VIRTUS Vontobel Foreign Opportunities Fund

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2023

($ reported in thousands)

	Shares	Value
Common Stocks—96.3%
Consumer Discretionary—16.7%
Amadeus IT Group S.A. (Spain)(1)	362,380	$ 27,561
Ferrari N.V. (Italy)	89,749	29,331
Flutter Entertainment plc (Ireland)(1)	124,489	25,029
Hermes International (France)	8,493	18,443
Yum China Holdings, Inc. (China)	320,917	18,182
		118,546
Consumer Staples—8.5%
Diageo plc (United Kingdom)	368,576	15,817
L’Oreal S.A. (France)	40,468	18,860
Nestle S.A. Registered Shares (Switzerland)	213,208	25,631
		60,308
Energy—0.5%
Schlumberger N.V. (United States)	73,437	3,607
Financials—16.2%
Aon plc Class A (United States)	77,151	26,633
Hong Kong Exchanges & Clearing Ltd. (Hong Kong)	181,118	6,862
Intact Financial Corp. (Canada)	119,485	18,448
London Stock Exchange Group plc (United Kingdom)	319,694	33,967
Mastercard, Inc. Class A (United States)	74,562	29,325
		115,235
Health Care—10.6%
Alcon, Inc. (Switzerland)	348,843	28,880
EssilorLuxottica S.A. (France)	55,740	10,498
Hoya Corp. (Japan)	77,008	9,215
Lonza Group AG Registered Shares (Switzerland)	22,882	13,637
Mettler-Toledo International, Inc. (United States)(1)	10,209	13,391
		75,621
Industrials—22.2%
Ashtead Group plc (United Kingdom)	273,085	18,881
Canadian National Railway Co. (Canada)	91,137	11,036
Epiroc AB Class A (Sweden)	463,364	8,760
Experian plc (Ireland)	581,903	22,304
IMCD N.V. (Netherlands)	62,542	8,988
RELX plc (United Kingdom)	1,170,914	38,976
Rentokil Initial plc (United Kingdom)	3,035,801	23,711
Spirax-Sarco Engineering plc (United Kingdom)	80,126	10,547
Wolters Kluwer N.V. (Netherlands)	114,692	14,555
		157,758

	Shares	Value
Information Technology—19.0%
Constellation Software, Inc. (Canada)	21,757	$ 45,078
Halma plc (United Kingdom)	668,020	19,318
Keyence Corp. (Japan)	31,463	14,950
Obic Co., Ltd. (Japan)	150,896	24,220
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (Taiwan)	200,037	20,188
Tata Consultancy Services Ltd. (India)	287,566	11,620
		135,374
Materials—2.6%
Air Liquide S.A. (France)	102,065	18,287
Total Common Stocks (Identified Cost $492,683)		684,736
Total Long-Term Investments—96.3% (Identified Cost $492,683)		684,736
TOTAL INVESTMENTS—96.3% (Identified Cost $492,683)		$684,736
Other assets and liabilities, net—3.7%		26,140
NET ASSETS—100.0%		$710,876

Abbreviation:
ADR	American Depositary Receipt

Footnote Legend:
(1)	Non-income producing.

Country Weightings†
United Kingdom	23%
Canada	11
United States	11
Switzerland	10
France	10
Japan	7
Ireland	7
Other	21
Total	100%
† % of total investments as of June 30, 2023.

See Notes to Schedule of Investments

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VIRTUS Vontobel Foreign Opportunities Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

June 30, 2023

($ reported in thousands)

The following table summarizes the value of the Fund’s investments as of June 30, 2023, based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):

	Total Value at June 30, 2023	Level 1 Quoted Prices	Level 2 Significant Observable Inputs
Assets:
Equity Securities:
Common Stocks	$684,736	$599,687	$85,049
Total Investments	$684,736	$599,687	$85,049

There were no securities valued using significant unobservable inputs (Level 3) at June 30, 2023.

There were no transfers into or out of Level 3 related to securities held at June 30, 2023.

See Notes to Schedule of Investments

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VIRTUS VONTOBEL FOREIGN OPPORTUNITIES FUND 

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2023

Note 1. Security Valuation

The 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 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 Investment 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.

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