VIRTUS KAR Small-Cap Growth Series

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

($ reported in thousands)

	Shares	Value
Common Stocks—94.6%
Communication Services—11.8%
Auto Trader Group plc	424,000	$ 4,100
Rightmove plc	401,465	3,574
		7,674


Consumer Discretionary—12.5%
Dream Finders Homes, Inc. Class A⁽¹⁾	93,479	2,109
Fox Factory Holding Corp.⁽¹⁾	8,350	195
Holley, Inc.⁽¹⁾	185,721	477
Ollie’s Bargain Outlet Holdings, Inc.⁽¹⁾	25,159	2,928
Revolve Group, Inc. Class A⁽¹⁾	81,225	1,746
Smith Douglas Homes Corp. Class A⁽¹⁾	35,616	695
		8,150


Consumer Staples—1.0%
PriceSmart, Inc.	7,800	685
Financials—34.1%
FactSet Research Systems, Inc.	1,726	785
Goosehead Insurance, Inc. Class A	34,985	4,130
Kinsale Capital Group, Inc.	5,090	2,477
Morningstar, Inc.	16,724	5,015
Ryan Specialty Holdings, Inc. Class A	53,254	3,934
ServisFirst Bancshares, Inc.	45,431	3,753
Triumph Financial, Inc.⁽¹⁾	36,112	2,087
		22,181


Health Care—2.9%
National Research Corp.	39,344	504
U.S. Physical Therapy, Inc.	18,936	1,370
		1,874


Industrials—10.3%
AAON, Inc.	29,958	2,341
Enerpac Tool Group Corp. Class A	81,036	3,635
Omega Flex, Inc.	20,734	721
		6,697


Information Technology—22.0%
Appfolio, Inc. Class A⁽¹⁾	14,218	3,127
Endava plc Sponsored ADR⁽¹⁾	106,236	2,073
nCino, Inc.⁽¹⁾	95,649	2,627
Novanta, Inc.⁽¹⁾	8,835	1,130
NVE Corp.	4,150	264

	Shares	Value

Information Technology—continued
Onestream, Inc. Class A⁽¹⁾	126,865	$ 2,707
SPS Commerce, Inc.⁽¹⁾	17,894	2,375
		14,303


Total Common Stocks (Identified Cost $45,453)		61,564




Total Long-Term Investments—94.6% (Identified Cost $45,453)		61,564




Short-Term Investment—1.3%
Money Market Mutual Fund—1.3%
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.226%)⁽²⁾	821,573	822
Total Short-Term Investment (Identified Cost $822)		822




TOTAL INVESTMENTS—95.9% (Identified Cost $46,275)		$62,386
Other assets and liabilities, net—4.1%		2,694
NET ASSETS—100.0%		$65,080

Abbreviations:
ADR	American Depositary Receipt
plc	Public Limited Company

Footnote Legend:
⁽¹⁾	Non-income producing.
⁽²⁾	Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

Country Weightings^†
United States	84%
United Kingdom	16
Total	100%
^† % of total investments as of March 31, 2025.

See Notes to Schedule of Investments

VIRTUS KAR Small-Cap Growth Series

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

March 31, 2025

($ reported in thousands)

The following table summarizes the value of the Series’ investments as of March 31, 2025, based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):

	Total Value at March 31, 2025	Level 1 Quoted Prices	Level 2 Significant Observable Inputs
Assets:
Equity Securities:
Common Stocks	$61,564	$53,890	$7,674
Money Market Mutual Fund	822	822	—
Total Investments	$62,386	$54,712	$7,674

There were no securities valued using significant unobservable inputs (Level 3) at March 31, 2025.

There were no transfers into or out of Level 3 related to securities held at March 31, 2025.

See Notes to Schedule of Investments

VIRTUS KAR Small-Cap Growth Series

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

Note 1. Security Valuation

The Series’ 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 Series utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Series’ 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 Series’ 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 Series 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 Series 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, 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 Series’ net assets by each major security type is disclosed at the end of the Schedule of Investments for the Series. 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 Series’ most recent semi or annual financial statements.