VIRTUS KAR Developing Markets Fund

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2022

($ reported in thousands)

	Shares	Value
Common Stocks—97.0%
Communication Services—13.1%
Addcn Technology Co., Ltd. (Taiwan)	5,732	$ 36
Autohome, Inc. ADR (China)	1,903	58
Baltic Classifieds Group plc (United Kingdom)	41,786	71
NAVER Corp. (South Korea)	157	22
Sarana Menara Nusantara Tbk PT (Indonesia)	658,400	47
Tencent Holdings Ltd. (China)	1,300	56
Tongdao Liepin Group (China)⁽¹⁾	13,000	15
Wirtualna Polska Holding S.A. (Poland)	1,864	43
		348


Consumer Discretionary—16.7%
Alibaba Group Holding Ltd. Sponsored ADR (China)⁽¹⁾	574	51
Allegro.eu S.A. (Poland)⁽¹⁾	12,953	74
JD.com, Inc. ADR (China)	1,233	69
JD.com, Inc. Class A (China)	1,447	41
Prosus N.V. (China)⁽¹⁾	824	57
Union Auction PCL Foreign Shares (Thailand)	179,200	49
Vasta Platform Ltd. Class A (Brazil)⁽¹⁾	25,571	102
		443


Consumer Staples—18.9%
Anhui Gujing Distillery Co., Ltd. Class B (China)	4,400	70
Carlsberg Brewery Malaysia Bhd (Malaysia)	11,200	58
Fraser and Neave Ltd. (Singapore)	58,700	56
Heineken Malaysia Bhd (Malaysia)	10,800	62
Pernod Ricard S.A. (France)	285	56
Thai Beverage PCL (Thailand)	142,500	73
Wal-Mart de Mexico SAB de C.V. (Mexico)	23,115	82
Wuliangye Yibin Co., Ltd. Class A (China)	1,700	44
		501


Financials—10.5%
Bank Central Asia Tbk PT (Indonesia)	160,000	88
HDFC Bank Ltd. ADR (India)	974	67
Qualitas Controladora SAB de C.V. (Mexico)	11,606	51
United Overseas Bank Ltd. (Singapore)	3,100	71
		277


Health Care—1.7%
Prodia Widyahusada Tbk PT (Indonesia)	126,000	45
Industrials—29.9%
Boa Vista Servicos S.A. (Brazil)	67,850	93
Credit Bureau Asia Ltd. (Singapore)	136,900	95
GFC Ltd. (Taiwan)	19,000	43
Grupa Pracuj S.A. (Poland)	8,964	84
Haitian International Holdings Ltd. (China)	27,166	73
HeadHunter Group plc ADR (Russia)⁽²⁾	270	—⁽³⁾
NICE Information Service Co., Ltd. (South Korea)	4,472	43
S-1 Corp. (South Korea)	1,579	74
SaraminHR Co., Ltd. (South Korea)	1,814	38
Tegma Gestao Logistica S.A. (Brazil)	49,744	183
Wizz Air Holdings plc (Hungary)⁽¹⁾	2,956	68
		794

	Shares	Value

Information Technology—5.2%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (Taiwan)	1,645	$ 122
Webcash Corp. (South Korea)	1,458	17
		139


Real Estate—1.0%
American Tower Corp. (United States)	126	27
Total Common Stocks (Identified Cost $3,130)		2,574




Total Long-Term Investments—97.0% (Identified Cost $3,130)		2,574




Short-Term Investment—0.6%
Money Market Mutual Fund—0.6%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.190%)⁽⁴⁾	15,005	15
Total Short-Term Investment (Identified Cost $15)		15




TOTAL INVESTMENTS—97.6% (Identified Cost $3,145)		$2,589
Other assets and liabilities, net—2.4%		63
NET ASSETS—100.0%		$2,652

Abbreviation:
ADR	American Depositary Receipt

Footnote Legend:
⁽¹⁾	Non-income producing.
⁽²⁾	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.
⁽³⁾	Amount is less than $500.
⁽⁴⁾	Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

Country Weightings^†
China	21%
Brazil	14
Singapore	8
Taiwan	8
Poland	8
South Korea	7
Indonesia	7
Other	27
Total	100%
^† % of total investments as of December 31, 2022.

See Notes to Schedule of Investments

VIRTUS KAR Developing Markets Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

December 31, 2022

($ reported in thousands)

The following table summarizes the value of the Fund’s investments as of December 31, 2022, based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):

	Total Value at December 31, 2022	Level 1 Quoted Prices	Level 3 Significant Unobservable Inputs
Assets:
Equity Securities:
Common Stocks	$2,574	$2,574	$—⁽¹⁾
Money Market Mutual Fund	15	15	—
Total Investments	$2,589	$2,589	$—⁽¹⁾

⁽¹⁾	Amount is less than $500.

There were no transfers into or out of Level 3 related to securities held at December 31, 2022.

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the rollforward of Level 3 securities and assumptions are not shown for the period ended December 31, 2022.

See Notes to Schedule of Investments

VIRTUS KAR DEVELOPING MARKETS FUND

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2022

Note 1. Security Valuation

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 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 Adviser’s Valuation Committee, and are generally categorized as Level 3 in the hierarchy.

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

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

Listed derivatives, such as options and futures, 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 (“OTC”) 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.