VIRTUS KAR Small-Cap Growth Fund

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

($ reported in thousands)

	Shares	Value
Common Stocks—99.5%
Communication Services—13.5%
Auto Trader Group plc	13,293,364	$ 150,429
Rightmove plc	12,453,392	134,805
		285,234


Consumer Discretionary—13.6%
Dream Finders Homes, Inc. Class A⁽¹⁾⁽²⁾	3,434,373	86,306
Holley, Inc.⁽¹⁾	3,675,648	7,351
Ollie’s Bargain Outlet Holdings, Inc.⁽¹⁾	775,685	102,220
Revolve Group, Inc. Class A⁽¹⁾	3,468,249	69,538
Smith Douglas Homes Corp. Class A⁽¹⁾⁽²⁾	1,134,274	22,028
		287,443


Consumer Staples—1.2%
PriceSmart, Inc.	239,298	25,136
Financials—32.6%
FactSet Research Systems, Inc.	50,789	22,717
Goosehead Insurance, Inc. Class A	1,078,115	113,752
Kinsale Capital Group, Inc.	160,013	77,430
Morningstar, Inc.	524,490	164,653
Ryan Specialty Holdings, Inc. Class A	1,660,687	112,910
ServisFirst Bancshares, Inc.	1,438,065	111,464
Triumph Financial, Inc.⁽¹⁾⁽³⁾	1,522,659	83,914
		686,840


Health Care—5.2%
National Research Corp.⁽²⁾⁽³⁾	2,008,009	33,735
U.S. Physical Therapy, Inc.⁽³⁾	975,582	76,290
		110,025


Industrials—9.0%
AAON, Inc.	933,537	68,848
Enerpac Tool Group Corp. Class A	2,510,438	101,824
Omega Flex, Inc.⁽³⁾	607,572	19,673
		190,345


Information Technology—24.4%
Appfolio, Inc. Class A⁽¹⁾	407,921	93,936
Endava plc Sponsored ADR⁽¹⁾⁽³⁾	4,171,779	63,912
nCino, Inc.⁽¹⁾	3,736,171	104,501
Novanta, Inc.⁽¹⁾	270,000	34,811

	Shares	Value

Information Technology—continued
NVE Corp.	128,690	$ 9,473
Onestream, Inc. Class A⁽¹⁾	4,645,675	131,472
SPS Commerce, Inc.⁽¹⁾	561,418	76,403
		514,508


Total Common Stocks (Identified Cost $1,533,525)		2,099,531




Total Long-Term Investments—99.5% (Identified Cost $1,533,525)		2,099,531




Securities Lending Collateral—0.1%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.209%)⁽⁴⁾⁽⁵⁾	806,016	806
Total Securities Lending Collateral (Identified Cost $806)		806




TOTAL INVESTMENTS—99.6% (Identified Cost $1,534,331)		$2,100,337
Other assets and liabilities, net—0.4%		9,454
NET ASSETS—100.0%		$2,109,791

Abbreviations:
ADR	American Depositary Receipt
plc	Public Limited Company

Footnote Legend:
⁽¹⁾	Non-income producing.
⁽²⁾	All or a portion of security is on loan.
⁽³⁾	Affiliated investment.
⁽⁴⁾	Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.
⁽⁵⁾	Represents security purchased with cash collateral received for securities on loan.

Country Weightings^†
United States	83%
United Kingdom	17
Total	100%
^† % of total investments as of June 30, 2025.

The following table summarizes the value of the Fund’s investments as of June 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 June 30, 2025	Level 1 Quoted Prices
Assets:
Equity Securities:
Common Stocks	$2,099,531	$2,099,531
Securities Lending Collateral	806	806
Total Investments	$2,100,337	$2,100,337

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at June 30, 2025.

There were no transfers into or out of Level 3 related to securities held at June 30, 2025.

See Notes to Schedule of Investments

VIRTUS KAR Small-Cap Growth Fund

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

June 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 financial statements.