Virtus Opportunities Trust – ‘N-Q’ for 6/30/09

On:  Friday, 8/28/09, at 5:23pm ET   ·   Effective:  8/28/09   ·   For:  6/30/09   ·   Accession #:  950123-9-39451   ·   File #:  811-07455

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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                       100    515K 
 2: EX-99.CERT  Certification 302                                      4     15K 

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

N-Q
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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: June 30, 2009
                           -------------

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.                             

FOOTNOTE LEGEND                                                                 
---------------                                                                 

(1)  Federal Income Tax Information: For tax information at June 30, 2009, see  
the Federal Income Tax Information Note 3 in the Notes to Schedules of
Investments.                                                          

(2)  Non-income producing.                                                      

(3)  Variable or step coupon security; interest rate shown reflects the rate    
currently in effect.                                                  

(4)  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. See the table
below.                                                                

                                                                [Download Table]

  FUND                      MARKET VALUE (000'S)   % OF NET ASSETS
  ---------                 --------------------   ---------------
                                                                  
Bond Fund                         $  8,137                3.7%    
High Yield Fund                     17,046               19.5     
Multi-Sector Fixed                                                
   Income Fund                      24,514               17.3     
Multi-Sector Short Term                                           
  Bond Fund                        226,154               14.5     
Senior Floating Rate Fund            1,834                3.7     

(5)  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.                            

(6)  Illiquid Security.                                                         

(7)  Illiquid and restricted security. For acquisition information, see Note 2  
"Illiquid and Restricted Securities" in the Notes to Schedules of     
Investments.                                                          

(8)  Security valued at fair value as determined in good faith by or under the  
     direction of the Trustees. This security is disclosed as a Level 3 security
     in the SFAS 157 disclosure table located after the Schedule of Investments.

(9)  Security in default.                                                       

(10) All or a portion of the security is segregated as collateral.              

(11) Escrowed to maturity.                                                      

(12) At June 30, 2009, the concentration of the Fund's investments by state or  
territory determined as a percentage of net assets is as follows:     
California 97.1%. At June 30, 2009, 74.9% 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: NATL-RE 30.8%, and GNMA 13%, AMBAC 12.6%

(13) Amount is less than $500.                                                  

(14) Affiliated Fund.                                                           

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VIRTUS ALTERNATIVES DIVERSIFIER FUND
 SCHEDULE OF INVESTMENTS
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                                [Download Table]

                                            SHARES       VALUE     
                                         -----------  ----------   
                                                                   
MUTUAL FUNDS--65.8%                                                

EQUITY FUNDS(14)--55.6%                                            
Virtus Global Infrastructure Fund                                  
  Class A                                  4,225,726  $   38,074   
Virtus International Real Estate                                   
  Securities Fund Class A                  5,606,689      25,903   
Virtus Market Neutral Fund Class A(2)      4,761,077      48,325   
Virtus Real Estate Securities Fund                                 
  Class A                                  1,632,432      24,894   
                                                      ----------   
                                                         137,196   
                                                      ----------   

FIXED INCOME FUNDS(14)--10.2%                                      
Virtus Senior Floating Rate Fund                                   
  Class A                                  2,699,728      25,270   
----------------------------------------------------  ----------   
TOTAL MUTUAL FUNDS                                                 
(IDENTIFIED COST $199,017)                               162,466   
----------------------------------------------------  ----------   
EXCHANGE TRADED FUNDS--33.7%                                       

iShares S&P North American Natural                                 
  Resources Sector Index Fund                830,621      23,016   
PowerShares DB Commodity Index                                     
  Tracking Fund(2)                         1,565,200      35,405   
PowerShares DB G10 Currency Harvest                                
  Fund(2)                                  1,150,982      24,758   
----------------------------------------------------  ----------   
TOTAL EXCHANGE TRADED FUNDS                                        
(IDENTIFIED COST $101,083)                                83,179   
----------------------------------------------------  ----------   
TOTAL LONG TERM INVESTMENTS--99.5%                                 
(IDENTIFIED COST $300,100)                               245,645   
----------------------------------------------------  ----------   
SHORT-TERM INVESTMENTS--0.3%                                       

MONEY MARKET MUTUAL FUNDS--0.3%                                    
State Street Institutional Liquid                                  
  Reserves Fund Institutional Shares                               
(seven-day effective yield 0.420%)           728,144         728   
----------------------------------------------------  ----------   
TOTAL SHORT-TERM INVESTMENTS                                       
(IDENTIFIED COST $728)                                       728   
----------------------------------------------------  ----------   

TOTAL INVESTMENTS--99.8%                                           
(IDENTIFIED COST $300,828)                               246,373(1)

Other assets and liabilities, net--0.2%                      389   
                                                      ----------   
NET ASSETS--100.0%                                    $  246,762   
                                                      ==========   

Refer to Footnote Legend

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Disclosure as required under SFAS 157 and FSP 157-4                             

The following table provides a summary of inputs used to value the Fund's net   
assets as of June 30, 2009 (See Security Valuation Note 1A in the Notes to      
Schedules of Investments).                                                      

                                                                [Download Table]

-------------------------------------   ------------------------
                                        TOTAL VALUE             
                                             AT         LEVEL 1 
                                          JUNE 30,      QUOTED  
INVESTMENTS IN SECURITIES                   2009        PRICES  
-------------------------------------   ------------------------
                                                                
Equity Securities:                                              
  Exchange Traded Funds                 $      83,179  $  83,179
  Mutual Funds                                162,466    162,466
  Short-Term Investments                          728        728
TOTAL INVESTMENTS                       $     246,373  $ 246,373
-------------------------------------   ------------------------

There are no Level 2 (significant observable inputs) or Level 3 (significant    
unobservable inputs) priced securities.                                         

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE SCHEDULES OF INVESTMENTS.

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 VIRTUS GLOBAL INFRASTRUCTURE FUND
 SCHEDULE OF INVESTMENTS
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                            SHARES       VALUE                                                SHARES       VALUE  
                                         -----------  ----------                                           -----------  ----------
                                                                                                                                  
COMMON STOCKS--97.0%                                              UTILITIES--(CONTINUED)                                          
                                                                  EDP Renovaveis SA (Spain)(2)                 111,880  $    1,146
ENERGY--14.0%                                                     Entergy Corp. (United States)                  4,840         375
Enbridge, Inc. (Canada)                      113,700  $    3,949  Exelon Corp. (United States)                  18,150         929
Spectra Energy Corp. (United States)         128,550       2,175  FirstEnergy Corp. (United States)             25,080         972
TransCanada Corp. (Canada)                   121,080       3,258  FPL Group, Inc. (United States)               32,230       1,833
Williams Cos., Inc. (The) (United                                 GDF Suez (France)                             31,770       1,183
  States)                                     73,490       1,147  Hong Kong & China Gas Co. (Hong Kong)        429,000         902
                                                      ----------  Iberdrola Renovables SA (Spain)              235,290       1,074
                                                          10,529  National Grid plc (United Kingdom)            69,470         626
                                                      ----------  Northeast Utilities (United States)           24,700         551
                                                                  Northwest Natural Gas Co. (United                               
INDUSTRIALS--13.0%                                                  States)                                     18,140         804
Abertis Infraestructuras S.A. (Spain)        125,923       2,368  NSTAR (United States)                         26,450         849
Atlantia S.p.A. (Italy)                      109,770       2,218  NV Energy, Inc. (United States)               68,860         743
Brisa (Portugal)                             155,160       1,116  PG&E Corp. (United States)                    33,700       1,295
Fraport AG (Germany)                          27,240       1,165  Public Service Enterprise Group, Inc.                           
Koninklijke Vopak NV (Netherlands)            25,020       1,249    (United States)                             49,340       1,610
Transurban Group (Australia)                 232,000         781  RWE AG (Germany)                              12,220         962
Vinci SA (France)                             19,150         859  Scottish and Southern Energy plc                                
                                                      ----------    (United Kingdom)                            54,100       1,014
                                                           9,756  Sempra Energy (United States)                 30,060       1,492
                                                      ----------  SevernTrent plc (United Kingdom)              50,090         901
                                                                  Southern Co. (The) (United States)            27,970         871
TELECOMMUNICATION SERVICES--32.3%                                 United Utilities Group plc                                      
American Tower Corp. Class A (United                                (United Kingdom)                           123,100       1,006
  States)(2)                                  35,160       1,109  Vectren Corp. (United States)                 25,640         601
AT&T, Inc. (United States)                   187,710       4,663  Wisconsin Energy Corp. (United States)        18,480         752
CenturyTel, Inc. (United States)              26,090         801  Xcel Energy, Inc. (United States)             47,460         874
Chunghwa Telecom Co., Ltd. ADR (Taiwan)       38,783         769                                                        ----------
Deutsche Telekom AG Sponsored ADR                                                                                           28,278
  (Germany)                                   53,430         630  ----------------------------------------------------------------
France Telecom SA Sponsored ADR                                   TOTAL COMMON STOCKS                                             
  (France)                                    59,220       1,351  (IDENTIFIED COST $86,544)                                 72,742
KDDI Corp. (Japan)                               212       1,127  ----------------------------------------------------------------
Koninklijke KPN N.V. (Netherlands)           114,790       1,578  TOTAL LONG TERM INVESTMENTS--97.0%                              
Nippon Telegraph & Telephone Corp.                                (IDENTIFIED COST $86,544)                                 72,742
  Sponsored ADR (Japan)                       38,910         792  ----------------------------------------------------------------
Rogers Communications, Inc.                                       SHORT-TERM INVESTMENTS--2.5%                                    
  Class B (Canada)                            36,300         933                                                                  
Singapore Telecommunications Ltd.                                 MONEY MARKET MUTUAL FUNDS--2.5%                                 
  (Singapore)                                456,400         945  State Street Institutional Liquid                               
Telefonica S.A. Sponsored ADR (Spain)         31,580       2,144    Reserves Fund                                                 
TELUS Corp. (Canada)                          27,140         720  Institutional Shares                                            
Verizon Communications, Inc.                                      (seven-day effective yield 0.420%)         1,901,842       1,902
  (United States)                             88,490       2,719  ----------------------------------------------------------------
Vodafone Group plc Sponsored  ADR                                 TOTAL SHORT-TERM INVESTMENTS                                    
  (United Kingdom)                           157,940       3,078  (IDENTIFIED COST $1,902)                                   1,902
Windstream Corp. (United States)              98,040         820  ----------------------------------------------------------------
                                                      ----------                                                                  
                                                          24,179                                                                  
                                                      ----------                                                                  

UTILITIES--37.7%                                                                                                                  
CenterPoint Energy, Inc. (United                                                                                                  
  States)                                     70,990         787                                                                  
Dominion Resources, Inc. (United                                                                                                  
  States)                                     42,990       1,437                                                                  
DTE Energy Co. (United States)                24,440         782                                                                  
E.ON AG (Germany)                             53,890       1,907                                                                  

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 VIRTUS GLOBAL INFRASTRUCTURE FUND
SCHEDULE OF INVESTMENTS (CONTINUED) 
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                                [Download Table]
                                                                   
TOTAL INVESTMENTS--99.5%                                           
(IDENTIFIED COST $88,446)                                 74,644(1)

Other assets and liabilities, net--0.5%                      346   
                                                      ----------   
NET ASSETS--100.0%                                    $   74,990   
                                                      ==========   

ABBREVIATIONS:                                                                  
ADR   American Depositary Receipt.                                              

Refer to Footnote Legend

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 VIRTUS GLOBAL INFRASTRUCTURE FUND
 SCHEDULE OF INVESTMENTS
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                                [Download Table]

COUNTRY WEIGHTINGS as of 6/30/09* +                                             
---------------------------------------------------------------------   --------
                                                                                
United States (Includes Short-Term Investments)                              44%
Canada                                                                       12 
Spain                                                                         9 
United Kingdom                                                                9 
Germany                                                                       6 
France                                                                        4 
Netherlands                                                                   4 
Other                                                                        12 
---------------------------------------------------------------------   --------
Total                                                                       100%
---------------------------------------------------------------------   --------

*    FOREIGN SECURITY COUNTRY DETERMINATION:                                    

A combination of the following criteria is used to assign the countries of risk 
listed in the table shown above. Country of incorporation, actual building      
address, primary exchange on which security is traded and country in which the  
greatest percentage of company revenue is generated.                            

+   % of total investments as of June 30, 2009                                  

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Disclosure as required under SFAS 157 and FSP 157-4                             

The following table provides a summary of inputs used to value the Fund's net   
assets as of June 30, 2009 (See Security Valuation Note 1A in the Notes to      
Schedules of Investments).                                                      

                                                                [Download Table]

-------------------------------------   ----------------------------------------
                                                          TOTAL VALUE           
                                                              AT         LEVEL 1
                                                            JUNE 30,     QUOTED 
INVESTMENTS IN SECURITIES                                     2009        PRICES
-------------------------------------   ----------------------------------------
                                                                                
Equity Securities:                                                              
  Common Stock                                            $    72,742   $ 72,742
  Short-Term Investments                                        1,902      1,902
TOTAL INVESTMENTS                                         $    74,644   $ 74,644
-------------------------------------   ----------------------------------------

There are no Level 2 (significant observable inputs) or Level 3 (significant    
unobservable inputs) priced securities.                                         

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE SCHEDULES OF INVESTMENTS.

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 VIRTUS GLOBAL REAL ESTATE SECURITIES FUND
 SCHEDULE OF INVESTMENTS
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                          SHARES       VALUE                                               SHARES       VALUE  
                                       -----------  ----------                                          -----------  ----------
                                                                                                                               
COMMON STOCKS--95.2%                                            RESIDENTIAL REITS--(CONTINUED)                                 
                                                                Apartment Investment & Management Co.                          
DIVERSIFIED REITS--9.7%                                           Class A                                       230  $        2
British Land Co. plc                         3,800  $       24  AvalonBay Communities, Inc.                     300          17
Cominar Real Estate Investment Trust           500           7  Boardwalk Real Estate Investment Trust          391          11
Dexus Property Group                        24,940          15  BRE Properties, Inc. Class A                    232           6
Duke Realty Corp.                              810           7  Equity Lifestyle Properties, Inc.                74           3
Fonciere Des Regions                           100           8  Equity Residential                            1,400          31
Gecina SA                                      140           9  Essex Property Trust, Inc.                      120           7
GPT Group                                   26,566          10  Home Properties, Inc.                           275           9
Liberty Property Trust                         650          15  Nippon Accomodations Fund, Inc.                   1           5
Vornado Realty Trust                           963          43  UDR, Inc.                                     1,165          12
                                                    ----------                                                       ----------
                                                           138                                                              110
                                                    ----------                                                       ----------
INDUSTRIAL REITS--3.7%                                          RETAIL REITS--36.7%                                            
AMB Property Corp.                             875          17  CapitaMall Trust                             13,300          13
Ascendas Real Estate Investment Trust       14,000          15  CBL & Associates Properties, Inc.             1,884          10
EastGroup Properties, Inc.                     100           3  CFS Retail Property Trust                    11,200          15
Goodman Group                               19,000           6  Corio N.V.                                      375          18
ProLogis                                       526           4  Developers Diversified Realty Corp.             550           3
Segro plc                                   19,500           8  Eurocommercial Properties N.V.                  335          10
                                                    ----------  Federal Realty Investments Trust                375          19
                                                            53  Hammerson plc                                 3,300          17
                                                    ----------  Kimco Realty Corp.                            2,008          20
OFFICE REITS--17.4%                                             Klepierre                                       665          17
Alexandria Real Estate Equities, Inc.          500          18  Land Securities Group plc                     4,075          32
Boston Properties, Inc.                        600          29  Liberty International plc                     2,451          16
Champion Reit                               18,000           6  Link  (The)                                  12,000          26
Commonwealth Property Office Fund            6,500           4  Macerich Co. (The)                              592          10
Corporate Office Properties Trust              450          13  National Retail Properties, Inc.                575          10
Derwent London plc                             750          12  Regency Centers Corp.                           358          12
Digital Realty Trust, Inc.                     950          34  RioCan Real Estate Investment Trust           1,607          21
Great Portland Estates plc                   1,381           5  Simon Property Group, Inc.                    1,377          71
Highwoods Properties, Inc.                     330           7  Tanger Factory Outlet Centers                   525          17
Japan Real Estate Investment Corp.               3          25  Taubman Centers, Inc.                           100           3
Mack-Cali Realty Corp.                         546          12  Unibail-Rodamco                                 428          64
Nippon Building Fund, Inc.                       3          26  Westfield Group                              10,800          99
Nomura Real Estate Office Fund, Inc.             3          19                                                       ----------
ORIX JREIT, Inc.                                 2           9                                                              523
SL Green Realty Corp.                          691          16                                                       ----------
Societe Immobiliere de Location Pour                            SPECIALIZED REITS--13.6%                                       
  L'industrie Et Le Commerce                   150          13  Big Yellow Group plc(2)                         700           4
                                                    ----------  DiamondRock Hospitality Co.                     558           3
                                                           248  Entertainment Properties Trust                  200           4
                                                    ----------  Extra Space Storage, Inc.                     1,400          12
RESIDENTIAL REITS--7.7%                                         Health Care REIT, Inc.                          775          26
American Campus Communities, Inc.              325           7                                                                 

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 VIRTUS GLOBAL REAL ESTATE SECURITIES FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                                [Download Table]

                                            SHARES       VALUE     
                                         -----------  ----------   
                                                                   
SPECIALIZED REITS--(CONTINUED)                                     
Host Hotels & Resorts, Inc.                    2,720  $       23   
HPC, Inc.                                      1,420          30   
LaSalle Hotel Properties                         385           5   
Nationwide Health Properties, Inc.               650          17   
Public Storage                                   575          38   
Sunstone Hotel Investors, Inc.                   283           1   
Ventas, Inc.                                   1,045          31   
                                                      ----------   
                                                             194   
                                                      ----------   
REAL ESTATE OPERATING COMPANIES--6.4%                              
Brookfield Properties Corp.                    1,600          13   
Castellum AB                                   1,900          12   
Citycon Oyj                                    3,400           9   
Deutsche Euroshop AG                             250           8   
Fabege AB                                      1,500           5   
Hongkong Land Holdings Ltd.                    9,500          33   
PSP Swiss Property AG(2)                         250          12   
                                                      ----------   
                                                              92   
----------------------------------------------------  ----------   
TOTAL COMMON STOCKS                                                
(IDENTIFIED COST $1,049)                                   1,358   
----------------------------------------------------  ----------   
TOTAL LONG TERM INVESTMENTS--95.2%                                 
(IDENTIFIED COST $1,049)                                   1,358   
----------------------------------------------------  ----------   
SHORT-TERM INVESTMENTS--3.2%                                       

MONEY MARKET MUTUAL FUNDS--3.2%                                    
State Street Institutional Liquid                                  
  Reserves Fund Institutional Shares                               
  (seven-day effective yield 0.420%)          45,888          46   
----------------------------------------------------  ----------   
TOTAL SHORT-TERM INVESTMENTS                                       
(IDENTIFIED COST $46)                                         46   
----------------------------------------------------  ----------   

TOTAL INVESTMENTS--98.4%                                           
(IDENTIFIED COST $1,095)                                   1,404(1)
Other assets and liabilities, net--1.6%                       23   
                                                      ----------   
NET ASSETS--100.0%                                    $    1,427   
                                                      ==========   

ABBREVIATIONS:                                                                  
REIT Real Estate Investment Trust                                               

Refer to Footnote Legend

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 VIRTUS GLOBAL REAL ESTATE SECURITIES FUND
 SCHEDULE OF INVESTMENTS
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                                [Download Table]

COUNTRY WEIGHTINGS as of 6/30/09* +                                             
---------------------------------------------------------------------   --------
                                                                                
United States (Includes Short-Term Investments)                              51%
Australia                                                                    11 
France                                                                        8 
United Kingdom                                                                8 
Japan                                                                         6 
Hong Kong                                                                     5 
Canada                                                                        4 
Other                                                                         7 
---------------------------------------------------------------------   --------
Total                                                                       100%
---------------------------------------------------------------------   --------

* FOREIGN SECURITY COUNTRY DETERMINATION:                                       

A combination of the following criteria is used to assign the countries of risk 
listed in the table shown above. Country of incorporation, actual building      
address, primary exchange on which security is traded and country in which the  
greatest percentage of company revenue is generated.                            

+ % of total investments as of June 30, 2009                                    

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Disclosure as required under SFAS 157 and FSP 157-4                             

The following table provides a summary of inputs used to value the Fund's net   
assets as of June 30, 2009 (See Security Valuation Note 1A in the Notes to      
Schedules of Investments).                                                      

                                                                [Download Table]

--------------------------------------------------------------
                                        TOTAL VALUE           
                                             AT        LEVEL 1
                                          JUNE 30,     QUOTED 
INVESTMENTS IN SECURITIES                   2009       PRICES 
--------------------------------------------------------------
                                                              
Equity Securities:                                            
  Common Stock                          $     1,358   $  1,358
  Short-Term Investments                         46         46
TOTAL INVESTMENTS                       $     1,404   $  1,404
--------------------------------------------------------------

There are no Level 2 (significant observable inputs) or Level 3 (significant    
unobservable inputs) priced securities.                                         

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE SCHEDULES OF INVESTMENTS.

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VIRTUS INTERNATIONAL REAL ESTATE SECURITIES FUND
 SCHEDULE OF INVESTMENTS
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                           SHARES      VALUE                                                SHARES      VALUE     
                                        -----------  ----------                                           ---------  ----------   
                                                                                                                                  
COMMON STOCKS--97.9%                                             RETAIL REITS--(CONTINUED)                                        
                                                                 Land Securities Group plc                  186,173  $    1,443   
DIVERSIFIED REITS--10.1%                                         Liberty International plc                  102,864         672   
British Land Co. plc                        166,273  $    1,045  Link  (The)                                517,500       1,105   
Cominar Real Estate Investment Trust         25,650         341  RioCan Real Estate Investment Trust         56,000         736   
Dexus Property Group                      1,124,615         680  Unibail-Rodamco                             18,705       2,786   
Fonciere Des Regions                          4,185         315  Westfield Group                            463,573       4,251   
Gecina SA                                     5,380         333                                                      ----------   
GPT Group                                 1,188,920         469                                                          15,072   
                                                     ----------                                                      ----------   
                                                          3,183                                                                   
                                                     ----------  SPECIALIZED REITS--0.8%                                          
                                                                 Big Yellow Group plc(2)                     31,246         176   
INDUSTRIAL REITS--4.1%                                           CDL Hospitality Trusts                     143,000          82   
Ascendas Real Estate Investment Trust       568,000         623                                                      ----------   
Brixton plc                                  61,804          41                                                             258   
Goodman Group                               892,640         266                                                      ----------   
Segro plc                                   909,428         363                                                                   
                                                     ----------  REAL ESTATE OPERATING COMPANIES--14.6%                           
                                                          1,293  Brookfield Properties Corp.                 79,850         632   
                                                     ----------  Castellum AB                                86,666         552   
                                                                 Citycon Oyj                                147,166         384   
OFFICE REITS--18.2%                                              Deutsche Euroshop AG                        11,118         342   
Allied Properties Real Estate                                    Fabege AB                                   63,609         215   
  Investment Trust                           13,400         170  GAGFAH S.A.                                 17,951         149   
CapitaCommercial Trust                      450,000         255  Hongkong Land Holdings Ltd.                431,500       1,527   
Champion Reit                               803,000         263  PSP Swiss Property AG(2)                    12,746         609   
Commonwealth Property Office Fund           282,416         189  Safestore Holdings Ltd. plc                108,319         169   
Derwent London plc                           32,246         496                                                      ----------   
Great Portland Estates plc                   91,118         330                                                           4,579   
Japan Prime Realty Investment Corp.             207         449  --------------------------------------------------------------   
Japan Real Estate Investment Corp.              111         923  TOTAL COMMON STOCKS                                              
Nippon Building Fund, Inc.                      136       1,166  (IDENTIFIED COST $39,350)                               30,744   
Nomura Real Estate Office Fund, Inc.            107         682  --------------------------------------------------------------   
ORIX JREIT, Inc.                                 75         344  TOTAL LONG TERM INVESTMENTS--97.9%                               
Societe Immobiliere de Location Pour                             (IDENTIFIED COST $39,350)                               30,744   
  L'industrie Et Le Commerce                  4,912         433  --------------------------------------------------------------   
                                                     ----------                                                                   
                                                          5,700  SHORT-TERM INVESTMENTS--1.6%                                     
                                                     ----------                                                                   
                                                                 MONEY MARKET MUTUAL FUNDS--1.6%                                  
RESIDENTIAL REITS--2.1%                                                                                                           
Boardwalk Real Estate Investment Trust       15,460         434  State Street Institutional Liquid                                
Nippon Accomodations Fund, Inc.                  50         225    Reserves Fund                                                  
                                                     ----------  Institutional Shares                                             
                                                            659  (seven-day effective yield 0.420%)         510,126         510   
                                                     ----------  --------------------------------------------------------------   
                                                                 TOTAL SHORT-TERM INVESTMENTS                                     
RETAIL REITS--48.0%                                              (IDENTIFIED COST $510)                                     510   
CapitaMall Trust                            608,800         589  --------------------------------------------------------------   
CFS Retail Property Trust                   485,252         645  TOTAL INVESTMENTS--99.5%                                         
Corio N.V.                                   18,781         913  (IDENTIFIED COST $39,860)                               31,254(1)
Eurocommercial Properties N.V.               17,512         539                                                                   
Hammerson plc                               134,609         680  Other assets and liabilities, net--0.5%                    159   
Klepierre                                    27,658         713                                                      ----------   
                                                                 NET ASSETS--100.0%                                  $   31,413   
                                                                                                                     ==========   

Refer to Footnote Legend

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VIRTUS INTERNATIONAL REAL ESTATE SECURITIES FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

Abbreviations:                                                                  
REIT   Real Estate Investment Trust                                             

                                                                [Download Table]

Country Weightings as of 6/30/09* +                                             
---------------------------------------------------------------------   --------
                                                                                
Australia                                                                    21%
United Kingdom                                                               17 
France                                                                       15 
Japan                                                                        12 
Hong Kong                                                                     9 
Canada                                                                        7 
Singapore                                                                     5 
Other                                                                        14 
---------------------------------------------------------------------   --------
Total                                                                       100%
---------------------------------------------------------------------   --------

* Foreign Security Country Determination:                                       

A combination of the following criteria is used to assign the countries of risk 
listed in the table shown above. Country of incorporation, actual building      
address, primary exchange on which security is traded and country in which the  
greatest percentage of company revenue is generated.                            

+ % of total investments as of June 30, 2009                                    

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Disclosure as required under SFAS 157 and FSP 157-4                             

The following table provides a summary of inputs used to value the Fund's net   
assets as of June 30, 2009 (See Security Valuation Note 1A in the Notes to      
Schedules of Investments).                                                      

                                                                [Download Table]

--------------------------------------------------------------------------------
                                                          TOTAL VALUE           
                                                               AT        LEVEL 1
                                                            JUNE 30,     QUOTED 
INVESTMENTS IN SECURITIES                                     2009       PRICES 
--------------------------------------------------------------------------------
                                                                                
Equity Securities:                                                              
  Common Stock                                            $    30,744   $ 30,744
  Short-Term Investments                                          510        510
TOTAL INVESTMENTS                                         $    31,254   $ 31,254
--------------------------------------------------------------------------------

There are no Level 2 (significant observable inputs) or Level 3 (significant    
unobservable inputs) priced securities.                                         

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE SCHEDULES OF INVESTMENTS.

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VIRTUS MARKET NEUTRAL FUND
 SCHEDULE OF INVESTMENTS
AND 
 SECURITIES SOLD SHORT
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                            SHARES       VALUE                                              SHARES      VALUE   
                                         -----------  ----------                                         -----------  ----------
                                                                                                                                
PREFERRED STOCK--0.6%                                             CONSUMER STAPLES--(CONTINUED)                                 
                                                                  British American Tobacco plc                14,830  $      408
HEALTH CARE--0.6%                                                 Cadbury plc Sponsored ADR                    9,266         319
Fresenius SE Pfd. 1.850%                       8,260       $ 446  Coca-Cola Enterprises, Inc.                 43,940         732
----------------------------------------------------  ----------  Colgate-Palmolive Co.                        6,950         492
TOTAL PREFERRED STOCK                                             Corn Products International, Inc.           11,470         307
(IDENTIFIED COST $569)                                       446  CVS Caremark Corp.                          15,130         482
----------------------------------------------------  ----------  Delhaize Group                               6,120         430
                                                                  Estee Lauder Cos., Inc. (The) Class A       10,810         353
COMMON STOCKS--85.1%                                              Fomento Economico Mexicano S.A.B.                             
                                                                    de C.V. Sponsored ADR                      8,490         274
CONSUMER DISCRETIONARY--16.5%                                     Imperial Tobacco Group plc                  15,510         403
                                                                  Lorillard, Inc.                              4,014         272
American Eagle Outfitters, Inc.               29,740         421  Molson Coors Brewing Co. Class B             7,160         303
AnnTaylor Stores Corp.(2)                     48,360         386  Nestle S.A. Registered Shares               14,360         541
Autoliv, Inc.                                 27,290         785  PepsiCo, Inc.                               12,290         675
Brink's Home Security Holdings,                                   Philip Morris International, Inc.            7,090         309
  Inc.(2)                                      8,690         246  Ralcorp Holdings, Inc.(2)                    7,300         445
Brinker International, Inc.                   24,560         418  Tesco plc                                   88,590         515
Drew Industries, Inc.(2)                      24,430         297  Walgreen Co.                                 6,860         202
Electrolux AB Series B(2)                     37,700         527  Whole Foods Market, Inc.(2)                 42,962         815
Ethan Allen Interiors, Inc.                   22,810         236                                                      ----------
Gap, Inc. (The)                               23,970         393                                                           8,923
Guess?, Inc.                                  30,650         790                                                      ----------
Home Depot, Inc. (The)                        11,690         276                                                                
Jones Apparel Group, Inc.                     37,320         400  ENERGY--3.8%                                                  
Kingfisher plc                               186,570         546  Anadarko Petroleum Corp.                    11,160         507
Kohl's Corp.(2)                                9,330         399  Halliburton Co.                              8,160         169
Naspers Ltd. Class N Sponsored ADR            13,390         347  Hess Corp.                                   3,410         183
Newell Rubbermaid, Inc.                       32,250         336  Noble Corp.                                 14,540         440
News Corp. Class A                            36,430         332  Occidental Petroleum Corp.                   2,560         168
OfficeMax, Inc.                              105,330         662  PetroChina Co. Ltd., ADR                     1,970         218
Omnicom Group, Inc.                           16,550         523  Range Resources Corp.                       12,220         506
PetSmart, Inc.                                17,090         367  XTO Energy, Inc.                            11,040         421
Rent-A-Center, Inc.(2)                        18,460         329  Yanzhou Coal Mining Co. Ltd.                                  
Staples, Inc.                                 22,770         459    Sponsored ADR                             19,210         264
Target Corp.                                  15,140         598                                                      ----------
Thomas Cook Group plc                        120,180         406                                                           2,876
Timberland Co. (The) Class A(2)               17,450         232                                                      ----------
Time Warner, Inc.                              9,953         251                                                                
Tractor Supply Co.(2)                          8,750         362  FINANCIALS--9.3%                                              
Vivendi                                       17,150         410  ACE Ltd.                                     5,590         247
Williams-Sonoma, Inc.                         34,968         415  AON Corp.                                   13,990         530
WPP plc                                       68,950         457  Arch Capital Group Ltd.(2)                  12,090         708
                                                      ----------  Bank of America Corp.                       24,400         322
                                                          12,606  Capital One Financial Corp.                 19,180         420
                                                      ----------  City National Corp.                         15,800         582
                                                                  Fidelity National Financial, Inc.                             
CONSUMER STAPLES--11.6%                                             Class A                                   25,050         339
BJ's Wholesale Club, Inc.(2)                  20,040         646                                                                

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VIRTUS MARKET NEUTRAL FUND
 SCHEDULE OF INVESTMENTS
 AND
 SECURITIES SOLD SHORT (CONTINUED)
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                          SHARES       VALUE                                             SHARES       VALUE  
                                       -----------  ----------                                        -----------  ----------
                                                                                                                             
FINANCIALS--(CONTINUED)                                         HEALTH CARE--(CONTINUED)                                     
First American Corp.                        14,300  $      370  Roche Holding AG Sponsored ADR              2,170  $      74 
Investment Technology Group, Inc.(2)         9,736         198  St. Jude Medical, Inc.(2)                   2,090         86 
Jefferies Group, Inc.(2)                    19,680         420  United Therapeutics Corp.(2)                1,060         88 
LaSalle Hotel Properties                    15,210         188  Universal Health Services, Inc.                              
Legg Mason, Inc.                            15,000         366    Class B                                   9,740         476
Morgan Stanley                              17,850         509  Vertex Pharmaceuticals, Inc.(2)            18,610         663
PartnerRe Ltd.                               2,120         138  Zimmer Holdings, Inc.(2)                    1,880          80
Piper Jaffray Cos.(2)                       12,260         535                                                     ----------
State Street Corp.                          10,620         501                                                          9,673
SunTrust Banks, Inc.                        28,210         464                                                     ----------
Wells Fargo & Co.                           10,710         260                                                               
                                                    ----------  INDUSTRIALS--8.9%                                            
                                                         7,097  Alliant Techsystems, Inc.(2)                2,380         196
                                                    ----------  Altra Holdings, Inc.(2)                    45,894         344
                                                                Brink's Co. (The)                          11,170         324
HEALTH CARE--12.6%                                              Cummins, Inc.                               9,330         328
Alexion Pharmaceuticals, Inc.(2)             7,230         297  Curtiss-Wright Corp.                       13,290         395
Alliance Healthcare Services, Inc.(2)       28,990         213  Delta Air Lines, Inc.(2)                   51,440         298
Amedisys, Inc.(2)                           12,520         413  Donnelley (R.R.) & Sons Co.                20,230         235
AmerisourceBergen Corp.                      8,080         143  Dun & Bradstreet Corp.                      4,390         356
Amgen, Inc.(2)                               3,750         199  Eaton Corp.                                 9,210         411
Astellas Pharma, Inc.                       13,100         465  FedEx Corp.                                12,500         695
Biogen Idec, Inc.(2)                         2,440         110  Heartland Express, Inc.                    24,230         357
Boston Scientific Corp.(2)                  20,180         205  JetBlue Airways Corp.(2)                   65,100         278
Cephalon, Inc.(2)                            1,200          68  Kennametal, Inc.                           20,520         394
Cerner Corp.(2)                              2,390         149  MAN SE                                      6,460         396
CIGNA Corp.                                 17,700         426  Masco Corp.                                47,210         452
Covance, Inc.(2)                             1,480          73  McDermott International, Inc.(2)            9,830         200
Covidien plc                                21,140         792  Pall Corp.                                  7,760         206
Emergency Medical Services Corp.                                Steelcase, Inc. Class A                    63,460         369
  Class A(2)                                 2,300          85  Toppan Printing Co. Ltd.                   39,000         395
Emergent Biosolutions, Inc.(2)              37,010         530  Tyco International Ltd.                     7,300         190
Facet Biotech Corp.(2)                      22,330         207                                                     ----------
Gilead Sciences, Inc.(2)                     3,570         167                                                          6,819
Hospira, Inc.(2)                            26,880       1,035                                                     ----------
Illumina, Inc.(2)                            2,780         108                                                               
IMS Health, Inc.                            26,900         342  INFORMATION TECHNOLOGY--13.3%                                
Ipsen SA                                    10,210         446  Akamai Technologies, Inc.(2)               38,950         747
King Pharmaceuticals, Inc.(2)               73,400         707  Alcatel - Lucent SA Sponsored ADR(2)      257,841         639
Life Technologies Corp.(2)                   3,550         148  Amphenol Corp. Class A                     13,380         423
Medco Health Solutions, Inc.(2)              4,090         187  Atheros Communications, Inc.(2)            36,320         699
Medicines Co. (The)(2)                      56,220         472  AU Optronics Corp. Sponsored ADR           16,620         161
Merck & Co., Inc.                            2,600          73  Broadcom Corp. Class A(2)                  16,640         412
PerkinElmer, Inc.                            3,980          69  Ciena Corp.(2)                             41,260         427
Pfizer, Inc.                                 5,100          77  Cybersource Corp.(2)                       25,200         386
                                                                Dell, Inc.(2)                              31,580         434
                                                                Emulex Corp.(2)                            23,400         229
                                                                Juniper Networks, Inc.(2)                   9,790         231

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VIRTUS MARKET NEUTRAL FUND
 SCHEDULE OF INVESTMENTS
 AND
 SECURITIES SOLD SHORT (CONTINUED)
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                            SHARES       VALUE                                                SHARES     VALUE     
                                         -----------  ----------                                           -----------  --------   
                                                                                                                                   
INFORMATION TECHNOLOGY--(CONTINUED)                               UTILITIES--(CONTINUED)                                           
Macrovision Solutions Corp.(2)                10,480  $      229  Portland General Electric Co.                 24,870  $    485   
Maxim Integrated Products, Inc.               20,710         325                                                        --------   
Motorola, Inc.                               180,760       1,198                                                           1,786   
Nokia OYJ Sponsored ADR                       39,960         583  ----------------------------------------------------  --------   
Patni Computer Systems Ltd. ADR               31,050         340  TOTAL COMMON STOCKS                                              
Research In Motion Ltd.(2)                     5,730         407  (IDENTIFIED COST $57,730)                               65,174   
Sybase, Inc.(2)                               12,780         401  ----------------------------------------------------  --------   
Teradata Corp.(2)                             12,686         297  TOTAL LONG TERM INVESTMENTS--85.7%                               
Teradyne, Inc.(2)                             57,820         397  (IDENTIFIED COST $58,299)                               65,620   
Vishay Intertechnology, Inc.(2)               61,630         418  ----------------------------------------------------  --------   
Western Digital Corp.(2)                      22,320         591                                                                   
Western Union Co. (The)                       13,157         216  SHORT-TERM INVESTMENTS--6.9%                                     
                                                      ----------                                                                   
                                                          10,190  MONEY MARKET MUTUAL FUNDS--6.9%                                  
                                                      ----------  State Street Institutional Liquid                                
                                                                    Reserves Fund                                                  
MATERIALS--4.3%                                                     Institutional Shares                                           
Du Pont (E.I.) de Nemours & Co.               15,750         403    (seven-day effective yield 0.420%)       5,254,897     5,255   
Freeport-McMoRan Copper & Gold, Inc.           4,840         243  ----------------------------------------------------  --------   
Impala Platinum Holdings Ltd.                                     TOTAL SHORT-TERM INVESTMENTS                                     
  Sponsored ADR                                7,200         159  (IDENTIFIED COST $5,255)                                 5,255   
Pacific Metals Co., Ltd.                      91,000         707  ----------------------------------------------------  --------   
Packaging Corp. of America                    39,760         644                                                                   
Potash Corp. of Saskatchewan, Inc.             2,340         218  TOTAL INVESTMENTS--92.6%                                         
Salzgitter AG                                  6,960         609  (IDENTIFIED COST $63,554)                               70,875(1)
Tokyo Ohka Kogyo Co., Ltd.                    15,900         308                                                                   
                                                      ----------                                                                   
                                                           3,291  SECURITIES SOLD SHORT--(84.0)%                                   
                                                      ----------  (PROCEEDS ($67,374))                                   (64,340)  

TELECOMMUNICATION SERVICES--2.5%                                  Other assets and liabilities,                                    
America Movil S.A.B. de C.V. ADR                                    net--91.5%                                            70,042   
  Series L                                     3,790         147                                                        --------   
Leap Wireless International, Inc.(2)          10,470         345  NET ASSETS--100.0%                                    $ 76,577   
MetroPCS Communications, Inc.(2)              63,166         841                                                        ========   
NTELOS Holdings Corp.                         26,680         491                                                                   
Telefonica Data Argentina S.A.(2)(7)(8)        1,400           0  SECURITIES SOLD SHORT--84.0%                                     
Telefonica Moviles S.A.(2)(7)(8)               1,400           0                                                                   
Vivo Participacoes SA ADR                      4,710          89  COMMON STOCKS SOLD SHORT--(84.0)%                                
                                                      ----------                                                                   
                                                           1,913  CONSUMER DISCRETIONARY--(17.9)%                                  
                                                      ----------  Abercrombie & Fitch Co. Class A              (16,780)     (426)  
UTILITIES--2.3%                                                   BorgWarner, Inc.                             (23,810)     (813)  
Alliant Energy Corp.                          16,890         441  Choice Hotels International, Inc.            (28,160)     (749)  
Cia Paranaense de Energia ADR                 17,060         241  Columbia Sportswear Co.                      (12,870)     (398)  
FPL Group, Inc.                                3,300         188  Comcast Corp. Class A                        (40,540)     (587)  
Great Plains Energy, Inc.                     27,720         431  Dick's Sporting Goods, Inc.                  (20,300)     (349)  
                                                                  Hermes International                          (3,880)     (539)  
                                                                  Husqvarna AB                                 (99,450)     (541)  
                                                                  Imperial Holdings Ltd. Sponsored ADR         (40,490)     (303)  
                                                                  Intercontinental Hotels Group plc            (51,220)     (525)  
                                                                  ITV plc                                   (1,260,240)     (726)  
                                                                  Life Time Fitness, Inc.                      (18,550)     (371)  
                                                                  LKQ Corp.                                    (65,859)   (1,083)  
                                                                  Marks & Spencer Group plc                   (120,000)     (604)  
                                                                  McDonald's Corp.                              (5,890)     (339)  
                                                                  NIKE, Inc. Class B                            (7,010)     (363)  

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VIRTUS MARKET NEUTRAL FUND
 SCHEDULE OF INVESTMENTS
 AND
 SECURITIES SOLD SHORT (CONTINUED)
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                         SHARES       VALUE                                            SHARES       VALUE   
                                      -----------  ----------                                       -----------  ---------- 
                                                                                                                            
CONSUMER DISCRETIONARY--(CONTINUED)                             ENERGY--(CONTINUED)                                         
O'Reilly Automotive, Inc.                  (9,520) $     (363)  Valero Energy Corp.                     (19,760) $     (334)
Panera Bread Co. Class A                   (7,320)       (365)                                                   ---------- 
Polaris Industries, Inc.                  (20,720)       (666)                                                       (2,695)
Scientific Games Corp. Class A            (18,200)       (287)                                                   ---------- 
Sonic Corp.                               (79,790)       (800)  FINANCIALS--(9.4)%                                          
Tiffany & Co.                             (12,640)       (321)  BB&T Corp.                              (14,700)       (323)
Tim Hortons, Inc.                         (33,380)       (819)  Community Bank System, Inc.             (24,960)       (364)
Walt Disney Co. (The)                     (32,910)       (768)  Federated Investors, Inc. Class B       (46,080)     (1,110)
Wendy's / Arby's Group, Inc. Class A      (78,040)       (312)  HCC Insurance Holdings, Inc.            (37,600)       (903)
Wynn Resorts Ltd.                          (8,450)       (298)  Hudson City Bancorp, Inc.               (29,870)       (397)
                                                   ----------   M&T Bank Corp.                          (19,260)       (981)
                                                      (13,715)  People's United Financial, Inc.         (23,050)       (347)
                                                   ----------   Prosperity Bancshares, Inc.             (33,600)     (1,002)
                                                                Synovus Financial Corp.                 (70,350)       (210)
CONSUMER STAPLES--(11.5)%                                       Valley National Bancorp                 (47,290)       (553)
Brown-Forman Corp. Class B                (17,646)       (759)  Westamerica Bancorp                     (20,310)     (1,008)
Cal-Maine Foods, Inc.                      (8,810)       (220)                                                   ---------- 
Casino Guichard Perrachon SA               (8,090)       (545)                                                       (7,198)
Chattem, Inc.                             (14,110)       (961)                                                   ---------- 
Church & Dwight Co., Inc.                  (8,940)       (486)  HEALTH CARE--(11.4)%                                        
Costco Wholesale Corp.                    (12,370)       (565)  Alcon, Inc.                              (2,710)       (315)
Diageo plc                                (29,800)       (427)  American Medical Systems Holdings,                          
Flowers Foods, Inc.                       (36,650)       (801)    Inc.                                  (25,510)       (403)
Green Mountain Coffee, Inc.               (17,660)     (1,044)  Bard (C.R.), Inc.                        (4,040)       (301)
Hormel Foods Corp.                        (12,200)       (421)  Cadence Pharmaceuticals, Inc.           (40,320)       (403)
L'Oreal SA                                 (4,770)       (357)  Cardinal Health, Inc.                    (4,800)       (147)
Lindt & Spruengli AG                         (280)       (523)  Coventry Health Care, Inc.               (7,990)       (149)
McCormick & Co., Inc.                      (6,450)       (210)  DENTSPLY International, Inc.            (22,110)       (675)
Pernod-Ricard SA                           (6,820)       (429)  Dionex Corp.                             (9,430)       (575)
Reynolds American, Inc.                    (6,480)       (250)  Eisai Co., Ltd.                         (16,100)       (575)
Smucker (J.M.) Co. (The)                  (10,816)       (526)  Gen-Probe, Inc.                          (9,330)       (401)
Wal-Mart de Mexico S.A.B de C.V.                                GlaxoSmithKline plc Sponsored ADR        (5,790)       (204)
  Sponsored ADR                            (8,460)       (250)  Haemonetics Corp.                        (8,430)       (480)
                                                   ----------   Healthways, Inc.                        (20,890)       (281)
                                                       (8,774)  IDEXX Laboratories, Inc.                (12,710)       (587)
                                                   ----------   Intuitive Surgical, Inc.                   (690)       (113)
                                                                Landauer, Inc.                           (8,390)       (515)
ENERGY--(3.5)%                                                  Lincare Holdings, Inc.                   (6,840)       (161)
BJ Services Co.                           (28,660)       (391)  Lundbeck (H) A/S                        (34,810)       (662)
CNOOC Ltd. ADR                             (1,510)       (186)  Par Pharmaceutical Cos., Inc.           (24,200)       (367)
Nabors Industries Ltd.                    (21,590)       (336)  Patterson Cos., Inc.                     (4,650)       (101)
Oceaneering International, Inc.            (9,100)       (411)  Stryker Corp.                            (1,890)        (75)
Petrohawk Energy Corp.                    (11,530)       (257)  Takeda Pharmaceutical Co., Ltd.         (10,700)       (418)
Sunoco, Inc.                              (20,180)       (468)  Techne Corp.                             (2,535)       (162)
Tesoro Corp.                              (24,520)       (312)                                                              

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VIRTUS MARKET NEUTRAL FUND
 SCHEDULE OF INVESTMENTS
 AND
 SECURITIES SOLD SHORT (CONTINUED)
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                            SHARES      VALUE                                                SHARES      VALUE      
                                         -----------  ---------                                           -----------  ---------    
                                                                                                                                    
HEALTH CARE--(CONTINUED)                                          INFORMATION TECHNOLOGY--(CONTINUED)                               
                                                                  Tyco Electronics Ltd.                       (15,350) $    (285)   
UCB SA                                       (21,940) $    (702)                                                       ---------    
                                                      ---------                                                           (9,253)   
                                                         (8,772)                                                       ---------    
                                                      ---------                                                                     
                                                                  MATERIALS--(4.0)%                                                 
INDUSTRIALS--(10.6)%                                              Aluminum Corp. of China Ltd. ADR             (8,730)      (204)   
Ametek, Inc.                                 (10,280)      (355)  Anglo Platinum Ltd. ADR                      (2,600)      (183)   
Baldor Electric Co.                          (49,840)    (1,186)  Kobe Steel Ltd.                            (363,000)      (678)   
Deere & Co.                                  (15,190)      (607)  OJI Paper Co., Ltd.                         (99,000)      (427)   
EMCOR Group, Inc.                            (16,170)      (325)  Sensient Technologies Corp.                 (26,070)      (588)   
First Solar, Inc.                             (5,200)      (843)  Toray Industries, Inc.                      (48,150)      (246)   
GATX Corp.                                   (20,400)      (525)  Weyerhaeuser Co.                            (23,930)      (728)   
Healthcare Services Group, Inc.              (40,900)      (731)                                                       ---------    
Hitachi Construction Machinery Co.,                                                                                       (3,054)   
  Ltd.                                       (25,600)      (419)                                                       ---------    
ITT Corp.                                    (11,200)      (498)                                                                    
Odakyu Electric Railway Co., Ltd.            (42,000)      (360)  TELECOMMUNICATION SERVICES--(1.5)%                                
Rollins, Inc.                                (20,780)      (360)  General Communication, Inc. Class A         (54,290)      (376)   
RSC Holdings, Inc.                           (48,450)      (326)  Telefonos de Mexico S.A.B. de C.V. ADR                            
Stericycle, Inc.                              (2,740)      (141)    Series L                                  (10,790)      (175)   
Trinity Industries, Inc.                     (36,300)      (494)  Verizon Communications, Inc.                (20,140)      (619)   
UAL Corp.                                    (63,010)      (201)                                                       ---------    
United Stationers, Inc.                       (4,940)      (172)                                                          (1,170)   
Wabtec Corp.                                 (18,330)      (590)                                                       ---------    
                                                      ---------                                                                     
                                                         (8,133)  UTILITIES--(2.1)%                                                 
                                                      ---------   DPL, Inc.                                   (23,030)      (534)   
                                                                  Huaneng Power International, Inc.                                 
INFORMATION TECHNOLOGY--(12.1)%                                     Sponsored ADR                              (3,260)       (91)   
Adobe Systems, Inc.                          (21,150)      (599)  NSTAR                                        (5,640)      (181)   
Amdocs Ltd.                                  (20,470)      (439)  Piedmont Natural Gas Co., Inc.               (8,030)      (194)   
Automatic Data Processing, Inc.              (15,810)      (560)  RRI Energy, Inc.                            (91,280)      (457)   
CA, Inc.                                     (22,700)      (396)  Tractebel Energia SA Sponsored ADR          (12,640)      (119)   
eBay, Inc.                                   (41,850)      (717)                                                       ---------    
Hewlett-Packard Co.                           (9,850)      (381)                                                          (1,576)   
Infosys Technologies Ltd. Sponsored ADR       (7,430)      (273)                                                       ---------    
Intuit, Inc.                                  (8,920)      (251)  TOTAL COMMON STOCKS SOLD SHORT--(84.0)%                           
Linear Technology Corp.                      (31,600)      (738)  (PROCEEDS ($67,374))                                   (64,340)   
Molex, Inc.                                  (27,740)      (431)  --------------------------------------------------------------    
National Instruments Corp.                   (24,140)      (545)  TOTAL SECURITIES SOLD SHORT--(84.0)%                              
NICE Systems Ltd. Sponsored ADR               (7,140)      (165)  (PROCEEDS ($67,374))                                   (64,340)(1)
Paychex, Inc.                                (13,180)      (332)  --------------------------------------------------------------    
QLogic Corp.                                 (48,120)      (610)                                                                    
Salesforce.com, Inc.                          (8,850)      (338)  ABBREVIATION LEGEND:                                              
SAP AG Sponsored ADR                         (12,230)      (492)  ADR   American Depositary Receipt.                                
Sigma Designs, Inc.                          (33,760)      (541)                                                                    
Telefonaktiebolaget LM Ericsson                                                                                                     
  Sponsored ADR                             (118,630)    (1,160)                                                                    

Refer to Footnote Legend

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VIRTUS MARKET NEUTRAL FUND
 SCHEDULE OF INVESTMENTS
 AND
SECURITIES SOLD SHORT 
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                                [Download Table]

COUNTRY WEIGHTINGS - LONG as of 6/30/09* +                                      
---------------------------------------------------------------------   --------
                                                                                
United States                                                                80%
United Kingdom                                                                4 
Japan                                                                         3 
France                                                                        2 
Germany                                                                       2 
Sweden                                                                        2 
Ireland                                                                       1 
Other                                                                         6 
---------------------------------------------------------------------   --------
Total                                                                       100%
---------------------------------------------------------------------   --------

* FOREIGN SECURITY COUNTRY DETERMINATION:                                       

A combination of the following criteria is used to assign the countries of risk 
listed in the table shown above. Country of incorporation, actual building      
address, primary exchange on which security is traded and country in which the  
greatest percentage of company revenue is generated.                            

+ % of total investments as of June 30, 2009                                    

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VIRTUS MARKET NEUTRAL FUND
 SCHEDULE OF INVESTMENTS
 AND
SECURITIES SOLD SHORT 
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                                [Download Table]

COUNTRY WEIGHTINGS - SHORT as of 6/30/09* +                                     
---------------------------------------------------------------------  -------- 
                                                                                
China                                                                        1% 
Germany                                                                      1  
Mexico                                                                       1  
South Africa                                                                 1  
Other                                                                       96  
---------------------------------------------------------------------  -------- 
Total                                                                      100% 
---------------------------------------------------------------------  -------- 

* FOREIGN SECURITY COUNTRY DETERMINATION:                                       

A combination of the following criteria is used to assign the countries of risk 
listed in the table shown above. Country of incorporation, actual building      
address, primary exchange on which security is traded and country in which the  
greatest percentage of company revenue is generated.                            

+ % of total investments as of June 30, 2009                                    

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Disclosure as required under SFAS 157 and FSP 157-4                             

The following table provides a summary of inputs used to value the Fund's net   
assets as of June 30, 2009 (See Security Valuation Note 1A in the Notes to      
Schedules of Investments):                                                      

                                                                [Download Table]

-------------------------------------------------------------------------------- 
                                            TOTAL VALUE                LEVEL 3   
                                                 AT       LEVEL 1    SIGNIFICANT 
ASSETS TABLE                                  JUNE 30,     QUOTED   UNOBSERVABLE 
INVESTMENTS IN SECURITIES                       2009       PRICES      INPUTS    
-------------------------------------------------------------------------------- 
                                                                                 
Equity Securities:                                                               
   Preferred Stock                          $       446   $   446   $       --   
   Common Stock                                  65,174    65,174           --(1)
    Short-Term Investments                        5,255     5,255           --   
TOTAL INVESTMENTS                           $    70,875   $70,875   $       --   
-------------------------------------------------------------------------------- 

                                                                [Download Table]
--------------------------------------------------------------------------------
                                            TOTAL VALUE               LEVEL 3   
                                                 AT        LEVEL 1   SIGNIFICANT
                                              JUNE 30,     QUOTED   UNOBSERVABLE
LIABILITIES TABLE                               2009       PRICES     INPUTS    
--------------------------------------------------------------------------------
                                                                                
Equity Securities:                                                              
     Common Stock Sold Short                $   (64,340)  $(64,340)  $        --
Total Liabilities                           $   (64,340)  $(64,340)  $        --
--------------------------------------------------------------------------------

There are no Level 2 (significant observable inputs) priced securities.         

(1)  Level 3 Common Stocks have a beginning and ending value of $0.             

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE SCHEDULES OF INVESTMENTS.

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VIRTUS WEALTH BUILDER FUND
SCHEDULE OF INVESTMENTS 
JUNE 30, 2009 (UNAUDITED) 

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                            SHARES       VALUE                                                          
                                         -----------  ----------                                                        
                                                                                                                        
MUTUAL FUNDS--98.8%                                               TOTAL INVESTMENTS--99.0%                              
                                                                  (IDENTIFIED COST $93,552)                    73,066(1)
EQUITY FUNDS(14)--79.0%                                                                                                 
Virtus Capital Growth Fund Class A(2)        356,561  $    3,933  Other assets and liabilities, net--1.0%         742   
Virtus Disciplined Small Cap Value Fund       72,242       1,474                                           ----------   
Virtus Foreign Opportunities Fund                                 NET ASSETS--100.0%                       $   73,808   
  Class A                                    683,577      11,703                                           ==========   
Virtus Global Infrastructure Fund                                                                                       
  Class A                                    320,834       2,891                                                        
Virtus Growth & Income Fund Class A          683,815       8,089                                                        
Virtus Growth Opportunities Fund Class                                                                                  
  A(2)                                       434,760       4,026                                                        
Virtus International Real Estate                                                                                        
  Securities Fund Class A                    668,992       3,091                                                        
Virtus Market Neutral Fund Class A(2)        452,305       4,591                                                        
Virtus Mid-Cap Value Fund Class A            193,722       2,964                                                        
Virtus Quality Small-Cap Fund Class A        208,617       1,585                                                        
Virtus Real Estate Securities Fund                                                                                      
  Class A                                    196,193       2,992                                                        
Virtus Small-Cap Growth Fund Class A(2)       69,646       1,424                                                        
Virtus Small-Cap Sustainable Growth                                                                                     
  Fund Class A(2)                            188,402       1,435                                                        
Virtus Value Opportunities Fund Class A    1,139,876       8,116                                                        
                                                      ----------                                                        
                                                          58,314                                                        
                                                      ----------                                                        

FIXED INCOME FUNDS(14)--19.8%                                                                                           
Virtus Bond Fund Class A                     579,847       5,891                                                        
Virtus High Yield Income Fund Class A        156,951       1,466                                                        
Virtus Institutional Bond Fund Class Y       204,034       5,762                                                        
Virtus Multi-Sector Short Term Bond Fund                                                                                
   Class A                                   354,588       1,489                                                        
                                                      ----------                                                        
                                                          14,608                                                        
----------------------------------------------------  ----------                                                        
TOTAL MUTUAL FUNDS                                                                                                      
(IDENTIFIED COST $93,408)                                 72,922                                                        
----------------------------------------------------  ----------                                                        
TOTAL LONG TERM INVESTMENTS--98.8%                                                                                      
(IDENTIFIED COST $93,408)                                 72,922                                                        
----------------------------------------------------  ----------                                                        
SHORT-TERM INVESTMENTS--0.2%                                                                                            

MONEY MARKET MUTUAL FUNDS--0.2%                                                                                         
State Street Institutional Liquid                                                                                       
  Reserves Fund (seven-day effective                                                                                    
  yield 0.420%)                              143,710         144                                                        
----------------------------------------------------  ----------                                                        
TOTAL SHORT-TERM INVESTMENTS                                                                                            
(IDENTIFIED COST $144)                                       144                                                        
----------------------------------------------------  ----------                                                        

Refer to Footnote Legend

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Disclosure as required under SFAS 157 and FSP 157-4                             

The following table provides a summary of inputs used to value the Fund's net   
assets as of June 30, 2009 (See Security Valuation Note 1A in the Notes to      
Schedules of Investments):                                                      

                                                                [Download Table]

-------------------------------------  ----------------------------
                                             TOTAL VALUE           
                                                  AT       LEVEL 1 
                                               JUNE 30,     QUOTED 
INVESTMENTS IN SECURITIES                        2009       PRICES 
-------------------------------------  ----------------------------
                                                                   
Equity Securities:                                                 
   Mutual Funds                                $72,922     $72,922 
   Short-Term Investments                          144         144 
TOTAL INVESTMENTS                              $73,066     $73,066 
-------------------------------------  ----------------------------

There are no Level 2 (significant observable inputs) or Level 3 (significant    
unobservable inputs) priced securities.                                         

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE SCHEDULES OF INVESTMENTS.

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 VIRTUS WEALTH GUARDIAN FUND
 SCHEDULE OF INVESTMENTS
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                            SHARES       VALUE                                                         
                                         -----------  ----------                                                       
                                                                                                                       
MUTUAL FUNDS--99.2%                                               TOTAL INVESTMENTS--99.6%                             
                                                                  (IDENTIFIED COST $42,122)                   34,703(1)
EQUITY FUNDS(14)--59.8%                                                                                                
Virtus Capital Growth Fund Class A(2)        146,034  $    1,611  Other assets and liabilities, net--0.4%        132   
Virtus Disciplined Small Cap Value Fund       25,408         518                                           ---------   
Virtus Foreign Opportunities Fund                                 NET ASSETS--100.0%                       $  34,835   
  Class A                                    238,502       4,083                                           =========   
Virtus Global Infrastructure Fund                                                                                      
  Class A                                     81,049         730                                                       
Virtus Growth & Income Fund Class A          237,198       2,806                                                       
Virtus Growth Opportunities Fund                                                                                       
  Class A(2)                                 169,381       1,568                                                       
Virtus International Real Estate                                                                                       
  Securities Fund Class A                    188,230         870                                                       
Virtus Market Neutral Fund Class A(2)        188,851       1,917                                                       
Virtus Mid-Cap Value Fund Class A             69,410       1,062                                                       
Virtus Quality Small-Cap Fund Class A         70,353         535                                                       
Virtus Real Estate Securities Fund                                                                                     
  Class A                                     56,234         858                                                       
Virtus Small-Cap Growth Fund Class A(2)       25,538         522                                                       
Virtus Small-Cap Sustainable Growth                                                                                    
  Fund Class A(2)                             70,134         534                                                       
Virtus Value Opportunities Fund Class A      452,954       3,225                                                       
                                                      ----------                                                       
                                                          20,839                                                       
                                                      ----------                                                       

FIXED INCOME FUNDS(14)--39.4%                                                                                          
Virtus Bond Fund Class A                     537,158       5,458                                                       
Virtus High Yield Income Fund Class A        144,208       1,347                                                       
Virtus Institutional Bond Fund Class Y       194,405       5,490                                                       
Virtus Multi-Sector Short Term Bond                                                                                    
  Fund Class A                               343,440       1,442                                                       
                                                      ----------                                                       
                                                          13,737                                                       
----------------------------------------------------  ----------                                                       
TOTAL MUTUAL FUNDS                                                                                                     
(IDENTIFIED COST $41,995)                                 34,576                                                       
----------------------------------------------------  ----------                                                       
TOTAL LONG TERM INVESTMENTS--99.2%                                                                                     
(IDENTIFIED COST $41,995)                                 34,576                                                       
----------------------------------------------------  ----------                                                       
SHORT-TERM INVESTMENTS--0.4%                                                                                           

MONEY MARKET MUTUAL FUNDS--0.4%                                                                                        
State Street Institutional Liquid                                                                                      
  Reserves Fund (seven-day effective                                                                                   
  yield 0.420%)                              127,154         127                                                       
----------------------------------------------------  ----------                                                       
TOTAL SHORT-TERM INVESTMENTS                                                                                           
(IDENTIFIED COST $127)                                       127                                                       
----------------------------------------------------  ----------                                                       

Refer to Footnote Legend

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Disclosure as required under SFAS 157 and FSP 157-4                             

The following table provides a summary of inputs used to value the Fund's       
netassets as of June 30, 2009 (See Security Valuation Note 1A in the Notes      
toSchedulesoOf Investments):                                                    

                                                                [Download Table]

-------------------------------------   ---------------------------
                                             TOTAL VALUE           
                                                  AT       LEVEL 1 
                                               JUNE 30,     QUOTED 
INVESTMENTS IN SECURITIES                        2009       PRICES 
-------------------------------------   ---------------------------
                                                                   
Equity Securities:                                                 
   Mutual Funds                              $34,576       $34,576 
   Short-Term Investments                        127           127 
TOTAL INVESTMENTS                            $34,703       $34,703 
-------------------------------------   ---------------------------

There are no Level 2 (significant observable inputs) or Level 3 (significant    
unobservable inputs) priced securities.                                         

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE SCHEDULES OF INVESTMENTS.

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VIRTUS BOND FUND
 SCHEDULE OF INVESTMENTS
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                          PAR VALUE     VALUE                                         PAR VALUE         VALUE      
                                         -----------  ----------                                     -----------     ----------    
                                                                                                                                   
U.S. GOVERNMENT SECURITIES--12.0%                                 WASHINGTON--0.1%                                                 
                                                                  City of Seattle (FSA Insured)                                    
U.S. Treasury Bond 3.500%, 2/15/39       $     4,700  $    4,064    5.000%, 6/1/38                   $       265     $      266    
U.S. Treasury Notes                                               ----------------------------------------------     ----------    
  0.875%, 4/30/11                             11,590      11,556  TOTAL MUNICIPAL BONDS                                            
  2.750%, 2/28/13                              2,050       2,109  (IDENTIFIED COST $3,703)                                3,648    
  4.750%, 8/15/17                              4,145       4,544  ----------------------------------------------     ----------    
  3.125%, 5/15/19                              4,265       4,125                                                                   
----------------------------------------------------  ----------  U.S. GOVERNMENT AGENCY                                           
TOTAL U.S. GOVERNMENT SECURITIES                                    OBLIGATIONS--1.4%                                              
(IDENTIFIED COST $26,392)                                 26,398                                                                   
----------------------------------------------------  ----------  FHLMC                                                            
                                                                    7.500%, 7/1/09                            --(13)         --(13)
MUNICIPAL BONDS--1.7%                                               7.500%, 4/1/14                            28             31    
                                                                    7.000%, 4/1/16                            26             28    
ARIZONA--0.3%                                                     FNMA 3.250%, 8/12/10                     2,955          3,042    
Salt River Project Agricultural                                   ----------------------------------------------     ----------    
  Improvement & Power District Series                             TOTAL U.S. GOVERNMENT AGENCY                                     
  08-A, 5.000%, 1/1/38                           625         620    OBLIGATIONS                                                    
                                                      ----------  (IDENTIFIED COST $3,015)                                3,101    
                                                                  ----------------------------------------------     ----------    
FLORIDA--0.4%                                                                                                                      
                                                                  MORTGAGE-BACKED SECURITIES--38.2%                                
Miami-Dade County Educational                                                                                                      
  Facilities Authority Taxable Series                             AGENCY--31.5%                                                    
  C 5.480%, 4/1/16                               110         108  FHLMC                                                            
Orange County Tourist Development                                   7.000%, 1/1/33                           227            245    
  (NATL- RE Insured) 5.000%, 10/1/17             640         667    6.000%, 10/1/34                          503            529    
                                                      ----------    5.000%, 7/1/35                         4,896          4,999    
                                                             775    5.000%, 12/1/35                        4,300          4,391    
                                                      ----------  FHMLC 5.000%, 1/1/35                     1,136          1,162    
                                                                  FNMA                                                             
ILLINOIS--0.1%                                                      7.000%, 5/1/14                            20             22    
State of Illinois General                                           6.000%, 10/1/14                          271            289    
  Obligation 5.000%, 1/1/19                      290         310    8.000%, 1/1/15                             5              5    
                                                      ----------    6.500%, 6/1/16                           202            214    
                                                                    6.000%, 7/1/17                            87             93    
MICHIGAN--0.1%                                                      5.500%, 9/1/17                           229            242    
City of Flat Rock Finance Authority                                 5.000%, 4/1/20                           329            343    
  Taxable Series A 6.750%, 10/1/16                95         101    4.500%, 5/1/20                           608            621    
                                                                    5.000%, 8/1/21                           230            240    
Tobacco Settlement Finance Authority                                6.439%, 3/25/29(3)                     2,279          2,472    
  Taxable Series 06-A, 7.309%, 6/1/34            175         117    6.000%, 5/1/29                           204            216    
                                                      ----------    6.500%, 7/1/29                           344            371    
                                                             218    6.500%, 5/1/30                             7              8    
                                                      ----------    7.500%, 3/1/31                           138            151    
                                                                    7.000%, 7/1/31                            90             99    
PENNSYLVANIA--0.2%                                                  7.000%, 9/1/31                           156            171    
City of Pittsburgh Pension Obligation                               6.500%, 2/1/32                           310            333    
  Taxable Series C (NATL- RE, FGIC                                  6.500%, 3/1/32                           147            158    
  Insured) 6.500%, 3/1/17                        340         341    5.500%, 4/1/33                           190            197    
                                                      ----------    5.000%, 5/1/33                         1,905          1,949    

RHODE ISLAND--0.5%                                                                                                                 
City of Woonsocket Pension Funding                                                                                                 
  Taxable (FSA Insured) 5.660%, 7/15/13        1,000       1,062                                                                   
                                                      ----------                                                                   

VIRGINIA--0.0%                                                                                                                     
Tobacco Settlement Financing Corp.                                                                                                 
  Taxable Series 07-A1, 6.706%, 6/1/46            90          56                                                                   
                                                      ----------                                                                   

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VIRTUS BOND FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                      PAR VALUE     VALUE                                               PAR VALUE     VALUE   
                     -----------  ----------                                           -----------  ----------
                                                                                                              
AGENCY--(CONTINUED)                           AGENCY--(CONTINUED)                                             
  5.500%, 6/1/33     $     1,285  $    1,333    7.500%, 9/15/29                        $       145  $      160
  5.500%, 7/1/33           1,258       1,305    5.000%, 7/15/33                              1,814       1,861
  5.000%, 9/1/33             309         316    6.000%, 6/15/34                                314         329
  5.500%, 5/1/35           3,194       3,301    4.560%, 7/16/40(3)                           1,180       1,219
  5.000%, 7/1/35             261         266    4.360%, 8/16/48                                470         450
  5.500%, 12/1/35            279         289                                                        ----------
  5.500%, 3/1/36             640         663                                                            69,395
  5.500%, 4/1/36             437         452                                                        ----------
  6.390%, 5/25/36          1,351       1,405                                                                  
  6.000%, 6/1/36             344         362  NON-AGENCY--6.7%                                                
  6.000%, 9/1/36             393         411  American Tower Trust 07-1A, AFX 144A                            
  5.500%, 11/1/36            465         481    5.420%, 4/15/37 (4)                            190         173
  6.000%, 3/1/37             551         576  Banc of America Commercial Mortgage,                            
  6.000%, 9/1/37              55          58    Inc. 08-1, A4 6.165%, 12/10/17 (3)           1,105         857
  6.000%, 10/1/37            500         524  Bear Stearns Adjustable Rate Mortgage                           
  6.000%, 1/1/38             135         141    Trust 05-12, 13A1 5.444%, 2/25/36 (3)          145          89
  5.000%, 2/1/38             983       1,002  Bear Stearns Commercial Mortgage                                
  6.000%, 2/1/38             123         128    Securities 06-PW12, A4 5.719%,                                
  6.000%, 2/1/38              56          59    9/11/38 (3)                                    765         665
  6.000%, 2/1/38             189         197  Citigroup Mortgage Loan Trust, Inc.                             
  6.000%, 2/1/38             272         285    04-NCM2, 2CB3 8.000%, 8/25/34                   43          38
  5.000%, 3/1/38           3,231       3,295    05-5, 2A3 5.000%, 8/25/35                       60          50
  5.000%, 3/1/38           1,266       1,291  Credit Suisse Mortgage Capital                                  
  6.000%, 3/1/38             882         923    Certificates                                                  
  6.500%, 3/1/38           8,259       8,858    06-C1, A4 6.551%, 2/15/39(3)                   935         756
  5.000%, 4/1/38           1,236       1,261    08-C1, A3 6.217%, 2/15/41(3)                   265         191
  5.000%, 4/1/38             852         868  Crown Castle Towers LLC 144A 05-1A,                             
  6.000%, 5/1/38             287         301    AFX 4.643%, 6/15/35 (4)                        450         439
  5.500%, 6/1/38             909         940  DLJ Mortgage Acceptance Corp. 96-I,                             
  6.000%, 7/1/38           4,812       5,035    (Principal Only) 144A 0.000%, 9/18/11 (4)(7)     4           5
  5.500%, 8/1/38           1,915       1,979  GE Capital Commercial Mortgage Corp.                            
  6.000%, 8/1/38             297         310    03-C1, C 4.975%, 1/10/38(3)                    310         265
  6.000%, 8/1/38             652         682    05-C4, A2 5.305%, 11/10/45(3)                  900         874
  6.000%, 8/1/38           2,397       2,508  GMAC Commercial Mortgage Securities,                            
  6.000%, 8/13/38            195         204    Inc. 04-C2, A3 5.134%, 8/10/38                 140         128
  5.000%, 12/1/38            554         565  Greenwich Capital Commercial Funding                            
  5.000%, 12/1/38          1,037       1,058    Corp.                                                         
  4.500%, 2/15/39            327         327    05-GG3, A3 4.569%, 1/10/12                     760         685
  4.500%, 3/1/39             740         739    07-GG9, A2 5.381%, 3/10/39                   1,735       1,629
  4.500%, 5/1/39           1,000         999  GS Mortgage Securities Corp.                                    
                                                II 07-GG10, A4 5.805%, 8/10/45 (3)             475         359
GNMA                                          JPMorgan Chase Commercial Mortgage                              
  8.500%, 11/15/22             1           1    Securities Corp. 07-LD12, A4 5.882%,                          
  6.500%, 9/15/28            146         158    2/15/51 (3)                                    315         236
                                              Lehman Brothers - UBS Commercial                                
                                                Mortgage Trust                                                
                                                04-C7, A6 4.786%, 10/15/29(3)                1,000         843
                                                07-C2, A2 5.303%, 2/15/40                      225         203


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VIRTUS BOND FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                          PAR VALUE     VALUE                                               PAR VALUE     VALUE   
                                         -----------  ----------                                           -----------  ----------
                                                                                                                                  
NON-AGENCY--(CONTINUED)                                           Carmax Auto Owner Trust 07-2, A3                                
  07-C1, A2 5.318%, 2/15/40              $     1,100  $    1,042    5.230%, 12/15/11                       $       271  $      278
  07-C6, A2 5.845%, 7/15/40                      360         329  Ford Credit Auto Owner Trust 07-A,                              
  07-C7, A3 5.866%, 9/15/45(3)                   310         237    A3B 0.318%, 8/15/11 (3)                        256         255
Lehman Brothers Commercial Conduit                                ----------------------------------------------------  ----------
  Mortgage Trust 07-C3, A4 5.950%,                                TOTAL ASSET-BACKED SECURITIES                                   
  7/15/44 (3)                                    170         123  (IDENTIFIED COST $1,596)                                   1,606
Merrill Lynch Mortgage Trust                                      ----------------------------------------------------  ----------
  04-KEY2, A4 4.864%, 8/12/39(3)               1,000         841                                                                  
  05-MCP1, A2 4.556%, 6/12/43                    718         694  CORPORATE BONDS--39.7%                                          
Merrill Lynch/Countrywide Commercial                                                                                              
  Mortgage Trust                                                  CONSUMER DISCRETIONARY--2.9%                                    
  06-3, A4 5.414%, 7/12/46(3)                    445         335  Affinion Group, Inc. 10.125%, 10/15/13           560         521
  06-4, ASB 5.133%, 12/12/49(3)                  270         227  American Real Estate Partners LP                                
Morgan Stanley Capital I                                            7.125%, 2/15/13                                650         587
  06-T23, A4 5.811%, 8/12/41(3)                  360         305  Black & Decker Corp. (The)                                      
  06-IQ12, A4 5.332%, 12/15/43                   420         314    5.750%, 11/15/16                               115         108
  07-IQ14, A2 5.610%, 4/15/49                    350         321  Comcast Corp.                                                   
  07-IQ14, A4 5.692%, 4/15/49(3)                 315         230    5.300%, 1/15/14                                105         109
Morgan Stanley Mortgage Loan Trust                                  5.700%, 5/15/18                                645         648
  05-5AR, 4A1 5.511%, 9/25/35 (3)                256         157    5.700%, 7/1/19                                 980         971
Paine Webber Mortgage Acceptance Corp.                            COX Communications, Inc.                                        
  99-C1, D 7.150%, 6/15/32 (3)                   190         190    144A 6.250%, 6/1/18 (4)                        140         138
SBA Commercial Mortgage Backed                                    Echostar DBS Corp. 7.125%, 2/1/16                530         497
  Securities Trust 144A 06-1A, B 5.451%,                          Hasbro, Inc. 6.300%, 9/15/17                     135         131
  11/15/36 (4)                                   140         127  News America, Inc. 6.650%, 11/15/37              855         769
Wachovia Bank Commercial Mortgage Trust                           Time Warner Cable, Inc.                                         
  07-C30, A5 5.342%, 12/15/43                    435         286    6.750%, 7/1/18                                 130         135
Wachovia Mortgage Loan Trust LLC                                    8.250%, 4/1/19                                 720         817
  06-A, B1 5.335%, 5/20/36 (3)(6)                257          28  Time Warner, Inc. 5.875%, 11/15/16               130         128
Washington Mutual Mortgage                                        United Artists Theatre Circuit, Inc.                            
  Pass-Through-Certificates, Inc.                                   Series BD-1, 9.300%, 7/1/15 (6)(8)              26          23
  05-AR3, A2 4.641%, 3/25/35 (3)                 483         372  Viacom, Inc. 6.250%, 4/30/16                      70          69
Wells Fargo Mortgage Backed Securities                            WMG Acquisition Corp. 144A 9.500%,                              
  Trust 05-AR4, 2A1 4.533%, 4/25/35 (3)          195         168    6/15/16 (4)                                    640         640
                                                      ----------  Yum! Brands, Inc. 6.250%, 4/15/16                140         143
                                                          14,811                                                        ----------
----------------------------------------------------  ----------                                                             6,434
TOTAL MORTGAGE-BACKED SECURITIES                                                                                        ----------
(IDENTIFIED COST $84,195)                                 84,206  CONSUMER STAPLES--2.7%                                          
----------------------------------------------------  ----------  Alliance One International, Inc. 144A                           
                                                                    10.000%, 7/15/16 (4)                           725         691
ASSET-BACKED SECURITIES--0.7%                                     Altria Group, Inc. 9.250%, 8/6/19                495         556
                                                                  Costco Wholesale Corp. 5.500%, 3/15/17           420         445
AmeriCredit Automobile Receivables Trust                          CVS Caremark Corp. 5.750%, 6/1/17                645         648
  05-AX, A4 3.930%, 10/6/11                      719         720  Delhaize Group 6.500%, 6/15/17                   725         740
  06-BG, A3 5.210%, 10/6/11                       24          24  Kraft Foods, Inc. 6.125%, 8/23/18                345         357
Capital Auto Receivables Asset Trust                              PepsiCo, Inc. 7.900%, 11/1/18                    350         426
  Series 06-2, A3A 4.980%, 5/15/11                54          55  Philip Morris International, Inc.                               
Capital One Auto Finance Trust 07-B,                                6.875%, 3/17/14                                275         310
  A3A 5.030%, 4/15/12                            272         274                                                                  

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VIRTUS BOND FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                          PAR VALUE     VALUE                                               PAR VALUE     VALUE   
                                         -----------  ----------                                           -----------  ----------
                                                                                                                                  
CONSUMER STAPLES--(CONTINUED)                                     ENERGY--(CONTINUED)                                             
  5.650%, 5/16/18                        $       825  $      865    6.350%, 5/15/67(3)                     $       300  $      208
Procter & Gamble Co. 4.600%, 1/15/14             350         368  Williams Cos., Inc. (The) 7.125%,                               
Reynolds American, Inc. 6.750%, 6/15/17           95          89    9/1/11                                         125         127
Safeway, Inc. 6.500%, 3/1/11                     375         397  XTO Energy, Inc. 5.900%, 8/1/12                  735         779
                                                      ----------                                                        ----------
                                                           5,892                                                            10,471
                                                      ----------                                                        ----------

ENERGY--4.7%                                                      FINANCIALS--17.4%                                               
BP Capital Markets plc 3.125%, 3/10/12         1,065       1,086  Aflac, Inc. 8.500%, 5/15/19                       30          32
Buckeye Partners LP 5.125%, 7/1/17               200         172  Allied Capital Corp. 6.000%, 4/1/12              100          53
Chesapeake Energy Corp. 7.250%,                                   American Express Co. 7.250%, 5/20/14             795         822
  12/15/18                                       245         214  American Express Credit Corp.                                   
Chevron Corp. 3.950%, 3/3/14                     785         808    5.875%, 5/2/13                                 140         139
ConocoPhillips                                                    American General Finance Corp.                                  
  4.600%, 1/15/15                                645         663    4.000%, 3/15/11                                450         298
  5.750%, 2/1/19                                 455         478    5.750%, 9/15/16                                490         263
Enbridge Energy Partners LP 5.875%,                               AvalonBay Communities, Inc. 5.750%,                             
  12/15/16                                       350         333    9/15/16                                        410         382
Encana Corp. 6.500%, 5/15/19                     235         252  Bank of America Corp.                                           
Encore Acquisition Co. 6.000%, 7/15/15           310         257    5.750%, 8/15/16                                715         620
Energy Transfer Partners LP                                         5.490%, 3/15/19                                300         244
  8.500%, 4/15/14                                755         847  Bank of New York / Mellon Corp.                                 
  5.950%, 2/1/15                                 135         136    (The) 4.950%, 11/1/12                          115         122
  6.700%, 7/1/18                                 570         583  Barclays Bank plc 144A                                          
Enterprise Products Operating                                       2.700%, 3/5/12(4)                            1,360       1,378
  LLC 6.300%, 9/15/17                            100         100    6.050%, 12/4/17(4)                             125         108
EOG Resources, Inc. 6.875%, 10/1/18              360         409    7.700%, 4/25/49(3)(4)                          700         582
Gazprom OAO (Gaz Capital SA)                                      Bear Stearns Cos., Inc. LLC (The)                               
  144A 6.212%, 11/22/16(4)                       130         109    7.250%, 2/1/18                                 785         827
Halliburton Co. 6.150%, 9/15/19                   95         103  Capital One Financial Corp.                                     
Kinder Morgan Energy Partners LP                                    5.700%, 9/15/11                                620         623
  5.850%, 9/15/12                                415         433    7.375%, 5/23/14                                365         376
  6.000%, 2/1/17                                 135         134    6.150%, 9/1/16                                 625         553
  9.000%, 2/1/19                                 500         569    5.250%, 2/21/17                                 70          61
NGPL PipeCo. LLC 144A 6.514%,                                     Chubb Corp. 6.375%, 3/29/67(3)                   420         336
  12/15/12 (4)                                   100         105  Citigroup, Inc.                                                 
Pacific Energy Partners LP/Pacific                                  5.500%, 8/27/12                                 90          87
  Energy Finance Corp. 6.250%, 9/15/15           325         312    5.000%, 9/15/14                              1,745       1,463
Petro-Canada 6.050%, 5/15/18                      45          45    4.875%, 5/7/15                                 280         229
Petropower I Funding Trust 144A                                     5.500%, 2/15/17                                 95          77
  7.360%, 2/15/14 (4)                             96          95  Countrywide Financial Corp. 6.250%,                             
Ras Laffan Liquefied Natural Gas Co.,                               5/15/16                                         65          58
  Ltd. II RegS 5.298%, 9/30/20 (5)               250         229  Countrywide Home Loan, Inc. Series                              
Smith International, Inc. 9.750%,                                   L 4.000%, 3/22/11                              615         607
  3/15/19                                         95         110  Credit Suisse First Boston 6.000%,                              
Talisman Energy, Inc. 7.750%, 6/1/19             465         515    2/15/18                                        630         629
TransCanada Pipelines Ltd.                                        Credit Suisse Guernsey Ltd.                                     
  7.125%, 1/15/19                                230         260    5.860%, 11/15/49(3)                            815         530
                                                                  Credit Suisse USA, Inc. 5.850%, 8/16/16          135         139
                                                                  Deutsche Bank AG 4.875%, 5/20/13                  30          31
                                                                  ERP Operating LP 5.375%, 8/1/16                  640         589

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VIRTUS BOND FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                         PAR VALUE      VALUE                                              PAR VALUE      VALUE  
                                        -----------  ----------                                           -----------  ----------
                                                                                                                                 
FINANCIALS--(CONTINUED)                                          FINANCIALS--(CONTINUED)                                         
Export-Import Bank of Korea 5.500%,                                7.375%, 6/15/19                        $       520  $      511
  10/17/12                              $       135  $      137    8.875%, 6/15/38(3)                             605         502
General Electric Capital Corp.                                   Rabobank Nederland NV 144A 11.000%,                             
  6.750%, 3/15/32                               500         449    12/31/49 (3)(4)                                425         474
  6.875%, 1/10/39                             1,130       1,017  Regions Bank 2.750%, 12/10/10                    750         768
  6.375%, 11/15/67(3)                           715         477  Resona Bank Ltd. 144A 5.850%,                                   
Genworth Global Funding Trusts 5.125%,                             9/29/49 (3)(4)                                 985         744
  3/15/11                                       925         893  Royal Bank of Scotland Group plc Series                         
Goldman Sachs Group, Inc. (The)                                    1 9.118%, 3/31/10                              370         302
  5.125%, 1/15/15                               160         157  Santander Issuances S.A Unipersonal                             
  6.150%, 4/1/18                                140         136    144A 5.911%, 6/20/16 (4)                     1,085         978
  7.500%, 2/15/19                               430         460  Simon Property Group LP 6.750%, 5/15/14        1,090       1,095
Health Care REIT, Inc. 5.875%, 5/15/15          225         196  Sovereign Bank 2.750%, 1/17/12                   605         613
HSBC Finance Corp. 8.000%, 7/15/10              300         311  State Street Corp.                                              
ICICI Bank Ltd. RegS 5.750%,                                       2.150%, 4/30/12                              1,605       1,612
  11/16/10 (5)                                  105         106    4.300%, 5/30/14                                190         188
ING Groep N.V. 5.775%, 12/8/49(3)             1,445         845  SunTrust Banks, Inc. 5.250%, 11/5/12             135         138
International Lease Finance Corp.                                Tanger Factory Outlet Centers 6.150%,                           
  4.750%, 1/13/12                               225         177    11/15/15                                       190         154
Janus Capital Group, Inc. 6.500%,                                UBS Preferred Funding Trust V Series 1                          
  6/15/12                                       125         115    6.243%, 5/15/49 (3)                            715         422
JPMorgan Chase & Co.                                             UDR, Inc. 5.250%, 1/15/15                        150         136
  1.650%, 2/23/11                               435         439  UFJ Finance AEC 6.750%, 7/15/13                  100         103
  Series 2, 2.125%, 6/22/12                     965         969  Wachovia Corp.                                                  
  5.750%, 1/2/13                              1,020       1,053    4.875%, 2/15/14                                200         195
  4.650%, 6/1/14                                650         648    5.750%, 2/1/18                                 570         560
  5.125%, 9/15/14                               155         154  WEA Finance LLC/WCI Finance LLC 144A                            
  5.250%, 5/1/15                                 85          82    5.700%, 10/1/16 (4)                          1,065         922
  Series 1, 7.900%, 12/31/49(3)                 395         346  Wells Fargo Capital XIII 7.700%,                                
Lincoln National Corp. 5.650%, 8/27/12        1,195       1,160    3/26/13(3)                                     460         382
Merrill Lynch & Co., Inc.                                        Westfield Capital Corp. Ltd./ Westfield                         
  6.875%, 4/25/18                               695         643    Finance Authority 144A 5.125%,                                
  6.110%, 1/29/37                               150         116    11/15/14 (4)                                   150         135
MetLife, Inc. 6.750%, 6/1/16                    210         214  XL Capital Ltd. 5.250%, 9/15/14                  140         118
Morgan Stanley                                                   Xstrata Finance Canada Ltd. 144A                                
  3.006%, 5/14/10(3)                            150         150    5.800%, 11/15/16 (4)                            70          63
  6.000%, 5/13/14                               120         121                                                        ----------
  5.375%, 10/15/15                              250         245                                                            38,434
  6.625%, 4/1/18                                615         613                                                        ----------
  7.300%, 5/13/19                               100         104  HEALTH CARE--2.2%                                               
Nationwide Health Properties, Inc.                               Abbott Laboratories 5.125%, 4/1/19               475         489
  6.250%, 2/1/13                                130         123  Express Scripts, Inc.                                           
Northern Trust Corp. 5.500%, 8/15/13             75          79    5.250%, 6/15/12                                775         801
PNC Bank NA 4.875%, 9/21/17                     155         135    7.250%, 6/15/19                                245         270
ProLogis 6.625%, 5/15/18                         60          47  Johnson & Johnson 5.150%, 7/15/18                800         852
Protective Life Secured Trust 4.000%,                            Merck & Co., Inc. 1.875%, 6/30/11                355         356
  4/1/11                                      1,670       1,650  Pfizer, Inc.                                                    
Prudential Financial, Inc.                                         4.450%, 3/15/12                                625         656
  6.200%, 1/15/15                               505         494                                                                  

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VIRTUS BOND FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                          PAR VALUE      VALUE                                              PAR VALUE      VALUE  
                                         -----------  ----------                                           -----------  ----------
                                                                                                                                  
HEALTH CARE--(CONTINUED)                                          TELECOMMUNICATION SERVICES--(CONTINUED)                         
  6.200%, 3/15/19                        $       730  $      798  Deutsche Telekom International Finance                          
Quest Diagnostics, Inc. 6.400%, 7/1/17           435         444    BV 5.750%, 3/23/16                     $       100  $      102
WellPoint, Inc. 5.250%, 1/15/16                  125         118  Embarq Corp. 6.738%, 6/1/13                       65          66
                                                      ----------  France Telecom SA 4.375%, 7/8/14                 355         358
                                                           4,784  Nextel Communications, Inc. Series D                            
                                                      ----------    7.375%, 8/1/15                                  70          56
INDUSTRIALS--1.1%                                                 Qwest Corp.                                                     
Allied Waste North America, Inc.                                    7.875%, 9/1/11                                  65          65
  7.250%, 3/15/15                                545         553    8.875%, 3/15/12                                385         390
American Airlines, Inc. 99-1, 7.024%,                             Sprint Capital Corp. 8.750%, 3/15/32             165         134
  10/15/09                                       365         360  Sprint Nextel Corp. 6.000%, 12/1/16               65          53
Cintas Corp. No. 2 6.125%, 12/1/17               105          97  Telecom Italia Capital SA                                       
Continental Airlines, Inc. 98-1A,                                   5.250%, 10/1/15                                215         207
  6.648%, 3/15/19                                309         253    6.999%, 6/4/18                                  95          96
DI Finance/DynCorp International, Inc.                              7.175%, 6/18/19                                615         623
  Series B 9.500%, 2/15/13                       555         536  Telefonica Emisiones S.A.                                       
ITT Corp. 6.125%, 5/1/19                         480         493    5.984%, 6/20/11                              1,080       1,137
Masco Corp. 5.850%, 3/15/17                       45          36    5.877%, 7/15/19                                745         768
Owens Corning, Inc. 6.500%, 12/1/16               35          31  Verizon Communications, Inc.                                    
                                                      ----------    4.900%, 9/15/15                                130         130
                                                           2,359    5.500%, 4/1/17                                  70          70
                                                      ----------    6.350%, 4/1/19                                 960         999
INFORMATION TECHNOLOGY--1.5%                                      Virgin Media Finance plc Series S                               
Broadridge Financial Solutions, Inc.                                8.750%, 4/15/14                                610         598
  6.125%, 6/1/17                                  55          46  Vodafone Group plc 6.150%, 2/27/37                70          69
Fiserv, Inc. 6.125%, 11/20/12                    920         955  Windstream Corp. 7.000%, 3/15/19                 435         381
Hewlett-Packard Co.                                                                                                     ----------
  2.250%, 5/27/11                                350         351                                                             9,147
  2.950%, 8/15/12                                345         348                                                        ----------
Intuit, Inc. 5.750%, 3/15/17                     430         409  UTILITIES--2.9%                                                 
Oracle Corp. 6.125%, 7/8/39                      685         680  Appalachian Power Co. 5.550%, 4/1/11             810         839
Tyco Electronic Group SA 6.000%,                                  Atmos Energy Corp. 6.350%, 6/15/17               465         473
  10/1/12                                        330         324  Dominion Resources, Inc. 8.875%,                                
Xerox Corp. 6.750%, 2/1/17                       170         155    1/15/19                                        180         215
                                                      ----------  Florida Power Corp. 6.650%, 7/15/11              520         562
                                                           3,268  Georgia Power Co. 6.000%, 11/1/13                335         365
                                                      ----------  Great River Energy 144A 5.829%,                                 
MATERIALS--0.2%                                                     7/1/17 (4)                                     122         118
Anglo American Capital plc 144A 9.375%,                           MidAmerican Energy Co. 5.800%, 10/15/36          705         690
  4/8/19(4)                                      105         113  Nevada Power Co. Series O 6.500%,                               
Freeport-McMoRan Copper & Gold, Inc.                                5/15/18                                        730         746
  8.375%, 4/1/17                                 275         277  NiSource Finance Corp. 6.400%, 3/15/18           130         119
                                                      ----------  Northeast Utilities 5.650%, 6/1/13               140         141
                                                             390  Pacific Gas & Electric Co.                                      
                                                      ----------    8.250%, 10/15/18                               650         793
TELECOMMUNICATION SERVICES--4.1%                                    6.250%, 3/1/39                                 250         267
Alltel Corp. 7.000%, 7/1/12                      350         378  Sempra Energy 6.500%, 6/1/16                      40          42
AT&T, Inc.                                                                                                                        
  6.250%, 3/15/11                                400         424                                                                  
  5.875%, 2/1/12                                 130         139                                                                  
  5.625%, 6/15/16                                130         134                                                                  
  5.800%, 2/15/19                              1,070       1,086                                                                  
  6.550%, 2/15/39                                685         684                                                                  

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VIRTUS BOND FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                                [Download Table]

                                          PAR VALUE      VALUE  
                                         -----------  ----------
                                                                
UTILITIES--(CONTINUED)                                          
South Carolina Electric & Gas Co.                               
  6.500%, 11/1/18                        $       310  $      351
Virginia Electric & Power Co. Series A                          
  5.400%, 1/15/16                                645         673
                                                      ----------
                                                           6,394
----------------------------------------------------  ----------
TOTAL CORPORATE BONDS                                           
(IDENTIFIED COST $88,908)                                 87,573
----------------------------------------------------  ----------
TOTAL LONG TERM INVESTMENTS--93.7%                              
(IDENTIFIED COST $207,809)                               206,532
----------------------------------------------------  ----------

                                                                [Download Table]

                                            SHARES       VALUE     
                                         -----------  ----------   
                                                                   
SHORT-TERM INVESTMENTS--4.8%                                       

MONEY MARKET MUTUAL FUNDS--4.8%                                    
State Street Institutional Liquid                                  
  Reserves Fund Institutional Shares                               
  (seven-day effective yield 0.420%)      10,662,339      10,662   
----------------------------------------------------  ----------   
TOTAL SHORT-TERM INVESTMENTS                                       
(IDENTIFIED COST $10,662)                                 10,662   
----------------------------------------------------  ----------   

TOTAL INVESTMENTS--98.5%                                           
(IDENTIFIED COST $218,471)                               217,194(1)
Other Assets and Liabilities--1.5%                         3,326   
                                                      ----------   
NET ASSETS--100.0%                                    $  220,520   
                                                      ==========   

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                    
NATL  National Public Finance Guarantee Corp.                                   
REIT  Real Estate Investment Trust                                              
SBA   Small Business Administration                                             

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VIRTUS BOND FUND
 SCHEDULE OF INVESTMENTS
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                                [Download Table]

COUNTRY WEIGHTINGS as of 6/30/09* +                                             
---------------------------------------------------------------------   --------
                                                                                
United States                                                                94%
United Kingdom                                                                2 
Canada                                                                        1 
Netherlands                                                                   1 
Spain                                                                         1 
Other                                                                         1 
---------------------------------------------------------------------   --------
Total                                                                       100%
---------------------------------------------------------------------   --------

* FOREIGN SECURITY COUNTRY DETERMINATION:                                       

A combination of the following criteria is used to assign the countries of risk 
listed in the table shown above. Country of incorporation, actual building      
address, primary exchange on which security is traded and country in which the  
greatest percentage of company revenue is generated.                            

+ % of total investments as of June 30, 2009                                    

Refer to Footnote Legend

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Disclosure as required under SFAS 157 and FSP 157-4                             

The following table provides a summary of inputs used to value the Fund's net   
assets as of June 30, 2009 (See Security Valuation Note 1A in the Notes to      
Schedules of Investments):                                                      

                                                        [Enlarge/Download Table]

--------------------------------------------------------------------------------------------
                                          TOTAL VALUE               LEVEL 2        LEVEL 3  
                                               AT       LEVEL 1   SIGNIFICANT    SIGNIFICANT
                                            JUNE 30,     QUOTED    OBSERVABLE   UNOBSERVABLE
INVESTMENTS IN SECURITIES:                    2009       PRICES      INPUTS        INPUTS   
--------------------------------------------------------------------------------------------
                                                                                            
Debt Securities:                                                                            
  U.S. Government and Agency Securities     $ 29,499    $    --     $ 29,499        $ --    
  Municipal Securities                         3,648         --        3,648          --    
  Mortgage-Backed Securities                  84,206         --       84,206          --    
  Asset-Backed Securities                      1,606         --        1,606          --    
  Corporate Debt                              87,573         --       86,968         605    
Equity Securities:                                                                          
  Short-Term Investments                      10,662     10,662           --          --    
TOTAL INVESTMENTS                           $217,194    $10,662     $205,927        $605    
--------------------------------------------------------------------------------------------

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE SCHEDULES OF INVESTMENTS.

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($ reported in thousands)                                                       

                                                                [Download Table]

                                                  Mortgage-    Corporate
                                                   Backed        Debt   
INVESTMENTS IN SECURITIES                TOTAL   Securities   Securities
                                         -----   ----------   ----------
                                                                        
BALANCE AS OF SEPTEMBER 30, 2008:         $529      $ 11         $518   
Accrued Discount/(Premium)                  --        --           --   
Realized Gain (Loss)                        (1)       (1)          --   
Change in Unrealized Appreciation                                       
  (Depreciation)                            91         3           88   
Net Purchases/(Sales)                      (10)       (9)          (1)  
Transfers In and/or Out of Level 3 (1)      (4)       (4)          --   
                                          ----      ----         ----   
BALANCE AS OF JUNE 30, 2009               $605      $ --         $605   
                                          ====      ====         ====   

(1) "Transfers in and/or out" represent the ending value as of June 30, 2009,   
for any investment security where a change in the pricing level occurred from   
the beginning to the end of the period.                                         

Certain level 3 securities have been determined based on availability of only a 
single broker source, which may or may not be a principal market maker. Other   
level 3 securities are without an active market or market participants and      
therefore are internally fair valued. These internally fair valued securities   
derive their valuation based on the review of inputs such as, but not limited   
to, similar securities, liquidity factors, capital structure, and credit        
analysis.                                                                       

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VIRTUS CA TAX-EXEMPT BOND FUND
 SCHEDULE OF INVESTMENTS
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                         PAR VALUE      VALUE                                             PAR VALUE      VALUE  
                                        -----------  ----------                                          -----------  ----------
                                                                                                                                
MUNICIPAL TAX-EXEMPT BONDS(12)--97.1%                            GENERAL OBLIGATION--(CONTINUED)                                
                                                                 Gilroy Unified School District                                 
DEVELOPMENT REVENUE--5.6%                                          (NATL-RE, FGIC Insured)                                      
Hercules Redevelopment Agency                                      5.000%, 8/1/27                        $       500  $      495
  Tax-Allocation (AMBAC Insured)                                 Grossmont-Cuyamaca Community College                           
  5.000%, 8/1/29                        $       500  $      404    District Election of 2002 Series A                           
Ontario Redevelopment Financing                                    (NATL-RE Insured) 5.000%, 8/1/19               40          42
  Authority,                                                     Los Angeles Unified School District,                           
  Project No.1(NATL-RE Insured)                                    Series A-1 (NATL-RE Insured)                                 
    6.900%, 8/1/10                               70          72    4.500%, 1/1/28                                500         447
  Project No.1(NATL-RE Insured)                                  Placer Union High School District                              
    5.250%, 8/1/13                              500         513    (FSA Insured) 5.960%, 8/1/32                1,500         379
San Diego Redevelopment Agency,                                  Rancho Santiago Community College                              
  Center City                                                      District (FSA Insured)                                       
  Series B (AMBAC Insured)                                         4.630%, 9/1/27                              1,200         433
    5.350%, 9/1/24                            1,000         932  San Rafael Elementary School District,                         
  Series A (AMBAC Insured)                                         Election of 2002-B (NATL- RE,                                
    4.750%, 9/1/30                              500         385    FGIC Insured) 5.625%, 8/1/26                1,000         393
Santa Clara Redevelopment Agency                                 Santa Ana Unified School District                              
  Tax Allocation (NATL-RE Insured)                                 (NATL- RE, FGIC Insured)                                     
  5.000%, 6/1/22                              1,000         899    5.700%, 8/1/22                                400         410
                                                     ----------  Santa Clara Unified School District                            
                                                          3,205    (NATL- RE, FGIC Insured)                                     
                                                     ----------    5.500%, 7/1/20                              1,000       1,027
                                                                 Walnut Valley Unified School District,                         
EDUCATION REVENUE--5.0%                                            Series A (NATL-RE Insured)                                   
California Educational Facilities                                  5.750%, 8/1/19                              3,095       1,613
  Authority, University of Southern                                                                                   ----------
  California  Series A 5.250%, 10/1/38        1,000       1,021                                                           10,500
North City West School Facilities                                                                                     ----------
  Financing Authority, Series B                                                                                                 
  (AMBAC Insured) 5.250%, 9/1/19              1,000         940  GENERAL REVENUE--17.6%                                         
Sweetwater Unified High School                                   Anaheim Public Financing Authority,                            
  District, Public Financing                                       Series C (FSA Insured)                                       
  Authority, Series A (FSA Insured)                                6.000%, 9/1/16                              1,600       1,731
  5.000%, 9/1/29                              1,000         868  Golden State Tobacco                                           
                                                     ----------    Securitization Corp.,                                        
                                                          2,829    Series A-1 5.125%, 6/1/47                   1,500         810
                                                     ----------    Series A-1 5.750%, 6/1/47                   1,000         599
                                                                 Los Angeles County Public Works                                
GENERAL OBLIGATION--18.4%                                          Financing Authority, Series A                                
Antelope Valley Union High School                                  (FSA Insured) 5.500%, 10/1/18                 420         472
  District, Series A                                             Pomona, Certificates of Participation                          
  (NATL- RE Insured) 5.000%, 2/1/27           1,000         973    (AMBAC Insured) 5.500%, 6/1/28              1,365       1,386
Brea & Olinda Unified School District,                           San Diego County, Certificates of                              
  Series A (NATL- RE, FGIC Insured)                                Participation (AMBAC Insured)                                
  6.000%, 8/1/15                                150         174    5.250%, 11/1/15                               960       1,018
Butte-Glenn Community College                                    San Jose Financing Authority, Series                           
  District, Series A (NATL-RE Insured)                             F (NATL- RE Insured) 5.000%, 9/1/15         1,000       1,046
  5.500%, 8/1/19                              1,000       1,049  South Bay Regional Public                                      
California State                                                   Communications Authority                                     
  5.250%, 6/1/16                                 65          65    (ACA Insured) 4.750%, 1/1/31                  635         447
  5.500%, 3/1/26                                500         487  South Coast Air Quality Management                             
  5.000%, 9/1/30                                600         524    Corp. (AMBAC Insured) 6.000%, 8/1/11        1,000       1,086
  5.000%, 11/1/32                               700         602  State Public Works Board of the                                
  5.000%, 12/1/37                               250         210    State of California                                          
California State Veterans Bonds,                                                                                                
  Series BG 5.150%, 12/1/14                     895         901                                                                 
  Series CC 4.500%, 12/1/37                     330         276                                                                 

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VIRTUS CA TAX-EXEMPT BOND FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                          PAR VALUE     VALUE                                              PAR VALUE      VALUE  
                                         -----------  ----------                                          -----------  ----------
                                                                                                                                 
GENERAL REVENUE--(CONTINUED)                                      MUNICIPAL UTILITY DISTRICT REVENUE--                           
  Department of Health Services,                                    (CONTINUED)                                                  
  Richmond Lab Series B (XLCA Insured)                            Sacramento Municipal Utilities                                 
    5.000%, 11/1/17                      $       460  $      446    District, Financing Authority                                
  Highway Patrol Series C 5.250%,                                   (NATL-RE Insured) 4.750%, 7/1/26      $       500  $      401
    11/1/20                                      500         477                                                       ----------
  Department of General Services                                                                                              889
    Buildings 8 & 9 Series                                                                                             ----------
    A 6.125%, 4/1/29                             500         493                                                                 
                                                      ----------  NATURAL GAS REVENUE--1.1%                                      
                                                          10,011  Roseville Natural Gas Financing                                
                                                      ----------    Authority 5.000%, 2/15/24                     750         612
                                                                                                                       ----------
HIGHER EDUCATION REVENUE--1.6%                                                                                                   
University of California,                                         POWER REVENUE--2.3%                                            
  Series G (NATL-RE, FGIC Insured)                                Northern California Power Agency,                              
    4.750%, 5/15/35                              525         472    Hydroelectric Project No.1 Series A                          
  Series B 4.750%, 5/15/38                       500         442    (NATL-RE Insured) 5.000%, 7/1/15            1,000       1,006
                                                      ----------  Unrefunded Portion (NATL-RE Insured)                           
                                                             914    5.200%, 7/1/32                                330         302
                                                      ----------                                                       ----------
                                                                                                                            1,308
MEDICAL REVENUE--7.4%                                                                                                  ----------
California Health Facilities Financing                                                                                           
  Authority, Cedars-Sinai Medical                                 PRE-REFUNDED--26.8%                                            
  Center 5.000%, 11/15/34                        500         445  Contra Costa County Home Mortgage                              
California Health Facilities Financing                              (GNMA Collateralized)                                        
  Authority, Providence Health &                                    7.500%, 5/1/14 (11)                           500         621
  Services Series C 6.500%, 10/1/38              300         321  Cypress Single Family Residential                              
California Health Facilities Financing                              Mortgage, Series B                                           
  Authority, Stanford Hospital and                                  (Private Mortgage Insurance)                                 
  Clinics Series A 5.000%, 11/15/14              250         257    7.250%, 1/1/12 (11)                           200         230
California Health Facilities Financing                            Duarte Redevelopment Agency Single                             
  Authority, Sutter Health Series                                   Family Mortgage, Series A                                    
  A 5.000%, 11/15/42                             870         745    (FNMA Collateralized)                                        
California State Public Works Board,                                6.875%, 11/1/11 (11)                          300         340
  Department of Mental Health Series                              Grossmont-Cuyamaca Community College                           
  A 5.500%, 6/1/16                             1,000       1,015    District Election of 2002 Series A                           
California Statewide Communities                                    Pre-refunded 8/1/13 @100                                     
  Development Authority, Kaiser                                     (NATL-RE Insured) 5.000%, 8/1/13              210         239
  Permanente, Series B 5.000%, 3/1/41            500         417  Huntington Park Redevelopment Agency                           
California Statewide Communities                                    Single Family Residential Mortgage,                          
  Development Authority, St. Joseph                                 Series A (FHA/VA/PRIV MTGS Insured)                          
  Health System (FGIC Insured)                                      8.000%, 12/1/19 (11)                        2,400       3,332
  5.750%, 7/1/47                                 500         478  Los Angeles Harbor Department 7.600%,                          
San Joaquin General Hospital Project,                               10/1/18(11)                                   840       1,036
  Certificates of Participation                                   M-S-R Public Power Agency San Juan                             
  (NATL-RE Insured) 5.250%, 9/1/12               100         101    Project, Series D (NATL-RE Insured)                          
Santa Clara County Financing                                        6.750%, 7/1/20 (11)                         1,740       2,091
  Authority, Series A (AMBAC Insured)                             Northern California Power Agency,                              
  7.750%, 11/15/11                               400         453    Hydroelectric Project No.1 Series A                          
                                                      ----------    Pre-refunded 7/1/21 @ 100                                    
                                                           4,232    (AMBAC Insured) 7.500%, 7/1/23                195         259
                                                      ----------  Riverside County Redevelopment Agency,                         
                                                                    Pre-refunded 10/01/11 @ 102                                  
MUNICIPAL UTILITY DISTRICT REVENUE--1.6%                            (AMBAC Insured) 5.250%, 10/1/17               250         278
East Bay Municipal Utility District                               Riverside County Single Family(11)                             
  (NATL-RE Insured) 5.000%, 6/1/35               500         488                                                                 

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VIRTUS CA TAX-EXEMPT BOND FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                          PAR VALUE     VALUE                                               SHARES      VALUE      
                                         -----------  ----------                                         -----------  ----------   
                                                                                                                                   
PRE-REFUNDED--(CONTINUED)                                         SHORT-TERM INVESTMENTS--1.9%                                     
  Series B (GNMA Collateralized)                                                                                                   
    8.625%, 5/1/16(11)                   $     1,000  $    1,311  MONEY MARKET MUTUAL FUNDS--1.9%                                  
  Series A (GNMA Collateralized)                                  State Street Institutional Tax Free                              
    7.800%, 5/1/21(11)                         4,000       5,321    Money Market Fund Institutional                                
Stockton Housing Facility, O'Connor                                 Shares (seven-day effective                                    
  Woods Project Series A Pre-refunded                               yield 0.200%)                          1,076,245  $    1,076   
  9/20/17 @ 100 (GNMA Collateralized)                             --------------------------------------------------  ----------   
  5.600%, 3/20/28                                200         202  TOTAL SHORT-TERM INVESTMENTS                                     
                                                      ----------  (IDENTIFIED COST $1,076)                                 1,076   
                                                          15,260  --------------------------------------------------  ----------   
                                                      ----------  TOTAL INVESTMENTS--99.0%                                         
                                                                  (IDENTIFIED COST $57,667)                               56,318(1)
TRANSPORTATION REVENUE--1.6%                                                                                                       
Alameda Corridor Transportation                                   Other assets and liabilities,                                    
  Authority,                                                        net--1.0%                                                590   
  Series A (NATL-RE Insured)                                                                                          ----------   
    5.125%, 10/1/16                              150         151  NET ASSETS--100.0%                                  $   56,908   
  Series A (NATL-RE Insured)                                                                                          ==========   
    5.125%, 10/1/17                              125         126                                                                   
Los Angeles Harbor Department Revenue                                                                                              
  (NATL-RE Insured) 4.500%, 8/1/27               500         425                                                                   
San Francisco Bay Area Rapid Transit                                                                                               
  District 5.250%, 7/1/17                        180         181                                                                   
                                                      ----------                                                                   
                                                             883                                                                   
                                                      ----------                                                                   

WATER & SEWER REVENUE--8.1%                                                                                                        
California Statewide Communities                                                                                                   
  Development Authority, Anheuser-Bush                                                                                             
  Project 4.800%, 9/1/46                       1,000         688                                                                   
Delta Diablo Sanitation District,                                                                                                  
  Certificates of Participation                                                                                                    
  (NATL-RE Insured) 6.650%, 12/1/16            1,070         687                                                                   
El Dorado Irrigation District,                                                                                                     
  Certificates of Participation,                                                                                                   
  Series A (NATL-RE, FGIC Insured)                                                                                                 
  5.250%, 3/1/16                                 365         377                                                                   
Modesto Wastewater, Series A                                                                                                       
  (FSA Insured) 5.000%, 11/1/19                  245         258                                                                   
Mountain View Shoreline Regional Park                                                                                              
  Community, Series A                                                                                                              
  (NATL-RE Insured) 5.500%, 8/1/21             1,000       1,000                                                                   
Redlands Financing Authority, Series A                                                                                             
  (FSA Insured) 5.000%, 9/1/17                 1,000       1,020                                                                   
Sweetwater Water Authority                                                                                                         
  (AMBAC Insured) 5.250%, 4/1/10                  40          40                                                                   
Westlands Water District,                                                                                                          
  Certificates of Participation                                                                                                    
  (NATL-RE Insured) 5.250%, 9/1/14               500         529                                                                   
                                                      ----------                                                                   
                                                           4,599                                                                   
----------------------------------------------------  ----------                                                                   
TOTAL MUNICIPAL TAX-EXEMPT BONDS                                                                                                   
(IDENTIFIED COST $56,591)                                 55,242                                                                   
----------------------------------------------------  ----------                                                                   
TOTAL LONG TERM INVESTMENTS--97.1%                                                                                                 
(IDENTIFIED COST $56,591)                                 55,242                                                                   
----------------------------------------------------  ----------                                                                   

ABBREVATIONS:                                                                   
ACA           American Capital Access Financial Guarantee Corp.                 
AMBAC         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            
NATL/NATL-RE  National Public Finance Guarantee Corp. formerly Municipal Bond   
Insurance Association.                              
XLCA          XL Capital Assurance                                              

Refer to Footnote Legend

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Disclosure as required under SFAS 157 and FSP 157-4                             

The following table provides a summary of inputs used to value the Fund's net   
assets as of June 30, 2009 (See Security Valuation Note 1A in the Notes to      
Schedules of Investments):                                                      

                                                                [Download Table]

-------------------------------------   -----------------------------------
                                        TOTAL VALUE               LEVEL 2  
                                             AT       LEVEL 1   SIGNIFICANT
                                          JUNE 30,     QUOTED   OBSERVABLE 
INVESTMENTS IN SECURITIES                   2009       PRICES     INPUTS   
-------------------------------------   -----------------------------------
                                                                           
Debt Securities:                                                           
  Municipal Securities                  $    55,242   $    --   $    55,242
Equity Securities:                                                         
  Short-Term Investments                      1,076     1,076            --
TOTAL INVESTMENTS                       $    56,318   $ 1,076   $    55,242
-------------------------------------   -----------------------------------

There are no Level 3 (significant unobservable inputs) priced securities.       

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE SCHEDULES OF INVESTMENTS.

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VIRTUS HIGH YIELD FUND
 SCHEDULE OF INVESTMENTS
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                         PAR VALUE     VALUE                                               PAR VALUE      VALUE  
                                        -----------  ----------                                           -----------  ----------
                                                                                                                                 
CORPORATE BONDS--92.9%                                           CONSUMER DISCRETIONARY--(CONTINUED)                             
CONSUMER DISCRETIONARY--31.2%                                      Series AW-0, 9.300%, 7/1/15 (6)(8)    $          2  $        1
Affinion Group, Inc.                                               Series BE-9, 9.300%, 7/1/15 (6)((8)             12          11
  10.125%, 10/15/13                     $       645  $      600  Viacom, Inc. 6.125%, 10/5/17                     425         413
  11.500%, 10/15/15                           1,555       1,337  Videotron Ltee 9.125%, 4/15/18                 1,490       1,522
AMC Entertainment, Inc. 8.000%, 3/1/14        1,255       1,076  WMG Acquisition Corp. 144A 9.500%,                              
American Real Estate Partners LP                                   6/15/16(4)                                   1,340       1,340
  8.125%, 6/1/12                              1,515       1,394                                                        ----------
  7.125%, 2/15/13                               480         433                                                            27,343
Cinemark USA, Inc. 144A 8.625%,                                                                                        ----------
  6/15/19(4)                                    685         680  CONSUMER STAPLES--9.3%                                          
CSC Holdings, Inc. 144A 8.625%,                                  Alliance One International, Inc.                                
  2/15/19(4)                                  2,050       2,004    11.000%, 5/15/12                               520         546
Dollar General Corp. PIK Interest                                  12.750%, 11/15/12                              605         640
  Capitalization 11.875%, 7/15/17(3)            780         846    144A 10.000%, 7/15/16(4)                     1,365       1,300
Dollarama Group LP 8.875%, 8/15/12              760         739  Constellation Brands, Inc. 7.250%,                              
Echostar DBS Corp.                                                 9/1/16                                       1,185       1,102
  6.625%, 10/1/14                               410         379  Dole Food Co., Inc.                                             
  7.125%, 2/1/16                                780         731    8.750%, 7/15/13                                 65          60
Education Management LLC/Education                                 144A 13.875%, 3/15/14(4)                       825         912
  Management Finance Corp. 10.250%,                              Ingles Markets, Inc. 144A 8.875%,                               
  6/1/16                                        555         545    5/15/17(4)                                   1,200       1,185
Expedia, Inc. 144A 8.500%, 7/1/16(4)            780         753  Pantry, Inc. (The) 7.750%, 2/15/14               895         797
Goodyear Tire & Rubber Co. (The)                                 Stater Brothers Holdings, Inc.                                  
  5.010%, 12/1/09(3)                             15          15    8.125%, 6/15/12                                170         168
  10.500%, 5/15/16                            1,210       1,228    7.750%, 4/15/15                                565         545
Jarden Corp. 8.000%, 5/1/16                   1,230       1,178  SUPERVALU, Inc. 8.000%, 5/1/16                   930         907
Jostens IH Corp. 7.625%, 10/1/12                900         902                                                        ----------
Levi Strauss & Co. 8.875%, 4/1/16               755         734                                                             8,162
Park Place Entertainment Corp.                                                                                         ----------
  7.875%, 3/15/10                               900         828  ENERGY--6.9%                                                    
Sally Holdings LLC/Sally Capital, Inc.                           Chesapeake Energy Corp.                                         
  10.500%, 11/15/16                             720         716    9.500%, 2/15/15                                285         289
Scientific Games International, Inc.                               6.625%, 1/15/16                              1,240       1,094
  144A 9.250%, 6/15/19(4)                     1,355       1,362  El Paso Corp.                                                   
Service Corp. International 7.625%,                                6.875%, 6/15/14                                665         624
  10/1/18                                     1,000         933    8.250%, 2/15/16                                515         504
Speedway Motorsports, Inc.                                       Encore Acquisition Co. 6.000%, 7/15/15         1,045         867
  6.750%, 6/1/13                              1,110       1,066  Pioneer Natural Resources Co.                                   
  144A 8.750%, 6/1/16(4)                        315         321    6.650%, 3/15/17                                100          88
Starwood Hotels & Resorts Worldwide,                               6.875%, 5/1/18                                 930         815
  Inc. 7.875%, 10/15/14                       1,210       1,139  Plains Exploration & Production Co.                             
Stewart Enterprises, Inc. 6.250%,                                  7.000%, 3/15/17                                715         629
  2/15/13                                       830         776    7.625%, 6/1/18                                 540         487
Susser Holdings LLC/ Susser Finance                                                                                              
  Corp. 10.625%, 12/15/13                       765         771  Targa Resources Partners LP/Targa                               
United Artists Theatre Circuit, Inc.                               Resources Partners Finance Corp.                              
  Series 95-A, 9.300%, 7/1/15(6)((8)            316         274    144A 11.250%, 7/15/17(4)                       685         651
  Series BD-1, 9.300%, 7/1/15(6)((8)            340         296                                                        ----------
                                                                                                                            6,048
                                                                                                                       ----------

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VIRTUS HIGH YIELD FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                          PAR VALUE     VALUE                                               PAR VALUE      VALUE  
                                         -----------  ----------                                           -----------  ----------
                                                                                                                                  
FINANCIALS--7.3%                                                  MATERIALS--1.7%                                                 
Felcor Lodging LP 9.000%, 6/1/11         $       615  $      544  Freeport-McMoRan Copper & Gold, Inc.                            
Ford Motor Credit Co. LLC 7.875%,                                   8.375%, 4/1/17                         $     1,480  $    1,491
  6/15/10                                      2,000       1,900                                                        ----------
Fresenius US Finance II, Inc. 144A                                TELECOMMUNICATION SERVICES--15.9%                               
  9.000%, 7/15/15(4)                           1,580       1,655  Cincinnati Bell, Inc. 8.375%, 1/15/14            880         818
GMAC, Inc. 144A 6.750%, 12/1/14(4)             1,230         978  Citizens Communications Corp. 7.125%,                           
Host Hotels & Resorts LP Series                                     3/15/19                                      1,115         956
  O 6.375%, 3/15/15                            1,220       1,061  Hughes Network Systems LLC/Hughes                               
Royal Bank of Scotland Group plc                                    Network Systems Finance Corp.                                 
  Series 1 9.118%, 3/31/10                       185         151    9.500%, 4/15/14                              1,770       1,734
Ventas Realty LP/Ventas Capital Corp.                             Intelsat Corp. 144A 9.250%, 8/15/14(4)         2,145       2,086
  Series 1 6.500%, 6/1/16                        155         140  PAETEC Holding Corp. 144A 8.875%,                               
                                                      ----------    6/30/17(4)                                     680         643
                                                           6,429  Poland Telecom Finance BV Series B                              
                                                      ----------    14.000%, 12/1/09 (2)(7)(8)(9)                4,942          62
HEALTH CARE--4.8%                                                 Qwest Corp.                                                     
Bio-Rad Laboratories, Inc. 144A 8.000%,                             8.875%, 3/15/12                                615         623
  9/15/16(4)                                     330         327    144A 8.375%, 5/1/16(4)                         175         169
Community Health Systems, Inc. 8.875%,                              6.500%, 6/1/17                                 735         647
  7/15/15                                      1,205       1,187  Sprint Capital Corp.                                            
HCA, Inc.                                                           7.625%, 1/30/11                                985         979
  9.250%, 11/15/16                             2,000       1,975    8.750%, 3/15/32                              1,560       1,263
  144A 8.500%, 4/15/19(4)                        690         680  Stratos Global Corp. 9.875%, 2/15/13             615         618
                                                      ----------  Virgin Media Finance plc Series S                               
                                                           4,169    8.750%, 4/15/14                              2,045       2,004
                                                      ----------  Windstream Corp. 7.000%, 3/15/19               1,475       1,291
INDUSTRIALS--7.5%                                                                                                       ----------
ARAMARK Corp. 8.500%, 2/1/15                     650         634                                                            13,893
Corrections Corporation of America                                                                                      ----------
  7.750%, 6/1/17                                 610         604  UTILITIES--2.3%                                                 
DI Finance/DynCorp International, Inc.                            NRG Energy, Inc. 7.375%, 1/15/17               2,105       1,989
  Series B 9.500%, 2/15/13                     2,000       1,930  ----------------------------------------------------  ----------
L-3 Communications Corp. 5.875%,                                  TOTAL CORPORATE BONDS                                           
  1/15/15                                      1,430       1,276  (IDENTIFIED COST $85,009)                                 81,330
LVB Acquisition, Inc. 11.625%, 10/15/17        2,120       2,088  ----------------------------------------------------  ----------
                                                      ----------  LOAN AGREEMENTS--4.4%                                           
                                                           6,532  CONSUMER DISCRETIONARY--2.9%                                    
                                                      ----------  Cengage Learning Acquisitions, Inc.                             
INFORMATION TECHNOLOGY--6.0%                                        Tranche, 2.820%, 7/5/14(3)                     848         717
Dycom Industries, Inc. 8.125%, 10/15/15          985         832  Education Management LLC/ Education                             
Inmarsat Finance II plc 10.375%,                                    Management Finance Corp. Tranche,                             
  11/15/12(3)                                    765         796    3.000%, 6/1/13(3)                            1,257       1,161
Inmarsat Finance plc 7.625%, 6/30/12             480         470  KAR Holdings. Inc. Tranche, 2.873%,                             
Lender Processing Services, Inc.                                    4/20/13 (3)                                    700         622
  8.125%, 7/1/16                               1,085       1,069                                                        ----------
SunGard Data Systems, Inc.                                                                                                   2,500
  9.125%, 8/15/13                              1,255       1,192                                                        ----------
  10.250%, 8/15/15                               985         915  FINANCIALS--0.9%                                                
                                                      ----------  Nuveen Investments, Inc. Tranche B,                             
                                                           5,274    3.506%, 11/13/14(3)                          1,047         834
                                                      ----------                                                        ----------

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VIRTUS HIGH YIELD FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                                [Download Table]

                                          PAR VALUE      VALUE  
                                         -----------  ----------
                                                                
INDUSTRIALS--0.6%                                               
RSC Equipment Rental, Inc. Tranche,                             
  4.095%, 11/30/13(3)                    $       680  $      523
----------------------------------------------------  ----------
TOTAL LOAN AGREEMENTS                                           
(IDENTIFIED COST $3,263)                                   3,857
----------------------------------------------------  ----------

                                                                [Download Table]

                                            SHARES       VALUE     
                                         -----------  ----------   
                                                                   
COMMON STOCKS--0.0%                                                
INDUSTRIALS--0.0%                                                  
ACG Holdings, Inc.(2)(7)(8)                       76           0   
----------------------------------------------------  ----------   
TOTAL COMMON STOCKS                                                
(IDENTIFIED COST $358)                                         0   
----------------------------------------------------  ----------   
TOTAL LONG TERM INVESTMENTS--97.3%                                 
(IDENTIFIED COST $88,630)                                 85,187   
----------------------------------------------------  ----------   
SHORT-TERM INVESTMENTS--0.6%                                       

MONEY MARKET MUTUAL FUNDS--0.6%                                    
State Street Institutional Liquid                                  
  Reserves Fund                                                    
Institutional Shares                                               
(seven-day effective yield 0.420%)           565,660         566   
----------------------------------------------------  ----------   
TOTAL SHORT-TERM INVESTMENTS                                       
(IDENTIFIED COST $565)                                       566   
----------------------------------------------------  ----------   
TOTAL INVESTMENTS--97.9%                                           
(IDENTIFIED COST $89,195)                                 85,753(1)
Other Assets and Liabilities--2.1%                         1,833   
                                                      ----------   
NET ASSETS--100.0%                                    $   87,586   
                                                      ==========   

ABBREVIATIONS:                                                                  

PIK  Payment-in-Kind Security                                                   

Refer to Footnote Legend

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VIRTUS HIGH YIELD FUND
SCHEDULE OF INVESTMENTS 
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                                [Download Table]

COUNTRY WEIGHTINGS as of 6/30/09* +                                             
---------------------------------------------------------------------   --------
                                                                                
United States                                                                94%
United Kingdom                                                                4 
Canada                                                                        2 
---------------------------------------------------------------------   --------
Total                                                                       100%
---------------------------------------------------------------------   --------

* FOREIGN SECURITY COUNTRY DETERMINATION:                                       

A combination of the following criteria is used to assign the countries of risk 
listed in the table shown above. Country of incorporation, actual building      
address, primary exchange on which security is traded and country in which the  
greatest percentage of company revenue is generated.                            

+ % of total investments as of June 30, 2009                                    

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Disclosure as required under SFAS 157 and FSP 157-4                             

The following table provides a summary of inputs used to value the Fund's net   
assets as of June 30, 2009 (See Security Valuation Note 1A in the Notes to      
Schedules of Investments):                                                      

                                                        [Enlarge/Download Table]

-------------------------------------------------------------------------------------------   
                                         TOTAL VALUE               LEVEL 2        LEVEL 3     
                                              AT       LEVEL 1   SIGNIFICANT    SIGNIFICANT   
                                           JUNE 30,     QUOTED    OBSERVABLE   UNOBSERVABLE   
INVESTMENTS IN SECURITIES:                   2009       PRICES      INPUTS        INPUTS      
-------------------------------------------------------------------------------------------   
                                                                                              
Debt Securities:                                                                              
  Corporate Debt                         $    81,330   $    --   $    80,686   $        644   
  Loan Agreements                              3,857        --         3,857             --   
Equity Securities:                                                                            
  Common Stock                                    --(1)     --            --             --(1)
  Short-Term Investments                         566       566            --             --   
TOTAL INVESTMENTS                        $    85,753   $   566   $    84,543   $        644   
-------------------------------------------------------------------------------------------   

(1) Amount is less than $500.                                                   

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE SCHEDULES OF INVESTMENTS.

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($ reported in thousands)                                                       

                                                                [Download Table]

                                                Corporate           
                                                   Debt      Common 
INVESTMENTS IN SECURITIES               TOTAL   Securities    Stock 
                                        -----   ----------   ------ 
                                                                    
BALANCE AS OF SEPTEMBER 30, 2008:       $ 771     $ 707      $ 64   
Accrued Discount/(Premium)                  2         2        --   
Realized Gain (Loss)                      103        --       103   
Change in Unrealized Appreciation                                   
(Depreciation)                            (93)      (29)      (64)  
Net Purchases/(Sales)                    (139)      (36)     (103)  
Transfers In and/or Out of Level 3(1)      --        --        --   
                                        -----     -----       ---   
BALANCE AS OF JUNE 30, 2009             $ 644     $ 644       $--(2)
                                        =====     =====       ===   

(1)  "Transfers in and/or out" represent the ending value as of June 30, 2009,  
  for any investment security where a change in the pricing level occurred
from the beginning to the end of the period.                          

(2)  Amount is less than $500.                                                  

Certain level 3 securities have been determined based on availability of only a 
single broker source, which may or may not be a principal market maker.         

Other level 3 securities are without an active market or market participants and
therefore are internally fair valued. These internally fair valued securities   
derive their valuation based on the review of inputs such as, but not limited   
to, similar securities, liquidity factors, capital structure, and credit        
analysis.                                                                       

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 VIRTUS MULTI-SECTOR FIXED INCOME FUND
 SCHEDULE OF INVESTMENTS
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                         PAR VALUE       VALUE                                             PAR VALUE       VALUE  
                                       -------------  ----------                                         -------------  ----------
                                                                                                                                  
U.S. GOVERNMENT SECURITIES--0.3%                                  Kingdom of Sweden Series 1048 4.000%,                           
                                                                    12/1/09                              $    3,775SEK  $      496
U.S. Treasury Bond 4.250%, 5/15/39     $      450     $      446  Republic of Argentina Series GDP                                
----------------------------------------------------  ----------    2.280%, 12/15/35 (3)                         3,200         133
TOTAL U.S. GOVERNMENT SECURITIES                                  Republic of Argentina PIK Interest                              
(IDENTIFIED COST $463)                                       446    Capitalization 8.280%, 12/31/33              2,983       1,581
----------------------------------------------------  ----------  Republic of Colombia 12.000%,                                   
MUNICIPAL BONDS--0.9%                                               10/22/15                                600,000COP         321
                                                                  Republic of Indonesia                                           
ARIZONA--0.5%                                                       Series FR-23 11.000%, 12/15/12        6,200,000IDR         638
Salt River Project Agricultural                                     Series FR-30 10.750%, 5/15/16         3,500,000IDR         349
  Improvement & Power District                                      RegS 6.625%, 2/17/37(5)                     765            621
  Series 08-A, 5.000%, 1/1/38                 730            726  Republic of Korea Series 1112 4.750%,                           
                                                      ----------    12/10/11                                775,000KRW         618
MICHIGAN--0.1%                                                    Republic of Trinidad and Tobago RegS                            
Tobacco Settlement Finance Authority                                9.875%, 10/1/09 (5)                         135            138
  Taxable Series 06-A, 7.309%, 6/1/34         165            110  Republic of Turkey 0.000%, 2/2/11           1,000TRL         542
                                                      ----------  Republic of Ukraine 144A 6.580%,                                
SOUTH DAKOTA--0.1%                                                  11/21/16 (4)                                250            171
Educational Enhancement Funding Corp.                             Russian Federation RegS 7.500%,                                 
  Taxable Series 02-A, 6.720%, 6/1/25         219            192    3/31/30 (3)(5)                              144            142
                                                      ----------  ----------------------------------------------------  ----------
VIRGINIA--0.2%                                                    TOTAL FOREIGN GOVERNMENT SECURITIES                             
Tobacco Settlement Financing Corp.                                (IDENTIFIED COST $21,106)                                 21,348
  Taxable Series 07-A1, 6.706%,                                   ----------------------------------------------------  ----------
  6/1/46                                      345            214  MORTGAGE-BACKED SECURITIES--13.1%                               
----------------------------------------------------  ----------                                                                  
TOTAL MUNICIPAL BONDS                                             AGENCY--4.4%                                                    
(IDENTIFIED COST $1,424)                                   1,242  FNMA                                                            
----------------------------------------------------  ----------    5.000%, 6/1/35                            2,721          2,781
FOREIGN GOVERNMENT SECURITIES--15.1%                                5.000%, 10/1/35                           3,363          3,436
                                                                                                                        ----------
Bolivarian Republic of Venezuela                                                                                             6,217
  8.500%, 10/8/14                             120             86                                                        ----------
  RegS 7.000%, 12/1/18(5)                     250            144                                                                  
  9.250%, 9/15/27                             460            315  NON-AGENCY--8.7%                                                
  9.375%, 1/13/34                             950            598  American Tower Trust 07-A, C 144A                               
Commonwealth of Australia Series                                    5.719%, 4/15/37 (4)                         750            682
  121 5.250%, 8/15/10                       3,750AUD       3,081  Bear Stearns Commercial Mortgage                                
Commonwealth of Canada 2.750%,                                      Securities                                                    
  12/1/10                                   3,461CND       3,058    06-PW12, A4 5.903%, 9/11/38(3)              790            689
Commonwealth of New Zealand Series                                  06-PW14, A4 5.201%, 12/11/38                350            292
  1111 6.000%, 11/15/11                     3,749NZD       2,539    05-PW10, A4 5.405%, 12/11/40(3)             950            847
Federal Republic of Germany Series                                  05-T20, A4A 5.150%, 10/12/42(3)             600            518
  147 2.500%, 10/8/10                       1,305EUR       1,865    07-PW18, AM 6.084%, 6/11/50(3)              725            376
Federative Republic of Brazil                                     Credit Suisse First Boston Mortgage                             
  12.500%, 1/5/16                             950BRL         538    Securities Corp. 04-C5, A3 4.499%,                            
  12.500%, 1/5/22                           1,125BRL         637    11/15/37                                    825            747
  10.250%, 1/10/28                          1,300BRL         652  Credit Suisse Mortgage Capital                                  
Kingdom of Norway                                                   Certificates 06-C1, A3 5.551%,                                
  6.000%, 5/16/11                           8,005NOK       1,337    2/15/39 (3)                                 300            259
  5.000%, 5/15/15                           4,485NOK         748  Crown Castle Towers LLC 144A 05-1A,                             
                                                                    B 4.878%, 6/15/35 (4)                       500            485
                                                                  First Horizon Asset Securities, Inc.                            
                                                                    05-AR1, 2A1 5.001%, 4/25/35 (3)             491            363

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 VIRTUS MULTI-SECTOR FIXED INCOME FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                         PAR VALUE       VALUE                                             PAR VALUE       VALUE  
                                       -------------  ----------                                         -------------  ----------
                                                                                                                                  
NON-AGENCY--(CONTINUED)                                           Dunkin Securitization 06-1, M1 144A                             
                                                                    8.285%, 6/20/31 (4)                  $      690     $      575
GE Capital Commercial Mortgage Corp.                              FMAC Loan Receivables Trust 98-CA,                              
  03-C1, C 4.975%, 1/10/38 (3)         $      245     $      210    A2 144A 6.660%, 9/15/20 (4)                 126             94
GMAC Commercial Mortgage Securities,                              IndyMac Manufactured Housing Contract                           
  Inc. 04-C2, A3 5.134%, 8/10/38              450            411    98-1, A3 6.370%, 9/25/28                    596            410
Greenwich Capital Commercial Funding                              ----------------------------------------------------  ----------
  Corp. 04-GG1, A7 5.317%,                                        TOTAL ASSET-BACKED SECURITIES                                   
  6/10/36 (3)                                 550            509  (IDENTIFIED COST $4,089)                                   3,288
GS Mortgage Securities Corp. II                                   ----------------------------------------------------  ----------
  07-GG10, A4 5.805%, 8/10/45 (3)             650            493  CORPORATE BONDS--51.8%                                          
JPMorgan Chase Commercial Mortgage                                                                                                
  Securities Corp.                                                CONSUMER DISCRETIONARY--6.0%                                    
  06-LDP7, A4 6.065%, 4/15/45(3)            1,000            851                                                                  
  06-LDP9, A3 5.336%, 5/15/47                 700            538  Ameristar Casinos, Inc. 144A 9.250%,                            
  07-LD12, A4 5.882%, 2/15/51(3)              550            413    6/1/14(4)                                    60             61
Lehman Brothers - UBS Commercial                                  AutoZone, Inc. 5.750%, 1/15/15                350            349
  Mortgage Trust                                                  Best Buy Co., Inc. 6.750%, 7/15/13            385            399
  144A 07-C2, H 5.991%, 2/15/40(3)(4)         850             80  Brunswick Corp. 11.750%, 8/15/13              600            447
  05-C3, AM 4.794%, 7/15/40                   350            237  Comcast Cable Holdings LLC 7.875%,                              
  07-C7, A3 5.866%, 9/15/45(3)                600            461    8/1/13                                      500            569
Merrill Lynch-Countrywide Commercial                              COX Communications, Inc.                                        
  Mortgage Trust 06-4, A3 5.172%,                                   5.450%, 12/15/14                            375            373
  12/12/49 (3)                                650            475    144A 8.375%, 3/1/39(4)                      350            391
Morgan Stanley Capital I                                          DigitalGlobe, Inc. 144A 10.500%,                                
  05-HQ5, A3 5.007%, 1/14/42                  200            186    5/1/14(4)                                    65             66
  06-IQ12, A4 5.332%, 12/15/43                700            525  Echostar DBS Corp. 6.625%, 10/1/14            600            555
Residential Accredit Loans, Inc.                                  Ford Motor Credit Co. LLC 8.000%,                               
  02-QS12, B1 6.250%, 9/25/32                 357            106    6/1/14                                      400            324
Timberstar Trust 06-1A, C 144A                                    Hasbro, Inc. 6.300%, 9/15/17                  275            268
  5.884%, 10/15/36 (4)                      1,000            790  International Game Technology 7.500%,                           
Wachovia Bank Commercial Mortgage                                   6/15/19                                     165            167
  Trust                                                           Landry's Restaurant, Inc. 144A                                  
  07-C30, A5 5.342%, 12/15/43                 410            271    14.000%, 8/15/11 (4)                        380            363
  07-C33, A4 5.902%, 2/15/51(3)               550            407  Limited Brands, Inc. 144A 8.500%,                               
                                                      ----------    6/15/19(4)                                  450            432
                                                          12,221  MGM MIRAGE 144A 11.125%, 11/15/17(4)          225            240
----------------------------------------------------  ----------  Mobile Mini, Inc. 6.875%, 5/1/15              250            209
TOTAL MORTGAGE-BACKED SECURITIES                                  Pokagon Gaming Authority 144A                                   
(IDENTIFIED COST $20,208)                                 18,438    10.375%, 6/15/14 (4)                        117            115
----------------------------------------------------  ----------  River Rock Entertainment Authority                              
ASSET-BACKED SECURITIES--2.3%                                       (The) 9.750%, 11/1/11                       250            189
                                                                  Royal Caribbean Cruises Ltd.                                    
Bombardier Capital Mortgage                                         6.875%, 12/1/13                           1,250          1,050
  Securitization Corp. 99-A, A3                                     11.875%, 7/15/15                             25             24
  5.980%, 1/15/18 (3)                         811            497  Scientific Games Corp. 144A 7.875%,                             
Carmax Auto Owner Trust 07-2,                                       6/15/16 (4)                                  55             53
  B 5.370%, 3/15/13                           350            298  Scientific Games International, Inc.                            
Conseco Finance Securitizations Corp.                               144A 9.250%, 6/15/19 (4)                    170            171
  01-3, A4 6.910%, 5/1/33 (3)                 760            597  Seminole Hard Rock Entertainment,                               
Daimler Chrysler Auto Trust 07-A,                                   Inc./Seminole Hard Rock                                       
  A4 5.280%, 3/8/13                           840            817    International LLC 144A 3.129%,                                
                                                                    3/15/14 (3)(4)                               75             52
                                                                  Seneca Gaming Corp. Series B 7.250%,                            
                                                                    5/1/12                                       19             17
                                                                  Staples, Inc. 9.750%, 1/15/14                 110            123

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 VIRTUS MULTI-SECTOR FIXED INCOME FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                         PAR VALUE       VALUE                                            PAR VALUE       VALUE  
                                       -------------  ----------                                        -------------  ----------
                                                                                                                                 
CONSUMER DISCRETIONARY--(CONTINUED)                               ENERGY--(CONTINUED)                                            
                                                                  Petropower I Funding Trust 144A                                
Station Casinos, Inc. 6.875%,                                       7.360%, 2/15/14 (4)                 $      555     $      553
  3/1/16(2)(9)                         $      750     $       23  Plains Exploration & Production Co.                            
Time Warner Cable, Inc. 6.750%,                                     7.750%, 6/15/15                            400            376
  7/1/18                                      350            365  Pride International, Inc. 8.500%,                              
Time Warner, Inc. 6.875%, 5/1/12              370            396    6/15/19                                    330            328
Viacom, Inc. 6.250%, 4/30/16                  375            370  Smith International, Inc. 9.750%,                              
Videotron Ltee                                                      3/15/19                                    200            231
  6.375%, 12/15/15                            180            162  Swift Energy Co. 7.625%, 7/15/11             500            470
  9.125%, 4/15/18                              82             84  TengizChevroil Finance Co. S.A.R.L.                            
                                                      ----------    144A 6.124%, 11/15/14 (4)                  786            711
                                                           8,407  Tesoro Corp. 6.500%, 6/1/17                  480            413
                                                      ----------  Weatherford International Ltd.                                 
CONSUMER STAPLES--2.4%                                              9.625%, 3/1/19                             318            375
Bunge Limited Finance Corp. 8.500%,                               Western Refining, Inc. 144A 11.250%,                           
  6/15/19                                     250            262    6/15/17(4)                                 600            535
Constellation Brands, Inc. 8.375%,                                                                                     ----------
  12/15/14                                    165            166                                                           10,091
Georgia-Pacific LLC 144A 7.125%,                                                                                       ----------
  1/15/17 (4)                                 875            818                                                                 
Reynolds American, Inc.                                           FINANCIALS--16.8%                                              
  7.300%, 7/15/15                             500            501                                                                 
  7.625%, 6/1/16                              375            377  ABH Financial Ltd. (Alfa Markets                               
UST, Inc. 5.750%, 3/1/18                      500            457    Ltd.) 144A 8.200%, 6/25/12 (4)             150            136
Yankee Acquisition Corp.                                          Aflac, Inc. 8.500%, 5/15/19                  150            161
  Series B 8.500%, 2/15/15                    400            339  Alfa Invest Ltd. 144A 9.250%,                                  
  Series B 9.750%, 2/15/17                    535            420    6/24/13 (4)                                350            312
                                                      ----------  Allstate Corp. 6.125%, 5/15/37(3)            680            507
                                                           3,340  American Express Credit Corp. Series                           
                                                      ----------    C 7.300%, 8/20/13                          450            468
                                                                  Assurant, Inc. 5.625%, 2/15/14               345            308
ENERGY--7.1%                                                      Atlantic Finance Ltd. 144A 8.750%,                             
Anadarko Petroleum Corp. 8.700%,                                    5/27/14(4)                                 450            441
  3/15/19                                     500            561  Banco Nacional de Desenvolvimento                              
Buckeye Partners LP 6.050%, 1/15/18           225            205    Economico e Social 144A 6.500%,                              
Canadian National Resources Ltd.                                    6/10/19(4)                                 600            604
  5.900%, 2/1/18                              300            307  Bank of America Corp.                                          
Denbury Resources, Inc. 7.500%,                                     5.420%, 3/15/17                            700            582
  12/15/15                                    510            487    Series K 8.000%, 12/29/49(3)               375            314
Gaz Capital SA 144A 8.146%,                                       Barclays Bank plc 6.750%, 5/22/19            330            328
  4/11/18 (4)                                 100             91  Bear Stearns Cos., Inc. LLC (The)                              
Gazprom International SA 144A 7.201%,                               7.250%, 2/1/18                             700            739
  2/1/20 (4)                                  751            710  China Properties Group Ltd. 144A                               
Gazprom OAO (Gaz Capital SA) 144A                                   9.125%, 5/4/14 (4)                         500            337
  6.212%, 11/22/16(4)                         935            785  Chubb Corp. 6.375%, 3/29/67(3)               680            545
  6.510%, 3/7/22(4)                           315            238  Citigroup, Inc.                                                
Helix Energy Solutions Group, Inc.                                  5.000%, 9/15/14                            365            306
  144A 9.500%, 1/15/16 (4)                    200            183    4.875%, 5/7/15                           1,100            900
KazMunaiGaz Finance Sub BV 144A                                   Deutsche Bank Financial LLC 5.375%,                            
  9.125%, 7/2/18 (4)                          400            359    3/2/15                                     165            160
Kinder Morgan Energy Partners LP                                  Export-Import Bank of Korea 8.125%,                            
  6.850%, 2/15/20                             230            236    1/21/14                                    180            197
Kinder Morgan Finance Co. ULC 5.700%,                             First Tennessee Bank N.A. 1.046%,                              
  1/5/16                                      400            345    2/14/11(3)                                 325            299
Noble Energy, Inc. 8.250%, 3/1/19             450            513  Ford Motor Credit Co. LLC                                      
Petro-Canada 6.050%, 5/15/18                  140            140    7.875%, 6/15/10                            385            366
PetroHawk Energy Corp. 144A 10.500%,                                8.625%, 11/1/10                            395            371
  8/1/14 (4)                                  475            488                                                                 
Petroleos de Venezuela S.A. 5.250%,                                                                                              
  4/12/17                                     950            451                                                                 

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 VIRTUS MULTI-SECTOR FIXED INCOME FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                         PAR VALUE       VALUE                                             PAR VALUE      VALUE   
                                       -------------  ----------                                         -------------  ----------
                                                                                                                                  
FINANCIALS--(CONTINUED)                                           FINANCIALS--(CONTINUED)                                         
  9.875%, 8/10/11                      $      345     $      319                                                                  
Glencore Funding LLC 144A                                         Russian Agricultural Bank OJSC                                  
  6.000%, 4/15/14 (4)                       1,000            827    (RSHB Capital SA) 144A                                        
GMAC, Inc. 144A                                                     9.000%, 6/11/14(4)                   $      100     $      102
  7.250%, 3/2/11(4)                           633            586    6.299%, 5/15/17(4)                          380            329
  6.875%, 9/15/11(4)                          253            224  SLM Corp.                                                       
  6.000%, 12/15/11(4)                         633            548    5.450%, 4/25/11                             300            276
Goldman Sachs Group, Inc. (The)                                     8.450%, 6/15/18                             500            428
  5.950%, 1/18/18                             300            291  Sovereign Bank 8.750%, 5/30/18                400            394
  7.500%, 2/15/19                             365            392  TNK-BP Finance SA 144A                                          
HBOs plc 144A 6.750%, 5/21/18(4)              115             87    7.500%, 3/13/13(4)                          325            301
Health Care REIT, Inc.                                            UOB Cayman Ltd. 144A                                            
  5.875%, 5/15/15                           1,000            873    5.796%, 12/29/49(3)(4)                      500            386
Hertz Corp. (The)                                                 Wachovia Bank NA 5.000%, 8/15/15              250            236
  8.875%, 1/1/14                              350            324  Woori Bank 144A                                                 
  10.500%, 1/1/16                             100             90    6.125%, 5/3/16 (3)(4)                     1,000            921
Host Hotels & Resorts LP 144A                                     XL Capital Ltd. 5.250%, 9/15/14               350            294
  9.000%, 5/15/17(4)                          125            120                                                        ----------
ICICI Bank Ltd. 144A                                                                                                        23,815
  6.375%, 4/30/22(3)(4)                       375            293                                                        ----------
Janus Capital Group, Inc.                                                                                                         
  6.500%, 6/15/12                             375            347  HEALTH CARE--1.6%                                               
JPMorgan Chase & Co.                                                                                                              
  6.300%, 4/23/19                             525            529  Express Scripts, Inc. 6.250%, 6/15/14         150            159
  Series 1, 7.900%, 12/31/49(3)               247            217  Fisher Scientific International, Inc.                           
Kazkommerts International BV RegS                                   6.750%, 8/15/14                             600            617
  8.000%, 11/3/15(5)                          250            159  HCA, Inc. 144A 8.500%, 4/15/19 (4)             85             84
Kookmin Bank 144A 7.250%, 5/14/14(4)          300            310  Psychiatric Solutions, Inc.                                     
Korea Development Bank                                              7.750%, 7/15/15                             375            345
  5.300%, 1/17/13                             187            185  Quest Diagnostics, Inc.                                         
Lincoln National Corp. 8.750%, 7/1/19         300            303    6.400%, 7/1/17                              450            460
Merrill Lynch & Co., Inc.                                         U.S. Oncology, Inc. 144A                                        
  6.110%, 1/29/37                             500            387    9.125%, 8/15/17(4)                          300            299
MetLife, Inc. 6.750%, 6/1/16                   72             73  Valeant Pharmaceuticals International                           
Metropolitan Life Global Funding I                                  144A 8.375%, 6/15/16(4)                      35             35
  144A 5.125%, 6/10/14(4)                     100             99  Viant Holdings, Inc.                                            
Morgan Stanley                                                      144A 10.125%, 7/15/17 (4)                   295            233
  6.000%, 5/13/14                             165            167                                                        ----------
  144A 10.090%, 5/3/17(4)                   1,000BRL         413                                                             2,232
Northern Trust Co. (The)                                                                                                ----------
  6.500%, 8/15/18                             350            381                                                                  
OJSC AK Transneft                                                 INDUSTRIALS--5.1%                                               
  (TransCapitalInvest Ltd.) 144A                                                                                                  
  5.670%, 3/5/14 (4)                          390            336  American Airlines, Inc. 01-1,                                   
Petroplus Finance Ltd. 144A                                         6.977%, 5/23/21                           1,372            830
  6.750%, 5/1/14 (4)                          375            324  Continental Airlines, Inc.                                      
PNC Financial Services Group, Inc.                                  98-1A, 6.648%, 3/15/19                      387            317
  8.250%, 5/29/49(3)                          350            294  Delta Air Lines, Inc. 00-A1,                                    
PNC Funding Corp. 5.625%, 2/1/17              300            278    7.379%, 11/18/11                            257            251
Principal Financial Group, Inc.                                   DRS Technologies, Inc. 6.625%, 2/1/16         500            487
  8.875%, 5/15/19                             850            894  Equifax, Inc. 6.300%, 7/1/17                1,000            979
ProLogis 6.625%, 5/15/18                      185            146  Esco Corp. 144A 8.625%, 12/15/13(4)           600            522
Realty Income Corp. 6.750%, 8/15/19           425            384  General Cable Corp. 7.125%, 4/1/17            500            456
Resona Bank Ltd. 144A                                             Ingersoll-Rand Global Holdings Co.                              
  5.850%, 9/29/49 (3)(4)                      750            567    Ltd. 9.500%, 4/15/14                        190            208
                                                                  L-3 Communications Corp.                                        
                                                                    7.625%, 6/15/12                             200            201
                                                                    Series B 6.375%, 10/15/15                   250            228
                                                                  Malaysia International Shipping Corp.                           
                                                                    Capital Ltd. 144A 6.125%,                                     
                                                                    7/1/14(4)                                   750            767

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 VIRTUS MULTI-SECTOR FIXED INCOME FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                        PAR VALUE       VALUE                                             PAR VALUE      VALUE   
                                      -------------  ----------                                         -------------  ----------
                                                                                                                                 
INDUSTRIALS--(CONTINUED)                                         MATERIALS--(CONTINUED)                                          
                                                                   8.125%, 7/15/18                      $      650     $      627
Moog, Inc. 7.250%, 6/15/18            $      100     $       94  Domtar Corp.                                                    
Owens Corning, Inc. 6.500%, 12/1/16          595            522    5.375%, 12/1/13                             388            324
RSC Equipment Rental, Inc. 144A                                    7.125%, 8/15/15                             322            270
  10.000%, 7/15/17(4)                         78             76  Dow Chemical Co. (The)                                          
Smiths Group plc 144A                                              8.550%, 5/15/19                             450            452
  7.200%, 5/15/19(4)                         150            145  Freeport-McMoRan Copper & Gold, Inc.                            
Terex Corp. 7.375%, 1/15/14                  145            133    6.875%, 2/1/14                              320            328
Toledo Edison Co. (The)                                          Ineos Group Holdings plc 144A                                   
  7.250%, 5/1/20                             130            145    8.500%, 2/15/16(4)                          500            158
United Airlines, Inc.                                            International Paper Co.                                         
  00-2A, 7.032%, 10/1/10                     262            257    9.375%, 5/15/19                             508            519
  01-A1, 6.071%, 3/1/13                       26             26  Nalco Co. 8.875%, 11/15/13                    180            184
United Rentals North America, Inc.                               Norske Skog Canada Ltd.                                         
  6.500%, 2/15/12                            440            429    7.375%, 3/1/14                              750            322
  144A 10.875%, 6/15/16(4)                   198            191  Nova Chemicals Corp.                                            
                                                     ----------    4.538%, 11/15/13(3)                       1,125            937
                                                          7,264  Plastipak Holdings, Inc. 144A                                   
                                                     ----------    8.500%, 12/15/15(4)                         500            451
                                                                 Steel Dynamics, Inc. 7.375%, 11/1/12          225            214
INFORMATION TECHNOLOGY--2.5%                                     Vedanta Resources plc 144A                                      
                                                                   9.500%, 7/18/18(4)                          375            315
Broadridge Financial Solutions, Inc.                             Verso Paper Holdings LLC / Verso                                
  6.125%, 6/1/17                             525            443    Paper, Inc. 144A 11.500%, 7/1/14(4)         300            276
Corning, Inc. 6.625%, 5/15/19                 77             79    Series B 11.375%, 8/1/16                    750            214
Intuit, Inc. 5.750%, 3/15/17                 265            252                                                        ----------
Jabil Circuit, Inc. 8.250%, 3/15/18          600            543                                                             7,594
National Semiconductor Corp.                                                                                           ----------
  6.600%, 6/15/17                            400            351                                                                  
Seagate Technology HDD Holdings, Inc.                            TELECOMMUNICATION SERVICES--3.4%                                
  6.375%, 10/1/11                            280            269                                                                  
SunGard Data Systems, Inc.                                       AT&T, Inc. 5.800%, 2/15/19                    475            483
  9.125%, 8/15/13                            574            545  Cricket Communications, Inc. 144A                               
Tyco Electronic Group SA                                           7.750%, 5/15/16(4)                          150            145
  6.000%, 10/1/12                            125            123  Nextel Communications, Inc.                                     
Western Union Co. (The)                                            Series E 6.875%, 10/31/13                   175            146
  5.930%, 10/1/16                            560            566    Series D 7.375%, 8/1/15                     650            522
Xerox Corp.                                                      OJSC Vimpel Communications 144A                                 
  8.250%, 5/15/14                             56             58    (UBS Luxembourg SA)                                           
  6.750%, 2/1/17                             350            319    8.375%, 10/22/11(4)                         500            491
                                                     ----------  Qwest Corp.                                                     
                                                          3,548    144A 8.375%, 5/1/16(4)                      200            194
                                                     ----------    6.500%, 6/1/17                              215            190
                                                                 Rogers Wireless Communications, Inc.                            
MATERIALS--5.4%                                                    6.375%, 3/1/14                              575            617
                                                                 Telecom Italia Capital SA                                       
Agrium, Inc. 6.750%, 1/15/19                 320            317    6.999%, 6/4/18                              350            355
Allegheny Technologies, Inc.                                       7.175%, 6/18/19                             500            508
  9.375%, 6/1/19                             590            626  Virgin Media Finance plc Series 1,                              
Anglo American Capital plc 144A                                    9.500%, 8/15/16                             100             99
  9.375%, 4/8/19(4)                          120            130  Vodafone Group plc 6.150%, 2/27/37            375            370
ArcelorMittal                                                    Windstream Corp.                                                
  9.000%, 2/15/15                            150            158    8.625%, 8/1/16                              500            481
  6.125%, 6/1/18                             280            237                                                                  
Building Materials Corp. of America                                                                                              
  7.750%, 8/1/14                             390            349                                                                  
CRH America, Inc.                                                                                                                
  5.300%, 10/15/13                           200            186                                                                  

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 VIRTUS MULTI-SECTOR FIXED INCOME FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                         PAR VALUE       VALUE                                            PAR VALUE      VALUE   
                                       -------------  ----------                                        -------------  ----------
                                                                                                                                 
TELECOMMUNICATION SERVICES--                                      CONSUMER DISCRETIONARY--(CONTINUED)                            
  (CONTINUED)                                                                                                                    
  7.000%, 3/15/19                      $      250     $      219  Isle of Capri Casinos                                          
                                                      ----------    Tranche B, 2.069%, 11/25/13         $       75     $       69
                                                           4,820    Tranche A, 2.970%, 11/25/13                 66             61
                                                      ----------    Tranche 2.970%, 11/25/13                   187            172
                                                                  Lamar Media Corp. Tranche F,                                   
UTILITIES--1.5%                                                     5.500%, 3/31/14                            125            124
Allegheny Energy Supply Co. LLC 144A                              Landry's Restaurant, Inc. Tranche                              
  8.250%, 4/15/12(4)                          145            151    9.500%, 5/13/11                            200            199
AmeriGas Partners LP 7.250%, 5/20/15          500            471  Mark IV Industries, Inc.                                       
Israel Electric Corp. Ltd. 144A                                     Tranche B, 7.112%, 5/4/10                  555            139
  7.250%, 1/15/19 (4)                         200            198    Tranche 9.921%, 12/19/11                   173              4
Majapahit Holding BV 144A                                         Neiman-Marcus Group, Inc. (The)                                
  7.250%, 6/28/17 (4)                         725            620    Tranche 2.626%, 4/6/13                   1,213            930
Midwest Generation LLC Series B                                   Nielsen Finance LLC/ Nielsen Finance                           
  8.560%, 1/2/16                              121            119    Co. Tranche T-B, 2.382%, 5/1/16            622            563
Northeast Utilities 5.650%, 6/1/13            270            272  PTI Group, Inc. Tranche                                        
Sempra Energy 6.500%, 6/1/16                  155            162    9.250%, 2/28/13                            160            131
Texas Competitive Electric Holdings                               Totes Isotoner Corp. Tranche                                   
  Co. LLC Series A, 10.250%, 11/1/15          200            125    7.554%, 1/16/14                            500             94
                                                      ----------  Transaction Network Services, Inc.                             
                                                           2,118    Tranche 9.500%, 3/28/14                    506            508
----------------------------------------------------  ----------  Univision Communications, Inc.                                 
TOTAL CORPORATE BONDS                                               Tranche T-1, 0.000%, 9/29/14               825            616
(IDENTIFIED COST $79,089)                                 73,229  VRW Funding, Inc. Tranche T-1,                                 
----------------------------------------------------  ----------    2.819%, 6/29/14                            315            283
CONVERTIBLE BONDS--0.3%                                                                                                ----------
                                                                                                                            7,083
HEALTH CARE--0.2%                                                                                                      ----------
Par Pharmaceutical Cos., Inc. Cv.                                                                                                
  2.875%, 9/30/10                             300            288  CONSUMER STAPLES--0.1%                                         
                                                      ----------  Wrigley (WM) Jr. Co. Tranche B,                                
                                                                    6.500%, 10/6/14                            190            191
MATERIALS--0.1%                                                                                                        ----------
Vale Capital Ltd. Series RIO Cv.                                                                                                 
  5.500%, 6/15/10                               4            147  ENERGY--0.5%                                                   
----------------------------------------------------  ----------  ATP Oil & Gas Corp.                                            
TOTAL CONVERTIBLE BONDS                                             Tranche B-2, 8.500%, 1/15/11               144            109
(IDENTIFIED COST $483)                                       435    Tranche B-1, 8.500%, 7/15/14               542            411
----------------------------------------------------  ----------  Western Refining, Inc. Tranche                                 
LOAN AGREEMENTS(3)--14.2%                                           8.250%, 5/30/14                            148            142
                                                                                                                       ----------
CONSUMER DISCRETIONARY--5.0%                                                                                                  662
AMF Bowling Worldwide, Inc.                                                                                            ----------
  Tranche B, 3.172%, 5/17/13                  512            343                                                                 
Cengage Learning Acquisitions, Inc.                               FINANCIALS--0.3%                                               
  Tranche, 0.000%, 7/5/14                     700            592  Hertz Corp.                                                    
Ceridian Corp. Tranche                                              Tranche B, 2.083%, 12/21/12                234            215
  3.447%, 11/8/14                             500            385    Letter of Credit, 2.977%, 12/21/12          50             46
Charter Communications Operating LLC                              Vanguard Health Holdings Co., II LLC                           
  Tranche B, 5.505%, 3/6/14                   733            663    Tranche, 0.000%, 9/23/11                   175            168
Ford Motor Co. Tranche B,                                                                                              ----------
  3.320%, 12/16/13                            367            268                                                              429
Getty Images, Inc. Tranche B,                                                                                          ----------
  8.053%, 6/30/15                             476            473                                                                 
Harrah's Operating Co., Inc.                                      HEALTH CARE--1.4%                                              
  Tranche B-2, 3.765%, 1/28/15                376            276  Bausch & Lomb, Inc.                                            
HBI Branded Apparel Ltd., Inc.                                      Tranche, 3.354%, 4/26/15                   100             92
  Tranche 4.876%, 3/5/14                      200            190                                                                 

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 VIRTUS MULTI-SECTOR FIXED INCOME FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                      PAR VALUE       VALUE                                              PAR VALUE      VALUE   
                                    -------------  ----------                                          -------------  ----------
                                                                                                                                
HEALTH CARE--(CONTINUED)                                       MATERIALS--(CONTINUED)                                           

  Tranche B, 4.470%, 4/26/15        $      394     $      363  Boise Paper Holdings LLC Tranche                                 
HCA, Inc.                                                        9.250%, 2/22/15                       $      668     $      466
  Tranche A-1, 3.220%, 11/18/12             93             85  Building Materials Corp. of America                              
  Tranche B-1, 3.589%, 11/18/13            365            331    Tranche B 0.000%, 9/15/14                    360            292
Health Management Associates, Inc.                             JohnsonDiversey, Inc. Tranche B,                                 
  Tranche B, 2.970%, 2/28/14               183            162    4.791%, 12/16/11                             118            115
HealthSouth Corp. Tranche                                      Nalco Co. Tranche T-L 6.500%, 5/13/16          120            120
  2.585%, 3/10/13                          509            477  NewPage Corp. Tranche,                                           
Psychiatric Solutions, Inc.                                      4.725%, 12/21/14                             416            361
  Tranche A, 2.228%, 7/1/12                174            162  Solutia, Inc. Tranche 7.250%, 2/28/14          400            372
Select Medical Corp. Tranche B                                                                                        ----------
  3.750%, 2/24/12                          275            261                                                              2,698
                                                   ----------                                                         ----------
                                                        1,933                                                                   
                                                   ----------  TELECOMMUNICATION SERVICES--1.6%                                 
                                                               Level 3 Communications, Inc.                                     
INDUSTRIALS--0.5%                                                Tranche A, 2.980%, 3/13/14                   525            437
ARAMARK Corp.                                                    Tranche B, 11.500%, 3/13/14                  130            134
  Letter of Credit 2.336%, 1/26/14          10              9  MetroPCS Wireless, Inc. Tranche B,                               
  Tranche T-2, 3.095%, 1/26/14             158            146    2.922%, 11/3/13                              563            536
Harland Clarke Holdings Corp.                                  NTELOS, Inc. Tranche B-1,                                        
  Tranche B, 3.452%, 6/30/14               109             85    2.727%, 8/24/11                              451            441
ServiceMaster Co. (The)                                        Time Warner Telecom Holdings, Inc.                               
  Tranche B, 0.000%, 7/24/14               455            366    Tranche B, 2.423%, 1/7/13                    737            699
  Tranche T-1 0.000%, 7/24/14               45             36                                                         ----------
TransDigm, Inc. Tranche                                                                                                    2,247
  3.227%, 6/23/13                          118            112                                                         ----------
                                                   ----------                                                                   
                                                          754  UTILITIES--1.1%                                                  
                                                   ----------  Calpine Corp. Tranche T-1,                                       
                                                                 4.095%, 3/29/14                              348            309
INFORMATION TECHNOLOGY--1.8%                                   NRG Energy, Inc.                                                 
CommScope, Inc. Tranche B,                                       Tranche B, 2.110%, 2/1/13                    268            254
  3.408%, 12/27/14                         425            408    Letter of Credit 2.970%, 2/1/13              699            659
Dresser, Inc.                                                  Texas Competitive Electric Holdings                              
  Tranche B, 3.104%, 5/4/14                180            164    Co. LLC                                                        
  PIK Loan, 0.000%, 5/4/15                 564            400    Tranche B-2, 3.906%, 10/10/14                260            187
First Data Corp.                                                 Tranche B-3, 3.906%, 10/10/14                138             99
  Tranche B-3, 3.173%, 9/24/14             631            473                                                         ----------
  Tranche B-1, 3.193%, 9/24/14             396            298                                                              1,508
Freescale Semiconductor, Inc.                                  -----------------------------------------------------  ----------
  Tranche 2.225%, 12/1/13                  345            253  TOTAL LOAN AGREEMENTS                                            
Reynolds & Reynolds Co. (The)                                  (IDENTIFIED COST $21,989)                                  20,106
  Tranche F-L, 2.422%, 10/24/12            720            605  -----------------------------------------------------  ----------
                                                   ----------                                                                   
                                                        2,601                                              SHARES       VALUE   
                                                   ----------                                          -------------  ----------
                                                               PREFERRED STOCK--0.1%                                            
MATERIALS--1.9%                                                                                                                 
Anchor Glass Container Corp.                                   FINANCIALS--0.1%                                                 
  Tranche B, 6.750%, 6/20/14               316            306  FNMA  Pfd. 8.250%                           38,000             49
Ashland, Inc. Tranche B,                                       Preferred Blocker, Inc. (GMAC) Pfd.                              
  7.650%, 5/13/14                          113            114    144A 7.000%(4)                               321            138
Berry Plastics Group, Inc.                                     -----------------------------------------------------  ----------
  Tranche C, 2.319%, 4/3/15                649            552  TOTAL PREFERRED STOCK                                            
                                                               (IDENTIFIED COST $757)                                        187
                                                               -----------------------------------------------------  ----------

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 VIRTUS MULTI-SECTOR FIXED INCOME FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                                [Download Table]

                                           SHARES        VALUE     
                                       -------------  ----------   
                                                                   
COMMON STOCKS--0.0%                                                

TELECOMMUNICATION SERVICES--0.0%                                   
AT&T Latin America Corp.                                           
  Class A(2)(6)(8)                        137,550     $        0   
-------------------------------------------------     ----------   
TOTAL COMMON STOCKS                                                
(IDENTIFIED COST $605)                                         0   
-------------------------------------------------     ----------   
SHORT-TERM INVESTMENTS--1.3%                                       

MONEY MARKET MUTUAL FUNDS--1.3%                                    
State Street Institutional Liquid                                  
  Reserves Fund Institutional Shares                               
  (seven-day effective yield 0.420%)    1,877,730          1,878   
-------------------------------------------------     ----------   
TOTAL SHORT-TERM INVESTMENTS                                       
(IDENTIFIED COST $1,878)                                   1,878   
-------------------------------------------------     ----------   
TOTAL LONG TERM INVESTMENTS--99.4%                                 
(IDENTIFIED COST $152,091)                               140,597   
-------------------------------------------------     ----------   
TOTAL INVESTMENTS--99.4%                                           
(IDENTIFIED COST $152,091)                               140,597(1)
Other Assets and Liabilities--0.6%                           839   
                                                      ----------   
NET ASSETS--100.0%                                    $  141,436   
                                                      ==========   

ABBREVIATIONS:                                                                  

FNMA   Fannie Mae or Federal National Mortgage Association                      
PIK    Payment-in-Kind Security                                                 
REIT   Real Estate Investment Trust                                             

FOREIGN CURRENCIES:                                                             

AUD    Australian Dollar                                                        
BRL    Brazil Real                                                              
CND    Canadian Dollar                                                          
COP    Colombian Peso                                                           
EUR    European Currency Unit                                                   
IDR    Indonesian Rupiah                                                        
KRW    Korean Won                                                               
NOK    Norwegian Krone                                                          
NZD    New Zealand Dollar                                                       
SEK    Swedish Krona                                                            
TRL    Turkish Lira                                                             

Refer to Footnote Legend

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 VIRTUS MULTI-SECTOR FIXED INCOME FUND
SCHEDULE OF INVESTMENTS 
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                                [Download Table]

COUNTRY WEIGHTINGS as of 6/30/09* +                                             
---------------------------------------------------------------------   --------
                                                                                
United States                                                                73%
Canada                                                                        3 
Australia                                                                     2 
Brazil                                                                        2 
New Zealand                                                                   2 
Russia                                                                        2 
South Korea                                                                   2 
Other                                                                        14 
---------------------------------------------------------------------   --------
Total                                                                       100%
---------------------------------------------------------------------   --------

* FOREIGN SECURITY COUNTRY DETERMINATION:                                       

A combination of the following criteria is used to assign the countries of risk 
listed in the table shown above. Country of incorporation, actual building      
address, primary exchange on which security is traded and country in which the  
greatest percentage of company revenue is generated.                            

+ % of total investments as of June 30, 2009                                    

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Disclosure as required under SFAS 157 and FSP 157-4                             

The following table provides a summary of inputs used to value the Fund's net   
assets as of June 30, 2009 (See Security Valuation Note 1A in the Notes to      
Schedules of Investments):                                                      

                                                        [Enlarge/Download Table]

-----------------------------------------------------------------------------------------------   
                                         TOTAL VALUE                   LEVEL 2        LEVEL 3     
                                              AT         LEVEL 1    SIGNIFICANT     SIGNIFICANT   
                                           JUNE 30,      QUOTED      OBSERVABLE    UNOBSERVABLE   
INVESTMENTS IN SECURITIES:                  2009         PRICES        INPUTS         INPUTS      
-----------------------------------------------------------------------------------------------   
                                                                                                  
Debt Securities:                                                                                  
  U.S. Government Securities             $       446   $       --   $        446   $         --   
  Municipal Securities                         1,242           --          1,242             --   
  Mortgage-Backed Securities                  18,438           --         16,965          1,473   
  Asset-Backed Securities                      3,288           --          3,194             94   
  Foreign Government Securities               21,348           --         21,348             --   
  Corporate Debt Securities                   73,664           --         73,353            311   
  Loan Agreements                             20,106           --         19,975            131   

Equity Securities:                                                                                
  Common Stock                                    --(1)        --             --             --(1)
  Preferred Stock                                187          187             --             --   
  Short-Term Investments                       1,878        1,878             --             --   
TOTAL INVESTMENTS                         $  140,597   $    2,065    $   136,523   $      2,009   
-----------------------------------------------------------------------------------------------   

(1)  Amount is less than $500.                                                  

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE SCHEDULES OF INVESTMENTS.

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($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                                       Mortgage-      Asset-        Corporate                          
                                                        Backed        Backed          Debt          Loan      Common   
INVESTMENTS IN SECURITIES                  TOTAL      Securities    Securities     Securities    Agreements    Stock   
--------------------------------------  -----------   ----------   ------------   ------------   ----------   ------   
                                                                                                                       
BALANCE AS OF SEPTEMBER 30, 2008:       $     4,005   $    2,210   $        153   $      1,500   $      142   $   --(2)
Accrued Discount/(Premium)                       79           71              4             --            4       --   
Realized Gain (Loss)                         (1,345)      (1,139)           (80)            --           --     (126)  
Change in Unrealized Appreciation                                                                                      
  (Depreciation)                                908          587             59            151          (15)     126   
Net Purchases/(Sales)                          (653)        (256)           (42)          (355)          --       --   
Transfers In and/or Out of Level 3(1)          (985)          --             --           (985)          --       --   
                                        -----------   ----------   ------------   ------------   ----------   ------   
BALANCE AS OF JUNE 30, 2009             $     2,009   $    1,473   $         94   $        311   $      131   $   --(2)
                                        ===========   ==========   ===========================   ==========   ======   

(1)  "Transfers in and/or out" represent the ending value as of June 30, 2009,  
  for any investment security where a change in the pricing level occurred
from the beginning to the end of the period.                          

(2)  Amount is less than $500.                                                  

Certain level 3 securities have been determined based on availability of only a 
single broker source, which may or may not be a principal market maker.         

Other level 3 securities are without an active market or market participants and
therefore are internally fair valued. These internally fair valued securities   
derive their valuation based on the review of inputs such as, but not limited   
to, similar securities, liquidity factors, capital structure, and credit        
analysis.                                                                       

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VIRTUS SENIOR FLOATING RATE FUND
 SCHEDULE OF INVESTMENTS
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                          PAR VALUE      VALUE                                              PAR VALUE      VALUE  
                                         -----------  ----------                                           -----------  ----------
                                                                                                                                  
CORPORATE BONDS--9.4%                                             CONSUMER DISCRETIONARY--(CONTINUED)                             
                                                                  Ceridian Corp. Tranche 3.447%, 11/8/14   $       850  $      654
CONSUMER DISCRETIONARY--0.5%                                      Charter Communications Operating LLC                            
Landry's Restaurant, Inc. 144A 14.000%,                             Tranche B, 6.250%, 3/6/14                      448         405
  8/15/11 (4)                            $       215  $      205  CSC Holdings, Inc. Tranche B, 3.020%,                           
MGM MIRAGE 144A 10.375%, 5/15/14(4)               47          49    3/30/13                                      1,115       1,051
                                                      ----------  Ford Motor Co. Tranche B, 5.000%,                               
                                                             254    12/16/13                                       556         405
                                                      ----------  Getty Images, Inc. Tranche B, 6.750%,                           
                                                                    6/30/15                                        623         619
CONSUMER STAPLES--0.5%                                            Hanesbrands, Inc. Tranche B, 6.455%,                            
Yankee Acquisition Corp. Series B                                   9/5/13                                       1,024       1,019
  8.500%, 2/15/15                                300         254  Harrah's Operating Co., Inc. Tranche                            
                                                      ----------    B-2, 3.765%, 1/28/15                           575         423
                                                                  HBI Branded Apparel Ltd., Inc. Tranche                          
ENERGY--1.2%                                                        5.509%, 3/5/14                                 150         143
Western Refining, Inc. 144A 10.750%,                              Intelstat Corp.                                                 
  6/15/14(3)(4)                                  650         595    Tranche B2-A, 5.184%, 1/3/14                   291         266
                                                      ----------    Tranche B2-B, 5.184%, 1/3/14                   291         265
                                                                    Tranche B2-C, 5.184%, 1/3/14                   291         265
HEALTH CARE--0.1%                                                 Isle of Capri Casinos                                           
HCA, Inc. 144A 8.500%, 4/15/19 (4)                65          64    Tranche 2.960%, 11/25/13                       398         366
                                                      ----------    Tranche B, 2.960%, 11/25/13                    159         146
                                                                    Tranche A, 2.970%, 11/25/13                    140         129
INDUSTRIALS--1.1%                                                 Landry's Restaurant, Inc. Tranche                               
Delta Air Lines, Inc. 00-A1, 7.379%,                                9.500%, 5/13/11                                945         941
  5/18/10                                        481         469  Neiman-Marcus Group, Inc. (The) Tranche                         
RSC Equipment Rental, Inc. 144A                                     2.625%, 4/6/13                               1,235         947
  10.000%, 7/15/17(4)                             94          92  Nielsen Finance LLC/ Nielsen Finance                            
                                                      ----------    Co. Tranche T-B, 2.391%, 5/1/16                948         858
                                                             561  PTI Group, Inc. Tranche 9.250%, 2/28/13           80          66
                                                      ----------  Transaction Network Services, Inc.                              
                                                                    Tranche 9.500%, 3/28/14                        669         671
MATERIALS--5.3%                                                   Univision Communications, Inc. Tranche                          
CRH America, Inc. 5.300%, 10/15/13             1,100       1,025    T-1, 3.260%, 9/29/14                           675         504
Nova Chemicals Corp. 4.538%,                                      VRW Funding, Inc. Tranche T-1, 2.819%,                          
  11/15/13(3)                                  1,235       1,028    6/29/14                                        250         225
Verso Paper Holdings LLC / Verso Paper,                                                                                 ----------
  Inc. 144A 11.500%, 7/1/14 (4)                  675         621                                                            11,074
                                                      ----------                                                        ----------
                                                           2,674                                                                  
                                                      ----------  CONSUMER STAPLES--3.2%                                          
                                                                  Wrigley (WM) Jr. Co. Tranche B, 6.500%,                         
TELECOMMUNICATION SERVICES--0.7%                                    10/16/14                                     1,109       1,115
Cricket Communications, Inc. 144A                                 Yankee Candle Co., Inc. Tranche B,                              
  7.750%, 5/15/16(4)                             215         208    2.573%, 2/6/14                                 554         498
Virgin Media Finance plc Series 1,                                                                                      ----------
  9.500%, 8/15/16                                130         129                                                             1,613
                                                      ----------                                                        ----------
                                                             337                                                                  
----------------------------------------------------  ----------  ENERGY--4.1%                                                    
TOTAL CORPORATE BONDS                                             ATP Oil & Gas Corp.                                             
(IDENTIFIED COST $4,542)                                   4,739    Tranche B-2, 8.500%, 1/15/11                   190         144
----------------------------------------------------  ----------                                                                  

LOAN AGREEMENTS(3)--87.9%                                                                                                         

CONSUMER DISCRETIONARY--22.1%                                                                                                     

Building Materials Holding Corp. of                                                                                               
  America Tranche 3.850%, 2/22/14                249         220                                                                  
Cengage Learning Acquisitions, Inc.                                                                                               
  Tranche, 0.000%, 7/5/14                        575         486                                                                  

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VIRTUS SENIOR FLOATING RATE FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                          PAR VALUE      VALUE                                              PAR VALUE      VALUE  
                                         -----------  ----------                                           -----------  ----------
                                                                                                                                  
ENERGY--(CONTINUED)                                               INDUSTRIALS--(CONTINUED)                                        

  Tranche B-1, 8.500%, 7/15/14           $       719  $      546  Reynolds & Reynolds Co. (The) Tranche                           
Helix Energy Solutions Group, Inc.                                  6.540%, 10/24/13                       $       550  $      333
  Tranche 2.811%, 7/1/13                         643         600  ServiceMaster Co. (The)                                         
Hercules Offshore, Inc. Tranche 3.705%,                             Tranche B, 0.000%, 7/24/14                     268         216
  7/11/13                                        613         542    Tranche T-1 0.000%, 7/24/14                     27          21
Western Refining, Inc. Tranche 8.250%,                            TransDigm, Inc. Tranche 2.464%, 6/23/13        1,220       1,158
  5/30/14                                        248         239                                                        ----------
                                                      ----------                                                             3,998
                                                           2,071                                                        ----------
                                                      ----------                                                                  
                                                                  INFORMATION TECHNOLOGY--7.0%                                    
FINANCIALS--5.6%                                                  CommScope, Inc. Tranche B, 3.720%,                              
Hertz Corp.                                                         12/27/14                                       594         569
  Tranche B, 2.070%, 12/21/12                    630         580  Dresser, Inc.                                                   
  Letter of Credit, 2.977%, 12/21/12             115         106    Tranche B, 3.104%, 5/4/14                      250         228
Pinnacle Foods Finance LLC Tranche B,                               PIK Loan, 0.000%, 5/4/15                       570         404
  3.066%, 4/2/14                                 857         771  First Data Corp. Tranche B-3, 3.067%,                           
Sungard Data Systems, Inc. Tranche A,                               9/24/14                                      1,422       1,065
  3.856%, 2/28/14                                517         481  Freescale Semiconductor, Inc. Tranche                           
Vanguard Health Holdings Co., II LLC                                2.246%, 12/1/13                                315         231
  Tranche, 2.569%, 9/23/11                       908         871  Reynolds & Reynolds Co. (The) Tranche                           
                                                      ----------    F-L, 4.770%, 10/24/12                        1,209       1,016
                                                           2,809                                                        ----------
                                                      ----------                                                             3,513
                                                                                                                        ----------
HEALTH CARE--9.5%                                                                                                                 
Bausch & Lomb, Inc.                                               MATERIALS--15.7%                                                
  Tranche B, 4.470%, 4/26/15                     394         363  Anchor Glass Container Corp. Tranche B,                         
  Tranche, 7.301%, 4/26/15                       100          92    6.750%, 6/20/14                                238         231
Community Health Systems, Inc.                                    Ashland, Inc. Tranche B, 7.650%,                                
  Tranche B, 2.782%, 7/25/14                   1,177       1,062    5/13/14                                        817         825
  Tranche 3.678%, 7/25/14                         60          54  Berry Plastics Group, Inc. Tranche C,                           
HCA, Inc. Tranche A-1, 3.220%, 11/18/12        1,103       1,005    2.319%, 4/3/15                               1,108         943
Health Management Associates, Inc.                                Boise Paper Holdings LLC                                        
  Tranche B, 2.970%, 2/28/14                     320         283    Tranche B, 5.750%, 2/22/14                     481         465
HealthSouth Corp. Tranche 3.282%,                                   Tranche 9.250%, 2/22/15                        253         176
  3/10/13                                        998         936  Building Materials Corp. of America                             
Psychiatric Solutions, Inc. Tranche A,                              Tranche B 6.760%, 9/15/14                      405         329
  2.248%, 7/1/12                                 831         778  Celanese Holdings LLC Tranche B,                                
Select Medical Corp. Tranche B 3.750%,                              2.942%, 4/2/14                               1,367       1,272
  2/24/12                                        220         209  Georgia-Pacific Corp. Tranche B-1,                              
                                                      ----------    3.293%, 12/20/12                               535         506
                                                           4,782  JohnsonDiversey, Inc.                                           
                                                      ----------    Tranche 3.184%, 12/16/10                        76          74
                                                                    Tranche B, 3.184%, 12/16/11                  1,300       1,263
INDUSTRIALS--8.0%                                                 NewPage Corp. Tranche, 5.021%, 12/21/14        1,221       1,060
ARAMARK Corp.                                                     Solutia, Inc. Tranche 7.250%, 2/28/14            790         735
  Letter of Credit 2.336%, 1/26/14                51          47                                                        ----------
  Tranche T-2, 3.095%, 1/26/14                   799         739                                                             7,879
Harland Clarke Holdings Corp. Tranche                                                                                   ----------
  B, 3.452%, 6/30/14                             201         157                                                                  
Manitowoc Co., Inc. (The) Tranche B,                              TELECOMMUNICATION SERVICES--9.0%                                
  6.500%, 4/14/14                              1,456       1,327  Level 3 Communications, Inc.                                    

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VIRTUS SENIOR FLOATING RATE FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                                [Download Table]

                                          PAR VALUE      VALUE  
                                         -----------  ----------
                                                                
TELECOMMUNICATION SERVICES--(CONTINUED)                         
  Tranche A, 3.004%, 3/13/14             $     1,250  $    1,041
  Tranche B, 11.500%, 3/13/14                     70          72
MetroPCS Wireless, Inc. Tranche B,                              
  4.594%, 11/3/13                              1,284       1,223
NTELOS, Inc. Tranche B-1, 4.530%,                               
  8/24/11                                      1,012         990
Time Warner Telecom Holdings, Inc.                              
  Tranche B, 2.475%, 1/7/13                    1,268       1,202
                                                      ----------
                                                           4,528
                                                      ----------

UTILITIES--3.7%                                                 
Calpine Corp. Tranche T-1, 4.095%,                              
  3/29/14                                        398         353
NRG Energy, Inc.                                                
  Letter of Credit 2.720%, 2/1/13                306         289
  Tranche B, 5.262%, 2/1/13                      571         539
Texas Competitive Electric Holdings Co.                         
  LLC Tranche B-3, 3.949%, 10/10/14              959         686
                                                      ----------
                                                           1,867

----------------------------------------------------  ----------
TOTAL LOAN AGREEMENTS                                           
(IDENTIFIED COST $42,224)                                 44,134
----------------------------------------------------  ----------

TOTAL LONG TERM INVESTMENTS--97.3%                              
(IDENTIFIED COST $46,766)                                 48,873
----------------------------------------------------  ----------

                                                                [Download Table]

                                            SHARES       VALUE     
                                         -----------  ----------   
                                                                   
SHORT-TERM INVESTMENTS--9.9%                                       

MONEY MARKET MUTUAL FUNDS--9.9%                                    

State Street Institutional Liquid                                  
  Reserves Fund (seven-day effective                               
  yield 0.420%)                            4,963,473       4,963   
----------------------------------------------------  ----------   

TOTAL SHORT-TERM INVESTMENTS                                       
(IDENTIFIED COST $4,963)                                   4,963   
----------------------------------------------------  ----------   

TOTAL INVESTMENTS--107.2%                                          
(IDENTIFIED COST $51,729)                                 53,836(1)

Other Assets and Liabilities--(7.2)%                      (3,596)  
                                                      ----------   
NET ASSETS--100.0%                                    $   50,240   
                                                      ==========   

ABBREVIATIONS:                                                                  

PIK   Payment-in-Kind Security                                                  

Refer to Footnote Legend

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Disclosure as required under SFAS 157 and FSP 157-4                             

The following table provides a summary of inputs used to value the Fund's net   
assets as of June 30, 2009 (See Security Valuation Note 1A in the Notes to      
Schedules of Investments):                                                      

                                                                [Download Table]

------------------------------------------------------------------------------
                            TOTAL VALUE               LEVEL 2        LEVEL 3  
                                 AT       LEVEL 1   SIGNIFICANT    SIGNIFICANT
                              JUNE 30,     QUOTED    OBSERVABLE   UNOBSERVABLE
INVESTMENTS IN SECURITIES:      2009       PRICES      INPUTS        INPUTS   
------------------------------------------------------------------------------
                                                                              
Debt Securities:                                                              
  Corporate Debt              $ 4,739      $   --     $ 4,739          $--    
  Loan Agreements              44,134          --      44,068           66    
Equity Securities:                                                            
  Short-Term Investments        4,963       4,963          --           --    
TOTAL INVESTMENTS             $53,836      $4,963     $48,807          $66    
------------------------------------------------------------------------------

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE SCHEDULES OF INVESTMENTS.

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($ reported in thousands)                                                       

                                                                [Download Table]

                                      Loan   
INVESTMENTS IN SECURITIES          Agreements
-------------------------          ----------
                                             
BALANCE AS OF SEPTEMBER 30,                  
  2008:                              $ 688   

Accrued Discount/(Premium)               7   

Realized Gain (Loss)                     2   

Change in Unrealized                         

Appreciation (Depreciation)            (16)  

Net Purchases/(Sales)                  361   

Transfers In and/or Out of Level             
  3(1)                                (976)  
                                     -----   
BALANCE AS OF JUNE 30, 2009          $  66   
                                     =====   

(1)  "Transfers in and/or out" represent the ending value as of June 30, 2009,  
  for any investment security where a change in the pricing level occurred
from the beginning to the end of the period.                          

Certain level 3 securities have been determined based on availability of only a 
single broker source, which may or may not be a principal market maker.         

Other level 3 securities are without an active market or market participants and
therefore are internally fair valued. These internally fair valued securities   
derive their valuation based on the review of inputs such as, but not limited   
to, similar securities, liquidity factors, capital structure, and credit        
analysis.                                                                       

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VIRTUS GLOBAL OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS 
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                           SHARES      VALUE                                                 SHARES       VALUE  
                                        -----------  ----------                                           -----------  ----------
                                                                                                                                 
COMMON STOCKS--93.4%                                             HEALTH CARE--(CONTINUED)                                        
                                                                 Novartis AG Registered Shares                 15,470  $      627
CONSUMER DISCRETIONARY--2.4%                                     Novo Nordisk A/S Class B                      16,118         871
McDonald's Corp.                             16,434  $      945  Roche Holding AG Registered Shares             7,307         993
Norstar Founders Group Ltd.(2)(6)(8)        272,000           0  Synthes, Inc.                                  5,625         543
Shimano, Inc.                                 8,000         306  Techne Corp.                                  10,143         647
                                                     ----------                                                        ----------
                                                          1,251                                                            10,076
                                                     ----------                                                        ----------

CONSUMER STAPLES--40.1%                                          INDUSTRIALS--3.6%                                               
Altria Group, Inc.                           47,775         783  Capita Group plc/The                          34,275         403
British American Tobacco plc                 97,720       2,690  De La Rue plc                                 43,026         645
Cadbury plc(10)                                 611           5  L-3 Communications Holdings, Inc.              5,889         409
Coca-Cola Co. (The)                          38,792       1,862  Secom Co. Ltd.                                10,400         423
Colgate-Palmolive Co.                        10,979         777                                                        ----------
Diageo plc                                   47,213         677                                                             1,880
Imperial Tobacco Group plc                   99,738       2,589                                                        ----------
Mead Johnson Nutrition Co. Class A(10)       67,176       2,134                                                                  
Nestle S.A. Registered Shares                36,823       1,387  INFORMATION TECHNOLOGY--11.3%                                   
Philip Morris International, Inc.            82,400       3,594  Google, Inc. Class A(2)                        3,932       1,658
Reckitt Benckiser Group plc                  36,337       1,654  MasterCard, Inc. Class A                       5,942         994
Shoppers Drug Mart Corp.                     16,812         722  Microsoft Corp.                               33,310         792
Souza Cruz SA                                 4,700         135  Nintendo Co. Ltd.                             21,691         747
Tesco plc                                   152,522         887  Redecard SA                                   56,649         867
Wal-Mart Stores, Inc.                         9,770         473  Visa, Inc. Class A                            14,756         919
Woolworths Ltd.                              42,766         908                                                        ----------
                                                     ----------                                                             5,977
                                                         21,277                                                        ----------
                                                     ----------                                                                  
                                                                 UTILITIES--7.5%                                                 
ENERGY--6.8%                                                     American Water Works Co., Inc.                26,100         499
BG Group plc                                 43,800         734  Companhia Energetica de Minas Gerais -                          
Core Laboratories N.V.                       14,842       1,293    Gemig ADR                                   40,093         539
Exxon Mobil Corp.                             8,916         623  CPFL Energia SA ADR                           11,635         563
Total SA                                     18,002         972  Enagas S.A.                                   59,253       1,165
                                                     ----------  Red Electrica Corp. S.A.                      17,696         800
                                                          3,622  RWE AG                                         5,200         409
                                                     ----------                                                        ----------
                                                                                                                            3,975
FINANCIALS--2.7%                                                 ----------------------------------------------------  ----------
Deutsche Boerse AG                            6,700         520  TOTAL COMMON STOCKS                                             
Progressive Corp. (The)(2)                   61,826         934  (IDENTIFIED COST $45,434)                                 49,512
                                                     ----------  ----------------------------------------------------  ----------
                                                          1,454                                                                  
                                                     ----------  WARRANTS--5.4%                                                  
                                                                 HSBC Bank plc - Bharti Airtel Ltd.                              
HEALTH CARE--19.0%                                                 Exercise price $0.000001 USD                                  
Abbott Laboratories                          51,757       2,435    exp. 2/20/18(2)                             16,200         271
Bard (C.R.), Inc.                            10,307         767  HSBC Bank plc - Hindustan Unilever Ltd.                         
Baxter International, Inc.                   14,600         773    Exercise price $0.001 USD                                     
Becton, Dickinson & Co.                      10,400         742    exp. 4/11/18(2)                             78,503         438
Celgene Corp.(2)                             12,600         603  HSBC Bank plc - Nestle India Ltd.                               
Johnson & Johnson                            18,919       1,075    Exercise price $0.001 USD                                     
                                                                   exp. 11/19/18(2)                            13,800         577
                                                                 HSBC Bank plc- HDFC Ltd. Exercise                               
                                                                   price $0.000001 USD exp. 2/20/18(2)         14,300         700

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VIRTUS GLOBAL OPPORTUNITIES FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                            SHARES      VALUE                                         
                                         -----------  ----------                                      
                                                                                                      
HSBC Bank plc- ITC Ltd. Exercise price                             FOREIGN CURRENCIES:                
  $0.000001 USD exp. 2/20/18(2)              144,500  $      576   BRL   Brazil Real                  
JPMorgan International - Housing                                   CHF   Swiss Franc                  
  Development Financial Corp. Exercise                             EUR   European Currency Unit       
  price $0.0001 USD exp. 5/7/14(2)             6,500         318   GBP   United Kingdom Pound Sterling
----------------------------------------------------  ----------   USD   United States Dollar         
TOTAL WARRANTS                                                                                        
(IDENTIFIED COST $2,282)                                   2,880                                      
----------------------------------------------------  ----------                                      
EQUITY-LINKED CERTIFICATES--1.4%                                                                      

CLSA Financial Products Ltd. -                                                                        
  Bharti-Tele Ventures Strike price                                                                   
  $0.001 U.S. Dollars expiration                                                                      
  5/31/10(2)                                  17,400         291                                      
CLSA Financial Products Ltd. - Cipla                                                                  
  Ltd. Exercise price $0.000001 U.S.                                                                  
  Dollars expiration 5/23/11(2)               88,978         471                                      
----------------------------------------------------  ----------                                      
TOTAL EQUITY-LINKED CERTIFICATES                                                                      
(IDENTIFIED COST $573)                                       762                                      
----------------------------------------------------  ----------                                      
TOTAL LONG TERM INVESTMENTS--100.2%                                                                   
(IDENTIFIED COST $48,289)                                 53,154                                      
----------------------------------------------------  ----------                                      

SHORT-TERM INVESTMENTS--0.7%                                                                          

MONEY MARKET MUTUAL FUNDS--0.7%                                                                       
State Street Institutional Liquid                                                                     
  Reserves Fund Institutional Shares                                                                  
(seven-day effective yield 0.420%)           351,036         351                                      
----------------------------------------------------  ----------                                      
TOTAL SHORT-TERM INVESTMENTS                                                                          
(IDENTIFIED COST $351)                                       351                                      
----------------------------------------------------  ----------                                      
TOTAL INVESTMENTS--100.9%                                                                             
(IDENTIFIED COST $48,640)                                 53,505(1)                                   

Other assets and liabilities,                                                                         
  net--(0.9)%                                               (468)                                     
                                                      ----------                                      
NET ASSETS--100.0%                                    $   53,037                                      
                                                      ==========                                      

ABBREVIATIONS:                                                                  
ADR   American Depositary Receipt.                                              

At June 30, 2009, the Fund had entered into forward currency contracts          
as follows:                                                                     

                                                                [Download Table]

                                                                  Unrealized  
                                                                 Appreciation 
Contracts to Sell   In Exchange for   Settlement Date   Value   (Depreciation)
-----------------   ---------------   ---------------   -----   --------------
                                                                              
BRL           930   USD         454       12/07/09      $(460)     $ (6)      
CHF           112   USD         103       12/07/09      $(103)     $ --(13)   
EUR           214   USD         299       12/07/09      $(300)     $ (1)      
GBP           392   USD         637       12/07/09      $(645)     $ (8)      
                                                                   ----       
                                                                   $(15)      
                                                                   ====       

Refer to Footnote Legend

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VIRTUS GLOBAL OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS 
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                                [Download Table]

COUNTRY WEIGHTINGS as of 6/30/09* +                                             
---------------------------------------------------------------------   --------
                                                                                
United States (Includes Short-Term Investments)                              45%
United Kingdom                                                               23 
Switzerland                                                                  10 
Brazil                                                                        4 
Spain                                                                         4 
India                                                                         3 
Japan                                                                         3 
Other                                                                         8 
---------------------------------------------------------------------   --------
Total                                                                       100%
---------------------------------------------------------------------   --------

* FOREIGN SECURITY COUNTRY DETERMINATION:                                       

A combination of the following criteria is used to assign the countries of risk 
listed in the table shown above. Country of incorporation, actual building      
address, primary exchange on which security is traded and country in which the  
greatest percentage of company revenue is generated.                            

+ % of total investments as of June 30, 2009                                    

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================================================================================

Disclosure as required under SFAS 157 and FSP 157-4                             

The following table provides a summary of inputs used to value the Fund's net   
assets as of June 30, 2009 (See Security Valuation Note 1A in the Notes to      
Schedules of Investments):                                                      

                                                        [Enlarge/Download Table]

-------------------------------------------------------------------------------------------
                                        TOTAL VALUE                LEVEL 2        LEVEL 3  
                                            AT         LEVEL 1   SIGNIFICANT    SIGNIFICANT
ASSETS TABLE                              JUNE 30,     QUOTED     OBSERVABLE   UNOBSERVABLE
INVESTMENTS IN SECURITIES                   2009       PRICES       INPUTS        INPUTS   
-------------------------------------------------------------------------------------------
                                                                                           
Equity Securities:                                                                         
  Common Stock                          $    49,512   $ 49,512   $        --   $         --
  Equity-Linked Certificates                    762        762            --             --
  Short-Term Investments                        351        351            --             --
  Warrants                                    2,880      2,880            --             --
Total Assets                            $    53,505   $ 53,505   $        --   $         --
-------------------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]

-------------------------------------------------------------------------------------------
                                        TOTAL VALUE                LEVEL 2        LEVEL 3  
                                            AT         LEVEL 1   SIGNIFICANT    SIGNIFICANT
                                          JUNE 30,     QUOTED     OBSERVABLE   UNOBSERVABLE
LIABILITIES TABLE                           2009       PRICES       INPUTS        INPUTS   
-------------------------------------------------------------------------------------------
                                                                                           
Derivatives:                                                                               
  Forward Currency Contracts            $       (15)  $     --   $       (15)  $         --
Total Liabilities                       $       (15)  $     --   $       (15)  $         --

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE SCHEDULES OF INVESTMENTS.

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VIRTUS GREATER ASIA EX JAPAN OPPORTUNITIES FUND 
SCHEDULE OF INVESTMENTS 
JUNE 30, 2009 (UNAUDITED) 

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                            SHARES      VALUE                                                 SHARES       VALUE  
                                         -----------  ----------                                           -----------  ----------
                                                                                                                                  
COMMON STOCKS--64.4%                                              INFORMATION TECHNOLOGY--2.9%                                    
                                                                  NetEase.Com, Inc. ADR(2)                       4,900  $      172
CONSUMER DISCRETIONARY--2.7%                                                                                            ----------
BEC World PCL                                 80,000  $       49  MATERIALS--2.5%                                                 
Billabong International Ltd.                   8,300          58  AMVIG Holdings Ltd.                          124,000         80 
Genting Malaysia Bhd                          62,400          48  Semen Gresik (Persero) Tbk PT(2)             135,000         65 
                                                      ----------                                                        ----------
                                                             155                                                              145 
                                                      ----------                                                        ----------

CONSUMER STAPLES--16.5%                                           TELECOMMUNICATION SERVICES--4.2%                                
British American Tobacco Bhd(10)               8,900         113  Philippine Long Distance Telephone Co.                          
Coca-Cola Amatil Ltd.                         17,900         124    Sponsored ADR                                2,760         137
Dairy Farm International Holdings Ltd.        12,600          82  Telekomunikasi Indonesia Tbk PT              147,500         109
Guinness Anchor Bhd                           15,500          27                                                        ----------
Hengan International Group Co., Ltd.          29,600         139                                                               246
Nestle Malaysia Bhd                            6,300          56                                                        ----------
Thai Beverage PCL                            319,000          47                                                                  
Unilever Indonesia Tbk PT                    103,200          94  UTILITIES--7.8%                                                 
Want Want China Holdings Ltd.                106,400          60  Cheung Kong Infrastructure Holdings Ltd.      19,000          66
Woolworths Ltd.                               10,600         225  CLP Holdings Ltd.                              7,500          50
                                                      ----------  HongKong Electric Holdings Ltd.               22,000         122
                                                             967  Tanjong plc                                   34,100         129
                                                      ----------  Xinao Gas Holdings Ltd.                       52,500          90
                                                                                                                        ----------
ENERGY--5.6%                                                                                                                   457
China Shenhua Energy Co., Ltd. Class H        22,700          84  ----------------------------------------------------  ----------
CNOOC Ltd.                                    79,800          99  TOTAL COMMON STOCKS                                             
PTT Exploration & Production PCL              36,200         144  (IDENTIFIED COST $3,359)                                   3,773
                                                      ----------  ----------------------------------------------------  ----------
                                                             327                                                                  
                                                      ----------  WARRANTS--10.6%                                                 

FINANCIALS--11.0%                                                 HSBC Bank plc  - Sun Pharmaceutical                             
ASX Ltd.                                       4,500         134    Industries Ltd. Exercise price $0.001                         
HDFC Bank Ltd. ADR                             3,065         316    USD exp. 10/24/18(2)                         1,900          43
Public Bank Bhd                               27,400          71  HSBC Bank plc - Cipla Ltd. Exercise                             
QBE Insurance Group Ltd.                       7,800         125    price $0.001 USD exp. 12/17/18(2)              600           3
                                                      ----------  HSBC Bank plc - Hindustan Unilever Ltd.                         
                                                             646    Exercise price $0.001 USD                                     
                                                      ----------    exp. 4/11/18(2)                             24,400         136
                                                                  HSBC Bank plc - Nestle India Ltd.                               
INDUSTRIALS--11.2%                                                  Exercise price $0.001 USD                                     
                                                                    exp. 11/19/18(2)                             4,300         180
Beijing Enterprises Holdings Ltd.             32,600         163  JPMorgan International - Housing                                
Hong Kong Aircraft Engineerg Co., Ltd.         5,069          59    Development Financial Corp. Exercise                          
Jardine Matheson Holdings Ltd.                 3,700          91    price $0.0001 USD exp. 5/7/14(2)             5,300         260
Jardine Strategic Holdings Ltd.                2,700          39  ----------------------------------------------------  ----------
Singapore Airport Terminal Servises Ltd.      38,300          58  TOTAL WARRANTS                                                  
Singapore Post Ltd.                          163,100         101  (IDENTIFIED COST $498)                                       622
Singapore Technologies Engineering Ltd.       38,000          64  ----------------------------------------------------  ----------
SMRT Corp. Ltd.                               46,000          54                                                                  
Taiwan Secom Co., Ltd.                        19,000          29  EQUITY-LINKED CERTIFICATES--12.6%                               
                                                      ----------                                                                  
                                                             658  CLSA Financial Products Ltd. - Bharat                           
                                                      ----------    Heavy Electricals Ltd. Strike price                           
                                                                    $0.001 U.S. Dollars expiration                                
                                                                    7/20/10(2)                                   2,000          92

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 VIRTUS GREATER ASIA EX JAPAN OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (CONTINUED) 
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                            SHARES      VALUE                                                           
                                         -----------  ----------                                                        
                                                                                                                        
CLSA Financial Products Ltd. -                                    TOTAL INVESTMENTS--100.1%                             
  Bharti-Tele Ventures Strike price                               (IDENTIFIED COST $5,204)                      5,863(1)
  $0..001 U.S. Dollars expiration                                                                                       
  5/31/10(2)                                   9,000  $      151  Other assets and liabilities, net--(0.1)%        (3)  
CLSA Financial Products Ltd. - Dabur                                                                         --------   
  India Ltd. Strike price $0 .001                                 NET ASSETS--100.0%                         $  5,860   
  U.S .Dollars expiration 1/18/12(2)          13,400          35                                             ========   
CLSA Financial Products Ltd. - Hero                                                                                     
  Honda Motors Ltd. Strike price $0.001                           ABBREVIATIONS:                                        
  U.S. Dollars expiration 6/9/10(2)            1,900          55                                                        
CLSA Financial Products Ltd. - ITC Ltd.                           ADR  American Depositary Receipt.                     
  Strike price $0.001 U.S.Dollars                                                                                       
  expiration 5/5/10(2)                        45,700         182  FOREIGN CURRENCIES:                                   
CLSA Financial Products Ltd. - Jain                                                                                     
  Irrigation Systems Ltd. Strike price                            AUD  Australian Dollar                                
  $0.001 U.S. Dollars expiration                                  USD  United States Dollar                             
  8/15/11(2)                                   4,500          59                                                        
CLSA Financial Products Ltd. - Jammu &                                                                                  
  Kashmir Bank Ltd. Strike price $0.001                                                                                 
  U.S. Dollars expiration 7/8/10(2)            8,600          90                                                        
CLSA Financial Products Ltd. -                                                                                          
  Mahindra & Mahindra Financial                                                                                         
  Services Strike price $0.001 U.S.                                                                                     
  Dollars expiration 2/23/11(2)               12,200          69                                                        
----------------------------------------------------  ----------                                                        
TOTAL EQUITY-LINKED CERTIFICATES                                                                                        
(IDENTIFIED COST $612)                                       733                                                        
----------------------------------------------------  ----------                                                        
TOTAL LONG TERM INVESTMENTS--87.6%                                                                                      
(IDENTIFIED COST $4,469)                                   5,128                                                        
----------------------------------------------------  ----------                                                        

SHORT-TERM INVESTMENTS--12.5%                                                                                           

MONEY MARKET MUTUAL FUNDS--12.5%                                                                                        
State Street Institutional Liquid                                                                                       
  Reserves Fund Institutional Shares                                                                                    
  (seven-day effective yield 0.420%)         735,049         735                                                        
----------------------------------------------------  ----------                                                        
TOTAL SHORT-TERM INVESTMENTS                                                                                            
(IDENTIFIED COST $735)                                       735                                                        
----------------------------------------------------  ----------                                                        

At June 30, 2009, the Fund had entered into forward currency contracts          
as follows:                                                                     

                                                                [Download Table]

                                                                  UNREALIZED  
                                                                 APPRECIATION 
CONTRACTS TO SELL   IN EXCHANGE FOR   SETTLEMENT DATE   VALUE   (DEPRECIATION)
-----------------   ---------------   ---------------   -----   --------------
                                                                              
    AUD   108          USD   $85          12/07/09       $86         $(1)     
                                                                     ---      
                                                                      (1)     
                                                                     ===      

Refer to Footnote Legend

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 VIRTUS GREATER ASIA EX JAPAN OPPORTUNITIES FUND
 SCHEDULE OF INVESTMENTS
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                                [Download Table]

COUNTRY WEIGHTINGS as of 6/30/09* +                                             
---------------------------------------------------------------------   --------
                                                                                
India                                                                        24%
United States (Includes Short-Term Investments)                              16 
Hong Kong                                                                    14 
Australia                                                                    11 
China                                                                         9 
Malaysia                                                                      7 
Singapore                                                                     5 
Other                                                                        14 
---------------------------------------------------------------------   --------
Total                                                                       100%
---------------------------------------------------------------------   --------

* FOREIGN SECURITY COUNTRY DETERMINATION:                                       

A combination of the following criteria is used to assign the countries of risk 
listed in the table shown above. Country of incorporation, actual building      
address, primary exchange on which security is traded and country in which the  
greatest percentage of company revenue is generated.                            

+ % of total investments as of June 30, 2009                                    

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Disclosure as required under SFAS 157 and FSP 157-4                             

The following table provides a summary of inputs used to value the Fund's net   
assets as of June 30, 2009 as required under SFAS 157 and FSP 157-4. See        
Security Valuation Note 1A in the Notes to Schedules of Investments.            

                                                                [Download Table]

--------------------------------------------------------------------------------
                                         TOTAL VALUE                   LEVEL 2  
                                              AT         LEVEL 1     SIGNIFICANT
ASSETS TABLE                               JUNE 30,       QUOTED      OBSERVABLE
INVESTMENTS IN SECURITIES                    2009         PRICES        INPUTS  
--------------------------------------------------------------------------------
                                                                                
Equity Securities:                                                              
  Common Stock                           $     3,773   $     3,773   $        --
  Equity-Linked Certificates                     733           733            --
  Warrants                                       622           622            --
  Short-Term Investments                         735           735            --
TOTAL ASSETS                             $     5,863   $     5,863   $        --
--------------------------------------------------------------------------------

                                                                [Download Table]

                                         TOTAL VALUE                   LEVEL 2   
                                              AT         LEVEL 1     SIGNIFICANT 
                                           JUNE 30,       QUOTED      OBSERVABLE 
LIABILITIES TABLE                            2009         PRICES        INPUTS   
-------------------------------------------------------------------------------- 
                                                                                 
Derivatives:                                                                     
  Forward Currency Contracts             $        (1)  $        --   $        (1)
Total Liabilities                        $        (1)  $        --   $        (1)
-------------------------------------------------------------------------------- 

There are no Level 3 (significant unobservable inputs) priced securities.       

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE SCHEDULES OF INVESTMENTS.

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VIRTUS GREATER EUROPEAN OPPORTUNITIES FUND
 SCHEDULE OF INVESTMENTS
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                        SHARES      VALUE                                               SHARES       VALUE     
                                     -----------  ----------                                           ---------  ----------   
                                                                                                                               
COMMON STOCKS--98.5%                                          Synthes, Inc.                                1,207  $      116   
                                                                                                                  ----------   
CONSUMER DISCRETIONARY--3.1%                                                                                           1,131   
Compagnie Financiere Richemont SA          1,055  $       22                                                      ----------   
OPAP SA                                    3,678          98  INDUSTRIALS--6.3%                                                
SES SA                                     3,189          61  Capita Group plc (The)                       7,966          94   
                                                  ----------  De La Rue plc                                6,271          94   
                                                         181  Siemens AG Registered Shares                   630          43   
                                                  ----------  Xchanging plc                               44,081         130   
CONSUMER STAPLES--39.3%                                                                                           ----------   
British American Tobacco plc              13,277         366                                                             361   
Cadbury plc                               10,126          86                                                      ----------   
Colruyt SA                                   203          46  INFORMATION TECHNOLOGY--1.5%                                     
Diageo plc                                11,808         169  Indra Sistemas SA                            3,990          86   
Imperial Tobacco Group plc                11,905         309                                                      ----------   
L'Oreal SA                                   349          26  MATERIALS--1.4%                                                  
Lindt & Spruengli AG                          23          43  Air Liquide SA                                 903          83   
Nestle S.A. Registered Shares              7,922         298                                                      ----------   
Philip Morris International, Inc.          7,912         345  UTILITIES--10.9%                                                 
Reckitt Benckiser Group plc                4,392         200  Enagas S.A.                                  9,533         187   
Tesco plc                                 43,558         254  Red Electrica Corp. S.A.                     4,117         186   
Unilever N.V.                              4,982         120  RWE AG                                       1,438         113   
                                                  ----------  Scottish & Southern Energy plc               3,248          61   
                                                       2,262  Terna Rete Elettrica Nazionale S.p.A.       23,948          80   
                                                  ----------                                                      ----------   
ENERGY--11.1%                                                                                                            627   
BG Group plc                               5,082          85  --------------------------------------------------  ----------   
Core Laboratories N.V.                     2,169         189  TOTAL COMMON STOCKS                                              
Royal Dutch Shell plc Class A              5,992         150  (IDENTIFIED COST $4,974)                                 5,665   
Schlumberger Ltd.                            505          27  --------------------------------------------------  ----------   
Total SA                                   3,456         187  TOTAL LONG TERM INVESTMENTS--98.5%                               
                                                  ----------  (IDENTIFIED COST $4,974)                                 5,665   
                                                         638  --------------------------------------------------  ----------   
                                                  ----------  SHORT-TERM INVESTMENTS--0.5%                                     
FINANCIALS--5.2%                                                                                                               
Deutsche Boerse AG                         1,059          82  MONEY MARKET MUTUAL FUNDS--0.5%                                  
Muenchener Rueckversicherungs-                                State Street Institutional Liquid                                
  Gesellschaft AG Registered Shares          882         119    Reserves Fund Institutional Shares                             
Reinet Investments SCA(2)                  7,186          95    (seven-day effective yield 0.420%)        30,716          31   
                                                  ----------  --------------------------------------------------  ----------   
                                                         296  TOTAL SHORT-TERM INVESTMENTS                                     
                                                  ----------  (IDENTIFIED COST $31)                                       31   
HEALTH CARE--19.7%                                            --------------------------------------------------  ----------   
Cie Generale D'optique Essilor                                TOTAL INVESTMENTS--99.0%                                         
  International SA                         3,839         183  (IDENTIFIED COST $5,005)                                 5,696(1)
Covidien plc                               1,700          64                                                                   
Fresenius Medical Care AG & Co KGaA        5,147         230  Other assets and liabilities, net--1.0%                     58   
Novartis AG Registered Shares              3,172         129                                                      ----------   
Novo Nordisk A/S Class B                   3,205         173  NET ASSETS--100.0%                                  $    5,754   
Roche Holding AG Registered Shares         1,733         236                                                      ==========   

Refer to Footnote Legend

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VIRTUS GREATER EUROPEAN OPPORTUNITIES FUND
 SCHEDULE OF INVESTMENTS
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                                [Download Table]

COUNTRY WEIGHTINGS as of 6/30/09* +                                             
---------------------------------------------------------------------   --------
                                                                                
United Kingdom                                                               35%
Switzerland                                                                  14 
United States (includes Short-term Investments)                              13 
Germany                                                                      10 
France                                                                        9 
Spain                                                                         8 
Denmark                                                                       3 
Other                                                                         8 
---------------------------------------------------------------------   --------
Total                                                                       100%
---------------------------------------------------------------------   --------

* FOREIGN SECURITY COUNTRY DETERMINATION:                                       

A combination of the following criteria is used to assign the countries of risk 
listed in the table shown above. Country of incorporation, actual building      
address, primary exchange on which security is traded and country in which the  
greatest percentage of company revenue is generated.                            

+ % of total investments as of June 30, 2009                                    

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DISCLOSURE AS REQUIRED UNDER SFAS 157 AND FSP 157-4                             

THE FOLLOWING TABLE PROVIDES A SUMMARY OF INPUTS USED TO VALUE THE FUND'S NET   
ASSETS AS OF JUNE 30, 2009 (SEE SECURITY VALUATION NOTE 1A IN THE NOTES TO      
SCHEDULES OF INVESTMENTS):                                                      

                                                                [Download Table]

--------------------------------------------------------------
                                        TOTAL VALUE           
                                            AT         LEVEL 1
                                          JUNE 30,     QUOTED 
INVESTMENTS IN SECURITIES                   2009        PRICES
--------------------------------------------------------------
                                                              
Equity Securities:                                            
  Common Stock                          $     5,665   $  5,665
  Short-Term Investments                         31         31
TOTAL INVESTMENTS                       $     5,696   $  5,696
--------------------------------------------------------------

There are no Level 2 (significant observable inputs) or Level 3 (significant    
unobservable inputs) priced securities.                                         

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE SCHEDULES OF INVESTMENTS.

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 VIRTUS FOREIGN OPPORTUNITIES FUND
 SCHEDULE OF INVESTMENTS
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                            SHARES      VALUE                                                 SHARES       VALUE  
                                         -----------  ----------                                           -----------  ----------
                                                                                                                                  
PREFERRED STOCK--1.9%                                             FINANCIALS--(CONTINUED)                                         
                                                                  QBE Insurance Group Ltd.                     876,494  $   14,055
CONSUMER STAPLES--1.0%                                                                                                  ----------
Companhia de Bebidas das Americas ADR                                                                                       86,994
  Ptd. 2.730%                                145,828  $    9,454                                                        ----------
                                                      ----------                                                                  
                                                                  HEALTH CARE--15.3%                                              
UTILITIES--0.9%                                                   Cie Generale D'optique Essilor                                  
AES Tiete SA Pfd. 11.730%                    831,331       8,689    International SA                           373,954      17,826
----------------------------------------------------  ----------  Cipla Ltd.                                 2,137,147      11,303
TOTAL PREFERRED STOCK                                             Covidien plc                                 351,942      13,177
(IDENTIFIED COST $13,468)                                 18,143  Fresenius Medical Care AG & Co KGaA          183,868       8,226
----------------------------------------------------  ----------  Novartis AG Registered Shares                436,397      17,688
COMMON STOCKS--96.5%                                              Novo Nordisk A/S Class B                     513,796      27,778
                                                                  Roche Holding AG Registered Shares           236,488      32,147
CONSUMER DISCRETIONARY--1.1%                                      Synthes, Inc.                                144,900      13,989
Shimano, Inc.                                266,325      10,201                                                        ----------
                                                      ----------                                                           142,134
                                                                                                                        ----------
CONSUMER STAPLES--39.3%                                                                                                           
British American Tobacco plc               1,728,918      47,587  INDUSTRIALS--4.9%                                               
Cadbury plc                                1,292,091      11,011  Bharat Heavy Electricals Ltd.                133,976       6,164
Coca-Cola Amatil Ltd.                      1,347,133       9,346  Capita Group plc/The                         579,963       6,818
Colruyt SA(10)                                15,972       3,643  De La Rue plc                                800,940      12,004
Diageo plc                                 1,169,081      16,762  East Japan Railway Co.                       166,500      10,042
Hindustan Unilever Ltd.                    3,598,640      20,095  Secom Co. Ltd.                               248,900      10,128
Imperial Tobacco Group plc                 1,508,993      39,175                                                        ----------
ITC Ltd.                                   2,844,813      11,328                                                            45,156
Lindt & Spruengli AG                           2,562       4,787                                                        ----------
Nestle India Ltd.                            125,542       5,246                                                                  
Nestle S.A. Registered Shares                936,800      35,280  INFORMATION TECHNOLOGY--4.3%                                    
Philip Morris International, Inc.          1,050,469      45,821  Companhia Brasileira de Meios de                                
Reckitt Benckiser Group plc                  661,316      30,094     Pagamento(2)                            1,108,900       9,535
Shoppers Drug Mart Corp.                     386,514      16,612  Nintendo Co. Ltd.                             59,400      16,420
Souza Cruz SA                                557,511      15,970  Redecard SA                                  938,460      14,368
Tesco plc                                  4,997,543      29,073                                                        ----------
Woolworths Ltd.                            1,113,437      23,650                                                            40,323
                                                      ----------                                                        ----------
                                                         365,480                                                                  
                                                      ----------  MATERIALS--0.9%                                                 
                                                                  Air Liquide SA                                94,491       8,631
ENERGY--8.5%                                                                                                            ----------
BG Group plc                                 850,337      14,241                                                                  
Canadian Natural Resources Ltd.              168,881       8,863  TELECOMMUNICATION SERVICES--1.3%                                
Core Laboratories N.V.                       345,268      30,090  Bharti Airtel Ltd.(2)                        747,874      12,523
Total SA                                     481,838      26,011                                                        ----------
                                                      ----------                                                                  
                                                          79,205  UTILITIES--11.6%                                                
                                                      ----------  Companhia Energetica de Minas Gerais         741,128       9,947
                                                                  CPFL Energia SA                              538,100       8,719
FINANCIALS--9.3%                                                  Enagas S.A.                                1,631,039      32,068
Deutsche Boerse AG                           108,057       8,380  Red Electrica Corp. S.A.                     489,800      22,132
HDFC Bank Ltd.                               970,450      30,248  RWE AG                                       149,480      11,762
Housing Development Finance Corp.            700,994      34,311  Scottish and Southern Energy plc             627,041      11,750
                                                                  Terna Rete Elettrica Nazionale SPA         3,398,200      11,322
                                                                                                                        ----------
                                                                                                                           107,700
                                                                  ----------------------------------------------------  ----------
                                                                  TOTAL COMMON STOCKS                                             
                                                                  (IDENTIFIED COST $902,767)                               898,347
                                                                  ----------------------------------------------------  ----------

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 VIRTUS FOREIGN OPPORTUNITIES FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                                [Download Table]

                                            SHARES      VALUE      
                                         -----------  ----------   
                                                                   
TOTAL LONG TERM INVESTMENTS--98.4%                                 
(IDENTIFIED COST $916,235)                               916,490   
----------------------------------------------------  ----------   
SHORT-TERM INVESTMENTS--2.2%                                       

MONEY MARKET MUTUAL FUNDS--2.2%                                    
State Street Institutional Liquid                                  
  Reserves Fund Institutional Shares                               
(seven-day effective yield 0.420%)        20,505,370  $   20,505   
----------------------------------------------------  ----------   
TOTAL SHORT-TERM INVESTMENTS                                       
(IDENTIFIED COST $20,505)                                 20,505   
----------------------------------------------------  ----------   

TOTAL INVESTMENTS--100.6%                                          
(IDENTIFIED COST $936,740)                               936,995(1)

Other assets and liabilities,                                      
  net--(0.6)%                                             (6,051)  
                                                      ----------   
NET ASSETS--100.0%                                    $  930,944   
                                                      ==========   

ABBREVIATIONS:                                                                  
ADR   American Depositary Receipt.                                              

FOREIGN CURRENCIES:                                                             
AUD   Australian Dollar                                                         
CHF   Swiss Franc                                                               
EUR   European Currency Unit                                                    
GBP   United Kingdom Pound Sterling                                             

At June 30, 2009, the Fund had entered into forward currency contracts as       
follows:                                                                        

                                                                [Download Table]

                                                                    Unrealized  
                                                                   Appreciation 
Contracts to Receive  In Exchange for  Settlement Date    Value   (Depreciation)
--------------------  ---------------  ---------------  --------  --------------
                                                                                
GBP           45,105  USD      74,809      12/07/09     $74,172       $(637)    
                                                                      -----     
                                                                       (637)    
                                                                      =====     

                                                                [Download Table]

                                                                     Unrealized  
                                                                    Appreciation 
  Contracts to Sell   In Exchange For  Settlement Date    Value    (Depreciation)
--------------------  ---------------  ---------------  --------   --------------
                                                                                 
CHF            3,254  USD       3,005     12/07/09       $(3,002)      $     3   
EUR            8,222  USD      11,482     12/07/09      $(11,531)      $   (49)  
GBP           53,439  USD      86,828     12/07/09      $(87,876)      $(1,048)  
                                                                       -------   
                                                                        (1,094)  
                                                                       =======   

Refer to Footnote Legend

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 VIRTUS FOREIGN OPPORTUNITIES FUND
 SCHEDULE OF INVESTMENTS
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                                [Download Table]

COUNTRY WEIGHTINGS as of 6/30/09*  +                                            
---------------------------------------------------------------------   --------
                                                                                
United Kingdom                                                               23%
India                                                                        14 
Switzerland                                                                  11 
United States (Includes Short-Term Investments)                              11 
Brazil                                                                        8 
Spain                                                                         6 
France                                                                        5 
Other                                                                        22 
---------------------------------------------------------------------   --------
Total                                                                       100%
---------------------------------------------------------------------   --------

* FOREIGN SECURITY COUNTRY DETERMINATION:                                       

A combination of the following criteria is used to assign the countries of risk 
listed in the table shown above. Country of incorporation, actual building      
address, primary exchange on which security is traded and country in which the  
greatest percentage of company revenue is generated.                            

+ % of total investments as of June 30, 2009                                    

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Disclosure as required under SFAS 157 and FSP 157-4                             

The following table provides a summary of inputs used to value the Fund's net   
assets as of June 30, 2009 (See Security Valuation Note 1A in the Notes to      
Schedules of Investments):                                                      

                                                        [Enlarge/Download Table]

-------------------------------------------------------------------------------------------
                                        TOTAL VALUE                LEVEL 2       LEVEL 3   
                                             AT        LEVEL 1   SIGNIFICANT   SIGNIFICANT 
ASSETS TABLE                              JUNE 30,     QUOTED     OBSERVABLE   UNOBSERVABLE
INVESTMENTS IN SECURITIES:                  2009       PRICES      INPUTS         INPUTS   
-------------------------------------------------------------------------------------------
                                                                                           
Equity Securities:                                                                         
  Common Stocks                         $   898,347   $898,347   $        --   $         --
  Preferred Stock                            18,143     18,143            --             --
  Short-Term Investments                     20,505     20,505            --             --
TOTAL INVESTMENTS                           936,995    936,995            --             --
Derivatives:                                                                               
  Forward Currency Contracts                      3         --             3             --
Total Assets                            $   936,998   $936,995   $         3   $         --
-------------------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]

-------------------------------------------------------------------------------------------
                                        TOTAL VALUE                LEVEL 2       LEVEL 3   
                                             AT        LEVEL 1   SIGNIFICANT   SIGNIFICANT 
                                          JUNE 30,     QUOTED     OBSERVABLE   UNOBSERVABLE
LIABILITIES TABLE                           2009       PRICES      INPUTS         INPUTS   
-------------------------------------------------------------------------------------------
                                                                                           
Derivatives:                                                                               
  Forward Currency Contracts            $    (1,734)  $     --   $    (1,734)  $         --
Total Liabilities                       $    (1,734)  $     --   $    (1,734)  $         --
-------------------------------------------------------------------------------------------

There are no Level 3 (significant unobservable inputs) priced securities.       

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE SCHEDULES OF INVESTMENTS.    

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VIRTUS MULTI-SECTOR SHORT TERM BOND FUND
 SCHEDULE OF INVESTMENTS
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                          PAR VALUE      VALUE                                              PAR VALUE       VALUE  
                                         -----------  ----------                                          ------------    ---------
                                                                                                                                   
U.S. GOVERNMENT SECURITIES--0.1%                                    RegS 7.000%, 12/1/18(5)               $      3,230    $   1,865
                                                                    RegS 6.000%, 12/9/20(5)                      9,800        4,949
U.S. Treasury Note 2.875%, 6/30/10       $     1,000  $    1,023  Commonwealth of Australia Series 121                             
----------------------------------------------------  ----------    5.250%, 8/15/10                             48,075AUD    39,497
TOTAL U.S. GOVERNMENT SECURITIES                                  Commonwealth of Canada 2.750%, 12/1/10        41,951CND    37,061
(IDENTIFIED COST $1,004)                                   1,023  Commonwealth of New Zealand Series                               
----------------------------------------------------  ----------    1111 6.000%, 11/15/11                       43,487NZD    29,439
MUNICIPAL BONDS--2.1%                                             Federal Republic of Germany Series                               
                                                                    147 2.500%, 10/8/10                         15,840EUR    22,640
ARIZONA--0.9%                                                     Federative Republic of Brazil                                    
                                                                    7.875%, 3/7/15                               1,000        1,136
Arizona School Board Facilities                                     12.500%, 1/5/16                             22,939BRL    12,994
  Improvement Series 2005 5.000%,                                   12.500%, 1/5/22                              8,000BRL     4,532
  1/1/14                                      12,325      13,803  Kingdom of Norway                                                
                                                      ----------    6.000%, 5/16/11                            106,450NOK    17,775
                                                                    5.000%, 5/15/15                             41,119NOK     6,854
CALIFORNIA--0.1%                                                  Kingdom of Sweden Series 1048 4.000%,                            
                                                                    12/1/09                                     53,835SEK     7,081
Fresno County Pension Obligation                                  Republic of Argentina Series GDP                                 
  Taxable (FGIC Insured) 6.060%,                                    2.280%, 12/15/35 (3)                        44,890        1,863
  8/15/09                                      1,915       1,921  Republic of Argentina PIK Interest                               
                                                      ----------    Capitalization 8.280%, 12/31/33             17,168        9,099
                                                                  Republic of Colombia                                             
CONNECTICUT--0.2%                                                   10.000%, 1/23/12                             4,850        5,626
                                                                    12.000%, 10/22/15                        7,975,000COP     4,273
Mashantucket Western Pequot Tribe                                 Republic of Costa Rica 144A 6.548%,                              
  Taxable Series A, 144A (NATL- RE                                  3/20/14 (4)                                  4,000        4,090
  Insured) 6.910%, 9/1/12 (4)                  3,215       3,002  Republic of Indonesia                                            
                                                      ----------    Series FR-23 11.000%, 12/15/12          80,600,000IDR     8,293
                                                                    Series FR-30 10.750%, 5/15/16           40,550,000IDR     4,041
KENTUCKY--0.4%                                                    Republic of Korea Series 1112                                    
                                                                    4.750%, 12/10/11                         9,050,000KRW     7,210
Property & Buildings Commission Project                           Republic of South Africa 6.875%,                                 
  82 (FSA Insured) 5.250%, 10/1/13             5,750       6,391    5/27/19                                        660          678
                                                      ----------  Republic of Trinidad and Tobago RegS                             
                                                                    9.875%, 10/1/09 (5)                          2,300        2,337
NEW YORK--0.1%                                                    Republic of Turkey 0.000%, 2/2/11             13,000TRY     7,041
                                                                  Russian Federation RegS 8.250%,                                  
State Dormitory Authority 04-B, 3.350%,                             3/31/10 (5)                                    270          278
  12/15/09                                     1,610       1,624  ------------------------------------------------------- ---------
                                                      ----------  TOTAL FOREIGN GOVERNMENT SECURITIES                              
                                                                  (IDENTIFIED COST $260,208)                                258,320
PENNSYLVANIA--0.2%                                                ------------------------------------------------------- ---------
                                                                  MORTGAGE-BACKED SECURITIES--17.8%                                
Philadelphia School District Taxable                                                                                               
  Series C (FSA Insured) 4.200%, 7/1/09        2,570       2,570  AGENCY--5.3%                                                     
                                                      ----------                                                                   
                                                                  FHLMC 6.000%, 8/1/34                           1,650        1,733
SOUTH DAKOTA--0.0%                                                FNMA                                                             
                                                                    5.500%, 1/1/17                                 603          637
Educational Enhancement Funding Corp.                               6.000%, 5/1/17                                 182          194
  Taxable Series 02-A, 6.720%, 6/1/25            112          98    5.500%, 8/1/17                                 121          128
                                                      ----------                                                                   

VIRGINIA--0.2%                                                                                                                     

Tobacco Settlement Financing Corp.                                                                                                 
  Taxable Series 07-A1, 6.706%, 6/1/46         4,850       3,001                                                                   
----------------------------------------------------  ----------                                                                   
TOTAL MUNICIPAL BONDS                                                                                                              
(IDENTIFIED COST $33,581)                                 32,410                                                                   
----------------------------------------------------  ----------                                                                   
FOREIGN GOVERNMENT SECURITIES--16.5%                                                                                               

Bolivarian Republic of Venezuela                                                                                                   
  RegS 5.375%, 8/7/10(5)                       5,172       4,862                                                                   
  10.750%, 9/19/13                             4,920       4,084                                                                   
  8.500%, 10/8/14                              1,610       1,151                                                                   
  RegS 5.750%, 2/26/16(5)                     13,110       7,571                                                                   

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VIRTUS MULTI-SECTOR SHORT TERM BOND FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                      PAR VALUE      VALUE                                             PAR VALUE      VALUE  
                     -----------  ----------                                          -----------  ----------
                                                                                                             
AGENCY--(CONTINUED)                           NON-AGENCY--12.5%                                              
  4.500%, 4/1/18     $     1,365  $    1,417  American Tower Trust 07-A, C 144A                              
  5.000%, 10/1/19          2,297       2,398    5.615%, 4/15/37 (4)                   $     3,685  $    3,353
  5.500%, 2/1/20             801         842  Banc of America Commercial Mortgage,                           
  5.500%, 3/1/20           1,844       1,938    Inc. 05-6, AM 5.179%, 9/10/47 (3)           1,600         992
  5.500%, 3/1/20             853         897  Bear Stearns Commercial Mortgage                               
  5.500%, 3/1/20             296         311    Securities                                                   
  5.500%, 3/1/20             879         924    07-PW18, A4 5.700%, 10/11/17                1,935       1,537
  5.500%, 4/1/20           1,417       1,490    06-PW12, A4 5.719%, 9/11/38(3)              7,450       6,479
  5.000%, 6/1/20           3,954       4,119    06-PW14, A4 5.201%, 12/11/38                1,500       1,246
  6.000%, 12/1/32            266         280    05-PW10, A4 5.405%, 12/11/40(3)            11,300      10,052
  5.500%, 2/1/33             581         604  Chase Mortgage Finance Corp.                                   
  5.500%, 5/1/34           2,528       2,621    04-S1, M 5.098%, 2/25/19 (3)                1,716       1,158
  6.000%, 8/1/34           1,788       1,883  Citigroup-Deutsche Bank                                        
  6.000%, 8/1/34           1,380       1,453    Commercial Mortgage Trust 05-CD1,                            
  6.000%, 10/1/34          1,271       1,337    A4 5.225%, 7/15/44 (3)                      5,000       4,433
  6.000%, 10/1/34          2,042       2,147  Countrywide Home Loan Mortgage                                 
  5.500%, 11/1/34          1,902       1,972    Pass-Through Trust                                           
  5.500%, 11/1/34          2,789       2,893    02-34, B2 5.750%, 1/25/33(6)                1,426       1,058
  6.000%, 11/1/34          2,295       2,414    02-36, B2 6.000%, 1/25/33(6)                1,428       1,073
  5.500%, 12/1/34          1,437       1,490  Credit Suisse First Boston Mortgage                            
  5.500%, 1/1/35           2,988       3,098    Securities Corp.                                             
  6.000%, 1/1/37           3,479       3,645    02-CKS4, B 5.333%, 11/15/36                 5,000       4,380
  6.000%, 1/1/37           2,090       2,190    04-C5, A3 4.499%, 11/15/37                  1,270       1,148
  5.500%, 7/1/37              20          21  Credit-Based Asset Servicing &                                 
  6.000%, 7/1/37           1,145       1,198    Securitization LLC                                           
  6.000%, 12/1/37          5,146       5,385    05-CB6, A3 5.120%, 7/25/35 (3)              2,918       2,439
  6.000%, 4/1/38           3,755       3,930  Crown Castle Towers LLC 144A                                   
  5.000%, 5/1/38           4,644       4,735    05-1A, AFX 4.643%, 6/15/35(4)               8,000       7,800
  5.500%, 9/1/38           3,438       3,554    05-1A, B 4.878%, 6/15/35(4)                 6,510       6,315
  5.000%, 11/1/38          6,346       6,471    06-1A, C 5.470%, 11/15/36(4)                5,000       4,900
  5.500%, 12/1/38          5,101       5,273  First Horizon Asset Securities, Inc.                           
  4.500%, 3/1/39           6,854       6,848    05-AR1, 2A1 5.001%, 4/25/35 (3)             2,658       1,958
                                              First Plus Home Loan Trust 97-3,                               
GNMA                                            M2 7.520%, 11/10/23                            27          25
  6.500%, 7/15/31             47          51  GE Capital Commercial Mortgage Corp.                           
  6.500%, 8/15/31            128         137    03-C1, C 4.975%, 1/10/38(3)                 3,472       2,966
  6.500%, 11/15/31            95         103    04-C3, A4 5.189%, 7/10/39(3)                3,500       3,122
  6.500%, 2/15/32             28          30  GMAC Commercial Mortgage Securities,                           
  6.500%, 4/15/32            125         134    Inc.                                                         
  6.500%, 4/15/32            131         141    04-C2, A3 5.134%, 8/10/38                   1,200       1,095
                                  ----------    04-C3, A4 4.547%, 12/10/41                  4,820       4,554
                                      83,066  Greenwich Capital Commercial Funding                           
                                  ----------    Corp. 04-GG1, A7 5.317%, 6/10/36 (3)        7,950       7,345
                                              GS Mortgage Securities Corp. II 144A                           
                                                07-EOP, G 0.837%, 3/6/20(3)(4)              5,840       4,205
                                                07-EOP, H 0.968%, 3/6/20(3)(4)              1,850       1,277

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VIRTUS MULTI-SECTOR SHORT TERM BOND FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                          PAR VALUE      VALUE                                              PAR VALUE      VALUE  
                                         -----------  ----------                                           -----------  ----------
                                                                                                                                  
NON-AGENCY--(CONTINUED)                                           NON-AGENCY--(CONTINUED)                                         

GSR Mortgage Loan Trust 05-AR6, 3A1                               Wachovia Bank Commercial Mortgage Trust                         
  4.560%, 9/25/35 (3)                    $     4,922  $    4,035    04-C12, A2 5.001%, 7/15/41             $    12,366  $   12,254
Harborview Mortgage Loan Trust 05-9,                                07-C30, A5 5.342%, 12/15/43                  6,935       4,561
  B10 2.065%, 6/20/35 (3)(6)                   4,537         136    05-C22, AM 5.315%, 12/15/44(3)                 720         450
IndyMac Index Mortgage Loan Trust                                 Wachovia Mortgage Loan Trust LLC 06-A,                          
  07-AR2, B1 5.797%, 6/25/37 (3)(6)            4,732         180    B1 5.335%, 5/20/36 (3)(6)                    3,424         367
JPMorgan Chase Commercial Mortgage                                Washington Mutual Mortgage Pass Through                         
  Securities Corp.                                                  Certificates                                                  
  05-LDP5, AM 5.221%, 12/15/44(3)              1,752       1,060    06-AR16, 1A1 5.575%, 12/25/36(3)             5,943       3,823
  06-LDP7, A4 5.875%, 4/15/45(3)               1,350       1,146    00-1, M3 2.564%, 1/25/40(3)                     85          30
  06-LDP9, A3 5.336%, 5/15/47                  7,450       5,711  Wells Fargo Mortgage Backed Securities                          
JPMorgan Mortgage Trust 06-A1, B1                                   Trust                                                         
  5.398%, 2/25/36 (3)(6)                       7,652         696    04-R, 2A1 4.360%, 9/25/34(3)                 3,731       3,068
Lehman Brothers - UBS Commercial                                    04-EE, 2A3 3.585%, 12/25/34(3)                 100          56
  Mortgage Trust                                                    06-AR2, B1 5.085%, 3/25/36(3)(6)            13,914       1,488
  06-C3, AM 5.712%, 3/15/39(3)                   945         595                                                        ----------
  07-C2, A2 5.303%, 2/15/40                    4,527       4,077                                                           195,763
  05-C3, AM 4.794%, 7/15/40                    7,460       5,036  ----------------------------------------------------  ----------
  07-C6, A2 5.845%, 7/15/40                   11,125      10,174  TOTAL MORTGAGE-BACKED SECURITIES                                
  07-C7, A3 5.866%, 9/15/45(3)                 8,800       6,731  (IDENTIFIED COST $324,132)                               278,829
Merrill Lynch Mortgage Investors, Inc.                            ----------------------------------------------------  ----------
  06-3, 2A1 6.079%, 10/25/36 (3)               4,435       3,520  ASSET-BACKED SECURITIES--7.4%                                   
Merrill Lynch Mortgage Trust 04-KEY2,                                                                                             
  A3 4.615%, 8/12/39                           4,000       3,560  Advanta Business Card Master Trust                              
Merrill Lynch-Countrywide Commercial                                07-A3, A3 0.375%, 4/20/15 (3)                4,417       3,876
  Mortgage Trust 06-4, A3 5.172%,                                 American General Mortgage Loan Trust                            
  12/12/49 (3)                                 9,500       6,911    06-1, A2 144A 5.750%, 12/25/35 (3)(4)        5,963       5,714
Morgan Stanley Capital I                                          Banc of America Securities Auto Trust                           
  06-IQ12, A4 5.332%, 12/15/43                 8,000       5,983    06-G1, B 5.340%, 2/18/11                     4,855       4,793
  07-IQ14, A4 5.692%, 4/15/49(3)               3,860       2,814  Bay View Auto Trust 05-LJ1, A4 4.090%,                          
Morgan Stanley Mortgage Loan Trust                                  5/25/12                                      1,605       1,561
  05-5AR, 4A1 5.516%, 9/25/35 (3)              1,996       1,228  Bayview Financial Acquisition Trust                             
PNC Mortgage Acceptance Corp. 00-C2,                                06-B, 1A2 5.800%, 4/28/36 (3)                4,000       3,430
  A2 7.300%, 10/12/33                            193         198  Bombardier Capital Mortgage                                     
Prudential Securities Secured Financing                             Securitization Corp. 99-A, A3 5.980%,                         
  Corp. 99-NRF1, F 144A 6.074%,                                     1/15/18 (3)                                  2,746       1,682
  11/1/31 (4)                                  5,000       4,958  Bosphorus Financial Services Ltd. 144A                          
Residential Funding Mortgage Securities                             2.683%, 2/15/12 (3)(4)                       1,375       1,196
  I, Inc. 06-S4, A2 6.000%, 4/25/36            5,887       4,454  Capital Auto Receivables Asset Trust                            
SBA Commercial Mortgage Backed                                      06-1, D 144A 7.160%, 1/15/13 (4)             2,000       1,925
  Securities Trust 144A                                           Carmax Auto Owner Trust 07-2, B 5.370%,                         
  06-1A, A 5.314%, 11/15/36(4)                 7,450       6,966    3/15/13                                     10,025       8,525
  06-1A, B 5.451%, 11/15/36(4)                 2,875       2,616  Chase Funding Mortgage Loan                                     
Timberstar Trust 06-1A, A 144A 5.668%,                              Asset-Backed Certificates 04-1, 1A4                           
  10/15/36 (4)                                 2,240       1,971    4.111%, 8/25/30                              2,410       1,955
                                                                  Citicorp Residential Mortgage                                   
                                                                    Securities, Inc. 07-2, A4 6.538%,                             
                                                                    6/25/37 (3)                                  5,000       3,732
                                                                  Conseco Finance Securitizations Corp.                           
                                                                    01-3, A4 6.910%, 5/1/33 (3)                 11,389       8,940
                                                                  Daimler Chrysler Auto Trust                                     

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VIRTUS MULTI-SECTOR SHORT TERM BOND FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                        PAR VALUE      VALUE                                                 PAR VALUE      VALUE  
                                       -----------  ----------                                              -----------  ----------
                                                                                                                                   
  07-A, A4 5.280%, 3/8/13              $    14,105  $   13,698     CONSUMER DISCRETIONARY--(CONTINUED)                             
  08-B,  A4A 5.320%, 11/10/14                4,820       4,495                                                                     
Dunkin Securitization 06-1, M1 144A                                Best Buy Co., Inc. 6.750%, 7/15/13       $     2,055  $    2,127
  8.285%, 6/20/31 (4)                        6,345       5,290     Brunswick Corp. 11.750%, 8/15/13               5,419       4,037
FMAC Loan Receivables Trust 98-CA, A2                              Comcast Cable Holdings LLC 7.875%,                              
  144A 6.660%, 9/15/20 (4)                   3,480       2,610       8/1/13                                       3,800       4,323
GMAC Mortgage Corp. Loan Trust                                     COX Communications, Inc. 4.625%, 6/1/13        5,620       5,529
  05-HE2, A3 4.622%, 11/25/35(3)               365         346     Daimler Finance North America LLC                               
  06-HE2, A3 6.320%, 5/25/36(3)             11,335       3,472       6.500%, 11/15/13                             3,390       3,446
GreenTree Financial Corp. 08-MH1, A1                               DigitalGlobe, Inc. 144A 10.500%,                                
  144A 7.000%, 4/25/38 (3)(4)                4,041       3,960       5/1/14(4)                                      700         714
Home Equity Asset Trust Net Intrest                                Ford Motor Credit Co. LLC 8.000%,                               
  Margin 06-7, A 144A 6.000%,                                        6/1/14                                       4,865       3,940
  2/25/37 (4)(9)                             2,119          --(13) Horton (D.R.), Inc. 4.875%, 1/15/10            2,500       2,500
Hyundai Auto Receivables Trust 06-A,                               International Game Technology 7.500%,                           
  D 5.520%, 11/15/12                           897         899       6/15/19                                      1,115       1,125
IndyMac Manufactured Housing Contract                              Landry's Restaurant, Inc. 144A 14.000%,                         
  98-1, A3 6.370%, 9/25/28                   2,067       1,422       8/15/11 (4)                                  3,115       2,975
Long Grove Collateral Loan Obligation                              MGM MIRAGE 144A 10.375%, 5/15/14(4)              160         167
  Ltd. 144A                                                        Royal Caribbean Cruises Ltd. 11.875%,                           
  04-1A, C 3.061%, 5/25/16(3)(4)(7)          1,600          80       7/15/15                                        436         425
  04-1A, D 7.411%, 5/25/16(3)(4)(7)            500          15     Scientific Games Corp. 144A 7.875%,                             
Merrill Auto Trust Securitization                                    6/15/16 (4)                                    810         774
  07-1, B 5.790%, 12/15/13                   3,977       3,692     Scientific Games International, Inc.                            
Renaissance Home Equity Loan Trust                                   144A 9.250%, 6/15/19 (4)                     1,570       1,578
  05-3, AF4 5.140%, 11/25/35(3)              5,380       3,896     Seminole Hard Rock Entertainment,                               
  06-2, AF4 6.115%, 8/25/36(3)               5,640       2,039       Inc./Seminole Hard Rock International                         
Residential Funding Mortgage                                         LLC 144A 3.129%, 3/15/14 (3)(4)                767         533
  Securities II, Inc.                                              Seneca Gaming Corp. Series B 7.250%,                            
  05-HI2, A3 4.460%, 5/25/35                   249         246       5/1/12                                         131         114
  06-HI2, A3 5.790%, 2/25/36                 1,510         904     Staples, Inc. 9.750%, 1/15/14                    905       1,011
  07-HI1, A2 5.640%, 3/25/37                10,000       8,152     Starwood Hotels & Resort Worldwide,                             
  07-HSA3, AI2 5.890%, 5/25/37(3)            6,652       5,605       Inc. 6.250%, 2/15/13                         2,815       2,620
Structured Asset Securities Corp.                                  Thomson Reuters Corp. 4.250%, 8/15/09          1,000       1,003
  05-7XS, 1A2B 5.270%, 4/25/35 (3)           6,657       6,013     Time Warner Cable, Inc. 6.200%, 7/1/13         2,915       3,071
Vanderbuilt Acquisition Loan Trust                                 Time Warner, Inc. 6.875%, 5/1/12               1,500       1,605
  02-1, A3 5.700%, 9/7/23 (3)                   46          46     Viacom, Inc. 5.750%, 4/30/11                   2,700       2,764
Wachovia Auto Loan Owner Trust 06-2A,                              Videotron Ltee 6.375%, 12/15/15                3,500       3,154
  E 144A 7.050%, 5/20/14 (4)                 5,000       2,261                                                           ----------
--------------------------------------------------  ----------                                                               54,303
TOTAL ASSET-BACKED SECURITIES                                                                                            ----------
(IDENTIFIED COST $149,679)                             116,470                                                                     
--------------------------------------------------  ----------     CONSUMER STAPLES--1.7%                                          
CORPORATE BONDS--41.8%                                                                                                             
                                                                   Altria Group, Inc. 8.500%, 11/10/13            2,775       3,154
CONSUMER DISCRETIONARY--3.5%                                       BAT International Finance plc 144A                              
                                                                     9.500%, 11/15/18 (4)                         1,410       1,657
Ameristar Casinos, Inc. 144A 9.250%,                               Cargill, Inc. 144A 5.600%, 9/15/12 (4)         4,845       5,042
  6/1/14(4)                                    350         359     Georgia-Pacific LLC 144A 7.125%,                                
AutoZone, Inc. 5.750%, 1/15/15               4,420       4,409       1/15/17 (4)                                  3,525       3,296
                                                                   Kroger Co. (The) 8.050%, 2/1/10                1,860       1,912
                                                                   Philip Morris Capital Corp. 7.500%,                             
                                                                     7/16/09                                      3,500       3,500
                                                                   Tyson Foods, Inc. 144A 10.500%,                                 
                                                                     3/1/14 (4)                                     940       1,025
                                                                   Yankee Acquisition Corp. Series B                               
                                                                     8.500%, 2/15/15                              7,915       6,708
                                                                                                                         ----------
                                                                                                                             26,294
                                                                                                                         ----------

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VIRTUS MULTI-SECTOR SHORT TERM BOND FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                          PAR VALUE      VALUE                                             PAR VALUE      VALUE  
                                         -----------  ----------                                          -----------  ----------
                                                                                                                                 
ENERGY--6.3%                                                      ENERGY--(CONTINUED)                                            
Anadarko Petroleum Corp. 8.700%,                                    5.750%, 12/15/13                      $     5,910  $    6,214
  3/15/19                                $     3,550  $    3,977                                                       ----------
Buckeye Partners LP 6.050%, 1/15/18              854         776                                                           99,206
Canadian Natural Resources Ltd. 4.900%,                                                                                ----------
  12/1/14                                      2,916       2,976                                                                 
Denbury Resources, Inc. 7.500%,                                   FINANCIALS--15.9%                                              
  12/15/15                                     4,952       4,729                                                                 
Frontier Oil Corp. 6.625%, 10/1/11             2,230       2,185  Aflac, Inc. 8.500%, 5/15/19                   1,059       1,132
Gaz Capital SA 144A 7.343%, 4/11/13 (4)        2,000       1,930  Alfa Invest Ltd. 144A 9.250%,                                  
Gazprom International SA 144A 7.201%,                               6/24/13 (4)                                 4,940       4,397
  2/1/20 (4)                                   2,253       2,118  Allstate Corp. 6.125%, 5/15/37(3)             4,730       3,477
Gazprom OAO (Gaz Capital SA) 144A                                 American Express Credit Corp.                                  
  6.212%, 11/22/16(4)                         10,405       8,688    5.875%, 5/2/13                              4,805       4,771
  6.510%, 3/7/22(4)                            3,235       2,426    Series C 7.300%, 8/20/13                    2,600       2,703
Halliburton Co. 5.500%, 10/15/10               1,225       1,281  American Honda Finance Corp. 144A                              
Helix Energy Solutions Group, Inc. 144A                             6.700%, 10/1/13 (4)                         4,850       4,891
  9.500%, 1/15/16 (4)                            692         635  Assurant, Inc. 5.625%, 2/15/14                4,060       3,621
KazMunaiGaz Finance Sub BV 144A 8.375%,                           Atlantic Finance Ltd. 144A 8.750%,                             
  7/2/13 (4)                                   3,900       3,598    5/27/14(4)                                  4,800       4,705
Kinder Morgan Energy Partners LP                                  Bank of America Corp.                                          
  6.850%, 2/15/20                              2,545       2,609    7.400%, 1/15/11                             3,815       3,916
Knight, Inc. 6.500%, 9/1/12                    3,545       3,483    4.750%, 8/15/13                             3,000       2,786
NAK Naftogaz Ukrainy (Standard Bank                                 5.420%, 3/15/17                             3,700       3,073
  London Holdings plc) 8.125%, 9/30/09         2,900       2,581  Barclays Bank plc 6.750%, 5/22/19             4,130       4,096
Noble Energy, Inc. 8.250%, 3/1/19              3,675       4,181  Bear Stearns Cos., Inc. LLC (The)                              
Pacific Energy Partners LP/Pacific                                  7.250%, 2/1/18                              4,365       4,601
  Energy Finance Corp. 7.125%, 6/15/14         2,900       2,969  Berkley (WR) Corp. 5.125%, 9/30/10            2,000       1,934
Pemex Project Funding Master Trust 144A                           Chubb Corp. 6.375%, 3/29/67(3)                4,730       3,784
  1.929%, 6/15/10 (3)(4)                       1,500       1,478  CIT Group, Inc. 4.750%, 12/15/10              4,295       3,372
Petro-Canada 6.050%, 5/15/18                   1,200       1,194  Citigroup, Inc.                                                
PetroHawk Energy Corp. 144A 10.500%,                                5.000%, 9/15/14                             3,200       2,683
  8/1/14 (4)                                   3,885       3,992    4.875%, 5/7/15                             15,710      12,833
Pride International, Inc. 8.500%,                                 CME Group, Inc. 5.400%, 8/1/13                2,450       2,574
  6/15/19                                      4,065       4,014  Colonial Realty LP 4.800%, 4/1/11             1,442       1,351
Ras Laffan Liquefied Natural Gas Co.,                             Corporacion Andina de Fomento 5.200%,                          
  Ltd. 144A 3.437%, 9/15/09 (4)                  497         494    5/21/13                                     1,000       1,004
Smith International, Inc. 9.750%,                                 Countrywide Home Loans, Inc. 5.625%,                           
  3/15/19                                      2,755       3,182    7/15/09                                     1,750       1,751
Swift Energy Co. 7.625%, 7/15/11               4,875       4,583  Credit Suisse New York 5.000%, 5/15/13        4,335       4,432
Tesoro Corp. 6.250%, 11/1/12                   4,340       4,145  Deutsche Bank Financial LLC 5.375%,                            
Transcontinental Gas Pipe Line Corp.                                3/2/15                                      2,933       2,847
  Series B 7.000%, 8/15/11                     3,865       4,079  ERAC USA Finance Co. 144A 5.800%,                              
Weatherford International Ltd. 9.625%,                              10/15/12 (4)                                  805         753
  3/1/19                                       4,110       4,835  Export-Import Bank of Korea                                    
Western Refining, Inc. 144A                                         4.500%, 8/12/09                             1,355       1,355
  10.750%, 6/15/14(3)(4)                       3,285       3,006    8.125%, 1/21/14                             1,480       1,620
  11.250%, 6/15/17(4)                          2,465       2,200  Fideicomiso Petacalco Trust 144A                               
Williams Cos., Inc. (The) 7.125%,                                   10.160%, 12/23/09 (4)                         724         733
  9/1/11                                       2,500       2,550  First Tennessee Bank N.A. 1.046%,                              
XTO Energy, Inc.                                                    2/14/11(3)                                  4,575       4,206
  5.900%, 8/1/12                               1,980       2,098  Ford Motor Credit Co. LLC                                      
                                                                    9.875%, 8/10/11                             3,480       3,221
                                                                    3.889%, 1/13/12(3)                          2,000       1,550
                                                                  GMAC, Inc. 144A                                                

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VIRTUS MULTI-SECTOR SHORT TERM BOND FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                         PAR VALUE       VALUE                                            PAR VALUE      VALUE  
                                        -----------   ----------                                         -----------  ----------
                                                                                                                                
FINANCIALS--(CONTINUED)                                           FINANCIALS--(CONTINUED)                                       
  6.875%, 9/15/11(4)                    $     2,662   $    2,356  OJSC AK Transneft (TransCapitalInvest                         
  6.750%, 12/1/14(4)                            552          439    Ltd.) 144A 5.670%, 3/5/14(4)         $     5,715  $    4,915
Goldman Sachs Group, Inc. (The)                                   Petroplus Finance Ltd. 144A 6.750%,                           
  5.350%, 1/15/16                             3,225        3,075    5/1/14(4)                                  2,715       2,348
  5.950%, 1/18/18                             2,759        2,676  Piper Jaffray Equipment Trust                                 
  7.500%, 2/15/19                             2,451        2,624    Securities 144A 6.000%, 9/10/11(4)         8,489       7,810
HBOs plc 144A 6.750%, 5/21/18(4)                685          517  PNC Funding Corp.                                             
Hertz Corp. (The) 8.875%, 1/1/14              2,595        2,400    5.400%, 6/10/14                            4,708       4,756
Host Hotels & Resorts LP 144A 9.000%,                               5.625%, 2/1/17                             3,130       2,901
  5/15/17(4)                                    875          838  Principal Financial Group, Inc.                               
ICICI Bank Ltd. 144A 5.750%,                                        7.875%, 5/15/14                            2,595       2,734
  11/16/10 (4)                                4,775        4,809  Principal Life Global Funding I                               
International Lease Finance Corp.                                   144A 4.400%, 10/1/10(4)                    1,500       1,489
  4.750%, 1/13/12                             1,120          882  ProLogis 6.625%, 5/15/18                     1,110         874
Invesco Ltd. 4.500%, 12/15/09                 2,750        2,762  Russian Agricultural Bank OJSC                                
Janus Capital Group, Inc. 6.500%,                                   (RSHB Capital SA) 144A                                      
  6/15/12                                     2,663        2,461    9.000%, 6/11/14(4)                           780         788
JPMorgan Chase & Co.                                                6.299%, 5/15/17(4)                         2,905       2,498
  5.750%, 1/2/13                              4,945        5,104  Simon Property Group LP                                       
  6.300%, 4/23/19                             3,550        3,571    4.600%, 6/15/10                            3,825       3,834
Series 1, 7.900%, 12/31/49(3)                 3,360        2,940    5.600%, 9/1/11                             2,775       2,807
Kazkommerts International BV RegS                                 SLM Corp. 0.896%, 2/1/10(3)                  8,000       7,370
  8.000%, 11/3/15(5)                          1,000          635  Textron Financial Corp.                                       
KeyBank NA                                                          5.125%, 11/1/10                            3,865       3,604
  5.700%, 8/15/12                             1,800        1,747  TNK-BP Finance SA                                             
  7.413%, 5/6/15                              1,000          896    RegS 6.125%, 3/20/12(5)                    4,210       3,894
Kimco Realty Corp. 4.820%, 8/15/11            1,945        1,887    144A 7.500%, 3/13/13(4)                    1,750       1,623
Kookmin Bank 144A 7.250%, 5/14/14(4)          2,700        2,788  Trustreet Properties, Inc.                                    
Korea Development Bank 5.300%, 1/17/13        1,113        1,099    7.500%, 4/1/15                             1,215       1,248
Lincoln National Corp. 8.750%, 7/1/19         2,340        2,360  Wachovia Bank NA 5.000%, 8/15/15             2,600       2,450
MassMutual Global Funding II 144A                                 Wachovia Corp. 5.300%, 10/15/11              4,870       5,075
  3.500%, 3/15/10(4)                          1,750        1,724  Wells Fargo & Co. 4.375%, 1/31/13              800         807
Merrill Lynch & Co., Inc. 6.150%,                                 XL Capital Ltd. 5.250%, 9/15/14              4,335       3,642
  4/25/13                                     3,925        3,930                                                      ----------
MetLife, Inc. 6.750%, 6/1/16                    910          926                                                         248,657
Metropolitan Life Global Funding I                                                                                    ----------
  144A 5.125%, 6/10/14(4)                     1,160        1,151                                                                
Morgan Stanley                                                    HEALTH CARE--0.6%                                             
  6.000%, 5/13/14                             1,970        1,995  Express Scripts, Inc. 6.250%, 6/15/14        1,775       1,878
  144A 10.090%, 5/3/17(4)                    10,525BRL     4,351  Fisher Scientific International, Inc.                         
National Australia Bank Ltd. 144A                                   6.750%, 8/15/14                              985       1,012
  5.350%, 6/12/13(4)                          9,715       10,006    6.125%, 7/1/15                             2,125       2,133
Nationwide Health Properties, Inc.                                HCA, Inc.                                                     
  6.250%, 2/1/13                              4,825        4,571    9.125%, 11/15/14                           1,739       1,726
Northern Trust Corp. 5.500%, 8/15/13          2,775        2,942    144A 8.500%, 4/15/19(4)                      700         689
Nuveen Investment, Inc. 144A                                      Medco Health Solutions, Inc.                                  
  10.500%, 11/15/15(4)                          800          556    7.250%, 8/15/13                            1,000       1,073
                                                                  U.S. Oncology, Inc. 144A                                      
                                                                    9.125%, 8/15/17(4)                         1,263       1,260

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VIRTUS MULTI-SECTOR SHORT TERM BOND FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                         PAR VALUE      VALUE                                             PAR VALUE      VALUE  
                                        -----------  ----------                                          -----------  ----------
                                                                                                                                
HEALTH CARE--(CONTINUED)                                         INFORMATION TECHNOLOGY--(CONTINUED)                            
                                                                   8.250%, 5/15/14                       $       444  $      462
Valeant Pharmaceuticals International                                                                                 ----------
  144A 8.375%, 6/15/16(4)               $       417  $      416                                                           24,439
                                                     ----------                                                       ----------
                                                         10,187                                                                 
                                                     ----------  MATERIALS--4.9%                                                
                                                                 Air Products & Chemicals, Inc.                                 
INDUSTRIALS--3.1%                                                  4.150%, 2/1/13                              1,912       1,940
American Airlines, Inc.                                          Allegheny Technologies, Inc.                                   
  99-1, 7.024%, 10/15/09                      2,925       2,889    9.375%, 6/1/19                              7,245       7,678
  01-1, 6.977%, 5/23/21                      14,215       8,600  Anglo American Capital plc 144A                                
Continental Airlines, Inc. 98-1A,                                  9.375%, 4/8/19(4)                           1,950       2,106
  6.648%, 3/15/19                             2,183       1,790  ArcelorMittal                                                  
Delta Air Lines, Inc. 00-A1,                                       5.375%, 6/1/13                              4,825       4,609
  7.379%, 11/18/11                            5,824       5,678    9.000%, 2/15/15                             2,560       2,699
Esco Corp. 144A 8.625%, 12/15/13(4)           1,725       1,501  Barrick Gold Financeco LLC                                     
General Cable Corp. 3.583%, 4/1/15(3)         3,375       2,751    6.125%, 9/15/13                             4,500       4,829
Ingersoll-Rand Global Holdings Co. Ltd.                          Catalyst Paper Corp. Series D                                  
  9.500%, 4/15/14                             1,410       1,544    8.625%, 6/15/11                             4,000       2,400
L-3 Communications Corp.                                         CRH America, Inc.                                              
  7.625%, 6/15/12                             4,020       4,040    5.625%, 9/30/11                             3,500       3,435
  Series B 6.375%, 10/15/15                     925         844    8.125%, 7/15/18                             4,770       4,592
Owens Corning, Inc. 6.500%, 12/1/16           3,150       2,765  Domtar Corp.                                                   
Smiths Group plc 144A                                              5.375%, 12/1/13                             2,625       2,192
  7.200%, 5/15/19(4)                          1,700       1,637    7.125%, 8/15/15                             2,185       1,835
SPX Corp. 7.625%, 12/15/14                      250         243  Dow Chemical Co. (The)                                         
Steelcase, Inc. 6.500%, 8/15/11               2,825       2,828    7.600%, 5/15/14                             2,950       3,038
Terex Corp. 7.375%, 1/15/14                   2,010       1,849  Freeport-McMoRan Copper & Gold, Inc.                           
Toledo Edison Co. (The) 7.250%, 5/1/20        1,360       1,514    6.875%, 2/1/14                              2,170       2,224
United Airlines, Inc.                                            Georgia Pacific Corp. LLC                                      
  00-2A, 7.032%, 10/1/10                      1,379       1,351    7.700%, 6/15/15                             4,820       4,531
  01-A1, 6.071%, 3/1/13                         337         334  International Paper Co.                                        
United Rentals North America, Inc.                                 9.375%, 5/15/19                             5,330       5,433
  6.500%, 2/15/12                             4,065       3,963  Nalco Co. 8.875%, 11/15/13                    1,630       1,671
  144A 10.875%, 6/15/16(4)                    1,772       1,710  Norske Skog Canada Ltd. 7.375%, 3/1/14        1,055         454
                                                     ----------  Nova Chemicals Corp.                                           
                                                         47,831    4.538%, 11/15/13(3)                         9,949       8,283
                                                     ----------  Rock-Tenn Co. 9.250%, 3/15/16                   125         128
                                                                 Sappi Pappier Holding AG 144A                                  
INFORMATION TECHNOLOGY--1.6%                                       6.750%, 6/15/12(4)                          5,000       3,354
Convergys Corp. 4.875%, 12/15/09              3,000       2,965  Steel Dynamics, Inc. 7.375%, 11/1/12          1,528       1,455
Corning, Inc. 6.625%, 5/15/19                   850         869  Vedanta Resources plc 144A                                     
Intuit, Inc. 5.750%, 3/15/17                  1,334       1,267    8.750%, 1/15/14 (4)                         3,400       3,128
National Semiconductor Corp.                                     Verso Paper Holdings LLC / Verso                               
  6.600%, 6/15/17                             3,330       2,917    Paper, Inc. 144A                                             
NXP BV/NXP Funding LLC                                             11.500%, 7/1/14(4)                          3,650       3,358
  3.881%, 10/15/13(3)                         3,040       1,227  Series B 4.778%, 8/1/14(3)                    2,570       1,221
Seagate Technology HDD Holdings, Inc.                                                                                 ----------
  6.375%, 10/1/11                             3,950       3,797                                                           76,593
SunGard Data Systems, Inc.                                                                                            ----------
  9.125%, 8/15/13                             5,426       5,155                                                                 
Tyco Electronic Group SA                                         TELECOMMUNICATION SERVICES--2.8%                               
  6.000%, 10/1/12                             1,515       1,488  AT&T Corp. 7.300%, 11/15/11                   3,015       3,306
Xerox Corp.                                                      AT&T, Inc. 5.800%, 2/15/19                    3,825       3,884
  5.650%, 5/15/13                             4,345       4,292  Cricket Communications, Inc. 144A                              
                                                                   7.750%, 5/15/16(4)                            965         934
                                                                 Deutsche Telekom International                                 
                                                                   Finance BV 8.500%, 6/15/10                  1,000       1,052

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VIRTUS MULTI-SECTOR SHORT TERM BOND FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                          PAR VALUE      VALUE                                             PAR VALUE      VALUE  
                                         -----------  ----------                                          -----------  ----------
                                                                                                                                 
TELECOMMUNICATION SERVICES--(CONTINUED)                           LOAN AGREEMENTS(3)--12.6%                                      
Embarq Corp. 6.738%, 6/1/13              $     2,385  $    2,408                                                                 
Nextel Communications, Inc.                                       CONSUMER DISCRETIONARY--4.4%                                   
  Series E 6.875%, 10/31/13                    5,590       4,654  AMF Bowling Worldwide, Inc. Tranche B,                         
  Series D 7.375%, 8/1/15                      2,095       1,681    3.180%, 5/17/13                       $     1,970  $    1,320
OJSC Vimpel Communications (VIP Finance                           Building Materials Holding Corp.                               
  Ireland Ltd.) 144A                                                Tranche B, 7.375%, 11/10/11                 3,063         766
  8.375%, 4/30/13(4)                           1,400       1,277  Building Materials Holding Corp. of                            
Qwest Capital Funding, Inc.                                         America Tranche 3.250%, 2/22/14(9)            750         660
  7.250%, 2/15/11                              4,000       3,900  Cengage Learning Acquisitions, Inc.                            
Qwest Corp. 7.875%, 9/1/11                     5,220       5,220    Tranche, 0.000%, 7/5/14                     5,100       4,309
Rogers Communications, Inc.                                       Ceridian Corp. Tranche 3.447%, 11/8/14        6,650       5,115
  8.000%, 12/15/12                               700         724  Charter Communications Operating LLC                           
Telecom Italia Capital SA                                           Tranche B, 6.250%, 3/6/14                   4,867       4,398
  6.175%, 6/18/14                              4,900       4,955  CSC Holdings, Inc. Tranche B,                                  
Verizon Wireless Capital LLC                                        2.172%, 3/30/13                             4,082       3,848
  144A 3.750%, 5/20/11(4)                      4,850       4,949  Ford Motor Co. Tranche B,                                      
  144A 5.550%, 2/1/14(4)                       4,090       4,342    3.628%, 12/16/13                            4,533       3,306
Virgin Media Finance plc Series 1,                                Getty Images, Inc. Tranche B,                                  
  9.500%, 8/15/16                                570         564    6.250%, 6/30/15                             3,905       3,880
                                                      ----------  Hanesbrands, Inc. Tranche B,                                   
                                                          43,850    5.807%, 9/5/13                              1,106       1,101
                                                      ----------  Harrah's Operating Co., Inc.                                   
                                                                    Tranche B-2, 3.765%, 1/28/15                1,711       1,258
UTILITIES--1.4%                                                   HBI Branded Apparel Ltd., Inc.                                 
Allegheny Energy Supply Co. LLC 144A                                Tranche 4.842%, 3/5/14                      2,715       2,581
  8.250%, 4/15/12(4)                           1,860       1,935  Intelstat Corp.                                                
AmeriGas Partners LP 7.250%, 5/20/15             860         811    Tranche B2-A, 2.952%, 1/3/14                1,693       1,545
FPL Group Capital, Inc. 5.350%, 6/15/13        1,000       1,062    Tranche B2-B, 2.952%, 1/3/14                1,694       1,546
Israel Electric Corp. Ltd. 144A                                     Tranche B2-C, 2.952%, 1/3/14                1,694       1,546
  7.250%, 1/15/19(4)                           2,285       2,257  Isle of Capri Casinos                                          
Majapahit Holding BV 144A                                           Tranche B, 2.069%, 11/25/13                   754         693
  7.250%, 6/28/17(4)                           1,550       1,325    Tranche A, 2.970%, 11/25/13                   663         610
Midwest Generation LLC Series B                                     Tranche 2.970%, 11/25/13                    1,884       1,733
  8.560%, 1/2/16                               1,594       1,563  Lamar Media Corp. Tranche F,                                   
NiSource Finance Corp.                                              5.500%, 3/31/14                               923         913
  7.875%, 11/15/10                             3,440       3,553  Landry's Restaurant, Inc. Tranche                              
Northeast Utilities 5.650%, 6/1/13             3,950       3,969    9.500%, 5/13/11                             3,005       2,994
ONEOK Partners LP 5.900%, 4/1/12                 980       1,005  Neiman-Marcus Group, Inc. (The)                                
PSE&G Energy Holdings Co.                                           Tranche 2.626%, 4/6/13                      8,743       6,705
  8.500%, 6/15/11                              2,250       2,283  Nielsen Finance LLC/ Nielsen                                   
Sempra Energy 6.500%, 6/1/16                   1,760       1,837    Finance Co. Tranche T-B,                                     
Texas Competitive Electric Holdings Co.                             2.483%, 5/1/16                              7,309       6,618
  LLC Series A, 10.250%, 11/1/15               1,390         872  PTI Group, Inc. Tranche                                        
                                                      ----------    9.250%, 2/28/13                             1,435       1,177
                                                          22,472  Totes Isotoner Corp. Tranche B,                                
----------------------------------------------------  ----------    3.884%, 1/16/13                               389         232
TOTAL CORPORATE BONDS                                             Transaction Network Services, Inc.                             
(IDENTIFIED COST $671,515)                               653,832    Tranche 9.500%, 3/28/14                     5,372       5,393
----------------------------------------------------  ----------  Univision Communications, Inc.                                 
CONVERTIBLE BONDS--0.1%                                             Tranche T-1, 0.000%, 9/29/14                2,280       1,702

HEALTH CARE--0.1%                                                                                                                
Par Pharmaceutical Cos., Inc. Cv.                                                                                                
  2.875%, 9/30/10                              1,195       1,150                                                                 
----------------------------------------------------  ----------                                                                 
TOTAL CONVERTIBLE BONDS                                                                                                          
(IDENTIFIED COST $1,127)                                   1,150                                                                 
----------------------------------------------------  ----------                                                                 

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SCHEDULE OF INVESTMENTS (CONTINUED) 
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                          PAR VALUE      VALUE                                              PAR VALUE      VALUE  
                                         -----------  ----------                                           -----------  ----------
                                                                                                                                  
CONSUMER DISCRETIONARY--(CONTINUED)                               INFORMATION TECHNOLOGY--(CONTINUED)                             

VRW Funding, Inc. Tranche T-1, 2.819%,                            Dresser, Inc.                                                   
  6/29/14                                $     3,310  $    2,976    Tranche B, 3.104%, 5/4/14              $     2,405  $    2,193
                                                      ----------  PIK Loan, 0.000%, 5/4/15                       3,605       2,555
                                                          68,925  First Data Corp.                                                
                                                      ----------    Tranche B-3, 3.181%, 9/24/14                 6,899       5,170
                                                                    Tranche B-2, 3.181%, 9/24/14                   475         359
CONSUMER STAPLES--0.1%                                              Tranche B-1, 3.181%, 9/24/14                 1,980       1,491
                                                                  Freescale Semiconductor, Inc. Tranche                           
Wrigley (WM) Jr. Co. Tranche B, 6.500%,                             2.070%, 12/1/13                              3,977       2,919
  10/6/14                                      2,070       2,082  Reynolds & Reynolds Co. (The) Tranche                           
                                                      ----------    F-L, 5.704%, 10/24/12                        5,605       4,708
                                                                                                                        ----------
ENERGY--0.4%                                                                                                                21,476
                                                                                                                        ----------
ATP Oil & Gas Corp.                                                                                                               
  Tranche B-2, 8.500%, 1/15/11                 1,158         878  MATERIALS--2.5%                                                 
  Tranche B-1, 8.500%, 7/15/14                 4,321       3,276                                                                  
Western Refining, Inc. Tranche 8.250%,                            Anchor Glass Container Corp. Tranche B,                         
  5/30/14                                      1,375       1,325    6.750%, 6/20/14                              4,112       3,989
                                                      ----------  Ashland, Inc. Tranche B, 7.650%,                                
                                                           5,479    5/13/14                                      1,786       1,804
                                                      ----------  Berry Plastics Group, Inc. Tranche C,                           
                                                                    2.382%, 4/3/15                               8,027       6,830
FINANCIALS--0.3%                                                  Boise Paper Holdings LLC                                        
                                                                    Tranche B, 5.750%, 2/22/14                   4,133       3,998
Hertz Corp.                                                         Tranche 9.250%, 2/22/15                      4,305       3,003
  Tranche B, 2.310%, 12/21/12                  2,404       2,215  Building Materials Corp. of America                             
  Letter of Credit, 2.977%, 12/21/12             479         441    Tranche B 0.000%, 9/15/14                    4,748       3,855
Vanguard Health Holdings Co., II LLC                              Huntsman International LLC Tranche B,                           
  Tranche, 0.000%, 9/23/11                     2,260       2,168    2.123%, 4/19/14                              2,464       2,230
                                                      ----------  Ineos Group Holdings plc                                        
                                                           4,824    Tranche C-2, 8.001%, 1/1/00                  1,357       1,006
                                                      ----------    Tranche B-2, 7.501%, 12/16/13                1,357       1,005
                                                                  JohnsonDiversey, Inc.                                           
HEALTH CARE--0.9%                                                   Tranche 3.184%, 12/16/10                        53          52
                                                                    Tranche B, 3.184%, 12/16/11                  1,296       1,259
HCA, Inc.                                                         Nalco Co. Tranche T-L 6.500%, 5/13/16          1,630       1,636
  Tranche A-1, 5.762%, 11/18/12                1,863       1,698  NewPage Corp. Tranche, 4.725%, 12/21/14        4,150       3,603
  Tranche B-1, 6.012%, 11/18/13                2,438       2,208  Solutia, Inc. Tranche 7.250%, 2/28/14          5,275       4,906
Health Management Associates, Inc.                                                                                      ----------
  Tranche B, 2.970%, 2/28/14                   1,149       1,016                                                            39,176
HealthSouth Corp. Tranche 2.835%,                                                                                       ----------
  3/10/13                                      3,633       3,406                                                                  
Psychiatric Solutions, Inc. Tranche A,                            TELECOMMUNICATION SERVICES--1.3%                                
  2.184%, 7/1/12                               4,493       4,206                                                                  
Select Medical Corp. Tranche B 3.750%,                            Level 3 Communications, Inc.                                    
  2/24/12                                      1,505       1,431   Tranche A, 2.877%, 3/13/14                    8,362       6,961
                                                      ----------   Tranche B, 11.500%, 3/13/14                   1,044       1,075
                                                          13,965  MetroPCS Wireless, Inc. Tranche B,                              
                                                      ----------    2.875%, 11/3/13                              2,278       2,171

INDUSTRIALS--0.2%                                                                                                                 

Harland Clarke Holdings Corp.                                                                                                     
  Tranche B, 3.452%, 6/30/14                   1,323       1,031                                                                  
Reynolds & Reynolds Co. (The) Tranche                                                                                             
  0.000%, 10/24/13                               450         272                                                                  
ServiceMaster Co. (The)                                                                                                           
  Tranche B, 0.000%, 7/24/14                   1,969       1,585                                                                  
  Tranche T-1 0.000%, 7/24/14                    196         158                                                                  
                                                      ----------                                                                  
                                                           3,046                                                                  
                                                      ----------                                                                  

INFORMATION TECHNOLOGY--1.4%                                                                                                      

CommScope, Inc. Tranche B, 3.324%,                                                                                                
  12/27/14                                     2,171       2,081                                                                  

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VIRTUS MULTI-SECTOR SHORT TERM BOND FUND
SCHEDULE OF INVESTMENTS (CONTINUED) 
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                          PAR VALUE      VALUE                                                                  
                                         -----------  ----------                                                                
                                                                                                                                
TELECOMMUNICATION SERVICES--(CONTINUED)                           ABBREVIATIONS:                                                

NTELOS, Inc. Tranche B-1, 2.570%,                                 FGIC    Financial Guaranty Insurance Company                  
  8/24/11                                $     5,481  $    5,359  FHLMC   Freddie Mac or Federal Home Loan Mortgage Corporation 
Time Warner Telecom Holdings, Inc.                                FNMA    Fannie Mae or Federal National Mortgage Association   
  Tranche B, 2.423%, 1/7/13                    5,129       4,862  FSA     Financial Security Assurance, Inc.                    
                                                      ----------  GNMA    Ginnie Mae or Government National Mortgage Association
                                                          20,428  NATL    National Public Finance Guarantee Corp.(formerly      
                                                      ----------  PIK     Payment-in-Kind Security                              
                                                                  SBA     Small Business Administration                         
UTILITIES--1.1%                                                                                                                 
                                                                  FOREIGN CURRENCIES:                                           
Calpine Corp. Tranche T-1, 4.095%,                                AUD     Australian Dollar                                     
  3/29/14                                      4,089       3,629  BRL     Brazil Real                                           
NRG Energy, Inc.                                                  CND     Canadian Dollar                                       
  Tranche B, 2.970%, 2/1/13                    7,130       6,729  COP     Colombian Peso                                        
  Letter of Credit 2.970%, 2/1/13              2,863       2,702  EUR     European Currency Unit                                
Texas Competitive Electric Holdings                               IDR     Indonesian Rupiah                                     
  Co. LLC                                                         KRW     Korean Won                                            
  Tranche B-3, 3.906%, 10/10/14                4,015       2,874  NOK     Norwegian Krone                                       
  Tranche B-2, 3.994%, 10/10/14                2,262       1,623  NZD     New Zealand Dollar                                    
                                                      ----------  SEK     Swedish Krona                                         
                                                          17,557  TRL     Turkish Lira                                          
----------------------------------------------------  ----------                                                                
TOTAL LOAN AGREEMENTS                                                                                                           
(IDENTIFIED COST $206,174)                               196,958                                                                
----------------------------------------------------  ----------                                                                

                                                                [Download Table]

                                            SHARES       VALUE     
                                         -----------  ----------   
                                                                   
PREFERRED STOCK--0.0%                                              

FINANCIALS--0.0%                                                   

Preferred Blocker, Inc. (GMAC) Pfd.                                
  144A 7.000%(4)                                 702         302   
----------------------------------------------------  ----------   
TOTAL PREFERRED STOCK                                              
(IDENTIFIED COST $220)                                       302   
----------------------------------------------------  ----------   
TOTAL LONG TERM INVESTMENTS--98.4%                                 
(IDENTIFIED COST $1,647,640)                           1,539,294   
----------------------------------------------------  ----------   

SHORT-TERM INVESTMENTS--1.2%                                       

MONEY MARKET MUTUAL FUNDS--1.2%                                    

State Street Institutional Liquid                                  
  Reserves Fund                                                    
Institutional Shares                                               
(seven-day effective yield 0.420%)        18,585,742      18,586   
----------------------------------------------------  ----------   
TOTAL SHORT-TERM INVESTMENTS                                       
(IDENTIFIED COST $18,586)                                 18,586   
----------------------------------------------------  ----------   

TOTAL INVESTMENTS--99.6%                                           
(IDENTIFIED COST $1,666,226)                           1,557,880(1)

Other Assets and Liabilities--0.4%                         6,497   
                                                      ----------   
NET ASSETS--100.0%                                    $1,564,377   
                                                      ==========   

Refer to Footnote Legend

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VIRTUS MULTI-SECTOR SHORT TERM BOND FUND
 SCHEDULE OF INVESTMENTS
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                                [Download Table]

COUNTRY WEIGHTINGS as of 6/30/09* +                                             
---------------------------------------------------------------------   --------
                                                                                
United States                                                                75%
Australia                                                                     3 
Canada                                                                        3 
New Zealand                                                                   2 
Norway                                                                        2 
Russia                                                                        2 
Venezuela                                                                     2 
Other                                                                        11 
---------------------------------------------------------------------   --------
Total                                                                       100%
---------------------------------------------------------------------   --------

* FOREIGN SECURITY COUNTRY DETERMINATION:                                       

A combination of the following criteria is used to assign the countries of risk 
listed in the table shown above. Country of incorporation, actual building      
address, primary exchange on which security is traded and country in which the  
greatest percentage of company revenue is generated.                            

+ % of total investments as of June 30, 2009                                    

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Disclosure as required under SFAS 157 and FSP 157-4                             

The following table provides a summary of inputs used to value the Fund's net   
assets as of June 30, 2009 (See Security Valuation Note 1A in the Notes to      
Schedules of Investments):                                                      

                                                        [Enlarge/Download Table]

-----------------------------------------------------------------------------------------------
                                         TOTAL VALUE                   LEVEL 2        LEVEL 3  
                                              AT         LEVEL 1     SIGNIFICANT    SIGNIFICANT
                                           JUNE 30,      QUOTED      OBSERVABLE    UNOBSERVABLE
INVESTMENTS IN SECURITIES:                   2009        PRICES        INPUTS         INPUTS   
-----------------------------------------------------------------------------------------------
                                                                                               
Debt Securities:                                                                               
  U.S. Government Securities             $     1,023   $       --   $      1,023   $         --
  Municipal Securities                        32,410           --         32,410             --
  Foreign Government Securities              258,320           --        258,320             --
  Mortgage-Backed Securities                 278,829           --        270,955          7,874
  Asset-Backed Securities                    116,470           --        111,504          4,966
  Corporate Debt                             654,982           --        642,775         12,207
  Loan Agreements                            196,958           --        195,781          1,177
Equity Securities:                                                                             
  Preferred Stock                                302          302             --             --
  Short-Term Investments                      18,586       18,586             --             --
TOTAL INVESTMENTS                        $ 1,557,880   $   18,888   $  1,512,768   $     26,224
-----------------------------------------------------------------------------------------------

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE SCHEDULES OF INVESTMENTS.

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($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                                       Mortgage-      Asset-        Corporate               
                                                        Backed        Backed          Debt          Loan    
INVESTMENTS IN SECURITIES                  TOTAL      Securities    Securities     Securities    Agreements 
--------------------------------------  -----------   ----------   ------------   ------------   ---------- 
                                                                                                            
BALANCE AS OF SEPTEMBER 30, 2008:       $    47,713   $   18,557   $     11,462   $     16,388   $    1,306 
Accrued Discount/(Premium)                      694          396            174            121            3 
Realized Gain (Loss)                        (20,174)     (17,503)        (1,682)          (989)           - 
Change in Unrealized Appreciation                                                                           
  (Depreciation)                              8,667        9,303         (1,494)       990             (132)
Net Purchases/(Sales)                       (11,710)      (5,807)        (1,933)       (3,970)            - 
Transfers In and/or Out of Level 3(1)         1,034        2,928         (1,561)       (333)              - 
                                        -----------   ----------   ------------   ------------   ---------- 
BALANCE AS OF JUNE 30, 2009             $    26,224   $    7,874   $      4,966       $ 12,207   $    1,177 
                                        ===========   ==========   ============   ============   ========== 

(1) "Transfers in and/or out" represent the ending value as of June 30, 2009,   
for any investment security where a change in the pricing level occurred
from the beginning to the end of the period.                            

Certain level 3 securities have been determined based on availability of only a 
single broker source, which may or may not be a principal market maker.         

Other level 3 securities are without an active market or market participants and
therefore are internally fair valued. These internally fair valued securities   
derive their valuation based on the review of inputs such as, but not limited   
to, similar securities, liquidity factors, capital structure, and credit        
analysis.                                                                       

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VIRTUS REAL ESTATE SECURITIES FUND
 SCHEDULE OF INVESTMENTS
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                        [Enlarge/Download Table]

                                            SHARES      VALUE                                                 SHARES      VALUE   
                                         -----------  ----------                                           -----------  ----------
                                                                                                                                  
COMMON STOCKS--98.0%                                              REAL ESTATE INVESTMENT TRUSTS--                                 
                                                                    (CONTINUED)                                                   
REAL ESTATE INVESTMENT TRUSTS--98.0%                                                                                              
                                                                  RESIDENTIAL--13.1%                                              
DIVERSIFIED--5.9%                                                                                                                 
Vornado Realty Trust                         766,383  $   34,510  APARTMENTS--12.8%                                               
----------------------------------------------------------------  American Campus Communities, Inc.            219,790  $    4,875
TOTAL DIVERSIFIED                                         34,510  Apartment Investment & Management Co.                           
----------------------------------------------------------------    Class A                                    195,170       1,727
                                                                  AvalonBay Communities, Inc.                  273,426      15,296
HEALTH CARE--15.0%                                                BRE Properties, Inc.                         156,890       3,728
HCP, Inc.                                  1,199,882      25,426  Equity Residential                         1,115,939      24,807
Health Care REIT, Inc.                       638,640      21,778  Essex Property Trust, Inc.                   100,322       6,243
Nationwide Health Properties, Inc.           554,330      14,268  Home Properties, Inc.                        210,364       7,173
Ventas, Inc.                                 901,205      26,910  UDR, Inc.                                  1,097,154      11,334
----------------------------------------------------------------                                                        ----------
TOTAL HEALTH CARE                                         88,382                                                            75,183
----------------------------------------------------------------                                                        ----------
                                                                  MANUFACTURED HOMES--0.3%                                        
INDUSTRIAL/OFFICE--20.2%                                          Equity Lifestyle Properties, Inc.             56,330       2,094
                                                                  ----------------------------------------------------------------
INDUSTRIAL--5.2%                                                  TOTAL RESIDENTIAL                                         77,277
AMB Property Corp.                           679,280      12,777  ----------------------------------------------------------------
Eastgroup Properties, Inc.                   107,260       3,542                                                                  
Prologis                                   1,770,703      14,272  RETAIL--24.1%                                                   
                                                      ----------                                                                  
                                                          30,591  FREE STANDING--1.4%                                             
                                                      ----------  National Retail Properties, Inc.             466,360       8,091
MIXED--2.7%                                                                                                             ----------
Duke Realty Corp.                            741,102       6,500                                                                  
Liberty Property Trust                       421,020       9,700  REGIONAL MALLS--12.6%                                           
                                                      ----------  CBL & Associates Properties, Inc.            816,443       4,400
                                                          16,200  Macerich Co. (The)                           512,364       9,023
                                                      ----------  Simon Property Group, Inc.                 1,116,482      57,421
OFFICE--12.3%                                                     Taubman Centers, Inc.                        131,240       3,525
Alexandria Real Estate Equities, Inc.        275,899       9,874                                                        ----------
BioMed Realty Trust, Inc.                    147,610       1,510                                                            74,369
Boston Properties, Inc.                      520,123      24,810                                                        ----------
Corporate Office Properties Trust            330,245       9,686  SHOPPING CENTERS--10.1%                                         
Douglas Emmett, Inc.                         276,400       2,485  Developers Diversified Realty Corp.          232,247       1,133
Highwoods Properties, Inc.                   273,608       6,120  Federal Realty Investment Trust              310,700      16,007
Mack-Cali Realty Corp.                       357,936       8,161  Kimco Realty Corp.                         1,635,225      16,434
SL Green Realty Corp.                        418,161       9,593  Regency Centers Corp.                        312,300      10,903
                                                      ----------  Tanger Factory Outlet Centers, Inc.          463,910      15,045
                                                          72,239                                                        ----------
----------------------------------------------------------------                                                            59,522
TOTAL INDUSTRIAL/OFFICE                                  119,030  ----------------------------------------------------------------
----------------------------------------------------------------  TOTAL RETAIL                                             141,982
LODGING/RESORTS--4.7%                                             ----------------------------------------------------------------
DiamondRock Hospitality Co.                  529,335       3,314                                                                  
Host Hotels & Resorts, Inc.                2,298,385      19,283  SELF STORAGE--7.1%                                              
LaSalle Hotel Properties                     299,191       3,692  Extra Space Storage, Inc.                  1,158,989       9,678
Sunstone Hotel Investors, Inc.               304,946       1,632  Public Storage, Inc.                         487,103      31,895
----------------------------------------------------------------  ----------------------------------------------------------------
TOTAL LODGING/RESORTS                                     27,921  TOTAL SELF STORAGE                                        41,573
----------------------------------------------------------------  ----------------------------------------------------------------

                                                                  SPECIALTY--7.9%                                                 
                                                                  Digital Realty Trust, Inc.                   773,971      27,747

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VIRTUS REAL ESTATE SECURITIES FUND
 SCHEDULE OF INVESTMENTS (CONTINUED)
 JUNE 30, 2009 (UNAUDITED)

($ reported in thousands)                                                       

                                                                [Download Table]

                                            SHARES      VALUE      
                                         -----------  ----------   
                                                                   
REAL ESTATE INVESTMENT TRUSTS--                                    
  (CONTINUED)                                                      
Entertainment Properties Trust               130,186  $    2,682   
Plum Creek Timber Co., Inc.                  534,571      15,919   
----------------------------------------------------------------   
TOTAL SPECIALTY                                           46,348   
================================================================   
TOTAL COMMON STOCKS                                                
(IDENTIFIED COST $635,069)                               577,023   
----------------------------------------------------------------   
TOTAL LONG TERM INVESTMENTS--98.0%                                 
(IDENTIFIED COST $635,069)                               577,023   

SHORT TERM INVESTMENTS--1.8%                                       

MONEY MARKET MUTUAL FUNDS--1.8%                                    
State Street Institutional Liquid                                  
  Reserves Fund                                                    
Institutional Shares                                               
(seven-day effective yield 0.420%)        10,655,345      10,655   
----------------------------------------------------------------   
TOTAL SHORT TERM INVESTMENTS                                       
(IDENTIFIED COST $10,655)                                 10,655   
----------------------------------------------------------------   
TOTAL INVESTMENTS--99.8%                                           
(IDENTIFIED COST $645,724)                               587,678(a)

Other assets and liabilities, net--0.2%                    1,400   
                                                      ----------   
NET ASSETS--100.0%                                    $  589,078   
                                                      ==========   

Refer to Footnote Legend

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Disclosure as required under SFAS 157 and FSP 157-4                             

The following table provides a summary of inputs used to value the Fund's net   
assets as of June 30, 2009 (See Security Valuation Note 1A in the Notes to      
Schedules of Investments):                                                      

                                                                [Download Table]

-------------------------------------   ----------------------------------------
                                                          TOTAL VALUE           
                                                              AT         LEVEL 1
                                                            JUNE 30,     QUOTED 
INVESTMENTS IN SECURITIES                                    2009        PRICES 
-------------------------------------   ----------------------------------------
                                                                                
Equity Securities:                                                              
   Common Stock                                             $577,023    $577,023
   Short -Term Investments                                    10,655      10,655
TOTAL INVESTMENTS                                           $587,678    $587,678
-------------------------------------   ----------------------------------------

There are no Level 2 (significant observable inputs) or Level 3 (significant    
unobservable inputs) priced securities.                                         

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE SCHEDULES OF INVESTMENTS.

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VIRTUS OPPORTUNITIES TRUST                                                      
NOTES TO SCHEDULES OF INVESTMENTS                                               
JUNE 30, 2009 (UNAUDITED)                                                       

NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:                                        

The following is a summary of significant accounting policies consistently      
followed by the Virtus Opportunities Trust, a trust consisting of sixteen       
diversified funds and two non-diversified funds (each a "Fund"), 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 disclosure of   
contingent assets and liabilities at the date of the Schedules of Investments.  
Actual results could differ from those estimates and those differences could be 
significant.                                                                    

A. SECURITY VALUATION:                                                          

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       
continued volatility in the current market, valuations developed through pricing
techniques may materially vary from the actual amounts realized upon sale of the
securities.                                                                     

For the Alternatives Diversifier Fund, the Wealth Builder Fund and the Wealth   
Guardian Fund, 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.       

Investments in underlying money market mutual funds are valued at each fund's   
closing net asset value                                                         

The Funds have adopted the provisions of the Statement of Financial Accounting  
Standards No. 157 ("SFAS 157") 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:                                                                         

 -    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)                                                

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                                               
JUNE 30, 2009 (CONTINUED) (UNAUDITED)                                           

In April 2009, FASB issued FASB Staff Position No. 157-4, Determining Fair Value
when the Volume and Level of Activity for the Asset or Liability Have           
Significantly Decreased and Identifying Transactions That Are Not Orderly ("FSP 
157-4"). The Funds have adopted FSP 157-4 effective with this quarterly filing. 
FSP 157-4 provides additional guidance for estimating fair value in accordance  
with SFAS 157, when the volume and level of activity for the asset or liability 
have significantly decreased. It also includes guidance on identifying          
circumstances that indicate a transaction is not orderly. FSP 157-4 requires    
entities to describe the inputs used in valuation techniques used to measure    
fair value and changes in inputs over the period. It also expands the           
three-level hierarchy disclosure and the level three roll-forward disclosure for
each major security type as described in paragraph 19 of FAS No. 115, Accounting
for Certain Investments in Debt and Equity Securities.                          

A summary of the inputs used to value the funds' net assets by each major       
security type is disclosed at the end of the Schedules of Investments for each  
Fund. The inputs or methodology used for valuing securities are not necessarily 
an indication of the risk associated with investing in those securities.        

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.               

C. DERIVATIVE FINANCIAL INSTRUMENTS                                             

In March 2008, FASB issued Statement No. 161, "Disclosures about Derivative     
Instruments and Hedging Activities" ("SFAS 161"), an amendment to FASB Statement
No. 133. SFAS 161 is intended to improve financial reporting for derivative     
instruments by requiring enhanced disclosure that enables investors to          
understand how and why an entity uses derivatives, how derivatives are accounted
for, and how derivative instruments affect an entity's results of operations and
financial position. SFAS is effective for financial statements issued for fiscal
years and interim periods beginning after November 15, 2008. The Funds will     
adopt the provisions of SFAS 161 at the beginning of the next fiscal year.      

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.                                                   

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.                                

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                                               
JUNE 30, 2009 (CONTINUED) (UNAUDITED)                                           

At June 30, 2009, 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     6/30/09   AT 6/30/09
                                              -----------  -----------  --------  ----------
                                                                                            
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.                                                            
      96-1, (Principal Only) 144A                                                           
      0.000%, 9/18/11                            4/28/04     $    5       $ 5        0.0%   
HIGH YIELD FUND                                                                             
   Poland Telecom                                                                           
      Finance BV Series B 14%, 12/1/07          11/24/97     $5,000       $62        0.1%   
   ACG Holdings, Inc.                            12/4/93     $  358         0        0.0%   
MULTI-SECTOR SHORT TERM BOND FUND                                                           
   Long Grove Collateral Loan Obligation Ltd.                                               
      04-1A, C 144A 3.061%, 5/25/16              5/24/04     $1,600       $80        0.0%   
      04-1A, D 144A 7.411%, 5/25/16              5/24/04     $  500       $15        0.0%   

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 June 30, 2009, 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)
----                                ----------  ------------  --------------  --------------
                                                                                            
Alternatives Diversifier Fund       $  322,454     $ 3,306      $ (79,387)      $ (76,081)  
Global Infrastructure Fund              89,298         771        (15,425)        (14,654)  
Global Real Estate Securities Fund       1,095         312             (3)            309   

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                                               
JUNE 30, 2009 (CONTINUED) (UNAUDITED)                                           

                                                                [Download Table]
                                                                                   
International Real Estate Securities Fund     44,982      230   (13,958)   (13,728)
Real Estate Securities Fund                  710,827   20,669  (143,818)  (123,149)
Market Neutral Fund (Long positions)          68,481    9,006    (6,612)     2,394 
Market Neutral Fund (Short positions)        (66,635)   6,694    (4,399)     2,295 
Wealth Builder Fund                           95,578       --   (22,512)   (22,512)
Wealth Guardian Fund                          42,878       --    (8,175)    (8,175)
Bond Fund                                    218,866    5,145    (6,817)    (1,672)
CA Tax-Exempt Bond Fund                       57,667    2,234    (3,583)    (1,349)
High Yield Fund                               89,698    2,966    (6,911)    (3,945)
Multi-Sector Fixed Income Fund               152,242    3,563   (15,208)   (11,645)
Multi-Sector Short Term Bond Fund          1,666,931   36,349  (145,400)  (109,051)
Senior Floating Rate Fund                     51,729    2,565      (458)     2,107 
Global Opportunities Fund                     49,047    5,029      (571)     4,458 
Foreign Opportunities Fund                   957,308   43,068   (63,381)   (20,313)
Greater European Opportunities Fund            5,005      715       (24)       691 
Greater Asia ex Japan Opportunities Fund       5,204      693       (34)       659 

NOTE 4--SUBSEQUENT EVENTS                                                       

The Funds have adopted Statement of Financial Accounting Standards No. 165      
("SFAS 165") effective the current reporting period. SFAS 165 requires          
disclosure of the nature of all subsequent events through the date of issuance  
of the financial statements and an estimate of the financial impact, if any, on 
the financial statements of such an event(s). Management has evaluated the      
impact of all subsequent events on the series through August 28, 2009, the date 
the quarterly report was filed, and is disclosing the following subsequent      
events:                                                                         

1) On June 29, 2009, the Virtus Wealth Guardian Fund (the "Fund") a series of   
the Virtus Opportunities Trust (the "Trust") mailed proxy statements to         
shareholders of record as of June 15, 2009, for the purpose of approving an     
amendment to the fee schedule of the Investment Advisory Agreement between the  
Trust, on behalf of the Funds, and Virtus Investment Advisers ("VIA").          

2) On June 29, 2009, the Virtus Wealth Builder Fund (the "Fund") a series of the
Virtus Opportunities Trust (the "Trust") mailed proxy statements to shareholders
of record as of June 15, 2009, for the following purposes:                      

a) Approving an amendment to the fee schedule of the Investment Advisory        
Agreement between the Trust, on behalf of the Funds, and Virtus Investment      
Advisers ("VIA").                                                               

b) To approve a Subadvisory Agreement between Virtus Investment Advisers, Inc.  
("VIA"), and F-Squared Investments, Inc. (the "Subadviser").                    

c) To approve a proposal to permit VIA to hire and replace subadvisers or to    
modify subadvisory agreements without shareholder approval.                     

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 the evaluation of these controls
         and  procedures  required by Rule  30a-3(b)  under the 1940 Act (17 CFR
         270.30a-3(b))  and Rule  13a-15(b)  or 15d-15(b)  under the  Securities
         Exchange   Act  of  1934,   as  amended   (17  CFR   240.13a-15(b)   or
240.15d-15(b)).                                               

    (b)  There  were  no  changes  in the  registrant's  internal  control  over
         financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17
         CFR  270.30a-3(d))  that occurred during the  registrant's  last fiscal
         quarter that have  materially  affected,  or are  reasonably  likely to
         materially  affect,  the  registrant's  internal control over financial
reporting.                                                    

ITEM 3. EXHIBITS.                                                               

Certifications  pursuant to Rule 30a-2(a)  under the 1940 Act and Section 302 of
the Sarbanes-Oxley Act of 2002 are attached hereto.                             

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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                       August 27, 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                       August 27, 2009                                      
    ----------------------------------------------------------------------------

By (Signature and Title)*  /s/ W. Patrick Bradley                               
                         -------------------------------------------------------
                 W. Patrick Bradley, Chief Financial Officer
and Treasurer             
   (principal financial officer)

Date                       August 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
Filed on / Effective on:		8/28/09		98
		8/27/09		100
For Period End:		6/30/09		1		98			N-PX
		6/29/09		98
		6/15/09		98
		11/15/08		96
		9/30/08		37		91			24F-2NT,  N-CSR,  NSAR-B
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