
Ciena Corp.(2)(5)
27,920
14,730
 
23,062
 
 
Consumer Staples Distribution & Retail—1.7%
Costco Wholesale Corp.
2,795
2,836
Walmart, Inc.(2)
102,195
13,482
 
16,318
 
 
Electrical Equipment—3.7%
GE Vernova, Inc.(2)
22,110
23,955
Vertiv Holdings Co. Class A(2)
33,635
11,049
 
35,004
 
 
Electronic Equipment, Instruments & Components—8.7%
Amphenol Corp. Class A(2)
139,510
20,546
Celestica, Inc.(5)
45,415
18,601
Coherent Corp.(2)(5)
49,651
15,874
Flex Ltd.(5)
299,045
27,378
 
82,399
 
 
Energy Equipment & Services—1.0%
SLB Ltd.(1)
163,060
9,275
Entertainment—0.2%
Netflix, Inc.(5)
17,645
1,652
Healthcare Providers & Services—2.6%
McKesson Corp.
10,800
8,804
Quest Diagnostics, Inc.
36,520
7,092
See Notes to Schedule of Investments
2
VIRTUS Artificial Intelligence & Technology Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2026
($ reported in thousands)
 
Shares
Value
 
Healthcare Providers & Services—continued
UnitedHealth Group, Inc.
24,230
$8,977
 
24,873
 
 
Hotels, Restaurants & Leisure—2.3%
Hilton Worldwide Holdings, Inc.(2)
52,265
16,937
Marriott International, Inc. Class A
13,475
4,874
 
21,811
 
 
Insurance—0.4%
Chubb Ltd.
12,480
4,081
Interactive Media & Services—1.8%
Alphabet, Inc. Class A(2)
41,750
16,066
Meta Platforms, Inc. Class A
1,855
1,135
 
17,201
 
 
IT Services—0.2%
Snowflake, Inc. Class A(5)
16,625
2,269
Machinery—3.8%
Caterpillar, Inc.(2)
22,150
19,716
Deere & Co.
5,260
3,103
Parker-Hannifin Corp.
14,580
13,259
 
36,078
 
 
Pharmaceuticals—3.1%
AstraZeneca plc(1)
21,237
3,979
Eli Lilly & Co.(2)
17,175
16,052
Johnson & Johnson
13,835
3,180
Roche Holding AG Sponsored ADR(1)
115,965
5,900
 
29,111
 
 
Semiconductors & Semiconductor Equipment—17.4%
Applied Materials, Inc.(2)
37,625
14,843
ASML Holding N.V. Registered Shares
4,940
7,109
Broadcom, Inc.(2)
51,250
21,393
Lam Research Corp.
57,960
14,946
Micron Technology, Inc.
20,470
10,586
Monolithic Power Systems, Inc.
5,170
8,346
NVIDIA Corp.
242,950
48,486
Taiwan Semiconductor Manufacturing Co., Ltd.
Sponsored ADR
69,425
27,496
Texas Instruments, Inc.
42,640
11,985
 
165,190
 
 
Software—1.1%
Crowdstrike Holdings, Inc. Class A(5)
5,960
2,657
Microsoft Corp.(2)
2,780
1,133
 
Shares
Value
 
Software—continued
Palantir Technologies, Inc. Class A(5)
48,040
$6,683
 
10,473
 
 
Total Common Stocks
(Identified Cost $377,435)
552,354
 
 
 
 
Total Long-Term Investments—110.0%
(Identified Cost $785,073)
1,046,241
 
 
 
 
Short-Term Investment—1.3%
Money Market Mutual Fund—1.3%
BlackRock Liquidity FedFund - Institutional Shares
(seven-day effective yield 3.543%)(6)
12,399,066
12,399
Total Short-Term Investment
(Identified Cost $12,399)
12,399
 
 
 
 
Securities Lending Collateral—1.3%
Dreyfus Government Cash Management Fund -
Institutional Shares (seven-day effective yield
3.535%)(6)(7)
12,235,349
12,235
Total Securities Lending Collateral
(Identified Cost $12,235)
12,235
 
 
 
 
TOTAL INVESTMENTS—112.6%
(Identified Cost $809,707)
$1,070,875
Other assets and liabilities, net—(12.6)%
(119,878
)
NET ASSETS—100.0%
$950,997
 
Abbreviations:
ADR
American Depositary Receipt
LLC
Limited Liability Company
OP
Operating Partnership
plc
Public Limited Company
 
Footnote Legend:
(1)
All or a portion of security is on loan pursuant to the Liquidity Facility and/or
securities lending.
(2)
All or a portion of securities is segregated as collateral for the Liquidity Facility. The
value of securities segregated as collateral is $183,509.
(3)
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 April 30, 2026, these securities amounted to a
value of $256,584 or 27.0% of net assets.
(4)
Issued with a zero coupon. Income is recognized through the accretion of
discount.
(5)
Non-income producing.
(6)
Shares of this fund are publicly offered, and its prospectus and annual report are
publicly available.
(7)
Represents security purchased with cash collateral received for securities on loan.
See Notes to Schedule of Investments
3
VIRTUS Artificial Intelligence & Technology Opportunities Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2026
($ reported in thousands)
 
Country Weightings†
United States
88
%
Singapore
3
Taiwan
3
Canada
2
Netherlands
1
Switzerland
1
Curaçao
1
Other
1
Total
100
%
† % of total investments as of April 30, 2026.
The following table summarizes the value of the Fund’s investments as of April 30, 2026, based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments): 
 
Total
Value at
April 30, 2026
Level 1
Quoted Prices
Level 2
Significant
Observable
Inputs
Assets:
Debt Instruments:
Convertible Bonds and Notes
$267,666
$—
$267,666
Corporate Bonds and Notes
143,183
—
143,183
Equity Securities:
Convertible Preferred Stocks
83,038
83,038
—
Common Stocks
552,354
552,354
—
Money Market Mutual Fund
12,399
12,399
—
Securities Lending Collateral
12,235
12,235
—
Total Investments
$1,070,875
$660,026
$410,849
There were no securities valued using significant unobservable inputs (Level 3) at April 30, 2026.
There were no transfers into or out of Level 3 related to securities held at April 30, 2026.
See Notes to Schedule of Investments
4
VIRTUS Artificial Intelligence & Technology Opportunities Fund
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
April 30, 2026
Note 1. Security Valuation
The Fund’s Board of Trustees has designated the investment adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940. The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Fund’s policy is to recognize transfers into or out of Level 3 at the end of the reporting period.
• Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities).
• Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
• Level 3 – prices determined using significant unobservable inputs (including the investment adviser’s Valuation Committee’s own assumptions in determining the fair value of investments).
A description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis is as follows:
Equity securities are valued at the official closing price (typically last sale) on the exchange on which the securities are primarily traded or, if no closing price is available, at the last bid price and are categorized as Level 1 in the hierarchy. Illiquid, restricted equity securities and illiquid private placements are internally fair valued by the investment adviser’s Valuation Committee, and are generally categorized as Level 3 in the hierarchy.
Certain non-U.S. securities may be fair valued in cases where closing prices are not readily available or are deemed not reflective of readily available market prices. For example, significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that non-U.S. markets close (where the security is principally traded) and the time that the Fund calculates its net asset value (“NAV”) at the close of regular trading on the New York Stock Exchange (“NYSE”) (generally 4 p.m. Eastern time) that may impact the value of securities traded in these non-U.S. markets. In such cases, the Fund fair values non-U.S. securities using an independent pricing service which considers the correlation of the trading patterns of the non-U.S. security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, Exchange-Traded Funds (“ETFs”), and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.
Debt instruments, including convertible bonds, restricted securities, and leveraged loans are valued based on either evaluated or composite quotations received from independent pricing services or from dealers who make markets in such securities. For most bond types, the pricing service utilizes matrix pricing that considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type, activity of the underlying equities, and current day trade information, as well as dealer supplied prices. These valuations are generally categorized as Level 2 in the hierarchy. Structured debt instruments, such as mortgage-backed and asset-backed securities may also incorporate collateral analysis and utilize cash flow models for valuation and are generally categorized as Level 2 in the hierarchy. Pricing services do not provide pricing for all securities and therefore indicative bids from dealers are utilized which are based on pricing models used by market makers in the security and are generally categorized as Level 2 in the hierarchy. Debt instruments that are internally fair valued by the investment adviser’s Valuation Committee are generally categorized as Level 3 in the hierarchy.
Listed derivatives, such as options, that are actively traded are valued at the last posted settlement price from the exchange where they are principally traded and are categorized as Level 1 in the hierarchy. Over-the-counter derivative contracts, which include forward currency contracts and equity-linked instruments, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in the hierarchy.
Investments in open-end mutual funds are valued at NAV. Investments in closed-end funds and ETFs are valued as of the close of regular trading on the NYSE each business day. Each is categorized as Level 1 in the hierarchy.
A summary of the inputs used to value the Fund’s net assets by each major security type is disclosed at the end of the Schedule of Investments for the Fund. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
For additional information about significant accounting policies, refer to the Fund’s most recent semi or annual report.
5