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VIRTUS Dividend, Interest & Premium Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)
April 30, 2025
($ reported in thousands)
  Par Value   Value
Convertible Bonds and Notes—17.2%
Aerospace & Defense—0.1%    
Rocket Lab USA, Inc. 144A
4.250%, 2/1/29(1) 		$       150   $      653
Auto Manufacturers—0.4%    
Rivian Automotive, Inc.      
4.625%, 3/15/29      2,165       2,210
3.625%, 10/15/30      2,355       2,133
          4,343
       
 
Biotechnology—1.1%    
Alnylam Pharmaceuticals, Inc.
1.000%, 9/15/27 		     2,675       3,067
Bridgebio Pharma, Inc.      
2.500%, 3/15/27      1,520       1,815
144A 1.750%, 3/1/31(1)        725         792
Guardant Health, Inc.
1.250%, 2/15/31 		     1,450       1,556
Halozyme Therapeutics, Inc.
0.250%, 3/1/27 		     3,770       3,932
Insmed, Inc.
0.750%, 6/1/28 		       595       1,339
Travere Therapeutics, Inc.
2.250%, 3/1/29 		     1,610       1,626
         14,127
       
 
Commercial Services—0.7%    
Affirm Holdings, Inc. 144A
0.750%, 12/15/29(1) 		     1,265       1,138
Block, Inc.
0.000%, 5/1/26(2) 		     3,620       3,432
Shift4 Payments, Inc.
0.500%, 8/1/27 		     3,245       3,284
Stride, Inc.
1.125%, 9/1/27 		       455       1,242
          9,096
       
 
Computers—1.4%    
Lumentum Holdings, Inc.
0.500%, 12/15/26 		     4,990       5,141
PAR Technology Corp.
1.500%, 10/15/27 		     2,265       2,383
Parsons Corp.
2.625%, 3/1/29 		     1,000       1,054
Seagate HDD Cayman
3.500%, 6/1/28 		     2,095       2,650
Super Micro Computer, Inc.
3.500%, 3/1/29 		     1,355       1,249
Western Digital Corp.
3.000%, 11/15/28 		     1,535       2,083
Zscaler, Inc.
0.125%, 7/1/25 		     1,485       2,228
         16,788
       
 
Diversified REITS—0.3%    
Digital Realty Trust LP 144A
1.875%, 11/15/29(1) 		     3,555       3,694
  Par Value   Value
       
Electric Utilities—1.2%    
NextEra Energy Capital Holdings, Inc.
3.000%, 3/1/27 		$     3,630   $    4,060
PG&E Corp.
4.250%, 12/1/27 		     3,465       3,600
Southern Co. (The)
3.875%, 12/15/25 		     4,645       5,212
TXNM Energy, Inc. 144A
5.750%, 6/1/54(1) 		     1,875       2,332
         15,204
       
 
Electronics—0.5%    
Advanced Energy Industries, Inc.
2.500%, 9/15/28 		     1,800       1,889
Itron, Inc. 144A
1.375%, 7/15/30(1) 		     1,295       1,412
OSI Systems, Inc. 144A
2.250%, 8/1/29(1) 		     1,895       2,406
          5,707
       
 
Engineering & Construction—0.2%    
Granite Construction, Inc. 144A
3.250%, 6/15/30(1) 		     1,815       2,286
Entertainment—1.0%    
DraftKings Holdings, Inc.
0.000%, 3/15/28(2) 		     4,445       3,900
IMAX Corp.
0.500%, 4/1/26 		     1,925       2,045
Live Nation Entertainment, Inc. 144A
2.875%, 1/15/30(1) 		     6,325       6,540
         12,485
       
 
Financial Services—0.8%    
Coinbase Global, Inc.
0.500%, 6/1/26 		     4,100       4,106
Galaxy Digital Holdings LP 144A
2.500%, 12/1/29(1) 		     2,235       2,163
SoFi Technologies, Inc. 144A
0.000%, 10/15/26(1) 		     3,080       3,091
Upstart Holdings, Inc. 144A
1.000%, 11/15/30(1) 		     1,275       1,068
         10,428
       
 
Health Care REITs—0.6%    
Welltower OP LLC 144A
3.125%, 7/15/29(1) 		     5,990       7,979
Healthcare-Products—0.9%    
Alphatec Holdings, Inc. 144A
0.750%, 3/15/30(1) 		     1,995       1,967
Envista Holdings Corp.
2.375%, 6/1/25 		     1,380       1,371
Exact Sciences Corp. 144A
1.750%, 4/15/31(1) 		     2,025       1,761
Insulet Corp.
0.375%, 9/1/26 		     1,465       1,812
iRhythm Technologies, Inc.
1.500%, 9/1/29 		     1,470       1,531
See Notes to Schedule of Investments
1
VIRTUS Dividend, Interest & Premium Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2025
($ reported in thousands)
  Par Value   Value
       
Healthcare-Products—continued    
Merit Medical Systems, Inc. 144A
3.000%, 2/1/29(1) 		$       995   $    1,267
Repligen Corp.
1.000%, 12/15/28 		     1,155       1,179
         10,888
       
 
Industrial REITs—0.3%    
Rexford Industrial Realty LP 144A
4.375%, 3/15/27(1) 		     3,355       3,311
Internet—1.7%    
Alibaba Group Holding Ltd. 144A
0.500%, 6/1/31(1) 		       450         591
Expedia Group, Inc.
0.000%, 2/15/26 		     1,580       1,541
Magnite, Inc.
0.250%, 3/15/26 		     1,470       1,402
Palo Alto Networks, Inc.
0.375%, 6/1/25 		       450       1,680
Sea Ltd.
2.375%, 12/1/25 		       920       1,393
Shopify, Inc.
0.125%, 11/1/25 		     2,685       2,674
Snap, Inc.
0.750%, 8/1/26 		     1,435       1,374
Spotify USA, Inc.
0.000%, 3/15/26 		     1,010       1,301
Trip.com Group Ltd. 144A
0.750%, 6/15/29(1) 		     1,635       1,844
Uber Technologies, Inc.      
0.000%, 12/15/25      4,260       4,767
0.875%, 12/1/28        565         740
Wayfair, Inc.
3.250%, 9/15/27 		     1,480       1,376
Zillow Group, Inc.
2.750%, 5/15/25 		       630         634
         21,317
       
 
Investment Companies—0.1%    
IREN Ltd. 144A
3.250%, 6/15/30(1) 		       885         641
Iron & Steel—0.1%    
United States Steel Corp.
5.000%, 11/1/26 		       420       1,372
Leisure Time—0.3%    
NCL Corp., Ltd.
1.125%, 2/15/27 		     2,835       2,678
Royal Caribbean Cruises Ltd.
6.000%, 8/15/25 		       215         928
          3,606
       
 
Machinery-Construction & Mining—0.1%    
Bloom Energy Corp. 144A
3.000%, 6/1/29(1) 		     1,230       1,468
  Par Value   Value
       
Media—0.5%    
Liberty Broadband Corp. 144A
3.125%, 3/31/53(1) 		$     4,810   $    4,861
Liberty Media Corp.-Liberty Formula One
2.250%, 8/15/27 		     1,105       1,342
          6,203
       
 
Metal Fabricate/Hardware—0.2%    
Xometry, Inc.
1.000%, 2/1/27 		     2,465       2,359
Mining—0.1%    
MP Materials Corp. 144A
3.000%, 3/1/30(1) 		       860       1,197
Miscellaneous Manufacturing—0.1%    
Axon Enterprise, Inc.
0.500%, 12/15/27 		       355         962
Oil, Gas & Consumable Fuels—0.2%    
UGI Corp. 144A
5.000%, 6/1/28(1) 		     2,105       2,691
Passenger Airlines—0.2%    
American Airlines Group, Inc.
6.500%, 7/1/25 		     3,010       3,007
Pharmaceuticals—0.5%    
Dexcom, Inc.
0.250%, 11/15/25 		     3,940       3,831
Jazz Investments I Ltd. 144A
3.125%, 9/15/30(1) 		     2,290       2,487
          6,318
       
 
Retail—0.2%    
Burlington Stores, Inc.
1.250%, 12/15/27 		     1,550       1,986
Shake Shack, Inc.
0.000%, 3/1/28 		     1,200       1,105
          3,091
       
 
Retail REIT—0.1%    
Federal Realty OP LP 144A
3.250%, 1/15/29(1) 		       975         971
Semiconductors—0.7%    
MACOM Technology Solutions Holdings, Inc. 144A
0.000%, 12/15/29(1)(2) 		     2,160       2,017
ON Semiconductor Corp.      
0.000%, 5/1/27      1,420       1,516
0.500%, 3/1/29      1,435       1,239
Semtech Corp.
1.625%, 11/1/27 		     1,320       1,550
Synaptics, Inc. 144A
0.750%, 12/1/31(1) 		     1,690       1,486
Wolfspeed, Inc.
0.250%, 2/15/28 		     2,135         685
          8,493
       
 
 
See Notes to Schedule of Investments
2
VIRTUS Dividend, Interest & Premium Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2025
($ reported in thousands)
  Par Value   Value
       
Software—2.2%    
Alignment Healthcare, Inc. 144A
4.250%, 11/15/29(1) 		$       920   $    1,299
Cloudflare, Inc.
0.000%, 8/15/26(2) 		     3,445       3,500
Confluent, Inc.
0.000%, 1/15/27(2) 		     2,420       2,222
Datadog, Inc. 144A
0.000%, 12/1/29(1)(2) 		     3,570       3,209
Guidewire Software, Inc. 144A
1.250%, 11/1/29(1) 		     2,590       2,848
MicroStrategy, Inc. 144A
0.000%, 12/1/29(1)(2) 		     6,105       5,552
Nutanix, Inc. 144A
0.500%, 12/15/29(1) 		     2,875       3,103
Snowflake, Inc. 144A
0.000%, 10/1/29(1) 		     3,445       4,273
Unity Software, Inc. 144A
0.000%, 3/15/30(1) 		     1,395       1,311
         27,317
       
 
Telecommunications—0.2%    
AST SpaceMobile, Inc. 144A
4.250%, 3/1/32(1) 		       680         797
InterDigital, Inc.
3.500%, 6/1/27 		       185         483
Viavi Solutions, Inc.
1.625%, 3/15/26 		     1,470       1,538
          2,818
       
 
Water Utilities—0.2%    
American Water Capital Corp.
3.625%, 6/15/26 		     2,565       2,642
Total Convertible Bonds and Notes
(Identified Cost $215,277) 		    213,462
    
  Shares  
Convertible Preferred Stocks—2.7%
Aerospace & Defense—0.7%  
Boeing Co. (The), 6.000%        135(3)     8,286
Banks—0.6%  
Wells Fargo & Co. Series L, 7.500%      6,740     7,832
Capital Markets—0.4%  
Ares Management Corp. Series B, 6.750%     42,525     2,099
KKR & Co., Inc. Series D, 6.250%     55,020     2,637
        4,736
     
 
Chemicals—0.1%  
Albemarle Corp., 7.250%     31,705       971
Electric Utilities—0.4%  
NextEra Energy, Inc., 6.926%     50,740     1,954
PG&E Corp. Series A, 6.000%     55,100     2,396
        4,350
     
 
  Shares   Value
       
Healthcare Providers & Services—0.1%    
BrightSpring Health Services, Inc., 6.750%     28,165   $    1,766
Machinery—0.0%    
Chart Industries, Inc. Series B, 6.750%      9,615         509
Semiconductors & Semiconductor Equipment—0.2%    
Microchip Technology, Inc., 7.500%     48,770       2,315
Software—0.1%    
MicroStrategy, Inc., 8.000%      7,645         684
Technology Hardware, Storage & Peripherals—0.1%    
Hewlett Packard Enterprise Co., 7.625%     34,655       1,740
Total Convertible Preferred Stocks
(Identified Cost $34,390) 		     33,189
       
 
       
 
Common Stocks—77.2%
Aerospace & Defense—0.8%    
L3Harris Technologies, Inc.     44,999       9,901
Air Freight & Logistics—1.1%    
CH Robinson Worldwide, Inc.     99,894       8,912
United Parcel Service, Inc. Class B     46,586       4,440
         13,352
       
 
Automobile Components—0.6%    
Aptiv plc(4)    133,904       7,641
Banks—9.2%    
Bank of America Corp.(5)    749,026      29,871
Commerce Bancshares, Inc.    253,386      15,391
JPMorgan Chase & Co.(5)     68,241      16,693
PNC Financial Services Group, Inc. (The)    159,367      25,609
Truist Financial Corp.    454,432      17,423
U.S. Bancorp    217,814       8,786
        113,773
       
 
Beverages—0.8%    
Keurig Dr Pepper, Inc.    270,665       9,362
Broadline Retail—0.7%    
Amazon.com, Inc.(4)     46,631       8,600
Building Products—0.9%    
Allegion plc     75,389      10,494
Capital Markets—5.8%    
Blackrock, Inc.     15,993      14,622
Charles Schwab Corp. (The)    135,122      10,999
Goldman Sachs Group, Inc. (The)      8,563       4,689
MarketAxess Holdings, Inc.    100,132      22,188
Morgan Stanley     80,223       9,259
MSCI, Inc. Class A     17,971       9,796
         71,553
       
 
 
See Notes to Schedule of Investments
3
VIRTUS Dividend, Interest & Premium Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2025
($ reported in thousands)
  Shares   Value
       
Chemicals—1.0%    
Dow, Inc.    140,034   $    4,283
FMC Corp.    176,691       7,407
         11,690
       
 
Commercial Services & Supplies—0.8%    
RB Global, Inc.    100,889      10,159
Consumer Staples Distribution & Retail—0.9%    
Costco Wholesale Corp.     11,328      11,266
Containers & Packaging—0.7%    
Ball Corp.    165,307       8,586
Electric Utilities—4.4%    
Eversource Energy    329,046      19,572
NextEra Energy, Inc.(5)    527,221      35,260
         54,832
       
 
Electronic Equipment, Instruments & Components—0.5%    
Amphenol Corp. Class A     77,284       5,947
Energy Equipment & Services—0.4%    
Schlumberger N.V.    141,255       4,697
Entertainment—0.8%    
Walt Disney Co. (The)    104,148       9,472
Financial Services—5.5%    
Berkshire Hathaway, Inc. Class B(4)     73,060      38,959
Jack Henry & Associates, Inc.     54,812       9,506
Mastercard, Inc. Class A     18,594      10,191
Visa, Inc. Class A     29,180      10,082
         68,738
       
 
Food Products—0.9%    
Tyson Foods, Inc. Class A    189,905      11,630
Ground Transportation—1.6%    
Uber Technologies, Inc.(4)    136,748      11,078
Union Pacific Corp.     43,192       9,315
         20,393
       
 
Health Care REITs—1.2%    
Alexandria Real Estate Equities, Inc.    208,634      15,159
Healthcare Equipment & Supplies—1.5%    
Abbott Laboratories     73,341       9,589
Medtronic plc    110,436       9,361
         18,950
       
 
Healthcare Providers & Services—1.5%    
HCA Healthcare, Inc.     27,023       9,325
UnitedHealth Group, Inc.     23,339       9,603
         18,928
       
 
  Shares   Value
       
Healthcare Technology—0.8%    
Veeva Systems, Inc. Class A(4)     42,644   $    9,965
Hotels, Restaurants & Leisure—0.3%    
Starbucks Corp.     49,802       3,987
Industrial Conglomerates—1.6%    
Honeywell International, Inc.     94,237      19,837
Industrial REITs—4.8%    
Prologis, Inc.    302,982      30,965
Rexford Industrial Realty, Inc.    858,754      28,424
         59,389
       
 
Interactive Media & Services—1.4%    
Alphabet, Inc. Class A    110,349      17,523
Life Sciences Tools & Services—1.3%    
Thermo Fisher Scientific, Inc.(5)     36,794      15,785
Machinery—1.0%    
Stanley Black & Decker, Inc.    213,188      12,796
Oil, Gas & Consumable Fuels—4.8%    
Chevron Corp.    140,145      19,068
Coterra Energy, Inc.    350,481       8,608
EOG Resources, Inc.     79,244       8,743
Exxon Mobil Corp.    150,993      15,949
Ovintiv, Inc.    231,533       7,775
         60,143
       
 
Pharmaceuticals—4.2%    
Bristol-Myers Squibb Co.     95,758       4,807
Eli Lilly & Co.     24,360      21,899
Johnson & Johnson     34,159       5,339
Pfizer, Inc.    836,244      20,413
         52,458
       
 
Real Estate Management & Development—0.4%    
CoStar Group, Inc.(4)     72,304       5,363
Residential REITs—0.8%    
Invitation Homes, Inc.    295,504      10,103
Semiconductors & Semiconductor Equipment—1.9%    
Advanced Micro Devices, Inc.(4)    245,409      23,891
Software—4.1%    
ANSYS, Inc.(4)     16,207       5,217
Intuit, Inc.     34,646      21,739
Microsoft Corp.(5)     37,157      14,686
Salesforce, Inc.     36,183       9,723
         51,365
       
 
Specialized REITs—3.2%    
American Tower Corp.     53,278      12,009
Crown Castle, Inc.     84,147       8,899
Equinix, Inc.      7,199       6,197
 
See Notes to Schedule of Investments
4
VIRTUS Dividend, Interest & Premium Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2025
($ reported in thousands)
  Shares   Value
       
Specialized REITs—continued    
SBA Communications Corp. Class A     52,296   $   12,729
         39,834
       
 
Specialty Retail—1.7%    
Home Depot, Inc. (The)(5)     58,250      20,999
Technology Hardware, Storage & Peripherals—1.0%    
Apple, Inc.(5)     59,478      12,639
Trading Companies & Distributors—0.8%    
MonotaRO Co., Ltd. Unsponsored ADR    519,502       9,943
Water Utilities—1.5%    
American Water Works Co., Inc.    129,277      19,005
Total Common Stocks
(Identified Cost $971,590) 		    960,148
       
 
       
 
Warrant—0.0%
Energy Equipment & Services—0.0%    
Nabors Industries Ltd., 6/11/26(4)        876           1
Total Warrant
(Identified Cost $—) 		          1
       
 
       
 
Total Long-Term Investments—97.1%
(Identified Cost $1,221,257) 		  1,206,800
       
 
       
 
Short-Term Investment—0.9%
Money Market Mutual Fund—0.9%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.222%)(6) 11,531,869      11,532
Total Short-Term Investment
(Identified Cost $11,532) 		     11,532
       
 
       
 
TOTAL INVESTMENTS, BEFORE WRITTEN OPTIONS—98.0%
(Identified Cost $1,232,789) 		  1,218,332
    
     
Written Options—(0.2)%
(See open written options schedule)    
Total Written Options
(Premiums Received $1,444) 		   (2,539)
     
 
     
 
TOTAL INVESTMENTS, NET OF WRITTEN OPTIONS—97.8%
(Identified Cost $1,231,345) 		$1,215,793
Other assets and liabilities, net—2.2%    27,946
NET ASSETS—100.0% $1,243,739
Abbreviations:
ADR American Depositary Receipt
LLC Limited Liability Company
LP Limited Partnership
MSCI Morgan Stanley Capital International
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 April 30, 2025, these securities amounted to a value of $86,506 or 7.0% of net assets.
(2) Issued with a zero coupon. Income is recognized through the accretion of discount.
(3) Value shown as par value.
(4) Non-income producing.
(5) All or a portion of the security is segregated as collateral for written options. The value of securities segregated as collateral is $84,010.
(6) Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.
    
Country Weightings†
United States 95%
Canada 1
Japan 1
Ireland 1
Cayman Islands 1
Jersey 1
Total 100%
† % of total investments, net of written options, as of April 30, 2025.
 
See Notes to Schedule of Investments
5
VIRTUS Dividend, Interest & Premium Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2025
($ reported in thousands)
Open written options contracts as of April 30, 2025 were as follows:
Description of Options Number of
Contracts 		Contract
Notional
Amount 		Strike
Price(1) 		Expiration
Date 		Value
Call Options(2)          
Advanced Micro Devices, Inc. (858) $(8,580) $100.00 05/16/25 $(387) 
Alexandria Real Estate Equities, Inc. (417) (3,544) 85.00 05/16/25 (6) 
Alphabet, Inc. (331) (5,461) 165.00 05/16/25 (62) 
Amazon.com, Inc. (163) (3,342) 205.00 05/16/25 (22) 
American Water Works Co., Inc. (193) (3,088) 160.00 05/16/25 (2) 
Apple, Inc. (208) (4,472) 215.00 05/16/25 (119) 
Aptiv plc (468) (2,808) 60.00 05/16/25 (63) 
Ball Corp. (250) (1,250) 50.00 05/16/25 (77) 
Bank of America Corp. (2,621) (11,008) 42.00 05/16/25 (63) 
Berkshire Hathaway, Inc. (182) (10,374) 570.00 05/16/25 (12) 
Charles Schwab Corp. (The) (472) (4,012) 85.00 05/16/25 (26) 
Chevron Corp. (490) (7,350) 150.00 05/16/25 (14) 
Costco Wholesale Corp. (39) (4,212) 1,080.00 05/16/25 (7) 
Coterra Energy, Inc. (876) (2,453) 28.00 05/16/25 (7) 
Eli Lilly & Co. (85) (6,970) 820.00 05/16/25 (692) 
EOG Resources, Inc. (277) (3,463) 125.00 05/16/25 (6) 
Exxon Mobil Corp. (528) (6,336) 120.00 05/16/25 (4) 
FMC Corp. (530) (2,253) 42.50 05/16/25 (130) 
Goldman Sachs Group, Inc. (The) (25) (1,388) 555.00 05/16/25 (31) 
Home Depot, Inc. (The) (203) (7,815) 385.00 05/16/25 (12) 
Honeywell International, Inc. (376) (8,272) 220.00 05/16/25 (44) 
Intuit, Inc. (121) (7,744) 640.00 05/16/25 (100) 
L3Harris Technologies, Inc. (157) (3,768) 240.00 05/16/25 (2) 
Mastercard, Inc. (65) (3,672) 565.00 05/16/25 (35) 
Morgan Stanley (280) (3,360) 120.00 05/16/25 (39) 
NextEra Energy, Inc. (1,845) (13,837) 75.00 05/16/25 (6) 
Ovintiv, Inc. (810) (3,078) 38.00 05/16/25 (28) 
Pfizer, Inc. (3,344) (8,360) 25.00 05/16/25 (64) 
PNC Financial Services Group, Inc. (The) (557) (9,190) 165.00 05/16/25 (95) 
Prologis, Inc. (454) (4,994) 110.00 05/16/25 (8) 
Salesforce, Inc. (126) (3,528) 280.00 05/16/25 (41) 
Stanley Black & Decker, Inc. (746) (4,849) 65.00 05/16/25 (35) 
Starbucks Corp. (174) (1,566) 90.00 05/16/25 (2) 
Thermo Fisher Scientific, Inc. (128) (6,272) 490.00 05/16/25 (2) 
Truist Financial Corp. (1,590) (6,360) 40.00 05/16/25 (33) 
Tyson Foods, Inc. (569) (3,841) 67.50 05/16/25 (8) 
Uber Technologies, Inc. (410) (3,383) 82.50 05/16/25 (128) 
United Parcel Service, Inc. (163) (1,793) 110.00 05/16/25 (1) 
UnitedHealth Group, Inc. (81) (4,131) 510.00 05/16/25 (4) 
Veeva Systems, Inc. (127) (3,048) 240.00 05/16/25 (38) 
Visa, Inc. (102) (3,723) 365.00 05/16/25 (9) 
Walt Disney Co. (The) (364) (3,458) 95.00 05/16/25 (75) 
Total Written Options   $(2,539)
    
Footnote Legend:
(1) Strike price not reported in thousands.
(2) Exchange-traded options.
See Notes to Schedule of Investments
6
VIRTUS Dividend, Interest & Premium Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2025
($ reported in thousands)
The following table summarizes the value of the Fund’s investments as of April 30, 2025, based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):
  Total
Value at
April 30, 2025 		  Level 1
Quoted Prices 		  Level 2
Significant
Observable
Inputs
Assets:          
Debt Instruments:          
Convertible Bonds and Notes $213,462   $—   $213,462
Equity Securities:          
Convertible Preferred Stocks 33,189   33,189   —
Common Stocks 960,148   960,148   —
Warrant 1   1   —
Money Market Mutual Fund 11,532   11,532   —
Total Assets 1,218,332   1,004,870   213,462
Liabilities:          
Other Financial Instruments:          
Written Options (2,539)   (2,337)   (202)
Total Investments, Net of Written Options $1,215,793   $1,002,533   $213,260
There were no securities valued using significant unobservable inputs (Level 3) at April 30, 2025.
There were no transfers into or out of Level 3 related to securities held at April 30, 2025.
See Notes to Schedule of Investments
7
VIRTUS Dividend, Interest & Premium Strategy Fund
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
April 30, 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 value 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.
8