Form NPORT-P - Monthly Portfolio Investments Report on Form N-PORT (Public)

VIRTUS Equity & Convertible Income Fund

SCHEDULE OF INVESTMENTS (Unaudited)

October 31, 2023

($ reported in thousands)

	Par Value		Value
Convertible Bonds and Notes—29.5%
Auto Manufacturers—0.8%
Ford Motor Co. 0.000%, 3/15/26	$     2,035		$  1,857
Lucid Group, Inc. 144A 1.250%, 12/15/26(1)	1,205		659
Rivian Automotive, Inc.
144A 4.625%, 3/15/29(1)	1,495		1,572
144A 3.625%, 10/15/30(1)	900		817
			4,905
Automotive Parts & Equipment—0.2%
Luminar Technologies, Inc. 144A 1.250%, 12/15/26(1)	1,840		1,066
Banks—0.8%
Barclays Bank plc 0.000%, 2/18/25	2,445		2,520
BofA Finance LLC 0.600%, 5/25/27	2,030		2,093
			4,613
Biotechnology—0.8%
Bridgebio Pharma, Inc.
2.500%, 3/15/27	1,000		945
2.250%, 2/1/29	840		615
Insmed, Inc.
1.750%, 1/15/25	1,585		1,563
0.750%, 6/1/28	805		774
Sarepta Therapeutics, Inc. 1.250%, 9/15/27	1,050		894
			4,791
Commercial Services—1.9%
Affirm Holdings, Inc. 0.000%, 11/15/26(2)	4,590		3,273
Block, Inc. 0.125%, 3/1/25	3,645		3,357
Repay Holdings Corp. 144A 0.000%, 2/1/26(1)(2)	2,440		1,938
Shift4 Payments, Inc. 0.500%, 8/1/27	2,360		1,843
Stride, Inc. 1.125%, 9/1/27	710		839
			11,250
Computers—2.2%
CyberArk Software Ltd. 0.000%, 11/15/24	580		663
Lumentum Holdings, Inc.
0.250%, 3/15/24	1,150		1,123
144A 1.500%, 12/15/29(1)	1,295		1,072
Parsons Corp. 0.250%, 8/15/25	1,820		2,374
Seagate HDD Cayman 144A 3.500%, 6/1/28(1)	3,650		3,783
Varonis Systems, Inc. 1.250%, 8/15/25	1,560		1,931

	Par Value		Value
Computers—continued
Zscaler, Inc. 0.125%, 7/1/25	$     1,990		$  2,424
			13,370
Electric Utilities—1.3%
FirstEnergy Corp. 144A 4.000%, 5/1/26(1)	2,935		2,850
Southern Co. (The) 144A 3.875%, 12/15/25(1)	4,840		4,748
			7,598
Electronics—0.4%
Advanced Energy Industries, Inc. 144A 2.500%, 9/15/28(1)	1,905		1,760
Vishay Intertechnology, Inc. 144A 2.250%, 9/15/30(1)	895		819
			2,579
Energy-Alternate Sources—0.6%
Array Technologies, Inc. 1.000%, 12/1/28	1,390		1,336
Sunnova Energy International, Inc. 2.625%, 2/15/28	4,135		1,989
			3,325
Engineering & Construction—0.8%
Fluor Corp. 144A 1.125%, 8/15/29(1)	3,215		3,090
Granite Construction, Inc. 144A 3.750%, 5/15/28(1)	1,730		1,849
			4,939
Entertainment—2.2%
DraftKings Holdings, Inc. 0.000%, 3/15/28(2)	4,035		2,998
IMAX Corp. 0.500%, 4/1/26	3,005		2,721
Live Nation Entertainment, Inc.
2.000%, 2/15/25	3,055		3,071
144A 3.125%, 1/15/29(1)	1,275		1,280
Penn Entertainment, Inc. 2.750%, 5/15/26	575		630
Vail Resorts, Inc. 0.000%, 1/1/26	2,565		2,230
			12,930
Environmental Services—0.4%
Tetra Tech, Inc. 144A 2.250%, 8/15/28(1)	2,215		2,143
Financial Services—0.6%
Encore Capital Group, Inc. 144A 4.000%, 3/15/29(1)	2,670		2,254

See Notes to Schedule of Investments

1

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VIRTUS Equity & Convertible Income Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

October 31, 2023

($ reported in thousands)

	Par Value		Value
Financial Services—continued
JPMorgan Chase Financial Co., LLC 0.500%, 6/15/27	$     1,380		$  1,521
			3,775
Health Care REITs—0.9%
Welltower OP LLC 144A 2.750%, 5/15/28(1)	5,260		5,391
Healthcare-Products—1.0%
Alphatec Holdings, Inc. 0.750%, 8/1/26	1,625		1,380
Exact Sciences Corp. 0.375%, 3/15/27	2,640		2,294
Integer Holdings Corp. 144A 2.125%, 2/15/28(1)	1,005		1,102
Lantheus Holdings, Inc. 144A 2.625%, 12/15/27(1)	545		604
Natera, Inc. 2.250%, 5/1/27	475		578
			5,958
Internet—3.2%
Booking Holdings, Inc. 0.750%, 5/1/25	1,015		1,547
Match Group Financeco 3, Inc. 144A 2.000%, 1/15/30(1)	1,335		1,079
Palo Alto Networks, Inc. 0.375%, 6/1/25	2,395		5,849
Uber Technologies, Inc. 0.000%, 12/15/25(2)	5,310		4,826
Wayfair, Inc.
1.125%, 11/1/24	1,695		1,579
1.000%, 8/15/26	2,180		1,637
3.250%, 9/15/27	555		531
Zillow Group, Inc. 2.750%, 5/15/25	2,085		2,019
			19,067
Leisure Time—0.8%
NCL Corp., Ltd. 1.125%, 2/15/27	3,420		2,650
Royal Caribbean Cruises Ltd.
2.875%, 11/15/23	930		948
6.000%, 8/15/25	585		1,068
			4,666
Media—1.9%
DISH Network Corp. 0.000%, 12/15/25	1,180		720
Liberty Broadband Corp. 144A 3.125%, 3/31/53(1)	5,915		5,867
Liberty Media Corp. 144A 3.750%, 3/15/28(1)	1,755		1,908
Liberty Media Corp.-Liberty Formula One 2.250%, 8/15/27	2,760		2,766
			11,261

	Par Value		Value
Mining—0.1%
SSR Mining, Inc. 2.500%, 4/1/39	$       755		$    776
Miscellaneous Manufacturing—0.6%
Axon Enterprise, Inc. 144A 0.500%, 12/15/27(1)	3,065		3,290
Oil, Gas & Consumable Fuels—0.8%
EQT Corp. 1.750%, 5/1/26	485		1,405
Northern Oil & Gas, Inc. 3.625%, 4/15/29	1,175		1,384
Permian Resources Operating LLC 3.250%, 4/1/28	250		614
Pioneer Natural Resources Co. 0.250%, 5/15/25	600		1,529
			4,932
Passenger Airlines—0.2%
American Airlines Group, Inc. 6.500%, 7/1/25	1,115		1,129
Pharmaceuticals—0.7%
Amphastar Pharmaceuticals, Inc. 144A 2.000%, 3/15/29(1)	1,615		1,572
Dexcom, Inc. 144A 0.375%, 5/15/28(1)	905		796
Jazz Investments I Ltd. 2.000%, 6/15/26	905		914
Mirum Pharmaceuticals, Inc. 144A 4.000%, 5/1/29(1)	915		1,064
			4,346
Retail—0.2%
Freshpet, Inc. 144A 3.000%, 4/1/28(1)	540		576
Shake Shack, Inc. 0.000%, 3/1/28(2)	1,135		826
			1,402
Semiconductors—1.1%
Impinj, Inc. 1.125%, 5/15/27	285		263
MACOM Technology Solutions Holdings, Inc. 0.250%, 3/15/26	1,355		1,406
ON Semiconductor Corp. 144A 0.500%, 3/1/29(1)	2,730		2,389
SMART Global Holdings, Inc. 2.000%, 2/1/29	260		227
Veeco Instruments, Inc. 144A 2.875%, 6/1/29(1)	730		776
Wolfspeed, Inc. 0.250%, 2/15/28	1,920		1,189
			6,250
Software—4.7%
Akamai Technologies, Inc. 0.125%, 5/1/25	3,630		4,201

 

See Notes to Schedule of Investments

2

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VIRTUS Equity & Convertible Income Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

October 31, 2023

($ reported in thousands)

	Par Value		Value
Software—continued
Bentley Systems, Inc. 0.125%, 1/15/26	$     3,325		$  3,151
BILL Holdings, Inc.
0.000%, 12/1/25	2,830		2,685
0.000%, 4/1/27(2)	600		477
Confluent, Inc. 0.000%, 1/15/27(2)	2,040		1,641
CSG Systems International, Inc. 144A 3.875%, 9/15/28(1)	535		496
Datadog, Inc. 0.125%, 6/15/25	620		683
HubSpot, Inc. 0.375%, 6/1/25	505		789
MicroStrategy, Inc. 0.750%, 12/15/25	1,625		2,024
MongoDB, Inc. 0.250%, 1/15/26	1,175		2,002
Nutanix, Inc. 0.250%, 10/1/27	655		586
Splunk, Inc.
1.125%, 9/15/25	1,545		1,659
1.125%, 6/15/27	1,960		1,852
Tyler Technologies, Inc. 0.250%, 3/15/26	3,315		3,146
Workiva, Inc. 144A 1.250%, 8/15/28(1)	2,910		2,632
			28,024
Transportation—0.3%
Air Transport Services Group, Inc. 144A 3.875%, 8/15/29(1)	2,015		1,860
Total Convertible Bonds and Notes (Identified Cost $187,539)			175,636

    

	Shares
Convertible Preferred Stocks—2.2%
Banks—1.1%
Wells Fargo & Co. Series L, 7.500%	6,155	6,502
Electric Utilities—0.3%
NextEra Energy, Inc., 6.926%	39,220	1,472
Financial Services—0.3%
Apollo Global Management, Inc., 6.750%	42,045	2,023
Machinery—0.5%
Chart Industries, Inc. Series B, 6.750%	22,760	1,119
RBC Bearings, Inc. Series A, 5.000%	17,265	1,816
		2,935
Total Convertible Preferred Stocks (Identified Cost $14,670)		12,932
Common Stocks—60.8%
Aerospace & Defense—0.8%
Boeing Co. (The)(3)	9,235	1,725

	Shares		Value
Aerospace & Defense—continued
RTX Corp.(4)	40,265		$  3,277
			5,002
Air Freight & Logistics—1.3%
FedEx Corp.(4)	31,045		7,454
Automobiles—2.2%
Tesla, Inc.(3)(4)	64,276		12,909
Banks—1.8%
JPMorgan Chase & Co.(4)	34,080		4,739
Wells Fargo & Co.	145,915		5,803
			10,542
Broadline Retail—3.3%
Alibaba Group Holding Ltd. Sponsored ADR(3)	21,070		1,739
Amazon.com, Inc.(3)	135,835		18,078
			19,817
Capital Markets—1.9%
CME Group, Inc. Class A	20,010		4,271
Moody’s Corp.(4)	21,940		6,758
			11,029
Chemicals—1.8%
DuPont de Nemours, Inc.	90,395		6,588
Sherwin-Williams Co. (The)	17,700		4,216
			10,804
Communications Equipment—0.6%
Cisco Systems, Inc.	65,625		3,421
Consumer Finance—0.8%
Capital One Financial Corp.	47,355		4,797
Consumer Staples Distribution & Retail—0.9%
Costco Wholesale Corp.	7,605		4,201
Target Corp.	12,590		1,395
			5,596
Electric Utilities—1.6%
Exelon Corp.	247,365		9,632
Electrical Equipment—0.4%
Eaton Corp. plc	4,590		954
Generac Holdings, Inc.(3)	11,105		934
Plug Power, Inc.(3)	97,632		575
			2,463
Entertainment—0.7%
Netflix, Inc.(3)	9,520		3,919
Financial Services—2.8%
Global Payments, Inc.	39,065		4,150

 

See Notes to Schedule of Investments

3

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VIRTUS Equity & Convertible Income Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

October 31, 2023

($ reported in thousands)

	Shares		Value
Financial Services—continued
Mastercard, Inc. Class A(4)	32,980		$ 12,412
			16,562
Ground Transportation—2.0%
Uber Technologies, Inc.(3)	90,465		3,915
Union Pacific Corp.	37,555		7,797
			11,712
Healthcare Equipment & Supplies—1.2%
Abbott Laboratories	28,850		2,728
Align Technology, Inc.(3)(4)	6,793		1,254
Boston Scientific Corp.(3)	67,440		3,452
			7,434
Healthcare Providers & Services—2.9%
McKesson Corp.	10,875		4,952
UnitedHealth Group, Inc.(4)	22,783		12,202
			17,154
Hotels, Restaurants & Leisure—2.5%
Chipotle Mexican Grill, Inc. Class A(3)(4)	2,245		4,361
Las Vegas Sands Corp.	98,185		4,660
Starbucks Corp.	46,045		4,247
Trip.com Group Ltd. ADR(3)(4)	55,830		1,898
			15,166
Insurance—0.8%
Aon plc Class A(4)	15,840		4,901
Interactive Media & Services—4.5%
Alphabet, Inc. Class A(3)(4)	170,755		21,187
Meta Platforms, Inc. Class A(3)(4)	19,435		5,855
			27,042
IT Services—0.2%
EPAM Systems, Inc.(3)	4,347		946
Life Sciences Tools & Services—1.8%
IQVIA Holdings, Inc.(3)	26,450		4,783
Thermo Fisher Scientific, Inc.(3)	13,885		6,176
			10,959
Oil, Gas & Consumable Fuels—1.6%
Chevron Corp.	35,915		5,234
Devon Energy Corp.	93,650		4,361
			9,595
Pharmaceuticals—0.9%
Eli Lilly & Co.	9,370		5,190
Semiconductors & Semiconductor Equipment—4.7%
Advanced Micro Devices, Inc.(3)	34,900		3,437
Marvell Technology, Inc.	84,028		3,968
Micron Technology, Inc.(4)	86,925		5,813
NVIDIA Corp.(4)	29,502		12,031

	Shares		Value
Semiconductors & Semiconductor Equipment—continued
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR(4)	32,565		$  2,811
			28,060
Software—8.9%
Adobe, Inc. (3)	15,440		8,215
Atlassian Corp. Class A(3)	12,225		2,208
Crowdstrike Holdings, Inc. Class A(3)	38,655		6,833
Intuit, Inc.	10,540		5,217
Microsoft Corp.	74,921		25,332
Salesforce, Inc.(3)	10,000		2,008
ServiceNow, Inc.(3)(4)	5,700		3,317
			53,130
Specialized REITs—0.8%
American Tower Corp.	25,300		4,508
Specialty Retail—3.4%
AutoZone, Inc.(3)(4)	2,425		6,007
Home Depot, Inc. (The)	22,035		6,273
TJX Cos., Inc. (The)	90,790		7,996
			20,276
Technology Hardware, Storage & Peripherals—2.8%
Apple, Inc.	98,655		16,847
Textiles, Apparel & Luxury Goods—0.9%
NIKE, Inc. Class B	53,080		5,455
Total Common Stocks (Identified Cost $403,659)			362,322
Equity-Linked Note—0.2%
Financial Services—0.2%
Goldman Sachs Finance Corp.(5)	1,300,000		1,152
Total Equity-Linked Note (Identified Cost $1,333)			1,152
Total Long-Term Investments—92.7% (Identified Cost $607,201)			552,042
Short-Term Investment—3.3%
Money Market Mutual Fund—3.3%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 5.242%)(6)	19,820,319		19,820
Total Short-Term Investment (Identified Cost $19,820)			19,820
TOTAL INVESTMENTS, BEFORE WRITTEN OPTIONS—96.0% (Identified Cost $627,021)			571,862

    

 

See Notes to Schedule of Investments

4

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VIRTUS Equity & Convertible Income Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

October 31, 2023

($ reported in thousands)

		Value
Written Options—(0.0)%
(See open written options schedule)
Total Written Options (Premiums Received $110)		$    (49)
TOTAL INVESTMENTS, NET OF WRITTEN OPTIONS—96.0% (Identified Cost $626,911)		$571,813
Other assets and liabilities, net—4.0%		23,757
NET ASSETS—100.0%		$595,570

    

Abbreviations:
ADR	American Depositary Receipt
LLC	Limited Liability Company

    

Footnote Legend:
(1)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2023, these securities amounted to a value of $63,102 or 10.6% of net assets.
(2)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(3)	Non-income producing.
(4)	All or a portion of the security is segregated as collateral for written options. The value of securities segregated as collateral is $75,771.
(5)	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments.
(6)	Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

Open written options contracts as of October 31, 2023 were as follows:
Description of Options	Number of Contracts	Contract Notional Amount	Strike Price(1)	Expiration Date	Value
Call Options(2)
Align Technology, Inc.	(34)	$(1,190)	$350.00	12/15/23	$—
Alphabet, Inc.	(891)	(12,474)	140.00	11/17/23	(7)
Aon plc	(40)	(1,320)	330.00	11/17/23	(2)
AutoZone, Inc.	(12)	(3,300)	2,750.00	11/17/23	(2)
Chevron Corp.	(341)	(5,797)	170.00	12/15/23	(5)
Chipotle Mexican Grill, Inc.	(11)	(2,365)	2,150.00	11/17/23	(1)
FedEx Corp.	(155)	(4,185)	270.00	11/17/23	(1)
JPMorgan Chase & Co.	(324)	(5,346)	165.00	11/17/23	(—) (3)
Mastercard, Inc.	(313)	(12,677)	405.00	11/17/23	(5)
Meta Platforms, Inc.	(97)	(3,201)	330.00	11/17/23	(11)
Micron Technology, Inc.	(263)	(2,038)	77.50	11/17/23	(2)
Moody’s Corp.	(208)	(7,280)	350.00	11/17/23	(2)
NVIDIA Corp.	(148)	(7,548)	510.00	11/17/23	(2)
RTX Corp.	(383)	(3,830)	100.00	11/17/23	(—) (3)
ServiceNow, Inc.	(29)	(1,885)	650.00	11/17/23	(2)
Taiwan Semiconductor Manufacturing Co., Ltd.	(228)	(2,508)	110.00	11/17/23	(1)
Tesla, Inc.	(450)	(16,200)	360.00	11/17/23	(—) (3)
Trip.com Group Ltd.	(530)	(2,014)	38.00	11/17/23	(5)
UnitedHealth Group, Inc.	(56)	(3,248)	580.00	11/17/23	(1)
Total Written Options					$(49)

    

Footnote Legend:

(1) Strike price not reported in thousands.

(2) Exchange-traded options.

(3) Amount is less than $500 (not in thousands).

See Notes to Schedule of Investments

5

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VIRTUS Equity & Convertible Income Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

October 31, 2023

($ reported in thousands)

The following table summarizes the value of the Fund’s investments as of October 31, 2023, based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):

	Total Value at October 31, 2023		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Debt Instruments:
Convertible Bonds and Notes	$175,636		$—		$175,636		$—
Equity Securities:
Convertible Preferred Stocks	12,932		12,932		—		—
Common Stocks	362,322		362,322		—		—
Equity-Linked Note	1,152		—		—		1,152
Money Market Mutual Fund	19,820		19,820		—		—
Total Assets	571,862		395,074		175,636		1,152
Liabilities:
Other Financial Instruments:
Written Options	(49)		(34)		(15)		—
Total Investments, Net of Written Options	$571,813		$395,040		$175,621		$1,152

 

There were no transfers into or out of Level 3 related to securities held at October 31, 2023.

Some of the Fund’s investments that were categorized as Level 3 may have been valued utilizing third party pricing information without adjustment. If applicable, such valuations
are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of Level 3 investments.

The following is a reconciliation of assets of the Fund for Level 3 investments for which significant unobservable inputs were used to determine fair value.

	Total		Equity-Linked Note
Investments in Securities
Balance as of January 31, 2023:	$ 3,601		$ 3,601
Net realized gain (loss)	(353)		(353)
Net change in unrealized appreciation (depreciation)(a)	(251)		(251)
Purchases	113		113
Sales(b)	(1,958)		(1,958)
Balance as of October 31, 2023	$ 1,152		$ 1,152

^(a) The net change in unrealized appreciation (depreciation) on investments still held at October 31, 2023, was $(251).

^(b) Includes paydowns on securities.

See Notes to Schedule of Investments

6

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VIRTUS Equity & Convertible Income Fund

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

October 31, 2023

Note 1. Security Valuation

The Fund’s Board of Trustees has designated the Investment Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940. The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Fund’s policy is to recognize transfers into or out of Level 3 at the end of the reporting period.

•	Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities).
•	Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
•	Level 3 – prices determined using significant unobservable inputs (including the Investment Adviser’s Valuation Committee’s own assumptions in determining the fair value of investments).

A description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis is as follows:

Equity securities are valued at the official closing price (typically last sale) on the exchange on which the securities are primarily traded or, if no closing price is available, at the last bid price and are categorized as Level 1 in the hierarchy. Illiquid, restricted equity securities and illiquid private placements are internally fair valued by the Investment Adviser’s Valuation Committee, and are generally categorized as Level 3 in the hierarchy.

Certain non-U.S. securities may be fair valued in cases where closing prices are not readily available or are deemed not reflective of readily available market prices. For example, significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that non-U.S. markets close (where the security is principally traded) and the time that the Fund calculates its net asset value (“NAV”) at the close of regular trading on the New York Stock Exchange (“NYSE”) (generally 4 p.m. Eastern time) that may impact the value of securities traded in these non-U.S. markets. In such cases, the Fund fair values non-U.S. securities using an independent pricing service which considers the correlation of the trading patterns of the non-U.S. security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, Exchange-Traded Funds (“ETFs”), and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.

Debt instruments, including convertible bonds, and restricted securities, are valued based on evaluated quotations received from independent pricing services or from dealers who make markets in such securities. For most bond types, the pricing service utilizes matrix pricing that considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type, activity of the underlying equities, and current day trade information, as well as dealer supplied prices. These valuations are generally categorized as Level 2 in the hierarchy. Structured debt instruments, such as mortgage-backed and asset-backed securities may also incorporate collateral analysis and utilize cash flow models for valuation and are generally categorized as Level 2 in the hierarchy. Pricing services do not provide pricing for all securities and therefore indicative bids from dealers are utilized which are based on pricing models used by market makers in the security and are generally categorized as Level 2 in the hierarchy. Debt instruments that are internally fair valued by the Investment Adviser’s Valuation Committee are generally categorized as Level 3 in the hierarchy.

Listed derivatives, such as options, that are actively traded are valued at the last posted settlement price from the exchange where they are principally traded and are categorized as Level 1 in the hierarchy. Over-the-counter derivative contracts, which include forward currency contracts and equity-linked instruments, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in the hierarchy.

Investments in open-end mutual funds are valued at NAV. Investments in closed-end funds and ETFs are valued as of the close of regular trading on the NYSE each business day. Each is categorized as Level 1 in the hierarchy.

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

For additional information about significant accounting policies, refer to the Fund’s most recent semi or annual report.

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