VIRTUS Diversified Income & Convertible Fund
SCHEDULE OF INVESTMENTS (Unaudited)
April 30, 2026
($ reported in thousands)
 
 
Par Value
Value
Convertible Bonds and Notes—71.7%
Aerospace & Defense—1.1%
AeroVironment, Inc.
0.000%, 7/15/30
$670
$680
Intuitive Machines, Inc. 144A
2.500%, 10/1/30(1)
1,070
2,370
 
3,050
 
 
Auto Manufacturers—1.0%
Rivian Automotive, Inc.
4.625%, 3/15/29
2,380
2,719
Biotechnology—2.9%
Bridgebio Pharma, Inc.

2.250%, 2/1/29
1,495
1,658

144A 0.750%, 2/1/33(1)
245
243
Halozyme Therapeutics, Inc. 144A
0.000%, 2/15/31(1)
2,325
2,259
Ionis Pharmaceuticals, Inc.

1.750%, 6/15/28
770
1,143

144A 0.000%, 12/1/30(1)
1,210
1,255
Ligand Pharmaceuticals, Inc. 144A
0.750%, 10/1/30(1)
1,185
1,589
 
8,147
 
 
Commercial Services—2.8%
Affirm Holdings, Inc.
0.750%, 12/15/29
2,295
2,421
Block, Inc.
0.250%, 11/1/27
2,760
2,592
Global Payments, Inc.
1.500%, 3/1/31
1,425
1,279
Shift4 Payments, Inc.
0.500%, 8/1/27
1,935
1,823
 
8,115
 
 
Computers—9.9%
Lumentum Holdings, Inc. 144A
0.375%, 3/15/32(1)
1,950
9,547
Parsons Corp.
2.625%, 3/1/29
680
668
Seagate HDD Cayman
3.500%, 6/1/28
480
3,909
Western Digital Corp.
3.000%, 11/15/28
1,150
13,215
Zscaler, Inc. 144A
0.000%, 7/15/28(1)(2)
1,185
1,075
 
28,414
 
 
Diversified REITs—1.0%
Digital Realty Trust LP 144A
1.875%, 11/15/29(1)
2,545
2,855
Electric Utilities—5.7%
FirstEnergy Corp. 144A
3.625%, 1/15/29(1)
2,215
2,420
NextEra Energy Capital Holdings, Inc.
3.000%, 3/1/27
4,025
5,850
 
Par Value
Value
 
Electric Utilities—continued
Ormat Technologies, Inc. Series A 144A
1.500%, 3/15/31(1)
$2,155
$2,281
Southern Co. (The) 144A
3.250%, 6/15/28(1)
2,635
2,678
WEC Energy Group, Inc. 144A
3.375%, 6/1/28(1)
3,070
3,202
 
16,431
 
 
Electronics—1.5%
Mirion Technologies, Inc. 144A
0.250%, 6/1/30(1)
1,010
1,140
OSI Systems, Inc. 144A
0.500%, 2/1/31(1)
2,855
3,050
 
4,190
 
 
Energy-Alternate Sources—0.3%
Array Technologies, Inc. 144A
2.875%, 7/1/31(1)
620
803
Engineering & Construction—0.9%
Granite Construction, Inc.
3.250%, 6/15/30
1,450
2,668
Entertainment—3.4%
DraftKings Holdings, Inc.
0.000%, 3/15/28(2)
1,565
1,428
IMAX Corp. 144A
0.750%, 11/15/30(1)
1,660
1,854
Live Nation Entertainment, Inc.

2.875%, 1/15/30
5,025
5,596

144A 2.875%, 10/15/31(1)
770
798
 
9,676
 
 
Financial Services—3.9%
Coinbase Global, Inc.

0.500%, 6/1/26
2,180
2,172

144A 0.000%, 10/1/29(1)(2)
3,545
3,223
Dave, Inc. 144A
0.000%, 4/1/31(1)
1,240
1,513
Galaxy Digital Holdings LP 144A
0.500%, 5/1/31(1)
2,150
1,851
SoFi Technologies, Inc. 144A
0.000%, 10/15/26(1)
1,105
1,123
WisdomTree, Inc. 144A
4.625%, 8/15/30(1)
1,120
1,312
 
11,194
 
 
Ground Transportation—0.1%
Uber Technologies, Inc. 144A
0.000%, 5/15/28(1)
385
420
Health Care REITs—2.2%
Welltower OP LLC 144A
3.125%, 7/15/29(1)
3,590
6,213
Healthcare-Products—2.7%
Alphatec Holdings, Inc.
0.750%, 3/15/30
985
975
See Notes to Schedule of Investments
1
VIRTUS Diversified Income & Convertible Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2026
($ reported in thousands)
 
Par Value
Value
 
Healthcare-Products—continued
Envista Holdings Corp.
1.750%, 8/15/28
$1,910
$1,900
Guardant Health, Inc. 144A
0.000%, 5/15/33(1)
1,415
1,478
Tandem Diabetes Care, Inc.
1.500%, 3/15/29
1,985
2,024
TransMedics Group, Inc.
1.500%, 6/1/28
930
1,223
 
7,600
 
 
Healthcare-Services—0.8%
Alignment Healthcare, Inc.
4.250%, 11/15/29
1,375
2,274
Industrial REITs—0.6%
Rexford Industrial Realty LP 144A
4.375%, 3/15/27(1)
1,745
1,739
Internet—1.2%
Alibaba Group Holding Ltd.
0.500%, 6/1/31
795
1,148
DoorDash, Inc. 144A
0.000%, 5/15/30(1)
1,185
1,130
Uber Technologies, Inc.
0.875%, 12/1/28
1,050
1,284
 
3,562
 
 
Investment Companies—3.0%
Cipher Digital, Inc. 144A
0.000%, 10/1/31(1)
1,095
1,520
IREN Ltd. 144A
0.000%, 7/1/31(1)
1,970
1,704
Riot Platforms, Inc.
0.750%, 1/15/30
1,265
1,804
Terawulf, Inc. 144A
0.000%, 5/1/32(1)
2,550
3,480
 
8,508
 
 
Leisure Time—0.8%
NCL Corp., Ltd. 144A
0.750%, 9/15/30(1)
2,495
2,338
Machinery-Construction & Mining—2.3%
Bloom Energy Corp. 144A
0.000%, 11/15/30(1)
2,720
4,735
BWX Technologies, Inc. 144A
0.000%, 11/1/30(1)
1,730
1,872
 
6,607
 
 
Mining—1.0%
Centrus Energy Corp. 144A
0.000%, 8/15/32(1)
790
941
MP Materials Corp. 144A
3.000%, 3/1/30(1)
625
1,972
 
2,913
 
 
 
Par Value
Value
 
Miscellaneous Manufacturing—0.7%
JBT Marel Corp. 144A
0.375%, 9/15/30(1)
$2,025
$1,904
Office REITs—0.4%
Boston Properties LP 144A
2.000%, 10/1/30(1)
1,175
1,099
Oil, Gas & Consumable Fuels—2.5%
Crescent Energy Co. 144A
2.750%, 3/15/31(1)
1,610
1,852
Liberty Energy, Inc. 144A
0.000%, 3/1/31(1)
725
872
Northern Oil & Gas, Inc.
3.625%, 4/15/29
1,765
1,871
Solaris Energy Infrastructure, Inc.
0.250%, 10/1/31
1,715
2,620
 
7,215
 
 
Pharmaceuticals—1.6%
Indivior Pharmaceuticals, Inc. 144A
0.625%, 3/15/31(1)
1,105
1,256
Jazz Investments I Ltd.
3.125%, 9/15/30
2,265
3,384
 
4,640
 
 
Real Estate—0.4%
Compass, Inc. 144A
0.250%, 4/15/31(1)
1,275
1,119
Retail—1.0%
Burlington Stores, Inc.
1.250%, 12/15/27
980
1,594
Freshpet, Inc.
3.000%, 4/1/28
1,005
1,234
 
2,828
 
 
Semiconductors—5.9%
Cohu, Inc. 144A
1.500%, 1/15/31(1)
1,060
2,021
MACOM Technology Solutions Holdings, Inc.
0.000%, 12/15/29(2)
1,455
2,559
Microchip Technology, Inc.
0.750%, 6/1/30
2,450
2,674
MKS, Inc.
1.250%, 6/1/30
1,450
2,852
ON Semiconductor Corp.
0.500%, 3/1/29
1,275
1,553
Semtech Corp. 144A
0.000%, 10/15/30(1)
1,430
1,909
Synaptics, Inc.
0.750%, 12/1/31
850
1,045
Ultra Clean Holdings, Inc. 144A
0.000%, 3/15/31(1)
1,810
2,241
 
16,854
 
 
Software—8.1%
Akamai Technologies, Inc.

0.375%, 9/1/27
3,755
4,159
See Notes to Schedule of Investments
2
VIRTUS Diversified Income & Convertible Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2026
($ reported in thousands)
 
Par Value
Value
 
Software—continued

144A 0.250%, 5/15/33(1)
$855
$1,122
BILL Holdings, Inc.
0.000%, 4/1/30(2)
1,705
1,510
Cloudflare, Inc.
0.000%, 8/15/26
2,450
2,846
CoreWeave, Inc. 144A
1.750%, 12/1/31(1)
3,470
4,496
Datadog, Inc.
0.000%, 12/1/29
3,410
3,429
Nebius Group N.V. 144A
1.250%, 3/15/31(1)
1,960
2,175
Snowflake, Inc.
0.000%, 10/1/29
265
311
Strategy, Inc.
0.000%, 12/1/29(2)
3,620
3,127
 
23,175
 
 
Telecommunications—1.3%
AST SpaceMobile, Inc. 144A
2.000%, 1/15/36(1)
1,840
1,869
Viavi Solutions, Inc. 144A
0.625%, 3/1/31(1)
450
1,754
 
3,623
 
 
Transportation—0.7%
Scorpio Tankers, Inc. 144A
1.750%, 4/15/31(1)
1,745
1,955
Total Convertible Bonds and Notes
(Identified Cost $170,498)
204,848
 
 
 
 
Corporate Bonds and Notes—17.7%
Aerospace & Defense—0.9%
AAR Escrow Issuer LLC 144A
6.750%, 3/15/29(1)
535
551
Bombardier, Inc. 144A
6.750%, 6/15/33(1)
850
886
TransDigm, Inc.

144A 6.750%, 1/31/34(1)
550
565

144A 6.125%, 7/31/34(1)
565
566
 
2,568
 
 
Auto Components—0.1%
Goodyear Tire & Rubber Co. (The)
6.625%, 7/15/30
355
352
Automotive Parts & Equipment—0.8%
Adient Global Holdings Ltd. 144A
7.500%, 2/15/33(1)
565
578
American Axle & Manufacturing, Inc. 144A
7.750%, 10/15/33(1)
535
522
Clarios Global LP 144A
6.750%, 9/15/32(1)
400
409
Garrett Motion Holdings, Inc. 144A
7.750%, 5/31/32(1)
385
402
 
Par Value
Value
 
Automotive Parts & Equipment—continued
Tenneco, Inc. 144A
8.000%, 11/17/28(1)
$405
$410
 
2,321
 
 
Biotechnology—0.2%
GENMAB A/S 144A
7.250%, 12/15/33(1)
500
521
Building Materials—0.6%
Ameritex Holdco Intermediate LLC 144A
7.625%, 8/15/33(1)
365
379
Builders FirstSource, Inc. 144A
6.375%, 6/15/32(1)
470
473
Quikrete Holdings, Inc. 144A
6.750%, 3/1/33(1)
815
827
 
1,679
 
 
Chemicals—0.3%
Celanese U.S. Holdings LLC
6.750%, 4/15/33
405
417
Chemours Co. (The) 144A
7.875%, 3/15/34(1)
500
512
 
929
 
 
Commercial Services—1.0%
Avis Budget Car Rental LLC 144A
8.000%, 2/15/31(1)
415
419
Deluxe Corp. 144A
8.000%, 6/1/29(1)
270
273
EquipmentShare.com, Inc. 144A
8.625%, 5/15/32(1)
505
536
Herc Holdings, Inc. 144A
7.250%, 6/15/33(1)
660
691
Shift4 Payments LLC 144A
6.750%, 8/15/32(1)
565
564
Williams Scotsman, Inc. 144A
6.625%, 4/15/30(1)
485
499
 
2,982
 
 
Computers—0.5%
CACI International, Inc. 144A
6.375%, 6/15/33(1)
425
435
McAfee Corp. 144A
7.375%, 2/15/30(1)
420
340
Seagate Data Storage Technology Pte Ltd. 144A
8.500%, 7/15/31(1)
550
576
 
1,351
 
 
Containers & Packaging—0.4%
Mauser Packaging Solutions Holding Co. 144A
7.875%, 4/15/30(1)
580
586
Owens-Brockway Glass Container, Inc. 144A
7.250%, 5/15/31(1)
430
411
 
997
 
 
See Notes to Schedule of Investments
3
VIRTUS Diversified Income & Convertible Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2026
($ reported in thousands)
 
Par Value
Value
 
Diversified REITs—0.4%
Iron Mountain, Inc.

144A 7.000%, 2/15/29(1)
$430
$439

144A 6.250%, 1/15/33(1)
575
584
 
1,023
 
 
Electric Utilities—0.5%
NRG Energy, Inc. 144A
6.250%, 11/1/34(1)
700
708
Talen Energy Supply LLC 144A
6.500%, 2/1/36(1)
570
572
 
1,280
 
 
Electronic Equipment, Instruments & Components—0.2%
WESCO Distribution, Inc.

144A 6.375%, 3/15/33(1)
265
274

144A 5.500%, 4/15/34(1)
410
409
 
683
 
 
Entertainment—0.5%
Caesars Entertainment, Inc. 144A
6.000%, 10/15/32(1)
600
538
Churchill Downs, Inc. 144A
6.750%, 5/1/31(1)
285
291
Light & Wonder International, Inc. 144A
6.250%, 10/1/33(1)
415
412
Starz Capital Holdings 1, Inc. 144A
6.000%, 4/15/30(1)
270
255
 
1,496
 
 
Environmental Services—0.2%
GFL Environmental, Inc. 144A
6.750%, 1/15/31(1)
385
399
Waste Pro USA, Inc. 144A
7.000%, 2/1/33(1)
265
270
 
669
 
 
Financial Services—1.2%
Navient Corp.
7.875%, 6/15/32
300
289
OneMain Finance Corp.

7.125%, 11/15/31
270
274

7.125%, 9/15/32
535
543

6.750%, 9/15/33
285
280
PennyMac Financial Services, Inc.

144A 7.875%, 12/15/29(1)
265
275

144A 6.875%, 2/15/33(1)
280
275
PRA Group, Inc. 144A
8.375%, 2/1/28(1)
280
284
Rocket Cos., Inc.

144A 7.125%, 2/1/32(1)
550
568

144A 6.375%, 8/1/33(1)
540
547
 
3,335
 
 
Food & Beverage—0.5%
Performance Food Group, Inc. 144A
6.125%, 9/15/32(1)
500
507
 
Par Value
Value
 
Food & Beverage—continued
Post Holdings, Inc.

144A 6.375%, 3/1/33(1)
$550
$550

144A 6.250%, 10/15/34(1)
270
266
 
1,323
 
 
Healthcare-Products—0.1%
Insulet Corp. 144A
6.500%, 4/1/33(1)
305
311
Healthcare-Services—0.8%
Concentra Health Services, Inc. 144A
6.875%, 7/15/32(1)
575
596
DaVita, Inc. 144A
6.750%, 7/15/33(1)
550
567
Global Medical Response, Inc. 144A
7.375%, 10/1/32(1)
445
464
Tenet Healthcare Corp. 144A
6.000%, 11/15/33(1)
680
687
 
2,314
 
 
Housewares—0.2%
Newell Brands, Inc. 144A
8.500%, 6/1/28(1)
485
507
Insurance—0.5%
Asurion LLC

144A 8.000%, 12/31/32(1)
270
282

144A 8.375%, 2/1/34(1)
425
419
Panther Escrow Issuer LLC 144A
7.125%, 6/1/31(1)
815
819
 
1,520
 
 
Internet—0.5%
Gen Digital, Inc. 144A
6.250%, 4/1/33(1)
825
804
Snap, Inc. 144A
6.875%, 3/1/33(1)
280
273
Wayfair LLC 144A
6.750%, 11/15/32(1)
280
283
 
1,360
 
 
Iron & Steel—0.4%
Cleveland-Cliffs, Inc. 144A
7.625%, 1/15/34(1)
675
682
Commercial Metals Co. 144A
6.000%, 12/15/35(1)
385
385
 
1,067
 
 
Leisure Time—0.4%
Acushnet Co. 144A
5.625%, 12/1/33(1)
290
291
Carnival Corp. 144A
5.750%, 8/1/32(1)
295
297
NCL Corp., Ltd. 144A
6.750%, 2/1/32(1)
685
682
 
1,270
 
 
See Notes to Schedule of Investments
4
VIRTUS Diversified Income & Convertible Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2026
($ reported in thousands)
 
Par Value
Value
 
Lodging—0.1%
Station Casinos LLC 144A
6.625%, 3/15/32(1)
$300
$304
Media—1.4%
CCO Holdings LLC

144A 6.375%, 9/1/29(1)
215
215

144A 7.375%, 3/1/31(1)
555
562
DIRECTV Financing LLC 144A
8.875%, 2/1/30(1)
585
596
Gray Media, Inc. 144A
9.625%, 7/15/32(1)
410
417
Nexstar Media, Inc. 144A
7.250%, 4/15/34(1)
545
548
Paramount Global
6.875%, 4/30/36
590
549
Sirius XM Radio LLC 144A
5.875%, 4/15/32(1)
700
688
Versant Media Group, Inc. 144A
7.250%, 1/30/31(1)
510
530
 
4,105
 
 
Mining—0.2%
Arsenal AIC Parent LLC 144A
8.000%, 10/1/30(1)
395
413
Hudbay Minerals, Inc. 144A
6.125%, 4/1/29(1)
215
216
 
629
 
 
Miscellaneous Manufacturing—0.2%
Axon Enterprise, Inc. 144A
6.250%, 3/15/33(1)
535
549
Oil, Gas & Consumable Fuels—1.0%
CITGO Petroleum Corp. 144A
8.375%, 1/15/29(1)
430
443
CNX Resources Corp. 144A
7.375%, 1/15/31(1)
535
551
Northern Oil & Gas, Inc. 144A
8.750%, 6/15/31(1)
305
318
Permian Resources Operating LLC 144A
6.250%, 2/1/33(1)
430
440
SM Energy Co.

144A 7.000%, 8/1/32(1)
290
298

144A 6.625%, 4/15/34(1)
280
284
Sunoco LP 144A
6.250%, 7/1/33(1)
550
562
 
2,896
 
 
Pipelines—0.2%
Venture Global LNG, Inc. 144A
7.000%, 1/15/30(1)
270
278
Venture Global Plaquemines LNG LLC 144A
6.750%, 1/15/36(1)
345
367
 
645
 
 
Real Estate—0.2%
Anywhere Real Estate Group LLC 144A
7.000%, 4/15/30(1)
535
535
 
Par Value
Value
 
Retail—0.6%
Advance Auto Parts, Inc. 144A
7.375%, 8/1/33(1)
$555
$572
Bath & Body Works, Inc.
6.875%, 11/1/35
280
276
New Red Finance, Inc. 144A
6.125%, 6/15/29(1)
555
565
Petco Health & Wellness Co., Inc. 144A
8.250%, 2/1/31(1)
380
384
 
1,797
 
 
Software—0.7%
Cloud Software Group, Inc. 144A
6.500%, 3/31/29(1)
550
536
CoreWeave, Inc. 144A
9.000%, 2/1/31(1)
270
268
OAK-Eagle Acquireco, Inc. 144A
8.750%, 7/1/34(1)
665
692
UKG, Inc. 144A
6.875%, 2/1/31(1)
425
414
 
1,910
 
 
Telecommunications—1.2%
APLD ComputeCo 2 LLC 144A
6.750%, 3/15/31(1)
430
426
Cipher Compute LLC 144A
7.125%, 11/15/30(1)
570
591
Level 3 Financing, Inc. 144A
8.500%, 1/15/36(1)
670
717
Meridian Arc Holdco LLC 144A
6.250%, 4/30/31(1)
415
415
Vmed O2 UK Financing I plc 144A
7.750%, 4/15/32(1)
695
676
WULF Compute LLC 144A
7.750%, 10/15/30(1)
520
546
 
3,371
 
 
Transportation—0.7%
FTAI Aviation Investors LLC 144A
7.875%, 12/1/30(1)
795
835
Stonepeak Nile Parent LLC 144A
7.250%, 3/15/32(1)
395
413
XPO, Inc. 144A
7.125%, 6/1/31(1)
695
719
 
1,967
 
 
Total Corporate Bonds and Notes
(Identified Cost $50,396)
50,566
 
 
Shares
 
Convertible Preferred Stocks—11.1%
Aerospace & Defense—2.5%
Boeing Co. (The), 6.000%
78,440
5,663
VSE Corp., 5.750%
30,280
1,400
 
7,063
 
 
Banks—2.2%
Wells Fargo & Co. Series L, 7.500%
5,355
6,377
See Notes to Schedule of Investments
5
VIRTUS Diversified Income & Convertible Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2026
($ reported in thousands)
 
Shares
Value
 
Chemicals—0.8%
Albemarle Corp., 7.250%
28,205
$2,198
Electric Utilities—2.2%
NextEra Energy, Inc., 7.299%
19,540
1,154
PG&E Corp. Series A, 6.000%
70,120
2,949
Southern Co. (The) Series A, 7.125%
44,410
2,311
 
6,414
 
 
Healthcare Providers & Services—0.9%
BrightSpring Health Services, Inc., 6.750%
15,540
2,456
Semiconductors & Semiconductor Equipment—1.1%
Microchip Technology, Inc., 7.500%
40,275
3,169
Software—1.0%
Oracle Corp. Series D, 6.500%
61,645
3,000
Trading Companies & Distributors—0.4%
QXO, Inc., 5.500%
17,840
1,009
Total Convertible Preferred Stocks
(Identified Cost $28,847)
31,686
 
 
 
 
Preferred Stock—0.0%
Entertainment—0.0%
LiveStyle, Inc. Series B(3)(4)(5)
630
—
Total Preferred Stock
(Identified Cost $62)
—
 
 
 
 
Common Stocks—29.0%
Aerospace & Defense—0.3%
L3Harris Technologies, Inc.
1,275
409
RTX Corp.(6)
2,595
457
 
866
 
 
Air Freight & Logistics—0.3%
C.H. Robinson Worldwide, Inc.
4,080
742
Automobiles—0.4%
Tesla, Inc.(4)(6)
3,315
1,265
Banks—1.5%
CCF Holdings LLC(3)(4)
1,026,972
51
CCF Holdings LLC Class M(3)(4)
219,990
11
Citigroup, Inc.
8,095
1,036
JPMorgan Chase & Co.
4,400
1,378
PNC Financial Services Group, Inc. (The)
3,540
790
Wells Fargo & Co.
12,100
995
 
4,261
 
 
Beverages—0.4%
Coca-Cola Co. (The)
15,625
1,231
Biotechnology—0.3%
Gilead Sciences, Inc.
5,585
731
 
Shares
Value
 
Broadline Retail—1.5%
Amazon.com, Inc.(4)
16,605
$4,401
Capital Markets—0.8%
Charles Schwab Corp. (The)
6,090
558
Intercontinental Exchange, Inc.
3,665
580
Moody’s Corp.
1,340
619
Morgan Stanley
3,465
660
 
2,417
 
 
Chemicals—0.2%
Dow, Inc.
6,100
247
Linde plc
880
441
 
688
 
 
Commercial Services & Supplies—0.3%
Waste Management, Inc.(6)
3,205
745
Communications Equipment—0.4%
Arista Networks, Inc.(4)
2,595
448
Motorola Solutions, Inc.
1,380
606
 
1,054
 
 
Consumer Staples Distribution & Retail—0.9%
Costco Wholesale Corp.
1,260
1,278
Walmart, Inc.
10,420
1,375
 
2,653
 
 
Electrical Equipment—0.5%
GE Vernova, Inc.
800
866
Rockwell Automation, Inc.
1,550
634
 
1,500
 
 
Electronic Equipment, Instruments & Components—0.4%
Amphenol Corp. Class A
3,150
464
Coherent Corp.(4)
1,980
633
 
1,097
 
 
Entertainment—0.3%
LiveStyle, Inc. (3)(4)(5)
13,574
—
Netflix, Inc.(4)
4,130
386
Take-Two Interactive Software, Inc.(4)
1,768
378
 
764
 
 
Financial Services—0.8%
Berkshire Hathaway, Inc. Class B(4)
1,745
827
Mastercard, Inc. Class A
2,850
1,433
 
2,260
 
 
Ground Transportation—0.2%
Old Dominion Freight Line, Inc.
2,315
492
Health Care REITs—0.3%
Ventas, Inc.
8,030
705
See Notes to Schedule of Investments
6
VIRTUS Diversified Income & Convertible Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2026
($ reported in thousands)
 
Shares
Value
 
Healthcare Equipment & Supplies—0.1%
Insulet Corp.(4)
1,105
$190
Healthcare Providers & Services—0.7%
Cardinal Health, Inc.
3,250
627
UnitedHealth Group, Inc.
3,695
1,369
 
1,996
 
 
Hotels, Restaurants & Leisure—0.2%
Carnival Corp.(6)
24,035
637
Industrial Conglomerates—0.1%
General Electric Co.
1,265
367
Insurance—0.2%
Chubb Ltd.
1,675
548
Interactive Media & Services—3.0%
Alphabet, Inc. Class A
16,852
6,485
Alphabet, Inc. Class C
1,475
563
Meta Platforms, Inc. Class A
2,694
1,648
 
8,696
 
 
IT Services—0.1%
International Business Machines Corp.
1,105
255
Machinery—1.4%
Caterpillar, Inc.
2,410
2,145
Cummins, Inc.
1,370
920
Parker-Hannifin Corp.
970
882
 
3,947
 
 
Oil, Gas & Consumable Fuels—1.0%
Devon Energy Corp.
19,485
1,001
Exxon Mobil Corp.
7,350
1,134
Valero Energy Corp.
2,455
620
 
2,755
 
 
Pharmaceuticals—1.1%
Eli Lilly & Co.
500
467
Johnson & Johnson
8,165
1,877
Merck & Co., Inc.
8,095
884
 
3,228
 
 
Semiconductors & Semiconductor Equipment—5.4%
Advanced Micro Devices, Inc.(4)
2,390
847
Analog Devices, Inc.
3,085
1,241
Applied Materials, Inc.
3,675
1,450
Broadcom, Inc.(6)
7,725
3,225
Micron Technology, Inc.
2,500
1,293
NVIDIA Corp.(6)
37,383
7,460
 
15,516
 
 
Software—1.9%
Cadence Design Systems, Inc.(4)
1,355
446
Intuit, Inc.
635
247
Microsoft Corp.
9,264
3,778
 
Shares
Value
 
Software—continued
Oracle Corp.
3,220
$520
Palantir Technologies, Inc. Class A(4)
3,365
468
 
5,459
 
 
Specialized REITs—0.3%
Equinix, Inc.
845
915
Specialty Retail—0.7%
Home Depot, Inc. (The)
1,690
556
Ross Stores, Inc.
6,125
1,395
 
1,951
 
 
Technology Hardware, Storage & Peripherals—2.8%
Apple, Inc.
21,785
5,911
Sandisk Corp.(4)
610
669
Western Digital Corp.
3,375
1,467
 
8,047
 
 
Textiles, Apparel & Luxury Goods—0.2%
Ralph Lauren Corp. Class A
1,830
656
Total Common Stocks
(Identified Cost $72,397)
83,035
 
 
 
 
Warrant—0.0%
Banks—0.0%
CCF Holdings LLC, 3/25/27(3)(4)
363,920
—
Total Warrant
(Identified Cost $—)
—
 
 
 
 
Total Long-Term Investments—129.5%
(Identified Cost $322,200)
370,135
 
 
 
 
Short-Term Investment—5.0%
Money Market Mutual Fund—5.0%
BlackRock Liquidity FedFund - Institutional Shares
(seven-day effective yield 3.543%)(7)
14,210,961
14,211
Total Short-Term Investment
(Identified Cost $14,211)
14,211
 
 
 
 
TOTAL INVESTMENTS, BEFORE WRITTEN OPTIONS—134.5%
(Identified Cost $336,411)
384,346
 
 
 
 
Written Options—(0.0)%
(See open written options schedule)
Total Written Options
(Premiums Received $33)
(37
)
 
 
 
 
TOTAL INVESTMENTS, NET OF WRITTEN OPTIONS—134.5%
(Identified Cost $336,378)
$384,309
Other assets and liabilities, net—(34.5)%
(98,575
)
NET ASSETS—100.0%
$285,734
See Notes to Schedule of Investments
7
VIRTUS Diversified Income & Convertible Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2026
($ reported in thousands)
 
Abbreviations:
LLC
Limited Liability Company
LP
Limited Partnership
OP
Operating Partnership
plc
Public Limited Company
REIT
Real Estate Investment Trust
 
Footnote Legend:
(1)
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 $153,213 or 53.6% of net assets.
(2)
Issued with a zero coupon. Income is recognized through the accretion of
discount.
(3)
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.
(4)
Non-income producing.
(5)
Security is restricted from resale.
(6)
All or a portion of the security is segregated as collateral for written options. The
value of securities segregated as collateral is $7,014.
(7)
Shares of this fund are publicly offered, and its prospectus and annual report are
publicly available.
 
Country Weightings†
United States
94
%
Bermuda
2
Cayman Islands
1
Canada
1
Netherlands
1
Marshall Islands
1
Total
100
%
† % of total investments, net of written options, as of April 30, 2026.
 
Open written options contracts as of April 30, 2026 were as follows:
Description of Options
Number
of
Contracts
Contract
Notional
Amount
Strike
Price(1)
Expiration
Date
Value
Call Options(2)
 
Amazon.com, Inc.
(83)
$(2,573
)
$310.00
06/18/26
$(10
) 
Broadcom, Inc.
(39)
(1,950
)
500.00
05/15/26
(1
) 
Carnival Corp.
(120)
(396
)
33.00
05/15/26
(1
) 
CH Robinson Worldwide, Inc.
(10)
(210
)
210.00
05/15/26
(—
) (3)
Merck & Co., Inc.
(40)
(500
)
125.00
06/18/26
(2
) 
Meta Platforms, Inc.
(13)
(936
)
720.00
06/18/26
(6
) 
Microsoft Corp.
(46)
(2,208
)
480.00
06/18/26
(8
) 
NVIDIA Corp.
(190)
(4,465
)
235.00
05/15/26
(5
) 
RTX Corp.
(21)
(441
)
210.00
05/15/26
(—
) (3)
Tesla, Inc.
(14)
(679
)
485.00
05/15/26
(1
) 
Waste Management, Inc.
(16)
(400
)
250.00
06/18/26
(3
) 
Total Written Options
 
$(37
)
 
Footnote Legend:
(1) Strike price not reported in thousands.
(2) Exchange-traded options.
(3) Amount is less than $500 (not in thousands).
See Notes to Schedule of Investments
8
VIRTUS Diversified Income & Convertible Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2026
($ reported in thousands)
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
Level 3
Significant
Unobservable
Inputs
Assets:
Debt Instruments:
Convertible Bonds and Notes
$204,848
$—
$204,848
$—
Corporate Bonds and Notes
50,566
—
50,566
—
Equity Securities:
Convertible Preferred Stocks
31,686
31,686
—
—
Preferred Stock
—
—
—
—
(1)
Common Stocks
83,035
82,973
—
62
(1)
Warrant
—
—
—
—
(1)
Money Market Mutual Fund
14,211
14,211
—
—
Total Assets
384,346
128,870
255,414
62
Liabilities:
Other Financial Instruments:
Written Options
(37
)
(37
)
—
—
Total Liabilities
(37
)
(37
)
—
—
Total Investments, Net of Written Options
$384,309
$128,833
$255,414
$62
 
(1)
Includes internally fair valued securities currently priced at zero ($0).
There were no transfers into or out of Level 3 related to securities held at April 30, 2026.
Some of the Fund’s investments that were categorized as Level 3 may have been valued utilizing third party pricing information without adjustment. If applicable, such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of Level 3 investments.
Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the roll-forward of Level 3 securities and assumptions are not shown for the period ended April 30, 2026.
See Notes to Schedule of Investments
9
VIRTUS Diversified Income & Convertible Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2026
($ reported in thousands)
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.
10