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Virtus Opportunities Trust – ‘N-Q’ for 12/31/08

On:  Monday, 3/2/09, at 4:51pm ET   ·   Effective:  3/2/09   ·   For:  12/31/08   ·   Accession #:  935069-9-522   ·   File #:  811-07455

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  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 3/02/09  Virtus Opportunities Trust        N-Q        12/31/08    2:263K                                   Bowne - BGM/FAVirtus Alphasector Allocation Fund Class A (PSWAX) — Class C (PSWCX)Virtus Core Bond Fund Class A (PHGBX) — Class B (PUSBX) — Class C (PUSCX)Virtus Duff & Phelps Global Infrastructure Fund Class A (PGUAX) — Class C (PGUCX) — Class I (PGIUX)Virtus Duff & Phelps International Real Estate Securities Fund Class A (PXRAX) — Class C (PXRCX) — Class I (PXRIX)Virtus Duff & Phelps Real Asset Fund Class A (PDPAX) — Class C (PDPCX)Virtus Duff & Phelps Real Estate Securities Fund Class A (PHRAX) — Class B (PHRBX) — Class C (PHRCX) — Class I (PHRIX)Virtus Dynamic Trend Fund Class A (EMNAX) — Class B (EMNBX) — Class C (EMNCX)Virtus Money Market Fund Class A (PMMXX)Virtus Newfleet CA Tax-Exempt Bond Fund Class A (CTESX) — Class I (CTXEX)Virtus Newfleet Core Plus Bond Fund Class A (SAVAX) — Class B (SAVBX) — Class C (SAVCX) — Class I (SAVYX)Virtus Newfleet High Yield Fund Class A (PHCHX) — Class B (PHCCX) — Class C (PGHCX)Virtus Newfleet Multi-Sector Intermediate Bond Fund Class A (NAMFX) — Class B (NBMFX) — Class C (NCMFX)Virtus Newfleet Multi-Sector Short Term Bond Fund Class A (NARAX) — Class B (PBARX) — Class C (PSTCX) — Class C1 (PMSTX) — Class I (PIMSX)Virtus Newfleet Senior Floating Rate Fund Class A (PSFRX) — Class C (PFSRX) — Class I (PSFIX)Virtus Rampart Sector Trend Fund Class A (PWBAX) — Class C (PWBCX)Virtus Vontobel Foreign Opportunities Fund Class A (JVIAX) — Class C (JVICX) — Class I (JVXIX)Virtus Vontobel Global Opportunities Fund Class A (NWWOX) — Class B (WWOBX) — Class C (WWOCX)

Quarterly Schedule of Portfolio Holdings of a Management Investment Company   —   Form N-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-Q         Virtus Opportunities Trust N-Q                       168±   606K 
 2: EX-99.CERT  302 Certification                                      4     15K 


N-Q   —   Virtus Opportunities Trust N-Q
Document Table of Contents

Page (sequential) | (alphabetic) Top
 
11st Page   -   Filing Submission
2Item 1. SCHEDULE OF INVESTMENTS. The Schedules of Investments are attached herewith
84Market Neutral Fund
"Bond Fund
"Core Bond Fund
"High Yield Fund
"Multi-Sector Fixed Income Fund
"Multi-Sector Short Term Bond Fund
87Item 2. Controls and Procedures
"Item 3. Exhibits
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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 (formerly, Phoenix Opportunities Trust) ------------------------------------------------------------------ (Exact name of registrant as specified in charter) 101 Munson Street Greenfield, MA 01301-9668 ------------------------------------------------------------------ (Address of principal executive offices) (Zip code) Kevin J. Carr, Esq. Vice President, Chief Legal Officer, Counsel and Secretary for Registrant 100 Pearl Street Hartford, CT 06103-4506 ------------------------------------------------------------------ (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: December 31, 2008 ----------------- Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (ss.ss. 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. ss. 3507.
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ITEM 1. SCHEDULE OF INVESTMENTS. The Schedules of Investments are attached herewith. VIRTUS GLOBAL INFRASTRUCTURE FUND SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) SHARES VALUE ----------- --------- DOMESTIC COMMON STOCKS--42.2% ELECTRIC UTILITIES--10.9% American Electric Power Co., Inc. 19,780 $ 658 Entergy Corp. 11,400 948 Exelon Corp. 14,360 798 FirstEnergy Corp. 9,100 442 FPL Group, Inc. 25,270 1,272 Northeast Utilities 31,270 752 Southern Co. (The) 39,880 1,476 --------- 6,346 --------- GAS UTILITIES--1.1% Northwest Natural Gas Co. 14,350 635 --------- INTEGRATED TELECOMMUNICATION SERVICES--12.3% AT&T, Inc. 154,340 4,399 Verizon Communications, Inc. 60,760 2,060 Windstream Corp. 80,690 742 --------- 7,201 --------- MULTI-UTILITIES--11.7% Dominion Resources, Inc. 33,850 1,213 DTE Energy Co. 14,700 524 NSTAR 20,900 763 PG&E Corp. 26,560 1,028 Public Service Enterprise Group, Inc. 19,540 570 Sempra Energy 23,780 1,014 Vectren Corp. 20,180 505 Wisconsin Energy Corp. 12,800 537 Xcel Energy, Inc. 37,400 694 --------- 6,848 --------- OIL & GAS STORAGE & TRANSPORTATION--4.8% Spectra Energy Corp. 125,250 1,971 Williams Cos., Inc. (The) 57,960 839 --------- 2,810 --------- WIRELESS TELECOMMUNICATION SERVICES--1.4% American Tower Corp. Class A(b) 27,620 810 ---------------------------------------------------------------------------- TOTAL DOMESTIC COMMON STOCKS (IDENTIFIED COST $31,585) 24,650 ---------------------------------------------------------------------------- FOREIGN COMMON STOCKS(c)--53.0% AIRPORT SERVICES--1.7% Fraport AG (Germany) 21,400 968 --------- SHARES VALUE ----------- --------- ELECTRIC UTILITIES--5.4% E.ON AG (Germany) 43,310 $ 1,701 Red Electrica Corp. S.A. (Spain) 13,790 703 Scottish and Southern Energy plc (United Kingdom) 42,670 752 --------- 3,156 --------- GAS UTILITIES--1.0% Enagas S.A. (Spain) 27,600 610 --------- HIGHWAYS & RAILTRACKS--6.5% Abertis Infraestructuras S.A. (Spain) 100,580 1,803 Atlantia S.p.A. (Italy) 42,930 805 Brisa (Portugal) 158,140 1,185 --------- 3,793 --------- INTEGRATED TELECOMMUNICATION SERVICES--15.7% Chunghwa Telecom Co., Ltd. ADR (Taiwan) 57,646 899 Deutsche Telekom AG Sponsored ADR (Germany) 42,200 646 France Telecom SA Sponsored ADR (France) 50,790 1,426 Koninklijke KPN N.V. (Netherlands) 90,550 1,316 Nippon Telegraph & Telephone Corp. ADR (Japan) 30,840 839 Singapore Telecommunications Ltd. (Singapore) 361,400 644 Telefonica S.A. Sponsored ADR (Spain) 38,720 2,609 TELUS Corp. (Canada) 25,610 771 --------- 9,150 --------- MARINE PORTS & SERVICES--1.3% Koninklijke Vopak NV (Netherlands) 19,760 749 --------- MULTI-UTILITIES--4.5% GDF Suez (France) 24,970 1,239 National Grid plc (United Kingdom) 54,540 539 RWE AG (Germany) 9,680 860 --------- 2,638 --------- OIL & GAS STORAGE & TRANSPORTATION--8.5% Enbridge, Inc. (Canada) 72,870 2,366 TransCanada Corp. (Canada) 95,810 2,601 --------- 4,967 --------- WIRELESS TELECOMMUNICATION SERVICES--8.4% KDDI Corp. (Japan) 207 1,478 Rogers Communications, Inc. Class B (Canada) 28,890 856 1
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VIRTUS GLOBAL INFRASTRUCTURE FUND SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) SHARES VALUE ----------- --------- WIRELESS TELECOMMUNICATION SERVICES--(CONTINUED) Vodafone Group plc Sponsored ADR (United Kingdom) 124,890 $ 2,553 --------- 4,887 ---------------------------------------------------------------------------- TOTAL FOREIGN COMMON STOCKS (IDENTIFIED COST $38,816) 30,918 ---------------------------------------------------------------------------- TOTAL LONG TERM INVESTMENTS--95.2% (IDENTIFIED COST $70,401) 55,568 ---------------------------------------------------------------------------- SHORT-TERM INVESTMENTS--3.6% MONEY MARKET MUTUAL FUNDS--3.6% State Street Institutional Liquid Reserves Fund (seven-day effective yield 1.461%) 2,128,588 2,129 ---------------------------------------------------------------------------- TOTAL SHORT-TERM INVESTMENTS (IDENTIFIED COST $2,129) 2,129 ---------------------------------------------------------------------------- TOTAL INVESTMENTS--98.8% (IDENTIFIED COST $72,530) 57,697(a) Other assets and liabilities, net--1.2% 679 --------- NET ASSETS--100.0% $ 58,376 ========= ABBREVIATIONS: ADR American Depositary Receipt FOOTNOTE LEGEND: (a) Federal Income Tax Information: For tax information at December 31, 2008, see Note 3 Federal Tax Information in Notes to Schedules of Investments. (b) Non-income producing. (c) A security is considered to be foreign if the security is issued in a foreign country. The country of risk, noted parenthetically, is determined based on criteria described in Note 1B "Foreign security country determination" in the Notes to Schedules of Investments. 2
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VIRTUS INTERNATIONAL REAL ESTATE SECURITIES FUND SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) SHARES VALUE --------- ------- FOREIGN COMMON STOCKS(c)--98.6% AUSTRALIA--19.6% CFS Retail Property Trust (Retail REITs) 693,452 $ 911 Commonwealth Property Office Fund (Office REITs) 588,916 486 Dexus Property Group (Diversified REITs) 1,033,987 592 Goodman Group (Industrial REITs) 1,502,640 774 GPT Group (Diversified REITs) 926,972 604 Westfield Group (Retail REITs) 597,573 5,425 ------- 8,792 ------- CANADA--8.0% Allied Properties Real Estate Investment Trust (Office REITs) 37,500 378 Boardwalk Real Estate Investment Trust (Residential REITs) 41,360 856 Brookfield Properties Corp. (Real Estate Operating Companies) 139,850 1,054 Cominar Real Estate Investment Trust (Diversified REITs) 36,050 468 RioCan Real Estate Investment Trust (Retail REITs) 76,700 849 ------- 3,605 ------- FINLAND--1.5% Citycon Oyj (Diversified Real Estate Activities) 278,166 663 ------- FRANCE--14.8% Fonciere Des Regions (Diversified REITs) 3,947 270 Gecina SA (Diversified REITs) 6,780 471 Klepierre (Retail REITs) 36,096 888 Societe Immobiliere de Location Pour L'industrie Et Le Commerce (Diversified Real Estate Activities) 7,592 709 Unibail-Rodamco (Retail REITs) 28,955 4,326 ------- 6,664 ------- GERMANY--2.3% Alstria Office Reit-AG (Specialized REITs) 9,832 69 Deutsche Euroshop AG (Diversified Real Estate Activities) 18,718 636 DIC Asset AG (Diversified Real Estate Activities) 9,401 82 GAGFAH S.A. (Diversified Real Estate Activities) 42,151 239 ------- 1,026 ------- SHARES VALUE --------- ------- HONG KONG--8.0% Champion Reit (Specialized REITs) 1,889,000 $ 510 Hongkong Land Holdings Ltd. (Real Estate Operating Companies) 651,000 1,614 Link (The) (Retail REITs) 891,000 1,482 ------- 3,606 ------- JAPAN--13.8% Japan Prime Realty Investment Corp. (Office REITs) 291 691 Japan Real Estate Investment Corp. (Office REITs) 186 1,662 Nippon Accomodations Fund, Inc. (Specialized REITs) 77 329 Nippon Building Fund, Inc. (Office REITs) 222 2,440 Nippon Residential Investment Corp. (Specialized REITs) 121 112 Nomura Real Estate Office Fund, Inc. (Office REITs) 149 970 ------- 6,204 ------- NETHERLANDS--4.1% Corio N.V. (Retail REITs) 22,081 1,017 Eurocommercial Properties N.V. (Specialized REITs)(b) 24,912 838 ------- 1,855 ------- SINGAPORE--4.2% Ascendas Real Estate Investment Trust (Industrial REITs) 632,000 608 CapitaCommercial Trust (Office REITs) 586,000 369 CapitaMall Trust (Retail REITs) 598,000 665 CDL Hospitality Trusts (Specialized REITs) 503,000 257 ------- 1,899 ------- SWEDEN--3.2% Castellum AB (Real Estate Operating Companies) 112,866 892 Fabege AB (Real Estate Operating Companies) 137,809 538 ------- 1,430 ------- SWITZERLAND--2.3% PSP Swiss Property AG (Real Estate Operating Companies)(b) 20,546 1,025 ------- 1
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VIRTUS INTERNATIONAL REAL ESTATE SECURITIES FUND SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) SHARES VALUE --------- ------- UNITED KINGDOM--16.8% Big Yellow Group plc (Diversified Real Estate Activities) 69,146 $ 240 British Land Co. plc (Diversified REITs) 145,473 1,166 Brixton plc (Industrial REITs) 213,904 413 Derwent London plc (Diversified Real Estate Activities) 51,546 542 Great Portland Estates plc (Office REITs) 153,453 576 Hammerson plc (Retail REITs) 128,609 996 Land Securities Group plc (Retail REITs) 162,953 2,191 Liberty International plc (Retail REITs) 84,765 587 Safestore Holdings Ltd. plc (Specialized REITs) 159,419 125 Segro plc (Industrial REITs) 199,428 711 ------- 7,547 ---------------------------------------------------------------------------- TOTAL FOREIGN COMMON STOCKS (IDENTIFIED COST $69,405) 44,316 ---------------------------------------------------------------------------- TOTAL LONG TERM INVESTMENTS--98.6% (IDENTIFIED COST $69,405) 44,316 ---------------------------------------------------------------------------- SHORT-TERM INVESTMENTS--1.7% MONEY MARKET MUTUAL FUNDS--1.7% State Street Institutional Liquid Reserves Fund (seven-day effective yield 1.461%) 752,522 753 ---------------------------------------------------------------------------- TOTAL SHORT-TERM INVESTMENTS (IDENTIFIED COST $753) 753 ---------------------------------------------------------------------------- TOTAL INVESTMENTS--100.3% (IDENTIFIED COST $70,158) 45,069(a) Other assets and liabilities, net--(0.3)% (122) ------- NET ASSETS--100.0% $44,947 ======= ABBREVIATIONS: REIT Real Estate Investment Trust FOOTNOTE LEGEND: (a) Federal Income Tax Information: For tax information at December 31, 2008, see Note 3 Federal Tax Information in Notes to Schedules of Investments. (b) Non-income producing. (c) A security is considered to be foreign if the security is issued in a foreign country. The country of risk, noted in the header, is determined based on criteria described in Note 1B "Foreign security country determination" in the Notes to Schedules of Investments. 2
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VIRTUS MARKET NEUTRAL FUND SCHEDULE OF INVESTMENTS AND SECURITIES SOLD SHORT DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) SHARES VALUE --------- ------- DOMESTIC COMMON STOCKS--80.1% ADVERTISING--0.7% Omnicom Group, Inc. 23,630 $ 636 AEROSPACE & DEFENSE--1.8% Curtiss-Wright Corp. 16,390 547 Goodrich Corp. 13,380 496 Raytheon Co. 11,190 571 ------- 1,614 ------- AGRICULTURAL PRODUCTS--0.3% Corn Products International, Inc. 7,910 228 ------- AIR FREIGHT & LOGISTICS--0.5% FedEx Corp. 6,970 447 ------- AIRLINES--1.9% Delta Air Lines, Inc.(b) 111,120 1,273 US Airways Group, Inc.(b) 51,610 399 ------- 1,672 ------- APPAREL RETAIL--4.8% American Eagle Outfitters, Inc. 53,850 504 Children's Place Retail Stores, Inc. (The)(b) 26,520 575 Citi Trends, Inc.(b) 34,730 511 Gap, Inc. (The) 39,140 524 Hot Topic, Inc.(b) 69,910 648 Jos. A. Bank Clothiers, Inc.(b) 27,160 711 Ross Stores, Inc. 28,560 849 ------- 4,322 ------- APPAREL, ACCESSORIES & LUXURY GOODS--2.2% Coach, Inc.(b) 32,500 675 Hanesbrands, Inc.(b) 38,078 486 Lululemon Athletica, Inc.(b) 23,348 185 True Religion Apparel, Inc.(b) 28,388 353 Warnaco Group, Inc. (The)(b) 14,670 288 ------- 1,987 ------- APPLICATION SOFTWARE--0.5% Adobe Systems, Inc.(b) 21,230 452 ------- AUTO PARTS & EQUIPMENT--0.5% Drew Industries, Inc.(b) 37,340 448 ------- SHARES VALUE --------- ------- AUTOMOTIVE RETAIL--0.7% Advance Auto Parts, Inc. 19,480 $ 656 ------- BIOTECHNOLOGY--2.1% Alexion Pharmaceuticals, Inc.(b) 6,790 246 Amgen, Inc.(b) 6,070 350 Cephalon, Inc.(b) 5,830 449 Gilead Sciences, Inc.(b) 9,850 504 Vertex Pharmaceuticals, Inc.(b) 12,020 365 ------- 1,914 ------- BREWERS--0.4% Molson Coors Brewing Co. Class B 8,050 394 ------- BUILDING PRODUCTS--0.1% Masco Corp. 11,020 123 ------- CASINOS & GAMING--0.6% WMS Industries, Inc.(b) 18,820 506 ------- COMMUNICATIONS EQUIPMENT--3.1% Cisco Systems, Inc.(b) 20,790 339 Emulex Corp.(b) 76,700 535 Juniper Networks, Inc.(b) 50,750 889 QUALCOMM, Inc. 26,900 964 ------- 2,727 ------- CONSTRUCTION & ENGINEERING--0.5% Fluor Corp. 9,400 422 ------- DATA PROCESSING & OUTSOURCED SERVICES--1.1% Alliance Data Systems Corp.(b) 13,070 608 Western Union Co. (The) 24,955 358 ------- 966 ------- DEPARTMENT STORES--0.5% Kohl's Corp.(b) 12,960 469 ------- DIVERSIFIED METALS & MINING--0.3% Freeport-McMoRan Copper & Gold, Inc. 11,830 289 ------- DRUG RETAIL--1.6% CVS Caremark Corp. 48,320 1,389 ------- ELECTRIC UTILITIES--1.6% DPL, Inc. 31,440 718 1
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VIRTUS MARKET NEUTRAL FUND SCHEDULE OF INVESTMENTS AND SECURITIES SOLD SHORT (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) SHARES VALUE --------- ------- ELECTRIC UTILITIES--(CONTINUED) El Paso Electric Co.(b) 40,550 $ 734 ------- 1,452 ------- ELECTRICAL COMPONENTS & EQUIPMENT--0.4% Thomas & Betts Corp.(b) 14,170 340 ------- ELECTRONIC COMPONENTS--0.4% Amphenol Corp. Class A 15,030 360 ------- ENVIRONMENTAL & FACILITIES SERVICES--0.9% Clean Harbors, Inc.(b) 7,050 447 Covanta Holding Corp.(b) 14,380 316 ------- 763 ------- FERTILIZERS & AGRICULTURAL CHEMICALS--0.9% Monsanto Co. 3,640 256 Mosaic Co. (The) 15,240 527 ------- 783 ------- FOOD RETAIL--0.9% Whole Foods Market, Inc. 23,952 226 Winn-Dixie Stores, Inc.(b) 33,750 543 ------- 769 ------- FOOTWEAR--0.3% Timberland Co. (The) Class A(b) 26,070 301 ------- GENERAL MERCHANDISE STORES--0.4% Family Dollar Stores, Inc. 13,340 348 ------- HEALTH CARE DISTRIBUTORS--1.1% AmerisourceBergen Corp. 17,030 607 McKesson Corp. 9,780 379 ------- 986 ------- HEALTH CARE EQUIPMENT--3.3% Covidien Ltd. 24,820 899 Hospira, Inc.(b) 46,910 1,258 ResMed, Inc.(b) 11,230 421 St. Jude Medical, Inc.(b) 9,860 325 ------- 2,903 ------- HEALTH CARE FACILITIES--0.3% Psychiatric Solutions, Inc.(b) 9,940 277 ------- SHARES VALUE --------- ------- HEALTH CARE SERVICES--1.2% Alliance Imaging, Inc.(b) 70,250 $ 560 Medco Health Solutions, Inc.(b) 5,510 231 Quest Diagnostics, Inc. 4,590 238 ------- 1,029 ------- HOME FURNISHINGS--0.6% Ethan Allen Interiors, Inc. 34,850 501 ------- HOME IMPROVEMENT RETAIL--2.0% Home Depot, Inc. (The) 64,490 1,485 Sherwin-Williams Co. (The) 5,030 300 ------- 1,785 ------- HOMEFURNISHING RETAIL--0.2% Williams-Sonoma, Inc. 22,838 180 ------- HOTELS, RESORTS & CRUISE LINES--0.5% Carnival Corp. 19,990 486 ------- HOUSEHOLD PRODUCTS--1.6% Colgate-Palmolive Co. 10,930 749 Energizer Holdings, Inc.(b) 12,910 699 ------- 1,448 ------- HYPERMARKETS & SUPER CENTERS--1.4% BJ's Wholesale Club, Inc.(b) 36,580 1,253 ------- INDUSTRIAL CONGLOMERATES--0.4% McDermott International, Inc.(b) 15,140 150 Tyco International Ltd. 8,200 177 ------- 327 ------- INDUSTRIAL GASES--0.5% Airgas, Inc. 12,330 481 ------- INDUSTRIAL MACHINERY--0.6% Altra Holdings, Inc.(b) 70,690 559 ------- INTEGRATED OIL & GAS--0.1% China Petroleum & Chemical Corp. 1,880 116 ------- INTEGRATED TELECOMMUNICATION SERVICES--0.3% Qwest Communications International, Inc. 71,850 262 ------- INVESTMENT BANKING & BROKERAGE--1.7% Investment Technology Group, Inc.(b) 14,876 338 Jefferies Group, Inc. 30,070 423 2
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VIRTUS MARKET NEUTRAL FUND SCHEDULE OF INVESTMENTS AND SECURITIES SOLD SHORT (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) SHARES VALUE --------- ------- INVESTMENT BANKING & BROKERAGE--(CONTINUED) Piper Jaffray Cos.(b) 18,730 $ 744 ------- 1,505 ------- IT CONSULTING & OTHER SERVICES--1.8% CACI International, Inc. Class A(b) 16,540 746 SRA International, Inc. Class A(b) 47,230 815 ------- 1,561 ------- LIFE SCIENCES TOOLS & SERVICES--1.0% Life Technologies Corp.(b) 9,750 227 Thermo Fisher Scientific, Inc.(b) 19,960 680 ------- 907 ------- MANAGED HEALTH CARE--0.9% Aetna, Inc. 20,990 598 CIGNA Corp. 10,130 171 ------- 769 ------- METAL & GLASS CONTAINERS--0.3% Pactiv Corp.(b) 10,460 260 ------- MORTGAGE REITS--1.5% Annaly Capital Management, Inc. 48,700 773 Redwood Trust, Inc. 37,790 563 ------- 1,336 ------- MOVIES & ENTERTAINMENT--0.8% News Corp. Class B 35,090 336 Time Warner, Inc. 33,550 338 ------- 674 ------- MULTI-UTILITIES--2.8% Alliant Energy Corp. 26,080 761 Avista Corp. 39,410 764 Consolidated Edison, Inc. 9,280 361 PG&E Corp. 16,200 627 ------- 2,513 ------- OFFICE REITS--0.3% BioMed Realty Trust, Inc. 20,510 240 ------- OFFICE SERVICES & SUPPLIES--0.5% Steelcase, Inc. Class A 74,010 416 ------- OIL & GAS DRILLING--0.3% Unit Corp.(b) 10,610 284 ------- SHARES VALUE --------- ------- OIL & GAS EXPLORATION & PRODUCTION--1.3% Range Resources Corp. 18,830 $ 648 XTO Energy, Inc. 15,690 553 ------- 1,201 ------- PACKAGED FOODS & MEATS--2.2% Dean Foods Co.(b) 21,470 386 Ralcorp Holdings, Inc.(b) 16,390 957 Smithfield Foods, Inc.(b) 26,640 375 Tyson Foods, Inc. Class A 30,630 268 ------- 1,986 ------- PAPER PACKAGING--0.8% Packaging Corporation of America 50,840 684 ------- PERSONAL PRODUCTS--0.4% Estee Lauder Cos., Inc. (The) Class A 12,150 376 ------- PHARMACEUTICALS--0.2% Wyeth 4,920 185 ------- PROPERTY & CASUALTY INSURANCE--2.5% Fidelity National Financial, Inc. Class A 38,270 679 First American Corp. 21,860 632 ProAssurance Corp.(b) 16,600 876 ------- 2,187 ------- REGIONAL BANKS--2.2% City National Corp. 15,220 741 First Horizon National Corp. 53,403 565 Pacific Capital Bancorp 40,000 675 ------- 1,981 ------- REINSURANCE--1.3% PartnerRe Ltd. 16,330 1,164 ------- RESEARCH & CONSULTING SERVICES--1.0% Dun & Bradstreet Corp. 11,900 919 ------- RESTAURANTS--0.9% Darden Restaurants, Inc. 27,357 771 ------- SECURITY & ALARM SERVICES--0.3% Brink's Co. (The) 10,940 294 ------- SEMICONDUCTOR EQUIPMENT--1.1% Lam Research Corp.(b) 22,660 482 3
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VIRTUS MARKET NEUTRAL FUND SCHEDULE OF INVESTMENTS AND SECURITIES SOLD SHORT (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) SHARES VALUE --------- ------- SEMICONDUCTOR EQUIPMENT--(CONTINUED) Teradyne, Inc.(b) 120,750 $ 510 ------- 992 ------- SEMICONDUCTORS--1.2% Cypress Semiconductor Corp.(b) 116,380 520 Maxim Integrated Products, Inc. 44,890 513 ------- 1,033 ------- SOFT DRINKS--1.2% Coca-Cola Enterprises, Inc. 63,820 768 Dr. Pepper Snapple Group, Inc.(b) 1 --(e) PepsiCo, Inc. 6,140 336 ------- 1,104 ------- SPECIALIZED CONSUMER SERVICES--0.8% Brink's Home Security Holdings, Inc. 10,850 238 Cypress Semiconductor Corp. 31,090 452 ------- 690 ------- SPECIALIZED REITS--0.3% LaSalle Hotel Properties 23,250 257 ------- SPECIALTY STORES--1.5% OfficeMax, Inc. 53,290 407 PetSmart, Inc. 35,090 647 Tractor Supply Co.(b) 6,770 245 ------- 1,299 ------- SYSTEMS SOFTWARE--1.3% Macrovision Solutions Corp.(b) 62,290 788 McAfee, Inc.(b) 11,470 396 ------- 1,184 ------- TOBACCO--0.4% Lorillard, Inc. 6,050 341 ------- TRADING COMPANIES & DISTRIBUTORS--0.8% Interline Brands, Inc.(b) 66,220 704 ------- TRUCKING--1.3% Heartland Express, Inc. 37,320 588 Landstar System, Inc. 14,850 571 ------- 1,159 ------- WIRELESS TELECOMMUNICATION SERVICES--1.1% Leap Wireless International, Inc.(b) 37,760 1,015 ------- SHARES VALUE --------- ------- ---------------------------------------------------------------------------- TOTAL DOMESTIC COMMON STOCKS (IDENTIFIED COST $72,865) 71,361 ---------------------------------------------------------------------------- FOREIGN COMMON STOCKS(c)--19.3% ADVERTISING--0.6% WPP plc (United Kingdom) 88,420 $ 517 ------- AIR FREIGHT & LOGISTICS--1.2% UTi Worldwide, Inc. (United States) 74,860 1,074 ------- APPAREL RETAIL--0.5% Esprit Holdings Ltd. (China) 78,800 449 ------- APPAREL, ACCESSORIES & LUXURY GOODS--0.6% adidas AG (Germany) 13,020 496 ------- AUTO PARTS & EQUIPMENT--0.5% Autoliv, Inc. (Sweden) 21,200 455 ------- AUTOMOBILE MANUFACTURERS--0.3% Daihatsu Motor Co., Ltd. (Japan) 31,000 274 ------- CABLE & SATELLITE--0.2% Naspers Ltd. (South Africa) 10,990 199 ------- COMMUNICATIONS EQUIPMENT--0.6% Nokia Oyj Sponsored ADR (Finland) 31,630 493 ------- CONSUMER ELECTRONICS--0.3% Panasonic Corp. (Japan) 21,000 258 ------- ELECTRIC UTILITIES--0.2% Cia Paranaense de Energia ADR (Brazil)(b) 17,060 180 ------- FERTILIZERS & AGRICULTURAL CHEMICALS--0.3% Potash Corp. of Saskatchewan, Inc. (Canada) 3,410 250 ------- FOOD RETAIL--0.5% Casino Guichard Perrachon SA (France) 6,320 482 ------- HEALTH CARE EQUIPMENT--1.1% Elekta AB (Sweden) 46,080 464 Fresenius SE (Germany) 9,310 546 ------- 1,010 ------- HOME ENTERTAINMENT SOFTWARE--0.2% Shanda Interactive Entertainment Ltd. Sponsored ADR (China)(b) 5,140 166 ------- 4
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VIRTUS MARKET NEUTRAL FUND SCHEDULE OF INVESTMENTS AND SECURITIES SOLD SHORT (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) SHARES VALUE --------- ------- HOME IMPROVEMENT RETAIL--0.3% Kingfisher plc (United Kingdom) 136,220 $ 268 ------- HOTELS, RESORTS & CRUISE LINES--0.5% Thomas Cook Group plc (United Kingdom) 189,380 484 ------- INTEGRATED OIL & GAS--0.2% PetroChina Co. Ltd. ADR (China) 1,970 175 ------- INTEGRATED TELECOMMUNICATION SERVICES--1.6% Brasil Telecom S.A. ADR (Brazil) 6,820 122 France Telecom S.A. (France) 44,000 1,226 Magyar Telekom Telecommunications plc ADR (Hungary) 6,230 88 Telefonica Data Argentina S.A. (Argentina)(b)(d) 1,400 0 Telefonica Moviles S.A. (Argentina)(b)(d) 1,400 0 ------- 1,436 ------- IT CONSULTING & OTHER SERVICES--0.2% Patni Computer Systems Ltd. ADR (India) 31,050 183 ------- LIFE SCIENCES TOOLS & SERVICES--0.6% MDS, Inc. (Canada)(b) 79,260 486 ------- PACKAGED FOODS & MEATS--0.4% Cadbury plc ADR (United Kingdom) 10,417 372 ------- PERSONAL PRODUCTS--0.2% Kimberly-Clark de Mexico S.A.B. de C.V. (Mexico) 9,620 157 ------- PHARMACEUTICALS--0.9% Novartis AG ADR (Switzerland) 3,050 152 Novartis AG Registered Shares (Switzerland) 13,560 679 ------- 831 ------- PROPERTY & CASUALTY INSURANCE--2.1% ACE Ltd. (United States) 35,990 1,905 ------- REINSURANCE--1.3% Arch Capital Group Ltd. (United States)(b) 16,220 1,137 ------- SEMICONDUCTORS--0.2% Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR (Taiwan) 22,820 180 ------- SHARES VALUE --------- ------- SOFT DRINKS--0.2% Coca-Cola Femsa S.A.B. de C.V. Sponsored ADR (Mexico) 2,180 $ 95 Fomento Economico Mexicano S.A.B. de C.V. Sponsored ADR (Mexico) 3,110 94 ------- 189 ------- STEEL--0.3% Gerdau SA Sponsored ADR (Brazil) 29,580 195 POSCO ADR (South Korea) 1,230 93 ------- 288 ------- TOBACCO--2.9% British American Tobacco plc (United Kingdom) 23,500 613 Imperial Tobacco Group plc (United Kingdom) 24,050 642 Philip Morris International, Inc. (Switzerland) 30,049 1,308 ------- 2,563 ------- WIRELESS TELECOMMUNICATION SERVICES--0.3% America Movil S.A.B. de C.V. ADR Series L (Mexico) 3,790 118 China Mobile Ltd. Sponsored ADR (China) 1,700 86 Turkcell Iletisim Hizmetleri A.S. ADR (Turkey) 6,460 94 ------- 298 ---------------------------------------------------------------------------- TOTAL FOREIGN COMMON STOCKS (IDENTIFIED COST $18,121) 17,255 ---------------------------------------------------------------------------- TOTAL LONG TERM INVESTMENTS--99.4% (IDENTIFIED COST $90,986) 88,616 ---------------------------------------------------------------------------- SHORT-TERM INVESTMENTS--5.7% MONEY MARKET MUTUAL FUNDS--5.7% State Street Institutional Liquid Reserves Fund (seven-day effective yield 1.461%) 5,074,344 5,074 ------- 5
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VIRTUS MARKET NEUTRAL FUND SCHEDULE OF INVESTMENTS AND SECURITIES SOLD SHORT (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) SHARES VALUE --------- ------- ---------------------------------------------------------------------------- TOTAL SHORT-TERM INVESTMENTS (IDENTIFIED COST $5,074) 5,074 ---------------------------------------------------------------------------- TOTAL INVESTMENTS--105.1% (IDENTIFIED COST $96,060) 93,690(a) ---------------------------------------------------------------------------- SECURITIES SOLD SHORT--(98.8)% (PROCEEDS $102,324) (88,056) Other assets and liabilities, net--93.7% 83,497 -------- NET ASSETS--100.0% $ 89,131 ======== SECURITIES SOLD SHORT--98.8% DOMESTIC COMMON STOCKS SOLD SHORT--82.5% AEROSPACE & DEFENSE--0.8% Stanley, Inc. 18,592 $ 673 -------- AIRLINES--0.7% Southwest Airlines Co. 73,490 633 -------- ALUMINUM--0.2% Alcoa, Inc. 13,400 151 -------- APPAREL RETAIL--0.2% Urban Outfitters, Inc. 12,280 184 -------- APPAREL, ACCESSORIES & LUXURY GOODS--0.8% Polo Ralph Lauren Corp. 8,470 385 Quiksilver, Inc. 161,390 297 -------- 682 -------- APPLICATION SOFTWARE--1.0% FactSet Research Systems, Inc. 10,300 456 Salesforce.com, Inc. 13,320 426 -------- 882 -------- ASSET MANAGEMENT & CUSTODY BANKS--0.9% Affiliated Managers Group, Inc. 18,860 791 -------- AUTO PARTS & EQUIPMENT--0.5% Gentex Corp. 53,460 472 -------- AUTOMOTIVE RETAIL--1.1% AutoNation, Inc. 101,020 998 -------- BROADCASTING--0.2% CBS Corp. 24,950 204 -------- SHARES VALUE --------- ------- CABLE & SATELLITE--0.3% Comcast Corp. 13,830 $ 233 COMPUTER HARDWARE--1.4% Dell, Inc. 43,770 448 NCR Corp. 56,720 802 -------- 1,250 -------- COMPUTER STORAGE & PERIPHERALS--1.1% QLogic Corp. 74,980 1,008 -------- CONSTRUCTION & ENGINEERING--0.9% EMCOR Group, Inc. 35,680 800 -------- CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS--3.3% Deere & Co. 26,410 1,012 Trinity Industries, Inc. 50,370 794 Wabtec Corp. 28,570 1,135 -------- 2,941 -------- CONSTRUCTION MATERIALS--0.5% Vulcan Materials Co. 6,700 466 -------- DISTILLERS & VINTNERS--2.3% Brown-Forman Corp. Class B 32,667 1,682 Constellation Brands, Inc. Class A 24,690 389 -------- 2,071 -------- DISTRIBUTORS--1.3% LKQ Corp. 100,651 1,174 -------- DIVERSIFIED CHEMICALS--0.6% Eastman Chemical Co. 6,850 217 Olin Corp. 16,160 292 -------- 509 -------- DIVERSIFIED SUPPORT SERVICES--1.1% Healthcare Services Group, Inc. 63,720 1,015 -------- DIVERSIFIED SUPPORT SERVICES--0.9% Ritchie Bros. Auctioneers, Inc. 38,760 830 -------- EDUCATION SERVICES--0.4% Strayer Education, Inc. 1,790 384 -------- ELECTRIC UTILITIES--0.1% Tractebel Energia SA 12,640 101 -------- 6
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VIRTUS MARKET NEUTRAL FUND SCHEDULE OF INVESTMENTS AND SECURITIES SOLD SHORT (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) SHARES VALUE --------- ------- ELECTRICAL COMPONENTS & EQUIPMENT--3.3% Acuity Brands, Inc. 19,820 $ 692 Baldor Electric Co. 46,200 825 First Solar, Inc. 8,340 1,151 Woodward Governor Co. 13,270 305 -------- 2,973 -------- ELECTRONIC EQUIPMENT & INSTRUMENTS--1.1% National Instruments Corp. 41,120 1,002 -------- GAS UTILITIES--0.8% Piedmont Natural Gas Co. 23,460 743 -------- GENERAL MERCHANDISE STORES--1.0% Target Corp. 24,430 844 -------- GOLD--0.1% Anglo Platinum Ltd. 1,930 112 -------- HEALTH CARE DISTRIBUTORS--1.9% Owens & Minor, Inc. 25,860 974 Patterson Cos., Inc. 37,360 700 -------- 1,674 -------- HEALTH CARE EQUIPMENT--3.1% Bard (C.R.), Inc. 8,180 689 Dionex Corp. 2,820 127 Gen-Probe, Inc. 2,240 96 IDEXX Laboratories, Inc. 20,700 747 Intuitive Surgical, Inc. 2,500 317 Meridian Bioscience, Inc. 19,390 494 Stryker Corp. 6,940 277 -------- 2,747 -------- HEALTH CARE FACILITIES--1.2% Hanger Orthopedic Group, Inc. 35,540 516 LifePoint Hospitals, Inc. 10,330 236 VCA Antech, Inc. 14,080 280 -------- 1,032 -------- HEALTH CARE SERVICES--0.2% Lincare Holdings, Inc. 6,500 175 -------- HEALTH CARE TECHNOLOGY--0.4% Cerner Corp. 8,690 334 -------- SHARES VALUE --------- ------- HOME ENTERTAINMENT SOFTWARE--0.3% Electronic Arts, Inc. 13,800 $ 221 -------- HOMEBUILDING--0.8% KB Home 51,980 708 -------- HOUSEWARES & SPECIALTIES--0.4% Jarden Corp. 32,384 372 -------- HYPERMARKETS & SUPER CENTERS--1.1% Costco Wholesale Corp. 18,940 994 -------- INDUSTRIAL MACHINERY--3.1% CLARCOR, Inc. 26,750 888 ITT Corp. 12,600 579 Mueller Water Products, Inc. 152,460 1,281 -------- 2,748 -------- INTEGRATED TELECOMMUNICATION SERVICES--2.0% General Communication, Inc. Class A 122,580 992 Verizon Communications, Inc. 22,570 765 -------- 1,757 -------- INTERNET RETAIL--0.8% Amazon.com, Inc. 13,470 691 -------- INTERNET SOFTWARE & SERVICES--0.9% Google, Inc. 1,850 569 VeriSign, Inc. 13,490 258 -------- 827 -------- LEISURE FACILITIES--0.3% Life Time Fitness, Inc. 18,040 234 -------- LIFE SCIENCES TOOLS & SERVICES--0.7% Millipore Corp. 12,500 644 -------- MANAGED HEALTH CARE--0.2% WellCare Health Plans, Inc. 10,480 135 -------- MOTORCYCLE MANUFACTURERS--1.2% Harley-Davidson, Inc. 60,090 1,020 -------- MOVIES & ENTERTAINMENT--0.9% Walt Disney Co. (The) 36,980 839 -------- MULTI-LINE INSURANCE--0.5% Hartford Financial Services Group, Inc. (The) 24,310 399 -------- 7
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VIRTUS MARKET NEUTRAL FUND SCHEDULE OF INVESTMENTS AND SECURITIES SOLD SHORT (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) SHARES VALUE --------- ------- OFFICE ELECTRONICS--0.7% Zebra Technologies Corp. Class A 32,110 $ 651 -------- OFFICE REITS--0.6% Douglas Emmett, Inc. 42,715 558 -------- OIL & GAS EQUIPMENT & SERVICES--0.4% Dril-Quip, Inc. 15,650 321 -------- OIL & GAS EXPLORATION & PRODUCTION--1.3% Barrett Corp. (Bill) 34,710 734 EOG Resources, Inc. 6,430 428 -------- 1,162 -------- OTHER DIVERSIFIED FINANCIAL SERVICES--0.0% Bank of America Corp. 2 --(e) -------- PACKAGED FOODS & MEATS--6.6% Cal-Maine Foods, Inc. 9,900 284 General Mills, Inc. 15,660 951 Hain Celestial Group, Inc. (The) 18,860 360 Hershey Co. (The) 25,210 876 Hormel Foods Corp. 52,180 1,622 Smucker (J.M.) Co. (The) 16,516 716 Tootsie Roll Industries, Inc. 43,150 1,105 -------- 5,914 -------- PERSONAL PRODUCTS--2.6% Chattem, Inc. 32,710 2,340 -------- PHARMACEUTICALS--0.4% Medicis Pharmaceutical Corp. 22,160 308 -------- PROPERTY & CASUALTY INSURANCE--0.4% Assured Guaranty Ltd. 33,690 384 -------- REGIONAL BANKS--9.3% Bank of Hawaii Corp. 17,410 786 BB&T Corp. 10,170 279 Cullen/Frost Bankers, Inc. 17,160 870 Prosperity Bancshares, Inc. 51,350 1,519 Susquehanna Bancshares, Inc. 33,600 535 SVB Financial Group 14,311 375 Synovus Financial Corp. 109,610 910 TCF Financial Corp. 58,340 797 Valley National Bancorp 31,490 638 SHARES VALUE --------- ------- REGIONAL BANKS--(CONTINUED) Westamerica Bancorp 31,040 $ 1,588 -------- 8,297 -------- RESTAURANTS--4.0% Chipotle Mexican Grill, Inc. Class A 8,330 516 Panera Bread Co. Class A 18,530 968 Sonic Corp. 173,420 2,111 -------- 3,595 -------- SPECIALTY CHEMICALS--2.0% Ecolab, Inc. 12,170 428 Nalco Holding Co. 22,870 264 Sensient Technologies Corp. 34,780 830 Sigma-Aldrich Corp. 6,990 295 -------- 1,817 -------- SPECIALTY STORES--1.4% Sally Beauty Holdings, Inc. 61,070 347 Tiffany & Co. 38,170 902 -------- 1,249 -------- STEEL--0.3% United States Steel Corp. 7,720 287 -------- THRIFTS & MORTGAGE FINANCE--1.1% Astoria Financial Corp. 56,800 936 -------- TOBACCO--0.4% Reynolds American, Inc. 8,920 360 -------- TRADING COMPANIES & DISTRIBUTORS--0.7% Grainger (W.W.), Inc. 8,000 631 -------- WATER UTILITIES--3.4% American Water Works Co., Inc. 55,970 1,169 Aqua America, Inc. 91,670 1,887 -------- 3,056 ---------------------------------------------------------------------------- TOTAL DOMESTIC COMMON STOCKS SOLD SHORT (PROCEEDS $85,476) 73,543 ---------------------------------------------------------------------------- FOREIGN COMMON STOCKS SOLD SHORT(c)--16.3% APPAREL, ACCESSORIES & LUXURY GOODS--0.6% Hermes International (France) 3,880 543 -------- 8
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VIRTUS MARKET NEUTRAL FUND SCHEDULE OF INVESTMENTS AND SECURITIES SOLD SHORT (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) SHARES VALUE --------- ------- APPLICATION SOFTWARE--1.1% SAP AG Sponsored ADR (Germany) 26,450 $ 958 -------- BROADCASTING--0.1% Grupo Televisa SA Sponsored ADR (Mexico) 6,580 98 -------- COMMUNICATIONS EQUIPMENT--1.6% Research In Motion Ltd. (Canada) 26,870 1,091 Telefonaktiebolaget LM Ericsson Sponsored ADR (Sweden) 38,970 304 -------- 1,395 -------- CONSUMER ELECTRONICS--0.4% Sanyo Electric Co. Ltd. (Japan)(b) 180,000 337 -------- DEPARTMENT STORES--0.6% Marks & Spencer Group plc (United Kingdom) 168,140 527 -------- DISTILLERS & VINTNERS--0.7% Pernod-Ricard SA (France) 8,360 621 -------- ELECTRONIC EQUIPMENT & INSTRUMENTS--0.2% AU Optronics Corp. Sponsored ADR (Taiwan) 23,160 178 -------- HEALTH CARE EQUIPMENT--1.1% Nobel Biocare Holding AG (Switzerland) 29,540 610 William Demant Holding (Denmark) 9,570 401 -------- 1,011 -------- HEALTH CARE SUPPLIES--0.9% Alcon, Inc. (United States) 2,130 190 Coloplast A/S Class B (Denmark) 9,580 662 -------- 852 -------- HOTELS, RESORTS & CRUISE LINES--0.7% Ctrip.Com International Ltd. (China) 10,000 238 Intercontinental Hotels Group plc (United Kingdom) 51,220 422 -------- 660 -------- HOUSEHOLD APPLIANCES--0.5% Husqvarna AB (Sweden) 88,130 474 -------- HYPERMARKETS & SUPER CENTERS--0.2% Wal-Mart de Mexico S.A.B de C.V. (Mexico) 6,580 178 -------- INDEPENDENT POWER PRODUCERS & ENERGY TRADERS--0.1% Huaneng Power International, Inc. (China) 3,260 95 -------- SHARES VALUE --------- ------- INTEGRATED OIL & GAS--0.3% Sasol Ltd. Sponsored ADR (South Africa) 7,770 $ 236 -------- INTEGRATED TELECOMMUNICATION SERVICES--1.9% Koninklijke KPN N.V. (Netherlands) 87,060 1,266 Telefonos de Mexico S.A.B. de C.V. ADR Series L (Mexico) 10,790 226 Telekomunikasi Indonesia (P.T.) Tbk Sponsored ADR (Indonesia) 9,150 229 -------- 1,721 -------- IT CONSULTING & OTHER SERVICES--0.3% Wipro Ltd. (India) 29,500 240 -------- PACKAGED FOODS & MEATS--0.9% Groupe Danone (France) 10,290 622 Perdigao SA (Brazil) 8,010 211 -------- 833 -------- PERSONAL PRODUCTS--0.7% L'Oreal SA (France) 7,000 611 -------- PHARMACEUTICALS--0.9% GlaxoSmithKline plc Sponsored ADR (United Kingdom) 8,630 322 Lundbeck (H) A/S (Denmark) 11,190 234 UCB SA (Belgium) 6,940 226 -------- 782 -------- RESTAURANTS--2.2% Tim Hortons, Inc. (Canada) 67,030 1,933 -------- STEEL--0.3% Cia Siderurgica Nacional SA (Brazil) 17,960 230 -------- ---------------------------------------------------------------------------- TOTAL FOREIGN COMMON STOCKS SOLD SHORT (PROCEEDS $16,848) 14,513 ---------------------------------------------------------------------------- TOTAL SECURITIES SOLD SHORT (PROCEEDS $102,324) 88,056(a) ---------------------------------------------------------------------------- 9
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VIRTUS MARKET NEUTRAL FUND SCHEDULE OF INVESTMENTS AND SECURITIES SOLD SHORT (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) ABBREVIATIONS: ADR American Depositary Receipt DR Depository Receipt REIT Real Estate Investment Trust FOOTNOTE LEGEND: (a) Federal Income Tax Information: For tax information at December 31, 2008, see Note 3 Federal Tax Information in Notes to Schedules of Investments. (b) Non-income producing. (c) A security is considered to be foreign if the security is issued in a foreign country. The country of risk, noted in the header, or parenthetically, is determined based on criteria described in Note 1B "Foreign security country determination" in the Notes to Schedules of Investments. (d) Illiquid and restricted security. Security valued at fair value as determined in good faith by or under the direction of the Trustees. At December 31, 2008, these securities amounted to a value of $0 or 0% of net assets. For acquisition information, see Note 2 "Illiquid and Restricted Securities" in the Notes to Schedules of Investments. (e) Amounts are less than $500 (not reported in thousands). 10
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VIRTUS REAL ESTATE SECURITIES FUND SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) SHARES VALUE ---------- -------- DOMESTIC COMMON STOCKS--97.2% REAL ESTATE INVESTMENT TRUSTS--97.2% DIVERSIFIED--6.0% Vornado Realty Trust 669,747 $ 40,419 ------------------------------------------------------------------------------- TOTAL DIVERSIFIED 40,419 ------------------------------------------------------------------------------- HEALTH CARE--17.7% HCP, Inc. 1,227,192 34,079 Health Care REIT, Inc. 832,780 35,143 Nationwide Health Properties, Inc. 481,160 13,819 Ventas, Inc. 1,047,693 35,171 ------------------------------------------------------------------------------- TOTAL HEALTH CARE 118,212 ------------------------------------------------------------------------------- INDUSTRIAL/OFFICE--17.5% INDUSTRIAL--2.9% AMB Property Corp. 270,320 6,331 Eastgroup Properties, Inc. 72,960 2,596 Prologis 740,870 10,290 -------- 19,217 -------- MIXED--0.5% Liberty Property Trust 156,809 3,580 -------- OFFICE--14.1% Alexandria Real Estate Equities, Inc. 465,509 28,089 BioMed Realty Trust, Inc. 320,610 3,757 Boston Properties, Inc. 429,853 23,642 Corporate Office Properties Trust 722,964 22,195 Douglas Emmett, Inc. 705,750 9,217 SL Green Realty Corp. 279,678 7,244 -------- 94,144 ------------------------------------------------------------------------------- TOTAL INDUSTRIAL/OFFICE 116,941 ------------------------------------------------------------------------------- LODGING/RESORTS--2.4% DiamondRock Hospitality Co. 372,005 1,886 Host Hotels & Resorts, Inc. 1,865,125 14,119 ------------------------------------------------------------------------------- TOTAL LODGING/RESORTS 16,005 ------------------------------------------------------------------------------- RESIDENTIAL--14.3% APARTMENTS--14.3% Apartment Investment & Management Co. Class A 67,930 785 AvalonBay Communities, Inc. 294,566 17,845 BRE Properties, Inc. 311,050 8,703 SHARES VALUE ---------- -------- REAL ESTATE INVESTMENT TRUSTS--(CONTINUED) Equity Residential 1,128,029 $ 33,638 Essex Property Trust, Inc. 242,382 18,603 Home Properties, Inc. 76,540 3,107 UDR, Inc. 947,354 13,064 -------- 95,745 ------------------------------------------------------------------------------- TOTAL RESIDENTIAL 95,745 ------------------------------------------------------------------------------- RETAIL--20.9% FREE STANDING--1.3% National Retail Properties, Inc. 509,870 8,765 -------- REGIONAL MALLS--9.7% Macerich Co. (The) 868,676 15,775 Simon Property Group, Inc. 929,435 49,381 -------- 65,156 -------- SHOPPING CENTERS--9.9% Federal Realty Investment Trust 384,400 23,864 Kimco Realty Corp. 632,612 11,564 Regency Centers Corp. 173,509 8,103 Tanger Factory Outlet Centers, Inc. 600,090 22,575 -------- 66,106 ------------------------------------------------------------------------------- TOTAL RETAIL 140,027 ------------------------------------------------------------------------------- SELF STORAGE--8.0% Extra Space Storage, Inc. 1,117,289 11,531 Public Storage, Inc. 525,763 41,798 ------------------------------------------------------------------------------- TOTAL SELF STORAGE 53,329 ------------------------------------------------------------------------------- SPECIALTY--10.4% Digital Realty Trust, Inc. 1,092,111 35,876 Entertainment Properties Trust 502,696 14,980 Plum Creek Timber Co., Inc. 530,081 18,415 ------------------------------------------------------------------------------- TOTAL SPECIALTY 69,271 =============================================================================== TOTAL DOMESTIC COMMON STOCKS (IDENTIFIED COST $711,360) 649,949 ------------------------------------------------------------------------------- TOTAL LONG TERM INVESTMENTS--97.2% (IDENTIFIED COST $711,360) 649,949 ------------------------------------------------------------------------------- SHORT-TERM OBLIGATIONS--2.6% MONEY MARKET MUTUAL FUNDS--2.6% State Street Institutional Liquid Reserves Fund (seven-day effective yield 1.461%) 17,213,699 17,214 1
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VIRTUS REAL ESTATE SECURITIES FUND SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) ------------------------------------------------------------------------------- TOTAL SHORT-TERM OBLIGATIONS (IDENTIFIED COST $17,214) 17,214 ------------------------------------------------------------------------------- TOTAL INVESTMENTS--99.8% (IDENTIFIED COST $728,574) 667,163(a) Other assets and liabilities, net--0.2% 1,491 -------- NET ASSETS--100.0% $668,654 ======== FOOTNOTE LEGEND: (a) Federal Income Tax Information: For tax information at December 31, 2008, see Note 3 Federal Tax Information in Notes to Schedules of Investments. 2
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Virtus Alternatives Diversifier Fund SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (Unaudited) ($ reported in thousands) SHARES VALUE ----------- --------- MUTUAL FUNDS--67.6% DOMESTIC EQUITY FUNDS(c)--38.5% Virtus Market Neutral Fund Class A(b) 6,976,392 $ 67,811 Virtus Real Estate Securities Class A 2,285,261 40,609 --------- 108,420 --------- FOREIGN EQUITY FUNDS(c)--29.1% Virtus Global Infrastructure Fund Class A 4,665,481 43,949 Virtus International Real Estate Securities Fund Class A 8,344,780 38,135 --------- 82,084 ---------------------------------------------------------------------------- TOTAL MUTUAL FUNDS (IDENTIFIED COST $253,545) 190,504 ---------------------------------------------------------------------------- EXCHANGE TRADED FUNDS--31.7% iShares S&P North American Natural Resources Sector Index Fund 1,075,051 27,220 PowerShares DB Commodity Index Tracking Fund(b) 1,943,183 41,176 PowerShares DB G10 Currency Harvest Fund(b) 1,074,482 20,856 ---------------------------------------------------------------------------- TOTAL EXCHANGE TRADED FUNDS (IDENTIFIED COST $125,889) 89,252 ---------------------------------------------------------------------------- TOTAL LONG TERM INVESTMENTS--99.3% (IDENTIFIED COST $379,434) 279,756 ---------------------------------------------------------------------------- SHORT-TERM INVESTMENTS--1.0% MONEY MARKET MUTUAL FUNDS--1.0% State Street Institutional Liquid Reserves Fund (seven-day effective yield 1.461%) 2,933,820 2,934 ---------------------------------------------------------------------------- TOTAL SHORT-TERM INVESTMENTS (IDENTIFIED COST $2,934) 2,934 ---------------------------------------------------------------------------- TOTAL INVESTMENTS--100.3% (IDENTIFIED COST $382,368) 282,690(a) Other assets and liabilities, net--(0.3)% (821) --------- NET ASSETS--100.0% $ 281,869 ========= ABBREVIATIONS: ETF Exchange Traded Fund FOOTNOTE LEGEND: (a) Federal Income Tax Information: For tax information at December 31, 2008, see Note 3 Federal Tax Information in Notes to Schedules of Investments. (b) Non-income producing. (c) Affiliated Fund. 1
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VIRTUS WEALTH BUILDER FUND SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) SHARES VALUE ---------- ------- MUTUAL FUNDS--99.1% DOMESTIC EQUITY FUNDS(c)--75.0% Virtus Bond Fund Class A 614,494 $ 6,053 Virtus Capital Growth Fund Class A(b) 436,927 4,457 Virtus Growth & Income Fund Class A 727,584 8,556 Virtus Growth Opportunities Fund Class C(b) 480,978 3,891 Virtus High Yield Income Fund 184,189 1,556 Virtus Institutional Bond Fund Class Y 231,642 6,162 Virtus Market Neutral Fund Class A(b) 515,350 5,009 Virtus Mid-Cap Value Fund Class A 208,244 2,959 Virtus Multi-Sector Short Term Bond Fund Class A 396,930 1,492 Virtus Quality Small-Cap Fund Class A 207,101 1,576 Virtus Real Estate Securities Class A 165,754 2,945 Virtus Small Cap Value Fund Class A(b) 199,172 1,564 Virtus Small-Cap Growth Fund Class A(b) 81,623 1,508 Virtus Small-Cap Sustainable Growth Fund Class A(b) 238,216 1,568 Virtus Value Opportunities Fund Class A 1,158,451 8,364 ------- 57,660 ------- FOREIGN EQUITY FUNDS(c)--24.1% Virtus Foreign Opportunities Fund Class A 745,074 12,398 Virtus Global Infrastructure Fund Class A 337,658 3,180 Virtus International Real Estate Securities Fund Class A 648,310 2,963 ------- 18,541 ------------------------------------------------------------------------------- TOTAL MUTUAL FUNDS (IDENTIFIED COST $102,329) 76,201 ------------------------------------------------------------------------------- TOTAL LONG TERM INVESTMENTS--99.1% (IDENTIFIED COST $102,329) 76,201 ------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS--0.5% MONEY MARKET MUTUAL FUNDS--0.5% State Street Institutional Liquid Reserves Fund (seven-day effective yield 1.461%) 358,061 358 ------------------------------------------------------------------------------- TOTAL SHORT-TERM INVESTMENTS (IDENTIFIED COST $358) 358 ------------------------------------------------------------------------------- TOTAL INVESTMENTS--99.6% (IDENTIFIED COST $102,687) 76,559(a) Other assets and liabilities, net--0.4% 318 ------- NET ASSETS--100.0% $76,877 ======= FOOTNOTE LEGEND: (a) Federal Income Tax Information: For tax information at December 31, 2008, see Note 3 Federal Tax Information in Notes to Schedules of Investments. (b) Non-income producing. (c) Affiliated Funds. 1
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VIRTUS WEALTH GUARDIAN FUND SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) SHARES VALUE ---------- ------- MUTUAL FUNDS--98.6% DOMESTIC EQUITY FUNDS(c)--82.2% Virtus Bond Fund Class A 559,344 $ 5,510 Virtus Capital Growth Fund Class A(b) 145,938 1,489 Virtus Growth & Income Fund Class A 248,534 2,923 Virtus Growth Opportunities Fund Class C(b) 201,054 1,626 Virtus High Yield Income Fund 177,868 1,503 Virtus Institutional Bond Fund Class Y 214,930 5,717 Virtus Market Neutral Fund Class A(b) 216,912 2,108 Virtus Mid-Cap Value Fund Class A 74,886 1,064 Virtus Multi-Sector Short Term Bond Fund Class A 396,450 1,491 Virtus Quality Small-Cap Fund Class A 69,610 530 Virtus Real Estate Securities Class A 50,074 890 Virtus Small Cap Value Fund Class A(b) 67,439 529 Virtus Small-Cap Growth Fund Class A(b) 30,809 569 Virtus Small-Cap Sustainable Growth Fund Class A(b) 81,291 535 Virtus Value Opportunities Fund Class A 457,660 3,304 ------- 29,788 ------- FOREIGN EQUITY FUNDS(c)--16.4% Virtus Foreign Opportunities Fund Class A 257,976 4,293 Virtus Global Infrastructure Fund Class A 79,725 751 Virtus International Real Estate Securities Fund Class A 195,985 895 ------- 5,939 ------------------------------------------------------------------------------- TOTAL MUTUAL FUNDS (IDENTIFIED COST $45,944) 35,727 ------------------------------------------------------------------------------- TOTAL LONG TERM INVESTMENTS--98.6% (IDENTIFIED COST $45,944) 35,727 ------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS--0.8% MONEY MARKET MUTUAL FUNDS--0.8% State Street Institutional Liquid Reserves Fund (seven-day effective yield 1.461%) 293,899 294 ------------------------------------------------------------------------------- TOTAL SHORT-TERM INVESTMENTS (IDENTIFIED COST $294) 294 ------------------------------------------------------------------------------- TOTAL INVESTMENTS--99.4% (IDENTIFIED COST $46,238) 36,021(a) Other assets and liabilities, net--0.6% 210 ------- NET ASSETS--100.0% $36,231 ======= FOOTNOTE LEGEND: (a) Federal Income Tax Information: For tax information at December 31, 2008, see Note 3 Federal Tax Information in Notes to Schedules of Investments. (b) Non-income producing. (c) Affiliated Fund. 1
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VIRTUS BOND FUND SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) PAR VALUE VALUE ----------- --------- U.S. GOVERNMENT SECURITIES--12.3% U.S. Treasury Bond 6.250%, 8/15/23 $ 4,950 $ 6,751 U.S. Treasury Note 2.750%, 7/31/10 7,880 8,163 2.750%, 2/28/13 145 155 4.750%, 8/15/17 3,980 4,759 --------- 13,077 ---------------------------------------------------------------------------- TOTAL U.S. GOVERNMENT SECURITIES (IDENTIFIED COST $18,151) 19,828 ---------------------------------------------------------------------------- AGENCY MORTGAGE-BACKED SECURITIES--41.4% FHLMC 2503 B 5.500%, 9/15/17 237 245 2764 HW 5.000%, 3/15/19 455 462 7.000%, 1/1/33 243 255 2691 MG 4.500%, 10/15/33 780 779 6.000%, 10/1/38 2,368 2,442 FNMA 7.000%, 5/1/14 25 26 8.000%, 1/1/15 5 6 5.000%, 12/1/22 4,392 4,515 6.000%, 1/1/33 4,730 4,861 5.500%, 4/1/33 5,860 6,028 5.500%, 10/1/33 5,322 5,468 5.000%, 7/1/34 11,037 11,298 4.500%, 1/1/35 423 430 5.500%, 3/1/35 2,726 2,798 5.500%, 9/1/36 3,541 3,638 6.000%, 9/1/37 59 61 6.000%, 1/1/38 146 150 6.000%, 2/1/38 126 130 6.000%, 3/1/38 918 946 6.500%, 3/1/38 8,878 9,257 6.500%, 5/1/38 859 893 6.000%, 7/1/38 4,920 5,070 5.500%, 8/1/38 1,965 2,016 6.000%, 8/1/38 298 308 6.000%, 8/1/38 697 718 PAR VALUE VALUE ----------- --------- 6.000%, 8/1/38 $ 4,095 $ 4,220 ---------------------------------------------------------------------------- TOTAL AGENCY MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $66,110) 67,020 ---------------------------------------------------------------------------- AGENCY NON-MORTGAGE-BACKED SECURITIES--3.8% FHLMC 7.500%, 7/1/09 2 2 3.750%, 6/28/13 2,845 3,030 7.500%, 4/1/14 34 36 7.000%, 4/1/16 28 30 FNMA 3.250%, 8/12/10 2,955 3,060 ---------------------------------------------------------------------------- TOTAL AGENCY NON-MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $5,872) 6,158 ---------------------------------------------------------------------------- DOMESTIC CORPORATE BONDS--30.8% ADVERTISING--0.3% Affinion Group, Inc. 10.125%, 10/15/13 560 412 --------- AEROSPACE & DEFENSE--0.7% Bombardier, Inc. 144A 8.000%, 11/15/14 (b) 675 597 DI Finance/DynCorp International, Inc. 144A 9.500%, 2/15/13 (b) 555 488 --------- 1,085 --------- APPLICATION SOFTWARE--0.2% Intuit, Inc. 5.750%, 3/15/17 385 285 --------- ASSET MANAGEMENT & CUSTODY BANKS--0.2% Janus Capital Group, Inc. 6.250%, 6/15/12 355 284 --------- BROADCASTING--1.2% Comcast Corp. 5.700%, 5/15/18 645 605 EchoStar DBS Corp. 7.125%, 2/1/16 530 445 Time Warner Cable, Inc. 6.750%, 7/1/18 380 366 United Artists Theatre Circuit, Inc. Series BD-1 9.300%, 7/1/15 (f) 28 20 Viacom, Inc. 5.750%, 4/30/11 555 504 --------- 1,940 --------- CASINOS & GAMING--0.3% Icahn Enterprises LP/Icahn Enterprises Finance Corp. 7.125%, 2/15/13 650 452 --------- COMMUNICATIONS EQUIPMENT--0.4% Cisco Systems, Inc. 5.500%, 2/22/16 545 577 --------- 1
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VIRTUS BOND FUND SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) PAR VALUE VALUE ----------- --------- CONSUMER FINANCE--1.5% American General Finance Corp. 4.000%, 3/15/11 $ 450 $ 218 5.750%, 9/15/16 490 185 Capital One Financial Corp. 5.700%, 9/15/11 620 578 6.150%, 9/1/16 730 514 John Deere Capital Corp. 2.875%, 6/19/12 960 987 --------- 2,482 --------- DATA PROCESSING & OUTSOURCED SERVICES--0.5% Fiserv, Inc. 6.125%, 11/20/12 795 747 --------- DIVERSIFIED BANKS--2.4% JPMorgan Chase & Co. 2.625%, 12/1/10 1,590 1,622 2.125%, 6/22/12 965 969 Wachovia Corp. 5.750%, 2/1/18 445 446 Wells Fargo & Co. 5.625%, 12/11/17 505 527 Wells Fargo Capital XIII 7.700%, 12/29/49(c) 460 379 --------- 3,943 --------- DIVERSIFIED METALS & MINING--0.1% Freeport-McMoRan Copper & Gold, Inc. 8.375%, 4/1/17 275 226 --------- DRUG RETAIL--0.4% CVS Caremark Corp. 5.750%, 6/1/17 645 607 --------- ELECTRIC UTILITIES--2.5% Appalachian Power Co. 5.550%, 4/1/11 810 802 Florida Power Corp. 6.650%, 7/15/11 610 640 Georgia Power Co. 6.000%, 11/1/13 390 410 Nevada Power Co. Series O 6.500%, 5/15/18 730 703 Pacific Gas & Electric Co. 8.250%, 10/15/18 650 781 Virginia Electric and Power Co. Series A 5.400%, 1/15/16 645 632 --------- 3,968 --------- ELECTRONIC MANUFACTURING SERVICES--0.2% Tyco Electronic Group SA 6.000%, 10/1/12 385 347 --------- ENVIRONMENTAL & FACILITIES SERVICES--0.3% Allied Waste North America, Inc. 7.250%, 3/15/15 545 507 --------- FOOD RETAIL--0.4% Safeway, Inc. PAR VALUE VALUE ----------- --------- FOOD RETAIL--(CONTINUED) 6.500%, 3/1/11 $ 375 $ 376 6.350%, 8/15/17 305 302 --------- 678 --------- GAS UTILITIES--0.5% Atmos Energy Corp. 6.350%, 6/15/17 465 412 South Carolina Electric & Gas Co. 6.500%, 11/1/18 310 347 --------- 759 --------- HEALTH CARE SERVICES--0.2% Quest Diagnostics, Inc. 6.400%, 7/1/17 435 400 --------- HOME FURNISHINGS--0.2% Mohawk Industries, Inc. 5.750%, 1/15/11 430 395 --------- HOUSEHOLD PRODUCTS--0.2% Procter & Gamble Co. 4.600%, 1/15/14 350 367 --------- HYPERMARKETS & SUPER CENTERS--0.3% Costco Wholesale Corp. 5.500%, 3/15/17 420 446 --------- INDEPENDENT POWER PRODUCERS & ENERGY TRADERS--0.4% MidAmerican Energy Co. 5.800%, 10/15/36 705 635 --------- INTEGRATED TELECOMMUNICATION SERVICES--1.1% AT&T, Inc. 6.250%, 3/15/11 400 409 Qwest Corp. 8.875%, 3/15/12 385 358 Verizon Communications, Inc. 8.750%, 11/1/18 595 698 Windstream Corp. 7.000%, 3/15/19 435 337 --------- 1,802 --------- INVESTMENT BANKING & BROKERAGE--1.8% Bear Stearns Cos., Inc. (The) 7.250%, 2/1/18 675 740 Merrill Lynch & Co., Inc. 4.485%, 5/12/10(c) 325 313 6.875%, 4/25/18 695 727 Morgan Stanley 4.233%, 5/14/10(c) 150 140 6.625%, 4/1/18 615 540 UBS Preferred Funding Trust V Series 1 6.243%, 5/29/49(c) 715 390 --------- 2,850 --------- LIFE & HEALTH INSURANCE--1.8% Lincoln National Corp. 5.650%, 8/27/12 1,195 985 2
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VIRTUS BOND FUND SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) PAR VALUE VALUE ----------- --------- LIFE & HEALTH INSURANCE--(CONTINUED) Protective Life Secured Trust 4.000%, 4/1/11 $ 1,670 $ 1,505 Prudential Financial, Inc. 8.875%, 6/15/38(c) 605 390 --------- 2,880 --------- MANAGED HEALTH CARE--1.0% Aetna, Inc. 6.500%, 9/15/18 505 481 Wellpoint, Inc. 5.000%, 1/15/11 1,160 1,097 --------- 1,578 --------- MOVIES & ENTERTAINMENT--0.1% Time Warner Cable, Inc. 8.250%, 2/14/14 120 122 --------- MULTI-LINE INSURANCE--0.5% Genworth Financial, Inc. 6.515%, 5/22/18 405 140 6.150%, 11/15/66(c) 360 34 Genworth Global Funding Trusts 5.125%, 3/15/11 925 650 --------- 824 --------- MULTI-UTILITIES--0.1% Dominion Resources, Inc. 8.875%, 1/15/19 180 194 --------- OFFICE REITS--0.1% Duke Realty LP 5.625%, 8/15/11 225 174 --------- OIL & GAS EQUIPMENT & SERVICES--0.2% Allis-Chalmers Energy, Inc. 8.500%, 3/1/17 630 318 --------- OIL & GAS EXPLORATION & PRODUCTION--0.9% Chesapeake Energy Corp. 7.250%, 12/15/18 245 192 Encore Acquisition Co. 6.000%, 7/15/15 310 201 EOG Resources, Inc. 6.875%, 10/1/18 360 393 XTO Energy, Inc. 5.900%, 8/1/12 735 717 --------- 1,503 --------- OIL & GAS STORAGE & TRANSPORTATION--1.2% Enbridge Energy Partners LP 5.875%, 12/15/16 350 288 Energy Transfer Partners LP 6.700%, 7/1/18 570 480 Kinder Morgan Energy Partners LP 5.850%, 9/15/12 415 380 9.000%, 2/1/19 500 522 Pacific Energy Partners LP/Pacific Energy Finance Corp. 6.250%, 9/15/15 325 242 --------- 1,912 --------- PAR VALUE VALUE ----------- --------- OTHER DIVERSIFIED FINANCIAL SERVICES--3.2% Bank of America Corp. 3.125%, 6/15/12 $ 1,540 $ 1,600 5.750%, 8/15/16 715 668 8.125%, 12/29/49(c) 330 247 Citigroup, Inc. 5.000%, 9/15/14 840 739 General Electric Capital Corp. 5.625%, 5/1/18 120 121 6.375%, 11/15/67(c) 715 457 JPMorgan Chase & Co. 5.750%, 1/2/13 1,020 1,035 Series 1 7.900%, 4/29/49(c) 395 329 --------- 5,196 --------- PACKAGED FOODS & MEATS--0.2% Kraft Foods, Inc. 6.125%, 8/23/18 345 340 --------- PAPER PRODUCTS--0.1% Exopack Holding Corp. 11.250%, 2/1/14 200 118 --------- PHARMACEUTICALS--0.5% Johnson & Johnson 5.150%, 7/15/18 800 881 --------- PROPERTY & CASUALTY INSURANCE--0.4% Chubb Corp. 6.375%, 3/29/67(c) 490 304 CNA Financial Corp. 6.500%, 8/15/16 560 396 --------- 700 --------- REGIONAL BANKS--0.8% Credit Suisse First Boston 6.000%, 2/15/18 660 606 Regions Bank 2.750%, 12/10/10 750 766 --------- 1,372 --------- RESIDENTIAL REITS--0.5% AvalonBay Communities, Inc. 5.750%, 9/15/16 410 274 ERP Operating LP 5.375%, 8/1/16 745 525 --------- 799 --------- RETAIL REITS--0.3% Simon Property Group LP 5.600%, 9/1/11 645 539 --------- SOFT DRINKS--0.3% PepsiCo, Inc. 7.900%, 11/1/18 350 429 --------- SYSTEMS SOFTWARE--0.4% Oracle Corp. 5.750%, 4/15/18 585 612 --------- 3
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VIRTUS BOND FUND SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) PAR VALUE VALUE ----------- --------- THRIFTS & MORTGAGE FINANCE--0.7% Countrywide Home Loan, Inc. Series L 4.000%, 3/22/11 $ 615 $ 585 Sovereign Bank 2.750%, 1/17/12 605 621 --------- 1,206 --------- TOBACCO--0.7% Philip Morris International, Inc. 6.875%, 3/17/14 275 289 5.650%, 5/16/18 825 818 --------- 1,107 --------- WIRELESS TELECOMMUNICATION SERVICES--0.5% Alltel Corp. 7.000%, 7/1/12 350 350 Sprint Nextel Corp. 1.866%, 6/28/10(c) 630 528 --------- 878 ---------------------------------------------------------------------------- TOTAL DOMESTIC CORPORATE BONDS (IDENTIFIED COST $54,515) 49,876 ---------------------------------------------------------------------------- NON-AGENCY MORTGAGE-BACKED SECURITIES--0.7% Citigroup Mortgage Loan Trust, Inc. 04-NCM2, 2CB3 8.000%, 8/25/34 46 36 DLJ Mortgage Acceptance Corp. 96-M, 1 144A 0.000%, 11/28/11 (b)(c)(e) 11 8 Merrill Lynch Mortgage Trust 05-MCP1, A2 4.556%, 6/12/43 725 662 Morgan Stanley Mortgage Loan Trust 04-3, 3A 6.000%, 4/25/34 581 453 ---------------------------------------------------------------------------- TOTAL NON-AGENCY MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $1,367) 1,159 ---------------------------------------------------------------------------- FOREIGN CORPORATE BONDS(d)--5.1% CANADA--0.5% Husky Energy, Inc. 6.200%, 9/15/17 785 702 TransCanada Pipelines Ltd. 6.350%, 5/15/67(c) 300 134 --------- 836 --------- ITALY--0.1% Telecom Italia Capital SA 5.250%, 10/1/15 215 164 --------- JAPAN--0.3% Resona Bank Ltd. 144A 5.850%, 9/29/49 (b)(c) 985 558 --------- NETHERLANDS--1.1% ING Groep N.V. 5.775%, 12/8/49(c) 1,445 619 --------- PAR VALUE VALUE ----------- --------- NETHERLANDS--(CONTINUED) Shell International Finance BV 6.375%, 12/15/38 $ 975 $ 1,097 --------- 1,716 --------- SPAIN--1.3% Santander Issuances S.A Unipersonal 144A 5.911%, 6/20/16 (b) 1,085 988 Telefonica Emisiones S.A. 5.984%, 6/20/11 1,080 1,065 --------- 2,053 --------- UNITED KINGDOM--1.1% Barclays Bank plc 144A 7.700%, 4/25/49 (b)(c) 700 463 HBOS plc 144A 6.657%, 5/21/49 (b)(c) 1,100 427 Royal Bank of Scotland Group plc 144A 6.990%, 10/29/49 (b)(c) 955 446 Virgin Media Finance plc 8.750%, 4/15/14 610 460 --------- 1,796 --------- UNITED STATES--0.7% Credit Suisse Guernsey Ltd. 5.860%, 5/29/49(c) 815 381 WEA Finance LLC/WCI Finance LLC 144A 5.700%, 10/1/16 (b) 1,065 711 --------- 1,092 ---------------------------------------------------------------------------- TOTAL FOREIGN CORPORATE BONDS (IDENTIFIED COST $12,047) 8,215 ---------------------------------------------------------------------------- TOTAL LONG TERM INVESTMENTS--94.1% (IDENTIFIED COST $158,062) 152,256 ---------------------------------------------------------------------------- SHORT-TERM INVESTMENTS--2.5% SHARES VALUE ----------- --------- MONEY MARKET MUTUAL FUNDS--2.5% State Street Institutional Liquid Reserves Fund (seven-day effective yield 1.461%) 3,972,562 3,973 ---------------------------------------------------------------------------- TOTAL SHORT-TERM INVESTMENTS (IDENTIFIED COST $3,973) 3,973 ---------------------------------------------------------------------------- TOTAL INVESTMENTS--96.6% (IDENTIFIED COST $162,035) 156,229(a) Other assets and liabilities, net--3.4% 5,551 --------- NET ASSETS--100.0% $ 161,780 ========= 4
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VIRTUS BOND FUND SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) ABBREVIATIONS: FHLM Freddie Mac or Federal Home Loan Mortgage Corporation FNMA Fannie Mae or Federal National Mortgage Association REIT Real Estate Investment Trust FOOTNOTE LEGEND: (a) Federal Income Tax Information: For tax information at December 31, 2008, see Note 3 Federal Tax Information in Notes to Schedules of Investments. (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2008, these securities amounted to a value of $4,686 or 2.9% of net assets. (c) Variable or step coupon security; interest rate shown reflects the rate currently in effect. (d) A security is considered to be foreign if the security is issued in a foreign country. The country of risk, noted in the header, is determined based on criteria described in Note 1B "Foreign security country determination" in the Notes to Schedules of Investments. (e) Illiquid and restricted security. At December 31, 2008, this security amounted to a value of $8 or 0.0% of net assets. For acquisition information, see Note 2 "Illiquid and Restricted Securities" in the Notes to Schedules of Investments. (f) Illiquid security. Security valued at fair value as determined in good faith by or under the direction of the Trustees. At December 31, 2008, this security amounted to a value of $20 or 0.0% of net assets. 5
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VIRTUS CA TAX-EXEMPT BOND FUND SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) PAR VALUE VALUE ----------- --------- MUNICIPAL TAX-EXEMPT BONDS(c)--95.8% DEVELOPMENT REVENUE--5.3% Hercules Redevelopment Agency Tax-Allocation (AMBAC Insured) 5.000%, 8/1/29 $ 500 $ 363 Ontario Redevelopment Financing Authority, Project No.1 (MBIA Insured) 6.900%, 8/1/10 70 72 Project No.1 (MBIA Insured) 5.250%, 8/1/13 500 522 San Diego Redevelopment Agency, Center City Series B (AMBAC Insured) 5.350%, 9/1/24 1,000 856 Series A (AMBAC Insured) 4.750%, 9/1/30 500 352 Santa Clara Redevelopment Agency Tax Allocation (MBIA Insured) 5.000%, 6/1/22 1,000 841 --------- 3,006 --------- EDUCATION REVENUE--2.9% North City West School Facilities Financing Authority, Series B (AMBAC Insured) 5.250%, 9/1/19 1,000 909 Sweetwater Unified High School District, Public Financing Authority, Series A (FSA Insured) 5.000%, 9/1/29 1,000 738 --------- 1,647 --------- GENERAL OBLIGATION--18.3% Antelope Valley Union High School District, Series A (MBIA Insured) 5.000%, 2/1/27 1,000 959 Brea & Olinda Unified School District, Series A (FGIC Insured) 6.000%, 8/1/15 150 172 Butte-Glenn Community College District, Series A (MBIA Insured) 5.500%, 8/1/19 1,000 1,038 California State 5.250%, 6/1/16 65 65 5.500%, 3/1/26 500 493 5.000%, 9/1/30 600 528 5.000%, 11/1/32 700 606 5.000%, 12/1/37 250 213 California State Veterans Bonds, Series BG 5.150%, 12/1/14 895 903 Series CC 4.500%, 12/1/37 330 236 Gilroy Unified School District (FGIC Insured) 5.000%, 8/1/27 500 466 PAR VALUE VALUE ----------- --------- GENERAL OBLIGATION--(CONTINUED) Grossmont-Cuyamaca Community College District Election of 2002 Series A (MBIA Insured) 5.000%, 8/1/19 $ 40 $ 41 Los Angeles Unified School District, Series A-1 (MBIA Insured) 4.500%, 1/1/28 500 432 Metropolitan Water District Southern California, Series A 5.250%, 3/1/11 180 181 Placer Union High School District (FSA Insured) 0.000%, 8/1/32 1,500 338 Rancho Santiago Community College District (FSA Insured) 0.000%, 9/1/27 1,200 373 San Rafael Elementary School District, Election of 2002-B (FGIC Insured) 0.000%, 8/1/26 1,000 347 Santa Ana Unified School District (FGIC Insured) 5.700%, 8/1/22 400 405 Santa Clara Unified School District (FGIC Insured) 5.500%, 7/1/20 1,000 1,027 Walnut Valley Unified School District, Series A (MBIA Insured) 0.000%, 8/1/19 3,095 1,584 --------- 10,407 --------- GENERAL REVENUE--16.6% Anaheim Public Financing Authority, Series C (FSA Insured) 6.000%, 9/1/16 1,600 1,812 California State Public Works Board, Department of Health Services, Richmond Lab Series B (XLCA Insured) 5.000%, 11/1/17 460 458 California State Public Works Board, Highway Patrol Series C 5.250%, 11/1/20 500 478 Golden State Tobacco Securitization Corp., Series A-1 5.125%, 6/1/47 1,500 748 Series A-1 5.750%, 6/1/47 1,000 557 Los Angeles County Public Works Financing Authority, Series A (FSA Insured) 5.500%, 10/1/18 420 469 Pomona Certificates of Participation (AMBAC Insured) 5.500%, 6/1/28 1,365 1,367 San Diego County Certificates of Participation (AMBAC Insured) 5.250%, 11/1/15 960 1,007 San Jose Financing Authority, Series F (MBIA Insured) 5.000%, 9/1/15 1,000 1,045 South Bay Regional Public Communications Authority (ACA Insured) 4.750%, 1/1/31 635 401 1
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VIRTUS CA TAX-EXEMPT BOND FUND SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) PAR VALUE VALUE ----------- --------- GENERAL REVENUE--(CONTINUED) South Coast Air Quality Management Corp. (AMBAC Insured) 6.000%, 8/1/11 $ 1,000 $ 1,080 --------- 9,422 --------- HIGHER EDUCATION REVENUE--3.2% California State Public Works Board, University of California Series D 5.000%, 5/1/30 1,000 925 University of California, Series G (FGIC Insured) 4.750%, 5/15/35 525 453 Series B 4.750%, 5/15/38 500 432 --------- 1,810 --------- MEDICAL REVENUE--7.1% California Health Facilities Financing Authority, Cedars-Sinai Medical Center 5.000%, 11/15/34 500 408 California Health Facilities Financing Authority, Providence Health & Services Series C 6.500%, 10/1/38 300 297 California Health Facilities Financing Authority, Stanford Hospital and Clinics Series A 5.000%, 11/15/14 250 250 California Health Facilities Financing Authority, Sutter Health Series A 5.000%, 11/15/42 870 658 California State Public Works Board, Department of Mental Health Series A 5.500%, 6/1/16 1,000 1,032 California Statewide Communities Development Authority, Kaiser Permanente, Series B 5.000%, 3/1/41 500 375 California Statewide Communities Development Authority, St. Joseph Health System (FGIC Insured) 5.750%, 7/1/47 500 437 San Joaquin General Hospital Project, Certificates of Participation (MBIA Insured) 5.250%, 9/1/12 100 100 Santa Clara County Financing Authority, Series A (AMBAC Insured) 7.750%, 11/15/11 400 456 --------- 4,013 --------- MUNICIPAL UTILITY DISTRICT REVENUE--2.1% East Bay Municipal Utility District (MBIA Insured) 5.000%, 6/1/35 500 474 Sacramento Municipal Utilities District, Financing Authority (MBIA Insured) 4.750%, 7/1/26 500 411 PAR VALUE VALUE ----------- --------- MUNICIPAL UTILITY DISTRICT REVENUE--(CONTINUED) Sacramento Municipal Utility District, Series O (MBIA Insured) 5.250%, 8/15/15 $ 310 $ 322 --------- 1,207 --------- NATURAL GAS REVENUE--0.9% Roseville Natural Gas Financing Authority 5.000%, 2/15/24 750 521 --------- POWER REVENUE--3.5% Northern California Power Agency, Hydroelectric Project Series A (MBIA Insured) 5.000%, 7/1/15 1,000 1,008 Northern California Power Agency, Hydroelectric Project No. 1 Series A (MBIA Insured) 5.200%, 7/1/32 330 314 Southern California Public Power Authority, Series B(FSA Insured) 5.000%, 7/1/12 635 686 --------- 2,008 --------- PRE-REFUNDED--26.5% Contra Costa County Home Mortgage (GNMA Collateralized) 7.500%, 5/1/14 (b) 500 633 Cypress Single Family Residential Mortgage, Series B (Private Mortgage Insurance) 7.250%, 1/1/12 (b) 200 233 Duarte Redevelopment Agency Single Family Mortgage, Series A (FNMA Collateralized) 6.875%, 11/1/11 (b) 300 344 Grossmont-Cuyamaca Community College District Election of 2002 Series A Pre-refunded 8/1/13 @100 (MBIA Insured) 5.000%, 8/1/19 210 239 Huntington Park Redevelopment Agency Single Family Residential Mortgage, Series A (FHA/VA/PRIV MTGS Insured) 8.000%, 12/1/19 (b) 2,400 3,287 Los Angeles Harbor Department 7.600%, 10/1/18(b) 840 1,014 M-S-R Public Power Agency San Juan Project, Series D (MBIA Insured) 6.750%, 7/1/20 (b) 1,740 2,091 Northern California Power Agency, Hydroelectric Project No. 1 Series A Pre-refunded 7/1/21 @ 100 (AMBAC Insured) 7.500%, 7/1/23 195 253 Riverside County Redevelopment Agency, Pre-refunded 10/01/11 @ 102 (AMBAC Insured) 5.250%, 10/1/17 250 279 2
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VIRTUS CA TAX-EXEMPT BOND FUND SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) PAR VALUE VALUE ----------- --------- PRE-REFUNDED--(CONTINUED) Riverside County Single Family(b) Series B (GNMA Collateralized) 8.625%, 5/1/16(b) $ 1,000 $ 1,357 Series A (GNMA Collateralized) 7.800%, 5/1/21(b) 4,000 5,123 Stockton Housing Facility, O'Connor Woods Project Series A Pre-refunded 9/20/17 @ 100 (GNMA Collateralized) 5.600%, 3/20/28 200 202 --------- 15,055 --------- TRANSPORTATION REVENUE--1.5% Alameda Corridor Transportation Authority, Series A (MBIA Insured) 5.125%, 10/1/16 150 153 Series A (MBIA Insured) 5.125%, 10/1/17 125 128 Los Angeles Harbor Department Revenue (MBIA Insured) 4.500%, 8/1/27 500 365 San Francisco Bay Area Rapid Transit District 5.250%, 7/1/17 180 181 --------- 827 --------- WATER & SEWER REVENUE--7.9% California Statewide Communities Development Authority, Anheuser-Bush Project 4.800%, 9/1/46 1,000 551 Delta Diablo Sanitation District, Certificates of Participation (MBIA Insured) 0.000%, 12/1/16 1,070 659 El Dorado Irrigation District, Certificates of Participation, Series A (FGIC Insured) 5.250%, 3/1/16 365 381 WATER & SEWER REVENUE--(CONTINUED) Modesto Wastewater, Series A (FSA Insured) 5.000%, 11/1/19 245 253 Mountain View Shoreline Regional Park Community, Series A (MBIA Insured) 5.500%, 8/1/21 1,000 1,000 Redlands Financing Authority, Series A (FSA Insured) 5.000%, 9/1/17 1,000 1,028 Sweetwater Water Authority (AMBAC Insured) 5.250%, 4/1/10 85 87 PAR VALUE VALUE ----------- --------- Westlands Water District, Certificates of Participation (MBIA Insured) 5.250%, 9/1/14 $ 500 $ 537 --------- 4,496 ---------------------------------------------------------------------------- TOTAL MUNICIPAL TAX-EXEMPT BONDS (IDENTIFIED COST $57,386) 54,419 ---------------------------------------------------------------------------- TOTAL LONG TERM INVESTMENTS--95.8% (IDENTIFIED COST $57,386) 54,419 ---------------------------------------------------------------------------- SHORT-TERM INVESTMENTS--2.2% SHARES VALUE ----------- --------- MONEY MARKET MUTUAL FUNDS--2.2% State Street Institutional Tax Free Money Market Fund (seven-day effective yield 5.321%) 1,243,336 1,243 ---------------------------------------------------------------------------- TOTAL SHORT-TERM INVESTMENTS (IDENTIFIED COST $1,243) 1,243 ---------------------------------------------------------------------------- TOTAL INVESTMENTS--98.0% (IDENTIFIED COST $58,629) 55,662(a) Other assets and liabilities, net--2.0% 1,133 --------- NET ASSETS--100.0% $ 56,795 ========= 3
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VIRTUS CA TAX-EXEMPT BOND FUND SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) ABBREVATIONS ACA American Capital Access Financial Guarantee Corp. AMBA American Municipal Bond Assurance Corporation FGIC Financial Guaranty Insurance Company FHA Federal Housing Authority FNMA Fannie Mae or Federal National Mortgage Association FSA Financial Security Assurance, Inc. GNMA Ginnie Mae or Government National Mortgage Association MBIA Municipal Bond Insurance Association XLCA XL Capital Assurance FOOTNOTE LEGEND (a) Federal Income Tax Information: For tax information at December 31, 2008, see Note 3 Federal Tax Information in Notes to Schedules of Investments. (b) Escrowed to maturity. (c) At December 31, 2008, the concentration of the Fund's investments by state or territory determined as a percentage of net assets is as follows: California 95.8%. At December 31, 2008, 95.8% 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: MBIA 25.2%, GNMA 12.9%, and AMBAC 12.3%. 4
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VIRTUS CORE BOND FUND SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) PAR VALUE VALUE ----------- --------- U.S. GOVERNMENT SECURITIES--0.6% U.S. Treasury Bond 4.000%, 8/15/18 $ 265 $ 306 5.000%, 5/15/37 5 7 --------- 313 --------- U.S. Treasury Note 3.875%, 5/15/18 30 34 ---------------------------------------------------------------------------- TOTAL U.S. GOVERNMENT SECURITIES (IDENTIFIED COST $308) 347 ---------------------------------------------------------------------------- AGENCY MORTGAGE-BACKED SECURITIES--28.4% FHLMC 6.000%, 10/1/34 584 603 FNMA 6.000%, 10/1/14 313 327 6.500%, 6/1/16 226 236 6.000%, 7/1/17 98 102 5.500%, 9/1/17 262 271 5.000%, 4/1/20 346 356 4.500%, 5/1/20 686 702 5.000%, 8/1/21 242 249 6.000%, 5/1/29 232 241 6.500%, 7/1/29 392 410 6.500%, 5/1/30 8 8 7.500%, 3/1/31 146 154 7.000%, 7/1/31 101 107 7.000%, 9/1/31 168 178 6.500%, 2/1/32 314 329 6.500%, 3/1/32 167 174 5.500%, 4/1/33 230 237 5.500%, 6/1/33 1,362 1,399 5.500%, 7/1/33 1,356 1,393 5.000%, 9/1/33 338 346 04-W6, 1A4 5.500%, 7/25/34 232 220 5.000%, 7/1/35 282 288 5.500%, 12/1/35 310 318 6.000%, 6/1/36 394 407 6.000%, 9/1/36 482 497 5.500%, 2/1/37 416 427 6.000%, 3/1/37 578 596 5.500%, 4/1/37 231 237 5.500%, 4/1/37 115 118 6.000%, 2/1/38 61 63 6.000%, 2/1/38 224 230 6.000%, 2/1/38 305 315 PAR VALUE VALUE ----------- --------- 5.000%, 4/1/38 $ 220 $ 225 6.000%, 5/1/38 328 338 5.500%, 7/1/38 305 313 6.000%, 8/1/38 235 243 GNMA 8.500%, 11/15/22 1 1 6.500%, 9/15/28 176 185 7.500%, 9/15/29 149 158 5.000%, 7/15/33 1,873 1,928 6.000%, 6/15/34 374 387 ---------------------------------------------------------------------------- TOTAL AGENCY MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $14,742) 15,316 ---------------------------------------------------------------------------- MUNICIPAL BONDS--13.5% ARIZONA--1.1% Salt River Project Agricultural Improvement & Power District Electric System Series A 5.000%, 1/1/38 625 589 --------- FLORIDA--2.6% Broward County Series A 5.000%, 1/1/21 600 624 Miami-Dade County Educational Facilities Authority Taxable Series C 5.480%, 4/1/16 110 110 Orange County Tourist Development (MBIA Insured) 5.000%, 10/1/17 640 670 --------- 1,404 --------- ILLINOIS--1.2% State of Illinois 5.000%, 1/1/19 580 637 --------- INDIANA--1.1% Transportation Finance Authority Series A Prerefunded 6/1/14 @ 100 (FGIC Insured) 5.250%, 6/1/20 520 600 --------- KANSAS--1.7% Department of Transportation, Highway Revenue Series A (FSA Insured) 5.500%, 3/1/19 785 903 --------- MICHIGAN--0.4% City of Flat Rock Finance Authority Taxable Series A 6.750%, 10/1/16 95 101 Tobacco Settlement Finance Authority Taxable Series A 7.309%, 6/1/34 180 104 --------- 205 --------- 1
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VIRTUS CORE BOND FUND SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) PAR VALUE VALUE ----------- --------- NEW YORK--0.5% City of New York Series A-1 (MBIA Insured) 5.000%, 8/1/17 $ 265 $ 288 --------- NORTH CAROLINA--0.7% City of Charlotte 5.000%, 8/1/18 330 371 --------- PENNSYLVANIA--0.6% City of Pittsburgh Pension Obligation Taxable Series C (FGIC Insured) 6.500%, 3/1/17 340 348 --------- RHODE ISLAND--1.9% City of Woonsocket Pension Funding Taxable (FSA Insured) 5.660%, 7/15/13 1,000 1,049 --------- TEXAS--1.1% Cypress-Fairbanks Independent School District (PSF Guaranteed) 5.000%, 2/15/32 625 612 --------- VIRGINIA--0.1% Tobacco Settlement Financing Corp. Taxable Series A-1 6.706%, 6/1/46 90 49 --------- WASHINGTON--0.5% City of Seattle 5.000%, 6/1/38 265 252 ---------------------------------------------------------------------------- TOTAL MUNICIPAL BONDS (IDENTIFIED COST $7,351) 7,307 ---------------------------------------------------------------------------- ASSET-BACKED SECURITIES--5.6% AmeriCredit Automobile Receivables Trust 05-AX, A4 3.930%, 10/6/11 1,076 989 06-BG, A3 5.210%, 10/6/11 73 71 Capital Auto Receivables Asset Trust Series 06-2, A3A 4.980%, 5/15/11 97 95 Capital One Auto Finance Trust 07-B, A3A 5.030%, 4/15/12 425 401 Carmax Auto Owner Trust 07-2, A3 5.230%, 12/15/11 397 391 Ford Credit Auto Owner Trust 07-A, A3B 1.225%, 8/15/11 (c) 295 275 GMAC Mortgage Corp. Loan Trust 05-AR2, 2A 4.865%, 5/25/35 (c) 242 140 Greenwich Structured ARM Products 05-5A, N2 144A 3.974%, 9/27/45 (b)(c)(f) 315 94 Renaissance Home Equity Loan Trust 06-2, AF4 6.115%, 8/25/36 (c) 730 468 PAR VALUE VALUE ----------- --------- Saxon Asset Securities Trust 05-3, A2C 0.751%, 11/25/35 (c) $ 106 $ 97 ---------------------------------------------------------------------------- TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $3,806) 3,021 ---------------------------------------------------------------------------- DOMESTIC CORPORATE BONDS--20.4% AIRLINES--1.1% American Airlines, Inc. 99-1 7.024%, 10/15/09 365 343 Continental Airlines, Inc. 98-1A 6.648%, 9/15/17 324 236 --------- 579 --------- APPLICATION SOFTWARE--0.1% Intuit, Inc. 5.750%, 3/15/17 45 33 --------- ASSET MANAGEMENT & CUSTODY BANKS--0.7% Allied Capital Corp. 6.000%, 4/1/12 100 69 Bank of New York / Mellon Corp. (The) 4.950%, 11/1/12 115 117 Janus Capital Group, Inc. 6.250%, 6/15/12 125 100 Northern Trust Corp. 5.500%, 8/15/13 75 77 --------- 363 --------- AUTOMOBILE MANUFACTURERS--0.1% Daimler Finance North America LLC 6.500%, 11/15/13 95 74 --------- BROADCASTING--1.0% Comcast Corp. 5.300%, 1/15/14 105 98 5.875%, 2/15/18 65 62 COX Communications, Inc. 144A 6.250%, 6/1/18(b) 140 124 Time Warner Cable, Inc. 5.850%, 5/1/17 70 64 6.750%, 7/1/18 130 125 Viacom, Inc. 6.250%, 4/30/16 70 58 --------- 531 --------- BUILDING PRODUCTS--0.1% Masco Corp. 5.850%, 3/15/17 45 29 Owens Corning, Inc. 6.500%, 12/1/16 35 26 --------- 55 --------- CONSTRUCTION MATERIALS--0.1% Vulcan Materials Co. 5.600%, 11/30/12 80 69 --------- CONSUMER ELECTRONICS--0.1% Best Buy Co., Inc. 144A 6.750%, 7/15/13 (b) 85 79 --------- 2
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VIRTUS CORE BOND FUND SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) PAR VALUE VALUE ----------- --------- CONSUMER FINANCE--1.7% American Express Credit Corp. Series C 5.875%, 5/2/13 $ 140 $ 134 Capital One Financial Corp. 5.250%, 2/21/17 70 60 HSBC Finance Corp. 8.000%, 7/15/10 300 305 SLM Corp. 6.220%, 2/1/10(c) 500 392 --------- 891 --------- DATA PROCESSING & OUTSOURCED SERVICES--0.4% Broadridge Financial Solutions, Inc. 6.125%, 6/1/17 110 80 Fiserv, Inc. 6.125%, 11/20/12 125 117 --------- 197 --------- DIVERSIFIED BANKS--0.6% Wachovia Corp. 4.875%, 2/15/14 200 184 5.750%, 2/1/18 125 125 --------- 309 --------- DIVERSIFIED SUPPORT SERVICES--0.2% Cintas Corporation No. 2 6.125%, 12/1/17 105 94 --------- ELECTRIC UTILITIES--1.1% Dominion Resources, Inc. Series D 5.000%, 3/15/13 90 87 Great River Energy 144A 5.829%, 7/1/17(b) 122 96 NiSource Finance Corp. 6.400%, 3/15/18 130 81 Northeast Utilities 5.650%, 6/1/13 140 131 PPL Capital Funding Trust I Series A 4.330%, 3/1/09 190 190 --------- 585 --------- FOOD RETAIL--0.1% Kroger Co. (The) 6.800%, 12/15/18 70 72 --------- HEALTH CARE SERVICES--0.1% Quest Diagnostics, Inc. 6.400%, 7/1/17 65 60 --------- HOME FURNISHINGS--0.2% Mohawk Industries, Inc. 6.125%, 1/15/16 160 121 --------- HOTELS, RESORTS & CRUISE LINES--0.1% Starwood Hotels & Resort Worldwide, Inc. 6.250%, 2/15/13 110 76 --------- PAR VALUE VALUE ----------- --------- HOUSEHOLD APPLIANCES--0.2% Black & Decker Corp. (The) 5.750%, 11/15/16 $ 115 $ 97 --------- INDUSTRIAL REITS--0.1% ProLogis 6.625%, 5/15/18 60 29 --------- INTEGRATED TELECOMMUNICATION SERVICES--1.1% AT&T, Inc. 5.875%, 2/1/12 130 132 5.625%, 6/15/16 130 131 Embarq Corp. 6.738%, 6/1/13 65 55 Qwest Corp. 7.875%, 9/1/11 65 60 Verizon Communications, Inc. 4.900%, 9/15/15 130 122 5.500%, 4/1/17 70 68 --------- 568 --------- INVESTMENT BANKING & BROKERAGE--1.8% Bear Stearns Companies LLC (The) 7.250%, 2/1/18 205 225 Credit Suisse USA, Inc. 5.850%, 8/16/16 135 128 Goldman Sachs Group, Inc. (The) 5.125%, 1/15/15 160 147 6.150%, 4/1/18 140 134 Merrill Lynch & Co., Inc. (Brazil) 6.110%, 1/29/37 150 135 Morgan Stanley 5.375%, 10/15/15 250 215 --------- 984 --------- LEISURE PRODUCTS--0.2% Hasbro, Inc. 6.300%, 9/15/17 135 128 --------- MANAGED HEALTH CARE--0.2% WellPoint, Inc. 5.250%, 1/15/16 125 111 --------- MORTGAGE REITS--0.1% iStar Financial, Inc. 6.050%, 4/15/15 200 59 --------- MOVIES & ENTERTAINMENT--0.2% Time Warner, Inc. 5.875%, 11/15/16 130 117 --------- MULTI-LINE INSURANCE--0.1% Assurant, Inc. 5.625%, 2/15/14 70 53 --------- OFFICE ELECTRONICS--0.2% Xerox Corp. 6.750%, 2/1/17 170 123 --------- 3
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VIRTUS CORE BOND FUND SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) PAR VALUE VALUE ----------- --------- OIL & GAS EXPLORATION & PRODUCTION--0.2% Petropower I Funding Trust 144A 7.360%, 2/15/14 (b) $ 104 $ 95 --------- OIL & GAS STORAGE & TRANSPORTATION--1.3% Buckeye Partners LP 5.125%, 7/1/17 200 158 Energy Transfer Partners LP 5.950%, 2/1/15 135 116 Enterprise Products Partners L.P. 6.300%, 9/15/17 100 85 Kinder Morgan Energy Partners LP 6.000%, 2/1/17 135 117 NGPL PipeCo. LLC 144A 6.514%, 12/15/12(b) 100 95 Williams Cos., Inc. (The) 7.125%, 9/1/11 125 115 --------- 686 --------- OTHER DIVERSIFIED FINANCIAL SERVICES--3.2% Bank of America Corp. 5.490%, 3/15/19 300 258 Citigroup, Inc. 5.500%, 8/27/12 90 87 5.625%, 8/27/12 280 263 5.500%, 2/15/17 95 86 General Electric Capital Corp. 6.750%, 3/15/32 500 532 International Lease Finance Corp. 4.750%, 1/13/12 225 157 JPMorgan Chase & Co. 5.125%, 9/15/14 155 150 5.250%, 5/1/15 85 80 National Rural Utilities Cooperative Finance Corp. 5.500%, 7/1/13 115 112 --------- 1,725 --------- REGIONAL BANKS--0.9% Credit Suisse First Boston 6.000%, 2/15/18 65 60 PNC Bank NA 4.875%, 9/21/17 155 143 SunTrust Banks, Inc. 5.250%, 11/5/12 135 132 Zions Bancorp. 5.500%, 11/16/15 200 141 --------- 476 --------- RESEARCH & CONSULTING SERVICES--0.2% Equifax, Inc. 6.300%, 7/1/17 130 94 --------- RESIDENTIAL REITS--0.2% UDR, Inc. 5.250%, 1/15/15 150 97 --------- RESTAURANTS--0.4% Starbucks Corp. 6.250%, 8/15/17 135 122 PAR VALUE VALUE ----------- --------- RESTAURANTS--(CONTINUED) Yum! Brands, Inc. 6.250%, 4/15/16 $ 140 $ 119 --------- 241 --------- RETAIL REITS--0.3% Simon Property Group LP 5.100%, 6/15/15 70 43 Tanger Factory Outlet Centers 6.150%, 11/15/15 190 137 --------- 180 --------- SPECIALIZED FINANCE--0.4% CIT Group, Inc. 5.125%, 9/30/14 200 143 CME Group, Inc. 5.400%, 8/1/13 65 64 --------- 207 --------- SPECIALIZED REITS--0.6% Health Care REIT, Inc. 5.875%, 5/15/15 225 155 Nationwide Health Properties, Inc. 6.250%, 2/1/13 130 112 Realty Income Corp. 6.750%, 8/15/19 110 64 --------- 331 --------- STEEL--0.1% Commercial Metals Co. 6.500%, 7/15/17 100 76 --------- THRIFTS & MORTGAGE FINANCE--0.1% Countrywide Financial Corp. 6.250%, 5/15/16 65 62 --------- TOBACCO--0.1% Reynolds American, Inc. 6.750%, 6/15/17 95 75 --------- WIRELESS TELECOMMUNICATION SERVICES--0.4% Nextel Communications, Inc. Series D 7.375%, 8/1/15 70 29 Sprint Nextel Corp. 6.000%, 12/1/16 65 46 Verizon Wireless 144A 8.500%, 11/15/18(b) 105 123 --------- 198 ---------------------------------------------------------------------------- TOTAL DOMESTIC CORPORATE BONDS (IDENTIFIED COST $12,723) 11,000 ---------------------------------------------------------------------------- NON-AGENCY MORTGAGE-BACKED SECURITIES--25.5% American Tower Trust 144A 07-1A, AFX 5.420%, 4/15/37 (b) 190 156 Bear Stearns Adjustable Rate Mortgage Trust 05-12, 13A1 5.446%, 2/25/36 (c) 157 101 Bear Stearns Commercial Mortgage Securities 06-PW12, A4 5.718%, 9/11/38 (c) 765 622 Citigroup Mortgage Loan Trust, Inc. 05-5, 2A3 5.000%, 8/25/35 66 55 4
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VIRTUS CORE BOND FUND SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) PAR VALUE VALUE ----------- --------- Citigroup/Deutsche Bank Commercial Mortgage Trust 05-CD1, AM 5.225%, 7/15/44(c) $ 650 $ 386 06-CD2, A4 5.362%, 1/15/46(c) 655 525 07-CD4, A4 5.322%, 12/11/49 700 489 Countrywide Home Loan Mortgage Pass-Through Trust 04-13, 1A1 5.500%, 8/25/34 156 140 Credit Suisse Mortgage Capital Certificates 06-C1, A4 5.552%, 2/15/39 (c) 935 759 Crown Castle Towers LLC 05-1A, AFX 144A 4.643%, 6/15/35 (b) 450 383 GE Capital Commercial Mortgage Corp. 04-C3, A4 5.189%, 7/10/39 (c) 1,000 853 GMAC Commercial Mortgage Securities, Inc. 03-C2, A2 5.485%, 5/10/40 (c) 270 243 Greenwich Capital Commercial Funding Corp. 04-GG1, A7 5.317%, 6/10/36 (c) 1,000 832 GS Mortgage Securities Corp. II 07-GG10, A4 5.799%, 8/10/45 (c) 475 345 JP Morgan Chase Commercial Mortgage Securities Corp. 07-LD12, A4 5.882%, 2/15/51 (c) 315 224 Lehman Brothers - UBS Commercial Mortgage Trust 04-C7, A6 4.786%, 10/15/29(c) 1,000 800 06-C6, A4 5.372%, 9/15/39 710 557 07-C2, A2 5.303%, 2/15/40 225 177 07-C6, A2 5.845%, 7/15/40 360 274 07-C7, A3 5.866%, 9/15/45(c) 310 219 Lehman Brothers Commercial Conduit Mortgage Trust 07-C3, A4 5.936%, 7/15/44 (c) 170 130 MASTR Asset Securitization Trust 03-10, 3A1 5.500%, 11/25/33 297 260 Merrill Lynch Mortgage Trust 06-C1, AM 5.657%, 5/12/39(c) 320 165 04-KEY2, A4 4.864%, 8/12/39(c) 1,000 829 Merrill Lynch/Countrywide Commercial Mortgage Trust 06-3, A4 5.414%, 7/12/46 (c) 445 350 Morgan Stanley Capital I 06-T23, A4 5.811%, 8/12/41(c) 360 293 07-IQ14, A2 5.610%, 4/15/49 350 273 07-IQ14, A4 5.692%, 4/15/49(c) 315 236 Morgan Stanley Mortgage Loan Trust 05-5AR, 4A1 5.532%, 9/25/35 (c) 273 137 PAR VALUE VALUE ----------- --------- Paine Webber Mortgage Acceptance Corp. 99-C1, D 7.150%, 6/15/32 (c) $ 190 $ 189 Residential Accredit Loans, Inc. 06-QA1, A21 5.950%, 1/25/36 (c) 532 251 Residential Funding Mortgage Securities I, Inc. 05-SA1, 2A 4.836%, 3/25/35 (c) 259 168 SBA Commercial Mortgage Backed Securities Trust 06-1A, B 144A 5.451%, 11/15/36 (b) 140 105 Wachovia Bank Commercial Mortgage Trust 07-C30, A5 5.342%, 12/15/43 435 285 07-C33, A4 5.903%, 7/15/51(c) 315 228 Wachovia Mortgage Loan Trust LLC 06-A, B1 5.416%, 5/20/36 (c)(g) 258 88 Washington Mutual Mortgage Pass-Through-Certificates, Inc. 05-AR3, A2 4.638%, 3/25/35 (c) 534 350 Wells Fargo Mortgage Backed Securities Trust 04-BB, A1 4.558%, 1/25/35(c) 219 115 05-AR4, 2A2 4.537%, 4/25/35(c) 192 143 05-AR4, 2A1 4.537%, 4/25/35(c) 229 157 05-AR16, 6A3 5.002%, 10/25/35(c) 533 377 05-14, 2A1 5.500%, 12/25/35 701 487 ---------------------------------------------------------------------------- TOTAL NON-AGENCY MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $18,057) 13,756 ---------------------------------------------------------------------------- FOREIGN GOVERNMENT SECURITIES--0.8% CHILE--0.3% Republic of Chile 5.500%, 1/15/13 150 164 --------- RUSSIA--0.5% Russian Federation RegS 7.500%, 3/31/30 (c)(e) 299 264 ---------------------------------------------------------------------------- TOTAL FOREIGN GOVERNMENT SECURITIES (IDENTIFIED COST $460) 428 ---------------------------------------------------------------------------- FOREIGN CORPORATE BONDS(d)--3.3% ARUBA--0.2% UFJ Finance AEC 6.750%, 7/15/13 100 98 --------- AUSTRALIA--0.3% Rio Tinto Finance USA Ltd. 6.500%, 7/15/18 95 70 Westfield Capital Corp. Ltd./Westfield Finance Authority 144A 5.125%, 11/15/14(b) 150 104 --------- 174 --------- CANADA--0.5% Agrium, Inc. 6.750%, 1/15/19 130 124 5
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VIRTUS CORE BOND FUND SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) PAR VALUE VALUE ----------- --------- CANADA--(CONTINUED) EnCana Corp. 5.900%, 12/1/17 $ 80 $ 67 Petro-Canada 6.050%, 5/15/18 45 37 Xstrata Finance Canada Ltd. 144A 5.800%, 11/15/16(b) 70 44 --------- 272 --------- GERMANY--0.2% Deutsche Bank AG 4.875%, 5/20/13 30 29 Deutsche Telekom International Finance BV 5.750%, 3/23/16 100 96 --------- 125 --------- ITALY--0.1% Telecom Italia Capital SA 6.999%, 6/4/18 95 77 --------- LUXEMBOURG--0.1% ArcelorMittal 6.125%, 6/1/18 105 66 --------- QATAR--0.3% Ras Laffan Liquefied Natural Gas Co., Ltd. II RegS 5.298%, 9/30/20 (e) 250 180 --------- RUSSIA--0.5% Gazprom OAO (Gaz Capital SA) 144A 6.212%, 11/22/16 (b) 130 86 OJSC AK Transneft (TransCapitalInvest Ltd.) 144A 5.670%, 3/5/14 (b) 170 110 TNK-BP Finance SA RegS 6.125%, 3/20/12 (e) 105 59 --------- 255 --------- SINGAPORE--0.2% ICICI Bank Ltd. RegS 5.750%, 11/16/10 (e) 105 88 --------- SOUTH KOREA--0.2% Export-Import Bank of Korea 5.500%, 10/17/12 135 125 --------- UNITED KINGDOM--0.5% Barclays Bank plc 144A 6.050%, 12/4/17(b) 125 110 Vodafone Group plc 5.000%, 9/15/15 80 74 6.150%, 2/27/37 70 69 --------- 253 --------- UNITED STATES--0.2% CRH America, Inc. 6.000%, 9/30/16 135 84 --------- ---------------------------------------------------------------------------- TOTAL FOREIGN CORPORATE BONDS (IDENTIFIED COST $2,302) 1,797 ---------------------------------------------------------------------------- TOTAL LONG TERM INVESTMENTS--98.1% (IDENTIFIED COST $59,749) 52,972 ---------------------------------------------------------------------------- SHORT-TERM INVESTMENTS--1.0% SHARES VALUE ----------- --------- MONEY MARKET MUTUAL FUNDS--1.0% State Street Institutional Liquid Reserves Fund (seven-day effective yield 1.461%) 527,573 $ 528 ---------------------------------------------------------------------------- TOTAL SHORT-TERM INVESTMENTS (IDENTIFIED COST $528) 528 ---------------------------------------------------------------------------- TOTAL INVESTMENTS--99.1% (IDENTIFIED COST $60,277) 53,500(a) Other assets and liabilities, net--0.9% 497 --------- NET ASSETS--100.0% $ 53,997 ========= 6
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VIRTUS CORE BOND FUND SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) ABBREVIATIONS: FGIC Financial Guaranty Insurance Company FHLMC Freddie Mac or Federal Home Loan Mortgage Corporation FNMA Fannie Mae or Federal National Mortgage Association FSA Financial Security Assurance, Inc. GNMA Ginnie Mae or Government National Mortgage Association MBIA Municipal Bond Insurance Association PSF Permanent School Fund REIT Real Estate Investment Trust SBA Small Business Adminstration FOOTNOTE LEGEND: (a) Federal Income Tax Information: For tax information at December 31, 2008, see Note 3 Federal Tax Information in Notes to Schedules of Investments. (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2008, these securities amounted to a value of $1,804 or 3.3% of net assets. (c) Variable or step coupon security; interest rate shown reflects the rate currently in effect. (d) A security is considered to be foreign if the security is issued in a foreign country. The country of risk, noted in the header, or parenthetically, is determined based on criteria described in Note 1B "Foreign security country determination" in the Notes to Schedules of Investments. (e) 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. (f) Illiquid and restricted security. Security valued at fair value as determined in good faith by or under the direction of the Trustees. At December 31, 2008, these securities amounted to a value of $94 or 0.0% of net assets. For acquisition information, see Note 2 "Illiquid and Restricted Securities" in the Notes to Schedules of Investments. (g) Illiquid security. 7
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VIRTUS HIGH YIELD FUND SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) PAR VALUE VALUE --------- ------- DOMESTIC CORPORATE BONDS--74.7% ADVERTISING--1.8% Affinion Group, Inc. 10.125%, 10/15/13 $ 645 $ 474 11.500%, 10/15/15 1,555 943 ------- 1,417 ------- AEROSPACE & DEFENSE--5.1% BE Aerospace, Inc. 8.500%, 7/1/18 585 528 Bombardier, Inc. 144A 8.000%, 11/15/14 (b) 1,565 1,385 DI Finance/DynCorp International, Inc. Series B 9.500%, 2/15/13 530 462 144A 9.500%, 2/15/13(b) 790 694 L-3 Communications Corp. 7.625%, 6/15/12 980 960 ------- 4,029 ------- APPAREL, ACCESSORIES & LUXURY GOODS--1.0% Levi Strauss & Co. 9.750%, 1/15/15 150 112 8.875%, 4/1/16 1,025 702 ------- 814 ------- BROADCASTING--4.0% CSC Holdings, Inc. Series B 7.625%, 4/1/11 1,050 995 EchoStar DBS Corp. 6.625%, 10/1/14 410 343 7.125%, 2/1/16 780 655 Mediacom LLC/Mediacom Capital Corp. 9.500%, 1/15/13 870 661 United Artists Theatre Circuit, Inc. Series 95-A 9.300%, 7/1/15(g) 333 237 Series BD-1 9.300%, 7/1/15(g) 359 255 Series AW-0 9.300%, 7/1/15(g) 2 1 Series BE-9 9.300%, 7/1/15(g) 13 9 ------- 3,156 ------- BUILDING PRODUCTS--0.6% Gibraltar Industries, Inc. Series B 8.000%, 12/1/15 840 475 ------- CASINOS & GAMING--4.7% Icahn Enterprises LP/Icahn Enterprises Finance Corp. 8.125%, 6/1/12 1,515 1,174 7.125%, 2/15/13 480 334 MGM MIRAGE 8.500%, 9/15/10 1,930 1,631 PAR VALUE VALUE --------- ------- CASINOS & GAMING--(CONTINUED) OED Corp./Diamond Jo LLC 8.750%, 4/15/12 $ 805 $ 555 ------- 3,694 ------- COMMUNICATIONS EQUIPMENT--1.5% Dycom Industries, Inc. 8.125%, 10/15/15 1,140 809 Valor Telecommunications Enterprises Finance Corp. 7.750%, 2/15/15 480 401 ------- 1,210 ------- CONSUMER FINANCE--2.7% Ford Motor Credit Co. LLC 8.000%, 12/15/16 2,745 1,790 Hertz Corp. (The) 8.875%, 1/1/14 540 335 ------- 2,125 ------- DATA PROCESSING & OUTSOURCED SERVICES--4.1% First Data Corp. 9.875%, 9/24/15 1,170 714 Lender Processing Services, Inc. 8.125%, 7/1/16 1,330 1,192 SunGard Data Systems, Inc. 9.125%, 8/15/13 1,255 1,092 10.250%, 8/15/15 400 266 ------- 3,264 ------- DISTRIBUTORS--0.9% Susser Holdings LLC 10.625%, 12/15/13 765 673 ------- DIVERSIFIED BANKS--0.4% Wells Fargo & Co. Series K 7.980%, 2/28/49(c) 345 294 ------- DIVERSIFIED SUPPORT SERVICES--1.9% Aramark Corp. 8.500%, 2/1/15 930 846 Harland Clarke Holdings Corp. 9.500%, 5/15/15 1,635 630 ------- 1,476 ------- ELECTRIC UTILITIES--2.1% Texas Competitive Electric Holdings Co. LLC 144A 10.500%, 11/1/15 (b) 2,360 1,687 ------- ENVIRONMENTAL & FACILITIES SERVICES--2.6% Allied Waste North America, Inc. 7.875%, 4/15/13 760 723 Series B 7.375%, 4/15/14 940 889 6.875%, 6/1/17 475 442 ------- 2,054 ------- FOOD DISTRIBUTORS--0.4% SUPERVALU, Inc. 7.875%, 8/1/09 345 338 ------- 1
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VIRTUS HIGH YIELD FUND SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) PAR VALUE VALUE --------- ------- FOOD RETAIL--1.1% Couche-Tard U.S. LP/Couche-Tard Finance Corp. 7.500%, 12/15/13 $ 785 $ 624 Stater Brothers Holdings, Inc. 8.125%, 6/15/12 170 155 7.750%, 4/15/15 140 118 ------- 897 ------- HEALTH CARE EQUIPMENT--0.6% Biomet, Inc. 10.000%, 10/15/17 460 444 ------- HEALTH CARE FACILITIES--1.4% Community Health Systems, Inc. 8.875%, 7/15/15 1,205 1,115 ------- HEAVY ELECTRICAL EQUIPMENT--1.1% Biomet, Inc. 11.625%, 10/15/17 965 830 ------- INDEPENDENT POWER PRODUCERS & ENERGY TRADERS--1.7% NRG Energy, Inc. 7.375%, 1/15/17 1,445 1,333 ------- INTEGRATED TELECOMMUNICATION SERVICES--4.8% Citizens Communications Co. 7.125%, 3/15/19 1,170 790 Hughes Network Systems LLC/Hughes Network Systems Finance Corp. 9.500%, 4/15/14 1,295 1,059 Qwest Corp. 8.875%, 3/15/12 615 572 6.500%, 6/1/17 935 692 Windstream Corp. 7.000%, 3/15/19 865 670 ------- 3,783 ------- INTERNET RETAIL--2.3% Expedia, Inc. 144A 8.500%, 7/1/16(b) 1,430 1,072 Visant Corp. 7.625%, 10/1/12 900 743 ------- 1,815 ------- IT CONSULTING & OTHER SERVICES--0.3% Unisys Corp. 12.500%, 1/15/16 750 214 ------- MOVIES & ENTERTAINMENT--1.3% WMG Acquisition Corp. 7.375%, 4/15/14 1,010 596 WMG Holdings Corp. 0.000%, 12/15/14(c) 1,050 394 ------- 990 ------- OIL & GAS EQUIPMENT & SERVICES--1.4% Allis-Chalmers Energy, Inc. 8.500%, 3/1/17 1,200 606 Seitel, Inc. 9.750%, 2/15/14 1,270 463 ------- 1,069 ------- PAR VALUE VALUE --------- ------- OIL & GAS EXPLORATION & PRODUCTION--5.9% Chesapeake Energy Corp. 6.625%, 1/15/16 $ 1,240 $ 986 7.250%, 12/15/18 525 412 Encore Acquisition Co. 6.000%, 7/15/15 1,525 991 Pioneer Natural Resources Co. 6.650%, 3/15/17 100 72 6.875%, 5/1/18 930 655 Plains Exploration & Production Co. 7.000%, 3/15/17 715 493 7.625%, 6/1/18 540 373 Sabine Pass Liquid Natural Gas LP 7.500%, 11/30/16 900 653 ------- 4,635 ------- OIL & GAS STORAGE & TRANSPORTATION--0.7% El Paso Corp. 6.875%, 6/15/14 665 540 ------- OTHER DIVERSIFIED FINANCIAL SERVICES--1.2% Bank of America Corp. 8.125%, 12/29/49(c) 495 370 Citigroup, Inc. 8.400%, 4/29/49(c) 355 235 JPMorgan Chase & Co. Series 1 7.900%, 4/29/49 (c) 440 366 ------- 971 ------- PACKAGED FOODS & MEATS--1.1% Del Monte Corp. 8.625%, 12/15/12 895 873 ------- PAPER PRODUCTS--1.8% Exopack Holding Corp. 11.250%, 2/1/14 1,910 1,127 Verso Paper Holdings LLC / Verso Paper, Inc. Series B 9.125%, 8/1/14 770 308 ------- 1,435 ------- SEMICONDUCTORS--1.2% Amkor Technology, Inc. 9.250%, 6/1/16 490 287 Freescale Semiconductor, Inc. 8.875%, 12/15/14 1,405 625 ------- 912 ------- SPECIALIZED CONSUMER SERVICES--1.8% Service Corp. International 7.625%, 10/1/18 1,000 745 Stewart Enterprises, Inc. 6.250%, 2/15/13 830 647 ------- 1,392 ------- SPECIALIZED REITS--2.1% Felcor Lodging LP 8.500%, 6/1/11 1,030 767 2
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VIRTUS HIGH YIELD FUND SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) PAR VALUE VALUE --------- ------- SPECIALIZED REITS--(CONTINUED) Host Hotels & Resorts LP Series O 6.375%, 3/15/15 $ 1,220 $ 915 ------- 1,682 ------- SPECIALTY CHEMICALS--0.8% Huntsman International LLC 7.375%, 1/1/15 1,185 628 ------- TIRES & RUBBER--1.2% Goodyear Tire & Rubber Co. (The) 6.318%, 12/1/09(c) 1,015 929 ------- TOBACCO--0.5% Alliance One International, Inc. 11.000%, 5/15/12 520 434 ------- WIRELESS TELECOMMUNICATION SERVICES--6.6% Alltel Corp. 7.000%, 7/1/12 390 390 Centennial Cellular Operating Co./Centennial Communications Corp. 10.125%, 6/15/13 1,545 1,568 Intelsat Corp. 144A 9.250%, 8/15/14(b) 2,145 2,006 Sprint Nextel Corp. 1.866%, 6/28/10(c) 1,475 1,236 ------- 5,200 ---------------------------------------------------------------------------- TOTAL DOMESTIC CORPORATE BONDS (IDENTIFIED COST $71,705) 58,827 ---------------------------------------------------------------------------- FOREIGN CORPORATE BONDS(d)--7.5% CANADA--1.8% Videotron Ltee / Quebecor Media, Inc. 144A 9.125%, 4/15/18 (b) 1,490 1,393 ------- POLAND--0.1% Poland Telecom Finance BV Series B 14.000%, 12/1/09(e)(f)(h) 4,942 62 ------- UNITED KINGDOM--2.9% Inmarsat Finance plc 7.625%, 6/30/12 480 420 10.375%, 11/15/12(c) 765 682 Virgin Media Finance plc 8.750%, 4/15/14 1,600 1,208 ------- 2,310 ------- UNITED STATES--2.7% Dollarama Group LP 8.875%, 8/15/12 415 314 Freeport-McMoRan Copper & Gold, Inc. 8.375%, 4/1/17 1,480 1,215 PAR VALUE VALUE --------- ------- UNITED STATES--(CONTINUED) Stratos Global Corp. 9.875%, 2/15/13 $ 615 $ 584 ------- 2,113 ---------------------------------------------------------------------------- TOTAL FOREIGN CORPORATE BONDS (IDENTIFIED COST $11,720) 5,878 ---------------------------------------------------------------------------- DOMESTIC LOAN AGREEMENTS(c)--4.6% BROADCASTING--0.6% MCC Georgia LLC Tranche D1 4.965%, 1/31/15 750 503 ------- EDUCATION SERVICES--1.0% Education Management LLC Trance C 5.285%, 6/1/13 1,266 795 ------- HEALTH CARE FACILITIES--2.0% HCA, Inc. Tranche B 7.000%, 11/18/13 2,000 1,579 ------- WIRELESS TELECOMMUNICATION SERVICES--1.0% ALLTEL Communications, Inc. Tranche B-2 8.319%, 5/15/15 750 741 ------- ---------------------------------------------------------------------------- TOTAL DOMESTIC LOAN AGREEMENTS (IDENTIFIED COST $3,819) 3,618 ---------------------------------------------------------------------------- SHARES VALUE --------- ------- DOMESTIC COMMON STOCKS--0.0% COMMERCIAL PRINTING--0.0% ACG Holdings, Inc.(e)(h) 76 0 ------- ---------------------------------------------------------------------------- TOTAL DOMESTIC COMMON STOCKS (IDENTIFIED COST $358) 0 ---------------------------------------------------------------------------- TOTAL LONG TERM INVESTMENTS--86.8% (IDENTIFIED COST $87,602) 68,323 ---------------------------------------------------------------------------- SHORT-TERM INVESTMENTS--11.8% MONEY MARKET MUTUAL FUNDS--11.8% State Street Institutional Liquid Reserves Fund (seven-day effective yield 1.461%) 9,282,898 9,283 ------- ---------------------------------------------------------------------------- TOTAL SHORT-TERM INVESTMENTS (IDENTIFIED COST $9,283) 9,283 ---------------------------------------------------------------------------- TOTAL INVESTMENTS--98.6% (IDENTIFIED COST $96,885) 77,606(a) Other assets and liabilities, net--1.4% 1,127 ------- NET ASSETS--100.0% $78,733 ======= 3
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VIRTUS HIGH YIELD FUND SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) ABBREVIATIONS: REIT Real Estate Investment Trust FOOTNOTE LEGEND: (a) Federal Income Tax Information: For tax information at December 31, 2008, see Note 3 Federal Tax Information in Notes to Schedules of Investments. (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2008, these securities amounted to a value of $8,237 or 10.5% of net assets. (c) Variable or step coupon security; interest rate shown reflects the rate currently in effect. (d) A security is considered to be foreign if the security is issued in a foreign country. The country of risk, noted in the header, or parenthetically, is determined based on criteria described in Note 1B "Foreign security country determination" in the Notes to Schedules of Investments. (e) Non-income producing. (f) Security in default. (g) Illiquid security. Security valued at fair value as determined in good faith by or under the direction of the Trustees. At December 31, 2008, these securities amounted to a value of $502 or 0.6% of net assets. (h) Illiquid and restricted security. Security valued at fair value as determined in good faith by or under the direction of the Trustees. At December 31, 2008, these securities amounted to a value of $62 or 0.1% of net assets. For acquisition information, see Note 2 "Illiquid and Restricted Securities" in the Notes to Schedules of Investments. 4
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VIRTUS MONEY MARKET FUND SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) FACE VALUE VALUE ---------- ------- U.S. GOVERNMENT SECURITIES--3.0% U.S. TREASURY BILLS--3.0% 0.015%, 1/8/09 $1,025 $ 1,025 0.150%, 6/4/09 1,500 1,499 ------------------------------------------------------------------------------- TOTAL U.S. TREASURY BILLS (IDENTIFIED COST $2,524) 2,524 ------------------------------------------------------------------------------- FEDERAL AGENCY SECURITIES--31.8% FHLB 0.700%, 1/7/09 500 500 0.800%, 1/12/09 1,000 1,000 0.602%, 1/14/09 1,310 1,310 0.480%, 1/15/09 1,260 1,260 2.821%, 1/15/09 500 499 0.100%, 1/21/09 873 873 2.370%, 2/2/09 1,000 1,001 2.800%, 2/6/09 1,500 1,500 2.170%, 2/11/09(c) 500 501 0.200%, 3/11/09 500 500 0.250%, 3/12/09 180 180 2.800%, 5/6/09 2,000 2,000 3.150%, 7/14/09(c) 1,500 1,500 3.000%, 7/28/09(c) 1,500 1,500 2.560%, 8/4/09 1,500 1,516 3.200%, 10/2/09 1,000 1,000 3.400%, 10/2/09(c) 1,000 1,000 FHLMC 0.550%, 1/6/09 1,000 1,000 0.020%, 1/12/09 1,000 1,000 0.200%, 4/22/09 1,150 1,149 3.150%, 7/28/09 1,500 1,500 FNMA 0.900%, 1/5/09 340 340 0.780%, 1/27/09 500 500 1.080%, 2/3/09 750 749 3.850%, 4/14/09 1,500 1,502 0.000%, 5/15/09 955 953 ------------------------------------------------------------------------------- TOTAL FEDERAL AGENCY SECURITIES (IDENTIFIED COST $26,333) 26,333 ------------------------------------------------------------------------------- FEDERAL AGENCY SECURITIES--VARIABLE(c)(f)--1.4% SBA (Final Maturity 2/25/23) 2.500%, 1/1/09 158 158 SBA (Final Maturity 1/25/21) 1.500%, 1/1/09 25 26 FACE VALUE VALUE ---------- ------- SBA (Final Maturity 10/25/22) 2.500%, 1/1/09 $ 314 $ 314 SBA (Final Maturity 11/25/21) 2.625%, 1/1/09 276 276 SBA (Final Maturity 2/25/23) 2.500%, 1/1/09 186 186 SBA (Final Maturity 3/25/24) 1.375%, 1/1/09 72 72 SBA (Final Maturity 5/25/21) 2.500%, 1/1/09 108 108 ------------------------------------------------------------------------------- TOTAL FEDERAL AGENCY SECURITIES - VARIABLE (IDENTIFIED COST $1,140) 1,140 ------------------------------------------------------------------------------- COMMERCIAL PAPER(e)--27.9% AT&T, Inc. 0.900%, 1/29/09 500 500 Campbell Soup Co. 0.900%, 1/13/09 1,000 1,000 Coca-Cola Co. 1.450%, 1/9/09 2,000 1,999 ConocoPhillips 0.250%, 1/14/09 1,015 1,015 Danaher Corp. 1.250%, 1/16/09 1,405 1,404 0.250%, 1/20/09 650 650 Dupont (E.I) de Nemours Co. 0.400%, 1/7/09 1,125 1,125 Eaton Corp. 1.500%, 1/5/09 680 680 1.400%, 1/23/09 500 500 Emerson Electric Co. 1.000%, 1/13/09 500 500 0.150%, 1/14/09 2,390 2,390 0.600%, 2/5/09 1,000 999 Hewlett-Packard Co. 0.300%, 3/4/09 508 508 Kimberly-Clark Worldwide, Inc. 0.450%, 2/9/09 1,000 999 Northern Illinois Gas Co. 0.370%, 1/5/09 905 905 Philip Morris International, Inc. 0.500%, 2/4/09 1,000 999 0.750%, 2/10/09 1,000 999 Praxair, Inc. 0.250%, 2/2/09 875 875 0.400%, 2/2/09 590 590 0.400%, 2/3/09 1,435 1,434 Procter & Gamble Co. 1.100%, 1/13/09 700 700 Toyota Motor Credit Corp. 0.850%, 1/22/09 1,000 999 0.750%, 2/11/09 1,320 1,319 ---------------------------------------------------------------------------- TOTAL COMMERCIAL PAPER (IDENTIFIED COST $23,089) 23,089 ---------------------------------------------------------------------------- MEDIUM TERM NOTES--35.3% Abbott Laboratories 3.500%, 2/17/09 2,000 2,002 Bear Stearns Cos., Inc (The) (JPMorgan Chase) 1
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VIRTUS MONEY MARKET FUND SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) FACE VALUE VALUE ---------- ------- 3.250%, 3/25/09 $ 1,500 $ 1,500 2.263%, 8/21/09(c) 1,500 1,502 Citigroup, Inc. 3.505%, 1/30/09(c) 400 400 Danske Bank A/S 144A (Denmark) 0.498%, 1/16/09(b)(c)(d) 2,000 2,000 Danske Corp. 144A 4.570%, 4/9/09(b) 2,500 2,500 General Electric Capital Corp. 2.096%, 6/15/09(c) 2,250 2,264 2.281%, 8/31/09(c) 900 901 4.125%, 9/1/09 1,300 1,311 HSBC Finance Corp. 5.875%, 2/1/09 500 501 ING USA Global Funding Trust 2.029%, 9/18/09(c) 2,000 2,000 National Australia Bank Ltd. 144A (Australia) 1.876%, 2/6/09(b)(c)(d) 2,000 2,000 Nordea Bank AB 144A (Sweden) 1.858%, 2/6/09(b)(c)(d) 2,000 2,000 3.891%, 9/24/09(b)(c)(d) 2,000 2,000 Procter & Gamble International Funding 2.309%, 2/19/09(c) 1,000 1,000 Procter & Gamble International Funding 144A 5.300%, 7/6/09(b) 900 910 Royal Bank of Canada 3.215%, 10/1/09(c) 1,500 1,500 Royal Bank of Canada 144A (Canada) 1.595%, 10/15/09(b)(c)(d) 1,000 1,000 FACE VALUE VALUE ---------- ------- Wells & Fargo Co. 144A 1.345%, 2/17/09(b)(c) $ 2,000 $ 2,000 ------------------------------------------------------------------------------- TOTAL MEDIUM TERM NOTES (IDENTIFIED COST $29,291) 29,291 ------------------------------------------------------------------------------- TOTAL INVESTMENTS--99.4% (IDENTIFIED COST $82,377) 82,377(a) ------------------------------------------------------------------------------- Other assets and liabilities, net--0.6% 473 ------- NET ASSETS--100.0% $82,850 ======= ABBREVIATIONS FHLB Federal Home Loan Bank FHLMC Freddie Mac or Federal Home Loan Mortgage Corporation FNMA Fannie Mae or Federal National Mortgage Association SBA Small Business Adminstration FOOTNOTE LEGEND (a) Federal Income Tax Information: At December 31, 2008, the aggregate cost of securities was the same for book and federal income tax purposes. (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2008, these securities amounted to a value of $14,410 or 17.4% of net assets. (c) Variable or step coupon security; interest rate shown reflects the rate currently in effect. (d) A security is considered to be foreign if the security is issued in a foreign country. The country of risk, noted parenthetically, is determined based on criteria described in Note 1B "Foreign security country determination" in the Notes to Schedules of Investments. (e) The rate shown is the discount rate. (f) The maturity date shown is the reset date. 2
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VIRTUS MULTI-SECTOR FIXED INCOME FUND SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) PAR VALUE VALUE ---------- ------- AGENCY MORTGAGE-BACKED SECURITIES--4.2% FNMA 04-W6, 1A4 5.500%, 7/25/34 $ 895 $ 850 05-57, CK 5.000%, 7/25/35 341 341 05-74, AG 5.000%, 9/25/35 232 233 5.500%, 11/1/37 416 427 5.500%, 5/1/38 448 460 6.000%, 5/1/38 469 484 6.000%, 5/1/38 477 491 5.500%, 7/1/38 317 325 5.500%, 7/1/38 295 303 ---------------------------------------------------------------------------- TOTAL AGENCY MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $3,883) 3,914 ---------------------------------------------------------------------------- MUNICIPAL BONDS--3.1% ARIZONA--0.7% Salt River Project Agricultural Improvement & Power District Electric System Series A 5.000%, 1/1/38 730 688 ------- MICHIGAN--0.1% Tobacco Settlement Finance Authority Taxable Series A 7.309%, 6/1/34 170 99 ------- MINNESOTA--1.8% State of Minnesota 5.000%, 8/1/19 1,500 1,639 ------- SOUTH DAKOTA--0.3% Educational Enhancement Funding Corp. Taxable Series A 6.720%, 6/1/25 255 240 ------- VIRGINIA--0.2% Tobacco Settlement Financing Corp. Taxable Series A-1 6.706%, 6/1/46 355 194 ------- ------------------------------------------------------------------------------- TOTAL MUNICIPAL BONDS (IDENTIFIED COST $3,093) 2,860 ------------------------------------------------------------------------------- ASSET-BACKED SECURITIES--2.5% Bombardier Capital Mortgage Securitization Corp. 99-A, A3 5.980%, 1/15/18 (c) 847 503 Carmax Auto Owner Trust 07-2, B 5.370%, 3/15/13 350 272 Conseco Finance Securitizations Corp. 01-3, A4 6.910%, 5/1/33 (c) 811 508 PAR VALUE VALUE ---------- ------- Dunkin Securitization 06-1, M1 144A 8.285%, 6/20/31 (b) $ 690 $ 445 FMAC Loan Receivables Trust 98-CA, A2 144A 6.660%, 9/15/20 (b) 148 118 GreenTree Financial Corp. 99-2, M2 (Interest Only) 7.210%, 12/1/30 (c) 115 1 IndyMac Manufactured Housing Contract 98-1, A3 6.370%, 9/25/28 637 436 MASTR Alternative Net Interest Margin 06-6, N1 144A 1.471%, 9/26/46 (b)(c)(r) 84 --(u) ------------------------------------------------------------------------------- TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $3,549) 2,283 ------------------------------------------------------------------------------- DOMESTIC CORPORATE BONDS--37.1% ADVERTISING--0.1% Donnelley (R.H.), Inc. 144A 11.750%, 5/15/15 (b) 187 47 ------- AEROSPACE & DEFENSE--1.1% DRS Technologies, Inc. 6.625%, 2/1/16 500 502 L-3 Communications Corp. 7.625%, 6/15/12 200 196 Series B 6.375%, 10/15/15 250 235 Moog, Inc. 144 A 7.250%, 6/15/18 (b) 100 81 ------- 1,014 ------- AIRLINES--2.2% American Airlines, Inc. 01-1 6.977%, 5/23/21 1,517 758 Continental Airlines, Inc. 98-1A 6.648%, 9/15/17 405 296 Delta Air Lines, Inc. 00-A1 7.379%, 5/18/10 362 333 United Airlines, Inc. 00-2A 7.032%, 10/1/10 459 422 01-A1 6.071%, 3/1/13 192 181 ------- 1,990 ------- APPLICATION SOFTWARE--0.2% Intuit, Inc. 5.750%, 3/15/17 265 196 ------- ASSET MANAGEMENT & CUSTODY BANKS--0.6% BlackRock, Inc. 6.250%, 9/15/17 225 211 Janus Capital Group, Inc. 6.250%, 6/15/12 375 300 ------- 511 ------- AUTOMOBILE MANUFACTURERS--0.2% Ford Motor Co. 7.450%, 7/16/31 375 107 1
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VIRTUS MULTI-SECTOR FIXED INCOME FUND SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) PAR VALUE VALUE ---------- ------- AUTOMOBILE MANUFACTURERS--(CONTINUED) General Motors Corp. 7.200%, 1/15/11 $ 200 $ 42 ------- 149 ------- BROADCASTING--2.2% Comcast Cable Holdings LLC 7.875%, 8/1/13 500 515 COX Communications, Inc. 5.450%, 12/15/14 375 328 EchoStar DBS Corp. 6.625%, 10/1/14 600 502 Time Warner Cable, Inc. 6.750%, 7/1/18 350 338 Viacom, Inc. 6.250%, 4/30/16 375 311 ------- 1,994 ------- BUILDING PRODUCTS--1.2% Esco Corp. 144A 8.625%, 12/15/13 (b) 600 423 Masco Corp. 5.850%, 3/15/17 540 350 Owens Corning, Inc. 6.500%, 12/1/16 495 359 ------- 1,132 ------- CABLE & SATELLITE--1.0% DIRECTV Holdings LLC/DIRECTV Financing Co., Inc. 6.375%, 6/15/15 1,000 927 ------- CASINOS & GAMING--0.7% MGM MIRAGE 8.500%, 9/15/10 300 254 Pokagon Gaming Authority 144A 10.375%, 6/15/14 (b) 117 101 River Rock Entertainment Authority (The) 9.750%, 11/1/11 250 209 Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock International LLC 144A 4.496%, 3/15/14 (b)(c) 75 38 Station Casinos, Inc. 6.875%, 3/1/16 750 47 ------- 649 ------- COMPUTER STORAGE & PERIPHERALS--0.2% Seagate Technology HDD Holdings, Inc. 6.375%, 10/1/11 280 195 ------- CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS--0.1% Terex Corp. 7.375%, 1/15/14 145 127 ------- CONSTRUCTION MATERIALS--0.8% Building Materials Corp. of America 7.750%, 8/1/14 390 248 CRH America, Inc. 8.125%, 7/15/18 650 470 ------- 718 ------- PAR VALUE VALUE ---------- ------- CONSUMER ELECTRONICS--0.4% Best Buy Co., Inc. 144A 6.750%, 7/15/13 (b) $ 385 $ 360 ------- CONSUMER FINANCE--3.8% American Express Credit Corp. Series C 7.300%, 8/20/13 450 461 Ford Motor Credit Co. 9.875%, 8/10/11 345 255 Ford Motor Credit Co. LLC 7.875%, 6/15/10 385 308 8.625%, 11/1/10 395 299 9.203%, 4/15/12(c) 55 50 GMAC LLC 7.250%, 3/2/11 633 544 6.875%, 9/15/11 253 208 6.000%, 12/15/11 633 512 Hertz Corp. (The) 8.875%, 1/1/14 350 217 10.500%, 1/1/16 100 46 SLM Corp. 5.450%, 4/25/11 300 237 8.450%, 6/15/18 500 396 ------- 3,533 ------- DATA PROCESSING & OUTSOURCED SERVICES--0.9% Broadridge Financial Solutions, Inc. 6.125%, 6/1/17 525 382 Western Union Co. (The) 5.930%, 10/1/16 560 479 ------- 861 ------- DISTILLERS & VINTNERS--0.3% Constellation Brands, Inc. 8.375%, 12/15/14 165 158 7.250%, 5/15/17 120 114 ------- 272 ------- DIVERSIFIED METALS & MINING--0.3% Freeport-McMoRan Copper & Gold, Inc. 6.875%, 2/1/14 320 288 ------- ELECTRIC UTILITIES--0.8% Allegheny Energy Supply Co. LLC 144A 8.250%, 4/15/12 (b) 145 144 FPL Group Capital, Inc. 7.875%, 12/15/15 112 121 Midwest Generation LLC Series B 8.560%, 1/2/16 121 116 Northeast Utilities 5.650%, 6/1/13 270 252 2
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VIRTUS MULTI-SECTOR FIXED INCOME FUND SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) PAR VALUE VALUE ---------- ------- ELECTRIC UTILITIES--(CONTINUED) Texas Competitive Electric Holdings Co. LLC 144A 10.500%, 11/1/15 (b) $ 200 $ 143 ------- 776 ------- ELECTRICAL COMPONENTS & EQUIPMENT--0.4% General Cable Corp. 7.125%, 4/1/17 500 332 ------- ELECTRONIC MANUFACTURING SERVICES--0.5% Jabil Circuit, Inc. 8.250%, 3/15/18 600 384 Tyco Electronic Group SA 6.000%, 10/1/12 125 113 ------- 497 ------- GAS UTILITIES--0.4% AmeriGas Partners LP 7.250%, 5/20/15 500 410 ------- HEALTH CARE DISTRIBUTORS--0.1% Viant Holdings, Inc. 144A 10.125%, 7/15/17 (b) 295 99 ------- HEALTH CARE FACILITIES--0.3% Psychiatric Solutions, Inc. 7.750%, 7/15/15 375 277 ------- HEALTH CARE SERVICES--0.5% Quest Diagnostics, Inc. 6.400%, 7/1/17 450 414 ------- HEALTH CARE SUPPLIES--0.1% Bausch & Lomb, Inc. 144A 9.875%, 11/1/15 (b) 125 94 ------- HOTELS, RESORTS & CRUISE LINES--0.8% Royal Caribbean Cruises Ltd. 6.875%, 12/1/13 1,250 706 ------- HOUSEHOLD PRODUCTS--0.2% Yankee Acquisition Corp. Series B 9.750%, 2/15/17 535 227 ------- INDEPENDENT POWER PRODUCERS & ENERGY TRADERS--0.1% AES Corp. (The) 7.750%, 10/15/15 100 85 ------- INDUSTRIAL REITS--0.1% ProLogis 6.625%, 5/15/18 185 89 ------- INTEGRATED TELECOMMUNICATION SERVICES--0.9% Qwest Corp. 6.500%, 6/1/17 215 160 Windstream Corp. 8.625%, 8/1/16 500 445 7.000%, 3/15/19 250 194 ------- 799 ------- PAR VALUE VALUE ---------- ------- INVESTMENT BANKING & BROKERAGE--1.9% Bear Stearns Cos., Inc. (The) 7.250%, 2/1/18 $ 700 $ 768 Goldman Sachs Group, Inc. (The) 5.950%, 1/18/18 300 285 Lehman Brothers Holdings, Inc. 6.750%, 12/28/17(o)(p) 265 --(u) Merrill Lynch & Co., Inc. (Brazil) 6.110%, 1/29/37(d) 500 451 Morgan Stanley 144A (Brazil) 10.090%, 5/3/17 (b)(d) 1,000(e) 266 ------- 1,770 ------- LEISURE FACILITIES--0.1% Scientific Games Corp. 144A 7.875%, 6/15/16 (b) 55 45 ------- LEISURE PRODUCTS--0.6% Brunswick Corp. 11.750%, 8/15/13 600 271 Hasbro, Inc. 6.300%, 9/15/17 275 261 ------- 532 ------- LIFE SCIENCES TOOLS & SERVICES--0.6% Fisher Scientific International, Inc. 6.750%, 8/15/14 600 568 ------- MORTGAGE REITS--0.3% iStar Financial, Inc. Series B 5.950%, 10/15/13 1,000 315 ------- MOVIES & ENTERTAINMENT--0.4% Time Warner, Inc. 6.875%, 5/1/12 370 356 ------- OFFICE ELECTRONICS--0.3% Xerox Corp. 6.750%, 2/1/17 350 254 ------- OIL & GAS EQUIPMENT & SERVICES--0.1% Helix Energy Solutions Group, Inc. 144A 9.500%, 1/15/16 (b) 200 107 ------- OIL & GAS EXPLORATION & PRODUCTION--1.5% Chesapeake Energy Corp. 6.875%, 11/15/20 225 163 Petropower I Funding Trust 144A 7.360%, 2/15/14 (b) 602 553 Plains Exploration & Production Co. 7.750%, 6/15/15 400 304 Swift Energy Co. 7.625%, 7/15/11 500 392 ------- 1,412 ------- OIL & GAS REFINING & MARKETING--0.3% Tesoro Corp. 6.500%, 6/1/17 480 266 ------- 3
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VIRTUS MULTI-SECTOR FIXED INCOME FUND SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) PAR VALUE VALUE ---------- ------- OIL & GAS STORAGE & TRANSPORTATION--0.5% Buckeye Partners LP 6.050%, 1/15/18 $ 225 $ 189 Kinder Morgan Finance Co. ULC 5.700%, 1/5/16 400 300 ------- 489 ------- OTHER DIVERSIFIED FINANCIAL SERVICES--2.3% Bank of America Corp. 8.000%, 12/29/49(c) 375 270 Citigroup, Inc. 5.625%, 8/27/12 400 375 5.000%, 9/15/14 365 322 Glencore Funding LLC 144A 6.000%, 4/15/14 (b) 1,000 405 International Lease Finance Corp. 3.500%, 4/1/09 325 309 JPMorgan Chase & Co. Series 1 7.900%, 4/29/49 (c) 247 206 National Rural Utilities Cooperative Finance Corp. 5.500%, 7/1/13 200 194 ------- 2,081 ------- PACKAGED FOODS & MEATS--0.3% Tyson Foods, Inc. 7.850%, 4/1/16 400 298 ------- PAPER PACKAGING--0.4% Jefferson Smurfit Corp. 8.250%, 10/1/12 135 24 Plastipak Holdings, Inc. 144A 8.500%, 12/15/15 (b) 500 337 ------- 361 ------- PAPER PRODUCTS--0.2% Verso Paper Holdings LLC / Verso Paper, Inc. Series B 11.375%, 8/1/16 750 229 ------- PUBLISHING--0.0% Donnelley (R.H.) Corp. Series A-4 8.875%, 10/15/17 7 1 Idearc, Inc. 8.000%, 11/15/16 500 40 ------- 41 ------- REGIONAL BANKS--1.7% First Tennessee Bank NA 3.874%, 1/23/09(c) 126 126 2.296%, 5/18/09(c) 220 214 Northern Trust Co. (The) 6.500%, 8/15/18 350 375 PNC Financial Services Group, Inc. (The) 8.250%, 5/29/49(c) 350 282 Sovereign Bank 8.750%, 5/30/18 400 396 Wachovia Bank NA 5.000%, 8/15/15 250 218 ------- 1,611 ------- PAR VALUE VALUE ---------- ------- RESEARCH & CONSULTING SERVICES--0.8% Equifax, Inc. 6.300%, 7/1/17 $ 1,000 $ 725 ------- RESTAURANTS--0.0% OSI Restaurants Partners LLC 10.000%, 6/15/15 50 9 ------- SPECIALIZED CONSUMER SERVICES--0.2% Mobile Mini, Inc. 6.875%, 5/1/15 250 171 ------- SPECIALIZED REITS--1.4% Health Care REIT, Inc. 5.875%, 5/15/15 1,000 691 Host Hotels & Resorts LP 6.875%, 11/1/14 400 310 Realty Income Corp. 6.750%, 8/15/19 425 247 ------- 1,248 ------- STEEL--0.2% Steel Dynamics, Inc. 7.375%, 11/1/12 225 165 ------- TOBACCO--1.2% Reynolds American, Inc. 7.300%, 7/15/15 500 422 7.625%, 6/1/16 375 313 UST, Inc. 5.750%, 3/1/18 500 411 ------- 1,146 ------- WIRELESS TELECOMMUNICATION SERVICES--0.3% Nextel Communications, Inc. Series D 7.375%, 8/1/15 650 273 ------- ------------------------------------------------------------------------------- TOTAL DOMESTIC CORPORATE BONDS (IDENTIFIED COST $46,871) 34,240 ------------------------------------------------------------------------------- NON-AGENCY MORTGAGE-BACKED SECURITIES--7.6% American Tower Trust 07-1A, C 144A 5.615%, 4/15/37 (b) 750 503 Bear Stearns Commercial Mortgage Securities 06-PW12, A4 5.718%, 9/11/38(c) 320 261 05-PWR8, A2 4.484%, 6/11/41 135 123 07-PW18, AM 6.084%, 6/11/50(c) 725 365 Bear Stearns Structured Products, Inc. 05-10 144A 3.911%, 4/26/35 (b)(c)(r) 227 50 Chase Mortgage Finance Corp. 06-A1, 4A1 6.040%, 9/25/36 (c) 1,018 711 Credit Suisse Mortgage Capital Certificates 06-C1, A3 5.552%, 2/15/39 (c) 300 223 Crown Castle Towers LLC 05-1A, B 144A 4.878%, 6/15/35 (b) 500 350 4
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VIRTUS MULTI-SECTOR FIXED INCOME FUND SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) PAR VALUE VALUE ---------- ------- First Horizon Asset Securities, Inc. 05-AR1, 2A1 4.999%, 4/25/35 (c) $ 529 $ 359 GMAC Commercial Mortgage Securities, Inc. 03-C2, A2 5.485%, 5/10/40 (c) 230 207 GS Mortgage Securities Corp. II 07-GG10, A4 5.799%, 8/10/45 (c) 650 474 IndyMac Index Mortgage Loan Trust 06-AR25, 3A1 6.253%, 9/25/36 (c) 940 443 JPMorgan Chase Commercial Mortgage Securities Corp. 07-LD12, A4 5.882%, 2/15/51 (c) 550 393 Lehman Brothers - UBS Commercial Mortgage Trust 07-C2, H 144A 5.980%, 2/15/40(b)(c) 850 87 05-C3, AM 4.794%, 7/15/40 350 208 07-C7, A3 5.866%, 9/15/45(c) 400 283 MASTR Resecuritization Trust 05-1 144A 5.000%, 10/28/34 (b)(r) 267 88 Merrill Lynch-Countrywide Commercial Mortgage Trust 06-4, A3 5.172%, 12/12/49 (c) 650 491 Morgan Stanley Capital I 05-HQ5, A3 5.007%, 1/14/42 200 167 Residential Accredit Loans, Inc. 02-QS12, B1 6.250%, 9/25/32 376 110 Timberstar Trust 06-1A, C 144A 5.884%, 10/15/36 (b) 1,000 504 Wachovia Bank Commercial Mortgage Trust 07-C30, A5 5.342%, 12/15/43 410 270 07-C33, A4 5.902%, 2/15/51(c) 550 399 ------------------------------------------------------------------------------- TOTAL NON-AGENCY MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $11,104) 7,069 ------------------------------------------------------------------------------- FOREIGN GOVERNMENT SECURITIES--9.7% ARGENTINA--0.1% Republic of Argentina Series GDP 2.280%, 12/15/35(c) 3,200 96 ------- BRAZIL--0.6% Federative Republic of Brazil 12.500%, 1/5/22 1,125(e) 517 ------- CANADA--1.0% Commonwealth of Canada 2.750%, 12/1/10 1,075(f) 898 ------- COLOMBIA--0.3% Republic of Colombia 12.000%, 10/22/15 600,000(g) 295 ------- PAR VALUE VALUE ---------- ------- GERMANY--1.2% Federal Republic of Germany Series 147 2.500%, 10/8/10 800(h) $ 1,124 ------- INDONESIA--0.9% Republic of Indonesia Series FR-23 11.000%, 12/15/12 3,500,000(i) 313 RegS 6.625%, 2/17/37(n) $ 765 551 ------- 864 ------- MEXICO--0.2% Republic of Mexico 9.000%, 12/20/12 3,000(j) 227 ------- NORWAY--0.7% Kingdom of Norway 6.000%, 5/16/11 4,325(k) 665 ------- RUSSIA--0.1% Russian Federation RegS 7.500%, 3/31/30 (c)(n) 147 130 ------- SWEDEN--0.8% Kingdom of Sweden Series 1048 4.000%, 12/1/09 5,350(m) 693 ------- TRINIDAD AND TOBAGO--0.2% Republic of Trinidad and Tobago RegS 9.875%, 10/1/09 (n) 135 140 ------- UKRAINE--0.1% Republic of Ukraine 144A 6.580%, 11/21/16 (b) 250 94 ------- VENEZUELA--3.5% Republic of Venezuela RegS 5.375%, 8/7/10(n) 2,260 1,763 8.500%, 10/8/14 350 184 RegS 5.750%, 2/26/16(n) 325 140 9.250%, 9/15/27 2,090 1,128 ------- 3,215 ------------------------------------------------------------------------------- TOTAL FOREIGN GOVERNMENT SECURITIES (IDENTIFIED COST $11,174) 8,958 ------------------------------------------------------------------------------- FOREIGN CORPORATE BONDS(d)--15.1% AUSTRALIA--0.5% Rio Tinto Finance USA Ltd. 6.500%, 7/15/18 600 441 ------- CANADA--2.1% Agrium, Inc. 6.750%, 1/15/19 320 307 Canadian National Resources Ltd. 5.900%, 2/1/18 300 260 Catalyst Paper Corp. 7.375%, 3/1/14 750 281 5
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VIRTUS MULTI-SECTOR FIXED INCOME FUND SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) PAR VALUE VALUE ---------- ------- CANADA--(CONTINUED) EnCana Corp. 5.900%, 12/1/17 $ 240 $ 200 Petro-Canada 6.050%, 5/15/18 140 116 Rogers Wireless Communications, Inc. 6.375%, 3/1/14 575 547 Videotron Ltee / Quebecor Media, Inc. 6.375%, 12/15/15 180 142 144A 9.125%, 4/15/18(b) 82 77 ------- 1,930 ------- CHILE--0.4% Empresa Nacional de Electricidad SA 8.350%, 8/1/13 350 370 ------- CHINA--0.2% China Properties Group Ltd. 144A 9.125%, 5/4/14 (b) 500 198 ------- CYPRUS--0.3% ABH Financial Ltd. (Alfa Markets Ltd.) 144A 8.200%, 6/25/12(b) 150 88 Alfa Invest Ltd. 144A 9.250%, 6/24/13 (b) 350 213 ------- 301 ------- FRANCE--0.2% Compagnie Generale de Geophysique-Veritas 7.750%, 5/15/17 225 132 ------- GERMANY--0.4% Deutsche Bank AG 4.875%, 5/20/13 100 98 E.ON International Finance BV 144A 5.800%, 4/30/18(b) 325 305 ------- 403 ------- INDIA--0.2% ICICI Bank Ltd. 144A 6.375%, 4/30/22(b)(c) 375 197 ------- INDONESIA--0.5% Majapahit Holding BV 144A 7.250%, 6/28/17 (b) 825 433 ------- ISRAEL--0.2% Israel Electric Corp. Ltd. 144A 7.250%, 1/15/19 (b) 200 187 ------- ITALY--0.3% Telecom Italia Capital SA 6.999%, 6/4/18 350 284 ------- JAPAN--0.5% Resona Bank Ltd. 144A 5.850%, 9/29/49 (b)(c) 750 426 ------- PAR VALUE VALUE ---------- ------- KAZAKHSTAN--1.1% Kazkommerts International BV RegS 8.000%, 11/3/15 (n) $ 250 $ 120 KazMunaiGaz Finance Sub BV 144A 9.125%, 7/2/18 (b) 400 262 TengizChevroil Finance Co. S.A.R.L. 144A 6.124%, 11/15/14(b) 857 656 ------- 1,038 ------- LUXEMBOURG--0.2% ArcelorMittal 6.125%, 6/1/18 280 176 ------- MALAYSIA--0.8% Malaysia International Shipping Corp. Capital Ltd. 144A 6.125%, 7/1/14(b) 750 764 ------- RUSSIA--3.2% European Bank for Reconstruction & Development 6.000%, 2/14/12 20,400(l) 425 Gaz Capital SA 144A 8.146%, 4/11/18 (b) 100 74 Gazprom International SA 144A 7.201%, 2/1/20 (b) 805 592 Gazprom OAO (Gaz Capital SA) 144A 6.212%, 11/22/16(b) 935 622 6.510%, 3/7/22(b) 315 189 OJSC AK Transneft (TransCapitalInvest Ltd.) 144A 5.670%, 3/5/14 (b) 390 253 OJSC Vimpel Communications (UBS Luxembourg SA) 144A 8.375%, 10/22/11(b) 500 397 Russian Agricultural Bank OJSC (RSHB Capital SA) 144A 6.299%, 5/15/17 (b) 380 218 TNK-BP Finance SA 144A 7.500%, 3/13/13 (b) 325 203 ------- 2,973 ------- SINGAPORE--0.4% UOB Cayman Ltd. 144A 5.796%, 12/29/49(b)(c) 500 371 ------- SOUTH KOREA--1.0% Korea Development Bank 5.300%, 1/17/13 187 170 Woori Bank 144A 6.125%, 5/3/16(b)(c) 1,000 721 ------- 891 ------- UNITED ARAB EMIRATES--0.7% Abu Dhabi National Energy Co. 144A 5.875%, 10/27/16 (b) 825 676 ------- UNITED KINGDOM--1.0% HBOs plc 144A 6.750%, 5/21/18 (b) 115 101 6
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VIRTUS MULTI-SECTOR FIXED INCOME FUND SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) PAR VALUE VALUE ---------- ------- UNITED KINGDOM--(CONTINUED) Ineos Group Holdings plc 144A 8.500%, 2/15/16(b) $ 500 $ 48 Petroplus Finance Ltd. 144A 6.750%, 5/1/14 (b) 375 240 Vedanta Resources plc 144A 9.500%, 7/18/18(b) 375 199 Vodafone Group plc 6.150%, 2/27/37 375 372 ------- 960 ------- UNITED STATES--0.5% Nova Chemicals Corp. 5.720%, 11/15/13(c) 1,125 433 ------- VENEZUELA--0.4% Petroleos de Venezuela S.A. 5.250%, 4/12/17(n) 950 344 ------- ------------------------------------------------------------------------------- TOTAL FOREIGN CORPORATE BONDS (IDENTIFIED COST $20,897) 13,928 ------------------------------------------------------------------------------- DOMESTIC CONVERTIBLE BONDS--0.3% PHARMACEUTICALS--0.3% Par Pharmaceutical Cos., Inc. Cv. 2.875%, 9/30/10 300 234 ------- ------------------------------------------------------------------------------- TOTAL DOMESTIC CONVERTIBLE BONDS (IDENTIFIED COST $276) 234 ------------------------------------------------------------------------------- FOREIGN CONVERTIBLE BONDS--0.1% BRAZIL--0.1% Vale Capital Ltd. 5.500%, 6/15/10 4 112 ------- ------------------------------------------------------------------------------- TOTAL FOREIGN CONVERTIBLE BONDS (IDENTIFIED COST $200) 112 ------------------------------------------------------------------------------- DOMESTIC LOAN AGREEMENTS(c)--15.9% ADVERTISING--0.1% Lamar Media Corp. Tranche F 4.333%, 3/31/14 125 108 ------- AEROSPACE & DEFENSE--0.1% TransDigm, Inc. Tranche 5.210%, 6/23/13 118 95 ------- APPAREL RETAIL--0.2% HBI Branded Apparel Ltd., Inc. Tranche 6.545%, 3/5/14 200 146 ------- APPAREL, ACCESSORIES & LUXURY GOODS--0.2% Totes Isotoner Corp. Tranche 9.876%, 1/16/14 500 150 ------- APPLICATION SOFTWARE--0.2% Getty Tranche B 8.053%, 2/15/13 229 206 ------- PAR VALUE VALUE ---------- ------- AUTO PARTS & EQUIPMENT--0.2% Mark IV Industries, Inc. Tranche B 7.410%, 6/21/11 $ 555 $ 192 Tranche 2 11.490%, 12/19/11 173 13 ------- 205 ------- AUTOMOBILE MANUFACTURERS--0.3% Ford Motor Co. Tranche B 5.490%, 12/16/13 369 152 General Motors Corp. Tranche B 6.378%, 11/29/13 243 112 ------- 264 ------- BROADCASTING--0.7% Charter Communications Operating LLC Tranche 5.235%, 3/6/14 739 547 MCC Georgia LLC Tranche E 7.000%, 1/3/16 80 62 ------- 609 ------- COMMODITY CHEMICALS--0.6% Celanese Holdings LLC Tranche B 5.553%, 4/2/14 742 516 ------- COMMUNICATIONS EQUIPMENT--0.5% CommScope, Inc. Tranche B 6.095%, 12/27/14 625 461 ------- CONSUMER FINANCE--0.2% Hertz Corp. Letter of Credit 3.204%, 12/21/12 50 30 Tranche B 4.680%, 12/21/12 234 144 ------- 174 ------- DATA PROCESSING & OUTSOURCED SERVICES--0.8% First Data Corp. Tranche B-1 6.162%, 9/24/14 398 255 Tranche B-3 6.230%, 9/24/14 495 317 Reynolds & Reynolds Co. (The) Tranche FL 5.171%, 10/24/12 273 132 ------- 704 ------- DEPARTMENT STORES--0.8% Neiman-Marcus Group, Inc. (The) Tranche 4.565%, 4/6/13 1,213 780 ------- DIVERSIFIED REAL ESTATE ACTIVITIES--0.0% Tropicana Entertainment LLC Tranche B 8.250%, 1/3/12 83 20 ------- 7
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VIRTUS MULTI-SECTOR FIXED INCOME FUND SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) PAR VALUE VALUE ---------- ------- DIVERSIFIED SUPPORT SERVICES--0.2% ARAMARK Corp. Letter of Credit 2.233%, 1/26/14 $ 10 $ 8 Tranche B-1 4.676%, 1/26/14 158 132 ------- 140 ------- ELECTRIC UTILITIES--0.3% Texas Competitive Electric Holdings Co. LLC Tranche B-2 7.068%, 10/10/14 262 183 Tranche B-3 7.068%, 10/10/14 139 97 ------- 280 ------- ELECTRICAL COMPONENTS & EQUIPMENT--0.3% Baldor Electric Co. Tranche B 5.031%, 1/31/14 321 276 ------- HEALTH CARE FACILITIES--1.3% HCA, Inc. Tranche A 4.801%, 11/18/12 108 92 Tranche B 4.946%, 11/18/13 426 337 Health Management Associates, Inc. Tranche B 5.512%, 2/28/14 188 118 HealthSouth Corp. Tranche 5.595%, 3/10/13 530 415 LifePoint Hospitals, Inc. Tranche B 4.435%, 4/15/12 234 197 ------- 1,159 ------- HEALTH CARE SERVICES--0.1% Psychiatric Solutions, Inc. Tranche 5.454%, 7/1/12 174 138 ------- HEALTH CARE SUPPLIES--0.4% Bausch & Lomb, Inc. Tranche DD 4.450%, 4/26/15 100 69 Tranche B 7.012%, 4/26/15 396 272 ------- 341 ------- HOUSEHOLD PRODUCTS--0.1% Yankee Candle Co., Inc. Tranche B 4.635%, 2/6/14 139 74 ------- INDEPENDENT POWER PRODUCERS & ENERGY TRADERS--0.9% NRG Energy, Inc. Tranche B 5.262%, 2/1/13 233 205 Letter of Credit 5.262%, 2/1/13 669 589 ------- 794 ------- PAR VALUE VALUE ---------- ------- INTEGRATED TELECOMMUNICATION SERVICES--1.1% Level 3 Communications, Inc. Tranche B 4.876%, 3/13/14 $ 90 $ 57 NTELOS, Inc. Tranche B-1 5.960%, 8/24/11 455 385 Time Warner Telecom Holdings, Inc. Tranche B 4.470%, 1/7/13 741 569 ------- 1,011 ------- LEISURE FACILITIES--0.3% AMF Bowling Worldwide, Inc. Tranche B 5.377%, 5/17/13 518 215 PTI Group, Inc. Tranche 9.625%, 2/28/13 160 96 ------- 311 ------- METAL & GLASS CONTAINERS--0.3% Anchor Glass Container Corp. Tranche 7.736%, 6/1/13 352 290 ------- OIL & GAS EQUIPMENT & SERVICES--0.1% Helix Energy Solutions Group, Inc. Tranche 5.058%, 7/1/13 197 137 ------- OIL & GAS EXPLORATION & PRODUCTION--0.3% ATP Oil & Gas Corp. Tranche B-2 8.500%, 1/15/11 134 77 Tranche B-1 8.500%, 7/15/14 427 247 ------- 324 ------- PACKAGED FOODS & MEATS--0.2% Wrigley (WM) Jr. Co. Tranche B 6.634%, 10/6/14 195 187 ------- PAPER PRODUCTS--1.2% Boise Paper Holdings LLC Tranche 10.000%, 2/22/15 463 116 Georgia-Pacific Corp. Tranche B 5.474%, 12/20/10 304 271 Tranche B-1 4.997%, 12/20/12 587 487 NewPage Corp. Tranche B 7.000%, 12/21/14 423 274 ------- 1,148 ------- PUBLISHING--0.3% Idearc, Inc. Tranche B 4.605%, 11/17/14 980 308 ------- SEMICONDUCTORS--0.5% Freescale Semiconductor, Inc. Tranche 4.236%, 12/1/13 760 454 ------- 8
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VIRTUS MULTI-SECTOR FIXED INCOME FUND SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) PAR VALUE VALUE ---------- ------- SPECIALIZED FINANCE--1.0% Sungard Data Systems, Inc. Tranche B 4.553%, 2/28/14 $ 1,404 $ 957 ------- SPECIALTY CHEMICALS--0.1% JohnsonDiversey, Inc. Tranche B 4.791%, 12/16/11 119 104 ------- WIRELESS TELECOMMUNICATION SERVICES--2.0% ALLTEL Communications, Inc. Tranche B-2 4.371%, 5/15/15 174 171 Tranche B-3 4.811%, 5/15/15 371 368 Cricket Communications, Inc. Tranche B 6.500%, 6/16/13 609 508 MetroPCS Wireless, Inc. Tranche B 4.292%, 2/20/14 943 767 ------- 1,814 ------------------------------------------------------------------------------- TOTAL DOMESTIC LOAN AGREEMENTS (IDENTIFIED COST $21,940) 14,685 ------------------------------------------------------------------------------- FOREIGN LOAN AGREEMENTS(c)--0.6% GERMANY--0.6% Fresenius Medical Care AG & Co. KGaA Tranche B 4.797%, 3/31/13 (d) 673 585 ------- ------------------------------------------------------------------------------- TOTAL FOREIGN LOAN AGREEMENTS (IDENTIFIED COST $673) 585 ------------------------------------------------------------------------------- SHARES VALUE ---------- ------- DOMESTIC PREFERRED STOCK--0.1% CONSUMER FINANCE--0.1% Preferred Blocker, Inc. (GMAC) Pfd. 9.000% 322 101 ------- THRIFTS & MORTGAGE FINANCE--0.0% FNMA Pfd. 8.250% 38,000 33 ------- ------------------------------------------------------------------------------- TOTAL DOMESTIC PREFERRED STOCK (IDENTIFIED COST $757) 134 ------------------------------------------------------------------------------- DOMESTIC COMMON STOCKS--0.0% INTEGRATED TELECOMMUNICATION SERVICES--0.0% AT&T Latin America Corp. Class A(p)(q) 137,550 0 ------- ------------------------------------------------------------------------------- TOTAL DOMESTIC COMMON STOCKS (IDENTIFIED COST $605) 0 ------------------------------------------------------------------------------- TOTAL LONG TERM INVESTMENTS--96.3% (IDENTIFIED COST $125,022) 89,002 ------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS--1.3% MONEY MARKET MUTUAL FUNDS--1.3% State Street Institutional Liquid Reserves Fund (seven-day effective yield 1.461%) 1,201,657 $ 1,202 ------------------------------------------------------------------------------- TOTAL SHORT-TERM INVESTMENTS (IDENTIFIED COST $1,202) 1,202 ------------------------------------------------------------------------------- TOTAL INVESTMENTS--97.6% (IDENTIFIED COST $126,224) 90,204(a) Other assets and liabilities, net--2.4% 2,194 ------- NET ASSETS--100.0% $92,398 ======= 9
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VIRTUS MULTI-SECTOR FIXED INCOME FUND SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) (amounts reported in thousands) [Download Table] UNREALIZED SETTLEMENT APPRECIATION CONTRACTS TO RECEIVE IN EXCHANGE FOR DATE VALUE (DEPRECIATION) -------------------- --------------- ---------- ------- ------------- JPY 47,418 USD 485 02/13/2009 $524 $39 --- 39 === ABBREVIATIONS: FNMA Fannie Mae or Federal National Mortgage Association JPY Japanese Yen REIT Real Estate Investment Trust USD United States Dollar FOOTNOTE LEGEND: (a) Federal Income Tax Information: For tax information at December 31, 2008, see Note 3 Federal Tax Information in Notes to Schedules of Investments. (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2008, these securities amounted to a value of $14,192 or 15.4% of net assets. (c) Variable or step coupon security; interest rate shown reflects the rate currently in effect. (d) A security is considered to be foreign if the security is issued in a foreign country. The country of risk, noted in the header, or parenthetically, is determined based on criteria described in Note 1B "Foreign security country determination" in the Notes to Schedules of Investments. (e) Par value represents Brazilian Real (reported in thousands). (f) Par value represents Canadian Dollar (reported in thousands). (g) Par value represents Colombian Peso (reported in thousands). (h) Par value represents Euro (reported in thousands). (i) Par value represents Indonesian Rupiah (reported in thousands). (j) Par value represents Mexican Peso (reported in thousands). (k) Par value represents Norwegian Krone (reported in thousands). (l) Par value represents Russian Ruble (reported in thousands). (m) Par value represents Swedish Krona (reported in thousands). (n) 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. (o) Security in default. (p) Illiquid security. (q) Security valued at fair value as determined in good faith by or under the direction of the Trustees. At December 31, 2008, this security amounted to a value of $0 or 0.0% of net assets. (r) Illiquid and restricted security. At December 31, 2008, this security amounted to a value of $138 or 0.1% of net assets. For acquisition information, see Note 2 "Illiquid and Restricted Securities" in the Notes to Schedules of Investments. (u) Amounts less than $500. (not reported in thousands) 10
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VIRTUS MULTI-SECTOR SHORT TERM BOND FUND SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) PAR VALUE VALUE ---------- ---------- U.S. GOVERNMENT SECURITIES--0.1% U.S. TREASURY NOTES--0.1% U.S. Treasury Note 2.875%, 6/30/10 $ 1,000 $ 1,036 ---------- ------------------------------------------------------------------------------- TOTAL U.S. GOVERNMENT SECURITIES (IDENTIFIED COST $1,006) 1,036 ------------------------------------------------------------------------------- AGENCY MORTGAGE-BACKED SECURITIES--11.0% FHLMC 6.000%, 8/1/34 1,983 2,047 FNMA 5.500%, 1/1/17 720 747 6.000%, 5/1/17 203 212 5.500%, 8/1/17 130 135 4.500%, 4/1/18 1,573 1,618 5.000%, 4/1/18 1,428 1,474 5.000%, 10/1/19 2,586 2,665 5.500%, 2/1/20 879 908 5.500%, 3/1/20 1,072 1,107 5.500%, 3/1/20 306 316 5.500%, 3/1/20 914 944 5.500%, 3/1/20 1,977 2,042 5.500%, 4/1/20 1,565 1,616 5.000%, 6/1/20 4,461 4,591 6.000%, 12/1/32 300 310 5.500%, 2/1/33 637 656 5.500%, 5/1/34 2,745 2,819 04-W6, 1A4 5.500%, 7/25/34 9,052 8,581 6.000%, 8/1/34 1,549 1,599 6.000%, 8/1/34 2,028 2,094 6.000%, 10/1/34 1,361 1,404 6.000%, 10/1/34 2,139 2,207 5.500%, 11/1/34 2,965 3,045 5.500%, 11/1/34 2,131 2,188 6.000%, 11/1/34 2,674 2,759 5.500%, 12/1/34 1,577 1,619 5.500%, 1/1/35 3,267 3,355 5.500%, 1/1/35 2,795 2,871 5.500%, 3/1/35 2,945 3,023 5.500%, 4/1/35 3,481 3,575 05-57, CK 5.000%, 7/25/35 2,584 2,587 05-65, PJ 5.000%, 8/25/35 4,035 4,062 05-65, DK 5.000%, 8/25/35 2,029 2,033 05-74, AG 5.000%, 9/25/35 1,697 1,701 6.000%, 10/1/36 5,064 5,219 PAR VALUE VALUE ---------- ---------- 6.000%, 1/1/37 $ 3,886 $ 4,005 6.000%, 1/1/37 2,242 2,311 5.500%, 2/1/37 3,655 3,751 5.500%, 7/1/37 24 25 6.000%, 7/1/37 1,390 1,432 5.500%, 11/1/37 4,874 5,001 6.000%, 12/1/37 5,767 5,944 5.500%, 2/1/38 7,222 7,410 6.000%, 2/1/38 4,749 4,894 6.000%, 2/1/38 5,081 5,237 6.000%, 4/1/38 4,329 4,461 5.500%, 5/1/38 3,893 3,995 6.000%, 5/1/38 3,753 3,868 5.500%, 7/1/38 4,561 4,680 5.500%, 7/1/38 5,568 5,714 5.500%, 9/1/38 4,186 4,295 GNMA 6.500%, 7/15/31 50 53 6.500%, 8/15/31 129 136 6.500%, 11/15/31 96 101 6.500%, 2/15/32 28 29 6.500%, 4/15/32 132 139 6.500%, 4/15/32 137 144 ------------------------------------------------------------------------------- TOTAL AGENCY MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $142,688) 145,754 ------------------------------------------------------------------------------- MUNICIPAL BONDS--3.6% ARIZONA--1.0% Arizona School Board Facilities Improvement 5.000%, 1/1/14 12,325 13,700 ---------- CALIFORNIA--0.2% Fresno County Pension Obligation Taxable (MBIA Insured) 6.060%, 8/15/09 1,915 1,947 ---------- CONNECTICUT--0.2% Mashantucket Western Pequot Tribe Taxable Series A 144A (MBIA Insured) 6.910%, 9/1/12 (b) 3,215 3,232 ---------- KENTUCKY--0.5% State Property & Buildings Commission (FSA Insured) 5.250%, 10/1/13 5,750 6,296 ---------- 1
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VIRTUS MULTI-SECTOR SHORT TERM BOND FUND SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) PAR VALUE VALUE ---------- ---------- NEW YORK--0.1% Dormitory Authority Personal Economic Development Taxable Series B 3.350%, 12/15/09 $ 1,610 $ 1,628 ---------- PENNSYLVANIA--0.3% Philadelphia School District Taxable Series C (FSA Insured) 4.200%, 7/1/09 2,570 2,575 Series C (FSA Insured) 4.430%, 7/1/11 1,015 1,010 ---------- 3,585 ---------- SOUTH DAKOTA--0.0% Educational Enhancement Funding Corp. Taxable Series A 6.720%, 6/1/25 129 121 ---------- TEXAS--1.1% Department of Transportation 5.000%, 10/1/12 12,950 14,146 ---------- VIRGINIA--0.2% Tobacco Settlement Financing Corp. Taxable Series A-1 6.706%, 6/1/46 4,965 2,715 ---------- ------------------------------------------------------------------------------- TOTAL MUNICIPAL BONDS (IDENTIFIED COST $48,807) 47,370 ------------------------------------------------------------------------------- ASSET-BACKED SECURITIES--11.0% AmeriCredit Automobile Receivables Trust 06-RM, A2 5.420%, 8/8/11 4,524 4,186 07-BF, A3A 5.160%, 4/6/12 4,645 4,529 07-CM, A3A 5.420%, 5/7/12 7,000 6,550 Banc of America Securities Auto Trust 06-G1, B 5.340%, 2/18/11 4,855 4,557 Bay View Auto Trust 05-LJ1, A4 4.090%, 5/25/12 2,215 2,093 Bayview Financial Acquisition Trust 06-B, 1A2 5.800%, 4/28/36 (c) 4,000 3,774 Bombardier Capital Mortgage Securitization Corp. 99-A, A3 5.980%, 1/15/18 (c) 2,866 1,703 Capital Auto Receivables Asset Trust 06-1, D 144A 7.160%, 1/15/13 (b) 2,000 1,748 Capital One Auto Finance Trust 06-A, A3 5.330%, 11/15/10 279 278 05-C, A4A 4.710%, 6/15/12 5,848 5,190 Carmax Auto Owner Trust 05-1, C 4.820%, 10/15/11 4,135 3,879 07-2, B 5.370%, 3/15/13 5,702 4,420 PAR VALUE VALUE ---------- ---------- Chase Funding Mortgage Loan Asset-Backed Certificates 04-1, 1A4 4.111%, 8/25/30 $ 2,987 $ 2,688 Citicorp Residential Mortgage Securities, Inc. 07-2, A4 6.538%, 6/25/37 (c) 5,000 2,964 Conseco Finance Securitizations Corp. 02-2, A2 6.030%, 3/1/33(c) 1,916 1,385 01-3, A4 6.910%, 5/1/33(c) 12,141 7,607 Credit Based Asset Servicing and Securitization LLC 07-CB1, AF2 5.721%, 1/25/37 (c) 5,000 1,740 Daimler Chrysler Auto Trust 08-B, A4A 5.320%, 11/10/14 4,820 4,240 Dunkin Securitization 06-1, M1 144A 8.285%, 6/20/31 (b) 6,345 4,093 FMAC Loan Receivables Trust 98-CA, A2 144A 6.660%, 9/15/20 (b) 4,087 3,270 Ford Credit Auto Owner Trust 06-C, A4A 5.150%, 2/15/12 6,750 6,428 GMAC Mortgage Corp. Loan Trust 05-HE2, A3 4.622%, 11/25/35(c) 823 783 06-HE2, A3 6.320%, 5/25/36(c) 11,335 6,500 Great America Leasing Receivables 05-1, A4 144A 4.970%, 8/20/10 (b) 5,492 5,460 GreenTree Financial Corp. 99-2, M2 (Interest Only) 7.210%, 12/1/30(c) 2,247 22 08-MH1, A1 144A 7.000%, 4/25/38(b)(c) 4,757 4,305 Home Equity Asset Trust 06-7, A 144A 6.000%, 2/25/37 (b) 2,119 --(r) Hyundai Auto Receivables Trust 06-A, D 5.520%, 11/15/12 1,920 1,821 08-A, A3 4.930%, 12/17/12 6,800 5,750 IndyMac Manufactured Housing Contract 98-1, A3 6.370%, 9/25/28 2,200 1,503 Long Grove Collateral Loan Obligation Ltd. 04-1A, C 144A 4.558%, 5/25/16(b)(c) 1,600 469 04-1A, D 144A 8.908%, 5/25/16(b)(c) 500 80 MASTR Alternative Net Interest Margin 06-6, N1 144A 1.471%, 9/26/46 (b)(c)(g) 1,140 --(r) Merrill Auto Trust Securitization 07-1, B 5.790%, 12/15/13 5,033 4,379 Renaissance Home Equity Loan Trust 05-3, AF4 5.140%, 11/25/35(c) 5,380 3,681 06-2, AF4 6.115%, 8/25/36(c) 5,640 3,613 06-3, AF2 5.580%, 11/25/36(c) 2,420 2,316 2
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VIRTUS MULTI-SECTOR SHORT TERM BOND FUND SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) PAR VALUE VALUE ---------- ---------- Renaissance Net Interest Margin Trust 07-2, N 144A 8.353%, 6/25/37 (b) $ 1,715 $ 17 Residential Funding Mortgage Securities II, Inc. 04-HI3, A4 4.630%, 1/25/20 933 921 05-HI2, A3 4.460%, 5/25/35 844 838 06-HI2, A3 5.790%, 2/25/36 1,510 813 07-HI1, A2 5.640%, 3/25/37 10,000 8,691 07-HSA3, AI2 5.890%, 5/25/37(c) 7,340 5,360 Soundview Home Equity Loan Trust 05-CTX1, A3 5.322%, 11/25/35 (c) 133 133 Structured Asset Securities Corp. 05-7XS, 1A2B 5.270%, 4/25/35 (c) 7,161 5,352 Vanderbuilt Acquisition Loan Trust 02-1, A3 5.700%, 9/7/23 (c) 86 85 Wachovia Auto Loan Owner Trust 06-1, A4 144A 5.080%, 4/20/12(b) 4,870 4,572 06-2A, E 144A 7.050%, 5/20/14(b) 5,000 1,527 ------------------------------------------------------------------------------- TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $192,673) 146,313 ------------------------------------------------------------------------------- DOMESTIC CORPORATE BONDS--25.6% AEROSPACE & DEFENSE--0.4% L-3 Communications Corp. 7.625%, 6/15/12 4,020 3,940 Series B 6.375%, 10/15/15 925 869 ---------- 4,809 ---------- AGRICULTURAL PRODUCTS--0.4% Cargill, Inc. 144A 5.600%, 9/15/12 (b) 4,845 4,562 ---------- AIRLINES--1.6% American Airlines, Inc. 01-1 6.977%, 5/23/21 15,710 7,855 Continental Airlines, Inc. 98-1A 6.648%, 9/15/17 2,287 1,669 Delta Air Lines, Inc. 00-A1 7.379%, 5/18/10 8,195 7,540 United Airlines, Inc. 00-2A 7.032%, 10/1/10 2,415 2,221 01-A1 6.071%, 3/1/13 2,501 2,351 ---------- 21,636 ---------- APPLICATION SOFTWARE--0.1% Intuit, Inc. 5.750%, 3/15/17 1,393 1,030 ---------- ASSET MANAGEMENT & CUSTODY BANKS--0.6% Invesco Ltd. 4.500%, 12/15/09 2,750 2,586 Janus Capital Group, Inc. 6.250%, 6/15/12 2,663 2,132 ---------- PAR VALUE VALUE ---------- ---------- ASSET MANAGEMENT & CUSTODY BANKS--(CONTINUED) Northern Trust Corp. 5.500%, 8/15/13 $ 2,775 $ 2,849 Nuveen Investment, Inc. 144A 10.500%, 11/15/15(b) 800 181 ---------- 7,748 ---------- AUTOMOBILE MANUFACTURERS--0.2% Daimler Finance North America LLC 6.500%, 11/15/13 3,390 2,644 General Motors Corp. 7.200%, 1/15/11 1,480 315 ---------- 2,959 ---------- BROADCASTING--1.1% Comcast Cable Holdings LLC 7.875%, 8/1/13 3,800 3,907 COX Communications, Inc. 4.625%, 6/1/13 5,620 4,871 Time Warner Cable, Inc. 6.200%, 7/1/13 2,915 2,757 Viacom, Inc. 5.750%, 4/30/11 2,700 2,452 ---------- 13,987 ---------- BUILDING PRODUCTS--0.1% Esco Corp. 144A 8.625%, 12/15/13 (b) 1,725 1,216 ---------- CASINOS & GAMING--0.2% MGM MIRAGE 8.500%, 9/15/10 2,835 2,396 Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock International LLC 144A 4.496%, 3/15/14 (b)(c) 767 393 ---------- 2,789 ---------- COMPUTER STORAGE & PERIPHERALS--0.2% Seagate Technology HDD Holdings, Inc. 6.375%, 10/1/11 3,950 2,745 ---------- CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS--0.1% Terex Corp. 7.375%, 1/15/14 2,010 1,759 ---------- CONSTRUCTION MATERIALS--0.3% CRH America, Inc. 8.125%, 7/15/18 4,770 3,444 ---------- CONSUMER ELECTRONICS--0.2% Best Buy Co., Inc. 144A 6.750%, 7/15/13 (b) 2,095 1,956 ---------- CONSUMER FINANCE--2.6% American Express Credit Corp. Series C 5.875%, 5/2/13 4,805 4,613 Series C 7.300%, 8/20/13 2,600 2,661 3
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VIRTUS MULTI-SECTOR SHORT TERM BOND FUND SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) PAR VALUE VALUE ---------- ---------- CONSUMER FINANCE--(CONTINUED) American Honda Finance Corp. 144A 6.700%, 10/1/13 (b) $ 4,850 $ 4,889 ERAC USA Finance Co. 144A 5.800%, 10/15/12 (b) 805 673 Ford Motor Credit Co. 9.875%, 8/10/11 3,480 2,569 Ford Motor Credit Co. LLC 7.500%, 1/13/12(c) 2,000 1,303 9.203%, 4/15/12(c) 3,389 3,084 GMAC LLC 3.399%, 5/15/09(c) 4,815 4,604 6.875%, 9/15/11 2,662 2,181 6.750%, 12/1/14 552 380 Hertz Corp. (The) 8.875%, 1/1/14 2,595 1,609 SLM Corp. 6.220%, 2/1/10(c) 8,000 6,266 ---------- 34,832 ---------- DATA PROCESSING & OUTSOURCED SERVICES--0.2% Convergys Corp. 4.875%, 12/15/09 3,000 2,530 ---------- DIVERSIFIED BANKS--0.9% Bank One Corp. 7.875%, 8/1/10 4,900 5,136 Wachovia Corp. 5.300%, 10/15/11 4,870 4,697 Wells Fargo & Co. 3.125%, 4/1/09 1,500 1,503 4.375%, 1/31/13 800 783 ---------- 12,119 ---------- DIVERSIFIED METALS & MINING--0.2% Freeport-McMoRan Copper & Gold, Inc. 6.875%, 2/1/14 2,170 1,953 ---------- DIVERSIFIED REAL ESTATE ACTIVITIES--0.3% Colonial Realty LP 4.800%, 4/1/11 5,000 3,986 ---------- ELECTRIC UTILITIES--1.6% Allegheny Energy Supply Co. LLC 144A 8.250%, 4/15/12 (b) 1,860 1,832 Consumers Energy Co. Series H 4.800%, 2/17/09 2,000 1,996 FPL Group Capital, Inc. 5.350%, 6/15/13 1,000 1,002 7.875%, 12/15/15 1,745 1,890 Midwest Generation LLC Series B 8.560%, 1/2/16 1,594 1,523 Northeast Utilities 5.650%, 6/1/13 3,950 3,687 Pacific Gas & Electric Co. 3.600%, 3/1/09 2,000 1,994 PPL Capital Funding Trust I Series A 4.330%, 3/1/09 4,250 4,263 PAR VALUE VALUE ---------- ---------- ELECTRIC UTILITIES--(CONTINUED) PSE&G Energy Holdings Co. 8.500%, 6/15/11 $ 2,250 $ 2,132 Texas Competitive Electric Holdings Co. LLC 144A 10.500%, 11/1/15 (b) 1,390 994 ---------- 21,313 ---------- ELECTRICAL COMPONENTS & EQUIPMENT--0.1% General Cable Corp. 6.258%, 4/1/15(c) 3,375 1,595 ---------- ELECTRONIC MANUFACTURING SERVICES--0.1% Tyco Electronic Group SA 6.000%, 10/1/12 1,515 1,367 ---------- FOOD RETAIL--0.1% Kroger Co. (The) 8.050%, 2/1/10 1,860 1,891 ---------- GAS UTILITIES--0.1% AmeriGas Partners LP 7.250%, 5/20/15 860 705 ONEOK Partners LP 5.900%, 4/1/12 980 922 ---------- 1,627 ---------- HEALTH CARE FACILITIES--0.1% HCA, Inc. 9.125%, 11/15/14 1,739 1,617 ---------- HEALTH CARE SERVICES--0.1% Medco Health Solutions, Inc. 7.250%, 8/15/13 1,000 970 ---------- HOMEBUILDING--0.2% Horton (D.R.), Inc. 4.875%, 1/15/10 2,500 2,269 ---------- HOTELS, RESORTS & CRUISE LINES--0.2% Starwood Hotels & Resort Worldwide, Inc. 6.250%, 2/15/13 2,815 1,942 ---------- HOUSEHOLD PRODUCTS--0.1% Yankee Acquisition Corp. Series B 8.500%, 2/15/15 3,740 1,762 ---------- INDUSTRIAL GASES--0.1% Air Products & Chemicals, Inc. 4.150%, 2/1/13 1,912 1,836 ---------- INDUSTRIAL MACHINERY--0.0% SPX Corp. 144A 7.625%, 12/15/14(b) 250 218 ---------- INDUSTRIAL REITS--0.0% ProLogis 6.625%, 5/15/18 1,110 531 ---------- INTEGRATED TELECOMMUNICATION SERVICES--1.2% AT&T Corp. 7.300%, 11/15/11 3,015 3,133 Embarq Corp. 6.738%, 6/1/13 5,200 4,394 4
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VIRTUS MULTI-SECTOR SHORT TERM BOND FUND SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) PAR VALUE VALUE ---------- ---------- INTEGRATED TELECOMMUNICATION SERVICES--(CONTINUED) Qwest Capital Funding, Inc. 7.250%, 2/15/11 $ 4,000 $ 3,380 Qwest Corp. 7.875%, 9/1/11 5,220 4,802 ---------- 15,709 ---------- INVESTMENT BANKING & BROKERAGE--1.6% Bear Stearns Cos., Inc. (The) 7.250%, 2/1/18 4,365 4,784 Goldman Sachs Group, Inc. (The) 4.750%, 7/15/13 3,225 2,898 5.950%, 1/18/18 2,759 2,616 Lehman Brothers Holdings, Inc. 6.750%, 12/28/17(f)(h) 3,640 --(r) Merrill Lynch & Co., Inc. 6.150%, 4/25/13 3,925 3,889 (Brazil) 10.710%, 3/8/17(d) 6,880(i) 2,419 Morgan Stanley 144A (Brazil) 10.090%, 5/3/17 (b)(d) 10,525(i) 2,798 Piper Jaffray Equipment Trust Securities 144A 6.000%, 9/10/11 (b) 3,009 2,167 ---------- 21,571 ---------- LEISURE FACILITIES--0.1% Scientific Games Corp. 144A 7.875%, 6/15/16 (b) 810 656 ---------- LEISURE PRODUCTS--0.2% Brunswick Corp. 11.750%, 8/15/13 5,419 2,450 ---------- LIFE & HEALTH INSURANCE--0.1% Principal Life Global Funding I 144A 4.400%, 10/1/10(b) 1,500 1,472 ---------- LIFE SCIENCES TOOLS & SERVICES--0.2% Fisher Scientific International, Inc. 6.750%, 8/15/14 985 931 6.125%, 7/1/15 2,125 1,873 ---------- 2,804 ---------- MORTGAGE REITS--0.1% iStar Financial, Inc. Series B 5.950%, 10/15/13 5,725 1,803 ---------- MOVIES & ENTERTAINMENT--0.1% Time Warner, Inc. 6.875%, 5/1/12 1,500 1,441 ---------- OFFICE ELECTRONICS--0.3% Xerox Corp. 5.650%, 5/15/13 4,345 3,410 ---------- OFFICE SERVICES & SUPPLIES--0.2% Steelcase, Inc. 6.500%, 8/15/11 2,825 2,660 ---------- PAR VALUE VALUE ---------- ---------- OIL & GAS EQUIPMENT & SERVICES--0.1% Halliburton Co. 5.500%, 10/15/10 $ 1,225 $ 1,251 Helix Energy Solutions Group, Inc. 144A 9.500%, 1/15/16 (b) 692 370 ---------- 1,621 ---------- OIL & GAS EXPLORATION & PRODUCTION--1.2% Chesapeake Energy Corp. 6.875%, 11/15/20 3,600 2,610 EOG Resources, Inc. 6.125%, 10/1/13 2,070 2,163 Swift Energy Co. 7.625%, 7/15/11 4,875 3,827 XTO Energy, Inc. 5.900%, 8/1/12 1,980 1,931 5.750%, 12/15/13 5,910 5,737 ---------- 16,268 ---------- OIL & GAS REFINING & MARKETING--0.4% Frontier Oil Corp. 6.625%, 10/1/11 2,230 2,029 Tesoro Corp. 6.250%, 11/1/12 4,340 3,017 ---------- 5,046 ---------- OIL & GAS STORAGE & TRANSPORTATION--0.9% Buckeye Partners LP 6.050%, 1/15/18 854 716 Knight, Inc. 6.500%, 9/1/12 3,545 3,013 Pacific Energy Partners LP/Pacific Energy Finance Corp. 7.125%, 6/15/14 2,900 2,533 Transcontinental Gas Pipe Line Corp. Series B 7.000%, 8/15/11 3,865 3,793 Williams Cos., Inc. (The) 7.125%, 9/1/11 2,500 2,300 ---------- 12,355 ---------- OTHER DIVERSIFIED FINANCIAL SERVICES--2.0% Bank of America Corp. 7.400%, 1/15/11 3,815 3,906 4.750%, 8/15/13 3,000 2,796 Citigroup, Inc. 5.625%, 8/27/12 8,100 7,593 5.000%, 9/15/14 3,200 2,815 General Electric Capital Corp. 8.125%, 5/15/12 3,875 4,118 International Lease Finance Corp. 4.750%, 1/13/12 1,120 783 JPMorgan Chase & Co. Series 1 7.900%, 4/29/49 (c) 3,360 2,795 MassMutual Global Funding II 144A 3.500%, 3/15/10 (b) 1,750 1,707 ---------- 26,513 ---------- 5
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VIRTUS MULTI-SECTOR SHORT TERM BOND FUND SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) PAR VALUE VALUE ---------- ---------- PAPER PACKAGING--0.0% Jefferson Smurfit Corp. 8.250%, 10/1/12 $ 1,595 $ 279 ---------- PAPER PRODUCTS--0.3% Bowater, Inc. 4.996%, 3/15/10(c) 4,850 800 Georgia Pacific Corp. LLC 7.700%, 6/15/15 2,820 2,158 Rock-Tenn Co. 144A 9.250%, 3/15/16(b) 125 117 Verso Paper Holdings LLC / Verso Paper, Inc. Series B 6.943%, 8/1/14 (c) 2,570 758 ---------- 3,833 ---------- PROPERTY & CASUALTY INSURANCE--0.1% Berkley (WR) Corp. 5.125%, 9/30/10 2,000 1,794 ---------- REGIONAL BANKS--0.9% First Tennessee Bank NA 3.874%, 1/23/09(c) 723 723 2.296%, 5/18/09(c) 1,380 1,342 KeyBank NA 5.700%, 8/15/12 1,800 1,594 7.413%, 5/6/15 1,000 859 National City Bank 1.586%, 6/29/09(c) 5,760 5,608 Wachovia Bank NA 5.000%, 8/15/15 2,600 2,265 ---------- 12,391 ---------- RETAIL REITS--0.6% Kimco Realty Corp. 4.820%, 8/15/11 1,945 1,664 Simon Property Group LP 4.600%, 6/15/10 3,825 3,409 5.600%, 9/1/11 2,775 2,320 ---------- 7,393 ---------- SPECIALIZED FINANCE--0.7% CIT Group, Inc. 4.750%, 12/15/10 4,295 3,781 CME Group, Inc. 5.400%, 8/1/13 2,450 2,433 Textron Financial Corp. 5.125%, 11/1/10 3,865 3,467 ---------- 9,681 ---------- SPECIALIZED REITS--0.8% Host Hotels & Resorts LP 6.875%, 11/1/14 4,245 3,290 Nationwide Health Properties, Inc. 6.250%, 2/1/13 4,825 4,153 Trustreet Properties, Inc. 7.500%, 4/1/15 1,215 1,318 Ventas Realty LP/Ventas Capital Corp. 6.750%, 6/1/10 2,180 2,074 ---------- 10,835 ---------- PAR VALUE VALUE ---------- ---------- SPECIALTY CHEMICALS--0.1% Lubrizol Corp. 4.625%, 10/1/09 $ 875 $ 859 ---------- STEEL--0.1% Steel Dynamics, Inc. 7.375%, 11/1/12 1,630 1,198 ---------- THRIFTS & MORTGAGE FINANCE--0.1% Countrywide Home Loans, Inc. 5.625%, 7/15/09 1,750 1,742 ---------- TOBACCO--0.6% Altria Group, Inc. 8.500%, 11/10/13 2,775 2,874 BAT International Finance plc 144A 9.500%, 11/15/18 (b) 1,465 1,628 Philip Morris Capital Corp. 7.500%, 7/16/09 3,500 3,524 ---------- 8,026 ---------- WIRELESS TELECOMMUNICATION SERVICES--0.1% Nextel Communications, Inc. Series D 7.375%, 8/1/15 2,095 880 ---------- ------------------------------------------------------------------------------- TOTAL DOMESTIC CORPORATE BONDS (IDENTIFIED COST $409,573) 339,688 ------------------------------------------------------------------------------- NON-AGENCY MORTGAGE-BACKED SECURITIES--16.0% American General Mortgage Loan Trust 06-1, A2 144A 5.750%, 12/25/35 (b)(c) 8,392 8,038 American Tower Trust 07-1A, C 144A 5.615%, 4/15/37 (b) 3,685 2,473 Asset Securitization Corp. 96-D3, A1C 7.400%, 10/13/26 137 137 Banc of America Commercial Mortgage, Inc. 05-6, AM 5.180%, 9/10/47 (c) 1,600 941 Bear Stearns Commercial Mortgage Securities 04-ESA, J 144A 5.817%, 5/14/16(b) 8,510 8,545 06-PW12, A4 5.718%, 9/11/38(c) 4,860 3,954 05-PWR8, A2 4.484%, 6/11/41 2,105 1,919 Bear Stearns Structured Products, Inc. 05-10 144A 3.911%, 4/26/35 (b)(c)(g) 2,182 480 Chase Mortgage Finance Corp. 04-S1, M 5.098%, 2/25/19(c) 1,821 1,234 04-S3, 3A1 6.000%, 3/25/34 3,547 3,119 06-A1, 4A1 6.040%, 9/25/36(c) 9,979 6,941 Citigroup Mortgage Loan Trust, Inc. 06-WF1, A2B 5.536%, 3/25/36(c) 230 228 06-FX1, A4 6.081%, 10/25/36(c) 7,000 3,818 6
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VIRTUS MULTI-SECTOR SHORT TERM BOND FUND SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) PAR VALUE VALUE ---------- ---------- Citigroup-Deutsche Bank Commercial Mortgage Trust 05-CD1, A4 5.225%, 7/15/44 (c) $ 5,000 $ 4,147 Countrywide Home Loan Mortgage Pass-Through Trust 02-34, B2 5.750%, 1/25/33 1,586 1,054 02-36, B2 6.000%, 1/25/33 1,567 1,157 04-13, 1A1 5.500%, 8/25/34 4,871 4,383 Credit Suisse First Boston Mortgage Securities Corp. 02-CKS4, B 5.333%, 11/15/36 5,000 4,551 Credit-Based Asset Servicing and Securitization LLC 05-CB6, A3 5.120%, 7/25/35 (c) 3,705 3,426 Crown Castle Towers LLC 05-1A, AFX 144A 4.643%, 6/15/35(b) 8,000 6,800 05-1A, B 144A 4.878%, 6/15/35(b) 6,510 4,557 06-1A, C 144A 5.470%, 11/15/36(b) 5,000 3,515 First Horizon Asset Securities, Inc. 05-AR1, 2A1 4.999%, 4/25/35 (c) 2,860 1,936 First Plus Home Loan Trust 97-3, M2 7.520%, 11/10/23 30 28 Global Signal Trust 06-1, A2 144A 5.450%, 2/15/36 (b) 6,000 5,144 GMAC Commercial Mortgage Securities, Inc. 03-C2, A2 5.485%, 5/10/40(c) 3,310 2,975 04-C3, A4 4.547%, 12/10/41 4,820 4,354 GS Mortgage Securities Corp. II 07-EOP, G 144A 2.396%, 3/6/20(b)(c) 5,840 3,504 07-EOP, H 144A 2.526%, 3/6/20(b)(c) 1,850 1,110 GSR Mortgage Loan Trust 05-AR6, 3A1 4.560%, 9/25/35 (c) 5,512 3,514 Harborview Mortgage Loan Trust 05-9, B10 2.258%, 6/20/35 (c)(f) 4,667 397 IndyMac Index Mortgage Loan Trust 06-AR25, 3A1 6.253%, 9/25/36(c) 4,636 2,179 07-AR2, B1 5.852%, 6/25/37(c)(f) 4,734 237 JPMorgan Chase Commercial Mortgage Securities Corp. 01-CIBC, A3 6.260%, 3/15/33 464 454 05-LDP5, AM 5.221%, 12/15/44(c) 1,752 1,033 JPMorgan Mortgage Trust 06-A1, B1 5.409%, 2/25/36 (c)(f) 7,666 1,620 Lehman Brothers - UBS Commercial Mortgage Trust 06-C3, AM 5.712%, 3/15/39(c) 945 490 07-C2, A2 5.303%, 2/15/40 4,527 3,570 PAR VALUE VALUE ---------- ---------- 05-C3, AM 4.794%, 7/15/40 $ 7,460 $ 4,405 07-C6, A2 5.845%, 7/15/40 11,125 8,460 MASTR Resecuritization Trust 05-2 144A 4.750%, 3/28/34(b)(g) 1,724 659 04-3 144A 5.000%, 3/28/34(b)(g) 1,794 584 04-2 144A 5.250%, 3/28/34(b)(g) 3,536 1,295 05-1 144A 5.000%, 10/28/34(b)(g) 1,601 529 Merrill Lynch Mortgage Investors Trust 06-3, 2A1 6.076%, 10/25/36 (c) 5,046 3,748 Merrill Lynch Mortgage Trust 04-KEY2, A3 4.615%, 8/12/39 4,000 3,565 Merrill Lynch-Countrywide Commercial Mortgage Trust 06-4, A3 5.172%, 12/12/49 (c) 9,500 7,145 Morgan Stanley Mortgage Loan Trust 05-5AR, 4A1 5.532%, 9/25/35 (c) 2,130 1,071 PNC Mortgage Acceptance Corp. 00-C2, A2 7.300%, 10/12/33 (c) 204 203 Prudential Securities Secured Financing Corp. 99-NRF1, F 144A 6.074%, 11/1/31 (b) 5,000 4,934 Residential Funding Mortgage Securities I, Inc. 05-SA1, 2A 4.836%, 3/25/35(c) 2,640 1,711 06-S4, A2 6.000%, 4/25/36 7,104 5,944 SBA Commercial Mortgage Backed Securities Trust 06-1A, A 144A 5.314%, 11/15/36(b) 7,450 5,960 06-1A, B 144A 5.451%, 11/15/36(b) 2,875 2,152 Timberstar Trust 06-1A, A 144A 5.668%, 10/15/36 (b) 2,240 1,447 Wachovia Bank Commercial Mortgage Trust 04-C12, A2 5.001%, 7/15/41 12,400 11,957 07-C30, A5 5.342%, 12/15/43 6,935 4,538 05-C22, AM 5.315%, 12/15/44(c) 720 427 Wachovia Mortgage Loan Trust LLC 06-A, B1 5.415%, 5/20/36 (c)(f) 3,432 1,167 Washington Mutual Mortgage Pass Through Certificates 06-AR16, 1A1 5.605%, 12/25/36(c) 6,244 3,609 00-1, M3 2.721%, 1/25/40(c) 85 29 Wells Fargo Mortgage Backed Securities Trust 04-R, 2A1 4.368%, 9/25/34(c) 4,297 3,069 04-EE, 2A3 4.161%, 12/25/34(c) 117 80 05-AR16, 6A3 5.002%, 10/25/35(c) 7,396 5,234 05-14, 2A1 5.500%, 12/25/35 10,561 7,340 06-AR2, B1 5.107%, 3/25/36(c)(f) 13,928 3,594 7
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VIRTUS MULTI-SECTOR SHORT TERM BOND FUND SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) PAR VALUE VALUE ---------- ---------- 07-AR3, A4 6.059%, 4/25/37(c) $ 14,350 $ 8,894 ------------------------------------------------------------------------------- TOTAL NON-AGENCY MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $301,888) 211,712 ------------------------------------------------------------------------------- FOREIGN GOVERNMENT SECURITIES--11.0% ARGENTINA--0.1% Republic of Argentina Series GDP 2.280%, 12/15/35(c) 44,890 1,347 ---------- BRAZIL--1.3% Federative Republic of Brazil 10.000%, 8/7/11 9,000 10,395 7.875%, 3/7/15 1,000 1,140 12.500%, 1/5/16 3,414(i) 1,541 12.500%, 1/5/22 8,000(i) 3,679 ---------- 16,755 ---------- CANADA--1.0% Commonwealth of Canada 2.750%, 12/1/10 16,245(j) 13,567 ---------- COLOMBIA--0.7% Republic of Colombia 10.000%, 1/23/12 4,850 5,444 12.000%, 10/22/15 7,975,000(k) 3,918 ---------- 9,362 ---------- COSTA RICA--0.3% Republic of Costa Rica 144A 6.548%, 3/20/14 (b) 4,000 3,800 ---------- GERMANY--1.3% Federal Republic of Germany Series 147 2.500%, 10/8/10 12,075(l) 16,972 ---------- INDONESIA--0.6% Republic of Indonesia Series FR-23 11.000%, 12/15/12 44,100,000(m) 3,935 RegS 7.500%, 1/15/16(e) 4,850 4,197 ---------- 8,132 ---------- MEXICO--0.2% Republic of Mexico 9.000%, 12/20/12 42,500(n) 3,215 ---------- NORWAY--0.8% Kingdom of Norway 6.000%, 5/16/11 64,725(o) 9,959 ---------- PHILIPPINES--0.9% Republic of Philippines 9.875%, 3/16/10 5,710 5,967 PAR VALUE VALUE ---------- ---------- PHILIPPINES--(CONTINUED) 8.375%, 2/15/11 $ 6,135 $ 6,411 ---------- 12,378 ---------- RUSSIA--0.0% Russian Federation RegS 8.250%, 3/31/10 (e) 405 414 ---------- SWEDEN--0.8% Kingdom of Sweden Series 1048 4.000%, 12/1/09 80,370(q) 10,412 ---------- TRINIDAD AND TOBAGO--0.2% Republic of Trinidad and Tobago RegS 9.875%, 10/1/09 (e) 3,000 3,090 ---------- VENEZUELA--2.8% Republic of Venezuela RegS 5.375%, 8/7/10(e) 22,927 17,883 8.500%, 10/8/14 16,225 8,518 RegS 5.750%, 2/26/16(e) 21,035 9,045 9.250%, 9/15/27 2,000 1,080 ---------- 36,526 ------------------------------------------------------------------------------- TOTAL FOREIGN GOVERNMENT SECURITIES (IDENTIFIED COST $169,890) 145,929 ------------------------------------------------------------------------------- FOREIGN CORPORATE BONDS(d)--9.4% AUSTRALIA--1.0% National Australia Bank Ltd. 144A 5.350%, 6/12/13 (b) 9,715 9,363 Rio Tinto Finance USA Ltd. 5.875%, 7/15/13 4,865 3,875 ---------- 13,238 ---------- CANADA--0.9% Barrick Gold Financeco LLC 6.125%, 9/15/13 4,500 4,267 Catalyst Paper Corp. Series D 8.625%, 6/15/11 4,000 1,760 7.375%, 3/1/14 1,055 396 Petro-Canada 6.050%, 5/15/18 1,200 989 Rogers Wireless Communications, Inc. 8.000%, 12/15/12 700 674 Thomson Reuters Corp. 4.250%, 8/15/09 1,000 988 Videotron Ltee / Quebecor Media, Inc. 6.375%, 12/15/15 3,500 2,765 ---------- 11,839 ---------- 8
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VIRTUS MULTI-SECTOR SHORT TERM BOND FUND SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) PAR VALUE VALUE ---------- ---------- CHILE--0.4% Celulosa Arauco y Constitucion SA 7.750%, 9/13/11 $ 4,780 $ 4,960 ---------- CHINA--0.1% NXP BV/NXP Funding LLC 7.503%, 10/15/13(c) 3,040 1,022 ---------- CYPRUS--0.2% Alfa Invest Ltd. 144A 9.250%, 6/24/13 (b) 4,940 3,013 ---------- FRANCE--0.2% Compagnie Generale de Geophysique-Veritas 7.750%, 5/15/17 3,600 2,106 ---------- GERMANY--0.2% Deutsche Bank AG 4.875%, 5/20/13 1,835 1,802 Deutsche Telekom International Finance BV 8.000%, 6/15/10 1,000 1,030 ---------- 2,832 ---------- HONG KONG--0.1% Hutchison Whampoa International Ltd. 144A 5.450%, 11/24/10 (b) 2,000 2,015 ---------- INDIA--0.3% ICICI Bank Ltd. 144A 5.750%, 11/16/10 (b) 4,775 4,057 ---------- INDONESIA--0.1% Majapahit Holding BV 144A 7.250%, 6/28/17 (b) 2,250 1,181 ---------- ISRAEL--0.2% Israel Electric Corp. Ltd. 144A 7.250%, 1/15/19 (b) 2,285 2,131 ---------- KAZAKHSTAN--0.3% Kazkommerts International BV RegS 8.000%, 11/3/15 (e) 1,000 480 KazMunaiGaz Finance Sub BV 144A 8.375%, 7/2/13 (b) 3,900 3,042 ---------- 3,522 ---------- LUXEMBOURG--0.3% ArcelorMittal 5.375%, 6/1/13 4,825 3,257 OJSC Vimpel Communications (VIP Finance Ireland Ltd.) 144A 8.375%, 4/30/13 (b) 1,400 903 ---------- 4,160 ---------- PAR VALUE VALUE ---------- ---------- MALAYSIA--0.2% Malaysia International Shipping Corporation Capital Ltd. 144A 5.000%, 7/1/09 (b) $ 2,800 $ 2,814 ---------- MEXICO--0.3% Fideicomiso Petacalco Trust 144A 10.160%, 12/23/09 (b) 2,172 2,215 Pemex Project Funding Master Trust 144A 3.296%, 6/15/10 (b)(c) 1,500 1,425 ---------- 3,640 ---------- QATAR--0.1% Ras Laffan Liquefied Natural Gas Co., Ltd. 144A 3.437%, 9/15/09 (b) 984 928 ---------- RUSSIA--1.8% European Bank for Reconstruction & Development 6.000%, 2/14/12 81,000(p) 1,682 Gaz Capital SA 144A 7.343%, 4/11/13 (b) 2,000 1,620 Gazprom International SA 144A 7.201%, 2/1/20 (b) 2,415 1,763 Gazprom OAO (Gaz Capital SA) 144A 6.212%, 11/22/16(b) 10,405 6,867 6.510%, 3/7/22(b) 3,235 1,925 International Bank For Reconstruction & Development 5.750%, 6/25/10 65,850(p) 1,663 OJSC AK Transneft (TransCapitalInvest Ltd.) 144A 5.670%, 3/5/14 (b) 5,715 3,701 Russian Agricultural Bank OJSC (RSHB Capital SA) 144A 6.299%, 5/15/17 (b) 2,905 1,656 TNK-BP Finance SA RegS 6.125%, 3/20/12(e) 4,210 2,369 144A 7.500%, 3/13/13(b) 1,750 1,094 ---------- 24,340 ---------- SOUTH AFRICA--0.3% Sappi Pappier Holding AG 144A 6.750%, 6/15/12 (b) 5,000 3,738 ---------- SOUTH KOREA--0.4% Export-Import Bank of Korea 4.500%, 8/12/09 1,355 1,338 Korea Development Bank 3.875%, 3/2/09 3,000 2,985 5.300%, 1/17/13 1,113 1,011 ---------- 5,334 ---------- 9
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VIRTUS MULTI-SECTOR SHORT TERM BOND FUND SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) PAR VALUE VALUE ---------- ---------- TURKEY--0.1% Bosphorus Financial Services Ltd. 144A 3.949%, 2/15/12 (b)(c) $ 1,625 $ 1,383 ---------- UKRAINE--0.1% NAK Naftogaz Ukrainy (Standard Bank London Holdings plc) 8.125%, 9/30/09 2,900 1,436 ---------- UNITED ARAB EMIRATES--0.4% Abu Dhabi National Energy Co. 144A 5.620%, 10/25/12(b) 6,730 5,384 ---------- UNITED KINGDOM--0.4% British Telecommunications plc 8.625%, 12/15/10 1,500 1,543 HBOs plc 144A 6.750%, 5/21/18 (b) 685 603 Petroplus Finance Ltd. 144A 6.750%, 5/1/14 (b) 2,715 1,738 Vedanta Resources plc 144A 8.750%, 1/15/14 (b) 3,400 1,938 ---------- 5,822 ---------- UNITED STATES--0.9% Canadian National Resources Ltd. 4.900%, 12/1/14 2,916 2,637 Credit Suisse New York 5.000%, 5/15/13 4,335 4,172 CRH America, Inc. 5.625%, 9/30/11 3,500 2,732 Nova Chemicals Corp. 5.720%, 11/15/13(c) 7,659 2,949 ---------- 12,490 ---------- VENEZUELA--0.1% Corporacion Andina de Fomento 5.200%, 5/21/13 1,000 891 ---------- ------------------------------------------------------------------------------- TOTAL FOREIGN CORPORATE BONDS (IDENTIFIED COST $167,142) 124,276 ------------------------------------------------------------------------------- DOMESTIC CONVERTIBLE BONDS--0.1% PHARMACEUTICALS--0.1% Par Pharmaceutical Cos., Inc. Cv. 2.875%, 9/30/10 1,195 932 ---------- ------------------------------------------------------------------------------- TOTAL DOMESTIC CONVERTIBLE BONDS (IDENTIFIED COST $1,102) 932 ------------------------------------------------------------------------------- DOMESTIC LOAN AGREEMENTS(c)--10.5% ADVERTISING--0.1% Lamar Media Corp. Tranche F 4.250%, 3/31/14 925 796 ---------- AEROSPACE & DEFENSE--0.1% TransDigm, Inc. Tranche 5.210%, 6/23/13 1,882 1,519 ---------- PAR VALUE VALUE ---------- ---------- APPAREL RETAIL--0.1% HBI Branded Apparel Ltd., Inc. Tranche 6.545%, 3/5/14 $ 1,885 $ 1,379 ---------- APPAREL, ACCESSORIES & LUXURY GOODS--0.1% Hanesbrands, Inc. Tranche B 4.548%, 9/5/13 1,268 1,025 Totes Isotoner Corp. Tranche B 6.500%, 1/16/13 453 235 ---------- 1,260 ---------- APPLICATION SOFTWARE--0.1% Getty Tranche B 8.053%, 2/15/13 1,716 1,542 ---------- AUTOMOBILE MANUFACTURERS--0.2% Ford Motor Co. Tranche B 5.470%, 12/16/13 4,561 1,871 General Motors Corp. Tranche B 6.378%, 11/29/13 1,684 778 ---------- 2,649 ---------- BROADCASTING--0.8% Charter Communications Operating LLC Tranche 4.800%, 3/6/14 4,904 3,631 CSC Holdings, Inc. Tranche A-1 4.569%, 2/24/12 595 506 DIRECTV Holdings LLC Tranche B 3.963%, 4/13/13 551 487 Intelstat Corp. Tranche B-A 6.650%, 1/3/14 965 792 Tranche B-B 6.650%, 1/3/14 965 792 Tranche B-1 6.650%, 1/3/14 965 791 MCC Georgia LLC Tranche E 6.667%, 1/3/16 550 430 Mediacom LLC Tranche C 3.775%, 1/31/15 4,348 2,826 ---------- 10,255 ---------- COMMODITY CHEMICALS--0.3% Celanese Holdings LLC Tranche B 5.553%, 4/2/14 5,183 3,603 ---------- COMMUNICATIONS EQUIPMENT--0.3% CommScope, Inc. Tranche B 5.245%, 12/27/14 5,543 4,088 ---------- CONSUMER FINANCE--0.1% Hertz Corp. Tranche B 4.340%, 12/21/12 1,346 827 Letter of Credit 4.704%, 12/21/12 285 175 ---------- 1,002 ---------- DATA PROCESSING & OUTSOURCED SERVICES--0.6% First Data Corp. Tranche B-2 6.162%, 9/24/14 495 320 10
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VIRTUS MULTI-SECTOR SHORT TERM BOND FUND SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) PAR VALUE VALUE ---------- ---------- DATA PROCESSING & OUTSOURCED SERVICES--(CONTINUED) Tranche B-1 6.162%, 9/24/14 $ 1,990 $ 1,275 Tranche B-3 6.230%, 9/24/14 6,361 4,071 Reynolds & Reynolds Co. (The) Tranche FL 5.704%, 10/24/12 5,638 2,721 ---------- 8,387 ---------- DEPARTMENT STORES--0.3% Neiman-Marcus Group, Inc. (The) Tranche 4.565%, 4/6/13 7,028 4,519 ---------- DISTRIBUTORS--0.1% Building Materials Holding Corp. Tranche B 7.631%, 11/10/11 3,733 1,587 ---------- DIVERSIFIED REAL ESTATE ACTIVITIES--0.0% Tropicana Entertainment LLC Tranche B 8.250%, 1/3/12 450 110 ---------- DIVERSIFIED SUPPORT SERVICES--0.1% ARAMARK Corp. Tranche B-1 4.676%, 1/26/14 1,184 987 Letter of Credit 4.676%, 1/26/14 75 63 ---------- 1,050 ---------- ELECTRIC UTILITIES--0.3% Texas Competitive Electric Holdings Co. LLC Tranche B-2 6.139%, 10/10/14 2,279 1,586 Tranche B-3 6.265%, 10/10/14 3,347 2,343 ---------- 3,929 ---------- ELECTRICAL COMPONENTS & EQUIPMENT--0.1% Baldor Electric Co. Tranche B 5.063%, 1/31/14 2,285 1,964 ---------- ENVIRONMENTAL & FACILITIES SERVICES--0.1% Duratek, Inc. Tranche B-1 5.470%, 6/30/16 333 228 EnergySolutions, Inc. Tranche B 5.470%, 6/7/13 694 475 EnviroCare Tranche B 5.440%, 6/30/16 45 31 ---------- 734 ---------- HEALTH CARE FACILITIES--0.7% HCA, Inc. Tranche A 5.762%, 11/18/12 2,177 1,849 Tranche B 6.012%, 11/18/13 2,848 2,248 Health Management Associates, Inc. Tranche B 4.551%, 2/28/14 1,175 739 HealthSouth Corp. Tranche 4.680%, 3/10/13 3,168 2,485 PAR VALUE VALUE ---------- ---------- HEALTH CARE FACILITIES--(CONTINUED) LifePoint Hospitals, Inc. Tranche B 4.435%, 4/15/12 $ 2,778 $ 2,342 ---------- 9,663 ---------- HEALTH CARE SERVICES--0.5% DaVita, Inc. Tranche B 5.321%, 10/5/12 4,157 3,692 Psychiatric Solutions, Inc. Tranche 4.241%, 7/1/12 4,515 3,574 ---------- 7,266 ---------- HOUSEHOLD PRODUCTS--0.1% Yankee Candle Co., Inc. Tranche B 5.600%, 2/6/14 2,672 1,426 ---------- INDEPENDENT POWER PRODUCERS & ENERGY TRADERS--0.7% Mirant North America LLC Tranche B 4.494%, 1/3/13 756 665 NRG Energy, Inc. Letter of Credit 4.301%, 2/1/13 2,380 2,095 Tranche B 5.262%, 2/1/13 6,794 5,983 ---------- 8,743 ---------- INTEGRATED TELECOMMUNICATION SERVICES--0.7% Level 3 Communications, Inc. Tranche B 7.000%, 3/13/14 667 424 NTELOS, Inc. Tranche B-1 3.690%, 8/24/11 5,524 4,677 Time Warner Telecom Holdings, Inc. Tranche B 3.820%, 1/7/13 5,155 3,960 ---------- 9,061 ---------- LEISURE FACILITIES--0.1% AMF Bowling Worldwide, Inc. Tranche B 5.377%, 5/17/13 1,994 827 PTI Group, Inc. Tranche 9.250%, 2/28/13 1,435 861 ---------- 1,688 ---------- METAL & GLASS CONTAINERS--0.3% Anchor Glass Container Corp. Tranche 7.750%, 6/1/13 4,585 3,783 ---------- OIL & GAS EQUIPMENT & SERVICES--0.2% Helix Energy Solutions Group, Inc. Tranche 5.058%, 7/1/13 3,357 2,341 ---------- OIL & GAS EXPLORATION & PRODUCTION--0.2% ATP Oil & Gas Corp. Tranche B-2 8.500%, 1/15/11 919 530 11
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VIRTUS MULTI-SECTOR SHORT TERM BOND FUND SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) PAR VALUE VALUE ---------- ---------- OIL & GAS EXPLORATION & PRODUCTION--(CONTINUED) Tranche B-1 8.500%, 7/15/14 $ 2,938 $ 1,697 ---------- 2,227 ---------- PACKAGED FOODS & MEATS--0.1% Wrigley (WM) Jr. Co. Tranche B 6.634%, 10/6/14 2,123 2,040 ---------- PAPER PRODUCTS--0.9% Boise Paper Holdings LLC Tranche B 7.500%, 2/22/14 4,279 3,364 Tranche 10.000%, 2/22/15 2,790 697 Georgia-Pacific Corp. Tranche B 5.474%, 12/20/10 1,215 1,086 Tranche B-1 4.997%, 12/20/12 4,399 3,645 NewPage Corp. Tranche B 7.000%, 12/21/14 4,214 2,736 ---------- 11,528 ---------- PUBLISHING--0.1% Idearc, Inc. Tranche B 4.605%, 11/17/14 3,693 1,159 ---------- SEMICONDUCTORS--0.4% Freescale Semiconductor, Inc. Tranche 4.214%, 12/1/13 9,951 5,941 ---------- SPECIALIZED FINANCE--0.4% Sungard Data Systems, Inc. Tranche B 4.553%, 2/28/14 7,838 5,341 ---------- SPECIALTY CHEMICALS--0.3% Compass Minerals Group, Inc. Tranche B 4.540%, 12/22/12 877 745 Huntsman International LLC Tranche B 4.213%, 8/16/12 2,489 1,563 JohnsonDiversey, Inc. Tranche 4.791%, 12/16/10 54 47 Tranche B 4.791%, 12/16/11 1,312 1,141 ---------- 3,496 ---------- WIRELESS TELECOMMUNICATION SERVICES--1.0% ALLTEL Communications, Inc. Tranche B-2 5.564%, 5/15/15 1,587 1,567 Tranche B-3 6.000%, 5/15/15 4,811 4,773 Cricket Communications, Inc. Tranche B 6.500%, 6/16/13 3,510 2,924 PAR VALUE VALUE ---------- ---------- WIRELESS TELECOMMUNICATION SERVICES--(CONTINUED) MetroPCS Wireless, Inc. Tranche B 4.906%, 2/20/14 $ 4,701 $ 3,824 ---------- 13,088 ------------------------------------------------------------------------------- TOTAL DOMESTIC LOAN AGREEMENTS (IDENTIFIED COST $194,380) 139,164 ------------------------------------------------------------------------------- FOREIGN LOAN AGREEMENTS(c)(d)--0.4% GERMANY--0.2% Fresenius Medical Care AG & Co. KGaA Tranche B 5.026%, 3/31/13 3,634 3,161 ---------- UNITED KINGDOM--0.1% Ineos Group Holdings plc Tranche B-2 5.840%, 12/16/13 1,357 592 Tranche C-2 5.385%, 12/16/14 1,357 595 ---------- 1,187 ---------- UNITED STATES--0.1% Yell Group plc Tranche B-1 4.463%, 10/27/12 1,925 1,105 ---------- ------------------------------------------------------------------------------- TOTAL FOREIGN LOAN AGREEMENTS (IDENTIFIED COST $8,378) 5,453 ------------------------------------------------------------------------------- SHARES VALUE ---------- ---------- DOMESTIC PREFERRED STOCK--0.0% CONSUMER FINANCE--0.0% Preferred Blocker, Inc. (GMAC) Pfd. 9.000% 702 221 ---------- ------------------------------------------------------------------------------- TOTAL DOMESTIC PREFERRED STOCK (IDENTIFIED COST $221) 221 ------------------------------------------------------------------------------- TOTAL LONG TERM INVESTMENTS--98.7% (IDENTIFIED COST $1,637,748) 1,307,848 ------------------------------------------------------------------------------- TOTAL INVESTMENTS--98.7% (IDENTIFIED COST $1,637,748) 1,307,848(a) Other assets and liabilities, net--1.3% 17,091 ---------- NET ASSETS--100.0% $1,324,939 ========== 12
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VIRTUS MULTI-SECTOR SHORT TERM BOND FUND SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) ABBREVIATIONS FHLMC Freddie Mac or Federal Home Loan Mortgage Corporation FNMA Fannie Mae or Federal National Mortgage Association FSA Financial Security Assurance, Inc. GNMA Ginnie Mae or Government National Mortgage Association JPY Japanese Yen MBIA Municipal Bond Insurance Association REIT Real Estate Investment Trust SBA Small Business Adminstration USD United States Dollar FOOTNOTE LEGEND (a) Federal Income Tax Information: For tax information at December 31, 2008, see Note 3 Federal Tax Information in Notes to Schedules of Investments. (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2008, these securities amounted to a value of $188,625 or 14.2% of net assets. (c) Variable or step coupon security; interest rate shown reflects the rate currently in effect. (d) A security is considered to be foreign if the security is issued in a foreign country. The country of risk, noted in the header, or parenthetically, is determined based on criteria described in Note 1B "Foreign security country determination" in the Notes to Schedules of Investments. (e) 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. (f) Illiquid security. (g) Illiquid and restricted security. At December 31, 2008, these securities amounted to a value of $3,547 or 0.3% of net assets. For acquisition information, see Note 2 "Illiquid and Restricted Securities" in the Notes to Schedules of Investments. (h) Security in default. (i) Par value represents Brazilian Real (reported in thousands). (j) Par value represents Canadian Dollar (reported in thousands). (k) Par value represents Colombian Peso (reported in thousands). (l) Par value represents Euro (reported in thousands). (m) Par value represents Indonesian Rupiah (reported in thousands). (n) Par value represents Mexican Peso (reported in thousands). (o) Par value represents Norwegian Krone (reported in thousands). (p) Par value represents Russian Ruble (reported in thousands). (q) Par value represents Swedish Krona (reported in thousands). (r) Amounts are less than $500 (not reported in thousands). [Enlarge/Download Table] At December 31, 2008, the Fund had entered into forward currency contracts as follows: UNREALIZED SETTLEMENT APPRECIATION CONTRACTS TO RECEIVE IN EXCHANGE FOR DATE VALUE (DEPRECIATION) -------------------- --------------- ---------- ------- ------------- JPY 635,505 USD 6,500 2/13/2009 $7,017 $517 ---- 517 ==== 13
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VIRTUS SENIOR FLOATING RATE FUND SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) PAR VALUE VALUE ---------- ------- FOREIGN CORPORATE BONDS(c)--1.0% UNITED STATES--1.0% Nova Chemicals Corp. 5.720%, 11/15/13(b) $ 325 $ 125 ------- ---------------------------------------------------------------------------- TOTAL FOREIGN CORPORATE BONDS (IDENTIFIED COST $287) 125 ---------------------------------------------------------------------------- DOMESTIC LOAN AGREEMENTS(b)--86.3% AEROSPACE & DEFENSE--3.4% TransDigm, Inc. Tranche 5.210%, 6/23/13 520 420 ------- APPAREL, ACCESSORIES & LUXURY GOODS--1.9% Hanesbrands, Inc. Tranche B 5.258%, 9/5/13 285 231 ------- APPLICATION SOFTWARE--0.9% Getty Tranche B 8.053%, 6/30/15 125 112 ------- AUTOMOBILE MANUFACTURERS--2.2% Ford Motor Co. Tranche B 5.000%, 12/16/13 559 229 General Motors Corp. Tranche B 5.795%, 11/29/13 108 50 ------- 279 ------- BROADCASTING--3.0% CSC Holdings, Inc. Tranche A-1 2.945%, 2/24/12 397 338 MCC Georgia LLC Tranche E 6.750%, 1/3/16 40 31 ------- 369 ------- COMMODITY CHEMICALS--2.2% Celanese Holdings LLC Tranche B 5.553%, 4/2/14 397 276 ------- COMMUNICATIONS EQUIPMENT--1.9% CommScope, Inc. Tranche B 5.245%, 12/27/14 322 237 ------- DATA PROCESSING & OUTSOURCED SERVICES--5.9% First Data Corp. Tranche B-3 5.948%, 9/24/14 680 435 Reynolds & Reynolds Co. (The) Tranche FL 4.770%, 10/24/12 616 298 ------- 733 ------- ELECTRIC UTILITIES--3.7% Texas Competitive Electric Holdings Co. LLC Tranche B-3 6.315%, 10/10/14 660 462 ------- HEALTH CARE FACILITIES--8.4% Community Health Systems, Inc. Tranche DD 3.189%, 7/25/14 32 25 PAR VALUE VALUE ---------- ------- HEALTH CARE FACILITIES--(CONTINUED) Tranche 4.712%, 7/25/14 $ 627 $ 494 HCA, Inc. Tranche A 5.762%, 11/18/12 622 529 ------- 1,048 ------- HEALTH CARE SERVICES--4.8% DaVita, Inc. Tranche B 4.568%, 10/5/12 400 355 Psychiatric Solutions, Inc. Tranche 3.406%, 7/1/12 304 241 ------- 596 ------- HEALTH CARE SUPPLIES--2.7% Bausch & Lomb, Inc. Tranche B 7.012%, 4/26/15 397 273 Tranche DD 7.301%, 4/26/15 100 69 ------- 342 ------- HOUSEHOLD PRODUCTS--1.6% Yankee Candle Co., Inc. Tranche B 4.595%, 2/6/14 375 200 ------- INDEPENDENT POWER PRODUCERS & ENERGY TRADERS--2.6% NRG Energy, Inc. Tranche B 5.262%, 2/1/13 251 221 Letter of Credit 5.262%, 2/1/13 123 108 ------- 329 ------- INDUSTRIAL MACHINERY--2.9% Manitowoc Co., Inc. Tranche B 7.250%, 4/14/14 500 358 ------- INTEGRATED TELECOMMUNICATION SERVICES--7.5% NTELOS, Inc. Tranche B-1 4.530%, 8/24/11 645 546 Time Warner Telecom Holdings, Inc. Tranche B 3.820%, 1/7/13 510 392 ------- 938 ------- LEISURE FACILITIES--0.4% PTI Group, Inc. Tranche 9.250%, 2/28/13 80 48 ------- METAL & GLASS CONTAINERS--1.8% Anchor Glass Container Corp. Tranche 7.979%, 6/1/13 265 219 ------- OIL & GAS EQUIPMENT & SERVICES--3.0% Helix Energy Solutions Group, Inc. Tranche 5.058%, 7/1/13 531 371 ------- OIL & GAS EXPLORATION & PRODUCTION--1.6% ATP Oil & Gas Corp. 1
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VIRTUS SENIOR FLOATING RATE FUND SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) PAR VALUE VALUE ---------- ------- OIL & GAS EXPLORATION & PRODUCTION--(CONTINUED) Tranche B-2 8.500%, 1/15/11 $ 79 $ 46 Tranche B-1 8.500%, 7/15/14 254 146 ------- 192 ------- PACKAGED FOODS & MEATS--0.9% Wrigley (WM) Jr. Co. Tranche B 7.750%, 10/6/14 112 108 ------- PAPER PRODUCTS--8.6% Boise Paper Holdings LLC Tranche B 7.500%, 2/22/14 498 391 Tranche 10.000%, 2/22/15 33 8 Georgia-Pacific Corp. Tranche B-1 3.648%, 12/20/12 466 386 NewPage Corp. Tranche B 7.000%, 12/21/14 448 291 ------- 1,076 ------- PUBLISHING--1.3% Idearc, Inc. Tranche B 4.605%, 11/17/14 530 166 ------- SEMICONDUCTORS--0.5% Freescale Semiconductor, Inc. Tranche 3.931%, 12/1/13 99 59 ------- SPECIALIZED FINANCE--2.8% Sungard Data Systems, Inc. Tranche B 3.856%, 2/28/14 520 354 ------- SPECIALTY CHEMICALS--3.5% JohnsonDiversey, Inc. Tranche 5.193%, 12/16/10 76 67 Tranche B 5.193%, 12/16/11 426 370 ------- 437 ------- WIRELESS TELECOMMUNICATION SERVICES--6.3% ALLTEL Communications, Inc. Tranche B-2 5.316%, 5/15/15 308 304 PAR VALUE VALUE ---------- -------- WIRELESS TELECOMMUNICATION SERVICES--(CONTINUED) MetroPCS Wireless, Inc. Tranche B 4.594%, 2/20/14 $ 595 $ 484 ------- 788 ---------------------------------------------------------------------------- TOTAL DOMESTIC LOAN AGREEMENTS (IDENTIFIED COST $14,202) 10,748 ---------------------------------------------------------------------------- TOTAL LONG TERM INVESTMENTS--87.3% (IDENTIFIED COST $14,489) 10,873 ---------------------------------------------------------------------------- SHORT-TERM INVESTMENTS--12.2% SHARES VALUE ---------- ------- MONEY MARKET MUTUAL FUNDS--12.2% State Street Institutional Liquid Reserves Fund (seven-day effective yield 1.461%) 1,523,037 1,523 ------- ---------------------------------------------------------------------------- TOTAL SHORT-TERM INVESTMENTS (IDENTIFIED COST $1,523) 1,523 ---------------------------------------------------------------------------- TOTAL INVESTMENTS--99.5% (IDENTIFIED COST $16,012) 12,396(a) Other assets and liabilities, net--0.5% 56 ------- NET ASSETS--100.0% $12,452 ======= FOOTNOTE LEGEND: (a) Federal Income Tax Information: For tax information at December 31, 2008, see Note 3 Federal Tax Information in Notes to Schedules of Investments. (b) Variable or step coupon security; interest rate shown reflects the rate currently in effect. (c) A security is considered to be foreign if the security is issued in a foreign country. The country of risk, noted in the header, or parenthetically, is determined based on criteria described in Note 1B "Foreign security country determination" in the Notes to Schedules of Investments. 2
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VIRTUS FOREIGN OPPORTUNITIES FUND SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) SHARES VALUE ----------- --------- FOREIGN COMMON STOCKS(c)--91.7% AUSTRALIA--5.1% Coca-Cola Amatil Ltd. (Soft Drinks) 1,236,839 $ 7,948 QBE Insurance Group Ltd. (Property & Casualty Insurance) 869,774 15,720 Woolworths Ltd. (Food Retail) 1,122,935 20,938 --------- 44,606 --------- BRAZIL--5.7% Banco Itau Holding Financeira SA ADR (Diversified Banks) 1,274,882 14,789 Companhia de Bebidas das Americas ADR (Brewers) 170,228 7,543 Petroleo Brasileiro SA ADR (Integrated Oil & Gas) 371,837 9,106 Petroleo Brasileiro SA Sponsored ADR (Integrated Oil & Gas) 243,300 4,966 Redecard SA (Consumer Finance) 297,000 3,273 Souza Cruz SA (Tobacco) 574,677 10,867 --------- 50,544 --------- CANADA--1.0% Canadian Natural Resources Ltd. (Oil & Gas Exploration & Production)(d) 21,700 868 Canadian Natural Resources Ltd. (Oil & Gas Exploration & Production)(f) 199,520 7,879 --------- 8,747 --------- CHINA--1.1% China Mobile Ltd. (Wireless Telecommunication Services) 380,555 3,861 CNOOC Ltd. (Oil & Gas Exploration & Production) 6,402,906 6,090 --------- 9,951 --------- DENMARK--3.0% Novo Nordisk A/S Class B (Pharmaceuticals) 515,110 26,571 --------- FRANCE--5.6% Air Liquide (Industrial Gases) 125,291 11,474 Cie Generale D'optique Essilor International SA (Health Care Supplies) 333,956 15,687 Total SA (Integrated Oil & Gas) 400,838 22,038 --------- 49,199 --------- SHARES VALUE ----------- --------- GERMANY--1.0% RWE AG (Multi-Utilities) 97,580 $ 8,667 --------- HONG KONG--0.4% Jardine Matheson Holdings Ltd. (Industrial Conglomerates) 210,936 3,902 --------- INDIA--10.9% Bharti Airtel Ltd. (Wireless Telecommunication Services)(b) 1,108,846 16,345 HDFC Bank Ltd. (Diversified Banks) 506,450 10,468 HDFC Bank Ltd. ADR (Diversified Banks) 207,022 14,777 Hindustan Unilever Ltd. (Personal Products) 2,356,541 12,184 Housing Development Finance Corp. (Consumer Finance) 686,797 21,017 ITC Ltd. (Tobacco) 3,226,100 11,412 United Spirits Ltd. (Brewers) 551,426 10,082 --------- 96,285 --------- JAPAN--7.9% Millea Holdings, Inc. (Property & Casualty Insurance) 952,800 28,231 Nintendo Co. Ltd. (Home Entertainment Software) 26,800 10,242 Secom Co. Ltd. (Security & Alarm Services) 604,900 31,214 --------- 69,687 --------- LUXEMBOURG--0.0% Reinet Investments SCA (Asset Management & Custody Banks) 20,341 198 --------- MEXICO--1.9% America Movil S.A.B. de C.V. ADR Series L (Wireless Telecommunication Services) 208,853 6,472 Fomento Economico Mexicano S.A. de C.V. ADR (Soft Drinks) 329,000 9,913 --------- 16,385 --------- NETHERLANDS--5.2% Core Laboratories N.V. (Oil & Gas Equipment & Services) 447,768 26,803 Schlumberger Ltd. (Oil & Gas Equipment & Services)(d) 153,361 6,492 Schlumberger Ltd. (Oil & Gas Equipment & Services)(e) 20,095 832 Unilever N.V. (Packaged Foods & Meats) 486,888 11,801 --------- 45,928 --------- 1
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VIRTUS FOREIGN OPPORTUNITIES FUND SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) SHARES VALUE ----------- --------- NORWAY--1.0% Orkla ASA (Industrial Conglomerates) 1,351,047 $ 8,989 --------- SOUTH KOREA--1.0% KT&G Corp. (Tobacco)(b) 138,839 8,782 --------- SPAIN--8.7% Enagas S.A. (Gas Utilities) 1,877,681 41,462 Red Electrica Corp. S.A. (Electric Utilities) 690,200 35,184 --------- 76,646 --------- SWITZERLAND--15.7% Lindt & Spruengli AG (Packaged Foods & Meats) 5,065 9,477 Nestle S.A. Registered Shares (Packaged Foods & Meats) 825,500 32,688 Novartis AG Registered Shares (Pharmaceuticals) 173,800 8,704 Philip Morris International, Inc. (Tobacco) 1,111,615 48,367 Roche Holding AG Registered Shares (Pharmaceuticals) 178,821 27,685 Synthes, Inc. (Health Care Equipment) 90,600 11,355 --------- 138,276 --------- TAIWAN--0.0% Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR (Semiconductors) 26,418 209 --------- United Kingdom--16.5% BG Group plc (Integrated Oil & Gas) 919,169 12,723 BP plc (Integrated Oil & Gas) 67,213 519 British American Tobacco plc (Tobacco) 1,742,016 45,444 Diageo plc (Distillers & Vintners) 1,066,313 14,982 Imperial Tobacco Group plc (Tobacco) 898,956 24,012 Reckitt Benckiser Group plc (Household Products) 541,165 20,278 --------- SHARES VALUE ----------- --------- UNITED KINGDOM--(CONTINUED) Tesco plc (Food Retail) 5,402,929 $ 28,133 --------- 146,091 ---------------------------------------------------------------------------- TOTAL FOREIGN COMMON STOCKS (IDENTIFIED COST $953,133) 809,663 ---------------------------------------------------------------------------- TOTAL LONG TERM INVESTMENTS--91.7% (IDENTIFIED COST $953,133) 809,663 ---------------------------------------------------------------------------- SHORT-TERM INVESTMENTS--3.9% MONEY MARKET MUTUAL FUNDS--3.9% State Street Institutional Liquid Reserves Fund (seven-day effective yield 1.461%) 34,195,891 34,196 ---------------------------------------------------------------------------- TOTAL SHORT-TERM INVESTMENTS (IDENTIFIED COST $34,196) 34,196 ---------------------------------------------------------------------------- TOTAL INVESTMENTS--95.6% (IDENTIFIED COST $987,329) 843,859(a) Other assets and liabilities, net--4.4% 38,706 --------- NET ASSETS--100.0% $ 882,565 ========= ABBREVIATIONS: ADR American Depositary Receipt FOOTNOTE LEGEND: (a) Federal Income Tax Information: For tax information at December 31, 2008, see Note 3 Federal Tax Information in Notes to Schedules of Investments. (b) Non-income producing. (c) A security is considered to be foreign if the security is issued in a foreign country. The country of risk, noted in the header, is determined based on criteria described in Note 1B "Foreign security country determination" in the Notes to Schedules of Investments. (d) Shares traded on NYSE. (e) Shares traded on Alt-X Exchange. (f) Shares traded on Toronto exchange. 2
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VIRTUS GLOBAL OPPORTUNITIES FUND (FORMERLY VIRTUS WORLDWIDE STRATEGIES FUND) SCHEDULE OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) SHARES VALUE ---------- ------- DOMESTIC COMMON STOCKS--32.8% UNITED STATES--32.8% Abbott Laboratories (Pharmaceuticals) 760 $ 41 Acuity Brands, Inc. (Electrical Components & Equipment) 810 28 Adobe Systems, Inc. (Application Software)(b) 2,270 48 Aetna, Inc. (Managed Health Care) 3,460 99 AFLAC, Inc. (Life & Health Insurance) 4,220 193 AGCO Corp. (Construction & Farm Machinery & Heavy Trucks)(b) 1,370 32 Agilent Technologies, Inc. (Electronic Equipment & Instruments)(b) 2,250 35 AK Steel Holding Corp. (Steel) 1,480 14 Altria Group, Inc. (Tobacco) 7,130 107 Ameriprise Financial, Inc. (Asset Management & Custody Banks) 3,610 84 Amgen, Inc. (Biotechnology)(b) 3,990 230 Annaly Capital Management, Inc. (Mortgage REITs) 7,610 121 AON Corp. (Insurance Brokers) 2,440 111 Apollo Group, Inc. Class A (Education Services)(b) 580 44 Apple, Inc. (Computer Hardware)(b) 830 71 Ares Capital Corp. (Asset Management & Custody Banks) 2,830 18 AT&T, Inc. (Integrated Telecommunication Services) 14,619 417 Automatic Data Processing, Inc. (Data Processing & Outsourced Services) 3,440 135 Avery Dennison Corp. (Office Services & Supplies) 1,530 50 Bank of America Corp. (Other Diversified Financial Services) 7,940 112 Bank of Hawaii Corp. (Regional Banks) 1,860 84 Bank of New York Mellon Corp. (The) (Asset Management & Custody Banks) 9,823 278 Big Lots, Inc. (General Merchandise Stores)(b) 2,070 30 BJ's Wholesale Club, Inc. (Hypermarkets & Super Centers)(b) 2,370 81 Block (H&R), Inc. (Specialized Consumer Services) 1,320 30 BMC Software, Inc. (Systems Software)(b) 1,680 45 Boeing Co. (The) (Aerospace & Defense) 2,450 105 SHARES VALUE ---------- ------- UNITED STATES--(CONTINUED) Boston Scientific Corp. (Health Care Equipment)(b) 6,210 $ 48 Bristol-Myers Squibb Co. (Pharmaceuticals) 8,830 205 Brown-Forman Corp. Class B (Distillers & Vintners) 805 41 Burlington Northern Santa Fe Corp. (Railroads) 700 53 Campbell Soup Co. (Packaged Foods & Meats) 710 21 Cardinal Health, Inc. (Health Care Distributors) 5,410 187 Caterpillar, Inc. (Construction & Farm Machinery & Heavy Trucks) 780 35 CBS Corp. Class B (Broadcasting) 5,220 43 Cephalon, Inc. (Biotechnology)(b) 1,410 109 Charles Schwab Corp. (The) (Investment Banking & Brokerage) 3,730 60 Chevron Corp. (Integrated Oil & Gas) 6,390 473 Chubb Corp. (The) (Property & Casualty Insurance) 2,560 131 CIGNA Corp. (Managed Health Care) 2,260 38 Cincinnati Financial Corp. (Property & Casualty Insurance) 2,600 76 Cinemark Holdings, Inc. (Movies & Entertainment) 2,640 20 Cisco Systems, Inc. (Communications Equipment)(b) 17,130 279 Coach, Inc. (Apparel, Accessories & Luxury Goods)(b) 1,360 28 Coca-Cola Co. (The) (Soft Drinks) 2,450 111 Coca-Cola Enterprises, Inc. (Soft Drinks) 8,950 108 Comcast Corp. Class A (Cable & Satellite) 5,280 89 ConocoPhillips (Integrated Oil & Gas) 7,410 384 Corn Products International, Inc. (Agricultural Products) 1,710 49 Corning, Inc. (Communications Equipment) 1,990 19 CSX Corp. (Railroads) 2,100 68 Cummins, Inc. (Construction & Farm Machinery & Heavy Trucks) 450 12 CVS Caremark Corp. (Drug Retail) 2,270 65 Devon Energy Corp. (Oil & Gas Exploration & Production) 1,480 97 Dollar Tree, Inc. (General Merchandise Stores)(b) 1,010 42 Donnelley (R.R.) & Sons Co. (Commercial Printing) 3,500 48 Dover Corp. (Industrial Machinery) 1,360 45 1
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VIRTUS GLOBAL OPPORTUNITIES FUND (FORMERLY VIRTUS WORLDWIDE STRATEGIES FUND) SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) SHARES VALUE ---------- ------- UNITED STATES--(CONTINUED) Dresser-Rand Group, Inc. (Oil & Gas Equipment & Services)(b) 1,940 $ 33 Eaton Corp. (Industrial Machinery) 1,360 68 eBay, Inc. (Internet Software & Services)(b) 6,770 95 Embarq Corp. (Integrated Telecommunication Services) 1,310 47 Emerson Electric Co. (Electrical Components & Equipment) 5,330 195 Emulex Corp. (Communications Equipment)(b) 2,000 14 Endo Pharmaceuticals Holdings, Inc. (Pharmaceuticals)(b) 1,560 40 ENSCO International, Inc. (Oil & Gas Drilling) 1,090 31 Expedia, Inc. (Internet Retail)(b) 2,280 19 Exxon Mobil Corp. (Integrated Oil & Gas) 11,430 912 Federated Investors, Inc. Class B (Asset Management & Custody Banks) 1,610 27 Forest Laboratories, Inc. (Pharmaceuticals)(b) 2,480 63 Gallagher (Arthur J.) & Co. (Insurance Brokers) 730 19 Gap, Inc. (The) (Apparel Retail) 4,890 65 Gardner Denver, Inc. (Industrial Machinery)(b) 920 21 General Dynamics Corp. (Aerospace & Defense) 2,790 161 Google, Inc. Class A (Internet Software & Services)(b) 380 117 Harman International Industries, Inc. (Consumer Electronics) 830 14 Hartford Financial Services Group, Inc. (The) (Multi-line Insurance) 1,430 24 Hasbro, Inc. (Leisure Products) 1,600 47 Hewlett-Packard Co. (Computer Hardware) 13,080 475 Honeywell International, Inc. (Aerospace & Defense) 3,170 104 Host Hotels & Resorts, Inc. (Specialized REITs) 7,570 57 Illinois Tool Works, Inc. (Industrial Machinery) 890 31 Intel Corp. (Semiconductors) 18,570 272 International Business Machines Corp. (Computer Hardware) 6,270 528 Johnson & Johnson (Pharmaceuticals) 5,440 325 JPMorgan Chase & Co. (Other Diversified Financial Services) 6,390 201 Juniper Networks, Inc. (Communications Equipment)(b) 1,430 25 Kimberly-Clark Corp. (Household Products) 1,380 73 Kroger Co. (The) (Food Retail) 8,480 224 Lexington Realty Trust (Office REITs) 5,490 27 SHARES VALUE ---------- ------- UNITED STATES--(CONTINUED) Life Technologies Corp. (Life Sciences Tools & Services)(b) 1,565 $ 37 Lilly (Eli) & Co. (Pharmaceuticals) 4,180 168 Lincoln National Corp. (Life & Health Insurance) 2,900 55 Loews Corp. (Multi-line Insurance) 4,180 118 LSI Corp. (Semiconductors)(b) 20,380 67 Lubrizol Corp. (The) (Specialty Chemicals) 1,450 53 Macy's, Inc. (Department Stores) 4,540 47 Magellan Health Services, Inc. (Managed Health Care)(b) 660 26 MasterCard, Inc. Class A (Data Processing & Outsourced Services) 390 56 McDonald's Corp. (Restaurants) 6,840 425 McGraw-Hill Cos., Inc. (The) (Publishing) 1,110 26 Medicis Pharmaceutical Corp. Class A (Pharmaceuticals) 2,140 30 Merck & Co., Inc. (Pharmaceuticals) 6,810 207 MetLife, Inc. (Life & Health Insurance) 5,650 197 Microsoft Corp. (Systems Software) 23,940 465 Monsanto Co. (Fertilizers & Agricultural Chemicals) 2,180 153 NetApp, Inc. (Computer Storage & Peripherals)(b) 2,730 38 Nicor, Inc. (Gas Utilities) 430 15 NIKE, Inc. Class B (Footwear) 2,770 141 Noble Energy, Inc. (Oil & Gas Exploration & Production) 830 41 Norfolk Southern Corp. (Railroads) 1,570 74 Northern Trust Corp. (Asset Management & Custody Banks) 4,130 215 Northrop Grumman Corp. (Aerospace & Defense) 1,500 68 NRG Energy, Inc. (Independent Power Producers & Energy Traders)(b) 2,430 57 NYSE Euronext, Inc. (Specialized Finance) 2,420 66 Occidental Petroleum Corp. (Integrated Oil & Gas) 7,710 463 Omnicom Group, Inc. (Advertising) 1,690 46 Oracle Corp. (Systems Software)(b) 14,420 256 Owens-Illinois, Inc. (Metal & Glass Containers)(b) 1,880 51 Parker Hannifin Corp. (Industrial Machinery) 1,445 61 Pepsi Bottling Group, Inc. (The) (Soft Drinks) 1,850 42 PepsiAmericas, Inc. (Soft Drinks) 2,540 52 Pfizer, Inc. (Pharmaceuticals) 32,750 580 2
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VIRTUS GLOBAL OPPORTUNITIES FUND (FORMERLY VIRTUS WORLDWIDE STRATEGIES FUND) SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) SHARES VALUE ---------- ------- UNITED STATES--(CONTINUED) Polo Ralph Lauren Corp. (Apparel, Accessories & Luxury Goods) 1,390 $ 63 Principal Financial Group, Inc. (Life & Health Insurance) 4,040 91 Procter & Gamble Co. (The) (Household Products) 5,800 359 Prudential Financial, Inc. (Life & Health Insurance) 970 29 Public Service Enterprise Group, Inc. (Multi-Utilities) 5,110 149 QLogic Corp. (Computer Storage & Peripherals)(b) 1,920 26 RadioShack Corp. (Computer & Electronics Retail) 4,190 50 Ralcorp Holdings, Inc. (Packaged Foods & Meats)(b) 520 30 Raytheon Co. (Aerospace & Defense) 1,680 86 Reynolds American, Inc. (Tobacco) 3,060 123 Schering-Plough Corp. (Pharmaceuticals) 1,780 30 SEI Investments Co. (Asset Management & Custody Banks) 2,370 37 Sherwin-Williams Co. (The) (Home Improvement Retail) 910 54 Silicon Laboratories, Inc. (Semiconductors)(b) 860 21 SkyWest, Inc. (Airlines) 2,270 42 Sprint Nextel Corp. (Wireless Telecommunication Services)(b) 14,310 26 St. Jude Medical, Inc. (Health Care Equipment)(b) 490 16 StanCorp Financial Group, Inc. (Life & Health Insurance) 1,640 69 Stanley Works (The) (Household Appliances) 1,050 36 State Street Corp. (Asset Management & Custody Banks) 3,590 141 Symantec Corp. (Systems Software)(b) 7,450 101 SYSCO Corp. (Food Distributors) 10,470 240 TD Ameritrade Holding Corp. (Investment Banking & Brokerage)(b) 3,160 45 Telephone & Data Systems, Inc. (Wireless Telecommunication Services) 520 17 Terra Industries, Inc. (Fertilizers & Agricultural Chemicals) 1,050 18 Texas Instruments, Inc. (Semiconductors) 4,940 77 Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services)(b) 3,190 109 SHARES VALUE ---------- ------- UNITED STATES--(CONTINUED) Tidewater, Inc. (Oil & Gas Equipment & Services) 870 $ 35 Tiffany & Co. (Specialty Stores) 730 17 Time Warner, Inc. (Movies & Entertainment) 14,470 146 TJX Cos., Inc. (The) (Apparel Retail) 1,350 28 Transocean Ltd. (Oil & Gas Drilling)(b) 1,420 67 Travelers Cos., Inc. (The) (Property & Casualty Insurance) 5,250 237 Tyco Electronics Ltd. (Electronic Manufacturing Services) 1,460 24 Tyco International Ltd. (Industrial Conglomerates) 5,272 114 Union Pacific Corp. (Railroads) 710 34 United Technologies Corp. (Aerospace & Defense) 5,840 313 UnitedHealth Group, Inc. (Managed Health Care) 3,310 88 Unum Group (Life & Health Insurance) 4,920 92 Valero Energy Corp. (Oil & Gas Refining & Marketing) 920 20 Varian, Inc. (Life Sciences Tools & Services)(b) 510 17 Verizon Communications, Inc. (Integrated Telecommunication Services) 7,110 241 VF Corp. (Apparel, Accessories & Luxury Goods) 790 43 Viacom, Inc. Class B (Movies & Entertainment)(b) 6,500 124 Wal-Mart Stores, Inc. (Hypermarkets & Super Centers) 4,010 225 Walt Disney Co. (The) (Movies & Entertainment) 4,900 111 Waste Management, Inc. (Environmental & Facilities Services) 2,250 75 WellPoint, Inc. (Managed Health Care)(b) 2,270 96 Wells Fargo & Co. (Diversified Banks) 4,920 145 Western Union Co. (The) (Data Processing & Outsourced Services) 2,860 41 Windstream Corp. (Integrated Telecommunication Services) 17,690 163 ------------------------------------------------------------------------------- TOTAL DOMESTIC COMMON STOCKS (IDENTIFIED COST $22,822) 18,958 ------------------------------------------------------------------------------- FOREIGN COMMON STOCKS(c)--66.1% AUSTRALIA--2.2% Ausenco Ltd. (Construction & Engineering) 1,109 2 Australia and New Zealand Banking Group Ltd. (Diversified Banks) 4,170 45 BHP Billiton Ltd. (Diversified Metals & Mining) 1,643 35 3
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VIRTUS GLOBAL OPPORTUNITIES FUND (FORMERLY VIRTUS WORLDWIDE STRATEGIES FUND) SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) SHARES VALUE ---------- ------- AUSTRALIA--(CONTINUED) Commonwealth Bank of Australia (Diversified Banks) 1,251 $ 26 Flight Centre Ltd. (Education Services) 648 3 Iluka Resources Ltd. (Diversified Metals & Mining)(b) 8,590 28 Northern Iron Ltd. (Steel)(b) 9,375 6 Paladin Energy Ltd. (Coal & Consumable Fuels)(b) 53,100 93 PaperlinX Ltd. (Paper Products) 20,941 10 QBE Insurance Group Ltd. (Property & Casualty Insurance) 20,613 372 Rio Tinto Ltd. (Diversified Metals & Mining) 2,262 61 Riversdale Mining Ltd. (Diversified Metals & Mining)(b) 4,756 8 Santos Ltd. (Oil & Gas Exploration & Production) 20,917 219 Sonic Healthcare Ltd. (Health Care Services) 17,764 181 St. George Bank Ltd. (Asset Management & Custody Banks) 132 9 Westfield Group (Retail REITs) 8,880 81 Westpac Banking Corp. (Diversified Banks) 7,924 95 ------- 1,274 ------- AUSTRIA--0.1% Erste Group Bank AG (Diversified Banks) 1,811 42 BELGIUM--0.3% Accentis (Construction & Engineering)(b)(g) 58,806 8 Anheuser-InBev NV (Brewers) 419 10 Dexia SA (Diversified Banks) 15,640 71 Intervest Offices (Diversified Real Estate Activities) 546 13 Leasinvest Real Estate SCA (Diversified Real Estate Activities) 209 14 Punch International NV (Household Appliances)(b) 363 10 Retail Estates (Diversified Real Estate Activities) 313 15 Sipef SA (Agricultural Products)(g) 310 8 Tessenderlo Chemie NV (Commodity Chemicals) 806 24 ------- 173 ------- BERMUDA--0.3% Aquarius Platinum Ltd. (Precious Metals & Minerals) 14,898 40 Lancashire Holdings Ltd. (Multi-line Insurance)(b) 14,035 86 Luk Fook Holdings International Ltd. (Specialty Stores) 16,000 4 SHARES VALUE ---------- ------- BERMUDA--(CONTINUED) OM Holdings Ltd. (Diversified Metals & Mining) 28,526 $ 23 ------- 153 ------- BRAZIL--0.1% Confab Industrial SA (Steel) 22,200 36 Metalurgica Gerdau SA (Steel) 1,100 8 ------- 44 ------- CANADA--0.9% Aecon Group, Inc. (Construction & Engineering) 2,200 20 Alimentation Couche Tard, Inc. Class B (Food Retail) 6,554 77 Bank of Nova Scotia (Diversified Banks) 1,300 35 CGI Group, Inc. Class A (IT Consulting & Other Services)(b) 9,600 75 Churchill Corp. (The) Class A (Construction & Engineering)(b) 3,100 18 Dorel Industries, Inc. Class B (Home Furnishings) 341 8 Empire Co., Ltd. (Food Retail) 900 35 Fairfax Financial Holdings Ltd. (Multi-line Insurance) 93 29 Harry Winston Diamond Corp. (Precious Metals & Minerals) 2,620 12 Home Capital Group, Inc. (Thrifts & Mortgage Finance) 1,400 22 Indigo Books & Music, Inc. (Specialty Stores)(b) 600 6 Laurentian Bank of Canada (Regional Banks) 1,287 36 Manulife Financial Corp. (Life & Health Insurance) 2,200 37 National Bank of Canada (Diversified Banks) 1,197 30 North American Energy Partners, Inc. (Oil & Gas Equipment & Services)(b) 5,700 19 Royal Bank of Canada (Diversified Banks) 1,300 38 Sherritt International Corp. (Diversified Metals & Mining) 239 1 Toronto-Dominion Bank (The) (Diversified Banks) 1,000 35 Vector Aerospace Corp. (Aerospace & Defense)(b) 2,500 7 ------- 540 ------- CHINA--0.9% China Mobile Ltd. (Wireless Telecommunication Services) 22,500 228 4
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VIRTUS GLOBAL OPPORTUNITIES FUND (FORMERLY VIRTUS WORLDWIDE STRATEGIES FUND) SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) SHARES VALUE ---------- ------- CHINA--(CONTINUED) Huaneng Power International, Inc. Class H (Electric Utilities) 202,000 $ 147 PetroChina Co., Ltd. Class H (Integrated Oil & Gas) 156,000 139 SunVic Chemical Holdings Ltd. (Fertilizers & Agricultural Chemicals) 62,000 7 ------- 521 ------- DENMARK--0.0% D/S Norden (Marine) 520 18 ------- FINLAND--1.0% Fortum Oyj (Electric Utilities) 8,000 174 Nokia Oyj (Communications Equipment) 27,400 430 ------- 604 ------- FRANCE--7.5% Alstom (Heavy Electrical Equipment) 3,026 180 AXA SA (Multi-line Insurance) 17,726 398 Bigben Interactive (Leisure Products)(b) 2,373 20 BNP Paribas SA (Diversified Banks) 2,812 121 Bouygues SA (Construction & Engineering) 3,200 136 Compagnie de Saint-Gobain (Building Products) 10,609 501 France Telecom S.A. (Integrated Telecommunication Services) 28,483 794 GDF Suez (Multi-Utilities) 3,990 198 LVMH Moet Hennessy Louis Vuitton SA (Apparel, Accessories & Luxury Goods) 3,204 215 PSA Peugeot Citroen SA (Automobile Manufacturers) 1,715 29 Rallye SA (Specialty Stores) 921 21 Sanofi-Aventis SA (Pharmaceuticals) 10,954 701 Societe Generale (Diversified Banks) 1,866 95 Technip SA (Oil & Gas Equipment & Services) 2,411 74 Total SA (Integrated Oil & Gas) 7,300 401 Vallourec SA (Industrial Machinery) 700 80 Vivendi Universal SA (Movies & Entertainment) 10,677 348 ------- 4,312 ------- GERMANY--6.7% Aareal Bank AG (Multi-Sector Holdings) 2,417 20 Allgeier Holding AG (IT Consulting & Other Services) 1,183 10 Allianz AG Registered Shares (Multi-line Insurance) 3,494 372 SHARES VALUE ---------- ------- GERMANY--(CONTINUED) Arques Industries AG (Health Care Facilities)(b) 1,074 $ 4 BASF SE (Diversified Chemicals) 17,564 682 Bayer AG (Pharmaceuticals) 6,800 396 Bechtle AG (IT Consulting & Other Services) 546 11 Daimler AG (Automobile Manufacturers) 1,728 66 Deutsche Bank AG Registered Shares (Diversified Capital Markets) 6,800 269 Deutsche Lufthansa AG Registered Shares (Airlines) 18,485 304 Deutsche Telekom AG Registered Shares (Integrated Telecommunication Services) 36,094 546 E.ON AG (Electric Utilities) 22,008 864 GEA Group AG (Industrial Machinery) 6,832 119 Gesco AG (Industrial Machinery) 1,247 76 Indus Holding AG (Commodity Chemicals) 452 8 Loewe AG (Consumer Electronics) 1,699 21 Medion AG (Distributors) 519 5 Norddeutsche Affinerie AG (Diversified Metals & Mining) 402 16 Symrise AG (Fertilizers & Agricultural Chemicals) 7,089 99 ------- 3,888 ------- GREECE--0.3% Alpha Bank AE (Diversified Banks) 15,254 143 Sprider Stores SA (Apparel, Accessories & Luxury Goods) 18,261 36 ------- 179 ------- HONG KONG--1.8% Bank of East Asia Ltd. (Diversified Banks) 43,000 91 Cheung Kong Holdings Ltd. (Real Estate Development) 22,000 210 Chun Wo Development Holdings Ltd. (Construction & Engineering) 33,159 2 Hang Lung Properties Ltd. (Diversified Real Estate Activities) 87,000 191 Hutchison Whampoa Ltd. (Industrial Conglomerates) 50,000 252 Kowloon Development Co., Ltd. (Real Estate Development) 39,000 15 Midland Holdings Ltd. (Diversified Real Estate Activities) 22,000 8 NAM TAI Electronics, Inc. (Electronic Manufacturing Services) 1,300 7 5
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VIRTUS GLOBAL OPPORTUNITIES FUND (FORMERLY VIRTUS WORLDWIDE STRATEGIES FUND) SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) SHARES VALUE ---------- ------- HONG KONG--(CONTINUED) Norstar Founders Group Ltd. (Tires & Rubber) 272,000 $ 34 Pacific Andes International Holdings Ltd. (Packaged Foods & Meats) 108,000 9 Polytec Asset Holdings Ltd. (Apparel, Accessories & Luxury Goods) 50,000 3 Sinolink Worldwide Holdings Ltd. (Diversified Real Estate Activities) 168,000 14 Television Broadcasts Ltd. (Broadcasting) 52,000 170 VTech Holdings Ltd. (Communications Equipment) 11,907 50 ------- 1,056 ------- INDIA--0.0% State Bank of India Ltd. (Regional Banks) 391 21 ------- ITALY--0.8% AS Roma S.p.A (Movies & Entertainment)(b) 10,094 9 Assicurazioni Generali S.p.A (Multi-line Insurance) 4,272 118 ENI S.p.A. (Integrated Oil & Gas) 12,984 312 Indesit Co. S.p.A. (Household Appliances) 460 3 Istituto Finanziario Industriale S.p.A. (Multi-Sector Holdings)(b) 1,354 9 ------- 451 ------- JAPAN--16.8% Able, Inc. (Diversified Real Estate Activities) 1,000 7 Ahresty Corp. (Building Products) 6,000 19 Aichi Bank Ltd. (The) (Regional Banks) 200 15 Aichi Machine Industry Co., Ltd. (Auto Parts & Equipment) 8,000 14 Airport Facilities Co., Ltd. (Diversified Real Estate Activities) 1,300 8 Aisin Seiki Co., Ltd. (Auto Parts & Equipment) 169 2 Allied Telesis Holdings KK (Communications Equipment)(b) 23,500 11 Alpen Co., Ltd. (Specialty Stores) 700 14 Asset Managers Holdings Co., Ltd. (Asset Management & Custody Banks) 4 --(h) Bank of Yokohama Ltd. (The) (Regional Banks) 27,000 159 Belc Co., Ltd. (General Merchandise Stores) 1,800 19 CAC Corp. (Electronic Equipment & Instruments) 2,200 19 Capcom Co., Ltd. (Home Entertainment Software) 7,200 163 SHARES VALUE ---------- ------- JAPAN--(CONTINUED) CSK Holdings Corp. (IT Consulting & Other Services) 9,700 $ 53 Daihatsu Motor Co., Ltd. (Automobile Manufacturers) 4,000 35 Daishinku Corp. (Construction Materials) 2,000 5 Daito Trust Construction Co., Ltd. (Diversified Real Estate Activities) 2,300 121 DTS Corp. (Systems Software) 6,800 64 East Japan Railway Co. (Railroads)(f) 55 430 Elecom Co., Ltd. (Computer Storage & Peripherals) 1,400 11 FANUC Ltd. (Industrial Machinery) 4,500 323 Fuji Heavy Industries Ltd. (Automobile Manufacturers) 11,000 30 FUJIFILM Holdings Corp. (Electronic Equipment & Instruments) 2,400 54 Fujitsu Ltd. (Computer Hardware) 9,000 44 Furuno Electric Co., Ltd. (Household Appliances) 1,000 6 Futaba Industrial Co., Ltd. (Auto Parts & Equipment) 3,100 12 Hanwa Co., Ltd. (Trading Companies & Distributors) 11,000 35 Higo Bank Ltd. (The) (Regional Banks) 3,000 19 Hino Motors Ltd. (Construction & Farm Machinery & Heavy Trucks) 10,000 21 Hitachi Information Systems Ltd. (IT Consulting & Other Services) 500 10 Hitachi Ltd. (Electronic Equipment & Instruments) 154,000 598 Hitachi Metals Ltd. (Steel) 16,000 74 Hitachi Systems & Services Ltd. (IT Consulting & Other Services) 1,200 13 Hokkaido Gas Co., Ltd. (Gas Utilities) 4,000 12 Hokkan Holdings Ltd. (Paper Packaging) 3,000 9 Hurxley Corp. (Restaurants) 3,500 32 Hyakugo Bank Ltd. (The) (Regional Banks) 3,000 18 Imasen Electric Industrial (Auto Parts & Equipment) 4,400 25 Ines Corp. (IT Consulting & Other Services) 5,000 25 Information Services International-Dentsu Ltd. (Data Processing & Outsourced Services) 1,600 10 INPEX Corp. (Oil & Gas Exploration & Production) 29 231 Inui Steamship Co., Ltd. (Marine) 2,800 21 Itoham Foods, Inc. (Packaged Foods & Meats) 9,000 33 6
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VIRTUS GLOBAL OPPORTUNITIES FUND (FORMERLY VIRTUS WORLDWIDE STRATEGIES FUND) SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) SHARES VALUE ---------- ------- JAPAN--(CONTINUED) JMS Co., Ltd. (Health Care Equipment) 6,000 $ 26 Kanaden Corp. (Trading Companies & Distributors) 2,000 11 Kanto Auto Works Ltd. (Auto Parts & Equipment) 2,700 31 Kao Corp. (Household Products) 12,000 365 Kato Sangyo Co., Ltd. (Food Distributors) 1,600 27 Kintetsu World Express, Inc. (Air Freight & Logistics) 800 16 KK DaVinci Holdings (Real Estate Services)(b) 39 2 Kosaido Co., Ltd. (Commercial Printing)(b) 9,300 27 Kyodo Printing Co., Ltd. (Commercial Printing) 2,000 5 Kyokuyo Co., Ltd. (Packaged Foods & Meats) 11,631 27 Mag Net, Inc. (Industrial Conglomerates)(b) 1,000 8 Marubeni Corp. (Trading Companies & Distributors) 57,000 218 Meiji Seika Kaisha Ltd. (Packaged Foods & Meats) 8,000 39 Meisei Industrial Co., Ltd. (Construction & Engineering) 4,125 10 Mie Bank Ltd. (The) (Regional Banks) 10,000 41 Mikuni Coca-Cola Bottling Co., Ltd. (Soft Drinks) 8,500 82 Mimasu Semiconductor Industry Co., Ltd. (Semiconductor Equipment) 5,200 50 Mitsubishi Corp. (Trading Companies & Distributors) 10,400 147 Mitsubishi Electric Corp. (Heavy Electrical Equipment) 3,000 19 Mitsubishi Paper Mills Ltd. (Paper Products) 9,000 21 Mitsubishi Steel Manufacturing Co., Ltd. (Building Products) 3,000 8 Mitsubishi UFJ Financial Group, Inc. (Diversified Banks) 51,000 321 Mitsui & Co., Ltd. (Trading Companies & Distributors) 14,000 144 Mitsui Fudosan Co., Ltd. (Diversified Real Estate Activities) 23,000 383 Namura Shipbuilding Co., Ltd. (Construction & Farm Machinery & Heavy Trucks) 1,600 6 NEC Electronics Corp. (Semiconductors)(b) 8,000 76 Nichiban Co., Ltd. (Office Services & Supplies) 8,000 29 Nidec Corp. (Electronic Components) 3,300 129 NIFTY Corp. (Internet Software & Services) 51 45 Nihon Housing Co., Ltd. (Diversified Real Estate Activities) 200 2 SHARES VALUE ---------- ------- JAPAN--(CONTINUED) Nippon Chemical Industrial Co., Ltd. (Fertilizers & Agricultural Chemicals) 8,000 $ 21 Nippon Flour Mills Co., Ltd. (Packaged Foods & Meats) 6,000 33 Nippon Residential Investment Corp. (Specialized REITs) 19 18 Nippon Shinyaku Co., Ltd. (Pharmaceuticals) 1,000 12 Nippon Telegraph & Telephone Corp. (Integrated Telecommunication Services)(f) 120 629 Nippon Yakin Kogyo Co., Ltd. (Steel) 9,500 27 NIS Group Co., Ltd. (Consumer Finance)(b) 14,800 7 Nomura Holdings, Inc. (Investment Banking & Brokerage) 9,000 75 Nomura Research Institute Ltd. (IT Consulting & Other Services) 14,000 267 NTT DoCoMo, Inc. (Wireless Telecommunication Services) 199 392 Ogaki Kyoritsu Bank Ltd. (The) (Regional Banks) 3,000 14 Ohashi Technica, Inc. (Trading Companies & Distributors) 1,300 9 Okinawa Electric Power Co., Inc. (The) (Electric Utilities) 300 22 Pilot Corp. (Office Services & Supplies) 9 14 Proto Corp. (Advertising) 500 11 Qp Corp. (Packaged Foods & Meats) 3,200 44 Raito Kogyo Co., Ltd. (Construction & Engineering) 5,900 11 Relo Holdings, Inc. (Diversified Support Services) 900 9 Ricoh Leasing Co., Ltd. (Specialized Finance) 600 11 Riso Kagaku Corp. (Office Electronics) 1,400 14 Ryoden Trading Co., Ltd. (Technology Distributors) 2,000 12 Ryoyo Electro Corp. (Technology Distributors) 900 8 San-A Co., Ltd. (Hotels, Resorts & Cruise Lines) 400 16 San-In Godo Bank Ltd. (The) (Regional Banks) 3,000 24 Sanix, Inc. (Education Services)(b) 6,300 4 Sanki Engineering Co., Ltd. (Construction & Engineering) 2,000 14 Seiko Epson Corp. (Computer Storage & Peripherals) 4,300 68 Seino Holdings Co., Ltd. (Trucking) 5,000 28 Senshu Electric Co., Ltd. (Trading Companies & Distributors) 700 9 Shidax Corp. (Restaurants)(f) 61 24 7
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VIRTUS GLOBAL OPPORTUNITIES FUND (FORMERLY VIRTUS WORLDWIDE STRATEGIES FUND) SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) SHARES VALUE ---------- ------- JAPAN--(CONTINUED) Shikoku Coca-Cola Bottling Co., Ltd. (Soft Drinks) 2,600 $ 25 Shin-Etsu Chemical Co., Ltd. (Specialty Chemicals) 5,800 268 Shizuoka Gas Co., Ltd. (Gas Utilities) 3,000 19 Siix Corp. (Trading Companies & Distributors) 1,800 6 Sorun Corp. (IT Consulting & Other Services) 1,000 6 Sumitomo Corp. (Trading Companies & Distributors) 28,900 256 Sumitomo Densetsu Co., Ltd. (Construction & Engineering) 2,900 18 Sumitomo Mitsui Financial Group, Inc. (Diversified Banks)(f) 26 109 Sun Frontier Fudousan Co., Ltd. (Diversified Real Estate Activities) 40 14 Tachi-S Co., Ltd. (Auto Parts & Equipment) 4,800 26 Taihei Kogyo Co., Ltd. (Construction & Engineering) 10,000 31 Taiho Kogyo Co., Ltd. (Auto Parts & Equipment) 4,600 22 Taikisha Ltd. (Building Products) 1,000 14 Taisei Rotec Corp. (Construction & Engineering) 35,000 49 Takata Corp. (Automobile Manufacturers) 400 3 Takeda Pharmaceutical Co., Ltd. (Pharmaceuticals) 8,600 448 TKC Corp. (Data Processing & Outsourced Services) 500 10 Toa Corp. (Construction & Engineering)(b) 30,000 43 Toagosei Co., Ltd. (Diversified Chemicals) 9,000 27 Tohoku Electric Power Co., Inc. (Electric Utilities) 4,900 133 Tokai Corp. (Gas Utilities) 7,000 37 Tokyo Electric Power Co., Inc. (The) (Electric Utilities) 22,600 754 Tokyo Tekko Co., Ltd. (Steel) 6,000 14 Toukei Computer Co., Ltd. (Computer Hardware) 500 6 Toyo Kohan Co., Ltd. (Steel) 3,000 13 Toyo Tire & Rubber Co., Ltd. (Tires & Rubber) 2,000 4 Toyoda Gosei Co., Ltd. (Auto Parts & Equipment) 95 1 Toyota Auto Body Co., Ltd. (Auto Parts & Equipment) 4,000 59 Toyota Motor Corp. (Automobile Manufacturers) 6,800 225 TS Tech Co., Ltd. (Tires & Rubber) 2,600 15 Tsudakoma Corp. (Industrial Machinery) 26,000 27 Unipres Corp. (Auto Parts & Equipment) 2,700 17 Universe Co., Ltd. (Food Retail) 600 8 SHARES VALUE ---------- ------- JAPAN--(CONTINUED) Usen Corp. (Broadcasting)(b) 31,548 $ 39 ------- 9,732 ------- MALAYSIA--0.1% Kulim Malaysia Bhd (Agricultural Products) 12,100 16 Lion Industries Corp. Bhd (Steel) 14,700 3 RHB Capital Bhd (Regional Banks) 17,300 19 ------- 38 ------- MEXICO--0.1% Grupo Simec S.A.B. de C.V. Series B (Building Products)(b) 8,500 14 Industrias CH S.A.B. de C.V. Series B (Steel)(b) 6,300 16 Mexichem S.A.B. de C.V. (Fertilizers & Agricultural Chemicals) 20,763 19 ------- 49 ------- NETHERLANDS--2.3% ASML Holding N.V. (Semiconductor Equipment) 12,155 219 Draka Holding N.V. (Electrical Components & Equipment) 2,314 21 Heineken N.V. (Brewers) 6,300 193 ING Groep N.V. (Other Diversified Financial Services) 33,436 368 OCE N.V. (Office Electronics) 4,164 18 Ordina N.V. (Application Software) 2,568 10 Unilever N.V. (Packaged Foods & Meats) 9,732 236 Unit 4 Agresso N.V. (Systems Software) 1,731 19 Wolters Kluwer N.V. (Publishing) 13,471 256 ------- 1,340 ------- NEW ZEALAND--0.3% New Zealand Oil & Gas Ltd. (Oil & Gas Exploration & Production) 107,865 81 Telecom Corp. of New Zealand Ltd. (Integrated Telecommunication Services) 50,451 68 Tower Ltd. (Multi-line Insurance) 40,283 36 ------- 185 ------- NORWAY--0.4% Ementor ASA (IT Consulting & Other Services)(b) 8,600 21 Norsk Hydro ASA (Aluminum) 17,800 72 Norske Skogindustrier ASA (Paper Products)(b) 17,000 34 8
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VIRTUS GLOBAL OPPORTUNITIES FUND (FORMERLY VIRTUS WORLDWIDE STRATEGIES FUND) SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) SHARES VALUE ---------- ------- NORWAY--(CONTINUED) Yara International ASA (Fertilizers & Agricultural Chemicals) 4,400 $ 97 ------- 224 ------- POLAND--0.1% Grupa Lotos SA (Oil & Gas Exploration & Production)(b) 10,467 42 ------- RUSSIA--0.2% Gazprom OAO Sponsored ADR (Integrated Oil & Gas) 3,150 45 LUKOIL Sponsored ADR (Integrated Oil & Gas) 2,204 73 ------- 118 ------- SINGAPORE--0.9% Boustead Singapore Ltd. (Trading Companies & Distributors)(g) 52,000 27 CapitaLand Ltd. (Diversified Real Estate Activities) 63,000 137 Ezra Holdings Ltd. (Marine) 62,000 30 Fortune Real Estate Investment Trust (Specialized REITs) 47,000 12 Hi-P International Ltd. (Industrial Machinery) 82,000 17 Jardine Cycle & Carriage Ltd. (Distributors) 32,000 213 Keppel Land Ltd. (Real Estate Development) 23,000 27 L.C. Development Ltd. (Diversified Real Estate Activities) 8,000 --(h) Macquarie International Infrastructure Fund Ltd. (Investment Banking & Brokerage) 315,000 65 Rotary Engineering Ltd. (Construction & Engineering) 44,000 8 ------- 536 ------- SOUTH AFRICA--0.2% Arcelormittal South Africa Ltd. (Steel) 5,467 53 MTN Group Ltd. (Wireless Telecommunication Services) 3,136 37 ------- 90 ------- SOUTH KOREA--1.5% Hana Financial Group, Inc. (Regional Banks) 930 15 Hite Holdings Co., Ltd. (Brewers)(b) 800 11 Hyundai Steel Co. (Steel)(b) 1,020 31 KB Financial Group, Inc. (Diversified Banks)(b) 2,043 55 Korea Kumho Petrochemical Co. (Construction Materials) 1,720 26 SHARES VALUE ---------- ------- SOUTH KOREA--(CONTINUED) KT Corp. (Integrated Telecommunication Services)(b) 3,720 $ 111 KT Freetel Co., Ltd. (Integrated Telecommunication Services)(b) 2,160 54 LG Display Co., Ltd. (Technology Distributors) 16,640 277 LG Electronics, Inc. (Household Appliances)(b) 2,930 178 Poongsan Corp. (Building Products)(b) 2,600 15 Shinwon Corp. (Apparel, Accessories & Luxury Goods) 108,850 95 ------- 868 ------- SPAIN--1.4% Banco Bilbao Vizcaya Argentaria S.A. (Diversified Banks) 2,582 32 Banco Santander S.A. (Diversified Banks) 20,535 199 Construcciones y Auxiliar de Ferrocarriles SA (Construction & Farm Machinery & Heavy Trucks) 85 30 Telefonica S.A. (Integrated Telecommunication Services) 23,700 535 ------- 796 ------- SWEDEN--0.4% Autoliv, Inc. (Auto Parts & Equipment) 790 17 Bure Equity AB (Multi-Sector Holdings) 4,061 13 Investor AB Class A (Multi-Sector Holdings) 2,407 36 JM AB (Homebuilding) 3,200 18 Lundbergforetagen AB Class B (Diversified Real Estate Activities) 621 24 Nordea Bank AB (Diversified Banks) 11,600 83 Skandinaviska Enskilda Banken AB Class A (Diversified Banks) 6,341 51 ------- 242 ------- SWITZERLAND--6.5% Berner Kantonalbank AG Registered Shares (Regional Banks) 87 18 Credit Suisse Group AG Registered Shares (Diversified Capital Markets) 12,417 348 Forbo Holding AG Registered Shares (Home Furnishings)(b) 30 6 Galenica AG Registered Shares (Health Care Distributors) 96 31 Holcim Ltd. Registered Shares (Construction Materials) 3,500 203 9
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VIRTUS GLOBAL OPPORTUNITIES FUND (FORMERLY VIRTUS WORLDWIDE STRATEGIES FUND) SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) SHARES VALUE ---------- ------- SWITZERLAND--(CONTINUED) Kardex AG (Electronic Equipment & Instruments)(b) 1,741 $ 50 Mobilezone Holding AG (Computer & Electronics Retail) 9,439 60 Nestle S.A. Registered Shares (Packaged Foods & Meats) 11,407 452 Novartis AG Registered Shares (Pharmaceuticals) 23,000 1,152 Philip Morris International, Inc. (Tobacco) 1,220 53 Roche Holding AG Registered Shares (Pharmaceuticals) 3,814 590 Schweizerische National-Versicherungs-Gesellschaft Registered Shares (Multi-line Insurance) 13 7 Syngenta AG Registered Shares (Fertilizers & Agricultural Chemicals) 1,000 194 Valiant Holding Registered Shares (Regional Banks) 190 36 Vaudoise Assurances Holding SA (Multi-line Insurance) 79 11 Zurich Financial Services AG Registered Shares (Multi-line Insurance) 2,517 550 ------- 3,761 ------- TAIWAN--0.8% Chi Mei Optoelectronics Corp. (Electronic Components) 11,550 4 Chunghwa Telecom Co., Ltd. (Integrated Telecommunication Services)(b) 150,855 243 Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR (Semiconductors) 23,611 186 Tatung Co., Ltd. (Electronic Equipment & Instruments)(b) 19,000 4 ------- 437 ------- TURKEY--0.1% Tupras-Turkiye Petro Rafinerileri A.S. (Oil & Gas Refining & Marketing) 6,335 67 ------- UNITED KINGDOM--10.7% 3i Group plc (Asset Management & Custody Banks) 8,157 32 Antofagasta plc (Diversified Metals & Mining) 7,726 48 AstraZeneca plc (Pharmaceuticals) 21,751 890 AstraZeneca plc (Pharmaceuticals)(e) 159 7 SHARES VALUE ---------- ------- UNITED KINGDOM--(CONTINUED) Aveva Group plc (Application Software) 1,271 $ 11 Aviva plc (Multi-line Insurance) 15,962 90 BAE Systems plc (Aerospace & Defense) 29,710 162 BG Group plc (Integrated Oil & Gas) 12,563 174 BHP Billiton plc (Diversified Metals & Mining) 7,070 137 BP plc (Integrated Oil & Gas) 57,745 446 British American Tobacco plc (Tobacco) 18,324 478 British Sky Broadcasting Group plc (Cable & Satellite) 38,700 273 BT Group plc (Integrated Telecommunication Services) 48,160 97 Character Group plc (The) (Leisure Products) 2,889 1 DS Smith plc (Paper Products) 2,447 3 GlaxoSmithKline plc (Pharmaceuticals) 17,962 334 Healthcare Locums plc (Health Care Services) 1,114 2 HSBC Holdings plc (Diversified Banks) 23,752 232 IG Group Holdings plc (Investment Banking & Brokerage) 11,885 45 International Power plc (Electric Utilities) 29,441 103 Legal & General Group plc (Life & Health Insurance) 84,441 94 National Grid plc (Multi-Utilities) 19,561 193 Reckitt Benckiser Group plc (Household Products) 715 27 Royal Dutch Shell plc Class A (Integrated Oil & Gas) 11,460 301 Royal Dutch Shell plc Class A (Integrated Oil & Gas)(d) 45,476 1,202 SABMiller plc (Brewers) 8,354 140 Smith & Nephew plc (Health Care Equipment) 23,193 148 Telecom Plus plc (Integrated Telecommunication Services) 3,969 18 Unilever plc (Packaged Foods & Meats) 6,393 147 Vodafone Group plc (Wireless Telecommunication Services) 171,876 352 ------- 6,187 ------- UNITED STATES--0.4% Accenture Ltd. Class A (IT Consulting & Other Services) 4,410 145 Freeport-McMoRan Copper & Gold, Inc. (Diversified Metals & Mining) 580 14 Herbalife Ltd. (Personal Products) 3,420 74 10
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VIRTUS GLOBAL OPPORTUNITIES FUND (FORMERLY VIRTUS WORLDWIDE STRATEGIES FUND) SCHEDULE OF INVESTMENTS (CONTINUED) DECEMBER 31, 2008 (UNAUDITED) ($ reported in thousands) SHARES VALUE ---------- ------- UNITED STATES--(CONTINUED) Ingersoll-Rand Co., Ltd. Class A (Industrial Machinery) 630 $ 11 ------- 244 ------------------------------------------------------------------------------- TOTAL FOREIGN COMMON STOCKS (IDENTIFIED COST $49,754) 38,232 ------------------------------------------------------------------------------- TOTAL LONG TERM INVESTMENTS--98.9% (IDENTIFIED COST $72,576) 57,190 ------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS--0.5% MONEY MARKET MUTUAL FUNDS--0.5% State Street Institutional Liquid Reserves Fund (seven-day effective yield 1.461%) 309,938 310 ------------------------------------------------------------------------------- TOTAL SHORT-TERM INVESTMENTS (IDENTIFIED COST $310) 310 ------------------------------------------------------------------------------- TOTAL INVESTMENTS--99.4% (IDENTIFIED COST $72,886) 57,500(a) Other assets and liabilities, net--0.6% 362 ------- NET ASSETS--100.0% $57,862 ======= ABBREVIATIONS: ADR American Depositary Receipt FOOTNOTE LEGEND: (a) Federal Income Tax Information: For tax information at December 31, 2008, see Note 3 Federal Tax Information in Notes to Schedules of Investments. (b) Non-income producing. (c) A security is considered to be foreign if the security is issued in a foreign country. The country of risk, noted in the header, is determined based on criteria described in Note 1B "Foreign security country determination" in the Notes to Schedules of Investments. (d) Shares traded on Amsterdam Exchange. (e) Shares traded on Alt-X Exchange. (f) Illiquid Security. Security valued at fair value as determined in good faith by or under the direction of the Trustees. At December 31, 2008, these securities amounted to a value of $1,192 or 2.1% of net assets. (g) Illiquid security. (h) Amounts are less than $500 (not reported in thousands). 11
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VIRTUS OPPORTUNITIES TRUST NOTES TO SCHEDULES OF INVESTMENTS DECEMBER 31, 2008 (UNAUDITED) NOTE 1--SIGNIFICANT ACCOUNTING POLICIES: Virtus Opportunities Trust (formerly "Phoenix Opportunities Trust") (the "Trust") is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust consists of fifteen diversified funds and two non-diversified funds (each a "Fund"). The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the Schedules of Investments. 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 contingent assets and liabilities at the date of the Schedules of Investments. Actual results could differ from those estimates. A. SECURITY VALUATION: 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. Debt securities are valued on the basis of broker quotations or valuations provided by a pricing service, which utilizes information with respect to recent sales, market transactions in comparable securities, quotations from dealers, and various relationships between securities in determining value. Due to excessive volatility in the current market (please see note on Market Conditions - Note 5), valuations developed through pricing techniques may materially vary from the actual amounts realized upon sale of the securities. For Funds of Funds, investments in the underlying funds are valued at each fund's net asset value determined as of the close of business of the New York Stock Exchange (generally 4:00 p.m. Eastern time). As appropriate, some securities and assets may be valued at fair value as determined in good faith by or under the direction of the Trustees. Certain foreign common stocks 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 foreign markets close (where the security is principally traded) and the time that the Fund calculates its net asset value (generally, the close of the NYSE) that may impact the value of securities traded in these foreign markets. In these cases, information from an external vendor may be utilized to adjust closing market prices of certain foreign common stocks to reflect their fair value. Because the frequency of significant events is not predictable, fair valuation of certain foreign common stocks may occur on a frequent basis. On December 31, 2008 the Global Infrastructure Fund, International Real Estate Securities Fund, Market Neutral Fund, Foreign Opportunities Fund and Global Opportunities Fund each utilized fair value pricing for their foreign stocks. Short-term investments having a remaining maturity of 60 days or less are valued at amortized cost, which approximates market. The Money Market Fund uses the amortized cost method of security valuation absent extraordinary or unusual market conditions. In the opinion of the Trustees, this represents the fair value of the securities. The Trustees monitor the deviations between the Fund's net asset value per share as determined by using available market quotations and its net asset value per share using amortized cost. If the deviation exceeds 1/2 of 1%, the Board of Trustees will consider what action, if any should be initiated to provide fair valuation. Using this method, the Fund attempts to maintain a constant net asset value of $1 per share. The Funds have adopted the provisions of the Statement of Financial Accounting Standards No. 157 ("SFAS 157") as of the beginning of the current fiscal period of the Funds. This standard clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value, and requires additional disclosures about the use of fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, the Funds utilize a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: Other information regarding each Fund is available in the Fund's most recent Report to Shareholders.
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VIRTUS OPPORTUNITIES TRUST NOTES TO SCHEDULES OF INVESTMENTS DECEMBER 31, 2008 (CONTINUED) (UNAUDITED) [] Level 1 - quoted prices in active markets for identical securities. [] Level 2 - prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc [] Level 3 - prices determined using significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) The following is a summary of the inputs used to value the Funds' net assets as of December 31, 2008. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities may be valued using amortized cost, in accordance with the Investment Company Act of 1940. Generally, amortized cost reflects the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as a Level 2. ($ REPORTED IN THOUSANDS) [Enlarge/Download Table] Level 2 - Level 3 - Level 1 - Significant Significant Quoted Observable Unobservable Funds Prices Inputs Inputs Total ------------ ------------- -------------- ------------- ----- Assets: Investments in Securities (Market Value) ---------------- Global Infrastructure Fund .. $ 42,344 $ 15,353 $ -- $ 57,697 International Real Estate Securities Fund ............. 5,972 39,097 -- 45,069 Market Neutral Fund ......... 86,291 7,399 -- 93,690 Real Estate Securities Fund . 667,163 -- -- 667,163 Alternatives Diversifier Fund 282,690 -- -- 282,690 Wealth Builder Fund ......... 76,559 -- -- 76,559 Wealth Guardian Fund ........ 36,021 -- -- 36,021 Bond Fund ................... 3,973 152,248 8 156,229 CA Tax-Exempt Bond Fund ..... 1,243 54,419 -- 55,662 Core Bond Fund .............. 528 52,582 390 53,500 High Yield Fund ............. 9,283 67,759 564 77,606 Money Market Fund ........... -- 82,377 -- 82,377 Multi-Sector Fixed Income Fund ................. 1,447 86,590 2,167 90,204 Multi-Sector Short Term Bond Fund ................... 221 1,258,468 49,159 1,307,848 Senior Floating Rate Fund ... 1,523 10,825 48 12,396 Foreign Opportunities Fund .. 222,811 621,048 -- 843,859 Global Opportunities Fund ... 20,682 36,818 -- 57,500 Liabilities: Market Neutral Fund ......... $(76,615) $ (11,441) $ -- $ (88,056) <FN> Other Financial Instruments * </FN> * Other information regarding each Fund is available in the Fund's most recent Report to Shareholders.
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VIRTUS OPPORTUNITIES TRUST NOTES TO SCHEDULES OF INVESTMENTS DECEMBER 31, 2008 (CONTINUED) (UNAUDITED) [Enlarge/Download Table] ----------- Multi-Sector Fixed Income Fund.................. $ -- $ 39 $ -- $ 39 Multi-Sector Short Term Bond Series.................. -- 517 -- 517 <FN> *Other financial instruments are forward currency contracts not reflected in the Schedules of Investments, which are valued at the unrealized appreciation (depreciation) on the investment. </FN> The following is a reconciliation of assets of the Funds for Level 3 investments for which significant unobservable inputs were used to determine fair value: [Enlarge/Download Table] MULTI-SECTOR MULTI-SECTOR SENIOR BOND CORE BOND HIGH YIELD FIXED INCOME SHORT TERM FLOATING FUND FUND FUND FUND BOND FUND RATE FUND ----- --------- ---------- ------------ ------------ --------- Investments in Securities Market Value Balance as of 9/30/08 .................. $ 529 $ 257 $ 772 $4,005 $ 47,714 $ 688 Accrued discounts/premiums ............. 1 40 1 172 1,342 2 Realized gain (loss) ................... (1) (160) 103 (897) (9,732) 1 Change in unrealized appreciation (depreciation) ............ (36) 62 (209) (551) (7,529) (153) Net purchases (sales) .................. (3) (10) (103) (150) (2,799) (26) Transfers in and/or out of Level 3(1) .. (482) 201 -- (412) 20,163 (464) Balance as of 12/31/08 ................. $ 8 $ 390 $ 564 $2,167 $ 49,159 $ 48 <FN> (1) TRANSFERS IN OR OUT OF LEVEL 3 REPRESENTS THE ENDING VALUE AS OF DECEMBER 31, 2008, FOR ANY INVESTMENT SECURITY WHERE A CHANGE IN THE PRICING LEVEL OCCURRED FROM THE BEGINNING TO THE END OF THE PERIOD. </FN> B. FOREIGN SECURITY COUNTRY DETERMINATION A combination of the following criteria is used to assign the countries of risk listed in the schedules of investments: country of incorporation, actual building address, primary exchange on which the security is traded and country in which the greatest percentage of company revenue is generated. NOTE 2--ILLIQUID AND RESTRICTED SECURITIES Investments shall be 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 the 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. Other information regarding each Fund is available in the Fund's most recent Report to Shareholders.
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VIRTUS OPPORTUNITIES TRUST NOTES TO SCHEDULES OF INVESTMENTS DECEMBER 31, 2008 (CONTINUED) (UNAUDITED) Restricted securities are illiquid securities, as defined above, not registered under the Securities Act of 1933. Generally, 144A securities are excluded from this category, except where defined as illiquid. At December 31, 2008, the Funds held the following illiquid and restricted securities ($ reported in thousands): [Enlarge/Download Table] Market % of Acquisition Acquisition Value at Net Assets Date Cost 12/31/08 at 12/31/08 ----------------------------------------------------------- MARKET NEUTRAL FUND Telefonica Moviles S.A. 12/20/01 $0 $0 0.0% Telefonica Data Argentina S.A. 12/20/01 $0 $0 0.0% BOND FUND DLJ Mortgage Acceptance Corp. 96-M, 1 144A 0.000%, 11/28/11 4/28/04 $16 $8 0.0% CORE BOND FUND Greenwich Structured ARM Products 05-5A, N2 144A 5.981%, 9/27/45 2/28/06 $352 $94 0.0% HIGH YIELD FUND Poland Telecom Finance BV Series B 14%, 12/1/07 11/24/97 $5,000 $62 0.1% MULTI-SECTOR FIXED INCOME FUND Bear Stearns Structured Products, Inc. 05-10 144A 3.911%, 4/26/35 1/5/06 $251 $50 0.0% MASTR Alternative Net Interest Margin 06-6, N1 144A 1.471%, 9/26/46 8/3/06 $95 $0 0.0% MASTR Resecuritization Trust 05-1 144A 5.000%, 10/28/34 1/28/05 $267 $88 0.1% MULTI-SECTOR SHORT TERM BOND FUND Bear Stearns Structured Products, Inc. 05-10 144A 3.911%, 4/26/35 1/5/06 $2,410 $480 0.0% MASTR Alternative Net Interest Margin 06-6, N1 144A 1.471%, 9/26/46 8/3/06 $1,295 $0 0.0% MASTR Resecuritization Trust 05-2 144A 4.750%, 3/28/34 4/28/05 $1,729 $659 0.1% 04-3 144A 5.000%, 3/28/34 8/31/04 $1,792 $584 0.1% 04-2 144A 5.250%, 3/28/34 4/28/04 $3,533 $1,295 0.1% 05-1 144A 5.000%, 10/28/34 1/28/05 $1,586 $529 0.0% Other information regarding each Fund is available in the Fund's most recent Report to Shareholders.
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VIRTUS OPPORTUNITIES TRUST NOTES TO SCHEDULES OF INVESTMENTS DECEMBER 31, 2008 (CONTINUED) (UNAUDITED) The Funds will bear any costs, including those involved in registration under the Securities Act of 1933, in connection with the disposition of such securities. NOTE 3--FEDERAL INCOME TAX INFORMATION ($ REPORTED IN THOUSANDS) At December 31, 2008, federal tax cost and aggregate gross unrealized appreciation (depreciation) of securities held by the funds were as follows: [Enlarge/Download Table] NET UNREALIZED FEDERAL UNREALIZED UNREALIZED APPRECIATION FUND TAX COST APPRECIATION (DEPRECIATION) (DEPRECIATION) ---- -------- ------------ -------------- -------------- Global Infrastructure Fund $73,295 $475 $(16,073) $(15,598) International Real Estate Securities Fund 72,073 -- (27,004) (27,004) Market Neutral Fund (Long positions) 107,765 5,764 (19,839) (14,075) Market Neutral Fund (Short positions) (100,100) 14,677 (2,633) 12,044 Real Estate Securities Fund 731,605 41,770 (106,212) (64,442) Alternatives Diversifier Fund 399,846 (117,156) (117,156) Wealth Builder Fund 104,421 (27,862) (27,862) Wealth Guardian Fund 46,916 (10,895) (10,895) Bond Fund 162,299 4,209 (10,279) (6,070) CA Tax-Exempt Bond Fund 58,630 1,981 (4,949) (2,968) Core Bond Fund 60,665 565 (7,730) (7,165) High Yield Fund 97,447 688 (20,529) (19,841) Money Market Fund 82,466 -- -- -- Multi-Sector Fixed Income Fund 126,291 733 (36,820) (36,087) Multi-Sector Short Term Bond Fund 1,638,200 10,619 (340,971) (330,352) Senior Floating Rate Fund 16,013 20 (3,637) (3,617) Foreign Opportunities Fund 1,001,878 5,729 (163,748) (158,019) Global Opportunities Fund 73,566 2,774 (18,840) (16,066) Other information regarding each Fund is available in the Fund's most recent Report to Shareholders.
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VIRTUS OPPORTUNITIES TRUST NOTES TO SCHEDULES OF INVESTMENTS DECEMBER 31, 2008 (CONTINUED) (UNAUDITED) NOTE 4--RECENTLY ISSUED ACCOUNTING STANDARDS In March 2008, Statement of Financial Accounting Standards No. 161, "Disclosures about Derivative Instruments and Hedging Activities" (SFAS 161) was issued and is effective for fiscal years and interim periods beginning after November 15, 2008. SFAS 161 is intended to improve financial reporting for derivative instruments by requiring enhanced disclosure that enables 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. Management is currently evaluating the impact, if any, of SFAS 161 on financial statement disclosures. NOTE 5--MARKET CONDITIONS Recent events in the financial sector have resulted in an unusually high degree of volatility in the financial markets and the net asset value of many mutual funds, including the Funds. Such events include, but are not limited to, the seizure of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation by U.S. banking regulators, the bankruptcy filing of Lehman Brothers and sale of Merrill Lynch to Bank of America, and the government bailout of AIG. These companies represent financial institutions with which certain of the Funds conduct business and/or whose securities are or may be held with in the Funds. The potential investment of each Fund's investments in these issuers, and the financial sector in general, as reflected in each Fund's schedule of investments, exposes investors to the negative (or positive) performance resulting from these and other events. NOTE 6--MERGER The Board of Trustees of the Virtus Opportunities Trust, on behalf of the Virtus Money Market Fund, has unanimously approved an Agreement and Plan of Reorganization relating to proposed combination of the Virtus Money Market Fund, a series of the Virtus Opportunities Trust with and into the Virtus Insight Money Market Fund, a series of the Virtus Insight Trust. A special Meeting of the Shareholders will be held on March 27, 2009, to vote on an Agreement and Plan of Reorganization, pending shareholder approval the merger will occur on or about April 3, 2009. NOTE 7--OTHER Effective January 23, 2009, the Virtus Worldwide Strategies Fund ("the Fund") has been renamed Virtus Global Opportunities Fund. Effective January 28, 2009, certain of its principal investment strategies have been modified. Additionally, Vontobel Asset Management, Inc. is the subadviser to the Fund. Other information regarding each Fund is available in the Fund's most recent Report to Shareholders.
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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 their 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.
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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 (formerly, Phoenix Opportunities Trust) -------------------------------------------------------------------- By (Signature and Title)* /s/ George R. Aylward ------------------------------------------------------- George R. Aylward, President (principal executive officer) Date March 2, 2009 ---------------------------------------------------------------------------- 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)* /s/ George R. Aylward ------------------------------------------------------- George R. Aylward, President (principal executive officer) Date March 2, 2009 ---------------------------------------------------------------------------- By (Signature and Title)* /s/ W. Patrick Bradley ------------------------------------------------------- W. Patrick Bradley, Chief Financial Officer and Treasurer (principal financial officer) Date February 27, 2009 ---------------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature.

Dates Referenced Herein   and   Documents Incorporated by Reference

Referenced-On Page
This ‘N-Q’ Filing    Date First  Last      Other Filings
4/3/0986
3/27/0986
Filed on / Effective on:3/2/0988485BPOS,  497
2/27/0988
1/28/0986485BPOS
1/23/0986497
For Period End:12/31/08186
11/15/0886
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