VIRTUS KAR Small-Cap Core Fund

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2023

($ reported in thousands)

	Shares	Value
Common Stocks—98.7%
Communication Services—3.6%
Rightmove plc	9,575,590	$ 70,255
Consumer Discretionary—7.1%
Acushnet Holdings Corp.	1,475,641	93,217
LCI Industries	369,320	46,427
		139,644


Financials—22.8%
Artisan Partners Asset Management, Inc. Class A	1,184,387	52,326
BancFirst Corp.	411,429	40,044
FactSet Research Systems, Inc.	125,140	59,698
First Hawaiian, Inc.	2,524,755	57,716
Jack Henry & Associates, Inc.	163,600	26,734
Moelis & Co. Class A	1,198,917	67,295
Primerica, Inc.	494,287	101,705
RLI Corp.	307,303	40,908
		446,426


Health Care—5.4%
Atrion Corp.	48,880	18,515
CorVel Corp.⁽¹⁾	354,480	87,631
		106,146


Industrials—47.0%
Donaldson Co., Inc.	345,900	22,605
EMCOR Group, Inc.	645,370	139,032
FTI Consulting, Inc.⁽¹⁾	609,294	121,341
Graco, Inc.	865,110	75,057
Kadant, Inc.	245,190	68,729
Kforce, Inc.	436,052	29,460
Landstar System, Inc.	393,109	76,125

	Shares	Value

Industrials—continued
RBC Bearings, Inc.⁽¹⁾	230,437	$ 65,649
Simpson Manufacturing Co., Inc.	817,497	161,848
Toro Co. (The)	837,169	80,360
Watts Water Technologies, Inc. Class A	379,374	79,039
		919,245


Information Technology—8.9%
Aspen Technology, Inc.⁽¹⁾	169,612	37,340
Clearwater Analytics Holdings, Inc. Class A ⁽¹⁾	1,936,525	38,789
Manhattan Associates, Inc.⁽¹⁾	458,720	98,771
		174,900


Materials—3.9%
UFP Industries, Inc.	602,818	75,684
Total Common Stocks (Identified Cost $996,054)		1,932,300




Total Long-Term Investments—98.7% (Identified Cost $996,054)		1,932,300




TOTAL INVESTMENTS—98.7% (Identified Cost $996,054)		$1,932,300
Other assets and liabilities, net—1.3%		26,250
NET ASSETS—100.0%		$1,958,550

Footnote Legend:
⁽¹⁾	Non-income producing.

The following table summarizes the value of the Fund’s investments as of December 31, 2023, 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, 2023	Level 1 Quoted Prices
Assets:
Equity Securities:
Common Stocks	$1,932,300	$1,932,300
Total Investments	$1,932,300	$1,932,300

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2023.

There were no transfers into or out of Level 3 related to securities held at December 31, 2023.

See Notes to Schedule of Investments

VIRTUS KAR Small-Cap Core Fund

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2023

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 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, 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.