VIRTUS ALLIANZGI EQUITY & CONVERTIBLE INCOME FUND

SCHEDULE OF INVESTMENTS (Unaudited)

APRIL 30, 2022

($ reported in thousands)

Par Value

Value

CORPORATE BONDS AND NOTES-0.0%

Oil, Gas & Consumable Fuels-0.0%

Cobalt International Energy, Inc.

7.750%, 12/1/23(1)(2)

$

2,509

$

36

TOTAL CORPORATE BONDS AND NOTES

(Identified Cost $1,106)

36

Shares

CONVERTIBLE PREFERRED STOCKS-7.3%

Auto Components-0.4%

Aptiv plc Series A, 5.500%

22,210

2,745

Banks-1.1%

Bank of America Corp. Series L, 7.250%

2,815

3,425

Wells Fargo & Co. Series L, 7.500%

3,915

4,743

8,168

Capital Markets-0.2%

KKR & Co., Inc. Series C, 6.000%

27,665

1,814

Commercial Services & Supplies-0.2%

GFL Environmental, Inc., 6.000%

20,335

1,392

Diversified Financial Services-0.1%

Chewy, Inc. 2020 Mandatory Exchangeable Trust

144A, 6.500%(3)

1,300

961

Electric Utilities-1.2%

NextEra Energy, Inc., 5.279%

60,130

2,821

NextEra Energy, Inc., 6.219%

75,420

3,568

Southern Co. (The), 6.750%

48,875

2,682

9,071

Electronic Equipment, Instruments & Components-0.1%

II-VI, Inc. Series A, 6.000%

3,415

869

Healthcare Equipment & Supplies-0.6%

Boston Scientific Corp. Series A, 5.500%

37,930

4,280

Life Sciences Tools & Services-1.4%

Avantor, Inc. Series A, 6.250%

32,845

3,187

Danaher Corp. Series B, 5.000%

5,050

6,967

10,154

Machinery-0.1%

Stanley Black & Decker, Inc., 5.250%

13,835

1,087

Pharmaceuticals-0.2%

Elanco Animal Health, Inc., 5.000%

31,335

1,255

Professional Services-0.2%

Clarivate plc Series A, 5.250%

22,615

1,459

Semiconductors & Semiconductor Equipment-1.0%

Broadcom, Inc. Series A, 8.000%

4,440

7,746

Shares

Value

Telecommunications-0.5%

T-Mobile US 2020 Cash Mandatory Exchangeable

Trust 144A, 5.250%(3)

3,110

$ 3,400

TOTAL CONVERTIBLE PREFERRED STOCKS

(Identified Cost $53,782)

54,401

COMMON STOCKS-60.9%

Air Freight & Logistics-0.4%

United Parcel Service, Inc. Class B(4)

16,655

2,998

Automobiles-2.6%

Tesla, Inc.(4)(5)

22,532

19,620

Banks-2.3%

JPMorgan Chase & Co.(4)

71,400

8,522

Wells Fargo & Co.

193,205

8,430

16,952

Biotechnology-1.7%

AbbVie, Inc.(4)

42,860

6,295

Horizon Therapeutics plc(5)

36,885

3,635

Vertex Pharmaceuticals, Inc.(5)

9,160

2,503

12,433

Capital Markets-1.9%

Charles Schwab Corp. (The)(4)

66,760

4,428

CME Group, Inc. Class A(4)

26,825

5,884

S&P Global, Inc.

9,825

3,699

14,011

Chemicals-1.2%

DuPont de Nemours, Inc.

77,305

5,097

Sherwin-Williams Co. (The)

15,105

4,153

9,250

Commercial Services & Supplies-1.1%

Waste Management, Inc.(4)

50,975

8,382

Communications Equipment-0.6%

Cisco Systems, Inc.(4)

93,340

4,572

Electric Utilities-0.8%

Exelon Corp.

131,480

6,151

Electrical Equipment-0.3%

Generac Holdings, Inc.(5)

11,680

2,562

Energy Equipment & Services-0.9%

Schlumberger N.V.(4)

162,045

6,322

Equity Real Estate Investment-0.8%

Crown Castle International Corp.(4)

33,291

6,166

Food & Staples Retailing-1.4%

Costco Wholesale Corp.

19,115

10,164

See Notes to Schedule of Investments

1

VIRTUS ALLIANZGI EQUITY & CONVERTIBLE INCOME FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

APRIL 30, 2022

($ reported in thousands)

Shares

Value

Healthcare Equipment & Supplies-1.9%

Abbott Laboratories(4)

34,870

$ 3,958

Dexcom, Inc.(4)(5)

9,435

3,855

Intuitive Surgical, Inc.(5)

25,680

6,145

13,958

Healthcare Providers & Services-1.8%

McKesson Corp.(4)

8,925

2,763

UnitedHealth Group, Inc.

21,223

10,793

13,556

Hotels, Restaurants & Leisure-2.6%

Booking Holdings, Inc.(5)

3,935

8,697

Chipotle Mexican Grill, Inc. Class A(5)

3,455

5,029

MGM Resorts International(4)

130,450

5,354

19,080

Insurance-0.7%

Aon plc Class A

17,805

5,128

Interactive Media & Services-4.1%

Alphabet, Inc. Class A(4)(5)

10,265

23,427

Meta Platforms, Inc. Class A(5)

34,800

6,976

30,403

Internet & Direct Marketing Retail-2.2%

Amazon.com, Inc.(5)

6,655

16,542

IT Services-3.8%

Accenture plc Class A

29,430

8,839

EPAM Systems, Inc.(5)

6,037

1,600

Mastercard, Inc. Class A(4)

24,875

9,039

Visa, Inc. Class A(4)

40,035

8,533

28,011

Life Sciences Tools & Services-1.6%

IQVIA Holdings, Inc.(5)

27,890

6,080

Thermo Fisher Scientific, Inc.(4)

10,085

5,576

11,656

Machinery-0.8%

Deere & Co.(4)

15,140

5,716

Metals & Mining-0.4%

Freeport-McMoRan, Inc.(4)

80,845

3,278

Multiline Retail-0.5%

Target Corp.

15,560

3,558

Oil, Gas & Consumable Fuels-2.7%

ConocoPhillips

107,325

10,252

Devon Energy Corp.

174,890

10,173

20,425

Pharmaceuticals-2.8%

Eli Lilly & Co.(4)

21,760

6,357

Merck & Co., Inc.

107,870

9,567

Shares

Value

Pharmaceuticals-continued

Zoetis, Inc. Class A

26,610

$ 4,716

20,640

Road & Rail-1.3%

Union Pacific Corp.

40,940

9,592

Semiconductors & Semiconductor Equipment-3.4%

Enphase Energy, Inc.(4)(5)

30,975

4,999

Lam Research Corp.(4)

11,560

5,384

Marvell Technology, Inc.

53,445

3,104

Micron Technology, Inc.

60,545

4,129

NVIDIA Corp.

40,765

7,561

25,177

Software-8.0%

Adobe, Inc. (5)

4,065

1,610

Atlassian Corp. plc Class A(4)(5)

15,250

3,429

Crowdstrike Holdings, Inc. Class A(4)(5)

34,695

6,896

Intuit, Inc.(4)

16,750

7,014

Microsoft Corp.(4)

115,355

32,013

Salesforce, Inc.(5)

13,136

2,311

ServiceNow, Inc.(4)(5)

13,905

6,648

59,921

Specialty Retail-1.6%

Home Depot, Inc. (The)(4)

28,580

8,585

TJX Cos., Inc. (The)

52,280

3,204

11,789

Technology Hardware, Storage & Peripherals-4.0%

Apple, Inc.(4)

191,005

30,112

Textiles, Apparel & Luxury Goods-0.7%

NIKE, Inc. Class B(4)

41,815

5,214

TOTAL COMMON STOCKS

(Identified Cost $490,011)

453,339

WARRANT-0.0%

Oil, Gas & Consumable Fuels-0.0%

Nabors Industries Ltd.(5)

486

15

TOTAL WARRANT

(Identified Cost $-)

15

Par Value

CONVERTIBLE BONDS AND NOTES-27.9%

Airlines-0.6%

American Airlines Group, Inc.

6.500%, 7/1/25

$

685

955

Southwest Airlines Co.

1.250%, 5/1/25

2,770

3,783

4,738

See Notes to Schedule of Investments

2

VIRTUS ALLIANZGI EQUITY & CONVERTIBLE INCOME FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

APRIL 30, 2022

($ reported in thousands)

Par Value

Value

Auto Manufacturers-0.7%

Ford Motor Co.

0.000%, 3/15/26

$

2,150

$ 2,282

Lucid Group, Inc. 144A

1.250%, 12/15/26(3)

2,110

1,456

NIO, Inc.

0.000%, 2/1/26

1,775

1,470

5,208

Banks-0.4%

BofA Finance LLC

0.125%, 9/1/22

1,520

1,516

JPMorgan Chase Bank NA 144A

0.125%, 1/1/23(3)

1,215

1,195

2,711

Biotechnology-1.1%

BioMarin Pharmaceutical, Inc.

0.599%, 8/1/24

770

783

1.250%, 5/15/27

1,450

1,490

Bridgebio Pharma, Inc.

2.250%, 2/1/29

1,805

889

Guardant Health, Inc.

0.000%, 11/15/27

1,685

1,347

Halozyme Therapeutics, Inc.

0.250%, 3/1/27

2,330

1,999

Illumina, Inc.

0.000%, 8/15/23

120

125

Insmed, Inc.

0.750%, 6/1/28

760

713

Livongo Health, Inc.

0.875%, 6/1/25

1,450

1,229

8,575

Commercial Services-1.4%

Affirm Holdings, Inc. 144A

0.000%, 11/15/26(3)

3,065

2,027

Block, Inc.

0.125%, 3/1/25

740

825

0.000%, 5/1/26

2,075

1,786

0.250%, 11/1/27

2,610

2,128

Chegg, Inc.

0.125%, 3/15/25

1,140

1,013

Shift4 Payments, Inc.

0.000%, 12/15/25

960

924

144A 0.500%, 8/1/27(3)

2,060

1,677

10,380

Computers-0.8%

3D Systems Corp. 144A

0.000%, 11/15/26(3)

895

661

Lumentum Holdings, Inc.

0.500%, 12/15/26

2,255

2,358

Pure Storage, Inc.

0.125%, 4/15/23

960

1,176

Zscaler, Inc.

0.125%, 7/1/25

1,240

1,841

6,036

Par Value

Value

Cosmetics & Personal Care-0.2%

Beauty Health Co. (The) 144A

1.250%, 10/1/26(3)

$

1,580

$ 1,326

Diversified Financial Services-0.7%

Coinbase Global, Inc. 144A

0.500%, 6/1/26(3)

2,950

2,361

SoFi Technologies, Inc. 144A

0.000%, 10/15/26(3)

2,680

1,797

Upstart Holdings, Inc. 144A

0.250%, 8/15/26(3)

1,585

1,213

5,371

Electronics-0.2%

II-VI, Inc.

0.250%, 9/1/22

990

1,309

Energy-AlternateSources-0.7%

Enphase Energy, Inc.

0.000%, 3/1/26

1,355

1,275

0.000%, 3/1/28

2,035

1,935

SolarEdge Technologies, Inc.

0.000%, 9/15/25

1,525

1,773

4,983

Entertainment-0.7%

DraftKings, Inc.

0.000%, 3/15/28

2,960

1,967

Live Nation Entertainment, Inc.

2.000%, 2/15/25

1,085

1,300

Vail Resorts, Inc.

0.000%, 1/1/26

2,045

1,923

5,190

Equity Real Estate Investment Trusts (REITs)-0.3%

Pebblebrook Hotel Trust

1.750%, 12/15/26

1,830

2,071

Healthcare-Products-0.8%

Exact Sciences Corp.

0.375%, 3/15/27

1,055

898

0.375%, 3/1/28

495

398

Insulet Corp.

0.375%, 9/1/26

1,945

2,392

Novocure Ltd.

0.000%, 11/1/25

1,295

1,164

Omnicell, Inc.

0.250%, 9/15/25

905

1,116

5,968

Healthcare-Services-0.6%

Anthem, Inc.

2.750%, 10/15/42

375

2,676

Oak Street Health, Inc.

0.000%, 3/15/26

2,195

1,606

4,282

See Notes to Schedule of Investments

3

VIRTUS ALLIANZGI EQUITY & CONVERTIBLE INCOME FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

APRIL 30, 2022

($ reported in thousands)

Par Value

Value

Internet-6.8%

Airbnb, Inc.

0.000%, 3/15/26

$

4,355

$ 3,991

Booking Holdings, Inc.

0.750%, 5/1/25

2,250

3,128

Etsy, Inc.

0.125%, 9/1/27

2,310

2,000

144A 0.250%, 6/15/28(3)

2,135

1,697

Expedia Group, Inc.

0.000%, 2/15/26

3,365

3,946

Lyft, Inc.

1.500%, 5/15/25

1,180

1,323

Mandiant, Inc.

0.875%, 6/1/24

1,505

1,646

Match Group Financeco 2, Inc. 144A

0.875%, 6/15/26(3)

2,450

2,802

Okta, Inc.

0.375%, 6/15/26

2,510

2,240

Opendoor Technologies, Inc. 144A

0.250%, 8/15/26(3)

935

657

Palo Alto Networks, Inc.

0.375%, 6/1/25

3,455

6,623

Sea Ltd.

0.250%, 9/15/26

3,160

2,378

Shopify, Inc.

0.125%, 11/1/25

1,910

1,658

Snap, Inc.

0.000%, 5/1/27

4,000

3,174

144A 0.125%, 3/1/28(3)

1,505

1,319

Spotify USA, Inc.

0.000%, 3/15/26

2,320

1,889

Twitter, Inc.

0.000%, 3/15/26

3,480

3,287

Uber Technologies, Inc.

0.000%, 12/15/25

4,010

3,463

Wayfair, Inc.

0.625%, 10/1/25

3,200

2,389

Zillow Group, Inc.

2.750%, 5/15/25

1,210

1,248

50,858

Leisure Time-0.9%

NCL Corp., Ltd. 144A

1.125%, 2/15/27(3)

3,360

2,935

Royal Caribbean Cruises Ltd.

4.250%, 6/15/23

2,015

2,481

2.875%, 11/15/23

1,330

1,530

6,946

Machinery-Diversified-0.2%

Middleby Corp. (The)

1.000%, 9/1/25

1,135

1,482

Media-1.5%

DISH Network Corp.

0.000%, 12/15/25

1,880

1,697

3.375%, 8/15/26

2,350

2,015

Liberty Broadband Corp.

144A 1.250%, 9/30/50(3)

245

230

144A 2.750%, 9/30/50(3)

1,500

1,440

Par Value

Value

Media-continued

Liberty Media Corp.

1.375%, 10/15/23

$

1,890

$ 2,457

144A 0.500%, 12/1/50(3)

2,460

3,189

11,028

Metal Fabricate/Hardware-0.1%

Xometry, Inc. 144A

1.000%, 2/1/27(3)

1,005

875

Mining-0.2%

MP Materials Corp. 144A

0.250%, 4/1/26(3)

1,545

1,708

Oil, Gas & Consumable Fuels-0.5%

Pioneer Natural Resources Co.

0.250%, 5/15/25

1,810

3,984

Pharmaceuticals-1.1%

Dexcom, Inc.

0.250%, 11/15/25

4,290

4,486

Jazz Investments I Ltd.

2.000%, 6/15/26

3,180

3,881

8,367

Real Estate-0.1%

Redfin Corp.

0.000%, 10/15/25

805

558

Retail-0.4%

Burlington Stores, Inc.

2.250%, 4/15/25

1,560

1,871

Dick's Sporting Goods, Inc.

3.250%, 4/15/25

300

900

2,771

Semiconductors-1.1%

MACOM Technology Solutions Holdings, Inc.

0.250%, 3/15/26

710

665

Microchip Technology, Inc.

0.125%, 11/15/24

4,655

4,929

Silicon Laboratories, Inc.

0.625%, 6/15/25

1,075

1,364

Wolfspeed, Inc.

1.750%, 5/1/26

105

216

144A 0.250%, 2/15/28(3)

850

850

8,024

Software-5.7%

Akamai Technologies, Inc.

0.125%, 5/1/25

1,900

2,379

0.375%, 9/1/27

1,060

1,166

Alteryx, Inc.

0.500%, 8/1/24

1,750

1,591

Avalara, Inc. 144A

0.250%, 8/1/26(3)

2,330

1,862

Bentley Systems, Inc.

0.125%, 1/15/26

1,650

1,574

144A 0.375%, 7/1/27(3)

785

665

See Notes to Schedule of Investments

4

VIRTUS ALLIANZGI EQUITY & CONVERTIBLE INCOME FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

APRIL 30, 2022

($ reported in thousands)

Par Value

Value

Software-continued

Bill.com Holdings, Inc. 144A

0.000%, 4/1/27(3)

$

3,285

$ 2,768

Blackline, Inc.

0.000%, 3/15/26

925

761

Cloudflare, Inc. 144A

0.000%, 8/15/26(3)

3,395

2,962

Confluent, Inc. 144A

0.000%, 1/15/27(3)

2,180

1,670

Coupa Software, Inc.

0.375%, 6/15/26

4,630

3,764

DigitalOcean Holdings, Inc. 144A

0.000%, 12/1/26(3)

2,080

1,559

DocuSign, Inc.

0.000%, 1/15/24

1,470

1,365

Five9, Inc.

0.500%, 6/1/25

1,505

1,619

MicroStrategy, Inc.

0.000%, 2/15/27

1,850

1,172

MongoDB, Inc.

0.250%, 1/15/26

1,060

1,897

Nutanix, Inc. 144A

0.250%, 10/1/27(3)

1,465

1,172

RingCentral, Inc.

0.000%, 3/1/25

2,555

2,141

Splunk, Inc.

0.500%, 9/15/23

775

817

1.125%, 6/15/27

3,845

3,449

Tyler Technologies, Inc.

0.250%, 3/15/26

1,245

1,266

Unity Software, Inc. 144A

0.000%, 11/15/26(3)

3,615

2,796

Workday, Inc.

0.250%, 10/1/22

1,725

2,443

42,858

Transportation-0.1%

Air Transport Services Group, Inc.

1.125%, 10/15/24

450

512

TOTAL CONVERTIBLE BONDS AND NOTES

(Identified Cost $233,128)

208,119

TOTAL LONG-TERMINVESTMENTS-96.1%

(Identified Cost $778,027)

715,910

Shares

SHORT-TERMINVESTMENT-5.9%

Money Market Mutual Fund-5.9%

Dreyfus Government Cash Management Fund -

Institutional Shares (seven-day effective yield

0.239%)(6)

44,244,283

44,244

TOTAL SHORT-TERM INVESTMENT

(Identified Cost $44,244)

44,244

TOTAL INVESTMENTS, BEFORE WRITTEN OPTIONS-102.0%

(Identified Cost $822,271)

760,154

Value

WRITTEN OPTIONS-(0.1)%

(See open written options schedule)

TOTAL WRITTEN OPTIONS

(Premiums Received $723)

$

(364)

TOTAL INVESTMENTS, NET OF WRITTEN OPTIONS-101.9%

(Identified Cost $821,548)

$759,790

Other assets and liabilities, net-(1.9)%

(14,462)

NET ASSETS-100.0%

$745,328

Abbreviations:

LLC

Limited Liability Company

NA

National Association

REIT Real Estate Investment Trust

S&P Standard & Poor's

Footnote Legend:

  1. 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.
  2. Security in default; no interest payments are being received during the bankruptcy proceedings.
  3. 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, 2022, these securities amounted to a value of $51,230 or 6.9% of net assets.
  4. All or a portion of the security is segregated as collateral for written options.
  5. Non-incomeproducing.
  6. Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

Country Weightings†

United States

95%

United Kingdom

2

Bermuda

1

Curaçao

1

Liberia

1

Total

100%

  • % of total investments, net of written options, as of April 30, 2022.

See Notes to Schedule of Investments

5

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Disclaimer

Virtus AllianzGi Equity & Convertible Income Fund published this content on 21 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 July 2022 21:32:05 UTC.