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VIRTUS Convertible & Income Fund
SCHEDULE OF INVESTMENTS (Unaudited)
October 31, 2025
($ reported in thousands)
 
 
Par Value
Value
Convertible Bonds and Notes—78.8%
Aerospace & Defense—2.1%
AeroVironment, Inc.
0.000%, 7/15/30
$2,580
$3,603
Intuitive Machines, Inc. 144A
2.500%, 10/1/30(1)
1,605
1,921
Rocket Lab USA, Inc. 144A
4.250%, 2/1/29(1)
210
2,576
 
8,100
 
 
Auto Manufacturers—0.7%
Rivian Automotive, Inc.
4.625%, 3/15/29
2,995
2,950
Automotive Parts & Equipment—0.4%
indie Semiconductor, Inc. 144A
4.500%, 11/15/27(1)
1,350
1,485
Biotechnology—5.1%
Alnylam Pharmaceuticals, Inc.

1.000%, 9/15/27
2,675
4,400

144A 0.000%, 9/15/28(1)
895
894
Bridgebio Pharma, Inc.

2.500%, 3/15/27
1,775
2,860

144A 1.750%, 3/1/31(1)
1,270
1,919
Celcuity, Inc.
2.750%, 8/1/31
635
1,141
Cytokinetics, Inc. 144A
1.750%, 10/1/31(1)
2,195
2,719
Ionis Pharmaceuticals, Inc.
1.750%, 6/15/28
2,060
3,135
Ligand Pharmaceuticals, Inc. 144A
0.750%, 10/1/30(1)
2,530
2,964
 
20,032
 
 
Commercial Services—1.0%
Affirm Holdings, Inc. 144A
0.750%, 12/15/29(1)
2,185
2,372
Shift4 Payments, Inc.
0.500%, 8/1/27
1,720
1,690
 
4,062
 
 
Computers—9.1%
CyberArk Software Ltd. 144A
0.000%, 6/15/30(1)
3,955
4,612
Lumentum Holdings, Inc. 144A
0.375%, 3/15/32(1)
6,130
8,122
Parsons Corp.
2.625%, 3/1/29(2)
3,095
3,531
Seagate HDD Cayman
3.500%, 6/1/28
1,450
4,539
Super Micro Computer, Inc.
3.500%, 3/1/29
2,650
2,820
Western Digital Corp.
3.000%, 11/15/28
2,315
9,272
Zscaler, Inc. 144A
0.000%, 7/15/28(1)(3)
2,830
2,919
 
35,815
 
 
 
Par Value
Value
 
Diversified REITs—1.0%
Digital Realty Trust LP 144A
1.875%, 11/15/29(1)
$3,690
$3,892
Electric Utilities—4.0%
NextEra Energy Capital Holdings, Inc.
3.000%, 3/1/27
4,300
5,383
Southern Co. (The) 144A
3.250%, 6/15/28(1)
5,985
6,090
WEC Energy Group, Inc. 144A
3.375%, 6/1/28(1)
4,195
4,323
 
15,796
 
 
Electronics—1.8%
Mirion Technologies, Inc. 144A
0.250%, 6/1/30(1)
2,605
3,751
OSI Systems, Inc.
2.250%, 8/1/29
2,255
3,552
 
7,303
 
 
Engineering & Construction—0.8%
Granite Construction, Inc.
3.250%, 6/15/30
2,300
3,351
Entertainment—2.6%
IMAX Corp.
0.500%, 4/1/26
2,470
2,891
Live Nation Entertainment, Inc. 144A
2.875%, 1/15/30(1)
7,015
7,450
 
10,341
 
 
Financial Services—4.7%
Coinbase Global, Inc.

0.500%, 6/1/26(2)
5,250
5,891

144A 0.000%, 10/1/29(1)
2,850
3,081
Galaxy Digital Holdings LP 144A
0.500%, 5/1/31(1)
2,435
2,401
SoFi Technologies, Inc. 144A
0.000%, 10/15/26(1)
3,545
5,034
Upstart Holdings, Inc. 144A
1.000%, 11/15/30(1)(2)
525
465
WisdomTree, Inc. 144A
4.625%, 8/15/30(1)
1,690
1,727
 
18,599
 
 
Health Care REITs—2.3%
Welltower OP LLC 144A
3.125%, 7/15/29(1)
6,080
9,020
Healthcare-Products—4.1%
Alphatec Holdings, Inc. 144A
0.750%, 3/15/30(1)
2,585
3,688
Exact Sciences Corp. 144A
1.750%, 4/15/31(1)
2,025
2,040
Guardant Health, Inc.
1.250%, 2/15/31(2)
2,740
4,672
iRhythm Technologies, Inc.
1.500%, 9/1/29
2,130
3,090
See Notes to Schedule of Investments
1
VIRTUS Convertible & Income Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
October 31, 2025
($ reported in thousands)
 
Par Value
Value
 
Healthcare-Products—continued
Repligen Corp.
1.000%, 12/15/28(2)
$1,290
$1,367
Tempus AI, Inc. 144A
0.750%, 7/15/30(1)
905
1,231
 
16,088
 
 
Healthcare-Services—0.5%
Oscar Health, Inc. 144A
2.250%, 9/1/30(1)
1,695
1,830
Home Builders—0.4%
Meritage Homes Corp.
1.750%, 5/15/28
1,755
1,748
Industrial REITs—0.7%
Rexford Industrial Realty LP 144A
4.375%, 3/15/27(1)
2,655
2,655
Internet—6.0%
Alibaba Group Holding Ltd.
0.500%, 6/1/31
1,895
3,350
DoorDash, Inc. 144A
0.000%, 5/15/30(1)
3,690
4,074
Opendoor Technologies, Inc. 144A
7.000%, 5/15/30(1)
155
791
Spotify USA, Inc.
0.000%, 3/15/26
1,895
2,444
Trip.com Group Ltd.
0.750%, 6/15/29
2,045
2,496
Uber Technologies, Inc.

0.000%, 12/15/25
4,645
5,526

0.875%, 12/1/28
670
975
Wayfair, Inc.
3.250%, 9/15/27
2,320
3,971
 
23,627
 
 
Investment Companies—3.2%
Cipher Mining, Inc. 144A
0.000%, 10/1/31(1)
2,725
3,849
IREN Ltd. 144A
0.000%, 7/1/31(1)
3,700
3,896
Riot Platforms, Inc. 144A
0.750%, 1/15/30(1)
2,130
3,314
Terawulf, Inc. 144A
0.000%, 5/1/32(1)
1,525
1,577
 
12,636
 
 
Leisure Time—1.7%
Carnival Corp.
5.750%, 12/1/27
960
2,137
NCL Corp., Ltd. 144A
0.750%, 9/15/30(1)
4,630
4,439
 
6,576
 
 
Machinery-Construction & Mining—1.7%
Bloom Energy Corp.

3.000%, 6/1/29
540
3,465
 
Par Value
Value
 
Machinery-Construction & Mining—continued

144A 0.000%, 11/15/30(1)(4)
$3,175
$3,228
 
6,693
 
 
Media—0.4%
Liberty Media Corp.-Liberty Formula One
2.250%, 8/15/27
1,350
1,727
Metal Fabricate/Hardware—0.4%
Xometry, Inc. 144A
0.750%, 6/15/30(1)(2)
1,085
1,414
Mining—1.6%
Centrus Energy Corp. 144A
0.000%, 8/15/32(1)
2,400
4,264
MP Materials Corp. 144A
3.000%, 3/1/30(1)
650
1,965
 
6,229
 
 
Miscellaneous Manufacturing—0.9%
Axon Enterprise, Inc.
0.500%, 12/15/27
535
1,711
JBT Marel Corp. 144A
0.375%, 9/15/30(1)
2,140
1,996
 
3,707
 
 
Office REITs—0.5%
Boston Properties LP 144A
2.000%, 10/1/30(1)
1,885
1,844
Oil, Gas & Consumable Fuels—0.7%
Solaris Energy Infrastructure, Inc.
0.250%, 10/1/31
2,380
2,830
Personal Care Product—0.5%
Oddity Finance LLC 144A
0.000%, 6/15/30(1)(3)
2,110
1,862
Pharmaceuticals—0.8%
Jazz Investments I Ltd.
3.125%, 9/15/30
2,590
3,162
Retail—0.6%
Burlington Stores, Inc.
1.250%, 12/15/27(2)
1,555
2,221
Semiconductors—5.3%
Cohu, Inc. 144A
1.500%, 1/15/31(1)
1,895
2,140
Impinj, Inc. 144A
0.000%, 9/15/29(1)
1,620
1,766
MACOM Technology Solutions Holdings, Inc. 144A
0.000%, 12/15/29(1)(3)
2,705
2,997
MKS, Inc.
1.250%, 6/1/30
2,360
2,832
Nova Ltd. 144A
0.000%, 9/15/30(1)
1,815
2,323
ON Semiconductor Corp.
0.000%, 5/1/27
1,175
1,360
See Notes to Schedule of Investments
2
VIRTUS Convertible & Income Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
October 31, 2025
($ reported in thousands)
 
Par Value
Value
 
Semiconductors—continued
Semtech Corp. 144A
0.000%, 10/15/30(1)
$3,090
$3,133
Synaptics, Inc. 144A
0.750%, 12/1/31(1)
1,875
1,886
Veeco Instruments, Inc.
2.875%, 6/1/29
1,800
2,235
Wolfspeed, Inc.
2.500%, 6/15/31
191
415
 
21,087
 
 
Software—9.5%
Alignment Healthcare, Inc. 144A
4.250%, 11/15/29(1)(2)
1,770
2,452
Bitfarms Ltd. 144A
1.375%, 1/15/31(1)
235
213
Cloudflare, Inc.
0.000%, 8/15/26
4,530
6,312
Datadog, Inc. 144A
0.000%, 12/1/29(1)(3)
4,645
4,926
Guidewire Software, Inc. 144A
1.250%, 11/1/29(1)
2,810
3,313
Nebius Group N.V. 144A
1.000%, 9/15/30(1)
1,580
2,014
Nutanix, Inc. 144A
0.500%, 12/15/29(1)(2)
2,420
2,666
Snowflake, Inc.
0.000%, 10/1/29
3,405
6,274
Strategy, Inc.

144A 0.000%, 12/1/29(1)(3)
6,115
5,320

144A 0.000%, 3/1/30(1)
1,845
1,817
Unity Software, Inc. 144A
0.000%, 3/15/30(1)
1,705
2,219
 
37,526
 
 
Telecommunications—2.9%
AST SpaceMobile, Inc. 144A
2.000%, 1/15/36(1)
2,250
2,391
GDS Holdings Ltd. 144A
2.250%, 6/1/32(1)(2)
1,510
2,022
InterDigital, Inc.
3.500%, 6/1/27
740
3,469
Viavi Solutions, Inc. 144A
0.625%, 3/1/31(1)
2,485
3,488
 
11,370
 
 
Water Utilities—0.8%
American Water Capital Corp.
3.625%, 6/15/26
3,215
3,202
Total Convertible Bonds and Notes
(Identified Cost $257,156)
310,780
 
 
 
 
Corporate Bonds and Notes—50.2%
Aerospace & Defense—2.7%
AAR Escrow Issuer LLC 144A
6.750%, 3/15/29(1)
2,185
2,256
Bombardier, Inc. 144A
6.750%, 6/15/33(1)
3,225
3,386
 
Par Value
Value
 
Aerospace & Defense—continued
TransDigm, Inc.

144A 6.375%, 5/31/33(1)
$2,245
$2,288

144A 6.750%, 1/31/34(1)
2,655
2,751
 
10,681
 
 
Auto Components—0.4%
Goodyear Tire & Rubber Co. (The)
6.625%, 7/15/30(2)
1,650
1,639
Automotive Parts & Equipment—2.4%
Adient Global Holdings Ltd. 144A
7.500%, 2/15/33(1)
2,165
2,238
American Axle & Manufacturing, Inc. 144A
7.750%, 10/15/33(1)
1,675
1,677
Clarios Global LP 144A
6.750%, 9/15/32(1)(2)
2,220
2,272
Garrett Motion Holdings, Inc. 144A
7.750%, 5/31/32(1)
1,605
1,689
Tenneco, Inc. 144A
8.000%, 11/17/28(1)
1,685
1,680
 
9,556
 
 
Building Materials—1.8%
AmeriTex HoldCo Intermediate LLC 144A
7.625%, 8/15/33(1)
1,760
1,841
Builders FirstSource, Inc. 144A
6.375%, 6/15/32(1)
1,895
1,964
Quikrete Holdings, Inc. 144A
6.750%, 3/1/33(1)(2)
3,225
3,356
 
7,161
 
 
Chemicals—0.8%
Celanese U.S. Holdings LLC
6.750%, 4/15/33(2)
1,085
1,068
Chemours Co. (The) 144A
8.000%, 1/15/33(1)
2,330
2,252
 
3,320
 
 
Commercial Services—2.9%
Avis Budget Car Rental LLC 144A
8.000%, 2/15/31(1)(2)
2,875
2,922
EquipmentShare.com, Inc. 144A
8.625%, 5/15/32(1)
1,630
1,645
Herc Holdings, Inc. 144A
7.250%, 6/15/33(1)(2)
2,640
2,784
Shift4 Payments LLC 144A
6.750%, 8/15/32(1)
1,895
1,957
Williams Scotsman, Inc. 144A
6.625%, 4/15/30(1)
2,145
2,218
 
11,526
 
 
Computers—1.8%
CACI International, Inc. 144A
6.375%, 6/15/33(1)
1,105
1,149
McAfee Corp. 144A
7.375%, 2/15/30(1)
2,530
2,316
See Notes to Schedule of Investments
3
VIRTUS Convertible & Income Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
October 31, 2025
($ reported in thousands)
 
Par Value
Value
 
Computers—continued
Seagate Data Storage Technology Pte Ltd. 144A
8.500%, 7/15/31(1)
$3,345
$3,560
 
7,025
 
 
Containers & Packaging—1.1%
Mauser Packaging Solutions Holding Co. 144A
7.875%, 4/15/27(1)
2,805
2,812
Owens-Brockway Glass Container, Inc. 144A
7.250%, 5/15/31(1)(2)
1,655
1,622
 
4,434
 
 
Diversified REITs—1.1%
Iron Mountain, Inc.

144A 7.000%, 2/15/29(1)
1,640
1,689

144A 6.250%, 1/15/33(1)
2,680
2,741
 
4,430
 
 
Electric Utilities—1.3%
NRG Energy, Inc. 144A
6.250%, 11/1/34(1)
2,665
2,744
Talen Energy Supply LLC 144A
6.500%, 2/1/36(1)(2)
2,175
2,253
 
4,997
 
 
Electronic Equipment, Instruments & Components—0.5%
WESCO Distribution, Inc. 144A
6.375%, 3/15/33(1)
1,700
1,776
Entertainment—2.1%
Caesars Entertainment, Inc. 144A
6.000%, 10/15/32(1)(2)
2,900
2,767
Churchill Downs, Inc. 144A
6.750%, 5/1/31(1)
1,090
1,114
Light & Wonder International, Inc. 144A
6.250%, 10/1/33(1)
2,260
2,250
SeaWorld Parks & Entertainment, Inc. 144A
5.250%, 8/15/29(1)
1,120
1,099
Starz Capital Holdings 1, Inc. 144A
6.000%, 4/15/30(1)
1,025
963
 
8,193
 
 
Environmental Services—0.9%
GFL Environmental, Inc. 144A
6.750%, 1/15/31(1)
1,520
1,590
Waste Pro USA, Inc. 144A
7.000%, 2/1/33(1)
1,985
2,063
 
3,653
 
 
Financial Services—4.5%
Navient Corp.

9.375%, 7/25/30(2)
1,475
1,621

7.875%, 6/15/32
1,710
1,767
OneMain Finance Corp.

7.125%, 11/15/31(2)
2,740
2,839

7.125%, 9/15/32
2,200
2,271
PennyMac Financial Services, Inc.

144A 7.875%, 12/15/29(1)
2,095
2,226
 
Par Value
Value
 
Financial Services—continued

144A 6.875%, 2/15/33(1)
$1,060
$1,097
PRA Group, Inc. 144A
8.375%, 2/1/28(1)
1,545
1,568
Rocket Cos., Inc.

144A 7.125%, 2/1/32(1)
2,105
2,210

144A 6.375%, 8/1/33(1)
2,115
2,203
 
17,802
 
 
Food & Beverage—1.3%
Performance Food Group, Inc. 144A
6.125%, 9/15/32(1)
2,320
2,382
Post Holdings, Inc. 144A
6.375%, 3/1/33(1)
2,715
2,750
 
5,132
 
 
Healthcare-Products—0.8%
Insulet Corp. 144A
6.500%, 4/1/33(1)
1,590
1,656
Medline Borrower LP 144A
5.250%, 10/1/29(1)
1,680
1,674
 
3,330
 
 
Healthcare-Services—2.0%
Concentra Health Services, Inc. 144A
6.875%, 7/15/32(1)(2)
2,195
2,290
DaVita, Inc. 144A
6.750%, 7/15/33(1)
2,090
2,167
Global Medical Response, Inc. 144A
7.375%, 10/1/32(1)
1,705
1,784
Tenet Healthcare Corp.
6.125%, 10/1/28
1,655
1,657
 
7,898
 
 
Housewares—0.5%
Newell Brands, Inc. 144A
8.500%, 6/1/28(1)
1,860
1,908
Insurance—0.9%
Panther Escrow Issuer LLC 144A
7.125%, 6/1/31(1)
3,280
3,390
Internet—1.4%
Gen Digital, Inc. 144A
6.250%, 4/1/33(1)
3,235
3,330
Snap, Inc. 144A
6.875%, 3/1/33(1)
2,165
2,214
 
5,544
 
 
Iron & Steel—0.6%
Cleveland-Cliffs, Inc. 144A
7.625%, 1/15/34(1)
2,245
2,334
Leisure Time—1.6%
Amer Sports Co. 144A
6.750%, 2/16/31(1)
1,615
1,680
Carnival Corp. 144A
5.750%, 8/1/32(1)
1,125
1,155
See Notes to Schedule of Investments
4
VIRTUS Convertible & Income Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
October 31, 2025
($ reported in thousands)
 
Par Value
Value
 
Leisure Time—continued
NCL Corp., Ltd. 144A
6.750%, 2/1/32(1)
$3,295
$3,386
 
6,221
 
 
Lodging—0.3%
Station Casinos LLC 144A
6.625%, 3/15/32(1)
1,135
1,154
Machinery-Diversified—0.6%
Chart Industries, Inc. 144A
7.500%, 1/1/30(1)
2,140
2,232
Media—3.8%
CCO Holdings LLC

4.500%, 5/1/32
1,200
1,067

144A 6.375%, 9/1/29(1)
1,700
1,714

144A 7.375%, 3/1/31(1)
2,105
2,137
DIRECTV Financing LLC 144A
8.875%, 2/1/30(1)
2,220
2,207
Gray Media, Inc. 144A
9.625%, 7/15/32(1)
1,655
1,663
Nexstar Media, Inc. 144A
5.625%, 7/15/27(1)
1,670
1,669
Sirius XM Radio LLC 144A
5.500%, 7/1/29(1)
2,205
2,208
Versant Media Group, Inc. 144A
7.250%, 1/30/31(1)
2,190
2,232
 
14,897
 
 
Mining—1.3%
Arsenal AIC Parent LLC 144A
8.000%, 10/1/30(1)
1,620
1,721
Capstone Copper Corp. 144A
6.750%, 3/31/33(1)
1,605
1,661
Hudbay Minerals, Inc. 144A
6.125%, 4/1/29(1)
1,720
1,741
 
5,123
 
 
Miscellaneous Manufacturing—0.4%
Axon Enterprise, Inc. 144A
6.250%, 3/15/33(1)
1,690
1,747
Oil, Gas & Consumable Fuels—3.7%
CITGO Petroleum Corp. 144A
8.375%, 1/15/29(1)
1,715
1,783
Civitas Resources, Inc. 144A
8.750%, 7/1/31(1)
1,625
1,671
CNX Resources Corp. 144A
7.375%, 1/15/31(1)
2,150
2,225
Northern Oil & Gas, Inc. 144A
8.750%, 6/15/31(1)
1,650
1,682
Permian Resources Operating LLC 144A
6.250%, 2/1/33(1)
1,650
1,679
SM Energy Co. 144A
7.000%, 8/1/32(1)
1,115
1,091
Sunoco LP 144A
6.250%, 7/1/33(1)
2,220
2,267
 
Par Value
Value
 
Oil, Gas & Consumable Fuels—continued
Transocean Titan Financing Ltd. 144A
8.375%, 2/1/28(1)
$1,935
$1,988
 
14,386
 
 
Paper & Forest Products—0.2%
Mercer International, Inc. 144A
5.125%, 2/1/29(1)
1,470
950
Pipelines—0.6%
Venture Global Plaquemines LNG LLC 144A
6.750%, 1/15/36(1)
2,140
2,267
Retail—1.4%
Advance Auto Parts, Inc. 144A
7.375%, 8/1/33(1)
2,240
2,268
Bath & Body Works, Inc.
6.875%, 11/1/35
1,070
1,119
New Red Finance, Inc. 144A
6.125%, 6/15/29(1)
2,140
2,199
 
5,586
 
 
Software—1.0%
Cloud Software Group, Inc. 144A
6.500%, 3/31/29(1)
2,215
2,232
UKG, Inc. 144A
6.875%, 2/1/31(1)
1,620
1,667
 
3,899
 
 
Telecommunications—1.5%
Frontier Communications Holdings LLC 144A
8.750%, 5/15/30(1)
1,040
1,088
Vmed O2 UK Financing I plc 144A
7.750%, 4/15/32(1)(2)
2,640
2,737
WULF Compute LLC 144A
7.750%, 10/15/30(1)(2)
2,160
2,244
 
6,069
 
 
Transportation—2.0%
FTAI Aviation Investors LLC 144A
7.875%, 12/1/30(1)
2,565
2,726
Stonepeak Nile Parent LLC 144A
7.250%, 3/15/32(1)
2,225
2,353
XPO, Inc. 144A
7.125%, 6/1/31(1)
2,650
2,767
 
7,846
 
 
Total Corporate Bonds and Notes
(Identified Cost $194,274)
198,106
 
 
Shares
 
Convertible Preferred Stocks—10.3%
Aerospace & Defense—2.0%
Boeing Co. (The), 6.000%
119,830
7,755
Banks—2.4%
Wells Fargo & Co. Series L, 7.500%
7,765
9,607
See Notes to Schedule of Investments
5
VIRTUS Convertible & Income Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
October 31, 2025
($ reported in thousands)
 
Shares
Value
Capital Markets—1.3%
Ares Management Corp. Series B, 6.750%
40,455
$1,913
KKR & Co., Inc. Series D, 6.250%
66,375
3,254
 
5,167
 
 
Electric Utilities—1.4%
NextEra Energy, Inc., 7.299%
18,350
964
PG&E Corp. Series A, 6.000%
111,390
4,578
 
5,542
 
 
Financial Services—0.3%
Shift4 Payments, Inc., 6.000%
11,665
997
Healthcare Providers & Services—0.9%
BrightSpring Health Services, Inc., 6.750%
32,275
3,563
Semiconductors & Semiconductor Equipment—0.8%
Microchip Technology, Inc., 7.500%
56,630
3,279
Software—0.2%
Strategy, Inc., 8.000%
9,075
780
Technology Hardware, Storage & Peripherals—0.5%
Hewlett Packard Enterprise Co., 7.625%
31,095
2,101
Trading Companies & Distributors—0.5%
QXO, Inc., 5.500%
37,490
1,914
Total Convertible Preferred Stocks
(Identified Cost $31,465)
40,705
 
 
 
 
Preferred Stock—0.0%
Entertainment—0.0%
LiveStyle, Inc. Series B(4)(5)(6)
4,196
2
Total Preferred Stock
(Identified Cost $411)
2
 
 
 
 
Common Stocks—0.2%
Banks—0.2%
CCF Holdings LLC(4)(5)
7,808,320
468
CCF Holdings LLC Class M(4)(5)
879,959
53
 
521
 
 
Consumer Finance—0.0%
Erickson, Inc.(4)(5)
8,295
—
Entertainment—0.0%
LiveStyle, Inc. (4)(5)(6)
90,407
—
IT Services—0.0%
Shopify, Inc. Class A(5)
56
10
Total Common Stocks
(Identified Cost $30,183)
531
 
 
 
 
 
Shares
Value
 
 
Warrant—0.0%
Banks—0.0%
CCF Holdings LLC, 3/25/26(4)(5)
1,455,681
$—
Total Warrant
(Identified Cost $—)
—
 
 
 
 
Total Long-Term Investments—139.5%
(Identified Cost $513,489)
550,124
 
 
 
 
Short-Term Investment—6.5%
Money Market Mutual Fund—6.5%
BlackRock Liquidity FedFund - Institutional Shares
(seven-day effective yield 3.982%)(7)
25,896,002
25,896
Total Short-Term Investment
(Identified Cost $25,896)
25,896
 
 
 
 
Securities Lending Collateral—0.5%
Dreyfus Government Cash Management Fund -
Institutional Shares (seven-day effective yield
4.004%)(7)(8)
1,848,022
1,848
Total Securities Lending Collateral
(Identified Cost $1,848)
1,848
 
 
 
 
TOTAL INVESTMENTS—146.5%
(Identified Cost $541,233)
$577,868
Other assets and liabilities, net—(21.1)%
(83,424
)
Cumulative Preferred Shares—(25.4)%
(100,000
)
NET ASSETS—100.0%
$394,444
 
Abbreviations:
LLC
Limited Liability Company
LP
Limited Partnership
OP
Operating Partnership
plc
Public Limited Company
REIT
Real Estate Investment Trust
 
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, 2025, these securities amounted to
a value of $359,838 or 91.2% of net assets.
(2)
All or a portion of security is on loan pursuant to the Liquidity Facility and/or
securities lending.
(3)
Issued with a zero coupon. Income is recognized through the accretion of
discount.
(4)
The value of this security was determined using significant unobservable inputs
and is reported as a Level 3 security in the Fair Value Hierarchy table located after
the Schedule of Investments.
(5)
Non-income producing.
(6)
Security is restricted from resale.
(7)
Shares of this fund are publicly offered, and its prospectus and annual report are
publicly available.
(8)
Represents security purchased with cash collateral received for securities on loan.
See Notes to Schedule of Investments
6
VIRTUS Convertible & Income Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
October 31, 2025
($ reported in thousands)
 
Country Weightings†
United States
89
%
Cayman Islands
3
Canada
2
Bermuda
2
Israel
1
Australia
1
Singapore
1
Other
1
Total
100
%
† % of total investments as of October 31, 2025.
The following table summarizes the value of the Fund’s investments as of October 31, 2025, 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, 2025
Level 1
Quoted Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Assets:
Debt Instruments:
Convertible Bonds and Notes
$310,780
$—
$307,552
$3,228
Corporate Bonds and Notes
198,106
—
198,106
—
Equity Securities:
Convertible Preferred Stocks
40,705
40,705
—
—
Preferred Stock
2
—
—
2
Common Stocks
531
10
—
521
(1)
Warrant
—
—
—
—
(1)
Money Market Mutual Fund
25,896
25,896
—
—
Securities Lending Collateral
1,848
1,848
—
—
Total Investments
$577,868
$68,459
$505,658
$3,751
 
(1)
Includes internally fair valued securities currently priced at zero ($0).
There were no transfers into or out of Level 3 related to securities held at October 31, 2025.
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
Convertible
Bonds
and Notes
Preferred
Stock
Common
Stocks
Warrant
Investments in Securities
Balance as of January 31, 2025:
$883
$—
$419
$435
(a)
$29
Net change in unrealized appreciation (depreciation)(b)
(311
)
49
(417
)
86
(29
)
Purchases
3,179
3,179
—
—
—
Balance as of October 31, 2025
$3,751
$3,228
$2
$521
(a)
$—
(a)
(a) Includes internally fair valued security currently priced at zero ($0).
(b) The net change in unrealized appreciation (depreciation) on investments still held at October 31, 2025, was $(311).
See Notes to Schedule of Investments
7
VIRTUS Convertible & Income Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
October 31, 2025
($ reported in thousands)
The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 at October 31, 2025: 
Investments in
Securities – Assets
Ending
Balance
at October 31, 2025
Valuation Technique
Used
Unobservable
Inputs
Input
Values
Impact to Valuation
from an Increase in
Unobservable Inputs(a)
Preferred Stock:
LiveStyle, Inc.
Series B
$2
Discounted cash flows
liquidation approach
Discount rate
25.07% (24.79% - 25.31%)
Decrease
 
 
 
 
 
 
Common Stocks:
CCF Holdings LLC
$468
OPM and Last transaction
Volatility
41.57% (40.00% - 44.70%)
Increase
 
CCF Holdings LLC
Class M
$53
OPM and Last transaction
Volatility
41.57% (40.00% - 44.70%)
Increase
 
 
 
 
 
 
Warrant:
CCF Holdings LLC
$—
Black-Scholes Model
Volatility
41.57% (40.00% - 44.70%)
Increase
 
 
 
 
 
 
(a) A significant change in unobservable inputs could result in a significantly higher or lower fair value.
See Notes to Schedule of Investments
8
VIRTUS Convertible & Income Fund
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
October 31, 2025
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, restricted securities, and leveraged loans are valued based on either evaluated or composite 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.
9