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Document/Exhibit Description Pages Size 1: N-Q Virtus Opportunities Trust HTML 4.74M 2: EX-99.CERT Certifications Pursuant to Section 302 HTML 17K
Virtus Opportunities Trust |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-07455
Virtus Opportunities Trust
(Exact name of registrant as specified in charter)
101 Munson Street
(Address of principal executive offices) (Zip code)
Kevin J. Carr, Esq.
Senior Vice President, Chief Legal Officer, Counsel and Secretary for Registrant
100 Pearl Street
(Name and address of agent for service)
Registrant’s telephone number, including area code: (800) 243-1574
Date of fiscal year end: September 30
Date of reporting period: June 30, 2015
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Schedule of Investments.
The Schedules of Investments are attached herewith.
VIRTUS ALTERNATIVES DIVERSIFIER FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
AFFILIATED MUTUAL FUNDS(3)—60.6% |
|
|||||||
Equity Funds—46.9% |
||||||||
Virtus Global Dividend Fund Class I |
1,448,765 | $ | 21,355 | |||||
Virtus Global Real Estate Securities Fund Class I |
359,324 | 9,386 | ||||||
Virtus International Real Estate |
1,492,670 | 9,986 | ||||||
Virtus Real Estate Securities Class I |
154,088 | 5,812 | ||||||
|
|
|||||||
46,539 | ||||||||
|
|
|||||||
Fixed Income Funds—13.7% |
||||||||
Virtus Senior Floating Rate Fund Class I |
1,424,052 | 13,642 | ||||||
|
|
|||||||
TOTAL AFFILIATED MUTUAL FUNDS (Identified Cost $45,195) |
60,181 | |||||||
|
|
|||||||
EXCHANGE-TRADED FUNDS(3)—38.9% |
|
|||||||
Global X Uranium |
74,900 | 691 | ||||||
iShares S&P North American Natural Resources Sector Index Fund |
202,700 | 7,354 | ||||||
Market Vectors Agribusiness |
49,250 | 2,715 | ||||||
Market Vectors Coal |
37,900 | 431 | ||||||
PowerShares DB Commodity Index Tracking Fund(2) |
612,200 | 11,020 | ||||||
PowerShares DB G10 Currency Harvest Fund(2) |
377,250 | 8,865 | ||||||
WisdomTree Managed Futures Strategy Fund |
178,100 | 7,603 | ||||||
|
|
|||||||
TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $40,428) |
38,679 | |||||||
|
|
|||||||
TOTAL LONG TERM INVESTMENTS—99.5% (Identified Cost $85,623) |
98,860 | |||||||
|
|
|||||||
SHORT-TERM INVESTMENTS—0.6% |
|
|||||||
Money Market Mutual Fund—0.6% |
||||||||
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.140%) |
589,352 | 589 | ||||||
|
|
|||||||
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $589) |
589 | |||||||
|
|
|||||||
TOTAL INVESTMENTS—100.1% (Identified Cost $86,212) |
99,449 | (1) | ||||||
Other assets and liabilities, net—(0.1)% |
|
(147 | ) | |||||
|
|
|||||||
NET ASSETS—100.0% |
|
$ | 99,302 | |||||
|
|
Footnote Legend:
(1) | Federal Income Tax Information: For tax information at June 30, 2015, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments. |
(2) | Non-income producing. |
(3) | All of these funds are public funds and the prospectus and annual reports of each are publicly available. |
1
The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (See Security Valuation Note 1A in the Notes to Schedules of Investments):
Total Value at June 30, 2015 |
Level
1 Quoted Prices |
|||||||
Equity Securities: |
||||||||
Affiliated Mutual Funds |
$ | 60,181 | $ | 60,181 | ||||
Exchange-Traded Funds |
38,679 | 38,679 | ||||||
Short-Term Investments |
589 | 589 | ||||||
|
|
|
|
|||||
Total Investments |
$ | 99,449 | $ | 99,449 | ||||
|
|
|
|
There are no Level 2 (significant observable inputs) or Level 3 (significant unobservable inputs) priced securities.
There were no transfers between Level 1 and Level 2 related to securities held at June 30, 2015.
VIRTUS BOND FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
U.S. GOVERNMENT SECURITIES—3.9% |
|
|||||||
U.S. Treasury Note |
$ | 3,065 | $ | 2,974 | ||||
|
|
|||||||
TOTAL U.S. GOVERNMENT SECURITIES (Identified Cost $3,037) |
2,974 | |||||||
|
|
|||||||
MUNICIPAL BONDS—1.6% |
||||||||
Georgia—0.3% |
||||||||
Rockdale County Water & Sewerage Authority Revenue Taxable |
255 | 256 | ||||||
|
|
|||||||
Massachusetts—0.3% |
||||||||
Commonwealth of Massachusetts, Series C, Taxable 5.000%, 8/1/25 |
155 | 189 | ||||||
|
|
|||||||
Michigan—0.0% |
||||||||
City of Flat Rock Finance Authority, Series A, Taxable 6.750%, 10/1/16 |
35 | 36 | ||||||
|
|
|||||||
Texas—1.0% |
||||||||
University of Texas System (The) Series B, Taxable |
600 | 736 | ||||||
|
|
|||||||
TOTAL MUNICIPAL BONDS (Identified Cost $1,246) |
1,217 | |||||||
|
|
|||||||
FOREIGN GOVERNMENT SECURITIES—1.3% |
|
|||||||
Kingdom of Morocco 144A 4.250%, 12/11/22(3) |
270 | 275 | ||||||
Mongolia 144A |
200 | 182 | ||||||
Republic of Chile |
84,000 | CLP | 140 | |||||
Republic of El Salvador 144A |
155 | 151 | ||||||
Republic of Romania 144A |
210 | 222 | ||||||
|
|
|||||||
TOTAL FOREIGN GOVERNMENT SECURITIES (Identified Cost $994) |
970 | |||||||
|
|
|||||||
MORTGAGE-BACKED SECURITIES—20.8% |
|
|||||||
Agency—8.8% |
||||||||
FHLMC |
||||||||
7.000%, 4/1/16 |
1 | 1 | ||||||
5.000%, 12/1/35 |
37 | 42 | ||||||
4.000%, 2/1/45 |
601 | 636 | ||||||
3.500%, 3/1/45 |
398 | 410 | ||||||
FNMA |
||||||||
6.500%, 6/1/16 |
8 | 8 | ||||||
6.000%, 7/1/17 |
8 | 8 | ||||||
5.500%, 9/1/17 |
15 | 16 |
PAR VALUE | VALUE | |||||||
Agency—(continued) |
||||||||
5.000%, 4/1/20 |
$ | 87 | $ | 92 | ||||
5.000%, 8/1/21 |
30 | 32 | ||||||
6.000%, 5/1/29 |
38 | 44 | ||||||
6.500%, 5/1/30 |
1 | 1 | ||||||
7.000%, 7/1/31 |
20 | 22 | ||||||
5.500%, 4/1/36 |
57 | 64 | ||||||
5.500%, 9/1/36 |
220 | 248 | ||||||
6.000%, 9/1/37 |
26 | 30 | ||||||
6.000%, 1/1/38 |
47 | 54 | ||||||
6.000%, 2/1/38 |
49 | 56 | ||||||
6.000%, 3/1/38 |
150 | 170 | ||||||
6.000%, 7/1/38 |
583 | 665 | ||||||
6.000%, 8/1/38 |
20 | 23 | ||||||
6.000%, 8/1/38 |
386 | 443 | ||||||
6.000%, 8/1/38 |
92 | 106 | ||||||
6.000%, 8/1/38 |
282 | 324 | ||||||
5.000%, 6/1/39 |
737 | 819 | ||||||
5.000%, 9/1/39 |
200 | 224 | ||||||
5.500%, 9/1/39 |
376 | 423 | ||||||
4.500%, 9/1/40 |
298 | 326 | ||||||
3.500%, 12/1/42 |
326 | 336 | ||||||
3.000%, 3/1/43 |
541 | 538 | ||||||
3.000%, 5/1/43 |
166 | 166 | ||||||
4.000%, 9/1/44 |
172 | 182 | ||||||
Freddie Mac Gold Pool |
150 | 148 | ||||||
GNMA |
||||||||
6.500%, 9/15/28 |
51 | 59 | ||||||
|
|
|||||||
6,716 | ||||||||
|
|
|||||||
Non-Agency—12.0% |
||||||||
A-10 Securitization LLC |
||||||||
13-1, B 144A 4. |
260 | 260 | ||||||
14-1, A1 144A |
250 | 249 | ||||||
Ameriquest Mortgage Securities, Inc. 03-AR3, M4 3.382%, 6/25/33(2) |
130 | 127 | ||||||
Aventura Mall Trust 13-AVM, C 144A |
205 | 212 | ||||||
Banc of America Funding Trust |
||||||||
04-B, 2A1 |
109 | 108 | ||||||
05-1, 1A1 |
123 | 125 | ||||||
Banc of America Mortgage Trust 05-3, 1A15 |
123 | 125 |
1
VIRTUS BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
Non-Agency—(continued) |
||||||||
Bank of America (Merrill Lynch - Countrywide) Home Loan Mortgage Pass-Through-Trust 04-6, 1A2 |
$ | 329 | $ | 328 | ||||
Citigroup Commercial Mortgage Trust 07-6, A4 |
350 | 374 | ||||||
CSAIL Commercial Mortgage Trust 15-C2, AS |
375 | 380 | ||||||
Deutsche Bank-UBS Mortgage Trust 11-LC3A, D 144A |
180 | 187 | ||||||
Goldman Sachs Mortgage Securities Trust II |
853 | 910 | ||||||
Jefferies Resecuritization Trust |
105 | 105 | ||||||
JPMorgan Chase (Bear Stearns) Commercial Mortgage Securities, Inc. |
||||||||
06-PW13, AM |
385 | 401 | ||||||
07- PW15, AM |
140 | 145 | ||||||
JPMorgan Chase (WaMu) Mortgage Pass-Through Certificates 03-S11, 3A5 |
223 | 230 | ||||||
JPMorgan Chase Commercial Mortgage Securities Trust |
||||||||
14-1, 1A1 144A |
149 | 155 | ||||||
06-LDP9, A3 |
125 | 130 | ||||||
JPMorgan Chase Mortgage Trust 04-A4, 2A1 |
284 | 289 | ||||||
Morgan Stanley Bank of America (Merrill Lynch) Trust 15-C22, AS |
310 | 305 | ||||||
Morgan Stanley Capital I Trust |
||||||||
07-T27, A4 |
563 | 602 | ||||||
05-IQ10, A4B |
855 | 855 | ||||||
08-T29, A4 |
580 | 638 | ||||||
07-IQ14, A4 |
300 | 317 | ||||||
07-IQ14, AM |
190 | 198 | ||||||
Morgan Stanley Capital I, Inc. |
250 | 257 | ||||||
Motel 6 Trust 15-MTL6, B 144A |
210 | 210 | ||||||
New Residential Mortgage Loan Trust 14-1A, A 144A |
78 | 80 | ||||||
Sequoia Mortgage Trust |
160 | 165 | ||||||
Wells Fargo (Royal Bank of Scotland plc) Commercial Mortgage Trust |
205 | 228 |
PAR VALUE | VALUE | |||||||
Non-Agency—(continued) |
||||||||
Wells Fargo (Wachovia Bank) Commercial Mortgage Trust 15-LC20, B |
$ | 300 | $ | 293 | ||||
WinWater Mortgage Loan Trust 14-1, A1 144A |
114 | 117 | ||||||
|
|
|||||||
9,105 | ||||||||
|
|
|||||||
TOTAL MORTGAGE-BACKED SECURITIES (Identified Cost $15,373) |
15,821 | |||||||
|
|
|||||||
ASSET-BACKED SECURITIES—7.1% |
|
|||||||
Access Point Financial, Inc. 15-A, A |
248 | 248 | ||||||
American Homes 4 Rent |
||||||||
14-SFR2, C 144A |
195 | 204 | ||||||
15-SFR1, A 144A |
224 | 223 | ||||||
AmeriCredit Automobile Receivables Trust |
235 | 234 | ||||||
Avis Budget Rental Car Funding LLC (AESOP) |
375 | 377 | ||||||
B2R Mortgage Trust |
110 | 109 | ||||||
Bank of America (Merrill Lynch - Countrywide) Asset-Backed Certificates 05-1 AF5A |
317 | 314 | ||||||
CarMax Auto Owner Trust |
235 | 235 | ||||||
Centre Point Funding LLC |
286 | 285 | ||||||
Drug Royalty LP II 14-1, A2 144A |
227 | 230 | ||||||
Exeter Automobile Receivables Trust |
235 | 239 | ||||||
Fairway Outdoor Funding LLC 12-1A, A2 144A |
148 | 148 | ||||||
GSAA Home Equity Trust |
104 | 107 | ||||||
MASTR Specialized Loan Trust 05-3, A2 144A |
176 | 182 | ||||||
Orange Lake Timeshare Trust 12-AA, A 144A |
70 | 72 | ||||||
Santander Drive Auto Receivables Trust |
||||||||
12-2, D 3.870%, 2/15/18 |
500 | 511 | ||||||
13-1, D 2.270%, 1/15/19 |
215 | 214 |
2
VIRTUS BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
Sierra Timeshare Receivables Funding LLC |
$ | 143 | $ | 143 | ||||
Silverleaf Finance LLC |
72 | 72 | ||||||
SoFi Professional Loan Program LLC |
174 | 174 | ||||||
TAL Advantage V LLC |
||||||||
13-1A A 144A 2.830%, 2/22/38(3) |
230 | 229 | ||||||
14-3A, A 144A 3.270%, 11/21/39(3) |
179 | 180 | ||||||
Tidewater Auto Receivables Trust 12-AA, B 144A |
215 | 216 | ||||||
U-Haul S Fleet LLC |
179 | 187 | ||||||
Vericrest Opportunity Loan Trust 15-NPL4, A1 144A |
225 | 225 | ||||||
Westgate Resorts LLC 12-2A, A 144A |
70 | 70 | ||||||
|
|
|||||||
TOTAL ASSET-BACKED SECURITIES (Identified Cost $5,383) |
5,428 | |||||||
|
|
|||||||
CORPORATE BONDS AND NOTES—52.7% |
|
|||||||
Consumer Discretionary—7.2% |
|
|||||||
Argos Merger Sub, Inc. 144A |
135 | 142 | ||||||
Boyd Gaming Corp. |
||||||||
9.000%, 7/1/20 |
100 | 109 | ||||||
6.875%, 5/15/23 |
75 | 77 | ||||||
Caesars Entertainment Operating Co., Inc. |
100 | 82 | ||||||
Caesars Growth Properties Holdings LLC 144A |
70 | 53 | ||||||
Cequel Communications Holdings I LLC (Cequel Capital Corp.) |
||||||||
144A 5.125%, 12/15/21(3) |
45 | 41 | ||||||
144A 5.125%, 12/15/21(3) |
110 | 100 | ||||||
Clear Channel Worldwide Holdings, Inc. Series B 7.625%, 3/15/20 |
175 | 183 | ||||||
Columbus International, Inc. 144A |
200 | 216 | ||||||
Intelsat Jackson Holdings SA |
185 | 164 | ||||||
International Game Technology plc 144A |
200 | 192 | ||||||
Isle of Capri Casinos, Inc. |
217 | 224 | ||||||
Landry’s, Inc. 144A |
260 | 280 | ||||||
Lear Corp. |
150 | 148 |
PAR VALUE | VALUE | |||||||
Consumer Discretionary—(continued) |
|
|||||||
Meritor, Inc. |
$ | 170 | $ | 175 | ||||
MGM Resorts International |
85 | 86 | ||||||
Mohegan Tribal Gaming Authority |
75 | 79 | ||||||
MPG Holdco I, Inc. |
145 | 155 | ||||||
New York University |
70 | 66 | ||||||
Numericable Group SA 144A |
200 | 198 | ||||||
Omega US Sub LLC 144A |
155 | 155 | ||||||
Penn National Gaming, Inc. |
110 | 111 | ||||||
Pinnacle Entertainment, Inc. |
175 | 187 | ||||||
Priceline Group, Inc. (The) |
195 | 190 | ||||||
QVC, Inc. |
265 | 260 | ||||||
RSI Home Products, Inc. 144A |
75 | 76 | ||||||
Scientific Games International, Inc. |
||||||||
6.625%, 5/15/21 |
160 | 125 | ||||||
144A 7.000%, 1/1/22(3) |
120 | 125 | ||||||
Seminole Hard Rock Entertainment, Inc. 144A |
65 | 66 | ||||||
Signet UK Finance plc |
210 | 212 | ||||||
Station Casinos LLC |
230 | 247 | ||||||
Taylor Morrison Communities, Inc. (Monarch Communities, Inc.) 144A |
110 | 109 | ||||||
Toll Brothers Finance Corp. |
||||||||
4.000%, 12/31/18 |
40 | 41 | ||||||
6.750%, 11/1/19 |
220 | 245 | ||||||
TRI Pointe Holdings, Inc. |
155 | 153 | ||||||
United Artists Theatre Circuit, Inc. Series BD-1 |
3 | 3 | ||||||
Viking Cruises Ltd. 144A |
160 | 178 | ||||||
Wyndham Worldwide Corp. |
235 | 257 | ||||||
|
|
|||||||
5,510 | ||||||||
|
|
|||||||
Consumer Staples—1.3% |
||||||||
Flowers Foods, Inc. |
275 | 287 | ||||||
Ingles Markets, Inc. |
170 | 173 | ||||||
Pilgrim’s Pride Corp. 144A |
60 | 61 | ||||||
Reynolds American, Inc. |
295 | 284 | ||||||
Rite Aid Corp. 144A |
40 | 41 | ||||||
Tops Holding LLC (Tops Markets II Corp.) 144A |
155 | 156 | ||||||
|
|
|||||||
1,002 | ||||||||
|
|
|||||||
Energy—4.0% |
||||||||
Antero Resources Corp. 144A |
80 | 78 |
3
VIRTUS BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
Energy—(continued) |
||||||||
Carrizo Oil & Gas, Inc. |
$ | 155 | $ | 164 | ||||
CONSOL Energy, Inc. |
105 | 90 | ||||||
Ecopetrol SA |
155 | 153 | ||||||
El Paso Pipeline Partners Operating Co. LLC |
245 | 274 | ||||||
FTS International, Inc. |
60 | 44 | ||||||
Helmerich & Payne International Drilling Co. 144A |
115 | 118 | ||||||
Laredo Petroleum, Inc. |
30 | 31 | ||||||
MarkWest Energy Partners LP (MarkWest Energy Finance Corp.) |
175 | 172 | ||||||
MEG Energy Corp. 144A |
165 | 159 | ||||||
Newfield Exploration Co. |
150 | 148 | ||||||
NGL Energy Partners LP (NGL Energy Finance Corp.) |
155 | 155 | ||||||
Petroleos Mexicanos |
||||||||
3.500%, 1/30/23 |
355 | 337 | ||||||
4.875%, 1/18/24 |
65 | 67 | ||||||
Sabine Pass Liquefaction LLC |
140 | 146 | ||||||
Sunoco LP (Sunoco Finance Corp.) 144A |
215 | 225 | ||||||
Weatherford International Ltd. |
310 | 291 | ||||||
Williams Cos., Inc. (The) |
||||||||
3.700%, 1/15/23 |
200 | 186 | ||||||
4.550%, 6/24/24 |
170 | 165 | ||||||
|
|
|||||||
3,003 | ||||||||
|
|
|||||||
Financials—21.5% |
||||||||
Akbank TAS 144A |
375 | TRY | 126 | |||||
Allstate Corp. (The) |
310 | 327 | ||||||
Ally Financial, Inc. |
105 | 105 | ||||||
Apollo Management Holdings LP 144A |
190 | 190 | ||||||
Ares Capital Corp. |
95 | 96 | ||||||
Ares Finance Co., LLC Finance Co., LLC 144A |
270 | 259 | ||||||
Banco de Credito del Peru 144A |
240 | 256 | ||||||
Banco de Credito e Inversiones 144A |
275 | 272 | ||||||
Banco Inbursa SA Institucion de Banca Multiple 144A |
160 | 154 |
PAR VALUE | VALUE | |||||||
Financials—(continued) |
||||||||
Banco Internacional del Peru SAA 144A |
$ | 300 | $ | 319 | ||||
Banco Santander Chile 144A |
450 | 454 | ||||||
Bancolombia S.A. |
260 | 259 | ||||||
Bank of America Corp. |
235 | 265 | ||||||
Bank of Baroda 144A |
200 | 213 | ||||||
Bank of India 144A |
265 | 270 | ||||||
Barclays Bank plc 144A |
250 | 272 | ||||||
Braskem America Finance Co. RegS |
210 | 182 | ||||||
Chubb Corp. (The) |
250 | 262 | ||||||
Citizens Financial Group, Inc. 144A |
160 | 156 | ||||||
Compass Bank |
250 | 235 | ||||||
Corporate Office Properties LP |
265 | 242 | ||||||
CTR Partnership LP (Caretrust Capital Corp.) |
130 | 133 | ||||||
CyrusOne LP (CyrusOne Finance Corp.) 144A |
160 | 166 | ||||||
Developers Diversified Realty Corp. |
||||||||
7.875%, 9/1/20 |
155 | 190 | ||||||
3.500%, 1/15/21 |
130 | 132 | ||||||
Development Bank of Kazakhstan OJSC 144A |
290 | 258 | ||||||
Digital Realty Trust LP |
165 | 180 | ||||||
Discover Financial Services, Inc. |
190 | 185 | ||||||
Education Realty Operating Partnership LP |
205 | 206 | ||||||
ESH Hospitality, Inc. 144A |
155 | 152 | ||||||
Excel Trust LP |
85 | 81 | ||||||
First Cash Financial Services, Inc. |
100 | 106 | ||||||
Ford Motor Credit Co. LLC |
235 | 264 | ||||||
FS Investment Corp. |
||||||||
4.250%, 1/15/20 |
165 | 167 | ||||||
4.750%, 5/15/22 |
60 | 59 | ||||||
General Motors Financial Co., Inc. |
||||||||
4.750%, 8/15/17 |
175 | 185 | ||||||
3.450%, 4/10/22 |
30 | 29 | ||||||
Genworth Holdings, Inc. |
320 | 284 | ||||||
GLP Capital LP (GLP Financing II, Inc.) |
||||||||
4.875%, 11/1/20 |
155 | 158 | ||||||
5.375%, 11/1/23 |
5 | 5 | ||||||
Goldman Sachs Group, Inc. (The) |
500 | 568 |
4
VIRTUS BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
Financials—(continued) |
||||||||
Healthcare Realty Trust, Inc. |
$ | 125 | $ | 120 | ||||
4.000%, 6/1/25 |
200 | 197 | ||||||
Hutchison Whampoa International Ltd. Series 12, 144A 6.000%(2)(3)(8)(9) |
310 | 329 | ||||||
ICAHN Enterprises LP (ICAHN Enterprises Finance Corp.) |
||||||||
4.875%, 3/15/19 |
15 | 15 | ||||||
5.875%, 2/1/22 |
150 | 153 | ||||||
ICICI Bank Ltd. 144A |
200 | 212 | ||||||
ING Groep NV |
200 | 198 | ||||||
Intesa San Paolo S.p.A |
215 | 217 | ||||||
iStar Financial, Inc. |
90 | 89 | ||||||
Jefferies Group LLC |
85 | 97 | ||||||
JPMorgan Chase & Co. |
45 | 45 | ||||||
Kazakhstan Temir Zholy Finance BV 144A |
215 | 206 | ||||||
Leucadia National Corp. |
150 | 153 | ||||||
Liberty Mutual Group, Inc. 144A |
245 | 252 | ||||||
Lincoln National Corp. |
250 | 262 | ||||||
Macquarie Bank Ltd. 144A |
15 | 17 | ||||||
Macquarie Group Ltd. 144A |
210 | 239 | ||||||
Morgan Stanley |
||||||||
5.550%, 4/27/17 |
330 | 354 | ||||||
4.100%, 5/22/23 |
155 | 155 | ||||||
6.375%, 7/24/42 |
435 | 533 | ||||||
MPT Operating Partnership LP |
90 | 93 | ||||||
Navient LLC |
200 | 190 | ||||||
Nordea Bank AB 144A |
265 | 271 | ||||||
PKO Finance AB 144A |
255 | 263 | ||||||
Progressive Corp. (The) |
171 | 178 | ||||||
Prudential Financial, Inc. |
||||||||
5.875%, 9/15/42(2) |
190 | 201 | ||||||
5.625%, 6/15/43(2)(9) |
280 | 290 | ||||||
Retail Opportunity Investments Partnership LP |
155 | 153 | ||||||
RHP Hotel Properties LP (RHP Finance Corp.) 144A |
20 | 20 | ||||||
Sabra Health Care LP |
50 | 52 | ||||||
Select Income REIT |
190 | 183 | ||||||
Teachers Insurance & Annuity Association of America 144A |
160 | 161 |
PAR VALUE | VALUE | |||||||
Financials—(continued) |
||||||||
Turkiye Garanti Bankasi AS 144A |
$ | 305 | $ | 308 | ||||
UBS AG |
500 | 585 | ||||||
Ventas Realty LP (Ventas Capital Corp.) |
250 | 241 | ||||||
Voya Financial, Inc. |
280 | 287 | ||||||
Walter Investment Management Corp. |
210 | 196 | ||||||
WP Carey, Inc. |
160 | 160 | ||||||
XLIT Ltd. Series E, |
240 | 205 | ||||||
York Risk Services Holding Corp. 144A |
105 | 93 | ||||||
|
|
|||||||
16,395 | ||||||||
|
|
|||||||
Health Care—3.9% |
||||||||
AbbVie, Inc. |
65 | 64 | ||||||
Acadia Healthcare Co., Inc. |
65 | 65 | ||||||
Alere, Inc. 144A |
60 | 61 | ||||||
Capsugel SA PIK Interest Capitalization, 7.00% |
35 | 36 | ||||||
Cardinal Health, Inc. |
||||||||
3.200%, 3/15/23 |
130 | 128 | ||||||
3.750%, 9/15/25 |
165 | 164 | ||||||
Community Health Systems, Inc. |
45 | 46 | ||||||
Concordia Healthcare Corp. 144A |
10 | 10 | ||||||
Crimson Merger Sub, Inc. 144A |
120 | 106 | ||||||
DaVita Healthcare Partners, Inc. |
90 | 87 | ||||||
Forest Laboratories, Inc. 144A |
160 | 174 | ||||||
HCA, Inc. |
||||||||
6.500%, 2/15/20 |
160 | 179 | ||||||
5.375%, 2/1/25 |
270 | 273 | ||||||
Hologic, Inc. 144A |
10 | 10 | ||||||
IASIS Healthcare LLC |
80 | 83 | ||||||
JLL Delta Dutch Pledgeco BV PIK Interest |
85 | 86 | ||||||
Mallinckrodt International Finance S.A. |
||||||||
144A 5.750%, 8/1/22(3) |
60 | 61 | ||||||
144A 5.500%, 4/15/25(3) |
5 | 5 | ||||||
MPH Acquisition Holdings LLC 144A |
115 | 118 |
5
VIRTUS BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
Health Care—(continued) |
||||||||
Owens & Minor, Inc. |
$ | 35 | $ | 36 | ||||
Quintiles Transnational Corp. 144A |
75 | 76 | ||||||
Select Medical Corp. |
205 | 208 | ||||||
Sterigenics-Nordion Holdings LLC 144A |
55 | 55 | ||||||
Surgical Care Affiliates, Inc. 144A |
160 | 161 | ||||||
Tenet Healthcare Corp. |
||||||||
144A 3.786%, 6/15/20(2)(3) |
75 | 76 | ||||||
4.500%, 4/1/21 |
160 | 159 | ||||||
8.125%, 4/1/22 |
220 | 241 | ||||||
Valeant Pharmaceuticals International, Inc. |
||||||||
144A 7.500%, 7/15/21(3) |
25 | 27 | ||||||
144A 5.500%, 3/1/23(3) |
50 | 51 | ||||||
144A 5.875%, 5/15/23(3) |
60 | 62 | ||||||
144A 6.125%, 4/15/25(3) |
30 | 31 | ||||||
|
|
|||||||
2,939 | ||||||||
|
|
|||||||
Industrials—3.9% |
||||||||
ADT Corp. (The) |
260 | 274 | ||||||
Ahern Rentals, Inc. 144A |
150 | 149 | ||||||
Air Canada Pass-Through-Trust, 13-1, B 144A |
89 | 92 | ||||||
Berry Plastics Corp. |
145 | 142 | ||||||
Bombardier, Inc. |
||||||||
144A 4.750%, 4/15/19(3) |
155 | 151 | ||||||
144A 6.125%, 1/15/23(3) |
160 | 143 | ||||||
Building Materials Corp. of America 144A |
75 | 74 | ||||||
Carpenter Technology Corp. |
250 | 248 | ||||||
Continental Airlines Pass-Through-Trust |
||||||||
99-1, A 6.545%, 2/2/19 |
344 | 377 | ||||||
00-1, A1 8.048%, 11/1/20 |
297 | 337 | ||||||
Delta Air Lines Pass-Through-Trust 12-1, A |
287 | 307 | ||||||
Masco Corp. |
||||||||
5.950%, 3/15/22 |
145 | 163 | ||||||
4.450%, 4/1/25 |
55 | 55 | ||||||
Northwest Airlines Pass-Through-Trust 02-1, G2 |
171 | 179 | ||||||
Penske Truck Leasing Co. LP 144A |
75 | 73 |
PAR VALUE | VALUE | |||||||
Industrials—(continued) |
||||||||
TransDigm, Inc. |
||||||||
6.000%, 7/15/22 |
$ | 115 | $ | 114 | ||||
144A 6.500%, 5/15/25(3) |
45 | 45 | ||||||
United Rentals North America, Inc. |
75 | 73 | ||||||
|
|
|||||||
2,996 | ||||||||
|
|
|||||||
Information Technology—2.7% |
|
|||||||
Blue Coat Holdings, Inc. 144A |
100 | 102 | ||||||
Dun & Bradstreet Corp. (The) |
270 | 269 | ||||||
First Data Corp. |
338 | 381 | ||||||
Flextronics International Ltd. 144A |
200 | 198 | ||||||
Infinity Acquisition LLC (Infinity Acquisition Finance Corp.) 144A |
120 | 113 | ||||||
KLA-Tencor Corp. |
190 | 190 | ||||||
McGraw Hill Financial, Inc. 144A |
195 | 195 | ||||||
NXP BV (NXP Funding LLC) 144A |
200 | 202 | ||||||
Project Homestake Merger Corp. 144A |
70 | 68 | ||||||
SunGard Data Systems, Inc. |
115 | 119 | ||||||
Verisk Analytics, Inc. |
190 | 186 | ||||||
|
|
|||||||
2,023 | ||||||||
|
|
|||||||
Materials—3.3% |
||||||||
Alpek SA de C.V. 144A |
310 | 323 | ||||||
ArcelorMittal |
155 | 155 | ||||||
Cemex SAB de CV 144A |
265 | 280 | ||||||
Eldorado Gold Corp. 144A |
95 | 94 | ||||||
Fibria Overseas Finance Ltd. |
150 | 151 | ||||||
FMG Resources August 2006 Pty Ltd. Resources August 2006 Pty Ltd. 144A |
25 | 26 | ||||||
Hexion U.S. Finance Corp. |
130 | 120 | ||||||
Inversiones CMPC S.A. 144A |
375 | 376 | ||||||
Methanex Corp. |
190 | 188 | ||||||
NewMarket Corp. |
288 | 291 | ||||||
Reynolds Group Issuer, Inc. |
140 | 146 | ||||||
Tronox Finance LLC |
160 | 149 | ||||||
United States Steel Corp. |
110 | 111 | ||||||
Vedanta Resources plc 144A |
115 | 123 | ||||||
|
|
|||||||
2,533 | ||||||||
|
|
6
VIRTUS BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
Telecommunication Services—2.4% |
|
|||||||
AT&T, Inc. |
$ | 425 | $ | 438 | ||||
CCO Holdings LLC |
||||||||
5.250%, 3/15/21 |
75 | 75 | ||||||
5.250%, 9/30/22 |
80 | 79 | ||||||
CCO Holdings LLC (CCO Holdings Capital Corp.) 144A |
80 | 78 | ||||||
Empresa Nacional de Telecomunicaciones S.A. 144A |
215 | 216 | ||||||
Frontier Communications Corp. |
185 | 169 | ||||||
Level 3 Financing, Inc. |
160 | 170 | ||||||
Telefonica Emisiones SAU |
225 | 236 | ||||||
UPCB Finance IV Ltd. 144A |
200 | 192 | ||||||
Windstream Corp. |
200 | 197 | ||||||
|
|
|||||||
1,850 | ||||||||
|
|
|||||||
Utilities—2.5% |
||||||||
Abu Dhabi National Energy Co. 144A |
270 | 271 | ||||||
AmeriGas Partners LP |
140 | 149 | ||||||
Calpine Corp. |
121 | 120 | ||||||
Dynegy, Inc. |
||||||||
144A 7.375%, 11/1/22(3) |
85 | 90 | ||||||
144A 7.625%, 11/1/24(3) |
30 | 32 | ||||||
Electricite de France SA 144A |
280 | 280 | ||||||
FirstEnergy Transmission LLC 144A |
210 | 215 | ||||||
Israel Electric Corp. Ltd. 144A |
250 | 267 | ||||||
State Grid Overseas Investment Ltd. 144A |
200 | 209 | ||||||
Talen Energy Supply LLC 144A |
90 | 89 | ||||||
TerraForm Power Operating LLC 144A |
145 | 148 | ||||||
|
|
|||||||
1,870 | ||||||||
|
|
|||||||
TOTAL CORPORATE BONDS AND NOTES (Identified Cost $39,996) |
|
40,121 | ||||||
|
|
|||||||
CONVERTIBLE BOND—0.4% |
|
|||||||
General Electric Capital Corp. Series A |
290 | 335 | ||||||
|
|
|||||||
TOTAL CONVERTIBLE BOND (Identified Cost $290) |
|
335 | ||||||
|
|
PAR VALUE | VALUE | |||||||
LOAN AGREEMENTS(2)—6.6% |
|
|||||||
Consumer Discretionary—1.7% |
|
|||||||
Brickman Group Ltd. LLC (The) First Lien, |
$ | 78 | $ | 78 | ||||
Caesars Entertainment Operating Co., Inc. Tranche B-7, |
50 | 44 | ||||||
Caesars Growth Properties Holdings LLC Tranche B, First Lien, |
60 | 52 | ||||||
CBAC Borrower LLC Tranche B, |
109 | 101 | ||||||
Cirque Du Soleil |
40 | 40 | ||||||
Laureate Education, Inc. 2018 Extended, |
80 | 75 | ||||||
Life Time Fitness |
95 | 94 | ||||||
Marina District Finance Co., Inc. |
94 | 95 | ||||||
Peppermill Casinos, Inc. Tranche B, |
212 | 213 | ||||||
PetSmart, Inc. Tranche B-1 |
21 | 21 | ||||||
Shingle Springs Tribal Gaming Authority |
97 | 97 | ||||||
Staples, Inc. First Lien, |
148 | 148 | ||||||
TWCC Holding Corp. Second Lien, |
202 | 189 | ||||||
U.S. Farathane Corp. |
78 | 79 | ||||||
|
|
|||||||
1,326 | ||||||||
|
|
|||||||
Consumer Staples—0.4% |
||||||||
Albertson’s LLC Tranche B-4, |
113 | 113 | ||||||
New Hostess Brand Acquisition LLC Tranche B, |
122 | 125 | ||||||
Rite Aid Corp. |
||||||||
Tranche 1, Second Lien, |
14 | 14 | ||||||
Tranche 2, Second Lien, |
80 | 80 | ||||||
|
|
|||||||
332 | ||||||||
|
|
|||||||
Energy—0.8% |
||||||||
Arch Coal, Inc. |
158 | 109 | ||||||
Chief Exploration & Development LLC Second Lien, |
117 | 111 | ||||||
Drillships Ocean Ventures, Inc. |
99 | 85 | ||||||
Fieldwood Energy LLC Second Lien, |
159 | 122 | ||||||
Jonah Energy LLC Second Lien, |
94 | 90 |
7
VIRTUS BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
Energy—(continued) |
||||||||
Templar Energy LLC Second Lien, |
$ | 156 | $ | 115 | ||||
|
|
|||||||
632 | ||||||||
|
|
|||||||
Financials—0.1% |
||||||||
Capital Automotive LP Second Lien, |
71 | 72 | ||||||
|
|
|||||||
Health Care—1.0% |
||||||||
Amneal Pharmaceuticals LLC Tranche B, |
57 | 57 | ||||||
Ardent Medical Services, Inc. |
||||||||
First Lien, |
63 | 63 | ||||||
Second Lien, |
96 | 97 | ||||||
Concentra, Inc. First Lien, Tranche B |
9 | 9 | ||||||
InVentiv Health, Inc. Tranche B-4, |
110 | 111 | ||||||
MMM Holdings, Inc. |
52 | 43 | ||||||
MSO of Puerto Rico, Inc. 9.750%, 12/12/17 |
37 | 31 | ||||||
NVA Holdings, Inc. Second Lien |
74 | 74 | ||||||
Regional Care, Inc. (RCHP, Inc.) First Lien, |
135 | 135 | ||||||
Surgery Center Holdings, Inc. |
||||||||
First Lien, |
101 | 101 | ||||||
Second Lien, |
63 | 63 | ||||||
|
|
|||||||
784 | ||||||||
|
|
|||||||
Industrials—0.5% |
||||||||
Alliance Laundry Systems LLC Second Lien, |
25 | 25 | ||||||
Landmark U.S. Member LLC (Landmark U.S. Corp Acquisition, Inc.) |
120 | 119 | ||||||
Navistar, Inc. Tranche B, 5.750%, 8/17/17 |
149 | 150 | ||||||
Sedgwick Claims Management Services, Inc. Second Lien, 0.000%, 2/28/22(13) |
120 | 118 | ||||||
|
|
|||||||
412 | ||||||||
|
|
|||||||
Information Technology—1.3% |
|
|||||||
Allflex Holdings III, Inc. Second Lien, |
109 | 110 | ||||||
Applied Systems, Inc. Second Lien, |
81 | 82 | ||||||
Deltek, Inc. |
PAR VALUE | VALUE | |||||||
Information Technology—(continued) |
|
|||||||
First Lien |
$ | 5 | $ | 5 | ||||
Second Lien |
51 | 51 | ||||||
Epicor Software Corp. Tranche B, |
58 | 58 | ||||||
First Data Corp. |
35 | 35 | ||||||
Infinity Acquisition Ltd. 4.000%, 8/6/21 |
76 | 76 | ||||||
Kronos, Inc. Second Lien, 9.750%, 4/30/20 |
195 | 201 | ||||||
Mitchell International, Inc. Second Lien, |
108 | 108 | ||||||
Presidio, Inc. Refinancing Term |
102 | 102 | ||||||
Riverbed Technologies, Inc. 6.000%, 4/24/22 |
68 | 69 | ||||||
SS&C Technologies, Inc. |
||||||||
0.000%, 6/29/22(13) |
49 | 49 | ||||||
0.000%, 6/29/22(13) |
11 | 11 | ||||||
|
|
|||||||
957 | ||||||||
|
|
|||||||
Materials—0.7% |
||||||||
Fortescue Metals Group (FMG) Resources Property Ltd. |
277 | 247 | ||||||
Houghton International, Inc. Holding Corp. Second Lien, |
110 | 110 | ||||||
INEOS U.S. Finance LLC 2022 Dollar |
9 | 9 | ||||||
Noranda Aluminum Acquisition Corp. Tranche B, |
150 | 125 | ||||||
|
|
|||||||
491 | ||||||||
|
|
|||||||
Utilities—0.1% |
||||||||
Atlantic Power LP |
31 | 32 | ||||||
|
|
|||||||
TOTAL LOAN AGREEMENTS (Identified Cost $5,277) |
5,038 | |||||||
|
|
|||||||
SHARES | VALUE | |||||||
PREFERRED STOCKS—2.9% |
|
|||||||
Energy—0.3% |
||||||||
PTT Exploration & Production PCL 144A, 4.875%(2)(3) |
200 | (14) | 200 | |||||
|
|
|||||||
Financials—2.6% |
||||||||
Bank of New York Mellon Corp. (The) Series E, 4.950%(2) |
150 | (14) | 149 | |||||
Citigroup, Inc. Series J, 7.125% |
8,000 | 219 | ||||||
Citigroup, Inc. Series N, 5.800%(2) |
155 | (14) | 156 | |||||
General Electric Capital Corp. Series C, 5.25%(2) |
300 | (14) | 308 |
8
VIRTUS BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
Financials—(continued) |
||||||||
Goldman Sachs Group, Inc. (The) Series L, 5.700%(2) |
115 | (14) | $ | 115 | ||||
JPMorgan Chase & Co. Series V, 5.000%(2) |
315 | (14) | 308 | |||||
PNC Financial Services Group, Inc. (The) Series R, 4.850%(2) |
215 | (14) | 205 | |||||
SunTrust Bank, Inc. 5.625%(2) |
45 | (14) | 45 | |||||
Wells Fargo & Co. Series K, 7.980%(2) |
230 | (14) | 249 | |||||
Zions Bancorp 6.950%(2) |
8,800 | 245 | ||||||
|
|
|||||||
1,999 | ||||||||
|
|
|||||||
TOTAL PREFERRED STOCKS (Identified Cost $2,183) |
2,199 | |||||||
|
|
|||||||
AFFILIATED MUTUAL FUND—1.5% |
|
|||||||
Virtus Credit Opportunities Fund |
116,400 | 1,160 | ||||||
|
|
|||||||
TOTAL AFFILIATED MUTUAL FUND (Identified Cost $1,164) |
1,160 | |||||||
|
|
|||||||
TOTAL LONG TERM INVESTMENTS—98.8% (Identified Cost $74,943) |
75,263 | (15) | ||||||
|
|
|||||||
TOTAL INVESTMENTS—98.8% (Identified Cost $74,943) |
75,263 | (1) | ||||||
Other assets and liabilities, net—1.2% |
926 | |||||||
|
|
|||||||
NET ASSETS—100.0% |
$ | 76,189 | ||||||
|
|
Abbreviations:
FHLMC |
Federal Home Loan Mortgage Corporation (“Freddie Mac”). | |||
FNMA |
Federal National Mortgage Association (“Fannie Mae”). | |||
GNMA |
Government National Mortgage Association (“Ginnie Mae”) | |||
PIK |
Payment-in-Kind Security | |||
REIT |
Real Estate Investment Trust |
Footnote Legend:
(1) | Federal Income Tax Information: For tax information at June 30, 2015, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments. |
(2) | Variable or step coupon security; interest rate shown reflects the rate in effect at June 30, 2015. |
(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 June 30, 2015, these securities amounted to a value of $21,340 or 28.0% of net assets. |
(4) | Regulation S security. Security is offered and sold outside of the United States, therefore, it is exempt from registration with the SEC under rules 903 and 904 of the Securities Act of 1933. |
(5) | Security in default. |
(6) | Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a level 3 security in the disclosure table located after the Schedule of Investments. |
(7) | Illiquid security. |
(8) | No contractual maturity date. |
(9) | Interest payments may be deferred. |
(10) | This Note was issued for the sole purpose of funding a loan agreement between the issuer and the borrower. As the credit risk for this security lies solely with the borrower, the name represented here is that of the borrower. |
(11) | 92.1% of the income received was in cash and 7.9% is interest capitalization.. |
(12) | 90% of the income received was in cash and 10% is interest capitalization. |
(13) | This loan will settle after June 30, 2015, at which time the interest rate, based on the London Interbank Offered Rate (“LIBOR”) and the agreed upon spread on trade date, will be reflected. |
(14) | Value shown as par value. |
(15) | All or a portion of the Fund’s assets have been segregated for delayed delivery security. |
Foreign Currencies:
CLP | Chilean Peso |
TRY | Turkish Lira |
UYU | Uruguayan Peso |
9
VIRTUS BOND FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
Country Weightings † |
||||
United States |
82 | % | ||
Chile |
2 | |||
Mexico |
2 | |||
Canada |
1 | |||
India |
1 | |||
Switzerland |
1 | |||
United Kingdom |
1 | |||
Other |
10 | |||
|
|
|||
Total |
100 | % | ||
|
|
|||
† % of total investments as of June 30, 2015 |
10
The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (See Security Valuation Note 1A in the Notes to Schedules of Investments):
Total Value at June 30, 2015 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs |
Level
3 Significant Unobservable Inputs |
|||||||||||||
Debt Securities: |
||||||||||||||||
Asset-Backed Securities |
$ | 5,428 | $ | — | $ | 5,428 | $ | — | ||||||||
Convertible Bond |
335 | — | 335 | — | ||||||||||||
Corporate Bonds And Notes |
40,121 | — | 40,118 | 3 | ||||||||||||
Foreign Government Securities |
970 | — | 970 | — | ||||||||||||
Loan Agreements |
5,038 | — | 5,038 | — | ||||||||||||
Mortgage-Backed Securities |
15,821 | — | 15,821 | — | ||||||||||||
Municipal Bonds |
1,217 | — | 1,217 | — | ||||||||||||
U.S. Government Securities |
2,974 | — | 2,974 | — | ||||||||||||
Equity Securities: |
||||||||||||||||
Affiliated Mutual Fund |
1,160 | 1,160 | — | — | ||||||||||||
Preferred Stocks |
2,199 | 464 | 1,735 | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 75,263 | $ | 1,624 | $ | 73,636 | $ | 3 | ||||||||
|
|
|
|
|
|
|
|
There were no transfers between Level 1 and Level 2 related to securities held at June 30, 2015.
The following is a reconciliation of assets of the Fund for Level 3 investments for which significant unobservable inputs were used to determine fair value.
Investments in Securities | Corporate Bonds And Notes |
|||
Balance as of September 30, 2014: |
$ | 5 | ||
Accrued discount/(premium) |
— | (c) | ||
Realized gain (loss) |
— | (c) | ||
Change in unrealized appreciation (depreciation) |
(c) | |||
Purchases |
||||
Sales(b) |
(2 | ) | ||
Transfers into Level 3 (a) |
||||
Transfers from Level 3 (a) |
||||
|
|
|||
Balance as of June 30, 2015 |
$ | 3 | (d) | |
|
|
(a) | “Transfers into and/or from” represent the ending value as of June 30, 2015, for any investment security where a change in the pricing level occurred from the beginning to the end of the period. |
(b) | Includes paydowns on securities. |
(c) | Amount is less than $500. |
(d) | Includes internally fair valued security. See the last paragraph under “Note 1A Security Valuation” for a description of the valuation process in place and a qualitative discussion about sensitive inputs used in Level 3 internally fair valued measurements. |
VIRTUS CA TAX-EXEMPT BOND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
MUNICIPAL TAX-EXEMPT BONDS(2)—97.8% |
|
|||||||
Development Revenue—6.3% |
|
|||||||
Los Angeles County Redevelopment Refunding Authority, Long Beach Project, Series A |
$ | 215 | $ | 240 | ||||
Milpitas Redevelopment Agency, Redevelopment Project Area #1 |
250 | 284 | ||||||
San Diego Redevelopment Agency Center City, Tax Allocation Series B (AMBAC Insured) |
500 | 501 | ||||||
Tax Allocation Series A (AMBAC Insured) |
500 | 517 | ||||||
San Marcos Redevelopment Agency, Series A |
60 | 68 | ||||||
Santa Clara Redevelopment Agency, Bayshore North Project (NATL Insured) |
500 | 506 | ||||||
|
|
|||||||
2,116 | ||||||||
|
|
|||||||
General Obligation—17.1% |
||||||||
Brea Olinda Unified School District, Series A (NATL Insured) |
150 | 151 | ||||||
Cajon Valley Union School District Union School District |
250 | 282 | ||||||
Contra Costa Community College District, |
45 | 47 | ||||||
Grossmont Health Care District Series D, |
350 | 425 | ||||||
Los Alamitos Unified School District, School Facilities Improvement District1, 2008 Election - Series E |
250 | 282 | ||||||
Los Angeles Unified School District, Series B |
250 | 305 | ||||||
Placer Union High School District, (AGM Insured) |
1,450 | 696 | ||||||
Riverside Unified School District, Series C (AGM Insured) |
275 | 298 | ||||||
Ross Valley School District, 2010 Election Series B |
350 | 390 | ||||||
San Diego Community College District, Election of 2006 |
250 | 278 | ||||||
San Diego Unified School District, 1998 Election, Series C2 (AGM Insured) |
225 | 283 | ||||||
San Jose Unified School District, |
230 | 271 |
PAR VALUE | VALUE | |||||||
General Obligation—(continued) |
| |||||||
Sequoia Union High School District, |
$ | 250 | $ | 272 | ||||
State of California, |
250 | 279 | ||||||
(AMBAC Insured) 5.000%, 2/1/27 |
290 | 352 | ||||||
5.000%, 9/1/32 |
300 | 335 | ||||||
5.000%, 12/1/37 |
275 | 297 | ||||||
6.000%, 4/1/38 |
250 | 291 | ||||||
Sunnyvale Elementary School District, |
200 | 200 | ||||||
|
|
|||||||
5,734 | ||||||||
|
|
|||||||
General Revenue—22.5% |
||||||||
Anaheim Public Financing Authority, Public Improvement Projects, Series C (AGM Insured) |
735 | 760 | ||||||
California Infrastructure & Economic Development Bank, |
200 | 241 | ||||||
City of Pomona, Certificates of Participation, (AMBAC Insured) |
700 | 709 | ||||||
Contra Costa Transportation Authority, Series B |
220 | 253 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Asset, Series A |
350 | 393 | ||||||
Series A-1 5.125%, 6/1/47 |
950 | 719 | ||||||
Imperial County Local Transportation Authority, Series E |
300 | 331 | ||||||
MidPeninsula Regional Open Space District, |
120 | 146 | ||||||
Municipal Finance Authority, Bowles Hall Foundation Series A |
100 | 106 | ||||||
North City West School Facilities Financing Authority, Series B (AMBAC Insured) |
750 | 839 | ||||||
Sacramento Area Flood Control Agency, Consololidated Capital Assessment District (BHAC Insured) |
250 | 283 | ||||||
South Bay Regional Public Communications Authority, Hawthorne Projects, Series B (ACA Insured) |
435 | 439 | ||||||
State of California Public Works Board, Department of General Services, Buildings 8&9 |
500 | 582 |
1
VIRTUS CA TAX-EXEMPT BOND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
General Revenue—(continued) |
| |||||||
Capital Projects, Series G-1 |
$ | 550 | $ | 642 | ||||
Department of Forestry & Fire Protection, Series E |
500 | 544 | ||||||
Tustin Unified School District, Community Facilities, District #97-1, (BAM Insured) |
250 | 278 | ||||||
Ventura County Public Financing Authority, Series A |
250 | 293 | ||||||
|
|
|||||||
7,558 | ||||||||
|
|
|||||||
Higher Education Revenue—4.1% |
|
|||||||
California Educational Facilities Authority, Pomona College, Series A |
500 | 501 | ||||||
California State University, Series A |
435 | 490 | ||||||
University of California, Series AO 5.000%, 5/15/23 |
100 | 121 | ||||||
Series I 5.000%, 5/15/23 |
225 | 271 | ||||||
|
|
|||||||
1,383 | ||||||||
|
|
|||||||
Medical Revenue—7.4% |
||||||||
Health Facilities Financing Authority, Cedars-Sinai Medical Center, |
400 | 405 | ||||||
Kaiser Permanente, |
400 | 410 | ||||||
Municipal Finance Authority, Community Medical Centers, Series A |
100 | 112 | ||||||
San Benito Health Care District, (CHFCLIF Insured) |
140 | 149 | ||||||
State Health Facilities Financing Authority, El Camino Hospital, Series A |
100 | 116 | ||||||
Lucille Salter Packard Children’s Hospital at Stanford, Series A |
100 | 110 | ||||||
Statewide Communities Development Authority, Sutter Health, Series B, (AMBAC Insured) |
205 | 215 | ||||||
Cottage Health System |
250 | 274 | ||||||
St. Joseph Health System, Series C, (FGIC Insured) |
350 | 386 | ||||||
University of California, Regents Medical, Series A (NATL Insured) |
300 | 303 | ||||||
|
|
|||||||
2,480 | ||||||||
|
|
|||||||
Natural Gas Revenue—2.2% |
||||||||
Roseville Natural Gas Financing Authority, |
PAR VALUE | VALUE | |||||||
Natural Gas Revenue—(continued) |
| |||||||
5.000%, 2/15/24 |
$ | 450 | $ | 503 | ||||
5.000%, 2/15/27 |
195 | 217 | ||||||
|
|
|||||||
720 | ||||||||
|
|
|||||||
Power Revenue—5.1% |
||||||||
Imperial Irrigation District, Series B |
200 | 222 | ||||||
Northern California Power Agency, Hydroelectric Project No 1,, |
200 | 221 | ||||||
Sacramento Municipal Utility District, |
350 | 408 | ||||||
Series B 5.000%, 8/15/29 |
150 | 172 | ||||||
Series A 5.000%, 8/15/37 |
250 | 279 | ||||||
Southern California Public Power Authority, Windy Project Series 1, |
250 | 289 | ||||||
State Department of Water Resources Power Supply Revenue, Series O |
100 | 120 | ||||||
|
|
|||||||
1,711 | ||||||||
|
|
|||||||
Pre-Refunded—16.5% |
||||||||
Bay Area Toll Authority, Series F-1 (Pre-refunded 4/1/34 @100) |
350 | 399 | ||||||
Series F-1 (Pre-refunded 4/1/19 @100) |
400 | 458 | ||||||
City of Stockton, O’Connors Woods Project, Series A (Pre-refunded 9/20/17 @ 100) (GNMA Collateralized) |
160 | 167 | ||||||
Department of Water Resources, Central Valley Project, (Pre-refunded 6/1/18 @100) Series |
35 | 39 | ||||||
Health Facilities Financing Authority, Providence Health & Services, Series C (Pre-refunded 10/1/18 @100) |
5 | 6 | ||||||
Providence Health & Services, Series C - (Pre-refunded 10/1/18 @100) |
195 | 229 | ||||||
Infrastructure & Economic Development Bank, Bay Area Toll Bridges (Pre-refunded 7/1/26 @100) (AMBAC Insured) |
755 | 952 | ||||||
Los Angeles Unified School District, 2002 Election Series C (Pre-refunded 7/1/17 @100)(AGM Insured) |
300 | 325 |
2
VIRTUS CA TAX-EXEMPT BOND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
Pre-Refunded—(continued) |
||||||||
Northern California Power Agency, Series A (Pre-refunded 7/1/21 @ 100) (AMBAC Insured) |
$ | 195 | $ | 244 | ||||
Riverside County Single Family, Series A (Pre-refunded 11/1/15 @ 100) (GNMA Collateralized) |
1,085 | 1,432 | ||||||
Sacramento Municipal Utility District, Cosumnes Project (NATL Insured) (Pre-refunded 7/1/16 @100) |
500 | 522 | ||||||
University of California, Series D (Pre-refunded 5/15/28 @100) (NATL Insured) |
710 | 746 | ||||||
|
|
|||||||
5,519 | ||||||||
|
|
|||||||
Transportation Revenue—6.4% |
|
|||||||
City of Los Angeles, Department of Airports, Series B |
200 | 232 | ||||||
Port of Los Angeles, Series B |
235 | 268 | ||||||
San Diego County Regional Airport Authority, Subordinate Series A |
250 | 273 | ||||||
Series B 5.000%, 7/1/40 |
500 | 545 | ||||||
San Diego Unified Port District, Series A 5.000%, 9/1/28 |
200 | 228 | ||||||
San Francisco City & County Airports Community-San Francisco International Airport, 2nd Series B |
150 | 165 | ||||||
San Francisco Municipal Transportation Agency, |
125 | 141 | ||||||
5.000%, 3/1/33 |
250 | 283 | ||||||
|
|
|||||||
2,135 | ||||||||
|
|
|||||||
Water & Sewer Revenue—10.2% |
|
|||||||
City of Manteca Water Revenue, |
300 | 342 | ||||||
City of Oakland Sewer Revenue, Series A |
200 | 233 | ||||||
East Bay Municipal Utility District Wastewater System Revenue, Series A, |
260 | 305 | ||||||
Los Angeles County Sanitation District 14 Capital Projects |
300 | 363 | ||||||
Los Angeles Department of Water & Power, |
295 | 336 | ||||||
Series A 5.000%, 7/1/44 |
200 | 223 | ||||||
Ross Valley Public Financing Authority, Sanitary District #1, (AGM Insured) |
225 | 252 |
PAR VALUE | VALUE | |||||||
Water & Sewer Revenue—(continued) |
|
|||||||
Sacramento County Sanitation Districts Financing Authority, Series A |
$ | 200 | $ | 226 | ||||
San Diego County Water Authority, |
250 | 287 | ||||||
Santa Margarita-Dana Point Authority, Water Districts Improvements, Districts 2,3,4, Series A |
630 | 695 | ||||||
Silicon Valley Clean Water, Sewer Improvement |
150 | 169 | ||||||
|
|
|||||||
3,431 | ||||||||
|
|
|||||||
TOTAL MUNICIPAL TAX-EXEMPT BONDS (Identified Cost $31,206) |
32,787 | |||||||
|
|
|||||||
TOTAL LONG TERM INVESTMENTS—97.8% (Identified Cost $31,206) |
32,787 | |||||||
|
|
|||||||
TOTAL INVESTMENTS—97.8% (Identified Cost $31,206) |
32,787 | (1) | ||||||
Other assets and liabilities, net—2.2% |
753 | |||||||
|
|
|||||||
NET ASSETS—100.0% |
$ | 33,540 | ||||||
|
|
Abbreviations:
| ||
ACA | American Capital Access Financial Guarantee Corp. | |
AGM | Assured Guaranty Municipal Corp. | |
AMBAC | American Municipal Bond Assurance Corp. | |
BAM | Build America Municipal Insured. | |
BHAC | Berkshire Hathaway Assurance Corp. | |
CHFCLIF | California Health Facility Construction Loan Insurance Fund. | |
FGIC | Financial Guaranty Insurance Company | |
GNMA | Government National Mortgage Association (“Ginnie Mae”) | |
NATL | National Public Finance Guarantee Corp. |
Footnote Legend:
(1) | Federal Income Tax Information: For tax information at June 30, 2015, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments. |
(2) | At June 30, 2015, the concentration of the Fund’s investments by state or territory determined as a percentage of net assets is as follows: California 100%. At June 30, 2015 39.6% of the securities in the portfolio are backed by insurance of financial institutions and financial guaranty assurance agencies. Insurers with a concentration greater than 10% of net assets are as follows: AMBAC 13%. |
3
The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (See Security Valuation Note 1A in the Notes to Schedules of Investments):
Total Value at June 30, 2015 |
Level
2 Significant Observable Inputs |
|||||||
Debt Securities: |
||||||||
Municipal Tax-Exempt Bonds |
$ | 32,787 | $ | 32,787 | ||||
|
|
|
|
|||||
Total Investments |
$ | 32,787 | $ | 32,787 | ||||
|
|
|
|
There are no Level 1 (quoted prices) or Level 3 (significant unobservable inputs) priced securities.
There were no transfers between Level 1 and Level 2 related to securities held at June 30, 2015.
VIRTUS DISCIPLINED EQUITY STYLE FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
EXCHANGE-TRADED FUNDS(2)—100.9% |
|
|||||||
iShares Russell 1000(R) Growth Index Fund |
15,075 | $ | 1,493 | |||||
iShares Russell 2000(R) Growth Index Fund |
9,880 | 1,527 | ||||||
iShares Russell Midcap(R) Growth Index Fund |
15,445 | 1,496 | ||||||
|
|
|||||||
TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $4,296) |
4,516 | |||||||
|
|
|||||||
TOTAL LONG TERM INVESTMENTS—100.9% (Identified Cost $4,296) |
4,516 | |||||||
|
|
|||||||
SHORT-TERM INVESTMENTS—0.3% |
|
|||||||
Money Market Mutual Fund—0.3% |
|
|||||||
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.140%) |
14,309 | 14 | ||||||
|
|
|||||||
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $14) |
14 | |||||||
|
|
|||||||
TOTAL INVESTMENTS—101.2% (Identified Cost $4,310) |
4,530 | (1) | ||||||
Other assets and liabilities, |
(53 | ) | ||||||
|
|
|||||||
NET ASSETS—100.0% |
$ | 4,477 | ||||||
|
|
Footnote Legend:
(1) | Federal Income Tax Information: For tax information at June 30, 2015, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments. |
(2) | All of these funds are public funds and the prospectus and annual reports of each are publicly available. |
1
The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (See Security Valuation Note 1A in the Notes to Schedules of Investments):
Total Value at June 30, 2015 |
Level 1 Quoted Prices |
|||||||
Equity Securities: |
||||||||
Exchange-Traded Funds |
$ | 4,516 | $ | 4,516 | ||||
Short-Term Investments |
14 | 14 | ||||||
|
|
|
|
|||||
Total Investments |
$ | 4,530 | $ | 4,530 | ||||
|
|
|
|
There are no Level 2 (significant observable inputs) or Level 3 (significant unobservable inputs) priced securities.
There were no transfers between Level 1 and Level 2 related to securities held at June 30, 2015.
VIRTUS DISCIPLINED SELECT BOND FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
EXCHANGE-TRADED FUND(2)—98.4% |
|
|||||||
iShares Barclays Treasury Inflation Protected Securities Bond Fund |
13,100 | $ | 1,468 | |||||
|
|
|||||||
TOTAL EXCHANGE-TRADED FUND (Identified Cost $1,469) |
1,468 | |||||||
|
|
|||||||
TOTAL LONG TERM INVESTMENTS—98.4% (Identified Cost $1,469) |
1,468 | |||||||
|
|
|||||||
SHORT-TERM INVESTMENTS—1.1% |
|
|||||||
Money Market Mutual Fund—1.1% |
|
|||||||
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.140%) |
17,352 | 17 | ||||||
|
|
|||||||
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $17) |
17 | |||||||
|
|
|||||||
TOTAL INVESTMENTS—99.5% (Identified Cost $1,486) |
1,485 | (1) | ||||||
Other assets and liabilities, |
7 | |||||||
|
|
|||||||
NET ASSETS—100.0% |
$ | 1,492 | ||||||
|
|
Footnote Legend:
(1) | Federal Income Tax Information: For tax information at June 30, 2015, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments. |
(2) | All of these funds are public funds and the prospectus and annual reports of each are publicly available. |
1
The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (See Security Valuation Note 1A in the Notes to Schedules of Investments):
Total Value at June 30, 2015 |
Level 1 Quoted Prices |
|||||||
Equity Securities: |
||||||||
Exchange-Traded Fund |
$ | 1,468 | $ | 1,468 | ||||
Short-Term Investments |
17 | 17 | ||||||
|
|
|
|
|||||
Total Investments |
$ | 1,485 | $ | 1,485 | ||||
|
|
|
|
There are no Level 2 (significant observable inputs) or Level 3 (significant unobservable inputs) priced securities.
There were no transfers between Level 1 and Level 2 related to securities held at June 30, 2015.
VIRTUS DISCIPLINED SELECT COUNTRY FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
EXCHANGE-TRADED FUNDS(2)—97.9% |
|
|||||||
iShares MSCI France Index Fund |
5,540 | $ | 143 | |||||
iShares MSCI Germany Index Fund |
4,630 | 129 | ||||||
iShares MSCI Hong Kong Index Fund |
3,920 | 88 | ||||||
iShares MSCI Italy Index Fund Capped |
2,370 | 35 | ||||||
iShares MSCI Japan Index Fund |
29,230 | 375 | ||||||
iShares MSCI Netherlands Investable Market Index Fund |
2,800 | 72 | ||||||
iShares MSCI Singapore Index Fund |
4,010 | 50 | ||||||
iShares MSCI Sweden Index Fund |
1,360 | 43 | ||||||
iShares MSCI Switzerland Index Fund Capped |
5,770 | 189 | ||||||
iShares MSCI United Kingdom Index Fund |
14,500 | 265 | ||||||
|
|
|||||||
TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $1,381) |
1,389 | |||||||
|
|
|||||||
TOTAL LONG TERM INVESTMENTS—97.9% (Identified Cost $1,381) |
1,389 | |||||||
|
|
|||||||
SHORT-TERM INVESTMENTS—0.1% |
|
|||||||
Money Market Mutual Fund—0.1% |
|
|||||||
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.140%) |
1,960 | 2 | ||||||
|
|
|||||||
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $2) |
2 | |||||||
|
|
|||||||
TOTAL INVESTMENTS—98.0% (Identified Cost $1,383) |
1,391 | (1) | ||||||
Other assets and liabilities, |
28 | |||||||
|
|
|||||||
NET ASSETS—100.0% |
$ | 1,419 | ||||||
|
|
Footnote Legend:
(1) | Federal Income Tax Information: For tax information at June 30, 2015, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments. |
(2) | All of these funds are public funds and the prospectus and annual reports of each are publicly available. |
1
The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (See Security Valuation Note 1A in the Notes to Schedules of Investments):
Total Value at June 30, 2015 |
Level 1 Quoted Prices |
|||||||
Equity Securities: |
||||||||
Exchange-Traded Funds |
$ | 1,389 | $ | 1,389 | ||||
Short-Term Investments |
2 | 2 | ||||||
|
|
|
|
|||||
Total Investments |
$ | 1,391 | $ | 1,391 | ||||
|
|
|
|
There are no Level 2 (significant observable inputs) or Level 3 (significant unobservable inputs) priced securities.
There were no transfers between Level 1 and Level 2 related to securities held at June 30, 2015.
VIRTUS DYNAMIC TREND FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
COMMON STOCKS—98.3% |
|
|||||||
Consumer Discretionary—30.9% |
|
|||||||
AutoNation, Inc.(2) |
35,972 | $ | 2,265 | |||||
AutoZone, Inc.(2) |
15,360 | 10,244 | ||||||
Cablevision Systems Corp. Class A |
22,390 | 536 | ||||||
CarMax, Inc.(2) |
100,420 | 6,649 | ||||||
Comcast Corp. Class A |
296,467 | 17,829 | ||||||
DIRECTV(2) |
63,710 | 5,912 | ||||||
Garmin Ltd. |
258,250 | 11,345 | ||||||
Hasbro, Inc. |
184,270 | 13,782 | ||||||
Harman International Industries, Inc. |
147,055 | 17,491 | ||||||
Home Depot, Inc. |
185,140 | 20,575 | ||||||
Lowe’s Cos., Inc. |
137,730 | 9,224 | ||||||
Mattel, Inc. |
606,710 | 15,586 | ||||||
NIKE, Inc. Class B |
270,250 | 29,192 | ||||||
O’Reilly Automotive, Inc.(2) |
48,385 | 10,934 | ||||||
Time Warner, Inc. |
76,257 | 6,666 | ||||||
Time Warner Cable, Inc. |
30,242 | 5,388 | ||||||
Twenty-First Century Fox, Inc. Class A |
165,857 | 5,398 | ||||||
Viacom, Inc. Class B |
32,340 | 2,090 | ||||||
Whirlpool Corp. |
162,052 | 28,043 | ||||||
Walgreens Boots Alliance, Inc. |
142,090 | 11,998 | ||||||
Walt Disney Co. (The) |
135,030 | 15,412 | ||||||
|
|
|||||||
246,559 | ||||||||
|
|
|||||||
Consumer Staples—9.5% |
||||||||
Brown-Forman Corp. Class B |
123,780 | 12,400 | ||||||
Constellation Brands, Inc. Class A |
146,090 | 16,950 | ||||||
CVS Caremark Corp. |
168,460 | 17,668 | ||||||
Kroger Co. (The) |
283,065 | 20,525 | ||||||
Whole Foods Market, Inc. |
216,412 | 8,535 | ||||||
|
|
|||||||
76,078 | ||||||||
|
|
|||||||
Financials—7.2% |
||||||||
CBRE Group, Inc. Class A(2) |
787,805 | 29,149 | ||||||
HCP, Inc. |
214,300 | 7,815 | ||||||
Health Care REIT, Inc. |
162,375 | 10,657 | ||||||
Ventas, Inc. |
154,280 | 9,579 | ||||||
|
|
|||||||
57,200 | ||||||||
|
|
|||||||
Health Care—15.2% |
||||||||
Aetna, Inc. |
40,145 | 5,117 | ||||||
Alexion Pharmaceuticals, Inc.(2) |
10,455 | 1,890 |
SHARES | VALUE | |||||||
Health Care—(continued) |
||||||||
AmerisourceBergen Corp. |
51,700 | $ | 5,498 | |||||
Amgen, Inc. |
40,805 | 6,264 | ||||||
Anthem, Inc. |
31,115 | 5,107 | ||||||
Biogen, Inc.(2) |
12,310 | 4,973 | ||||||
Cardinal Health, Inc. |
79,970 | 6,690 | ||||||
Celgene Corp.(2) |
42,800 | 4,953 | ||||||
Cigna Corp. |
30,135 | 4,882 | ||||||
Gilead Sciences, Inc. |
76,360 | 8,940 | ||||||
HCA Holdings, Inc.(2) |
192,250 | 17,441 | ||||||
Humana, Inc. |
17,500 | 3,347 | ||||||
McKesson Corp. |
56,342 | 12,666 | ||||||
Schein (Henry), Inc.(2) |
20,060 | 2,851 | ||||||
Patterson Cos., Inc. |
20,380 | 992 | ||||||
Regeneron Pharmaceuticals, Inc.(2) |
3,730 | 1,903 | ||||||
Tenet Healthcare Corp.(2) |
70,455 | 4,078 | ||||||
Universal Health Services, Inc. Class B |
58,290 | 8,283 | ||||||
UnitedHealth Group, Inc. |
111,930 | 13,655 | ||||||
Vertex Pharmaceuticals, Inc.(2) |
12,750 | 1,574 | ||||||
|
|
|||||||
121,104 | ||||||||
|
|
|||||||
Industrials—14.1% |
||||||||
Allegion plc |
191,485 | 11,516 | ||||||
American Airlines Group, Inc. |
216,010 | 8,626 | ||||||
Delta Air Lines, Inc. |
246,540 | 10,128 | ||||||
Masco Corp. |
666,330 | 17,771 | ||||||
Robert Half International, Inc. |
529,867 | 29,408 | ||||||
Ryder System, Inc. |
322,582 | 28,184 | ||||||
Southwest Airlines Co. |
200,530 | 6,635 | ||||||
|
|
|||||||
112,268 | ||||||||
|
|
|||||||
Information Technology—10.9% |
||||||||
Alliance Data Systems Corp. (2) |
4,995 | 1,458 | ||||||
Apple, Inc. |
184,875 | 23,188 | ||||||
Automatic Data Processing, Inc. |
37,980 | 3,047 | ||||||
Computer Sciences Corp. |
10,642 | 699 | ||||||
Electronic Arts, Inc.(2) |
440,810 | 29,314 | ||||||
EMC Corp. |
65,550 | 1,730 | ||||||
Fidelity National Information Services, Inc. |
23,000 | 1,421 | ||||||
Fiserv, Inc.(2) |
19,050 | 1,578 | ||||||
Hewlett-Packard Co. |
59,277 | 1,779 | ||||||
MasterCard, Inc. Class A |
78,352 | 7,324 | ||||||
NetApp, Inc. |
10,330 | 326 | ||||||
Paychex, Inc. |
25,930 | 1,216 |
1
VIRTUS DYNAMIC TREND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
Information Technology—(continued) |
|
|||||||
SanDisk Corp. |
6,650 | $ | 387 | |||||
Seagate Technology plc |
10,870 | 516 | ||||||
Total System Services, Inc. |
13,215 | 552 | ||||||
Visa, Inc. Class A |
154,460 | 10,372 | ||||||
Western Digital Corp. |
6,970 | 547 | ||||||
Western Union Co. (The) |
41,590 | 846 | ||||||
Xerox Corp. |
82,140 | 874 | ||||||
|
|
|||||||
87,174 | ||||||||
|
|
|||||||
Materials—6.9% |
||||||||
Ecolab, Inc. |
73,780 | 8,342 | ||||||
Freeport-McMoRan Copper & Gold, Inc. |
1,345,510 | 25,054 | ||||||
International Flavors & Fragrances, Inc. |
21,990 | 2,403 | ||||||
PPG Industries, Inc. |
74,780 | 8,579 | ||||||
Sherwin-Williams Co. (The) |
22,110 | 6,081 | ||||||
Sigma-Aldrich Corp. |
33,060 | 4,607 | ||||||
|
|
|||||||
55,066 | ||||||||
|
|
|||||||
Telecommunication Services—3.6% |
|
|||||||
Level 3 Communications, Inc.(2) |
544,390 | 28,673 | ||||||
|
|
|||||||
28,673 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS (Identified Cost $799,808) |
784,122 | |||||||
|
|
|||||||
TOTAL LONG TERM INVESTMENTS—98.3% (Identified Cost $799,808) |
784,122 | |||||||
|
|
|||||||
TOTAL INVESTMENTS—98.3% (Identified Cost $799,808) |
784,122 | (1) | ||||||
|
|
|||||||
Other assets and liabilities, net—1.7% |
13,456 | |||||||
|
|
|||||||
NET ASSETS—100.0% |
$ | 797,578 | ||||||
|
|
Abbreviation:
REIT |
Real Estate Investment Trust |
Footnote Legend:
(1) | Federal Income Tax Information: For tax information at June 30, 2015, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments. |
(2) | Non-income producing. |
2
The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (See Security Valuation Note 1A in the Notes to Schedules of Investments):
Total Value at June 30, 2015 |
Level 1 Quoted Prices |
|||||||
Equity Securities: |
||||||||
Common Stocks |
$ | 784,122 | $ | 784,122 | ||||
|
|
|
|
|||||
Total Investments |
$ | 784,122 | $ | 784,122 | ||||
|
|
|
|
There are no Level 2 (significant observable inputs) or Level 3 (significant unobservable inputs) priced securities.
There were no transfers between Level 1 and Level 2 related to securities held at June 30, 2015.
VIRTUS EMERGING MARKETS DEBT FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
FOREIGN GOVERNMENT SECURITIES—25.6% |
|
|||||||
Arab Republic of Egypt 144A |
$ | 200 | $ | 195 | ||||
Argentine Republic Series NY, |
196 | 188 | ||||||
Bermuda RegS |
200 | 210 | ||||||
Bolivarian Republic of Venezuela |
||||||||
RegS 7.000%, 12/1/18(4) |
155 | 68 | ||||||
RegS 7.750%, 10/13/19(4) |
140 | 55 | ||||||
7.650%, 4/21/25 |
285 | 105 | ||||||
9.375%, 1/13/34 |
325 | 129 | ||||||
Croatian Republic RegS |
200 | 211 | ||||||
Dominican Republic 144A |
100 | 102 | ||||||
Gabonese Republic 144A |
200 | 199 | ||||||
Hellenic Republic |
200 | EUR | 96 | |||||
Hungary |
||||||||
5.375%, 2/21/23 |
146 | 159 | ||||||
5.750%, 11/22/23 |
22 | 24 | ||||||
5.375%, 3/25/24 |
60 | 65 | ||||||
Kingdom of Bahrain 144A |
200 | 187 | ||||||
Kingdom of Morocco 144A |
200 | 204 | ||||||
Mongolia 144A |
200 | 182 | ||||||
Republic of Azerbaijan 144A |
400 | 408 | ||||||
Republic of Chile |
70,000 | CLP | 117 | |||||
Republic of Colombia Treasury Note, Series B, |
100,000 | COP | 45 | |||||
Republic of Costa Rica 144A |
200 | 194 | ||||||
Republic of Cote d’Ivoire 144A |
200 | 196 | ||||||
Republic of Ecuador 144A |
200 | 180 | ||||||
Republic of El Salvador |
||||||||
144A 6.375%, 1/18/27(3) |
155 | 151 | ||||||
144A 7.650%, 6/15/35(3) |
70 | 71 | ||||||
Republic of Indonesia |
||||||||
Series FR30, 10.750%, 5/15/16 |
1,571,000 | IDR | 121 | |||||
Series FR63, 5.625%, 5/15/23 |
624,000 | IDR | 40 | |||||
144A 5.125%, 1/15/45(3) |
200 | 191 | ||||||
Republic of Iraq RegS |
250 | 203 | ||||||
Republic of Kazakhstan 144A |
200 | 174 | ||||||
Republic of Lithuania 144A |
100 | 115 | ||||||
Republic of Panama |
||||||||
5.200%, 1/30/20 |
200 | 220 | ||||||
3.750%, 3/16/25 |
200 | 197 | ||||||
Republic of Poland |
||||||||
Series 1021, 5.750%, 10/25/21 |
300 | PLN | 92 |
PAR VALUE | VALUE | |||||||
4.000%, 1/22/24 |
$ | 84 | $ | 88 | ||||
Republic of Romania |
||||||||
144A 6.750%, 2/7/22(3) |
150 | 175 | ||||||
144A 4.875%, 1/22/24(3) |
84 | 89 | ||||||
RegS 6.125%, 1/22/44(4) |
120 | 135 | ||||||
Republic of South Africa |
||||||||
Series R203, 8.250%, 9/15/17 |
758 | ZAR | 64 | |||||
Series R208, 6.750%, 3/31/21 |
1,470 | ZAR | 114 | |||||
Republic of Sri Lanka 144A |
200 | 197 | ||||||
Republic of Turkey |
||||||||
5.125%, 3/25/22 |
200 | 210 | ||||||
6.750%, 5/30/40 |
225 | 259 | ||||||
Republic of Uruguay |
400 | (8) | 381 | |||||
Republic of Zambia 144A |
200 | 174 | ||||||
State of Qatar 144A |
200 | 240 | ||||||
United Mexican States Series M, |
614 | MXN | 40 | |||||
|
|
|||||||
TOTAL FOREIGN GOVERNMENT SECURITIES (Identified Cost $7,936) |
7,260 | |||||||
|
|
|||||||
CORPORATE BONDS AND NOTES—69.7% |
|
|||||||
Australia—0.2% |
||||||||
Fortescue Metals Group (FMG) 144A |
65 | 55 | ||||||
|
|
|||||||
Austria—1.5% |
||||||||
JBS Investments GmbH 144A |
200 | 208 | ||||||
Sappi Papier Holding GmbH 144A |
200 | 208 | ||||||
|
|
|||||||
416 | ||||||||
|
|
|||||||
Barbados—0.8% |
||||||||
Columbus International, Inc. 144A |
200 | 216 | ||||||
|
|
|||||||
Bermuda—1.8% |
||||||||
Aircastle Ltd. |
100 | 109 | ||||||
Digicel Group Ltd. 144A |
200 | 201 | ||||||
Kunlun Energy Co. Ltd. 144A |
200 | 193 | ||||||
|
|
|||||||
503 | ||||||||
|
|
|||||||
Brazil—2.6% |
||||||||
Banco Santander Brasil SA 144A |
300 | BRL | 91 | |||||
BRF SA |
400 | BRL | 107 |
1
VIRTUS EMERGING MARKETS DEBT FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
Brazil—(continued) |
||||||||
Itau Unibanco Holding SA RegS |
$ | 250 | $ | 252 | ||||
Petrobras International Finance Co. |
100 | 88 | ||||||
Vale Overseas Ltd. |
200 | 193 | ||||||
|
|
|||||||
731 | ||||||||
|
|
|||||||
Canada—0.7% |
||||||||
Eldorado Gold Corp. 144A |
45 | 45 | ||||||
Pacific Rubiales Energy Corp. 144A |
200 | 144 | ||||||
VRX Escrow Corp. 144A |
15 | 15 | ||||||
|
|
|||||||
204 | ||||||||
|
|
|||||||
Cayman Islands—4.9% |
||||||||
Fibria Overseas Finance Ltd. |
115 | 116 | ||||||
Lamar Funding Ltd. 144A |
200 | 194 | ||||||
Marfrig Overseas Ltd. 144A |
200 | 205 | ||||||
Odebrecht Finance Ltd 144A |
200 | 153 | ||||||
Odebrecht Offshore Drilling Finance Ltd. 144A |
184 | 132 | ||||||
Petrobras Global Finance BV |
200 | 192 | ||||||
Tencent Holdings Ltd. 144A |
200 | 194 | ||||||
UPCB Finance IV Ltd. 144A |
200 | 192 | ||||||
|
|
|||||||
1,378 | ||||||||
|
|
|||||||
Chile—3.1% |
||||||||
Guanay Finance Ltd. 144A |
250 | 258 | ||||||
Inversiones CMPC S.A. 144A |
200 | 201 | ||||||
Latam Airlines Group SA 144A |
200 | 206 | ||||||
Transelec S.A. 144A |
200 | 200 | ||||||
|
|
|||||||
865 | ||||||||
|
|
|||||||
China—1.4% |
||||||||
Bank of China Ltd. 144A |
200 | 205 | ||||||
China Railway Resources Huitung Ltd. |
200 | 197 | ||||||
|
|
|||||||
402 | ||||||||
|
|
|||||||
Colombia—1.3% |
||||||||
Bancolombia S.A. |
100 | 100 | ||||||
Comcel Trust 144A |
200 | 211 | ||||||
Ecopetrol SA |
70 | 69 | ||||||
|
|
|||||||
380 | ||||||||
|
|
PAR VALUE | VALUE | |||||||
Georgia—0.7% |
||||||||
Bank of Georgia JSC 144A |
$ | 200 | $ | 209 | ||||
|
|
|||||||
Hong Kong—2.0% |
||||||||
Bank of China Hong Kong Ltd. 144A |
200 | 219 | ||||||
Hutchison Whampoa International Ltd. Series 12, 144A |
325 | 345 | ||||||
|
|
|||||||
564 | ||||||||
|
|
|||||||
India—1.8% |
||||||||
Bank of Baroda 144A |
200 | 213 | ||||||
ICICI Bank Ltd. 144A |
300 | 310 | ||||||
|
|
|||||||
523 | ||||||||
|
|
|||||||
Indonesia—3.9% |
||||||||
Pelabuhan Indonesia II PT 144A |
200 | 188 | ||||||
Pertamina Persero PT |
||||||||
144A 4.875%, 5/3/22(3) |
200 | 202 | ||||||
144A 6.000%, 5/3/42(3) |
275 | 256 | ||||||
144A 5.625%, 5/20/43(3) |
200 | 179 | ||||||
Perusahaan Listrik Negara PT 144A |
250 | 266 | ||||||
|
|
|||||||
1,091 | ||||||||
|
|
|||||||
Ireland—1.4% |
||||||||
EuroChem Mineral & Chemical Co. OJSC 144A |
200 | 201 | ||||||
Metalloinvest Finance Ltd. 144A |
200 | 184 | ||||||
|
|
|||||||
385 | ||||||||
|
|
|||||||
Israel—0.8% |
||||||||
Israel Electric Corp. Ltd. RegS 7.250%, 1/15/19(4) |
200 | 226 | ||||||
|
|
|||||||
Kazakhstan—1.9% |
||||||||
Development Bank of Kazakhstan OJSC 144A |
200 | 178 | ||||||
Eurasian Development Bank 144A |
200 | 188 | ||||||
KazMunayGas National Co. JSC 144A |
200 | 168 | ||||||
|
|
|||||||
534 | ||||||||
|
|
|||||||
Luxembourg—4.3% |
||||||||
Altice SA 144A |
200 | 189 |
2 |
VIRTUS EMERGING MARKETS DEBT FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
Luxembourg—(continued) |
||||||||
Ardagh Finance Holdings SA PIK Interest Capitalization, 144A |
$ | 218 | $ | 226 | ||||
Gazprom Neft OAO (GPN Capital SA) 144A |
200 | 185 | ||||||
Millicom International Cellular SA 144A |
200 | 206 | ||||||
QGOG Constellation SA 144A |
200 | 147 | ||||||
Sberbank of Russia (Sberbank Capital SA) 144A |
200 | 171 | ||||||
Severstal OAO (Steel Capital SA) 144A |
100 | 105 | ||||||
|
|
|||||||
1,229 | ||||||||
|
|
|||||||
Macedonia—0.7% |
||||||||
Office Cherifien des Phosphates S.A. (OCP) 144A |
200 | 208 | ||||||
|
|
|||||||
Malaysia—0.7% |
||||||||
Petronas Capital Ltd. 144A |
200 | 193 | ||||||
|
|
|||||||
Mexico—6.4% |
||||||||
Alfa SAB de CV 144A |
200 | 205 | ||||||
Alpek SA de C.V. 144A |
200 | 208 | ||||||
America Movil SAB de C.V. Series |
2,000 | MXN | 122 | |||||
Banco Bilbao Vizcaya Argentaria Bancomer S.A. 144A |
150 | 165 | ||||||
Banco Santander Mexico SA 144A |
200 | 210 | ||||||
Cemex SAB de CV 144A |
200 | 212 | ||||||
Fermaca Enterprises S de RL de CV 144A |
199 | 202 | ||||||
Grupo Televisa SAB 7.250%, 5/14/43 |
2,000 | MXN | 108 | |||||
Petroleos Mexicanos |
||||||||
6.375%, 1/23/45 |
200 | 206 | ||||||
144A 5.625%, 1/23/46(3) |
200 | 187 | ||||||
|
|
|||||||
1,825 | ||||||||
|
|
|||||||
Netherlands—2.4% |
||||||||
Bharti Airtel International Netherlands BV 144A |
200 | 210 | ||||||
Lukoil OAO International Finance BV 144A |
200 | 178 | ||||||
Petrobras Global Finance BV 3.000%, 1/15/19 |
80 | 74 |
PAR VALUE | VALUE | |||||||
Netherlands—(continued) |
||||||||
VTR Finance B.V. 144A |
$ | 200 | $ | 205 | ||||
|
|
|||||||
667 | ||||||||
|
|
|||||||
Nigeria—0.7% |
||||||||
Africa Finance Corp. 144A |
200 | 202 | ||||||
|
|
|||||||
Panama—1.9% |
||||||||
AES El Salvador Trust II 144A 6.750%, 3/28/23(3) |
200 | 192 | ||||||
Avianca Holdings SA (Avianca Leasing LLC) 144A |
200 | 202 | ||||||
Banco Latinoamericano de Comercio Exterior SA 144A |
150 | 154 | ||||||
|
|
|||||||
548 | ||||||||
|
|
|||||||
Peru—2.2% |
||||||||
Banco de Credito del Peru |
||||||||
144A 5.375%, 9/16/20(3) |
100 | 108 | ||||||
144A 6.125%, 4/24/27(2)(3) |
100 | 107 | ||||||
Banco Internacional del Peru SAA |
||||||||
144A 5.750%, 10/7/20(3) |
100 | 108 | ||||||
144A 6.625%, 3/19/29(2)(3) |
100 | 106 | ||||||
Transportadora de Gas del Peru SA 144A |
200 | 197 | ||||||
|
|
|||||||
626 | ||||||||
|
|
|||||||
Russia—0.3% |
||||||||
AHML Finance Ltd. 144A |
5,000 | RUB | 81 | |||||
|
|
|||||||
Singapore—1.8% |
||||||||
BOC Aviation Pte Ltd. 3.875%, 5/9/19 |
200 | 206 | ||||||
Flextronics International Ltd 144A |
100 | 99 | ||||||
Oversea-Chinese Banking Corp. Ltd. 144A |
200 | 205 | ||||||
|
|
|||||||
510 | ||||||||
|
|
|||||||
South Africa—0.7% |
||||||||
Transnet SOC Ltd. 144A |
200 | 192 | ||||||
|
|
|||||||
South Korea—0.7% |
||||||||
Export-Import Bank of Korea 2.875%, 1/21/25 |
200 | 193 | ||||||
|
|
|||||||
Sri Lanka—0.7% |
||||||||
Bank of Ceylon 144A |
200 | 206 | ||||||
|
|
3
VIRTUS EMERGING MARKETS DEBT FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
Sweden—0.7% |
||||||||
PKO Finance AB 144A |
$ | 200 | $ | 206 | ||||
|
|
|||||||
Thailand—0.7% |
||||||||
Bangkok Bank PLC 144A |
200 | 206 | ||||||
|
|
|||||||
Trinidad and Tobago—0.2% |
||||||||
Petroleum Co. of Trinidad & Tobago Ltd. RegS |
58 | 60 | ||||||
|
|
|||||||
Turkey—1.5% |
||||||||
Turkiye Garanti Bankasi AS 144A |
200 | 202 | ||||||
Turkiye Is Bankasi A.S 144A |
200 | 221 | ||||||
|
|
|||||||
423 | ||||||||
|
|
|||||||
Ukraine—1.0% |
||||||||
DP World Ltd. 144A |
250 | 273 | ||||||
|
|
|||||||
United Arab Emirates—2.3% |
||||||||
Abu Dhabi National Energy Co. 144A |
275 | 317 | ||||||
IPIC GMTN Ltd. 144A |
250 | 333 | ||||||
|
|
|||||||
650 | ||||||||
|
|
|||||||
United Kingdom—1.5% |
||||||||
EnQuest plc 144A |
200 | 159 | ||||||
Ukreximbank Via Biz Finance plc RegS |
100 | 77 | ||||||
Vedanta Resources plc 144A |
200 | 191 | ||||||
|
|
|||||||
427 | ||||||||
|
|
|||||||
United States—3.3% |
||||||||
Braskem America Finance Co. RegS |
205 | 178 | ||||||
CNOOC Finance USA LLC |
200 | 192 | ||||||
First Data Corp. |
107 | 121 | ||||||
Omega US Sub LLC 144A |
70 | 70 | ||||||
Parker Drilling Co. 6.750%, 7/15/22 |
50 | 43 | ||||||
Reliance Holdings USA, Inc. 144A |
250 | 269 | ||||||
Tronox Finance LLC |
80 | 75 | ||||||
|
|
|||||||
948 | ||||||||
|
|
|||||||
Venezuela—2.7% |
||||||||
Corp Andina de Fomento |
200 | 216 | ||||||
Petroleos de Venezuela SA |
PAR VALUE | VALUE | |||||||
Venezuela—(continued) |
||||||||
RegS 8.500%, 11/2/17(4) |
$ | 290 | $ | 200 | ||||
144A 6.000%, 5/16/24(3) |
555 | 200 | ||||||
RegS 6.000%, 11/15/26(4) |
400 | 143 | ||||||
|
|
|||||||
759 | ||||||||
|
|
|||||||
Virgin Islands (British)—1.5% |
||||||||
China Cinda Finance Ltd. 144A |
200 | 205 | ||||||
State Grid Overseas Investment Ltd. 144A |
200 | 209 | ||||||
|
|
|||||||
414 | ||||||||
|
|
|||||||
TOTAL CORPORATE BONDS AND NOTES (Identified Cost $20,599) |
19,728 | |||||||
|
|
|||||||
LOAN AGREEMENTS(2)—0.7% |
|
|||||||
Consumer Discretionary—0.7% |
|
|||||||
Delta 2 (Lux) S.A.R.L. Tranche B-3, 4.750%, 7/30/21 |
47 | 47 | ||||||
Laureate Education, Inc. 2018 Extended, 5.000%, 6/15/18 |
148 | 138 | ||||||
|
|
|||||||
TOTAL LOAN AGREEMENTS (Identified Cost $194) |
185 | |||||||
|
|
|||||||
SHARES | ||||||||
PREFERRED STOCK—0.7% |
|
|||||||
Energy—0.7% |
||||||||
PTT Exploration & Production PCL 144A, 4.875%(2)(3) |
200 | (10) | 201 | |||||
|
|
|||||||
TOTAL PREFERRED STOCK (Identified Cost $201) |
201 | |||||||
|
|
|||||||
AFFILIATED MUTUAL FUND—0.5% |
|
|||||||
Virtus Credit Opportunities Fund |
14,750 | 147 | ||||||
|
|
|||||||
TOTAL AFFILIATED MUTUAL FUND (Identified Cost $147) |
147 | |||||||
|
|
|||||||
EXCHANGE-TRADED FUND—0.8% |
|
|||||||
iShares JPMorgan Emerging Markets Bond Index Fund |
2,000 | 220 | ||||||
|
|
|||||||
TOTAL EXCHANGE-TRADED FUND (Identified Cost $227) |
220 | |||||||
|
|
|||||||
TOTAL LONG TERM INVESTMENTS—98.0% (Identified Cost $29,304) |
27,741 | |||||||
|
|
4
VIRTUS EMERGING MARKETS DEBT FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
SHORT-TERM INVESTMENTS—2.1% |
|
|||||||
Money Market Mutual Fund—2.1% |
|
|||||||
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.140%) |
584,915 | $ | 585 | |||||
|
|
|||||||
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $585) |
585 | |||||||
|
|
|||||||
TOTAL INVESTMENTS—100.1% (Identified Cost $29,889) |
|
28,326 | (1) | |||||
Other assets and liabilities, net—(0.1)% |
(19 | ) | ||||||
|
|
|||||||
NET ASSETS—100.0% |
$ | 28,307 | ||||||
|
|
Abbreviation:
PIK | Payment-in-Kind Security |
Footnote Legend:
(1) | Federal Income Tax Information: For tax information at June 30, 2015, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments. |
(2) | Variable or step coupon security; interest rate shown reflects the rate in effect at June 30, 2015. |
(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 June 30, 2015, these securities amounted to a value of $19,690 or 69.6% of net assets. |
(4) | Regulation S security. Security is offered and sold outside of the United States, therefore, it is exempt from registration with the SEC under rules 903 and 904 of the Securities Act of 1933. |
(5) | This Note was issued for the sole purpose of funding a loan agreement between the issuer and the borrower. As the credit risk for this security lies solely with the borrower, the name represented here is that of the borrower. |
(6) | No contractual maturity date. |
(7) | Interest payments may be deferred. |
(8) | Principal amount is adjusted pursuant to the change in the Index. |
(9) | 100% of the income received was in cash. |
(10) | Value shown as par value. |
(11) | Security in default. |
Foreign Currencies:
BRL | Brazilian Real |
CLP | Chilean Peso |
COP | Colombian Peso |
EUR | Euro |
IDR | Indonesian Rupiah |
MXN | Mexican Peso |
PLN | Polish Zloty |
RUB | Russian Ruble |
ZAR | South African Rand |
5
VIRTUS EMERGING MARKETS DEBT FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
Country Weightings † |
||||
Mexico |
7 | % | ||
United States |
7 | |||
Cayman Islands |
6 | |||
Indonesia |
5 | |||
Luxembourg |
4 | |||
Venezuela |
4 | |||
Chile |
3 | |||
Other |
64 | |||
|
|
|||
Total |
100 | % | ||
|
|
† | % of total investments as of June 30, 2015 |
6
The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (See Security Valuation Note 1A in the Notes to Schedules of Investments):
Total Value at June 30, 2015 |
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
||||||||||
Debt Securities: |
||||||||||||
Corporate Bonds And Notes |
$ | 19,728 | $ | — | $ | 19,728 | ||||||
Foreign Government Securities |
7,260 | — | 7,260 | |||||||||
Loan Agreements |
185 | — | 185 | |||||||||
Equity Securities: |
||||||||||||
Affiliated Mutual Fund |
147 | 147 | — | |||||||||
Exchange-Traded Fund |
220 | 220 | — | |||||||||
Preferred Stock |
201 | — | 201 | |||||||||
Short-Term Investments |
585 | 585 | — | |||||||||
|
|
|
|
|
|
|||||||
Total Investments |
$ | 28,326 | $ | 952 | $ | 27,374 | ||||||
|
|
|
|
|
|
There are no Level 3 (significant unobservable inputs) priced securities.
There were no transfers between Level 1 and Level 2 related to securities held at June 30, 2015.
VIRTUS EMERGING MARKETS EQUITY INCOME FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
PREFERRED STOCKS—2.1% |
||||||||
Financials—1.1% |
||||||||
Banco Bradesco S.A. 0.660% (Brazil) |
11,900 | $ | 109 | |||||
Banco Davivienda S.A. 2.970% (Colombia) |
18,539 | 187 | ||||||
Banco do Estado do Rio Grande do Sul S.A., Class B 0.310% (Brazil) |
41,800 | 121 | ||||||
Itau Unibanco Holding S.A, Class S 0.520% (Brazil) |
20,300 | 224 | ||||||
|
|
|||||||
641 | ||||||||
|
|
|||||||
Materials—0.5% |
||||||||
Vale S.A. 8.250% (Brazil) |
65,800 | 331 | ||||||
|
|
|||||||
Utilities—0.5% |
||||||||
Companhia Energetica de Sao Paulo, Class B 12.180% (Brazil) |
22,000 | 139 | ||||||
Companhia Paranaense de Energia, |
13,200 | 146 | ||||||
|
|
|||||||
285 | ||||||||
|
|
|||||||
TOTAL PREFERRED STOCKS (Identified Cost $1,783) |
1,257 | |||||||
|
|
|||||||
COMMON STOCKS—96.6% |
||||||||
Consumer Discretionary—9.2% |
||||||||
Astra International Tbk PT (Indonesia) |
473,700 | 251 | ||||||
Astro Malaysia Holdings Bhd (Malaysia) |
450,500 | 368 | ||||||
Bajaj Auto Ltd. (India) |
8,466 | 338 | ||||||
Belle International Holdings Ltd. (China) |
232,000 | 267 | ||||||
Cheng Shin Rubber Industry Co., Ltd. (Taiwan) |
99,000 | 219 | ||||||
Coway Co., Ltd. (South Korea) |
2,454 | 201 | ||||||
Cyrela Brazil Realty S.A. (Brazil) |
73,300 | 234 | ||||||
Estacio Participacoes SA (Brazil) |
42,300 | 244 | ||||||
Foschini Group Ltd. (The) (South Africa) |
15,876 | 208 | ||||||
Great Wall Motor Co., Ltd. Class H (China)(3) |
60,000 | 297 | ||||||
Grupo Televisa S.A.B (Mexico) |
19,400 | 151 | ||||||
Halla Visteon Climate Control Corp. (South Korea) |
8,397 | 290 | ||||||
Hyundai Motor Co. (South Korea) |
3,655 | 446 | ||||||
Kangwon Land, Inc. (South Korea) |
15,944 | 529 | ||||||
Kia Motors Corp. (South Korea) |
3,483 | 142 | ||||||
Lojas Americanas SA (Brazil) |
29,900 | 129 | ||||||
Lojas Renner S.A. (Brazil) |
7,700 | 281 | ||||||
Tofas Turk Otomobil Fabrikasi AS (Turkey) |
43,355 | 296 | ||||||
Truworths International Ltd. (South Africa) |
31,220 | 220 |
SHARES | VALUE | |||||||
Consumer Discretionary—(continued) |
| |||||||
Tsogo Sun Holdings Ltd. (South Africa) |
136,325 | $ | 273 | |||||
UMW Holdings Bhd (Malaysia) |
84,600 | 227 | ||||||
|
|
|||||||
5,611 | ||||||||
|
|
|||||||
Consumer Staples—6.8% |
||||||||
Ambev SA (Brazil) |
152,700 | 936 | ||||||
Fomento Economico Mexicano S.A.B. de CV (Mexico) |
46,200 | 412 | ||||||
Hindustan Unilever Ltd. (India) |
31,122 | 448 | ||||||
KT&G Corp. (South Korea) |
13,282 | 1,130 | ||||||
Raia Drogasil SA (Brazil) |
20,400 | 263 | ||||||
Spar Group Ltd. (The) (South Africa) |
30,219 | 471 | ||||||
Steinhoff International Holdings Ltd. (South Africa) |
75,467 | 477 | ||||||
|
|
|||||||
4,137 | ||||||||
|
|
|||||||
Energy—7.6% |
||||||||
China Petroleum & Chemical Corp. Class H (China) |
525,800 | 454 | ||||||
China Shenhua Energy Co., Ltd. |
205,000 | 468 | ||||||
CNOOC Ltd. (China) |
392,000 | 556 | ||||||
Coal India Ltd. (India) |
32,948 | 218 | ||||||
Cosan S.A. Industria e Comercio (Brazil) |
20,200 | 163 | ||||||
Ecopetrol S.A. (Colombia) |
224,459 | 149 | ||||||
Empresas COPEC SA (Chile) |
14,776 | 157 | ||||||
Gazprom OAO (Gazstream S.A.) Sponsored ADR (Russia) |
120,003 | 633 | ||||||
Lukoil OAO Sponsored ADR (Russia) |
7,150 | 321 | ||||||
PTT PCL (Thailand) |
36,800 | 391 | ||||||
Sasol Ltd. (South Africa) |
17,251 | 638 | ||||||
Tatneft OAO Sponsored ADR (Russia) |
15,543 | 505 | ||||||
|
|
|||||||
4,653 | ||||||||
|
|
|||||||
Financials—29.4% |
||||||||
Abu Dhabi Commercial Bank PJSC (United Arab Emirates) |
84,415 | 177 | ||||||
Agricultural Bank of China Ltd. |
1,187,000 | 639 | ||||||
AMMB Holdings Bhd (Malaysia) |
193,500 | 309 | ||||||
Banco de Chile (Chile) |
5,609,755 | 615 | ||||||
Banco do Brasil S.A. (Brazil) |
28,600 | 222 | ||||||
Banco Santander Chile SA (Chile) |
11,096,436 | 561 | ||||||
Bank of China Ltd. Class H (China) |
2,571,000 | 1,672 | ||||||
Barclays Africa Group Ltd. (South Africa) |
39,519 | 594 | ||||||
BB Seguridade Participacoes (Brazil) |
32,700 | 360 | ||||||
Cathay Financial Holding Co., Ltd. (Taiwan) |
161,000 | 281 |
1
VIRTUS EMERGING MARKETS EQUITY INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
Financials—(continued) |
|
|||||||
China Construction Bank Corp. |
2,146,000 | $ | 1,960 | |||||
China Life Insurance Co., Ltd. |
199,000 | 866 | ||||||
China Minsheng Banking Corp., Ltd. Class H (China) |
186,500 | 244 | ||||||
China Vanke Co., Ltd. Class H (China) |
99,000 | 244 | ||||||
CTBC Financial Holding Co., Ltd. (Taiwan) |
168,000 | 132 | ||||||
Doha Bank QSC (Qatar) |
19,938 | 291 | ||||||
Dongbu Insurance Co., Ltd. (South Korea) |
7,575 | 384 | ||||||
Evergrande Real Estate Group Ltd. (China) |
764,000 | 456 | ||||||
Far East Horizon Ltd. (China) |
281,000 | 267 | ||||||
First Gulf Bank PJSC (United Arab Emirates) |
66,491 | 275 | ||||||
FirstRand Ltd. (South Africa) |
143,192 | 628 | ||||||
Fubon Financial Holding Co., Ltd. (Taiwan) |
153,000 | 304 | ||||||
Gentera Sab de CV (Mexico) |
250,000 | 445 | ||||||
Hanwha Life Insurance Co., Ltd. (South Korea) |
49,394 | 351 | ||||||
Hyundai Marine & Fire Insurance Co., Ltd. (South Korea) |
13,950 | 369 | ||||||
Industrial & Commercial Bank of China Ltd. Class H (China) |
2,034,000 | 1,616 | ||||||
Komercni Banka A.S. (Czech Republic) |
1,997 | 443 | ||||||
Malayan Banking Bhd (Malaysia) |
168,200 | 407 | ||||||
Mmi Holdings Ltd. (South Africa) |
79,751 | 198 | ||||||
Power Finance Corp., Ltd. (India) |
88,741 | 357 | ||||||
Powszechny Zaklad Ubezpieczen S.A. (Poland) |
1,919 | 221 | ||||||
Qatar National Bank SAQ (Qatar) |
2,288 | 121 | ||||||
Redefine Properties Ltd. REIT (South Africa) |
632,175 | 531 | ||||||
Rural Electrification Corp., Ltd. (India)(2) |
105,197 | 455 | ||||||
Samsung Life Insurance Co., Ltd. (South Korea) |
2,478 | 239 | ||||||
Siam Commercial Bank PCL (Thailand) |
72,900 | 336 | ||||||
Standard Bank Group Ltd. (South Africa) |
23,308 | 307 | ||||||
|
|
|||||||
17,877 | ||||||||
|
|
|||||||
Health Care—2.0% |
|
|||||||
Divi’s Laboratories Ltd. (India) |
12,644 | 373 | ||||||
Kalbe Farma Tbk PT (Indonesia) |
2,268,800 | 285 | ||||||
Richter Gedeon Nyrt (Hungary) |
11,235 | 169 | ||||||
Sinopharm Group Co., Ltd.Class H (China) |
83,600 | 372 | ||||||
|
|
|||||||
1,199 | ||||||||
|
|
|||||||
Industrials—9.9% |
|
|||||||
Aboitiz Equity Ventures, Inc. (Philippines) |
201,930 | 260 | ||||||
Alfa Sab de C.V. Class A (Mexico) |
96,700 | 185 | ||||||
CTCI Corp. (Taiwan) |
141,000 | 228 | ||||||
Daewoo International Corp. (South Korea) |
16,302 | 377 |
SHARES | VALUE | |||||||
Industrials—(continued) |
|
|||||||
EcoRodovias Infraestrutura e Logistica S.A. (Brazil) |
64,500 | $ | 162 | |||||
Hon Hai Precision Industry Co., Ltd. (Taiwan) |
292,000 | 918 | ||||||
Industries Qatar Qsc (Qatar) |
6,026 | 238 | ||||||
Jiangsu Expressway Co., Ltd. Class H (China) |
476,000 | 625 | ||||||
LG Corp. (South Korea) |
7,398 | 410 | ||||||
LS Industrial Systems Co., Ltd. (South Korea) |
5,289 | 217 | ||||||
Pegatron Corp. (Taiwan) |
281,000 | 822 | ||||||
S-1 Corp. (South Korea) |
4,026 | 283 | ||||||
Sime Darby Bhd (Malaysia) |
261,300 | 590 | ||||||
Sinopec Engineering Group Co., Ltd. |
297,500 | 276 | ||||||
Zhejiang Expressway Co., Ltd. |
332,000 | 461 | ||||||
|
|
|||||||
6,052 | ||||||||
|
|
|||||||
Information Technology—16.1% |
|
|||||||
Asustek Computer, Inc. (Taiwan) |
62,000 | 604 | ||||||
Chicony Electronics Co., Ltd. (Taiwan) |
85,000 | 228 | ||||||
Cielo S.A. (Brazil) |
9,868 | 139 | ||||||
Compal Electronics, Inc. (Taiwan) |
332,000 | 253 | ||||||
Delta Electronics, Inc. (Taiwan) |
123,000 | 630 | ||||||
Infosys Ltd. (India) |
72,540 | 1,121 | ||||||
Inventec Corp. (Taiwan) |
481,000 | 333 | ||||||
Lite-On Technology Corp. (Taiwan) |
198,105 | 232 | ||||||
MediaTek, Inc. (Taiwan) |
68,000 | 930 | ||||||
Quanta Computer, Inc. (Taiwan) |
246,000 | 582 | ||||||
Radiant Opto-Electronics Corp. (Taiwan) |
186,260 | 691 | ||||||
Realtek Semiconductor Corp. (Taiwan) |
92,000 | 236 | ||||||
SK C&C Co., Ltd. (South Korea) |
2,060 | 511 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan) |
276,000 | 1,257 | ||||||
Tata Consultancy Services Ltd. (India) |
17,321 | 694 | ||||||
Transcend Information, Inc. (Taiwan) |
64,000 | 235 | ||||||
Vanguard International Semiconductor Corp. (Taiwan) |
151,000 | 242 | ||||||
Wipro Ltd. (India) |
39,765 | 341 | ||||||
WPG Holdings Ltd. (Taiwan) |
422,000 | 529 | ||||||
|
|
|||||||
9,788 | ||||||||
|
|
|||||||
Materials—5.4% |
|
|||||||
Cementos Argos S.A. (Colombia) |
29,849 | 105 | ||||||
Eregli Demir Ve Celik Fabrikalari TAS (Turkey) |
170,187 | 276 | ||||||
Gold Fields Ltd. (South Africa) |
60,259 | 193 | ||||||
Grupo Mexico S.A.B. de C.V. |
129,300 | 389 |
2
VIRTUS EMERGING MARKETS EQUITY INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
Materials—(continued) |
||||||||
Jiangxi Copper Co., Ltd. Class H (China) |
320,000 | $ | 534 | |||||
MMC Norilsk Nickel PJSC ADR (Russia) |
16,408 | 278 | ||||||
PTT Global Chemical PCL (Thailand) |
360,700 | 740 | ||||||
Taiwan Cement Corp. (Taiwan) |
623,000 | 786 | ||||||
|
|
|||||||
3,301 | ||||||||
|
|
|||||||
Telecommunication Services—8.0% |
|
|||||||
Advanced Info Service PCL (Thailand) |
49,800 | 354 | ||||||
America Movil S.A.B. de C.V. |
694,400 | 742 | ||||||
Axiata Group Bhd (Malaysia) |
116,100 | 197 | ||||||
China Mobile Ltd. (China) |
124,000 | 1,588 | ||||||
MTN Group Ltd. (South Africa) |
53,892 | 1,013 | ||||||
SK Telecom Co., Ltd. (South Korea) |
2,500 | 560 | ||||||
Telekomunikasi Indonesia Persero Tbk PT (Indonesia) |
2,023,900 | 445 | ||||||
|
|
|||||||
4,899 | ||||||||
|
|
|||||||
Utilities—2.2% |
|
|||||||
CEZ AS (Czech Republic) |
16,443 | 382 | ||||||
Huaneng Power International, Inc. Class H (China) |
396,000 | 551 | ||||||
Perusahaan Gas Negara Persero Tbk PT (Indonesia) |
1,171,100 | 379 | ||||||
|
|
|||||||
1,312 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS (Identified Cost $56,829) | 58,829 | |||||||
|
|
|||||||
TOTAL LONG TERM INVESTMENTS—98.7% (Identified Cost $58,612) |
60,086 | |||||||
|
|
|||||||
SHORT-TERM INVESTMENTS—0.4% |
| |||||||
Money Market Mutual Fund—0.4% |
| |||||||
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.140%) |
274,081 | 274 | ||||||
|
|
|||||||
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $274) |
274 | |||||||
|
|
|||||||
TOTAL INVESTMENTS—99.1% (Identified Cost $58,886) |
60,360 | (1) | ||||||
Other assets and liabilities, |
533 | |||||||
|
|
|||||||
NET ASSETS—100.0% |
$ | 60,893 | ||||||
|
|
Abbreviations:
ADR | American Depositary Receipt | |
REIT | Real Estate Investment Trust |
Footnote Legend:
(1) | Federal Income Tax Information: For tax information at June 30, 2015, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments. |
(2) | Non-income producing. |
(3) | Illiquid security. |
3
VIRTUS EMERGING MARKETS EQUITY INCOME FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
Country Weightings † |
||||
China |
24 | % | ||
Taiwan |
18 | |||
South Korea |
11 | |||
South Africa |
9 | |||
Brazil |
7 | |||
India |
7 | |||
Mexico |
4 | |||
Other |
20 | |||
|
|
|||
Total |
100 | % | ||
|
|
† | % of total investments as of June 30, 2015 |
4
The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (See Security Valuation Note 1A in the Notes to Schedules of Investments):
Total Value at June 30, 2015 |
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
||||||||||
Equity Securities: |
||||||||||||
Common Stocks |
$ | 58,829 | $ | 58,532 | $ | 297 | ||||||
Preferred Stocks |
1,257 | 1,257 | — | |||||||||
Short-Term Investments |
274 | 274 | — | |||||||||
|
|
|
|
|
|
|||||||
Total Investments |
$ | 60,360 | $ | 60,063 | $ | 297 | ||||||
|
|
|
|
|
|
There are no Level 3 (significant unobservable inputs) priced securities.
Securities held by the Fund with an end of period value of $297 were transferred from Level 1 to Level 2 due to a lack of exchange pricing available (See Note 1A in the Notes to the Schedules of Investments for more information).
VIRTUS EMERGING MARKETS SMALL-CAP FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
COMMON STOCKS—91.6% |
||||||||
Consumer Discretionary—8.7% |
||||||||
Ace Hardware Indonesia Tbk PT (Indonesia) |
1,487,000 | $ | 72 | |||||
Goldlion Holdings Ltd. (Hong Kong) |
256,000 | 116 | ||||||
Pico Far East Holdings Ltd. (Hong Kong) |
697,780 | 223 | ||||||
Truworths International Ltd. (South Africa) |
6,500 | 46 | ||||||
|
|
|||||||
457 | ||||||||
|
|
|||||||
Consumer Staples—22.4% |
||||||||
AVI Ltd. (South Africa) |
23,200 | 156 | ||||||
Compania Cervecerias Unidas SA Sponsored ADR (Chile) |
2,190 | 46 | ||||||
Embotelladora Andina ADR S.A. Class-B (Chile) |
4,740 | 95 | ||||||
Eurocash S.A. (Poland) |
7,190 | 72 | ||||||
Grupo Herdez Sab de CV (Mexico) |
36,925 | 94 | ||||||
Guinness Anchor Bhd (Malaysia) |
26,400 | 100 | ||||||
Massmart Holdings Ltd. (South Africa) |
4,000 | 49 | ||||||
Oldtown Bhd (Malaysia) |
269,750 | 114 | ||||||
Pinar SUT Mamulleri Sanayii AS (Turkey) |
13,100 | 108 | ||||||
Premier Marketing PCL (Thailand) |
624,000 | 190 | ||||||
Wawel SA (Poland) |
320 | 106 | ||||||
Wumart Stores, Inc. Class-H (China) |
58,000 | 41 | ||||||
|
|
|||||||
1,171 | ||||||||
|
|
|||||||
Financials—13.3% |
||||||||
ARA Asset Management Ltd. (Singapore) |
166,000 | 216 | ||||||
BFI Finance Indonesia Tbk PT (Indonesia) |
727,000 | 142 | ||||||
Bolsa Mexicana de Valores Sab de CV SA (Mexico) |
33,300 | 58 | ||||||
Equity Group Holdings Ltd. (Kenya) |
205,600 | 98 | ||||||
Korea Ratings Corp. (South Korea) |
2,700 | 99 | ||||||
Tisco Financial Group PCL (Thailand) |
62,700 | 85 | ||||||
|
|
|||||||
698 | ||||||||
|
|
|||||||
Health Care—1.6% |
||||||||
OdontoPrev S.A. (Brazil) |
23,700 | 83 | ||||||
|
|
|||||||
Industrials—19.8% |
||||||||
Freight Management Holdings Bhd (Malaysia) |
211,029 | 85 | ||||||
Prosegur Cia de Seguridad SA (Spain) |
23,500 | 129 | ||||||
S-1 Corp. (South Korea) |
2,475 | 174 | ||||||
Sinmag Equipment Corp. (Taiwan) |
26,000 | 144 | ||||||
Taiwan Secom Co., Ltd. (Taiwan) |
53,874 | 162 | ||||||
Tegma Gestao Logistica (Brazil)(2) |
37,449 | 136 | ||||||
Turk Traktor Ve Ziraat Makineleri AS (Turkey) |
3,500 | 90 |
SHARES | VALUE | |||||||
Industrials—(continued) |
||||||||
Valid Solucoes e Servicos de Seguranca Em Meios de Pagamento e Identificacao S.A (Brazil) |
7,400 | $ | 117 | |||||
|
|
|||||||
1,037 | ||||||||
|
|
|||||||
Information Technology—13.2% |
||||||||
Autohome, Inc. ADR (China)(2) |
4,300 | 217 | ||||||
Bitauto Holdings Ltd. ADR (China)(2) |
1,285 | 66 | ||||||
Lumax International Corp., Ltd. (Taiwan) |
101,800 | 181 | ||||||
MercadoLibre, Inc. (United States) |
645 | 91 | ||||||
TOTVS SA (Brazil) |
7,400 | 93 | ||||||
Yandex NV Class A (Russia)(2) |
2,875 | 44 | ||||||
|
|
|||||||
692 | ||||||||
|
|
|||||||
Materials—10.2% |
||||||||
Assore Ltd. (South Africa) |
9,900 | 84 | ||||||
KPX Chemical Co. Ltd. (South Korea) |
2,070 | 108 | ||||||
Synthos SA (Poland) |
37,000 | 46 | ||||||
Transpaco Ltd. (South Africa) |
98,400 | 154 | ||||||
Yung Chi Paint & Varnish Manufacturing Co. Ltd. (Taiwan) |
53,000 | 142 | ||||||
|
|
|||||||
534 | ||||||||
|
|
|||||||
Telecommunication Services—2.4% |
| |||||||
APT Satellite Holdings Ltd. (China) |
134,000 | 123 | ||||||
|
|
|||||||
TOTAL COMMON STOCKS (Identified Cost $5,076) |
4,795 | |||||||
|
|
|||||||
WARRANTS—3.1% |
||||||||
Financials—1.2% |
||||||||
Crisil Ltd. Strike price $0.01 Expiration Date 06/02/16 (India) |
2,100 | 64 | ||||||
|
|
|||||||
Information Technology—1.9% |
||||||||
eClerx Services Ltd. Strike price $0.01 Expiration Date 12/16/16 (India) |
1,600 | 37 | ||||||
eClerx Services Ltd. Strike price $0.01 Expiration Date 12/31/18 (India) |
2,700 | 63 | ||||||
|
|
|||||||
100 | ||||||||
|
|
|||||||
TOTAL WARRANTS (Identified Cost $131) |
164 | |||||||
|
|
|||||||
TOTAL LONG TERM INVESTMENTS—94.7% (Identified Cost $5,207) |
4,959 | |||||||
|
|
1
VIRTUS EMERGING MARKETS SMALL-CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
SHORT-TERM INVESTMENTS—5.5% |
| |||||||
Money Market Mutual Fund—5.5% |
| |||||||
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.140%) |
287,229 | $ | 287 | |||||
|
|
|||||||
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $287) |
287 | |||||||
|
|
|||||||
TOTAL INVESTMENTS—100.2% (Identified Cost $5,494) |
5,246 | (1) | ||||||
Other assets and liabilities, |
(9 | ) | ||||||
|
|
|||||||
NET ASSETS—100.0% |
$ | 5,237 | ||||||
|
|
Footnote Legend:
(1) | Federal Income Tax Information: For tax information at June 30, 2015, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments. |
(2) | Non-income producing. |
2
VIRTUS EMERGING MARKETS SMALL-CAP FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
Country Weightings † |
||||
Taiwan |
12 | % | ||
China |
9 | |||
South Africa |
9 | |||
Brazil |
8 | |||
Hong Kong |
7 | |||
South Korea |
7 | |||
United States |
7 | |||
Other |
41 | |||
|
|
|||
Total |
100 | % | ||
|
|
† | % of total investments as of June 30, 2015 |
3
The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (See Security Valuation Note 1A in the Notes to Schedules of Investments):
Total Value at June 30, 2015 |
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
||||||||||
Equity Securities: |
||||||||||||
Common Stocks |
$ | 4,795 | $ | 4,795 | $ | — | ||||||
Short-Term Investments |
287 | 287 | — | |||||||||
Warrants |
164 | — | 164 | |||||||||
|
|
|
|
|
|
|||||||
Total Investments |
$ | 5,246 | $ | 5,082 | $ | 164 | ||||||
|
|
|
|
|
|
There are no Level 3 (significant unobservable inputs) priced securities.
There were no transfers between Level 1 and Level 2 related to securities held at June 30, 2015.
VIRTUS EQUITY TREND FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
COMMON STOCKS—98.3% |
|
|||||||
Consumer Discretionary—29.6% |
|
|||||||
Amazon.com, Inc.(2) |
51,975 | $ | 22,562 | |||||
AutoNation, Inc.(2) |
45,010 | 2,835 | ||||||
AutoZone, Inc.(2) |
19,880 | 13,258 | ||||||
Best Buy Co., Inc. |
802,060 | 26,155 | ||||||
BorgWarner, Inc. |
127,912 | 7,271 | ||||||
Cablevision Systems Corp. Class A |
30,380 | 727 | ||||||
CarMax, Inc.(2) |
132,880 | 8,798 | ||||||
Carnival Corp. |
220,430 | 10,887 | ||||||
CBS Corp. Class B |
401,030 | 22,257 | ||||||
Comcast Corp. Class A |
394,205 | 23,708 | ||||||
Delphi Automotive plc |
155,530 | 13,234 | ||||||
DIRECTV(2) |
81,760 | 7,587 | ||||||
Discovery Communications, Inc. |
117,910 | 3,922 | ||||||
Discovery Communications, Inc. |
211,005 | 6,558 | ||||||
Expedia, Inc. |
13,070 | 1,429 | ||||||
GameStop Corp. Class A |
252,240 | 10,836 | ||||||
Gap, Inc. (The) |
102,205 | 3,901 | ||||||
Garmin Ltd. |
334,860 | 14,710 | ||||||
Genuine Parts Co. |
428,390 | 38,354 | ||||||
Goodyear Tire & Rubber Co. (The) |
1,250,330 | 37,697 | ||||||
H&R Block, Inc. |
1,277,820 | 37,887 | ||||||
Harman International Industries, Inc. |
190,040 | 22,603 | ||||||
Hasbro, Inc. |
238,380 | 17,828 | ||||||
Home Depot, Inc. |
235,710 | 26,195 | ||||||
Interpublic Group of Cos., Inc. (The) |
602,715 | 11,614 | ||||||
Johnson Controls, Inc. |
353,230 | 17,496 | ||||||
L Brands, Inc. |
95,065 | 8,150 | ||||||
Leggett & Platt, Inc. |
288,915 | 14,064 | ||||||
Lowe’s Cos., Inc. |
181,233 | 12,137 | ||||||
Marriott International, Inc. Class A |
112,550 | 8,373 | ||||||
Mattel, Inc. |
774,695 | 19,902 | ||||||
Mohawk Industries, Inc.(2) |
130,415 | 24,896 | ||||||
Netflix, Inc.(2) |
7,080 | 4,651 | ||||||
News Corp. Class A(2) |
1,297,340 | 18,928 | ||||||
NIKE, Inc. Class B |
369,750 | 39,940 | ||||||
O’Reilly Automotive, Inc.(2) |
60,200 | 13,604 | ||||||
Omnicom Group, Inc. |
362,565 | 25,195 | ||||||
Priceline Group, Inc. (The)(2) |
7,560 | 8,704 | ||||||
Ross Stores, Inc. |
161,610 | 7,856 | ||||||
Royal Caribbean Cruises Ltd. |
78,520 | 6,179 | ||||||
Scripps Networks Interactive, Inc. Class A |
82,530 | 5,395 |
SHARES | VALUE | |||||||
Consumer Discretionary—(continued) |
| |||||||
Starwood Hotels & Resorts Worldwide, Inc. |
92,300 | $ | 7,485 | |||||
Time Warner Cable, Inc. |
40,625 | 7,238 | ||||||
Time Warner, Inc. |
96,640 | 8,447 | ||||||
TJX Cos., Inc. |
258,710 | 17,119 | ||||||
TripAdvisor, Inc.(2) |
14,325 | 1,248 | ||||||
Twenty-First Century Fox, Inc. Class A |
222,543 | 7,243 | ||||||
Urban Outfitters, Inc.(2) |
43,927 | 1,537 | ||||||
Viacom, Inc. Class B |
42,660 | 2,758 | ||||||
Walgreens Boots Alliance, Inc. |
181,105 | 15,293 | ||||||
Walt Disney Co. (The) |
182,317 | 20,810 | ||||||
Whirlpool Corp. |
212,700 | 36,808 | ||||||
Wyndham Worldwide Corp. |
65,540 | 5,368 | ||||||
|
|
|||||||
759,637 | ||||||||
|
|
|||||||
Consumer Staples—6.9% |
||||||||
Archer-Daniels-Midland Co. (The) |
764,760 | 36,877 | ||||||
Brown-Forman Corp. Class B |
166,490 | 16,679 | ||||||
Constellation Brands, Inc. Class A |
191,197 | 22,183 | ||||||
CVS Caremark Corp. |
226,270 | 23,731 | ||||||
Kroger Co. (The) |
374,920 | 27,185 | ||||||
Molson Coors Brewing Co. Class B |
539,060 | 37,632 | ||||||
Whole Foods Market, Inc. |
287,630 | 11,344 | ||||||
|
|
|||||||
175,631 | ||||||||
|
|
|||||||
Energy—3.0% |
||||||||
Kinder Morgan, Inc. |
489,023 | 18,774 | ||||||
Marathon Petroleum Corp. |
186,056 | 9,733 | ||||||
ONEOK, Inc. |
63,470 | 2,506 | ||||||
Phillips 66 |
191,708 | 15,444 | ||||||
Spectra Energy Corp. |
192,515 | 6,276 | ||||||
Tesoro Corp. |
45,148 | 3,811 | ||||||
Valero Energy Corp. |
172,355 | 10,789 | ||||||
Williams Cos., Inc. (The) |
170,108 | 9,762 | ||||||
|
|
|||||||
77,095 | ||||||||
|
|
|||||||
Financials—9.1% |
||||||||
American Express Co. |
226,780 | 17,625 | ||||||
AON plc |
180,062 | 17,949 | ||||||
Capital One Financial Corp. |
134,915 | 11,868 | ||||||
CBRE Group, Inc. Class A(2) |
1,051,149 | 38,893 | ||||||
Charles Schwab Corp. (The) |
233,770 | 7,633 | ||||||
CME Group, Inc. |
113,980 | 10,607 | ||||||
Discover Financial Services |
117,852 | 6,791 | ||||||
E*Trade Financial Corp.(2) |
58,875 | 1,763 | ||||||
Goldman Sachs Group, Inc. (The) |
80,690 | 16,847 |
1
VIRTUS EQUITY TREND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
Financials—(continued) |
||||||||
HCP, Inc. |
286,420 | $ | 10,446 | |||||
Health Care REIT, Inc. |
216,890 | 14,234 | ||||||
Intercontinental Exchange, Inc. |
41,045 | 9,178 | ||||||
Marsh & McLennan Cos., Inc. |
354,845 | 20,120 | ||||||
McGraw-Hill Cos., Inc. (The) |
97,775 | 9,822 | ||||||
Moody’s Corp. |
61,340 | 6,622 | ||||||
Morgan Stanley |
311,452 | 12,081 | ||||||
NASDAQ OMX Group, Inc. (The) |
42,400 | 2,070 | ||||||
Navient Corp. |
109,795 | 1,999 | ||||||
Realty Income Corp. |
86,460 | 3,838 | ||||||
Ventas, Inc. |
205,500 | 12,759 | ||||||
|
|
|||||||
233,145 | ||||||||
|
|
|||||||
Health Care—10.7% |
||||||||
AbbVie, Inc. |
49,550 | 3,329 | ||||||
Aetna, Inc. |
47,350 | 6,035 | ||||||
Agilent Technologies, Inc. |
165,485 | 6,384 | ||||||
Alexion Pharmaceuticals, Inc.(2) |
12,000 | 2,169 | ||||||
Allergan plc(2) |
12,320 | 3,739 | ||||||
AmerisourceBergen Corp. |
68,965 | 7,334 | ||||||
Amgen, Inc. |
52,902 | 8,122 | ||||||
Anthem, Inc. |
39,110 | 6,420 | ||||||
Biogen, Inc.(2) |
15,570 | 6,289 | ||||||
Bristol-Myers Squibb Co. |
55,870 | 3,718 | ||||||
Cardinal Health, Inc. |
104,045 | 8,703 | ||||||
Celgene Corp.(2) |
53,340 | 6,173 | ||||||
Cerner Corp.(2) |
569,990 | 39,364 | ||||||
Cigna Corp. |
32,230 | 5,221 | ||||||
Eli Lilly & Co. |
28,740 | 2,400 | ||||||
Endo International plc(2) |
5,980 | 476 | ||||||
Gilead Sciences, Inc. |
91,650 | 10,730 | ||||||
HCA Holdings, Inc.(2) |
281,370 | 25,526 | ||||||
Hospira, Inc.(2) |
5,692 | 505 | ||||||
Humana, Inc. |
21,680 | 4,147 | ||||||
Johnson & Johnson |
94,580 | 9,218 | ||||||
Mallinckrodt plc(2) |
3,842 | 452 | ||||||
McKesson Corp. |
75,200 | 16,906 | ||||||
Merck & Co., Inc. |
95,980 | 5,464 | ||||||
Mylan NV(2) |
13,500 | 916 | ||||||
Patterson Cos., Inc. |
25,877 | 1,259 | ||||||
PerkinElmer, Inc. |
51,810 | 2,727 | ||||||
Perrigo Co. plc |
4,825 | 892 | ||||||
Pfizer, Inc. |
200,530 | 6,724 | ||||||
Regeneron Pharmaceuticals, Inc.(2) |
4,790 | 2,444 |
SHARES | VALUE | |||||||
Health Care—(continued) |
||||||||
Schein (Henry), Inc.(2) |
25,690 | $ | 3,651 | |||||
Tenet Healthcare Corp.(2) |
94,825 | 5,488 | ||||||
Thermo Fisher Scientific, Inc. |
191,780 | 24,885 | ||||||
UnitedHealth Group, Inc. |
143,340 | 17,487 | ||||||
Universal Health Services, Inc. |
83,975 | 11,933 | ||||||
Vertex Pharmaceuticals, Inc.(2) |
15,990 | 1,974 | ||||||
Waters Corp.(2) |
38,440 | 4,935 | ||||||
Zoetis, Inc. |
15,300 | 738 | ||||||
|
|
|||||||
274,877 | ||||||||
|
|
|||||||
Industrials—13.6% |
||||||||
Allegion plc |
246,870 | 14,847 | ||||||
American Airlines Group, Inc. |
286,960 | 11,460 | ||||||
Avery Dennison Corp. |
145,072 | 8,841 | ||||||
Boeing Co. (The) |
52,800 | 7,324 | ||||||
Cintas Corp. |
452,780 | 38,301 | ||||||
CSX Corp. |
239,160 | 7,809 | ||||||
Delta Air Lines, Inc. |
327,810 | 13,466 | ||||||
Dover Corp. |
46,580 | 3,269 | ||||||
Dun & Bradstreet Corp. |
42,650 | 5,203 | ||||||
Equifax, Inc. |
141,220 | 13,711 | ||||||
Flowserve Corp. |
38,305 | 2,017 | ||||||
General Dynamics Corp. |
23,850 | 3,379 | ||||||
Honeywell International, Inc. |
61,620 | 6,283 | ||||||
Illinois Tool Works, Inc. |
96,210 | 8,831 | ||||||
Ingersoll-Rand plc |
71,540 | 4,823 | ||||||
Kansas City Southern |
26,470 | 2,414 | ||||||
L-3 Communications Holdings, Inc. |
6,642 | 753 | ||||||
Lockheed Martin Corp. |
21,345 | 3,968 | ||||||
Masco Corp. |
875,900 | 23,360 | ||||||
Nielsen Holdings NV |
435,420 | 19,494 | ||||||
Norfolk Southern Corp. |
75,840 | 6,625 | ||||||
Northrop Grumman Corp. |
14,920 | 2,367 | ||||||
Pall Corp. |
28,490 | 3,546 | ||||||
Parker Hannifin Corp. |
39,360 | 4,579 | ||||||
Pentair plc |
49,555 | 3,407 | ||||||
Precision Castparts Corp. |
11,242 | 2,247 | ||||||
Raytheon Co. |
26,100 | 2,497 | ||||||
Robert Half International, Inc. |
699,899 | 38,844 | ||||||
Rockwell Collins, Inc. |
10,740 | 992 | ||||||
Ryder System, Inc. |
426,028 | 37,222 | ||||||
Snap-On, Inc. |
15,312 | 2,438 | ||||||
Southwest Airlines Co. |
267,905 | 8,865 | ||||||
Stanley Black & Decker, Inc. |
41,180 | 4,334 |
2
VIRTUS EQUITY TREND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
Industrials—(continued) |
|
|||||||
Textron, Inc. |
21,907 | $ | 978 | |||||
Union Pacific Corp. |
216,740 | 20,671 | ||||||
United Technologies Corp. |
66,740 | 7,404 | ||||||
Xylem, Inc. |
48,800 | 1,809 | ||||||
|
|
|||||||
348,378 | ||||||||
|
|
|||||||
Information Technology—12.7% |
|
|||||||
Adobe Systems, Inc.(2) |
131,255 | 10,633 | ||||||
Akamai Technologies, Inc.(2) |
12,240 | 855 | ||||||
Alliance Data Systems Corp. |
6,480 | 1,892 | ||||||
Amphenol Corp. Class A |
273,377 | 15,848 | ||||||
Apple, Inc. |
247,280 | 31,015 | ||||||
Applied Materials, Inc. |
1,037,020 | 19,931 | ||||||
Autodesk, Inc. |
72,135 | 3,612 | ||||||
Automatic Data Processing, Inc. |
51,310 | 4,117 | ||||||
Citrix Systems, Inc.(2) |
43,307 | 3,038 | ||||||
Computer Sciences Corp. |
14,280 | 937 | ||||||
Corning, Inc. |
1,149,110 | 22,672 | ||||||
eBay, Inc.(2) |
68,020 | 4,097 | ||||||
Electronic Arts, Inc.(2) |
585,440 | 38,932 | ||||||
EMC Corp. |
82,615 | 2,180 | ||||||
Equinix, Inc. |
3,675 | 933 | ||||||
Facebook, Inc. Class A(2) |
120,060 | 10,297 | ||||||
Fidelity National Information Services, Inc. |
29,980 | 1,853 | ||||||
Fiserv, Inc.(2) |
23,475 | 1,944 | ||||||
Gannett, Inc. |
271,671 | 3,801 | ||||||
Google, Inc. Class A(2) |
17,850 | 9,640 | ||||||
Google, Inc. Class C(2) |
18,352 | 9,552 | ||||||
Hewlett-Packard Co. |
82,560 | 2,478 | ||||||
Intuit, Inc. |
81,380 | 8,201 | ||||||
KLA-Tencor Corp. |
142,770 | 8,025 | ||||||
Lam Research Corp. |
126,050 | 10,254 | ||||||
MasterCard, Inc. Class A |
99,200 | 9,273 | ||||||
NetApp, Inc. |
14,157 | 447 | ||||||
Paychex, Inc. |
34,912 | 1,637 | ||||||
Salesforce.com, Inc.(2) |
174,970 | 12,183 | ||||||
SanDisk Corp. |
9,597 | 559 | ||||||
Seagate Technology plc |
15,405 | 732 | ||||||
TE Connectivity Ltd. |
576,050 | 37,040 | ||||||
TEGNA, Inc. |
543,342 | 17,425 | ||||||
Total System Services, Inc. |
16,710 | 698 | ||||||
VeriSign, Inc. |
6,852 | 423 | ||||||
Visa, Inc. Class A |
202,950 | 13,628 | ||||||
Western Digital Corp. |
10,250 | 804 |
SHARES | VALUE | |||||||
Information Technology—(continued) |
| |||||||
Western Union Co. (The) |
56,180 | $ | 1,142 | |||||
Xerox Corp. |
111,007 | 1,181 | ||||||
Yahoo!, Inc.(2) |
61,497 | 2,416 | ||||||
|
|
|||||||
326,325 | ||||||||
|
|
|||||||
Materials—8.4% |
||||||||
Dow Chemical Co. (The) |
318,540 | 16,300 | ||||||
Du Pont (E.I.) de Nemours & Co. |
265,040 | 16,949 | ||||||
Eastman Chemical Co. |
45,450 | 3,719 | ||||||
Ecolab, Inc. |
98,445 | 11,131 | ||||||
FMC Corp. |
45,752 | 2,404 | ||||||
Freeport-McMoRan Copper & Gold, Inc. |
1,771,040 | 32,977 | ||||||
International Flavors & Fragrances, Inc. |
30,710 | 3,356 | ||||||
International Paper Co. |
760,820 | 36,207 | ||||||
Martin Marietta Materials, Inc. |
117,070 | 16,567 | ||||||
MeadWestvaco Corp. |
279,345 | 13,182 | ||||||
PPG Industries, Inc. |
99,570 | 11,423 | ||||||
Sealed Air Corp. |
320,697 | 16,477 | ||||||
Sherwin-Williams Co. (The) |
29,480 | 8,108 | ||||||
Sigma-Aldrich Corp. |
43,730 | 6,094 | ||||||
Vulcan Materials Co. |
248,740 | 20,877 | ||||||
|
|
|||||||
215,771 | ||||||||
|
|
|||||||
Retail REITs—1.3% |
||||||||
General Growth Properties, Inc. |
237,720 | 6,100 | ||||||
Kimco Realty Corp. |
158,330 | 3,569 | ||||||
Macerich Co. (The) |
53,735 | 4,008 | ||||||
Simon Property Group, Inc. |
117,950 | 20,408 | ||||||
|
|
|||||||
34,085 | ||||||||
|
|
|||||||
Telecommunication Services—1.5% |
| |||||||
Level 3 Communications, Inc.(2) |
725,195 | 38,196 | ||||||
|
|
|||||||
Utilities—1.5% |
||||||||
AGL Resources, Inc. |
827,710 | 38,538 | ||||||
|
|
|||||||
TOTAL COMMON STOCKS (Identified Cost $2,582,117) |
|
2,521,678 | ||||||
|
|
|||||||
TOTAL LONG TERM INVESTMENTS—98.3% (Identified Cost $2,582,117) |
|
2,521,678 | ||||||
|
|
|||||||
SHORT-TERM INVESTMENTS—2.8% |
| |||||||
Money Market Mutual Funds—2.8% |
| |||||||
BlackRock Liquidity Funds TempFund Portfolio - Institutional Shares (seven-day effective yield 0.080%) |
10,917,190 | 10,917 |
3
VIRTUS EQUITY TREND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
Money Market Mutual Funds—(continued) |
| |||||||
JPMorgan Prime Money Market Fund (seven-day effective yield 0.090%) |
50,946,885 | $ | 50,947 | |||||
JPMorgan U.S. Government Money Market Fund (seven-day effective yield 0.04%) |
10,917,190 | 10,917 | ||||||
|
|
|||||||
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $72,781) |
72,781 | |||||||
|
|
|||||||
TOTAL INVESTMENTS—101.1% (Identified Cost $2,654,898) |
2,594,459 | (1) | ||||||
Other assets and liabilities, net—(1.1)% |
(29,348 | ) | ||||||
|
|
|||||||
NET ASSETS—100.0% |
$ | 2,565,111 | ||||||
|
|
Abbreviation:
REIT |
Real Estate Investment Trust |
Footnote Legend:
(1) | Federal Income Tax Information: For tax information at June 30, 2015, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments. |
(2) | Non-income producing. |
4
The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (See Security Valuation Note 1A in the Notes to Schedules of Investments):
Total Value at June 30, 2015 |
Level 1 Quoted Prices |
|||||||
Equity Securities: |
||||||||
Common Stocks |
$ | 2,521,678 | $ | 2,521,678 | ||||
Short-Term Investments |
72,781 | 72,781 | ||||||
|
|
|
|
|||||
Total Investments |
$ | 2,594,459 | $ | 2,594,459 | ||||
|
|
|
|
There are no Level 2 (significant observable inputs) or Level 3 (significant unobservable inputs) priced securities.
There were no transfers between Level 1 and Level 2 related to securities held at June 30, 2015.
VIRTUS ESSENTIAL RESOURCES FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
COMMON STOCKS—97.2% |
| |||||||
Consumer Discretionary—6.4% |
| |||||||
BorgWarner, Inc. (United States) |
905 | $ | 51 | |||||
Delphi Automotive plc (United Kingdom) |
518 | 44 | ||||||
EnerCare, Inc. (Canada) |
9,120 | 97 | ||||||
Georg Fisher AG Registered Shares (Switzerland) |
73 | 50 | ||||||
Johnson Controls, Inc. (United States) |
1,365 | 68 | ||||||
|
|
|||||||
310 | ||||||||
|
|
|||||||
Consumer Staples—13.8% |
||||||||
Adecoagro SA (Brazil)(2) |
6,398 | 59 | ||||||
AG Growth International, Inc. (Canada) |
684 | 26 | ||||||
Andersons, Inc. (The) (United States) |
660 | 26 | ||||||
Archer-Daniels-Midland Co. (United States) |
1,449 | 70 | ||||||
Aryzta AG (Switzerland) |
841 | 41 | ||||||
Bunge Ltd. (United States) |
998 | 88 | ||||||
Golden Agri-Resources Ltd. (Singapore) |
133,000 | 40 | ||||||
Illovo Sugar Ltd. (South Africa) |
4,409 | 5 | ||||||
Indofood Agri Resources Ltd. (Singapore) |
56,000 | 29 | ||||||
JBS SA (Brazil) |
3,900 | 20 | ||||||
KWS SAAT AG (Germany) |
90 | 30 | ||||||
Marine Harvest ASA (Norway) |
2,812 | 32 | ||||||
Minerva Sa/Brazil (Brazil)(2) |
6,800 | 25 | ||||||
Origin Enterprises plc (Ireland)(2) |
5,956 | 53 | ||||||
Purecircle Ltd. (United Kingdom)(2) |
3,545 | 22 | ||||||
SLC Agricola SA (Brazil) |
10,400 | 58 | ||||||
SunOpta, Inc. (Canada)(2) |
4,250 | 46 | ||||||
|
|
|||||||
670 | ||||||||
|
|
|||||||
Energy—5.2% |
||||||||
Cosan Ltd. (Brazil) |
17,300 | 107 | ||||||
Energy Development Corp. (Philippines) |
196,300 | 32 | ||||||
FuelCell Energy, Inc. (United States)(2) |
7,477 | 7 | ||||||
Greenko Group plc (India)(2) |
12,694 | 12 | ||||||
Infinis Energy plc (United Kingdom) |
11,443 | 35 | ||||||
Innergex Renewable Energy, Inc. (Canada) |
3,498 | 30 | ||||||
TransAlta Renewables, Inc. (Canada) |
3,191 | 32 | ||||||
|
|
|||||||
255 | ||||||||
|
|
|||||||
Financials—4.9% |
||||||||
Capital Stage AG (Germany) |
8,369 | 59 | ||||||
Gladstone Land Corp. (United States) |
2,310 | 24 | ||||||
Metro Pacific Investments Corp. (Philippines) |
274,000 | 29 | ||||||
PICO Holdings, Inc. (United States)(2) |
3,474 | 51 |
SHARES | VALUE | |||||||
Financials—(continued) |
||||||||
Renewables Infrastructure Group Ltd. (The) (United Kingdom) |
27,366 | $ | 46 | |||||
Saeta Yield SA (Spain) |
2,691 | 28 | ||||||
|
|
|||||||
237 | ||||||||
|
|
|||||||
Health Care—0.7% |
||||||||
Genus plc (United Kingdom) |
1,458 | 33 | ||||||
|
|
|||||||
Industrials—32.6% |
||||||||
Aegion Corp. (United States)(2) |
1,904 | 36 | ||||||
AGCO Corp. (United States) |
700 | 40 | ||||||
Ameresco, Inc. (United States)(2) |
4,349 | 33 | ||||||
Amiad Water Systems Ltd. (Israel) |
2,963 | 7 | ||||||
Arcadis NV (Netherlands) |
2,224 | 61 | ||||||
BayWa AG (Germany) |
2,015 | 68 | ||||||
Canadian National Railway Co. (Canada) |
970 | 56 | ||||||
Covanta Holding Corp. (United States) |
2,906 | 62 | ||||||
CSX Corp. (United States) |
1,188 | 39 | ||||||
Danaher Corp. (United States) |
699 | 60 | ||||||
Deere & Co. (United States) |
173 | 17 | ||||||
Dialight plc (United Kingdom) |
1,052 | 8 | ||||||
DIRTT Environmental Solutions (Canada)(2) |
1,415 | 7 | ||||||
Eaton Corp. plc (United States) |
687 | 46 | ||||||
Ebara Corp. (Japan) |
7,000 | 34 | ||||||
Empresas ICA Sab de CV (Mexico)(2) |
34,700 | 27 | ||||||
Flowserve Corp. (United States) |
645 | 34 | ||||||
Franklin Electric Co., Inc. (United States) |
539 | 17 | ||||||
Gamesa Corp Tecnologica SA (Spain) |
2,124 | 34 | ||||||
GEA Group AG (Germany) |
1,510 | 67 | ||||||
HD Supply Holdings, Inc. (United States)(2) |
2,020 | 71 | ||||||
Koninklijke Philips Electronics N.V. (Netherlands) |
496 | 13 | ||||||
MasTec, Inc. (United States)(2) |
974 | 19 | ||||||
METAWATER Co. Ltd. (Japan) |
600 | 15 | ||||||
Mueller Water Products, Inc. Class A (United States) |
3,897 | 36 | ||||||
Newalta Corp. (Canada) |
2,089 | 24 | ||||||
Noble Group Ltd. (Singapore) |
41,000 | 23 | ||||||
Pentair plc (United States) |
922 | 63 | ||||||
PNE Wind AG (Germany)(2) |
8,693 | 20 | ||||||
Prysmian SpA (Italy) |
899 | 19 | ||||||
Quanta Services, Inc. (United States)(2) |
1,129 | 33 | ||||||
Rexnord Corp. (United States)(2) |
2,917 | 70 | ||||||
Rotork plc (United Kingdom) |
4,150 | 15 |
1
VIRTUS ESSENTIAL RESOURCES FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
Industrials—(continued) |
||||||||
Rumo Logistica Operadora Multimodal SA (Brazil)(2) |
59,300 | $ | 24 | |||||
Sembcorp Industries Ltd. (Singapore) |
9,700 | 28 | ||||||
SIG plc (United Kingdom) |
12,007 | 38 | ||||||
SPX Corp. (United States) |
1,738 | 126 | ||||||
Sulzer AG (Switzerland) |
147 | 15 | ||||||
Tetra Tech, Inc. (United States) |
2,091 | 54 | ||||||
Toro Co. (The) (United States) |
602 | 41 | ||||||
Xylem, Inc. (United States) |
845 | 31 | ||||||
Zumtobel Group AG (Austria) |
1,775 | 53 | ||||||
|
|
|||||||
1,584 | ||||||||
|
|
|||||||
Information Technology—10.2% |
||||||||
Canadian Solar, Inc. (Canada)(2) |
2,103 | 60 | ||||||
Daqo New Energy Corp. ADR |
421 | 10 | ||||||
Epistar Corp (Taiwan) |
13,000 | 17 | ||||||
First Solar, Inc. (United States)(2) |
1,152 | 54 | ||||||
GCL-Poly Energy Holdings Ltd. (China)(2) |
82,000 | 19 | ||||||
Itron, Inc. (United States)(2) |
2,042 | 70 | ||||||
JinkoSolar Holding Co.Ltd. ADR (China)(2) |
1,859 | 55 | ||||||
PSI AG Gesellschaft Fuer Produkte Und Systeme Der Informationstechnologie |
1,348 | 16 | ||||||
Pure Technologies Ltd. (Canada) |
6,343 | 37 | ||||||
SunPower Corp. (United States)(2) |
2,207 | 63 | ||||||
Trimble Navigation Ltd. |
1,594 | 37 | ||||||
Trina Solar Ltd. ADR (China)(2) |
4,006 | 47 | ||||||
Veeco Instruments, Inc. |
466 | 13 | ||||||
|
|
|||||||
498 | ||||||||
|
|
|||||||
Materials—10.8% |
||||||||
Agrium, Inc. (Canada) |
566 | 60 | ||||||
Calgon Carbon Corp. (United States) |
3,063 | 59 | ||||||
Ecolab, Inc. (United States) |
78 | 9 | ||||||
FMC Corp. (United States) |
510 | 27 | ||||||
Israel Chemicals Ltd. (Israel) |
3,593 | 25 | ||||||
Johnson Matthey plc (United Kingdom) |
858 | 41 | ||||||
Monsanto Co. (United States) |
439 | 47 | ||||||
Mosaic Co. (The) (United States) |
1,115 | 52 | ||||||
PhosAgro OAO GDR Registered Shares (Russia) |
3,790 | 49 | ||||||
Plant Health Care plc (United Kingdom)(2) |
8,917 | 15 | ||||||
Potash Corp. of Saskatchewan, Inc. (Canada) |
1,205 | 37 | ||||||
Syngenta AG Registered Shares (Switzerland) |
150 | 61 |
SHARES | VALUE | |||||||
Materials—(continued) |
||||||||
Yara International ASA (Norway) |
811 | $ | 42 | |||||
|
|
|||||||
524 | ||||||||
|
|
|||||||
Utilities—12.6% |
||||||||
ACEA SpA (Italy) |
701 | 9 | ||||||
American Water Works Co., Inc. (United States) |
1,268 | 62 | ||||||
Aqua America, Inc. (United States) |
722 | 18 | ||||||
Beijing Enterprises Water Group Ltd. Class H (Hong Kong) |
8,000 | 7 | ||||||
Beijing Jingneng Clean Energy Co., Ltd. (China) |
96,000 | 39 | ||||||
California Water Service Group (United States) |
1,943 | 44 | ||||||
Capstone Infrastructure Corp. (Canada) |
25,335 | 61 | ||||||
China Everbright Water Ltd. (China)(2) |
11,300 | 8 | ||||||
Companhia de Saneamento Basico do Estado de Sao Paulo ADR (Brazil) |
3,537 | 18 | ||||||
Companhia de Saneamento de Minas Gerais (Brazil) |
2,200 | 10 | ||||||
CT Environmental Group Ltd. (China) |
4,000 | 5 | ||||||
EDP Renovaveis SA (Spain) |
4,289 | 30 | ||||||
Huaneng Renewables Corp. Ltd. |
112,000 | 45 | ||||||
Manila Water Co, Inc. (Philippines) |
30,400 | 16 | ||||||
National Grid plc (United Kingdom) |
1,482 | 19 | ||||||
NextEra Energy, Inc. (United States) |
298 | 29 | ||||||
Northland Power, Inc. (Canada) |
2,610 | 33 | ||||||
SevernTrent plc (United Kingdom) |
608 | 20 | ||||||
SJW Corp. (United States) |
629 | 19 | ||||||
Suez Environnement SA (France) |
4,024 | 75 | ||||||
United Utilities Group plc (United Kingdom) |
1,319 | 19 | ||||||
Veolia Environnement SA (France) |
958 | 20 | ||||||
YTL Power International BHD (Malaysia) |
11,900 | 5 | ||||||
|
|
|||||||
611 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS (Identified Cost $4,937) |
4,722 | |||||||
|
|
|||||||
CLOSED END FUNDS—1.3% |
||||||||
Financials—0.8% |
||||||||
Foresight Solar Fund Ltd. (United Kingdom) |
10,871 | 18 | ||||||
Greencoat UK Wind plc Fund (United Kingdom) |
12,987 | 22 | ||||||
|
|
|||||||
40 | ||||||||
|
|
|||||||
Industrials—0.5% |
||||||||
Chemtrade Logistics Income Fund (Canada) |
1,460 | 24 | ||||||
|
|
|||||||
TOTAL CLOSED END FUNDS (Identified Cost $62) |
64 | |||||||
|
|
2
VIRTUS ESSENTIAL RESOURCES FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
TOTAL LONG TERM INVESTMENTS—98.5% (Identified Cost $4,999) |
4,786 | |||
|
|
|||
TOTAL INVESTMENTS—98.5% (Identified Cost $4,999) |
4,786 | (1) | ||
Other assets and liabilities, net—1.5% |
74 | |||
|
|
|||
NET ASSETS—100.0% |
$ | 4,860 | ||
|
|
Footnote Legend:
(1) | Federal Income Tax Information: For tax information at June 30, 2015, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments. |
(2) | Non-income producing. |
3
VIRTUS ESSENTIAL RESOURCES FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
Country Weightings † |
||||
United States |
40 | % | ||
Canada |
13 | |||
United Kingdom |
8 | |||
Brazil |
7 | |||
China |
5 | |||
Germany |
5 | |||
Switzerland |
4 | |||
Other |
18 | |||
|
|
|||
Total |
100 | % | ||
|
|
† | % of total investments as of June 30, 2015 |
4
The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (See Security Valuation Note 1A in the Notes to Schedules of Investments):
Total Value at June 30, 2015 |
Level 1 Quoted Prices |
|||||||
Equity Securities: |
||||||||
Closed End Funds |
$ | 64 | $ | 64 | ||||
Common Stocks |
4,722 | 4,722 | ||||||
|
|
|
|
|||||
Total Investments |
$ | 4,786 | $ | 4,786 | ||||
|
|
|
|
There are no Level 2 (significant observable inputs) or Level 3 (significant unobservable inputs) priced securities.
There were no transfers between Level 1 and Level 2 related to securities held at June 30, 2015.
VIRTUS FOREIGN OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
COMMON STOCKS—98.5% |
| |||||||
Consumer Discretionary—12.7% |
| |||||||
Alimentation Couche -Tard, Inc. Class B (Canada) |
675,402 | $ | 28,893 | |||||
Compagnie Financiere Richemont SA Registered Shares (Switzerland) |
358,210 | 29,137 | ||||||
Domino’s Pizza Group plc (United Kingdom) |
1,895,180 | 23,137 | ||||||
Hermes International SA (France) |
65,826 | 24,555 | ||||||
Naspers Ltd. Class N (South Africa) |
204,563 | 31,863 | ||||||
Paddy Power plc (Ireland) |
232,087 | 19,890 | ||||||
Persimmon plc (United Kingdom) |
920,343 | 28,560 | ||||||
Priceline Group, Inc. (The) (United States)(2) |
36,207 | 41,688 | ||||||
Sands China Ltd. (China) |
5,553,184 | 18,698 | ||||||
|
|
|||||||
246,421 | ||||||||
|
|
|||||||
Consumer Staples—35.8% |
||||||||
AmorePacific Corp. (South Korea) |
11,041 | 4,138 | ||||||
British American Tobacco plc (United Kingdom) |
2,178,287 | 116,882 | ||||||
Chocoladefabrike Lindt & Spruengli AG (Switzerland) |
5,714 | 30,216 | ||||||
Diageo plc (United Kingdom) |
1,062,454 | 30,733 | ||||||
Imperial Tobacco Group plc (United Kingdom) |
772,106 | 37,208 | ||||||
ITC Ltd. (India) |
8,751,638 | 43,312 | ||||||
L’Oreal SA (France) |
158,338 | 28,244 | ||||||
Nestle S.A. Registered Shares (Switzerland) |
1,084,930 | 78,328 | ||||||
Pernod-Ricard SA (France) |
158,066 | 18,256 | ||||||
Philip Morris International, Inc. (United States) |
961,536 | 77,086 | ||||||
Reckitt Benckiser Group plc (United Kingdom) |
887,819 | 76,556 | ||||||
SABMiller plc (United Kingdom) |
1,073,956 | 55,753 | ||||||
Unicharm Corp. (Japan) |
540,300 | 12,845 | ||||||
Unilever N.V. CVA (Netherlands) |
2,033,781 | 84,697 | ||||||
|
|
|||||||
694,254 | ||||||||
|
|
|||||||
Energy—2.1% |
||||||||
Enbridge, Inc. (Canada) |
877,211 | 41,023 | ||||||
|
|
|||||||
Financials—17.6% |
||||||||
Banco Bilbao Vizcaya Argentaria S.A. (Spain) |
2,086,017 | 20,447 | ||||||
Bank of Nova Scotia (Canada) |
599,089 | 30,923 | ||||||
Daito Trust Construction Co., Ltd. (Japan) |
207,500 | 21,499 | ||||||
Housing Development Finance Corp. (India) |
5,125,012 | 104,339 | ||||||
Housing Development Finance Corp. Bank Ltd. (India) |
4,929,567 | 82,610 | ||||||
Housing Development Finance Corp. Bank Ltd. ADR (India) |
41,374 | 2,504 |
SHARES | VALUE | |||||||
Financials—(continued) |
||||||||
Link REIT (The) (Hong Kong) |
2,481,692 | $ | 14,535 | |||||
Lloyds Banking Group plc (United Kingdom) |
19,036,943 | 25,497 | ||||||
UBS Group AG (Switzerland) |
1,836,303 | 38,947 | ||||||
|
|
|||||||
341,301 | ||||||||
|
|
|||||||
Health Care—17.9% |
||||||||
Bayer AG Registered Shares (Germany) |
177,403 | 24,831 | ||||||
Coloplast A/S Class B (Denmark) |
172,440 | 11,315 | ||||||
CSL Ltd. (Australia) |
590,949 | 39,426 | ||||||
Essilor International SA (France) |
290,271 | 34,626 | ||||||
Fresenius Medical Care AG & Co. KGaA (Germany) |
236,300 | 19,505 | ||||||
Grifols SA (Spain) |
676,564 | 27,252 | ||||||
Novo Nordisk A/S Class B (Denmark) |
1,257,137 | 68,493 | ||||||
Ramsay Health Care Ltd. (Australia) |
739,404 | 35,068 | ||||||
Roche Holding AG (Switzerland) |
309,580 | 86,753 | ||||||
|
|
|||||||
347,269 | ||||||||
|
|
|||||||
Industrials—4.3% |
||||||||
Bureau Veritas SA (France) |
1,464,750 | 33,737 | ||||||
Cheung Kong Infrastructure Holdings Ltd. (Hong Kong) |
1,589,417 | 12,344 | ||||||
DKSH Holding AG (Switzerland) |
202,354 | 14,631 | ||||||
SGS SA Registered Shares (Switzerland) |
12,834 | 23,418 | ||||||
|
|
|||||||
84,130 | ||||||||
|
|
|||||||
Information Technology—6.0% |
|
|||||||
Alibaba Group Holding Ltd. ADR (Cayman Islands)(2) |
324,727 | 26,715 | ||||||
Baidu, Inc. Sponsored ADR (China)(2) |
182,415 | 36,315 | ||||||
Cielo S.A. (Brazil) |
1,652,024 | 23,353 | ||||||
Tencent Holdings Ltd. (Cayman Islands) |
1,529,735 | 30,530 | ||||||
|
|
|||||||
116,913 | ||||||||
|
|
|||||||
Materials—2.1% |
||||||||
Air Liquide SA (France) |
208,876 | 26,419 | ||||||
Silver Wheaton Corp. (Canada) |
805,955 | 13,970 | ||||||
|
|
|||||||
40,389 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS (Identified Cost $1,497,462) |
|
1,911,700 | ||||||
|
|
|||||||
TOTAL LONG TERM INVESTMENTS—98.5% (Identified Cost $1,497,462) |
1,911,700 | |||||||
|
|
1
VIRTUS FOREIGN OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
TOTAL INVESTMENTS—98.5% (Identified Cost $1,497,462) |
1,911,700 | (1) | ||
Other assets and liabilities, net—1.5% |
28,882 | |||
|
|
|||
NET ASSETS—100.0% $ |
1,940,582 | |||
|
|
Abbreviations:
ADR | American Depositary Receipt |
REIT | Real Estate Investment Trust |
Footnote Legend:
(1) | Federal Income Tax Information: For tax information at June 30, 2015, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments. |
(2) | Non-income producing. |
2
VIRTUS FOREIGN OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
Country Weightings † |
||||
United Kingdom |
21 | % | ||
Switzerland |
16 | |||
India |
12 | |||
France |
9 | |||
Canada |
6 | |||
United States |
6 | |||
Netherlands |
4 | |||
Other |
26 | |||
|
|
|||
Total |
100 | % | ||
|
|
† | % of total investments as of June 30, 2015 |
3
The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (See Security Valuation Note 1A in the Notes to Schedules of Investments):
Total Value at June 30, 2015 |
Level
1 Quoted Prices |
|||||||
Equity Securities: |
||||||||
Common Stocks |
$ | 1,911,700 | $ | 1,911,700 | ||||
|
|
|
|
|||||
Total Investments |
$ | 1,911,700 | $ | 1,911,700 | ||||
|
|
|
|
There are no Level 2 (significant observable inputs) or Level 3 (significant unobservable inputs) priced securities.
There were no transfers between Level 1 and Level 2 related to securities held at June 30, 2015.
VIRTUS GLOBAL DIVIDEND FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
COMMON STOCKS—96.7% |
||||||||
Consumer Discretionary—2.5% |
||||||||
Eutelsat Communications SA (France) |
64,490 | $ | 2,082 | |||||
SES SA (Luxembourg) |
75,640 | 2,541 | ||||||
|
|
|||||||
4,623 | ||||||||
|
|
|||||||
Energy—24.7% |
||||||||
Enbridge, Inc. (Canada) |
180,825 | 8,461 | ||||||
Keyera Corp. (Canada) |
57,880 | 1,932 | ||||||
Kinder Morgan, Inc. (United States) |
277,255 | 10,644 | ||||||
Pembina Pipeline Corp. (Canada) |
88,835 | 2,871 | ||||||
Plains GP Holdings LP Class A (United States) |
68,200 | 1,762 | ||||||
Spectra Energy Corp. (United States) |
127,830 | 4,167 | ||||||
Targa Resources Corp. (United States) |
20,135 | 1,797 | ||||||
TransCanada Corp. (Canada) |
124,765 | 5,068 | ||||||
Williams Cos., Inc. (The) (United States) |
174,910 | 10,038 | ||||||
|
|
|||||||
46,740 | ||||||||
|
|
|||||||
Financials—5.0% |
||||||||
American Tower Corp. REIT (United States) |
48,885 | 4,561 | ||||||
Crown Castle International Corp. REIT (United States) |
61,985 | 4,977 | ||||||
|
|
|||||||
9,538 | ||||||||
|
|
|||||||
Industrials—11.8% |
||||||||
Abertis Infraestructuras SA (Spain) |
180,770 | 2,964 | ||||||
Atlantia SpA (Italy) |
161,841 | 3,998 | ||||||
Auckland International Airport Ltd. (New Zealand) |
617,759 | 2,066 | ||||||
Ferrovial SA (Spain) |
98,920 | 2,145 | ||||||
Flughafen Zuerich AG (Switzerland) |
3,205 | 2,480 | ||||||
Sydney Airport (Australia) |
571,720 | 2,197 | ||||||
Transurban Group (Australia) |
695,660 | 4,992 | ||||||
Vinci SA (France) |
25,895 | 1,498 | ||||||
|
|
|||||||
22,340 | ||||||||
|
|
|||||||
Telecommunication Services—19.2% |
| |||||||
AT&T, Inc. (United States) |
224,275 | 7,966 | ||||||
BCE, Inc. (Canada) |
35,400 | 1,505 | ||||||
BT Group plc (United Kingdom) |
386,275 | 2,732 | ||||||
Deutsche Telekom AG Registered Shares (Germany) |
134,595 | 2,318 | ||||||
Nippon Telegraph & Telephone Corp. ADR (Japan) |
58,710 | 2,131 | ||||||
Singapore Telecommunications Ltd. (Singapore) |
995,600 | 3,112 | ||||||
TeliaSonera AB (Sweden) (Sweden) |
293,015 | 1,725 |
SHARES | VALUE | |||||||
Telecommunication Services—(continued) |
| |||||||
TELUS Corp. (Canada) |
69,085 | $ | 2,380 | |||||
Verizon Communications, Inc. (United States) |
162,384 | 7,569 | ||||||
Vodafone Group plc Sponsored ADR (United Kingdom) |
133,921 | 4,882 | ||||||
|
|
|||||||
36,320 | ||||||||
|
|
|||||||
Utilities—33.5% |
||||||||
ALLETE, Inc. (United States) |
36,475 | 1,692 | ||||||
American Electric Power Co., Inc. (United States) |
35,000 | 1,854 | ||||||
American Water Works Co., Inc. (United States) |
53,520 | 2,603 | ||||||
APA Group (Australia) |
298,350 | 1,897 | ||||||
Atmos Energy Corp. (United States) |
37,455 | 1,921 | ||||||
CMS Energy Corp. (United States) |
65,025 | 2,070 | ||||||
Dominion Resources, Inc. (United States) |
50,775 | 3,395 | ||||||
DTE Energy Co. (United States) |
27,520 | 2,054 | ||||||
Duke Energy Corp. (United States) |
46,950 | 3,315 | ||||||
Edison International (United States) |
33,445 | 1,859 | ||||||
Eversource Energy (United States) |
42,060 | 1,910 | ||||||
Hera SpA (Italy) |
643,595 | 1,610 | ||||||
Iberdrola SA (Spain) |
342,175 | 2,305 | ||||||
National Grid plc (United Kingdom) |
451,715 | 5,800 | ||||||
NextEra Energy, Inc. (United States) |
58,530 | 5,738 | ||||||
NiSource, Inc. (United States) |
79,820 | 3,639 | ||||||
Pennon Group plc (United Kingdom) |
156,410 | 1,992 | ||||||
Portland General Electric Co. (United States) |
62,340 | 2,067 | ||||||
Public Service Enterprise Group, Inc. (United States) |
58,810 | 2,310 | ||||||
Questar Corp. (United States) |
64,470 | 1,348 | ||||||
Sempra Energy (United States) |
45,050 | 4,457 | ||||||
SevernTrent plc (United Kingdom) |
61,155 | 2,000 | ||||||
Suez Environnement SA (France) |
86,070 | 1,601 | ||||||
Vectren Corp. (United States) |
46,630 | 1,794 | ||||||
Veolia Environnement SA (France) |
109,705 | 2,237 | ||||||
|
|
|||||||
63,468 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS (Identified Cost $166,507) |
183,029 | |||||||
|
|
|||||||
TOTAL LONG TERM INVESTMENTS—96.7% (Identified Cost $166,507) |
183,029 | |||||||
|
|
|||||||
SHORT-TERM INVESTMENTS—2.9% |
| |||||||
Money Market Mutual Fund—2.9% |
|
|||||||
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.140%) |
5,533,186 | 5,533 |
1
VIRTUS GLOBAL DIVIDEND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
|
|
|||||
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $5,533) |
5,533 | |||||
|
|
|||||
TOTAL INVESTMENTS—99.6% (Identified Cost $172,040) |
188,562 | (1) | ||||
Other assets and liabilities, net—0.4% |
709 | |||||
|
|
|||||
NET ASSETS—100.0% |
$ | 189,271 | ||||
|
|
Abbreviations:
ADR | American Depositary Receipt |
REIT | Real Estate Investment Trust |
Footnote Legend:
(1) | Federal Income Tax Information: For tax information at June 30, 2015, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments. |
2
VIRTUS GLOBAL DIVIDEND FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
Country Weightings † |
||||
United States |
54 | % | ||
Canada |
12 | |||
United Kingdom |
9 | |||
Australia |
5 | |||
France |
4 | |||
Spain |
4 | |||
Italy |
3 | |||
Other |
9 | |||
|
|
|||
Total |
100 | % | ||
|
|
† | % of total investments as of June 30, 2015 |
3
The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (See Security Valuation Note 1A in the Notes to Schedules of Investments):
Total Value at June 30, 2015 |
Level
1 Quoted Prices |
|||||||
Equity Securities: |
||||||||
Common Stocks |
$ | 183,029 | $ | 183,029 | ||||
Short-Term Investments |
5,533 | 5,533 | ||||||
|
|
|
|
|||||
Total Investments |
$ | 188,562 | $ | 188,562 | ||||
|
|
|
|
There are no Level 2 (significant observable inputs) or Level 3 (significant unobservable inputs) priced securities.
There were no transfers between Level 1 and Level 2 related to securities held at June 30, 2015.
VIRTUS GLOBAL EQUITY TREND FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
COMMON STOCKS—60.4% |
|
|||||||
Consumer Discretionary—18.3% |
|
|||||||
Amazon.com, Inc.(2) |
987 | $ | 428 | |||||
AutoNation, Inc.(2) |
960 | 60 | ||||||
AutoZone, Inc.(2) |
370 | 247 | ||||||
Best Buy Co., Inc. |
14,710 | 480 | ||||||
BorgWarner, Inc. |
2,575 | 146 | ||||||
Cablevision Systems Corp. Class A |
400 | 10 | ||||||
CarMax, Inc.(2) |
2,382 | 158 | ||||||
Carnival Corp. |
4,367 | 216 | ||||||
CBS Corp. Class B |
7,185 | 399 | ||||||
Comcast Corp. Class A |
7,790 | 469 | ||||||
Delphi Automotive plc |
2,930 | 249 | ||||||
DIRECTV(2) |
1,740 | 161 | ||||||
Discovery Communications, Inc. |
2,615 | 87 | ||||||
Discovery Communications,Inc. |
4,755 | 148 | ||||||
Expedia, Inc. |
290 | 32 | ||||||
GameStop Corp. Class A |
5,440 | 234 | ||||||
Gap, Inc. (The) |
2,160 | 82 | ||||||
Garmin Ltd. |
6,210 | 273 | ||||||
Genuine Parts Co. |
7,832 | 701 | ||||||
Goodyear Tire & Rubber Co. (The) |
23,920 | 721 | ||||||
H&R Block, Inc. |
22,922 | 680 | ||||||
Harman International Industries, Inc. |
3,490 | 415 | ||||||
Hasbro, Inc. |
4,820 | 361 | ||||||
Home Depot, Inc. (The) |
4,370 | 486 | ||||||
Interpublic Group of Cos., Inc. (The) |
10,810 | 208 | ||||||
Johnson Controls, Inc. |
6,660 | 330 | ||||||
L Brands, Inc. |
1,845 | 158 | ||||||
Leggett & Platt, Inc. |
5,615 | 273 | ||||||
Lowe’s Cos., Inc. |
3,255 | 218 | ||||||
Marriott International, Inc. Class A |
2,010 | 150 | ||||||
Mattel, Inc. |
14,470 | 372 | ||||||
Mohawk Industries, Inc.(2) |
2,560 | 489 | ||||||
Netflix, Inc.(2) |
180 | 118 | ||||||
News Corp. Class A(2) |
23,477 | 343 | ||||||
NIKE, Inc. Class B |
7,060 | 763 | ||||||
O’Reilly Automotive, Inc.(2) |
1,160 | 262 | ||||||
Omnicom Group, Inc. |
6,497 | 451 | ||||||
Priceline Group, Inc. (The)(2) |
140 | 161 | ||||||
Ross Stores, Inc. |
3,400 | 165 | ||||||
Royal Caribbean Cruises Ltd. |
1,805 | 142 | ||||||
Scripps Networks Interactive, Inc. |
1,720 | 112 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. |
1,880 | 152 |
SHARES | VALUE | |||||||
Consumer Discretionary—(continued) |
|
|||||||
Time Warner Cable, Inc. |
905 | $ | 161 | |||||
Time Warner, Inc. |
1,850 | 162 | ||||||
TJX Cos., Inc. |
4,900 | 324 | ||||||
TripAdvisor, Inc.(2) |
320 | 28 | ||||||
Twenty-First Century Fox, Inc. |
4,610 | 150 | ||||||
Urban Outfitters, Inc.(2) |
815 | 29 | ||||||
Viacom, Inc. Class B |
910 | 59 | ||||||
Walgreens Boots Alliance, Inc. |
3,390 | 286 | ||||||
Walt Disney Co. (The) |
3,487 | 398 | ||||||
Whirlpool Corp. |
3,845 | 665 | ||||||
Wyndham Worldwide Corp. |
1,322 | 108 | ||||||
|
|
|||||||
14,480 | ||||||||
|
|
|||||||
Consumer Staples—4.1% |
||||||||
Archer-Daniels-Midland Co. |
13,890 | 670 | ||||||
Brown-Forman Corp. Class B |
3,297 | 330 | ||||||
Constellation Brands, Inc. Class A |
3,570 | 414 | ||||||
CVS Health Corp. |
4,350 | 456 | ||||||
Kroger Co. (The) |
7,030 | 510 | ||||||
Molson Coors Brewing Co. Class B |
9,665 | 675 | ||||||
Whole Foods Market, Inc. |
5,150 | 203 | ||||||
|
|
|||||||
3,258 | ||||||||
|
|
|||||||
Energy—1.8% |
||||||||
Kinder Morgan, Inc. |
8,770 | 337 | ||||||
Marathon Petroleum Corp. |
3,454 | 181 | ||||||
ONEOK, Inc. |
1,210 | 48 | ||||||
Phillips 66 |
3,455 | 278 | ||||||
Spectra Energy Corp. |
3,900 | 127 | ||||||
Tesoro Corp. |
880 | 74 | ||||||
Valero Energy Corp. |
3,252 | 204 | ||||||
Williams Cos., Inc. (The) |
3,440 | 197 | ||||||
|
|
|||||||
1,446 | ||||||||
|
|
|||||||
Financials—5.6% |
||||||||
American Express Co. |
4,205 | 327 | ||||||
AON plc |
3,460 | 345 | ||||||
Capital One Financial Corp. |
2,640 | 232 | ||||||
CBRE Group, Inc. Class A(2) |
19,228 | 711 | ||||||
Charles Schwab Corp. (The) |
4,835 | 158 | ||||||
CME Group, Inc. |
2,075 | 193 | ||||||
Discover Financial Services |
2,420 | 139 | ||||||
E*Trade Financial Corp. (The)(2) |
1,290 | 39 | ||||||
Goldman Sachs Group, Inc. (The) |
1,595 | 333 | ||||||
HCP, Inc. |
5,130 | 187 |
1
VIRTUS GLOBAL EQUITY TREND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
Financials—(continued) |
||||||||
Health Care REIT, Inc. |
3,890 | $ | 255 | |||||
Intercontinental Exchange Group, Inc. |
725 | 162 | ||||||
Marsh & McLennan Cos., Inc. |
6,640 | 377 | ||||||
McGraw-Hill Cos., Inc. (The) |
1,790 | 180 | ||||||
Moody’s Corp. |
1,300 | 140 | ||||||
Morgan Stanley |
6,030 | 234 | ||||||
NASDAQ OMX Group, Inc. (The) |
870 | 43 | ||||||
Navient Corp. |
2,200 | 40 | ||||||
Realty Income Corp. |
1,720 | 76 | ||||||
Ventas, Inc. |
3,680 | 229 | ||||||
|
|
|||||||
4,400 | ||||||||
|
|
|||||||
Health Care—6.9% |
||||||||
AbbVie, Inc. |
1,100 | 74 | ||||||
Aetna, Inc. |
1,130 | 144 | ||||||
Agilent Technologies, Inc. |
3,340 | 129 | ||||||
Alexion Pharmaceuticals, Inc.(2) |
290 | 52 | ||||||
Allergan plc(2) |
270 | 82 | ||||||
AmerisourceBergen Corp. |
1,395 | 148 | ||||||
Amgen, Inc. |
1,030 | 158 | ||||||
Anthem, Inc. |
870 | 143 | ||||||
Biogen, Inc.(2) |
340 | 137 | ||||||
Bristol-Myers Squibb Co. |
1,160 | 77 | ||||||
Cardinal Health, Inc. |
1,960 | 164 | ||||||
Celgene Corp.(2) |
1,160 | 134 | ||||||
Cerner Corp.(2) |
10,710 | 740 | ||||||
Cigna Corp. |
840 | 136 | ||||||
Eli Lilly & Co. |
680 | 57 | ||||||
Endo International plc |
65 | 5 | ||||||
Gilead Sciences, Inc. |
1,915 | 224 | ||||||
HCA Holdings, Inc.(2) |
5,490 | 498 | ||||||
Hospira, Inc.(2) |
60 | 5 | ||||||
Humana, Inc. |
480 | 92 | ||||||
Johnson & Johnson |
1,700 | 166 | ||||||
Mallinckrodt plc |
40 | 5 | ||||||
McKesson Corp. |
1,360 | 306 | ||||||
Merck & Co., Inc. |
1,957 | 111 | ||||||
Mylan NV |
150 | 10 | ||||||
Patterson Cos., Inc. |
570 | 28 | ||||||
PerkinElmer, Inc. |
1,115 | 59 | ||||||
Perrigo Co. plc |
50 | 9 | ||||||
Pfizer, Inc. |
4,220 | 142 | ||||||
Regeneron Pharmaceuticals, Inc.(2) |
105 | 54 | ||||||
Schein (Henry), Inc.(2) |
550 | 78 |
SHARES | VALUE | |||||||
Health Care—(continued) |
||||||||
Tenet Healthcare Corp.(2) |
2,070 | $ | 120 | |||||
Thermo Fisher Scientific, Inc. |
3,500 | 454 | ||||||
UnitedHealth Group, Inc. |
2,720 | 332 | ||||||
Universal Health Services, Inc. |
1,677 | 238 | ||||||
Vertex Pharmaceuticals, Inc.(2) |
360 | 44 | ||||||
Waters Corp.(2) |
825 | 106 | ||||||
Zoetis, Inc. |
185 | 9 | ||||||
|
|
|||||||
5,470 | ||||||||
|
|
|||||||
Industrials—8.3% |
||||||||
Allegion plc |
4,580 | 275 | ||||||
American Airlines Group, Inc. |
5,150 | 206 | ||||||
Avery Dennison Corp. |
2,760 | 168 | ||||||
Boeing Co. (The) |
1,065 | 148 | ||||||
Cintas Corp. |
8,607 | 728 | ||||||
CSX Corp. |
4,640 | 152 | ||||||
Delta Air Lines, Inc. |
5,845 | 240 | ||||||
Dover Corp. |
912 | 64 | ||||||
Dun & Bradstreet Corp. |
880 | 107 | ||||||
Equifax, Inc. |
2,620 | 254 | ||||||
Flowserve Corp. |
750 | 39 | ||||||
General Dynamics Corp. |
510 | 72 | ||||||
Honeywell International, Inc. |
1,260 | 128 | ||||||
Illinois Tool Works, Inc. |
1,720 | 158 | ||||||
Ingersoll-Rand plc |
1,460 | 98 | ||||||
Kansas City Southern |
540 | 49 | ||||||
L-3 Communications Holdings, Inc. |
70 | 8 | ||||||
Lockheed Martin Corp. |
440 | 82 | ||||||
Masco Corp. |
16,580 | 442 | ||||||
Nielsen Holdings NV |
8,167 | 366 | ||||||
Norfolk Southern Corp. |
1,530 | 134 | ||||||
Northrop Grumman Corp. |
320 | 51 | ||||||
Pall Corp. |
590 | 73 | ||||||
Parker Hannifin Corp. |
790 | 92 | ||||||
Pentair plc |
1,010 | 69 | ||||||
Precision Castparts Corp. |
235 | 47 | ||||||
Raytheon Co. |
495 | 47 | ||||||
Robert Half International, Inc. |
12,892 | 716 | ||||||
Rockwell Collins, Inc. |
120 | 11 | ||||||
Ryder System, Inc. |
7,779 | 680 | ||||||
Snap-On, Inc. |
320 | 51 | ||||||
Southwest Airlines Co. |
4,790 | 159 | ||||||
Stanley Black & Decker, Inc. |
880 | 93 | ||||||
Textron, Inc. |
245 | 11 |
2
VIRTUS GLOBAL EQUITY TREND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
Industrials—(continued) |
||||||||
Union Pacific Corp. |
3,890 | $ | 371 | |||||
United Technologies Corp. |
1,340 | 149 | ||||||
Xylem, Inc. |
1,020 | 38 | ||||||
|
|
|||||||
6,576 | ||||||||
|
|
|||||||
Information Technology—7.8% |
||||||||
Adobe Systems, Inc.(2) |
2,560 | 207 | ||||||
Akamai Technologies, Inc.(2) |
130 | 9 | ||||||
Alliance Data Systems Corp.(2) |
140 | 41 | ||||||
Amphenol Corp. Class A |
5,000 | 290 | ||||||
Apple, Inc. |
4,560 | 572 | ||||||
Applied Materials, Inc. |
19,260 | 370 | ||||||
Autodesk, Inc.(2) |
1,400 | 70 | ||||||
Automatic Data Processing, Inc. |
1,017 | 82 | ||||||
Citrix Systems, Inc.(2) |
980 | 69 | ||||||
Computer Sciences Corp. |
160 | 10 | ||||||
Corning, Inc. |
20,727 | 409 | ||||||
eBay, Inc.(2) |
1,455 | 88 | ||||||
Electronic Arts, Inc.(2) |
11,615 | 772 | ||||||
EMC Corp. |
1,760 | 46 | ||||||
Equinix, Inc. |
80 | 20 | ||||||
Facebook, Inc. Class A(2) |
2,440 | 209 | ||||||
Fidelity National Information Services, Inc. |
610 | 38 | ||||||
Fiserv, Inc.(2) |
520 | 43 | ||||||
Gannett Co., Inc. |
5,255 | 73 | ||||||
Google, Inc. Class A(2) |
340 | 184 | ||||||
Google, Inc. Class C(2) |
340 | 177 | ||||||
Hewlett-Packard Co. |
1,610 | 48 | ||||||
Intuit, Inc. |
1,590 | 160 | ||||||
KLA-Tencor Corp. |
2,895 | 163 | ||||||
Lam Research Corp. |
2,490 | 203 | ||||||
MasterCard, Inc. Class A |
1,870 | 175 | ||||||
NetApp, Inc. |
150 | 5 | ||||||
Paychex, Inc. |
700 | 33 | ||||||
Salesforce.com, Inc.(2) |
3,270 | 228 | ||||||
SanDisk Corp. |
100 | 6 | ||||||
Seagate Technology plc |
160 | 8 | ||||||
TE Connectivity Ltd. |
10,390 | 668 | ||||||
Tegna, Inc. |
10,510 | 337 | ||||||
Total System Services, Inc. |
190 | 8 | ||||||
VeriSign, Inc.(2) |
70 | 4 | ||||||
Visa, Inc. Class A |
3,715 | 249 | ||||||
Western Digital Corp. |
100 | 8 | ||||||
Western Union Co. (The) |
1,130 | 23 |
SHARES | VALUE | |||||||
Information Technology—(continued) |
| |||||||
Xerox Corp. |
2,270 | $ | 24 | |||||
Yahoo!, Inc.(2) |
1,160 | 46 | ||||||
|
|
|||||||
6,175 | ||||||||
|
|
|||||||
Materials—5.0% |
||||||||
Dow Chemical Co. (The) |
5,705 | 292 | ||||||
Du Pont (E.I.) de Nemours & Co. |
4,740 | 303 | ||||||
Eastman Chemical Co. |
880 | 72 | ||||||
Ecolab, Inc. |
1,760 | 199 | ||||||
FMC Corp. |
790 | 42 | ||||||
Freeport-McMoRan Copper & Gold, Inc. |
31,997 | 596 | ||||||
International Flavors & Fragrances, Inc. |
590 | 64 | ||||||
International Paper Co. |
13,580 | 646 | ||||||
Martin Marietta Materials, Inc. |
2,090 | 296 | ||||||
MeadWestvaco Corp. |
5,110 | 241 | ||||||
PPG Industries, Inc. |
1,760 | 202 | ||||||
Sealed Air Corp. |
6,350 | 326 | ||||||
Sherwin-Williams Co. (The) |
557 | 153 | ||||||
Sigma-Aldrich Corp. |
880 | 123 | ||||||
Vulcan Materials Co. |
4,430 | 372 | ||||||
|
|
|||||||
3,927 | ||||||||
|
|
|||||||
Retail REITs—0.8% |
||||||||
General Growth Properties, Inc. |
4,760 | 122 | ||||||
Kimco Realty Corp. |
3,147 | 71 | ||||||
Macerich Co. (The) |
1,087 | 81 | ||||||
Simon Property Group, Inc. |
2,110 | 365 | ||||||
|
|
|||||||
639 | ||||||||
|
|
|||||||
Telecommunication Services—0.9% |
| |||||||
Level 3 Communications, Inc.(2) |
13,220 | 696 | ||||||
|
|
|||||||
Utilities—0.9% |
||||||||
AGL Resources, Inc. |
14,822 | 690 | ||||||
|
|
|||||||
TOTAL COMMON STOCKS (Identified Cost $48,899) |
47,757 | |||||||
|
|
|||||||
EXCHANGE-TRADED FUNDS(3)—38.0% |
|
|||||||
iShares China Large-Cap |
80,677 | 3,719 | ||||||
iShares MSCI Germany Index Fund |
131,312 | 3,661 | ||||||
iShares MSCI Hong Kong Index Fund |
169,510 | 3,824 | ||||||
iShares MSCI India |
132,090 | 4,004 | ||||||
iShares MSCI Italy Index Fund Capped |
250,920 | 3,736 | ||||||
iShares MSCI Spain Index Fund Capped |
108,710 | 3,647 | ||||||
iShares MSCI Switzerland Index Fund Capped |
110,847 | 3,631 |
3
VIRTUS GLOBAL EQUITY TREND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
iShares MSCI Taiwan Index Fund |
244,540 | $ | 3,859 | |||||
|
|
|||||||
TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $31,794) |
30,081 | |||||||
|
|
|||||||
TOTAL LONG TERM INVESTMENTS—98.4% (Identified Cost $80,693) |
77,838 | |||||||
|
|
|||||||
SHORT-TERM INVESTMENTS—1.8% |
|
|||||||
Money Market Mutual Fund—1.8% |
|
|||||||
Fidelity Money Market Portfolio - Institutional Shares (Seven-day effective yield 0.140%) |
1,418,346 | 1,418 | ||||||
|
|
|||||||
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $1,418) |
1,418 | |||||||
|
|
|||||||
TOTAL INVESTMENTS—100.2% (Identified Cost $82,111) |
79,256 | (1) | ||||||
Other assets and liabilities, net—(0.2)% |
(156 | ) | ||||||
|
|
|||||||
NET ASSETS—100.0% |
$ | 79,100 | ||||||
|
|
Abbreviation:
REIT |
Real Estate Investment Trust |
Footnote Legend:
(1) | Federal Income Tax Information: For tax information at June 30, 2015, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments. |
(3) | All of these funds are public funds and the prospectus and annual reports of each are publicly available. |
(2) | Non-income producing. |
4
VIRTUS GLOBAL EQUITY TREND FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
Country Weightings † |
||||
United States |
87 | % | ||
India |
5 | |||
Taiwan |
5 | |||
Ireland |
1 | |||
Switzerland |
1 | |||
United Kingdom |
1 | |||
|
|
|||
Total |
100 | % | ||
|
|
† | % of total investments as of June 30, 2015 |
5
The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (See Security Valuation Note 1A in the Notes to Schedules of Investments):
Total Value at June 30, 2015 |
Level
1 Quoted Prices |
|||||||
Equity Securities: |
||||||||
Common Stocks |
$ | 47,757 | $ | 47,757 | ||||
Exchange-Traded Funds |
30,081 | 30,081 | ||||||
Short-Term Investments |
1,418 | 1,418 | ||||||
|
|
|
|
|||||
Total Investments |
$ | 79,256 | $ | 79,256 | ||||
|
|
|
|
There are no Level 2 (significant observable inputs) or Level 3 (significant unobservable inputs) priced securities.
There were no transfers between Level 1 and Level 2 related to securities held at June 30, 2015.
VIRTUS GLOBAL OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
COMMON STOCKS—96.8% |
||||||||
Consumer Discretionary—9.1% |
||||||||
Alimentation Couche -Tard, Inc. Class B (Canada) |
38,556 | $ | 1,649 | |||||
Las Vegas Sands Corp. (United States) |
44,131 | 2,320 | ||||||
Naspers Ltd. Class N (South Africa) |
11,331 | 1,765 | ||||||
Priceline Group, Inc. (The) (United States)(2) |
3,237 | 3,727 | ||||||
Starbucks Corp. (United States) |
21,800 | 1,169 | ||||||
TJX Cos., Inc. (United States) |
34,313 | 2,271 | ||||||
|
|
|||||||
12,901 | ||||||||
|
|
|||||||
Consumer Staples—28.0% |
||||||||
Altria Group, Inc. (United States) |
110,007 | 5,380 | ||||||
British American Tobacco plc (United Kingdom) |
130,074 | 6,979 | ||||||
Coca-Cola Co. (The) (United States) |
32,751 | 1,285 | ||||||
Diageo plc (United Kingdom) |
47,048 | 1,361 | ||||||
Hershey Co. (The) (United States) |
17,916 | 1,591 | ||||||
ITC Ltd. (India) |
526,683 | 2,607 | ||||||
Nestle S.A. Registered Shares (Switzerland) |
61,294 | 4,425 | ||||||
Philip Morris International, Inc. (United States) |
63,174 | 5,065 | ||||||
Reckitt Benckiser Group plc (United Kingdom) |
47,290 | 4,078 | ||||||
Reynolds American, Inc. (United States) |
23,528 | 1,757 | ||||||
SABMiller plc (United Kingdom) |
27,761 | 1,441 | ||||||
Unilever N.V. CVA (Netherlands) |
90,510 | 3,769 | ||||||
|
|
|||||||
39,738 | ||||||||
|
|
|||||||
Energy—1.6% |
||||||||
Enbridge, Inc. (Canada) |
46,729 | 2,185 | ||||||
|
|
|||||||
Financials—20.8% |
||||||||
American Tower Corp. REIT (United States) |
29,293 | 2,733 | ||||||
Berkshire Hathaway, Inc. Class B (United States)(2) |
22,477 | 3,059 | ||||||
Charles Schwab Corp. (The) (United States) |
44,400 | 1,450 | ||||||
CME Group, Inc. (United States) |
14,364 | 1,337 | ||||||
Housing Development Finance Corp. (India) |
290,368 | 5,911 | ||||||
Housing Development Finance Corp. Bank Ltd. (India) |
275,925 | 4,624 | ||||||
Housing Development Finance Corp. Bank Ltd. ADR (India) |
5,596 | 339 | ||||||
JPMorgan Chase & Co. (United States) |
37,009 | 2,508 | ||||||
UBS Group AG (Switzerland) |
78,700 | 1,669 | ||||||
Wells Fargo & Co. (United States) |
104,427 | 5,873 | ||||||
|
|
|||||||
29,503 | ||||||||
|
|
SHARES | VALUE | |||||||
Health Care—15.8% |
||||||||
Abbott Laboratories (United States) |
45,761 | $ | 2,246 | |||||
Biogen, Inc. (United States)(2) |
5,140 | 2,076 | ||||||
Bristol-Myers Squibb Co. (United States) |
51,198 | 3,407 | ||||||
Celgene Corp. (United States)(2) |
29,018 | 3,358 | ||||||
Medtronic plc (United States) |
17,957 | 1,331 | ||||||
Novo Nordisk A/S Class B (Denmark) |
45,268 | 2,466 | ||||||
Regeneron Pharmaceuticals, Inc. (United States)(2) |
1,600 | 816 | ||||||
Roche Holding AG (Switzerland) |
18,463 | 5,174 | ||||||
Zoetis, Inc. (United States) |
32,664 | 1,575 | ||||||
|
|
|||||||
22,449 | ||||||||
|
|
|||||||
Information Technology—20.0% |
||||||||
Alibaba Group Holding Ltd. ADR (Cayman Islands)(2) |
16,864 | 1,387 | ||||||
Apple, Inc. (United States) |
38,863 | 4,874 | ||||||
Baidu, Inc. Sponsored ADR |
10,028 | 1,996 | ||||||
Cielo S.A. (Brazil) |
112,111 | 1,585 | ||||||
Cognizant Technology Solutions Corp. Class A (United States)(2) |
37,591 | 2,297 | ||||||
Facebook, Inc. Class A (United States)(2) |
9,174 | 787 | ||||||
Google, Inc. Class C |
2,573 | 1,339 | ||||||
MasterCard, Inc. Class A (United States) |
81,330 | 7,603 | ||||||
Tencent Holdings Ltd. (Cayman Islands) |
84,876 | 1,694 | ||||||
Visa, Inc. Class A (United States) |
71,360 | 4,792 | ||||||
|
|
|||||||
28,354 | ||||||||
|
|
|||||||
Materials—1.5% |
||||||||
Martin Marietta Materials, Inc. (United States) |
15,073 | 2,133 | ||||||
|
|
|||||||
TOTAL COMMON STOCKS (Identified Cost $104,115) |
137,263 | |||||||
|
|
|||||||
TOTAL LONG TERM INVESTMENTS—96.8% (Identified Cost $104,115) |
137,263 | |||||||
|
|
|||||||
SHORT-TERM INVESTMENTS—2.4% |
|
|||||||
Money Market Mutual Fund—2.4% |
|
|||||||
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.140%) |
3,378,135 | 3,378 | ||||||
|
|
|||||||
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $3,378) |
3,378 | |||||||
|
|
1
VIRTUS GLOBAL OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
TOTAL INVESTMENTS—99.2% (Identified Cost $107,493) |
140,641 | (1) | ||
Other assets and liabilities, net—0.8% |
1,155 | |||
|
|
|||
NET ASSETS—100.0% |
$ | 141,796 | ||
|
|
Abbreviations:
ADR | American Depositary Receipt |
REIT | Real Estate Investment Trust |
Footnote Legend:
(1) | Federal Income Tax Information: For tax information at June 30, 2015, see Note 10 Federal Income Tax Information in the Notes to Schedules of Investments. |
(2) | Non-income producing. |
2
VIRTUS GLOBAL OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
Country Weightings † |
||||
United States |
59 | % | ||
India |
10 | |||
United Kingdom |
10 | |||
Switzerland |
8 | |||
Canada |
3 | |||
Netherlands |
3 | |||
Cayman Islands |
2 | |||
Other |
5 | |||
|
|
|||
Total |
100 | % | ||
|
|
† | % of total investments as of June 30, 2015 |
3
The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (See Security Valuation Note 1A in the Notes to Schedules of Investments):
Total Value at June 30, 2015 |
Level
1 Quoted Prices |
|||||||
Equity Securities: |
||||||||
Common Stocks |
$ | 137,263 | $ | 137,263 | ||||
Short-Term Investments |
3,378 | 3,378 | ||||||
|
|
|
|
|||||
Total Investments |
$ | 140,641 | $ | 140,641 | ||||
|
|
|
|
There are no Level 2 (significant observable inputs) or Level 3 (significant unobservable inputs) priced securities.
There were no transfers between Level 1 and Level 2 related to securities held at June 30, 2015.
VIRTUS GLOBAL REAL ESTATE SECURITIES FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
COMMON STOCKS—99.1% |
||||||||
Australia—5.0% |
||||||||
Dexus Property Group |
135,839 | $ | 765 | |||||
GPT Group (The) |
123,300 | 407 | ||||||
GPT Group (The) - In Specie(2)(3)(4) |
13,566 | — | ||||||
Scentre Group |
487,789 | 1,412 | ||||||
Westfield Corp. |
208,950 | 1,470 | ||||||
|
|
|||||||
4,054 | ||||||||
|
|
|||||||
Canada—3.7% |
||||||||
Allied Properties Real Estate Investment Trust |
33,435 | 949 | ||||||
Canadian Real Estate Investment Trust |
17,275 | 587 | ||||||
First Capital Realty, Inc. |
34,680 | 497 | ||||||
RioCan Real Estate Investment Trust |
46,062 | 987 | ||||||
|
|
|||||||
3,020 | ||||||||
|
|
|||||||
Finland—1.0% |
||||||||
Citycon OYJ |
212,022 | 530 | ||||||
Citycon OYJ Interim Shares(2)(4) |
106,011 | 265 | ||||||
|
|
|||||||
795 | ||||||||
|
|
|||||||
France—2.6% |
||||||||
Fonciere Des Regions |
3,654 | 311 | ||||||
Klepierre |
26,320 | 1,158 | ||||||
Mercialys SA |
27,000 | 602 | ||||||
|
|
|||||||
2,071 | ||||||||
|
|
|||||||
Germany—2.6% |
||||||||
Deutsche Annington Immobilien SE |
47,749 | 1,347 | ||||||
LEG Immobilien AG |
11,254 | 782 | ||||||
|
|
|||||||
2,129 | ||||||||
|
|
|||||||
Hong Kong—2.6% |
||||||||
Hysan Development Co. Ltd. |
104,000 | 451 | ||||||
Link REIT (The) |
273,504 | 1,602 | ||||||
|
|
|||||||
2,053 | ||||||||
|
|
|||||||
Italy—0.2% |
||||||||
Beni Stabili SpA |
213,062 | 158 | ||||||
|
|
|||||||
Japan—5.8% |
||||||||
GLP J-REIT |
681 | 651 | ||||||
Hulic Co., Ltd. |
74,200 | 658 | ||||||
Industrial & Infrastructure Fund Investment Corp. |
133 | 601 | ||||||
Japan Real Estate Investment Corp. |
111 | 504 | ||||||
Japan Rental Housing Investments, Inc. |
422 | 297 | ||||||
Kenedix Office Investment Corp. |
80 | 401 |
SHARES | VALUE | |||||||
Japan—(continued) |
||||||||
Kenedix Retail Reit Corp. |
64 | $ | 152 | |||||
Nippon Building Fund, Inc. |
123 | 539 | ||||||
Nippon Prologis REIT, Inc. |
222 | 409 | ||||||
Nomura Real Estate Office Fund, Inc. |
103 | 467 | ||||||
|
|
|||||||
4,679 | ||||||||
|
|
|||||||
Mexico—1.2% |
||||||||
PLA Administradora Industrial S de Rl de CV |
185,722 | 363 | ||||||
Prologis Property Mexico SA de CV |
367,800 | 619 | ||||||
|
|
|||||||
982 | ||||||||
|
|
|||||||
Netherlands—3.1% |
||||||||
Unibail-Rodamco SE |
9,923 | 2,508 | ||||||
|
|
|||||||
Norway—0.4% |
||||||||
Entra ASA |
23,000 | 214 | ||||||
Norwegian Property ASA |
112,875 | 140 | ||||||
|
|
|||||||
354 | ||||||||
|
|
|||||||
Singapore—2.7% |
||||||||
CapitaLand Mall Trust |
231,450 | 369 | ||||||
CapitaLand Retail China Trust |
524,331 | 677 | ||||||
Global Logistic Properties Ltd. |
587,500 | 1,104 | ||||||
|
|
|||||||
2,150 | ||||||||
|
|
|||||||
Sweden—0.7% |
||||||||
Castellum AB |
40,640 | 571 | ||||||
|
|
|||||||
United Kingdom—9.5% |
||||||||
Big Yellow Group plc |
81,628 | 818 | ||||||
British Land Co. plc |
77,800 | 970 | ||||||
Derwent London plc |
10,110 | 540 | ||||||
Great Portland Estates plc |
27,476 | 335 | ||||||
Hammerson plc |
121,020 | 1,170 | ||||||
Land Securities Group plc |
60,031 | 1,136 | ||||||
Safestore Holdings plc |
168,957 | 750 | ||||||
SEGRO plc |
111,490 | 711 | ||||||
Unite Group plc (The) |
138,500 | 1,244 | ||||||
|
|
|||||||
7,674 | ||||||||
|
|
|||||||
United States—58.0% |
||||||||
American Campus Communities, Inc. |
22,638 | 853 | ||||||
American Homes 4 Rent Class A |
24,000 | 385 | ||||||
AvalonBay Communities, Inc. |
14,065 | 2,249 | ||||||
Boston Properties, Inc. |
11,078 | 1,341 | ||||||
Brixmor Property Group, Inc. |
56,833 | 1,315 |
1
VIRTUS GLOBAL REAL ESTATE SECURITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
United States—(continued) |
||||||||
Camden Property Trust |
24,460 | $ | 1,817 | |||||
Cousins Properties, Inc. |
78,700 | 817 | ||||||
CubeSmart |
30,050 | 696 | ||||||
DCT Industrial Trust, Inc. |
51,198 | 1,610 | ||||||
Douglas Emmett, Inc. |
43,619 | 1,175 | ||||||
Duke Realty Corp. |
42,100 | 782 | ||||||
Equity Lifestyle Properties, Inc. |
10,446 | 549 | ||||||
Equity Residential |
37,915 | 2,660 | ||||||
Essex Property Trust, Inc. |
11,254 | 2,391 | ||||||
Extra Space Storage, Inc. |
26,195 | 1,708 | ||||||
Federal Realty Investment Trust |
7,950 | 1,018 | ||||||
General Growth Properties, Inc. |
66,019 | 1,694 | ||||||
HCP, Inc. |
6,329 | 231 | ||||||
Highwoods Properties, Inc. |
23,560 | 941 | ||||||
Host Hotels & Resorts, Inc. |
95,108 | 1,886 | ||||||
Kilroy Realty Corp. |
27,075 | 1,818 | ||||||
LaSalle Hotel Properties |
38,915 | 1,380 | ||||||
Liberty Property Trust |
38,167 | 1,230 | ||||||
Macerich Co. (The) |
1,873 | 140 | ||||||
Paramount Group, Inc. |
30,640 | 526 | ||||||
Pebblebrook Hotel Trust |
32,809 | 1,407 | ||||||
Prologis, Inc. |
60,848 | 2,257 | ||||||
Public Storage |
11,884 | 2,191 | ||||||
Regency Centers Corp. |
17,400 | 1,026 | ||||||
RLJ Lodging Trust |
43,350 | 1,291 | ||||||
Simon Property Group, Inc. |
25,431 | 4,400 | ||||||
SL Green Realty Corp. |
5,286 | 581 | ||||||
Tanger Factory Outlet Centers |
45,750 | 1,450 | ||||||
Ventas, Inc. |
16,472 | 1,023 | ||||||
WP GLIMCHER, Inc. |
7,315 | 99 | ||||||
|
|
|||||||
46,937 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS (Identified Cost $74,698) |
80,135 | |||||||
|
|
|||||||
TOTAL LONG TERM INVESTMENTS—99.1% (Identified Cost $74,698) |
80,135 | |||||||
|
|
|||||||
SHORT-TERM INVESTMENTS—0.7% |
|
|||||||
Money Market Mutual Fund—0.7% |
|
|||||||
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.140%) |
593,993 | 594 | ||||||
|
|
|||||||
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $594) |
594 | |||||||
|
|
TOTAL INVESTMENTS—99.8% (Identified Cost $75,292) |
80,729 | (1) | ||
Other assets and liabilities, net—0.2% |
167 | |||
|
|
|||
NET ASSETS—100.0% |
$ | 80,896 | ||
|
|
Abbreviation:
REIT | Real Estate Investment Trust |
Footnote Legend:
(1) | Federal Income Tax Information: For tax information at June 30, 2015, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments. |
(2) | Non-income producing. |
(3) | Illiquid security. |
(4) | Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a level 3 security in the disclosure table located after the Schedule of Investments. |
2
VIRTUS GLOBAL REAL ESTATE SECURITIES FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
Country Weightings † |
||||
United States |
59 | % | ||
United Kingdom |
10 | |||
Japan |
6 | |||
Australia |
5 | |||
Canada |
4 | |||
Netherlands |
3 | |||
Singapore |
3 | |||
Other |
10 | |||
|
|
|||
Total |
100 | % | ||
|
|
† | % of total investments as of June 30, 2015 |
3
The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (See Security Valuation Note 1A in the Notes to Schedules of Investments):
Total Value
at June 30, 2015 |
Level
1 Quoted Prices |
Level
2 Significant Observable Inputs |
Level
3 Significant Unobservable Inputs |
|||||||||||||
Equity Securities: |
||||||||||||||||
Common Stocks |
$ | 80,135 | $ | 79,870 | $ | 265 | $ | 0 | (1) | |||||||
Short-Term Investments |
594 | 594 | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 80,729 | $ | 80,464 | $ | 265 | $ | 0 | (1) | |||||||
|
|
|
|
|
|
|
|
(1) | Includes internally fair valued security currently priced at zero ($0). |
There were no transfers between Level 1 and Level 2 related to securities held at June 30, 2015.
VIRTUS GREATER EUROPEAN OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
COMMON STOCKS—99.0% |
||||||||
Consumer Discretionary—16.9% |
||||||||
Barrat Developments plc (United Kingdom) |
29,958 | $ | 289 | |||||
Compagnie Financiere Richemont SA Registered Shares (Switzerland) |
4,487 | 365 | ||||||
Domino’s Pizza Group plc (United Kingdom) |
21,494 | 262 | ||||||
Hermes International SA (France) |
1,596 | 595 | ||||||
Naspers Ltd. Class N (South Africa) |
1,943 | 303 | ||||||
Paddy Power plc (Ireland) |
4,298 | 368 | ||||||
Persimmon plc (United Kingdom) |
11,197 | 348 | ||||||
Priceline Group, Inc. (The) (United |
591 | 681 | ||||||
William Hill plc (United Kingdom) |
45,679 | 289 | ||||||
|
|
|||||||
3,500 | ||||||||
|
|
|||||||
Consumer Staples—39.3% |
||||||||
Anheuser-Busch InBev N.V. (Belgium) |
5,763 | 691 | ||||||
British American Tobacco plc (United Kingdom) |
24,508 | 1,315 | ||||||
Chocoladefabrike Lindt & Spruengli AG (Switzerland) |
43 | 227 | ||||||
Diageo plc (United Kingdom) |
9,260 | 268 | ||||||
Imperial Tobacco Group plc (United Kingdom) |
13,267 | 639 | ||||||
L’Oreal SA (France) |
2,101 | 375 | ||||||
Nestle S.A. Registered Shares (Switzerland) |
13,260 | 957 | ||||||
Pernod-Ricard SA (France) |
3,046 | 352 | ||||||
Philip Morris International, Inc. (United States) |
12,020 | 964 | ||||||
Reckitt Benckiser Group plc (United Kingdom) |
11,855 | 1,022 | ||||||
SABMiller plc (United Kingdom) |
11,032 | 573 | ||||||
Unilever N.V. CVA (Netherlands) |
18,115 | 754 | ||||||
|
|
|||||||
8,137 | ||||||||
|
|
|||||||
Financials—10.5% |
||||||||
Banco Bilbao Vizcaya Argentaria S.A. (Spain) |
62,120 | 609 | ||||||
Lloyds Banking Group plc (United Kingdom) |
256,886 | 344 | ||||||
Reinet Investments SCA (Luxembourg) |
8,716 | 181 | ||||||
Svenska Handelsbanken AB Class A (Sweden) |
12,577 | 184 | ||||||
UBS Group AG (Switzerland) |
40,425 | 857 | ||||||
|
|
|||||||
2,175 | ||||||||
|
|
|||||||
Health Care—18.6% |
||||||||
Bayer AG Registered Shares (Germany) |
2,023 | 283 | ||||||
Coloplast A/S Class B (Denmark) |
2,773 | 182 | ||||||
Essilor International SA (France) |
4,302 | 513 | ||||||
Fresenius Medical Care AG & Co. KGaA (Germany) |
4,089 | 338 | ||||||
Grifols SA (Spain) |
10,158 | 409 |
SHARES | VALUE | |||||||
Health Care—(continued) |
||||||||
Novo Nordisk A/S Class B (Denmark) |
11,901 | $ | 648 | |||||
Novozymes A/S Class B (Denmark) |
4,583 | 218 | ||||||
Roche Holding AG (Switzerland) |
4,513 | 1,265 | ||||||
|
|
|||||||
3,856 | ||||||||
|
|
|||||||
Industrials—6.3% |
||||||||
Bureau Veritas SA (France) |
18,821 | 434 | ||||||
DKSH Holding AG (Switzerland) |
3,616 | 262 | ||||||
Geberit AG (Switzerland) |
550 | 183 | ||||||
SGS SA Registered Shares (Switzerland) |
136 | 248 | ||||||
Zardoya Otis S.A. (Spain)(2)(3) |
628 | 7 | ||||||
Zardoya Otis S.A. (Spain) |
15,711 | 171 | ||||||
|
|
|||||||
1,305 | ||||||||
|
|
|||||||
Materials—6.3% |
||||||||
Air Liquide SA (France) |
5,051 | 639 | ||||||
HeidelbergCement AG (Germany) |
2,315 | 184 | ||||||
Randgold Resources Ltd. (Jersey) |
1,698 | 114 | ||||||
Randgold Resources Ltd. ADR (Jersey) |
1,763 | 118 | ||||||
Sika AG (Switzerland) |
69 | 243 | ||||||
|
|
|||||||
1,298 | ||||||||
|
|
|||||||
Retail REIT—1.1% |
||||||||
Unibail-Rodamco SE (Netherlands) |
874 | 221 | ||||||
|
|
|||||||
TOTAL COMMON STOCKS (Identified Cost $17,804) |
20,492 | |||||||
|
|
|||||||
TOTAL LONG TERM INVESTMENTS—99.0% (Identified Cost $17,804) |
20,492 | |||||||
|
|
|||||||
SHORT-TERM INVESTMENTS—2.4% |
|
|||||||
Money Market Mutual Fund—2.4% |
||||||||
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.140%) |
486,991 | 487 | ||||||
|
|
|||||||
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $487) |
487 | |||||||
|
|
|||||||
TOTAL INVESTMENTS—101.4% (Identified Cost $18,291) |
20,979 | (1) | ||||||
Other assets and liabilities, net—(1.4)% |
(280 | ) | ||||||
|
|
|||||||
NET ASSETS—100.0% |
$ | 20,699 | ||||||
|
|
Abbreviations:
ADR | American Depositary Receipt |
REIT | Real Estate Investment Trust |
1
VIRTUS GREATER EUROPEAN OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
Footnote Legend:
(1) | Federal Income Tax Information: For tax information at June 30, 2015, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments. |
(2) | Non-income producing. |
(3) | Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a Level 3 security in the disclosure table located after the Schedule of Investments. |
2
VIRTUS GREATER EUROPEAN OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
Country Weightings † |
||||
United Kingdom |
25 | % | ||
Switzerland |
22 | |||
France |
14 | |||
United States |
10 | |||
Spain |
6 | |||
Denmark |
5 | |||
Netherlands |
5 | |||
Other |
13 | |||
|
|
|||
Total |
100 | % | ||
|
|
† | % of total investments as of June 30, 2015 |
3
The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (See Security Valuation Note 1A in the Notes to Schedules of Investments):
Total Value at June 30, 2015 |
Level
1 Quoted Prices |
Level 2 Significant Observable Inputs |
||||||||||
Equity Securities: |
||||||||||||
Common Stocks |
$ | 20,492 | $ | 20,485 | $ | 7 | ||||||
Short-Term Investments |
487 | 487 | — | |||||||||
|
|
|
|
|
|
|||||||
Total Investments |
$ | 20,979 | $ | 20,972 | $ | 7 | ||||||
|
|
|
|
|
|
There are no Level 3 (significant unobservable inputs) priced securities.
There were no transfers between Level 1 and Level 2 related to securities held at June 30, 2015.
VIRTUS HERZFELD FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
CLOSED END FUNDS—66.3% |
||||||||
Convertible Fund—0.9% |
||||||||
Putnam High Income Securities Fund |
48,414 | $ | 377 | |||||
|
|
|||||||
Equity Funds—35.4% |
||||||||
Adams Express Co. |
51,119 | 714 | ||||||
Adams Natural Resources Fund, Inc. |
13,166 | 294 | ||||||
Alpine Total Dynamic Dividend Fund |
86,634 | 749 | ||||||
ASA Gold and Precious Metals Ltd. |
4,500 | 44 | ||||||
Blackrock Science & Technology Trust |
115,377 | 2,036 | ||||||
Boulder Growth & Income Fund, Inc. |
239,381 | 2,020 | ||||||
Cohen & Steers Infrastructure Fund, Inc. |
27,935 | 587 | ||||||
Cohen & Steers Total Return Realty Fund, Inc. |
16,684 | 203 | ||||||
Cushing MLP Total Return Fund (The) |
120,014 | 442 | ||||||
Eaton Vance Tax-Advantaged Dividend Income Fund |
9,652 | 191 | ||||||
Gabelli Dividend & Income Trust (The) |
46,938 | 977 | ||||||
Gabelli Healthcare & WellnessRx Trust (The) |
63,857 | 718 | ||||||
Gabelli Multimedia Trust, Inc. |
44,700 | 410 | ||||||
General American Investors Co., Inc. |
17,749 | 618 | ||||||
Kayne Anderson Midsteam/Energy Fund, Inc. |
39,876 | 1,178 | ||||||
Liberty All Star Equity Fund |
138,547 | 797 | ||||||
Salient Midstream & MLP Fund |
50,385 | 1,016 | ||||||
Tortoise Energy Independence Fund, Inc. |
23,681 | 435 | ||||||
Tortoise Energy Infrastructure Corp. |
29,555 | 1,091 | ||||||
Tri-Continental Corp. |
11,847 | 251 | ||||||
|
|
|||||||
14,771 | ||||||||
|
|
|||||||
Income Funds—12.8% |
||||||||
First Trust High Income Long/Short Fund |
32,500 | 508 | ||||||
First Trust Mortgage Income Fund |
14,700 | 207 | ||||||
NexPoint Credit Strategies Fund |
133,010 | 975 | ||||||
Nuveen Multi-Market Income Fund, Inc. |
14,024 | 101 | ||||||
Pimco Corporate & Income Strategy Fund |
10,911 | 155 | ||||||
Pimco Dynamic Credit Income Fund |
79,900 | 1,613 | ||||||
Pimco Dynamic Income Fund |
52,056 | 1,521 | ||||||
Pimco Income Strategy Fund |
19,000 | 206 | ||||||
Western Asset/Claymore Inflation-Linked Opportunities & Income Fund |
5,000 | 56 | ||||||
|
|
|||||||
5,342 | ||||||||
|
|
|||||||
International Equity Funds—16.0% |
|
|||||||
Aberdeen Japan Equity Fund, Inc. |
67,648 | 559 | ||||||
Aberdeen Singapore Fund, Inc. |
5,100 | 56 | ||||||
Alpine Global Dynamic Dividend Fund |
57,943 | 574 |
SHARES | VALUE | |||||||
International Equity Funds—(continued) |
|
|||||||
Brookfield Global Listed Infrastructure Income Fund, Inc. |
7,000 | $ | 116 | |||||
Clough Global Opportunities Fund |
24,477 | 295 | ||||||
Delaware Enhanced Global Dividend and Income Fund |
18,872 | 204 | ||||||
Japan Smaller Capitalization Fund, Inc. |
53,793 | 581 | ||||||
Korea Fund, Inc. (The)(2) |
6,579 | 267 | ||||||
Macquarie Global Infrastructure Total Return Fund, Inc. |
4,000 | 93 | ||||||
Morgan Stanley China A Share Fund, Inc. |
3,500 | 119 | ||||||
New Germany Fund, Inc. (The) |
26,865 | 405 | ||||||
RMR Real Estate Income Fund |
11,278 | 209 | ||||||
Taiwan Fund, Inc. (The) |
29,640 | 527 | ||||||
Tekla Healthcare Opportunities Fund |
133,153 | 2,640 | ||||||
Templeton Dragon Fund, Inc. |
1,837 | 46 | ||||||
|
|
|||||||
6,691 | ||||||||
|
|
|||||||
International Income Funds—1.2% |
|
|||||||
Aberdeen Asia-Pacific Income Fund, Inc. |
14,107 | 70 | ||||||
Diversified Real Asset Income Fund |
24,030 | 421 | ||||||
|
|
|||||||
491 | ||||||||
|
|
|||||||
TOTAL CLOSED END FUNDS (Identified Cost $28,604) |
27,672 | |||||||
|
|
|||||||
PREFERRED STOCKS—23.0% |
|
|||||||
Financials—23.0% |
||||||||
Eagle Point Credit Co, Inc. 7.75% |
19,140 | 482 | ||||||
MVC Capital, Inc. 7.25 |
83,145 | 2,071 | ||||||
Oxford Lane Capital Corp. 7.50% |
142,952 | 3,436 | ||||||
Oxford Lane Capital Corp. 8.125% |
142,366 | 3,582 | ||||||
|
|
|||||||
TOTAL PREFERRED STOCKS (Identified Cost $9,667) |
9,571 | |||||||
|
|
|||||||
TOTAL LONG TERM INVESTMENTS—89.3% (Identified Cost $38,271) |
37,243 | |||||||
|
|
|||||||
SHORT-TERM INVESTMENTS—12.2% |
|
|||||||
Money Market Mutual Fund—12.2% |
|
|||||||
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.140%) |
5,093,558 | 5,094 | ||||||
|
|
|||||||
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $5,094) |
5,094 | |||||||
|
|
1
VIRTUS HERZFELD FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
TOTAL INVESTMENTS—101.5% (Identified Cost $43,365) |
42,337 | (1) | ||||
Other assets and liabilities, net—(1.5)% |
(626 | ) | ||||
|
|
|||||
NET ASSETS—100.0% |
$ | 41,711 | ||||
|
|
Footnote Legend:
(1) | Federal Income Tax Information: For tax information at June 30, 2015, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments. |
(2) | Non-income producing. |
2
The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (See Security Valuation Note 1A in the Notes to Schedules of Investments):
Total Value at June 30, 2015 |
Level 1 Quoted Prices |
|||||||
Equity Securities: |
||||||||
Closed End Funds |
$ | 27,672 | $ | 27,672 | ||||
Preferred Stocks |
9,571 | 9,571 | ||||||
Short-Term Investments |
5,094 | 5,094 | ||||||
|
|
|
|
|||||
Total Investments |
$ | 42,337 | $ | 42,337 | ||||
|
|
|
|
There are no Level 2 (significant observable inputs) or Level 3 (significant unobservable inputs) priced securities.
There were no transfers between Level 1 and Level 2 related to securities held at June 30, 2015.
VIRTUS HIGH YIELD FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
MORTGAGE-BACKED SECURITIES—1.1% |
|
|||||||
Non-Agency—1.1% |
||||||||
Citigroup Mortgage Loan Trust, Inc. 05-5, 2A3 |
$ | 132 | $ | 131 | ||||
Goldman Sachs Residential Mortgage Loan Trust 05-5F, B1 |
275 | 285 | ||||||
MASTR Reperforming Loan Trust 05-1, 1A5 144A |
243 | 260 | ||||||
Residential Accredit Loans, Inc. 05-QS1, A5 |
149 | 150 | ||||||
Residential Asset Securities Corp. 01-KS2, AI5 |
222 | 228 | ||||||
|
|
|||||||
TOTAL MORTGAGE-BACKED SECURITIES (Identified Cost $1,020) |
1,054 | |||||||
|
|
|||||||
ASSET-BACKED SECURITIES—1.8% |
|
|||||||
Carnow Auto Receivables Trust 14-1A, E 144A |
300 | 304 | ||||||
Exeter Automobile Receivables Trust 14-3A, D 144A |
300 | 302 | ||||||
Greater Capital Association of Realtors 15-1A, C |
250 | 250 | ||||||
Home Equity Loan Trust 07-HSA3, AI4 |
409 | 413 | ||||||
Leaf Receivables Funding 10 LLC 15-1, E2 144A |
160 | 154 | ||||||
LEAF Receivables Funding 9 LLC 13-1, E1 144A |
270 | 277 | ||||||
|
|
|||||||
TOTAL ASSET-BACKED SECURITIES (Identified Cost $1,686) |
1,700 | |||||||
|
|
|||||||
CORPORATE BONDS AND NOTES—89.2% |
|
|||||||
Consumer Discretionary—21.8% |
|
|||||||
Argos Merger Sub, Inc. 144A |
810 | 851 | ||||||
Boyd Gaming Corp. |
||||||||
9.000%, 7/1/20 |
310 | 338 | ||||||
6.875%, 5/15/23 |
265 | 273 | ||||||
Brookfield Residential Properties, Inc. 144A |
35 | 35 | ||||||
Caesars Entertainment Operating Co., Inc. |
500 | 410 | ||||||
Caesars Entertainment Resort Properties LLC |
360 | 340 |
PAR VALUE | VALUE | |||||||
Consumer Discretionary—(continued) |
|
|||||||
Caesars Growth Properties Holdings LLC 144A |
$ | 260 | $ | 196 | ||||
Cequel Communications Holdings I LLC 144A |
865 | 862 | ||||||
Clear Channel Worldwide Holdings, Inc. |
||||||||
Series B 7.625%, 3/15/20 |
1,880 | 1,967 | ||||||
Series A 7.625%, 3/15/20 |
175 | 181 | ||||||
Columbus International, Inc. 144A |
245 | 264 | ||||||
CSC Holdings LLC |
540 | 521 | ||||||
Dana Holding Corp. |
130 | 128 | ||||||
DISH DBS Corp. |
550 | 512 | ||||||
DR Horton, Inc. |
105 | 105 | ||||||
Fiat Chrysler Automobiles NV |
250 | 246 | ||||||
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp. |
595 | 621 | ||||||
iHeartCommunications, Inc. |
||||||||
10.000%, 1/15/18 |
290 | 235 | ||||||
9.000%, 3/1/21 |
650 | 595 | ||||||
Intelsat Jackson Holdings SA |
675 | 600 | ||||||
International Game Technology plc 144A 5.625%, 2/15/20(3) |
220 | 216 | ||||||
Isle of Capri Casinos, Inc. |
561 | 579 | ||||||
Landry’s, Inc. 144A |
485 | 523 | ||||||
Lear Corp. |
405 | 400 | ||||||
Lennar Corp. |
215 | 219 | ||||||
MDC Holdings, Inc. |
370 | 365 | ||||||
Meritor, Inc. |
600 | 617 | ||||||
MGM Resorts International |
745 | 791 | ||||||
Mohegan Tribal Gaming Authority |
225 | 237 | ||||||
MPG Holdco I, Inc. |
245 | 262 | ||||||
Numericable Group SA |
||||||||
144A 6.000%, 5/15/22(3) |
465 | 460 | ||||||
144A 6.250%, 5/15/24(3) |
200 | 197 | ||||||
Omega US Sub LLC 144A |
755 | 757 | ||||||
Penn National Gaming, Inc. |
490 | 496 | ||||||
Pinnacle Entertainment, Inc. |
335 | 357 | ||||||
Playa Resorts Holding B.V. 144A |
200 | 208 | ||||||
RCN Telecom Services LLC (RCN Capital Corp.) 144A |
670 | 704 | ||||||
RSI Home Products, Inc. 144A |
255 | 258 |
1
VIRTUS HIGH YIELD FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
Consumer Discretionary—(continued) |
|
|||||||
Schaeffler Finance B.V. 144A |
$ | 200 | $ | 196 | ||||
Scientific Games International, Inc. |
||||||||
6.625%, 5/15/21 |
270 | 211 | ||||||
144A 7.000%, 1/1/22(3) |
415 | 431 | ||||||
Standard Pacific Corp. |
120 | 128 | ||||||
Standard Pacific Corp. |
175 | 181 | ||||||
Taylor Morrison Communities, Inc. (Monarch Communities, Inc.) 144A |
210 | 208 | ||||||
TRI Pointe Holdings, Inc. |
520 | 512 | ||||||
United Artists Theatre Circuit, Inc. |
||||||||
Series 95-A 9.300%, 7/1/15(5)(6) |
29 | 29 | ||||||
Series BD-1 9.300%, 7/1/15(5)(6) |
33 | 33 | ||||||
Series AW-0 9.300%, 7/1/15(5)(6) |
— | (16) | — | (16) | ||||
Series BE-9 9.300%, 7/1/15(5)(6) |
1 | 1 | ||||||
Univision Communications, Inc. 144A |
545 | 531 | ||||||
Viking Cruises Ltd. 144A |
260 | 290 | ||||||
VTR Finance B.V. 144A |
450 | 461 | ||||||
WMG Acquisition Corp. |
||||||||
144A 5.625%, 4/15/22(3) |
250 | 251 | ||||||
144A 6.750%, 4/15/22(3) |
250 | 239 | ||||||
|
|
|||||||
20,628 | ||||||||
|
|
|||||||
Consumer Staples—3.9% |
||||||||
Dole Food Co., Inc. 144A |
275 | 278 | ||||||
Ingles Markets, Inc. |
550 | 562 | ||||||
Pilgrim’s Pride Corp. 144A |
105 | 106 | ||||||
Post Holdings, Inc. 144A |
335 | 324 | ||||||
Rite Aid Corp. |
||||||||
6.750%, 6/15/21 |
540 | 568 | ||||||
144A 6.125%, 4/1/23(3) |
65 | 67 | ||||||
Roundy’s Supermarkets, Inc. 144A |
250 | 214 | ||||||
Spectrum Brands, Inc. |
520 | 552 | ||||||
SUPERVALU, Inc. |
300 | 305 | ||||||
Tops Holding LLC (Tops Markets II Corp.) 144A |
310 | 312 | ||||||
Vector Group Ltd. |
400 | 430 | ||||||
|
|
|||||||
3,718 | ||||||||
|
|
|
|
|||||
Energy—9.8% |
||||||||
Antero Resources Corp. 144A |
320 | 311 |
PAR VALUE | VALUE | |||||||
Energy—(continued) |
|
|||||||
Blue Racer Midstream LLC / Blue Racer Finance Corp. 144A |
$ | 305 | $ | 316 | ||||
California Resources Corp. |
140 | 124 | ||||||
Carrizo Oil & Gas, Inc. |
280 | 296 | ||||||
Chesapeake Energy Corp. |
345 | 338 | ||||||
CONSOL Energy, Inc. |
260 | 222 | ||||||
Crestwood Midstream Partners LP (Crestwood Midstream Finance Corp.) 144A |
295 | 307 | ||||||
Denbury Resources, Inc. |
180 | 161 | ||||||
Energy Transfer Partners LP |
465 | 484 | ||||||
EnQuest plc 144A |
250 | 199 | ||||||
Ensco PLC |
40 | 39 | ||||||
EP Energy LLC (Everest Acquisition Finance, Inc.) |
||||||||
9.375%, 5/1/20 |
215 | 231 | ||||||
144A 6.375%, 6/15/23(3) |
530 | 533 | ||||||
Exterran Partners LP (EXLP Finance Corp.) |
355 | 339 | ||||||
FTS International, Inc. |
||||||||
144A 7.783%, 6/15/20(2)(3) |
230 | 229 | ||||||
6.250%, 5/1/22 |
190 | 141 | ||||||
Gulfport Energy, Corp. |
305 | 321 | ||||||
Halcon Resources Corp. |
||||||||
144A 8.625%, 2/1/20(3) |
160 | 159 | ||||||
8.875%, 5/15/21 |
300 | 199 | ||||||
Helmerich & Payne International Drilling Co. 144A |
170 | 175 | ||||||
Laredo Petroleum, Inc. |
85 | 87 | ||||||
Linn Energy LLC (Linn Energy Finance Corp.) |
245 | 192 | ||||||
MarkWest Energy Partners LP (MarkWest Energy Finance Corp.) |
300 | 295 | ||||||
MEG Energy Corp. 144A |
250 | 241 | ||||||
Newfield Exploration Co. |
435 | 431 | ||||||
NGL Energy Partners LP (NGL Energy Finance Corp.) |
245 | 246 | ||||||
Pacific Rubiales Energy Corp. 144A |
220 | 181 | ||||||
Parker Drilling Co. (The) |
275 | 252 | ||||||
Regency Energy Partners LP |
535 | 569 | ||||||
Sabine Oil & Gas Corp. |
329 | 74 | ||||||
Sabine Pass Liquefaction LLC |
480 | 492 | ||||||
SM Energy Co. 144A |
265 | 274 |
2
VIRTUS HIGH YIELD FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
Energy—(continued) |
||||||||
Sunoco LP (Sunoco Finance Corp.) 144A |
$ | 425 | $ | 444 | ||||
Whiting Petroleum Corp. 144A |
325 | 324 | ||||||
|
|
|||||||
9,226 | ||||||||
|
|
|||||||
Financials—11.2% |
||||||||
Aircastle Ltd. |
625 | 633 | ||||||
Ally Financial, Inc. |
||||||||
3.250%, 2/13/18 |
95 | 95 | ||||||
3.600%, 5/21/18 |
65 | 65 | ||||||
4.125%, 3/30/20 |
185 | 185 | ||||||
4.125%, 2/13/22 |
130 | 125 | ||||||
4.625%, 3/30/25 |
160 | 153 | ||||||
CTR Partnership LP (Caretrust Capital Corp.) |
340 | 348 | ||||||
CyrusOne LP (CyrusOne Finance Corp.) 144A |
400 | 415 | ||||||
Drawbridge Special Opportunities Fund LP 144A |
585 | 585 | ||||||
DuPont Fabros Technology LP |
405 | 412 | ||||||
ESH Hospitality, Inc. 144A |
260 | 254 | ||||||
First Cash Financial Services, Inc. |
280 | 296 | ||||||
General Motors Financial Co., Inc. |
125 | 122 | ||||||
Genworth Holdings, Inc. |
405 | 360 | ||||||
GLP Capital LP (GLP Financing II, Inc.) |
||||||||
4.875%, 11/1/20 |
385 | 392 | ||||||
5.375%, 11/1/23 |
5 | 5 | ||||||
Hertz Corp. (The) |
410 | 418 | ||||||
ICAHN Enterprises LP (ICAHN Enterprises Finance Corp.) |
335 | 341 | ||||||
ING Groep NV |
200 | (11) | 198 | |||||
iStar Financial, Inc. |
865 | 856 | ||||||
JPMorgan Chase & Co. Series Z, |
60 | (11) | 60 | |||||
Landry’s Holdings II, Inc. 144A |
175 | 182 | ||||||
Nationstar Mortgage LLC |
290 | 271 | ||||||
Navient LLC |
||||||||
4.875%, 6/17/19 |
75 | 74 | ||||||
5.500%, 1/25/23 |
240 | 228 | ||||||
RHP Hotel Properties LP (RHP Finance Corp.) 144A |
45 | 44 | ||||||
Springleaf Finance Corp. |
1,120 | 1,109 | ||||||
Sprint Capital Corp. |
360 | 368 |
PAR VALUE | VALUE | |||||||
Financials—(continued) |
||||||||
Ukreximbank Via Biz Finance plc RegS |
$ | 100 | $ | 78 | ||||
UPCB Finance Ltd. Series V 144A |
441 | 479 | ||||||
Voya Financial, Inc. |
770 | 789 | ||||||
Walter Investment Management Corp. |
410 | 382 | ||||||
York Risk Services Holding Corp. 144A |
295 | 261 | ||||||
|
|
|||||||
10,583 | ||||||||
|
|
|||||||
Health Care—12.4% |
||||||||
Acadia Healthcare Co., Inc. |
145 | 144 | ||||||
Alere, Inc. |
||||||||
6.500%, 6/15/20 |
415 | 432 | ||||||
144A 6.375%, 7/1/23(3) |
115 | 117 | ||||||
Capsugel SA PIK Interest Capitalization, |
310 | 316 | ||||||
Community Health Systems, Inc. |
||||||||
5.125%, 8/1/21 |
345 | 352 | ||||||
6.875%, 2/1/22 |
145 | 154 | ||||||
Concordia Healthcare Corp. 144A |
520 | 521 | ||||||
Crimson Merger Sub, Inc. 144A |
265 | 235 | ||||||
DaVita Healthcare Partners, Inc. |
||||||||
5.125%, 7/15/24 |
310 | 305 | ||||||
5.000%, 5/1/25 |
125 | 121 | ||||||
DJO Finco, Inc. (DJO Finance LLC / DJO Finance Corp.) 144A |
210 | 217 | ||||||
Endo Finance LLC (Endo Finco, Inc.) 144A |
300 | 297 | ||||||
Envision Healthcare Corp. 144A |
335 | 338 | ||||||
HCA, Inc. |
||||||||
6.500%, 2/15/20 |
485 | 542 | ||||||
5.375%, 2/1/25 |
1,175 | 1,190 | ||||||
Hologic, Inc. 144A |
55 | 56 | ||||||
inVentiv Health, Inc. 144A |
130 | 136 | ||||||
JLL Delta Dutch Pledgeco BV PIK Interest Capitalization, |
245 | 249 | ||||||
Mallinckrodt International Finance S.A. |
||||||||
144A 4.875%, 4/15/20(3) |
10 | 10 |
3
VIRTUS HIGH YIELD FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
Health Care—(continued) |
||||||||
144A 5.750%, 8/1/22(3) |
$ | 105 | $ | 107 | ||||
144A 5.500%, 4/15/25(3) |
20 | 19 | ||||||
MPH Acquisition Holdings LLC 144A |
200 | 205 | ||||||
Par Pharmaceutical Cos., Inc. 7.375%, |
350 | 374 | ||||||
Pinnacle Merger Sub, Inc. 144A 9.500%, |
225 | 253 | ||||||
Quintiles Transnational Corp. 144A |
350 | 353 | ||||||
Select Medical Corp. |
400 | 406 | ||||||
Sterigenics-Nordion Holdings LLC 144A |
370 | 373 | ||||||
Surgical Care Affiliates, Inc. 144A |
462 | 464 | ||||||
Tenet Healthcare Corp. |
||||||||
6.000%, 10/1/20 |
420 | 449 | ||||||
4.500%, 4/1/21 |
310 | 308 | ||||||
8.125%, 4/1/22 |
870 | 955 | ||||||
Valeant Pharmaceuticals International, Inc. |
||||||||
144A 6.750%, 8/15/18(3) |
155 | 163 | ||||||
144A 5.375%, 3/15/20(3) |
900 | 931 | ||||||
144A 7.250%, 7/15/22(3) |
300 | 320 | ||||||
144A 5.875%, 5/15/23(3) |
105 | 108 | ||||||
144A 6.125%, 4/15/25(3) |
170 | 176 | ||||||
|
|
|||||||
11,696 | ||||||||
|
|
|||||||
Industrials—7.8% |
||||||||
ADS Waste Holdings, Inc. |
335 | 348 | ||||||
ADT Corp. (The) |
845 | 891 | ||||||
Ahern Rentals, Inc. 144A |
310 | 308 | ||||||
American Airlines Group, Inc. 144A |
160 | 155 | ||||||
Berry Plastics Corp. |
480 | 469 | ||||||
Bombardier, Inc. 144A |
570 | 509 | ||||||
Builders FirstSource, Inc. 144A |
330 | 343 | ||||||
Building Materials Corp. of America 144A |
360 | 355 | ||||||
CEB, Inc. 144A |
170 | 171 | ||||||
Dycom Investments, Inc. |
335 | 352 | ||||||
Garda World Security Corp. 144A |
410 | 396 | ||||||
Harland Clarke Holdings Corp. |
||||||||
144A 6.875%, 3/1/20(3) |
175 | 169 | ||||||
144A 9.250%, 3/1/21(3) |
350 | 313 |
PAR VALUE | VALUE | |||||||
Industrials—(continued) |
||||||||
HD Supply, Inc. 144A |
$ | 470 | $ | 478 | ||||
JBS Investments GmbH 144A |
200 | 208 | ||||||
NCI Building Systems, Inc. 144A |
290 | 310 | ||||||
Oshkosh Corp |
195 | 196 | ||||||
TransDigm, Inc. |
||||||||
6.000%, 7/15/22 |
380 | 377 | ||||||
144A 6.500%, 5/15/25(3) |
230 | 229 | ||||||
U.S. Airways Pass-Through-Trust 12-2, C 5.450%, 6/3/18 |
205 | 209 | ||||||
United Rentals North America, Inc. |
620 | 601 | ||||||
|
|
|||||||
7,387 | ||||||||
|
|
|||||||
Information Technology—3.2% |
|
|||||||
Blue Coat Holdings, Inc. 144A |
195 | 199 | ||||||
First Data Corp. |
1,145 | 1,291 | ||||||
Flextronics International Ltd. 144A |
85 | 84 | ||||||
Infinity Acquisition LLC (Infinity Acquisition Finance Corp.) 144A |
220 | 208 | ||||||
Interactive Data Corp. 144A |
340 | 343 | ||||||
NXP BV (NXP Funding LLC) 144A |
300 | 303 | ||||||
Project Homestake Merger Corp. 144A |
215 | 209 | ||||||
SunGard Data Systems, Inc. |
400 | 415 | ||||||
|
|
|||||||
3,052 | ||||||||
|
|
|||||||
Materials—8.2% |
||||||||
ArcelorMittal |
||||||||
5.125%, 6/1/20 |
60 | 61 | ||||||
6.125%, 6/1/25 |
205 | 205 | ||||||
Ardagh Packaging Finance plc |
||||||||
144A 6.250%, 1/31/19(3) |
495 | 506 | ||||||
144A 9.125%, 10/15/20(3) |
275 | 290 | ||||||
144A 6.750%, 1/31/21(3) |
295 | 303 | ||||||
Beverage Packaging Holdings Luxembourg II SA 144A |
290 | 291 | ||||||
Cascades, Inc. |
||||||||
144A 5.500%, 7/15/22(3) |
940 | 913 | ||||||
144A 5.750%, 7/15/23(3) |
270 | 262 | ||||||
Cemex SAB de CV 144A |
445 | 471 |
4
VIRTUS HIGH YIELD FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
Materials—(continued) |
||||||||
Eldorado Gold Corp. 144A |
$ | 190 | $ | 189 | ||||
Fortescue Metals Group (FMG) 144A |
360 | 305 | ||||||
Fortescue Metals Group (FMG) Resources August 2006 Pty Ltd. 144A |
110 | 114 | ||||||
Hexion U.S. Finance Corp. |
295 | 272 | ||||||
INEOS Group Holdings SA |
||||||||
144A 6.125%, 8/15/18(3) |
235 | 241 | ||||||
144A 5.875%, 2/15/19(3) |
655 | 661 | ||||||
Mercer International, Inc. |
175 | 184 | ||||||
Reynolds Group Issuer, Inc. |
890 | 928 | ||||||
Sappi Papier Holding GmbH 144A |
500 | 521 | ||||||
Sealed Air Corp. 144A |
305 | 301 | ||||||
Tronox Finance LLC |
360 | 336 | ||||||
United States Steel Corp. |
205 | 206 | ||||||
Vedanta Resources plc 144A |
200 | 214 | ||||||
|
|
|||||||
7,774 | ||||||||
|
|
|||||||
Telecommunication Services—8.2% |
|
|||||||
Altice Financing SA 144A |
480 | 478 | ||||||
Altice SA 144A |
480 | 452 | ||||||
Altice US Finance II Corp. 144A |
200 | 195 | ||||||
CCO Holdings LLC (CCO Holdings Capital Corp.) |
565 | 592 | ||||||
144A 5.125%, 5/1/23(3) |
215 | 210 | ||||||
CenturyLink, Inc. Series V |
440 | 450 | ||||||
Digicel Group Ltd. 144A |
310 | 312 | ||||||
Frontier Communications Corp. |
||||||||
8.500%, 4/15/20 |
460 | 482 | ||||||
6.250%, 9/15/21 |
365 | 334 | ||||||
Level 3 Financing, Inc. |
||||||||
7.000%, 6/1/20 |
270 | 287 | ||||||
6.125%, 1/15/21 |
335 | 352 | ||||||
Millicom International Cellular SA 144A |
505 | 521 | ||||||
Sprint Capital Corp. |
355 | 305 | ||||||
Sprint Communications, Inc. |
230 | 211 | ||||||
Sprint Corp. |
360 | 352 | ||||||
T-Mobile USA, Inc. |
||||||||
6.625%, 11/15/20 |
420 | 438 | ||||||
6.125%, 1/15/22 |
310 | 321 | ||||||
6.836%, 4/28/23 |
285 | 300 |
PAR VALUE | VALUE | |||||||
Telecommunication Services—(continued) |
|
|||||||
6.500%, 1/15/24 |
$ | 315 | $ | 326 | ||||
UPCB Finance IV Ltd. 144A |
200 | 192 | ||||||
West Corp. 144A 5.375%, 7/15/22(3) |
315 | 296 | ||||||
Windstream Corp. 7.750%, 10/1/21 |
340 | 313 | ||||||
|
|
|||||||
7,719 | ||||||||
|
|
|||||||
Utilities—2.7% |
||||||||
Abengoa Yield plc 144A |
230 | 238 | ||||||
AES Corp. |
250 | 239 | ||||||
AmeriGas Partners LP |
375 | 399 | ||||||
Calpine Corp. |
||||||||
144A 6.000%, 1/15/22(3) |
45 | 48 | ||||||
5.375%, 1/15/23 |
418 | 413 | ||||||
Dynegy, Inc. |
||||||||
144A 7.375%, 11/1/22(3) |
170 | 179 | ||||||
144A 7.625%, 11/1/24(3) |
95 | 101 | ||||||
Talen Energy Supply LLC 144A |
375 | 369 | ||||||
TerraForm Power Operating LLC 144A |
285 | 291 | ||||||
Texas Competitive Electric Holdings Co. LLC 144A |
500 | 306 | ||||||
|
|
|||||||
2,583 | ||||||||
|
|
|||||||
TOTAL CORPORATE BONDS AND NOTES (Identified Cost $85,423) |
84,366 | |||||||
|
|
|||||||
LOAN AGREEMENTS(2)—9.2% |
|
|||||||
Consumer Discretionary—1.9% |
|
|||||||
Brickman Group Ltd. LLC (The) First Lien, |
248 | 249 | ||||||
Caesars Entertainment Operating Co., Inc. Tranche B-7, |
165 | 144 | ||||||
CBAC Borrower LLC Tranche B, |
142 | 132 | ||||||
Cirque Du Soleil 0.000%, 6/24/22(8) |
139 | 139 | ||||||
Mohegan Tribal Gaming Authority Tranche B, |
114 | 114 | ||||||
Peppermill Casinos, Inc. Tranche B, |
411 | 413 | ||||||
Transtar Holding Co. Second Lien, |
200 | 196 | ||||||
TWCC Holding Corp. Second Lien, |
332 | 311 |
5
VIRTUS HIGH YIELD FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
Consumer Discretionary—(continued) |
|
|||||||
U.S. Farathane Corp. |
$ | 151 | $ | 153 | ||||
|
|
|||||||
1,851 | ||||||||
|
|
|||||||
Consumer Staples—0.4% |
||||||||
Albertson’s LLC Tranche B-4, |
36 | 36 | ||||||
Crossmark Holdings, Inc. Second Lien, |
190 | 156 | ||||||
New Hostess Brand Acquisition LLC |
180 | 183 | ||||||
|
|
|||||||
375 | ||||||||
|
|
|||||||
Energy—1.2% |
||||||||
Arch Coal, Inc. |
173 | 119 | ||||||
Chief Exploration & Development LLC Second Lien, |
183 | 173 | ||||||
Drillships Ocean Ventures, Inc. |
136 | 116 | ||||||
Fieldwood Energy LLC Second Lien, |
285 | 220 | ||||||
Jonah Energy LLC Second Lien, |
159 | 152 | ||||||
Sabine Oil & Gas LLC Second Lien, |
285 | 101 | ||||||
Templar Energy LLC Second Lien, |
355 | 262 | ||||||
|
|
|||||||
1,143 | ||||||||
|
|
|||||||
Health Care—1.9% |
||||||||
21st Century Oncology, Inc. Tranche B |
261 | 258 | ||||||
American Renal Holdings, Inc. Second Lien, |
292 | 292 | ||||||
Ardent Medical Services, Inc. |
||||||||
First Lien, 6.750%, 7/2/18 |
151 | 152 | ||||||
Second Lien, 11.000%, 1/2/19 |
171 | 172 | ||||||
InVentiv Health, Inc. |
159 | 160 | ||||||
MMM Holdings, Inc. |
82 | 68 | ||||||
MSO of Puerto Rico, Inc. |
60 | 49 | ||||||
NVA Holdings, Inc. |
||||||||
First Lien, 4.750%, 8/14/21 |
16 | 16 | ||||||
Second Lien 8.000%, 8/14/22 |
195 | 196 | ||||||
Regional Care, Inc. (RCHP, Inc.) |
275 | 275 | ||||||
Surgery Center Holdings, Inc. |
||||||||
First Lien, 5.250%, 11/3/20 |
32 | 32 |
PAR VALUE | VALUE | |||||||
Health Care—(continued) |
|
|||||||
Second Lien, |
$ | 103 | $ | 103 | ||||
|
|
|||||||
1,773 | ||||||||
|
|
|||||||
Industrials—0.9% |
||||||||
Alliance Laundry Systems LLC Second Lien, |
59 | 59 | ||||||
Filtration Group Corp. Second Lien, |
81 | 81 | ||||||
Landmark U.S. Member LLC (Landmark U.S. Corp Acquisition, Inc.) Second Lien |
295 | 294 | ||||||
Sedgwick Claims Management Services, Inc. |
390 | 384 | ||||||
|
|
|||||||
818 | ||||||||
|
|
|||||||
Information Technology—2.5% |
|
|||||||
Allflex Holdings III, Inc. Second Lien, |
193 | 195 | ||||||
Applied Systems, Inc. Second Lien, |
428 | 430 | ||||||
Deltek, Inc. |
||||||||
First Lien 0.000%, 6/25/22(8) |
6 | 6 | ||||||
Second Lien 0.000%, 6/23/23(8) |
181 | 182 | ||||||
Evergreen Skills Lux S.A.R.L. Second Lien, |
152 | 143 | ||||||
Kronos, Inc. Second Lien, |
510 | 527 | ||||||
Mitchell International, Inc. Second Lien, |
585 | 586 | ||||||
Presidio, Inc. Refinancing Term |
217 | 218 | ||||||
Riverbed Technologies, Inc. |
128 | 129 | ||||||
|
|
|||||||
2,416 | ||||||||
|
|
|||||||
Materials—0.4% |
||||||||
Houghton International, Inc. Holding Corp. Second Lien, |
370 | 371 | ||||||
|
|
|||||||
TOTAL LOAN AGREEMENTS (Identified Cost $9,254) |
|
8,747 | ||||||
|
|
|||||||
SHARES | VALUE | |||||||
PREFERRED STOCKS—1.0% |
|
|||||||
Financials—1.0% |
||||||||
Ally Financial, Inc. |
11,530 | 305 | ||||||
Goldman Sachs Group, Inc. (The) Series L, |
215 | (11) | 216 |
6
VIRTUS HIGH YIELD FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
Financials—(continued) |
||||||||
JPMorgan Chase & Co. Series V, |
295 | (11) | $ | 289 | ||||
SunTrust Bank, Inc. |
95 | (11) | 95 | |||||
|
|
|||||||
TOTAL PREFERRED STOCKS (Identified Cost $915) |
905 | |||||||
|
|
|||||||
AFFILIATED MUTUAL FUND—1.1% |
|
|||||||
Virtus Credit Opportunities Fund |
105,000 | 1,047 | ||||||
|
|
|||||||
TOTAL AFFILIATED MUTUAL FUND (Identified Cost $1,050) |
1,047 | |||||||
|
|
|||||||
TOTAL LONG TERM INVESTMENTS—103.4% (Identified Cost $99,348) |
97,819 | (15) | ||||||
|
|
|||||||
SHORT-TERM INVESTMENTS—1.6% |
|
|||||||
Money Market Mutual Fund—1.6% |
|
|||||||
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.140%) |
1,523,074 | 1,523 | ||||||
|
|
|||||||
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $1,523) |
1,523 | |||||||
|
|
|||||||
TOTAL INVESTMENTS—105.0% (Identified Cost $100,871) |
99,342 | (1) | ||||||
Other assets and liabilities, net—(5.0)% |
(4,755 | ) | ||||||
|
|
|||||||
NET ASSETS—100.0% |
|
$ | 94,587 | |||||
|
|
Abbreviation:
PIK | Payment-in-Kind Security |
Footnote Legend:
(1) | Federal Income Tax Information: For tax information at June 30, 2015, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments. |
(2) | Variable or step coupon security; interest rate shown reflects the rate in effect at June 30, 2015. |
(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 June 30, 2015, these securities amounted to a value of $37,919 or 40.1% of net assets. |
(4) | Regulation S security. Security is offered and sold outside of the United States, therefore, it is exempt from registration with the SEC under rules 903 and 904 of the Securities Act of 1933. |
(5) | Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a Level 3 security in the disclosure table located after the Schedule of Investments. |
(6) | Illiquid security. |
(7) | This Note was issued for the sole purpose of funding a loan agreement between the issuer and the borrower. As the credit risk for this security lies solely with the borrower, the name represented here is that of the borrower. |
(8) | This loan will settle after June 30, 2015, at which time the interest rate, based on the London Interbank Offered Rate (“LIBOR”) and the agreed upon spread on trade date, will be reflected. |
(9) | No contractual maturity date. |
(10) | Interest payments may be deferred. |
(11) | Value shown as par value. |
(12) | Security in default. |
(13) | 92.1% of the income received was in cash and 7.9% in PIK. |
(14) | Security in default, interest payments are being received during the bankruptcy proceedings. |
(15) | All or a portion of the Fund’s assets have been segregated for delayed delivery security. |
(16) | Amounts are less than $500 (not reported in 000s). |
(17) | 90% of the income received was in cash and 10% in PIK. |
7
VIRTUS HIGH YIELD FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
Country Weightings † |
||||
United States |
83 | % | ||
Canada |
5 | |||
Luxembourg |
4 | |||
Netherlands |
2 | |||
Bermuda |
1 | |||
Ireland |
1 | |||
United Kingdom |
1 | |||
Other |
3 | |||
|
|
|||
Total |
100 | % | ||
|
|
† | % of total investments as of June 30, 2015 |
8
The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (See Security Valuation Note 1A in the Notes to Schedules of Investments):
Total Value at June 30, 2015 |
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
|||||||||||||
Debt Securities: |
||||||||||||||||
Asset-Backed Securities |
$ | 1,700 | $ | — | $ | 1,700 | $ | — | ||||||||
Corporate Bonds And Notes |
84,366 | — | 84,303 | 63 | ||||||||||||
Loan Agreements |
8,747 | — | 8,747 | — | ||||||||||||
Mortgage-Backed Securities |
1,054 | — | 1,054 | — | ||||||||||||
Equity Securities: |
||||||||||||||||
Affiliated Mutual Fund |
1,047 | 1,047 | — | — | ||||||||||||
Preferred Stocks |
905 | 305 | 600 | — | ||||||||||||
Short-Term Investments |
1,523 | 1,523 | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 99,342 | $ | 2,875 | $ | 96,404 | $ | 63 | ||||||||
|
|
|
|
|
|
|
|
There were no transfers between Level 1 and Level 2 related to securities held at June 30, 2015.
The following is a reconciliation of assets of the Fund for Level 3 investments for which significant unobservable inputs were used to determine fair value.
Investments in Securities | Corporate Bonds And Notes |
|||
Balance as of September 30, 2014: |
$ | 125 | ||
Accrued discount/(premium) |
8 | |||
Realized gain (loss) |
8 | |||
Change in unrealized appreciation (depreciation) |
(17 | ) | ||
Purchases |
— | |||
Sales(b) |
(61 | ) | ||
Transfers into Level 3(a) |
— | |||
Transfers from Level 3(a) |
— | |||
|
|
|||
Balance as of June 30, 2015 |
$ | 63 | (c) | |
|
|
(a) | “Transfers into and/or from” represent the ending value as of June 30, 2015, for any investment security where a change in the pricing level occurred from the beginning to the end of the period. |
(b) | Includes paydowns on securities. |
(c) | Includes internally fair valued security. See the last paragraph under “Note 1A Security Valuation” for a description of the valuation process in place and a qualitative discussion about sensitive inputs used in Level 3 internally fair valued measurements. |
VIRTUS INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
COMMON STOCKS—91.3% |
||||||||
Consumer Discretionary—17.0% |
||||||||
Bridgestone Corp. (Japan) |
6,700 | $ | 248 | |||||
Fuji Heavy Industries Ltd. (Japan) |
7,950 | 293 | ||||||
Panasonic Corp. (Japan) |
18,810 | 259 | ||||||
Sony Corp. Sponsored ADR (Japan)(2) |
8,500 | 241 | ||||||
Toyota Motor Corp. Sponsored ADR (Japan) |
1,920 | 257 | ||||||
WPP PLC (United Kingdom) |
11,220 | 251 | ||||||
|
|
|||||||
1,549 | ||||||||
|
|
|||||||
Consumer Staples—2.6% |
||||||||
Marine Harvest ASA Sponsored ADR (Norway)(4) |
20,540 | 235 | ||||||
|
|
|||||||
Energy—5.2% |
||||||||
Cameco Corp. (Canada) |
17,030 | 243 | ||||||
Encana Corp. (Canada) |
21,130 | 233 | ||||||
|
|
|||||||
476 | ||||||||
|
|
|||||||
Financials—31.6% |
||||||||
Aegon NV American Registered Shares (Netherlands) |
34,640 | 256 | ||||||
Aviva plc (United Kingdom) |
32,082 | 248 | ||||||
Caixabank SA (Spain) |
52,210 | 242 | ||||||
CK Hutchison Holdings Ltd. (Hong Kong) |
20,102 | 295 | ||||||
Credit Agricole SA (France) |
17,377 | 259 | ||||||
ICICI Bank Ltd. Sponsored ADR (India) |
25,600 | 267 | ||||||
ING Groep N.V. Sponsored ADR (Netherlands) |
16,220 | 269 | ||||||
Intesa Sanpaolo SpA (Italy) |
72,243 | 262 | ||||||
Mitsubishi Estate Co. (Japan) |
12,180 | 262 | ||||||
ORIX Corp. (Japan) |
17,200 | 256 | ||||||
Societe Generale SA (France) |
5,410 | 253 | ||||||
|
|
|||||||
2,869 | ||||||||
|
|
|||||||
Health Care—11.5% |
||||||||
Allergan plc (Ireland)(2) |
900 | 273 | ||||||
Novartis AG Sponsored ADR (Switzerland) |
2,380 | 234 | ||||||
Shire plc ADR (United Kingdom) |
1,030 | 249 | ||||||
Valeant Pharmaceuticals International, Inc. (Canada)(2) |
1,300 | 289 | ||||||
|
|
|||||||
1,045 | ||||||||
|
|
|||||||
Industrials—3.3% |
||||||||
Nidec Corp. (Japan) |
4,020 | 301 | ||||||
|
|
|||||||
Information Technology—5.3% |
||||||||
NXP Semiconductors NV (Netherlands) |
2,420 | 237 |
SHARES | VALUE | |||||||
Information Technology—(continued) |
|
|||||||
SAP SE Sponsored ADR (Germany)(4) |
3,500 | $ | 246 | |||||
|
|
|||||||
483 | ||||||||
|
|
|||||||
Telecommunication Services—12.0% |
|
|||||||
KDDI Corp. (Japan) |
11,140 | 269 | ||||||
Nippon Telegraph & Telephone Corp. ADR (Japan) |
8,290 | 301 | ||||||
Spark New Zealand Ltd. (New Zealand) |
134,311 | 254 | ||||||
Vodafone Group plc Sponsored ADR (United Kingdom) |
7,280 | 265 | ||||||
|
|
|||||||
1,089 | ||||||||
|
|
|||||||
Utilities—2.8% |
||||||||
Enersis SA Sponsored ADR (Chile) |
15,930 | 252 | ||||||
|
|
|||||||
TOTAL COMMON STOCKS (Identified Cost $7,562) |
8,299 | |||||||
|
|
|||||||
TOTAL LONG TERM INVESTMENTS—91.3% (Identified Cost $7,562) |
8,299 | (3) | ||||||
|
|
|||||||
SHORT-TERM INVESTMENTS—5.0% |
|
|||||||
Money Market Mutual Fund—5.0% |
|
|||||||
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.140%) |
451,349 | 451 | ||||||
|
|
|||||||
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $451) |
451 | |||||||
|
|
|||||||
SECURITIES LENDING COLLATERAL—3.7% |
|
|||||||
INVESCO Trust Short-Term Investments Liquid Assets Portfolio (The) Institutional Shares (seven-day effective
yield |
336,950 | 337 | ||||||
|
|
|||||||
TOTAL SECURITIES LENDING COLLATERAL (Identified Cost $337) |
337 | |||||||
|
|
|||||||
TOTAL INVESTMENTS—100.0% (Identified Cost $8,350) |
9,087 | (1) | ||||||
Other assets and liabilities, net—0.0% |
|
(4 | ) | |||||
|
|
|||||||
NET ASSETS—100.0% |
$ | 9,083 | ||||||
|
|
Abbreviation:
ADR | American Depositary Receipt |
Footnote Legend:
(1) | Federal Income Tax Information: For tax information at June 30, 2015, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments. |
(2) | Non-income producing. |
(3) | All or a portion segregated as collateral for forward currency contracts. |
1
VIRTUS INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
(4) | All or a portion of security is on loan. |
(5) | Represents security purchased with cash collateral received for securities on loan. |
Foreign Currencies: | ||
EUR | Euro | |
JPY | Japanese Yen |
At June 30, 2015, the Fund had entered into forward currency contracts as follows (reported in 000’s):
Contracts to Receive | In Exchange for | Counterparty | Settlement Date |
Value | Unrealized Appreciation (Depreciation) |
|||||||||||||||||||
EURO | 9 | USD | 1,000 | JPMorgan | 9/10/15 | $ | (1,024 | ) | $ | (24 | ) | |||||||||||||
JPY | 1,209 | USD | 1,000 | JPMorgan | 9/10/15 | $ | (989 | ) | $ | 11 | ||||||||||||||
|
|
|||||||||||||||||||||||
(13 | ) | |||||||||||||||||||||||
|
|
|||||||||||||||||||||||
$ | (13 | ) | ||||||||||||||||||||||
|
|
2
VIRTUS INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
Country Weightings † |
||||
Japan |
30 | % | ||
United Kingdom |
11 | |||
United States |
9 | |||
Canada |
8 | |||
Netherlands |
8 | |||
France |
6 | |||
Hong Kong |
3 | |||
Other |
25 | |||
|
|
|||
Total |
100 | % | ||
|
|
† | % of total investments as of June 30, 2015 |
3
The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (See Security Valuation Note 1A in the Notes to Schedules of Investments):
Total Value at June 30, 2015 |
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
||||||||||
Equity Securities: |
||||||||||||
Common Stocks |
$ | 8,299 | $ | 8,299 | $ | — | ||||||
Securities Lending Collateral |
337 | 337 | — | |||||||||
Short-Term Investments |
451 | 451 | — | |||||||||
|
|
|
|
|
|
|||||||
Total Investments |
$ | 9,087 | $ | 9,087 | $ | — | ||||||
|
|
|
|
|
|
|||||||
Other Financial Instruments: |
||||||||||||
|
|
|
|
|
|
|||||||
Forward Currency Contracts |
$ | (13 | ) | $ | — | $ | (13 | ) | ||||
|
|
|
|
|
|
There are no Level 3 (significant unobservable inputs) priced securities.
There were no transfers between Level 1 and Level 2 related to securities held at June 30, 2015.
VIRTUS INTERNATIONAL REAL ESTATE SECURITIES FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
COMMON STOCKS—98.4% |
||||||||
Australia—12.1% |
||||||||
Dexus Property Group |
166,018 | $ | 935 | |||||
GPT Group (The) |
160,400 | 530 | ||||||
GPT Group (The) - In Specie(2)(3)(4) |
588,920 | — | ||||||
Scentre Group |
619,071 | 1,791 | ||||||
Westfield Corp. |
258,773 | 1,821 | ||||||
|
|
|||||||
5,077 | ||||||||
|
|
|||||||
Canada—8.8% |
||||||||
Allied Properties Real Estate Investment Trust |
43,815 | 1,243 | ||||||
Canadian Real Estate Investment Trust |
19,695 | 669 | ||||||
First Capital Realty, Inc. |
43,005 | 616 | ||||||
RioCan Real Estate Investment Trust |
55,150 | 1,182 | ||||||
|
|
|||||||
3,710 | ||||||||
|
|
|||||||
Finland—2.2% |
||||||||
Citycon OYJ |
249,794 | 625 | ||||||
Citycon OYJ Interim Shares(2)(4) |
124,897 | 312 | ||||||
|
|
|||||||
937 | ||||||||
|
|
|||||||
France—6.1% |
||||||||
Fonciere Des Regions |
4,260 | 362 | ||||||
Klepierre |
33,356 | 1,467 | ||||||
Mercialys SA |
33,000 | 737 | ||||||
|
|
|||||||
2,566 | ||||||||
|
|
|||||||
Germany—6.3% |
||||||||
Deutsche Annington Immobilien SE |
60,446 | 1,705 | ||||||
LEG Immobilien AG |
13,461 | 935 | ||||||
|
|
|||||||
2,640 | ||||||||
|
|
|||||||
Hong Kong—6.1% |
||||||||
Hysan Development Co. Ltd. |
133,000 | 576 | ||||||
Link REIT (The) |
340,441 | 1,994 | ||||||
|
|
|||||||
2,570 | ||||||||
|
|
|||||||
Italy—0.5% |
||||||||
Beni Stabili SpA |
298,164 | 221 | ||||||
|
|
|||||||
Japan—14.1% |
||||||||
GLP J-REIT |
845 | 807 | ||||||
Hulic Co., Ltd. |
94,500 | 838 | ||||||
Industrial & Infrastructure Fund Investment Corp. |
173 | 782 | ||||||
Japan Real Estate Investment Corp. |
145 | 659 | ||||||
Japan Rental Housing Investments, Inc. |
528 | 371 | ||||||
Kenedix Office Investment Corp. |
92 | 462 |
SHARES | VALUE | |||||||
Japan—(continued) |
||||||||
Kenedix Retail Reit Corp. |
86 | $ | 204 | |||||
Nippon Building Fund, Inc. |
163 | 714 | ||||||
Nippon Prologis REIT, Inc. |
278 | 512 | ||||||
Nomura Real Estate Office Fund, Inc. |
122 | 553 | ||||||
|
|
|||||||
5,902 | ||||||||
|
|
|||||||
Mexico—2.8% |
||||||||
PLA Administradora Industrial S de Rl de CV |
226,852 | 444 | ||||||
Prologis Property Mexico SA de CV |
439,200 | 739 | ||||||
|
|
|||||||
1,183 | ||||||||
|
|
|||||||
Netherlands—7.3% |
||||||||
Unibail-Rodamco SE |
12,060 | 3,048 | ||||||
|
|
|||||||
Norway—1.2% |
||||||||
Entra ASA |
30,000 | 279 | ||||||
Norwegian Property ASA |
193,000 | 239 | ||||||
|
|
|||||||
518 | ||||||||
|
|
|||||||
Singapore—6.4% |
||||||||
CapitaLand Mall Trust |
272,650 | 435 | ||||||
CapitaLand Retail China Trust |
666,868 | 862 | ||||||
Global Logistic Properties Ltd. |
734,000 | 1,379 | ||||||
|
|
|||||||
2,676 | ||||||||
|
|
|||||||
Sweden—1.8% |
||||||||
Castellum AB |
52,366 | 736 | ||||||
|
|
|||||||
United Kingdom—22.7% |
||||||||
Big Yellow Group plc |
105,188 | 1,054 | ||||||
British Land Co. plc |
100,305 | 1,251 | ||||||
Derwent London plc |
13,346 | 713 | ||||||
Great Portland Estates plc |
24,918 | 304 | ||||||
Hammerson plc |
149,109 | 1,442 | ||||||
Land Securities Group plc |
77,885 | 1,474 | ||||||
Safestore Holdings plc |
215,276 | 956 | ||||||
SEGRO plc |
143,557 | 915 | ||||||
Unite Group plc (The) |
155,800 | 1,399 | ||||||
|
|
|||||||
9,508 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS (Identified Cost $33,498) |
41,292 | |||||||
|
|
|||||||
TOTAL LONG TERM INVESTMENTS—98.4% (Identified Cost $33,498) |
41,292 | |||||||
|
|
1
VIRTUS INTERNATIONAL REAL ESTATE SECURITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
SHORT-TERM INVESTMENTS—2.6% |
|
|||||||
Money Market Mutual Fund—2.6% |
|
|||||||
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.140%) |
1,083,205 | $ | 1,083 | |||||
|
|
|||||||
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $1,083) |
1,083 | |||||||
|
|
|||||||
TOTAL INVESTMENTS—101.0% (Identified Cost $34,581) |
42,375 | (1) | ||||||
Other assets and liabilities, net—(1.0)% |
(406 | ) | ||||||
|
|
|||||||
NET ASSETS—100.0% |
$ | 41,969 | ||||||
|
|
Abbreviation:
REIT | Real Estate Investment Trust |
Footnote Legend:
(1) | Federal Income Tax Information: For tax information at June 30, 2015, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments. |
(2) | Non-income producing. |
(3) | Illiquid security. |
(4) | Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a level 3 security in the disclosure table located after the Schedule of Investments. |
2
VIRTUS INTERNATIONAL REAL ESTATE SECURITIES FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
Country Weightings † |
||||
United Kingdom |
23 | % | ||
Japan |
14 | |||
Australia |
12 | |||
Canada |
9 | |||
Netherlands |
7 | |||
Germany |
6 | |||
Singapore |
6 | |||
Other |
23 | |||
|
|
|||
Total |
100 | % | ||
|
|
† | % of total investments as of June 30, 2015 |
3
The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (See Security Valuation Note 1A in the Notes to Schedules of Investments):
Total Value at June 30, 2015 |
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
|||||||||||||
Equity Securities: |
||||||||||||||||
Common Stocks |
$ | 41,292 | $ | 40,980 | $ | 312 | $ | 0 | (1) | |||||||
Short-Term Investments |
1,083 | 1,083 | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 42,375 | $ | 42,063 | $ | 312 | $ | 0 | (1) | |||||||
|
|
|
|
|
|
|
|
(1) | Includes internally fair valued security currently priced at zero ($0). |
There were no transfers between Level 1 and Level 2 related to securities held at June 30, 2015.
VIRTUS INTERNATIONAL SMALL-CAP FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
COMMON STOCKS—92.1% |
||||||||
Consumer Discretionary—15.6% |
||||||||
Colefax Group PLC (United Kingdom) |
9,204 | $ | 66 | |||||
Goldlion Holdings Ltd. (Hong Kong) |
3,590,600 | 1,631 | ||||||
Pico Far East Holdings Ltd. (Hong Kong) |
6,183,668 | 1,978 | ||||||
REA Group Ltd. (Australia) |
93,200 | 2,820 | ||||||
Rightmove plc (United Kingdom) |
34,500 | 1,776 | ||||||
Watts Co. Ltd. (Japan) |
127,591 | 1,083 | ||||||
|
|
|||||||
9,354 | ||||||||
|
|
|||||||
Consumer Staples—8.4% |
||||||||
Compania Cervecerias Unidas S.A. (Chile) |
124,286 | 1,319 | ||||||
Dongsuh Co., Inc. (South Korea) |
1 | — | ||||||
Guinness Anchor Bhd (Malaysia) |
295,000 | 1,117 | ||||||
Oldtown Bhd (Malaysia) |
1,518,750 | 644 | ||||||
Premier Marketing PCL (Thailand) |
4,415,029 | 1,346 | ||||||
Wawel SA (Poland) |
1,900 | 632 | ||||||
|
|
|||||||
5,058 | ||||||||
|
|
|||||||
Energy—4.0% |
||||||||
Pason Systems, Inc. (Canada) |
47,500 | 849 | ||||||
Schoeller-Bleckmann Oilfield Equipment AG (Austria) |
25,548 | 1,545 | ||||||
|
|
|||||||
2,394 | ||||||||
|
|
|||||||
Financials—19.6% |
||||||||
ARA Asset Management Ltd. (Singapore) |
1,449,760 | 1,884 | ||||||
Ashmore Group plc (United Kingdom) |
306,500 | 1,393 | ||||||
Austbrokers Holdings Ltd. (Australia) |
118,917 | 826 | ||||||
Euler Hermes Group (France) |
15,750 | 1,587 | ||||||
Euroz Ltd. (Australia) |
2,180,240 | 1,682 | ||||||
Financiere Marc de Lacharriere (France) |
5,811 | 512 | ||||||
Hiscox Ltd (United Kingdom) |
88,022 | 1,160 | ||||||
Korea Ratings Corp. (South Korea) |
35,794 | 1,319 | ||||||
LSL Property Services plc (United Kingdom) |
236,247 | 1,448 | ||||||
|
|
|||||||
11,811 | ||||||||
|
|
|||||||
Health Care—6.1% |
||||||||
Haw Par Corp. Ltd. (Singapore) |
142,719 | 955 | ||||||
Software Service, Inc. (Japan) |
28,753 | 1,259 | ||||||
WIN-Partners Co. Ltd. (Japan) |
109,710 | 1,438 | ||||||
|
|
|||||||
3,652 | ||||||||
|
|
|||||||
Industrials—11.0% |
||||||||
AIT Corp. (Japan) |
132,500 | 1,256 | ||||||
Freight Management Holdings Bhd (Malaysia) |
1,205,812 | 483 |
SHARES | VALUE | |||||||
Industrials—(continued) |
||||||||
Konecranes Oyj (Finland) |
32,000 | $ | 932 | |||||
Tegma Gestao Logistica (Brazil)(2) |
514,881 | 1,868 | ||||||
Thermador Groupe (France) |
10,762 | 900 | ||||||
WABCO Holdings, Inc. (United |
9,750 | 1,206 | ||||||
|
|
|||||||
6,645 | ||||||||
|
|
|||||||
Information Technology—20.6% |
||||||||
Alten SA (France) |
23,700 | 1,101 | ||||||
Autohome, Inc. ADR (China)(2) |
60,200 | 3,043 | ||||||
Bouvet ASA (Norway) |
231,353 | 2,493 | ||||||
carsales.com Ltd. (Australia) |
252,467 | 1,985 | ||||||
Lumax International Corp., Ltd. (Taiwan) |
977,000 | 1,738 | ||||||
Pro-Ship, Inc. (Japan) |
42,000 | 841 | ||||||
TOTVS SA (Brazil) |
93,000 | 1,166 | ||||||
|
|
|||||||
12,367 | ||||||||
|
|
|||||||
Materials—6.8% |
||||||||
Assore Ltd. (South Africa) |
93,000 | 791 | ||||||
KPX Chemical Co. Ltd. (South Korea) |
27,394 | 1,424 | ||||||
Rimoni Industries Ltd. (Israel) |
10,810 | 75 | ||||||
Transpaco Ltd. (South Africa) |
903,921 | 1,412 | ||||||
Victrex plc (United Kingdom) |
11,800 | 358 | ||||||
|
|
|||||||
4,060 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS (Identified Cost $56,538) |
55,341 | |||||||
|
|
|||||||
TOTAL LONG TERM INVESTMENTS—92.1% (Identified Cost $56,538) |
55,341 | |||||||
|
|
|||||||
SHORT-TERM INVESTMENTS—9.7% |
|
|||||||
Money Market Mutual Fund—9.7% |
|
|||||||
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.140%) |
5,847,195 | 5,847 | ||||||
|
|
|||||||
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $5,847) |
5,847 | |||||||
|
|
|||||||
TOTAL INVESTMENTS—101.8% (Identified Cost $62,385) |
61,188 | (1) | ||||||
Other assets and liabilities, net—(1.8)% |
(1,060 | ) | ||||||
|
|
|||||||
NET ASSETS—100.0% |
$ | 60,128 | ||||||
|
|
Footnote Legend:
(1) | Federal Income Tax Information: For tax information at June 30, 2015, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments. |
(2) | Non-income producing. |
1
VIRTUS INTERNATIONAL SMALL-CAP FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
Country Weightings † |
||||
Australia |
12 | % | ||
United States |
11 | |||
Japan |
10 | |||
United Kingdom |
10 | |||
France |
7 | |||
Hong Kong |
6 | |||
China |
5 | |||
Other |
39 | |||
|
|
|||
Total |
100 | % | ||
|
|
† | % of total investments as of June 30, 2015 |
2
The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (See Security Valuation Note 1A in the Notes to Schedules of Investments):
Total Value at June 30, 2015 |
Level 1 Quoted Prices |
|||||||
Equity Securities: |
||||||||
Common Stocks |
$ | 55,341 | $ | 55,341 | ||||
Short-Term Investments |
5,847 | 5,847 | ||||||
|
|
|
|
|||||
Total Investments |
$ | 61,188 | $ | 61,188 | ||||
|
|
|
|
There are no Level 2 (significant observable inputs) or Level 3 (significant unobservable inputs) priced securities.
There were no transfers between Level 1 and Level 2 related to securities held at June 30, 2015.
VIRTUS INTERNATIONAL WEALTH MASTERS FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
COMMON STOCKS—99.6% |
||||||||
Consumer Discretionary—29.1% |
||||||||
Ainsworth Game Technology Ltd. |
11,835 | $ | 23 | |||||
Autogrill S.p.A(2) |
938 | 8 | ||||||
Autoneum Holding AG |
112 | 22 | ||||||
Axel Springer SE |
542 | 28 | ||||||
Bayerische Motoren Werke AG |
253 | 28 | ||||||
Benesse Holdings, Inc. |
1,750 | 44 | ||||||
Brembo S.p.A |
200 | 9 | ||||||
Brunello Cucinelli S.p.A |
432 | 8 | ||||||
Carnival plc |
956 | 49 | ||||||
Chow Tai Fook Jewellery Group Ltd. |
5,800 | 6 | ||||||
Christian Dior SA |
72 | 14 | ||||||
Compagnie Financiere Richemont SA Registered Shares |
287 | 23 | ||||||
Continental AG |
119 | 28 | ||||||
Crown Resorts Ltd. |
2,413 | 23 | ||||||
CTS Eventim AG & Co. KGaA |
817 | 30 | ||||||
Daily Mail & General Trust plc |
3,344 | 49 | ||||||
De’ Longhi |
351 | 8 | ||||||
Dixons Carphone plc |
6,790 | 48 | ||||||
Domino’s Pizza Enterprises Ltd. |
837 | 23 | ||||||
Don Quijote Holdings Co., Ltd. |
560 | 24 | ||||||
Dufry AG(2) |
159 | 22 | ||||||
Fast Retailing Co., Ltd. |
105 | 48 | ||||||
Fielmann AG |
420 | 29 | ||||||
Galaxy Entertainment Group Ltd. |
1,500 | 6 | ||||||
Genting Singapore plc |
9,900 | 7 | ||||||
Global Brands Group Holding Ltd.(2) |
28,000 | 6 | ||||||
Harvey Norman Holdings Ltd. |
6,382 | 22 | ||||||
Hennes & Mauritz AB Class B |
237 | 9 | ||||||
Hermes International SA |
39 | 15 | ||||||
Hikari Tsushin, Inc. |
700 | 47 | ||||||
Inditex SA |
492 | 16 | ||||||
Jardine Cycle & Carriage Ltd. |
300 | 7 | ||||||
JCDecaux SA |
359 | 15 | ||||||
Kingston Financial Group Ltd. |
14,000 | 6 | ||||||
L’Occitane International SA |
5,750 | 16 | ||||||
Li & Fung Ltd. |
7,000 | 6 | ||||||
Lifestyle International Holdings Ltd. |
3,500 | 7 | ||||||
Luxottica Group S.p.A |
121 | 8 | ||||||
LVMH Moet Hennessy Louis Vuitton SA |
82 | 14 | ||||||
Man Wah Holdings Ltd. |
6,000 | 6 | ||||||
Mekonomen AB |
377 | 9 |
SHARES | VALUE | |||||||
Consumer Discretionary—(continued) |
|
|||||||
Melco Crown Entertainment Ltd. ADR |
319 | $ | 6 | |||||
Melco International Development Ltd. |
4,000 | 6 | ||||||
Melia Hotels International SA |
1,245 | 16 | ||||||
MGM China Holdings Ltd. |
3,200 | 5 | ||||||
Mixi, Inc. |
920 | 46 | ||||||
Nitori Co., Ltd. |
600 | 49 | ||||||
Ocado Group plc(2) |
7,961 | 56 | ||||||
Osim International Ltd. |
5,100 | 6 | ||||||
Pirelli & C S.p.A |
501 | 8 | ||||||
Plastic Omnium SA |
559 | 14 | ||||||
Prada S.p.A |
1,700 | 8 | ||||||
Premier Investments Ltd. |
2,337 | 23 | ||||||
Publicis Groupe SA |
197 | 15 | ||||||
Puma SE |
181 | 29 | ||||||
Rakuten, Inc. |
3,000 | 48 | ||||||
Rallye SA |
487 | 15 | ||||||
Royal Caribbean Cruises Ltd. |
73 | 6 | ||||||
SA International Holdings Ltd. |
12,000 | 7 | ||||||
Salvatore Ferragamo S.p.A |
264 | 8 | ||||||
Sands China Ltd. |
1,600 | 5 | ||||||
Sankyo Co., Ltd. |
1,300 | 46 | ||||||
Sega Sammy Holdings, Inc. |
3,400 | 45 | ||||||
Seven West Media Ltd. |
27,954 | 22 | ||||||
Shangri-La Asia Ltd. |
4,000 | 6 | ||||||
Shimanura Co., Ltd. |
450 | 47 | ||||||
Sincere Watch HK Ltd. |
22,000 | 6 | ||||||
SJM Holdings Ltd. |
5,000 | 5 | ||||||
Sodexo |
155 | 15 | ||||||
Sports Direct International plc(2) |
4,475 | 51 | ||||||
Start Today Co., Ltd. |
1,700 | 48 | ||||||
Swatch Group AG (The) |
60 | 23 | ||||||
Tod’s S.p.A |
88 | 8 | ||||||
Vivendi |
572 | 14 | ||||||
World Duty Free S.p.A |
738 | 8 | ||||||
Wynn Macau Ltd. |
3,600 | 6 | ||||||
Yue Yuen Industrial Holdings Ltd. |
1,750 | 6 | ||||||
|
|
|||||||
1,548 | ||||||||
|
|
|||||||
Consumer Staples—14.8% |
||||||||
AAK AB |
156 | 9 | ||||||
Anheuser-Busch InBev N.V. |
412 | 49 | ||||||
Associated British Foods plc |
1,016 | 46 | ||||||
Axfood AB |
633 | 10 |
1
VIRTUS INTERNATIONAL WEALTH MASTERS FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
Consumer Staples—(continued) |
||||||||
Beiersdorf AG |
328 | $ | 27 | |||||
Carrefour SA |
466 | 15 | ||||||
Casino Guichard Perrachon SA |
193 | 15 | ||||||
Davide Campari-Milano S.p.A |
1,077 | 8 | ||||||
First Resources Ltd. |
4,500 | 7 | ||||||
Galenica AG Registered Shares |
23 | 24 | ||||||
Golden Agri-Resources Ltd. |
22,700 | 7 | ||||||
Heineken Holding NV |
583 | 41 | ||||||
Henkel AG & KGaA |
293 | 28 | ||||||
Jeronimo Martins SPGS SA |
392 | 5 | ||||||
Kering |
86 | 15 | ||||||
L’Oreal SA |
82 | 15 | ||||||
M6-Metropole Television SA |
776 | 15 | ||||||
Marine Harvest ASA |
488 | 6 | ||||||
MARR SpA |
461 | 8 | ||||||
Matsui Securities Co., Ltd.(2) |
5,200 | 46 | ||||||
Mediaset S.p.A. |
1,765 | 8 | ||||||
Metro AG |
879 | 28 | ||||||
Pola Orbis Holdings, Inc. |
850 | 48 | ||||||
Remy Cointreau SA |
207 | 15 | ||||||
Securitas AB Class B |
721 | 9 | ||||||
Societe Television Francaise 1 |
879 | 15 | ||||||
Softbank Corp.(2) |
800 | 47 | ||||||
Sonae SGPS SA |
3,763 | 5 | ||||||
Steinhoff International Holdings Ltd. |
4,841 | 31 | ||||||
Sugi Holdings Co., Ltd. |
920 | 47 | ||||||
Sundrug Co., Ltd. |
800 | 48 | ||||||
Super Group Ltd. |
8,200 | 7 | ||||||
Unicharm Corp. |
2,050 | 49 | ||||||
United Internet AG Registered Shares |
638 | 28 | ||||||
Wilmar International Ltd. |
2,800 | 7 | ||||||
|
|
|||||||
788 | ||||||||
|
|
|||||||
Diversified REIT—0.3% |
||||||||
Fonciere Des Regions |
177 | 15 | ||||||
|
|
|||||||
Energy—3.6% |
||||||||
Akastor ASA |
3,356 | 6 | ||||||
Aker Solutions ASA |
1,014 | 6 | ||||||
Brightoil Petroleum Holdings Ltd.(2) |
11,000 | 6 | ||||||
China LNG Group Ltd. |
30,000 | 6 | ||||||
Delek Group Ltd. |
24 | 7 | ||||||
Det Norske Oljeselskap ASA(2) |
814 | 6 | ||||||
Galp Energia SGPS SA |
436 | 5 |
SHARES | VALUE | |||||||
Energy—(continued) |
||||||||
Genel Energy plc(2) |
5,982 | $ | 47 | |||||
Petrofac Ltd. |
3,616 | 52 | ||||||
Saras S.p.A(2) |
4,686 | 8 | ||||||
Seadrill Ltd. |
548 | 6 | ||||||
Ship Finance International Ltd. |
351 | 6 | ||||||
Tenaris S.A. ADR |
298 | 8 | ||||||
Transocean Ltd. |
1,436 | 23 | ||||||
|
|
|||||||
192 | ||||||||
|
|
|||||||
Financials—14.5% |
||||||||
Abacus Property Group REIT |
10,128 | 23 | ||||||
ACOM Co. Ltd.(2) |
12,600 | 48 | ||||||
Admiral Group plc |
2,170 | 47 | ||||||
Ashmore Group plc |
10,483 | 48 | ||||||
Assicurazioni Generali S.p.A |
437 | 8 | ||||||
Banco Santander SA |
2,144 | 15 | ||||||
Bank Hapoalim BM |
1,356 | 7 | ||||||
Bank of East Asia Ltd. |
1,400 | 6 | ||||||
Bankinter SA |
2,127 | 16 | ||||||
Champion REIT |
11,000 | 6 | ||||||
Cheung Kong Property Holdings Ltd.(2) |
750 | 6 | ||||||
City Developments Ltd. |
1,000 | 7 | ||||||
CK Hutchison Holdings Ltd. |
667 | 10 | ||||||
Emperor International Group Ltd. |
44,000 | 5 | ||||||
First Pacific Co., Ltd. |
7,000 | 6 | ||||||
Fortune REIT |
6,000 | 6 | ||||||
Goldin Financial Holdings Ltd.(2) |
5,000 | 6 | ||||||
Groupe Bruxelles Lambert SA |
613 | 49 | ||||||
Hang Lung Group Ltd. |
1,300 | 6 | ||||||
Hang Lung Properties Ltd. |
2,000 | 6 | ||||||
Hargreaves Lansdown plc |
2,537 | 46 | ||||||
Henderson Land Development Co., Ltd. |
900 | 6 | ||||||
Hufvudstaden AB |
773 | 9 | ||||||
Hysan Development Co. Ltd. |
1,500 | 6 | ||||||
Industrivarden AB |
490 | 10 | ||||||
Inmobiliaria Colonial SA(2) |
23,349 | 16 | ||||||
Intu Properties plc REIT |
9,905 | 48 | ||||||
Kerry Properties Ltd. |
1,500 | 6 | ||||||
Lundbergforetagen AB Class B |
211 | 9 | ||||||
Mediolanum S.p.A |
971 | 8 | ||||||
New World Development Co., Ltd. |
5,000 | 6 | ||||||
Oversea-Chinese Banking Corp. |
900 | 7 | ||||||
Pargesa Holding SA |
344 | 23 | ||||||
Platinum Asset Management Ltd. |
4,027 | 23 |
2
VIRTUS INTERNATIONAL WEALTH MASTERS FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
Financials—(continued) |
||||||||
Regus plc |
12,092 | $ | 50 | |||||
Reinet Investments SCA |
23,158 | 48 | ||||||
Schroders plc |
954 | 48 | ||||||
Sino Land Co., Ltd. |
4,000 | 7 | ||||||
Sun Hung Kai Properties Ltd. |
375 | 6 | ||||||
Svenska Handelsbanken AB Class A |
666 | 10 | ||||||
United Overseas Bank Ltd. |
400 | 7 | ||||||
United Overseas Land Ltd. |
1,300 | 7 | ||||||
Wendel |
121 | 15 | ||||||
Wharf Holdings Ltd. (The) |
1,000 | 7 | ||||||
Wheelock & Co., Ltd. |
1,175 | 6 | ||||||
Yanlord Land Group Ltd. |
8,100 | 7 | ||||||
|
|
|||||||
772 | ||||||||
|
|
|||||||
Health Care—3.3% |
||||||||
BioMerieux |
141 | 15 | ||||||
DiaSorin S.p.A |
175 | 8 | ||||||
Eurofins Scientific SE |
54 | 17 | ||||||
Getinge AB |
389 | 9 | ||||||
Ipsen SA |
281 | 16 | ||||||
Meda AB |
682 | 10 | ||||||
Roche Holding AG |
85 | 23 | ||||||
Straumann Holding AG |
88 | 24 | ||||||
Taisho Pharmaceutical Holdings Co., Ltd. |
680 | 46 | ||||||
Town Health International Medical Group Ltd. |
24,000 | 6 | ||||||
|
|
|||||||
174 | ||||||||
|
|
|||||||
Industrials—16.5% |
||||||||
Abertis Infraestructuras SA |
972 | 16 | ||||||
Actividades de Construccion y Servicios SA |
499 | 16 | ||||||
Adecco SA Registered Shares |
290 | 24 | ||||||
Alfa Laval AB |
541 | 10 | ||||||
Alstom SA(2) |
512 | 14 | ||||||
ANDRITZ AG |
464 | 26 | ||||||
Assa Abloy AB |
504 | 9 | ||||||
Avance Gas Holding Ltd. |
366 | 7 | ||||||
Bollore SA |
2,832 | 15 | ||||||
Bouygues SA |
363 | 14 | ||||||
Cargotec Oyj |
653 | 25 | ||||||
Cheung Kong Infrastructure Holdings Ltd. |
750 | 6 | ||||||
Dassault Aviation SA |
12 | 15 | ||||||
easyJet plc |
1,983 | 48 | ||||||
Ferrovial SA |
737 | 16 | ||||||
Fomento de Construcciones y Contratas SA(2) |
1,577 | 16 |
SHARES | VALUE | |||||||
Industrials—(continued) |
||||||||
Forbo Holding AG Registered Shares |
19 | $ | 23 | |||||
Golden Ocean Group Ltd. |
1,536 | 6 | ||||||
Holcim Ltd. Registered Shares |
314 | 23 | ||||||
Hopewell Holdings Ltd. |
1,500 | 5 | ||||||
Indutrade AB |
208 | 10 | ||||||
Jardine Matheson Holdings Ltd. |
125 | 7 | ||||||
Jardine Strategic Holdings Ltd. |
200 | 6 | ||||||
Johnson Electric Holdings Ltd. |
2,000 | 6 | ||||||
Kone Oyj Class B |
613 | 25 | ||||||
Kuehne & Nagel International AG |
176 | 23 | ||||||
Lafarge SA |
229 | 15 | ||||||
Nidec Corp. |
620 | 46 | ||||||
Noble Group Ltd. |
13,400 | 8 | ||||||
Nordex SE(2) |
1,192 | 29 | ||||||
NWS Holdings Ltd. |
4,000 | 6 | ||||||
Obrascon Huarte Lain SA |
874 | 15 | ||||||
OC Oerlikon Corp. AG Registered Shares(2) |
1,949 | 24 | ||||||
OCI NV(2) |
1,378 | 39 | ||||||
Orient Overseas International Ltd. |
1,000 | 5 | ||||||
Orkla ASA |
743 | 6 | ||||||
Prosegur Cia de Seguridad SA |
2,964 | 16 | ||||||
Rieter Holding AG |
146 | 23 | ||||||
Ryanair Holdings plc ADR |
678 | 48 | ||||||
Salini Impregilo S.p.A |
1,884 | 9 | ||||||
Seven Group Holdings Ltd. |
4,716 | 24 | ||||||
SGL Carbon SE |
1,771 | 29 | ||||||
SGS SA Registered Shares |
13 | 24 | ||||||
Shun Tak Holdings Ltd. |
10,000 | 5 | ||||||
Skanska AB Class B |
481 | 10 | ||||||
Sulzer AG |
217 | 22 | ||||||
Summit Ascent Holdings Ltd.(2) |
10,000 | 5 | ||||||
Taro Pharmaceutical Industries |
54 | 8 | ||||||
Techtronics Industries Co., Ltd. |
2,000 | 7 | ||||||
Tecnicas Reunidas SA |
313 | 16 | ||||||
Vossloh AG |
475 | 28 | ||||||
|
|
|||||||
878 | ||||||||
|
|
|||||||
Information Technology—8.3% |
||||||||
Check Point Software Technologies Ltd.(2) |
91 | 7 | ||||||
COLOPL, Inc.(2) |
2,250 | 45 | ||||||
Dassault Systemes |
203 | 15 | ||||||
Gree, Inc. |
7,800 | 46 | ||||||
GungHo Online Entertainment, Inc. |
11,900 | 46 | ||||||
Hexagon AB |
258 | 9 |
3
VIRTUS INTERNATIONAL WEALTH MASTERS FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
Information Technology—(continued) |
|
|||||||
Keyence Corp. |
85 | $ | 46 | |||||
Konami Corp. |
2,500 | 47 | ||||||
Lenovo Group Ltd. |
4,000 | 6 | ||||||
Nexon Co., Ltd. |
3,200 | 44 | ||||||
Otsuka Corp. |
1,000 | 47 | ||||||
SAP AG |
391 | 27 | ||||||
Silverlake Axis Ltd. |
7,700 | 6 | ||||||
VTech Holdings Ltd. |
450 | 6 | ||||||
Yahoo Japan Corp. |
11,000 | 44 | ||||||
|
|
|||||||
441 | ||||||||
|
|
|||||||
Materials—5.3% |
||||||||
APERAM SA(2) |
972 | 39 | ||||||
ArcelorMittal |
3,967 | 39 | ||||||
EMS-Chemie Holding AG |
56 | 24 | ||||||
Fortescue Metals Group Ltd. |
14,041 | 21 | ||||||
Frutarom Industries Ltd. |
178 | 7 | ||||||
Glencore International plc |
11,490 | 46 | ||||||
HeidelbergCement AG |
350 | 28 | ||||||
Hexpol AB |
898 | 9 | ||||||
Holmen AB B Shares |
331 | 10 | ||||||
Imerys SA |
194 | 15 | ||||||
Israel Corp. Ltd. (The) |
21 | 7 | ||||||
Schmolz + Bickenbach AG(2) |
25,360 | 22 | ||||||
Vicat |
220 | 15 | ||||||
|
|
|||||||
282 | ||||||||
|
|
|||||||
Retail REITs—1.0% |
||||||||
Hongkong Land Holdings Ltd. |
800 | 6 | ||||||
Scentre Group |
7,820 | 23 | ||||||
Westfield Corp. |
3,304 | 23 | ||||||
|
|
|||||||
52 | ||||||||
|
|
|||||||
Telecommunication Services—2.0% |
|
|||||||
HKT Trust & HKT Ltd. |
5,000 | 6 | ||||||
Iliad SA |
61 | 14 | ||||||
PCCW Ltd. |
10,000 | 6 | ||||||
Smartone Telecommunications Holdings Ltd. |
3,500 | 6 | ||||||
Talktalk Telecom Group plc |
8,053 | 48 | ||||||
TPG Telecom Ltd. |
3,466 | 24 | ||||||
|
|
|||||||
104 | ||||||||
|
|
|||||||
Utilities—0.9% |
||||||||
CLP Holdings Ltd. |
750 | 6 | ||||||
GDF Suez |
773 | 14 |
SHARES | VALUE | |||||||
Utilities—(continued) |
||||||||
Hong Kong & China Gas Co., Ltd. |
3,300 | $ | 7 | |||||
Kenon Holdings Ltd.(2) |
384 | 8 | ||||||
Rubis SCA |
219 | 15 | ||||||
|
|
|||||||
50 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS (Identified Cost $5,192) |
5,296 | |||||||
|
|
|||||||
RIGHTS—0.0% |
||||||||
Consumer Discretionary—0.0% |
||||||||
Jardine Cycle & Carriage Ltd. Exercise Price: 9.39 SGD Expiration: 7/9/15 |
27 | 0 | ||||||
|
|
|||||||
TOTAL RIGHTS (Identified Cost $0) |
|
0 | ||||||
|
|
|||||||
TOTAL LONG TERM INVESTMENTS—99.6% (Identified Cost $5,192) |
|
5,296 | ||||||
|
|
|||||||
SHORT-TERM INVESTMENTS—0.6% |
|
|||||||
Money Market Mutual Fund—0.6% |
|
|||||||
Fidelity Institutional Money Market Portfolio - Institutional Shares (seven-day effective yield 0.140%) |
33,477 | 33 | ||||||
|
|
|||||||
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $33) |
33 | |||||||
|
|
|||||||
TOTAL INVESTMENTS—100.2% (Identified Cost $5,225) |
5,329 | (1) | ||||||
Other assets and liabilities, |
(9 | ) | ||||||
|
|
|||||||
NET ASSETS—100.0% |
$ | 5,320 | ||||||
|
|
Abbreviations:
ADR | American Depositary Receipt |
REIT | Real Estate Investment Trust |
Footnote Legend:
(1) | Federal Income Tax Information: For tax information at June 30, 2015, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments. |
(2) | Non-income producing. |
4
VIRTUS INTERNATIONAL WEALTH MASTERS FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
Country Weightings † |
||||
Japan |
24 | % | ||
United Kingdom |
17 | |||
France |
9 | |||
Germany |
8 | |||
Switzerland |
8 | |||
Australia |
6 | |||
Hong Kong |
6 | |||
Other |
22 | |||
|
|
|||
Total |
100 | % | ||
|
|
† | % of total investments as of June 30, 2015 |
5
The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (See Security Valuation Note 1A in the Notes to Schedules of Investments):
Total Value at June 30, 2015 |
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
||||||||||
Equity Securities: |
||||||||||||
Common Stocks |
$ | 5,296 | $ | 5,296 | $ | — | ||||||
Rights |
— | (1) | — | — | (1) | |||||||
Short-Term Investments |
33 | 33 | — | |||||||||
|
|
|
|
|
|
|||||||
Total Investments |
$ | 5,329 | $ | 5,329 | $ | — | (1) | |||||
|
|
|
|
|
|
There are no Level 3 (significant unobservable inputs) priced securities.
There were no transfers between Level 1 and Level 2 related to securities held at June 30, 2015.
(1) | Amount is less than $500. |
VIRTUS LOW VOLATILITY EQUITY FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
EXCHANGE-TRADED FUND—97.7% |
|
|||||||
iShares S&P 100 Index |
55,855 | $ | 5,074 | |||||
|
|
|||||||
TOTAL EXCHANGE-TRADED FUND (Identified Cost $4,711) |
|
5,074 | ||||||
|
|
|||||||
CONTRACTS | ||||||||
PURCHASED OPTION—0.4% |
|
|||||||
Call Option—0.4% |
||||||||
S&P 500® Index Expiration 7/22/15 Strike Price $20 |
137 | 19 | ||||||
|
|
|||||||
TOTAL PURCHASED OPTION—0.4% (Premiums Paid $12) |
|
19 | ||||||
|
|
|||||||
TOTAL LONG TERM INVESTMENTS—98.1% (Identified Cost $4,723) |
|
5,093 | (1) | |||||
|
|
|||||||
SHARES | ||||||||
SHORT-TERM INVESTMENTS—1.5% |
|
|||||||
Money Market Mutual Fund—1.5% |
|
|||||||
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.140%) |
76,598 | 77 | ||||||
|
|
|||||||
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $77) |
|
77 | ||||||
|
|
|||||||
TOTAL INVESTMENTS, BEFORE WRITTEN OPTION—99.6% (Identified Cost $4,800) |
|
5,170 | (1) | |||||
|
|
|||||||
CONTRACTS | ||||||||
WRITTEN OPTION—(0.0)% |
|
|||||||
Call Options—0.0% |
||||||||
S&P 500® Index Expiration 7/31/15 Strike Price $2,180 |
24 | (2 | ) | |||||
|
|
|||||||
TOTAL WRITTEN OPTION—(0.0)% (Premiums Received $6) |
|
(2 | ) | |||||
|
|
|||||||
TOTAL INVESTMENTS, NET OF WRITTEN OPTION—99.6% (Identified Cost $4,794) |
|
5,168 | (1) | |||||
Other assets and liabilities, |
23 | |||||||
|
|
|||||||
NET ASSETS—100.0% |
$ | 5,191 | ||||||
|
|
Footnote Legend:
(1) | Federal Income Tax Information: For tax information at June 30, 2015, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments. |
(2) | All or a portion segregated as collateral for written option. |
(3) | This fund is a public fund and the prospectus and annual report are publicly available. |
1
The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (See Security Valuation Note 1A in the Notes to Schedules of Investments):
Total Value at June 30, 2015 |
Level 1 Quoted Prices |
|||||||
Equity Securities: |
||||||||
Exchange-Traded Fund |
$ | 5,074 | $ | 5,074 | ||||
Purchased Option |
19 | 19 | ||||||
Short-Term Investments |
77 | 77 | ||||||
|
|
|
|
|||||
Total Investments before Written Option |
$ | 5,170 | $ | 5,170 | ||||
|
|
|
|
|||||
Written Option |
(2 | ) | (2 | ) | ||||
|
|
|
|
|||||
Total Investments Net of Written Option |
$ | 5,168 | $ | 5,168 | ||||
|
|
|
|
There are no Level 2 (significant observable inputs) or Level 3 (significant unobservable inputs) priced securities.
There were no transfers between Level 1 and Level 2 related to securities held at June 30, 2015.
VIRTUS MULTI-ASSET TREND FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
COMMON STOCKS—36.9% |
||||||||
Consumer Discretionary—11.2% |
||||||||
Amazon.com, Inc.(2) |
2,690 | $ | 1,168 | |||||
AutoNation, Inc.(2) |
2,520 | 159 | ||||||
AutoZone, Inc. |
980 | 653 | ||||||
Best Buy Co., Inc. |
40,115 | 1,308 | ||||||
BorgWarner, Inc. |
6,240 | 355 | ||||||
Cablevision Systems Corp. Class A |
1,050 | 25 | ||||||
CarMax, Inc.(2) |
6,490 | 430 | ||||||
Carnival Corp. |
11,960 | 591 | ||||||
CBS Corp. Class B |
19,590 | 1,087 | ||||||
Comcast Corp. Class A |
21,270 | 1,279 | ||||||
Delphi Automotive plc |
7,975 | 679 | ||||||
DIRECTV(2) |
4,207 | 390 | ||||||
Discovery Communications, Inc. |
6,520 | 217 | ||||||
Discovery Communications, Inc. |
11,520 | 358 | ||||||
Expedia, Inc. |
760 | 83 | ||||||
GameStop Corp. Class A |
14,825 | 637 | ||||||
Gap, Inc. (The) |
5,375 | 205 | ||||||
Garmin Ltd. |
16,937 | 744 | ||||||
Genuine Parts Co. |
21,360 | 1,912 | ||||||
Goodyear Tire & Rubber Co. (The) |
65,302 | 1,969 | ||||||
H&R Block, Inc. |
62,660 | 1,858 | ||||||
Harman International Industries, Inc. |
9,545 | 1,135 | ||||||
Hasbro, Inc. |
13,110 | 980 | ||||||
Home Depot, Inc. |
11,975 | 1,331 | ||||||
Interpublic Group of Cos., Inc. (The) |
29,480 | 568 | ||||||
Johnson Controls, Inc. |
18,185 | 901 | ||||||
L Brands, Inc. |
4,780 | 410 | ||||||
Leggett & Platt, Inc. |
15,320 | 746 | ||||||
Lowe’s Cos., Inc. |
8,865 | 594 | ||||||
Marriott International, Inc. Class A |
5,505 | 409 | ||||||
Mattel, Inc. |
39,485 | 1,014 | ||||||
Mohawk Industries, Inc.(2) |
6,980 | 1,332 | ||||||
Netflix, Inc.(2) |
450 | 296 | ||||||
News Corp. Class A(2) |
64,130 | 936 | ||||||
NIKE, Inc. Class B |
19,255 | 2,080 | ||||||
O’Reilly Automotive, Inc.(2) |
3,130 | 707 | ||||||
Omnicom Group, Inc. |
17,740 | 1,233 | ||||||
Priceline Group, Inc. (The)(2) |
400 | 460 | ||||||
Ross Stores, Inc. |
8,220 | 400 | ||||||
Royal Caribbean Cruises Ltd. |
4,370 | 344 | ||||||
Scripps Networks Interactive, Inc. Class A |
4,307 | 281 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. |
4,565 | 370 |
SHARES | VALUE | |||||||
Consumer Discretionary—(continued) |
|
|||||||
Time Warner Cable, Inc. |
2,310 | $ | 412 | |||||
Time Warner, Inc. |
5,065 | 443 | ||||||
TJX Cos., Inc. |
13,385 | 886 | ||||||
TripAdvisor, Inc.(2) |
860 | 75 | ||||||
Twenty-First Century Fox, Inc. Class A |
11,160 | 363 | ||||||
Urban Outfitters, Inc.(2) |
2,150 | 75 | ||||||
Viacom, Inc. Class B |
2,410 | 156 | ||||||
Walgreens Boots Alliance, Inc. |
9,217 | 778 | ||||||
Walt Disney Co. (The) |
9,530 | 1,088 | ||||||
Whirlpool Corp. |
10,480 | 1,814 | ||||||
Wyndham Worldwide Corp. |
3,300 | 270 | ||||||
|
|
|||||||
38,994 | ||||||||
|
|
|||||||
Consumer Staples—2.5% |
||||||||
Archer-Daniels-Midland Co. |
37,855 | 1,825 | ||||||
Brown-Forman Corp. Class B |
8,990 | 901 | ||||||
Constellation Brands, Inc. Class A |
9,760 | 1,132 | ||||||
CVS Health Corp. |
11,847 | 1,243 | ||||||
Kroger Co. (The) |
19,170 | 1,390 | ||||||
Molson Coors Brewing Co. Class B |
26,350 | 1,839 | ||||||
Whole Foods Market, Inc. |
14,040 | 554 | ||||||
|
|
|||||||
8,884 | ||||||||
|
|
|||||||
Energy—1.1% |
||||||||
Kinder Morgan, Inc. |
23,905 | 918 | ||||||
Marathon Petroleum Corp. |
9,410 | 492 | ||||||
ONEOK, Inc. |
3,175 | 125 | ||||||
Phillips 66 |
9,422 | 759 | ||||||
Spectra Energy Corp. |
9,700 | 316 | ||||||
Tesoro Corp. |
2,200 | 186 | ||||||
Valero Energy Corp. |
8,860 | 555 | ||||||
Williams Cos., Inc. (The) |
9,412 | 540 | ||||||
|
|
|||||||
3,891 | ||||||||
|
|
|||||||
Financials—3.4% |
||||||||
American Express Co. |
11,450 | 890 | ||||||
AON plc |
9,455 | 942 | ||||||
Capital One Financial Corp. |
7,220 | 635 | ||||||
CBRE Group, Inc. Class A(2) |
52,449 | 1,941 | ||||||
Charles Schwab Corp. (The) |
12,410 | 405 | ||||||
CME Group, Inc. |
5,660 | 527 | ||||||
Discover Financial Services |
5,850 | 337 | ||||||
E*Trade Financial Corp.(2) |
3,390 | 101 | ||||||
Goldman Sachs Group, Inc. (The) |
4,340 | 906 | ||||||
HCP, Inc. |
14,000 | 511 |
1
VIRTUS MULTI-ASSET TREND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
Financials—(continued) |
||||||||
Health Care REIT, Inc. |
10,600 | $ | 696 | |||||
Intercontinental Exchange, Inc. |
2,020 | 452 | ||||||
Marsh & McLennan Cos., Inc. |
18,127 | 1,028 | ||||||
McGraw-Hill Cos., Inc. (The) |
4,870 | 489 | ||||||
Moody’s Corp. |
3,240 | 350 | ||||||
Morgan Stanley |
16,440 | 638 | ||||||
NASDAQ OMX Group, Inc. (The) |
2,280 | 111 | ||||||
Navient Corp. |
5,780 | 105 | ||||||
Realty Income Corp. |
4,287 | 190 | ||||||
Ventas, Inc. |
10,030 | 623 | ||||||
|
|
|||||||
11,877 | ||||||||
|
|
|||||||
Health Care—4.2% |
||||||||
AbbVie, Inc. |
2,750 | 185 | ||||||
Aetna, Inc. |
2,817 | 359 | ||||||
Agilent Technologies, Inc. |
8,330 | 321 | ||||||
Alexion Pharmaceuticals, Inc. |
770 | 139 | ||||||
Allergan plc(2) |
670 | 203 | ||||||
AmerisourceBergen Corp. |
3,370 | 358 | ||||||
Amgen, Inc. |
2,640 | 405 | ||||||
Anthem, Inc. |
2,160 | 355 | ||||||
Biogen, Inc.(2) |
850 | 343 | ||||||
Bristol-Myers Squibb Co. |
2,890 | 192 | ||||||
Cardinal Health, Inc. |
5,325 | 446 | ||||||
Celgene Corp.(2) |
2,890 | 335 | ||||||
Cerner Corp.(2) |
29,240 | 2,019 | ||||||
Cigna Corp. |
2,090 | 339 | ||||||
Eli Lilly & Co. |
1,780 | 149 | ||||||
Endo International plc(2) |
170 | 14 | ||||||
Gilead Sciences, Inc. |
5,240 | 614 | ||||||
HCA Holdings, Inc.(2) |
14,970 | 1,358 | ||||||
Hospira, Inc.(2) |
160 | 14 | ||||||
Humana, Inc. |
1,200 | 230 | ||||||
Johnson & Johnson |
4,670 | 455 | ||||||
Mallinckrodt plc(2) |
110 | 13 | ||||||
McKesson Corp. |
3,720 | 836 | ||||||
Merck & Co., Inc. |
4,870 | 277 | ||||||
Mylan NV(2) |
735 | 50 | ||||||
Patterson Cos., Inc. |
1,490 | 73 | ||||||
PerkinElmer, Inc. |
2,950 | 155 | ||||||
Perrigo Co. plc |
255 | 47 | ||||||
Pfizer, Inc. |
10,532 | 353 | ||||||
Regeneron Pharmaceuticals, Inc.(2) |
280 | 143 | ||||||
Schein (Henry), Inc.(2) |
1,380 | 196 | ||||||
Tenet Healthcare Corp.(2) |
5,160 | 299 |
SHARES | VALUE | |||||||
Health Care—(continued) |
||||||||
Thermo Fisher Scientific, Inc. |
9,550 | $ | 1,239 | |||||
UnitedHealth Group, Inc. |
7,420 | 905 | ||||||
Universal Health Services, Inc. |
4,600 | 654 | ||||||
Vertex Pharmaceuticals, Inc.(2) |
940 | 116 | ||||||
Waters Corp.(2) |
2,050 | 263 | ||||||
Zoetis, Inc. |
480 | 23 | ||||||
|
|
|||||||
14,475 | ||||||||
|
|
|||||||
Industrials—5.1% |
||||||||
Allegion plc |
12,500 | 752 | ||||||
American Airlines Group, Inc. |
14,005 | 559 | ||||||
Avery Dennison Corp. |
7,505 | 457 | ||||||
Boeing Co. (The) |
2,550 | 354 | ||||||
Cintas Corp. |
23,460 | 1,984 | ||||||
CSX Corp. |
11,947 | 390 | ||||||
Delta Air Lines, Inc. |
15,950 | 655 | ||||||
Dover Corp. |
2,410 | 169 | ||||||
Dun & Bradstreet Corp. |
2,190 | 267 | ||||||
Equifax, Inc. |
7,135 | 693 | ||||||
Flowserve Corp. |
1,990 | 105 | ||||||
General Dynamics Corp. |
1,340 | 190 | ||||||
Honeywell International, Inc. |
3,147 | 321 | ||||||
Illinois Tool Works, Inc. |
4,690 | 430 | ||||||
Ingersoll-Rand plc |
3,630 | 245 | ||||||
Kansas City Southern |
1,425 | 130 | ||||||
L-3 Communications Holdings, Inc. |
190 | 22 | ||||||
Lockheed Martin Corp. |
1,090 | 203 | ||||||
Masco Corp. |
45,350 | 1,209 | ||||||
Nielsen Holdings NV |
22,270 | 997 | ||||||
Norfolk Southern Corp. |
3,700 | 323 | ||||||
Northrop Grumman Corp. |
850 | 135 | ||||||
Pall Corp. |
1,560 | 194 | ||||||
Parker Hannifin Corp. |
1,975 | 230 | ||||||
Pentair plc |
2,670 | 184 | ||||||
Precision Castparts Corp. |
610 | 122 | ||||||
Raytheon Co. |
1,320 | 126 | ||||||
Robert Half International, Inc. |
35,217 | 1,955 | ||||||
Rockwell Collins, Inc. |
570 | 53 | ||||||
Ryder System, Inc. |
21,201 | 1,852 | ||||||
Snap-On, Inc. |
850 | 135 | ||||||
Southwest Airlines Co. |
13,037 | 431 | ||||||
Stanley Black & Decker, Inc. |
2,185 | 230 | ||||||
Textron, Inc. |
1,180 | 53 | ||||||
Union Pacific Corp. |
10,602 | 1,011 | ||||||
United Technologies Corp. |
3,252 | 361 |
2
VIRTUS MULTI-ASSET TREND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
Industrials—(continued) |
||||||||
Xylem, Inc. |
2,680 | $ | 99 | |||||
|
|
|||||||
17,626 | ||||||||
|
|
|||||||
Information Technology—4.8% |
||||||||
Adobe Systems, Inc.(2) |
6,980 | 565 | ||||||
Akamai Technologies, Inc.(2) |
620 | 43 | ||||||
Alliance Data Systems Corp. |
360 | 105 | ||||||
Amphenol Corp. Class A |
13,680 | 793 | ||||||
Apple, Inc. |
12,440 | 1,560 | ||||||
Applied Materials, Inc. |
52,552 | 1,010 | ||||||
Autodesk, Inc. |
3,490 | 175 | ||||||
Automatic Data Processing, Inc. |
2,545 | 204 | ||||||
Citrix Systems, Inc.(2) |
2,580 | 181 | ||||||
Computer Sciences Corp. |
800 | 53 | ||||||
Corning, Inc. |
56,480 | 1,114 | ||||||
eBay, Inc.(2) |
3,625 | 218 | ||||||
Electronic Arts, Inc.(2) |
31,685 | 2,107 | ||||||
EMC Corp. |
4,630 | 122 | ||||||
Equinix, Inc. |
200 | 51 | ||||||
Facebook, Inc. Class A(2) |
6,630 | 569 | ||||||
Fidelity National Information Services, Inc. |
1,620 | 100 | ||||||
Fiserv, Inc.(2) |
1,360 | 113 | ||||||
Gannett, Inc. |
14,353 | 201 | ||||||
Google, Inc. Class A(2) |
920 | 497 | ||||||
Google, Inc. Class C(2) |
920 | 479 | ||||||
Hewlett-Packard Co. |
4,260 | 128 | ||||||
Intuit, Inc. |
4,090 | 412 | ||||||
KLA-Tencor Corp. |
7,000 | 393 | ||||||
Lam Research Corp. |
6,797 | 553 | ||||||
MasterCard, Inc. Class A |
5,100 | 477 | ||||||
NetApp, Inc. |
390 | 12 | ||||||
Paychex, Inc. |
1,850 | 87 | ||||||
Salesforce.com, Inc.(2) |
8,930 | 622 | ||||||
SanDisk Corp. |
270 | 16 | ||||||
Seagate Technology plc |
410 | 20 | ||||||
TE Connectivity Ltd. |
28,340 | 1,822 | ||||||
TEGNA, Inc. |
28,705 | 921 | ||||||
Total System Services, Inc. |
500 | 21 | ||||||
VeriSign, Inc. |
200 | 12 | ||||||
Visa, Inc. Class A |
10,130 | 680 | ||||||
Western Digital Corp. |
510 | 40 | ||||||
Western Union Co. (The) |
2,980 | 61 | ||||||
Xerox Corp. |
5,960 | 63 | ||||||
Yahoo!, Inc.(2) |
3,055 | 120 | ||||||
|
|
|||||||
16,720 | ||||||||
|
|
SHARES | VALUE | |||||||
Materials—3.1% |
||||||||
Dow Chemical Co. (The) |
15,575 | $ | 797 | |||||
Du Pont (E.I.) de Nemours & Co. |
12,962 | 829 | ||||||
Eastman Chemical Co. |
2,310 | 189 | ||||||
Ecolab, Inc. |
4,810 | 544 | ||||||
FMC Corp. |
2,080 | 109 | ||||||
Freeport-McMoRan Copper & Gold, Inc. |
87,075 | 1,621 | ||||||
International Flavors & Fragrances, Inc. |
1,565 | 171 | ||||||
International Paper Co. |
37,130 | 1,767 | ||||||
Martin Marietta Materials, Inc. |
5,700 | 807 | ||||||
MeadWestvaco Corp. |
13,930 | 657 | ||||||
PPG Industries, Inc. |
4,794 | 550 | ||||||
Sealed Air Corp. |
17,355 | 892 | ||||||
Sherwin-Williams Co. (The) |
1,435 | 395 | ||||||
Sigma-Aldrich Corp. |
2,202 | 307 | ||||||
Vulcan Materials Co. |
12,095 | 1,015 | ||||||
|
|
|||||||
10,650 | ||||||||
|
|
|||||||
Retail REITs—0.5% |
||||||||
General Growth Properties, Inc. |
11,880 | 305 | ||||||
Kimco Realty Corp. |
7,840 | 177 | ||||||
Macerich Co. (The) |
2,700 | 201 | ||||||
Simon Property Group, Inc. |
5,745 | 994 | ||||||
|
|
|||||||
1,677 | ||||||||
|
|
|||||||
Telecommunication Services—0.5% |
|
|||||||
Level 3 Communications, Inc.(2) |
36,120 | 1,902 | ||||||
|
|
|||||||
1,902 | ||||||||
|
|
|||||||
Utilities—0.5% |
||||||||
AGL Resources, Inc. |
40,490 | 1,885 | ||||||
|
|
|||||||
1,885 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS (Identified Cost $131,712) |
128,581 | |||||||
|
|
|||||||
EXCHANGE-TRADED FUNDS(3)—61.4% |
|
|||||||
iShares Barclays Treasury Inflation Protected Securities Bond Fund |
194,075 | 21,746 | ||||||
iShares China Large-Cap Fund |
220,120 | 10,147 | ||||||
iShares Dow Jones U.S. Real Estate Index Fund |
159,637 | 11,382 | ||||||
iShares Lehman 1-3 Year Treasury Bond Fund |
1,019,745 | 86,536 | ||||||
iShares MSCI Germany Index Fund |
358,330 | 9,990 | ||||||
iShares MSCI Hong Kong Index Fund |
462,927 | 10,444 | ||||||
iShares MSCI India Index Fund |
360,462 | 10,926 | ||||||
iShares MSCI Italy Index Fund Capped |
684,947 | 10,199 | ||||||
iShares MSCI Spain Index Fund Capped |
296,832 | 9,959 | ||||||
iShares MSCI Switzerland Index Fund Capped |
302,840 | 9,918 |
3
VIRTUS MULTI-ASSET TREND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
iShares MSCI Taiwan Index Fund |
667,550 | $ | 10,534 | |||||
Powershares DB U.S. Dollar Index Bullish Fund(2) |
492,937 | 12,338 | ||||||
|
|
|||||||
TOTAL EXCHANGE-TRADED FUNDS (Identified Cost $219,419) |
214,119 | |||||||
|
|
|||||||
TOTAL LONG TERM INVESTMENTS—98.3% (Identified Cost $351,131) |
342,700 | |||||||
|
|
|||||||
SHORT-TERM INVESTMENTS—2.5% |
|
|||||||
Money Market Mutual Fund—2.5% |
|
|||||||
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.140%) |
8,654,457 | 8,654 | ||||||
|
|
|||||||
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $8,654) |
8,654 | |||||||
|
|
|||||||
TOTAL INVESTMENTS—100.8% (Identified Cost $359,785) |
351,354 | (1) | ||||||
Other assets and liabilities, net—(0.8)% |
(2,909 | ) | ||||||
|
|
|||||||
NET ASSETS—100.0% |
$ | 348,445 | ||||||
|
|
Abbreviation:
REIT | Real Estate Investment Trust |
Footnote Legend:
(1) | Federal Income Tax Information: For tax information at June 30, 2015, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments. |
(2) | Non-income producing. |
(3) | All of these funds are public funds and the prospectus and annual reports of each are publicly available. |
4
VIRTUS MULTI-ASSET TREND FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
Country Weightings † |
||||
United States |
92 | % | ||
India |
3 | |||
Taiwan |
3 | |||
Switzerland |
1 | |||
United Kingdom |
1 | |||
|
|
|||
Total |
100 | % | ||
|
|
† | % of total investments as of June 30, 2015 |
5
The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (See Security Valuation Note 1A in the Notes to Schedules of Investments):
Total Value at June 30, 2015 |
Level 1 Quoted Prices |
|||||||
Equity Securities: |
||||||||
Common Stocks |
$ | 128,581 | $ | 128,581 | ||||
Exchange-Traded Funds |
214,119 | 214,119 | ||||||
Short-Term Investments |
8,654 | 8,654 | ||||||
|
|
|
|
|||||
Total Investments |
$ | 351,354 | $ | 351,354 | ||||
|
|
|
|
There are no Level 2 (significant observable inputs) or Level 3 (significant unobservable inputs) priced securities.
There were no transfers between Level 1 and Level 2 related to securities held at June 30, 2015.
VIRTUS MULTI-SECTOR INTERMEDIATE BOND FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
U.S. GOVERNMENT SECURITIES—0.3% |
|
|||||||
U.S. Treasury Note |
||||||||
1.500%, 5/31/20 |
$ | 420 | $ | 417 | ||||
2.250%, 11/15/24 |
585 | 581 | ||||||
|
|
|||||||
TOTAL U.S. GOVERNMENT SECURITIES (Identified Cost $1,013) |
998 | |||||||
|
|
|||||||
MUNICIPAL BONDS—0.1% |
|
|||||||
Michigan—0.0% |
||||||||
Tobacco Settlement Finance Authority Taxable Series A, |
145 | 123 | ||||||
|
|
|||||||
Virginia—0.1% |
||||||||
Tobacco Settlement Financing Corp. Series A-1, Taxable |
325 | 238 | ||||||
|
|
|||||||
TOTAL MUNICIPAL BONDS (Identified Cost $455) |
361 | |||||||
|
|
|||||||
FOREIGN GOVERNMENT SECURITIES—4.6% |
|
|||||||
Argentine Republic Series NY, |
1,570 | 1,507 | ||||||
Bolivarian Republic of Venezuela |
||||||||
RegS 7.000%, 12/1/18(4) |
216 | 95 | ||||||
RegS 7.750%, 10/13/19(4) |
202 | 79 | ||||||
RegS 8.250%, 10/13/24(4) |
1,110 | 419 | ||||||
7.650%, 4/21/25 |
1,500 | 555 | ||||||
9.250%, 9/15/27 |
360 | 155 | ||||||
9.375%, 1/13/34 |
2,145 | 853 | ||||||
Kingdom of Morocco 144A |
1,030 | 1,051 | ||||||
Mongolia 144A |
825 | 749 | ||||||
Republic of Azerbaijan 144A |
880 | 897 | ||||||
Republic of Chile |
474,000 | CLP | 791 | |||||
Republic of Colombia |
1,867,000 | COP | 647 | |||||
Republic of Costa Rica 144A |
795 | 720 | ||||||
Republic of Cote d’Ivoire 144A |
905 | 885 | ||||||
Republic of El Salvador 144A |
1,405 | 1,366 | ||||||
Republic of Indonesia |
||||||||
Series FR30, |
9,327,000 | IDR | 721 | |||||
Series FR63, |
6,141,000 | IDR | 389 | |||||
Republic of Iraq RegS |
610 | 496 | ||||||
Republic of Panama |
700 | 689 | ||||||
Republic of Romania 144A |
498 | 527 | ||||||
Republic of South Africa |
PAR VALUE | VALUE | |||||||
Series R203, |
$ | 3,690 | ZAR | $ | 310 | |||
Series R208, |
6,720 | ZAR | 523 | |||||
Russian Federation 144A |
60,000 | RUB | 1,000 | |||||
United Mexican States Series M, |
17,764 | MXN | 1,171 | |||||
|
|
|||||||
TOTAL FOREIGN GOVERNMENT SECURITIES (Identified Cost $20,445) |
16,595 | |||||||
|
|
|||||||
MORTGAGE-BACKED SECURITIES—11.7% |
|
|||||||
Agency—1.9% |
||||||||
FHLMC |
||||||||
4.000%, 2/1/45 |
830 | 879 | ||||||
3.500%, 3/1/45 |
2,083 | 2,143 | ||||||
FNMA |
||||||||
3.000%, 6/1/43 |
2,408 | 2,404 | ||||||
4.000%, 10/1/44 |
1,540 | 1,631 | ||||||
|
|
|||||||
7,057 | ||||||||
|
|
|||||||
Non-Agency—9.8% |
||||||||
A-10 Securitization LLC 13-1, B 144A |
1,100 | 1,101 | ||||||
Ameriquest Mortgage Securities, Inc. 03-AR3, M4 |
660 | 643 | ||||||
Aventura Mall Trust 13-AVM, C 144A |
845 | 872 | ||||||
Banc of America Alternative Loan Trust 03-2, CB3 |
892 | 924 | ||||||
Banc of America Funding Trust |
||||||||
05-1, 1A1 5.500%, 2/25/35 |
565 | 574 | ||||||
06-2, 3A1 6.000%, 3/25/36 |
360 | 361 | ||||||
Bank of America (Merrill Lynch - Countrywide) Alternative Loan Trust |
||||||||
04-22CB, 1A1 6.000%, 10/25/34 |
544 | 576 | ||||||
04-24CB, 1A1 6.000%, 11/25/34 |
121 | 123 | ||||||
Bank of America (Merrill Lynch - Countrywide) Mortgage Trust 06-C1, AM |
715 | 735 | ||||||
Bank of America (Merrill Lynch) Mortgage Investors |
1,260 | 1,387 | ||||||
Barclays (Lehman Brothers) - UBS Commercial Mortgage |
449 | 485 | ||||||
Citigroup Mortgage Loan Trust, Inc. |
||||||||
05-5, 2A3 5.000%, 8/25/35 |
370 | 368 | ||||||
15-A, A1 3.500%, 6/25/58(2) |
951 | 955 | ||||||
Commercial Mortgage Trust 07-GG11, AM |
1,200 | 1,287 |
1
VIRTUS MULTI-SECTOR INTERMEDIATE BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
Non-Agency—(continued) |
||||||||
Credit Suisse Commercial Mortgage Trust 07 - C5, A1AM |
$ | 939 | $ | 958 | ||||
CSAIL Commercial Mortgage Trust 15-C2, AS 3.849%, 6/15/57 |
489 | 495 | ||||||
Deutsche Bank-UBS Mortgage Trust 11-LC3A, D 144A |
860 | 895 | ||||||
Fannie Mae Connecticut Avenue Securities 14-C02, 2M2 |
1,080 | 985 | ||||||
GAHR Commercial Mortgage Trust 15-NRF, CFX 144A |
600 | 595 | ||||||
Goldman Sachs Mortgage Securities Trust II 07-GG10, A4 |
673 | 719 | ||||||
Goldman Sachs Residential Mortgage Loan Trust 05-5F, B1 |
903 | 936 | ||||||
Hilton USA Trust 13-HLT, EFX 144A |
720 | 729 | ||||||
Jefferies Resecuritization Trust 14-R1, 2A1 144A |
733 | 733 | ||||||
JPMorgan Chase (Bear Stearns) Commercial Mortgage Securities, Inc. |
||||||||
06-PW12, AM 5.940%, 9/11/38(2) |
650 | 673 | ||||||
05-PW10, AM 5.449%, 12/11/40(2) |
895 | 908 | ||||||
06-PW13, AM 5.582%, 9/11/41(2) |
1,360 | 1,417 | ||||||
07- PW15, AM 5.363%, 2/11/44 |
645 | 667 | ||||||
07-PW18, AM 6.084%, 6/11/50(2) |
1,525 | 1,664 | ||||||
JPMorgan Chase Commercial Mortgage Securities Trust |
||||||||
14-1, 1A1 144A 4.000%, 1/25/44(2)(3) |
857 | 891 | ||||||
07-LDPX, AM 5.464%, 1/15/49(2) |
1,341 | 1,386 | ||||||
MASTR Alternative Loan Trust |
||||||||
04-6, 7A1 6.000%, 7/25/34 |
472 | 480 | ||||||
05-2, 2A1 6.000%, 1/25/35 |
537 | 572 | ||||||
MASTR Reperforming Loan Trust 05-1, 1A5 144A |
647 | 693 | ||||||
Morgan Stanley Bank of America (Merrill Lynch) Trust 15-C22, AS 3.561%, 5/15/46 |
965 | 950 | ||||||
Morgan Stanley Capital I Trust 07-IQ14, AM 5.867%, 4/15/49(2) |
925 | 964 | ||||||
Motel 6 Trust 15-MTL6, B 144A |
1,080 | 1,082 | ||||||
Nomura Asset Acceptance Corp. 04-R3, A1 144A |
281 | 288 | ||||||
Residential Funding Mortgage Securities I, Inc. 05-S1, 1A2 5.500%, 2/25/35 |
683 | 687 |
PAR VALUE | VALUE | |||||||
Non-Agency—(continued) |
||||||||
Sequoia Mortgage Trust |
||||||||
14-2, A1 144A 4.000%, 7/25/44(2)(3) |
$ | 407 | $ | 419 | ||||
15-1, A1 144A 3.500%, 1/25/45(2)(3) |
1,005 | 999 | ||||||
VFC LLC 15-3, B 144A |
1,000 | 999 | ||||||
Wells Fargo (Royal Bank of Scotland plc) Commercial Mortgage Trust 11-C5, C 144A |
645 | 719 | ||||||
Wells Fargo (Wachovia Bank) Commercial Mortgage Trust |
||||||||
07-C32, A3 5.903%, 6/15/49(2) |
360 | 381 | ||||||
15-LC20, B 3.719%, 4/15/50 |
875 | 853 | ||||||
|
|
|||||||
35,128 | ||||||||
|
|
|||||||
TOTAL MORTGAGE-BACKED SECURITIES (Identified Cost $41,970) |
42,185 | |||||||
|
|
|||||||
ASSET-BACKED SECURITIES—7.0% |
|
|||||||
American Homes 4 Rent |
||||||||
14-SFR2, C 144A |
915 | 955 | ||||||
15-SFR1, A 144A |
698 | 693 | ||||||
Applebee’s LLC 14-1, A2 144A |
1,260 | 1,276 | ||||||
Bank of America (Merrill Lynch - Countrywide) Asset-Backed Certificates |
||||||||
05-1 AF5A 5.251%, 7/25/35(2) |
1,220 | 1,209 | ||||||
05-12, 1A4 5.323%, 2/25/36(2) |
132 | 132 | ||||||
05-12, 2A4 5.575%, 2/25/36(2) |
540 | 539 | ||||||
CarFinance Capital Auto Trust |
||||||||
14-1A, D 144A |
1,316 | 1,337 | ||||||
15-1A, C 144A |
2,160 | 2,163 | ||||||
Cheesecake Restaurant Holdings, Inc. 13-1A, A2 144A |
937 | 951 | ||||||
Conseco Financial Corp. 01-3, A4 6.910%, 5/1/33(2) |
362 | 400 | ||||||
DB Master Finance LLC 15-A1, A2II 144A |
382 | 380 | ||||||
Domino’s Pizza Master Issuer LLC 12-1A, A2 144A |
604 | 623 | ||||||
Drive Auto Receivables Trust 15-AA, D 144A |
1,080 | 1,084 | ||||||
Exeter Automobile Receivables Trust |
||||||||
15-A1, C 144A |
900 | 907 | ||||||
15-2A, C 144A |
925 | 927 | ||||||
Fairway Outdoor Funding LLC 12-1A, A2 144A |
551 | 551 |
2
VIRTUS MULTI-SECTOR INTERMEDIATE BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
Foursight Capital Automobile Receivables Trust 15-1, B 144A |
$ | 1,110 | $ | 1,110 | ||||
GMAC Mortgage Corp. Loan Trust 06-HLTV, A4 |
221 | 223 | ||||||
Greater Capital Association of Realtors 15-1A, C |
545 | 545 | ||||||
GSAA Home Equity Trust 05-12, AF3W |
467 | 477 | ||||||
Home Equity Loan Trust 07-HSA3, AI4 |
1,460 | 1,473 | ||||||
IndyMac Manufactured Housing Contract 98-1, A3 |
255 | 262 | ||||||
Leaf Receivables Funding 10 LLC 15-1, E2 144A |
555 | 533 | ||||||
MASTR Specialized Loan Trust 05-3, A2 144A |
459 | 476 | ||||||
Origen Manufactured Housing Contract Trust 04-B, M1 |
467 | 486 | ||||||
Residential Asset Mortgage Trust 04-RZ1, M1 |
1,081 | 1,099 | ||||||
Residential Funding Mortgage Securities II Home Loan Trust |
||||||||
03-HS3, AI4 5.550%, 9/25/33(2) |
351 | 362 | ||||||
07-HI1, A3 5.720%, 3/25/37 |
176 | 179 | ||||||
SolarCity LMC Series III LLC 14-2, A 144A |
977 | 986 | ||||||
Trip Rail Master Funding LLC 11-1A, A1A 144A |
230 | 237 | ||||||
Vericrest Opportunity Loan Trust |
||||||||
15-NPL2, A1 144A |
761 | 759 | ||||||
15-NPL3, A1 144A |
722 | 720 | ||||||
Wendy’s Funding LLC 15-1A, A2II 144A |
1,110 | 1,102 | ||||||
|
|
|||||||
TOTAL ASSET-BACKED SECURITIES (Identified Cost $24,902) |
25,156 | |||||||
|
|
|||||||
CORPORATE BONDS AND NOTES—58.3% |
|
|||||||
Consumer Discretionary—7.6% |
||||||||
Argos Merger Sub, Inc. 144A |
775 | 814 | ||||||
Boyd Gaming Corp. |
||||||||
9.000%, 7/1/20 |
435 | 474 | ||||||
6.875%, 5/15/23 |
415 | 427 | ||||||
Brookfield Residential Properties, Inc. 144A |
185 | 183 |
PAR VALUE | VALUE | |||||||
Consumer Discretionary—(continued) |
|
|||||||
Caesars Entertainment Operating Co., Inc. |
$ | 535 | $ | 439 | ||||
Caesars Entertainment Resort Properties LLC |
320 | 302 | ||||||
Caesars Growth Properties Holdings LLC 144A |
495 | 374 | ||||||
Cequel Communications Holdings I LLC (Cequel Capital Corp.) |
||||||||
144A 5.125%, 12/15/21(3) |
275 | 251 | ||||||
144A 5.125%, 12/15/21(3) |
655 | 597 | ||||||
Clear Channel Worldwide Holdings, Inc. |
||||||||
Series B 7.625%, 3/15/20 |
1,595 | 1,669 | ||||||
Series A 7.625%, 3/15/20 |
320 | 332 | ||||||
Columbus International, Inc. 144A |
200 | 216 | ||||||
iHeartCommunications, Inc. |
230 | 186 | ||||||
Intelsat Jackson Holdings SA |
760 | 675 | ||||||
International Game Technology plc |
||||||||
7.500%, 6/15/19 |
580 | 618 | ||||||
144A 5.625%, 2/15/20(3) |
200 | 196 | ||||||
144A 6.250%, 2/15/22(3) |
340 | 326 | ||||||
Isle of Capri Casinos, Inc. |
1,337 | 1,380 | ||||||
Landry’s, Inc. 144A |
475 | 512 | ||||||
Lear Corp. |
750 | 741 | ||||||
Meritor, Inc. |
960 | 986 | ||||||
MGM Resorts International |
490 | 497 | ||||||
Mohegan Tribal Gaming Authority 9.750%, 9/1/21 |
500 | 526 | ||||||
MPG Holdco I, Inc. |
830 | 888 | ||||||
New York University |
545 | 515 | ||||||
Numericable Group SA 144A |
605 | 598 | ||||||
Omega US Sub LLC 144A |
925 | 927 | ||||||
Penn National Gaming, Inc. |
490 | 496 | ||||||
Pinnacle Entertainment, Inc. |
1,035 | 1,103 | ||||||
QVC, Inc. |
240 | 247 | ||||||
RCN Telecom Services LLC (RCN Capital Corp.) 144A |
510 | 536 | ||||||
RSI Home Products, Inc. 144A |
455 | 461 | ||||||
Scientific Games International, Inc. |
||||||||
6.625%, 5/15/21 |
910 | 710 | ||||||
144A 7.000%, 1/1/22(3) |
590 | 612 | ||||||
Signet UK Finance plc |
895 | 903 | ||||||
Standard Pacific Corp. |
545 | 564 | ||||||
Station Casinos LLC |
970 | 1,043 |
3
VIRTUS MULTI-SECTOR INTERMEDIATE BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
Consumer Discretionary—(continued) |
|
|||||||
Taylor Morrison Communities, Inc. (Monarch Communities, Inc.) 144A |
$ | 730 | $ | 723 | ||||
Toll Brothers Finance Corp. |
||||||||
4.000%, 12/31/18 |
375 | 387 | ||||||
6.750%, 11/1/19 |
940 | 1,048 | ||||||
TRI Pointe Holdings, Inc. |
890 | 877 | ||||||
Viking Cruises Ltd. 144A |
870 | 970 | ||||||
VTR Finance B.V. 144A |
600 | 615 | ||||||
Ziggo Bond Finance BV 144A |
250 | 246 | ||||||
|
|
|||||||
27,190 | ||||||||
|
|
|||||||
Consumer Staples—1.1% |
||||||||
Darling Ingredients, Inc. |
840 | 843 | ||||||
Dole Food Co., Inc. 144A |
545 | 552 | ||||||
Ingles Markets, Inc. |
975 | 996 | ||||||
Pilgrim’s Pride Corp. 144A |
340 | 344 | ||||||
Rite Aid Corp. 144A |
250 | 258 | ||||||
Tops Holding LLC (Tops Markets II Corp.) 144A |
925 | 931 | ||||||
|
|
|||||||
3,924 | ||||||||
|
|
|||||||
Energy—10.3% |
||||||||
Afren plc 144A |
475 | 218 | ||||||
Antero Resources Corp. 144A |
490 | 476 | ||||||
Carrizo Oil & Gas, Inc. |
825 | 872 | ||||||
CNOOC Finance USA LLC |
995 | 956 | ||||||
Compagnie Generale de Geophysique-Veritas |
725 | 605 | ||||||
CONSOL Energy, Inc. |
650 | 555 | ||||||
Denbury Resources, Inc. |
440 | 395 | ||||||
Ecopetrol SA |
910 | 901 | ||||||
Energy Transfer Partners LP |
885 | 922 | ||||||
EnQuest plc 144A |
885 | 704 | ||||||
EP Energy LLC (Everest Acquisition Finance, Inc.) |
840 | 904 | ||||||
Exterran Partners LP (EXLP Finance Corp.) |
740 | 707 | ||||||
FTS International, Inc. |
450 | 333 | ||||||
Gazprom Neft OAO (GPN Capital SA) 144A |
255 |
|
235 |
| ||||
Gazprom OAO (Gaz Capital SA) 144A |
1,115 | 1,033 | ||||||
Gulfmark Offshore, Inc. |
960 | 722 |
PAR VALUE | VALUE | |||||||
Energy—(continued) |
||||||||
Gulfport Energy, Corp. |
$ | 885 | $ | 931 | ||||
Helmerich & Payne International Drilling Co. 144A |
540 | 557 | ||||||
Kinder Morgan, Inc. |
890 | 1,018 | ||||||
Laredo Petroleum, Inc. |
||||||||
7.375%, 5/1/22 |
830 | 878 | ||||||
6.250%, 3/15/23 |
145 | 148 | ||||||
Linn Energy LLC |
||||||||
6.500%, 5/15/19 |
512 | 416 | ||||||
6.500%, 9/15/21 |
155 | 116 | ||||||
Lukoil International Finance BV |
||||||||
144A 7.250%, 11/5/19(3) |
525 | 553 | ||||||
144A 4.563%, 4/24/23(3) |
495 | 441 | ||||||
MarkWest Energy Partners LP (MarkWest Energy Finance Corp.) 4.875%, 12/1/24 |
990 | 973 | ||||||
MEG Energy Corp. 144A |
935 | 901 | ||||||
Newfield Exploration Co. |
||||||||
5.750%, 1/30/22 |
160 | 163 | ||||||
5.625%, 7/1/24 |
785 | 793 | ||||||
5.375%, 1/1/26 |
550 | 544 | ||||||
NGL Energy Partners LP (NGL Energy Finance Corp.) |
925 | 927 | ||||||
Novatek OAO (Novatek Finance Ltd.) 144A |
1,105 | 963 | ||||||
Odebrecht Offshore Drilling Finance Ltd. 144A |
1,126 | 808 | ||||||
Pacific Rubiales Energy Corp. 144A |
610 | 503 | ||||||
Parker Drilling Co. (The) |
1,075 | 984 | ||||||
Pertamina Persero PT |
||||||||
144A 4.300%, 5/20/23(3) |
600 | 576 | ||||||
144A 6.000%, 5/3/42(3) |
400 | 373 | ||||||
Petrobras Global Finance BV |
||||||||
3.000%, 1/15/19 |
795 | 735 | ||||||
5.375%, 1/27/21 |
830 | 799 | ||||||
Petroleos de Venezuela SA |
||||||||
RegS 8.500%, 11/2/17(4) |
485 | 335 | ||||||
144A 6.000%, 5/16/24(3) |
1,580 | 570 | ||||||
RegS 6.000%, 11/15/26(4) |
790 | 282 | ||||||
Petroleos Mexicanos |
||||||||
4.875%, 1/18/24 |
305 | 313 | ||||||
5.500%, 6/27/44 |
650 | 598 | ||||||
PHI, Inc. |
360 | 335 |
4
VIRTUS MULTI-SECTOR INTERMEDIATE BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
Energy—(continued) |
||||||||
QEP Resources, Inc. |
$ | 1,105 | $ | 1,152 | ||||
QGOG Constellation SA 144A |
1,000 | 735 | ||||||
Regency Energy Partners LP |
1,160 | 1,119 | ||||||
Sabine Oil & Gas Corp. |
935 | 210 | ||||||
Sabine Pass Liquefaction LLC |
915 | 938 | ||||||
SM Energy Co. 144A |
1,160 | 1,198 | ||||||
Sunoco LP (Sunoco Finance Corp.) 144A |
1,075 | 1,123 | ||||||
Transcanada Trust |
940 | 948 | ||||||
Transocean, Inc. |
1,050 | 793 | ||||||
Whiting Petroleum Corp. 144A |
910 | 908 | ||||||
|
|
|||||||
37,195 | ||||||||
|
|
|||||||
Financials—16.9% |
||||||||
Aercap Ireland Capital Ltd. (Aercap Global Aviation Trust) |
165 | 165 | ||||||
Akbank TAS 144A |
1,565 | TRY | 526 | |||||
Allstate Corp. (The) |
1,455 | 1,537 | ||||||
Ally Financial, Inc. |
95 | 95 | ||||||
ALROSA Finance S.A. 144A |
1,065 | 1,124 | ||||||
Ares Capital Corp. |
475 | 482 | ||||||
Avis Budget Car Rental LLC (Avis Budget Finance, Inc.) |
785 | 740 | ||||||
Banco Bilbao Vizcaya Argentaria Bancomer S.A. |
||||||||
144A 6.500%, 3/10/21(3) |
425 | 459 | ||||||
144A 6.750%, 9/30/22(3) |
1,000 | 1,101 | ||||||
Banco de Credito del Peru |
||||||||
144A 4.250%, 4/1/23(3) |
657 | 655 | ||||||
144A 6.125%, 4/24/27(2)(3) |
1,095 | 1,168 | ||||||
Banco Internacional del Peru SAA |
||||||||
144A 5.750%, 10/7/20(3) |
1,060 | 1,143 | ||||||
144A 6.625%, 3/19/29(2)(3) |
395 | 420 | ||||||
Banco Santander Brasil SA 144A |
900 | BRL | 273 | |||||
Bancolombia S.A. |
1,015 | 1,013 | ||||||
Bank of America Corp. |
1,140 | 1,136 | ||||||
Bank of China Ltd. 144A |
875 | 895 | ||||||
Bank of Georgia JSC 144A |
1,015 | 1,059 | ||||||
Braskem America Finance Co. RegS 7.125%, 7/22/41(4) |
1,300 | 1,126 | ||||||
Citizens Financial Group, Inc. 144A 5.500%(2)(3)(5) |
920 | 894 | ||||||
Corporate Office Properties LP 3.600%, 5/15/23 |
950 | 867 | ||||||
CTR Partnership LP (Caretrust Capital Corp.) |
720 | 736 |
PAR VALUE | VALUE | |||||||
Financials—(continued) |
||||||||
CyrusOne LP (CyrusOne Finance Corp.) 144A |
$ | 945 | $ | 980 | ||||
Development Bank of Kazakhstan OJSC 144A |
1,090 | 970 | ||||||
Discover Financial Services, Inc. |
1,250 | 1,215 | ||||||
Drawbridge Special Opportunities Fund LP 144A |
915 | 915 | ||||||
ESH Hospitality, Inc. 144A |
925 | 904 | ||||||
Eurasian Development Bank 144A |
925 | 872 | ||||||
Excel Trust LP |
230 | 218 | ||||||
First Cash Financial Services, Inc. |
530 | 560 | ||||||
First Niagara Financial Group, Inc. |
1,160 | 1,293 | ||||||
FS Investment Corp. |
||||||||
4.250%, 1/15/20 |
785 | 793 | ||||||
4.750%, 5/15/22 |
285 | 279 | ||||||
General Motors Financial Co., Inc. |
1,535 | 1,621 | ||||||
Genworth Holdings, Inc. |
1,170 | 1,039 | ||||||
GLP Capital LP (GLP Financing II, Inc.) |
||||||||
4.875%, 11/1/20 |
755 | 768 | ||||||
5.375%, 11/1/23 |
25 | 26 | ||||||
Healthcare Realty Trust, Inc. |
395 | 380 | ||||||
HSBC Finance Corp. |
500 | 578 | ||||||
Hutchison Whampoa International Ltd. Series 12, 144A |
1,130 | 1,200 | ||||||
ICAHN Enterprises LP (ICAHN Enterprises Finance Corp.) |
||||||||
4.875%, 3/15/19 |
65 | 66 | ||||||
6.000%, 8/1/20 |
370 | 382 | ||||||
5.875%, 2/1/22 |
755 | 768 | ||||||
ICICI Bank Ltd. 144A |
940 | 997 | ||||||
ING Groep NV |
865 | 858 | ||||||
iStar Financial, Inc. |
940 | 931 | ||||||
Itau Unibanco Holding S.A. 144A |
1,085 | 1,061 | ||||||
Jefferies Group LLC |
410 | 469 | ||||||
JPMorgan Chase & Co. Series Z, |
175 | 174 | ||||||
Kazakhstan Temir Zholy Finance BV 144A |
795 | 762 | ||||||
Landry’s Holdings II, Inc. 144A |
425 | 442 | ||||||
Leucadia National Corp. |
575 | 586 |
5
VIRTUS MULTI-SECTOR INTERMEDIATE BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
Financials—(continued) |
||||||||
Lincoln National Corp. |
$ | 300 | $ | 272 | ||||
Macquarie Bank Ltd. 144A |
189 | 217 | ||||||
Morgan Stanley 144A |
2,400 | BRL | 730 | |||||
MPT Operating Partnership LP |
455 | 469 | ||||||
Navient LLC |
850 | 807 | ||||||
Nordea Bank AB |
1,360 | 1,391 | ||||||
Phosagro OAO (Phosagro Bond Funding Ltd.) 144A |
875 | 848 | ||||||
PKO Finance AB 144A |
1,315 | 1,358 | ||||||
Progressive Corp. (The) |
1,200 | 1,251 | ||||||
Prudential Financial, Inc. |
||||||||
5.875%, 9/15/42(2) |
2,155 | 2,277 | ||||||
5.625%, 6/15/43(2)(6) |
450 | 466 | ||||||
Reliance Holdings USA, Inc. 144A |
1,000 | 1,077 | ||||||
RHP Hotel Properties LP (RHP Finance Corp.) 144A |
130 | 128 | ||||||
Royal Bank of Scotland Group plc (The) |
||||||||
6.400%, 10/21/19 |
370 | 413 | ||||||
7.648%, 8/29/49(2)(6) |
550 | 688 | ||||||
Sabra Health Care LP |
615 | 638 | ||||||
Santander Bank NA |
400 | 466 | ||||||
Select Income REIT |
900 | 868 | ||||||
Springleaf Finance Corp. |
950 | 940 | ||||||
SunTrust Bank, Inc. |
250 | 273 | ||||||
Teachers Insurance & Annuity Association of America 144A |
740 | 743 | ||||||
Turkiye Garanti Bankasi AS 144A |
1,285 | 1,299 | ||||||
Ukreximbank Via Biz Finance plc RegS |
450 | 349 | ||||||
Voya Financial, Inc. |
1,380 | 1,414 | ||||||
Walter Investment Management Corp. |
1,100 | 1,024 | ||||||
York Risk Services Holding Corp. 144A |
685 | 606 | ||||||
|
|
|||||||
60,733 | ||||||||
|
|
|||||||
Health Care—4.5% |
||||||||
Acadia Healthcare Co., Inc. |
300 | 299 | ||||||
Alere, Inc. 144A |
345 | 352 |
PAR VALUE | VALUE | |||||||
Health Care—(continued) |
|
|||||||
Capsugel SA PIK Interest Capitalization, 7.00% interest, 0.75% capitalization 144A, |
$ | 200 | $ | 204 | ||||
Centene Corp. |
715 | 740 | ||||||
Community Health Systems, Inc. |
525 | 556 | ||||||
Concordia Healthcare Corp. 144A |
65 | 65 | ||||||
Crimson Merger Sub, Inc. 144A |
710 | 628 | ||||||
DaVita Healthcare Partners, Inc. |
935 | 921 | ||||||
Endo Finance LLC (Endo Finco, Inc.) 144A |
660 | 653 | ||||||
HCA, Inc. |
||||||||
6.500%, 2/15/20 |
990 | 1,106 | ||||||
5.375%, 2/1/25 |
1,400 | 1,417 | ||||||
Hologic, Inc. 144A |
70 | 72 | ||||||
Horizon Pharma plc 144A |
250 | 261 | ||||||
IASIS Healthcare LLC |
545 | 565 | ||||||
JLL Delta Dutch Pledgeco BV PIK Interest Capitalization, 8.75% interest, 0.75% capitalization 144A, |
545 | 555 | ||||||
Mallinckrodt International Finance S.A. |
||||||||
144A 5.750%, 8/1/22(3) |
360 | 369 | ||||||
144A 5.500%, 4/15/25(3) |
60 | 58 | ||||||
MPH Acquisition Holdings LLC 144A |
595 | 609 | ||||||
Quintiles Transnational Corp. 144A |
435 | 438 | ||||||
Select Medical Corp. |
905 | 919 | ||||||
Sterigenics-Nordion Holdings LLC 144A |
325 | 327 | ||||||
Surgical Care Affiliates, Inc. 144A |
912 | 917 | ||||||
Tenet Healthcare Corp. |
||||||||
4.750%, 6/1/20 |
1,150 | 1,173 | ||||||
6.000%, 10/1/20 |
180 | 192 | ||||||
4.500%, 4/1/21 |
470 | 467 | ||||||
8.125%, 4/1/22 |
770 | 845 | ||||||
Valeant Pharmaceuticals International, Inc. |
||||||||
144A 6.750%, 8/15/18(3) |
255 | 268 | ||||||
144A 7.500%, 7/15/21(3) |
130 | 141 | ||||||
144A 5.625%, 12/1/21(3) |
140 | 144 | ||||||
144A 5.500%, 3/1/23(3) |
220 | 223 | ||||||
144A 5.875%, 5/15/23(3) |
705 | 724 |
6
VIRTUS MULTI-SECTOR INTERMEDIATE BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
Health Care—(continued) |
|
|||||||
144A 6.125%, 4/15/25(3) |
$ | 145 | $ | 150 | ||||
|
|
|||||||
16,358 | ||||||||
|
|
|||||||
Industrials—4.7% |
|
|||||||
ADT Corp. (The) |
1,130 | 1,192 | ||||||
Ahern Rentals, Inc. 144A |
930 | 923 | ||||||
Air Canada |
||||||||
144A 6.750%, 10/1/19(3) |
1,050 | 1,116 | ||||||
Pass-Through-Trust, 13-1, B 144A |
1,364 | 1,419 | ||||||
American Airlines Group, Inc. 144A |
210 | 204 | ||||||
American Airlines Pass-Through-Trust 14-1, B |
859 | 871 | ||||||
Atlas Air Pass-Through-Trust |
||||||||
98-1, A 7.380%, 1/2/18 |
26 | 26 | ||||||
00-1, A 8.707%, 1/2/19 |
86 | 88 | ||||||
AWAS Aviation Capital Ltd. 144A |
742 | 754 | ||||||
Berry Plastics Corp. |
870 | 851 | ||||||
Bombardier, Inc. 144A |
1,440 | 1,285 | ||||||
Building Materials Corp. of America 144A |
430 | 424 | ||||||
Carpenter Technology Corp. |
600 | 641 | ||||||
CEB, Inc. 144A |
365 | 368 | ||||||
Continental Airlines Pass-Through-Trust |
||||||||
00-1, A1 8.048%, 11/1/20 |
552 | 626 | ||||||
01-1, A1 6.703%, 6/15/21 |
235 | 249 | ||||||
DP World Ltd. 144A |
400 | 437 | ||||||
Harland Clarke Holdings Corp. 144A |
600 | 579 | ||||||
Lender Processing Services, Inc. |
655 | 689 | ||||||
Masco Corp. |
||||||||
5.950%, 3/15/22 |
640 | 718 | ||||||
4.450%, 4/1/25 |
320 | 321 | ||||||
Northwest Airlines Pass-Through-Trust 02-1, G2 |
413 | 432 | ||||||
Pelabuhan Indonesia II PT 144A |
925 | 869 | ||||||
Penske Truck Leasing Co. LP 144A |
350 | 339 | ||||||
TransDigm, Inc. |
||||||||
6.000%, 7/15/22 |
630 | 625 | ||||||
144A 6.500%, 5/15/25(3) |
270 | 268 |
PAR VALUE | VALUE | |||||||
Industrials—(continued) |
|
|||||||
United Rentals North America, Inc. |
$ | 565 | $ | 548 | ||||
|
|
|||||||
16,862 | ||||||||
|
|
|||||||
Information Technology—2.0% |
|
|||||||
Avaya, Inc. 144A |
870 | 855 | ||||||
Blue Coat Holdings, Inc. 144A |
485 | 495 | ||||||
First Data Corp. |
1,854 | 2,090 | ||||||
Flextronics International Ltd. 144A |
930 | 922 | ||||||
Infinity Acquisition LLC (Infinity Acquisition Finance Corp.) 144A |
745 | 704 | ||||||
KLA-Tencor Corp. |
905 | 902 | ||||||
Project Homestake Merger Corp. 144A |
540 | 525 | ||||||
SunGard Data Systems, Inc. |
715 | 741 | ||||||
|
|
|||||||
7,234 | ||||||||
|
|
|||||||
Materials—5.4% |
||||||||
Alpek SA de C.V. 144A |
1,460 | 1,520 | ||||||
ArcelorMittal |
945 | 944 | ||||||
Beverage Packaging Holdings Luxembourg II SA 144A |
895 | 898 | ||||||
Cascades, Inc. 144A |
1,100 | 1,068 | ||||||
Cemex SAB de CV 144A |
976 | 1,079 | ||||||
CRH America, Inc. 144A |
325 | 322 | ||||||
Eldorado Gold Corp. 144A |
455 | 452 | ||||||
EuroChem Mineral & Chemical Co. OJSC 144A |
550 | 552 | ||||||
Fibria Overseas Finance Ltd. |
910 | 915 | ||||||
FMG Resources August 2006 Pty Ltd. 144A |
135 | 140 | ||||||
Fortescue Metals Group (FMG) 144A |
470 | 398 | ||||||
Gerdau Holdings, Inc. 144A |
835 | 906 | ||||||
Gerdau Trade, Inc. 144A |
250 | 256 | ||||||
Hexion U.S. Finance Corp. |
580 | 535 | ||||||
INEOS Group Holdings SA 144A |
920 | 928 | ||||||
Methanex Corp. |
930 | 921 | ||||||
Sappi Papier Holding GmbH 144A |
1,710 | 1,783 | ||||||
Sealed Air Corp. 144A |
980 | 969 |
7
VIRTUS MULTI-SECTOR INTERMEDIATE BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
Materials—(continued) |
||||||||
Severstal OAO (Steel Capital SA) 144A |
$ | 425 | $ | 444 | ||||
Tronox Finance LLC |
950 | 886 | ||||||
Union Andina de Cementos SAA 144A |
155 | 157 | ||||||
United States Steel Corp. |
550 | 553 | ||||||
Vale Overseas Ltd. |
1,355 | 1,329 | ||||||
Vedanta Resources plc |
||||||||
144A 9.500%, 7/18/18(3) |
745 | 799 | ||||||
144A 6.000%, 1/31/19(3) |
720 | 700 | ||||||
|
|
|||||||
19,454 | ||||||||
|
|
|||||||
Telecommunication Services—3.6% |
|
|||||||
Altice Financing SA 144A |
720 | 717 | ||||||
Altice US Finance II Corp. 144A |
400 | 390 | ||||||
America Movil SAB de C.V. Series 12 |
5,000 | MXN | 305 | |||||
Bharti Airtel International Netherlands BV 144A |
880 | 923 | ||||||
CCO Holdings LLC |
||||||||
5.250%, 3/15/21 |
467 | 467 | ||||||
5.250%, 9/30/22 |
495 | 489 | ||||||
CCO Holdings LLC (CCO Holdings Capital Corp.) 144A |
390 | 381 | ||||||
CenturyLink, Inc. Series V |
570 | 583 | ||||||
Comcel Trust 144A |
475 | 501 | ||||||
Digicel Group Ltd. 144A |
1,100 | 1,105 | ||||||
Empresa Nacional de Telecomunicaciones S.A. 144A |
430 | 433 | ||||||
Frontier Communications Corp. |
1,045 | 956 | ||||||
Level 3 Financing, Inc. |
935 | 994 | ||||||
Sprint Communications, Inc. |
935 | 857 | ||||||
T-Mobile USA, Inc. |
||||||||
6.125%, 1/15/22 |
540 | 559 | ||||||
6.500%, 1/15/24 |
380 | 393 | ||||||
UPCB Finance IV Ltd. 144A |
425 | 408 | ||||||
Verizon Communications, Inc. |
895 | 838 | ||||||
West Corp. 144A |
875 | 821 | ||||||
Windstream Corp. |
780 | 766 | ||||||
|
|
|||||||
12,886 | ||||||||
|
|
|||||||
Utilities—2.2% |
||||||||
AmeriGas Partners LP |
770 | 820 |
PAR VALUE | VALUE | |||||||
Utilities—(continued) |
||||||||
Calpine Corp. |
||||||||
144A 6.000%, 1/15/22(3) |
$ | 40 | $ | 42 | ||||
5.375%, 1/15/23 |
586 | 579 | ||||||
Dynegy, Inc. |
||||||||
144A 7.375%, 11/1/22(3) |
410 | 432 | ||||||
144A 7.625%, 11/1/24(3) |
230 | 245 | ||||||
Electricite de France SA 144A |
1,360 | 1,362 | ||||||
Enel SpA 144A |
375 | 432 | ||||||
Israel Electric Corp. Ltd. 144A |
500 | 534 | ||||||
Lamar Funding Ltd. 144A |
910 | 885 | ||||||
Majapahit Holding BV 144A |
795 | 921 | ||||||
Talen Energy Supply LLC 144A |
625 | 616 | ||||||
TerraForm Power Operating LLC 144A |
860 | 877 | ||||||
Texas Competitive Electric Holdings Co. LLC Series A |
200 | 21 | ||||||
|
|
|||||||
7,766 | ||||||||
|
|
|||||||
TOTAL CORPORATE BONDS AND NOTES (Identified Cost $214,499) |
209,602 | |||||||
|
|
|||||||
LOAN AGREEMENTS(2)—11.1% |
|
|||||||
Consumer Discretionary—3.3% |
||||||||
Advantage Sales & Marketing, Inc. Second Lien, |
740 | 746 | ||||||
Affinity Gaming LLC |
541 | 544 | ||||||
Aristocrat Leisure Ltd. |
537 | 540 | ||||||
Brickman Group Ltd. LLC (The) First Lien, |
344 | 346 | ||||||
Caesars Entertainment Operating Co., Inc. |
||||||||
Tranche B-6, |
512 | 461 | ||||||
Tranche B-7, |
102 | 90 | ||||||
Caesars Growth Properties Holdings LLC Tranche B, First Lien, |
353 | 303 | ||||||
CBAC Borrower LLC Tranche B, |
692 | 642 | ||||||
Cirque Du Soleil |
254 | 254 | ||||||
iHeartCommunications, Inc. (Clear Channel Communications, Inc.) Tranche D, |
808 | 749 | ||||||
Key Safety Systems, Inc. |
441 | 443 | ||||||
Landry’s, Inc. (Landry’s Restaurants, Inc.) Tranche B, |
934 | 938 |
8
VIRTUS MULTI-SECTOR INTERMEDIATE BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
Consumer Discretionary—(continued) |
|
|||||||
Laureate Education, Inc. 2018 Extended, |
$ | 579 | $ | 542 | ||||
Life Time Fitness |
565 | 562 | ||||||
Marina District Finance Co., Inc. |
328 | 332 | ||||||
Peppermill Casinos, Inc. Tranche B, |
1,045 | 1,049 | ||||||
PetSmart, Inc. Tranche B-1 |
154 | 154 | ||||||
Shingle Springs Tribal Gaming Authority |
554 | 558 | ||||||
Staples, Inc. First Lien, |
697 | 697 | ||||||
Transtar Holding Co. Second Lien, |
380 | 372 | ||||||
TWCC Holding Corp. Second Lien, |
1,088 | 1,018 | ||||||
U.S. Farathane Corp. |
369 | 372 | ||||||
|
|
|||||||
11,712 | ||||||||
|
|
|||||||
Consumer Staples—0.3% |
|
|||||||
Albertson’s LLC Tranche B-4, |
670 | 675 | ||||||
Rite Aid Corp. Tranche 2, Second Lien, |
550 | 551 | ||||||
|
|
|||||||
1,226 | ||||||||
|
|
|||||||
Energy—1.3% |
|
|||||||
Arch Coal, Inc. |
1,104 | 761 | ||||||
Chief Exploration & Development LLC Second Lien, |
649 | 615 | ||||||
Drillships Ocean Ventures, Inc. |
566 | 484 | ||||||
Expro Finservices S.A.R.L. |
458 | 406 | ||||||
Fieldwood Energy LLC Second Lien, |
861 | 663 | ||||||
Jonah Energy LLC Second Lien, |
520 | 496 | ||||||
Seadrill Operating LP |
504 | 382 | ||||||
Templar Energy LLC Second Lien, |
925 | 684 | ||||||
|
|
|||||||
4,491 | ||||||||
|
|
|||||||
Financials—0.2% |
|
|||||||
Capital Automotive LP Second Lien, |
450 | 458 | ||||||
Walter Investment Management Corp. Tranche |
342 | 323 | ||||||
|
|
|||||||
781 | ||||||||
|
|
PAR VALUE | VALUE | |||||||
Health Care—1.8% |
|
|||||||
21st Century Oncology, Inc. Tranche B |
$ | 228 | $ | 225 | ||||
AMAG Pharmaceuticals, Inc. |
257 | 260 | ||||||
American Renal Holdings, Inc. Second Lien, |
909 | 908 | ||||||
Amneal Pharmaceuticals LLC |
331 | 332 | ||||||
Ardent Medical Services, Inc. |
||||||||
First Lien, |
314 | 315 | ||||||
Second Lien, |
571 | 576 | ||||||
Concentra, Inc. First Lien, Tranche B |
60 | 60 | ||||||
Horizon Pharma, Inc. 2015 Term Loan |
195 | 196 | ||||||
InVentiv Health, Inc. Tranche B-4, |
583 | 586 | ||||||
MMM Holdings, Inc. |
253 | 211 | ||||||
MSO of Puerto Rico, Inc. |
184 | 153 | ||||||
NVA Holdings, Inc. Second Lien |
509 | 511 | ||||||
PharMEDium Healthcare Corp. Second Lien, |
187 | 188 | ||||||
Regional Care, Inc. (RCHP, Inc.) First Lien, |
829 | 827 | ||||||
Surgery Center Holdings, Inc. |
||||||||
First Lien, |
650 | 651 | ||||||
Second Lien, |
288 | 288 | ||||||
|
|
|||||||
6,287 | ||||||||
|
|
|||||||
Industrials—1.2% |
|
|||||||
Alliance Laundry Systems LLC Second Lien, |
93 | 94 | ||||||
Ceridian HCM Holding, Inc. |
738 | 732 | ||||||
DynCorp International, Inc. |
386 | 377 | ||||||
Filtration Group Corp. Second Lien, |
194 | 195 | ||||||
Husky Injection Molding Systems Ltd. |
532 | 530 | ||||||
Landmark U.S. Member LLC (Landmark U.S. Corp Acquisition, Inc.) Second Lien |
725 | 722 | ||||||
Navistar, Inc. Tranche B, |
729 | 732 | ||||||
Sedgwick Claims Management Services, Inc. Second Lien, |
1,105 | 1,087 | ||||||
|
|
|||||||
4,469 | ||||||||
|
|
9
VIRTUS MULTI-SECTOR INTERMEDIATE BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
Information Technology—2.3% |
|
|||||||
Allflex Holdings III, Inc. Second Lien, |
$ | 599 | $ | 604 | ||||
Applied Systems, Inc. Second Lien, |
660 | 663 | ||||||
Blue Coat Systems, Inc. |
195 | 195 | ||||||
Deltek, Inc. |
||||||||
First Lien |
23 | 23 | ||||||
Second Lien |
408 | 411 | ||||||
Epicor Software Corp. Tranche B, |
365 | 365 | ||||||
Evergreen Skills Lux S.A.R.L. Second Lien, |
393 | 369 | ||||||
First Data Corp. |
||||||||
2018 Term Loan |
1,349 | 1,346 | ||||||
0.000%, 6/24/22(8) |
225 | 224 | ||||||
Infinity Acquisition Ltd. |
355 | 353 | ||||||
Kronos, Inc. Second Lien, |
1,241 | 1,282 | ||||||
Mitchell International, Inc. Second Lien, |
1,323 | 1,325 | ||||||
Presidio, Inc. Refinancing Term |
843 | 846 | ||||||
Riverbed Technologies, Inc. |
408 | 413 | ||||||
|
|
|||||||
8,419 | ||||||||
|
|
|||||||
Materials—0.6% |
|
|||||||
Fortescue Metals Group (FMG) Resources Property Ltd. |
319 | 284 | ||||||
Houghton International, Inc. Holding Corp. Second Lien, |
630 | 632 | ||||||
INEOS U.S. Finance LLC 2022 Dollar |
57 | 57 | ||||||
Noranda Aluminum Acquisition Corp. Tranche B, |
1,290 | 1,074 | ||||||
|
|
|||||||
2,047 | ||||||||
|
|
|||||||
Utilities—0.1% |
|
|||||||
Atlantic Power LP |
176 | 177 | ||||||
Texas Competitive Electric Holdings Co. LLC 2017 Extended, |
375 | 217 | ||||||
|
|
|||||||
394 | ||||||||
|
|
|||||||
TOTAL LOAN AGREEMENTS (Identified Cost $41,440) |
39,826 | |||||||
|
|
SHARES | VALUE | |||||||
PREFERRED STOCKS—3.1% |
|
|||||||
Energy—0.3% |
||||||||
PTT Exploration & Production PCL 144A, |
905 | (10) | $ | 907 | ||||
|
|
|||||||
Financials—2.7% |
|
|||||||
Ally Financial, Inc. Series A, |
20,000 | 529 | ||||||
Ally Financial, Inc. Series G, 144A |
161 | 163 | ||||||
Banco Bilbao Vizcaya Argentaria S.A. International S.A. Unipersonal |
265 | (10) | 272 | |||||
Bank of New York Mellon Corp. (The) Series E, |
705 | (10) | 700 | |||||
Citigroup, Inc. Series J, |
46,600 | 1,275 | ||||||
Citigroup, Inc. Series N, |
1,065 | (10) | 1,069 | |||||
General Electric Capital Corp. Series B, |
700 | (10) | 766 | |||||
General Electric Capital Corp. Series C, |
600 | (10) | 615 | |||||
Goldman Sachs Group, Inc. (The) Series L, |
635 | (10) | 637 | |||||
JPMorgan Chase & Co. Series V, |
285 | (10) | 279 | |||||
PNC Financial Services Group, Inc. (The) Series R, |
965 | (10) | 921 | |||||
SunTrust Bank, Inc. |
260 | (10) | 262 | |||||
Wells Fargo & Co. Series K, |
950 | (10) | 1,027 | |||||
Zions Bancorp |
38,525 | 1,071 | ||||||
|
|
|||||||
9,586 | ||||||||
|
|
|||||||
Industrials—0.1% |
||||||||
Seaspan Corp. Series C, |
20,000 | 517 | ||||||
|
|
|||||||
TOTAL PREFERRED STOCKS (Identified Cost $10,584) |
11,010 | |||||||
|
|
|||||||
COMMON STOCK—0.0% |
||||||||
Consumer Discretionary—0.0% |
|
|||||||
Mark IV Industries |
446 | 18 | ||||||
|
|
|||||||
TOTAL COMMON STOCK (Identified Cost $4) |
18 | |||||||
|
|
|||||||
EXCHANGE-TRADED FUND—0.6% |
|
|||||||
SPDR S&P 500(R) ETF Trust Series 1 |
9,500 | 1,956 | ||||||
|
|
|||||||
TOTAL EXCHANGE-TRADED FUND (Identified Cost $1,799) |
1,956 | |||||||
|
|
10
VIRTUS MULTI-SECTOR INTERMEDIATE BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
AFFILIATED MUTUAL FUND—2.6% |
|
|||||||
Virtus Credit Opportunities Fund |
922,500 | $ | 9,197 | |||||
|
|
|||||||
TOTAL AFFILIATED (Identified Cost $9,225) |
9,197 | |||||||
|
|
|||||||
TOTAL LONG TERM (Identified Cost $366,336) |
|
356,904 | (9) | |||||
|
|
|||||||
SHORT-TERM INVESTMENTS—0.6% |
|
|||||||
Money Market Mutual Fund—0.6% |
|
|||||||
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.140%) |
2,305,235 | 2,305 | ||||||
|
|
|||||||
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $2,305) |
2,305 | |||||||
|
|
|||||||
TOTAL INVESTMENTS—100.0% (Identified Cost $368,641) |
|
359,209 | (1) | |||||
Other assets and liabilities, net—0.0% |
|
105 | ||||||
|
|
|||||||
NET ASSETS—100.0% |
|
$ | 359,314 | |||||
|
|
Abbreviations: |
||
ETF | Exchange-Traded Fund | |
FHLMC | Federal Home Loan Mortgage Corporation (“Freddie Mac”). | |
FNMA | Federal National Mortgage Association (“Fannie Mae”). | |
PIK | Payment-in-Kind Security | |
REIT | Real Estate Investment Trust | |
SPDR | S&P Depositary Receipt |
Footnote Legend:
(1) | Federal Income Tax Information: For tax information at June 30, 2015, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments. |
(2) | Variable or step coupon security; interest rate shown reflects the rate in effect at June 30, 2015. |
(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 June 30, 2015, these securities amounted to a value of $133,891 or 37.3% of net assets. |
(4) | Regulation S security. Security is offered and sold outside of the United States, therefore, it is exempt from registration with the SEC under rules 903 and 904 of the Securities Act of 1933. |
(5) | No contractual maturity date. |
(6) | Interest payments may be deferred. |
(7) | This Note was issued for the sole purpose of funding a loan agreement between the issuer and the borrower. As the credit risk for this security lies solely with the borrower, the name represented here is that of the borrower. |
(8) | This loan will settle after June 30, 2015, at which time the interest rate, based on the London Interbank Offered Rate (“LIBOR”) and the agreed upon spread on trade date, will be reflected. |
(9) | All or a portion of the Fund’s assets have been segregated for delayed delivery security. |
(10) | Value shown as par value. |
(11) | 92.1% of the income received was in cash and 7.9% in PIK. |
(12) | Security in default, portion of the interest payments are being received during the bankruptcy proceedings. |
(13) | 90% of the income received was in cash and 10% in PIK. |
(14) | Security in default. |
Foreign Currencies:
BRL | Brazilian Real |
CLP | Chilean Peso |
COP | Colombian Peso |
IDR | Indonesian Rupiah |
MXN | Mexican Peso |
PHP | Philippine Peso |
RUB | Russian Ruble |
TRY | Turkish Lira |
ZAR | South African Rand |
11
VIRTUS MULTI-SECTOR INTERMEDIATE BOND FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
Country Weightings † |
||||
United States |
73 | % | ||
Canada |
3 | |||
Luxembourg |
3 | |||
Mexico |
2 | |||
United Kingdom |
2 | |||
Cayman Islands |
1 | |||
Netherlands |
1 | |||
Other |
15 | |||
|
|
|||
Total |
100 | % | ||
|
|
† | % of total investments as of June 30, 2015 |
12
The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (See Security Valuation Note 1A in the Notes to Schedules of Investments):
Total Value at June 30, 2015 |
Level
1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
|||||||||||||
Debt Securities: |
||||||||||||||||
Asset-Backed Securities |
$ | 25,156 | $ | — | $ | 25,156 | $ | — | ||||||||
Corporate Bonds And Notes |
209,602 | — | 209,602 | — | ||||||||||||
Foreign Government Securities |
16,595 | — | 16,595 | — | ||||||||||||
Loan Agreements |
39,826 | — | 39,826 | — | ||||||||||||
Mortgage-Backed Securities |
42,185 | — | 42,185 | — | ||||||||||||
Municipal Bonds |
361 | — | 361 | — | ||||||||||||
U.S. Government Securities |
998 | — | 998 | — | ||||||||||||
Equity Securities: |
||||||||||||||||
Affiliated Mutual Fund |
9,197 | 9,197 | — | — | ||||||||||||
Common Stock |
18 | — | — | 18 | ||||||||||||
Exchange-Traded Fund |
1,956 | 1,956 | — | — | ||||||||||||
Preferred Stocks |
11,010 | 3,392 | 7,618 | — | ||||||||||||
Short-Term Investments |
2,305 | 2,305 | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 359,209 | $ | 16,850 | $ | 342,341 | $ | 18 | ||||||||
|
|
|
|
|
|
|
|
There were no transfers between Level 1 and Level 2 related to securities held at June 30, 2015.
The following is a reconciliation of assets of the Fund for Level 3 investments for which significant unobservable inputs were used to determine fair value.
Investments in Securities | Common Stocks |
|||
Balance as of September 30, 2014: |
$ | 24 | ||
Accrued discount/(premium) |
— | |||
Realized gain (loss) |
— | |||
Change in unrealized appreciation (depreciation) |
(6 | ) | ||
Purchases |
— | |||
Sales(b) |
— | |||
Transfers into Level 3(a) |
— | |||
Transfers from Level 3(a) |
— | |||
|
|
|||
Balance as of June 30, 2015 |
$ | 18 | ||
|
|
(a) | “Transfers into and/or from” represent the ending value as of June 30, 2015, for any investment security where a change in the pricing level occurred from the beginning to the end of the period. |
(b) | Includes paydowns on securities. |
VIRTUS MULTI-SECTOR SHORT TERM BOND FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
U.S. GOVERNMENT SECURITIES—0.3% |
| |||||||
U.S. Treasury Note |
||||||||
1.625%, 12/31/19 |
$ | 4,000 | $ | 4,013 | ||||
1.500%, 5/31/20 |
23,125 | 22,975 | ||||||
|
|
|||||||
TOTAL U.S. GOVERNMENT SECURITIES (Identified Cost $27,182) |
|
26,988 | ||||||
|
|
|||||||
MUNICIPAL BOND—0.0% |
|
|||||||
Virginia—0.0% |
||||||||
Tobacco Settlement Financing Corp. Series A-1, Taxable |
4,635 | 3,391 | ||||||
|
|
|||||||
TOTAL MUNICIPAL BOND (Identified Cost $4,292) |
|
3,391 | ||||||
|
|
|||||||
FOREIGN GOVERNMENT SECURITIES—2.3% |
| |||||||
Argentine Republic Series NY, |
24,360 | 23,386 | ||||||
Bolivarian Republic of Venezuela |
||||||||
RegS |
20,999 | 9,240 | ||||||
RegS |
19,501 | 7,654 | ||||||
Hungary |
9,025 | 9,339 | ||||||
Mongolia 144A |
12,680 | 12,205 | ||||||
Republic of Chile |
11,647,000 | CLP | 19,445 | |||||
Republic of Colombia Treasury Note, Series B, |
21,072,000 | COP | 9,493 | |||||
Republic of Indonesia Series FR30, |
207,679,000 | IDR | 16,059 | |||||
Republic of Latvia RegS |
8,560 | 8,581 | ||||||
Republic of Panama |
3,800 | 4,188 | ||||||
Republic of Romania 144A |
7,000 | 8,173 | ||||||
Republic of South Africa Series R203, 8.250%, 9/15/17 |
134,520 | ZAR | 11,284 | |||||
Republic of Sri Lanka 144A |
17,450 | 17,864 | ||||||
Russian Federation 144A 7.850%, 3/10/18(3) |
1,005,000 | RUB | 16,752 | |||||
State of Qatar 144A |
12,000 | 12,390 | ||||||
|
|
|||||||
TOTAL FOREIGN GOVERNMENT SECURITIES (Identified Cost $209,296) |
|
186,053 | ||||||
|
|
|||||||
MORTGAGE-BACKED SECURITIES—22.0% |
| |||||||
Agency—3.2% |
||||||||
FHLMC |
||||||||
14-DN2, M2 1.837%, 4/25/24(2) |
13,365 | 13,053 |
PAR VALUE | VALUE | |||||||
Agency—(continued) |
||||||||
6.000%, 8/1/34 |
$ | 365 | $ | 417 | ||||
FNMA |
||||||||
5.500%, 1/1/17 |
32 | 33 | ||||||
6.000%, 5/1/17 |
10 | 10 | ||||||
4.500%, 4/1/18 |
127 | 132 | ||||||
5.000%, 10/1/19 |
394 | 418 | ||||||
5.500%, 2/1/20 |
149 | 156 | ||||||
5.500%, 3/1/20 |
131 | 138 | ||||||
5.500%, 3/1/20 |
16 | 16 | ||||||
5.500%, 3/1/20 |
46 | 48 | ||||||
5.500%, 3/1/20 |
73 | 77 | ||||||
5.500%, 4/1/20 |
214 | 228 | ||||||
5.000%, 6/1/20 |
381 | 403 | ||||||
4.000%, 8/1/25 |
12,505 | 13,240 | ||||||
3.000%, 6/1/27 |
1,084 | 1,124 | ||||||
2.500%, 5/1/28 |
17,538 | 17,833 | ||||||
6.000%, 12/1/32 |
46 | 53 | ||||||
5.500%, 2/1/33 |
67 | 75 | ||||||
5.500%, 5/1/34 |
338 | 380 | ||||||
6.000%, 8/1/34 |
266 | 304 | ||||||
6.000%, 10/1/34 |
211 | 240 | ||||||
6.000%, 10/1/34 |
222 | 254 | ||||||
5.500%, 11/1/34 |
393 | 440 | ||||||
5.500%, 11/1/34 |
145 | 162 | ||||||
6.000%, 11/1/34 |
221 | 251 | ||||||
5.500%, 12/1/34 |
147 | 165 | ||||||
5.500%, 1/1/35 |
314 | 353 | ||||||
6.000%, 1/1/37 |
312 | 355 | ||||||
6.000%, 1/1/37 |
537 | 613 | ||||||
5.500%, 7/1/37 |
6 | 7 | ||||||
6.000%, 7/1/37 |
54 | 62 | ||||||
6.000%, 12/1/37 |
269 | 307 | ||||||
6.000%, 4/1/38 |
218 | 248 | ||||||
5.000%, 12/1/39 |
8,046 | 8,946 | ||||||
4.500%, 4/1/40 |
9,936 | 10,756 | ||||||
5.000%, 8/1/40 |
15,130 | 16,774 | ||||||
4.000%, 10/1/40 |
188 | 200 | ||||||
4.000%, 3/1/41 |
6,242 | 6,643 | ||||||
4.500%, 5/1/41 |
6,714 | 7,269 | ||||||
3.500%, 4/1/42 |
12,075 | 12,461 | ||||||
3.500%, 12/1/42 |
34,902 | 36,015 | ||||||
3.000%, 3/1/43 |
59,039 | 58,760 |
1
VIRTUS MULTI-SECTOR SHORT TERM BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2014 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
Agency—(continued) |
| |||||||
3.000%, 5/1/43 |
$ | 18,230 | $ | 18,201 | ||||
4.000%, 10/1/44 |
30,228 | 32,028 | ||||||
GNMA |
||||||||
6.500%, 11/15/31 |
20 | 23 | ||||||
6.500%, 2/15/32 |
23 | 27 | ||||||
|
|
|||||||
259,698 | ||||||||
|
|
|||||||
Non-Agency—18.8% |
||||||||
A-10 Securitization LLC |
||||||||
13-1, A 144A |
1,100 | 1,103 | ||||||
14-1, A1 144A |
13,885 | 13,848 | ||||||
ABN AMRO Mortgage Corp. |
659 | 632 | ||||||
Americold LLC Trust 10-ARTA, |
8,844 | 9,197 | ||||||
Banc of America (Merrill Lynch) Commercial Mortgage, Inc. |
17,178 | 17,970 | ||||||
Banc of America Alternative Loan Trust |
||||||||
03-2, CB3 |
17,980 | 18,629 | ||||||
03-10, 2A1 |
3,378 | 3,642 | ||||||
Banc of America Funding Corp. |
2,475 | 2,519 | ||||||
Banc of America Funding Trust |
||||||||
04-B, 2A1 |
973 | 961 | ||||||
05-1, 1A1 |
630 | 640 | ||||||
06-2, 3A1 |
3,663 | 3,671 | ||||||
Banc of America Mortgage Trust |
||||||||
04-7, 6A3 |
1,035 | 1,021 | ||||||
04-11, 2A1 |
2,000 | 2,044 | ||||||
05-3, 1A15 |
2,298 | 2,332 | ||||||
Bank of America (Merrill Lynch - Countrywide) Alternative Loan Trust |
||||||||
04-22CB, 1A1 |
28,619 | 30,320 | ||||||
Bank of America (Merrill Lynch - Countrywide) Commercial Mortgage Trust 06-4, A3 |
9,012 | 9,365 | ||||||
Bank of America (Merrill Lynch - Countrywide) Home Loan Mortgage Pass-Through-Trust |
||||||||
04-6, 1A2 |
1,744 | 1,737 | ||||||
04-4, A6 |
1,298 | 1,332 | ||||||
Bank of America (Merrill Lynch - Countrywide) Mortgage Trust 06-C1, AM |
7,570 | 7,779 |
PAR VALUE | VALUE | |||||||
Non-Agency—(continued) |
| |||||||
Bank of America (Merrill Lynch - Deutsche Bank Trust) 12-OSI, A2FX 144A |
$ | 19,916 | $ | 20,366 | ||||
Bank of America (Merrill Lynch) Mortgage Investors, Inc. 98-C1, B |
10,000 | 10,775 | ||||||
Bank of America (Merrill Lynch) Commercial Mortgage Trust 06-3, A4 |
10,641 | 10,972 | ||||||
Barclays (Lehman Brothers) - UBS Commercial Mortgage Trust |
||||||||
06-C3, AM |
7,615 | 7,794 | ||||||
07-C2, A3 5.430%, 2/15/40 |
6,378 | 6,737 | ||||||
07-C6, A4 5.858%, 7/15/40(2) |
15,711 | 16,546 | ||||||
07-C7, A3 5.866%, 9/15/45(2) |
11,025 | 11,926 | ||||||
Bayview Commercial Asset Trust |
||||||||
07-5A, A2 144A |
5,549 | 6,163 | ||||||
08-1, A3 144A |
32,808 | 31,459 | ||||||
BCRR Trust 09-1, 2A1 144A |
3,620 | 3,732 | ||||||
Citicorp Mortgage Securities, Inc. 07-1,A1 |
210 | 211 | ||||||
Citigroup - Deutsche Bank Commercial Mortgage Trust |
||||||||
06-CD2, A4 |
2,512 | 2,530 | ||||||
07-CD4, A4 |
4,505 | 4,694 | ||||||
07-CD4, AMFX |
13,955 | 14,476 | ||||||
Citigroup Commercial Mortgage Trust |
||||||||
07-C6, A1A |
26,873 | 28,711 | ||||||
07-6, A4 |
388 | 415 | ||||||
08-C7, AM |
12,335 | 13,341 | ||||||
10-RR3, MLSR 144A |
3,364 | 3,546 | ||||||
Citigroup Mortgage Loan Trust, Inc. |
||||||||
03-UP3, A2 |
885 | 931 | ||||||
04-UST1, A3 |
1,714 | 1,714 | ||||||
04-NCM2, 2CB2 |
12,799 | 13,579 | ||||||
14-A, A 144A |
18,027 | 18,731 | ||||||
05-5, 2A3 |
666 | 661 | ||||||
Colony Multi-Family Commercial Mortgage-Backed Securities 14-1, A 144A |
18,998 | 18,986 | ||||||
Commercial Mortgage Trust |
||||||||
10-C1, D 144A |
6,669 | 7,214 | ||||||
07-GG11, AM |
18,174 | 19,492 | ||||||
Credit Suisse Commercial Mortgage Trust |
||||||||
07-C1, A1A 5.361%, 2/15/40 |
37,968 | 39,687 | ||||||
07 - C5, A1AM |
21,039 | 21,455 |
2
VIRTUS MULTI-SECTOR SHORT TERM BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
Non-Agency—(continued) |
||||||||
14-LVR2, A2 144A |
$ | 15,063 | $ | 15,459 | ||||
07-C2, A3 5.542%, 1/15/49(2) |
12,995 | 13,705 | ||||||
Credit Suisse First Boston Mortgage Securities Corp. |
||||||||
03-27, 5A3 5.250%, 11/25/33 |
2,030 | 2,073 | ||||||
04-8, 7A1 6.000%, 12/25/34 |
6,678 | 7,054 | ||||||
Deutsche Bank-UBS Mortgage Trust |
2,311 | 2,404 | ||||||
Extended Stay America Trust |
16,230 | 16,094 | ||||||
Fannie Mae Connecticut Avenue Securities 14-C02, 2M2 |
1,420 | 1,296 | ||||||
FDIC Trust |
3,732 | 3,745 | ||||||
GAHR Commercial Mortgage Trust 15-NRF, CFX 144A 3.495%, 12/15/19(2)(3) |
16,875 | 16,741 | ||||||
GMAC Mortgage Corp. Loan Trust |
||||||||
03-J7, A10 5.500%, 11/25/33 |
1,560 | 1,599 | ||||||
04-AR1, 12A |
9,838 | 10,001 | ||||||
05-AR1, 5A 3.268%, 3/18/35(2) |
3,021 | 2,980 | ||||||
Goldman Sachs Mortgage Securities Trust |
||||||||
07-GG,10 5.795%, 8/10/45(2) |
2,979 | 3,197 | ||||||
II 07-GG10, A4 |
18,851 | 20,115 | ||||||
Goldman Sachs Residential Mortgage Loan Trust |
||||||||
05-5F, B1 5.750%, 6/25/35(2) |
2,160 | 2,239 | ||||||
07-1F, 2A2 5.500%, 1/25/37 |
510 | 486 | ||||||
Hilton USA Trust 13-HLT, EFX 144A 5.609%, 11/5/30(2)(3) |
21,980 | 22,266 | ||||||
Jefferies Resecuritization Trust |
||||||||
14-R1, 1A1 144A |
10,944 | 10,956 | ||||||
14-R1, 2A1 144A |
8,733 | 8,729 | ||||||
JPMorgan Chase (Bear Stearns) Adjustable Rate Mortgage Trust 04-10, 14A1 |
1,661 | 1,620 | ||||||
JPMorgan Chase (Bear Stearns) Asset Backed Securities Trust 03-AC4. A |
8,193 | 8,461 | ||||||
JPMorgan Chase (Bear Stearns) Commercial Mortgage Securities, Inc. |
||||||||
06-T22, AM |
10,700 | 10,972 | ||||||
06-PW12, AM |
9,250 | 9,571 | ||||||
06-PW14, AM |
5,000 | 5,246 | ||||||
05-PW10, AM |
14,480 | 14,698 | ||||||
06-PW13, AM |
3,272 | 3,409 | ||||||
07- PW15, AM |
13,247 | 13,700 | ||||||
07- PW17, A4 |
21,890 | 23,332 |
PAR VALUE | VALUE | |||||||
Non-Agency—(continued) |
||||||||
07-PW18, AM |
$ | 12,400 | $ | 13,533 | ||||
JPMorgan Chase (Washington Mutual) Mortgage Pass-Through Certificates Trust |
||||||||
04-CB1, 5A 5.000%, 6/25/19 |
1,340 | 1,371 | ||||||
03-AR6, A1 2.558%, 6/25/33(2) |
1,127 | 1,128 | ||||||
03-AR4, 2A1 |
353 | 350 | ||||||
04-CB1, 2A 5.000%, 6/25/34 |
3,696 | 3,822 | ||||||
JPMorgan Chase Commercial Mortgage Securities Trust |
||||||||
09-IWST, A1 144A |
6,043 | 6,396 | ||||||
10-CNTR, A1 144A |
1,810 | 1,863 | ||||||
10-CNTR, A2 144A |
11,503 | 12,355 | ||||||
14-1, 1A1 144A |
28,593 | 29,710 | ||||||
06-LDP7, AM |
22,312 | 23,118 | ||||||
06-LDP7, A4 |
11,345 | 11,603 | ||||||
06-LDP9, A3 |
19,793 | 20,664 | ||||||
06-LDP9, AM |
24,850 | 25,673 | ||||||
07-LDPX, AM |
32,275 | 33,362 | ||||||
07-LD12, A4 |
15,529 | 16,511 | ||||||
JPMorgan Chase Mortgage Trust |
||||||||
14-2, 2A2 144A |
14,863 | 15,277 | ||||||
06-A2, 4A1 2.637%, 8/25/34(2) |
2,330 | 2,334 | ||||||
04-A4, 2A1 2.454%, 9/25/34(2) |
4,363 | 4,432 | ||||||
05-A1, 4A1 2.626%, 2/25/35(2) |
920 | 927 | ||||||
05-A2, 4A1 2.136%, 4/25/35(2) |
1,200 | 1,171 | ||||||
05-A4, 3A1 2.292%, 7/25/35(2) |
6,388 | 6,360 | ||||||
06-A6, 3A3L |
1,830 | 1,600 | ||||||
14-IVR3, 2A1 144A |
6,564 | 6,600 | ||||||
Leaf II Receivables Funding LLC |
6,850 | 6,883 | ||||||
MASTR Adjustable Rate Mortgages Trust 04-12,3A1 2.598%, 11/25/34(2) |
1,870 | 1,857 | ||||||
MASTR Alternative Loan Trust |
||||||||
04-7, 4A1 4.500%, 7/25/19 |
3,321 | 3,387 | ||||||
03-8, 2A1 5.750%, 11/25/33 |
7,172 | 7,525 | ||||||
04-4, 6A1 5.500%, 4/25/34 |
3,841 | 4,033 | ||||||
04-6, 7A1 6.000%, 7/25/34 |
6,716 | 6,835 | ||||||
04-7, 9A1 6.000%, 8/25/34 |
16,106 | 16,877 | ||||||
05-2, 2A1 6.000%, 1/25/35 |
3,868 | 4,119 | ||||||
05-2, 1A1 6.500%, 3/25/35 |
10,961 | 11,520 | ||||||
MASTR Asset Securitization Trust |
716 | 722 |
3
VIRTUS MULTI-SECTOR SHORT TERM BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
Non-Agency—(continued) |
||||||||
MASTR Reperforming Loan Trust |
$ | 1,907 | $ | 1,920 | ||||
Morgan Stanley Capital I Trust |
||||||||
06-T23, AM |
10,575 | 11,032 | ||||||
08-T29, AM |
1,610 | 1,782 | ||||||
06-IQ12, A4 |
13,431 | 13,970 | ||||||
07-IQ14, A4 |
17,390 | 18,389 | ||||||
07-IQ14, AM |
15,932 | 16,600 | ||||||
07- LQ16, A4 |
21,716 | 23,303 | ||||||
Morgan Stanley Mortgage Loan Trust |
||||||||
04-2AR, 3A |
1,900 | 1,897 | ||||||
04-2AR, 4A |
1,605 | 1,619 | ||||||
Morgan Stanley Residential Mortgage Loan Trust 14-1A, A1 144A |
8,545 | 8,729 | ||||||
Motel 6 Trust 15-MTL6, B 144A |
18,370 | 18,407 | ||||||
National City Mortgage Capital Trust 08-1, 2A1 |
2,465 | 2,582 | ||||||
New Residential Mortgage Loan Trust |
||||||||
14-1A, A 144A |
9,138 | 9,396 | ||||||
14-2A, 3A 144A |
2,718 | 2,806 | ||||||
14-3A, AFX3 144A |
6,303 | 6,460 | ||||||
Nomura Asset Acceptance Corp. |
7,862 | 8,046 | ||||||
Residential Accredit Loans, Inc. |
||||||||
03-QS6, A4 |
1,214 | 1,226 | ||||||
03-QS17, CB5 |
1,508 | 1,555 | ||||||
05-QS1, A5 |
1,270 | 1,283 | ||||||
Residential Asset Mortgage Products, Inc. |
||||||||
04-SL2, A3 |
2,258 | 2,374 | ||||||
04-SL1, A8 |
2,687 | 2,761 | ||||||
05-SL2, A4 |
2,210 | 2,314 | ||||||
04-SL4, A3 |
1,508 | 1,552 | ||||||
Residential Asset Securities Corp. 01-KS2, AI5 |
3,093 | 3,177 | ||||||
Residential Asset Securitization Trust |
||||||||
03-A11, A9 |
2,959 | 3,041 | ||||||
04-A1, A5 |
13,635 | 14,272 | ||||||
Residential Funding Mortgage Securities I, Inc. |
||||||||
06-S12, 1A1 |
1,436 | 1,460 | ||||||
05-S1, 1A2 |
1,138 | 1,145 | ||||||
Sequoia Mortgage Trust |
||||||||
14-2, A1 144A |
11,456 | 11,775 | ||||||
15-1, A1 144A |
11,055 | 10,990 |
PAR VALUE | VALUE | |||||||
Non-Agency—(continued) |
||||||||
SilverLeaf Finance XVII LLC 13-12, A1 144A |
$ | 5,447 | $ | 5,441 | ||||
Structured Adjustable Rate Mortgage Loan Trust |
||||||||
03-30, 2A1 |
4,298 | 4,390 | ||||||
04-4, 3A1 2.480%, 4/25/34(2) |
861 | 852 | ||||||
04-4, 3A4 2.480%, 4/25/34(2) |
2,937 | 2,907 | ||||||
04-4, 3A2 2.480%, 4/25/34(2) |
3,806 | 3,804 | ||||||
04-5, 3A2 2.443%, 5/25/34(2) |
1,874 | 1,865 | ||||||
04-14, 7A |
13,889 | 13,929 | ||||||
Structured Asset Securities Corp. Assistance Loan Trust 03-AL1, A 144A |
9,573 | 9,416 | ||||||
Structured Asset Securities Corp. Mortgage Pass - Through Certificates |
||||||||
02-AL1, A3 |
11,718 | 11,579 | ||||||
03-33H, 1A1 |
4,050 | 4,135 | ||||||
03-34A, 6A |
2,987 | 2,924 | ||||||
04-15, 3A3 |
2,780 | 2,820 | ||||||
VFC LLC 14-2, A 144A |
4,656 | 4,656 | ||||||
Wells Fargo (Royal Bank of Scotland plc) Commercial Mortgage Trust 11-C5, C 144A |
1,800 | 2,005 | ||||||
Wells Fargo (Wachovia Bank Commercial Mortgage Trust) |
||||||||
04-C15, B |
7,932 | 7,952 | ||||||
06-C25, A4 |
7,427 | 7,544 | ||||||
07-31, AM |
34,000 | 36,069 | ||||||
Wells Fargo (Wachovia Bank) Commercial Mortgage Trust |
||||||||
06-C25, AM |
18,625 | 19,203 | ||||||
07-C30, A5 |
39,765 | 41,765 | ||||||
07-C30, AM |
25,695 | 26,998 | ||||||
07-C31, A4 |
14,562 | 15,234 | ||||||
07-C32, A3 |
22,577 | 23,870 | ||||||
07-C33, A5 |
1,265 | 1,369 | ||||||
Wells Fargo Mortgage Backed Securities Trust |
||||||||
06-17, A1 5.500%, 11/25/21 |
185 | 187 | ||||||
03-G, A1 2.523%, 6/25/33(2) |
1,455 | 1,467 | ||||||
03-J, 5A1 |
509 | 513 | ||||||
04-4, A9 |
2,296 | 2,362 | ||||||
04-U, A1 |
1,173 | 1,169 | ||||||
04-Z, 2A1 |
7,581 | 7,617 | ||||||
04-CC, A1 |
3,007 | 3,037 | ||||||
05-12, 1A1 |
5,343 | 5,444 |
4
VIRTUS MULTI-SECTOR SHORT TERM BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
Non-Agency—(continued) |
||||||||
05-14, 2A1 |
$ | 3,891 | $ | 3,963 | ||||
06-6, 1A15 |
480 | 474 | ||||||
07-16, 1A1 |
4,205 | 4,333 | ||||||
07-AR10, 2A1 |
4,600 | 4,542 | ||||||
WinWater Mortgage Loan Trust |
||||||||
14-1, A1 144A |
15,459 | 15,855 | ||||||
14-3, A4 144A |
2,500 | 2,509 | ||||||
|
|
|||||||
1,531,714 | ||||||||
|
|
|||||||
TOTAL MORTGAGE-BACKED SECURITIES (Identified Cost $1,758,910) |
|
1,791,412 | ||||||
|
|
|||||||
ASSET-BACKED SECURITIES—20.0% |
| |||||||
Access Point Financial, Inc. |
13,157 | 13,155 | ||||||
American Credit Acceptance Receivables Trust |
19,200 | 19,297 | ||||||
American Homes 4 Rent |
||||||||
14-SFR1, A 144A 1.250%, 6/17/31(2)(3) |
7,327 | 7,303 | ||||||
15-SFR1, A 144A 3.467%, 4/17/52(3) |
7,921 | 7,865 | ||||||
AmeriCredit Automobile Receivables Trust |
||||||||
11-1, D 4.260%, 2/8/17 |
9,255 | 9,262 | ||||||
11-5, D 5.050%, 12/8/17 |
5,010 | 5,147 | ||||||
12-1, C 2.670%, 1/8/18 |
3,968 | 3,991 | ||||||
12-3, D 3.030%, 7/9/18 |
19,762 | 20,159 | ||||||
12-4, D 2.680%, 10/9/18 |
7,150 | 7,282 | ||||||
13-2, D 2.420%, 5/8/19 |
23,090 | 23,247 | ||||||
14-2, C 2.180%, 6/8/20 |
19,450 | 19,446 | ||||||
14-1, D 2.540%, 6/8/20 |
18,320 | 18,249 | ||||||
Ameriquest Mortgage Securities, Inc. 03-10, AF6 |
1,146 | 1,179 | ||||||
Applebee’s LLC |
20,471 | 20,730 | ||||||
Ascentium Equipment Receivables 15-A1, B 144A 2.260%, 6/10/21(3) |
5,400 | 5,426 | ||||||
Asset Backed Funding Certificates |
3,910 | 4,016 | ||||||
Associates Manufactured Housing Pass-Through Certificates |
1,704 | 1,843 | ||||||
Avis Budget Rental Car Funding LLC |
||||||||
(AESOP) 11-3A, A 144A |
12,848 | 13,196 | ||||||
(AESOP) 12-3A, A 144A |
23,085 | 23,238 | ||||||
(AESOP) 13-1A, A 144A |
21,200 | 21,122 | ||||||
(AESOP) 13-2A, A 144A |
2,635 | 2,704 |
PAR VALUE | VALUE | |||||||
B2R Mortgage Trust 15-1, A1 144A 2.524%, 5/15/48(3) |
$ | 11,762 | $ | 11,690 | ||||
Bank of America (Merrill Lynch - Countrywide) Asset-Backed Certificates |
||||||||
04-10, AF6 |
1,218 | 1,250 | ||||||
05-1 AF5A |
13,675 | 13,552 | ||||||
05-12, 2A3 |
4,191 | 4,325 | ||||||
BankAmerica Manufactured Housing Contract Trust |
3,008 | 3,142 | ||||||
Barclays (Lehman Brothers) Manufactured Housing Contract Trust 01-B, A3 |
3,627 | 3,731 | ||||||
Bayview Financial Acquisition Trust |
8,348 | 8,790 | ||||||
Bayview Financial Mortgage-Pass-Through Trust |
||||||||
06-A, 1A2 5.483%, 2/28/41(2) |
76 | 79 | ||||||
06-A, 1A4 6.087%, 2/28/41(2) |
16,408 | 17,143 | ||||||
BCC Funding VIII LLC |
||||||||
14-A, B 144A |
2,799 | 2,820 | ||||||
14-1A, C 144A |
5,519 | 5,573 | ||||||
Beacon Container Finance LLC 12-1A, A 144A |
18,418 | 18,725 | ||||||
BXG Receivables Note Trust |
||||||||
10-A, A 144A |
2,002 | 2,070 | ||||||
12-A, A 144A |
4,517 | 4,493 | ||||||
13-A, A 144A |
7,735 | 7,777 | ||||||
15-A, A 144A |
3,515 | 3,507 | ||||||
California Republic Auto Receivables Trust |
||||||||
12-1, B 144A |
13,570 | 13,670 | ||||||
13-1, B 144A |
11,600 | 11,800 | ||||||
14-2, B 2.340%, 4/15/20 |
7,090 | 7,086 | ||||||
14-2, C 3.290%, 3/15/21 |
2,700 | 2,693 | ||||||
Capital Auto Receivables Asset Trust |
||||||||
13-1, C 1.740%, 10/22/18 |
5,425 | 5,439 | ||||||
13-4, C 2.670%, 2/20/19 |
2,950 | 2,980 | ||||||
15-2, C 2.670%, 8/20/20 |
7,250 | 7,241 | ||||||
CarFinance Capital Auto Trust |
||||||||
13-1A, B 144A |
6,740 | 6,785 | ||||||
13-A1, C 144A |
2,210 | 2,236 | ||||||
13-2A, B 144A |
19,350 | 19,659 | ||||||
14-1A, B 144A |
5,550 | 5,595 | ||||||
14-2A, B 144A |
3,455 | 3,452 | ||||||
14-2A, C 144A |
2,750 | 2,739 | ||||||
15-A1, B 144A |
6,000 | 6,009 |
5
VIRTUS MULTI-SECTOR SHORT TERM BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
CarMax Auto Owner Trust |
||||||||
14-2, B 1.880%, 11/15/19 |
$ | 1,000 | $ | 1,002 | ||||
14-2, C 2.080%, 1/15/20 |
7,175 | 7,188 | ||||||
15-2, C 2.390%, 3/15/21 |
2,275 | 2,275 | ||||||
CarNow Auto Receivables Trust |
||||||||
13-1A, B 144A |
380 | 379 | ||||||
13-1A,C 144A |
7,244 | 7,253 | ||||||
14-1A, D 144A |
3,000 | 2,990 | ||||||
Carnow Auto Receivables Trust |
4,350 | 4,410 | ||||||
CCG Receivables Trust |
5,080 | 5,107 | ||||||
Centre Point Funding LLC 12-2A, 1 144A |
10,821 | 10,789 | ||||||
Cheesecake Restaurant Holdings, Inc. 13-1A, A2 144A |
23,881 | 24,231 | ||||||
Citicorp Residential Mortgage Securities, Inc. |
6,514 | 6,750 | ||||||
CLI Funding LLC |
7,933 | 7,968 | ||||||
CNH Equipment Trust |
4,000 | 4,032 | ||||||
Conseco Financial Corp. |
||||||||
94-1, A5 |
75 | 77 | ||||||
01-3, A4 |
10,897 | 12,027 | ||||||
DB Master Finance LLC |
||||||||
15-1A, A2I 144A |
4,988 | 5,003 | ||||||
15-A1, A2II 144A |
18,969 | 18,876 | ||||||
Diamond Resorts Owner Trust |
7,167 | 7,180 | ||||||
Direct Capital Funding IV LLC |
||||||||
13-1, D 144A |
3,555 | 3,622 | ||||||
13-A1, C 144A |
5,000 | 5,075 | ||||||
Domino’s Pizza Master Issuer LLC 12-1A, A2 144A |
19,325 | 19,936 | ||||||
Drive Auto Receivables Trust |
||||||||
14-AA, C 144A |
18,650 | 18,710 | ||||||
15-AA, D 144A |
7,920 | 7,951 | ||||||
Drug Royalty LP |
||||||||
II 14-1, A2 144A |
22,708 | 23,026 | ||||||
I 12-1, A2 144A |
2,230 | 2,310 | ||||||
DT Auto Owner Trust |
||||||||
13-1A, C 144A |
12,714 | 12,744 | ||||||
13-2A, C 144A |
17,500 | 17,674 | ||||||
14-1A, C 144A |
18,900 | 19,030 |
PAR VALUE | VALUE | |||||||
14-2A, C 144A |
$ | 14,370 | $ | 14,411 | ||||
14-3A, C 144A |
4,840 | 4,883 | ||||||
15-1A, C 144A |
7,000 | 7,027 | ||||||
Exeter Automobile Receivables Trust |
||||||||
12-1A, C 144A |
7,001 | 7,081 | ||||||
12-2A, C 144A |
8,050 | 8,077 | ||||||
13-2A, B 144A |
17,820 | 18,013 | ||||||
14-1A, B 144A |
9,220 | 9,272 | ||||||
13-1A, C 144A |
20,725 | 21,074 | ||||||
14-1A, C 144A |
15,830 | 15,998 | ||||||
14-2A, C 144A |
14,615 | 14,541 | ||||||
15-A1, C 144A |
7,505 | 7,567 | ||||||
15-2A, C 144A |
17,705 | 17,747 | ||||||
14-3A, D 144A |
14,575 | 14,700 | ||||||
Fairway Outdoor Funding LLC |
21,078 | 21,100 | ||||||
First Investors Auto Owner Trust |
5,000 | 4,962 | ||||||
Flagship Credit Auto Trust |
9,560 | 9,610 | ||||||
Foursight Capital Automobile Receivables Trust |
||||||||
14-1, B 144A |
4,704 | 4,747 | ||||||
15-1, B 144A |
5,589 | 5,589 | ||||||
Global Science Finance S.A.R.L. |
||||||||
13-1A, A 144A |
12,102 | 12,055 | ||||||
13-2A, A 144A |
5,892 | 5,916 | ||||||
GMAC Mortgage Corp. Loan Trust 06-HLTV, A4 |
2,294 | 2,313 | ||||||
Gold Key Resorts LLC |
10,760 | 10,804 | ||||||
GreatAmerica Leasing Receivables Funding, LLC |
2,235 | 2,238 | ||||||
Greater Capital Association of Realtors 15-1A, C |
8,195 | 8,193 | ||||||
GSAA Home Equity Trust |
||||||||
05-1, AF4 |
663 | 699 | ||||||
05-12, AF3W |
6,556 | 6,699 | ||||||
Hertz Vehicle Financing LLC 11-1A, A2 144A |
12,290 | 12,648 | ||||||
Hilton Grand Vacations Trust |
||||||||
13-A, A 144A |
11,114 | 11,174 | ||||||
14-AA, A 144A |
14,852 | 14,731 | ||||||
Home Equity Loan Trust 07-HSA3, AI4 |
9,789 | 9,877 |
6
VIRTUS MULTI-SECTOR SHORT TERM BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
Hyundai Auto Receivables Trust |
||||||||
14-B, D |
$ | 9,675 | $ | 9,739 | ||||
15-A, D |
8,950 | 9,043 | ||||||
IMC Home Equity Loan Trust 97-5, A9 7.310%, 11/20/28 |
3,125 | 3,138 | ||||||
IndyMac Manufactured Housing Contract 98-1, A3 6.370%, 9/25/28 |
1,046 | 1,073 | ||||||
Leaf Receivables Funding 10 LLC |
||||||||
15-1, D 144A |
800 | 791 | ||||||
15-1, E1 144A |
4,500 | 4,445 | ||||||
15-1, E2 144A |
2,455 | 2,359 | ||||||
Leaf Receivables Funding 8 LLC 12-1, D 144A |
5,859 | 5,987 | ||||||
Leaf Receivables Funding 9 LLC 13-1, D 144A |
655 | 679 | ||||||
Marriott Vacation Club Owner Trust |
||||||||
12-1A, A 144A |
17,556 | 17,737 | ||||||
10-1A, A 144A |
577 | 594 | ||||||
10-1A, B 144A |
1,124 | 1,168 | ||||||
Nations Equipment Finance Funding I LLC |
||||||||
13-1A, B 144A |
3,321 | 3,327 | ||||||
13-1A, C 144A |
7,833 | 7,855 | ||||||
New Century Home Equity Loan Trust 05-A, A4W |
14,882 | 15,438 | ||||||
OneMain Financial Issuance Trust |
||||||||
14-1A, A 144A |
16,940 | 17,033 | ||||||
15-2A, A 144A |
19,675 | 19,690 | ||||||
15-A1, A 144A |
11,875 | 12,044 | ||||||
Orange Lake Timeshare Trust |
||||||||
12-AA, A 144A |
5,715 | 5,875 | ||||||
14-AA, A 144A |
4,560 | 4,560 | ||||||
Prestige Auto Receivables Trust 14-1A, C 144A |
7,000 | 7,018 | ||||||
Residential Asset Mortgage Products, Inc. 03-RS8, AI7 |
621 | 630 | ||||||
Residential Funding Mortgage Securities II Home Loan Trust 06-H11, M1 |
1,088 | 1,088 | ||||||
Santander Drive Auto Receivables Trust |
||||||||
12-4, C |
5,019 | 5,068 | ||||||
12-2, D |
31,045 | 31,754 | ||||||
12-6, C |
9,645 | 9,688 | ||||||
12-5, C |
4,850 | 4,905 | ||||||
12-6, D |
17,455 | 17,543 | ||||||
13-1, D |
23,445 | 23,363 |
PAR VALUE | VALUE | |||||||
13-3, C |
$ | 17,215 | $ | 17,295 | ||||
13-5, D |
20,100 | 20,265 | ||||||
14-3, C |
16,400 | 16,536 | ||||||
14-4, D |
6,650 | 6,696 | ||||||
Sierra Timeshare Receivables Funding LLC |
||||||||
10-3A, B 144A |
2,300 | 2,321 | ||||||
11-1A, B 144A |
2,141 | 2,159 | ||||||
12-2A, B 144A |
3,078 | 3,119 | ||||||
12-3A, A 144A |
11,059 | 11,092 | ||||||
13-1A, A 144A |
4,176 | 4,142 | ||||||
14-1A, A 144A |
4,488 | 4,511 | ||||||
14-2A, A 144A |
6,665 | 6,711 | ||||||
Silverleaf Finance LLC |
||||||||
XV 12-D, A 144A |
6,453 | 6,521 | ||||||
XVIII 14-A, A |
4,109 | 4,101 | ||||||
SLM Private Education Loan Trust |
||||||||
13-B, A2A 144A |
4,500 | 4,461 | ||||||
13-C, A2A 144A |
5,000 | 5,147 | ||||||
SNAAC Auto Receivables Trust 14-1A, C 144A |
3,470 | 3,479 | ||||||
SoFi Professional Loan Program LLC |
||||||||
14-A, A2 144A |
2,418 | 2,465 | ||||||
14-B, 2A 144A |
1,897 | 1,903 | ||||||
15-A, A2 144A |
7,226 | 7,225 | ||||||
SolarCity LMC Series III LLC 14-2, A 144A |
8,426 | 8,502 | ||||||
Structured Asset Securities Corp. 01-SB1, A2 |
2,173 | 2,144 | ||||||
SVO VOI Mortgage Corp. |
||||||||
10-AA, A 144A |
3,499 | 3,547 | ||||||
12-AA, A 144A |
7,467 | 7,389 | ||||||
TAL Advantage V LLC |
||||||||
13-1A A 144A |
12,834 | 12,761 | ||||||
14-3A, A 144A |
12,317 | 12,408 | ||||||
TCF Auto Receivables Owner Trust |
||||||||
14-1A, B 144A |
1,733 | 1,744 | ||||||
14-1A, C 144A |
2,035 | 2,047 | ||||||
Textainer Marine Containers Ltd. |
||||||||
13-1A, A 144A |
16,500 | 16,600 | ||||||
14-1A, A 144A |
4,247 | 4,244 | ||||||
Tidewater Auto Receivables Trust |
||||||||
12-AA, B 144A |
7,488 | 7,510 | ||||||
14-AA, C 144A |
3,500 | 3,508 | ||||||
Trip Rail Master Funding LLC |
7
VIRTUS MULTI-SECTOR SHORT TERM BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
11-1A, A1A 144A 4.370%, 7/15/41(3) |
$ | 15,189 | $ | 15,636 | ||||
14-1A, A1 144A 2.863%, 4/15/44(3) |
4,282 | 4,270 | ||||||
U-Haul S Fleet LLC 10-BT1A, 1 144A |
24,334 | 25,328 | ||||||
Vericrest Opportunity Loan Trust |
||||||||
14-NP10, A1 144A 3.375%, 10/25/54(2)(3) |
3,482 | 3,484 | ||||||
14-NPL9, A1 144A 3.375%, 11/25/54(2)(3) |
11,559 | 11,548 | ||||||
15-NPL4, A1 144A 3.500%, 2/25/55(2)(3) |
6,050 | 6,041 | ||||||
15-NPL3, A1 144A 3.375%, 10/25/58(2)(3) |
17,827 | 17,789 | ||||||
Volvo Financial Equipment LLC |
||||||||
13-1A, B 144A |
15,835 | 15,866 | ||||||
14-1A, C 144A |
6,000 | 6,004 | ||||||
Welk Resorts LLC | ||||||||
13-A, A 144A |
4,682 | 4,713 | ||||||
15-AA, A 144A |
7,950 | 7,947 | ||||||
Wendy’s Funding LLC 15-1A, A2II 144A |
18,420 | 18,282 | ||||||
Westgate Resorts LLC 12-2A, A 144A |
494 | 496 | ||||||
Westlake Automobile Receivables Trust |
||||||||
14-1A, C 144A |
6,165 | 6,150 | ||||||
15-1A, C 144A |
8,500 | 8,493 | ||||||
|
|
|||||||
TOTAL ASSET-BACKED SECURITIES (Identified Cost $1,612,761) |
1,623,501 | |||||||
|
|
|||||||
CORPORATE BONDS AND NOTES—38.0% |
||||||||
Consumer Discretionary—2.9% |
||||||||
Alibaba Group Holding Ltd. 144A |
6,600 | 6,523 | ||||||
Boyd Gaming Corp. |
||||||||
9.000%, 7/1/20 |
5,350 | 5,832 | ||||||
6.875%, 5/15/23 |
1,340 | 1,380 | ||||||
Brookfield Residential Properties, Inc. 144A |
5,810 | 5,812 | ||||||
Caesars Entertainment Operating Co., Inc. |
3,625 | 2,973 | ||||||
Clear Channel Worldwide Holdings, Inc. Series B |
16,440 | 17,200 | ||||||
Columbus International, Inc. 144A |
2,330 | 2,513 | ||||||
DR Horton, Inc. |
6,975 | 6,973 | ||||||
International Game Technology plc |
||||||||
7.500%, 6/15/19 |
1,115 | 1,187 | ||||||
144A 5.625%, 2/15/20(3) |
6,490 | 6,376 |
PAR VALUE | VALUE | |||||||
Consumer Discretionary—(continued) |
|
|||||||
144A |
$ | 8,185 | $ | 7,858 | ||||
Landry’s, Inc. 144A |
8,530 | 9,191 | ||||||
Marriott International, Inc. |
13,545 | 13,517 | ||||||
MGM Resorts International |
6,500 | 6,905 | ||||||
Nielsen Finance LLC (Nielsen Finance Co.) 144A |
19,395 | 19,128 | ||||||
Numericable Group SA 144A |
8,295 | 8,233 | ||||||
QVC, Inc. |
12,765 | 12,671 | ||||||
Scientific Games International, Inc. 144A |
12,535 | 13,005 | ||||||
Sirius XM Radio, Inc. 144A |
20,955 | 20,903 | ||||||
Toll Brothers Finance Corp. |
||||||||
4.000%, 12/31/18 |
14,890 | 15,355 | ||||||
6.750%, 11/1/19 |
14,716 | 16,408 | ||||||
TRI Pointe Holdings, Inc. |
13,872 | 13,664 | ||||||
United Rentals North America, Inc. |
13,310 | 13,052 | ||||||
Volkswagen Group of America Finance LLC 144A |
4,800 | 4,813 | ||||||
Wyndham Worldwide Corp. 2.500%, 3/1/18 |
2,960 | 2,966 | ||||||
|
|
|||||||
234,438 | ||||||||
|
|
|||||||
Consumer Staples—0.1% |
||||||||
HJ Heinz Co. |
||||||||
144A |
2,680 | 2,680 | ||||||
144A |
2,855 | 2,865 | ||||||
|
|
|||||||
5,545 | ||||||||
|
|
|||||||
Energy—4.6% |
||||||||
Afren plc 144A 11.500%, 2/1/16(3)(10) |
4,790 | 2,203 | ||||||
Antero Resources Corp. 144A |
6,835 | 6,638 | ||||||
California Resources Corp. |
||||||||
5.000%, 1/15/20 |
6,815 | 6,031 | ||||||
5.500%, 9/15/21 |
6,800 | 5,925 | ||||||
Carrizo Oil & Gas, Inc. 7.500%, 9/15/20 |
14,890 | 15,746 | ||||||
CNOOC Finance Property Ltd. |
5,800 | 5,719 | ||||||
Compagnie Generale de Geophysique-Veritas 7.750%, 5/15/17 |
778 | 759 | ||||||
Denbury Resources, Inc. 5.500%, 5/1/22 |
7,225 | 6,484 | ||||||
Energy Transfer Partners LP 4.150%, 10/1/20 |
14,620 | 15,012 | ||||||
FTS International, Inc. 6.250%, 5/1/22 |
2,245 | 1,661 | ||||||
Gazprom OAO (Gaz Capital SA) 144A |
5,000 | 5,088 |
8
VIRTUS MULTI-SECTOR SHORT TERM BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2014 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
Energy—(continued) |
||||||||
IPIC GMTN Ltd. RegS 3.750%, 3/1/17(4) |
$ | 10,000 | $ | 10,363 | ||||
Kinder Morgan, Inc. |
||||||||
3.050%, 12/1/19 |
4,805 | 4,796 | ||||||
144A 5.625%, 11/15/23(3) |
15,495 | 16,462 | ||||||
Kunlun Energy Co., Ltd. 144A 2.875%, 5/13/20(3) |
5,000 | 4,930 | ||||||
Linn Energy LLC |
9,980 | 8,109 | ||||||
Lukoil OAO International Finance BV 144A |
6,000 | 5,754 | ||||||
Midcontinent Express Pipeline LLC 144A 6.700%, 9/15/19(3) |
7,500 | 8,151 | ||||||
Newfield Exploration Co. |
||||||||
5.750%, 1/30/22 |
1,640 | 1,673 | ||||||
5.625%, 7/1/24 |
7,925 | 8,004 | ||||||
NGL Energy Partners LP (NGL Energy Finance Corp.) |
18,475 | 18,521 | ||||||
Pacific Rubiales Energy Corp. 144A |
13,565 | 11,178 | ||||||
Petrobras Global Finance BV |
||||||||
3.250%, 3/17/17 |
21,600 | 21,251 | ||||||
3.000%, 1/15/19 |
13,420 | 12,414 | ||||||
Petroleos de Venezuela SA |
||||||||
RegS 8.500%, 11/2/17(4) |
41,325 | 28,514 | ||||||
144A 6.000%, 5/16/24(3) |
12,980 | 4,681 | ||||||
Petroleos Mexicanos |
20,730 | 20,927 | ||||||
Petronas Capital Ltd. 144A 3.125%, 3/18/22(3) |
5,000 | 4,979 | ||||||
PHI, Inc. |
6,275 | 5,836 | ||||||
Pride International, Inc. 8.500%, 6/15/19 |
4,065 | 4,795 | ||||||
QEP Resources, Inc. |
22,275 | 23,222 | ||||||
QGOG Constellation SA 144A |
7,925 | 5,825 | ||||||
Regency Energy Partners LP (Regency Energy Finance Corp.) |
12,815 | 13,942 | ||||||
Rosneft Finance SA RegS |
13,235 | 13,761 | ||||||
Sabine Oil & Gas Corp. 7.250%, 6/15/19(10) |
9,035 | 2,033 | ||||||
Sabine Pass Liquefaction LLC |
||||||||
5.625%, 2/1/21 |
8,000 | 8,200 | ||||||
6.250%, 3/15/22 |
8,415 | 8,752 | ||||||
Sinopec Capital Ltd. 144A 1.875%, 4/24/18(3) |
11,750 | 11,647 | ||||||
Transocean, Inc. |
||||||||
6.500%, 11/15/20 |
2,920 | 2,697 | ||||||
6.875%, 12/15/21 |
9,980 | 9,044 | ||||||
Weatherford International Ltd. |
4,110 | 4,796 | ||||||
|
|
|||||||
376,523 | ||||||||
|
|
PAR VALUE | VALUE | |||||||
Financials—17.0% |
||||||||
ABN AMRO Bank N.V. 144A |
$ | 4,425 | $ | 4,624 | ||||
AerCap Ireland Capital Ltd. (AerCap Global Aviation Trust) 144A |
5,930 | 5,878 | ||||||
Akbank TAS |
||||||||
144A |
8,900 | 8,915 | ||||||
144A 7.500%, 2/5/18(3) |
12,140 | TRY | 4,077 | |||||
Allstate Corp. |
4,730 | 4,919 | ||||||
Ally Financial, Inc. |
||||||||
3.250%, 2/13/18 |
4,285 | 4,264 | ||||||
3.600%, 5/21/18 |
2,260 | 2,262 | ||||||
3.750%, 11/18/19 |
11,480 | 11,423 | ||||||
4.125%, 3/30/20 |
5,800 | 5,804 | ||||||
4.125%, 2/13/22 |
2,675 | 2,575 | ||||||
American International Group, Inc. |
5,825 | 5,836 | ||||||
American Tower Trust I 144A |
6,900 | 6,863 | ||||||
Ares Capital Corp. 3.875%, 1/15/20 |
5,715 | 5,802 | ||||||
Associated Banc Corp. 5.125%, 3/28/16 |
8,635 | 8,893 | ||||||
Aviation Capital Group Corp. 144A |
10,380 | 10,566 | ||||||
Avis Budget Car Rental LLC |
13,470 | 13,857 | ||||||
Banco Bradesco SA 144A 4.500%, 1/12/17(3) |
7,000 | 7,282 | ||||||
Banco Continental SA (Continental Senior Trustees II Cayman Ltd.) 144A |
10,000 | 10,525 | ||||||
Banco de Credito del Peru 144A |
15,836 | 15,891 | ||||||
Banco Santander Brasil SA |
||||||||
144A |
28,335 | BRL | 8,585 | |||||
144A |
9,300 | 9,554 | ||||||
Banco Santander Chile 144A |
5,300 | 5,379 | ||||||
Bangkok Bank PCL 144A |
16,550 | 16,781 | ||||||
Bank of America Corp. (Countrywide Financial Corp.) |
9,110 | 9,467 | ||||||
2.000%, 1/11/18 |
14,905 | 14,947 | ||||||
5.490%, 3/15/19 |
2,868 | 3,139 | ||||||
Bank of Baroda 144A 4.875%, 7/23/19(3) |
23,575 | 25,103 | ||||||
Bank of Georgia JSC 144A |
10,110 | 10,545 | ||||||
Bank of India |
||||||||
144A |
22,470 | 22,891 | ||||||
144A |
10,200 | 10,430 | ||||||
Barclays Bank plc 144A 6.050%, 12/4/17(3) |
13,130 | 14,283 | ||||||
BBVA Banco Continental SA 144A |
8,270 | 8,384 |
9
VIRTUS MULTI-SECTOR SHORT TERM BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
Financials—(continued) |
||||||||
Blackstone Holdings Finance Co. LLC 144A |
$ | 7,105 | $ | 8,270 | ||||
Capital One NA |
5,000 | 4,952 | ||||||
China Cinda Finance Ltd. 144A |
12,775 | 13,056 | ||||||
Chubb Corp. (The) |
8,205 | 8,607 | ||||||
Citigroup, Inc. |
||||||||
0.551%, 6/9/16(2) |
3,400 | 3,385 | ||||||
5.500%, 2/15/17 |
23,460 | 24,922 | ||||||
2.500%, 9/26/18 |
10,000 | 10,144 | ||||||
Comerica Bank, Inc. |
5,940 | 6,332 | ||||||
Corpbanca SA |
||||||||
3.125%, 1/15/18 |
8,000 | 8,036 | ||||||
144A 3.875%, 9/22/19(3) |
17,000 | 17,235 | ||||||
Daimler Finance North America LLC 144A |
11,000 | 11,183 | ||||||
Digital Realty Trust LP |
8,175 | 8,149 | ||||||
Discover Bank |
1,750 | 2,127 | ||||||
DNB Bank ASA 144A |
24,700 | 25,473 | ||||||
Drawbridge Special Opportunities Fund LP 144A |
14,685 | 14,685 | ||||||
Fidelity National Financial, Inc. |
6,475 | 7,007 | ||||||
Fifth Third Bancorp |
6,745 | 7,141 | ||||||
First Tennessee Bank N.A. |
||||||||
5.650%, 4/1/16 |
15,664 | 16,154 | ||||||
2.950%, 12/1/19 |
4,500 | 4,494 | ||||||
Ford Motor Credit Co. LLC |
||||||||
4.207%, 4/15/16 |
10,000 | 10,227 | ||||||
5.000%, 5/15/18 |
10,000 | 10,745 | ||||||
FS Investment Corp. |
7,725 | 7,803 | ||||||
General Motors Financial Co., Inc. |
||||||||
4.750%, 8/15/17 |
25,655 | 27,094 | ||||||
3.500%, 7/10/19 |
9,715 | 9,930 | ||||||
Genworth Holdings, Inc. |
||||||||
7.200%, 2/15/21 |
5,000 | 5,250 | ||||||
7.625%, 9/24/21 |
13,825 | 14,585 | ||||||
GLP Capital LP (GLP Financing II, Inc.) |
18,265 | 18,585 | ||||||
Goldman Sachs Group, Inc. (The) |
||||||||
5.625%, 1/15/17 |
14,000 | 14,823 | ||||||
2.900%, 7/19/18 |
8,200 | 8,403 | ||||||
7.500%, 2/15/19 |
2,451 | 2,877 | ||||||
Government Properties Income Trust |
2,905 | 2,986 |
PAR VALUE | VALUE | |||||||
Financials—(continued) |
||||||||
Guanay Finance Ltd. 144A |
$ | 21,900 | $ | 22,605 | ||||
HBOS plc 144A |
685 | 759 | ||||||
HCP, Inc. |
4,940 | 5,136 | ||||||
Health Care REIT, Inc. |
4,100 | 4,337 | ||||||
HSBC USA, Inc. |
19,485 | 19,893 | ||||||
Huntington Bancshares, Inc. |
17,065 | 20,308 | ||||||
Hutchison Whampoa International Ltd. Series 12, 144A |
13,210 | 14,023 | ||||||
Hyundai Capital Services, Inc. |
||||||||
144A 3.750%, 4/6/16(3) |
500 | 509 | ||||||
144A 1.450%, 2/6/17(3) |
8,000 | 7,973 | ||||||
144A 2.125%, 10/2/17(3) |
2,940 | 2,969 | ||||||
ICAHN Enterprises LP (ICAHN Enterprises Finance Corp.) |
||||||||
3.500%, 3/15/17 |
965 | 971 | ||||||
4.875%, 3/15/19 |
1,520 | 1,532 | ||||||
ICICI Bank Ltd. |
||||||||
RegS 4.700%, 2/21/18(4) |
13,000 | 13,675 | ||||||
144A 4.800%, 5/22/19(3) |
13,000 | 13,784 | ||||||
Industrial & Commercial Bank of China Ltd. |
6,275 | 6,381 | ||||||
ING Bank NV 144A |
9,000 | 9,034 | ||||||
International Lease Finance Corp. |
18,635 | 18,728 | ||||||
Intesa San Paolo S.p.A |
12,190 | 12,283 | ||||||
iStar Financial, Inc. |
||||||||
4.000%, 11/1/17 |
12,900 | 12,723 | ||||||
4.875%, 7/1/18 |
12,250 | 12,097 | ||||||
5.000%, 7/1/19 |
2,440 | 2,416 | ||||||
Itau Unibanco Holding SA 144A |
10,300 | 10,220 | ||||||
Jefferies Group LLC |
||||||||
5.125%, 4/13/18 |
6,541 | 6,942 | ||||||
6.875%, 4/15/21 |
3,725 | 4,260 | ||||||
JPMorgan Chase & Co. |
||||||||
6.125%, 6/27/17 |
8,850 | 9,569 | ||||||
Series Z, |
3,985 | 3,965 | ||||||
KeyBank N.A. |
1,295 | 1,306 | ||||||
Korea Development Bank 3.500%, 8/22/17 |
9,750 | 10,122 | ||||||
Lazard Group LLC |
7,765 | 8,157 | ||||||
Lincoln National Corp. |
||||||||
8.750%, 7/1/19 |
15,040 | 18,440 | ||||||
6.050%, 4/20/67(2)(7) |
2,885 | 2,611 | ||||||
Macquarie Group Ltd. |
10
VIRTUS MULTI-SECTOR SHORT TERM BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
Financials—(continued) |
||||||||
144A |
$ | 4,870 | $ | 4,952 | ||||
144A |
10,950 | 12,294 | ||||||
Morgan Stanley |
||||||||
5.550%, 4/27/17 |
10,200 | 10,930 | ||||||
144A |
22,595 | BRL | 6,872 | |||||
MPT Operating Partnership LP (MPT Finance Corp.) |
1,150 | 1,226 | ||||||
MUFG Union Bank NA |
||||||||
1.500%, 9/26/16 |
2,000 | 2,006 | ||||||
2.625%, 9/26/18 |
2,700 | 2,742 | ||||||
Navient LLC |
9,140 | 9,049 | ||||||
New York Life Global Funding |
2,855 | 2,810 | ||||||
ORIX Corp. |
5,228 | 5,335 | ||||||
Phosagro OAO (Phosagro Bond Funding Ltd.) |
14,800 | 14,341 | ||||||
PNC Funding Corp. |
3,130 | 3,326 | ||||||
Principal Life Global Funding II |
17,580 | 17,891 | ||||||
Progressive Corp. (The) |
10,102 | 10,531 | ||||||
Prudential Financial, Inc. |
||||||||
4.750%, 9/17/15 |
4,770 | 4,807 | ||||||
8.875%, 6/15/38(2)(7) |
11,200 | 13,104 | ||||||
QBE Insurance Group Ltd. |
7,750 | 7,789 | ||||||
Regions Bank |
2,369 | 2,721 | ||||||
Royal Bank of Scotland Group plc (The) |
3,130 | 3,495 | ||||||
Russian Agricultural Bank OJSC (RSHB Capital SA) |
||||||||
144A |
13,655 | 13,341 | ||||||
144A |
8,750 | 8,356 | ||||||
Sabra Health Care LP |
9,610 | 9,970 | ||||||
Santander Holdings USA, Inc. |
||||||||
3.000%, 9/24/15 |
980 | 983 | ||||||
2.650%, 4/17/20 |
7,540 | 7,406 | ||||||
Santander U.S. Debt S.A.U. Unipersonal |
8,000 | 8,055 | ||||||
SBA Tower Trust |
13,275 | 13,471 | ||||||
Schaeffler Finance BV |
14,140 | 13,857 | ||||||
Select Income REIT |
18,910 | 18,700 | ||||||
Senior Housing Properties Trust |
||||||||
4.300%, 1/15/16 |
6,875 | 6,925 | ||||||
3.250%, 5/1/19 |
6,685 | 6,686 |
PAR VALUE | VALUE | |||||||
Financials—(continued) |
||||||||
Shinhan Bank |
||||||||
144A |
$ | 11,700 | $ | 12,298 | ||||
144A |
1,000 | 994 | ||||||
Skandinaviska Enskilda Banken AB 144A |
6,775 | 6,771 | ||||||
Societe Generale S.A. |
||||||||
144A |
2,900 | 2,912 | ||||||
144A |
6,895 | 6,989 | ||||||
Springleaf Finance Corp. |
18,055 | 17,874 | ||||||
State Street Corp. |
24,025 | 25,814 | ||||||
SunTrust Bank, Inc. |
||||||||
6.000%, 9/11/17 |
4,925 | 5,375 | ||||||
5.450%, 12/1/17 |
3,750 | 4,045 | ||||||
Svenska Handelsbanken AB |
10,000 | 10,235 | ||||||
Telecom Italia Capital SA |
2,395 | 2,691 | ||||||
TIAA Asset Management Finance Co. LLC |
2,850 | 2,869 | ||||||
Turkiye Garanti Bankasi AS |
8,500 | 8,596 | ||||||
Turkiye Is Bankasi |
12,630 | 12,479 | ||||||
Turkiye Vakiflar Bankasi Tao |
4,000 | 3,965 | ||||||
Unum Group |
6,620 | 7,069 | ||||||
Ventas Realty LP (Ventas Capital Corp.) |
||||||||
4.000%, 4/30/19 |
7,100 | 7,497 | ||||||
2.700%, 4/1/20 |
2,948 | 2,936 | ||||||
Vnesheconombank (VEB Finance plc) |
16,710 | 15,540 | ||||||
Voya Financial, Inc. |
12,620 | 12,944 | ||||||
VTB Bank OJSC (VTB Capital SA) 144A |
6,785 | 6,799 | ||||||
Wachovia Corp. |
2,500 | 2,643 | ||||||
Wells Fargo & Co. |
5,000 | 5,241 | ||||||
Willis |
||||||||
Group Holdings plc 4.125%, 3/15/16 |
6,000 | 6,122 | ||||||
North America, Inc. 6.200%, 3/28/17 |
4,960 | 5,310 | ||||||
XLIT Ltd. |
||||||||
2.300%, 12/15/18 |
9,730 | 9,789 | ||||||
Series E, |
12,790 | 10,944 | ||||||
Zions Bancorp |
8,120 | 8,477 | ||||||
|
|
|||||||
1,381,321 | ||||||||
|
|
11
VIRTUS MULTI-SECTOR SHORT TERM BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
Health Care—2.1% |
||||||||
AbbVie, Inc. |
||||||||
2.500%, 5/14/20 |
$ | 895 | $ | 885 | ||||
3.200%, 11/6/22 |
1,940 | 1,919 | ||||||
Actavis Funding SCS |
||||||||
3.000%, 3/12/20 |
2,825 | 2,833 | ||||||
3.450%, 3/15/22 |
3,815 | 3,775 | ||||||
Alere, Inc. |
6,175 | 6,422 | ||||||
Community Health Systems, Inc. |
4,790 | 4,892 | ||||||
Endo Finance LLC (Endo Finco, Inc.) |
720 | 738 | ||||||
Forest Laboratories, Inc. 144A |
13,430 | 14,216 | ||||||
HCA, Inc. |
||||||||
3.750%, 3/15/19 |
9,580 | 9,652 | ||||||
6.500%, 2/15/20 |
19,575 | 21,875 | ||||||
Hologic, Inc. 144A |
1,575 | 1,612 | ||||||
inVentiv Health, Inc. 144A |
8,625 | 9,008 | ||||||
Mallinckrodt International Finance SA (Mallinckrodt CB LLC) 144A |
930 | 950 | ||||||
Owens & Minor, Inc. |
2,485 | 2,557 | ||||||
Quintiles Transnational Corp. 144A |
4,175 | 4,206 | ||||||
Tenet Healthcare Corp. |
||||||||
4.750%, 6/1/20 |
9,275 | 9,461 | ||||||
144A |
4,045 | 4,085 | ||||||
6.000%, 10/1/20 |
9,560 | 10,217 | ||||||
8.125%, 4/1/22 |
8,265 | 9,071 | ||||||
Valeant Pharmaceuticals International, Inc. |
||||||||
144A 6.750%, 8/15/18(3) |
6,110 | 6,419 | ||||||
144A 5.375%, 3/15/20(3) |
9,750 | 10,091 | ||||||
144A 5.625%, 12/1/21(3) |
7,310 | 7,530 | ||||||
144A 5.875%, 5/15/23(3) |
1,210 | 1,242 | ||||||
Zimmer Holdings, Inc. |
||||||||
2.700%, 4/1/20 |
12,805 | 12,728 | ||||||
3.150%, 4/1/22 |
12,805 | 12,584 | ||||||
Zoetis, Inc. |
1,975 | 1,967 | ||||||
|
|
|||||||
170,935 | ||||||||
|
|
|||||||
Industrials—5.1% |
||||||||
ADT Corp. (The) |
23,265 | 24,544 | ||||||
Air Canada Pass-Through-Trust, 13-1, B 144A |
14,285 | 14,857 | ||||||
America West Airlines Pass-Through-Trust |
||||||||
98-1, A |
971 | 1,014 |
PAR VALUE | VALUE | |||||||
Industrials—(continued) |
||||||||
99-1, G |
$ | 8,406 | $ | 9,079 | ||||
01-1, G |
47,977 | 52,055 | ||||||
American Airlines Group, Inc. 144A |
1,655 | 1,605 | ||||||
American Airlines Pass-Through-Trust |
||||||||
13-2, B 144A |
9,273 | 9,598 | ||||||
14-1, B |
9,539 | 9,682 | ||||||
Atlas Air Pass-Through-Trust |
||||||||
98-1, A |
664 | 664 | ||||||
00-1, A |
2,427 | 2,482 | ||||||
AWAS Aviation Capital Ltd. 144A |
7,358 | 7,478 | ||||||
Bombardier, Inc. 144A |
25,347 | 24,777 | ||||||
British Airways Pass-Through-Trust 13-1, B 144A |
12,145 | 12,874 | ||||||
Builders FirstSource, Inc. 144A |
8,670 | 9,017 | ||||||
Continental Airlines Pass-Through-Trust |
||||||||
99-1, A |
9,462 | 10,367 | ||||||
09-2, A |
3,532 | 4,088 | ||||||
99-2, C2 AMBC |
11,190 | 12,086 | ||||||
12-1, B |
3,887 | 4,101 | ||||||
00-1, A1 |
5,086 | 5,766 | ||||||
01-1, A1 |
13,833 | 14,698 | ||||||
Delta Air Lines Pass-Through-Trust 12-1, A 4.750%, 5/7/20 |
25,647 | 27,443 | ||||||
Masco Corp. |
20,970 | 23,539 | ||||||
Northwest Airlines Pass-Through-Trust |
||||||||
07-1, B |
5,268 | 5,861 | ||||||
02-1, G2 |
12,242 | 12,807 | ||||||
Penske Truck Leasing Co. LP 144A |
8,365 | 8,100 | ||||||
Toledo Edison Co. (The) |
224 | 266 | ||||||
Transnet SOC Ltd. 144A |
9,000 | 9,180 | ||||||
U.S. Airways Pass-Through-Trust |
||||||||
12-2, C |
12,975 | 13,202 | ||||||
01-1, G |
18,037 | 19,570 | ||||||
UAL Pass-Through-Trust |
||||||||
09-2A |
19,864 | 21,602 | ||||||
07-01, A |
17,871 | 19,166 | ||||||
Virgin Australia Trust 13-1A 144A |
23,802 | 24,813 | ||||||
|
|
|||||||
416,381 | ||||||||
|
|
12
VIRTUS MULTI-SECTOR SHORT TERM BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
Information Technology—0.8% |
|
|||||||
Avaya, Inc. 144A |
$ | 8,265 | $ | 8,120 | ||||
Blue Coat Holdings, Inc. 144A |
3,205 | 3,269 | ||||||
Dun & Bradstreet Corp. (The) |
||||||||
3.250%, 12/1/17 |
12,110 | 12,313 | ||||||
4.000%, 6/15/20 |
4,660 | 4,678 | ||||||
First Data Corp. |
11,439 | 12,897 | ||||||
Juniper Networks, Inc. |
4,645 | 4,674 | ||||||
MDC-GMTN B.V. 144A |
4,000 | 4,068 | ||||||
NXP BV (NXP Funding LLC) 144A |
9,460 | 9,555 | ||||||
Oracle Corp. |
6,545 | 6,349 | ||||||
|
|
|||||||
65,923 | ||||||||
|
|
|||||||
Materials—2.3% |
|
|||||||
Allegheny Technologies, Inc. |
7,245 | 8,549 | ||||||
Anglo American Capital plc |
||||||||
144A 9.375%, 4/8/19(3) |
1,950 | 2,373 | ||||||
144A 3.625%, 5/14/20(3) |
5,205 | 5,201 | ||||||
ArcelorMittal |
2,500 | 2,541 | ||||||
Ardagh Packaging Finance plc 144A |
2,705 | 2,766 | ||||||
Cemex SAB de CV 144A |
9,754 | 10,778 | ||||||
CRH America, Inc. |
4,770 | 5,592 | ||||||
EuroChem Mineral & Chemical Co. OJSC 144A |
11,920 | 11,965 | ||||||
Freeport-McMoRan Copper & Gold, Inc. |
4,500 | 4,463 | ||||||
Gerdau Holdings, Inc. 144A |
8,330 | 9,038 | ||||||
Gerdau Trade, Inc. 144A |
2,000 | 2,050 | ||||||
Hexion U.S. Finance Corp. |
12,240 | 11,291 | ||||||
Huntsman International LLC |
3,910 | 3,920 | ||||||
INEOS Group Holdings SA 144A |
5,870 | 5,921 | ||||||
Packaging Corp. of America |
7,215 | 7,290 | ||||||
Reynolds Group Issuer, Inc. |
||||||||
5.750%, 10/15/20 |
12,945 | 13,301 | ||||||
8.250%, 2/15/21 |
3,120 | 3,253 | ||||||
Sappi Papier Holding GmbH 144A |
12,830 | 13,792 | ||||||
Severstal OAO (Steel Capital SA) 144A |
5,975 | 6,244 | ||||||
Sinopec Group Overseas Development Ltd. 144A |
10,000 | 10,171 |
PAR VALUE | VALUE | |||||||
Materials—(continued) |
|
|||||||
Tronox Finance LLC |
$ | 15,045 | $ | 14,029 | ||||
Union Andina de Cementos SAA 144A |
1,690 | 1,713 | ||||||
Vedanta Resources plc |
||||||||
144A 9.500%, 7/18/18(3) |
10,640 | 11,411 | ||||||
144A 6.000%, 1/31/19(3) |
14,955 | 14,544 | ||||||
|
|
|||||||
182,196 | ||||||||
|
|
|||||||
Telecommunication Services—1.8% |
|
|||||||
AT&T, Inc. |
11,000 | 12,291 | ||||||
CCO Holdings LLC |
6,700 | 7,094 | ||||||
CenturyLink, Inc. Series V |
12,735 | 13,022 | ||||||
Crown Castle Towers LLC |
||||||||
144A 5.495%, 1/15/17(3) |
5,915 | 6,124 | ||||||
144A 3.222%, 5/15/22(3) |
3,000 | 2,952 | ||||||
Digicel Group Ltd. 144A |
15,680 | 15,758 | ||||||
Frontier Communications Corp. |
||||||||
7.125%, 3/15/19 |
12,200 | 12,658 | ||||||
6.250%, 9/15/21 |
9,160 | 8,381 | ||||||
Level 3 Financing, Inc. |
4,065 | 4,324 | ||||||
Sprint Corp. |
4,080 | 4,026 | ||||||
T-Mobile USA, Inc. |
||||||||
6.464%, 4/28/19 |
7,630 | 7,878 | ||||||
6.542%, 4/28/20 |
7,905 | 8,296 | ||||||
Telefonica Emisiones SAU |
2,805 | 2,880 | ||||||
Verizon Communications, Inc. |
||||||||
2.500%, 9/15/16 |
4,044 | 4,109 | ||||||
3.650%, 9/14/18 |
13,800 | 14,496 | ||||||
West Corp. 144A |
12,459 | 11,696 | ||||||
Windstream Corp. |
12,125 | 11,913 | ||||||
|
|
|||||||
147,898 | ||||||||
|
|
|||||||
Utilities—1.3% |
|
|||||||
Abu Dhabi National Energy Co. 144A |
13,930 | 14,003 | ||||||
AmeriGas Partners LP |
||||||||
6.250%, 8/20/19 |
3,740 | 3,824 | ||||||
6.750%, 5/20/20 |
3,374 | 3,568 | ||||||
7.000%, 5/20/22 |
9,275 | 9,878 | ||||||
Dynegy, Inc. 144A |
5,690 | 5,949 | ||||||
Exelon Corp. |
1,875 | 1,883 | ||||||
Israel Electric Corp. Ltd. 144A |
14,735 | 15,739 |
13
VIRTUS MULTI-SECTOR SHORT TERM BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
Utilities—(continued) |
| |||||||
Korea Western Power Co., Ltd. 144A |
$ | 9,800 | $ | 10,037 | ||||
Majapahit Holding BV 144A |
8,800 | 10,197 | ||||||
PPL WEM Holdings plc 144A |
5,495 | 5,605 | ||||||
State Grid Overseas Investment Ltd. |
||||||||
144A 1.750%, 5/22/18(3) |
5,000 | 4,961 | ||||||
144A 2.750%, 5/7/19(3) |
9,370 | 9,458 | ||||||
Talen Energy Supply LLC 144A |
12,340 | 12,155 | ||||||
|
|
|||||||
107,257 | ||||||||
|
|
|||||||
TOTAL CORPORATE BONDS AND NOTES (Identified Cost $3,088,696) |
|
3,088,417 | ||||||
|
|
|||||||
LOAN AGREEMENTS(2)—14.7% |
| |||||||
Consumer Discretionary—3.9% |
| |||||||
Allison Transmission Tranche B-3, 3.500%, 8/23/19 |
2,103 | 2,110 | ||||||
Aristocrat Leisure Ltd. |
13,296 | 13,372 | ||||||
Boyd Gaming Corp. Tranche B, 4.000%, 8/14/20 |
6,832 | 6,858 | ||||||
Caesars Entertainment Operating Co., Inc. |
||||||||
Tranche B-4, |
3,616 | 3,291 | ||||||
Tranche B-6, |
3,861 | 3,470 | ||||||
Tranche B-7, |
1,741 | 1,523 | ||||||
Caesars Entertainment Resort Properties LLC Tranche B, |
7,880 | 7,190 | ||||||
Caesars Growth Properties Holdings LLC Tranche B, First Lien, |
4,307 | 3,693 | ||||||
Cequel Communications LLC |
12,937 | 12,911 | ||||||
Charter Communications Operations LLC |
||||||||
Tranche E, 3.000%, 7/1/20 |
9,385 | 9,296 | ||||||
Tranche F, 3.000%, 1/3/21 |
14,416 | 14,262 | ||||||
Cirque Du Soleil |
5,736 | 5,743 | ||||||
CityCenter Holdings LLC Tranche B, 4.250%, 10/16/20 |
9,919 | 9,947 | ||||||
CSC Holdings, Inc. Tranche B, |
5,286 | 5,240 | ||||||
Delta 2 (Lux) S.A.R.L. Tranche B-3, |
9,421 | 9,380 | ||||||
Hanesbrands, Inc. Tranche B, |
943 | 950 | ||||||
Hilton Worldwide Finance LLC |
14,136 | 14,158 | ||||||
iHeartCommunications, Inc. (Clear Channel Communications, Inc.) Tranche D, |
15,735 | 14,578 |
PAR VALUE | VALUE | |||||||
Consumer Discretionary—(continued) |
| |||||||
Intelsat Jackson Holdings S.A. Tranche B-2, |
$ | 12,912 | $ | 12,833 | ||||
Key Safety Systems, Inc. |
6,579 | 6,616 | ||||||
Las Vegas Sands LLC Tranche B, |
12,624 | 12,581 | ||||||
Libbey Glass, Inc. |
5,902 | 5,908 | ||||||
Life Time Fitness |
10,128 | 10,068 | ||||||
MGM Resort International Tranche B |
7,080 | 7,043 | ||||||
Mohegan Tribal Gaming Authority Tranche B, |
3,349 | 3,337 | ||||||
PetSmart, Inc. Tranche B-1 |
17,684 | 17,671 | ||||||
PVH Corp. Tranche B |
10,746 | 10,815 | ||||||
Scientific Games International, Inc. |
||||||||
6.000%, 10/18/20 |
2,799 | 2,803 | ||||||
Tranche B-2, |
3,409 | 3,411 | ||||||
Seminole Tribe of Florida, Inc. Tranche B, |
13,437 | 13,447 | ||||||
ServiceMaster Co. LLC (The) |
8,440 | 8,454 | ||||||
Sinclair Television Group, Inc. Tranche B-1, |
11,660 | 11,664 | ||||||
Six Flags |
5,805 | 5,817 | ||||||
SRAM LLC First Lien, |
1,847 | 1,835 | ||||||
Staples, Inc. First Lien, |
10,659 | 10,656 | ||||||
Station Casinos LLC Tranche B, 4.250%, 3/2/20 |
11,421 | 11,434 | ||||||
TI Group Auto Systems LLC |
1,033 | 1,032 | ||||||
Tribune Media Co. Tranche B, 3.750%, 12/27/20 |
9,010 | 9,027 | ||||||
TWCC Holding Corp. Second Lien, 7.000%, 6/26/20 |
14,060 | 13,158 | ||||||
|
|
|||||||
317,582 | ||||||||
|
|
|||||||
Consumer Staples—0.9% |
| |||||||
Albertson’s LLC Tranche B-4, 5.500%, 8/25/21 |
16,158 | 16,258 | ||||||
ARAMARK Corp. |
||||||||
Tranche E, 3.250%, 9/6/19 |
19,195 | 19,206 | ||||||
Tranche F, 3.250%, 2/24/21 |
14,669 | 14,635 | ||||||
Charger OpCo B.V. (Oak Tea, Inc.) Tranche B-2, |
3,785 | 3,766 | ||||||
New Hostess Brand Acquisition LLC Tranche B, 6.750%, 4/9/20 |
3,610 | 3,673 | ||||||
Prestige Brands, Inc. Tranche B-3, 3.500%, 9/3/21 |
1,449 | 1,449 | ||||||
Rite Aid Corp. |
||||||||
Tranche 1, Second Lien, 5.750%, 8/21/20 |
720 | 728 |
14 |
VIRTUS MULTI-SECTOR SHORT TERM BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
Consumer Staples—(continued) |
| |||||||
Tranche 2, Second Lien, 4.875%, 6/21/21 |
$ | 14,688 | $ | 14,720 | ||||
Spectrum Brands Holdings |
2,634 | 2,641 | ||||||
|
|
|||||||
77,076 | ||||||||
|
|
|||||||
Energy—0.6% |
||||||||
Arch Coal, Inc. 6.250%, 5/16/18 |
16,337 | 11,265 | ||||||
Drillships Ocean Ventures, Inc. |
6,179 | 5,283 | ||||||
EP Energy LLC (Everest Acquisition LLC) |
||||||||
Tranche B-3, 3.500%, 5/24/18 |
4,100 | 4,080 | ||||||
Tranche B-2, 4.500%, 4/30/19 |
768 | 768 | ||||||
FTS International, Inc. |
1,520 | 1,223 | ||||||
Paragon Offshore Finance Co. |
9,983 | 7,338 | ||||||
Seadrill Operating LP |
21,641 | 16,440 | ||||||
|
|
|||||||
46,397 | ||||||||
|
|
|||||||
Financials—1.6% |
||||||||
Asurion LLC Tranche B-1, |
9,873 | 9,909 | ||||||
Capital Automotive LP |
||||||||
Tranche B-1, 4.000%, 4/10/19 |
3,558 | 3,575 | ||||||
Second Lien, 6.000%, 4/30/20 |
6,047 | 6,154 | ||||||
Clipper Acquisitions Corp. Tranche B, |
6,220 | 6,142 | ||||||
Delos Finance S.A.R.L. |
21,956 | 21,950 | ||||||
iStar Financial, Inc. Tranche A-2, 7.000%, 3/19/17 |
2,937 | 3,061 | ||||||
Realogy Corp. Tranche B, |
17,648 | 17,632 | ||||||
RPI Finance Trust |
||||||||
Tranche B-3, 3.250%, 11/9/18 |
10,628 | 10,667 | ||||||
Tranche B-4, 3.500%, 11/9/20 |
5,937 | 5,952 | ||||||
TransUnion LLC Tranche B-2, |
20,110 | 19,974 | ||||||
Walter Investment Management Corp. |
24,590 | 23,292 | ||||||
|
|
|||||||
128,308 | ||||||||
|
|
|||||||
Health Care—1.4% |
||||||||
Alere, Inc. 0.000%, 6/18/22(8) |
5,210 | 5,221 | ||||||
American Renal Holdings, Inc. |
9,065 | 9,077 | ||||||
AmSurg Corp. 3.750%, 7/16/21 |
2,571 | 2,578 | ||||||
Ardent Medical Services, Inc. |
3,961 | 3,974 | ||||||
CHG Healthcare Services, Inc. |
9,952 | 9,960 | ||||||
Community Health Systems, Inc. |
8,985 | 8,996 |
PAR VALUE | VALUE | |||||||
Health Care—(continued) |
| |||||||
Concentra, Inc. First Lien, Tranche B 4.000%, 6/1/22 |
$ | 456 | $ | 456 | ||||
ConvaTec, Inc. 0.000%, 6/15/20(8) |
328 | 328 | ||||||
DaVita HealthCare Partners, Inc. Tranche B, 3.500%, 6/24/21 |
3,888 | 3,895 | ||||||
Endo Luxembourg Finance |
||||||||
0.000%, 6/24/16(8) |
7,052 | 7,052 | ||||||
0.000%, 6/24/22(8) |
5,571 | 5,591 | ||||||
Envision Healthcare Corp. |
6,627 | 6,637 | ||||||
Iasis Healthcare LLC Tranche B-2, |
5,716 | 5,733 | ||||||
InVentiv Health, Inc. Tranche B-4, |
8,750 | 8,797 | ||||||
Kinetic Concepts, Inc. |
||||||||
Tranche E-2, 4.000%, 11/4/16 |
6,619 | 6,633 | ||||||
Tranche E-1, 4.500%, 5/4/18 |
1,561 | 1,569 | ||||||
Mallinckrodt International Finance S.A. Tranche B-1, 3.500%, 3/19/21 |
1,643 | 1,641 | ||||||
NVA Holdings, Inc. First Lien, 4.750%, 8/14/21 |
2,838 | 2,847 | ||||||
Quintiles Transnational Corp. Tranche B, 3.250%, 5/12/22 |
2,477 | 2,485 | ||||||
Surgery Center Holdings, Inc. First Lien, 5.250%, 11/3/20 |
1,423 | 1,425 | ||||||
U.S. Renal Care, Inc. Tranche B-2, First Lien, 0.000%, 7/3/19 |
4,570 | 4,571 | ||||||
Valeant Pharmaceuticals International, Inc. Series D-2, Tranche B, 3.500%, 2/13/19 |
12,168 | 12,155 | ||||||
|
|
|||||||
111,621 | ||||||||
|
|
|||||||
Industrials—2.0% |
||||||||
American Airlines, Inc. |
||||||||
3.500%, 6/27/20 |
35,214 | 34,972 | ||||||
3.750%, 10/10/21 |
10,996 | 10,981 | ||||||
AWAS Finance Luxembourg SA |
8,158 | 8,181 | ||||||
Brock Holdings Ill, Inc. First Lien, |
11,421 | 11,389 | ||||||
Ceridian HCM Holding, Inc. |
18,557 | 18,412 | ||||||
DigitalGlobe, Inc. |
3,581 | 3,588 | ||||||
DynCorp International, Inc. |
9,906 | 9,679 | ||||||
Husky Injection Molding Systems Ltd. |
5,232 | 5,214 | ||||||
Mcjunkin Red Man Corp. |
600 | 596 | ||||||
Nortek, Inc. Incremental-1, |
9,658 | 9,604 | ||||||
U.S. Airways, Inc. Tranche B-1, 3.500%, 5/23/19 |
24,868 | 24,840 |
15
VIRTUS MULTI-SECTOR SHORT TERM BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
Industrials—(continued) |
| |||||||
United Airlines, Inc. (Continental Airlines, Inc.) Tranche B-1, |
$ | 12,185 | $ | 12,223 | ||||
Waste Industries USA, Inc. |
9,924 | 9,964 | ||||||
|
|
|||||||
159,643 | ||||||||
|
|
|||||||
Information Technology—2.9% |
|
|||||||
Activision Blizzard, Inc. |
9,842 | 9,886 | ||||||
Applied Systems, Inc. |
2,727 | 2,741 | ||||||
Avago Technologies Cayman Ltd. |
17,336 | 17,383 | ||||||
Blue Coat Systems, Inc. |
5,418 | 5,415 | ||||||
CCC Information Services |
5,796 | 5,778 | ||||||
Deltek, Inc. |
||||||||
First Lien |
520 | 521 | ||||||
Second Lien |
3,678 | 3,705 | ||||||
Epicor Software Corp. |
5,000 | 4,996 | ||||||
Evergreen Skills Lux S.A.R.L. First Lien, |
3,895 | 3,795 | ||||||
Excelitas Technologies Corp. Tranche B, |
9,310 | 9,343 | ||||||
First Data Corp. |
||||||||
2018 Term Loan |
44,210 | 44,119 | ||||||
0.000%, 6/24/22(8) |
2,520 | 2,510 | ||||||
Infinity Acquisition Ltd. |
12,189 | 12,128 | ||||||
Interactive Data Corp. |
8,059 | 8,094 | ||||||
Kronos, Inc. |
||||||||
First Lien, 4.500%, 10/30/19 |
22,245 | 22,290 | ||||||
Second Lien, 9.750%, 4/30/20 |
17,280 | 17,864 | ||||||
Mitchell International, Inc. |
||||||||
4.500%, 10/13/20 |
5,045 | 5,047 | ||||||
Second Lien, 8.500%, 10/11/21 |
19,067 | 19,091 | ||||||
Presidio, Inc. Refinancing Term |
8,548 | 8,580 | ||||||
Riverbed Technologies, Inc. |
5,821 | 5,889 | ||||||
Sophia LP Tranche B-1, |
14,472 | 14,481 | ||||||
SS&C Technologies, Inc. |
||||||||
0.000%, 6/29/20(8) |
894 | 896 | ||||||
0.000%, 6/29/20(8) |
1,386 | 1,390 | ||||||
0.000%, 6/29/22(8) |
6,039 | 6,051 | ||||||
0.000%, 6/29/22(8) |
1,361 | 1,363 | ||||||
|
|
|||||||
233,356 | ||||||||
|
|
|||||||
Materials—0.5% |
||||||||
AZ Chem US, Inc. First Lien, 5.125%, 6/11/21 |
2,659 | 2,663 |
PAR VALUE | VALUE | |||||||
Materials—(continued) |
||||||||
Fairmount Minerals Ltd. Tranche B-2, |
$ | 3,831 | $ | 3,643 | ||||
Fortescue Metals Group (FMG) Resources Property Ltd. |
13,271 | 11,817 | ||||||
HII Holding Corp. First Lien, |
14,108 | 14,137 | ||||||
INEOS U.S. Finance LLC 2022 Dollar |
5,755 | 5,764 | ||||||
|
|
|||||||
38,024 | ||||||||
|
|
|||||||
Telecommunication Services—0.2% |
| |||||||
Global Tel*Link Corp. First Lien, |
9,063 | 8,882 | ||||||
Level 3 Financing, Inc. |
||||||||
Tranche B-III 2019, |
6,319 | 6,329 | ||||||
Tranche B-II, |
5,842 | 5,809 | ||||||
|
|
|||||||
21,020 | ||||||||
|
|
|||||||
Utilities—0.7% |
|
|||||||
Atlantic Power LP 4.750%, 2/24/21 |
2,552 | 2,562 | ||||||
Calpine Construction Finance Co. LP Tranche B-1, |
8,364 | 8,216 | ||||||
Granite Acquisition, Inc. |
||||||||
Tranche B, First Lien, 5.000%, 12/17/21 |
10,672 | 10,806 | ||||||
Tranche C, First Lien 5.000%, 12/17/21 |
472 | 478 | ||||||
NRG Energy, Inc. |
23,726 | 23,571 | ||||||
State of Santa Catarina (The) |
13,931 | 12,983 | ||||||
Texas Competitive Electric Holdings Co. LLC 2017 Extended, |
5,925 | 3,427 | ||||||
|
|
|||||||
62,043 | ||||||||
|
|
|||||||
TOTAL LOAN AGREEMENTS (Identified Cost $1,216,781) |
1,195,070 | |||||||
|
|
|||||||
SHARES | VALUE | |||||||
PREFERRED STOCKS—0.6% |
| |||||||
Energy—0.1% |
||||||||
PTT Exploration & Production PCL |
8,645 | (9) | 8,666 | |||||
|
|
|||||||
Financials—0.5% |
||||||||
Ally Financial, Inc. |
351 | 355 | ||||||
Banco Bilbao Vizcaya Argentaria S.A. International S.A. Unipersonal |
2,295 | (9) | 2,352 | |||||
Bank of New York Mellon Corp. (The) Series E, |
1,607 | (9) | 15,949 |
16
VIRTUS MULTI-SECTOR SHORT TERM BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
Financials—(continued) |
| |||||||
JPMorgan Chase & Co. Series V, 5.000%(2) |
4,395 | (9) | $ | 4,302 | ||||
Wells Fargo & Co. Series K, 7.980%(2) |
16,155 | (9) | 17,468 | |||||
|
|
|||||||
40,426 | ||||||||
|
|
|||||||
TOTAL PREFERRED STOCKS (Identified Cost $48,913) |
49,092 | |||||||
|
|
|||||||
EXCHANGE-TRADED FUND—0.3% |
| |||||||
SPDR S&P 500® ETF Trust Series 1 |
114,000 | 23,467 | ||||||
|
|
|||||||
TOTAL EXCHANGE-TRADED FUND (Identified Cost $21,590) |
23,467 | |||||||
|
|
|||||||
AFFILIATED MUTUAL FUND—0.8% |
| |||||||
Virtus Credit Opportunities Fund |
6,900,000 | 68,793 | ||||||
|
|
|||||||
TOTAL AFFILIATED MUTUAL FUND (Identified Cost $69,000) |
68,793 | |||||||
|
|
|||||||
TOTAL LONG TERM INVESTMENTS—99.0% (Identified Cost $8,057,421) |
8,056,184 | (12) | ||||||
|
|
|||||||
SHORT-TERM INVESTMENTS—1.1% |
| |||||||
Money Market Mutual Fund—1.1% |
| |||||||
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.140%) |
86,294,153 | 86,294 | ||||||
|
|
|||||||
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $86,294) |
86,294 | |||||||
|
|
|||||||
TOTAL INVESTMENTS—100.1% (Identified Cost $8,143,715) |
8,142,478 | (1) | ||||||
Other assets and liabilities, |
(10,566 | ) | ||||||
|
|
|||||||
NET ASSETS—100.0% |
|
$ | 8,131,912 | |||||
|
|
Abbreviations:
ETF | Exchange-Traded Fund | |
FDIC | Federal Deposit Insurance Corporation | |
FHLMC | Federal Home Loan Mortgage Corporation (“Freddie Mac”). | |
FNMA | Federal National Mortgage Association (“Fannie Mae”). | |
GNMA | Government National Mortgage Association (“Ginnie Mae”) | |
REIT | Real Estate Investment Trust | |
SPDR | S&P Depositary Receipt |
Footnote Legend:
(1) | Federal Income Tax Information: For tax information at June 30, 2015, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments. |
(2) | Variable or step coupon security; interest rate shown reflects the rate in effect at June 30, 2015. |
(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 June 30, 2015, these securities amounted to a value of $2,887,195 or 35.5% of net assets. |
(4) | Regulation S security. Security is offered and sold outside of the United States, therefore, it is exempt from registration with the SEC under rules 903 and 904 of the Securities Act of 1933. |
(5) | This Note was issued for the sole purpose of funding a loan agreement between the issuer and the borrower. As the credit risk for this security lies solely with the borrower, the name represented here is that of the borrower. |
(6) | No contractual maturity date. |
(7) | Interest payments may be deferred. |
(8) | This loan will settle after June 30, 2015, at which time the interest rate, based on the London Interbank Offered Rate (“LIBOR”) and the agreed upon spread on trade date, will be reflected. |
(9) | Value shown as par value. |
(10) | Security in default. |
(11) | Security in default, interest payments are being received during the bankruptcy proceedings. |
(12) | All or a portion of the Fund’s assets have been segregated for delayed delivery security. |
Foreign Currencies:
BRL | Brazilian Real |
CLP | Chilean Peso |
COP | Colombian Peso |
IDR | Indonesian Rupiah |
RUB | Russian Ruble |
TRY | Turkish Lira |
ZAR | South African Rand |
17
VIRTUS MULTI-SECTOR SHORT TERM BOND FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
Country Weightings † |
||||
United States |
82 | % | ||
Luxembourg |
2 | |||
Canada |
1 | |||
Chile |
1 | |||
India |
1 | |||
Netherlands |
1 | |||
United Kingdom |
1 | |||
Other |
11 | |||
|
|
|||
Total |
100 | % | ||
|
|
† | % of total investments as of June 30, 2015 |
18
The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (See Security Valuation Note 1A in the Notes to Schedules of Investments):
Total Value at June 30, 2015 |
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
|||||||||||||
Debt Securities: |
||||||||||||||||
Asset-Backed Securities |
$ | 1,623,501 | $ | — | $ | 1,623,501 | $ | — | ||||||||
Corporate Bonds And Notes |
3,088,417 | — | 3,088,417 | — | ||||||||||||
Foreign Government Securities |
186,053 | — | 186,053 | — | ||||||||||||
Loan Agreements |
1,195,070 | — | 1,182,087 | 12,983 | ||||||||||||
Mortgage-Backed Securities |
1,791,412 | — | 1,791,412 | — | ||||||||||||
Municipal Bonds |
3,391 | — | 3,391 | — | ||||||||||||
U.S. Government Securities |
26,988 | — | 26,988 | — | ||||||||||||
Equity Securities: |
||||||||||||||||
Affiliated Mutual Fund |
68,793 | 68,793 | — | — | ||||||||||||
Exchange-Traded Fund |
23,467 | 23,467 | — | — | ||||||||||||
Preferred Stocks |
49,092 | — | 49,092 | — | ||||||||||||
Short-Term Investments |
86,294 | 86,294 | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 8,142,478 | $ | 178,554 | $ | 7,950,941 | $ | 12,983 | ||||||||
|
|
|
|
|
|
|
|
There were no transfers between Level 1 and Level 2 related to securities held at June 30, 2015.
The following is a reconciliation of assets of the Fund for Level 3 investments for which significant unobservable inputs were used to determine fair value.
Investments in Securities | Loan Agreements |
|||
Balance as of September 30, 2014: |
14,320 | |||
Accrued discount/(premium) |
(99 | ) | ||
Realized gain (loss) |
(60 | ) | ||
Change in unrealized appreciation/(depreciation) |
(319 | ) | ||
Purchases |
— | |||
Sales(b) |
(859 | ) | ||
Transfers into Level 3 (a) |
— | |||
Transfers from Level 3 (a) |
— | |||
|
|
|||
Balance as of June 30, 2015 |
$ | 12,983 | ||
|
|
(a) | “Transfers into and/or from” represent the ending value as of June 30, 2015, for any investment security where a change in the pricing level occurred from the beginning to the end of the period. |
(b) | Includes paydowns on securities. |
None of the securities in the table are internally fair valued at June 30, 2015.
VIRTUS REAL ESTATE SECURITIES FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
COMMON STOCKS—99.3% |
||||||||
Real Estate Investment Trusts—99.3% |
|
|||||||
DIVERSIFIED—1.1% |
||||||||
American Homes 4 Rent Class A |
956,800 | $ | 15,347 | |||||
|
|
|||||||
HEALTH CARE—2.8% |
||||||||
HCP, Inc. |
297,121 | 10,836 | ||||||
Ventas, Inc. |
484,061 | 30,055 | ||||||
|
|
|||||||
40,891 | ||||||||
|
|
|||||||
INDUSTRIAL/OFFICE—27.5% |
||||||||
Industrial—8.3% |
||||||||
DCT Industrial Trust, Inc. |
1,605,903 | 50,489 | ||||||
Prologis, Inc. |
1,833,850 | 68,036 | ||||||
|
|
|||||||
118,525 | ||||||||
|
|
|||||||
Mixed—4.1% |
||||||||
Duke Realty Corp. |
1,144,852 | 21,260 | ||||||
Liberty Property Trust |
1,184,344 | 38,160 | ||||||
|
|
|||||||
59,420 | ||||||||
|
|
|||||||
Office—15.1% |
||||||||
Boston Properties, Inc. |
312,883 | 37,871 | ||||||
Cousins Properties, Inc. |
2,440,850 | 25,336 | ||||||
Douglas Emmett, Inc. |
1,323,233 | 35,648 | ||||||
Highwoods Properties, Inc. |
708,742 | 28,314 | ||||||
Kilroy Realty Corp. |
858,942 | 57,678 | ||||||
Paramount Group, Inc. |
845,136 | 14,503 | ||||||
SL Green Realty Corp. |
158,077 | 17,371 | ||||||
|
|
|||||||
216,721 | ||||||||
|
|
|||||||
394,666 | ||||||||
|
|
|||||||
LODGING/RESORTS—12.6% |
||||||||
Host Hotels & Resorts, Inc. |
2,895,836 | 57,424 | ||||||
LaSalle Hotel Properties |
1,107,347 | 39,267 | ||||||
Pebblebrook Hotel Trust |
1,032,613 | 44,278 | ||||||
RLJ Lodging Trust |
1,342,700 | 39,986 | ||||||
|
|
|||||||
180,955 | ||||||||
|
|
|||||||
RESIDENTIAL—22.3% |
||||||||
Apartments—21.3% |
||||||||
American Campus Communities, Inc. |
785,617 | 29,610 | ||||||
AvalonBay Communities, Inc. |
417,890 | 66,808 | ||||||
Camden Property Trust |
874,300 | 64,943 | ||||||
Equity Residential |
1,012,645 | 71,057 |
SHARES | VALUE | |||||||
Real Estate Investment Trusts—(continued) |
| |||||||
Essex Property Trust, Inc. |
342,040 | $ | 72,684 | |||||
|
|
|||||||
305,102 | ||||||||
|
|
|||||||
Manufactured Homes—1.0% |
||||||||
Equity Lifestyle Properties, Inc. |
269,953 | 14,194 | ||||||
|
|
|||||||
319,296 | ||||||||
|
|
|||||||
RETAIL—23.0% |
||||||||
Regional Malls—12.9% |
||||||||
General Growth Properties, Inc. |
2,095,475 | 53,770 | ||||||
Macerich Co. (The) |
53,275 | 3,974 | ||||||
Simon Property Group, Inc. |
733,641 | 126,935 | ||||||
WP GLIMCHER, Inc. |
37,645 | 509 | ||||||
|
|
|||||||
185,188 | ||||||||
|
|
|||||||
Shopping Centers—10.1% |
||||||||
Brixmor Property Group, Inc. |
1,781,196 | 41,199 | ||||||
Federal Realty Investment Trust |
198,000 | 25,362 | ||||||
Regency Centers Corp. |
480,000 | 28,311 | ||||||
Tanger Factory Outlet Centers |
1,563,000 | 49,547 | ||||||
|
|
|||||||
144,419 | ||||||||
|
|
|||||||
329,607 | ||||||||
|
|
|||||||
SELF STORAGE—10.0% |
||||||||
CubeSmart |
729,250 | 16,890 | ||||||
Extra Space Storage, Inc. |
878,525 | 57,297 | ||||||
Public Storage |
372,920 | 68,755 | ||||||
|
|
|||||||
142,942 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS (Identified Cost $944,595) |
1,423,704 | |||||||
|
|
|||||||
TOTAL LONG TERM INVESTMENTS—99.3% (Identified cost $944,595) |
1,423,704 | |||||||
|
|
|||||||
SHORT-TERM INVESTMENTS—0.5% |
||||||||
Money Market Mutual |
||||||||
Fidelity Money Market Portfolio - Institutional Shares (Seven-day effective yield 0.140%) |
6,849,000 | 6,849 | ||||||
|
|
|||||||
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $6,849) |
6,849 | |||||||
|
|
1
VIRTUS REAL ESTATE SECURITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
TOTAL INVESTMENTS—99.8% (Identified Cost $951,444) |
1,430,553 | (1) | ||||
Other assets and liabilities, net—0.2% |
2,209 | |||||
|
|
|||||
NET ASSETS—100.0% |
$ | 1,432,762 | ||||
|
|
Footnote Legend:
(1) | Federal Income Tax Information: For tax information at June 30, 2015, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments. |
2
The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (See Security Valuation Note 1A in the Notes to Schedules of Investments):
Total Value at June 30, 2015 |
Level 1 Quoted Prices |
|||||||
Equity Securities: |
||||||||
Common Stocks |
$ | 1,423,704 | $ | 1,423,704 | ||||
Short-Term Investments |
6,849 | 6,849 | ||||||
|
|
|
|
|||||
Total Investments |
$ | 1,430,553 | $ | 1,430,553 | ||||
|
|
|
|
There are no Level 2 (significant observable inputs) or Level 3 (significant unobservable inputs) priced securities.
There were no transfers between Level 1 and Level 2 related to securities held at June 30, 2015.
VIRTUS SECTOR TREND FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
COMMON STOCKS—97.6% |
||||||||
Consumer Discretionary—20.0% |
||||||||
Amazon.com, Inc.(2) |
20,285 | $ | 8,806 | |||||
AutoNation, Inc.(2) |
3,948 | 249 | ||||||
AutoZone, Inc.(2) |
1,755 | 1,170 | ||||||
Bed Bath & Beyond, Inc.(2) |
9,230 | 637 | ||||||
Best Buy Co., Inc. |
15,920 | 519 | ||||||
BorgWarner, Inc. |
12,385 | 704 | ||||||
Cablevision Systems Corp. Class A |
11,580 | 277 | ||||||
CarMax, Inc.(2) |
11,800 | 781 | ||||||
Carnival Corp. |
23,128 | 1,142 | ||||||
CBS Corp. Class B |
24,543 | 1,362 | ||||||
Chipotle Mexican Grill, Inc.(2) |
1,690 | 1,022 | ||||||
Coach, Inc. |
14,650 | 507 | ||||||
Comcast Corp. Class A |
132,380 | 7,961 | ||||||
Darden Restaurants, Inc. |
6,505 | 462 | ||||||
Delphi Automotive plc |
15,520 | 1,321 | ||||||
DIRECTV(2) |
26,718 | 2,479 | ||||||
Discovery Communications, Inc. Class A(2) |
7,938 | 264 | ||||||
Discovery Communications, Inc. Class C(2) |
13,860 | 431 | ||||||
Dollar General Corp. |
15,715 | 1,222 | ||||||
Dollar Tree, Inc.(2) |
10,913 | 862 | ||||||
Expedia, Inc. |
5,280 | 577 | ||||||
Family Dollar Stores, Inc.(2) |
5,130 | 404 | ||||||
Ford Motor Co. |
207,940 | 3,121 | ||||||
Fossil Group, Inc.(2) |
2,260 | 157 | ||||||
GameStop Corp. Class A |
5,645 | 243 | ||||||
Gap, Inc. (The) |
13,975 | 533 | ||||||
Garmin Ltd. |
6,610 | 290 | ||||||
General Motors Co. |
74,775 | 2,492 | ||||||
Genuine Parts Co. |
8,193 | 734 | ||||||
Goodyear Tire & Rubber Co. (The) |
14,275 | 430 | ||||||
H&R Block, Inc. |
14,575 | 432 | ||||||
Hanesbrands, Inc. |
20,810 | 693 | ||||||
Harley-Davidson, Inc. |
11,478 | 647 | ||||||
Harman International Industries, Inc. |
3,868 | 460 | ||||||
Hasbro, Inc. |
5,775 | 432 | ||||||
Home Depot, Inc. |
68,683 | 7,633 | ||||||
Horton (D.R.), Inc. |
17,028 | 466 | ||||||
Interpublic Group of Cos., Inc. (The) |
22,275 | 429 | ||||||
Johnson Controls, Inc. |
35,540 | 1,760 | ||||||
Kohl’s Corp. |
10,475 | 656 | ||||||
L Brands, Inc. |
12,795 | 1,097 | ||||||
Leggett & Platt, Inc. |
7,265 | 354 |
SHARES | VALUE | |||||||
Consumer Discretionary—(continued) |
|
|||||||
Lennar Corp. Class A |
8,720 | $ | 445 | |||||
Lowe’s Cos., Inc. |
50,440 | 3,378 | ||||||
Macy’s, Inc. |
18,150 | 1,225 | ||||||
Marriott International, Inc. Class A |
11,223 | 835 | ||||||
Mattel, Inc. |
18,098 | 465 | ||||||
McDonald’s Corp. |
51,030 | 4,851 | ||||||
Michael Kors Holdings Ltd.(2) |
10,848 | 457 | ||||||
Mohawk Industries, Inc.(2) |
3,295 | 629 | ||||||
Netflix, Inc.(2) |
3,263 | 2,144 | ||||||
Newell Rubbermaid, Inc. |
14,410 | 592 | ||||||
News Corp. Class A(2) |
25,918 | 378 | ||||||
NIKE, Inc. Class B |
35,868 | 3,874 | ||||||
Nordstrom, Inc. |
7,468 | 556 | ||||||
O’Reilly Automotive, Inc.(2) |
5,310 | 1,200 | ||||||
Omnicom Group, Inc. |
13,338 | 927 | ||||||
Phillips-Van Heusen Corp. |
4,290 | 494 | ||||||
Priceline Group, Inc. (The)(2) |
2,890 | 3,327 | ||||||
PulteGroup, Inc. |
16,770 | 338 | ||||||
Ralph Lauren Corp. |
3,360 | 445 | ||||||
Ross Stores, Inc. |
21,976 | 1,068 | ||||||
Royal Caribbean Cruises Ltd. |
8,700 | 685 | ||||||
Scripps Networks Interactive, Inc. Class A |
5,128 | 335 | ||||||
Staples, Inc. |
35,180 | 539 | ||||||
Starbucks Corp. |
79,525 | 4,264 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. |
9,163 | 743 | ||||||
Target Corp. |
33,550 | 2,739 | ||||||
Tiffany & Co. |
5,953 | 547 | ||||||
Time Warner Cable, Inc. |
15,058 | 2,683 | ||||||
Time Warner, Inc. |
43,978 | 3,844 | ||||||
TJX Cos., Inc. |
35,960 | 2,380 | ||||||
Tractor Supply Co. |
7,248 | 652 | ||||||
TripAdvisor, Inc.(2) |
6,115 | 533 | ||||||
Twenty-First Century Fox, Inc. Class A |
93,850 | 3,054 | ||||||
Under Armour, Inc. Class A(2) |
8,777 | 732 | ||||||
Urban Outfitters, Inc.(2) |
5,133 | 180 | ||||||
VF Corp. |
17,967 | 1,253 | ||||||
Viacom, Inc. Class B |
19,125 | 1,236 | ||||||
Walgreens Boots Alliance, Inc.(2) |
33,770 | 2,852 | ||||||
Walt Disney Co. (The) |
82,176 | 9,380 | ||||||
Whirlpool Corp. |
4,370 | 756 | ||||||
Wyndham Worldwide Corp. |
6,535 | 535 | ||||||
Wynn Resorts Ltd. |
4,575 | 451 |
1
VIRTUS SECTOR TREND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
Consumer Discretionary—(continued) |
| |||||||
Yum! Brands, Inc. |
23,110 | $ | 2,082 | |||||
|
|
|||||||
126,301 | ||||||||
|
|
|||||||
Consumer Staples—9.3% |
||||||||
Altria Group, Inc. |
63,575 | 3,109 | ||||||
Archer-Daniels-Midland Co. (The) |
24,720 | 1,192 | ||||||
Brown-Forman Corp. Class B |
6,640 | 665 | ||||||
Campbell Soup Co. |
8,280 | 395 | ||||||
Clorox Co. (The) |
5,542 | 577 | ||||||
Coca-Cola Co. (The) |
141,822 | 5,564 | ||||||
Coca-Cola Enterprises, Inc. |
9,395 | 408 | ||||||
Colgate-Palmolive Co. |
31,627 | 2,069 | ||||||
ConAgra Foods, Inc. |
15,777 | 690 | ||||||
Constellation Brands, Inc. Class A |
9,340 | 1,084 | ||||||
Costco Wholesale Corp. |
16,665 | 2,251 | ||||||
CVS Caremark Corp. |
41,490 | 4,352 | ||||||
Dr. Pepper Snapple Group, Inc. |
8,115 | 592 | ||||||
Estee Lauder Cos., Inc. (The) Class A |
9,167 | 794 | ||||||
General Mills, Inc. |
22,445 | 1,251 | ||||||
Hershey Co. (The) |
6,342 | 563 | ||||||
Hormel Foods Corp. |
6,762 | 381 | ||||||
J.M. Smucker Co. (The) |
4,245 | 460 | ||||||
Kellogg Co. |
10,245 | 642 | ||||||
Keurig Green Mountain, Inc. |
4,305 | 330 | ||||||
Kimberly-Clark Corp. |
13,890 | 1,472 | ||||||
Kraft Foods Group, Inc.(2) |
21,022 | 1,790 | ||||||
Kroger Co. (The) |
19,817 | 1,437 | ||||||
McCormick & Co., Inc. |
5,377 | 435 | ||||||
Mead Johnson Nutrition Co. |
7,982 | 720 | ||||||
Molson Coors Brewing Co. Class B |
7,350 | 513 | ||||||
Mondelez International, Inc. Class A |
54,452 | 2,240 | ||||||
Monster Beverage Corp.(2) |
5,852 | 784 | ||||||
PepsiCo, Inc. |
30,290 | 2,827 | ||||||
Philip Morris International, Inc. |
56,522 | 4,531 | ||||||
Procter & Gamble Co. (The) |
98,715 | 7,723 | ||||||
Reynolds American, Inc. |
16,535 | 1,235 | ||||||
SYSCO Corp. |
22,800 | 823 | ||||||
Tyson Foods, Inc. Class A |
13,165 | 561 | ||||||
Wal-Mart Stores, Inc. |
57,092 | 4,050 | ||||||
Whole Foods Market, Inc. |
14,380 | 567 | ||||||
|
|
|||||||
59,077 | ||||||||
|
|
|||||||
Diversified REIT—0.0% |
||||||||
Prologis, Inc. |
5,280 | 196 | ||||||
|
|
SHARES | VALUE | |||||||
Financials—4.7% |
||||||||
ACE Ltd. |
3,467 | $ | 353 | |||||
Affiliated Managers Group, Inc.(2) |
575 | 126 | ||||||
Aflac, Inc. |
4,372 | 272 | ||||||
Allstate Corp. (The) |
4,380 | 284 | ||||||
American Express Co. |
8,900 | 692 | ||||||
American International Group, Inc. |
13,395 | 828 | ||||||
American Tower Corp. REIT |
4,370 | 408 | ||||||
Ameriprise Financial, Inc. |
1,920 | 240 | ||||||
AON plc |
2,900 | 289 | ||||||
Apartment Investment & Management Co. Class A |
1,632 | 60 | ||||||
Assurant, Inc. |
710 | 48 | ||||||
Bank of America Corp. |
105,937 | 1,803 | ||||||
Bank of New York Mellon Corp. (The) |
11,425 | 479 | ||||||
BB&T Corp. |
7,415 | 299 | ||||||
Berkshire Hathaway, Inc. Class B(2) |
18,870 | 2,568 | ||||||
BlackRock, Inc. |
1,370 | 474 | ||||||
Boston Properties, Inc. |
1,615 | 195 | ||||||
Capital One Financial Corp. |
5,485 | 483 | ||||||
CBRE Group, Inc. Class A(2) |
2,959 | 109 | ||||||
Charles Schwab Corp. (The) |
11,560 | 377 | ||||||
Chubb Corp. (The) |
2,425 | 231 | ||||||
Cincinnati Financial Corp. |
1,515 | 76 | ||||||
Citigroup, Inc. |
30,822 | 1,703 | ||||||
CME Group, Inc. |
3,375 | 314 | ||||||
Comerica, Inc. |
1,760 | 90 | ||||||
Crown Castle International Corp. REIT |
3,490 | 280 | ||||||
Discover Financial Services |
4,445 | 256 | ||||||
E*Trade Financial Corp.(2) |
2,880 | 86 | ||||||
Equity Residential |
3,705 | 260 | ||||||
Fifth Third Bancorp |
8,105 | 169 | ||||||
Franklin Resources, Inc. |
4,110 | 201 | ||||||
Genworth Financial, Inc. Class A(2) |
5,152 | 39 | ||||||
Goldman Sachs Group, Inc. (The) |
4,070 | 850 | ||||||
Hartford Financial Services Group, Inc. (The) |
4,292 | 178 | ||||||
HCP, Inc. |
4,875 | 178 | ||||||
Health Care REIT, Inc. |
3,672 | 241 | ||||||
Host Hotels & Resorts, Inc. |
7,805 | 155 | ||||||
Hudson City Bancorp, Inc. |
4,787 | 47 | ||||||
Huntington Bancshares, Inc. |
8,200 | 93 | ||||||
Intercontinental Exchange, Inc. |
1,180 | 264 | ||||||
Invesco Ltd. |
4,470 | 168 | ||||||
JPMorgan Chase & Co. |
37,352 | 2,531 | ||||||
KeyCorp |
8,552 | 128 |
2
VIRTUS SECTOR TREND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
Financials—(continued) |
||||||||
Legg Mason, Inc. |
1,027 | $ | 53 | |||||
Leucadia National Corp. |
3,190 | 77 | ||||||
Lincoln National Corp. |
2,547 | 151 | ||||||
Loews Corp. |
3,070 | 118 | ||||||
M&T Bank Corp. |
1,402 | 175 | ||||||
Marsh & McLennan Cos., Inc. |
5,660 | 321 | ||||||
McGraw-Hill Cos., Inc. (The) |
2,870 | 288 | ||||||
MetLife, Inc. |
11,177 | 626 | ||||||
Moody’s Corp. |
1,805 | 195 | ||||||
Morgan Stanley |
15,610 | 605 | ||||||
NASDAQ OMX Group, Inc. (The) |
1,225 | 60 | ||||||
Navient Corp. |
3,980 | 72 | ||||||
Northern Trust Corp. |
2,210 | 169 | ||||||
People’s United Financial, Inc. |
3,067 | 50 | ||||||
Plum Creek Timber Co., Inc. |
1,822 | 74 | ||||||
PNC Financial Services Group, Inc. (The) |
5,235 | 501 | ||||||
Principal Financial Group, Inc. |
2,737 | 140 | ||||||
Progressive Corp. (The) |
5,422 | 151 | ||||||
Prudential Financial, Inc. |
4,550 | 398 | ||||||
Public Storage |
1,525 | 281 | ||||||
Realty Income Corp. |
2,450 | 109 | ||||||
Regions Financial Corp. |
13,502 | 140 | ||||||
Simon Property Group, Inc. |
3,275 | 567 | ||||||
State Street Corp. |
4,217 | 325 | ||||||
SunTrust Banks, Inc. |
5,207 | 224 | ||||||
T. Rowe Price Group, Inc. |
2,670 | 208 | ||||||
Torchmark Corp. |
1,275 | 74 | ||||||
Travelers Cos., Inc. (The) |
3,337 | 323 | ||||||
U.S. Bancorp |
18,035 | 783 | ||||||
Unum Group |
2,542 | 91 | ||||||
Ventas, Inc. |
3,450 | 214 | ||||||
Vornado Realty Trust |
1,842 | 175 | ||||||
Wells Fargo & Co. |
47,660 | 2,680 | ||||||
Weyerhaeuser Co. |
5,425 | 171 | ||||||
XL Group plc |
3,217 | 120 | ||||||
Zions Bancorp |
2,017 | 64 | ||||||
|
|
|||||||
29,698 | ||||||||
|
|
|||||||
Health Care—19.5% |
||||||||
Abbott Laboratories |
55,680 | 2,733 | ||||||
AbbVie, Inc. |
74,137 | 4,981 | ||||||
Aetna, Inc. |
14,710 | 1,875 | ||||||
Agilent Technologies, Inc. |
14,580 | 563 | ||||||
Alexion Pharmaceuticals, Inc.(2) |
9,762 | 1,765 |
SHARES | VALUE | |||||||
Health Care—(continued) |
||||||||
Allergan plc(2) |
17,837 | $ | 5,413 | |||||
AmerisourceBergen Corp. |
9,830 | 1,045 | ||||||
Amgen, Inc. |
33,640 | 5,164 | ||||||
Anthem, Inc. |
11,630 | 1,909 | ||||||
Bard (C.R.), Inc. |
3,452 | 589 | ||||||
Baxter International, Inc. |
23,237 | 1,625 | ||||||
Becton, Dickinson & Co. |
9,340 | 1,323 | ||||||
Biogen, Inc.(2) |
10,310 | 4,165 | ||||||
Boston Scientific Corp.(2) |
58,550 | 1,036 | ||||||
Bristol-Myers Squibb Co. |
72,710 | 4,838 | ||||||
Cardinal Health, Inc. |
15,110 | 1,264 | ||||||
Celgene Corp.(2) |
34,222 | 3,961 | ||||||
Cerner Corp.(2) |
13,402 | 926 | ||||||
Cigna Corp. |
10,820 | 1,753 | ||||||
DaVita, Inc.(2) |
7,567 | 601 | ||||||
DENTSPLY International, Inc. |
6,222 | 321 | ||||||
Edwards Lifesciences Corp.(2) |
4,717 | 672 | ||||||
Eli Lilly & Co. |
41,685 | 3,480 | ||||||
Endo International plc(2) |
9,042 | 720 | ||||||
Express Scripts Holding Co.(2) |
32,860 | 2,923 | ||||||
Gilead Sciences, Inc. |
65,040 | 7,615 | ||||||
HCA Holdings, Inc.(2) |
11,560 | 1,049 | ||||||
Hospira, Inc.(2) |
7,580 | 672 | ||||||
Humana, Inc. |
7,202 | 1,378 | ||||||
Intuitive Surgical, Inc.(2) |
1,672 | 810 | ||||||
Johnson & Johnson |
122,040 | 11,894 | ||||||
Laboratory Corp. of America Holdings(2) |
4,352 | 528 | ||||||
Mallinckrodt plc(2) |
5,260 | 619 | ||||||
McKesson Corp. |
10,805 | 2,429 | ||||||
Medtronic plc |
63,730 | 4,722 | ||||||
Merck & Co., Inc. |
124,370 | 7,080 | ||||||
Mylan NV(2) |
18,587 | 1,261 | ||||||
Patterson Cos., Inc. |
3,890 | 189 | ||||||
PerkinElmer, Inc. |
4,930 | 260 | ||||||
Perrigo Co. plc |
6,370 | 1,177 | ||||||
Pfizer, Inc. |
271,350 | 9,098 | ||||||
Quest Diagnostics, Inc. |
6,495 | 471 | ||||||
Regeneron Pharmaceuticals, Inc.(2) |
3,440 | 1,755 | ||||||
Schein (Henry), Inc.(2) |
3,680 | 523 | ||||||
St. Jude Medical, Inc. |
12,827 | 937 | ||||||
Stryker Corp. |
13,332 | 1,274 | ||||||
Tenet Healthcare Corp.(2) |
4,070 | 236 | ||||||
Thermo Fisher Scientific, Inc. |
16,945 | 2,199 | ||||||
UnitedHealth Group, Inc. |
41,200 | 5,026 |
3
VIRTUS SECTOR TREND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
Health Care—(continued) |
||||||||
Universal Health Services, Inc. Class B |
3,730 | $ | 530 | |||||
Varian Medical Systems, Inc.(2) |
4,500 | 379 | ||||||
Vertex Pharmaceuticals, Inc.(2) |
10,520 | 1,299 | ||||||
Waters Corp.(2) |
3,760 | 483 | ||||||
Zimmer Biomet Holdings, Inc. |
7,587 | 829 | ||||||
Zoetis, Inc. |
21,902 | 1,056 | ||||||
|
|
|||||||
123,423 | ||||||||
|
|
|||||||
Industrials—19.6% |
||||||||
3M Co. |
41,935 | 6,471 | ||||||
ADT Corp. (The) |
11,142 | 374 | ||||||
Allegion plc |
6,050 | 364 | ||||||
American Airlines Group, Inc. |
41,670 | 1,664 | ||||||
Ametek, Inc. |
15,650 | 857 | ||||||
Avery Dennison Corp. |
5,200 | 317 | ||||||
Boeing Co. (The) |
43,680 | 6,059 | ||||||
Caterpillar, Inc. |
41,427 | 3,514 | ||||||
Cintas Corp. |
7,360 | 623 | ||||||
CSX Corp. |
79,320 | 2,590 | ||||||
Cummins, Inc. |
20,032 | 2,628 | ||||||
Danaher Corp. |
44,102 | 3,775 | ||||||
Deere & Co. |
22,877 | 2,220 | ||||||
Delta Air Lines, Inc. |
50,610 | 2,079 | ||||||
Dover Corp. |
12,735 | 894 | ||||||
Dun & Bradstreet Corp. |
2,322 | 283 | ||||||
Eaton Corp. plc |
37,682 | 2,543 | ||||||
Emerson Electric Co. |
46,810 | 2,595 | ||||||
Equifax, Inc. |
10,230 | 993 | ||||||
Expeditors International of Washington, Inc. |
12,540 | 578 | ||||||
Fastenal Co. |
17,532 | 740 | ||||||
FedEx Corp. |
18,477 | 3,148 | ||||||
Flowserve Corp. |
8,752 | 461 | ||||||
Fluor Corp. |
13,897 | 737 | ||||||
General Dynamics Corp. |
21,697 | 3,074 | ||||||
General Electric Co. |
479,815 | 12,749 | ||||||
Grainger (W.W.), Inc. |
5,042 | 1,193 | ||||||
Honeywell International, Inc. |
53,530 | 5,458 | ||||||
Illinois Tool Works, Inc. |
23,120 | 2,122 | ||||||
Ingersoll-Rand plc |
17,130 | 1,155 | ||||||
Jacobs Engineering Group, Inc.(2) |
8,210 | 334 | ||||||
Joy Global, Inc. |
6,535 | 237 | ||||||
Kansas City Southern |
7,325 | 668 | ||||||
L-3 Communications Holdings, Inc. |
5,470 | 620 | ||||||
Lockheed Martin Corp. |
18,350 | 3,411 |
SHARES | VALUE | |||||||
Industrials—(continued) |
||||||||
Masco Corp. |
24,780 | $ | 661 | |||||
Nielsen Holdings NV |
23,290 | 1,043 | ||||||
Norfolk Southern Corp. |
23,740 | 2,074 | ||||||
Northrop Grumman Corp. |
13,580 | 2,154 | ||||||
PACCAR, Inc. |
26,412 | 1,685 | ||||||
Pall Corp. |
9,942 | 1,237 | ||||||
Parker Hannifin Corp. |
11,220 | 1,305 | ||||||
Pentair plc |
11,065 | 761 | ||||||
Pitney Bowes, Inc. |
14,967 | 311 | ||||||
Precision Castparts Corp. |
9,150 | 1,829 | ||||||
Quanta Services, Inc.(2) |
13,540 | 390 | ||||||
Raytheon Co. |
21,927 | 2,098 | ||||||
Republic Services, Inc. |
16,197 | 634 | ||||||
Robert Half International, Inc. |
12,389 | 688 | ||||||
Robinson (C.H.) Worldwide, Inc. |
9,547 | 596 | ||||||
Rockwell Automation, Inc. |
11,202 | 1,396 | ||||||
Rockwell Collins, Inc. |
11,007 | 1,017 | ||||||
Roper Industries, Inc. |
6,425 | 1,108 | ||||||
Ryder System, Inc. |
6,389 | 558 | ||||||
Snap-On, Inc. |
3,700 | 589 | ||||||
Southwest Airlines Co. |
45,500 | 1,506 | ||||||
Stanley Black & Decker, Inc. |
9,830 | 1,035 | ||||||
Stericycle, Inc.(2) |
5,490 | 735 | ||||||
Textron, Inc. |
22,460 | 1,002 | ||||||
Tyco International Ltd. |
27,605 | 1,062 | ||||||
Union Pacific Corp. |
63,420 | 6,048 | ||||||
United Parcel Service, Inc. Class B |
45,865 | 4,445 | ||||||
United Rentals, Inc.(2) |
6,425 | 563 | ||||||
United Technologies Corp. |
55,870 | 6,198 | ||||||
Waste Management, Inc. |
30,377 | 1,408 | ||||||
Xylem, Inc. |
11,500 | 426 | ||||||
|
|
|||||||
124,090 | ||||||||
|
|
|||||||
Information Technology—17.5% |
|
|||||||
Accenture plc Class A |
18,525 | 1,793 | ||||||
Adobe Systems, Inc.(2) |
14,080 | 1,141 | ||||||
Akamai Technologies, Inc.(2) |
6,392 | 446 | ||||||
Alliance Data Systems Corp.(2) |
1,945 | 568 | ||||||
Altera Corp. |
9,895 | 507 | ||||||
Amphenol Corp. Class A |
10,475 | 607 | ||||||
Analog Devices, Inc. |
10,280 | 660 | ||||||
Apple, Inc. |
175,950 | 22,069 | ||||||
Applied Materials, Inc. |
38,090 | 732 | ||||||
Autodesk, Inc.(2) |
7,667 | 384 |
4
VIRTUS SECTOR TREND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
Information Technology—(continued) |
|
|||||||
Automatic Data Processing, Inc. |
14,820 | $ | 1,189 | |||||
Avago Technologies Ltd. |
8,027 | 1,067 | ||||||
Broadcom Corp. Class A |
17,592 | 906 | ||||||
CA, Inc. |
10,265 | 301 | ||||||
Cisco Systems, Inc. |
159,247 | 4,373 | ||||||
Citrix Systems, Inc.(2) |
5,170 | 363 | ||||||
Cognizant Technology Solutions Corp. Class A(2) |
19,130 | 1,169 | ||||||
Computer Sciences Corp. |
4,500 | 295 | ||||||
Corning, Inc. |
40,420 | 797 | ||||||
eBay, Inc.(2) |
33,790 | 2,035 | ||||||
Electronic Arts, Inc.(2) |
9,800 | 652 | ||||||
EMC Corp. |
61,440 | 1,621 | ||||||
Equinix, Inc. |
590 | 150 | ||||||
F5 Networks, Inc.(2) |
2,292 | 276 | ||||||
Facebook, Inc. Class A(2) |
60,875 | 5,221 | ||||||
Fidelity National Information Services, Inc. |
9,470 | 585 | ||||||
First Solar, Inc.(2) |
2,350 | 110 | ||||||
Fiserv, Inc.(2) |
7,450 | 617 | ||||||
FLIR Systems, Inc. |
4,737 | 146 | ||||||
Gannett, Inc.(2) |
6,064 | 85 | ||||||
Google, Inc. Class A(2) |
8,705 | 4,701 | ||||||
Google, Inc. Class C(2) |
8,760 | 4,560 | ||||||
Harris Corp. |
4,145 | 319 | ||||||
Hewlett-Packard Co. |
47,515 | 1,426 | ||||||
Intel Corp. |
127,415 | 3,875 | ||||||
International Business Machines Corp. |
28,182 | 4,584 | ||||||
Intuit, Inc. |
8,900 | 897 | ||||||
Juniper Networks, Inc. |
11,567 | 300 | ||||||
KLA-Tencor Corp. |
5,310 | 298 | ||||||
Lam Research Corp. |
4,825 | 393 | ||||||
Linear Technology Corp. |
8,007 | 354 | ||||||
MasterCard, Inc. Class A |
30,720 | 2,872 | ||||||
Microchip Technology, Inc. |
6,862 | 325 | ||||||
Micron Technology, Inc.(2) |
36,085 | 680 | ||||||
Microsoft Corp. |
250,712 | 11,069 | ||||||
Motorola Solutions, Inc. |
5,817 | 334 | ||||||
NetApp, Inc. |
10,160 | 321 | ||||||
NVIDIA Corp. |
17,087 | 344 | ||||||
Oracle Corp. |
101,310 | 4,083 | ||||||
Paychex, Inc. |
10,440 | 489 | ||||||
Qorvo Inc(2) |
4,700 | 377 | ||||||
QUALCOMM, Inc. |
51,422 | 3,221 | ||||||
Red Hat, Inc.(2) |
6,075 | 461 | ||||||
Salesforce.com, Inc.(2) |
20,752 | 1,445 |
SHARES | VALUE | |||||||
Information Technology—(continued) |
|
|||||||
SanDisk Corp. |
7,240 | $ | 422 | |||||
Seagate Technology plc |
10,340 | 491 | ||||||
Skyworks Solutions, Inc. |
5,997 | 624 | ||||||
Symantec Corp. |
21,817 | 507 | ||||||
TE Connectivity Ltd. |
12,725 | 818 | ||||||
TEGNA, Inc. |
12,128 | 389 | ||||||
Teradata Corp.(2) |
4,980 | 184 | ||||||
Texas Instruments, Inc. |
32,592 | 1,679 | ||||||
Total System Services, Inc. |
5,700 | 238 | ||||||
VeriSign, Inc.(2) |
3,560 | 220 | ||||||
Visa, Inc. Class A |
59,675 | 4,007 | ||||||
Western Digital Corp. |
7,312 | 573 | ||||||
Western Union Co. (The) |
16,830 | 342 | ||||||
Xerox Corp. |
34,245 | 364 | ||||||
Xilinx, Inc. |
8,735 | 386 | ||||||
Yahoo!, Inc.(2) |
27,670 | 1,087 | ||||||
|
|
|||||||
110,924 | ||||||||
|
|
|||||||
Materials—4.8% |
||||||||
Air Products & Chemicals, Inc. |
9,452 | 1,293 | ||||||
Airgas, Inc. |
3,727 | 394 | ||||||
Alcoa, Inc. |
66,907 | 746 | ||||||
Allegheny Technologies, Inc. |
6,347 | 192 | ||||||
Ball Corp. |
7,582 | 532 | ||||||
CF Industries Holdings, Inc. |
12,630 | 812 | ||||||
Dow Chemical Co. (The) |
58,120 | 2,974 | ||||||
Du Pont (E.I.) de Nemours & Co. |
49,610 | 3,173 | ||||||
Eastman Chemical Co. |
7,780 | 637 | ||||||
Ecolab, Inc. |
14,250 | 1,611 | ||||||
FMC Corp. |
7,660 | 402 | ||||||
Freeport-McMoRan Copper & Gold, Inc. |
56,280 | 1,048 | ||||||
International Flavors & Fragrances, Inc. |
4,430 | 484 | ||||||
International Paper Co. |
23,255 | 1,107 | ||||||
LyondellBasell Industries N.V. Class A |
20,482 | 2,120 | ||||||
Martin Marietta Materials, Inc. |
3,490 | 494 | ||||||
MeadWestvaco Corp.(2) |
9,322 | 440 | ||||||
Monsanto Co. |
26,232 | 2,796 | ||||||
Mosaic Co. (The) |
16,032 | 751 | ||||||
Newmont Mining Corp. |
30,025 | 701 | ||||||
Nucor Corp. |
17,592 | 775 | ||||||
Owens-Illinois, Inc.(2) |
9,450 | 217 | ||||||
PPG Industries, Inc. |
12,510 | 1,435 | ||||||
Praxair, Inc. |
15,412 | 1,842 | ||||||
Sealed Air Corp. |
11,300 | 581 |
5
VIRTUS SECTOR TREND FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
Materials—(continued) |
| |||||||
Sherwin-Williams Co. (The) |
4,260 | $ | 1,172 | |||||
Sigma-Aldrich Corp. |
6,435 | 897 | ||||||
Vulcan Materials Co. |
7,330 | 615 | ||||||
|
|
|||||||
30,241 | ||||||||
|
|
|||||||
Office REITs—0.0% |
| |||||||
Iron Mountain Reit, Inc. |
1,962 | 61 | ||||||
SL Green Realty Corp. |
1,050 | 115 | ||||||
|
|
|||||||
176 | ||||||||
|
|
|||||||
Residential REITs—0.1% |
| |||||||
AvalonBay Communities, Inc. |
1,392 | 223 | ||||||
Essex Property Trust, Inc. |
645 | 137 | ||||||
|
|
|||||||
360 | ||||||||
|
|
|||||||
Retail REITs—0.1% |
| |||||||
General Growth Properties, Inc. |
6,680 | 171 | ||||||
Kimco Realty Corp. |
4,330 | 98 | ||||||
Macerich Co. (The) |
1,540 | 115 | ||||||
|
|
|||||||
384 | ||||||||
|
|
|||||||
Telecommunication Services—2.0% |
| |||||||
AT&T, Inc. |
153,457 | 5,451 | ||||||
CenturyLink, Inc. |
18,597 | 546 | ||||||
Frontier Communications Corp. |
41,930 | 207 | ||||||
Level 3 Communications, Inc.(2) |
9,075 | 478 | ||||||
Verizon Communications, Inc. |
125,635 | 5,856 | ||||||
|
|
|||||||
12,538 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS (Identified Cost $628,037) |
617,408 | |||||||
|
|
|||||||
TOTAL LONG TERM INVESTMENTS—97.6% (Identified Cost $628,037) |
617,408 | |||||||
|
|
|||||||
SHORT-TERM INVESTMENTS—0.2% |
|
|||||||
Money Market Mutual Funds—0.2% |
|
|||||||
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.140%) |
1,115,940 | 1,116 | ||||||
Goldman Sachs Financial Square Funds - Money Market Fund - Institutional Shares (seven-day effective yield 0.090%) |
297,584 | 298 | ||||||
JPMorgan U.S. Government Money Market Fund (seven-day effective yield 0.04%) |
74,396 | 74 | ||||||
|
|
|||||||
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $1,488) |
1,488 | |||||||
|
|
TOTAL INVESTMENTS—97.8% (Identified Cost $629,525) |
618,896 | (1) | ||||
Other assets and liabilities, net—2.2% |
14,031 | |||||
|
|
|||||
NET ASSETS—100.0% |
$ | 632,927 | ||||
|
|
Abbreviation:
REIT |
Real Estate Investment Trust |
Footnote Legend:
(1) | Federal Income Tax Information: For tax information at June 30, 2015, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments. |
(2) | Non-income producing. |
6
The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (See Security Valuation Note 1A in the Notes to Schedules of Investments):
Total Value at June 30, 2015 |
Level
1 Quoted Prices |
|||||||
Equity Securities: |
||||||||
Common Stocks |
$ | 617,408 | $ | 617,408 | ||||
Short-Term Investments |
1,488 | 1,488 | ||||||
|
|
|
|
|||||
Total Investments |
$ | 618,896 | $ | 618,896 | ||||
|
|
|
|
There are no Level 2 (significant observable inputs) or Level 3 (significant unobservable inputs) priced securities.
There were no transfers between Level 1 and Level 2 related to securities held at June 30, 2015.
VIRTUS SENIOR FLOATING RATE FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
ASSET-BACKED SECURITIES—0.2% |
|
|||||||
Home Equity Loan Trust 07-HSA3, AI4 |
$ | 1,130 | $ | 1,140 | ||||
|
|
|||||||
TOTAL ASSET-BACKED SECURITIES (Identified Cost $1,114) |
1,140 | |||||||
|
|
|||||||
CORPORATE BONDS AND NOTES—6.6% |
|
|||||||
Consumer Discretionary—1.0% |
|
|||||||
American Axle & Manufacturing, Inc. |
835 | 857 | ||||||
Argos Merger Sub, Inc. 144A |
905 | 950 | ||||||
Boyd Gaming Corp. 6.875%, 5/15/23 |
365 | 376 | ||||||
DR Horton, Inc. |
390 | 390 | ||||||
iHeartCommunications, Inc. |
1,365 | 1,104 | ||||||
International Game Technology plc 144A 5.625%, 2/15/20(3) |
1,200 | 1,179 | ||||||
Isle of Capri Casinos, Inc. 144A |
179 | 185 | ||||||
Landry’s, Inc. 144A |
950 | 1,023 | ||||||
Numericable Group SA 144A |
755 | 749 | ||||||
ServiceMaster Co. 7.000%, 8/15/20 |
484 | 514 | ||||||
Univision Communications, Inc. 144A 5.125%, 5/15/23(3) |
445 | 434 | ||||||
|
|
|||||||
7,761 | ||||||||
|
|
|||||||
Consumer Staples—0.2% |
||||||||
Dole Food Co., Inc. 144A |
880 | 891 | ||||||
Spectrum Brands, Inc. |
715 | 760 | ||||||
|
|
|||||||
1,651 | ||||||||
|
|
|||||||
Energy—0.5% |
||||||||
California Resources Corp. 5.000%, 1/15/20 |
1,335 | 1,181 | ||||||
Compagnie Generale de Geophysique-Veritas |
182 | 177 | ||||||
FTS International, Inc. |
||||||||
144A 7.783%, 6/15/20(2)(3) |
1,120 | 1,116 | ||||||
6.250%, 5/1/22 |
825 | 611 | ||||||
Halcon Resources Corp. 144A |
435 | 431 | ||||||
PHI, Inc. |
450 | 419 | ||||||
|
|
|||||||
3,935 | ||||||||
|
|
|||||||
Financials—1.3% |
||||||||
Aercap Ireland Capital Ltd. (Aercap Global Aviation Trust) |
335 | 336 | ||||||
Aircastle Ltd. |
PAR VALUE | VALUE | |||||||
Financials—(continued) |
||||||||
4.625%, 12/15/18 |
$ | 1,305 | $ | 1,347 | ||||
6.250%, 12/1/19 |
1,190 | 1,293 | ||||||
Ally Financial, Inc. |
||||||||
3.600%, 5/21/18 |
190 | 190 | ||||||
4.125%, 3/30/20 |
1,055 | 1,056 | ||||||
Banco Santander Brasil SA 144A |
1,300 | BRL | 394 | |||||
iStar Financial, Inc. |
||||||||
4.875%, 7/1/18 |
1,415 | 1,397 | ||||||
5.000%, 7/1/19 |
865 | 856 | ||||||
Springleaf Finance Corp. |
2,510 | 2,485 | ||||||
|
|
|||||||
9,354 | ||||||||
|
|
|||||||
Health Care—0.8% |
||||||||
Capsugel SA PIK Interest Capitalization, 7.00% interest, 0.75% capitalization 144A, 5/15/19(3)(4) |
350 | 357 | ||||||
Community Health Systems, Inc. |
1,055 | 1,084 | ||||||
HCA, Inc. |
920 | 942 | ||||||
Quintiles Transnational Corp. 144A |
385 | 388 | ||||||
Tenet Healthcare Corp. |
||||||||
144A 5.000%, 3/1/19(3) |
415 | 417 | ||||||
144A 3.786%, 6/15/20(2)(3) |
730 | 737 | ||||||
6.000%, 10/1/20 |
435 | 465 | ||||||
Valeant Pharmaceuticals International, Inc. |
||||||||
144A 6.750%, 8/15/18(3) |
965 | 1,014 | ||||||
144A 5.375%, 3/15/20(3) |
750 | 776 | ||||||
|
|
|||||||
6,180 | ||||||||
|
|
|||||||
Industrials—0.4% |
||||||||
Air Canada 144A |
965 | 1,025 | ||||||
American Airlines Group, Inc. 144A |
460 | 446 | ||||||
Atlas Air Pass-Through-Trust 98-1, A |
37 | 37 | ||||||
United Rentals, Inc. |
1,000 | 1,072 | ||||||
|
|
|||||||
2,580 | ||||||||
|
|
|||||||
Information Technology—0.6% |
|
|||||||
Avaya, Inc. 144A |
2,180 | 2,142 | ||||||
Blue Coat Holdings, Inc. 144A |
430 | 438 | ||||||
First Data Corp. |
1,331 | 1,501 |
1
VIRTUS SENIOR FLOATING RATE FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
Information Technology—(continued) |
|
|||||||
NXP BV (NXP Funding LLC) 144A |
$ | 600 | $ | 606 | ||||
|
|
|||||||
4,687 | ||||||||
|
|
|||||||
Materials—1.3% |
||||||||
Ardagh Packaging Finance plc 144A |
400 | 409 | ||||||
Beverage Packaging Holdings Luxembourg II SA 144A |
2,200 | 2,208 | ||||||
Cemex SAB de CV 144A |
1,499 | 1,656 | ||||||
FMG Resources August 2006 Pty Ltd. 144A |
160 | 166 | ||||||
Fortescue Metals Group (FMG) 144A |
750 | 636 | ||||||
Hexion U.S. Finance Corp. |
2,745 | 2,532 | ||||||
INEOS Group Holdings SA 144A |
1,130 | 1,140 | ||||||
Vedanta Resources plc 144A |
685 | 735 | ||||||
|
|
|||||||
9,482 | ||||||||
|
|
|||||||
Telecommunication Services—0.3% |
|
|||||||
Frontier Communications Corp. |
1,085 | 993 | ||||||
Level 3 Financing, Inc. |
1,105 | 1,175 | ||||||
|
|
|||||||
2,168 | ||||||||
|
|
|||||||
Utilities—0.2% |
||||||||
Talen Energy Supply LLC 144A |
1,510 | 1,487 | ||||||
|
|
|||||||
TOTAL CORPORATE BONDS AND NOTES (Identified Cost $49,787) |
49,285 | |||||||
|
|
|||||||
LOAN AGREEMENTS(2)—95.8% |
| |||||||
Consumer Discretionary—28.5% |
| |||||||
4.250%, 7/23/21 |
2,091 | 2,085 | ||||||
Acosta Holdco, Inc. Tranche B-1 |
2,256 | 2,252 | ||||||
Advantage Sales & Marketing, Inc. Second Lien, |
2,530 | 2,550 | ||||||
Affinity Gaming LLC |
971 | 975 | ||||||
Allison Transmission Tranche B-3, |
646 | 649 | ||||||
Aristocrat Leisure Ltd. |
3,346 | 3,365 | ||||||
Boyd Gaming Corp. Tranche B, |
4,559 | 4,577 | ||||||
Brickman Group Ltd. LLC (The) First Lien, |
1,971 | 1,982 |
PAR VALUE | VALUE | |||||||
Consumer Discretionary—(continued) |
|
|||||||
Caesars Entertainment Operating Co., Inc. |
||||||||
Tranche B-4, |
$ | 943 | $ | 859 | ||||
Tranche B-6, |
3,558 | 3,199 | ||||||
Tranche B-7, |
2,220 | 1,942 | ||||||
Caesars Entertainment Resort Properties LLC Tranche B, |
3,062 | 2,794 | ||||||
Caesars Growth Properties Holdings LLC Tranche B, |
3,502 | 3,003 | ||||||
CBAC Borrower LLC Tranche B, |
3,654 | 3,389 | ||||||
Cequel Communications LLC |
1,651 | 1,647 | ||||||
Charter Communications Operations LLC Tranche F, |
6,196 | 6,129 | ||||||
Chrysler Group LLC |
||||||||
Tranche B, 3.500%, 5/24/17 |
3,629 | 3,629 | ||||||
Tranche B, 3.250%, 12/31/18 |
2,579 | 2,577 | ||||||
Cirque Du Soleil 0.000%, 6/24/22(7) |
1,613 | 1,615 | ||||||
CityCenter Holdings LLC Tranche B, 4.250%, 10/16/20 |
2,560 | 2,567 | ||||||
Cooper-Standard Automotive, Inc. |
3,745 | 3,744 | ||||||
CSC Holdings, Inc. Tranche B, |
2,071 | 2,053 | ||||||
Cumulus Media Holdings, Inc. |
3,556 | 3,387 | ||||||
Delta 2 (Lux) S.A.R.L. Tranche B-3, 4.750%, 7/30/21 |
3,813 | 3,796 | ||||||
Federal-Mogul Corp. Tranche C, |
4,218 | 4,183 | ||||||
General Nutrition Center Tranche B, |
2,027 | 2,001 | ||||||
Golden Nugget, Inc. |
||||||||
5.500%, 11/21/19 |
1,013 | 1,024 | ||||||
Delayed Draw 5.500%, 11/21/19 |
434 | 439 | ||||||
Hilton Worldwide Finance LLC |
14,869 | 14,892 | ||||||
iHeartCommunications, Inc. (Clear Channel Communications, Inc.) Tranche D, |
13,633 | 12,630 | ||||||
Infiltrator Systems Tranche B, |
725 | 730 | ||||||
Intelsat Jackson Holdings S.A. Tranche B-2, |
2,838 | 2,821 | ||||||
KAR Auction Services, Inc. Tranche B-2, |
2,575 | 2,579 | ||||||
Key Safety Systems, Inc. |
2,036 | 2,047 | ||||||
Laureate Education, Inc. 2018 Extended, |
4,212 | 3,943 | ||||||
Leslie’s Poolmart Tranche B, |
4,219 | 4,229 | ||||||
Libbey Glass, Inc. |
3,518 | 3,522 |
2
VIRTUS SENIOR FLOATING RATE FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
Consumer Discretionary—(continued) |
| |||||||
Life Time Fitness |
$ | 2,797 | $ | 2,781 | ||||
Marina District Finance Co., Inc. |
1,009 | 1,021 | ||||||
MCC LLC (Mediacom Broadband Group) |
||||||||
Tranche H, 3.250%, 1/29/21 |
2,299 | 2,282 | ||||||
Tranche J, 3.750%, 6/30/21 |
928 | 928 | ||||||
Tranche G, 3.750%, 6/30/21 |
2,324 | 2,325 | ||||||
Media General, Inc. Tranche B, |
4,175 | 4,180 | ||||||
Metaldyne LLC |
2,677 | 2,676 | ||||||
MGM Resort International Tranche B |
5,740 | 5,710 | ||||||
Michaels Stores, Inc. Tranche B, |
2,925 | 2,921 | ||||||
Mohegan Tribal Gaming Authority Tranche B, |
3,166 | 3,155 | ||||||
Numericable SFR |
||||||||
Tranche B-1, 4.500%, 5/21/20 |
1,305 | 1,310 | ||||||
Tranche B-2, 4.500%, 5/21/20 |
1,139 | 1,143 | ||||||
Peninsula Gaming LLC Tranche B, |
819 | 822 | ||||||
Penn National Gaming, Inc. Tranche B, |
2,955 | 2,952 | ||||||
Peppermill Casinos, Inc. Tranche B, |
2,272 | 2,282 | ||||||
PetSmart, Inc. Tranche B-1 |
1,120 | 1,119 | ||||||
Pinnacle Entertainment, Inc. Tranche B-2, |
3,714 | 3,720 | ||||||
Scientific Games International, Inc. Tranche B-2, |
2,793 | 2,795 | ||||||
Seminole Hard Rock Entertainment, Inc. Tranche B, |
947 | 945 | ||||||
ServiceMaster Co. LLC (The) |
5,904 | 5,913 | ||||||
Shingle Springs Tribal Gaming Authority |
1,463 | 1,474 | ||||||
Sinclair Television Group, Inc. Tranche B-1, |
3,765 | 3,766 | ||||||
Six Flags |
1,357 | 1,360 | ||||||
SRAM LLC First Lien, |
2,469 | 2,453 | ||||||
Staples, Inc. First Lien, |
2,412 | 2,411 | ||||||
Station Casinos LLC Tranche B, |
3,016 | 3,019 | ||||||
TI Group Auto Systems LLC |
290 | 290 | ||||||
Transtar Holding Co. |
||||||||
First Lien, 5.750%, 10/9/18 |
1,429 | 1,426 | ||||||
Second Lien, 10.000%, 10/9/19 |
460 | 451 | ||||||
Tribune Media Co. Tranche B, |
3,998 | 4,006 |
PAR VALUE | VALUE | |||||||
Consumer Discretionary—(continued) |
|
|||||||
TWCC Holding Corp. Second Lien, |
$ | 2,674 | $ | 2,503 | ||||
U.S. Farathane Corp. |
1,226 | 1,238 | ||||||
Univision Communications, Inc. |
||||||||
First Lien, 4.000%, 3/1/20 |
4,407 | 4,379 | ||||||
4.000%, 3/1/20 |
7,606 | 7,562 | ||||||
Virgin Media Investment Holdings Ltd. Tranche F, |
2,590 | 2,569 | ||||||
Ziggo B.V. |
||||||||
Tranche B-3, 3.500%, 1/15/22 |
1,482 | 1,467 | ||||||
Tranche B-1, 3.500%, 1/15/22 |
1,398 | 1,384 | ||||||
Tranche B-2, 3.500%, 1/15/22 |
901 | 892 | ||||||
|
|
|||||||
213,435 | ||||||||
|
|
|||||||
Consumer Staples—4.4% |
||||||||
Albertson’s LLC Tranche B-4, |
3,024 | 3,043 | ||||||
ARAMARK Corp. |
||||||||
Tranche E, 3.250%, 9/6/19 |
4,323 | 4,326 | ||||||
Tranche F, 3.250%, 2/24/21 |
986 | 983 | ||||||
Charger OpCo B.V. (Oak Tea, Inc.) Tranche B-2, |
1,083 | 1,078 | ||||||
Crossmark Holdings, Inc. |
||||||||
First Lien, 4.500%, 12/20/19 |
1,973 | 1,779 | ||||||
Second Lien, 8.750%, 12/21/20 |
520 | 425 | ||||||
Del Monte Corp. First Lien, |
948 | 906 | ||||||
Dole Food Co., Inc. Tranche B, |
2,210 | 2,216 | ||||||
Heinz (H.J.) Co. Tranche B-2, |
8,709 | 8,721 | ||||||
New Hostess Brand Acquisition LLC Tranche B, |
2,782 | 2,831 | ||||||
Prestige Brands, Inc. Tranche B-3, |
271 | 271 | ||||||
Reynolds Group Holdings, Inc. |
3,988 | 4,007 | ||||||
Rite Aid Corp. |
||||||||
Tranche 1, Second Lien, 5.750%, 8/21/20 |
101 | 102 | ||||||
Tranche 2, Second Lien, 4.875%, 6/21/21 |
1,417 | 1,420 | ||||||
Spectrum Brands Holdings |
874 | 876 | ||||||
|
|
|||||||
32,984 | ||||||||
|
|
|||||||
Energy—3.8% |
||||||||
Arch Coal, Inc. 6.250%, 5/16/18 |
3,335 | 2,300 | ||||||
Azure Midstream |
1,744 | 1,739 | ||||||
Chief Exploration & Development LLC Second Lien, |
2,739 | 2,594 | ||||||
Drillships Ocean Ventures, Inc. |
1,514 | 1,294 |
3
VIRTUS SENIOR FLOATING RATE FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
Energy—(continued) |
| |||||||
Expro Finservices S.A.R.L. |
$ | 1,530 | $ | 1,358 | ||||
Fieldwood Energy LLC |
||||||||
3.875%, 10/1/18 |
849 | 811 | ||||||
Second Lien, 8.375%, 9/30/20(7) |
2,613 | 2,013 | ||||||
FTS International, Inc. |
791 | 637 | ||||||
Jonah Energy LLC Second Lien, |
2,860 | 2,728 | ||||||
MEG Energy Corp. |
1,926 | 1,889 | ||||||
Ocean Rig Tranche B-1, |
2,948 | 2,419 | ||||||
Paragon Offshore Finance Co. |
1,721 | 1,265 | ||||||
Sabine Oil & Gas LLC Second Lien, 8.750%, 12/31/18(8) |
1,290 | 455 | ||||||
Seadrill Operating LP |
6,291 | 4,779 | ||||||
Templar Energy LLC Second Lien, 8.500%, 11/25/20 |
3,000 | 2,219 | ||||||
|
|
|||||||
28,500 | ||||||||
|
|
|||||||
Financials—5.1% |
| |||||||
Asurion LLC |
||||||||
Tranche B-1, 5.000%, 5/24/19 |
2,161 | 2,169 | ||||||
Tranche B-2, 4.250%, 7/8/20 |
1,470 | 1,468 | ||||||
Capital Automotive LP |
||||||||
Tranche B-1, 4.000%, 4/10/19 |
1,506 | 1,513 | ||||||
Second Lien, 6.000%, 4/30/20 |
1,828 | 1,861 | ||||||
Clipper Acquisitions Corp. Tranche B, 3.000%, 2/6/20 |
989 | 976 | ||||||
Delos Finance S.A.R.L. |
4,026 | 4,025 | ||||||
iStar Financial, Inc. Tranche A-2, |
367 | 383 | ||||||
National Financial Partners LLC |
2,806 | 2,806 | ||||||
Realogy Corp. |
||||||||
Extended LOC, 2.219%, 10/10/16 |
205 | 203 | ||||||
Tranche B, 3.750%, 3/5/20 |
7,395 | 7,388 | ||||||
RPI Finance Trust Tranche B-4, |
1,137 | 1,140 | ||||||
Starwood Property Trust, Inc. First Lien, 3.500%, 4/17/20 |
3,304 | 3,293 | ||||||
TransUnion LLC Tranche B-2, |
5,227 | 5,192 | ||||||
Walter Investment Management Corp. Tranche B, |
6,040 | 5,721 | ||||||
|
|
|||||||
38,138 | ||||||||
|
|
|||||||
Health Care—15.6% |
| |||||||
21st Century Oncology, Inc. Tranche B |
1,910 | 1,886 | ||||||
Accellent, Inc. First Lien, |
2,476 | 2,465 |
PAR VALUE | VALUE | |||||||
Health Care—(continued) |
| |||||||
Air Medical 4.500%, 4/28/22 |
$ | 184 | $ | 181 | ||||
Akorn, Inc. 4.500%, 4/16/21 |
4,218 | 4,234 | ||||||
Alere, Inc. 0.000%, 6/18/22(7) |
1,688 | 1,692 | ||||||
American Renal Holdings, Inc. |
||||||||
Tranche B, First Lien, 7.250%, 8/20/19 |
2,435 | 2,438 | ||||||
Second Lien, 7.250%, 3/20/20(7) |
2,390 | 2,388 | ||||||
Amneal Pharmaceuticals LLC Tranche B, 5.000%, 11/1/19 |
3,394 | 3,406 | ||||||
AmSurg Corp. 3.750%, 7/16/21 |
1,195 | 1,198 | ||||||
Ardent Medical Services, Inc. |
||||||||
First Lien, 6.750%, 7/2/18 |
786 | 788 | ||||||
Second Lien, 11.000%, 1/2/19 |
268 | 270 | ||||||
Beacon Health Strategies |
2,284 | 2,268 | ||||||
Capsugel Holdings US, Inc. |
3,965 | 3,968 | ||||||
CHG Healthcare Services, Inc. Second Lien, |
4,313 | 4,317 | ||||||
Community Health Systems, Inc. (CHS) |
||||||||
Incremental 2018, Tranche F, |
1,294 | 1,296 | ||||||
Incremental 2019, Tranche G, |
1,335 | 1,337 | ||||||
Incremental 2021, Tranche H, |
2,457 | 2,465 | ||||||
Concentra, Inc. First Lien, Tranche B |
290 | 290 | ||||||
ConvaTec, Inc. 0.000%, 6/15/20(7) |
100 | 100 | ||||||
DaVita HealthCare Partners, Inc. Tranche B, |
3,123 | 3,129 | ||||||
Devix Topco (F/K/A Rexam Healthcare) First Lien, |
1,867 | 1,872 | ||||||
DJO Finance 4.250%, 6/8/20 |
1,462 | 1,466 | ||||||
Emdeon, Inc. |
||||||||
Tranche B-2, 3.750%, 11/2/18 |
3,020 | 3,020 | ||||||
Tranche B-3, 3.750%, 11/2/18 |
496 | 496 | ||||||
Endo Luxembourg Finance |
||||||||
0.000%, 6/24/16(7) |
1,980 | 1,980 | ||||||
0.000%, 6/24/22(7) |
2,251 | 2,259 | ||||||
Endo Luxembourg Finance S.A.R.L. Tranche B, |
913 | 916 | ||||||
Envision Healthcare Corp. (F/K/A Emergency Medical Services Corp.) 4.000%, 5/25/18 |
3,655 | 3,661 | ||||||
Horizon Pharma, Inc. 2015 Term Loan 4.500%, 5/7/21 |
1,223 | 1,230 | ||||||
Iasis Healthcare LLC Tranche B-2, |
1,976 | 1,982 | ||||||
IMS Health, Inc. Tranche B, |
5,291 | 5,273 |
4
VIRTUS SENIOR FLOATING RATE FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
Health Care—(continued) |
||||||||
InVentiv Health, Inc. Tranche B-4, |
$ | 2,887 | $ | 2,902 | ||||
Kinetic Concepts, Inc. |
||||||||
Tranche E-2, 4.000%, 11/4/16 |
930 | 932 | ||||||
Tranche E-1, 4.500%, 5/4/18 |
573 | 576 | ||||||
Mallinckrodt International Finance S.A. |
||||||||
Tranche B, 3.250%, 3/19/21 |
2,754 | 2,746 | ||||||
Tranche B-1, 3.500%, 3/19/21 |
290 | 290 | ||||||
MMM Holdings, Inc. |
377 | 314 | ||||||
MSO of Puerto Rico, Inc. |
274 | 228 | ||||||
Multiplan, Inc. Tranche B-1, |
3,185 | 3,171 | ||||||
National Mentor Holdings, Inc. Tranche B, |
1,070 | 1,068 | ||||||
National Surgical Hospitals First Lien, |
1,088 | 1,089 | ||||||
NBTY, Inc. Tranche B-2, |
2,782 | 2,772 | ||||||
NVA Holdings, Inc. |
||||||||
First Lien, 4.750%, 8/14/21 |
539 | 541 | ||||||
Second Lien 8.000%, 8/14/22 |
986 | 990 | ||||||
Ortho-Clinical Diagnostics, Inc. |
3,318 | 3,260 | ||||||
Par Pharmaceutical Tranche B-2, |
1,729 | 1,731 | ||||||
Pharmaceutical Product Development, Inc. (Jaguar Holdings LLC) |
1,950 | 1,951 | ||||||
PharMEDium Healthcare Corp. |
||||||||
First Lien, 4.250%, 1/28/21 |
2,390 | 2,376 | ||||||
Second Lien, 7.750%, 1/28/22 |
540 | 543 | ||||||
PRA Holdings, Inc. Tranche B-1, |
2,356 | 2,362 | ||||||
Quintiles Transnational Corp. Tranche B, |
1,130 | 1,134 | ||||||
Regional Care, Inc. (RCHP, Inc.) First Lien, |
3,905 | 3,895 | ||||||
Sterigenics-Nordion 4.250%, 5/15/22 |
1,086 | 1,086 | ||||||
Surgery Center Holdings, Inc. |
||||||||
First Lien, 5.250%, 11/3/20 |
653 | 654 | ||||||
Second Lien, 8.500%, 11/3/21 |
1,693 | 1,693 | ||||||
Surgical Care Affiliates, Inc. |
731 | 732 | ||||||
U.S. Renal Care, Inc. Tranche B-2, First Lien, |
2,989 | 2,989 | ||||||
Valeant Pharmaceuticals International, Inc. |
||||||||
Series D-2, Tranche B, 3.500%, 2/13/19 |
2,158 | 2,156 | ||||||
Series C2, Tranche B, 3.040%, 12/11/19 |
2 | 2 | ||||||
Series E1, Tranche B, 3.500%, 8/5/20 |
3,981 | 3,971 |
PAR VALUE | VALUE | |||||||
Health Care—(continued) |
| |||||||
4.000%, 4/1/22 |
$ | 3,940 | $ | 3,940 | ||||
|
|
|||||||
116,365 | ||||||||
|
|
|||||||
Industrials—12.1% |
| |||||||
Air Canada 4.000%, 9/26/19 |
2,237 | 2,247 | ||||||
Alliance Laundry Systems LLC Second Lien, |
110 | 110 | ||||||
Allied Security Holdings LLC |
||||||||
First Lien, 4.250%, 2/12/21 |
1,381 | 1,387 | ||||||
Second Lien, 8.000%, 8/13/21 |
688 | 688 | ||||||
American Airlines, Inc. |
||||||||
3.500%, 6/27/20 |
9,047 | 8,985 | ||||||
3.750%, 10/10/21 |
2,015 | 2,012 | ||||||
Brickman Group Holdings, Inc. First Lien, |
3,831 | 3,812 | ||||||
Brock Holdings Ill, Inc. First Lien, 6.000%, 3/16/17 |
2,891 | 2,883 | ||||||
Ceridian HCM Holding, Inc. |
2,367 | 2,348 | ||||||
DynCorp International, Inc. |
2,372 | 2,318 | ||||||
Filtration Group Corp. |
||||||||
First Lien, 4.250%, 11/20/20 |
901 | 903 | ||||||
Second Lien, 8.250%, 11/22/21 |
543 | 546 | ||||||
Harland Clarke Holdings Corp. |
||||||||
Tranche B-3, 7.000%, 5/22/18 |
2,126 | 2,138 | ||||||
Tranche B-4, 6.000%, 8/4/19 |
1,263 | 1,268 | ||||||
HD Supply, Inc. Term Loan 2014, 4.000%, 6/28/18 |
4,085 | 4,088 | ||||||
Headwaters, Inc. Tranche B, |
149 | 149 | ||||||
Husky Injection Molding Systems Ltd. |
3,287 | 3,276 | ||||||
Landmark U.S. Member LLC (Landmark U.S. Corp Acquisition, Inc.) |
||||||||
First Lien, 4.750%, 10/25/19 |
2,825 | 2,811 | ||||||
4.750%, 10/25/19 |
112 | 112 | ||||||
Second Lien 8.250%, 1/25/21 |
970 | 966 | ||||||
Mcjunkin Red Man Corp. |
1,041 | 1,035 | ||||||
Navistar, Inc. Tranche B, |
1,319 | 1,324 | ||||||
Nortek, Inc. 3.500%, 10/30/20 |
4,278 | 4,258 | ||||||
OPE USIC Holdings, Inc. First Lien, |
2,152 | 2,146 | ||||||
Quikrete Co., Inc. First Lien, |
2,829 | 2,834 | ||||||
Rexnord LLC Tranche B, |
4,913 | 4,906 | ||||||
Science Applications Tranche B, |
3,090 | 3,104 | ||||||
Sedgwick Claims Management Services, Inc. |
||||||||
First Lien, 3.750%, 3/1/21 |
4,819 | 4,757 |
5
VIRTUS SENIOR FLOATING RATE FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
Industrials—(continued) |
| |||||||
Second Lien, 6.750%, 2/28/22(7) |
$ | 2,510 | $ | 2,469 | ||||
Spin Holdco, Inc. First Lien, |
4,886 | 4,877 | ||||||
TransDigm, Inc. |
||||||||
Tranche C, 3.750%, 2/28/20 |
7,011 | 6,968 | ||||||
Tranche D, 3.750%, 6/4/21 |
2,648 | 2,632 | ||||||
United Airlines, Inc. (Continental Airlines, Inc.) |
4,266 | 4,279 | ||||||
Waste Industries USA, Inc. |
2,191 | 2,199 | ||||||
|
|
|||||||
90,835 | ||||||||
|
|
|||||||
Information Technology—10.8% |
| |||||||
Allflex Holdings III, Inc. |
||||||||
First Lien, 4.250%, 7/17/20 |
4,913 | 4,904 | ||||||
Second Lien, 8.000%, 7/19/21 |
789 | 795 | ||||||
Applied Systems, Inc. |
||||||||
First Lien, 4.250%, 1/25/21 |
570 | 570 | ||||||
Second Lien, 7.500%, 1/24/22 |
1,878 | 1,887 | ||||||
Avago Technologies Cayman Ltd. |
3,056 | 3,064 | ||||||
Blue Coat Systems, Inc. |
1,651 | 1,650 | ||||||
CCC Information Services |
2,884 | 2,875 | ||||||
CDW LLC 3.250%, 4/29/20 |
8,173 | 8,120 | ||||||
Deltek, Inc. |
||||||||
First Lien 0.000%, 12/19/22(7) |
194 | 194 | ||||||
Second Lien 0.000%, 6/23/23(7) |
858 | 864 | ||||||
Epicor Software Corp. Tranche B, |
1,444 | 1,443 | ||||||
Evergreen Skills Lux S.A.R.L. |
||||||||
First Lien, 5.750%, 4/28/21 |
2,774 | 2,703 | ||||||
Second Lien, 9.250%, 4/28/22 |
1,015 | 952 | ||||||
Excelitas Technologies Corp. Tranche B, |
3,647 | 3,660 | ||||||
First Data Corp. |
||||||||
2018 Term Loan 3.687%, 3/23/18 |
12,370 | 12,344 | ||||||
Second Lien 2018 3.687%, 9/24/18 |
1,156 | 1,155 | ||||||
0.000%, 6/24/22(7) |
354 | 353 | ||||||
Infinity Acquisition Ltd. |
2,579 | 2,566 | ||||||
Infor (U.S.), Inc. |
||||||||
Tranche B-3, 3.750%, 6/3/20 |
4,385 | 4,330 | ||||||
Tranche B-5, 3.750%, 6/3/20 |
3,517 | 3,475 | ||||||
Interactive Data Corp. |
3,176 | 3,190 | ||||||
Kronos, Inc. Second Lien, |
4,447 | 4,597 | ||||||
Mitchell International, Inc. |
||||||||
4.500%, 10/13/20 |
3,337 | 3,339 | ||||||
Second Lien, 8.500%, 10/11/21 |
3,057 | 3,061 |
PAR VALUE | VALUE | |||||||
Information Technology—(continued) |
| |||||||
Presidio, Inc. Refinancing Term |
$ | 2,173 | $ | 2,181 | ||||
Riverbed Technologies, Inc. |
2,170 | 2,195 | ||||||
SS&C Technologies, Inc. |
||||||||
0.000%, 6/29/20(7) |
188 | 189 | ||||||
0.000%, 6/29/20(7) |
292 | 293 | ||||||
0.000%, 6/29/22(7) |
1,272 | 1,275 | ||||||
0.000%, 6/29/22(7) |
287 | 287 | ||||||
WP Mustang Holdings LLC First Lien 5.500%, 5/29/21 |
2,195 | 2,195 | ||||||
|
|
|||||||
80,706 | ||||||||
|
|
|||||||
Materials—8.2% |
| |||||||
American Builders & Contractors Supply Co., Inc. Tranche B, |
5,895 | 5,879 | ||||||
Anchor Glass Container Corp. Tranche B, |
5,018 | 5,028 | ||||||
Ardagh Packaging Finance plc |
865 | 865 | ||||||
AZ Chem US, Inc. First Lien, |
1,585 | 1,587 | ||||||
Berlin Packaging, Inc. S.A.R.L. First Lien, 4.500%, 10/1/21 |
1,832 | 1,836 | ||||||
Berry Plastics Groups, Inc. |
||||||||
Tranche D, 3.500%, 2/8/20 |
4,543 | 4,529 | ||||||
Tranche E, 3.750%, 1/6/21 |
1,843 | 1,840 | ||||||
CEMEX Espana S.A. Tranche A-1, |
432 | 432 | ||||||
Fortescue Metals Group (FMG) Resources Property Ltd. |
4,922 | 4,383 | ||||||
Huntsman International LLC |
3,980 | 3,991 | ||||||
Ineos US Finance LLC |
9,022 | 8,979 | ||||||
Noranda Aluminum Acquisition Corp. Tranche B, |
2,235 | 1,861 | ||||||
Novelis, Inc. 4.000%, 6/2/22 |
1,198 | 1,194 | ||||||
Royal Adhesives & Sealants |
2,139 | 2,138 | ||||||
Solenis International LP First Lien, |
2,326 | 2,321 | ||||||
Summit Materials 0.000%, 6/24/22(7) |
3,554 | 3,557 | ||||||
Univar, Inc. |
||||||||
Tranche B, 5.250%, 6/30/17 |
1,336 | 1,337 | ||||||
0.000%, 6/24/22(7) |
3,562 | 3,562 | ||||||
W.R. Grace & Co. |
||||||||
Delayed Draw, 2.750%, 2/3/21 |
1,241 | 1,241 | ||||||
2.750%, 2/3/21 |
3,449 | 3,448 |
6
VIRTUS SENIOR FLOATING RATE FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
PAR VALUE | VALUE | |||||||
Materials—(continued) |
| |||||||
ZEP, Inc. 0.000%, 6/17/22(7) |
$ | 1,432 | $ | 1,437 | ||||
|
|
|||||||
61,445 | ||||||||
|
|
|||||||
Telecommunication Services—3.9% |
| |||||||
Crown Castle Operating Co. Tranche B-2, |
2,637 | 2,626 | ||||||
Global Tel*Link Corp. |
||||||||
First Lien, 5.000%, 5/23/20 |
1,827 | 1,790 | ||||||
Second Lien, 9.000%, 11/23/20 |
660 | 634 | ||||||
Level 3 Financing, Inc. |
||||||||
Tranche B-III 2019, 4.000%, 8/1/19 |
3,875 | 3,881 | ||||||
Tranche B, 2020 4.000%, 1/15/20 |
3,388 | 3,393 | ||||||
Tranche B-II, 3.500%, 5/31/22 |
3,343 | 3,324 | ||||||
SBA Communications Tranche B-1, |
3,748 | 3,718 | ||||||
Securus Technologies Holdings, Inc. First Lien, |
2,358 | 2,301 | ||||||
Securus Technologies Inc |
765 | 756 | ||||||
West Corp. Tranche B-10, |
2,203 | 2,201 | ||||||
XO Communications LLC |
4,676 | 4,676 | ||||||
|
|
|||||||
29,300 | ||||||||
|
|
|||||||
Utilities—3.4% |
| |||||||
Atlantic Power LP 4.750%, 2/24/21 |
1,044 | 1,048 | ||||||
Calpine Construction Finance Co. LP |
||||||||
Tranche B-1, 3.000%, 5/3/20 |
5,809 | 5,706 | ||||||
Tranche B-2, 3.250%, 1/31/22 |
3,828 | 3,778 | ||||||
Calpine Corp. 3.500%, 5/27/22 |
943 | 936 | ||||||
Granite Acquisition, Inc. |
||||||||
Tranche B, First Lien, 5.000%, 12/17/21 |
2,834 | 2,870 | ||||||
Tranche C, First Lien 5.000%, 12/17/21 |
125 | 127 | ||||||
NRG Energy, Inc. |
5,306 | 5,272 | ||||||
Texas Competitive Electric Holdings Co. LLC 2017 Extended, |
9,165 | 5,301 | ||||||
|
|
|||||||
25,038 | ||||||||
|
|
|||||||
TOTAL LOAN AGREEMENTS (Identified Cost $728,294) |
716,746 | |||||||
|
|
|||||||
SHARES | VALUE | |||||||
AFFILIATED MUTUAL FUND—1.0% |
| |||||||
Virtus Credit Opportunities Fund(9) |
764,000 | 7,617 | ||||||
|
|
|||||||
TOTAL AFFILIATED MUTUAL FUND (Identified Cost $7,640) |
7,617 | |||||||
|
|
TOTAL LONG TERM INVESTMENTS—103.6% (Identified Cost $786,835) |
774,788 | (6) | ||||
|
|
|||||
TOTAL INVESTMENTS—103.6% (Identified Cost $786,835) |
774,788 | (1) | ||||
Other assets and liabilities, net—(3.6)% |
(26,917 | ) | ||||
|
|
|||||
NET ASSETS—100.0% |
$ | 747,871 | ||||
|
|
Abbreviations:
PIK | Payment-in-Kind Security | |
SBA | Small Business Administration |
Footnote Legend:
(1) | Federal Income Tax Information: For tax information at June 30, 2015, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments. |
(2) | Variable or step coupon security; interest rate shown reflects the rate in effect at June 30, 2015. |
(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 June 30, 2015, these securities amounted to a value of $24,135, or 3.2% of net assets. |
(4) | 90% of the income received was in cash and 10% in PIK. |
(5) | Security in default, interest payments are being received during the bankruptcy proceedings. |
(6) | All or a portion segregated as collateral for delayed delivery securitiy. |
(7) | This loan will settle after June 30, 2015, at which time the interest rate, based on the London Interbank Offered Rate (“LIBOR”) and the agreed upon spread on trade date, will be reflected. |
(8) | Security in default. |
(9) | Non-income producing. |
Foreign Currency:
BRL | Brazilian Real |
7
VIRTUS SENIOR FLOATING RATE FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
Country Weightings † |
||||
United States |
92 | % | ||
Luxembourg |
3 | |||
Australia |
1 | |||
Canada |
1 | |||
Netherlands |
1 | |||
United Kingdom |
1 | |||
Other |
1 | |||
|
|
|||
Total |
100 | % | ||
|
|
† | % of total investments as of June 30, 2015 |
8
The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (See Security Valuation Note 1A in the Notes to Schedules of Investments):
Total Value at June 30, 2015 |
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
||||||||||
Debt Securities: |
||||||||||||
Asset-Backed Securities |
$ | 1,140 | $ | — | $ | 1,140 | ||||||
Corporate Bonds And Notes |
49,285 | — | 49,285 | |||||||||
Loan Agreements |
716,746 | — | 716,746 | |||||||||
Equity Securities: |
||||||||||||
Affiliated Mutual Fund |
7,617 | 7,617 | — | |||||||||
|
|
|
|
|
|
|||||||
Total Investments |
$ | 774,788 | $ | 7,617 | $ | 767,171 | ||||||
|
|
|
|
|
|
There are no Level 3 (significant unobservable inputs) priced securities.
There were no transfers between Level 1 and Level 2 related to securities held at June 30, 2015.
VIRTUS WEALTH MASTERS FUND
SCHEDULE OF INVESTMENTS
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
COMMON STOCKS—99.2% |
| |||||||
Consumer Discretionary—36.8% |
| |||||||
Amazon.com, Inc.(2) |
2,127 | $ | 923 | |||||
AMC Networks, Inc. Class A(2) |
11,320 | 927 | ||||||
American Eagle Outfitters, Inc. |
52,906 | 911 | ||||||
Apollo Group, Inc. Class A(2) |
54,917 | 707 | ||||||
AutoNation, Inc.(2) |
14,759 | 930 | ||||||
Buckle, Inc. (The)(3) |
19,943 | 913 | ||||||
Cabela’s, Inc.(2) |
17,983 | 899 | ||||||
Cablevision Systems Corp. Class A |
37,866 | 906 | ||||||
Carnival Corp. |
18,586 | 918 | ||||||
CBS Corp. Class B |
15,894 | 882 | ||||||
Choice Hotels International, Inc. |
16,461 | 893 | ||||||
Columbia Sportswear Co. |
15,113 | 914 | ||||||
Comcast Corp. Class A |
15,230 | 916 | ||||||
Dick’s Sporting Goods, Inc. |
17,516 | 907 | ||||||
Dillard’s, Inc. Class A |
8,524 | 897 | ||||||
Discovery Communications, Inc. |
29,075 | 904 | ||||||
DISH Network Corp. Class A(2) |
13,182 | 893 | ||||||
DreamWorks Animation SKG, Inc. |
33,455 | 883 | ||||||
DSW, Inc. Class A |
27,267 | 910 | ||||||
Expedia, Inc. |
8,480 | 927 | ||||||
Federal-Mogul Corp.(2) |
79,288 | 900 | ||||||
Fossil Group, Inc.(2) |
12,824 | 889 | ||||||
Gap, Inc. (The) |
23,673 | 904 | ||||||
Garmin Ltd. |
19,722 | 866 | ||||||
Horton (D.R.), Inc. |
33,674 | 921 | ||||||
Hyatt Hotels Corp. Class A(2) |
16,051 | 910 | ||||||
International Speedway Corp. Class A(2) |
24,679 | 905 | ||||||
Jarden Corp.(2) |
17,302 | 895 | ||||||
L Brands, Inc. |
10,677 | 915 | ||||||
Lands’ End, Inc.(2)(3) |
38,582 | 958 | ||||||
Las Vegas Sands Corp. |
17,555 | 923 | ||||||
Lennar Corp. Class A |
18,747 | 957 | ||||||
Liberty Broadband Corp.(2) |
17,777 | 909 | ||||||
Liberty Global plc Class C |
17,468 | 884 | ||||||
Liberty Interactive Corp. Class A(2) |
31,994 | 888 | ||||||
Liberty Media Corp.(2) |
24,469 | 878 | ||||||
Liberty Tripadvisor Holdings, Class A(2) |
28,105 | 906 | ||||||
Liberty Ventures Class A(2) |
22,438 | 881 | ||||||
Lions Gate Entertainment Corp. |
24,533 | 909 | ||||||
Madison Square Garden Co. (The)(2) |
10,852 | 906 | ||||||
Marriott International, Inc. Class A |
11,908 | 886 | ||||||
Marriott Vacations Worldwide Corp. |
10,407 | 955 |
SHARES | VALUE | |||||||
Consumer Discretionary—(continued) |
| |||||||
MGM Resorts International(2) |
48,578 | $ | 887 | |||||
Mohawk Industries, Inc.(2) |
4,772 | 911 | ||||||
Morningstar, Inc. |
11,695 | 930 | ||||||
News Corp. Class A(2) |
61,614 | 899 | ||||||
NIKE, Inc. Class B |
8,695 | 939 | ||||||
Nordstrom, Inc. |
12,304 | 917 | ||||||
Papa John’s International, Inc. |
12,474 | 943 | ||||||
Penn National Gaming, Inc.(2) |
51,279 | 941 | ||||||
Penske Automotive Group, Inc. |
17,716 | 923 | ||||||
Ralph Lauren Corp. |
6,666 | 882 | ||||||
Restaurant Brands International, Inc. |
24,093 | 921 | ||||||
Sears Holdings Corp.(3) |
63,388 | 204 | ||||||
Sears Holdings Corp.(2)(3) |
32,687 | 873 | ||||||
Sears Hometown and Outlet Stores, Inc.(2)(3) |
101,167 | 961 | ||||||
Starbucks Corp. |
17,210 | 923 | ||||||
Starz - Liberty Capital Class A(2) |
21,362 | 955 | ||||||
Tesla Motors, Inc.(2)(3) |
3,575 | 959 | ||||||
Twenty-First Century Fox, Inc. Class A |
27,926 | 909 | ||||||
Under Armour, Inc. Class A(2) |
10,940 | 913 | ||||||
Urban Outfitters, Inc.(2) |
26,205 | 917 | ||||||
Viacom, Inc. Class B |
13,602 | 879 | ||||||
Wendy’s Co. (The) |
81,214 | 916 | ||||||
Wynn Resorts Ltd. |
9,194 | 907 | ||||||
|
|
|||||||
58,314 | ||||||||
|
|
|||||||
Consumer Staples—4.6% |
||||||||
Boston Beer Co., Inc. (The) Class A(2) |
3,734 | 866 | ||||||
Brown-Forman Corp. Class B |
9,147 | 916 | ||||||
Estee Lauder Cos., Inc. (The) Class A |
10,510 | 911 | ||||||
HRG Group, Inc.(2) |
71,651 | 932 | ||||||
Lancaster Colony Corp. |
10,037 | 912 | ||||||
Monster Beverage Corp.(2) |
6,949 | 931 | ||||||
PriceSmart, Inc. |
10,349 | 944 | ||||||
Tootsie Roll Industries, Inc. |
28,652 | 926 | ||||||
|
|
|||||||
7,338 | ||||||||
|
|
|||||||
Energy—6.7% |
||||||||
Chesapeake Energy Corp.(3) |
78,001 | 871 | ||||||
Clayton Williams Energy, Inc.(2) |
13,651 | 898 | ||||||
Continental Resources, Inc.(2) |
21,082 | 894 | ||||||
CVR Energy, Inc. |
24,048 | 905 | ||||||
Exterran Holdings, Inc. |
27,690 | 904 | ||||||
Halcon Resources Corp.(2)(3) |
773,828 | 898 | ||||||
Hess Corp. |
13,459 | 900 |
1
VIRTUS WEALTH MASTERS FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
Energy—(continued) |
| |||||||
Par Petroleum Corp.(2) |
42,119 | $ | 789 | |||||
RPC, Inc. |
65,129 | 901 | ||||||
Transocean Ltd.(3) |
54,791 | 883 | ||||||
W&T Offshore, Inc.(3) |
165,385 | 906 | ||||||
Western Refining, Inc. |
21,235 | 926 | ||||||
|
|
|||||||
10,675 | ||||||||
|
|
|||||||
Financials—18.3% |
|
|||||||
Altisource Portfolio Solutions SA(2)(3) |
29,071 | 895 | ||||||
American Financial Group, Inc. |
14,034 | 913 | ||||||
AmTrust Financial Services, Inc. |
14,488 | 949 | ||||||
Berkley (W.R.) Corp. |
17,615 | 915 | ||||||
Berkshire Hathaway, Inc. Class B(2) |
6,561 | 893 | ||||||
BOK Financial Corp. |
13,262 | 923 | ||||||
Boston Properties, Inc. |
7,392 | 895 | ||||||
Brown & Brown, Inc. |
27,576 | 906 | ||||||
Charles Schwab Corp. (The) |
27,798 | 908 | ||||||
Cohen & Steers, Inc. |
25,660 | 874 | ||||||
Credit Acceptance Corp.(2) |
3,987 | 981 | ||||||
Equity Lifestyle Properties, Inc. |
17,099 | 899 | ||||||
Equity Residential |
12,726 | 893 | ||||||
Erie Indemnity Co. Class A |
11,200 | 919 | ||||||
First Citizens BancShares, Inc. |
3,667 | 964 | ||||||
Franklin Resources, Inc. |
18,093 | 887 | ||||||
Gaming and Leisure Properties, Inc. |
24,740 | 907 | ||||||
Greenlight Capital Re Ltd. Class A(2) |
30,350 | 885 | ||||||
Hilltop Holdings, Inc.(2) |
38,689 | 932 | ||||||
Host Hotels & Resorts, Inc. |
45,370 | 900 | ||||||
Howard Hughes Corp. (The)(2) |
6,290 | 903 | ||||||
Leucadia National Corp. |
38,061 | 924 | ||||||
Loews Corp. |
23,413 | 902 | ||||||
Mercury General Corp. |
16,130 | 898 | ||||||
Ocwen Financial Corp.(2)(3) |
86,880 | 886 | ||||||
Raymond James Financial, Inc. |
15,190 | 905 | ||||||
Simon Property Group, Inc. |
5,259 | 910 | ||||||
Taubman Centers, Inc. |
12,575 | 874 | ||||||
Urban Edge Properties |
41,675 | 866 | ||||||
Vornado Realty Trust |
9,319 | 885 | ||||||
WisdomTree Investments, Inc. |
41,511 | 912 | ||||||
WP GLIMCHER, Inc. |
65,688 | 889 | ||||||
|
|
|||||||
28,992 | ||||||||
|
|
|||||||
Health Care—4.0% |
||||||||
Akorn, Inc.(2) |
19,285 | 842 |
SHARES | VALUE | |||||||
Health Care—(continued) |
||||||||
Bruker Corp.(2) |
43,955 | $ | 897 | |||||
Cerner Corp.(2) |
13,194 | 911 | ||||||
Halozyme Therapeutics, Inc.(2) |
42,087 | 950 | ||||||
Hologic, Inc.(2) |
24,370 | 928 | ||||||
MannKind Corp.(2)(3) |
155,202 | 883 | ||||||
OPKO Health, Inc.(2)(3) |
59,760 | 961 | ||||||
|
|
|||||||
6,372 | ||||||||
|
|
|||||||
Industrials—10.7% |
||||||||
Air Lease Corp. |
25,898 | 878 | ||||||
American Railcar Industries, Inc.(3) |
17,791 | 865 | ||||||
Cintas Corp. |
10,610 | 897 | ||||||
Colfax Corp.(2) |
19,614 | 905 | ||||||
Covanta Holding Corp. |
41,807 | 886 | ||||||
Danaher Corp. |
10,755 | 921 | ||||||
FedEx Corp. |
5,268 | 898 | ||||||
Grainger (W.W.), Inc. |
3,806 | 901 | ||||||
Heartland Express, Inc. |
44,744 | 905 | ||||||
Hertz Global Holdings, Inc.(2) |
45,387 | 822 | ||||||
Illinois Tool Works, Inc. |
9,893 | 908 | ||||||
Manitowoc Co., Inc. (The) |
47,152 | 924 | ||||||
MasTec, Inc.(2) |
43,187 | 858 | ||||||
MSC Industrial Direct Co., Inc. |
13,306 | 928 | ||||||
Navistar International Corp.(2) |
39,749 | 900 | ||||||
Rollins, Inc. |
34,466 | 983 | ||||||
Timken Co. (The) |
24,461 | 895 | ||||||
Werner Enterprises, Inc. |
33,560 | 881 | ||||||
XPO Logistics, Inc.(2) |
19,568 | 884 | ||||||
|
|
|||||||
17,039 | ||||||||
|
|
|||||||
Information Technology—12.4% |
||||||||
Amkor Technology, Inc.(2) |
142,924 | 855 | ||||||
Anixter International, Inc.(2) |
13,985 | 911 | ||||||
Broadcom Corp. Class A |
17,216 | 887 | ||||||
eBay, Inc.(2) |
15,031 | 906 | ||||||
EchoStar Corp. Class A(2) |
18,396 | 896 | ||||||
Facebook, Inc. Class A(2) |
10,948 | 939 | ||||||
Google, Inc. Class C(2) |
1,724 | 897 | ||||||
IAC/InterActiveCorp. |
11,939 | 951 | ||||||
Intuit, Inc. |
8,806 | 887 | ||||||
Marvell Technology Group Ltd. |
63,654 | 839 | ||||||
National Instruments Corp. |
29,672 | 874 | ||||||
Nuance Communications, Inc.(2) |
51,035 | 894 | ||||||
Oracle Corp. |
22,341 | 900 |
2
VIRTUS WEALTH MASTERS FUND
SCHEDULE OF INVESTMENTS (Continued)
JUNE 30, 2015 (Unaudited)
($ reported in thousands)
SHARES | VALUE | |||||||
Information Technology—(continued) |
| |||||||
Paychex, Inc. |
19,020 | $ | 892 | |||||
Pegasystems, Inc. |
39,368 | 901 | ||||||
Rackspace Hosting, Inc.(2) |
24,300 | 904 | ||||||
RealPage, Inc.(2) |
45,942 | 876 | ||||||
Salesforce.com, Inc.(2) |
12,409 | 864 | ||||||
SS&C Technologies Holdings, Inc. |
14,484 | 905 | ||||||
Syntel, Inc.(2) |
19,571 | 929 | ||||||
TeleTech Holdings, Inc. |
34,123 | 924 | ||||||
Yahoo!, Inc.(2) |
22,786 | 895 | ||||||
|
|
|||||||
19,726 | ||||||||
|
|
|||||||
Materials—5.1% |
||||||||
Airgas, Inc. |
8,670 | 917 | ||||||
Huntsman Corp. |
39,930 | 881 | ||||||
LyondellBasell Industries N.V. Class A |
8,842 | 915 | ||||||
NewMarket Corp. |
2,016 | 895 | ||||||
Novagold Resources, Inc.(2)(3) |
251,282 | 860 | ||||||
Scotts Miracle-Gro Co. (The) Class A |
15,383 | 911 | ||||||
Silgan Holdings, Inc. |
16,743 | 883 | ||||||
Timkensteel Corp. |
31,943 | 862 | ||||||
Westlake Chemical Corp. |
12,716 | 872 | ||||||
|
|
|||||||
7,996 | ||||||||
|
|
|||||||
Utilities—0.6% |
||||||||
Solarcity Corp.(2)(3) |
16,089 | 862 | ||||||
|
|
|||||||
TOTAL COMMON STOCKS (Identified Cost $142,781) |
157,314 | |||||||
|
|
|||||||
TOTAL LONG TERM INVESTMENTS—99.2% (Identified Cost $142,781) |
157,314 | |||||||
|
|
|||||||
SHORT-TERM INVESTMENTS—0.2% |
| |||||||
Money Market Mutual Fund—0.2% |
|
|||||||
Fidelity Money Market Portfolio - Institutional Shares (seven-day effective yield 0.140%) |
382,363 | 382 | ||||||
|
|
|||||||
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $382) |
382 | |||||||
|
|
|||||||
SECURITIES LENDING COLLATERAL—8.1% |
||||||||
INVESCO Trust Short-Term Investments Liquid Assets Portfolio (The) Institutional Shares (seven-day effective yield 0.080%)(4) |
12,885,688 | 12,886 | ||||||
|
|
|||||||
TOTAL SECURITIES LENDING COLLATERAL (Identified Cost $12,886) |
12,886 | |||||||
|
|
TOTAL INVESTMENTS—107.5% (Identified Cost $156,049) |
170,582 | (1) | ||||
Other assets and liabilities, |
(11,881 | ) | ||||
|
|
|||||
NET ASSETS—100.0% |
$ | 158,701 | ||||
|
|
Footnote Legend:
(1) | Federal Income Tax Information: For tax information at June 30, 2015, see Note 3 Federal Income Tax Information in the Notes to Schedules of Investments. |
(2) | Non-income producing. |
(3) | All or a portion of security is on loan. |
(4) | Represents security purchased with cash collateral received for securities on loan. |
3
The following table provides a summary of inputs used to value the Fund’s investments as of June 30, 2015 (See Security Valuation Note 1A in the Notes to Schedules of Investments):
Total Value at June 30, 2015 |
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
||||||||||
Equity Securities: |
||||||||||||
Common Stocks |
$ | 157,314 | $ | 157,110 | $ | 204 | ||||||
Securities Lending Collateral |
12,886 | 12,886 | — | |||||||||
Short-Term Investments |
382 | 382 | — | |||||||||
|
|
|
|
|
|
|||||||
Total Investments |
$ | 170,582 | $ | 170,378 | $ | 204 | ||||||
|
|
|
|
|
|
There are no Level 3 (significant unobservable inputs) priced securities.
There were no transfers between Level 1 and Level 2 related to securities held at June 30, 2015.
VIRTUS OPPORTUNITIES TRUST
NOTES TO SCHEDULES OF INVESTMENTS
JUNE 30, 2015 (UNAUDITED)
NOTE 1 — SIGNIFICANT ACCOUNTING POLICIES
The significant accounting policies consistently followed by the Virtus Opportunities Trust, a trust consisting of 32 Funds (each a “Fund”), in the preparation of the Schedules of Investments are summarized below and for derivatives, included in Note 1B below. The preparation of the Schedules of Investments in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the Schedules of Investments. Actual results could differ from those estimates, and those differences could be significant.
A. SECURITY VALUATION
Security valuation procedures for the Trust, which include nightly price variance, as well as back-testing such as bi-weekly unchanged price, monthly secondary source and transaction analysis, have been approved by the Board of Trustees (the “Board”, or the “Trustees”). All internally fair valued securities are approved by a valuation committee (the “Valuation Committee”) appointed by the Board. The Valuation Committee is comprised of certain members of management as identified to the Board and convenes independently from portfolio management. All internally fair valued securities are updated daily and reviewed in detail by the Valuation Committee monthly unless changes occur within the period. The Valuation Committee reviews the validity of the model inputs and any changes to the model. Quarterly fair valuations are reviewed by the Board.
The Funds utilize a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Funds’ policy is to recognize transfers between levels 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 Funds’ 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 not widely traded, 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 a 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 Funds fair value non-U.S. securities using an independent pricing service which considers the correlation of the trading patterns of the non-U.S.
Other information regarding each Fund is available in the Fund’s most recent Report to Shareholders.
VIRTUS OPPORTUNITIES TRUST
NOTES TO SCHEDULES OF INVESTMENTS
JUNE 30, 2015 (UNAUDITED) (CONTINUED)
security to the intraday trading in the U.S. markets for investments such as ADRs, 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 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 which considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type, 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 not widely traded, are illiquid, or are internally fair valued by the Valuation Committee, are generally categorized as Level 3 in the hierarchy.
Listed derivatives that are actively traded are valued based on quoted prices from the exchange 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 are valued as of the close of regular trading on the NYSE each business day. Both are categorized as Level 1 in the hierarchy.
A summary of the inputs used to value the Funds’ net assets by each major security type is disclosed at the end of the Schedule of Investments for each Fund. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The Funds own the following internally fair valued securities which are categorized as Level 3 in the hierarchy.
Bond Fund | United Artists Theatre Circuit, Inc. | |
High Yield Fund | United Artists Theatre Circuit, Inc. |
The significant unobservable inputs used in the fair value measurement of these corporate bonds are based on comparable liquid assets adjusted for accretion/amortization rate, current yield, current swap rates, and discount rates related to differences in capital structure and liquidity. Significant changes in any of these inputs in isolation would result in a significantly lower or higher fair value measurement. Generally, a change in the observable market assumptions would have direct impacts to the discount rates used related to capital structure and/or liquidity discounts.
B. DERIVATIVE FINANCIAL INSTRUMENTS
Disclosures about derivative instruments and hedging activities are intended to enable investors to understand how and why a Fund uses derivatives, how derivatives are accounted for, and how derivative instruments affect a Fund’s results of operations and financial position. Summarized below are such disclosures and accounting policies for each specific type of derivative instruments used by certain Funds.
Forward Currency Contracts: A forward currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are traded directly between currency traders and their customers.
Other information regarding each Fund is available in the Fund’s most recent Report to Shareholders.
VIRTUS OPPORTUNITIES TRUST
NOTES TO SCHEDULES OF INVESTMENTS
JUNE 30, 2015 (UNAUDITED) (CONTINUED)
Funds enter into forward currency contracts in conjunction with the planned purchase or sale of non-U.S. denominated securities in order to hedge the U.S. dollar cost of proceeds. The Funds also, from time to time, hedge the currency exposure of foreign denominated securities held in the portfolio, back to U.S. dollars during perceived times of U.S. dollar strength. This is done to protect the U.S. dollar value of the portfolio. Forward currency contracts involve, to varying degrees, elements of market risk in excess of the amounts reflected on the Schedules of Investments. Risks arise from the possible movements in non-U.S. exchange rates or if the counterparty does not perform under the contract.
Options contracts:
Certain Funds may invest in options contracts. An options contract provides the purchaser with the right, but not the obligation, to buy (call option) or sell (put option) a financial instrument at an agreed upon price. Certain Funds may purchase or write both put and call options on portfolio securities. The Fund is subject to equity price risk in the normal course of pursuing its investment objectives. The Fund may use options contracts to hedge against changes in the values of equities. When the Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. Holdings of the Fund designated to cover outstanding written options are noted in the Schedules of Investments.
The risk in writing call options is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing put options is that the Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying options is that the Fund pays a premium whether or not the option is exercised. The use of such instruments may involve certain additional risks as a result of unanticipated movements in the market. Writers (sellers) of options are subject to unlimited risk of loss, as the seller will be obligated to deliver or take delivery of the security at a predetermined price which may, upon exercise of the option, be significantly different from the then-market value.
Warrants and Rights: Certain Funds hold warrants and rights acquired either through a direct purchase, including as part of private placement, or pursuant to corporate actions. Warrants and rights entitle the holder to buy a proportionate amount of common stock at a specific price and time through the expiration dates. Such warrants and rights are held as long positions by the Fund until exercised, sold or expired. Warrants and rights are valued at fair value in accordance with the Board approved fair valuation procedures.
C. SECURITIES LENDING
($ reported in thousands)
Certain Funds may loan securities to qualified brokers through an agreement with Brown Brothers Harriman (“BBH”), as a third party lending agent. Under the terms of agreement, a Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan. Collateral may consist of cash and securities issued by the U.S. Government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged by BBH for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral.
Other information regarding each Fund is available in the Fund’s most recent Report to Shareholders.
VIRTUS OPPORTUNITIES TRUST
NOTES TO SCHEDULES OF INVESTMENTS
JUNE 30, 2015 (UNAUDITED) (CONTINUED)
At June 30, 2015, the following Funds had securities on loan:
Fund |
Market value | Collateral | ||||||
International Equity |
$ | 328 | $ | 337 | ||||
Wealth Masters Fund |
12,897 | 13,244 |
D. SHORT SALES
Certain Funds may sell securities short. A short sale is a transaction in which a Fund sells a security it does not own in anticipation of a decline in market price. To sell a security short, a Fund must borrow the security. The Fund’s obligation to replace the security borrowed and sold short will be fully collateralized at all times by the proceeds from the short sale retained by the broker and by cash and securities deposited in a segregated account with the Fund’s custodian. If the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will realize a loss, and if the price declines during the period, the Fund will realize a gain. Any realized gain will be decreased, and any realized loss increased, by the amount of transaction costs. On ex-dividend date, dividends on short sales are recorded as an expense to the Fund.
In accordance with the terms of its prime brokerage agreement, the Dynamic Trend Fund may receive rebate income or be charged a fee on borrowed securities. Such income or fee is calculated on a daily basis based upon the market value of each borrowed security and a variable rate that is dependent upon the availability of such security.
E. CREDIT RISK
In countries with limited or developing markets, investments may present greater risks than in more developed markets and the prices of such investments may be volatile. The consequences of political, social or economic changes in these markets may have disruptive effects on the market prices of these investments and the income they generate, as well as a Fund’s ability to repatriate such amounts.
High-yield/high-risk securities typically entail greater price volatility and/or principal and interest rate risk. There is a greater chance that an issuer will not be able to make principal and interest payments on time. Analysis of the creditworthiness of issuers of high-yield/high-risk securities may be complex, and as a result, it may be more difficult for the adviser and/or subadviser to accurately predict risk.
Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that the market may fluctuate for other reasons, and there is no assurance that the insurance company will meet its obligations. Insured securities have been identified in the Schedule of Investments. A real or perceived decline in creditworthiness of a bond insurer can have an adverse impact on the value of insured bonds held in the Funds.
Certain Funds may invest a high percentage of their assets in specific sectors of the market in their pursuit of a greater investment return. Fluctuations in these sectors of concentration may have a greater impact on a Fund, positive or negative, than if a Fund did not concentrate its investments in such sectors.
Other information regarding each Fund is available in the Fund’s most recent Report to Shareholders.
VIRTUS OPPORTUNITIES TRUST
NOTES TO SCHEDULES OF INVESTMENTS
JUNE 30, 2015 (UNAUDITED) (CONTINUED)
NOTE 2—ILLIQUID AND RESTRICTED SECURITIES
Investments are generally considered illiquid if they cannot be disposed of within seven days in the ordinary course of business at the approximate amount at which such securities have been valued by a Fund. Additionally, the following information is also considered in determining liquidity: the frequency of trades and quotes for the investment, whether the investment is listed for trading on a recognized domestic exchange and/or whether two or more brokers are willing to purchase or sell the security at a comparable price, the extent of market making activity in the investment and the nature of the market for investment. Illiquid securities are footnoted as such at the end of each Fund’s Schedule of Investments, where applicable. However, a portion of such footnoted securities could be liquid where it is determined that some, though not all, of the position could be disposed of within seven days in the ordinary course of business at the approximate amount at which such securities have been valued by the Fund.
Restricted securities are illiquid securities as defined above, not registered under the Securities Act of 1933, as amended (the “1933 Act”). Generally, 144A securities are excluded from this category, except where defined as illiquid.
Each Fund will bear any costs, including those involved in registration under the 1933 Act, in connection with the disposition of such securities.
At June 30, 2015, the Funds did not hold any securities that were both illiquid and restricted.
NOTE 3—FEDERAL INCOME TAX INFORMATION
($ reported in thousands)
Fund |
Federal Tax Cost |
Unrealized Appreciation |
Unrealized (Depreciation) |
Net Unrealized Appreciation (Depreciation) |
||||||||||||
Alternatives Diversifier Fund |
$ | 114,749 | $ | 7,569 | $ | (22,869 | ) | $ | (15,300 | ) | ||||||
Bond Fund |
74,951 | 1,635 | (1,323 | ) | 312 | |||||||||||
CA Tax-Exempt Bond |
31,206 | 1,907 | (326 | ) | 1,581 | |||||||||||
Disciplined Equity Style Fund |
4,312 | 218 | — | 218 | ||||||||||||
Disciplined Select Bond Fund |
1,516 | — | (31 | ) | (31 | ) | ||||||||||
Disciplined Select Country Fund |
1,405 | 20 | (34 | ) | (14 | ) | ||||||||||
Dynamic Trend Fund (Long positions) |
801,753 | 14,917 | (32,548 | ) | (17,631 | ) | ||||||||||
Dynamic Trend Fund (Short positions) |
— | — | — | — | ||||||||||||
Emerging Markets Debt Fund |
29,893 | 456 | (2,023 | ) | (1,567 | ) | ||||||||||
Emerging Markets Equity Income Fund |
59,723 | 4,469 | (3,832 | ) | 637 |
Other information regarding each Fund is available in the Fund’s most recent Report to Shareholders.
VIRTUS OPPORTUNITIES TRUST
NOTES TO SCHEDULES OF INVESTMENTS
JUNE 30, 2015 (UNAUDITED) (CONTINUED)
Emerging Markets Small-Cap Fund |
5,506 | 253 | (513 | ) | (260 | ) | ||||||||||
Equity Trend Fund |
2,663,431 | 37,866 | (106,838 | ) | (68,972 | ) | ||||||||||
Essential Resources Fund |
5,006 | 100 | (320 | ) | (220 | ) | ||||||||||
Foreign Opportunities Fund |
1,506,001 | 446,679 | (40,980 | ) | 405,699 | |||||||||||
Global Dividend Fund |
172,297 | 20,677 | (4,412 | ) | 16,265 | |||||||||||
Global Equity Trend Fund |
82,336 | 564 | (3,644 | ) | (3,080 | ) | ||||||||||
Global Opportunities Fund |
107,689 | 33,848 | (896 | ) | 32,952 | |||||||||||
Global Real Estate Securities Fund |
76,120 | 6,646 | (2,037 | ) | 4,609 | |||||||||||
Greater European Opportunities Fund |
18,431 | 2,806 | (258 | ) | 2,548 | |||||||||||
Herzfeld Fund |
43,443 | 455 | (1,561 | ) | (1,106 | ) | ||||||||||
High Yield Fund |
100,917 | 1,161 | (2,736 | ) | (1,575 | ) | ||||||||||
International Equity Fund |
8,488 | 831 | (232 | ) | 599 | |||||||||||
International Real Estate Securities Fund |
38,653 | 4,468 | (746 | ) | 3,722 | |||||||||||
International Small-Cap Fund |
62,702 | 3,643 | (5,157 | ) | (1,514 | ) | ||||||||||
International Wealth Masters Fund |
5,227 | 380 | (278 | ) | 102 | |||||||||||
Low Volatility Equity Fund |
4,802 | 368 | — | 368 | ||||||||||||
Low Volatility Equity Fund (Written Options) |
(6 | ) | 4 | — | 4 | |||||||||||
Multi-Asset Trend Fund |
361,204 | 904 | (10,754 | ) | (9,850 | ) | ||||||||||
Multi-Sector Intermediate Fund |
368,774 | 7,235 | (16,800 | ) | (9,565 | ) | ||||||||||
Multi-Sector Short Term Bond Fund |
8,144,698 | 127,386 | (129,606 | ) | (2,220 | ) | ||||||||||
Real Estate Securities Fund |
974,871 | 477,653 | (21,971 | ) | 455,682 | |||||||||||
Sector Trend Fund |
634,605 | 6,562 | (22,271 | ) | (15,709 | ) | ||||||||||
Senior Floating Rate Fund |
787,036 | 3,004 | (15,252 | ) | (12,248 | ) | ||||||||||
Wealth Masters Fund |
159,095 | 20,359 | (8,872 | ) | 11,487 |
Other information regarding each Fund is available in the Fund’s most recent Report to Shareholders.
VIRTUS OPPORTUNITIES TRUST
NOTES TO SCHEDULES OF INVESTMENTS
JUNE 30, 2015 (UNAUDITED) (CONTINUED)
NOTE 4—REGULATORY MATTERS AND LITIGATION
From time to time, the Funds’ investment adviser and/or its affiliates and/or subadvisers may be involved in litigation and arbitration as well as examinations and investigations by various regulatory bodies, including the SEC, involving compliance with, among other things, securities laws, client investment guidelines, laws governing the activities of broker-dealers and other laws and regulations affecting their products and other activities. At this time, the Funds’ investment adviser believes that the outcomes of such matters are not likely, either individually or in the aggregate, to be material to these financial statements.
As part of an SEC non-public, confidential investigation of a matter entitled – In the Matter of F-Squared Investment Inc., the SEC staff informed the Funds’ investment adviser that it was inquiring into whether it had violated securities laws or regulations with respect to circumstances related to that matter.
NOTE 5—SUBSEQUENT EVENTS
Management has evaluated the impact of all subsequent events on the Funds through the date the Schedules of Investments (“N-Q”) were filed, and has determined that the following subsequent event requires recognition or disclosure in the Notes to Schedules of Investments.
Effective July 31, 2015, Virtus Global Dividend Fund changed its name to Virtus Global Infrastructure Fund.
Other information regarding each Fund is available in the Fund’s most recent Report to Shareholders.
Item 2. Controls and Procedures.
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 3. Exhibits.
Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | Virtus Opportunities Trust |
By (Signature and Title)* | ||||
George R. Aylward, President | ||||
(principal executive officer) |
Date | 08/28/15 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | ||||
George R. Aylward, President | ||||
(principal executive officer) |
Date | 08/28/15 |
By (Signature and Title)* | ||||
W. Patrick Bradley, Senior Vice President, Chief Financial Officer, and Treasurer | ||||
(principal financial officer) |
Date | 08/28/15 |
* Print the name and title of each signing officer under his or her signature.
This ‘N-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
Filed on / Effective on: | 8/28/15 | |||
7/31/15 | ||||
For Period End: | 6/30/15 | N-PX | ||
9/30/14 | 24F-2NT, N-CSR, NSAR-B | |||
6/30/14 | N-PX, N-Q | |||
List all Filings |