VIRTUS KAR Small-Mid Cap Growth Fund

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2022

($ reported in thousands)

	Shares	Value
Common Stocks—95.8%
Communication Services—3.9%
Rightmove plc Unsponsored ADR	15,960	$ 196
Consumer Discretionary—4.8%
Ollie’s Bargain Outlet Holdings, Inc.⁽¹⁾	2,297	108
SiteOne Landscape Supply, Inc.⁽¹⁾	1,121	131
		239


Consumer Staples—3.7%
Lamb Weston Holdings, Inc.	2,047	183
Financials—12.8%
FactSet Research Systems, Inc.	484	194
MarketAxess Holdings, Inc.	492	137
Ryan Specialty Holdings, Inc. Class A⁽¹⁾	7,435	309
		640


Health Care—25.6%
Atrion Corp.	260	146
Azenta, Inc.⁽¹⁾	2,141	125
Cooper Cos., Inc. (The)	366	121
Globus Medical, Inc. Class A⁽¹⁾	2,584	192
HealthEquity, Inc.⁽¹⁾	3,106	191
Silk Road Medical, Inc.⁽¹⁾	5,605	296
West Pharmaceutical Services, Inc.	887	209
		1,280


Industrials—18.7%
Copart, Inc.⁽¹⁾	3,814	232
Fair Isaac Corp.⁽¹⁾	342	205
HEICO Corp. Class A	1,976	237
TransUnion	1,899	108
Verisk Analytics, Inc. Class A	872	154
		936


Information Technology—26.3%
Bentley Systems, Inc. Class B	5,424	201
Clearwater Analytics Holdings, Inc. Class A ⁽¹⁾	8,755	164
Copperleaf Technologies, Inc.⁽¹⁾⁽²⁾	22,351	95
Duck Creek Technologies, Inc.⁽¹⁾	9,358	113
Jack Henry & Associates, Inc.	1,152	202
nCino, Inc.⁽¹⁾	6,181	163
Teledyne Technologies, Inc.⁽¹⁾	507	203
Tyler Technologies, Inc.⁽¹⁾	547	176
		1,317


Total Common Stocks (Identified Cost $5,294)		4,791




Total Long-Term Investments—95.8% (Identified Cost $5,294)		4,791

	Shares	Value


Short-Term Investment—1.1%
Money Market Mutual Fund—1.1%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.190%)⁽³⁾	54,364	$ 54
Total Short-Term Investment (Identified Cost $54)		54




Securities Lending Collateral—0.7%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.190%)⁽³⁾⁽⁴⁾	33,200	33
Total Securities Lending Collateral (Identified Cost $33)		33




TOTAL INVESTMENTS—97.6% (Identified Cost $5,381)		$4,878
Other assets and liabilities, net—2.4%		121
NET ASSETS—100.0%		$4,999

Abbreviation:
ADR	American Depositary Receipt

Footnote Legend:
⁽¹⁾	Non-income producing.
⁽²⁾	All or a portion of security is on loan.
⁽³⁾	Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.
⁽⁴⁾	Represents security purchased with cash collateral received for securities on loan.

Country Weightings^†
United States	94%
United Kingdom	4
Canada	2
Total	100%
^† % of total investments as of December 31, 2022.

See Notes to Schedule of Investments

VIRTUS KAR Small-Mid Cap Growth 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
Assets:
Equity Securities:
Common Stocks	$4,791	$4,791
Money Market Mutual Fund	54	54
Securities Lending Collateral	33	33
Total Investments	$4,878	$4,878

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2022.

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

See Notes to Schedule of Investments

VIRTUS KAR Small-Mid Cap Growth 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, 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.