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

VIRTUS Global Multi-Sector Income Fund

SCHEDULE OF INVESTMENTS (Unaudited)

August 31, 2023

($ reported in thousands)

	Par Value		Value
U.S. Government Securities—5.8%
U.S. Treasury Bonds
1.250%, 5/15/50	$ 1,965		$     1,027
3.625%, 5/15/53	3,165		2,855
U.S. Treasury Note 4.125%, 11/15/32	1,775		1,774
Total U.S. Government Securities (Identified Cost $6,250)			5,656
Municipal Bonds—2.2%
California—0.7%
State of California, Build America Bond Taxable 7.500%, 4/1/34	570		685
Florida—0.3%
Broward County, Water & Sewer Utility Revenue Series A 4.000%, 10/1/47	300		285
Illinois—0.7%
State of Illinois, Build America Bond Taxable 6.900%, 3/1/35	700		743
New York—0.5%
Metropolitan Transportation Authority Bidding Group Series A 5.000%, 11/15/45	430		458
Total Municipal Bonds (Identified Cost $2,255)			2,171
Foreign Government Securities—28.8%
Arab Republic of Egypt
144A 7.600%, 3/1/29(1)	845		542
144A 8.500%, 1/31/47(1)	715		378
Bolivarian Republic of Venezuela RegS 7.650%, 4/21/25(2)(3)	1,380		138

	Par Value		Value
Foreign Government Securities—continued
China Government International Bond RegS 3.250%, 10/19/23(3)	$   525		$       524
Dominican Republic
144A 4.875%, 9/23/32(1)	1,565		1,324
144A 6.850%, 1/27/45(1)	615		550
Emirate of Dubai Government International Bonds RegS 5.250%, 1/30/43(3)	1,265		1,149
Federative Republic of Brazil
6.000%, 10/20/33	715		696
4.750%, 1/14/50	365		268
Finance Department Government of Sharjah 144A 6.500%, 11/23/32(1)	300		305
Hungary Government International Bond 144A 6.250%, 9/22/32(1)	585		589
Islamic Republic of Pakistan 144A 6.875%, 12/5/27(1)	630		317
Kingdom of Jordan 144A 5.850%, 7/7/30(1)	1,450		1,334
Kingdom of Morocco
144A 3.000%, 12/15/32(1)	200		156
144A 5.500%, 12/11/42(1)	590		499
Mongolia Government International Bond 144A 3.500%, 7/7/27(1)	525		439
Oman Government International Bond 144A 7.375%, 10/28/32(1)	595		648
Republic of Angola 144A 8.250%, 5/9/28(1)	1,105		964
Republic of Argentina 3.500%, 7/9/41(4)	2,010		616
Republic of Colombia
3.250%, 4/22/32	690		517

See Notes to Schedule of Investments

1

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VIRTUS Global Multi-Sector Income Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2023

($ reported in thousands)

	Par Value		Value
Foreign Government Securities—continued
4.125%, 5/15/51	$   270		$       162
Republic of Ecuador 144A 6.000%, 7/31/30(1)(4)	415		202
Republic of Guatemala
144A 5.250%, 8/10/29(1)	315		298
144A 3.700%, 10/7/33(1)	830		667
Republic of Indonesia 2.850%, 2/14/30	1,540		1,351
Republic of Ivory Coast
144A 6.375%, 3/3/28(1)	385		363
144A 6.125%, 6/15/33(1)	435		371
Republic of Kenya 144A 8.000%, 5/22/32(1)	510		421
Republic of Nigeria 144A 7.375%, 9/28/33(1)	525		400
Republic of Panama
3.298%, 1/19/33	615		506
3.870%, 7/23/60	850		544
Republic of Philippines 3.700%, 3/1/41	960		770
Republic of Poland 4.875%, 10/4/33	440		426
Republic of Serbia 144A 6.500%, 9/26/33(1)	300		295
Republic of South Africa
5.875%, 4/20/32	745		658
5.650%, 9/27/47	360		255
Republic of Turkey
7.625%, 4/26/29	1,175		1,140
9.125%, 7/13/30	1,055		1,074
4.875%, 4/16/43	935		620
Saudi International Bond
144A 3.625%, 3/4/28(1)	900		849
144A 5.500%, 10/25/32(1)	430		443
144A 4.875%, 7/18/33(1)	445		438
144A 4.500%, 10/26/46(1)	780		657

	Par Value		Value
Foreign Government Securities—continued
State of Israel 2.750%, 7/3/30	$   480		$       417
State of Qatar
144A 3.750%, 4/16/30(1)	450		425
144A 4.400%, 4/16/50(1)	365		321
Ukraine Government
144A 7.750%, 9/1/26(1)(2)	565		162
RegS 7.750%, 9/1/26(2)(3)	350		101
United Mexican States
2.659%, 5/24/31	310		257
6.350%, 2/9/35	300		310
6.338%, 5/4/53	1,177		1,173
Total Foreign Government Securities (Identified Cost $33,309)			28,029
Mortgage-Backed Securities—11.8%
Agency—2.9%
Federal National Mortgage Association
Pool #FS4438 5.000%, 11/1/52	939		911
Pool #MA4785 5.000%, 10/1/52	467		453
Pool #MA4805 4.500%, 11/1/52	810		768
Pool #MA5072 5.500%, 7/1/53	704		695
			2,827
Non-Agency—8.9%
Ajax Mortgage Loan Trust 2022-B, A1 144A 3.500%, 3/27/62(1)(4)	620		577
American Homes 4 Rent Trust 2014-SFR2, C 144A 4.705%, 10/17/36(1)	770		754

See Notes to Schedule of Investments

2

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VIRTUS Global Multi-Sector Income Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2023

($ reported in thousands)

	Par Value		Value
Non-Agency—continued
Arroyo Mortgage Trust 2019-1, A1 144A 3.805%, 1/25/49(1)(4)	$    85		$        79
Benchmark Mortgage Trust 2023-B38, A2 5.626%, 4/15/56	365		357
BPR Trust 2022-OANA, A (1 month Term SOFR + 1.898%, Cap N/A, Floor 1.898%) 144A 7.208%, 4/15/37(1)(4)	270		265
BX Trust 2019-OC11, D 144A 4.075%, 12/9/41(1)(4)	515		429
Chase Mortgage Finance Corp.
2016-SH1, M2 144A 3.750%, 4/25/45(1)(4)	84		74
2016-SH2, M2 144A 3.750%, 12/25/45(1)(4)	216		191
CIM Trust 2022-R2, A1 144A 3.750%, 12/25/61(1)(4)	339		310
COLT Mortgage Loan Trust
2022-4, A1 144A 4.301%, 3/25/67(1)(4)	149		142
2022-5, A1 144A 4.550%, 4/25/67(1)(4)	356		344
Deephaven Residential Mortgage Trust 2022-1, A1 144A 2.205%, 1/25/67(1)(4)	314		275
Ellington Financial Mortgage Trust 2019-2, A3 144A 3.046%, 11/25/59(1)(4)	38		35
FirstKey Homes Trust 2020-SFR2, B 144A 1.567%, 10/19/37(1)	475		432
INTOWN Mortgage Trust 2022-STAY, A (1 month Term SOFR + 2.489%, Cap N/A, Floor 2.489%) 144A 7.799%, 8/15/39(1)(4)	435		435
JPMorgan Chase Mortgage Trust 2014-5, B2 144A 2.761%, 10/25/29(1)(4)	163		143

	Par Value		Value
Non-Agency—continued
Mill City Mortgage Loan Trust 2017-3, B1 144A 3.250%, 1/25/61(1)(4)	$   338		$       276
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C22, AS 3.561%, 4/15/48	220		207
New Residential Mortgage Loan Trust
2016-3A, B1 144A 4.000%, 9/25/56(1)(4)	169		155
2016-4A, B1A 144A 4.500%, 11/25/56(1)(4)	492		460
OBX Trust 2019-INV1, A3 144A 4.500%, 11/25/48(1)(4)	45		42
Palisades Mortgage Loan Trust 2021-RTL1, A1 144A 2.857%, 6/25/26(1)(4)	150		145
Preston Ridge Partners Mortgage LLC 2021-2, A1 144A 2.115%, 3/25/26(1)(4)	297		286
Provident Funding Mortgage Trust 2019-1, A2 144A 3.000%, 12/25/49(1)(4)	79		66
Starwood Mortgage Residential Trust 2021-3, A3 144A 1.518%, 6/25/56(1)(4)	51		40
Towd Point Mortgage Trust
2016-4, B1 144A 3.959%, 7/25/56(1)(4)	260		238
2017-1, M1 144A 3.750%, 10/25/56(1)(4)	265		249
2017-4, A2 144A 3.000%, 6/25/57(1)(4)	171		152
2018-6, A2 144A 3.750%, 3/25/58(1)(4)	215		185
Tricon Residential Trust 2021-SFR1, B 144A 2.244%, 7/17/38(1)	150		134

See Notes to Schedule of Investments

3

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VIRTUS Global Multi-Sector Income Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2023

($ reported in thousands)

	Par Value		Value
Non-Agency—continued
TVC Mortgage Trust 2020-RTL1, M 144A 5.193%, 9/25/24(1)(4)	$   500		$       498
VCAT LLC
2021-NPL3, A1 144A 1.743%, 5/25/51(1)(4)	226		211
2021-NPL4, A1 144A 1.868%, 8/25/51(1)(4)	153		143
Verus Securitization Trust 2022-4, A1 144A 4.474%, 4/25/67(1)(4)	308		294
			8,623
Total Mortgage-Backed Securities (Identified Cost $12,063)			11,450
Asset-Backed Securities—12.7%
Automobiles—5.8%
ACC Trust 2022-1, C 144A 3.240%, 10/20/25(1)(5)	545		386
Avid Automobile Receivables Trust 2019-1, D 144A 4.030%, 7/15/26(1)	390		387
Avis Budget Rental Car Funding LLC
(AESOP) 2019-2A, D 144A 3.040%, 9/22/25(1)	480		454
(AESOP) 2020-2A, A 144A 2.020%, 2/20/27(1)	440		403
DT Auto Owner Trust 2023-1A, D 144A 6.440%, 11/15/28(1)	450		446
GLS Auto Receivables Issuer Trust
2020-3A, D 144A 2.270%, 5/15/26(1)	476		467
2020-3A, E 144A 4.310%, 7/15/27(1)	550		534
2023-1A, B 144A 6.190%, 6/15/27(1)	439		438
LAD Auto Receivables Trust
2021-1A, D 144A 3.990%, 11/15/29(1)	470		431

	Par Value		Value
Automobiles—continued
2023-2A, D 144A 6.300%, 2/15/31(1)	$   365		$       359
OneMain Direct Auto Receivables Trust 2022-1A, C 144A 5.310%, 6/14/29(1)	320		308
Santander Drive Auto Receivables Trust 2022-7, A2 5.810%, 1/15/26	230		230
Tesla Auto Lease Trust 2023-A, B 144A 6.410%, 7/20/27(1)	363		362
Veridian Auto Receivables Trust 2023-1A, A4 144A 5.590%, 12/15/28(1)	430		426
			5,631
Consumer Loans—0.4%
Marlette Funding Trust 2023-2A, B 144A 6.540%, 6/15/33(1)	363		363
Credit Card—0.5%
Avant Credit Card Master Trust 2021-1A, A 144A 1.370%, 4/15/27(1)	480		443
Other—6.0%
Adams Outdoor Advertising LP 2023-1, A2 144A 6.970%, 7/15/53(1)	365		363
Aqua Finance Trust
2017-A, A 144A 3.720%, 11/15/35(1)	39		39
2020-AA, D 144A 7.150%, 7/17/46(1)	400		342
Arby’s Funding LLC 2020-1A, A2 144A 3.237%, 7/30/50(1)	466		414
Business Jet Securities LLC 2020-1A, A 144A 2.981%, 11/15/35(1)	81		77

See Notes to Schedule of Investments

4

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VIRTUS Global Multi-Sector Income Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2023

($ reported in thousands)

	Par Value		Value
Other—continued
BXG Receivables Note Trust 2023-A, A 144A 5.770%, 11/15/38(1)	$   416		$       411
Conn’s Receivables Funding LLC 2022-A, B 144A 9.520%, 12/15/26(1)	332		333
FAT Brands Royalty LLC 2021-1A, A2 144A 4.750%, 4/25/51(1)	480		430
Hardee’s Funding LLC 2020-1A, A2 144A 3.981%, 12/20/50(1)	412		349
Jersey Mike’s Funding 2019-1A, A2 144A 4.433%, 2/15/50(1)	348		322
Mariner Finance Issuance Trust 2020-AA, A 144A 2.190%, 8/21/34(1)	473		458
Oportun Funding XIV LLC 2021-A, B 144A 1.760%, 3/8/28(1)	405		387
Planet Fitness Master Issuer LLC 2018-1A, A2II 144A 4.666%, 9/5/48(1)	514		494
Progress Residential Trust 2021-SFR6, D 144A 2.225%, 7/17/38(1)	190		166
Trinity Rail Leasing LLC 2019-1A, A 144A 3.820%, 4/17/49(1)	292		273
VFI ABS LLC 2022-1A, B 144A 3.040%, 7/24/28(1)	585		555
Zaxby’s Funding LLC 2021-1A, A2 144A 3.238%, 7/30/51(1)	532		448
			5,861
Total Asset-Backed Securities (Identified Cost $12,904)			12,298

	Par Value		Value
Corporate Bonds and Notes—65.7%
Communication Services—4.4%
Altice France Holding S.A. 144A 6.000%, 2/15/28(1)	$   185		$        82
Altice France S.A.
144A 5.125%, 7/15/29(1)	125		88
144A 5.500%, 10/15/29(1)	185		134
AT&T, Inc. 5.400%, 2/15/34	290		282
CSC Holdings LLC
5.250%, 6/1/24	145		138
144A 7.500%, 4/1/28(1)	295		188
CT Trust 144A 5.125%, 2/3/32(1)	550		451
DISH DBS Corp.
5.875%, 11/15/24	180		167
7.750%, 7/1/26	170		127
Gray Television, Inc. 144A 7.000%, 5/15/27(1)	250		224
Grupo Televisa SAB 4.625%, 1/30/26	525		510
Level 3 Financing, Inc. 144A 3.625%, 1/15/29(1)	365		217
Millennium Escrow Corp. 144A 6.625%, 8/1/26(1)	250		206
Rackspace Technology Global, Inc. 144A 5.375%, 12/1/28(1)	275		79
Sprint Capital Corp. 8.750%, 3/15/32	235		280
Telecomunicaciones Digitales S.A. 144A 4.500%, 1/30/30(1)	725		614
Telesat Canada 144A 6.500%, 10/15/27(1)	180		89
T-Mobile USA, Inc. 5.050%, 7/15/33	151		146

See Notes to Schedule of Investments

5

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VIRTUS Global Multi-Sector Income Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2023

($ reported in thousands)

	Par Value		Value
Communication Services—continued
VZ Secured Financing B.V. 144A 5.000%, 1/15/32(1)	$   285		$       232
			4,254
Consumer Discretionary—3.5%
Ashtead Capital, Inc. 144A 2.450%, 8/12/31(1)	570		446
Carnival Corp. 144A 7.000%, 8/15/29(1)	35		35
Carriage Services, Inc. 144A 4.250%, 5/15/29(1)	215		187
Churchill Downs, Inc. 144A 6.750%, 5/1/31(1)	215		210
Clarios Global LP
144A 8.500%, 5/15/27(1)	245		247
144A 6.750%, 5/15/28(1)	25		25
eG Global Finance plc 144A 8.500%, 10/30/25(1)	300		297
Ford Motor Co. 3.250%, 2/12/32	120		94
Ford Motor Credit Co. LLC 7.350%, 3/6/30	200		204
Jacobs Entertainment, Inc. 144A 6.750%, 2/15/29(1)	180		163
MDC Holdings, Inc. 3.966%, 8/6/61	440		258
Newell Brands, Inc. 6.625%, 9/15/29	227		225
NMG Holding Co., Inc. 144A 7.125%, 4/1/26(1)	220		209
Nordstrom, Inc. 4.250%, 8/1/31	300		226
Ontario Gaming GTA LP 144A 8.000%, 8/1/30(1)	105		106
Premier Entertainment Sub LLC 144A 5.625%, 9/1/29(1)	290		231
Royal Caribbean Cruises Ltd. 144A 9.250%, 1/15/29(1)	12		13

	Par Value		Value
Consumer Discretionary—continued
Weekley Homes LLC 144A 4.875%, 9/15/28(1)	$   255		$       225
			3,401
Consumer Staples—1.5%
Anheuser-Busch InBev Worldwide, Inc. 3.500%, 6/1/30	305		280
BAT Capital Corp. 7.750%, 10/19/32	395		429
Central American Bottling Corp. 144A 5.250%, 4/27/29(1)	295		268
Coty, Inc. 144A 6.625%, 7/15/30(1)	230		230
Pilgrim’s Pride Corp. 6.250%, 7/1/33	300		298
			1,505
Energy—17.6%
Aker BP ASA 144A 2.000%, 7/15/26(1)	263		236
Alliance Resource Operating Partners LP 144A 7.500%, 5/1/25(1)	269		268
Antero Midstream Partners LP 144A 5.750%, 1/15/28(1)	190		182
Ascent Resources Utica Holdings LLC 144A 8.250%, 12/31/28(1)	255		255
BP Capital Markets plc 4.875% (6)	375		340
CITGO Petroleum Corp. 144A 7.000%, 6/15/25(1)	95		94
Civitas Resources, Inc. 144A 8.750%, 7/1/31(1)	180		186
Columbia Pipelines Operating Co. LLC
144A 6.036%, 11/15/33(1)	215		217
144A 6.714%, 8/15/63(1)	40		41

See Notes to Schedule of Investments

6

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VIRTUS Global Multi-Sector Income Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2023

($ reported in thousands)

	Par Value		Value
Energy—continued
Coronado Finance Pty Ltd. 144A 10.750%, 5/15/26(1)	$   382		$       395
CrownRock LP 144A 5.625%, 10/15/25(1)	255		251
Ecopetrol S.A.
4.625%, 11/2/31	695		546
8.875%, 1/13/33	585		591
Enbridge, Inc. 7.625%, 1/15/83	345		348
Energy Transfer LP Series H 6.500% (6)	245		223
Fermaca Enterprises S de RL de C.V. 144A 6.375%, 3/30/38(1)	719		692
Genesis Energy LP 8.875%, 4/15/30	395		393
Greensaif Pipelines Bidco S.a.r.l. 144A 6.129%, 2/23/38(1)	235		235
Hilcorp Energy I LP
144A 5.750%, 2/1/29(1)	290		269
144A 6.000%, 2/1/31(1)	200		183
International Petroleum Corp. 144A, RegS 7.250%, 2/1/27(1)(3)	200		189
KazMunayGas National Co. JSC
144A 5.375%, 4/24/30(1)	310		282
144A 5.750%, 4/19/47(1)	640		514
144A 6.375%, 10/24/48(1)	200		167
Kinder Morgan, Inc. 7.750%, 1/15/32	380		425
Korea National Oil Corp. 144A 4.875%, 4/3/28(1)	200		198
Magnolia Oil & Gas Operating LLC 144A 6.000%, 8/1/26(1)	270		262
Mesquite Energy, Inc. 144A 7.250%, 2/15/24(1)	135		11
Nabors Industries Ltd. 144A 7.250%, 1/15/26(1)	195		188
Northriver Midstream Finance LP 144A 5.625%, 2/15/26(1)	255		245

	Par Value		Value
Energy—continued
Occidental Petroleum Corp. 6.125%, 1/1/31	$   405		$       408
Odebrecht Oil & Gas Finance Ltd. 144A 0.000% (1)(6)	154		2
Pertamina Persero PT
144A 2.300%, 2/9/31(1)	1,075		865
RegS 6.450%, 5/30/44(3)	815		820
Petroleos de Venezuela S.A. 144A 6.000%, 5/16/24(1)(7)	1,820		116
Petroleos Mexicanos
6.500%, 3/13/27	930		812
5.950%, 1/28/31	825		596
6.700%, 2/16/32	935		703
6.500%, 6/2/41	350		217
7.690%, 1/23/50	595		396
6.375%, 1/23/45	1,700		1,034
6.350%, 2/12/48	520		311
Petronas Capital Ltd. 144A 3.500%, 4/21/30(1)	555		504
Reliance Industries Ltd. 144A 2.875%, 1/12/32(1)	760		624
State Oil Co. of the Azerbaijan Republic RegS 6.950%, 3/18/30(3)	625		642
Teine Energy Ltd. 144A 6.875%, 4/15/29(1)	250		232
Transocean, Inc.
144A 11.500%, 1/30/27(1)	9		9
144A 8.750%, 2/15/30(1)	214		219
Venture Global Calcasieu Pass LLC 144A 4.125%, 8/15/31(1)	245		208
			17,144
Financials—16.2%
Acrisure LLC 144A 7.000%, 11/15/25(1)	440		425
Allstate Corp. (The) Series B (3 month LIBOR + 2.938%) 8.564%, 8/15/53(4)	391		386

See Notes to Schedule of Investments

7

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VIRTUS Global Multi-Sector Income Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2023

($ reported in thousands)

	Par Value		Value
Financials—continued
American Express Co. 5.625%, 7/28/34	$   255		$       251
Australia & New Zealand Banking Group Ltd. 144A 4.400%, 5/19/26(1)	260		250
Banco de Credito e Inversiones S.A. 144A 3.500%, 10/12/27(1)	990		907
Banco do Brasil S.A. 144A 3.250%, 9/30/26(1)	200		184
Banco Mercantil del Norte S.A. 144A 6.625% (1)(6)	780		628
Banco Nacional de Comercio Exterior SNC 144A 4.375%, 10/14/25(1)	510		497
Banco Santander Chile 144A 3.177%, 10/26/31(1)	150		127
Bancolombia S.A. 4.625%, 12/18/29	300		263
Bank of America Corp.
5.015%, 7/22/33	295		284
2.482%, 9/21/36	395		300
Bank of New York Mellon Corp. (The) 5.834%, 10/25/33	385		395
Barclays plc 7.437%, 11/2/33	420		449
BBVA Bancomer S.A. 144A 5.125%, 1/18/33(1)	700		605
Blackstone Private Credit Fund 2.625%, 12/15/26	200		172
Blue Owl Credit Income Corp. 4.700%, 2/8/27	259		237
BroadStreet Partners, Inc. 144A 5.875%, 4/15/29(1)	160		141
Brookfield Finance, Inc. 2.724%, 4/15/31	460		375
Capital One Financial Corp. 2.359%, 7/29/32	420		300
Charles Schwab Corp. (The) Series H 4.000% (6)	360		272

	Par Value		Value
Financials—continued
Citadel LP 144A 4.875%, 1/15/27(1)	$   340		$       327
Citigroup, Inc.
6.270%, 11/17/33	270		281
6.174%, 5/25/34	204		203
Citizens Bank N.A. 2.250%, 4/28/25	250		232
Cobra AcquisitionCo. LLC 144A 6.375%, 11/1/29(1)	175		121
Corebridge Financial, Inc. 6.875%, 12/15/52	337		328
Discover Financial Services 6.700%, 11/29/32	126		125
Drawbridge Special Opportunities Fund LP 144A 3.875%, 2/15/26(1)	585		523
Export-Import Bank Korea 5.125%, 1/11/33	600		606
Fifth Third Bancorp 4.337%, 4/25/33	245		216
First American Financial Corp. 4.000%, 5/15/30	330		287
Global Atlantic Fin Co. 144A 7.950%, 6/15/33(1)	137		134
Goldman Sachs Group, Inc. (The)
3.102%, 2/24/33	175		145
6.450%, 5/1/36	135		141
Huntington Bancshares, Inc. 2.550%, 2/4/30	280		229
JPMorgan Chase & Co. 5.350%, 6/1/34	135		133
Liberty Mutual Group, Inc. 144A 4.125%, 12/15/51(1)	400		323
Lincoln National Corp. (3 month LIBOR + 2.040%) 7.628%, 4/20/67(4)	324		216
MDGH-GMTN RSC Ltd. 144A 4.500%, 11/7/28(1)	750		731
MetLife, Inc. Series G 3.850% (6)	220		203

See Notes to Schedule of Investments

8

---

VIRTUS Global Multi-Sector Income Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2023

($ reported in thousands)

	Par Value		Value
Financials—continued
Midcap Financial Issuer Trust 144A 6.500%, 5/1/28(1)	$   370		$       329
Morgan Stanley
6.342%, 10/18/33	355		372
5.948%, 1/19/38	174		169
MSCI, Inc. 144A 3.625%, 9/1/30(1)	126		109
National Rural Utilities Cooperative Finance Corp. (3 month Term SOFR + 3.172%) 8.541%, 4/30/43(4)	165		162
Prudential Financial, Inc.
6.000%, 9/1/52	47		45
6.750%, 3/1/53	220		218
State Street Corp. 4.821%, 1/26/34	300		285
Synchrony Financial
4.875%, 6/13/25	65		63
3.700%, 8/4/26	93		85
Toronto-Dominion Bank (The) 8.125%, 10/31/82	435		437
Wells Fargo & Co.
5.389%, 4/24/34	145		141
Series BB 3.900%(6)	400		355
			15,722
Health Care—4.3%
Akumin, Inc. 144A 7.000%, 11/1/25(1)	235		177
Amgen, Inc.
5.250%, 3/2/33	140		139
5.650%, 3/2/53	82		81
Bausch Health Cos., Inc.
144A 6.125%, 2/1/27(1)	25		16
144A 11.000%, 9/30/28(1)	105		75
144A 14.000%, 10/15/30(1)	20		12
Bio-Rad Laboratories, Inc. 3.700%, 3/15/32	270		237

	Par Value		Value
Health Care—continued
Catalent Pharma Solutions, Inc. 144A 3.500%, 4/1/30(1)	$   170		$       144
Cheplapharm Arzneimittel GmbH 144A 5.500%, 1/15/28(1)	370		335
Community Health Systems, Inc. 144A 6.125%, 4/1/30(1)	245		141
DENTSPLY SIRONA, Inc. 3.250%, 6/1/30	335		288
Fortrea Holdings, Inc. 144A 7.500%, 7/1/30(1)	36		35
GE HealthCare Technologies, Inc. 5.857%, 3/15/30	305		310
HCA, Inc. 5.500%, 6/1/33	360		354
Lannett Co., Inc. 144A 7.750%, 4/15/26(1)(5)	60		3
LifePoint Health, Inc. 144A 9.875%, 8/15/30(1)	360		356
Surgery Center Holdings, Inc.
144A 6.750%, 7/1/25(1)	84		84
144A 10.000%, 4/15/27(1)	125		127
Team Health Holdings, Inc. 144A 6.375%, 2/1/25(1)	220		169
Teva Pharmaceutical Finance Netherlands III B.V. 5.125%, 5/9/29	280		257
Universal Health Services, Inc. 2.650%, 1/15/32	400		311
Viatris, Inc. 2.700%, 6/22/30	265		215
Zimmer Biomet Holdings, Inc. 3.550%, 3/20/30	325		285
			4,151

See Notes to Schedule of Investments

9

---

VIRTUS Global Multi-Sector Income Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2023

($ reported in thousands)

	Par Value		Value
Industrials—4.4%
Alaska Airlines Pass-Through Trust 2020-1, A 144A 4.800%, 2/15/29(1)	$   340		$       329
Avolon Holdings Funding Ltd. 144A 4.375%, 5/1/26(1)	301		284
Beacon Roofing Supply, Inc. 144A 6.500%, 8/1/30(1)	90		89
BlueLinx Holdings, Inc. 144A 6.000%, 11/15/29(1)	180		161
Boeing Co. (The)
3.750%, 2/1/50	315		230
5.930%, 5/1/60	160		154
British Airways Pass-Through Trust 2021-1, A 144A 2.900%, 9/15/36(1)	382		321
Chart Industries, Inc. 144A 9.500%, 1/1/31(1)	200		215
Concentrix Corp. 6.650%, 8/2/26	175		175
CoStar Group, Inc. 144A 2.800%, 7/15/30(1)	481		398
Deluxe Corp. 144A 8.000%, 6/1/29(1)	130		110
Global Infrastructure Solutions, Inc. 144A 7.500%, 4/15/32(1)	265		231
Icahn Enterprises LP 6.250%, 5/15/26	235		218
Jacobs Engineering Group, Inc. 6.350%, 8/18/28	105		107
Neptune Bidco U.S., Inc. 144A 9.290%, 4/15/29(1)	175		163
Regal Rexnord Corp. 144A 6.400%, 4/15/33(1)	371		367
Sempra Global 144A 3.250%, 1/15/32(1)	405		326
United Airlines Pass-Through Trust 2023-1, A 5.800%, 7/15/37	240		239

	Par Value		Value
Industrials—continued
VistaJet Malta Finance plc 144A 9.500%, 6/1/28(1)	$   155		$       143
			4,260
Information Technology—2.7%
Booz Allen Hamilton, Inc.
144A 3.875%, 9/1/28(1)	195		177
144A 4.000%, 7/1/29(1)	220		197
CDW LLC 3.569%, 12/1/31	338		286
Central Parent LLC 144A 8.000%, 6/15/29(1)	20		20
Consensus Cloud Solutions, Inc.
144A 6.000%, 10/15/26(1)	35		32
144A 6.500%, 10/15/28(1)	55		50
Dell International LLC 8.100%, 7/15/36	243		279
ION Trading Technologies S.a.r.l. 144A 5.750%, 5/15/28(1)	200		175
Kyndryl Holdings, Inc. 3.150%, 10/15/31	180		140
Leidos, Inc. 2.300%, 2/15/31	390		309
Oracle Corp.
6.150%, 11/9/29	110		115
3.850%, 4/1/60	185		126
SK Hynix, Inc. 144A 2.375%, 1/19/31(1)	585		452
Viasat, Inc. 144A 5.625%, 9/15/25(1)	345		326
			2,684
Materials—3.9%
ArcelorMittal S.A. 6.800%, 11/29/32	280		288
ASP Unifrax Holdings, Inc. 144A 5.250%, 9/30/28(1)	455		308
Bayport Polymers LLC 144A 5.140%, 4/14/32(1)	370		330
Cleveland-Cliffs, Inc. 144A 6.750%, 3/15/26(1)	295		295

See Notes to Schedule of Investments

10

---

VIRTUS Global Multi-Sector Income Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2023

($ reported in thousands)

	Par Value		Value
Materials—continued
Glencore Funding LLC 144A 2.850%, 4/27/31(1)	$   340		$       277
LSB Industries, Inc. 144A 6.250%, 10/15/28(1)	260		238
Mauser Packaging Solutions Holding Co. 144A 7.875%, 8/15/26(1)	145		143
Mercer International, Inc. 5.125%, 2/1/29	45		37
New Enterprise Stone & Lime Co., Inc. 144A 9.750%, 7/15/28(1)	405		400
OCP S.A.
144A 5.625%, 4/25/24(1)	660		655
144A 3.750%, 6/23/31(1)	200		165
Taseko Mines Ltd. 144A 7.000%, 2/15/26(1)	230		212
Teck Resources Ltd. 6.125%, 10/1/35	340		334
WR Grace Holdings LLC 144A 5.625%, 8/15/29(1)	87		73
			3,755
Real Estate—2.3%
EPR Properties
4.750%, 12/15/26	260		239
3.600%, 11/15/31	95		73
GLP Capital LP
5.750%, 6/1/28	96		93
3.250%, 1/15/32	132		106
Kite Realty Group Trust 4.750%, 9/15/30	400		366
Office Properties Income Trust 4.500%, 2/1/25	575		514
Ontario Teachers’ Cadillac Fairview Properties Trust 144A 2.500%, 10/15/31(1)	285		224
Service Properties Trust 4.500%, 3/15/25	290		274
VICI Properties LP
4.950%, 2/15/30	110		104

	Par Value		Value
Real Estate—continued
5.125%, 5/15/32	$   185		$       172
144A 4.625%, 6/15/25(1)	70		68
			2,233
Utilities—4.9%
CMS Energy Corp. 4.750%, 6/1/50	460		402
Electricite de France S.A.
144A 6.250%, 5/23/33(1)	345		355
144A 6.900%, 5/23/53(1)	365		381
Enel Finance International N.V. 144A 7.500%, 10/14/32(1)	400		440
Eskom Holdings SOC Ltd. 144A 7.125%, 2/11/25(1)	640		631
Ferrellgas LP
144A 5.375%, 4/1/26(1)	90		85
144A 5.875%, 4/1/29(1)	90		79
KeySpan Gas East Corp. 144A 5.994%, 3/6/33(1)	400		397
NRG Energy, Inc. 144A 7.000%, 3/15/33(1)	320		318
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 144A 4.125%, 5/15/27(1)	950		902
Southern Co. (The) Series 21-A 3.750%, 9/15/51	490		423
Sunnova Energy Corp. 144A 5.875%, 9/1/26(1)	240		211
Vistra Corp. 144A 8.000% (1)(6)	125		120
			4,744
Total Corporate Bonds and Notes (Identified Cost $71,492)			63,853

See Notes to Schedule of Investments

11

---

VIRTUS Global Multi-Sector Income Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2023

($ reported in thousands)

	Par Value		Value
Leveraged Loans—14.3%
Aerospace—0.8%
Amentum Government Services Holdings LLC (1 month Term SOFR + 4.000%) 9.314%, 2/15/29(4)	$   129		$       126
Brown Group Holding LLC (1 month Term SOFR + 2.850%) 8.181%, 6/7/28(4)	162		161
Dynasty Acquisition Co., Inc.
2023, Tranche B-1 (1 month Term SOFR + 4.000%) 9.315%, 8/24/28(4)	129		128
2023, Tranche B-2 (1 month Term SOFR + 4.000%) 9.315%, 8/24/28(4)	55		55
Kestrel Bidco, Inc. (1 month Term SOFR + 3.100%) 8.415%, 12/11/26(4)	149		146
Mileage Plus Holdings LLC (3 month LIBOR + 5.250%) 10.764%, 6/21/27(4)	196		204
			820
Chemicals—0.5%
Trinseo Materials Operating SCA 2018 (3 month LIBOR + 2.000%) 7.538%, 9/6/24(4)	294		289
Windsor Holdings III LLC Tranche B (1 month Term SOFR + 4.500%) 9.818%, 8/1/30(4)	195		194
			483

	Par Value		Value
Consumer Non-Durables—0.7%
DS Parent, Inc. Tranche B (3 month Term SOFR + 5.750%) 11.337%, 12/8/28(4)	$   171		$       167
Kronos Acquisition Holdings, Inc. Tranche B-1 (3 month Term SOFR + 4.012%) 9.253%, 12/22/26(4)	294		290
ZEP, Inc. First Lien (3 month LIBOR + 4.000%) 9.538%, 8/12/24(4)	227		208
			665
Energy—0.8%
Hamilton Projects Acquiror LLC (1 month Term SOFR + 4.614%) 9.946%, 6/17/27(4)	165		163
Medallion Midland Acquisition LLC (3 month Term SOFR + 3.750%) 9.253%, 10/18/28(4)	156		156
Oryx Midstream Services Permian Basin LLC 2023 (1 month Term SOFR + 3.364%) (8.682% - 8.692%), 10/5/28(4)	139		139
Traverse Midstream Partners LLC 2023, Tranche B (3 month Term SOFR + 3.850%) 9.216%, 2/16/28(4)	293		292
			750
Financials—0.3%
Asurion LLC Tranche B-9 (3 month LIBOR + 3.250%) 8.788%, 7/31/27(4)	135		130

See Notes to Schedule of Investments

12

---

VIRTUS Global Multi-Sector Income Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2023

($ reported in thousands)

	Par Value		Value
Financials—continued
Blackhawk Network Holdings, Inc. First Lien (3 month Term SOFR + 2.750%) 8.172%, 6/15/25(4)	$   152		$       152
			282
Food / Tobacco—1.1%
Del Monte Foods, Inc. (1 month Term SOFR + 4.350%) 9.670%, 5/16/29(4)	144		141
Froneri U.S., Inc. Tranche B-2 (1 month Term SOFR + 2.250%) 7.681%, 1/29/27(4)	294		293
Naked Juice LLC (2-3 month Term SOFR + 3.350%) (8.592% - 8.669%), 1/24/29(4)	234		221
Pegasus Bidco B.V. Tranche B-2 (3 month Term SOFR + 4.250%) 9.615%, 7/12/29(4)	119		119
Shearer’s Foods LLC First Lien (1 month Term SOFR + 3.500%) 8.946%, 9/23/27(4)	150		149
Triton Water Holdings, Inc. First Lien (3 month Term SOFR + 3.512%) 8.753%, 3/31/28(4)	141		138
			1,061
Forest Prod / Containers—0.1%
TricorBraun, Inc. (1 month Term SOFR + 3.364%) 8.696%, 3/3/28(4)	137		133
Gaming / Leisure—1.0%
Carnival Corp. (1 month Term SOFR + 3.000%) 8.317%, 8/9/27(4)	140		140

	Par Value		Value
Gaming / Leisure—continued
ECL Entertainment LLC Tranche B (3 month LIBOR + 0.000%) 0.000%, 8/31/23(4)(8)	$   155		$       155
Entain plc Tranche B-2 (3-6 month Term SOFR + 3.600%) (8.437% - 8.885%), 10/31/29(4)	25		25
J&J Ventures Gaming LLC
(3 month LIBOR + 3.250%) 0.000%, 8/15/30(4)(8)	157		152
2023 (3 month LIBOR + 4.750%) 0.000%, 4/15/30(4)(8)	88		84
Ontario Gaming Gta Ltd. Partnership Tranche B (2 month Term SOFR + 4.250%) 9.620%, 9/29/23(4)	60		60
Playa Hotels & Resorts B.V. (1 month Term SOFR + 4.250%) 9.564%, 1/5/29(4)	146		146
UFC Holdings LLC Tranche B-3 (3 month Term SOFR + 3.012%) 8.369%, 4/29/26(4)	168		168
			930
Health Care—2.3%
CHG Healthcare Services, Inc. First Lien (1 month Term SOFR + 3.364%) 8.696%, 9/29/28(4)	243		241
Gainwell Acquisition Corp. Tranche B (3 month Term SOFR + 4.100%) 9.342%, 10/1/27(4)	148		145

See Notes to Schedule of Investments

13

---

VIRTUS Global Multi-Sector Income Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2023

($ reported in thousands)

	Par Value		Value
Health Care—continued
Hunter Holdco 3 Ltd. First Lien (3 month Term SOFR + 4.350%) 9.592%, 8/19/28(4)	$   114		$       113
LifePoint Health, Inc. Tranche B, First Lien (3 month Term SOFR + 4.012%) 9.377%, 11/16/25(4)	283		280
Medline Borrower LP (1 month Term SOFR + 3.364%) 8.696%, 10/23/28(4)	303		303
Phoenix Guarantor, Inc. Tranche B-1 (1 month Term SOFR + 3.364%) 8.696%, 3/5/26(4)	489		486
Sotera Health Holdings LLC (1 month Term SOFR + 3.750%) 9.068%, 12/11/26(4)	65		65
Sunshine Luxembourg VII S.a.r.l. Tranche B-3 (3 month Term SOFR + 3.850%) 9.092%, 10/1/26(4)	142		142
Upstream Newco, Inc. 2021 (3 month Term SOFR + 4.250%) 9.753%, 11/20/26(4)	187		177
Viant Medical Holdings, Inc. First Lien (1 month Term SOFR + 3.864%) 9.196%, 7/2/25(4)	254		249
			2,201
Information Technology—2.3%
Applied Systems, Inc.
2026 (3 month Term SOFR + 4.500%) 9.742%, 9/18/26(4)	135		135

	Par Value		Value
Information Technology—continued
Second Lien (3 month Term SOFR + 6.750%) 11.992%, 9/17/27(4)	$   247		$       247
CDK Global, Inc. (3 month Term SOFR + 4.250%) 9.492%, 7/6/29(4)	284		284
ConnectWise LLC (1 month Term SOFR + 3.614%) 8.946%, 9/29/28(4)	83		81
Epicor Software Corp. Tranche C (1 month Term SOFR + 3.364%) 8.696%, 7/30/27(4)	165		164
Finastra USA, Inc. First Lien (6 month LIBOR + 3.500%) 9.231%, 6/13/24(4)	228		228
Indicor LLC (3 month Term SOFR + 4.500%) 9.742%, 11/22/29(4)	195		195
Polaris Newco LLC First Lien (3 month LIBOR + 4.000%) 9.538%, 6/2/28(4)	155		150
Project Ruby Ultimate Parent Corp. First Lien (1 month Term SOFR + 3.364%) 8.696%, 3/10/28(4)	194		191
RealPage, Inc. First Lien (1 month Term SOFR + 3.114%) 8.446%, 4/24/28(4)	146		144
Software AG (3 month LIBOR + 4.000%) 0.000%, 8/1/30(4)(8)	92		92
Sophia LP Tranche B (3 month LIBOR + 3.500%) 9.038%, 10/7/27(4)	174		174

See Notes to Schedule of Investments

14

---

VIRTUS Global Multi-Sector Income Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2023

($ reported in thousands)

	Par Value		Value
Information Technology—continued
UKG, Inc.
2021, Second Lien (3 month Term SOFR + 5.350%) 10.618%, 5/3/27(4)	$    10		$        10
2021-2, First Lien (3 month Term SOFR + 3.350%) 8.618%, 5/4/26(4)	163		163
			2,258
Manufacturing—0.6%
Chart Industries, Inc. (1 month Term SOFR + 3.850%) 9.164%, 3/15/30(4)	145		145
Filtration Group Corp. 2021 (1 month Term SOFR + 3.614%) 8.946%, 10/21/28(4)	220		219
Safe Fleet Holdings LLC 2022 (1 month Term SOFR + 3.850%) 9.168%, 2/23/29(4)	189		189
			553
Media / Telecom - Broadcasting—0.1%
Terrier Media Buyer, Inc. 2021, Tranche B (3 month Term SOFR + 3.600%) 8.842%, 12/17/26(4)	100		93
Media / Telecom - Cable/Wireless Video—0.4%
DIRECTV Financing LLC (1 month Term SOFR + 5.000%) 10.446%, 8/2/27(4)	246		243

	Par Value		Value
Media / Telecom - Cable/Wireless Video—continued
Eagle Broadband Investments LLC (3 month Term SOFR + 3.262%) 8.503%, 11/12/27(4)	$   145		$       141
			384
Media / Telecom - Diversified Media—0.5%
McGraw-Hill Education, Inc. (1 month Term SOFR + 4.864%) 10.196%, 7/28/28(4)	170		167
Neptune Bidco U.S., Inc. Tranche B (3 month Term SOFR + 5.100%) 10.398%, 4/11/29(4)	175		159
William Morris Endeavor Entertainment LLC Tranche B-1 (1 month Term SOFR + 2.864%) 8.196%, 5/18/25(4)	160		159
			485
Retail—0.6%
EG America LLC (3 month LIBOR + 4.000%) 0.000%, 2/7/25(4)(8)	303		303
Great Outdoors Group LLC Tranche B-2 (1 month Term SOFR + 3.864%) 9.196%, 3/6/28(4)	129		129
PetsMart LLC (1 month Term SOFR + 3.850%) 9.181%, 2/11/28(4)	127		126
			558

See Notes to Schedule of Investments

15

---

VIRTUS Global Multi-Sector Income Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2023

($ reported in thousands)

	Par Value		Value
Service—1.4%
Ascend Learning LLC (1 month Term SOFR + 3.600%) 8.931%, 12/11/28(4)	$   154		$       148
BrightView Landscapes LLC Tranche B (3 month Term SOFR + 3.250%) 8.619%, 4/20/29(4)	180		179
DG Investment Intermediate Holdings 2, Inc. 2022 (1 month Term SOFR + 4.750%) 10.081%, 3/31/28(4)	165		164
DXP Enterprises, Inc. (3 month Term SOFR + 5.250%) 10.444%, 12/23/27(4)	166		165
Garda World Security Corp. Tranche B-2 (1 month Term SOFR + 4.350%) 9.668%, 10/30/26(4)	65		65
Grab Holdings, Inc. (1 month Term SOFR + 4.614%) 9.946%, 1/29/26(4)	77		77
Kuehg Corp. (3 month Term SOFR + 5.000%) 10.242%, 5/23/30(4)	225		225
Peraton Corp. Tranche B, First Lien (1 month Term SOFR + 3.850%) 9.181%, 2/1/28(4)	147		146
PODS LLC (1 month Term SOFR + 3.114%) 8.446%, 3/31/28(4)	161		156
TMF Sapphire Bidco B.V. Tranche B-2 (2 month Term SOFR + 5.000%) 10.370%, 5/3/28(4)	70		70
			1,395

	Par Value		Value
Transportation - Automotive—0.6%
American Axle & Manufacturing, Inc. Tranche B, First Lien (1-6 month Term SOFR + 3.600%) (8.436% - 8.912%), 12/13/29(4)	$   236		$       236
Clarios Global LP 2023 (1 month Term SOFR + 3.750%) 9.081%, 5/6/30(4)	255		254
PAI Holdco, Inc. Tranche B (3 month Term SOFR + 3.750%) 9.380%, 10/28/27(4)	138		128
			618
Utilities—0.2%
Brookfield WEC Holdings, Inc. (1 month Term SOFR + 2.750%) 8.196%, 8/1/25(4)	160		159
Generation Bridge Northeast LLC Tranche B (1 month Term SOFR + 4.250%) 9.564%, 8/7/29(4)	70		70
			229
Total Leveraged Loans (Identified Cost $13,869)			13,898

	Shares
Preferred Stocks—2.3%
Financials—1.9%
Capital Farm Credit ACA Series 1 144A, 5.000%(1)	275(9)	245
MetLife, Inc. Series D, 5.875%	213(9)	199

See Notes to Schedule of Investments

16

---

VIRTUS Global Multi-Sector Income Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2023

($ reported in thousands)

	Shares		Value
Financials—continued
Truist Financial Corp. Series Q, 5.100%	315(9)		$       275
Zions Bancorp NA, 6.950%	47,150		1,179
			1,898
Industrials—0.4%
General Electric Co. Series D, (3 month LIBOR + 3.330%), 8.882%(4)	361(9)		361
Total Preferred Stocks (Identified Cost $2,344)			2,259
Common Stocks—0.1%
Consumer Discretionary—0.1%
MYT Holding LLC Class B(5)(10)	29,850		9
NMG Parent LLC(5)(10)	618		71
			80
Total Common Stocks (Identified Cost $215)			80
Total Long-Term Investments—143.7% (Identified Cost $154,701)			139,694
TOTAL INVESTMENTS—143.7% (Identified Cost $154,701)			$139,694(11)
Other assets and liabilities, net—(43.7)%			(42,486)
NET ASSETS—100.0%			$97,208

    

Abbreviations:
ABS	Asset-Backed Securities
ACA	American Capital Access Financial Guarantee Corp.
GMTN	Global Medium Term Note
JSC	Joint Stock Company
LIBOR	London Interbank Offered Rate
LLC	Limited Liability Company
LP	Limited Partnership
MSCI	Morgan Stanley Capital International
NA	National Association
SOFR	Secured Overnight Financing Rate

    

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 August 31, 2023, these securities amounted to a value of $68,472 or 70.4% of net assets.
(2)	Security in default; no interest payments are being received.
(3)	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.
(4)	Variable rate security. Rate disclosed is as of August 31, 2023. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
(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)	No contractual maturity date.
(7)	Security in default; no interest payments are being received during the bankruptcy proceedings.
(8)	This loan will settle after August 31, 2023, at which time the interest rate, calculated on the base lending rate and the agreed upon spread on trade date, will be reflected.
(9)	Value shown as par value.
(10)	Non-income producing.
(11)	All or a portion of securities is segregated as collateral for borrowings.

See Notes to Schedule of Investments

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VIRTUS Global Multi-Sector Income Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2023

($ reported in thousands)

Country Weightings†
United States	58%
Mexico	6
Indonesia	3
Canada	3
Turkey	2
Saudi Arabia	2
Netherlands	2
Other	24
Total	100%
†%of total investments as of August 31, 2023.

The following table summarizes the value of the Fund’s investments as of August 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 August 31, 2023		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Debt Instruments:
Asset-Backed Securities	$12,298		$—		$11,912		$386
Corporate Bonds and Notes	63,853		—		63,850		3
Foreign Government Securities	28,029		—		28,029		—
Leveraged Loans	13,898		—		13,898		—
Mortgage-Backed Securities	11,450		—		11,450		—
Municipal Bonds	2,171		—		2,171		—
U.S. Government Securities	5,656		—		5,656		—
Equity Securities:
Preferred Stocks	2,259		1,179		1,080		—
Common Stocks	80		—		—		80
Total Investments	$139,694		$1,179		$138,046		$469

Security held by the Fund with an end of period value of $13 were transferred from Level 3 to Level 2 due to an increase in trading activities during the period.

Security held by the Fund with an end of period value of $386 was transferred from Level 2 to Level 3 due to a decrease in trading activities during the period.

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

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the roll-forward of Level 3 securities and assumptions are not shown for the period ended August 31, 2023.

See Notes to Schedule of Investments

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VIRTUS GLOBAL MULTI-SECTOR INCOME FUND 

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

August 31, 2023

Note 1. Significant Accounting Policies

A.

Security Valuation

The Fund’s Board of Trustees have 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 a Fund calculates its net asset value (“NAV”) at the close of regular trading on the New York Stock Exchange (“NYSE”) (generally 4 p.m. Eastern time) that may impact the value of securities traded in these non-U.S. markets. In such cases, the 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

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VIRTUS GLOBAL MULTI-SECTOR INCOME FUND 

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2023

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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