# EDGAR Filing Document

**Accession Number:** 0000867297
**File Stem:** 0001193125-25-195631
**Filing Date:** 2025-9
**Character Count:** 1126257
**Document Hash:** debf12b1ffb6d5219ff6aa2ca43ac7aa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-195631.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001193125-25-195631

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 70

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**EFFECTIVENESS DATE**: 20250904

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Virtus Investment Trust
- **CENTRAL INDEX KEY:** 0000867297

**ORGANIZATION NAME:**
- **EIN:** 330457728
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06161
- **FILM NUMBER:** 251292199

**BUSINESS ADDRESS:**
- **STREET 1:** 101 MUNSON STEET
- **CITY:** GREENFIELD
- **STATE:** MA
- **ZIP:** 01301
- **BUSINESS PHONE:** 800-243-1574

**MAIL ADDRESS:**
- **STREET 1:** ONE FINANCIAL PLAZA
- **STREET 2:** 26TH FLOOR
- **CITY:** HARTFORD
- **STATE:** CT
- **ZIP:** 06103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALLIANZ FUNDS
- **DATE OF NAME CHANGE:** 20050330

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PIMCO FUNDS MULTI MANAGER SERIES
- **DATE OF NAME CHANGE:** 19970626

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PIMCO FUNDS EQUITY ADVISORS SERIES
- **DATE OF NAME CHANGE:** 19960227

## Series and Classes Contracts Data

### Virtus NFJ Dividend Value Fund (Series ID: S000007963)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000021605 | A             | PNEAX           |
| C000021607 | C             | PNECX           |
| C000021609 | Institutional | NFJEX           |
| C000135573 | R6            | ANDVX           |

### Virtus NFJ International Value Fund (Series ID: S000007964)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000021611 | A             | AFJAX           |
| C000021612 | C             | AFJCX           |
| C000021614 | Institutional | ANJIX           |
| C000135574 | R6            | ANAVX           |

### Virtus NFJ Large-Cap Value Fund (Series ID: S000007965)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000021616 | A             | PNBAX           |
| C000021618 | C             | PNBCX           |
| C000021620 | Institutional | ANVIX           |
| C000204677 | R6            | VAAGX           |

### Virtus NFJ Small-Cap Value Fund (Series ID: S000007966)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000021621 | A             | PCVAX           |
| C000021624 | C             | PCVCX           |
| C000021626 | Institutional | PSVIX           |
| C000135575 | R6            | ANFVX           |

### Virtus NFJ Mid-Cap Value Fund (Series ID: S000007968)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000021632 | A             | PQNAX           |
| C000021635 | C             | PQNCX           |
| C000021637 | Institutional | PRNIX           |
| C000196957 | Class R6      | ANPRX           |

### Virtus Silvant Focused Growth Fund (Series ID: S000007971)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000021653 | A             | PGWAX           |
| C000021656 | C             | PGWCX           |
| C000021658 | Institutional | PGFIX           |
| C000164304 | R6            | AFGFX           |

### Virtus KAR Health Sciences Fund (Series ID: S000007977)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000021683 | A                   | RAGHX           |
| C000021685 | C                   | RCGHX           |
| C000150255 | Institutional Class | HLHIX           |

### Virtus KAR Global Small-Cap Fund (Series ID: S000007979)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000021688 | A             | RGSAX           |
| C000021690 | C             | RGSCX           |
| C000021692 | Institutional | DGSCX           |

### Virtus Zevenbergen Technology Fund (Series ID: S000007980)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000021693 | A             | RAGTX           |
| C000021696 | C             | RCGTX           |
| C000021698 | Institutional | DRGTX           |

### Virtus Silvant Mid-Cap Growth Fund (Series ID: S000007984)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000021714 | A             | RMDAX           |
| C000021717 | C             | RMDCX           |
| C000021719 | Institutional | DRMCX           |
| C000204682 | R6            | RMDZX           |

### Virtus Emerging Markets Opportunities Fund (Series ID: S000012942)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000034948 | A             | AOTAX           |
| C000034949 | C             | AOTCX           |
| C000034951 | Institutional | AOTIX           |
| C000164305 | R6            | AEMOX           |

### Virtus Income & Growth Fund (Series ID: S000015823)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000043488 | Class A             | AZNAX           |
| C000043489 | Class C             | AZNCX           |
| C000043491 | Institutional Class | AZNIX           |

### Virtus Small-Cap Fund (Series ID: S000041383)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000128360 | Class A             | AZBAX           |
| C000128361 | Class C             | AZBCX           |
| C000128362 | Institutional Class | AZBIX           |
| C000164306 | R6                  | ASCFX           |

?xml version='1.0' encoding='ASCII'? Virtus Investment Trust

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-06161

#### Virtus Investment Trust
(Exact name of registrant as specified in charter)

------

101 Munson Street

Greenfield, MA 01301-9668

------

Jennifer Fromm, Esq.

Vice President, Chief Legal Officer, Counsel and Secretary for Registrant

One Financial Plaza

Hartford, CT 06103-2608

(Name and address of agent for service)

------

#### Registrant's telephone number, including area code:

#### (800)-243-1574

#### Date of fiscal year end:

#### June 30

#### Date of reporting period:

#### June 30, 2025

------

 **Item 1. Report to Stockholders.**

(a) The registrant's annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus Emerging Markets Opportunities Fund
Class A / AOTAX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus Emerging Markets Opportunities Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Emerging Markets Opportunities Fund<br>Class A / AOTAX | $133 | 1.29% |

---

Portfolio Manager Commentary

* For the fiscal year ended June 30, 2025, the Fund's Class A shares at NAV returned 5.67%. For the same period, the MSCI Emerging Markets Index (net), a broad-based securities market index, returned 15.29%. 

* The MSCI Emerging Markets Index (net) is a free float-adjusted market capitalization-weighted index designed to measure equity market performance in the global emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Positive stock selection in Taiwan, United Arab Emirates, and South Korea contributed to Fund performance relative to the MSCI Emerging Markets Index (net) during the fiscal year. Stock selection in China was the biggest detractor. On a sector basis, materials and real estate contributed the most toward the Fund's performance. The biggest individual contributors to performance during the 12-month period were SK Hynix, OTP Bank, Emaar Development, Geely Automobile, and China Hongqiao Group. The biggest detractors from performance during the period were Alibaba, LG Innoteck, Kia, Xiaomi, and Infosys. The following table outlines key factors that materially affected the Fund's performance relative to its benchmark during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Federal Reserve (Fed) policy and U.S. dollar weakening<br>| Positive<br>| A depreciating U.S. dollar benefited EM currencies, which in turn supported EM equity markets.<br>|
| Rise of the role of the Middle East in geopolitics<br>| Positive<br>| The Middle East is generally immune to global trade tariff turmoil and has stepped up its role in peacemaking in the region. This involvement was a positive change for local economies.<br>|
| U.S. trade tariff<br>| Negative<br>| The U.S. initiated a global trade tariff negotiation during the reporting period. Emerging markets (EM) exporters underperformed as a result.<br>|
| China's government support for technology | Negative | China made breakthroughs in artificial intelligence (AI) and semiconductor technology that led to a rally in high-volatility technology stocks. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in an appropriate broad-based securities market index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g99218chartimages_10328439.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Emerging Markets Opportunities Fund (Class A/AOTAX) at NAV<sup>(1)</sup>** | 5.67% | 6.86% | 4.19% |
| **Virtus Emerging Markets Opportunities Fund (Class A/AOTAX) at POP<sup>(2),(3)</sup>** | (0.14)% | 5.66% | 3.60% |
| **MSCI Emerging Markets Index (net)** | 15.29% | 6.81% | 4.81% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$172266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$973 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;146% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Banks | 22% |
| Semiconductors & Semiconductor Equipment | 17% |
| Interactive Media & Services | 6% |
| Food Products | 6% |
| Passenger Airlines | 5% |
| Metals & Mining | 4% |
| Broadline Retail | 4% |
| Insurance | 4% |
| Entertainment | 3% |
| Consumer Finance | 3% |
| Oil, Gas & Consumable Fuels | 3% |
| Other | 23% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8158 Virtus Emerging Markets Opportunities Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus Emerging Markets Opportunities Fund
Class C / AOTCX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus Emerging Markets Opportunities Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Emerging Markets Opportunities Fund<br>Class C / AOTCX | $209 | 2.04% |

---

Portfolio Manager Commentary

* For the fiscal year ended June 30, 2025, the Fund's Class C shares at NAV returned 4.89%. For the same period, the MSCI Emerging Markets Index (net), a broad-based securities market index, returned 15.29%. 

* The MSCI Emerging Markets Index (net) is a free float-adjusted market capitalization-weighted index designed to measure equity market performance in the global emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Positive stock selection in Taiwan, United Arab Emirates, and South Korea contributed to Fund performance relative to the MSCI Emerging Markets Index (net) during the fiscal year. Stock selection in China was the biggest detractor. On a sector basis, materials and real estate contributed the most toward the Fund's performance. The biggest individual contributors to performance during the 12-month period were SK Hynix, OTP Bank, Emaar Development, Geely Automobile, and China Hongqiao Group. The biggest detractors from performance during the period were Alibaba, LG Innoteck, Kia, Xiaomi, and Infosys. The following table outlines key factors that materially affected the Fund's performance relative to its benchmark during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Federal Reserve (Fed) policy and U.S. dollar weakening<br>| Positive<br>| A depreciating U.S. dollar benefited EM currencies, which in turn supported EM equity markets.<br>|
| Rise of the role of the Middle East in geopolitics<br>| Positive<br>| The Middle East is generally immune to global trade tariff turmoil and has stepped up its role in peacemaking in the region. This involvement was a positive change for local economies.<br>|
| U.S. trade tariff<br>| Negative<br>| The U.S. initiated a global trade tariff negotiation during the reporting period. Emerging markets (EM) exporters underperformed as a result.<br>|
| China's government support for technology | Negative | China made breakthroughs in artificial intelligence (AI) and semiconductor technology that led to a rally in high-volatility technology stocks. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in an appropriate broad-based securities market index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g99218chartimages_10328568.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Emerging Markets Opportunities Fund (Class C/AOTCX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | 4.89% | 6.07% | 3.41% |
| **MSCI Emerging Markets Index (net)** | 15.29% | 6.81% | 4.81% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$172266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$973 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;146% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Banks | 22% |
| Semiconductors & Semiconductor Equipment | 17% |
| Interactive Media & Services | 6% |
| Food Products | 6% |
| Passenger Airlines | 5% |
| Metals & Mining | 4% |
| Broadline Retail | 4% |
| Insurance | 4% |
| Entertainment | 3% |
| Consumer Finance | 3% |
| Oil, Gas & Consumable Fuels | 3% |
| Other | 23% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8159 Virtus Emerging Markets Opportunities Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus Emerging Markets Opportunities Fund
Institutional Class / AOTIX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus Emerging Markets Opportunities Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Emerging Markets Opportunities Fund<br>Institutional Class / AOTIX | $97 | 0.94% |

---

Portfolio Manager Commentary

* For the fiscal year ended June 30, 2025, the Fund's Institutional Class shares at NAV returned 6.04%. For the same period, the MSCI Emerging Markets Index (net), a broad-based securities market index, returned 15.29%. 

* The MSCI Emerging Markets Index (net) is a free float-adjusted market capitalization-weighted index designed to measure equity market performance in the global emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Positive stock selection in Taiwan, United Arab Emirates, and South Korea contributed to Fund performance relative to the MSCI Emerging Markets Index (net) during the fiscal year. Stock selection in China was the biggest detractor. On a sector basis, materials and real estate contributed the most toward the Fund's performance. The biggest individual contributors to performance during the 12-month period were SK Hynix, OTP Bank, Emaar Development, Geely Automobile, and China Hongqiao Group. The biggest detractors from performance during the period were Alibaba, LG Innoteck, Kia, Xiaomi, and Infosys. The following table outlines key factors that materially affected the Fund's performance relative to its benchmark during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Federal Reserve (Fed) policy and U.S. dollar weakening<br>| Positive<br>| A depreciating U.S. dollar benefited EM currencies, which in turn supported EM equity markets.<br>|
| Rise of the role of the Middle East in geopolitics<br>| Positive<br>| The Middle East is generally immune to global trade tariff turmoil and has stepped up its role in peacemaking in the region. This involvement was a positive change for local economies.<br>|
| U.S. trade tariff<br>| Negative<br>| The U.S. initiated a global trade tariff negotiation during the reporting period. Emerging markets (EM) exporters underperformed as a result.<br>|
| China's government support for technology | Negative | China made breakthroughs in artificial intelligence (AI) and semiconductor technology that led to a rally in high-volatility technology stocks. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Institutional Class shares. It assumes a $1,000,000 initial investment at the beginning of the first fiscal year, in an appropriate broad-based securities market index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](g99218chartimages_10328482.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Emerging Markets Opportunities Fund (Institutional Class/AOTIX) at NAV<sup>(1)</sup>** | 6.04% | 7.24% | 4.56% |
| **MSCI Emerging Markets Index (net)** | 15.29% | 6.81% | 4.81% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$172266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$973 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;146% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Banks | 22% |
| Semiconductors & Semiconductor Equipment | 17% |
| Interactive Media & Services | 6% |
| Food Products | 6% |
| Passenger Airlines | 5% |
| Metals & Mining | 4% |
| Broadline Retail | 4% |
| Insurance | 4% |
| Entertainment | 3% |
| Consumer Finance | 3% |
| Oil, Gas & Consumable Fuels | 3% |
| Other | 23% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8160 Virtus Emerging Markets Opportunities Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus Emerging Markets Opportunities Fund
Class R6 / AEMOX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus Emerging Markets Opportunities Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Emerging Markets Opportunities Fund<br>Class R6 / AEMOX | $92 | 0.89% |

---

Portfolio Manager Commentary

* For the fiscal year ended June 30, 2025, the Fund's Class R6 shares at NAV returned 6.10%. For the same period, the MSCI Emerging Markets Index (net), a broad-based securities market index, returned 15.29%. 

* The MSCI Emerging Markets Index (net) is a free float-adjusted market capitalization-weighted index designed to measure equity market performance in the global emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Positive stock selection in Taiwan, United Arab Emirates, and South Korea contributed to Fund performance relative to the MSCI Emerging Markets Index (net) during the fiscal year. Stock selection in China was the biggest detractor. On a sector basis, materials and real estate contributed the most toward the Fund's performance. The biggest individual contributors to performance during the 12-month period were SK Hynix, OTP Bank, Emaar Development, Geely Automobile, and China Hongqiao Group. The biggest detractors from performance during the period were Alibaba, LG Innoteck, Kia, Xiaomi, and Infosys. The following table outlines key factors that materially affected the Fund's performance relative to its benchmark during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Federal Reserve (Fed) policy and U.S. dollar weakening<br>| Positive<br>| A depreciating U.S. dollar benefited EM currencies, which in turn supported EM equity markets.<br>|
| Rise of the role of the Middle East in geopolitics<br>| Positive<br>| The Middle East is generally immune to global trade tariff turmoil and has stepped up its role in peacemaking in the region. This involvement was a positive change for local economies.<br>|
| U.S. trade tariff<br>| Negative<br>| The U.S. initiated a global trade tariff negotiation during the reporting period. Emerging markets (EM) exporters underperformed as a result.<br>|
| China's government support for technology | Negative | China made breakthroughs in artificial intelligence (AI) and semiconductor technology that led to a rally in high-volatility technology stocks. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class R6 shares from inception (December 14, 2015). It assumes a $2,500,000 initial investment from inception, in an appropriate broad-based securities market index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g99218chartimages_10328525.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **5 Years** | **Since Inception** |
| **Virtus Emerging Markets Opportunities Fund (Class R6/AEMOX) at NAV<sup>(1)</sup>** | 6.10% | 7.29% | 7.07% |
| **MSCI Emerging Markets Index (net)** | 15.29% | 6.81% | 7.52% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$172266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$973 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;146% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Banks | 22% |
| Semiconductors & Semiconductor Equipment | 17% |
| Interactive Media & Services | 6% |
| Food Products | 6% |
| Passenger Airlines | 5% |
| Metals & Mining | 4% |
| Broadline Retail | 4% |
| Insurance | 4% |
| Entertainment | 3% |
| Consumer Finance | 3% |
| Oil, Gas & Consumable Fuels | 3% |
| Other | 23% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8161 Virtus Emerging Markets Opportunities Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus Income & Growth Fund
Class A / AZNAX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus Income & Growth Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Income & Growth Fund<br>Class A / AZNAX | $120 | 1.14% |

---

Portfolio Manager Commentary by Voya Investment Management Co. LLC

* For the fiscal year ended June 30, 2025, the Fund's Class A shares at NAV returned 10.50%. For the same period, the S&P 500<sup>®</sup> Index, a broad-based securities market index, returned 15.16% and the Bloomberg U.S. Aggregate Bond Index, which serves as the style-specific index, returned 6.08%. 

* The S&P 500<sup>®</sup> Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Bloomberg U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund was positively impacted by market strength across equities, convertible securities, and high yield bonds—the three asset classes utilized by the multi-asset Fund. From a sector perspective, the Fund's exposure to information technology, communication services, and financials benefited performance the most. Conversely, only one sector – health care – detracted from performance over the 12-month period. Among individual holdings, the top contributors were Nvidia, Tesla, Meta Platforms, Lumen Technologies, and Microstrategy. The top detractors were UnitedHealth Group, Danaher, Wolfspeed, Target, and Regeneron Pharmaceuticals. In addition, most written options positions expired below the strike price and the Fund was able to retain the set premiums. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Artificial intelligence (AI) and cloud migration<br>| Positive<br>| Continued optimism around AI and the buildout of cloud storage benefited the Fund's holdings in semiconductor companies and hyperscalers (companies that provide cloud computing and data management services to large organizations), among others.<br>|
| Regulatory uncertainty<br>| Negative<br>| A dynamic regulatory environment spurred by the new presidential administration weighed on the Fund's positions in pharmaceuticals, health insurance, and retail, as well as solar and clean energy stocks.<br>|

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g99218chartimages_10329041.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Income & Growth Fund (Class A/AZNAX) at NAV<sup>(1)</sup>** | 10.50% | 8.50% | 7.57% |
| **Virtus Income & Growth Fund (Class A/AZNAX) at POP<sup>(2),(3)</sup>** | 4.42% | 7.28% | 6.96% |
| **S&P 500<sup>®</sup> Index** | 15.16% | 16.64% | 13.65% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.08% | (0.73)% | 1.76% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$4681372 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$31149 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;76% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Common Stocks |  | 33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment | 5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | 4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interactive Media & Services | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Common Stocks | 22% |  |
| Corporate Bonds and Notes |  | 33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Media | 4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 25% |  |
| Convertible Bonds and Notes |  | 23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Internet | 4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | 4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Services | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Convertible Bonds and Notes | 13% |  |
| Equity-Linked Notes |  | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Banks | 3% |  |
| Convertible Preferred Stocks |  | 5% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8166 Virtus Income & Growth Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus Income & Growth Fund
Class C / AZNCX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus Income & Growth Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Income & Growth Fund<br>Class C / AZNCX | $199 | 1.90% |

---

Portfolio Manager Commentary by Voya Investment Management Co. LLC

* For the fiscal year ended June 30, 2025, the Fund's Class C shares at NAV returned 9.72%. For the same period, the S&P 500<sup>®</sup> Index, a broad-based securities market index, returned 15.16% and the Bloomberg U.S. Aggregate Bond Index, which serves as the style-specific index, returned 6.08%. 

* The S&P 500<sup>®</sup> Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Bloomberg U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund was positively impacted by market strength across equities, convertible securities, and high yield bonds—the three asset classes utilized by the multi-asset Fund. From a sector perspective, the Fund's exposure to information technology, communication services, and financials benefited performance the most. Conversely, only one sector – health care – detracted from performance over the 12-month period. Among individual holdings, the top contributors were Nvidia, Tesla, Meta Platforms, Lumen Technologies, and Microstrategy. The top detractors were UnitedHealth Group, Danaher, Wolfspeed, Target, and Regeneron Pharmaceuticals. In addition, most written options positions expired below the strike price and the Fund was able to retain the set premiums. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Artificial intelligence (AI) and cloud migration<br>| Positive<br>| Continued optimism around AI and the buildout of cloud storage benefited the Fund's holdings in semiconductor companies and hyperscalers (companies that provide cloud computing and data management services to large organizations), among others.<br>|
| Regulatory uncertainty<br>| Negative<br>| A dynamic regulatory environment spurred by the new presidential administration weighed on the Fund's positions in pharmaceuticals, health insurance, and retail, as well as solar and clean energy stocks.<br>|

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g99218chartimages_10329127.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Income & Growth Fund (Class C/AZNCX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | 9.72% | 7.67% | 6.76% |
| **S&P 500<sup>®</sup> Index** | 15.16% | 16.64% | 13.65% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.08% | (0.73)% | 1.76% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$4681372 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$31149 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;76% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Common Stocks |  | 33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment | 5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | 4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interactive Media & Services | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Common Stocks | 22% |  |
| Corporate Bonds and Notes |  | 33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Media | 4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 25% |  |
| Convertible Bonds and Notes |  | 23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Internet | 4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | 4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Services | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Convertible Bonds and Notes | 13% |  |
| Equity-Linked Notes |  | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Banks | 3% |  |
| Convertible Preferred Stocks |  | 5% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8167 Virtus Income & Growth Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus Income & Growth Fund
Institutional Class / AZNIX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus Income & Growth Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Income & Growth Fund<br>Institutional Class / AZNIX | $95 | 0.90% |

---

Portfolio Manager Commentary by Voya Investment Management Co. LLC

* For the fiscal year ended June 30, 2025, the Fund's Institutional Class shares at NAV returned 10.76%. For the same period, the S&P 500<sup>®</sup> Index, a broad-based securities market index, returned 15.16% and the Bloomberg U.S. Aggregate Bond Index, which serves as the style-specific index, returned 6.08%. 

* The S&P 500<sup>®</sup> Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Bloomberg U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund was positively impacted by market strength across equities, convertible securities, and high yield bonds—the three asset classes utilized by the multi-asset Fund. From a sector perspective, the Fund's exposure to information technology, communication services, and financials benefited performance the most. Conversely, only one sector – health care – detracted from performance over the 12-month period. Among individual holdings, the top contributors were Nvidia, Tesla, Meta Platforms, Lumen Technologies, and Microstrategy. The top detractors were UnitedHealth Group, Danaher, Wolfspeed, Target, and Regeneron Pharmaceuticals. In addition, most written options positions expired below the strike price and the Fund was able to retain the set premiums. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Artificial intelligence (AI) and cloud migration<br>| Positive<br>| Continued optimism around AI and the buildout of cloud storage benefited the Fund's holdings in semiconductor companies and hyperscalers (companies that provide cloud computing and data management services to large organizations), among others.<br>|
| Regulatory uncertainty<br>| Negative<br>| A dynamic regulatory environment spurred by the new presidential administration weighed on the Fund's positions in pharmaceuticals, health insurance, and retail, as well as solar and clean energy stocks.<br>|

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Institutional Class shares. It assumes a $1,000,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](g99218chartimages_10329084.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Income & Growth Fund (Institutional Class/AZNIX) at NAV<sup>(1)</sup>** | 10.76% | 8.77% | 7.89% |
| **S&P 500<sup>®</sup> Index** | 15.16% | 16.64% | 13.65% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.08% | (0.73)% | 1.76% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$4681372 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$31149 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;76% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Common Stocks |  | 33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment | 5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | 4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interactive Media & Services | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Common Stocks | 22% |  |
| Corporate Bonds and Notes |  | 33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Media | 4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 25% |  |
| Convertible Bonds and Notes |  | 23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Internet | 4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | 4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Services | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Convertible Bonds and Notes | 13% |  |
| Equity-Linked Notes |  | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Banks | 3% |  |
| Convertible Preferred Stocks |  | 5% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8168 Virtus Income & Growth Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus KAR Global Small-Cap Fund
Class A / RGSAX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus KAR Global Small-Cap Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Global Small-Cap Fund<br>Class A / RGSAX | $173 | 1.63% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended June 30, 2025, the Fund's Class A shares at NAV returned 11.86%. For the same period, the MSCI All Country World Index (net), a broad-based securities market index, returned 16.17% and the MSCI All Country World Small Cap Index (net), which serves as the style-specific index, returned 13.57%. 

* The MSCI All Country World Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The MSCI ACWI Small Cap Index (net) is a free float-adjusted market capitalization-weighted index that measures small cap equity performance of developed and emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund will be determined by market reactions, both positive and negative, to activity related to these companies. Positive stock selection and an overweight in communication services, as well as positive stock selection and an underweight in health care, contributed to performance during the fiscal year. Stock selection in industrials and information technology detracted from performance. The biggest contributors to performance relative to the Fund's style-specific benchmark during the 12-month period were Baltic Classifieds, Rightmove, Tegma Gestao Logistica, Haw Par, and AJ Bell. The biggest detractors from performance during the period were FTI Consulting, Fox Factory, FDM Group, Marklines, and Triumph Financial. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Baltic Classifieds<br>| Positive<br>| Baltic Classifieds operates several online classified portals across the Baltic states of Lithuania, Latvia, and Estonia. The company maintained strong revenue growth levels despite decelerating asset price inflation, which contributed to the strong performance of its stock price.<br>|
| Rightmove<br>| Positive<br>| Rightmove operates the leading real estate portal in the U.K. The company's shares suffered during the recent real estate downturn and following the acquisition of a competitor in 2023 by a large U.S.-listed peer. As the fundamentals of Rightmove's business remained resilient, the shares rebounded.<br>|
| FTI Consulting<br>| Negative<br>| FTI Consulting faced headwinds due to weaker global capital markets activity. The company's share price was also hurt by senior departures from the economic consulting practice in the first half of 2025.<br>|
| Fox Factory | Negative | Fox Factory suffered from declining sales in its powered vehicles and truck upfitting businesses amid weaker consumer spending on big ticket durable goods. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g99218chartimages_10328783.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus KAR Global Small-Cap Fund (Class A/RGSAX) at NAV<sup>(1)</sup>** | 11.86% | 9.68% | 6.27% |
| **Virtus KAR Global Small-Cap Fund (Class A/RGSAX) at POP<sup>(2),(3)</sup>** | 5.70% | 8.44% | 5.67% |
| **MSCI All Country World Index (net)** | 16.17% | 13.65% | 9.99% |
| **MSCI All Country World Small Cap Index (net)** | 13.57% | 11.33% | 7.44% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$45451 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$392 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Financials | 29% |
| Industrials | 27% |
| Communication Services | 24% |
| Information Technology | 13% |
| Materials | 4% |
| Health Care | 3% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8196 Virtus KAR Global Small-Cap Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus KAR Global Small-Cap Fund
Class C / RGSCX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus KAR Global Small-Cap Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Global Small-Cap Fund<br>Class C / RGSCX | $251 | 2.38% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended June 30, 2025, the Fund's Class C shares at NAV returned 11.02%. For the same period, the MSCI All Country World Index (net), a broad-based securities market index, returned 16.17% and the MSCI All Country World Small Cap Index (net), which serves as the style-specific index, returned 13.57%. 

* The MSCI All Country World Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The MSCI ACWI Small Cap Index (net) is a free float-adjusted market capitalization-weighted index that measures small cap equity performance of developed and emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund will be determined by market reactions, both positive and negative, to activity related to these companies. Positive stock selection and an overweight in communication services, as well as positive stock selection and an underweight in health care, contributed to performance during the fiscal year. Stock selection in industrials and information technology detracted from performance. The biggest contributors to performance relative to the Fund's style-specific benchmark during the 12-month period were Baltic Classifieds, Rightmove, Tegma Gestao Logistica, Haw Par, and AJ Bell. The biggest detractors from performance during the period were FTI Consulting, Fox Factory, FDM Group, Marklines, and Triumph Financial. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Baltic Classifieds<br>| Positive<br>| Baltic Classifieds operates several online classified portals across the Baltic states of Lithuania, Latvia, and Estonia. The company maintained strong revenue growth levels despite decelerating asset price inflation, which contributed to the strong performance of its stock price.<br>|
| Rightmove<br>| Positive<br>| Rightmove operates the leading real estate portal in the U.K. The company's shares suffered during the recent real estate downturn and following the acquisition of a competitor in 2023 by a large U.S.-listed peer. As the fundamentals of Rightmove's business remained resilient, the shares rebounded.<br>|
| FTI Consulting<br>| Negative<br>| FTI Consulting faced headwinds due to weaker global capital markets activity. The company's share price was also hurt by senior departures from the economic consulting practice in the first half of 2025.<br>|
| Fox Factory | Negative | Fox Factory suffered from declining sales in its powered vehicles and truck upfitting businesses amid weaker consumer spending on big ticket durable goods. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g99218chartimages_10328869.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus KAR Global Small-Cap Fund (Class C/RGSCX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | 11.02% | 8.85% | 5.47% |
| **MSCI All Country World Index (net)** | 16.17% | 13.65% | 9.99% |
| **MSCI All Country World Small Cap Index (net)** | 13.57% | 11.33% | 7.44% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$45451 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$392 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Financials | 29% |
| Industrials | 27% |
| Communication Services | 24% |
| Information Technology | 13% |
| Materials | 4% |
| Health Care | 3% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8197 Virtus KAR Global Small-Cap Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus KAR Global Small-Cap Fund
Institutional Class / DGSCX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus KAR Global Small-Cap Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Global Small-Cap Fund<br>Institutional Class / DGSCX | $136 | 1.28% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended June 30, 2025, the Fund's Institutional Class shares at NAV returned 12.24%. For the same period, the MSCI All Country World Index (net), a broad-based securities market index, returned 16.17% and the MSCI All Country World Small Cap Index (net), which serves as the style-specific index, returned 13.57%. 

* The MSCI All Country World Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The MSCI ACWI Small Cap Index (net) is a free float-adjusted market capitalization-weighted index that measures small cap equity performance of developed and emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund will be determined by market reactions, both positive and negative, to activity related to these companies. Positive stock selection and an overweight in communication services, as well as positive stock selection and an underweight in health care, contributed to performance during the fiscal year. Stock selection in industrials and information technology detracted from performance. The biggest contributors to performance relative to the Fund's style-specific benchmark during the 12-month period were Baltic Classifieds, Rightmove, Tegma Gestao Logistica, Haw Par, and AJ Bell. The biggest detractors from performance during the period were FTI Consulting, Fox Factory, FDM Group, Marklines, and Triumph Financial. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Baltic Classifieds<br>| Positive<br>| Baltic Classifieds operates several online classified portals across the Baltic states of Lithuania, Latvia, and Estonia. The company maintained strong revenue growth levels despite decelerating asset price inflation, which contributed to the strong performance of its stock price.<br>|
| Rightmove<br>| Positive<br>| Rightmove operates the leading real estate portal in the U.K. The company's shares suffered during the recent real estate downturn and following the acquisition of a competitor in 2023 by a large U.S.-listed peer. As the fundamentals of Rightmove's business remained resilient, the shares rebounded.<br>|
| FTI Consulting<br>| Negative<br>| FTI Consulting faced headwinds due to weaker global capital markets activity. The company's share price was also hurt by senior departures from the economic consulting practice in the first half of 2025.<br>|
| Fox Factory | Negative | Fox Factory suffered from declining sales in its powered vehicles and truck upfitting businesses amid weaker consumer spending on big ticket durable goods. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Institutional Class shares. It assumes a $1,000,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](g99218chartimages_10328826.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus KAR Global Small-Cap Fund (Institutional Class/DGSCX) at NAV<sup>(1)</sup>** | 12.24% | 10.04% | 6.63% |
| **MSCI All Country World Index (net)** | 16.17% | 13.65% | 9.99% |
| **MSCI All Country World Small Cap Index (net)** | 13.57% | 11.33% | 7.44% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$45451 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$392 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Financials | 29% |
| Industrials | 27% |
| Communication Services | 24% |
| Information Technology | 13% |
| Materials | 4% |
| Health Care | 3% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8198 Virtus KAR Global Small-Cap Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus KAR Health Sciences Fund
Class A / RAGHX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus KAR Health Sciences Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Health Sciences Fund<br>Class A / RAGHX | $130 | 1.40% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended June 30, 2025, the Fund's Class A shares at NAV returned (14.38)%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 15.21% and the Russell 3000<sup>®</sup> Health Care Index, which serves as the style-specific index, returned (6.13)%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 3000<sup>®</sup> Health Care Index features companies involved in medical services or healthcare in the Russell 3000 Index, which includes the largest 3,000 US companies as determined by total market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of health care-related companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund will be determined by market reactions, both positive and negative, to activity related to these companies. The biggest contributors to performance relative to the Fund's style-specific benchmark during the 12-month period were Insulet, McKesson, Intuitive Surgical, HealthEquity, and IDEXX Laboratories. The biggest detractors from performance during the period were UnitedHealth Group, Eli Lilly, Regeneron Pharmaceuticals, Merck, and Charles River Laboratories International. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| McKesson<br>| Positive<br>| McKesson continued to report strong growth in its prescription distribution business. Additionally, in a meaningful evolution of its business model, McKesson announced plans to separate its Medical Surgical business in an effort to unlock value.<br>|
| Insulet<br>| Positive<br>| Insulet reported strong numbers for both growth and profit margin expansion. The prescriber base has been growing, buoyed by an expanded salesforce. International sales and adoption also accelerated during the period.<br>|
| UnitedHealth Group<br>| Negative<br>| UnitedHealth Group was challenged in multiple ways during the 12-month period. We will monitor how the company responds to the challenges, including changing markets and new regulations.<br>|
| Eli Lilly | Negative | Eli Lilly's shares suffered after one of the U.S.'s largest pharmacy benefit managers moved Novo Nordisk's Wegovy to its preferred list for obesity drugs. While Lilly's Zepbound might still be covered, Wegovy will be prioritized and could have lower out of pocket costs. This stoked fears of broader pricing competition across the class. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g99218chartimages_10328912.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus KAR Health Sciences Fund (Class A/RAGHX) at NAV<sup>(1)</sup>** | (14.38)% | 3.39% | 4.94% |
| **Virtus KAR Health Sciences Fund (Class A/RAGHX) at POP<sup>(2),(3)</sup>** | (19.09)% | 2.23% | 4.34% |
| **FT Wilshire 5000 Index** | 15.21% | 16.16% | 13.18% |
| **Russell 3000<sup>®</sup> Health Care Index** | (6.13)% | 6.25% | 7.36% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$103663 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$988 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Healthcare Equipment & Supplies | 27% |
| Pharmaceuticals | 24% |
| Biotechnology | 17% |
| Healthcare Providers & Services | 17% |
| Life Sciences Tools & Services | 15% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8199 Virtus KAR Health Sciences Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus KAR Health Sciences Fund
Class C / RCGHX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus KAR Health Sciences Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Health Sciences Fund<br>Class C / RCGHX | $200 | 2.16% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended June 30, 2025, the Fund's Class C shares at NAV returned (15.03)%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 15.21% and the Russell 3000<sup>®</sup> Health Care Index, which serves as the style-specific index, returned (6.13)%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 3000<sup>®</sup> Health Care Index features companies involved in medical services or healthcare in the Russell 3000 Index, which includes the largest 3,000 US companies as determined by total market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of health care-related companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund will be determined by market reactions, both positive and negative, to activity related to these companies. The biggest contributors to performance relative to the Fund's style-specific benchmark during the 12-month period were Insulet, McKesson, Intuitive Surgical, HealthEquity, and IDEXX Laboratories. The biggest detractors from performance during the period were UnitedHealth Group, Eli Lilly, Regeneron Pharmaceuticals, Merck, and Charles River Laboratories International. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| McKesson<br>| Positive<br>| McKesson continued to report strong growth in its prescription distribution business. Additionally, in a meaningful evolution of its business model, McKesson announced plans to separate its Medical Surgical business in an effort to unlock value.<br>|
| Insulet<br>| Positive<br>| Insulet reported strong numbers for both growth and profit margin expansion. The prescriber base has been growing, buoyed by an expanded salesforce. International sales and adoption also accelerated during the period.<br>|
| UnitedHealth Group<br>| Negative<br>| UnitedHealth Group was challenged in multiple ways during the 12-month period. We will monitor how the company responds to the challenges, including changing markets and new regulations.<br>|
| Eli Lilly | Negative | Eli Lilly's shares suffered after one of the U.S.'s largest pharmacy benefit managers moved Novo Nordisk's Wegovy to its preferred list for obesity drugs. While Lilly's Zepbound might still be covered, Wegovy will be prioritized and could have lower out of pocket costs. This stoked fears of broader pricing competition across the class. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g99218chartimages_10328998.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus KAR Health Sciences Fund (Class C/RCGHX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | (15.03)% | 2.61% | 4.15% |
| **FT Wilshire 5000 Index** | 15.21% | 16.16% | 13.18% |
| **Russell 3000<sup>®</sup> Health Care Index** | (6.13)% | 6.25% | 7.36% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$103663 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$988 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Healthcare Equipment & Supplies | 27% |
| Pharmaceuticals | 24% |
| Biotechnology | 17% |
| Healthcare Providers & Services | 17% |
| Life Sciences Tools & Services | 15% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8200 Virtus KAR Health Sciences Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus KAR Health Sciences Fund
Institutional Class / HLHIX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus KAR Health Sciences Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Health Sciences Fund<br>Institutional Class / HLHIX | $98 | 1.05% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended June 30, 2025, the Fund's Institutional Class shares at NAV returned (14.05)%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 15.21% and the Russell 3000<sup>®</sup> Health Care Index, which serves as the style-specific index, returned (6.13)%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 3000<sup>®</sup> Health Care Index features companies involved in medical services or healthcare in the Russell 3000 Index, which includes the largest 3,000 US companies as determined by total market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of health care-related companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund will be determined by market reactions, both positive and negative, to activity related to these companies. The biggest contributors to performance relative to the Fund's style-specific benchmark during the 12-month period were Insulet, McKesson, Intuitive Surgical, HealthEquity, and IDEXX Laboratories. The biggest detractors from performance during the period were UnitedHealth Group, Eli Lilly, Regeneron Pharmaceuticals, Merck, and Charles River Laboratories International. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| McKesson<br>| Positive<br>| McKesson continued to report strong growth in its prescription distribution business. Additionally, in a meaningful evolution of its business model, McKesson announced plans to separate its Medical Surgical business in an effort to unlock value.<br>|
| Insulet<br>| Positive<br>| Insulet reported strong numbers for both growth and profit margin expansion. The prescriber base has been growing, buoyed by an expanded salesforce. International sales and adoption also accelerated during the period.<br>|
| UnitedHealth Group<br>| Negative<br>| UnitedHealth Group was challenged in multiple ways during the 12-month period. We will monitor how the company responds to the challenges, including changing markets and new regulations.<br>|
| Eli Lilly | Negative | Eli Lilly's shares suffered after one of the U.S.'s largest pharmacy benefit managers moved Novo Nordisk's Wegovy to its preferred list for obesity drugs. While Lilly's Zepbound might still be covered, Wegovy will be prioritized and could have lower out of pocket costs. This stoked fears of broader pricing competition across the class. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Institutional Class shares. It assumes a $1,000,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](g99218chartimages_10328955.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus KAR Health Sciences Fund (Institutional Class/HLHIX) at NAV<sup>(1)</sup>** | (14.05)% | 3.69% | 5.27% |
| **FT Wilshire 5000 Index** | 15.21% | 16.16% | 13.18% |
| **Russell 3000<sup>®</sup> Health Care Index** | (6.13)% | 6.25% | 7.36% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$103663 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$988 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Healthcare Equipment & Supplies | 27% |
| Pharmaceuticals | 24% |
| Biotechnology | 17% |
| Healthcare Providers & Services | 17% |
| Life Sciences Tools & Services | 15% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8210 Virtus KAR Health Sciences Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus NFJ Dividend Value Fund
Class A / PNEAX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus NFJ Dividend Value Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus NFJ Dividend Value Fund<br>Class A / PNEAX | $106 | 1.03% |

---

Portfolio Manager Commentary by NFJ Investment Group, LLC

* For the fiscal year ended June 30, 2025, the Fund's Class A shares at NAV returned 5.01%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 15.21% and the Russell 1000<sup>®</sup> Value Index, which serves as the style-specific index, returned 13.70%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 1000<sup>®</sup> Value Index is a market capitalization-weighted index of value-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Stock selection within the real estate, health care, and utilities sectors detracted from performance relative to the Fund's style-specific benchmark during the fiscal year. Stock selection in the energy and information technology (IT) sectors contributed. An underweight in communication services and an overweight in real estate detracted over the period. Conversely, an overweight in utilities and an underweight in consumer discretionary contributed to performance. The biggest individual contributors to performance during the 12-month period were Bank of America, Intuit, Citigroup, MonotaRO, and Eversource Energy. The biggest detractors from performance during the period were UnitedHealth Group, Alexandria Real Estate Equities, Thermo Fisher Scientific, Teleflex, and Prologis. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Bank of America<br>| Positive<br>| Over the 12-month period, the company largely exceeded or met analysts' estimates, due in part to higher-than-expected trading revenues as investors navigated volatile markets. Also, management continued to buy back shares, repurchasing $4.5 billion worth of shares in the first quarter of 2025 alone.<br>|
| Intuit<br>| Positive<br>| The parent of TurboTax, Credit Karma, QuickBooks, and Mailchimp reported better-than-expected quarterly results over the 12-month period. Shares rose precipitously toward the end of the reporting period. Results from the tax-preparation season quarter included ahead-of-consensus growth within the consumer segment due in part to strong uptake of Intuit Assist, the company's new artificial intelligence (AI) tool for tax preparation.<br>|
| UnitedHealth Group<br>| Negative<br>| The healthcare insurer and provider struggled, particularly toward the end of the reporting period when the company missed quarterly earnings estimates and suspended its 2025 earnings outlook on greater-than-anticipated costs in its Medicare business. Chief Executive Andrew Witty stepped down and company Chairman Stephen Hemsley, who served as UnitedHealth's Chief Executive Officer for over a decade, returned to the position.<br>|
| Alexandria Real Estate Equities | Negative | The high-quality office real estate investment trust (REIT) was negatively impacted by concerns about slower leasing activity amid a sluggish market for lab demand in life sciences. Management reduced its earnings guidance for fiscal year 2025. Notably, the company hiked its quarterly dividend and announced a $500 million share buyback plan toward the end of 2024. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g99218chartimages_10328267.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus NFJ Dividend Value Fund (Class A/PNEAX) at NAV<sup>(1)</sup>** | 5.01% | 9.99% | 6.53% |
| **Virtus NFJ Dividend Value Fund (Class A/PNEAX) at POP<sup>(2),(3)</sup>** | (0.76)% | 8.75% | 5.93% |
| **FT Wilshire 5000 Index** | 15.21% | 16.16% | 13.18% |
| **Russell 1000<sup>®</sup> Value Index** | 13.70% | 13.93% | 9.19% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$496576 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$2470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;36% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Financials | 22% |
| Health Care | 16% |
| Industrials | 13% |
| Real Estate | 11% |
| Utilities | 9% |
| Energy | 8% |
| Information Technology | 6% |
| Other | 15% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8291 Virtus NFJ Dividend Value Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus NFJ Dividend Value Fund
Class C / PNECX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus NFJ Dividend Value Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus NFJ Dividend Value Fund<br>Class C / PNECX | $177 | 1.73% |

---

Portfolio Manager Commentary by NFJ Investment Group, LLC

* For the fiscal year ended June 30, 2025, the Fund's Class C shares at NAV returned 4.19%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 15.21% and the Russell 1000<sup>®</sup> Value Index, which serves as the style-specific index, returned 13.70%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 1000<sup>®</sup> Value Index is a market capitalization-weighted index of value-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Stock selection within the real estate, health care, and utilities sectors detracted from performance relative to the Fund's style-specific benchmark during the fiscal year. Stock selection in the energy and information technology (IT) sectors contributed. An underweight in communication services and an overweight in real estate detracted over the period. Conversely, an overweight in utilities and an underweight in consumer discretionary contributed to performance. The biggest individual contributors to performance during the 12-month period were Bank of America, Intuit, Citigroup, MonotaRO, and Eversource Energy. The biggest detractors from performance during the period were UnitedHealth Group, Alexandria Real Estate Equities, Thermo Fisher Scientific, Teleflex, and Prologis. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Bank of America<br>| Positive<br>| Over the 12-month period, the company largely exceeded or met analysts' estimates, due in part to higher-than-expected trading revenues as investors navigated volatile markets. Also, management continued to buy back shares, repurchasing $4.5 billion worth of shares in the first quarter of 2025 alone.<br>|
| Intuit<br>| Positive<br>| The parent of TurboTax, Credit Karma, QuickBooks, and Mailchimp reported better-than-expected quarterly results over the 12-month period. Shares rose precipitously toward the end of the reporting period. Results from the tax-preparation season quarter included ahead-of-consensus growth within the consumer segment due in part to strong uptake of Intuit Assist, the company's new artificial intelligence (AI) tool for tax preparation.<br>|
| UnitedHealth Group<br>| Negative<br>| The healthcare insurer and provider struggled, particularly toward the end of the reporting period when the company missed quarterly earnings estimates and suspended its 2025 earnings outlook on greater-than-anticipated costs in its Medicare business. Chief Executive Andrew Witty stepped down and company Chairman Stephen Hemsley, who served as UnitedHealth's Chief Executive Officer for over a decade, returned to the position.<br>|
| Alexandria Real Estate Equities | Negative | The high-quality office real estate investment trust (REIT) was negatively impacted by concerns about slower leasing activity amid a sluggish market for lab demand in life sciences. Management reduced its earnings guidance for fiscal year 2025. Notably, the company hiked its quarterly dividend and announced a $500 million share buyback plan toward the end of 2024. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g99218chartimages_10328353.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus NFJ Dividend Value Fund (Class C/PNECX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | 4.19% | 9.20% | 5.75% |
| **FT Wilshire 5000 Index** | 15.21% | 16.16% | 13.18% |
| **Russell 1000<sup>®</sup> Value Index** | 13.70% | 13.93% | 9.19% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$496576 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$2470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;36% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Financials | 22% |
| Health Care | 16% |
| Industrials | 13% |
| Real Estate | 11% |
| Utilities | 9% |
| Energy | 8% |
| Information Technology | 6% |
| Other | 15% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8292 Virtus NFJ Dividend Value Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus NFJ Dividend Value Fund
Institutional Class / NFJEX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus NFJ Dividend Value Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus NFJ Dividend Value Fund<br>Institutional Class / NFJEX | $72 | 0.70% |

---

Portfolio Manager Commentary by NFJ Investment Group, LLC

* For the fiscal year ended June 30, 2025, the Fund's Institutional Class shares at NAV returned 5.28%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 15.21% and the Russell 1000<sup>®</sup> Value Index, which serves as the style-specific index, returned 13.70%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 1000<sup>®</sup> Value Index is a market capitalization-weighted index of value-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Stock selection within the real estate, health care, and utilities sectors detracted from performance relative to the Fund's style-specific benchmark during the fiscal year. Stock selection in the energy and information technology (IT) sectors contributed. An underweight in communication services and an overweight in real estate detracted over the period. Conversely, an overweight in utilities and an underweight in consumer discretionary contributed to performance. The biggest individual contributors to performance during the 12-month period were Bank of America, Intuit, Citigroup, MonotaRO, and Eversource Energy. The biggest detractors from performance during the period were UnitedHealth Group, Alexandria Real Estate Equities, Thermo Fisher Scientific, Teleflex, and Prologis. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Bank of America<br>| Positive<br>| Over the 12-month period, the company largely exceeded or met analysts' estimates, due in part to higher-than-expected trading revenues as investors navigated volatile markets. Also, management continued to buy back shares, repurchasing $4.5 billion worth of shares in the first quarter of 2025 alone.<br>|
| Intuit<br>| Positive<br>| The parent of TurboTax, Credit Karma, QuickBooks, and Mailchimp reported better-than-expected quarterly results over the 12-month period. Shares rose precipitously toward the end of the reporting period. Results from the tax-preparation season quarter included ahead-of-consensus growth within the consumer segment due in part to strong uptake of Intuit Assist, the company's new artificial intelligence (AI) tool for tax preparation.<br>|
| UnitedHealth Group<br>| Negative<br>| The healthcare insurer and provider struggled, particularly toward the end of the reporting period when the company missed quarterly earnings estimates and suspended its 2025 earnings outlook on greater-than-anticipated costs in its Medicare business. Chief Executive Andrew Witty stepped down and company Chairman Stephen Hemsley, who served as UnitedHealth's Chief Executive Officer for over a decade, returned to the position.<br>|
| Alexandria Real Estate Equities | Negative | The high-quality office real estate investment trust (REIT) was negatively impacted by concerns about slower leasing activity amid a sluggish market for lab demand in life sciences. Management reduced its earnings guidance for fiscal year 2025. Notably, the company hiked its quarterly dividend and announced a $500 million share buyback plan toward the end of 2024. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Institutional Class shares. It assumes a $1,000,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](g99218chartimages_10328310.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus NFJ Dividend Value Fund (Institutional Class/NFJEX) at NAV<sup>(1)</sup>** | 5.28% | 10.34% | 6.88% |
| **FT Wilshire 5000 Index** | 15.21% | 16.16% | 13.18% |
| **Russell 1000<sup>®</sup> Value Index** | 13.70% | 13.93% | 9.19% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$496576 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$2470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;36% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Financials | 22% |
| Health Care | 16% |
| Industrials | 13% |
| Real Estate | 11% |
| Utilities | 9% |
| Energy | 8% |
| Information Technology | 6% |
| Other | 15% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8293 Virtus NFJ Dividend Value Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus NFJ Dividend Value Fund
Class R6 / ANDVX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus NFJ Dividend Value Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus NFJ Dividend Value Fund<br>Class R6 / ANDVX | $67 | 0.65% |

---

Portfolio Manager Commentary by NFJ Investment Group, LLC

* For the fiscal year ended June 30, 2025, the Fund's Class R6 shares at NAV returned 5.26%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 15.21% and the Russell 1000<sup>®</sup> Value Index, which serves as the style-specific index, returned 13.70%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 1000<sup>®</sup> Value Index is a market capitalization-weighted index of value-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Stock selection within the real estate, health care, and utilities sectors detracted from performance relative to the Fund's style-specific benchmark during the fiscal year. Stock selection in the energy and information technology (IT) sectors contributed. An underweight in communication services and an overweight in real estate detracted over the period. Conversely, an overweight in utilities and an underweight in consumer discretionary contributed to performance. The biggest individual contributors to performance during the 12-month period were Bank of America, Intuit, Citigroup, MonotaRO, and Eversource Energy. The biggest detractors from performance during the period were UnitedHealth Group, Alexandria Real Estate Equities, Thermo Fisher Scientific, Teleflex, and Prologis. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Bank of America<br>| Positive<br>| Over the 12-month period, the company largely exceeded or met analysts' estimates, due in part to higher-than-expected trading revenues as investors navigated volatile markets. Also, management continued to buy back shares, repurchasing $4.5 billion worth of shares in the first quarter of 2025 alone.<br>|
| Intuit<br>| Positive<br>| The parent of TurboTax, Credit Karma, QuickBooks, and Mailchimp reported better-than-expected quarterly results over the 12-month period. Shares rose precipitously toward the end of the reporting period. Results from the tax-preparation season quarter included ahead-of-consensus growth within the consumer segment due in part to strong uptake of Intuit Assist, the company's new artificial intelligence (AI) tool for tax preparation.<br>|
| UnitedHealth Group<br>| Negative<br>| The healthcare insurer and provider struggled, particularly toward the end of the reporting period when the company missed quarterly earnings estimates and suspended its 2025 earnings outlook on greater-than-anticipated costs in its Medicare business. Chief Executive Andrew Witty stepped down and company Chairman Stephen Hemsley, who served as UnitedHealth's Chief Executive Officer for over a decade, returned to the position.<br>|
| Alexandria Real Estate Equities | Negative | The high-quality office real estate investment trust (REIT) was negatively impacted by concerns about slower leasing activity amid a sluggish market for lab demand in life sciences. Management reduced its earnings guidance for fiscal year 2025. Notably, the company hiked its quarterly dividend and announced a $500 million share buyback plan toward the end of 2024. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class R6 shares. It assumes a $2,500,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g99218chartimages_10328396.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus NFJ Dividend Value Fund (Class R6/ANDVX) at NAV<sup>(1)</sup>** | 5.26% | 10.38% | 6.93% |
| **FT Wilshire 5000 Index** | 15.21% | 16.16% | 13.18% |
| **Russell 1000<sup>®</sup> Value Index** | 13.70% | 13.93% | 9.19% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$496576 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$2470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;36% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Financials | 22% |
| Health Care | 16% |
| Industrials | 13% |
| Real Estate | 11% |
| Utilities | 9% |
| Energy | 8% |
| Information Technology | 6% |
| Other | 15% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8294 Virtus NFJ Dividend Value Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus NFJ International Value Fund
Class A / AFJAX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus NFJ International Value Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus NFJ International Value Fund<br>Class A / AFJAX | $158 | 1.42% |

---

Portfolio Manager Commentary by NFJ Investment Group, LLC

* For the fiscal year ended June 30, 2025, the Fund's Class A shares at NAV returned 23.00%. For the same period, the MSCI All Country World ex USA Index (net), a broad-based securities market index, returned 17.72%. 

* The MSCI All Country World ex USA Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets, excluding the United States. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Positive stock selection within the consumer discretionary, financials, and materials sectors contributed to outperformance relative to the Fund's style-specific benchmark during the fiscal year. In contrast, negative selection in the information technology (IT), health care, and utilities sectors somewhat detracted. By region, security selection across the U.K. and emerging markets (EM) contributed to performance, while selection in Europe ex-U.K. and North America somewhat detracted. From an allocation perspective, an overweight in consumer discretionary and underweight across Europe ex-U.K. detracted, while an underweight in consumer staples and overweight in North America contributed over the period. The biggest individual contributors to performance during the 12-month period were Standard Chartered, MonotaRO, Alibaba, Euronext, and Sony. The biggest detractors from performance during the period were Daiichi Sankyo, Samsung Electronics, ASML, Novo Nordisk, and Evolution AB. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Standard Chartered<br>| Positive<br>| The London-based bank largely beat earnings estimates over the reporting period, and shares reached a new near-decade high early in 2025 after management announced plans to start a $1.5 billion share buyback program. Management also raised full-year income guidance, and said that it expects to return at least $8 billion to shareholders between 2024 and 2026.<br>|
| MonotaRO<br>| Positive<br>| The Japan-based online business-to-business retailer of maintenance, repair, and operating (MRO) supplies generally reported robust sales and profit growth over the reporting period.<br>|
| Daiichi Sankyo<br>| Negative<br>| The Japan-based pharmaceutical company benefited from its solid drug pipeline and management projections for solid growth in its oncology business, with a new drug that produced best-in-class data for breast cancer treatment. However, the company moderated its earnings guidance, which disappointed some investors.<br>|
| Samsung Electronics | Negative | Shares of the South Korean appliance, consumer electronics, and electronic components manufacturer largely declined in the first half of the reporting period. Signs of a potential U.S. slowdown sent South Korean equities into a steep downturn in early August 2024, while lower earnings from the semiconductor business negatively impacted shares toward the end of 2024. Notably, management announced plans for a $7 billion share buyback program in the fourth quarter of 2024. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in an appropriate broad-based securities market index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g99218chartimages_10329170.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus NFJ International Value Fund (Class A/AFJAX) at NAV<sup>(1)</sup>** | 23.00% | 7.94% | 2.48% |
| **Virtus NFJ International Value Fund (Class A/AFJAX) at POP<sup>(2),(3)</sup>** | 16.24% | 6.73% | 1.90% |
| **MSCI All Country World ex USA Index (net)** | 17.72% | 10.13% | 6.12% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$70240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$328 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;56% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Financials | 24% |
| Consumer Discretionary | 19% |
| Information Technology | 14% |
| Materials | 11% |
| Communication Services | 7% |
| Health Care | 7% |
| Industrials | 6% |
| Other | 12% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8302 Virtus NFJ International Value Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus NFJ International Value Fund
Class C / AFJCX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus NFJ International Value Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus NFJ International Value Fund<br>Class C / AFJCX | $239 | 2.15% |

---

Portfolio Manager Commentary by NFJ Investment Group, LLC

* For the fiscal year ended June 30, 2025, the Fund's Class C shares at NAV returned 22.08%. For the same period, the MSCI All Country World ex USA Index (net), a broad-based securities market index, returned 17.72%. 

* The MSCI All Country World ex USA Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets, excluding the United States. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Positive stock selection within the consumer discretionary, financials, and materials sectors contributed to outperformance relative to the Fund's style-specific benchmark during the fiscal year. In contrast, negative selection in the information technology (IT), health care, and utilities sectors somewhat detracted. By region, security selection across the U.K. and emerging markets (EM) contributed to performance, while selection in Europe ex-U.K. and North America somewhat detracted. From an allocation perspective, an overweight in consumer discretionary and underweight across Europe ex-U.K. detracted, while an underweight in consumer staples and overweight in North America contributed over the period. The biggest individual contributors to performance during the 12-month period were Standard Chartered, MonotaRO, Alibaba, Euronext, and Sony. The biggest detractors from performance during the period were Daiichi Sankyo, Samsung Electronics, ASML, Novo Nordisk, and Evolution AB. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Standard Chartered<br>| Positive<br>| The London-based bank largely beat earnings estimates over the reporting period, and shares reached a new near-decade high early in 2025 after management announced plans to start a $1.5 billion share buyback program. Management also raised full-year income guidance, and said that it expects to return at least $8 billion to shareholders between 2024 and 2026.<br>|
| MonotaRO<br>| Positive<br>| The Japan-based online business-to-business retailer of maintenance, repair, and operating (MRO) supplies generally reported robust sales and profit growth over the reporting period.<br>|
| Daiichi Sankyo<br>| Negative<br>| The Japan-based pharmaceutical company benefited from its solid drug pipeline and management projections for solid growth in its oncology business, with a new drug that produced best-in-class data for breast cancer treatment. However, the company moderated its earnings guidance, which disappointed some investors.<br>|
| Samsung Electronics | Negative | Shares of the South Korean appliance, consumer electronics, and electronic components manufacturer largely declined in the first half of the reporting period. Signs of a potential U.S. slowdown sent South Korean equities into a steep downturn in early August 2024, while lower earnings from the semiconductor business negatively impacted shares toward the end of 2024. Notably, management announced plans for a $7 billion share buyback program in the fourth quarter of 2024. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in an appropriate broad-based securities market index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g99218chartimages_10329256.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus NFJ International Value Fund (Class C/AFJCX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | 22.08% | 7.15% | 1.73% |
| **MSCI All Country World ex USA Index (net)** | 17.72% | 10.13% | 6.12% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$70240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$328 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;56% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Financials | 24% |
| Consumer Discretionary | 19% |
| Information Technology | 14% |
| Materials | 11% |
| Communication Services | 7% |
| Health Care | 7% |
| Industrials | 6% |
| Other | 12% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8303 Virtus NFJ International Value Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus NFJ International Value Fund
Institutional Class / ANJIX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus NFJ International Value Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus NFJ International Value Fund<br>Institutional Class / ANJIX | $118 | 1.06% |

---

Portfolio Manager Commentary by NFJ Investment Group, LLC

* For the fiscal year ended June 30, 2025, the Fund's Institutional Class shares at NAV returned 23.46%. For the same period, the MSCI All Country World ex USA Index (net), a broad-based securities market index, returned 17.72%. 

* The MSCI All Country World ex USA Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets, excluding the United States. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Positive stock selection within the consumer discretionary, financials, and materials sectors contributed to outperformance relative to the Fund's style-specific benchmark during the fiscal year. In contrast, negative selection in the information technology (IT), health care, and utilities sectors somewhat detracted. By region, security selection across the U.K. and emerging markets (EM) contributed to performance, while selection in Europe ex-U.K. and North America somewhat detracted. From an allocation perspective, an overweight in consumer discretionary and underweight across Europe ex-U.K. detracted, while an underweight in consumer staples and overweight in North America contributed over the period. The biggest individual contributors to performance during the 12-month period were Standard Chartered, MonotaRO, Alibaba, Euronext, and Sony. The biggest detractors from performance during the period were Daiichi Sankyo, Samsung Electronics, ASML, Novo Nordisk, and Evolution AB. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Standard Chartered<br>| Positive<br>| The London-based bank largely beat earnings estimates over the reporting period, and shares reached a new near-decade high early in 2025 after management announced plans to start a $1.5 billion share buyback program. Management also raised full-year income guidance, and said that it expects to return at least $8 billion to shareholders between 2024 and 2026.<br>|
| MonotaRO<br>| Positive<br>| The Japan-based online business-to-business retailer of maintenance, repair, and operating (MRO) supplies generally reported robust sales and profit growth over the reporting period.<br>|
| Daiichi Sankyo<br>| Negative<br>| The Japan-based pharmaceutical company benefited from its solid drug pipeline and management projections for solid growth in its oncology business, with a new drug that produced best-in-class data for breast cancer treatment. However, the company moderated its earnings guidance, which disappointed some investors.<br>|
| Samsung Electronics | Negative | Shares of the South Korean appliance, consumer electronics, and electronic components manufacturer largely declined in the first half of the reporting period. Signs of a potential U.S. slowdown sent South Korean equities into a steep downturn in early August 2024, while lower earnings from the semiconductor business negatively impacted shares toward the end of 2024. Notably, management announced plans for a $7 billion share buyback program in the fourth quarter of 2024. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Institutional Class shares. It assumes a $1,000,000 initial investment at the beginning of the first fiscal year, in an appropriate broad-based securities market index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](g99218chartimages_10329213.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus NFJ International Value Fund (Institutional Class/ANJIX) at NAV<sup>(1)</sup>** | 23.46% | 8.32% | 2.84% |
| **MSCI All Country World ex USA Index (net)** | 17.72% | 10.13% | 6.12% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$70240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$328 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;56% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Financials | 24% |
| Consumer Discretionary | 19% |
| Information Technology | 14% |
| Materials | 11% |
| Communication Services | 7% |
| Health Care | 7% |
| Industrials | 6% |
| Other | 12% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8304 Virtus NFJ International Value Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus NFJ International Value Fund
Class R6 / ANAVX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus NFJ International Value Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus NFJ International Value Fund<br>Class R6 / ANAVX | $114 | 1.02% |

---

Portfolio Manager Commentary by NFJ Investment Group, LLC

* For the fiscal year ended June 30, 2025, the Fund's Class R6 shares at NAV returned 23.51%. For the same period, the MSCI All Country World ex USA Index (net), a broad-based securities market index, returned 17.72%. 

* The MSCI All Country World ex USA Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets, excluding the United States. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Positive stock selection within the consumer discretionary, financials, and materials sectors contributed to outperformance relative to the Fund's style-specific benchmark during the fiscal year. In contrast, negative selection in the information technology (IT), health care, and utilities sectors somewhat detracted. By region, security selection across the U.K. and emerging markets (EM) contributed to performance, while selection in Europe ex-U.K. and North America somewhat detracted. From an allocation perspective, an overweight in consumer discretionary and underweight across Europe ex-U.K. detracted, while an underweight in consumer staples and overweight in North America contributed over the period. The biggest individual contributors to performance during the 12-month period were Standard Chartered, MonotaRO, Alibaba, Euronext, and Sony. The biggest detractors from performance during the period were Daiichi Sankyo, Samsung Electronics, ASML, Novo Nordisk, and Evolution AB. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Standard Chartered<br>| Positive<br>| The London-based bank largely beat earnings estimates over the reporting period, and shares reached a new near-decade high early in 2025 after management announced plans to start a $1.5 billion share buyback program. Management also raised full-year income guidance, and said that it expects to return at least $8 billion to shareholders between 2024 and 2026.<br>|
| MonotaRO<br>| Positive<br>| The Japan-based online business-to-business retailer of maintenance, repair, and operating (MRO) supplies generally reported robust sales and profit growth over the reporting period.<br>|
| Daiichi Sankyo<br>| Negative<br>| The Japan-based pharmaceutical company benefited from its solid drug pipeline and management projections for solid growth in its oncology business, with a new drug that produced best-in-class data for breast cancer treatment. However, the company moderated its earnings guidance, which disappointed some investors.<br>|
| Samsung Electronics | Negative | Shares of the South Korean appliance, consumer electronics, and electronic components manufacturer largely declined in the first half of the reporting period. Signs of a potential U.S. slowdown sent South Korean equities into a steep downturn in early August 2024, while lower earnings from the semiconductor business negatively impacted shares toward the end of 2024. Notably, management announced plans for a $7 billion share buyback program in the fourth quarter of 2024. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class R6 shares. It assumes a $2,500,000 initial investment at the beginning of the first fiscal year, in an appropriate broad-based securities market index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g99218chartimages_10329299.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus NFJ International Value Fund (Class R6/ANAVX) at NAV<sup>(1)</sup>** | 23.51% | 8.37% | 2.89% |
| **MSCI All Country World ex USA Index (net)** | 17.72% | 10.13% | 6.12% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$70240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$328 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;56% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Financials | 24% |
| Consumer Discretionary | 19% |
| Information Technology | 14% |
| Materials | 11% |
| Communication Services | 7% |
| Health Care | 7% |
| Industrials | 6% |
| Other | 12% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8305 Virtus NFJ International Value Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus NFJ Large-Cap Value Fund
Class A / PNBAX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus NFJ Large-Cap Value Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus NFJ Large-Cap Value Fund<br>Class A / PNBAX | $105 | 1.01% |

---

Portfolio Manager Commentary by NFJ Investment Group, LLC

* For the fiscal year ended June 30, 2025, the Fund's Class A shares at NAV returned 7.20%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 15.21% and the Russell 1000<sup>®</sup> Value Index, which serves as the style-specific index, returned 13.70%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 1000<sup>®</sup> Value Index is a market capitalization-weighted index of value-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Stock selection within the real estate and health care sectors detracted from performance relative to the Fund's style-specific benchmark during the fiscal year. Stock selection in the information technology (IT) sector contributed. An underweight in IT and an overweight in utilities contributed to performance. Conversely, an underweight in communication services and an overweight in energy detracted over the period. The biggest individual contributors to performance during the 12-month period were JPMorgan Chase, Morgan Stanley, Bank of America, PNC Financial Services Group, and Citigroup. The biggest detractors from performance during the period were UnitedHealth Group, Alexandria Real Estate Equities, LyondellBasell Industries, Edwards Lifesciences, and Teleflex. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| JPMorgan Chase<br>| Positive<br>| Over the 12-month period, the financial institution largely exceeded or met analysts' estimates, due in part to higher-than-expected trading revenues as investors navigated volatile markets. Also, management boosted the quarterly dividend and authorized a new $50 billion share repurchase program in the second quarter.<br>|
| Morgan Stanley<br>| Positive<br>| The financial services firm largely performed well over the 12-month period, as its investment banking arm benefited from increased deal activity while its investment management arm benefited from buoyant equity markets, particularly toward the end of 2024.<br>|
| UnitedHealth Group<br>| Negative<br>| The healthcare insurer and provider struggled, particularly toward the end of the reporting period, when the company missed quarterly earnings estimates and suspended its 2025 earnings outlook on greater-than-anticipated costs in its Medicare business. Chief Executive Andrew Witty stepped down and company Chairman Stephen Hemsley, who served as UnitedHealth's Chief Executive Officer for over a decade, returned to the position.<br>|
| Alexandria Real Estate Equities | Negative | The high-quality office real estate investment trust (REIT) was negatively impacted by concerns about slower leasing activity amid a sluggish market for lab demand in life sciences. Management reduced its earnings guidance for fiscal year 2025. Notably, the company hiked its quarterly dividend and announced a $500 million share buyback plan toward the end of 2024. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g99218chartimages_10329342.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus NFJ Large-Cap Value Fund (Class A/PNBAX) at NAV<sup>(1)</sup>** | 7.20% | 10.10% | 7.43% |
| **Virtus NFJ Large-Cap Value Fund (Class A/PNBAX) at POP<sup>(2),(3)</sup>** | 1.30% | 8.86% | 6.83% |
| **FT Wilshire 5000 Index** | 15.21% | 16.16% | 13.18% |
| **Russell 1000<sup>®</sup> Value Index** | 13.70% | 13.93% | 9.19% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$273564 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1286 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;41% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Financials | 21% |
| Industrials | 16% |
| Health Care | 15% |
| Information Technology | 10% |
| Real Estate | 9% |
| Energy | 7% |
| Utilities | 7% |
| Other | 15% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8306 Virtus NFJ Large-Cap Value Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus NFJ Large-Cap Value Fund
Class C / PNBCX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus NFJ Large-Cap Value Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus NFJ Large-Cap Value Fund<br>Class C / PNBCX | $182 | 1.76% |

---

Portfolio Manager Commentary by NFJ Investment Group, LLC

* For the fiscal year ended June 30, 2025, the Fund's Class C shares at NAV returned 6.40%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 15.21% and the Russell 1000<sup>®</sup> Value Index, which serves as the style-specific index, returned 13.70%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 1000<sup>®</sup> Value Index is a market capitalization-weighted index of value-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Stock selection within the real estate and health care sectors detracted from performance relative to the Fund's style-specific benchmark during the fiscal year. Stock selection in the information technology (IT) sector contributed. An underweight in IT and an overweight in utilities contributed to performance. Conversely, an underweight in communication services and an overweight in energy detracted over the period. The biggest individual contributors to performance during the 12-month period were JPMorgan Chase, Morgan Stanley, Bank of America, PNC Financial Services Group, and Citigroup. The biggest detractors from performance during the period were UnitedHealth Group, Alexandria Real Estate Equities, LyondellBasell Industries, Edwards Lifesciences, and Teleflex. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| JPMorgan Chase<br>| Positive<br>| Over the 12-month period, the financial institution largely exceeded or met analysts' estimates, due in part to higher-than-expected trading revenues as investors navigated volatile markets. Also, management boosted the quarterly dividend and authorized a new $50 billion share repurchase program in the second quarter.<br>|
| Morgan Stanley<br>| Positive<br>| The financial services firm largely performed well over the 12-month period, as its investment banking arm benefited from increased deal activity while its investment management arm benefited from buoyant equity markets, particularly toward the end of 2024.<br>|
| UnitedHealth Group<br>| Negative<br>| The healthcare insurer and provider struggled, particularly toward the end of the reporting period, when the company missed quarterly earnings estimates and suspended its 2025 earnings outlook on greater-than-anticipated costs in its Medicare business. Chief Executive Andrew Witty stepped down and company Chairman Stephen Hemsley, who served as UnitedHealth's Chief Executive Officer for over a decade, returned to the position.<br>|
| Alexandria Real Estate Equities | Negative | The high-quality office real estate investment trust (REIT) was negatively impacted by concerns about slower leasing activity amid a sluggish market for lab demand in life sciences. Management reduced its earnings guidance for fiscal year 2025. Notably, the company hiked its quarterly dividend and announced a $500 million share buyback plan toward the end of 2024. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g99218chartimages_10329428.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus NFJ Large-Cap Value Fund (Class C/PNBCX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | 6.40% | 9.27% | 6.62% |
| **FT Wilshire 5000 Index** | 15.21% | 16.16% | 13.18% |
| **Russell 1000<sup>®</sup> Value Index** | 13.70% | 13.93% | 9.19% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$273564 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1286 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;41% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Financials | 21% |
| Industrials | 16% |
| Health Care | 15% |
| Information Technology | 10% |
| Real Estate | 9% |
| Energy | 7% |
| Utilities | 7% |
| Other | 15% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8307 Virtus NFJ Large-Cap Value Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus NFJ Large-Cap Value Fund
Institutional Class / ANVIX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus NFJ Large-Cap Value Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus NFJ Large-Cap Value Fund<br>Institutional Class / ANVIX | $78 | 0.75% |

---

Portfolio Manager Commentary by NFJ Investment Group, LLC

* For the fiscal year ended June 30, 2025, the Fund's Institutional Class shares at NAV returned 7.48%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 15.21% and the Russell 1000<sup>®</sup> Value Index, which serves as the style-specific index, returned 13.70%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 1000<sup>®</sup> Value Index is a market capitalization-weighted index of value-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Stock selection within the real estate and health care sectors detracted from performance relative to the Fund's style-specific benchmark during the fiscal year. Stock selection in the information technology (IT) sector contributed. An underweight in IT and an overweight in utilities contributed to performance. Conversely, an underweight in communication services and an overweight in energy detracted over the period. The biggest individual contributors to performance during the 12-month period were JPMorgan Chase, Morgan Stanley, Bank of America, PNC Financial Services Group, and Citigroup. The biggest detractors from performance during the period were UnitedHealth Group, Alexandria Real Estate Equities, LyondellBasell Industries, Edwards Lifesciences, and Teleflex. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| JPMorgan Chase<br>| Positive<br>| Over the 12-month period, the financial institution largely exceeded or met analysts' estimates, due in part to higher-than-expected trading revenues as investors navigated volatile markets. Also, management boosted the quarterly dividend and authorized a new $50 billion share repurchase program in the second quarter.<br>|
| Morgan Stanley<br>| Positive<br>| The financial services firm largely performed well over the 12-month period, as its investment banking arm benefited from increased deal activity while its investment management arm benefited from buoyant equity markets, particularly toward the end of 2024.<br>|
| UnitedHealth Group<br>| Negative<br>| The healthcare insurer and provider struggled, particularly toward the end of the reporting period, when the company missed quarterly earnings estimates and suspended its 2025 earnings outlook on greater-than-anticipated costs in its Medicare business. Chief Executive Andrew Witty stepped down and company Chairman Stephen Hemsley, who served as UnitedHealth's Chief Executive Officer for over a decade, returned to the position.<br>|
| Alexandria Real Estate Equities | Negative | The high-quality office real estate investment trust (REIT) was negatively impacted by concerns about slower leasing activity amid a sluggish market for lab demand in life sciences. Management reduced its earnings guidance for fiscal year 2025. Notably, the company hiked its quarterly dividend and announced a $500 million share buyback plan toward the end of 2024. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Institutional Class shares. It assumes a $1,000,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](g99218chartimages_10329385.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus NFJ Large-Cap Value Fund (Institutional Class/ANVIX) at NAV<sup>(1)</sup>** | 7.48% | 10.39% | 7.77% |
| **FT Wilshire 5000 Index** | 15.21% | 16.16% | 13.18% |
| **Russell 1000<sup>®</sup> Value Index** | 13.70% | 13.93% | 9.19% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$273564 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1286 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;41% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Financials | 21% |
| Industrials | 16% |
| Health Care | 15% |
| Information Technology | 10% |
| Real Estate | 9% |
| Energy | 7% |
| Utilities | 7% |
| Other | 15% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8308 Virtus NFJ Large-Cap Value Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus NFJ Large-Cap Value Fund
Class R6 / VAAGX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus NFJ Large-Cap Value Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus NFJ Large-Cap Value Fund<br>Class R6 / VAAGX | $67 | 0.65% |

---

Portfolio Manager Commentary by NFJ Investment Group, LLC

* For the fiscal year ended June 30, 2025, the Fund's Class R6 shares at NAV returned 7.59%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 15.21% and the Russell 1000<sup>®</sup> Value Index, which serves as the style-specific index, returned 13.70%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 1000<sup>®</sup> Value Index is a market capitalization-weighted index of value-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Stock selection within the real estate and health care sectors detracted from performance relative to the Fund's style-specific benchmark during the fiscal year. Stock selection in the information technology (IT) sector contributed. An underweight in IT and an overweight in utilities contributed to performance. Conversely, an underweight in communication services and an overweight in energy detracted over the period. The biggest individual contributors to performance during the 12-month period were JPMorgan Chase, Morgan Stanley, Bank of America, PNC Financial Services Group, and Citigroup. The biggest detractors from performance during the period were UnitedHealth Group, Alexandria Real Estate Equities, LyondellBasell Industries, Edwards Lifesciences, and Teleflex. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| JPMorgan Chase<br>| Positive<br>| Over the 12-month period, the financial institution largely exceeded or met analysts' estimates, due in part to higher-than-expected trading revenues as investors navigated volatile markets. Also, management boosted the quarterly dividend and authorized a new $50 billion share repurchase program in the second quarter.<br>|
| Morgan Stanley<br>| Positive<br>| The financial services firm largely performed well over the 12-month period, as its investment banking arm benefited from increased deal activity while its investment management arm benefited from buoyant equity markets, particularly toward the end of 2024.<br>|
| UnitedHealth Group<br>| Negative<br>| The healthcare insurer and provider struggled, particularly toward the end of the reporting period, when the company missed quarterly earnings estimates and suspended its 2025 earnings outlook on greater-than-anticipated costs in its Medicare business. Chief Executive Andrew Witty stepped down and company Chairman Stephen Hemsley, who served as UnitedHealth's Chief Executive Officer for over a decade, returned to the position.<br>|
| Alexandria Real Estate Equities | Negative | The high-quality office real estate investment trust (REIT) was negatively impacted by concerns about slower leasing activity amid a sluggish market for lab demand in life sciences. Management reduced its earnings guidance for fiscal year 2025. Notably, the company hiked its quarterly dividend and announced a $500 million share buyback plan toward the end of 2024. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class R6 shares from inception (October 29, 2021). It assumes a $2,500,000 initial investment from inception, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g99218chartimages_10329471.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **Since Inception** |
| **Virtus NFJ Large-Cap Value Fund (Class R6/VAAGX) at NAV<sup>(1)</sup>** | 7.59% | 3.15% |
| **FT Wilshire 5000 Index** | 15.21% | 8.99% |
| **Russell 1000<sup>®</sup> Value Index** | 13.70% | 6.99% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$273564 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1286 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;41% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Financials | 21% |
| Industrials | 16% |
| Health Care | 15% |
| Information Technology | 10% |
| Real Estate | 9% |
| Energy | 7% |
| Utilities | 7% |
| Other | 15% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8309 Virtus NFJ Large-Cap Value Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus NFJ Mid-Cap Value Fund
Class A / PQNAX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus NFJ Mid-Cap Value Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus NFJ Mid-Cap Value Fund<br>Class A / PQNAX | $103 | 1.00% |

---

Portfolio Manager Commentary by NFJ Investment Group, LLC

* For the fiscal year ended June 30, 2025, the Fund's Class A shares at NAV returned 5.55%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 15.21% and the Russell Midcap<sup>®</sup> Value Index, which serves as the style-specific index, returned 11.53%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell Midcap<sup>®</sup> Value Index is a market capitalization-weighted index of medium-capitalization, value-oriented stocks of U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Stock selection within the real estate, financials, and consumer discretionary sectors detracted from performance relative to the Fund's style-specific benchmark during the fiscal year. Stock selection in the industrials and communication services sectors contributed. Overweight positions in utilities and financials contributed to performance. Conversely, an underweight in communication services and an overweight in health care detracted over the period. The biggest individual contributors to performance during the 12-month period were VeriSign, Northern Trust, Veeva Systems, WEC Energy Group, and MonotaRO. The biggest detractors from performance during the period were Alexandria Real Estate Equities, AES, Edwards Lifesciences, Teleflex, and Rexford Industrial Realty. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| VeriSign<br>| Positive<br>| The internet services company and domain-name-registry provider reported generally solid quarterly results during the period. Management initiated a dividend and shares reached an all-time high in the second quarter of 2025.<br>|
| Northern Trust<br>| Positive<br>| Shares of the investment manager rose, particularly toward the end of the reporting period, when Bank of New York Mellon expressed interest in merging the two companies. While no formal bid was issued, investors responded favorably to the news.<br>|
| Alexandria Real Estate Equities<br>| Negative<br>| The high-quality office real estate investment trust (REIT) was negatively impacted by concerns about slower leasing activity amid a sluggish market for lab demand in life sciences. Management reduced its earnings guidance for fiscal year 2025. Notably, the company hiked its quarterly dividend and announced a $500 million share buyback plan toward the end of 2024.<br>|
| AES | Negative | The electric utility struggled, particularly toward the end of 2024, when quarterly revenue results disappointed investors. Management increased the quarterly dividend by 2% in December 2024, and in early 2025 issued earnings per share guidance for the year that was ahead of consensus. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g99218chartimages_10329643.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus NFJ Mid-Cap Value Fund (Class A/PQNAX) at NAV<sup>(1)</sup>** | 5.55% | 9.76% | 7.31% |
| **Virtus NFJ Mid-Cap Value Fund (Class A/PQNAX) at POP<sup>(2),(3)</sup>** | (0.25)% | 8.52% | 6.70% |
| **FT Wilshire 5000 Index** | 15.21% | 16.16% | 13.18% |
| **Russell Midcap<sup>®</sup> Value Index** | 11.53% | 13.71% | 8.39% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$584777 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$2808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;57% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Financials | 19% |
| Industrials | 15% |
| Real Estate | 15% |
| Health Care | 11% |
| Consumer Discretionary | 9% |
| Materials | 8% |
| Information Technology | 7% |
| Other | 16% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8310 Virtus NFJ Mid-Cap Value Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus NFJ Mid-Cap Value Fund
Class C / PQNCX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus NFJ Mid-Cap Value Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus NFJ Mid-Cap Value Fund<br>Class C / PQNCX | $179 | 1.75% |

---

Portfolio Manager Commentary by NFJ Investment Group, LLC

* For the fiscal year ended June 30, 2025, the Fund's Class C shares at NAV returned 4.75%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 15.21% and the Russell Midcap<sup>®</sup> Value Index, which serves as the style-specific index, returned 11.53%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell Midcap<sup>®</sup> Value Index is a market capitalization-weighted index of medium-capitalization, value-oriented stocks of U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Stock selection within the real estate, financials, and consumer discretionary sectors detracted from performance relative to the Fund's style-specific benchmark during the fiscal year. Stock selection in the industrials and communication services sectors contributed. Overweight positions in utilities and financials contributed to performance. Conversely, an underweight in communication services and an overweight in health care detracted over the period. The biggest individual contributors to performance during the 12-month period were VeriSign, Northern Trust, Veeva Systems, WEC Energy Group, and MonotaRO. The biggest detractors from performance during the period were Alexandria Real Estate Equities, AES, Edwards Lifesciences, Teleflex, and Rexford Industrial Realty. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| VeriSign<br>| Positive<br>| The internet services company and domain-name-registry provider reported generally solid quarterly results during the period. Management initiated a dividend and shares reached an all-time high in the second quarter of 2025.<br>|
| Northern Trust<br>| Positive<br>| Shares of the investment manager rose, particularly toward the end of the reporting period, when Bank of New York Mellon expressed interest in merging the two companies. While no formal bid was issued, investors responded favorably to the news.<br>|
| Alexandria Real Estate Equities<br>| Negative<br>| The high-quality office real estate investment trust (REIT) was negatively impacted by concerns about slower leasing activity amid a sluggish market for lab demand in life sciences. Management reduced its earnings guidance for fiscal year 2025. Notably, the company hiked its quarterly dividend and announced a $500 million share buyback plan toward the end of 2024.<br>|
| AES | Negative | The electric utility struggled, particularly toward the end of 2024, when quarterly revenue results disappointed investors. Management increased the quarterly dividend by 2% in December 2024, and in early 2025 issued earnings per share guidance for the year that was ahead of consensus. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g99218chartimages_10329772.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus NFJ Mid-Cap Value Fund (Class C/PQNCX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | 4.75% | 8.94% | 6.51% |
| **FT Wilshire 5000 Index** | 15.21% | 16.16% | 13.18% |
| **Russell Midcap<sup>®</sup> Value Index** | 11.53% | 13.71% | 8.39% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$584777 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$2808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;57% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Financials | 19% |
| Industrials | 15% |
| Real Estate | 15% |
| Health Care | 11% |
| Consumer Discretionary | 9% |
| Materials | 8% |
| Information Technology | 7% |
| Other | 16% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8311 Virtus NFJ Mid-Cap Value Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus NFJ Mid-Cap Value Fund
Institutional Class / PRNIX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus NFJ Mid-Cap Value Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus NFJ Mid-Cap Value Fund<br>Institutional Class / PRNIX | $67 | 0.65% |

---

Portfolio Manager Commentary by NFJ Investment Group, LLC

* For the fiscal year ended June 30, 2025, the Fund's Institutional Class shares at NAV returned 5.90%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 15.21% and the Russell Midcap<sup>®</sup> Value Index, which serves as the style-specific index, returned 11.53%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell Midcap<sup>®</sup> Value Index is a market capitalization-weighted index of medium-capitalization, value-oriented stocks of U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Stock selection within the real estate, financials, and consumer discretionary sectors detracted from performance relative to the Fund's style-specific benchmark during the fiscal year. Stock selection in the industrials and communication services sectors contributed. Overweight positions in utilities and financials contributed to performance. Conversely, an underweight in communication services and an overweight in health care detracted over the period. The biggest individual contributors to performance during the 12-month period were VeriSign, Northern Trust, Veeva Systems, WEC Energy Group, and MonotaRO. The biggest detractors from performance during the period were Alexandria Real Estate Equities, AES, Edwards Lifesciences, Teleflex, and Rexford Industrial Realty. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| VeriSign<br>| Positive<br>| The internet services company and domain-name-registry provider reported generally solid quarterly results during the period. Management initiated a dividend and shares reached an all-time high in the second quarter of 2025.<br>|
| Northern Trust<br>| Positive<br>| Shares of the investment manager rose, particularly toward the end of the reporting period, when Bank of New York Mellon expressed interest in merging the two companies. While no formal bid was issued, investors responded favorably to the news.<br>|
| Alexandria Real Estate Equities<br>| Negative<br>| The high-quality office real estate investment trust (REIT) was negatively impacted by concerns about slower leasing activity amid a sluggish market for lab demand in life sciences. Management reduced its earnings guidance for fiscal year 2025. Notably, the company hiked its quarterly dividend and announced a $500 million share buyback plan toward the end of 2024.<br>|
| AES | Negative | The electric utility struggled, particularly toward the end of 2024, when quarterly revenue results disappointed investors. Management increased the quarterly dividend by 2% in December 2024, and in early 2025 issued earnings per share guidance for the year that was ahead of consensus. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Institutional Class shares. It assumes a $1,000,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](g99218chartimages_10329686.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus NFJ Mid-Cap Value Fund (Institutional Class/PRNIX) at NAV<sup>(1)</sup>** | 5.90% | 10.15% | 7.69% |
| **FT Wilshire 5000 Index** | 15.21% | 16.16% | 13.18% |
| **Russell Midcap<sup>®</sup> Value Index** | 11.53% | 13.71% | 8.39% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$584777 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$2808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;57% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Financials | 19% |
| Industrials | 15% |
| Real Estate | 15% |
| Health Care | 11% |
| Consumer Discretionary | 9% |
| Materials | 8% |
| Information Technology | 7% |
| Other | 16% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8312 Virtus NFJ Mid-Cap Value Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus NFJ Mid-Cap Value Fund
Class R6 / ANPRX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus NFJ Mid-Cap Value Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus NFJ Mid-Cap Value Fund<br>Class R6 / ANPRX | $62 | 0.60% |

---

Portfolio Manager Commentary by NFJ Investment Group, LLC

* For the fiscal year ended June 30, 2025, the Fund's Class R6 shares at NAV returned 5.99%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 15.21% and the Russell Midcap<sup>®</sup> Value Index, which serves as the style-specific index, returned 11.53%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell Midcap<sup>®</sup> Value Index is a market capitalization-weighted index of medium-capitalization, value-oriented stocks of U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Stock selection within the real estate, financials, and consumer discretionary sectors detracted from performance relative to the Fund's style-specific benchmark during the fiscal year. Stock selection in the industrials and communication services sectors contributed. Overweight positions in utilities and financials contributed to performance. Conversely, an underweight in communication services and an overweight in health care detracted over the period. The biggest individual contributors to performance during the 12-month period were VeriSign, Northern Trust, Veeva Systems, WEC Energy Group, and MonotaRO. The biggest detractors from performance during the period were Alexandria Real Estate Equities, AES, Edwards Lifesciences, Teleflex, and Rexford Industrial Realty. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| VeriSign<br>| Positive<br>| The internet services company and domain-name-registry provider reported generally solid quarterly results during the period. Management initiated a dividend and shares reached an all-time high in the second quarter of 2025.<br>|
| Northern Trust<br>| Positive<br>| Shares of the investment manager rose, particularly toward the end of the reporting period, when Bank of New York Mellon expressed interest in merging the two companies. While no formal bid was issued, investors responded favorably to the news.<br>|
| Alexandria Real Estate Equities<br>| Negative<br>| The high-quality office real estate investment trust (REIT) was negatively impacted by concerns about slower leasing activity amid a sluggish market for lab demand in life sciences. Management reduced its earnings guidance for fiscal year 2025. Notably, the company hiked its quarterly dividend and announced a $500 million share buyback plan toward the end of 2024.<br>|
| AES | Negative | The electric utility struggled, particularly toward the end of 2024, when quarterly revenue results disappointed investors. Management increased the quarterly dividend by 2% in December 2024, and in early 2025 issued earnings per share guidance for the year that was ahead of consensus. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class R6 shares from inception (December 18, 2017). It assumes a $2,500,000 initial investment from inception, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g99218chartimages_10329729.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **5 Years** | **Since Inception** |
| **Virtus NFJ Mid-Cap Value Fund (Class R6/ANPRX) at NAV<sup>(1)</sup>** | 5.99% | 10.20% | 5.32% |
| **FT Wilshire 5000 Index** | 15.21% | 16.16% | 13.07% |
| **Russell Midcap<sup>®</sup> Value Index** | 11.53% | 13.71% | 7.61% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$584777 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$2808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;57% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Financials | 19% |
| Industrials | 15% |
| Real Estate | 15% |
| Health Care | 11% |
| Consumer Discretionary | 9% |
| Materials | 8% |
| Information Technology | 7% |
| Other | 16% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8313 Virtus NFJ Mid-Cap Value Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus NFJ Small-Cap Value Fund
Class A / PCVAX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus NFJ Small-Cap Value Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus NFJ Small-Cap Value Fund<br>Class A / PCVAX | $118 | 1.17% |

---

Portfolio Manager Commentary by NFJ Investment Group, LLC

* For the fiscal year ended June 30, 2025, the Fund's Class A shares at NAV returned 1.51%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 15.21% and the Russell 2000<sup>®</sup> Value Index, which serves as the style-specific index, returned 5.54%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 2000<sup>®</sup> Value Index is a market capitalization-weighted index of value-oriented stocks of the smallest 2,000 companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Stock selection within the information technology (IT), materials, and energy sectors detracted from performance during the fiscal year relative to the Fund's style-specific benchmark. Stock selection in the industrials and financials sectors contributed. An underweight in energy and an overweight in financials contributed to performance. Conversely, underweight exposures in communication services and IT detracted over the period. The biggest individual contributors to performance for the 12-month period were Coeur Mining, Stock Yards Bancorp, Dana, MonotaRO, and Community Financial System. The biggest detractors from performance during the period were Helmerich & Payne, Vital Energy, Winnebago Industries, SM Energy, and American Eagle Outfitters. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Coeur Mining<br>| Positive<br>| The silver and gold producer benefited from higher precious metal prices, with gold prices at all-time highs and the price of silver buoyed by economic uncertainty and increased industrial demand. Management authorized a $75 million share repurchase program toward the end of the reporting period.<br>|
| Stock Yards Bancorp<br>| Positive<br>| The high-quality commercial bank reported generally strong quarterly results over the period, benefitting in part from higher loan yields, strong loan and deposit growth, and lower operating expenses.<br>|
| Helmerich & Payne<br>| Negative<br>| The oilfield services provider was negatively impacted by lower oil prices, which can hamper exploration and production spending.<br>|
| Vital Energy | Negative | Results for the oil and gas exploration and production company were somewhat challenged by lower oil prices. The company acquired and began integrating Point Energy Partners during the reporting period. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g99218chartimages_10329987.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus NFJ Small-Cap Value Fund (Class A/PCVAX) at NAV<sup>(1)</sup>** | 1.51% | 9.50% | 4.07% |
| **Virtus NFJ Small-Cap Value Fund (Class A/PCVAX) at POP<sup>(2),(3)</sup>** | (4.07)% | 8.27% | 3.48% |
| **FT Wilshire 5000 Index** | 15.21% | 16.16% | 13.18% |
| **Russell 2000<sup>®</sup> Value Index** | 5.54% | 12.47% | 6.72% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$253860 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;99 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;48% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Financials | 29% |
| Industrials | 13% |
| Real Estate | 12% |
| Consumer Discretionary | 11% |
| Health Care | 8% |
| Materials | 7% |
| Utilities | 6% |
| Other | 14% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8314 Virtus NFJ Small-Cap Value Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus NFJ Small-Cap Value Fund
Class C / PCVCX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus NFJ Small-Cap Value Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus NFJ Small-Cap Value Fund<br>Class C / PCVCX | $193 | 1.92% |

---

Portfolio Manager Commentary by NFJ Investment Group, LLC

* For the fiscal year ended June 30, 2025, the Fund's Class C shares at NAV returned 0.68%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 15.21% and the Russell 2000<sup>®</sup> Value Index, which serves as the style-specific index, returned 5.54%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 2000<sup>®</sup> Value Index is a market capitalization-weighted index of value-oriented stocks of the smallest 2,000 companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Stock selection within the information technology (IT), materials, and energy sectors detracted from performance during the fiscal year relative to the Fund's style-specific benchmark. Stock selection in the industrials and financials sectors contributed. An underweight in energy and an overweight in financials contributed to performance. Conversely, underweight exposures in communication services and IT detracted over the period. The biggest individual contributors to performance for the 12-month period were Coeur Mining, Stock Yards Bancorp, Dana, MonotaRO, and Community Financial System. The biggest detractors from performance during the period were Helmerich & Payne, Vital Energy, Winnebago Industries, SM Energy, and American Eagle Outfitters. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Coeur Mining<br>| Positive<br>| The silver and gold producer benefited from higher precious metal prices, with gold prices at all-time highs and the price of silver buoyed by economic uncertainty and increased industrial demand. Management authorized a $75 million share repurchase program toward the end of the reporting period.<br>|
| Stock Yards Bancorp<br>| Positive<br>| The high-quality commercial bank reported generally strong quarterly results over the period, benefitting in part from higher loan yields, strong loan and deposit growth, and lower operating expenses.<br>|
| Helmerich & Payne<br>| Negative<br>| The oilfield services provider was negatively impacted by lower oil prices, which can hamper exploration and production spending.<br>|
| Vital Energy | Negative | Results for the oil and gas exploration and production company were somewhat challenged by lower oil prices. The company acquired and began integrating Point Energy Partners during the reporting period. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g99218chartimages_10330116.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus NFJ Small-Cap Value Fund (Class C/PCVCX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | 0.68% | 8.68% | 3.30% |
| **FT Wilshire 5000 Index** | 15.21% | 16.16% | 13.18% |
| **Russell 2000<sup>®</sup> Value Index** | 5.54% | 12.47% | 6.72% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$253860 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;99 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;48% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Financials | 29% |
| Industrials | 13% |
| Real Estate | 12% |
| Consumer Discretionary | 11% |
| Health Care | 8% |
| Materials | 7% |
| Utilities | 6% |
| Other | 14% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8315 Virtus NFJ Small-Cap Value Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus NFJ Small-Cap Value Fund
Institutional Class / PSVIX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus NFJ Small-Cap Value Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus NFJ Small-Cap Value Fund<br>Institutional Class / PSVIX | $83 | 0.82% |

---

Portfolio Manager Commentary by NFJ Investment Group, LLC

* For the fiscal year ended June 30, 2025, the Fund's Institutional Class shares at NAV returned 1.84%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 15.21% and the Russell 2000<sup>®</sup> Value Index, which serves as the style-specific index, returned 5.54%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 2000<sup>®</sup> Value Index is a market capitalization-weighted index of value-oriented stocks of the smallest 2,000 companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Stock selection within the information technology (IT), materials, and energy sectors detracted from performance during the fiscal year relative to the Fund's style-specific benchmark. Stock selection in the industrials and financials sectors contributed. An underweight in energy and an overweight in financials contributed to performance. Conversely, underweight exposures in communication services and IT detracted over the period. The biggest individual contributors to performance for the 12-month period were Coeur Mining, Stock Yards Bancorp, Dana, MonotaRO, and Community Financial System. The biggest detractors from performance during the period were Helmerich & Payne, Vital Energy, Winnebago Industries, SM Energy, and American Eagle Outfitters. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Coeur Mining<br>| Positive<br>| The silver and gold producer benefited from higher precious metal prices, with gold prices at all-time highs and the price of silver buoyed by economic uncertainty and increased industrial demand. Management authorized a $75 million share repurchase program toward the end of the reporting period.<br>|
| Stock Yards Bancorp<br>| Positive<br>| The high-quality commercial bank reported generally strong quarterly results over the period, benefitting in part from higher loan yields, strong loan and deposit growth, and lower operating expenses.<br>|
| Helmerich & Payne<br>| Negative<br>| The oilfield services provider was negatively impacted by lower oil prices, which can hamper exploration and production spending.<br>|
| Vital Energy | Negative | Results for the oil and gas exploration and production company were somewhat challenged by lower oil prices. The company acquired and began integrating Point Energy Partners during the reporting period. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Institutional Class shares. It assumes a $1,000,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](g99218chartimages_10330030.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus NFJ Small-Cap Value Fund (Institutional Class/PSVIX) at NAV<sup>(1)</sup>** | 1.84% | 9.88% | 4.44% |
| **FT Wilshire 5000 Index** | 15.21% | 16.16% | 13.18% |
| **Russell 2000<sup>®</sup> Value Index** | 5.54% | 12.47% | 6.72% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$253860 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;99 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;48% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Financials | 29% |
| Industrials | 13% |
| Real Estate | 12% |
| Consumer Discretionary | 11% |
| Health Care | 8% |
| Materials | 7% |
| Utilities | 6% |
| Other | 14% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8316 Virtus NFJ Small-Cap Value Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus NFJ Small-Cap Value Fund
Class R6 / ANFVX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus NFJ Small-Cap Value Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus NFJ Small-Cap Value Fund<br>Class R6 / ANFVX | $78 | 0.77% |

---

Portfolio Manager Commentary by NFJ Investment Group, LLC

* For the fiscal year ended June 30, 2025, the Fund's Class R6 shares at NAV returned 1.89%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 15.21% and the Russell 2000<sup>®</sup> Value Index, which serves as the style-specific index, returned 5.54%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 2000<sup>®</sup> Value Index is a market capitalization-weighted index of value-oriented stocks of the smallest 2,000 companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Stock selection within the information technology (IT), materials, and energy sectors detracted from performance during the fiscal year relative to the Fund's style-specific benchmark. Stock selection in the industrials and financials sectors contributed. An underweight in energy and an overweight in financials contributed to performance. Conversely, underweight exposures in communication services and IT detracted over the period. The biggest individual contributors to performance for the 12-month period were Coeur Mining, Stock Yards Bancorp, Dana, MonotaRO, and Community Financial System. The biggest detractors from performance during the period were Helmerich & Payne, Vital Energy, Winnebago Industries, SM Energy, and American Eagle Outfitters. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Coeur Mining<br>| Positive<br>| The silver and gold producer benefited from higher precious metal prices, with gold prices at all-time highs and the price of silver buoyed by economic uncertainty and increased industrial demand. Management authorized a $75 million share repurchase program toward the end of the reporting period.<br>|
| Stock Yards Bancorp<br>| Positive<br>| The high-quality commercial bank reported generally strong quarterly results over the period, benefitting in part from higher loan yields, strong loan and deposit growth, and lower operating expenses.<br>|
| Helmerich & Payne<br>| Negative<br>| The oilfield services provider was negatively impacted by lower oil prices, which can hamper exploration and production spending.<br>|
| Vital Energy | Negative | Results for the oil and gas exploration and production company were somewhat challenged by lower oil prices. The company acquired and began integrating Point Energy Partners during the reporting period. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class R6 shares. It assumes a $2,500,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g99218chartimages_10330073.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus NFJ Small-Cap Value Fund (Class R6/ANFVX) at NAV<sup>(1)</sup>** | 1.89% | 9.94% | 4.50% |
| **FT Wilshire 5000 Index** | 15.21% | 16.16% | 13.18% |
| **Russell 2000<sup>®</sup> Value Index** | 5.54% | 12.47% | 6.72% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$253860 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;99 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;48% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Financials | 29% |
| Industrials | 13% |
| Real Estate | 12% |
| Consumer Discretionary | 11% |
| Health Care | 8% |
| Materials | 7% |
| Utilities | 6% |
| Other | 14% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8317 Virtus NFJ Small-Cap Value Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus Silvant Focused Growth Fund
Class A / PGWAX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus Silvant Focused Growth Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Silvant Focused Growth Fund<br>Class A / PGWAX | $104 | 0.96% |

---

Portfolio Manager Commentary by Silvant Capital Management LLC

* For the fiscal year ended June 30, 2025, the Fund's Class A shares at NAV returned 17.50%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 15.21% and the Russell 1000<sup>®</sup> Growth Index, which serves as the style-specific index, returned 17.22%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 1000<sup>®</sup> Growth Index is a market capitalization-weighted index of growth-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund's investment process seeks to identify fundamental bottom-up key metrics that drive stock price performance. As those metrics change over time, investor expectations change, leading to positive or negative stock price reactions. For the 12-month period, the majority of the Fund's investment performance, both positive and negative, was driven by stock selection. The Fund had nine holdings across six major economic sectors that added relative outperformance, when compared with the Russell 1000<sup>®</sup> Growth Index. Stock selection within health care and information technology detracted from relative investment performance. The biggest contributors to relative investment performance for the 12-month period were Royal Caribbean, GE Vernova, Netflix, GE Aerospace, and Fair Isaac. The biggest detractors from relative performance during the period were Edwards Lifesciences, Broadcom, UnitedHealth, Applied Materials, and Eli Lilly. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Royal Caribbean<br>| Positive<br>| Royal Caribbean is a cruise company that owns and operates the Royal Caribbean International, Celebrity Cruises, and Silversea Cruises brands. The company continued to perform well due to strong demand that enabled higher pricing across key products.<br>|
| GE Vernova<br>| Positive<br>| GE Vernova's products and services generate, transfer, orchestrate, convert, and store electricity. The company outperformed due to better-than-expected quarterly earnings results and strong order growth. Demand for power production and electrification equipment drove the strong results.<br>|
| UnitedHealth Group<br>| Negative<br>| UnitedHealth Group underperformed during the first half of 2025 after reporting weak first quarter business results that missed both revenue and earnings expectations. The company also experienced Medicare Advantage care trend activity above expectations, resulting in higher costs. The subsequent Chief Executive Officer turnover added to the uncertainty.<br>|
| Edwards Lifesciences | Negative | Edwards Lifesciences engages in patient-focused medical innovations for heart disease and critical care monitoring. The company reported disappointing second quarter 2024 business fundamentals despite already lowered expectations. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g99218chartimages_10328611.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Silvant Focused Growth Fund (Class A/PGWAX) at NAV<sup>(1)</sup>** | 17.50% | 19.09% | 16.72% |
| **Virtus Silvant Focused Growth Fund (Class A/PGWAX) at POP<sup>(2),(3)</sup>** | 11.04% | 17.75% | 16.06% |
| **FT Wilshire 5000 Index** | 15.21% | 16.16% | 13.18% |
| **Russell 1000<sup>®</sup> Growth Index** | 17.22% | 18.15% | 17.01% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1626635 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$6305 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Information Technology | 48% |
| Communication Services | 16% |
| Consumer Discretionary | 13% |
| Industrials | 10% |
| Health Care | 6% |
| Financials | 5% |
| Materials | 2% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8363 Virtus Silvant Focused Growth Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus Silvant Focused Growth Fund
Class C / PGWCX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus Silvant Focused Growth Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Silvant Focused Growth Fund<br>Class C / PGWCX | $186 | 1.72% |

---

Portfolio Manager Commentary by Silvant Capital Management LLC

* For the fiscal year ended June 30, 2025, the Fund's Class C shares at NAV returned 16.63%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 15.21% and the Russell 1000<sup>®</sup> Growth Index, which serves as the style-specific index, returned 17.22%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 1000<sup>®</sup> Growth Index is a market capitalization-weighted index of growth-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund's investment process seeks to identify fundamental bottom-up key metrics that drive stock price performance. As those metrics change over time, investor expectations change, leading to positive or negative stock price reactions. For the 12-month period, the majority of the Fund's investment performance, both positive and negative, was driven by stock selection. The Fund had nine holdings across six major economic sectors that added relative outperformance, when compared with the Russell 1000<sup>®</sup> Growth Index. Stock selection within health care and information technology detracted from relative investment performance. The biggest contributors to relative investment performance for the 12-month period were Royal Caribbean, GE Vernova, Netflix, GE Aerospace, and Fair Isaac. The biggest detractors from relative performance during the period were Edwards Lifesciences, Broadcom, UnitedHealth, Applied Materials, and Eli Lilly. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Royal Caribbean<br>| Positive<br>| Royal Caribbean is a cruise company that owns and operates the Royal Caribbean International, Celebrity Cruises, and Silversea Cruises brands. The company continued to perform well due to strong demand that enabled higher pricing across key products.<br>|
| GE Vernova<br>| Positive<br>| GE Vernova's products and services generate, transfer, orchestrate, convert, and store electricity. The company outperformed due to better-than-expected quarterly earnings results and strong order growth. Demand for power production and electrification equipment drove the strong results.<br>|
| UnitedHealth Group<br>| Negative<br>| UnitedHealth Group underperformed during the first half of 2025 after reporting weak first quarter business results that missed both revenue and earnings expectations. The company also experienced Medicare Advantage care trend activity above expectations, resulting in higher costs. The subsequent Chief Executive Officer turnover added to the uncertainty.<br>|
| Edwards Lifesciences | Negative | Edwards Lifesciences engages in patient-focused medical innovations for heart disease and critical care monitoring. The company reported disappointing second quarter 2024 business fundamentals despite already lowered expectations. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g99218chartimages_10328697.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Silvant Focused Growth Fund (Class C/PGWCX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | 16.63% | 18.19% | 15.83% |
| **FT Wilshire 5000 Index** | 15.21% | 16.16% | 13.18% |
| **Russell 1000<sup>®</sup> Growth Index** | 17.22% | 18.15% | 17.01% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1626635 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$6305 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Information Technology | 48% |
| Communication Services | 16% |
| Consumer Discretionary | 13% |
| Industrials | 10% |
| Health Care | 6% |
| Financials | 5% |
| Materials | 2% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8364 Virtus Silvant Focused Growth Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus Silvant Focused Growth Fund
Institutional Class / PGFIX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus Silvant Focused Growth Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Silvant Focused Growth Fund<br>Institutional Class / PGFIX | $73 | 0.67% |

---

Portfolio Manager Commentary by Silvant Capital Management LLC

* For the fiscal year ended June 30, 2025, the Fund's Institutional Class shares at NAV returned 17.84%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 15.21% and the Russell 1000<sup>®</sup> Growth Index, which serves as the style-specific index, returned 17.22%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 1000<sup>®</sup> Growth Index is a market capitalization-weighted index of growth-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund's investment process seeks to identify fundamental bottom-up key metrics that drive stock price performance. As those metrics change over time, investor expectations change, leading to positive or negative stock price reactions. For the 12-month period, the majority of the Fund's investment performance, both positive and negative, was driven by stock selection. The Fund had nine holdings across six major economic sectors that added relative outperformance, when compared with the Russell 1000<sup>®</sup> Growth Index. Stock selection within health care and information technology detracted from relative investment performance. The biggest contributors to relative investment performance for the 12-month period were Royal Caribbean, GE Vernova, Netflix, GE Aerospace, and Fair Isaac. The biggest detractors from relative performance during the period were Edwards Lifesciences, Broadcom, UnitedHealth, Applied Materials, and Eli Lilly. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Royal Caribbean<br>| Positive<br>| Royal Caribbean is a cruise company that owns and operates the Royal Caribbean International, Celebrity Cruises, and Silversea Cruises brands. The company continued to perform well due to strong demand that enabled higher pricing across key products.<br>|
| GE Vernova<br>| Positive<br>| GE Vernova's products and services generate, transfer, orchestrate, convert, and store electricity. The company outperformed due to better-than-expected quarterly earnings results and strong order growth. Demand for power production and electrification equipment drove the strong results.<br>|
| UnitedHealth Group<br>| Negative<br>| UnitedHealth Group underperformed during the first half of 2025 after reporting weak first quarter business results that missed both revenue and earnings expectations. The company also experienced Medicare Advantage care trend activity above expectations, resulting in higher costs. The subsequent Chief Executive Officer turnover added to the uncertainty.<br>|
| Edwards Lifesciences | Negative | Edwards Lifesciences engages in patient-focused medical innovations for heart disease and critical care monitoring. The company reported disappointing second quarter 2024 business fundamentals despite already lowered expectations. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Institutional Class shares. It assumes a $1,000,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](g99218chartimages_10328654.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Silvant Focused Growth Fund (Institutional Class/PGFIX) at NAV<sup>(1)</sup>** | 17.84% | 19.43% | 17.08% |
| **FT Wilshire 5000 Index** | 15.21% | 16.16% | 13.18% |
| **Russell 1000<sup>®</sup> Growth Index** | 17.22% | 18.15% | 17.01% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1626635 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$6305 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Information Technology | 48% |
| Communication Services | 16% |
| Consumer Discretionary | 13% |
| Industrials | 10% |
| Health Care | 6% |
| Financials | 5% |
| Materials | 2% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8365 Virtus Silvant Focused Growth Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus Silvant Focused Growth Fund
Class R6 / AFGFX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus Silvant Focused Growth Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Silvant Focused Growth Fund<br>Class R6 / AFGFX | $68 | 0.62% |

---

Portfolio Manager Commentary by Silvant Capital Management LLC

* For the fiscal year ended June 30, 2025, the Fund's Class R6 shares at NAV returned 17.92%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 15.21% and the Russell 1000<sup>®</sup> Growth Index, which serves as the style-specific index, returned 17.22%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 1000<sup>®</sup> Growth Index is a market capitalization-weighted index of growth-oriented stocks of the 1,000 largest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund's investment process seeks to identify fundamental bottom-up key metrics that drive stock price performance. As those metrics change over time, investor expectations change, leading to positive or negative stock price reactions. For the 12-month period, the majority of the Fund's investment performance, both positive and negative, was driven by stock selection. The Fund had nine holdings across six major economic sectors that added relative outperformance, when compared with the Russell 1000<sup>®</sup> Growth Index. Stock selection within health care and information technology detracted from relative investment performance. The biggest contributors to relative investment performance for the 12-month period were Royal Caribbean, GE Vernova, Netflix, GE Aerospace, and Fair Isaac. The biggest detractors from relative performance during the period were Edwards Lifesciences, Broadcom, UnitedHealth, Applied Materials, and Eli Lilly. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Royal Caribbean<br>| Positive<br>| Royal Caribbean is a cruise company that owns and operates the Royal Caribbean International, Celebrity Cruises, and Silversea Cruises brands. The company continued to perform well due to strong demand that enabled higher pricing across key products.<br>|
| GE Vernova<br>| Positive<br>| GE Vernova's products and services generate, transfer, orchestrate, convert, and store electricity. The company outperformed due to better-than-expected quarterly earnings results and strong order growth. Demand for power production and electrification equipment drove the strong results.<br>|
| UnitedHealth Group<br>| Negative<br>| UnitedHealth Group underperformed during the first half of 2025 after reporting weak first quarter business results that missed both revenue and earnings expectations. The company also experienced Medicare Advantage care trend activity above expectations, resulting in higher costs. The subsequent Chief Executive Officer turnover added to the uncertainty.<br>|
| Edwards Lifesciences | Negative | Edwards Lifesciences engages in patient-focused medical innovations for heart disease and critical care monitoring. The company reported disappointing second quarter 2024 business fundamentals despite already lowered expectations. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class R6 shares from inception (December 14, 2015). It assumes a $2,500,000 initial investment from inception, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g99218chartimages_10328740.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **5 Years** | **Since Inception** |
| **Virtus Silvant Focused Growth Fund (Class R6/AFGFX) at NAV<sup>(1)</sup>** | 17.92% | 19.49% | 17.79% |
| **FT Wilshire 5000 Index** | 15.21% | 16.16% | 14.11% |
| **Russell 1000<sup>®</sup> Growth Index** | 17.22% | 18.15% | 17.78% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1626635 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$6305 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Information Technology | 48% |
| Communication Services | 16% |
| Consumer Discretionary | 13% |
| Industrials | 10% |
| Health Care | 6% |
| Financials | 5% |
| Materials | 2% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8366 Virtus Silvant Focused Growth Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus Silvant Mid-Cap Growth Fund
Class A / RMDAX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus Silvant Mid-Cap Growth Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Silvant Mid-Cap Growth Fund<br>Class A / RMDAX | $113 | 0.99% |

---

Portfolio Manager Commentary by Silvant Capital Management LLC

* For the fiscal year ended June 30, 2025, the Fund's Class A shares at NAV returned 27.36%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 15.21% and the Russell Midcap<sup>®</sup> Growth Index, which serves as the style-specific index, returned 26.49%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell Midcap<sup>®</sup> Growth Index is a market capitalization-weighted index of medium-capitalization, growth-oriented stocks of U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund's investment process seeks to identify fundamental bottom-up key metrics that drive stock price performance. As those metrics change over time, investor expectations change, leading to positive or negative stock price reactions. The Fund demonstrated positive stock selection relative to the Russell Midcap<sup>®</sup> Growth Index in six major economic sectors. In addition, the Fund held approximately 36 stocks that gained more than 20% during the 12-month period. Stock selection within the industrials, financials, materials, and communication services sectors added the most in relative value. Stock selection within the health care and energy sectors detracted from relative performance. The biggest contributors to relative investment performance for the 12-month period were Spotify, Robinhood Markets, Royal Caribbean, Quanta Services, and Axon Enterprises. The biggest detractors from relative performance during the period were Trade Desk, Lam Research, Diamondback Energy, Entegris, and Roblox. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Spotify Technology<br>| Positive<br>| Spotify provides digital music services through Premium and Ad-Supported segments. The company reported first quarter 2025 financial results showing the strongest growth in Premium subscribers since 2020. Management highlighted the company's business resilience (high engagement and retention) and flexibility (freemium model) as reasons for their success.<br>|
| Robinhood Markets<br>| Positive<br>| Robinhood Markets is a financial services platform that provides retail brokerage and trading services, as well as cash management and debit card services. The company outperformed as equity options trading volumes touched all-time highs during the first quarter of 2025 and the crypto segment reported its second-largest quarter since 2021.<br>|
| Diamondback Energy<br>| Negative<br>| Diamondback Energy engages in the acquisition, development, exploration, and exploitation of oil and natural gas. The company underperformed as an oversupplied oil market resulted in weaker commodity prices through much of 2025. The company's management cut capital expenditures to focus on generating cash flow.<br>|
| Trade Desk | Negative | Trade Desk provides a self-service, cloud-based ad-buying platform. The company posted weaker results for the fourth quarter of 2024 and issued lower than expected guidance for the first quarter of 2025. The company struggled to execute a large-scale reorganization, including the rollout of a new media buying platform called Kokai. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g99218chartimages_10329514.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Silvant Mid-Cap Growth Fund (Class A/RMDAX) at NAV<sup>(1)</sup>** | 27.36% | 13.18% | 13.03% |
| **Virtus Silvant Mid-Cap Growth Fund (Class A/RMDAX) at POP<sup>(2),(3)</sup>** | 20.36% | 11.90% | 12.39% |
| **FT Wilshire 5000 Index** | 15.21% | 16.16% | 13.18% |
| **Russell Midcap<sup>®</sup> Growth Index** | 26.49% | 12.65% | 12.13% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$402076 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1636 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;43% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 25% |
| Information Technology | 20% |
| Consumer Discretionary | 16% |
| Financials | 12% |
| Health Care | 12% |
| Communication Services | 8% |
| Utilities | 4% |
| Other | 3% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8370 Virtus Silvant Mid-Cap Growth Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus Silvant Mid-Cap Growth Fund
Class C / RMDCX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus Silvant Mid-Cap Growth Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Silvant Mid-Cap Growth Fund<br>Class C / RMDCX | $201 | 1.78% |

---

Portfolio Manager Commentary by Silvant Capital Management LLC

* For the fiscal year ended June 30, 2025, the Fund's Class C shares at NAV returned 26.14%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 15.21% and the Russell Midcap<sup>®</sup> Growth Index, which serves as the style-specific index, returned 26.49%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell Midcap<sup>®</sup> Growth Index is a market capitalization-weighted index of medium-capitalization, growth-oriented stocks of U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund's investment process seeks to identify fundamental bottom-up key metrics that drive stock price performance. As those metrics change over time, investor expectations change, leading to positive or negative stock price reactions. The Fund demonstrated positive stock selection relative to the Russell Midcap<sup>®</sup> Growth Index in six major economic sectors. In addition, the Fund held approximately 36 stocks that gained more than 20% during the 12-month period. Stock selection within the industrials, financials, materials, and communication services sectors added the most in relative value. Stock selection within the health care and energy sectors detracted from relative performance. The biggest contributors to relative investment performance for the 12-month period were Spotify, Robinhood Markets, Royal Caribbean, Quanta Services, and Axon Enterprises. The biggest detractors from relative performance during the period were Trade Desk, Lam Research, Diamondback Energy, Entegris, and Roblox. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Spotify Technology<br>| Positive<br>| Spotify provides digital music services through Premium and Ad-Supported segments. The company reported first quarter 2025 financial results showing the strongest growth in Premium subscribers since 2020. Management highlighted the company's business resilience (high engagement and retention) and flexibility (freemium model) as reasons for their success.<br>|
| Robinhood Markets<br>| Positive<br>| Robinhood Markets is a financial services platform that provides retail brokerage and trading services, as well as cash management and debit card services. The company outperformed as equity options trading volumes touched all-time highs during the first quarter of 2025 and the crypto segment reported its second-largest quarter since 2021.<br>|
| Diamondback Energy<br>| Negative<br>| Diamondback Energy engages in the acquisition, development, exploration, and exploitation of oil and natural gas. The company underperformed as an oversupplied oil market resulted in weaker commodity prices through much of 2025. The company's management cut capital expenditures to focus on generating cash flow.<br>|
| Trade Desk | Negative | Trade Desk provides a self-service, cloud-based ad-buying platform. The company posted weaker results for the fourth quarter of 2024 and issued lower than expected guidance for the first quarter of 2025. The company struggled to execute a large-scale reorganization, including the rollout of a new media buying platform called Kokai. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g99218chartimages_10329600.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Silvant Mid-Cap Growth Fund (Class C/RMDCX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | 26.14% | 12.24% | 12.16% |
| **FT Wilshire 5000 Index** | 15.21% | 16.16% | 13.18% |
| **Russell Midcap<sup>®</sup> Growth Index** | 26.49% | 12.65% | 12.13% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$402076 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1636 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;43% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 25% |
| Information Technology | 20% |
| Consumer Discretionary | 16% |
| Financials | 12% |
| Health Care | 12% |
| Communication Services | 8% |
| Utilities | 4% |
| Other | 3% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8371 Virtus Silvant Mid-Cap Growth Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus Silvant Mid-Cap Growth Fund
Institutional Class / DRMCX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus Silvant Mid-Cap Growth Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Silvant Mid-Cap Growth Fund<br>Institutional Class / DRMCX | $86 | 0.76% |

---

Portfolio Manager Commentary by Silvant Capital Management LLC

* For the fiscal year ended June 30, 2025, the Fund's Institutional Class shares at NAV returned 27.53%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 15.21% and the Russell Midcap<sup>®</sup> Growth Index, which serves as the style-specific index, returned 26.49%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell Midcap<sup>®</sup> Growth Index is a market capitalization-weighted index of medium-capitalization, growth-oriented stocks of U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund's investment process seeks to identify fundamental bottom-up key metrics that drive stock price performance. As those metrics change over time, investor expectations change, leading to positive or negative stock price reactions. The Fund demonstrated positive stock selection relative to the Russell Midcap<sup>®</sup> Growth Index in six major economic sectors. In addition, the Fund held approximately 36 stocks that gained more than 20% during the 12-month period. Stock selection within the industrials, financials, materials, and communication services sectors added the most in relative value. Stock selection within the health care and energy sectors detracted from relative performance. The biggest contributors to relative investment performance for the 12-month period were Spotify, Robinhood Markets, Royal Caribbean, Quanta Services, and Axon Enterprises. The biggest detractors from relative performance during the period were Trade Desk, Lam Research, Diamondback Energy, Entegris, and Roblox. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Spotify Technology<br>| Positive<br>| Spotify provides digital music services through Premium and Ad-Supported segments. The company reported first quarter 2025 financial results showing the strongest growth in Premium subscribers since 2020. Management highlighted the company's business resilience (high engagement and retention) and flexibility (freemium model) as reasons for their success.<br>|
| Robinhood Markets<br>| Positive<br>| Robinhood Markets is a financial services platform that provides retail brokerage and trading services, as well as cash management and debit card services. The company outperformed as equity options trading volumes touched all-time highs during the first quarter of 2025 and the crypto segment reported its second-largest quarter since 2021.<br>|
| Diamondback Energy<br>| Negative<br>| Diamondback Energy engages in the acquisition, development, exploration, and exploitation of oil and natural gas. The company underperformed as an oversupplied oil market resulted in weaker commodity prices through much of 2025. The company's management cut capital expenditures to focus on generating cash flow.<br>|
| Trade Desk | Negative | Trade Desk provides a self-service, cloud-based ad-buying platform. The company posted weaker results for the fourth quarter of 2024 and issued lower than expected guidance for the first quarter of 2025. The company struggled to execute a large-scale reorganization, including the rollout of a new media buying platform called Kokai. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Institutional Class shares. It assumes a $1,000,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](g99218chartimages_10329557.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Silvant Mid-Cap Growth Fund (Institutional Class/DRMCX) at NAV<sup>(1)</sup>** | 27.53% | 13.43% | 13.36% |
| **FT Wilshire 5000 Index** | 15.21% | 16.16% | 13.18% |
| **Russell Midcap<sup>®</sup> Growth Index** | 26.49% | 12.65% | 12.13% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$402076 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1636 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;43% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 25% |
| Information Technology | 20% |
| Consumer Discretionary | 16% |
| Financials | 12% |
| Health Care | 12% |
| Communication Services | 8% |
| Utilities | 4% |
| Other | 3% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8372 Virtus Silvant Mid-Cap Growth Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus Silvant Mid-Cap Growth Fund
Class R6 / RMDZX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus Silvant Mid-Cap Growth Fund ("Fund") for the period of June 18, 2025 (inception) to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Silvant Mid-Cap Growth Fund<br>Class R6 / RMDZX | $2 | 0.67% |

---

Portfolio Manager Commentary by Silvant Capital Management LLC

* For the period June 18, 2025 (inception) to June 30, 2025, the Fund's Class R6 shares at NAV returned 3.81%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 3.71% and the Russell Midcap<sup>®</sup> Growth Index, which serves as the style-specific index, returned 2.96%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell Midcap<sup>®</sup> Growth Index is a market capitalization-weighted index of medium-capitalization, growth-oriented stocks of U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund's investment process seeks to identify fundamental bottom-up key metrics that drive stock price performance. As those metrics change over time, investor expectations change, leading to positive or negative stock price reactions. The Fund demonstrated positive stock selection relative to the Russell Midcap<sup>®</sup> Growth Index in six major economic sectors. In addition, the Fund held approximately 36 stocks that gained more than 20% during the 12-month period. Stock selection within the industrials, financials, materials, and communication services sectors added the most in relative value. Stock selection within the health care and energy sectors detracted from relative performance. The biggest contributors to relative investment performance for the 12-month period were Spotify, Robinhood Markets, Royal Caribbean, Quanta Services, and Axon Enterprises. The biggest detractors from relative performance during the period were Trade Desk, Lam Research, Diamondback Energy, Entegris, and Roblox. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Spotify Technology<br>| Positive<br>| Spotify provides digital music services through Premium and Ad-Supported segments. The company reported first quarter 2025 financial results showing the strongest growth in Premium subscribers since 2020. Management highlighted the company's business resilience (high engagement and retention) and flexibility (freemium model) as reasons for their success.<br>|
| Robinhood Markets<br>| Positive<br>| Robinhood Markets is a financial services platform that provides retail brokerage and trading services, as well as cash management and debit card services. The company outperformed as equity options trading volumes touched all-time highs during the first quarter of 2025 and the crypto segment reported its second-largest quarter since 2021.<br>|
| Diamondback Energy<br>| Negative<br>| Diamondback Energy engages in the acquisition, development, exploration, and exploitation of oil and natural gas. The company underperformed as an oversupplied oil market resulted in weaker commodity prices through much of 2025. The company's management cut capital expenditures to focus on generating cash flow.<br>|
| Trade Desk | Negative | Trade Desk provides a self-service, cloud-based ad-buying platform. The company posted weaker results for the fourth quarter of 2024 and issued lower than expected guidance for the first quarter of 2025. The company struggled to execute a large-scale reorganization, including the rollout of a new media buying platform called Kokai. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values of Class R6 shares from June 18, 2025 (Inception) to June 30, 2025. It assumes a $2,500,000 initial investment from inception, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g99218chartimages_10372153.jpg)

---

| | |
|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for period ended 6/30/25** | **Since Inception** |
| **Virtus Silvant Mid-Cap Growth Fund (Class R6/RMDZX) at NAV<sup>(1)</sup>** | 3.81% |
| **FT Wilshire 5000 Index** | 3.71% |
| **Russell Midcap<sup>®</sup> Growth Index** | 2.96% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$402076 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1636 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;43% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 25% |
| Information Technology | 20% |
| Consumer Discretionary | 16% |
| Financials | 12% |
| Health Care | 12% |
| Communication Services | 8% |
| Utilities | 4% |
| Other | 3% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8661 Virtus Silvant Mid-Cap Growth Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus Small-Cap Fund
Class A / AZBAX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus Small-Cap Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Small-Cap Fund<br>Class A / AZBAX | $123 | 1.17% |

---

Portfolio Manager Commentary

* For the fiscal year ended June 30, 2025, the Fund's Class A shares at NAV returned 10.20%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 15.21% and the Russell 2000<sup>®</sup> Index, which serves as the style-specific index, returned 7.68%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 2000<sup>®</sup> Index is a market capitalization-weighted index of the 2,000 smallest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Positive stock selection in health care and industrials contributed the most toward the Fund's performance relative to the Russell 2000<sup>®</sup> Index during the 12-month period. Stock selection in financials was the biggest detractor. The biggest individual contributors to performance during the 12-month period were Cerence, Adma Biologics, Comfort Systems, SSR Mining, and Primoris Services. The biggest detractors from performance during the period were Genesco, Rocket Lab, Bausch Health, Carpenter Technology, and Sprouts Farmers. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Strong labor market<br>| Positive<br>| The labor market continued to show resilience and consumption continued to grow during the reporting period. This provided support to consumer discretionary stocks.<br>|
| Artificial intelligence (AI) growth<br>| Positive<br>| A series of smaller software and financial technology (fintech) companies benefited from the ongoing growth in AI.<br>|
| Higher interest rates<br>| Negative<br>| Small-capitalization stocks are disproportionately affected by high interest rates. Many rely on floating-rate debt, which makes them vulnerable in high interest rate environments such as that experienced during the fiscal year.<br>|
| Trade policy and tariffs | Negative | Trade policy caused significant volatility in the equity markets, which typically causes unease among investors toward smaller-cap stocks. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g99218chartimages_10329815.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Small-Cap Fund (Class A/AZBAX) at NAV<sup>(1)</sup>** | 10.20% | 11.73% | 7.99% |
| **Virtus Small-Cap Fund (Class A/AZBAX) at POP<sup>(2),(3)</sup>** | 4.14% | 10.47% | 7.38% |
| **FT Wilshire 5000 Index** | 15.21% | 16.16% | 13.18% |
| **Russell 2000<sup>®</sup> Index** | 7.68% | 10.04% | 7.12% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$93828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$494 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;95% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Software | 9% |
| Biotechnology | 8% |
| Semiconductors & Semiconductor Equipment | 6% |
| Construction & Engineering | 6% |
| Aerospace & Defense | 5% |
| Pharmaceuticals | 5% |
| Diversified Consumer Services | 5% |
| Banks | 4% |
| Financial Services | 4% |
| Insurance | 4% |
| Other (includes short-term investment) | 44% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8373 Virtus Small-Cap Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus Small-Cap Fund
Class C / AZBCX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus Small-Cap Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Small-Cap Fund<br>Class C / AZBCX | $201 | 1.92% |

---

Portfolio Manager Commentary

* For the fiscal year ended June 30, 2025, the Fund's Class C shares at NAV returned 9.39%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 15.21% and the Russell 2000<sup>®</sup> Index, which serves as the style-specific index, returned 7.68%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 2000<sup>®</sup> Index is a market capitalization-weighted index of the 2,000 smallest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Positive stock selection in health care and industrials contributed the most toward the Fund's performance relative to the Russell 2000<sup>®</sup> Index during the 12-month period. Stock selection in financials was the biggest detractor. The biggest individual contributors to performance during the 12-month period were Cerence, Adma Biologics, Comfort Systems, SSR Mining, and Primoris Services. The biggest detractors from performance during the period were Genesco, Rocket Lab, Bausch Health, Carpenter Technology, and Sprouts Farmers. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Strong labor market<br>| Positive<br>| The labor market continued to show resilience and consumption continued to grow during the reporting period. This provided support to consumer discretionary stocks.<br>|
| Artificial intelligence (AI) growth<br>| Positive<br>| A series of smaller software and financial technology (fintech) companies benefited from the ongoing growth in AI.<br>|
| Higher interest rates<br>| Negative<br>| Small-capitalization stocks are disproportionately affected by high interest rates. Many rely on floating-rate debt, which makes them vulnerable in high interest rate environments such as that experienced during the fiscal year.<br>|
| Trade policy and tariffs | Negative | Trade policy caused significant volatility in the equity markets, which typically causes unease among investors toward smaller-cap stocks. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g99218chartimages_10329944.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Small-Cap Fund (Class C/AZBCX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | 9.39% | 10.89% | 7.18% |
| **FT Wilshire 5000 Index** | 15.21% | 16.16% | 13.18% |
| **Russell 2000<sup>®</sup> Index** | 7.68% | 10.04% | 7.12% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$93828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$494 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;95% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Software | 9% |
| Biotechnology | 8% |
| Semiconductors & Semiconductor Equipment | 6% |
| Construction & Engineering | 6% |
| Aerospace & Defense | 5% |
| Pharmaceuticals | 5% |
| Diversified Consumer Services | 5% |
| Banks | 4% |
| Financial Services | 4% |
| Insurance | 4% |
| Other (includes short-term investment) | 44% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8374 Virtus Small-Cap Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus Small-Cap Fund
Institutional Class / AZBIX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus Small-Cap Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Small-Cap Fund<br>Institutional Class / AZBIX | $86 | 0.82% |

---

Portfolio Manager Commentary

* For the fiscal year ended June 30, 2025, the Fund's Institutional Class shares at NAV returned 10.63%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 15.21% and the Russell 2000<sup>®</sup> Index, which serves as the style-specific index, returned 7.68%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 2000<sup>®</sup> Index is a market capitalization-weighted index of the 2,000 smallest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Positive stock selection in health care and industrials contributed the most toward the Fund's performance relative to the Russell 2000<sup>®</sup> Index during the 12-month period. Stock selection in financials was the biggest detractor. The biggest individual contributors to performance during the 12-month period were Cerence, Adma Biologics, Comfort Systems, SSR Mining, and Primoris Services. The biggest detractors from performance during the period were Genesco, Rocket Lab, Bausch Health, Carpenter Technology, and Sprouts Farmers. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Strong labor market<br>| Positive<br>| The labor market continued to show resilience and consumption continued to grow during the reporting period. This provided support to consumer discretionary stocks.<br>|
| Artificial intelligence (AI) growth<br>| Positive<br>| A series of smaller software and financial technology (fintech) companies benefited from the ongoing growth in AI.<br>|
| Higher interest rates<br>| Negative<br>| Small-capitalization stocks are disproportionately affected by high interest rates. Many rely on floating-rate debt, which makes them vulnerable in high interest rate environments such as that experienced during the fiscal year.<br>|
| Trade policy and tariffs | Negative | Trade policy caused significant volatility in the equity markets, which typically causes unease among investors toward smaller-cap stocks. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Institutional Class shares. It assumes a $1,000,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](g99218chartimages_10329858.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Small-Cap Fund (Institutional Class/AZBIX) at NAV<sup>(1)</sup>** | 10.63% | 12.12% | 8.37% |
| **FT Wilshire 5000 Index** | 15.21% | 16.16% | 13.18% |
| **Russell 2000<sup>®</sup> Index** | 7.68% | 10.04% | 7.12% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$93828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$494 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;95% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Software | 9% |
| Biotechnology | 8% |
| Semiconductors & Semiconductor Equipment | 6% |
| Construction & Engineering | 6% |
| Aerospace & Defense | 5% |
| Pharmaceuticals | 5% |
| Diversified Consumer Services | 5% |
| Banks | 4% |
| Financial Services | 4% |
| Insurance | 4% |
| Other (includes short-term investment) | 44% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8375 Virtus Small-Cap Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus Small-Cap Fund
Class R6 / ASCFX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus Small-Cap Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Small-Cap Fund<br>Class R6 / ASCFX | $81 | 0.77% |

---

Portfolio Manager Commentary

* For the fiscal year ended June 30, 2025, the Fund's Class R6 shares at NAV returned 10.66%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 15.21% and the Russell 2000<sup>®</sup> Index, which serves as the style-specific index, returned 7.68%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Russell 2000<sup>®</sup> Index is a market capitalization-weighted index of the 2,000 smallest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Positive stock selection in health care and industrials contributed the most toward the Fund's performance relative to the Russell 2000<sup>®</sup> Index during the 12-month period. Stock selection in financials was the biggest detractor. The biggest individual contributors to performance during the 12-month period were Cerence, Adma Biologics, Comfort Systems, SSR Mining, and Primoris Services. The biggest detractors from performance during the period were Genesco, Rocket Lab, Bausch Health, Carpenter Technology, and Sprouts Farmers. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Strong labor market<br>| Positive<br>| The labor market continued to show resilience and consumption continued to grow during the reporting period. This provided support to consumer discretionary stocks.<br>|
| Artificial intelligence (AI) growth<br>| Positive<br>| A series of smaller software and financial technology (fintech) companies benefited from the ongoing growth in AI.<br>|
| Higher interest rates<br>| Negative<br>| Small-capitalization stocks are disproportionately affected by high interest rates. Many rely on floating-rate debt, which makes them vulnerable in high interest rate environments such as that experienced during the fiscal year.<br>|
| Trade policy and tariffs | Negative | Trade policy caused significant volatility in the equity markets, which typically causes unease among investors toward smaller-cap stocks. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class R6 shares from inception (August 22, 2018). It assumes a $2,500,000 initial investment from inception, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g99218chartimages_10329901.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **5 Years** | **Since Inception** |
| **Virtus Small-Cap Fund (Class R6/ASCFX) at NAV<sup>(1)</sup>** | 10.66% | 12.16% | 6.28% |
| **FT Wilshire 5000 Index** | 15.21% | 16.16% | 13.13% |
| **Russell 2000<sup>®</sup> Index** | 7.68% | 10.04% | 4.89% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$93828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$494 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;95% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Software | 9% |
| Biotechnology | 8% |
| Semiconductors & Semiconductor Equipment | 6% |
| Construction & Engineering | 6% |
| Aerospace & Defense | 5% |
| Pharmaceuticals | 5% |
| Diversified Consumer Services | 5% |
| Banks | 4% |
| Financial Services | 4% |
| Insurance | 4% |
| Other (includes short-term investment) | 44% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8376 Virtus Small-Cap Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus Zevenbergen Technology Fund
Class A / RAGTX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus Zevenbergen Technology Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Zevenbergen Technology Fund<br>Class A / RAGTX | $157 | 1.43% |

---

Portfolio Manager Commentary by Zevenbergen Capital Investments LLC

* For the fiscal year ended June 30, 2025, the Fund's Class A shares at NAV returned 19.08%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 15.21% and the S&P North American Technology Sector Index and the Nasdaq Composite<sup>®</sup> Index, each a style-specific index, returned 17.90% and 15.68%, respectively. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The S&P North American Technology Sector Index is a modified capitalization-weighted index of selected technology and internet-related stocks. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Nasdaq Composite<sup>®</sup> Index is a market capitalization-weighted index of all common stocks listed on the Nasdaq Stock Market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Overall sector allocation and overweights to the aerospace & defense, financials, and consumer discretionary sectors, as well as positive security selection within the interactive media sector, contributed to performance relative to the Fund's style-specific benchmark, the S&P North American Technology Index, during the fiscal year. Security selection within the internet services & infrastructure, application software, and advertising sectors detracted from performance. The biggest individual contributors to performance during the 12-month period were Meta Platforms, Broadcom, Axon Enterprise, NVIDIA, and Shopify. The biggest detractors from performance during the period were Alphabet, Apple, ASML Holding, Advanced Micro Devices, and Trade Desk. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Artificial intelligence (AI) advancements and company capital expenditures<br>| Positive<br>| The AI wave continued to benefit technology hardware companies as AI building-block companies worked to provide the required infrastructure. Technology companies were projected to spend billions on AI-related equipment and software, while corporate capital investment broadened out to sectors such as industrials and utilities.<br>|
| Strong labor market and consumer spending<br>| Positive<br>| With strong employment rates continuing post-pandemic, consumer discretionary stocks, specifically e-commerce, food, and retailers that delivered value to the consumer, reaped the benefits of strong consumer spending.<br>|
| U.S. economic policy uncertainty<br>| Negative<br>| U.S. economic policy uncertainty hit a new high, eclipsing levels seen during the COVID-19 pandemic and leading to slower U.S. loan origination and merger & acquisition (M&A) activity. The uncertainty was attributable to several factors including geopolitics, reduced government spending, and tariff announcements.<br>|
| High level of real interest rates | Negative | Higher interest rates relative to inflation and economic growth adversely affected high-growth, long-term companies, especially those which are not yet cash flow positive. The impact on small-capitalization stocks, which often depend on short-term loans to fund growth, was more substantial than on large-capitalization stocks. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g99218chartimages_10330159.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Zevenbergen Technology Fund (Class A/RAGTX) at NAV<sup>(1)</sup>** | 19.08% | 16.49% | 18.71% |
| **Virtus Zevenbergen Technology Fund (Class A/RAGTX) at POP<sup>(2),(3)</sup>** | 12.53% | 15.18% | 18.04% |
| **FT Wilshire 5000 Index** | 15.21% | 16.16% | 13.18% |
| **S&P North American Technology Index** | 17.90% | 19.75% | 21.50% |
| **Nasdaq Composite<sup>®</sup> Index** | 15.68% | 16.03% | 16.20% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1533555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$13221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;2% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 26% |
| Software | 23% |
| Interactive Media & Services | 17% |
| Technology Hardware, Storage & Peripherals | 7% |
| Broadline Retail | 6% |
| IT Services | 4% |
| Aerospace & Defense | 4% |
| Automobiles | 3% |
| Communications Equipment | 2% |
| Media | 2% |
| Other | 6% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8449 Virtus Zevenbergen Technology Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus Zevenbergen Technology Fund
Class C / RCGTX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus Zevenbergen Technology Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Zevenbergen Technology Fund<br>Class C / RCGTX | $237 | 2.17% |

---

Portfolio Manager Commentary by Zevenbergen Capital Investments LLC

* For the fiscal year ended June 30, 2025, the Fund's Class C shares at NAV returned 18.21%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 15.21% and the S&P North American Technology Sector Index and the Nasdaq Composite<sup>®</sup> Index, each a style-specific index, returned 17.90% and 15.68%, respectively. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The S&P North American Technology Sector Index is a modified capitalization-weighted index of selected technology and internet-related stocks. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Nasdaq Composite<sup>®</sup> Index is a market capitalization-weighted index of all common stocks listed on the Nasdaq Stock Market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Overall sector allocation and overweights to the aerospace & defense, financials, and consumer discretionary sectors, as well as positive security selection within the interactive media sector, contributed to performance relative to the Fund's style-specific benchmark, the S&P North American Technology Index, during the fiscal year. Security selection within the internet services & infrastructure, application software, and advertising sectors detracted from performance. The biggest individual contributors to performance during the 12-month period were Meta Platforms, Broadcom, Axon Enterprise, NVIDIA, and Shopify. The biggest detractors from performance during the period were Alphabet, Apple, ASML Holding, Advanced Micro Devices, and Trade Desk. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Artificial intelligence (AI) advancements and company capital expenditures<br>| Positive<br>| The AI wave continued to benefit technology hardware companies as AI building-block companies worked to provide the required infrastructure. Technology companies were projected to spend billions on AI-related equipment and software, while corporate capital investment broadened out to sectors such as industrials and utilities.<br>|
| Strong labor market and consumer spending<br>| Positive<br>| With strong employment rates continuing post-pandemic, consumer discretionary stocks, specifically e-commerce, food, and retailers that delivered value to the consumer, reaped the benefits of strong consumer spending.<br>|
| U.S. economic policy uncertainty<br>| Negative<br>| U.S. economic policy uncertainty hit a new high, eclipsing levels seen during the COVID-19 pandemic and leading to slower U.S. loan origination and merger & acquisition (M&A) activity. The uncertainty was attributable to several factors including geopolitics, reduced government spending, and tariff announcements.<br>|
| High level of real interest rates | Negative | Higher interest rates relative to inflation and economic growth adversely affected high-growth, long-term companies, especially those which are not yet cash flow positive. The impact on small-capitalization stocks, which often depend on short-term loans to fund growth, was more substantial than on large-capitalization stocks. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g99218chartimages_10330245.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Zevenbergen Technology Fund (Class C/RCGTX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | 18.21% | 15.62% | 17.83% |
| **FT Wilshire 5000 Index** | 15.21% | 16.16% | 13.18% |
| **S&P North American Technology Index** | 17.90% | 19.75% | 21.50% |
| **Nasdaq Composite<sup>®</sup> Index** | 15.68% | 16.03% | 16.20% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1533555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$13221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;2% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 26% |
| Software | 23% |
| Interactive Media & Services | 17% |
| Technology Hardware, Storage & Peripherals | 7% |
| Broadline Retail | 6% |
| IT Services | 4% |
| Aerospace & Defense | 4% |
| Automobiles | 3% |
| Communications Equipment | 2% |
| Media | 2% |
| Other | 6% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8450 Virtus Zevenbergen Technology Fund

![Virtus_FC_Logo](g99218images_28441.jpg)

## Virtus Zevenbergen Technology Fund
Institutional Class / DRGTX

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Virtus Zevenbergen Technology Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Zevenbergen Technology Fund<br>Institutional Class / DRGTX | $127 | 1.16% |

---

Portfolio Manager Commentary by Zevenbergen Capital Investments LLC

* For the fiscal year ended June 30, 2025, the Fund's Institutional Class shares at NAV returned 19.42%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 15.21% and the S&P North American Technology Sector Index and the Nasdaq Composite<sup>®</sup> Index, each a style-specific index, returned 17.90% and 15.68%, respectively. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The S&P North American Technology Sector Index is a modified capitalization-weighted index of selected technology and internet-related stocks. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The Nasdaq Composite<sup>®</sup> Index is a market capitalization-weighted index of all common stocks listed on the Nasdaq Stock Market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Overall sector allocation and overweights to the aerospace & defense, financials, and consumer discretionary sectors, as well as positive security selection within the interactive media sector, contributed to performance relative to the Fund's style-specific benchmark, the S&P North American Technology Index, during the fiscal year. Security selection within the internet services & infrastructure, application software, and advertising sectors detracted from performance. The biggest individual contributors to performance during the 12-month period were Meta Platforms, Broadcom, Axon Enterprise, NVIDIA, and Shopify. The biggest detractors from performance during the period were Alphabet, Apple, ASML Holding, Advanced Micro Devices, and Trade Desk. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Artificial intelligence (AI) advancements and company capital expenditures<br>| Positive<br>| The AI wave continued to benefit technology hardware companies as AI building-block companies worked to provide the required infrastructure. Technology companies were projected to spend billions on AI-related equipment and software, while corporate capital investment broadened out to sectors such as industrials and utilities.<br>|
| Strong labor market and consumer spending<br>| Positive<br>| With strong employment rates continuing post-pandemic, consumer discretionary stocks, specifically e-commerce, food, and retailers that delivered value to the consumer, reaped the benefits of strong consumer spending.<br>|
| U.S. economic policy uncertainty<br>| Negative<br>| U.S. economic policy uncertainty hit a new high, eclipsing levels seen during the COVID-19 pandemic and leading to slower U.S. loan origination and merger & acquisition (M&A) activity. The uncertainty was attributable to several factors including geopolitics, reduced government spending, and tariff announcements.<br>|
| High level of real interest rates | Negative | Higher interest rates relative to inflation and economic growth adversely affected high-growth, long-term companies, especially those which are not yet cash flow positive. The impact on small-capitalization stocks, which often depend on short-term loans to fund growth, was more substantial than on large-capitalization stocks. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Institutional Class shares. It assumes a $1,000,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](g99218chartimages_10330202.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 6/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Zevenbergen Technology Fund (Institutional Class/DRGTX) at NAV<sup>(1)</sup>** | 19.42% | 16.81% | 19.09% |
| **FT Wilshire 5000 Index** | 15.21% | 16.16% | 13.18% |
| **S&P North American Technology Index** | 17.90% | 19.75% | 21.50% |
| **Nasdaq Composite<sup>®</sup> Index** | 15.68% | 16.03% | 16.20% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1533555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$13221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;2% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 26% |
| Software | 23% |
| Interactive Media & Services | 17% |
| Technology Hardware, Storage & Peripherals | 7% |
| Broadline Retail | 6% |
| IT Services | 4% |
| Aerospace & Defense | 4% |
| Automobiles | 3% |
| Communications Equipment | 2% |
| Media | 2% |
| Other | 6% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of June 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g99218images_28597.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8451 Virtus Zevenbergen Technology Fund

------

**Item 2.** **Code of Ethics.** <br>

(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(c) There have been no amendments during the period covered by this report, to a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics described in Item 2(b) of the instructions for completion of Form N-CSR. A copy of the currently applicable code is included as an exhibit.

(d) The registrant has not granted any waivers, during the period covered by this report, including an implicit waiver, from a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this Item.

(e) Not applicable.

(f) A copy of the Code of Ethics is filed as an Exhibit.

**Item 3.** **Audit Committee Financial Expert.** <br>

(a)(1) The Registrant's Board of Trustees has determined that the Registrant has an "audit committee financial expert" serving on its Audit Committee.

---

| | |
|:---|:---|
| (a)(2) | The Registrant's Board of Trustees has determined that each of Donald C. Burke and Brian T. Zino possesses the technical attributes identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as an "audit committee financial expert." Each such individual is an "independent" trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.  |

---

(a)(3) Not applicable.

**Item 4.** **Principal Accountant Fees and Services.** <br>

<u>Audit Fees</u> 

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $319,370 for 2025 and $315,732 for 2024.

------

<u>Audit-Related Fees</u> 

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $2,780 for 2025 and $2,500 for 2024.

<u>Tax Fees</u> 

(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $43,312 for 2025 and $43,164 for 2024.

"Tax Fees" are those primarily associated with review of the Trust's tax provision and qualification as a regulated investment company (RIC) in connection with audits of the Trust's financial statement, review of year-end distributions by the Fund to avoid excise tax for the Trust, periodic discussion with management on tax issues affecting the Trust, and reviewing and signing the Fund's federal income tax returns.

<u>All Other Fees</u> 

(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2025 and $0 for 2024.

(e)(1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

The Board of Trustees of Virtus Investment Trust (the "Fund") has adopted policies and procedures with regard to the pre-approval of services provided by its independent auditors. Audit, audit-related and tax compliance services provided to the Fund on an annual basis require specific pre-approval by the Audit Committee. The Audit Committee must also approve other non-audit services provided to the Fund and those non-audit services provided to the Fund's Affiliated Service Providers that relate directly to the operations and financial reporting of the Fund. Certain of these non-audit services that the Audit Committee believes are a) consistent with the SEC's auditor independence rules and b) routine and recurring services that will not impair the independence of the independent auditors may be approved by the Audit Committee without consideration on a specific case-by-case basis ("general pre-approval").

The Audit Committee has determined that the Chair of the Audit Committee may provide pre-approval for such services that meet the above requirements in the event such approval is sought between regularly scheduled meetings. In any event, the Audit Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person Audit Committee meeting.

---

| | |
|:---|:---|
| (e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:  |

---

(b) 0%

(c) 0%

(d) N/A

(f) The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was less than fifty percent.

------

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $46,092 for 2025 and $45,564 for 2024.

(h) The registrant's audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(i) Not applicable.

**Item 5.** **Audit Committee of Listed Registrants.** <br>

Disclosure not required for open-end management investment companies.

**Item 6.** **Investments.** <br>

(a) Refer to Item 7(a).

(b) Not applicable.

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.** <br>

(a) and (b): The registrant's (annual) financial statements and financial highlights are as follows:

------

ANNUAL FINANCIALS (FORM N-CSR Item 7-11)

## VIRTUS INVESTMENT TRUST
![](g99218img598b61f81.gif)

------

June 30, 2025

---

| |
|:---|
| Virtus Emerging Markets Opportunities Fund |
| Virtus Income & Growth Fund |
| Virtus KAR Global Small-Cap Fund |
| Virtus KAR Health Sciences Fund |
| Virtus NFJ Dividend Value Fund |
| Virtus NFJ International Value Fund |
| Virtus NFJ Large-Cap Value Fund |
| Virtus NFJ Mid-Cap Value Fund |
| Virtus NFJ Small-Cap Value Fund |
| Virtus Silvant Focused Growth Fund |
| Virtus Silvant Mid-Cap Growth Fund |
| Virtus Small-Cap Fund |
| Virtus Zevenbergen Technology Fund |

---

------

Not FDIC Insured • No Bank Guarantee • May Lose Value

------

#### **Table of Contents**

---

| | |
|:---|:---|
| [Key Investment Terms](#xx_7dda5aa4-fee0-42a3-8605-12b92ba822ac_1) | 1 |
| **Fund** | **Schedule<br> of<br> Investments** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus Emerging Markets Opportunities Fund ("Emerging Markets Opportunities Fund")](#xx_3f1c5a07-3e31-4670-b616-9ddd0f606540_1) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus Income & Growth Fund ("Income & Growth Fund")](#xx_c55f8188-31d2-4d01-a9b1-ac0b5c3905a8_1) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus KAR Global Small-Cap Fund ("KAR Global Small-Cap Fund")](#xx_cb8a85a3-47c8-4e64-8900-e742c51208a1_1) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus KAR Health Sciences Fund ("KAR Health Sciences Fund")](#xx_3eaeaa64-1701-4868-84bb-87245cc69d56_1) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus NFJ Dividend Value Fund ("NFJ Dividend Value Fund")](#xx_73e4eddd-ef18-4b5a-a4eb-a09a3e0de4df_1) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus NFJ International Value Fund ("NFJ International Value Fund")](#xx_3ce87fd6-4d8c-4b64-8b91-1b9c4d20749a_1) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus NFJ Large-Cap Value Fund ("NFJ Large-Cap Value Fund")](#xx_ee1c106a-6934-4ecc-8739-1aedc2484930_1) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus NFJ Mid-Cap Value Fund ("NFJ Mid-Cap Value Fund")](#xx_638a02bf-659f-4db9-bb93-d21bdefa73df_1) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus NFJ Small-Cap Value Fund ("NFJ Small-Cap Value Fund")](#xx_764cf5c7-0df9-43c0-81a7-0087f904dcfd_1) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus Silvant Focused Growth Fund ("Silvant Focused Growth Fund")](#xx_8cceca8c-ee97-46b4-9b49-4cf80b5bac17_1) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus Silvant Mid-Cap Growth Fund ("Silvant Mid-Cap Growth Fund")](#xx_a5b6e0b7-a6fa-4f5f-b37f-4379911aac53_1) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus Small-Cap Fund ("Small-Cap Fund")](#xx_c01af82f-cc71-4139-a504-fad16187ada8_1) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus Zevenbergen Technology Fund ("Zevenbergen Technology Fund")](#xx_c37c5327-00a8-447b-8fa2-833d69f93017_1) | 33 |
| [Statements of Assets and Liabilities](#xx_5a69f634-2ce9-4578-be4f-adcec0b657de_1) | 34 |
| [Statements of Operations](#xx_6fe319a1-0af5-4b3f-bcf3-8e2349f2189c_1) | 41 |
| [Statements of Changes in Net Assets](#xx_d611df4b-1a49-47d8-8d3d-49fa75d00af1_1) | 44 |
| [Financial Highlights](#xx_c73a436a-b66b-42b7-85f8-38ab26e581bd_1) | 49 |
| [Notes to Financial Statements](#xx_b9276b6f-4cfd-4b6b-ba96-703ccdf7bc56_1) | 58 |
| [Report of Independent Registered Public Accounting Firm](#xx_0cc10732-50d8-4ace-839e-63d1e59f30f2_1) | 79 |
| [Other Information](#xx_6980c36d-5474-4e2a-a4c6-c0e33b2ba1f0_1) | 80 |
| [Tax Information Notice](#xx_7f0ffa26-8081-4ec2-94e2-209cb0bca12e_1) | 81 |

---

#### Proxy Voting Procedures and Voting Record (Form N-PX)
The subadvisers vote proxies, if any, relating to portfolio securities in accordance with procedures that have been approved by the Board of Trustees of the Trust ("Trustees", or the "Board"). You may obtain a description of these procedures, along with information regarding how the Funds voted proxies during the most recent 12-month period ended June 30, free of charge, by calling toll-free 1-800-243-1574. This information is also available through the Securities and Exchange Commission's (the "SEC") website at <u>https://www.sec.gov</u>.

#### PORTFOLIO HOLDINGS INFORMATION
The Trust files a complete schedule of portfolio holdings for each Fund with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT-P. Form N-PORT-P is available on the SEC's website at <u>https://www.sec.gov.</u>

This report is not authorized for distribution to prospective investors in the Funds presented in this book unless preceded or accompanied by an effective prospectus which includes information concerning the sales charge, each Fund's record and other pertinent information.

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### VIRTUS INVESTMENT TRUST

#### KEY INVESTMENT TERMS (Unaudited)

#### June 30, 2025

#### American Depositary Receipt ("ADR")
Represents shares of foreign companies traded in U.S. dollars on U.S. exchanges that are held by a U.S. bank or a trust. Foreign companies use ADRs in order to make it easier for Americans to buy their shares.

#### Designated Activity Company ("DAC")
A flexible legal structure chosen for specialized financial activities in Ireland. A DAC is incorporated as a private company with limited liability.

#### Exchange-Traded Fund ("ETF")
An open-end fund that is traded on a stock exchange. Most ETFs have a portfolio of stocks or bonds that track a specific market index.

#### Federal Reserve ("Fed")
The central bank of the United States, responsible for controlling the money supply, interest rates and credit with the goal of keeping the U.S. economy and currency stable. Governed by a seven-member board, the system includes 12 regional Federal Reserve Banks, 25 branches and all national and state banks that are part of the system.

#### Master Limited Partnerships ("MLPs")
Investment which combines the tax benefits of a limited partnership with the liquidity of publicly traded securities. To be classified as an MLP, a partnership must derive most of its cash flows from real estate, natural resources and commodities.

#### Public Joint Stock Company ("PJSC")
A public joint stock company is a method to allow thousands or millions of people to jointly own a business. The most important feature is limited liability. The most important function of a public joint stock company is that the investor can only lose their initial investment.

#### Real Estate Investment Trust ("REIT")
A publicly traded company that owns, develops and operates income-producing real estate such as apartments, office buildings, hotels, shopping centers and other commercial properties.

#### Secured Overnight Financing Rate ("SOFR")
A broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities.

#### Sponsored ADR
An ADR which is issued with the cooperation of the company whose stock will underlie the ADR. Sponsored ADRs generally carry the same rights normally given to stockholders, such as voting rights. ADRs must be sponsored to be able to trade on a major U.S. exchange such as the New York Stock Exchange ("NYSE").

#### Public Limited Company ("plc")
A public limited company is a type of public company allowed to offer its shares to the public and is listed on a stock exchange. This designation is used in the United Kingdom.

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### Emerging Markets Opportunities Fund

#### SCHEDULE OF INVESTMENTS June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Preferred Stock—0.8%** | **Preferred Stock—0.8%** | **Preferred Stock—0.8%** |
| **Brazil—0.8%** | **Brazil—0.8%** |  |
| Marcopolo S.A., 7.130% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892<sup>(1)</sup> | $1310 |
| **Total Preferred Stock<br> (Identified Cost $1,170)** | **Total Preferred Stock<br> (Identified Cost $1,170)** | &nbsp;&nbsp;&nbsp;&nbsp; **1310** |
| **Common Stocks—97.0%** | **Common Stocks—97.0%** | **Common Stocks—97.0%** |
| **Brazil—3.0%** | **Brazil—3.0%** |  |
| C&A MODAS S.A. | &nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp; 747 |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | &nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp; 2422 |
| Cia de Saneamento de Minas Gerais Copasa MG | &nbsp;&nbsp;&nbsp; 194000 | &nbsp;&nbsp;&nbsp; 1001 |
| Cury Construtora e Incorporadora S.A. | &nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp; 1035 |
|  |  | &nbsp;&nbsp;&nbsp; 5205 |
| **Cayman Islands—3.5%** | **Cayman Islands—3.5%** |  |
| China Hongqiao Group Ltd. | &nbsp;&nbsp;&nbsp; 572000 | &nbsp;&nbsp;&nbsp; 1310 |
| Geely Automobile Holdings Ltd. | &nbsp;&nbsp;&nbsp; 555000 | &nbsp;&nbsp;&nbsp; 1128 |
| Luckin Coffee, Inc. ADR<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; 38800 | &nbsp;&nbsp;&nbsp; 1446 |
| Qifu Technology, Inc. ADR | &nbsp;&nbsp;&nbsp; 12800 | &nbsp;&nbsp;&nbsp; 555 |
| WH Group Ltd. | &nbsp;&nbsp;&nbsp;1630000 | &nbsp;&nbsp;&nbsp; 1568 |
|  |  | &nbsp;&nbsp;&nbsp; 6007 |
| **China—25.9%** | **China—25.9%** |  |
| Agricultural Bank of China Ltd. Class H | &nbsp;&nbsp;&nbsp;2670000 | &nbsp;&nbsp;&nbsp; 1905 |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp; 301000 | &nbsp;&nbsp;&nbsp; 4210 |
| Bank of China Ltd. Class A | &nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 510 |
| Bank of Shanghai Co., Ltd. Class A | &nbsp;&nbsp;&nbsp;2049952 | &nbsp;&nbsp;&nbsp; 3035 |
| Bestechnic Shanghai Co., Ltd. Class A | &nbsp;&nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp; 680 |
| China Construction Bank Corp. Class A | &nbsp;&nbsp;&nbsp;1320000 | &nbsp;&nbsp;&nbsp; 1739 |
| CMOC Group Ltd. Class A | &nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp; 2350 |
| COSCO SHIPPING Holdings Co., Ltd. Class H | &nbsp;&nbsp;&nbsp;1290000 | &nbsp;&nbsp;&nbsp; 2242 |
| JD.com, Inc. Class A | &nbsp;&nbsp;&nbsp; 127900 | &nbsp;&nbsp;&nbsp; 2084 |
| NetEase, Inc. | &nbsp;&nbsp;&nbsp; 221000 | &nbsp;&nbsp;&nbsp; 5940 |
| People's Insurance Co. Group of China Ltd. (The) Class A | &nbsp;&nbsp;&nbsp;2150000 | &nbsp;&nbsp;&nbsp; 2614 |
| Shandong Himile Mechanical Science & Technology Co., Ltd. Class A | &nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp; 1074 |
| Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp; 135800 | &nbsp;&nbsp;&nbsp; 8702 |
| Tingyi Cayman Islands Holding Corp. | &nbsp;&nbsp;&nbsp;2175000 | &nbsp;&nbsp;&nbsp; 3186 |
| Weibo Corp. Sponsored ADR | &nbsp;&nbsp;&nbsp; 145600 | &nbsp;&nbsp;&nbsp; 1388 |
| Xiaomi Corp. Class B<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp; 2940 |
|  |  | &nbsp;&nbsp;&nbsp; 44599 |
| **Colombia—1.0%** | **Colombia—1.0%** |  |
| Grupo Cibest S.A. ADR | &nbsp;&nbsp;&nbsp; 37200 | &nbsp;&nbsp;&nbsp; 1718 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Greece—1.4%** | **Greece—1.4%** |  |
| Eurobank Ergasias Services & Holdings S.A. | &nbsp;&nbsp;&nbsp;&nbsp;400000 | $1374 |
| Hellenic Telecommunications Organization S.A. | &nbsp;&nbsp;&nbsp;&nbsp;58500 | &nbsp;&nbsp; 1112 |
|  |  | &nbsp;&nbsp; 2486 |
| **Hungary—3.2%** | **Hungary—3.2%** |  |
| OTP Bank Nyrt | &nbsp;&nbsp;&nbsp;&nbsp;70057 | &nbsp;&nbsp; 5596 |
| **India—16.3%** | **India—16.3%** |  |
| Bharat Electronics Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp; 1278 |
| Bharat Petroleum Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;615500 | &nbsp;&nbsp; 2382 |
| Birla Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;49000 | &nbsp;&nbsp; 767 |
| Cartrade Tech Ltd.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;22400 | &nbsp;&nbsp; 444 |
| Chambal Fertilisers & Chemicals Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;244499 | &nbsp;&nbsp; 1612 |
| HDFC Bank Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;22600 | &nbsp;&nbsp; 1733 |
| ICICI Bank Ltd. Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;155510 | &nbsp;&nbsp; 5231 |
| Infosys Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;39100 | &nbsp;&nbsp; 730 |
| InterGlobe Aviation Ltd.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;76600 | &nbsp;&nbsp; 5338 |
| Muthoot Finance Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;145800 | &nbsp;&nbsp; 4461 |
| SBI Life Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;84300 | &nbsp;&nbsp; 1807 |
| State Bank of India | &nbsp;&nbsp;&nbsp;&nbsp;98116 | &nbsp;&nbsp; 939 |
| Welspun Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;125800 | &nbsp;&nbsp; 1356 |
|  |  | &nbsp;&nbsp; 28078 |
| **Indonesia—2.4%** | **Indonesia—2.4%** |  |
| Aneka Tambang Tbk | 9864000 | &nbsp;&nbsp; 1847 |
| Astra International Tbk PT | 1834900 | &nbsp;&nbsp; 509 |
| Bank Central Asia Tbk PT | 3467400 | &nbsp;&nbsp; 1853 |
|  |  | &nbsp;&nbsp; 4209 |
| **Netherlands—2.2%** | **Netherlands—2.2%** |  |
| JBS N.V. BDR<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;256500 | &nbsp;&nbsp; 3736 |
| **Panama—0.3%** | **Panama—0.3%** |  |
| Intercorp Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14400 | &nbsp;&nbsp; 549 |
| **Poland—3.2%** | **Poland—3.2%** |  |
| ORLEN S.A. | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp; 1366 |
| PGE Polska Grupa Energetyczna S.A.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;833000 | &nbsp;&nbsp; 2636 |
| Powszechna Kasa Oszczednosci Bank Polski S.A. | &nbsp;&nbsp;&nbsp;&nbsp;73000 | &nbsp;&nbsp; 1524 |
|  |  | &nbsp;&nbsp; 5526 |
| **Russia—0.0%** | **Russia—0.0%** |  |
| Gazprom PJSC<sup>(2)(3)(4)</sup> | 1323341 | &nbsp;&nbsp; 1 |
| LUKOIL PJSC Sponsored ADR<sup>(2)(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;55455 | &nbsp;&nbsp; —<sup>(5)</sup> |
|  |  | &nbsp;&nbsp; 1 |
| **South Africa—2.8%** | **South Africa—2.8%** |  |
| AVI Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;204000 | &nbsp;&nbsp; 1085 |
| Mr Price Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;152000 | &nbsp;&nbsp; 1901 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **South Africa—continued** | **South Africa—continued** |  |
| Sanlam Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;358000 | $1793 |
|  |  | &nbsp;&nbsp;&nbsp; 4779 |
| **South Korea—6.2%** | **South Korea—6.2%** |  |
| Hanwha Aerospace Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2854 | &nbsp;&nbsp;&nbsp; 1793 |
| HD Hyundai Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp; 624 |
| Hyundai Glovis Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200 | &nbsp;&nbsp;&nbsp; 719 |
| SK Hynix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35145 | &nbsp;&nbsp;&nbsp; 7604 |
|  |  | &nbsp;&nbsp;&nbsp; 10740 |
| **Taiwan—16.4%** | **Taiwan—16.4%** |  |
| Arcadyan Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;222000 | &nbsp;&nbsp;&nbsp; 1524 |
| CTBC Financial Holding Co., Ltd. | 1381000 | &nbsp;&nbsp;&nbsp; 2066 |
| Eva Airways Corp. | 1755000 | &nbsp;&nbsp;&nbsp; 2397 |
| Evergreen Marine Corp. Taiwan Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;281000 | &nbsp;&nbsp;&nbsp; 1914 |
| MediaTek, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78000 | &nbsp;&nbsp;&nbsp; 3338 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;467000 | &nbsp;&nbsp;&nbsp; 16946 |
|  |  | &nbsp;&nbsp;&nbsp; 28185 |
| **Thailand—2.4%** | **Thailand—2.4%** |  |
| Advanced Info Service PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;476000 | &nbsp;&nbsp;&nbsp; 4071 |
| **Turkey—0.2%** | **Turkey—0.2%** |  |
| Dogus Otomotiv Servis ve Ticaret AS | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp; 328 |
| **United Arab Emirates—6.6%** | **United Arab Emirates—6.6%** |  |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp; 1376 |
| Dubai Islamic Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;854000 | &nbsp;&nbsp;&nbsp; 2109 |
| Emaar Development PJSC | 1154464 | &nbsp;&nbsp;&nbsp; 4244 |
| Emirates NBD Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;576681 | &nbsp;&nbsp;&nbsp; 3580 |
|  |  | &nbsp;&nbsp;&nbsp; 11309 |
| **Total Common Stocks<br> (Identified Cost $135,681)** | **Total Common Stocks<br> (Identified Cost $135,681)** | &nbsp;&nbsp;&nbsp;&nbsp;**167122** |
| **Rights—0.0%** | **Rights—0.0%** | **Rights—0.0%** |
| **South Korea—0.0%** | **South Korea—0.0%** |  |
| Hanwha Aerospace Co., Ltd., 07/03/25<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206 | &nbsp;&nbsp;&nbsp; — |
| **Total Rights<br> (Identified Cost $—)** | **Total Rights<br> (Identified Cost $—)** | &nbsp;&nbsp;&nbsp;&nbsp; **—** |
| **Total Long-Term Investments—97.8%<br> (Identified Cost $136,851)** | **Total Long-Term Investments—97.8%<br> (Identified Cost $136,851)** | &nbsp;&nbsp;&nbsp;&nbsp;**168432** |
| **TOTAL INVESTMENTS—97.8%<br> (Identified Cost $136,851)** | **TOTAL INVESTMENTS—97.8%<br> (Identified Cost $136,851)** | &nbsp;&nbsp;**$168432** |
| Other assets and liabilities, net—2.2% | Other assets and liabilities, net—2.2% | &nbsp;&nbsp;&nbsp;&nbsp; 3834 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$172266** |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### Emerging Markets Opportunities Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| BDR | Brazilian Depositary Receipts |
| NVDR | Non-Voting Depositary Receipts |
| PCL | Public Company Limited |
| PJSC | Public Joint Stock Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Value shown as par value. |
| <sup>(2)</sup> | Non-income producing. |
| <sup>(3)</sup> | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |
| <sup>(4)</sup> | The Fund is unable to trade and repatriate proceeds due to U.S. sanctions related to the Russia/Ukraine war. |
| <sup>(5)</sup> | Amount is less than $500 (not in thousands). |

---

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)<sup>†</sup>** | **Country Weightings (Unaudited)<sup>†</sup>** |
| China | &nbsp;&nbsp;&nbsp;27% |
| Taiwan | &nbsp;&nbsp;17 |
| India | &nbsp;&nbsp;17 |
| United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Other | &nbsp;&nbsp;18 |
| Total | 100% |
| <sup>†</sup> % of total investments as of June 30, 2025. | <sup>†</sup> % 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 2A in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3<br> Significant<br> Unobservable<br> Inputs |
| Assets: |  |  |  |  |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$168432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$168431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1 |

---

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

Some of the Fund's investments that were categorized as Level 3 may have been valued utilizing third party pricing information without adjustment. If applicable, such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of Level 3 investments.

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the roll-forward of Level 3 securities and assumptions are not shown for the period ended June 30, 2025.

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### Income & Growth Fund

#### SCHEDULE OF INVESTMENTS June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Convertible Bonds and Notes—22.1%** | **Convertible Bonds and Notes—22.1%** | **Convertible Bonds and Notes—22.1%** |
| **Auto Manufacturers—0.7%** | **Auto Manufacturers—0.7%** |  |
| Ford Motor Co.<br> 0.000%, 3/15/26 | $6700 | $6620 |
| Lucid Group, Inc. 144A<br> 1.250%, 12/15/26<sup>(1)</sup> | &nbsp;&nbsp; 10380 | &nbsp;&nbsp; 9070 |
| Rivian Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 3/15/29 | &nbsp;&nbsp; 12890 | &nbsp;&nbsp; 13099 |
| &nbsp;&nbsp;&nbsp;3.625%, 10/15/30 | &nbsp;&nbsp; 4840 | &nbsp;&nbsp; 4339 |
|  |  | &nbsp;&nbsp; 33128 |
| **Biotechnology—1.3%** | **Biotechnology—1.3%** |  |
| Alnylam Pharmaceuticals, Inc.<br> 1.000%, 9/15/27 | &nbsp;&nbsp; 17535 | &nbsp;&nbsp; 22778 |
| BioMarin Pharmaceutical, Inc.<br> 1.250%, 5/15/27 | &nbsp;&nbsp; 6120 | &nbsp;&nbsp; 5761 |
| Bridgebio Pharma, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, 2/1/29 | &nbsp;&nbsp; 9275 | &nbsp;&nbsp; 8635 |
| &nbsp;&nbsp;&nbsp;144A 1.750%, 3/1/31<sup>(1)</sup> | &nbsp;&nbsp; 4285 | &nbsp;&nbsp; 4986 |
| Guardant Health, Inc.<br> 1.250%, 2/15/31 | &nbsp;&nbsp; 8705 | &nbsp;&nbsp; 10125 |
| Ionis Pharmaceuticals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 4/1/26<sup>(2)</sup> | &nbsp;&nbsp; 4570 | &nbsp;&nbsp; 4588 |
| &nbsp;&nbsp;&nbsp;1.750%, 6/15/28 | &nbsp;&nbsp; 5795 | &nbsp;&nbsp; 6081 |
|  |  | &nbsp;&nbsp; 62954 |
| **Commercial Services—1.6%** | **Commercial Services—1.6%** |  |
| Affirm Holdings, Inc. 144A<br> 0.750%, 12/15/29<sup>(1)</sup> | &nbsp;&nbsp; 7640 | &nbsp;&nbsp; 8056 |
| Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 5/1/26 | &nbsp;&nbsp; 19765 | &nbsp;&nbsp; 18866 |
| &nbsp;&nbsp;&nbsp;0.250%, 11/1/27 | &nbsp;&nbsp; 2860 | &nbsp;&nbsp; 2552 |
| Global Payments, Inc.<br> 1.500%, 3/1/31 | &nbsp;&nbsp; 30895 | &nbsp;&nbsp; 27589 |
| Shift4 Payments, Inc.<br> 0.500%, 8/1/27 | &nbsp;&nbsp; 16195 | &nbsp;&nbsp; 17329 |
|  |  | &nbsp;&nbsp; 74392 |
| **Computers—1.5%** | **Computers—1.5%** |  |
| CyberArk Software Ltd. 144A<br> 0.000%, 6/15/30<sup>(1)</sup> | &nbsp;&nbsp; 13895 | &nbsp;&nbsp; 14277 |
| Lumentum Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.500%, 12/15/26 | &nbsp;&nbsp; 10175 | &nbsp;&nbsp; 11953 |
| &nbsp;&nbsp;&nbsp;0.500%, 6/15/28 | &nbsp;&nbsp; 17745 | &nbsp;&nbsp; 18313 |
| Parsons Corp.<br> 2.625%, 3/1/29 | &nbsp;&nbsp; 10290 | &nbsp;&nbsp; 10938 |
| Rubrik, Inc. 144A<br> 0.000%, 6/15/30<sup>(1)</sup> | &nbsp;&nbsp; 14760 | &nbsp;&nbsp; 15452 |
|  |  | &nbsp;&nbsp; 70933 |
| **Electric Utilities—0.4%** | **Electric Utilities—0.4%** |  |
| Southern Co. (The) 144A<br> 3.250%, 6/15/28<sup>(1)</sup> | &nbsp;&nbsp; 19985 | &nbsp;&nbsp; 20085 |
| **Energy-Alternate Sources—0.2%** | **Energy-Alternate Sources—0.2%** |  |
| Enphase Energy, Inc.<br> 0.000%, 3/1/28 | &nbsp;&nbsp; 4290 | &nbsp;&nbsp; 3479 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy-Alternate Sources—continued** | **Energy-Alternate Sources—continued** |  |
| SolarEdge Technologies, Inc.<br> 0.000%, 9/15/25 | $4665 | $4525 |
| Sunnova Energy International, Inc.<br> 2.625%, 2/15/28<sup>(3)</sup> | &nbsp;&nbsp; 17395 | &nbsp;&nbsp; 44 |
|  |  | &nbsp;&nbsp; 8048 |
| **Entertainment—1.2%** | **Entertainment—1.2%** |  |
| DraftKings Holdings, Inc.<br> 0.000%, 3/15/28 | &nbsp;&nbsp; 14375 | &nbsp;&nbsp; 12858 |
| Live Nation Entertainment, Inc. 144A<br> 2.875%, 1/15/30<sup>(1)</sup> | &nbsp;&nbsp; 32160 | &nbsp;&nbsp; 34974 |
| Vail Resorts, Inc.<br> 0.000%, 1/1/26 | &nbsp;&nbsp; 8360 | &nbsp;&nbsp; 8130 |
|  |  | &nbsp;&nbsp; 55962 |
| **Equity Real Estate Investment Trusts<br> (REITs)—0.3%** | **Equity Real Estate Investment Trusts<br> (REITs)—0.3%** |  |
| Digital Realty Trust LP 144A<br> 1.875%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 14425 | &nbsp;&nbsp; 15166 |
| **Financial Services—1.0%** | **Financial Services—1.0%** |  |
| Coinbase Global, Inc.<br> 0.500%, 6/1/26 | &nbsp;&nbsp; 22515 | &nbsp;&nbsp; 25994 |
| SoFi Technologies, Inc. 144A<br> 0.000%, 10/15/26<sup>(1)</sup> | &nbsp;&nbsp; 15615 | &nbsp;&nbsp; 17059 |
| Upstart Holdings, Inc. 144A<br> 1.000%, 11/15/30<sup>(1)</sup> | &nbsp;&nbsp; 5330 | &nbsp;&nbsp; 5417 |
|  |  | &nbsp;&nbsp; 48470 |
| **Health Care REITs—0.8%** | **Health Care REITs—0.8%** |  |
| Welltower OP LLC 144A<br> 3.125%, 7/15/29<sup>(1)</sup> | &nbsp;&nbsp; 28870 | &nbsp;&nbsp; 38267 |
| **Healthcare-Products—1.0%** | **Healthcare-Products—1.0%** |  |
| Exact Sciences Corp. |  |  |
| &nbsp;&nbsp;&nbsp;0.375%, 3/15/27 | &nbsp;&nbsp; 8110 | &nbsp;&nbsp; 7717 |
| &nbsp;&nbsp;&nbsp;144A 1.750%, 4/15/31<sup>(1)</sup> | &nbsp;&nbsp; 12220 | &nbsp;&nbsp; 11179 |
| Insulet Corp.<br> 0.375%, 9/1/26 | &nbsp;&nbsp; 5835 | &nbsp;&nbsp; 8195 |
| iRhythm Technologies, Inc.<br> 1.500%, 9/1/29 | &nbsp;&nbsp; 6050 | &nbsp;&nbsp; 7747 |
| Novocure Ltd.<br> 0.000%, 11/1/25 | &nbsp;&nbsp; 5475 | &nbsp;&nbsp; 5331 |
| Omnicell, Inc.<br> 0.250%, 9/15/25 | &nbsp;&nbsp; 3215 | &nbsp;&nbsp; 3161 |
| Repligen Corp.<br> 1.000%, 12/15/28 | &nbsp;&nbsp; 5540 | &nbsp;&nbsp; 5487 |
|  |  | &nbsp;&nbsp; 48817 |
| **Hotel & Resort REITs—0.3%** | **Hotel & Resort REITs—0.3%** |  |
| Pebblebrook Hotel Trust<br> 1.750%, 12/15/26 | &nbsp;&nbsp; 12180 | &nbsp;&nbsp; 11511 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Industrial REITs—0.3%** | **Industrial REITs—0.3%** |  |
| Rexford Industrial Realty LP 144A<br> 4.375%, 3/15/27<sup>(1)</sup> | $14135 | $13994 |
| **Internet—4.2%** | **Internet—4.2%** |  |
| Alibaba Group Holding Ltd.<br> 0.500%, 6/1/31 | &nbsp;&nbsp; 5375 | &nbsp;&nbsp; 6847 |
| DoorDash, Inc. 144A<br> 0.000%, 5/15/30<sup>(1)</sup> | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 15167 |
| Etsy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.125%, 9/1/27 | &nbsp;&nbsp; 4955 | &nbsp;&nbsp; 4410 |
| &nbsp;&nbsp;&nbsp;0.250%, 6/15/28 | &nbsp;&nbsp; 24535 | &nbsp;&nbsp; 21027 |
| Expedia Group, Inc.<br> 0.000%, 2/15/26 | &nbsp;&nbsp; 16585 | &nbsp;&nbsp; 16121 |
| MakeMyTrip Ltd. 144A<br> 0.000%, 7/1/30<sup>(1)</sup> | &nbsp;&nbsp; 11370 | &nbsp;&nbsp; 12118 |
| Match Group Financeco 2, Inc. 144A<br> 0.875%, 6/15/26<sup>(1)</sup> | &nbsp;&nbsp; 10295 | &nbsp;&nbsp; 9919 |
| Match Group Financeco 3, Inc. 144A<br> 2.000%, 1/15/30<sup>(1)</sup> | &nbsp;&nbsp; 6620 | &nbsp;&nbsp; 5892 |
| Opendoor Technologies, Inc. 144A<br> 7.000%, 5/15/30<sup>(1)</sup> | &nbsp;&nbsp; 7375 | &nbsp;&nbsp; 5328 |
| Sea Ltd.<br> 0.250%, 9/15/26 | &nbsp;&nbsp; 13325 | &nbsp;&nbsp; 12565 |
| Shopify, Inc.<br> 0.125%, 11/1/25 | &nbsp;&nbsp; 7740 | &nbsp;&nbsp; 7833 |
| Snap, Inc.<br> 0.125%, 3/1/28 | &nbsp;&nbsp; 21440 | &nbsp;&nbsp; 18588 |
| Spotify USA, Inc.<br> 0.000%, 3/15/26 | &nbsp;&nbsp; 9460 | &nbsp;&nbsp; 14331 |
| Trip.com Group Ltd.<br> 0.750%, 6/15/29 | &nbsp;&nbsp; 7100 | &nbsp;&nbsp; 7877 |
| Uber Technologies, Inc.<br> 0.000%, 12/15/25 | &nbsp;&nbsp; 23280 | &nbsp;&nbsp; 27866 |
| Wayfair, Inc.<br> 3.250%, 9/15/27 | &nbsp;&nbsp; 7990 | &nbsp;&nbsp; 9105 |
|  |  | &nbsp;&nbsp; 194994 |
| **Investment Companies—0.2%** | **Investment Companies—0.2%** |  |
| IREN Ltd. 144A<br> 3.250%, 6/15/30<sup>(1)</sup> | &nbsp;&nbsp; 6805 | &nbsp;&nbsp; 7380 |
| **Leisure Time—0.5%** | **Leisure Time—0.5%** |  |
| NCL Corp., Ltd.<br> 1.125%, 2/15/27 | &nbsp;&nbsp; 23055 | &nbsp;&nbsp; 22651 |
| **Media—0.2%** | **Media—0.2%** |  |
| Liberty Broadband Corp. 144A<br> 3.125%, 3/31/53<sup>(1)</sup> | &nbsp;&nbsp; 8090 | &nbsp;&nbsp; 8127 |
| **Personal Care Product—0.3%** | **Personal Care Product—0.3%** |  |
| Oddity Finance LLC 144A<br> 0.000%, 6/15/30<sup>(1)</sup> | &nbsp;&nbsp; 13620 | &nbsp;&nbsp; 14755 |
| **Pharmaceuticals—0.8%** | **Pharmaceuticals—0.8%** |  |
| Dexcom, Inc.<br> 0.250%, 11/15/25 | &nbsp;&nbsp; 16125 | &nbsp;&nbsp; 15819 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### Income & Growth Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Pharmaceuticals—continued** | **Pharmaceuticals—continued** |  |
| Jazz Investments I Ltd.<br> 2.000%, 6/15/26 | $21470 | $21674 |
|  |  | &nbsp;&nbsp;&nbsp; 37493 |
| **Pipelines—0.3%** | **Pipelines—0.3%** |  |
| Golar LNG Ltd. 144A<br> 2.750%, 12/15/30<sup>(1)</sup> | &nbsp;&nbsp; 12345 | &nbsp;&nbsp;&nbsp; 12676 |
| **Semiconductors—1.1%** | **Semiconductors—1.1%** |  |
| MKS, Inc.<br> 1.250%, 6/1/30 | &nbsp;&nbsp; 13755 | &nbsp;&nbsp;&nbsp; 13556 |
| ON Semiconductor Corp. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 5/1/27 | &nbsp;&nbsp; 7990 | &nbsp;&nbsp;&nbsp; 9459 |
| &nbsp;&nbsp;&nbsp;0.500%, 3/1/29 | &nbsp;&nbsp; 18160 | &nbsp;&nbsp;&nbsp; 16784 |
| Synaptics, Inc. 144A<br> 0.750%, 12/1/31<sup>(1)</sup> | &nbsp;&nbsp; 8385 | &nbsp;&nbsp;&nbsp; 7902 |
| Wolfspeed, Inc.<br> 0.250%, 2/15/28 | &nbsp;&nbsp; 23015 | &nbsp;&nbsp;&nbsp; 5696 |
|  |  | &nbsp;&nbsp;&nbsp; 53397 |
| **Software—3.9%** | **Software—3.9%** |  |
| Akamai Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.375%, 9/1/27 | &nbsp;&nbsp; 9720 | &nbsp;&nbsp;&nbsp; 9414 |
| &nbsp;&nbsp;&nbsp;1.125%, 2/15/29 | &nbsp;&nbsp; 10045 | &nbsp;&nbsp;&nbsp; 9508 |
| BILL Holdings, Inc. 144A<br> 0.000%, 4/1/30<sup>(1)</sup> | &nbsp;&nbsp; 11595 | &nbsp;&nbsp;&nbsp; 9754 |
| Cloudflare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 8/15/26 | &nbsp;&nbsp; 13160 | &nbsp;&nbsp;&nbsp; 15570 |
| &nbsp;&nbsp;&nbsp;144A 0.000%, 6/15/30<sup>(1)</sup> | &nbsp;&nbsp; 3955 | &nbsp;&nbsp;&nbsp; 4267 |
| Confluent, Inc.<br> 0.000%, 1/15/27<sup>(2)</sup> | &nbsp;&nbsp; 8780 | &nbsp;&nbsp;&nbsp; 8100 |
| Datadog, Inc. 144A<br> 0.000%, 12/1/29<sup>(1)(2)</sup> | &nbsp;&nbsp; 17825 | &nbsp;&nbsp;&nbsp; 17032 |
| DigitalOcean Holdings, Inc.<br> 0.000%, 12/1/26 | &nbsp;&nbsp; 13590 | &nbsp;&nbsp;&nbsp; 12681 |
| Guidewire Software, Inc. 144A<br> 1.250%, 11/1/29<sup>(1)</sup> | &nbsp;&nbsp; 11530 | &nbsp;&nbsp;&nbsp; 13594 |
| MicroStrategy, Inc. 144A<br> 0.000%, 12/1/29<sup>(1)(2)</sup> | &nbsp;&nbsp; 33185 | &nbsp;&nbsp;&nbsp; 31310 |
| Nutanix, Inc. 144A<br> 0.500%, 12/15/29<sup>(1)</sup> | &nbsp;&nbsp; 12075 | &nbsp;&nbsp;&nbsp; 13683 |
| Snowflake, Inc. 144A<br> 0.000%, 10/1/29<sup>(1)</sup> | &nbsp;&nbsp; 14860 | &nbsp;&nbsp;&nbsp; 23122 |
| Unity Software, Inc. 144A<br> 0.000%, 3/15/30<sup>(1)</sup> | &nbsp;&nbsp; 8025 | &nbsp;&nbsp;&nbsp; 8181 |
| Workiva, Inc.<br> 1.250%, 8/15/28 | &nbsp;&nbsp; 6515 | &nbsp;&nbsp;&nbsp; 6026 |
|  |  | &nbsp;&nbsp;&nbsp; 182242 |
| **Total Convertible Bonds and Notes<br> (Identified Cost $1,095,515)** | **Total Convertible Bonds and Notes<br> (Identified Cost $1,095,515)** | &nbsp;&nbsp;&nbsp;&nbsp;**1035442** |
| **Corporate Bonds and Notes—31.7%** | **Corporate Bonds and Notes—31.7%** | **Corporate Bonds and Notes—31.7%** |
| **Advertising—0.3%** | **Advertising—0.3%** |  |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.750%, 4/15/28<sup>(1)</sup> | &nbsp;&nbsp; 5410 | &nbsp;&nbsp;&nbsp; 5112 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Advertising—continued** | **Advertising—continued** |  |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 6/1/29<sup>(1)</sup> | $7810 | $7224 |
|  |  | &nbsp;&nbsp; 12336 |
| **Aerospace & Defense—1.5%** | **Aerospace & Defense—1.5%** |  |
| Bombardier, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 2/1/29<sup>(1)</sup> | &nbsp;&nbsp; 24270 | &nbsp;&nbsp; 25482 |
| &nbsp;&nbsp;&nbsp;144A 7.000%, 6/1/32<sup>(1)</sup> | &nbsp;&nbsp; 6530 | &nbsp;&nbsp; 6800 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.625%, 3/1/32<sup>(1)</sup> | &nbsp;&nbsp; 18015 | &nbsp;&nbsp; 18653 |
| &nbsp;&nbsp;&nbsp;144A 6.375%, 5/31/33<sup>(1)</sup> | &nbsp;&nbsp; 18900 | &nbsp;&nbsp; 18917 |
|  |  | &nbsp;&nbsp; 69852 |
| **Auto Manufacturers—0.3%** | **Auto Manufacturers—0.3%** |  |
| Ford Motor Co.<br> 7.450%, 7/16/31 | &nbsp;&nbsp; 9690 | &nbsp;&nbsp; 10493 |
| Ford Motor Credit Co. LLC<br> 4.000%, 11/13/30 | &nbsp;&nbsp; 4880 | &nbsp;&nbsp; 4455 |
|  |  | &nbsp;&nbsp; 14948 |
| **Automobile Components—1.0%** | **Automobile Components—1.0%** |  |
| Adient Global Holdings Ltd. 144A<br> 7.500%, 2/15/33<sup>(1)</sup> | &nbsp;&nbsp; 9765 | &nbsp;&nbsp; 9986 |
| American Axle & Manufacturing, Inc.<br> 5.000%, 10/1/29 | &nbsp;&nbsp; 7700 | &nbsp;&nbsp; 7047 |
| Clarios Global LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.500%, 5/15/27<sup>(1)</sup> | &nbsp;&nbsp; 1250 | &nbsp;&nbsp; 1255 |
| &nbsp;&nbsp;&nbsp;144A 6.750%, 5/15/28<sup>(1)</sup> | &nbsp;&nbsp; 4250 | &nbsp;&nbsp; 4362 |
| Goodyear Tire & Rubber Co. (The)<br> 5.250%, 7/15/31 | &nbsp;&nbsp; 19515 | &nbsp;&nbsp; 18712 |
| Tenneco, Inc. 144A<br> 8.000%, 11/17/28<sup>(1)</sup> | &nbsp;&nbsp; 5295 | &nbsp;&nbsp; 5236 |
|  |  | &nbsp;&nbsp; 46598 |
| **Building Materials—1.1%** | **Building Materials—1.1%** |  |
| Builders FirstSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 4.250%, 2/1/32<sup>(1)</sup> | &nbsp;&nbsp; 10405 | &nbsp;&nbsp; 9640 |
| &nbsp;&nbsp;&nbsp;144A 6.375%, 6/15/32<sup>(1)</sup> | &nbsp;&nbsp; 8065 | &nbsp;&nbsp; 8289 |
| Quikrete Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.375%, 3/1/32<sup>(1)</sup> | &nbsp;&nbsp; 18335 | &nbsp;&nbsp; 18854 |
| &nbsp;&nbsp;&nbsp;144A 6.750%, 3/1/33<sup>(1)</sup> | &nbsp;&nbsp; 12150 | &nbsp;&nbsp; 12537 |
|  |  | &nbsp;&nbsp; 49320 |
| **Chemicals—0.9%** | **Chemicals—0.9%** |  |
| Celanese U.S. Holdings LLC<br> 6.750%, 4/15/33 | &nbsp;&nbsp; 11905 | &nbsp;&nbsp; 12029 |
| Chemours Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;144A 4.625%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 13120 | &nbsp;&nbsp; 11420 |
| &nbsp;&nbsp;&nbsp;144A 8.000%, 1/15/33<sup>(1)</sup> | &nbsp;&nbsp; 10570 | &nbsp;&nbsp; 9898 |
| Tronox, Inc. 144A<br> 4.625%, 3/15/29<sup>(1)</sup> | &nbsp;&nbsp; 9035 | &nbsp;&nbsp; 7796 |
|  |  | &nbsp;&nbsp; 41143 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Commercial Services—2.0%** | **Commercial Services—2.0%** |  |
| ADT Security Corp. (The) 144A<br> 4.125%, 8/1/29<sup>(1)</sup> | $14625 | $14128 |
| Avis Budget Car Rental LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.000%, 2/15/31<sup>(1)</sup> | &nbsp;&nbsp; 10660 | &nbsp;&nbsp; 11041 |
| &nbsp;&nbsp;&nbsp;144A 8.375%, 6/15/32<sup>(1)</sup> | &nbsp;&nbsp; 3710 | &nbsp;&nbsp; 3881 |
| Deluxe Corp. 144A<br> 8.000%, 6/1/29<sup>(1)</sup> | &nbsp;&nbsp; 5540 | &nbsp;&nbsp; 5341 |
| EquipmentShare.com, Inc. 144A<br> 8.000%, 3/15/33<sup>(1)</sup> | &nbsp;&nbsp; 10585 | &nbsp;&nbsp; 11089 |
| Herc Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.500%, 7/15/27<sup>(1)</sup> | &nbsp;&nbsp; 2095 | &nbsp;&nbsp; 2095 |
| &nbsp;&nbsp;&nbsp;144A 7.000%, 6/15/30<sup>(1)</sup> | &nbsp;&nbsp; 3280 | &nbsp;&nbsp; 3426 |
| &nbsp;&nbsp;&nbsp;144A 7.250%, 6/15/33<sup>(1)</sup> | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1886 |
| Hertz Corp. (The) 144A<br> 5.000%, 12/1/29<sup>(1)</sup> | &nbsp;&nbsp; 13315 | &nbsp;&nbsp; 9347 |
| Monitronics International Escrow<br> 9.125%, 4/1/49<sup>(4)</sup> | &nbsp;&nbsp; 6450 | &nbsp;&nbsp; — |
| Shift4 Payments LLC 144A<br> 6.750%, 8/15/32<sup>(1)</sup> | &nbsp;&nbsp; 11570 | &nbsp;&nbsp; 12016 |
| United Rentals North America, Inc.<br> 5.250%, 1/15/30 | &nbsp;&nbsp; 17650 | &nbsp;&nbsp; 17697 |
|  |  | &nbsp;&nbsp; 91947 |
| **Computers—0.4%** | **Computers—0.4%** |  |
| CACI International, Inc. 144A<br> 6.375%, 6/15/33<sup>(1)</sup> | &nbsp;&nbsp; 4950 | &nbsp;&nbsp; 5108 |
| McAfee Corp. 144A<br> 7.375%, 2/15/30<sup>(1)</sup> | &nbsp;&nbsp; 15875 | &nbsp;&nbsp; 14992 |
|  |  | &nbsp;&nbsp; 20100 |
| **Containers & Packaging—0.3%** | **Containers & Packaging—0.3%** |  |
| Mauser Packaging Solutions Holding Co. 144A<br> 7.875%, 4/15/27<sup>(1)</sup> | &nbsp;&nbsp; 15595 | &nbsp;&nbsp; 15851 |
| **Diversified REITs—1.0%** | **Diversified REITs—1.0%** |  |
| Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.000%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp; 11145 | &nbsp;&nbsp; 11537 |
| &nbsp;&nbsp;&nbsp;144A 6.250%, 1/15/33<sup>(1)</sup> | &nbsp;&nbsp; 26190 | &nbsp;&nbsp; 26929 |
| SBA Communications Corp.<br> 3.125%, 2/1/29 | &nbsp;&nbsp; 11135 | &nbsp;&nbsp; 10517 |
|  |  | &nbsp;&nbsp; 48983 |
| **Electronic Equipment, Instruments &<br> Components—0.2%** | **Electronic Equipment, Instruments &<br> Components—0.2%** |  |
| WESCO Distribution, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.250%, 6/15/28<sup>(1)</sup> | &nbsp;&nbsp; 3750 | &nbsp;&nbsp; 3796 |
| &nbsp;&nbsp;&nbsp;144A 6.375%, 3/15/33<sup>(1)</sup> | &nbsp;&nbsp; 7525 | &nbsp;&nbsp; 7778 |
|  |  | &nbsp;&nbsp; 11574 |
| **Electronics—0.2%** | **Electronics—0.2%** |  |
| Coherent Corp. 144A<br> 5.000%, 12/15/29<sup>(1)</sup> | &nbsp;&nbsp; 9545 | &nbsp;&nbsp; 9374 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### Income & Growth Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Entertainment—1.3%** | **Entertainment—1.3%** |  |
| AMC Entertainment Holdings, Inc. 144A<br> 7.500%, 2/15/29<sup>(1)</sup> | $3600 | $2838 |
| Caesars Entertainment, Inc. 144A<br> 6.000%, 10/15/32<sup>(1)</sup> | &nbsp;&nbsp; 25010 | &nbsp;&nbsp; 24528 |
| Churchill Downs, Inc. 144A<br> 5.750%, 4/1/30<sup>(1)</sup> | &nbsp;&nbsp; 10035 | &nbsp;&nbsp; 10068 |
| Light & Wonder International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.000%, 5/15/28<sup>(1)</sup> | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 526 |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 9/1/31<sup>(1)</sup> | &nbsp;&nbsp; 4775 | &nbsp;&nbsp; 4997 |
| SeaWorld Parks & Entertainment, Inc. 144A<br> 5.250%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp; 10820 | &nbsp;&nbsp; 10575 |
| Starz Capital Holdings 1, Inc. 144A<br> 5.500%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 10975 | &nbsp;&nbsp; 9538 |
|  |  | &nbsp;&nbsp; 63070 |
| **Environmental Services—0.3%** | **Environmental Services—0.3%** |  |
| GFL Environmental, Inc. 144A<br> 4.750%, 6/15/29<sup>(1)</sup> | &nbsp;&nbsp; 14260 | &nbsp;&nbsp; 14070 |
| **Financial Services—2.3%** | **Financial Services—2.3%** |  |
| Nationstar Mortgage Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.500%, 8/15/28<sup>(1)</sup> | &nbsp;&nbsp; 12455 | &nbsp;&nbsp; 12373 |
| &nbsp;&nbsp;&nbsp;144A 7.125%, 2/1/32<sup>(1)</sup> | &nbsp;&nbsp; 15585 | &nbsp;&nbsp; 16188 |
| Navient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, 6/15/26 | &nbsp;&nbsp; 3325 | &nbsp;&nbsp; 3365 |
| &nbsp;&nbsp;&nbsp;4.875%, 3/15/28 | &nbsp;&nbsp; 5065 | &nbsp;&nbsp; 4994 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, 1/15/28 | &nbsp;&nbsp; 5840 | &nbsp;&nbsp; 6031 |
| &nbsp;&nbsp;&nbsp;5.375%, 11/15/29 | &nbsp;&nbsp; 5220 | &nbsp;&nbsp; 5135 |
| &nbsp;&nbsp;&nbsp;7.125%, 11/15/31 | &nbsp;&nbsp; 6435 | &nbsp;&nbsp; 6695 |
| &nbsp;&nbsp;&nbsp;7.125%, 9/15/32 | &nbsp;&nbsp; 12515 | &nbsp;&nbsp; 12956 |
| PennyMac Financial Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.875%, 12/15/29<sup>(1)</sup> | &nbsp;&nbsp; 7185 | &nbsp;&nbsp; 7630 |
| &nbsp;&nbsp;&nbsp;144A 6.875%, 2/15/33<sup>(1)</sup> | &nbsp;&nbsp; 11350 | &nbsp;&nbsp; 11634 |
| PRA Group, Inc. 144A<br> 8.375%, 2/1/28<sup>(1)</sup> | &nbsp;&nbsp; 5285 | &nbsp;&nbsp; 5424 |
| Rocket Cos., Inc. 144A<br> 6.375%, 8/1/33<sup>(1)</sup> | &nbsp;&nbsp; 14590 | &nbsp;&nbsp; 14928 |
|  |  | &nbsp;&nbsp; 107353 |
| **Food & Beverage—1.2%** | **Food & Beverage—1.2%** |  |
| Kraft Heinz Foods Co.<br> 5.000%, 7/15/35 | &nbsp;&nbsp; 8175 | &nbsp;&nbsp; 8075 |
| Performance Food Group, Inc. 144A<br> 6.125%, 9/15/32<sup>(1)</sup> | &nbsp;&nbsp; 14015 | &nbsp;&nbsp; 14337 |
| Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.375%, 3/1/33<sup>(1)</sup> | &nbsp;&nbsp; 19530 | &nbsp;&nbsp; 19708 |
| &nbsp;&nbsp;&nbsp;144A 6.250%, 10/15/34<sup>(1)</sup> | &nbsp;&nbsp; 14125 | &nbsp;&nbsp; 14205 |
|  |  | &nbsp;&nbsp; 56325 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Healthcare-Products—0.4%** | **Healthcare-Products—0.4%** |  |
| Medline Borrower LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.250%, 4/1/29<sup>(1)</sup> | $6345 | $6518 |
| &nbsp;&nbsp;&nbsp;144A 5.250%, 10/1/29<sup>(1)</sup> | &nbsp;&nbsp; 13320 | &nbsp;&nbsp; 13216 |
|  |  | &nbsp;&nbsp; 19734 |
| **Healthcare-Services—1.0%** | **Healthcare-Services—1.0%** |  |
| Community Health Systems, Inc. 144A<br> 6.875%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 9715 | &nbsp;&nbsp; 7746 |
| DaVita, Inc. 144A<br> 6.750%, 7/15/33<sup>(1)</sup> | &nbsp;&nbsp; 11590 | &nbsp;&nbsp; 11968 |
| Tenet Healthcare Corp.<br> 6.125%, 10/1/28 | &nbsp;&nbsp; 27675 | &nbsp;&nbsp; 27714 |
|  |  | &nbsp;&nbsp; 47428 |
| **Hotel & Resort REITs—0.2%** | **Hotel & Resort REITs—0.2%** |  |
| Park Intermediate Holdings LLC 144A<br> 4.875%, 5/15/29<sup>(1)</sup> | &nbsp;&nbsp; 9060 | &nbsp;&nbsp; 8778 |
| **Insurance—0.6%** | **Insurance—0.6%** |  |
| Panther Escrow Issuer LLC 144A<br> 7.125%, 6/1/31<sup>(1)</sup> | &nbsp;&nbsp; 25540 | &nbsp;&nbsp; 26530 |
| **Internet—0.7%** | **Internet—0.7%** |  |
| Gen Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.125%, 9/30/30<sup>(1)</sup> | &nbsp;&nbsp; 7815 | &nbsp;&nbsp; 8111 |
| &nbsp;&nbsp;&nbsp;144A 6.250%, 4/1/33<sup>(1)</sup> | &nbsp;&nbsp; 10895 | &nbsp;&nbsp; 11187 |
| Snap, Inc. 144A<br> 6.875%, 3/1/33<sup>(1)</sup> | &nbsp;&nbsp; 12085 | &nbsp;&nbsp; 12401 |
|  |  | &nbsp;&nbsp; 31699 |
| **Investment Companies—0.1%** | **Investment Companies—0.1%** |  |
| Compass Group Diversified Holdings LLC 144A<br> 5.000%, 1/15/32<sup>(1)</sup> | &nbsp;&nbsp; 3650 | &nbsp;&nbsp; 3088 |
| **Iron & Steel—0.5%** | **Iron & Steel—0.5%** |  |
| Cleveland-Cliffs, Inc. 144A<br> 7.000%, 3/15/32<sup>(1)</sup> | &nbsp;&nbsp; 24580 | &nbsp;&nbsp; 23171 |
| **Leisure Time—0.9%** | **Leisure Time—0.9%** |  |
| Amer Sports Co. 144A<br> 6.750%, 2/16/31<sup>(1)</sup> | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 4165 |
| Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 5/1/29<sup>(1)</sup> | &nbsp;&nbsp; 13200 | &nbsp;&nbsp; 13338 |
| &nbsp;&nbsp;&nbsp;144A 6.125%, 2/15/33<sup>(1)</sup> | &nbsp;&nbsp; 7570 | &nbsp;&nbsp; 7745 |
| NCL Corp., Ltd. 144A<br> 6.750%, 2/1/32<sup>(1)</sup> | &nbsp;&nbsp; 18475 | &nbsp;&nbsp; 18874 |
|  |  | &nbsp;&nbsp; 44122 |
| **Lodging—0.5%** | **Lodging—0.5%** |  |
| Hilton Grand Vacations Borrower LLC 144A<br> 5.000%, 6/1/29<sup>(1)</sup> | &nbsp;&nbsp; 3300 | &nbsp;&nbsp; 3174 |
| MGM Resorts International<br> 4.750%, 10/15/28 | &nbsp;&nbsp; 7595 | &nbsp;&nbsp; 7504 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Lodging—continued** | **Lodging—continued** |  |
| Station Casinos LLC 144A<br> 6.625%, 3/15/32<sup>(1)</sup> | $10850 | $11094 |
|  |  | &nbsp;&nbsp; 21772 |
| **Machinery-Diversified—0.2%** | **Machinery-Diversified—0.2%** |  |
| Chart Industries, Inc. 144A<br> 7.500%, 1/1/30<sup>(1)</sup> | &nbsp;&nbsp; 7100 | &nbsp;&nbsp; 7433 |
| **Media—3.8%** | **Media—3.8%** |  |
| CCO Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, 5/1/32 | &nbsp;&nbsp; 6375 | &nbsp;&nbsp; 5937 |
| &nbsp;&nbsp;&nbsp;144A 5.375%, 6/1/29<sup>(1)</sup> | &nbsp;&nbsp; 14405 | &nbsp;&nbsp; 14352 |
| &nbsp;&nbsp;&nbsp;144A 6.375%, 9/1/29<sup>(1)</sup> | &nbsp;&nbsp; 13135 | &nbsp;&nbsp; 13398 |
| &nbsp;&nbsp;&nbsp;144A 7.375%, 3/1/31<sup>(1)</sup> | &nbsp;&nbsp; 5750 | &nbsp;&nbsp; 5999 |
| CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 4/1/28<sup>(1)</sup> | &nbsp;&nbsp; 14490 | &nbsp;&nbsp; 10756 |
| &nbsp;&nbsp;&nbsp;144A 5.750%, 1/15/30<sup>(1)</sup> | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 1484 |
| DIRECTV Financing LLC 144A<br> 5.875%, 8/15/27<sup>(1)</sup> | &nbsp;&nbsp; 2775 | &nbsp;&nbsp; 2766 |
| DISH DBS Corp.<br> 7.375%, 7/1/28 | &nbsp;&nbsp; 10680 | &nbsp;&nbsp; 7713 |
| Gray Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.000%, 5/15/27<sup>(1)</sup> | &nbsp;&nbsp; 7560 | &nbsp;&nbsp; 7557 |
| &nbsp;&nbsp;&nbsp;144A 4.750%, 10/15/30<sup>(1)</sup> | &nbsp;&nbsp; 2325 | &nbsp;&nbsp; 1755 |
| &nbsp;&nbsp;&nbsp;144A 5.375%, 11/15/31<sup>(1)</sup> | &nbsp;&nbsp; 14095 | &nbsp;&nbsp; 10569 |
| iHeartCommunications, Inc. 144A<br> 10.875%, 5/1/30<sup>(1)</sup> | &nbsp;&nbsp; 9524 | &nbsp;&nbsp; 4667 |
| Nexstar Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.625%, 7/15/27<sup>(1)</sup> | &nbsp;&nbsp; 15835 | &nbsp;&nbsp; 15798 |
| &nbsp;&nbsp;&nbsp;144A 4.750%, 11/1/28<sup>(1)</sup> | &nbsp;&nbsp; 5800 | &nbsp;&nbsp; 5649 |
| Scripps Escrow II, Inc. 144A<br> 5.375%, 1/15/31<sup>(1)</sup> | &nbsp;&nbsp; 13495 | &nbsp;&nbsp; 9289 |
| Sirius XM Radio LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.500%, 7/1/29<sup>(1)</sup> | &nbsp;&nbsp; 8845 | &nbsp;&nbsp; 8787 |
| &nbsp;&nbsp;&nbsp;144A 4.125%, 7/1/30<sup>(1)</sup> | &nbsp;&nbsp; 11990 | &nbsp;&nbsp; 11055 |
| TEGNA, Inc.<br> 5.000%, 9/15/29 | &nbsp;&nbsp; 13820 | &nbsp;&nbsp; 13201 |
| Virgin Media Finance plc 144A<br> 5.000%, 7/15/30<sup>(1)</sup> | &nbsp;&nbsp; 7505 | &nbsp;&nbsp; 6858 |
| Virgin Media Secured Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.500%, 5/15/29<sup>(1)</sup> | &nbsp;&nbsp; 10215 | &nbsp;&nbsp; 10047 |
| &nbsp;&nbsp;&nbsp;144A 4.500%, 8/15/30<sup>(1)</sup> | &nbsp;&nbsp; 9225 | &nbsp;&nbsp; 8574 |
|  |  | &nbsp;&nbsp; 176211 |
| **Mining—0.4%** | **Mining—0.4%** |  |
| Arsenal AIC Parent LLC 144A<br> 8.000%, 10/1/30<sup>(1)</sup> | &nbsp;&nbsp; 8340 | &nbsp;&nbsp; 8900 |
| FMG Resources August 2006 Pty Ltd. 144A<br> 4.375%, 4/1/31<sup>(1)</sup> | &nbsp;&nbsp; 4130 | &nbsp;&nbsp; 3859 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### Income & Growth Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Mining—continued** | **Mining—continued** |  |
| Hudbay Minerals, Inc. 144A<br> 6.125%, 4/1/29<sup>(1)</sup> | $4675 | $4749 |
|  |  | &nbsp;&nbsp; 17508 |
| **Miscellaneous Manufacturing—0.3%** | **Miscellaneous Manufacturing—0.3%** |  |
| Axon Enterprise, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.125%, 3/15/30<sup>(1)</sup> | &nbsp;&nbsp; 6070 | &nbsp;&nbsp; 6242 |
| &nbsp;&nbsp;&nbsp;144A 6.250%, 3/15/33<sup>(1)</sup> | &nbsp;&nbsp; 6345 | &nbsp;&nbsp; 6533 |
|  |  | &nbsp;&nbsp; 12775 |
| **Oil, Gas & Consumable Fuels—2.1%** | **Oil, Gas & Consumable Fuels—2.1%** |  |
| CITGO Petroleum Corp. 144A<br> 8.375%, 1/15/29<sup>(1)</sup> | &nbsp;&nbsp; 10075 | &nbsp;&nbsp; 10480 |
| Civitas Resources, Inc. 144A<br> 8.750%, 7/1/31<sup>(1)</sup> | &nbsp;&nbsp; 11705 | &nbsp;&nbsp; 11835 |
| CNX Resources Corp. 144A<br> 7.375%, 1/15/31<sup>(1)</sup> | &nbsp;&nbsp; 4510 | &nbsp;&nbsp; 4704 |
| Cobalt International Energy, Inc.<br> 7.750%, 12/1/24<sup>(3)(4)</sup> | &nbsp;&nbsp; 9216 | &nbsp;&nbsp; —<sup>(5)</sup> |
| Mesquite Energy, Inc.<br> 0.000%, 1/15/24<sup>(4)</sup> | &nbsp;&nbsp; 6240 | &nbsp;&nbsp; 63 |
| Northern Oil & Gas, Inc. 144A<br> 8.750%, 6/15/31<sup>(1)</sup> | &nbsp;&nbsp; 6370 | &nbsp;&nbsp; 6564 |
| Occidental Petroleum Corp.<br> 8.875%, 7/15/30 | &nbsp;&nbsp; 6600 | &nbsp;&nbsp; 7542 |
| SM Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.750%, 8/1/29<sup>(1)</sup> | &nbsp;&nbsp; 6495 | &nbsp;&nbsp; 6471 |
| &nbsp;&nbsp;&nbsp;144A 7.000%, 8/1/32<sup>(1)</sup> | &nbsp;&nbsp; 7435 | &nbsp;&nbsp; 7326 |
| Sunoco LP 144A<br> 6.250%, 7/1/33<sup>(1)</sup> | &nbsp;&nbsp; 11870 | &nbsp;&nbsp; 12068 |
| Transocean, Inc. 144A<br> 8.500%, 5/15/31<sup>(1)</sup> | &nbsp;&nbsp; 15705 | &nbsp;&nbsp; 14019 |
| USA Compression Partners LP 144A<br> 7.125%, 3/15/29<sup>(1)</sup> | &nbsp;&nbsp; 6325 | &nbsp;&nbsp; 6483 |
| Weatherford International Ltd. 144A<br> 8.625%, 4/30/30<sup>(1)</sup> | &nbsp;&nbsp; 8565 | &nbsp;&nbsp; 8828 |
|  |  | &nbsp;&nbsp; 96383 |
| **Passenger Airlines—0.3%** | **Passenger Airlines—0.3%** |  |
| American Airlines, Inc. 144A<br> 5.750%, 4/20/29<sup>(1)</sup> | &nbsp;&nbsp; 14125 | &nbsp;&nbsp; 14113 |
| **Pharmaceuticals—0.7%** | **Pharmaceuticals—0.7%** |  |
| Bausch Health Americas, Inc. 144A<br> 8.500%, 1/31/27<sup>(1)</sup> | &nbsp;&nbsp; 12710 | &nbsp;&nbsp; 12107 |
| Jazz Securities DAC 144A<br> 4.375%, 1/15/29<sup>(1)</sup> | &nbsp;&nbsp; 8825 | &nbsp;&nbsp; 8524 |
| Organon & Co. 144A<br> 5.125%, 4/30/31<sup>(1)</sup> | &nbsp;&nbsp; 16745 | &nbsp;&nbsp; 14532 |
|  |  | &nbsp;&nbsp; 35163 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Pipelines—0.2%** | **Pipelines—0.2%** |  |
| NGL Energy Operating LLC 144A<br> 8.375%, 2/15/32<sup>(1)</sup> | $9765 | $9794 |
| **Real Estate—0.2%** | **Real Estate—0.2%** |  |
| Kennedy-Wilson, Inc.<br> 5.000%, 3/1/31 | &nbsp;&nbsp; 12550 | &nbsp;&nbsp; 11311 |
| **Retail—0.8%** | **Retail—0.8%** |  |
| Bath & Body Works, Inc. 144A<br> 6.625%, 10/1/30<sup>(1)</sup> | &nbsp;&nbsp; 12955 | &nbsp;&nbsp; 13352 |
| Mariposa Borrower, Inc. Escrow<br> 8.000%, 10/15/23<sup>(3)(4)</sup> | &nbsp;&nbsp; 6810 | &nbsp;&nbsp; 919 |
| New Red Finance, Inc. 144A<br> 6.125%, 6/15/29<sup>(1)</sup> | &nbsp;&nbsp; 17865 | &nbsp;&nbsp; 18322 |
| Yum! Brands, Inc.<br> 4.625%, 1/31/32 | &nbsp;&nbsp; 5310 | &nbsp;&nbsp; 5113 |
|  |  | &nbsp;&nbsp; 37706 |
| **Semiconductors—0.4%** | **Semiconductors—0.4%** |  |
| Amkor Technology, Inc. 144A<br> 6.625%, 9/15/27<sup>(1)</sup> | &nbsp;&nbsp; 3030 | &nbsp;&nbsp; 3038 |
| Microchip Technology, Inc.<br> 0.750%, 6/1/30 | &nbsp;&nbsp; 15865 | &nbsp;&nbsp; 15579 |
|  |  | &nbsp;&nbsp; 18617 |
| **Software—0.8%** | **Software—0.8%** |  |
| Cloud Software Group, Inc. 144A<br> 6.500%, 3/31/29<sup>(1)</sup> | &nbsp;&nbsp; 15625 | &nbsp;&nbsp; 15771 |
| Seagate Data Storage Technology Pte Ltd. 144A<br> 8.500%, 7/15/31<sup>(1)</sup> | &nbsp;&nbsp; 7495 | &nbsp;&nbsp; 8072 |
| UKG, Inc. 144A<br> 6.875%, 2/1/31<sup>(1)</sup> | &nbsp;&nbsp; 15410 | &nbsp;&nbsp; 15989 |
|  |  | &nbsp;&nbsp; 39832 |
| **Telecommunications—1.5%** | **Telecommunications—1.5%** |  |
| Frontier Communications Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.000%, 5/1/28<sup>(1)</sup> | &nbsp;&nbsp; 10165 | &nbsp;&nbsp; 10161 |
| &nbsp;&nbsp;&nbsp;144A 8.750%, 5/15/30<sup>(1)</sup> | &nbsp;&nbsp; 3420 | &nbsp;&nbsp; 3577 |
| Hughes Satellite Systems Corp.<br> 6.625%, 8/1/26 | &nbsp;&nbsp; 8530 | &nbsp;&nbsp; 6074 |
| Lumen Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.375%, 6/15/29<sup>(1)</sup> | &nbsp;&nbsp; 23075 | &nbsp;&nbsp; 20577 |
| &nbsp;&nbsp;&nbsp;144A 10.000%, 10/15/32<sup>(1)</sup> | &nbsp;&nbsp; 8285 | &nbsp;&nbsp; 8460 |
| Sprint LLC<br> 7.625%, 3/1/26 | &nbsp;&nbsp; 7435 | &nbsp;&nbsp; 7506 |
| T-Mobile USA, Inc.<br> 3.500%, 4/15/31 | &nbsp;&nbsp; 14160 | &nbsp;&nbsp; 13295 |
|  |  | &nbsp;&nbsp; 69650 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Transportation—0.8%** | **Transportation—0.8%** |  |
| Fortress Transportation & Infrastructure Investors LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.000%, 6/15/32<sup>(1)</sup> | $18530 | $19133 |
| &nbsp;&nbsp;&nbsp;144A 5.875%, 4/15/33<sup>(1)</sup> | &nbsp;&nbsp; 10680 | &nbsp;&nbsp;&nbsp; 10545 |
| XPO, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.125%, 6/1/31<sup>(1)</sup> | &nbsp;&nbsp; 5950 | &nbsp;&nbsp;&nbsp; 6220 |
| &nbsp;&nbsp;&nbsp;144A 7.125%, 2/1/32<sup>(1)</sup> | &nbsp;&nbsp; 2015 | &nbsp;&nbsp;&nbsp; 2112 |
|  |  | &nbsp;&nbsp;&nbsp; 38010 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $1,539,965)** | **Total Corporate Bonds and Notes<br> (Identified Cost $1,539,965)** | &nbsp;&nbsp;&nbsp;&nbsp;**1483672** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Convertible Preferred Stocks—4.7%** | **Convertible Preferred Stocks—4.7%** | **Convertible Preferred Stocks—4.7%** |
| **Aerospace & Defense—0.5%** | **Aerospace & Defense—0.5%** |  |
| Boeing Co. (The), 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;320925 | &nbsp;&nbsp; 21823 |
| **Banks—1.5%** | **Banks—1.5%** |  |
| Bank of America Corp. Series L, 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22050 | &nbsp;&nbsp; 26747 |
| Wells Fargo & Co. Series L, 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35545 | &nbsp;&nbsp; 41734 |
|  |  | &nbsp;&nbsp; 68481 |
| **Capital Markets—0.6%** | **Capital Markets—0.6%** |  |
| Ares Management Corp. Series B, 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;272495 | &nbsp;&nbsp; 14442 |
| KKR & Co., Inc. Series D, 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;307685 | &nbsp;&nbsp; 16492 |
|  |  | &nbsp;&nbsp; 30934 |
| **Electric Utilities—1.0%** | **Electric Utilities—1.0%** |  |
| NextEra Energy, Inc., 7.299% | &nbsp;&nbsp;&nbsp;&nbsp;709390 | &nbsp;&nbsp; 33405 |
| PG&E Corp. Series A, 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;433540 | &nbsp;&nbsp; 16301 |
|  |  | &nbsp;&nbsp; 49706 |
| **Healthcare Providers &<br> Services—0.3%** | **Healthcare Providers &<br> Services—0.3%** |  |
| BrightSpring Health Services, Inc., 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;157070 | &nbsp;&nbsp; 12966 |
| **Semiconductors & Semiconductor<br> Equipment—0.4%** | **Semiconductors & Semiconductor<br> Equipment—0.4%** |  |
| Microchip Technology, Inc., 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;265340 | &nbsp;&nbsp; 17682 |
| **Software—0.1%** | **Software—0.1%** |  |
| MicroStrategy, Inc., 8.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42025 | &nbsp;&nbsp; 5086 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### Income & Growth Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Technology Hardware, Storage &<br> Peripherals—0.3%** | **Technology Hardware, Storage &<br> Peripherals—0.3%** |  |
| Hewlett Packard Enterprise Co., 7.625% | &nbsp;&nbsp;&nbsp;&nbsp;217320 | $12796 |
| **Total Convertible Preferred Stocks<br> (Identified Cost $223,472)** | **Total Convertible Preferred Stocks<br> (Identified Cost $223,472)** | &nbsp;&nbsp;&nbsp;&nbsp; **219474** |
| **Preferred Stock—0.0%** | **Preferred Stock—0.0%** | **Preferred Stock—0.0%** |
| **Entertainment—0.0%** | **Entertainment—0.0%** |  |
| LiveStyle, Inc. Series B<sup>(4)(6)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9389 | &nbsp;&nbsp;&nbsp; 939 |
| **Total Preferred Stock<br> (Identified Cost $920)** | **Total Preferred Stock<br> (Identified Cost $920)** | &nbsp;&nbsp;&nbsp;&nbsp; **939** |
| **Common Stocks—31.9%** | **Common Stocks—31.9%** | **Common Stocks—31.9%** |
| **Aerospace & Defense—0.2%** | **Aerospace & Defense—0.2%** |  |
| RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55805 | &nbsp;&nbsp;&nbsp; 8149 |
| **Air Freight & Logistics—0.1%** | **Air Freight & Logistics—0.1%** |  |
| FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15845 | &nbsp;&nbsp;&nbsp; 3602 |
| **Automobile Components—0.2%** | **Automobile Components—0.2%** |  |
| Aptiv plc<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;136291 | &nbsp;&nbsp;&nbsp; 9298 |
| **Automobiles—0.6%** | **Automobiles—0.6%** |  |
| Tesla, Inc.<sup>(6)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87918 | &nbsp;&nbsp;&nbsp; 27928 |
| **Banks—1.4%** | **Banks—1.4%** |  |
| CCF Holdings LLC<sup>(4)(6)</sup> | 7416755 | &nbsp;&nbsp;&nbsp; 519 |
| CCF Holdings LLC Class M<sup>(4)(6)</sup> | 1759917 | &nbsp;&nbsp;&nbsp; 141 |
| Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200120 | &nbsp;&nbsp;&nbsp; 17034 |
| JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;113165 | &nbsp;&nbsp;&nbsp; 32808 |
| Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;178655 | &nbsp;&nbsp;&nbsp; 14314 |
|  |  | &nbsp;&nbsp;&nbsp; 64816 |
| **Beverages—0.3%** | **Beverages—0.3%** |  |
| Coca-Cola Co. (The)<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;184430 | &nbsp;&nbsp;&nbsp; 13048 |
| **Biotechnology—0.6%** | **Biotechnology—0.6%** |  |
| AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41107 | &nbsp;&nbsp;&nbsp; 7630 |
| Clovis Liquidation Trust Units<sup>(4)(6)</sup> | 4474067 | &nbsp;&nbsp;&nbsp; 134 |
| Gilead Sciences, Inc.<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72220 | &nbsp;&nbsp;&nbsp; 8007 |
| Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11720 | &nbsp;&nbsp;&nbsp; 6153 |
| Vertex Pharmaceuticals, Inc.<sup>(6)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14080 | &nbsp;&nbsp;&nbsp; 6269 |
|  |  | &nbsp;&nbsp;&nbsp; 28193 |
| **Broadline Retail—1.7%** | **Broadline Retail—1.7%** |  |
| Amazon.com, Inc.<sup>(6)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;364955 | &nbsp;&nbsp;&nbsp; 80067 |
| **Capital Markets—1.1%** | **Capital Markets—1.1%** |  |
| Charles Schwab Corp. (The)<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;179925 | &nbsp;&nbsp;&nbsp; 16416 |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51665 | &nbsp;&nbsp;&nbsp; 9479 |
| Moody's Corp.<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28665 | &nbsp;&nbsp;&nbsp; 14378 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Capital Markets—continued** | **Capital Markets—continued** |  |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81370 | $11462 |
|  |  | &nbsp;&nbsp; 51735 |
| **Chemicals—0.6%** | **Chemicals—0.6%** |  |
| Air Products & Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22195 | &nbsp;&nbsp; 6260 |
| DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69403 | &nbsp;&nbsp; 4761 |
| Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29265 | &nbsp;&nbsp; 7885 |
| Linde plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15565 | &nbsp;&nbsp; 7303 |
|  |  | &nbsp;&nbsp; 26209 |
| **Commercial Services &<br> Supplies—0.5%** | **Commercial Services &<br> Supplies—0.5%** |  |
| Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56565 | &nbsp;&nbsp; 12607 |
| Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55835 | &nbsp;&nbsp; 12776 |
|  |  | &nbsp;&nbsp; 25383 |
| **Communications Equipment—0.8%** | **Communications Equipment—0.8%** |  |
| Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;419245 | &nbsp;&nbsp; 29087 |
| Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18315 | &nbsp;&nbsp; 7701 |
|  |  | &nbsp;&nbsp; 36788 |
| **Construction & Engineering—0.3%** | **Construction & Engineering—0.3%** |  |
| Quanta Services, Inc.<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41105 | &nbsp;&nbsp; 15541 |
| **Consumer Finance—0.4%** | **Consumer Finance—0.4%** |  |
| Capital One Financial Corp.<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81826 | &nbsp;&nbsp; 17409 |
| Erickson, Inc.<sup>(4)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10866 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; 17409 |
| **Consumer Staples Distribution &<br> Retail—1.2%** | **Consumer Staples Distribution &<br> Retail—1.2%** |  |
| Costco Wholesale Corp.<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15220 | &nbsp;&nbsp; 15067 |
| Dollar Tree, Inc.<sup>(6)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81965 | &nbsp;&nbsp; 8118 |
| Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45510 | &nbsp;&nbsp; 4489 |
| Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;278570 | &nbsp;&nbsp; 27239 |
|  |  | &nbsp;&nbsp; 54913 |
| **Diversified Telecommunication<br> Services—0.2%** | **Diversified Telecommunication<br> Services—0.2%** |  |
| AT&T, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;352720 | &nbsp;&nbsp; 10208 |
| **Electric Utilities—0.2%** | **Electric Utilities—0.2%** |  |
| Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29460 | &nbsp;&nbsp; 9508 |
| **Electrical Equipment—0.5%** | **Electrical Equipment—0.5%** |  |
| Eaton Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33350 | &nbsp;&nbsp; 11906 |
| Generac Holdings, Inc.<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49720 | &nbsp;&nbsp; 7120 |
| Plug Power, Inc.<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;437288 | &nbsp;&nbsp; 651 |
| Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14495 | &nbsp;&nbsp; 4815 |
|  |  | &nbsp;&nbsp; 24492 |
| **Entertainment—0.5%** | **Entertainment—0.5%** |  |
| LiveStyle, Inc. <sup>(4)(6)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;202319 | &nbsp;&nbsp; — |
| Netflix, Inc.<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13860 | &nbsp;&nbsp; 18560 |
| Take-Two Interactive Software, Inc.<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26203 | &nbsp;&nbsp; 6364 |
|  |  | &nbsp;&nbsp; 24924 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financial Services—0.7%** | **Financial Services—0.7%** |  |
| Fiserv, Inc.<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11385 | $1963 |
| Mastercard, Inc. Class A<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56995 | &nbsp;&nbsp; 32028 |
|  |  | &nbsp;&nbsp; 33991 |
| **Healthcare Equipment &<br> Supplies—1.1%** | **Healthcare Equipment &<br> Supplies—1.1%** |  |
| Boston Scientific Corp.<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;234825 | &nbsp;&nbsp; 25223 |
| Edwards Lifesciences Corp.<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71220 | &nbsp;&nbsp; 5570 |
| Intuitive Surgical, Inc.<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35360 | &nbsp;&nbsp; 19215 |
|  |  | &nbsp;&nbsp; 50008 |
| **Healthcare Providers &<br> Services—0.7%** | **Healthcare Providers &<br> Services—0.7%** |  |
| CVS Health Corp.<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;127790 | &nbsp;&nbsp; 8815 |
| McKesson Corp.<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18275 | &nbsp;&nbsp; 13392 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36800 | &nbsp;&nbsp; 11480 |
|  |  | &nbsp;&nbsp; 33687 |
| **Hotels, Restaurants & Leisure—0.3%** | **Hotels, Restaurants & Leisure—0.3%** |  |
| Chipotle Mexican Grill, Inc. Class A<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;203230 | &nbsp;&nbsp; 11411 |
| **Industrial Conglomerates—0.6%** | **Industrial Conglomerates—0.6%** |  |
| 3M Co. | &nbsp;&nbsp;&nbsp;&nbsp;100145 | &nbsp;&nbsp; 15246 |
| General Electric Co.<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51780 | &nbsp;&nbsp; 13328 |
|  |  | &nbsp;&nbsp; 28574 |
| **Insurance—0.6%** | **Insurance—0.6%** |  |
| Allstate Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69800 | &nbsp;&nbsp; 14051 |
| Aon plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44415 | &nbsp;&nbsp; 15846 |
|  |  | &nbsp;&nbsp; 29897 |
| **Interactive Media & Services—2.3%** | **Interactive Media & Services—2.3%** |  |
| Alphabet, Inc. Class A<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;186470 | &nbsp;&nbsp; 32862 |
| Alphabet, Inc. Class C<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70985 | &nbsp;&nbsp; 12592 |
| Meta Platforms, Inc. Class A<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83645 | &nbsp;&nbsp; 61737 |
|  |  | &nbsp;&nbsp; 107191 |
| **IT Services—0.4%** | **IT Services—0.4%** |  |
| Accenture plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10030 | &nbsp;&nbsp; 2998 |
| EPAM Systems, Inc.<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20020 | &nbsp;&nbsp; 3540 |
| GoDaddy, Inc. Class A<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64010 | &nbsp;&nbsp; 11525 |
| GTT Communications, Inc.<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8647 | &nbsp;&nbsp; 141 |
|  |  | &nbsp;&nbsp; 18204 |
| **Life Sciences Tools & Services—0.3%** | **Life Sciences Tools & Services—0.3%** |  |
| Avantor, Inc.<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;280592 | &nbsp;&nbsp; 3777 |
| Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53585 | &nbsp;&nbsp; 10585 |
|  |  | &nbsp;&nbsp; 14362 |
| **Machinery—1.0%** | **Machinery—1.0%** |  |
| Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40835 | &nbsp;&nbsp; 15852 |
| Deere & Co.<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15840 | &nbsp;&nbsp; 8054 |
| Parker-Hannifin Corp.<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23475 | &nbsp;&nbsp; 16397 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### Income & Growth Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Machinery—continued** | **Machinery—continued** |  |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82623 | $5598 |
|  |  | &nbsp;&nbsp; 45901 |
| **Media—0.0%** | **Media—0.0%** |  |
| Postmedia Network Canada Corp.<sup>(4)(6)</sup> | 1018823 | &nbsp;&nbsp; 667 |
| **Oil, Gas & Consumable Fuels—0.3%** | **Oil, Gas & Consumable Fuels—0.3%** |  |
| Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;148335 | &nbsp;&nbsp; 4719 |
| Williams Cos., Inc. (The)<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;160520 | &nbsp;&nbsp; 10082 |
|  |  | &nbsp;&nbsp; 14801 |
| **Pharmaceuticals—0.6%** | **Pharmaceuticals—0.6%** |  |
| Elanco Animal Health, Inc.<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;358695 | &nbsp;&nbsp; 5122 |
| Eli Lilly & Co.<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30545 | &nbsp;&nbsp; 23811 |
|  |  | &nbsp;&nbsp; 28933 |
| **Professional Services—0.1%** | **Professional Services—0.1%** |  |
| Clarivate plc<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;540468 | &nbsp;&nbsp; 2324 |
| **Real Estate Management &<br> Development—0.3%** | **Real Estate Management &<br> Development—0.3%** |  |
| CBRE Group, Inc. Class A<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64030 | &nbsp;&nbsp; 8972 |
| CoStar Group, Inc.<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88155 | &nbsp;&nbsp; 7087 |
|  |  | &nbsp;&nbsp; 16059 |
| **Semiconductors & Semiconductor<br> Equipment—4.3%** | **Semiconductors & Semiconductor<br> Equipment—4.3%** |  |
| Analog Devices, Inc.<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50290 | &nbsp;&nbsp; 11970 |
| Broadcom, Inc.<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;136560 | &nbsp;&nbsp; 37643 |
| Micron Technology, Inc.<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73460 | &nbsp;&nbsp; 9054 |
| NVIDIA Corp.<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;848975 | &nbsp;&nbsp; 134129 |
| Texas Instruments, Inc.<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43815 | &nbsp;&nbsp; 9097 |
|  |  | &nbsp;&nbsp; 201893 |
| **Software—3.9%** | **Software—3.9%** |  |
| Atlassian Corp. Class A<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35970 | &nbsp;&nbsp; 7305 |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10660 | &nbsp;&nbsp; 8396 |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;237976 | &nbsp;&nbsp; 118372 |
| Oracle Corp.<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72339 | &nbsp;&nbsp; 15815 |
| Palantir Technologies, Inc. Class A<sup>(6)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55205 | &nbsp;&nbsp; 7526 |
| Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17870 | &nbsp;&nbsp; 10129 |
| ServiceNow, Inc.<sup>(6)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15345 | &nbsp;&nbsp; 15776 |
| Workday, Inc. Class A<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4974 | &nbsp;&nbsp; 1194 |
|  |  | &nbsp;&nbsp; 184513 |
| **Specialized REITs—0.4%** | **Specialized REITs—0.4%** |  |
| American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44430 | &nbsp;&nbsp; 9820 |
| Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9680 | &nbsp;&nbsp; 7700 |
|  |  | &nbsp;&nbsp; 17520 |
| **Specialty Retail—0.9%** | **Specialty Retail—0.9%** |  |
| Chewy, Inc. Class A<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;186087 | &nbsp;&nbsp; 7931 |
| Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31765 | &nbsp;&nbsp; 11646 |
| O'Reilly Automotive, Inc.<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;140475 | &nbsp;&nbsp; 12661 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Specialty Retail—continued** | **Specialty Retail—continued** |  |
| TJX Cos., Inc. (The)<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90850 | $11219 |
|  |  | &nbsp;&nbsp;&nbsp; 43457 |
| **Technology Hardware, Storage &<br> Peripherals—1.5%** | **Technology Hardware, Storage &<br> Peripherals—1.5%** |  |
| Apple, Inc.<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;343840 | &nbsp;&nbsp;&nbsp; 70546 |
| **Textiles, Apparel & Luxury<br> Goods—0.2%** | **Textiles, Apparel & Luxury<br> Goods—0.2%** |  |
| NIKE, Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97235 | &nbsp;&nbsp;&nbsp; 6908 |
| **Total Common Stocks<br> (Identified Cost $1,532,341)** | **Total Common Stocks<br> (Identified Cost $1,532,341)** | &nbsp;&nbsp;&nbsp;&nbsp;**1493058** |
| **Warrants—0.0%** | **Warrants—0.0%** | **Warrants—0.0%** |
| **Banks—0.0%** | **Banks—0.0%** |  |
| CCF Holdings LLC, 3/25/26<sup>(4)(6)</sup> | 2911361 | &nbsp;&nbsp;&nbsp; 29 |
| **IT Services—0.0%** | **IT Services—0.0%** |  |
| GTT Communications, Inc., 12/31/99<sup>(4)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27745 | &nbsp;&nbsp;&nbsp; —<sup>(5)</sup> |
| **Total Warrants<br> (Identified Cost $—)<sup>(5)</sup>** | **Total Warrants<br> (Identified Cost $—)<sup>(5)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **29** |
| **Equity-Linked Notes—5.6%** | **Equity-Linked Notes—5.6%** | **Equity-Linked Notes—5.6%** |
| **Banks—2.3%** | **Banks—2.3%** |  |
| Barclays Bank plc (Cadence Design Systems, Inc.)<br> 1.250%, 5/26/28<sup>(4)</sup> | 16405000 | &nbsp;&nbsp;&nbsp; 18403 |
| Barclays Bank plc (Microsoft Corp.)<br> 1.000%, 2/16/29 | 25090000 | &nbsp;&nbsp;&nbsp; 27145 |
| BofA Finance LLC (Amazon.com, Inc.)<br> 1.000%, 3/25/27<sup>(4)</sup> | 9395000 | &nbsp;&nbsp;&nbsp; 11207 |
| BofA Finance LLC (Atlassian Corp.)<br> 1.000%, 3/23/28<sup>(4)</sup> | 14205000 | &nbsp;&nbsp;&nbsp; 14539 |
| BofA Finance LLC (Stryker Corp.)<br> 1.000%, 3/17/28<sup>(4)</sup> | 13975000 | &nbsp;&nbsp;&nbsp; 14633 |
| Morgan Stanley Finance LLC (Berkshire Hathaway, Inc. B shares)<br> 1.000%, 3/21/28<sup>(4)</sup> | 14030000 | &nbsp;&nbsp;&nbsp; 13825 |
| Morgan Stanley Finance LLC (Royal Caribbean Cruises Ltd.)<br> 1.250%, 9/28/27<sup>(4)</sup> | 5795000 | &nbsp;&nbsp;&nbsp; 9281 |
|  |  | &nbsp;&nbsp;&nbsp; 109033 |
| **Financial Services—3.3%** | **Financial Services—3.3%** |  |
| Citigroup Global Markets Holdings, Inc. (Booking Holdings, Inc.)<br> 1.250%, 9/28/27<sup>(4)</sup> | 17790000 | &nbsp;&nbsp;&nbsp; 23195 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financial Services—continued** | **Financial Services—continued** |  |
| Citigroup Global Markets Holdings, Inc. (Broadcom, Inc.)<br> 1.250%, 4/13/28<sup>(4)</sup> | 14585000 | $20505 |
| Citigroup Global Markets Holdings, Inc. (NVIDIA Corp.)<br> 1.000%, 3/15/27 | 6315000 | &nbsp;&nbsp;&nbsp; 8764 |
| Goldman Sachs Finance Corp. (Eli Lilly & Co.)<br> 1.000%, 5/13/27<sup>(4)</sup> | 13770000 | &nbsp;&nbsp;&nbsp; 15055 |
| Goldman Sachs Finance Corp. (Palo Alto Networks, Inc.)<br> 4.000%, 9/28/26<sup>(4)</sup> | 5190000 | &nbsp;&nbsp;&nbsp; 7127 |
| Goldman Sachs Finance Corp. (Regeneron Pharmaceuticals, Inc.)<br> 1.250%, 6/28/27<sup>(4)</sup> | 17975000 | &nbsp;&nbsp;&nbsp; 17031 |
| JPMorgan Chase Financial Co. LLC (Boeing Co. (The))<br> 0.500%, 6/15/27 | 4280000 | &nbsp;&nbsp;&nbsp; 4926 |
| JPMorgan Chase Financial Co. LLC (Intuit, Inc.)<br> 1.000%, 6/15/28 | 13675000 | &nbsp;&nbsp;&nbsp; 15259 |
| JPMorgan Chase Financial Co. LLC (Johnson Controls International plc)<br> 1.000%, 4/1/28 | 14725000 | &nbsp;&nbsp;&nbsp; 17370 |
| JPMorgan Chase Financial Co. LLC (Meta Platforms, Inc.)<br> 1.250%, 3/15/27 | 10100000 | &nbsp;&nbsp;&nbsp; 13426 |
| JPMorgan Chase Financial Co. LLC (Salesforce, Inc.)<br> 1.000%, 3/15/27 | 8730000 | &nbsp;&nbsp;&nbsp; 8891 |
|  |  | &nbsp;&nbsp;&nbsp; 151549 |
| **Total Equity-Linked Notes<br> (Identified Cost $245,697)** | **Total Equity-Linked Notes<br> (Identified Cost $245,697)** | &nbsp;&nbsp;&nbsp;&nbsp; **260582** |
| **Total Long-Term Investments—96.0%<br> (Identified Cost $4,637,910)** | **Total Long-Term Investments—96.0%<br> (Identified Cost $4,637,910)** | &nbsp;&nbsp;&nbsp;&nbsp;**4493196** |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### Income & Growth Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investment—0.4%** | **Short-Term Investment—0.4%** | **Short-Term Investment—0.4%** |
| **Money Market Mutual Fund—0.4%** | **Money Market Mutual Fund—0.4%** | **Money Market Mutual Fund—0.4%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)<sup>(9)</sup> | 20480555 | $20481 |
| **Total Short-Term Investment<br> (Identified Cost $20,481)** | **Total Short-Term Investment<br> (Identified Cost $20,481)** | &nbsp;&nbsp;&nbsp;&nbsp; **20481** |
| **TOTAL INVESTMENTS, BEFORE WRITTEN OPTIONS—96.4%<br> (Identified Cost $4,658,391)** | **TOTAL INVESTMENTS, BEFORE WRITTEN OPTIONS—96.4%<br> (Identified Cost $4,658,391)** | &nbsp;&nbsp;&nbsp;&nbsp;**4513677** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Written Options—(0.0)%** | **Written Options—(0.0)%** |
| (See open written options<br> schedule) |  |
| **Total Written Options<br> (Premiums Received $968)** | &nbsp;&nbsp;&nbsp; **(2382)** |
| **TOTAL INVESTMENTS, NET OF WRITTEN OPTIONS—96.4%<br> (Identified Cost $4,657,423)** | **$4511295** |
| Other assets and liabilities, net—3.6% | &nbsp;&nbsp;&nbsp; 170077 |
| **NET ASSETS—100.0%** | **$4681372** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| DAC | Designated Activity Company |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| OP | Operating Partnership |
| OPM | Option Pricing Model |
| plc | Public Limited Company |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2025, these securities amounted to a value of $1,654,189 or 35.3% of net assets. |
| <sup>(2)</sup> | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| <sup>(3)</sup> | Security in default; no interest payments are being received. |
| <sup>(4)</sup> | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |
| <sup>(5)</sup> | Amount is less than $500 (not in thousands). |
| <sup>(6)</sup> | Non-income producing. |
| <sup>(7)</sup> | All or a portion of the security is restricted. |
| <sup>(8)</sup> | All or a portion of the security is segregated as collateral for written options. The value of securities segregated as collateral is $449,412. |

---

<sup>(9)</sup> Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)<sup>†</sup>** | **Country Weightings (Unaudited)<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;91% |
| Bermuda | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Jersey | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |
| <sup>†</sup> % of total investments, net of written options, as of June 30, 2025. | <sup>†</sup> % of total investments, net of written options, as of June 30, 2025. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open written options contracts as of June 30, 2025 were as follows:** | **Open written options contracts as of June 30, 2025 were as follows:** | **Open written options contracts as of June 30, 2025 were as follows:** | **Open written options contracts as of June 30, 2025 were as follows:** | **Open written options contracts as of June 30, 2025 were as follows:** | **Open written options contracts as of June 30, 2025 were as follows:** |
| **Description of Options** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Contract<br> Notional<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Strike<br> Price<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| **Call Options<sup>(2)</sup>** |  |  |  |  |  |
| Alphabet, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(532) | &nbsp;&nbsp;&nbsp;&nbsp;$(10241) | &nbsp;&nbsp;&nbsp;&nbsp;$192.50 | &nbsp;&nbsp;&nbsp;&nbsp;07/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(28) |
| Alphabet, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(1574) | &nbsp;&nbsp;&nbsp;&nbsp;(30299) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192.50 | &nbsp;&nbsp;&nbsp;&nbsp;07/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80) |
| Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(1825) | &nbsp;&nbsp;&nbsp;&nbsp;(42887) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235.00 | &nbsp;&nbsp;&nbsp;&nbsp;07/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(159) |
| Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(251) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6401) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255.00 | &nbsp;&nbsp;&nbsp;&nbsp;07/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) |
| Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(443) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9967) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225.00 | &nbsp;&nbsp;&nbsp;&nbsp;07/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) |
| Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(683) | &nbsp;&nbsp;&nbsp;&nbsp;(20490) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300.00 | &nbsp;&nbsp;&nbsp;&nbsp;07/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109) |
| Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(409) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8998) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220.00 | &nbsp;&nbsp;&nbsp;&nbsp;07/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96) |
| Charles Schwab Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;(1709) | &nbsp;&nbsp;&nbsp;&nbsp;(17090) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.00 | &nbsp;&nbsp;&nbsp;&nbsp;07/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55) |
| Chewy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(895) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4207) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.00 | &nbsp;&nbsp;&nbsp;&nbsp;07/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) |
| Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;(1291) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9553) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74.00 | &nbsp;&nbsp;&nbsp;&nbsp;07/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) |
| Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(107) | &nbsp;&nbsp;&nbsp;&nbsp;(11502) | &nbsp;&nbsp;&nbsp;&nbsp;1075.00 | &nbsp;&nbsp;&nbsp;&nbsp;07/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) |
| CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(639) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4665) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73.00 | &nbsp;&nbsp;&nbsp;&nbsp;07/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) |
| Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;(79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4385) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555.00 | &nbsp;&nbsp;&nbsp;&nbsp;07/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |
| Dollar Tree, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(574) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6314) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110.00 | &nbsp;&nbsp;&nbsp;&nbsp;07/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) |
| Eaton Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;(167) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6430) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385.00 | &nbsp;&nbsp;&nbsp;&nbsp;07/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;(214) | &nbsp;&nbsp;&nbsp;&nbsp;(19260) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900.00 | &nbsp;&nbsp;&nbsp;&nbsp;07/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) |
| General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;(259) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7122) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275.00 | &nbsp;&nbsp;&nbsp;&nbsp;07/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) |
| Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(506) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5971) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118.00 | &nbsp;&nbsp;&nbsp;&nbsp;07/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) |
| Mastercard, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(399) | &nbsp;&nbsp;&nbsp;&nbsp;(24339) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610.00 | &nbsp;&nbsp;&nbsp;&nbsp;07/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) |
| McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(128) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9856) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770.00 | &nbsp;&nbsp;&nbsp;&nbsp;07/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) |
| Meta Platforms, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(405) | &nbsp;&nbsp;&nbsp;&nbsp;(31792) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785.00 | &nbsp;&nbsp;&nbsp;&nbsp;07/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140) |
| Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(514) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7710) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150.00 | &nbsp;&nbsp;&nbsp;&nbsp;07/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |
| Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(143) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7436) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520.00 | &nbsp;&nbsp;&nbsp;&nbsp;07/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31) |
| NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(5943) | &nbsp;&nbsp;&nbsp;&nbsp;(98059) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165.00 | &nbsp;&nbsp;&nbsp;&nbsp;07/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1177) |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### Income & Growth Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open written options contracts as of June 30, 2025 were as follows (continued):** | **Open written options contracts as of June 30, 2025 were as follows (continued):** | **Open written options contracts as of June 30, 2025 were as follows (continued):** | **Open written options contracts as of June 30, 2025 were as follows (continued):** | **Open written options contracts as of June 30, 2025 were as follows (continued):** | **Open written options contracts as of June 30, 2025 were as follows (continued):** |
| **Description of Options** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Contract<br> Notional<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Strike<br> Price<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| **Call Options<sup>(2)</sup> (continued)** |  |  |  |  |  |
| Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(362) | &nbsp;&nbsp;&nbsp;&nbsp;$(8869) | &nbsp;&nbsp;&nbsp;&nbsp;$245.00 | &nbsp;&nbsp;&nbsp;&nbsp;07/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(22) |
| Palantir Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(386) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6369) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165.00 | &nbsp;&nbsp;&nbsp;&nbsp;07/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) |
| Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(176) | &nbsp;&nbsp;&nbsp;&nbsp;(12672) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720.00 | &nbsp;&nbsp;&nbsp;&nbsp;07/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85) |
| Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(288) | &nbsp;&nbsp;&nbsp;&nbsp;(11520) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400.00 | &nbsp;&nbsp;&nbsp;&nbsp;07/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58) |
| ServiceNow, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8316) | &nbsp;&nbsp;&nbsp;&nbsp;1080.00 | &nbsp;&nbsp;&nbsp;&nbsp;07/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47) |
| Tesla, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(615) | &nbsp;&nbsp;&nbsp;&nbsp;(27675) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450.00 | &nbsp;&nbsp;&nbsp;&nbsp;07/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) |
| Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(219) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4928) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225.00 | &nbsp;&nbsp;&nbsp;&nbsp;07/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(—)<sup>(3)</sup> |
| TJX Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;(454) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5902) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130.00 | &nbsp;&nbsp;&nbsp;&nbsp;07/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |
| Vertex Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3360) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480.00 | &nbsp;&nbsp;&nbsp;&nbsp;07/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) |
| Williams Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;(803) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5220) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.00 | &nbsp;&nbsp;&nbsp;&nbsp;07/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31) |
| **Total Written Options** |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$(2382) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Footnote Legend:** |
| <sup>(1)</sup> Strike price not reported in thousands. |
| <sup>(2)</sup> Exchange-traded options. |
| <sup>(3)</sup> Amount is less than $500 (not in thousands). |

---

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 2A in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3<br> Significant<br> Unobservable<br> Inputs |
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Convertible Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1035442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1035442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1483672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982<sup>(1)</sup> |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939 |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1493058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1461<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Equity-Linked Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164801 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4513677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1731411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2614054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168212 |
| Liabilities: |  |  |  |  |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2382) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2333) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments, Net of Written Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4511295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1729078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2614005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$168212 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Includes internally fair valued securities currently priced at zero ($0).

Securities held by the Fund with an end of period value of $31,081 were transferred from Level 3 to Level 2 due to an increase in trading activities at period end.

Some of the Fund's investments that were categorized as Level 3 may have been valued utilizing third party pricing information without adjustment. If applicable, such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of Level 3 investments.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### Income & Growth Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### June 30, 2025
($ reported in thousands)

The following is a reconciliation of assets of the Fund for Level 3 investments for which significant unobservable inputs were used to determine fair value.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;Corporate<br> Bonds<br> and Notes | &nbsp;&nbsp;&nbsp;&nbsp;Common<br> Stock | &nbsp;&nbsp;&nbsp;&nbsp;Preferred<br> Stock | &nbsp;&nbsp;&nbsp;&nbsp;Warrants | &nbsp;&nbsp;&nbsp;&nbsp;Equity-Linked<br> Notes |
| **Investments in Securities** |  |  |  |  |  |  |
| **Balance as of June 30, 2024:** | &nbsp;&nbsp;&nbsp;&nbsp;$379429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2238<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3185<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$146<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$372921 |
| Accrued discount/(premium) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(475) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8014 |
| Net change in unrealized appreciation (depreciation)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1996) | &nbsp;&nbsp;&nbsp;&nbsp;(1256) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1243) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620 |
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129422 |
| Sales<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(315145) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(315139) |
| Transfers from Level 3<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31081) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31081) |
| **Balance as of June 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;$168212 | &nbsp;&nbsp;&nbsp;&nbsp;$982<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$1461<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$164801 |

---

<sup>(a)</sup> Includes internally fair valued security currently priced at zero ($0).

<sup>(b)</sup> The net change in unrealized appreciation (depreciation) on investments still held at June 30, 2025, was $(694).

<sup>(c)</sup> Includes paydowns on securities.

<sup>(d)</sup> ''Transfers into and/or from" represent the ending value as of June 30, 2025, for any investment security where a change in the pricing level occurred from the beginning to the end of the period.

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 at June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in<br> Securities – Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Ending<br> Balance<br> at June 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Valuation Technique<br> Used** | &nbsp;&nbsp;&nbsp;&nbsp;**Unobservable<br> Inputs** | &nbsp;&nbsp;&nbsp;&nbsp;**Input<br> Values** | &nbsp;&nbsp;&nbsp;&nbsp;**Impact to Valuation<br> from an Increase in<br> Unobservable Inputs<sup>(a)</sup>** |
| **Preferred Stock:** |  |  |  |  |  |
| LiveStyle, Inc.<br> Series B | &nbsp;&nbsp;&nbsp;&nbsp;$939 | &nbsp;&nbsp;&nbsp;&nbsp;Discounted cash flows<br> liquidation approach | &nbsp;&nbsp;&nbsp;&nbsp;Discount rate | &nbsp;&nbsp;&nbsp;&nbsp;23.50% (23.27% - 23.82%) | &nbsp;&nbsp;&nbsp;&nbsp;Decrease |
| **Common Stocks:** |  |  |  |  |  |
| CCF Holdings LLC | &nbsp;&nbsp;&nbsp;&nbsp;$519 | &nbsp;&nbsp;&nbsp;&nbsp;OPM and Last transaction | &nbsp;&nbsp;&nbsp;&nbsp;Volatility | &nbsp;&nbsp;&nbsp;&nbsp;44.46% (40.00% - 47.70%) | &nbsp;&nbsp;&nbsp;&nbsp;Increase |
| CCF Holdings LLC<br> Class M | &nbsp;&nbsp;&nbsp;&nbsp;$141 | &nbsp;&nbsp;&nbsp;&nbsp;OPM and Last transaction | &nbsp;&nbsp;&nbsp;&nbsp;Volatility | &nbsp;&nbsp;&nbsp;&nbsp;44.46% (40.00% - 47.70%) | &nbsp;&nbsp;&nbsp;&nbsp;Increase |
| Postmedia Network<br> Canada Corp. | &nbsp;&nbsp;&nbsp;&nbsp;$667 | &nbsp;&nbsp;&nbsp;&nbsp;Market and Company<br> Comparables | &nbsp;&nbsp;&nbsp;&nbsp;EV Multiples | &nbsp;&nbsp;&nbsp;&nbsp;1.44x (0.59x - 3.17x) | &nbsp;&nbsp;&nbsp;&nbsp;Increase |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;10.70x (3.74x - 18.30x) |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Illiquidity Discount | &nbsp;&nbsp;&nbsp;&nbsp;10.00% | &nbsp;&nbsp;&nbsp;&nbsp;Increase |
| **Warrants:** |  |  |  |  |  |
| CCF Holdings LLC | &nbsp;&nbsp;&nbsp;&nbsp;$29 | &nbsp;&nbsp;&nbsp;&nbsp;Black-Scholes Model | &nbsp;&nbsp;&nbsp;&nbsp;Volatility | &nbsp;&nbsp;&nbsp;&nbsp;44.46% (40.00% - 47.70%) | &nbsp;&nbsp;&nbsp;&nbsp;Increase |

---

<sup>(a)</sup> A significant change in unobservable inputs could result in a significantly higher or lower fair value.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### KAR Global Small-Cap Fund

#### SCHEDULE OF INVESTMENTS June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—97.7%** | **Common Stocks—97.7%** | **Common Stocks—97.7%** |
| **Brazil—6.4%** | **Brazil—6.4%** |  |
| Caixa Seguridade Participacoes S.A. | &nbsp;&nbsp;&nbsp;&nbsp;341282 | $922 |
| Tegma Gestao Logistica S.A. | &nbsp;&nbsp;&nbsp;&nbsp;306924 | &nbsp;&nbsp; 1979 |
|  |  | &nbsp;&nbsp; 2901 |
| **China—2.5%** | **China—2.5%** |  |
| Haitian International Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;437766 | &nbsp;&nbsp; 1138 |
| **France—4.3%** | **France—4.3%** |  |
| Alten S.A. | &nbsp;&nbsp;&nbsp;&nbsp;11660 | &nbsp;&nbsp; 1023 |
| Lectra | &nbsp;&nbsp;&nbsp;&nbsp;33331 | &nbsp;&nbsp; 938 |
|  |  | &nbsp;&nbsp; 1961 |
| **Indonesia—0.6%** | **Indonesia—0.6%** |  |
| Sarana Menara Nusantara Tbk PT | 9107000 | &nbsp;&nbsp; 277 |
| **Italy—4.3%** | **Italy—4.3%** |  |
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp;&nbsp;&nbsp;56055 | &nbsp;&nbsp; 1244 |
| Moltiply Group SpA | &nbsp;&nbsp;&nbsp;&nbsp;13726 | &nbsp;&nbsp; 735 |
|  |  | &nbsp;&nbsp; 1979 |
| **Japan—1.9%** | **Japan—1.9%** |  |
| MarkLines Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;64644 | &nbsp;&nbsp; 859 |
| **Lithuania—9.0%** | **Lithuania—9.0%** |  |
| Baltic Classifieds Group plc | &nbsp;&nbsp;&nbsp;&nbsp;796452 | &nbsp;&nbsp; 4078 |
| **Mexico—4.6%** | **Mexico—4.6%** |  |
| Corp. Moctezuma SAB de C.V. | &nbsp;&nbsp;&nbsp;&nbsp;436901 | &nbsp;&nbsp; 1881 |
| Qualitas Controladora SAB de C.V. | &nbsp;&nbsp;&nbsp;&nbsp;19683 | &nbsp;&nbsp; 203 |
|  |  | &nbsp;&nbsp; 2084 |
| **Norway—2.8%** | **Norway—2.8%** |  |
| Bouvet ASA | &nbsp;&nbsp;&nbsp;&nbsp;160518 | &nbsp;&nbsp; 1269 |
| **Poland—3.3%** | **Poland—3.3%** |  |
| Grupa Pracuj S.A. | &nbsp;&nbsp;&nbsp;&nbsp;86429 | &nbsp;&nbsp; 1523 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Singapore—3.2%** | **Singapore—3.2%** |  |
| Haw Par Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;152917 | $1441 |
| **United Kingdom—16.6%** | **United Kingdom—16.6%** |  |
| AJ Bell plc | &nbsp;&nbsp;&nbsp;&nbsp;216011 | &nbsp;&nbsp;&nbsp; 1515 |
| Auto Trader Group plc | &nbsp;&nbsp;&nbsp;&nbsp;201625 | &nbsp;&nbsp;&nbsp; 2281 |
| FDM Group Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;168576 | &nbsp;&nbsp;&nbsp; 494 |
| Rightmove plc | &nbsp;&nbsp;&nbsp;&nbsp;299838 | &nbsp;&nbsp;&nbsp; 3246 |
|  |  | &nbsp;&nbsp;&nbsp; 7536 |
| **United States—38.2%** | **United States—38.2%** |  |
| Enerpac Tool Group Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;21469 | &nbsp;&nbsp;&nbsp; 871 |
| FTI Consulting, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9258 | &nbsp;&nbsp;&nbsp; 1495 |
| Landstar System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7202 | &nbsp;&nbsp;&nbsp; 1001 |
| Moelis & Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;10906 | &nbsp;&nbsp;&nbsp; 680 |
| Morningstar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3452 | &nbsp;&nbsp;&nbsp; 1084 |
| nCino, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;52274 | &nbsp;&nbsp;&nbsp; 1462 |
| NVE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6264 | &nbsp;&nbsp;&nbsp; 461 |
| Primerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10726 | &nbsp;&nbsp;&nbsp; 2935 |
| Ryan Specialty Holdings, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;37716 | &nbsp;&nbsp;&nbsp; 2564 |
| Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8107 | &nbsp;&nbsp;&nbsp; 1259 |
| Toro Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;14871 | &nbsp;&nbsp;&nbsp; 1051 |
| Triumph Financial, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;18112 | &nbsp;&nbsp;&nbsp; 998 |
| Watts Water Technologies, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6062 | &nbsp;&nbsp;&nbsp; 1491 |
|  |  | &nbsp;&nbsp;&nbsp;17352 |
| **Total Common Stocks<br> (Identified Cost $33,671)** | **Total Common Stocks<br> (Identified Cost $33,671)** | &nbsp;&nbsp;&nbsp;&nbsp;**44398** |
| **Total Long-Term Investments—97.7%<br> (Identified Cost $33,671)** | **Total Long-Term Investments—97.7%<br> (Identified Cost $33,671)** | &nbsp;&nbsp;&nbsp;&nbsp;**44398** |
| **TOTAL INVESTMENTS—97.7%<br> (Identified Cost $33,671)** | **TOTAL INVESTMENTS—97.7%<br> (Identified Cost $33,671)** | &nbsp;&nbsp;**$44398** |
| Other assets and liabilities, net—2.3% | Other assets and liabilities, net—2.3% | &nbsp;&nbsp;&nbsp;&nbsp; 1053 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$45451** |

---

---

| | |
|:---|:---|
| **Abbreviation:** | **Abbreviation:** |
| plc | Public Limited Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Non-income producing. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)<sup>†</sup>** | **Country Weightings (Unaudited)<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;39% |
| United Kingdom | &nbsp;&nbsp;17 |
| Lithuania | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Other | &nbsp;&nbsp;15 |
| Total | 100% |
| <sup>†</sup> % of total investments as of June 30, 2025. | <sup>†</sup> % of total investments as of June 30, 2025. |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### KAR Global Small-Cap Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### June 30, 2025
($ reported in thousands)

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 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices |
| Assets: |  |  |
| Equity Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44398 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44398 |

---

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 Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### KAR Health Sciences Fund

#### SCHEDULE OF INVESTMENTS June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—98.3%** | **Common Stocks—98.3%** | **Common Stocks—98.3%** |
| **Biotechnology—16.8%** | **Biotechnology—16.8%** |  |
| AbbVie, Inc. | 34967 | $6491 |
| Amgen, Inc. | 11452 | &nbsp;&nbsp; 3198 |
| Regeneron Pharmaceuticals, Inc. | 5037 | &nbsp;&nbsp; 2644 |
| Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 11397 | &nbsp;&nbsp; 5074 |
|  |  | &nbsp;&nbsp; 17407 |
| **Healthcare Equipment &<br> Supplies—27.0%** | **Healthcare Equipment &<br> Supplies—27.0%** |  |
| Align Technology, Inc.<sup>(1)</sup> | 9078 | &nbsp;&nbsp; 1719 |
| Cooper Cos., Inc. (The)<sup>(1)</sup> | 57228 | &nbsp;&nbsp; 4072 |
| Dexcom, Inc.<sup>(1)</sup> | 49481 | &nbsp;&nbsp; 4319 |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 9966 | &nbsp;&nbsp; 5345 |
| Insulet Corp.<sup>(1)</sup> | 12543 | &nbsp;&nbsp; 3941 |
| Intuitive Surgical, Inc.<sup>(1)</sup> | 10563 | &nbsp;&nbsp; 5740 |
| STERIS plc | 11745 | &nbsp;&nbsp; 2822 |
|  |  | &nbsp;&nbsp; 27958 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Healthcare Providers &<br> Services—16.5%** | **Healthcare Providers &<br> Services—16.5%** |  |
| HealthEquity, Inc.<sup>(1)</sup> | 40315 | $4223 |
| McKesson Corp. | 8651 | &nbsp;&nbsp; 6339 |
| U.S. Physical Therapy, Inc. | 36609 | &nbsp;&nbsp; 2863 |
| UnitedHealth Group, Inc. | 11847 | &nbsp;&nbsp; 3696 |
|  |  | &nbsp;&nbsp; 17121 |
| **Life Sciences Tools & Services—14.2%** | **Life Sciences Tools & Services—14.2%** |  |
| Danaher Corp. | 19031 | &nbsp;&nbsp; 3760 |
| Mettler-Toledo International, Inc.<sup>(1)</sup> | 3349 | &nbsp;&nbsp; 3934 |
| Thermo Fisher Scientific, Inc. | 7868 | &nbsp;&nbsp; 3190 |
| West Pharmaceutical Services, Inc. | 17716 | &nbsp;&nbsp; 3876 |
|  |  | &nbsp;&nbsp; 14760 |
| **Pharmaceuticals—23.8%** | **Pharmaceuticals—23.8%** |  |
| Eli Lilly & Co. | 18293 | &nbsp;&nbsp; 14260 |
| Merck & Co., Inc. | 42984 | &nbsp;&nbsp; 3402 |
| Prestige Consumer Healthcare, Inc.<sup>(1)</sup> | 37746 | &nbsp;&nbsp; 3014 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Pharmaceuticals—continued** | **Pharmaceuticals—continued** |  |
| Zoetis, Inc. Class A | 25674 | $4004 |
|  |  | &nbsp;&nbsp;&nbsp; 24680 |
| **Total Common Stocks<br> (Identified Cost $88,284)** | **Total Common Stocks<br> (Identified Cost $88,284)** | &nbsp;&nbsp;&nbsp;&nbsp;**101926** |
| **Total Long-Term Investments—98.3%<br> (Identified Cost $88,284)** | **Total Long-Term Investments—98.3%<br> (Identified Cost $88,284)** | &nbsp;&nbsp;&nbsp;&nbsp;**101926** |
| **TOTAL INVESTMENTS—98.3%<br> (Identified Cost $88,284)** | **TOTAL INVESTMENTS—98.3%<br> (Identified Cost $88,284)** | &nbsp;&nbsp;**$101926** |
| Other assets and liabilities, net—1.7% | Other assets and liabilities, net—1.7% | &nbsp;&nbsp;&nbsp;&nbsp; 1737 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$103663** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviation:** | **Abbreviation:** |
| plc | Public Limited Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Non-income producing. |

---

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 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices |
| Assets: |  |  |
| Equity Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$101926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$101926 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$101926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$101926 |

---

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.

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### NFJ Dividend Value Fund

#### SCHEDULE OF INVESTMENTS June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—99.3%** | **Common Stocks—99.3%** | **Common Stocks—99.3%** |
| **Communication Services—4.4%** | **Communication Services—4.4%** |  |
| Alphabet, Inc. Class A | 85959 | $15149 |
| Walt Disney Co. (The) | 53293 | &nbsp;&nbsp; 6609 |
|  |  | &nbsp;&nbsp; 21758 |
| **Consumer Discretionary—2.6%** | **Consumer Discretionary—2.6%** |  |
| Home Depot, Inc. (The) | 14250 | &nbsp;&nbsp; 5225 |
| Magna International, Inc. | 136209 | &nbsp;&nbsp; 5259 |
| Starbucks Corp. | 27083 | &nbsp;&nbsp; 2481 |
|  |  | &nbsp;&nbsp; 12965 |
| **Consumer Staples—2.2%** | **Consumer Staples—2.2%** |  |
| Keurig Dr Pepper, Inc. | 134069 | &nbsp;&nbsp; 4432 |
| Tyson Foods, Inc. Class A | 118429 | &nbsp;&nbsp; 6625 |
|  |  | &nbsp;&nbsp; 11057 |
| **Energy—7.6%** | **Energy—7.6%** |  |
| Chevron Corp. | 58529 | &nbsp;&nbsp; 8381 |
| EOG Resources, Inc. | 54297 | &nbsp;&nbsp; 6495 |
| Exxon Mobil Corp. | 97349 | &nbsp;&nbsp; 10494 |
| ONEOK, Inc. | 53657 | &nbsp;&nbsp; 4380 |
| Ovintiv, Inc. | 146448 | &nbsp;&nbsp; 5572 |
| Schlumberger N.V. | 66596 | &nbsp;&nbsp; 2251 |
|  |  | &nbsp;&nbsp; 37573 |
| **Financials—22.2%** | **Financials—22.2%** |  |
| Bank of America Corp. | 345088 | &nbsp;&nbsp; 16330 |
| Blackrock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9903 | &nbsp;&nbsp; 10391 |
| Charles Schwab Corp. (The) | 67458 | &nbsp;&nbsp; 6155 |
| Citigroup, Inc. | 129418 | &nbsp;&nbsp; 11016 |
| Commerce Bancshares, Inc. | 94170 | &nbsp;&nbsp; 5855 |
| Jack Henry & Associates, Inc. | 29400 | &nbsp;&nbsp; 5297 |
| JPMorgan Chase & Co. | 20402 | &nbsp;&nbsp; 5915 |
| MarketAxess Holdings, Inc. | 25685 | &nbsp;&nbsp; 5736 |
| Morgan Stanley | 37385 | &nbsp;&nbsp; 5266 |
| PNC Financial Services Group, Inc. (The) | 58355 | &nbsp;&nbsp; 10878 |
| Truist Financial Corp. | 240743 | &nbsp;&nbsp; 10349 |
| U.S. Bancorp | 156836 | &nbsp;&nbsp; 7097 |
| Wells Fargo & Co. | 124790 | &nbsp;&nbsp; 9998 |
|  |  | &nbsp;&nbsp;110283 |
| **Health Care—15.7%** | **Health Care—15.7%** |  |
| Abbott Laboratories | 35820 | &nbsp;&nbsp; 4872 |
| AbbVie, Inc. | 38522 | &nbsp;&nbsp; 7150 |
| Agilent Technologies, Inc. | 69419 | &nbsp;&nbsp; 8192 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Bristol-Myers Squibb Co. | 44991 | $2083 |
| HCA Healthcare, Inc. | 16937 | &nbsp;&nbsp; 6489 |
| Johnson & Johnson | 31765 | &nbsp;&nbsp; 4852 |
| Medtronic plc | 60720 | &nbsp;&nbsp; 5293 |
| Novo Nordisk A/S Sponsored ADR | 60154 | &nbsp;&nbsp; 4152 |
| Pfizer, Inc. | 625767 | &nbsp;&nbsp; 15169 |
| Thermo Fisher Scientific, Inc. | 23917 | &nbsp;&nbsp; 9697 |
| UnitedHealth Group, Inc. | 15957 | &nbsp;&nbsp; 4978 |
| Zoetis, Inc. Class A | 32949 | &nbsp;&nbsp; 5138 |
|  |  | &nbsp;&nbsp; 78065 |
| **Industrials—12.9%** | **Industrials—12.9%** |  |
| C.H. Robinson Worldwide, Inc. | 50188 | &nbsp;&nbsp; 4816 |
| Genpact Ltd. | 94851 | &nbsp;&nbsp; 4174 |
| Honeywell International, Inc. | 33243 | &nbsp;&nbsp; 7742 |
| L3Harris Technologies, Inc. | 21351 | &nbsp;&nbsp; 5356 |
| MonotaRO Co., Ltd. Unsponsored ADR | 255490 | &nbsp;&nbsp; 5031 |
| Oshkosh Corp. | 48495 | &nbsp;&nbsp; 5506 |
| RB Global, Inc. | 45421 | &nbsp;&nbsp; 4823 |
| Southwest Airlines Co. | 81112 | &nbsp;&nbsp; 2631 |
| Stanley Black & Decker, Inc. | 140069 | &nbsp;&nbsp; 9490 |
| TransUnion | 49180 | &nbsp;&nbsp; 4328 |
| Union Pacific Corp. | 21755 | &nbsp;&nbsp; 5005 |
| United Parcel Service, Inc. Class B | 49555 | &nbsp;&nbsp; 5002 |
|  |  | &nbsp;&nbsp; 63904 |
| **Information Technology—6.1%** | **Information Technology—6.1%** |  |
| Intuit, Inc. | 25347 | &nbsp;&nbsp; 19964 |
| Microsoft Corp. | 10622 | &nbsp;&nbsp; 5283 |
| Salesforce, Inc. | 18357 | &nbsp;&nbsp; 5006 |
|  |  | &nbsp;&nbsp; 30253 |
| **Materials—5.1%** | **Materials—5.1%** |  |
| Air Products & Chemicals, Inc. | 17729 | &nbsp;&nbsp; 5000 |
| Ball Corp. | 125953 | &nbsp;&nbsp; 7065 |
| Dow, Inc. | 139503 | &nbsp;&nbsp; 3694 |
| LyondellBasell Industries N.V. Class A | 68403 | &nbsp;&nbsp; 3958 |
| Pan American Silver Corp. | 197642 | &nbsp;&nbsp; 5613 |
|  |  | &nbsp;&nbsp; 25330 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate—11.2%** | **Real Estate—11.2%** |  |
| Alexandria Real Estate Equities, Inc. | 134150 | $9743 |
| Crown Castle, Inc. | 118793 | &nbsp;&nbsp;&nbsp; 12204 |
| Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5589 | &nbsp;&nbsp;&nbsp; 4446 |
| Invitation Homes, Inc. | 149929 | &nbsp;&nbsp;&nbsp; 4918 |
| Prologis, Inc. | 143061 | &nbsp;&nbsp;&nbsp; 15038 |
| Rexford Industrial Realty, Inc. | 138225 | &nbsp;&nbsp;&nbsp; 4917 |
| Sun Communities, Inc. | 36076 | &nbsp;&nbsp;&nbsp; 4563 |
|  |  | &nbsp;&nbsp;&nbsp; 55829 |
| **Utilities—9.3%** | **Utilities—9.3%** |  |
| AES Corp. (The) | 402651 | &nbsp;&nbsp;&nbsp; 4236 |
| American Water Works Co., Inc. | 43069 | &nbsp;&nbsp;&nbsp; 5991 |
| Eversource Energy | 283469 | &nbsp;&nbsp;&nbsp; 18034 |
| NextEra Energy, Inc. | 258206 | &nbsp;&nbsp;&nbsp; 17925 |
|  |  | &nbsp;&nbsp;&nbsp; 46186 |
| **Total Common Stocks<br> (Identified Cost $449,787)** | **Total Common Stocks<br> (Identified Cost $449,787)** | &nbsp;&nbsp;&nbsp;&nbsp;**493203** |
| **Total Long-Term Investments—99.3%<br> (Identified Cost $449,787)** | **Total Long-Term Investments—99.3%<br> (Identified Cost $449,787)** | &nbsp;&nbsp;&nbsp;&nbsp;**493203** |
| **TOTAL INVESTMENTS—99.3%<br> (Identified Cost $449,787)** | **TOTAL INVESTMENTS—99.3%<br> (Identified Cost $449,787)** | &nbsp;&nbsp;**$493203** |
| Other assets and liabilities, net—0.7% | Other assets and liabilities, net—0.7% | &nbsp;&nbsp;&nbsp;&nbsp; 3373 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$496576** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| plc | Public Limited Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)<sup>†</sup>** | **Country Weightings (Unaudited)<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;92% |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Bermuda | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |
| <sup>†</sup> % of total investments as of June 30, 2025. | <sup>†</sup> % of total investments as of June 30, 2025. |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### NFJ Dividend Value Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### June 30, 2025
($ reported in thousands)

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 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices |
| Assets: |  |  |
| Equity Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$493203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$493203 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$493203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$493203 |

---

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 Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### NFJ International Value Fund

#### SCHEDULE OF INVESTMENTS June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Preferred Stocks—2.3%** | **Preferred Stocks—2.3%** | **Preferred Stocks—2.3%** |
| **Brazil—2.3%** | **Brazil—2.3%** |  |
| Itau Unibanco Holding S.A., 6.630% | &nbsp;&nbsp;&nbsp;&nbsp;102330 | $694 |
| Petroleo Brasileiro S.A. - Petrobras, 10.650% | &nbsp;&nbsp;&nbsp;&nbsp;154400 | &nbsp;&nbsp;&nbsp; 892 |
|  |  | &nbsp;&nbsp;&nbsp; 1586 |
| **Total Preferred Stocks<br> (Identified Cost $1,492)** | **Total Preferred Stocks<br> (Identified Cost $1,492)** | &nbsp;&nbsp;&nbsp;&nbsp; **1586** |
| **Common Stocks—97.8%** | **Common Stocks—97.8%** | **Common Stocks—97.8%** |
| **Belgium—2.6%** | **Belgium—2.6%** |  |
| KBC Group N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7032 | &nbsp;&nbsp;&nbsp; 726 |
| Warehouses De Pauw CVA | &nbsp;&nbsp;&nbsp;&nbsp;46613 | &nbsp;&nbsp;&nbsp; 1137 |
|  |  | &nbsp;&nbsp;&nbsp; 1863 |
| **Brazil—2.5%** | **Brazil—2.5%** |  |
| Vale S.A. | &nbsp;&nbsp;&nbsp;&nbsp;181400 | &nbsp;&nbsp;&nbsp; 1759 |
| **Canada—4.9%** | **Canada—4.9%** |  |
| Agnico Eagle Mines Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;11811 | &nbsp;&nbsp;&nbsp; 1407 |
| Brookfield Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10612 | &nbsp;&nbsp;&nbsp; 657 |
| Franco-Nevada Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4104 | &nbsp;&nbsp;&nbsp; 673 |
| RB Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6348 | &nbsp;&nbsp;&nbsp; 674 |
|  |  | &nbsp;&nbsp;&nbsp; 3411 |
| **Cayman Islands—0.9%** | **Cayman Islands—0.9%** |  |
| JD Logistics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;364800 | &nbsp;&nbsp;&nbsp; 611 |
| **China—15.3%** | **China—15.3%** |  |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;276746 | &nbsp;&nbsp;&nbsp; 3871 |
| ANTA Sports Products Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;45081 | &nbsp;&nbsp;&nbsp; 543 |
| China Merchants Bank Co., Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;109100 | &nbsp;&nbsp;&nbsp; 700 |
| JD.com, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;172893 | &nbsp;&nbsp;&nbsp; 2817 |
| Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;43891 | &nbsp;&nbsp;&nbsp; 2812 |
|  |  | &nbsp;&nbsp;&nbsp;10743 |
| **Denmark—0.8%** | **Denmark—0.8%** |  |
| Novo Nordisk A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8048 | &nbsp;&nbsp;&nbsp; 559 |
| **France—0.3%** | **France—0.3%** |  |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468 | &nbsp;&nbsp;&nbsp; 245 |
| **India—3.2%** | **India—3.2%** |  |
| HDFC Bank Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;29034 | &nbsp;&nbsp;&nbsp; 2226 |
| **Indonesia—1.0%** | **Indonesia—1.0%** |  |
| Bank Central Asia Tbk PT | 1358100 | &nbsp;&nbsp;&nbsp; 726 |
| **Japan—17.5%** | **Japan—17.5%** |  |
| Daiichi Sankyo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;124200 | &nbsp;&nbsp;&nbsp; 2902 |
| FANUC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23300 | &nbsp;&nbsp;&nbsp; 638 |
| MonotaRO Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;133246 | &nbsp;&nbsp;&nbsp; 2632 |
| Nippon Paint Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;367826 | &nbsp;&nbsp;&nbsp; 2963 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan—continued** | **Japan—continued** |  |
| Shionogi & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;43300 | $780 |
| Sony Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;93200 | &nbsp;&nbsp; 2414 |
|  |  | &nbsp;&nbsp;12329 |
| **Mexico—1.0%** | **Mexico—1.0%** |  |
| Grupo Financiero Banorte SAB de C.V. Class O | &nbsp;&nbsp;&nbsp;&nbsp;75800 | &nbsp;&nbsp; 695 |
| **Netherlands—5.1%** | **Netherlands—5.1%** |  |
| ASML Holding N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3562 | &nbsp;&nbsp; 2843 |
| Euronext N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4146 | &nbsp;&nbsp; 709 |
|  |  | &nbsp;&nbsp; 3552 |
| **Norway—1.9%** | **Norway—1.9%** |  |
| Aker BP ASA | &nbsp;&nbsp;&nbsp;&nbsp;27676 | &nbsp;&nbsp; 708 |
| Equinor ASA | &nbsp;&nbsp;&nbsp;&nbsp;23535 | &nbsp;&nbsp; 595 |
|  |  | &nbsp;&nbsp; 1303 |
| **Saudi Arabia—1.8%** | **Saudi Arabia—1.8%** |  |
| Saudi Arabian Oil Co. | &nbsp;&nbsp;&nbsp;&nbsp;83550 | &nbsp;&nbsp; 542 |
| Saudi National Bank (The) | &nbsp;&nbsp;&nbsp;&nbsp;77663 | &nbsp;&nbsp; 748 |
|  |  | &nbsp;&nbsp; 1290 |
| **Singapore—1.0%** | **Singapore—1.0%** |  |
| DBS Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;19320 | &nbsp;&nbsp; 682 |
| **South Africa—2.8%** | **South Africa—2.8%** |  |
| Naspers Ltd. Class N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6358 | &nbsp;&nbsp; 1981 |
| **South Korea—5.1%** | **South Korea—5.1%** |  |
| Samsung Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;64020 | &nbsp;&nbsp; 2837 |
| SK Hynix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3431 | &nbsp;&nbsp; 742 |
|  |  | &nbsp;&nbsp; 3579 |
| **Spain—1.9%** | **Spain—1.9%** |  |
| Banco Bilbao Vizcaya Argentaria S.A. | &nbsp;&nbsp;&nbsp;&nbsp;44629 | &nbsp;&nbsp; 686 |
| Repsol S.A. | &nbsp;&nbsp;&nbsp;&nbsp;42108 | &nbsp;&nbsp; 617 |
|  |  | &nbsp;&nbsp; 1303 |
| **Sweden—2.1%** | **Sweden—2.1%** |  |
| Evolution AB | &nbsp;&nbsp;&nbsp;&nbsp;18335 | &nbsp;&nbsp; 1457 |
| **Taiwan—4.9%** | **Taiwan—4.9%** |  |
| Taiwan Semiconductor Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;95539 | &nbsp;&nbsp; 3467 |
| **Thailand—1.0%** | **Thailand—1.0%** |  |
| CP ALL PCL Foreign Shares | &nbsp;&nbsp;&nbsp;&nbsp;498700 | &nbsp;&nbsp; 675 |
| **United Arab Emirates—1.7%** | **United Arab Emirates—1.7%** |  |
| Emirates NBD Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;108730 | &nbsp;&nbsp; 675 |
| First Abu Dhabi Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;115118 | &nbsp;&nbsp; 520 |
|  |  | &nbsp;&nbsp; 1195 |
| **United Kingdom—10.2%** | **United Kingdom—10.2%** |  |
| Admiral Group plc | &nbsp;&nbsp;&nbsp;&nbsp;15239 | &nbsp;&nbsp; 684 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United Kingdom—continued** | **United Kingdom—continued** |  |
| Anglogold Ashanti plc | &nbsp;&nbsp;&nbsp;&nbsp;14019 | $634 |
| AstraZeneca plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4466 | &nbsp;&nbsp;&nbsp; 620 |
| Barclays plc | &nbsp;&nbsp;&nbsp;&nbsp;156686 | &nbsp;&nbsp;&nbsp; 726 |
| NatWest Group plc | &nbsp;&nbsp;&nbsp;&nbsp;97278 | &nbsp;&nbsp;&nbsp; 683 |
| Segro plc | &nbsp;&nbsp;&nbsp;&nbsp;97959 | &nbsp;&nbsp;&nbsp; 914 |
| Standard Chartered plc | &nbsp;&nbsp;&nbsp;&nbsp;176874 | &nbsp;&nbsp;&nbsp; 2930 |
|  |  | &nbsp;&nbsp;&nbsp; 7191 |
| **United States—8.3%** | **United States—8.3%** |  |
| Alphabet, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;12386 | &nbsp;&nbsp;&nbsp; 2183 |
| American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3130 | &nbsp;&nbsp;&nbsp; 692 |
| MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6260 | &nbsp;&nbsp;&nbsp; 1398 |
| NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22822 | &nbsp;&nbsp;&nbsp; 1584 |
|  |  | &nbsp;&nbsp;&nbsp; 5857 |
| **Total Common Stocks<br> (Identified Cost $57,740)** | **Total Common Stocks<br> (Identified Cost $57,740)** | &nbsp;&nbsp;&nbsp;&nbsp;**68699** |
| **Total Long-Term Investments—100.1%<br> (Identified Cost $59,232)** | **Total Long-Term Investments—100.1%<br> (Identified Cost $59,232)** | &nbsp;&nbsp;&nbsp;&nbsp;**70285** |
| **TOTAL INVESTMENTS—100.1%<br> (Identified Cost $59,232)** | **TOTAL INVESTMENTS—100.1%<br> (Identified Cost $59,232)** | &nbsp;&nbsp;**$70285** |
| Other assets and liabilities, net—(0.1)% | Other assets and liabilities, net—(0.1)% | &nbsp;&nbsp;&nbsp;&nbsp; (45) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$70240** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| PCL | Public Company Limited |
| PJSC | Public Joint Stock Company |
| plc | Public Limited Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Non-income producing. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)<sup>†</sup>** | **Country Weightings (Unaudited)<sup>†</sup>** |
| Japan | &nbsp;&nbsp;&nbsp;17% |
| China | &nbsp;&nbsp;15 |
| United Kingdom | &nbsp;&nbsp;10 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Other | &nbsp;&nbsp;35 |
| Total | 100% |
| <sup>†</sup> % of total investments as of June 30, 2025. | <sup>†</sup> % of total investments as of June 30, 2025. |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### NFJ International Value Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### June 30, 2025
($ reported in thousands)

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 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices |
| Assets: |  |  |
| Equity Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1586 |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68699 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$70285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$70285 |

---

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 Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### NFJ Large-Cap Value Fund

#### SCHEDULE OF INVESTMENTS June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—99.6%** | **Common Stocks—99.6%** | **Common Stocks—99.6%** |
| **Communication Services—3.6%** | **Communication Services—3.6%** |  |
| Alphabet, Inc. Class A | 23039 | $4060 |
| Meta Platforms, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2245 | &nbsp;&nbsp; 1657 |
| Walt Disney Co. (The) | 34545 | &nbsp;&nbsp; 4284 |
|  |  | &nbsp;&nbsp; 10001 |
| **Consumer Discretionary—4.2%** | **Consumer Discretionary—4.2%** |  |
| Caesars Entertainment, Inc.<sup>(1)</sup> | 44610 | &nbsp;&nbsp; 1266 |
| General Motors Co. | 55450 | &nbsp;&nbsp; 2729 |
| Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;6986 | &nbsp;&nbsp; 2561 |
| JD.com, Inc. ADR | 70586 | &nbsp;&nbsp; 2304 |
| McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3967 | &nbsp;&nbsp; 1159 |
| Starbucks Corp. | 16792 | &nbsp;&nbsp; 1539 |
|  |  | &nbsp;&nbsp; 11558 |
| **Consumer Staples—2.6%** | **Consumer Staples—2.6%** |  |
| Keurig Dr Pepper, Inc. | 37620 | &nbsp;&nbsp; 1244 |
| McCormick & Co., Inc. Non-voting Shares | 16973 | &nbsp;&nbsp; 1287 |
| Procter & Gamble Co. (The) | 14482 | &nbsp;&nbsp; 2307 |
| Tyson Foods, Inc. Class A | 39548 | &nbsp;&nbsp; 2212 |
|  |  | &nbsp;&nbsp; 7050 |
| **Energy—7.4%** | **Energy—7.4%** |  |
| Chevron Corp. | 27142 | &nbsp;&nbsp; 3887 |
| ConocoPhillips | 13818 | &nbsp;&nbsp; 1240 |
| EOG Resources, Inc. | 21763 | &nbsp;&nbsp; 2603 |
| Exxon Mobil Corp. | 47646 | &nbsp;&nbsp; 5136 |
| ONEOK, Inc. | 15728 | &nbsp;&nbsp; 1284 |
| Ovintiv, Inc. | 92331 | &nbsp;&nbsp; 3513 |
| Phillips 66 | 13650 | &nbsp;&nbsp; 1628 |
| Schlumberger N.V. | 28748 | &nbsp;&nbsp; 972 |
|  |  | &nbsp;&nbsp; 20263 |
| **Financials—21.4%** | **Financials—21.4%** |  |
| American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;4694 | &nbsp;&nbsp; 1497 |
| Aon plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;3617 | &nbsp;&nbsp; 1290 |
| Bank of America Corp. | 150888 | &nbsp;&nbsp; 7140 |
| Blackrock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2836 | &nbsp;&nbsp; 2976 |
| Charles Schwab Corp. (The) | 30432 | &nbsp;&nbsp; 2777 |
| Citigroup, Inc. | 50286 | &nbsp;&nbsp; 4280 |
| Citizens Financial Group, Inc. | 62736 | &nbsp;&nbsp; 2807 |
| Global Payments, Inc. | 21029 | &nbsp;&nbsp; 1683 |
| Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;2162 | &nbsp;&nbsp; 1530 |
| JPMorgan Chase & Co. | 32443 | &nbsp;&nbsp; 9406 |
| Morgan Stanley | 32750 | &nbsp;&nbsp; 4613 |
| MSCI, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2293 | &nbsp;&nbsp; 1323 |
| PNC Financial Services Group, Inc. (The) | 30877 | &nbsp;&nbsp; 5756 |
| Truist Financial Corp. | 63974 | &nbsp;&nbsp; 2750 |
| U.S. Bancorp | 93309 | &nbsp;&nbsp; 4222 |
| Wells Fargo & Co. | 55862 | &nbsp;&nbsp; 4476 |
|  |  | &nbsp;&nbsp; 58526 |
| **Health Care—14.6%** | **Health Care—14.6%** |  |
| Abbott Laboratories | 20868 | &nbsp;&nbsp; 2838 |
| AbbVie, Inc. | 20609 | &nbsp;&nbsp; 3825 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Agilent Technologies, Inc. | 27477 | $3243 |
| Bristol-Myers Squibb Co. | 24240 | &nbsp;&nbsp; 1122 |
| Cooper Cos., Inc. (The)<sup>(1)</sup> | 18560 | &nbsp;&nbsp; 1321 |
| Globus Medical, Inc. Class A<sup>(1)</sup> | 36036 | &nbsp;&nbsp; 2127 |
| HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7001 | &nbsp;&nbsp; 2682 |
| Johnson & Johnson | 16381 | &nbsp;&nbsp; 2502 |
| Medtronic plc | 43773 | &nbsp;&nbsp; 3816 |
| Pfizer, Inc. | 161238 | &nbsp;&nbsp; 3908 |
| ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5293 | &nbsp;&nbsp; 1366 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9824 | &nbsp;&nbsp; 3983 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9048 | &nbsp;&nbsp; 2823 |
| Veeva Systems, Inc. Class A<sup>(1)</sup> | 10258 | &nbsp;&nbsp; 2954 |
| Zoetis, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;8652 | &nbsp;&nbsp; 1349 |
|  |  | &nbsp;&nbsp; 39859 |
| **Industrials—15.4%** | **Industrials—15.4%** |  |
| AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7518 | &nbsp;&nbsp; 1360 |
| C.H. Robinson Worldwide, Inc. | 13173 | &nbsp;&nbsp; 1264 |
| CSX Corp. | 47253 | &nbsp;&nbsp; 1542 |
| Eaton Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;4825 | &nbsp;&nbsp; 1722 |
| Emerson Electric Co. | 31229 | &nbsp;&nbsp; 4164 |
| General Electric Co. | 13869 | &nbsp;&nbsp; 3570 |
| Genpact Ltd. | 52044 | &nbsp;&nbsp; 2290 |
| Honeywell International, Inc. | 17866 | &nbsp;&nbsp; 4161 |
| IDEX Corp. | 14569 | &nbsp;&nbsp; 2558 |
| MonotaRO Co., Ltd. Unsponsored ADR | 71095 | &nbsp;&nbsp; 1400 |
| Oshkosh Corp. | 24620 | &nbsp;&nbsp; 2795 |
| RB Global, Inc. | 25423 | &nbsp;&nbsp; 2700 |
| RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9618 | &nbsp;&nbsp; 1404 |
| Southwest Airlines Co. | 45858 | &nbsp;&nbsp; 1488 |
| TransUnion | 33584 | &nbsp;&nbsp; 2955 |
| Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5848 | &nbsp;&nbsp; 1346 |
| United Parcel Service, Inc. Class B | 12168 | &nbsp;&nbsp; 1228 |
| Xylem, Inc. | 33273 | &nbsp;&nbsp; 4304 |
|  |  | &nbsp;&nbsp; 42251 |
| **Information Technology—9.6%** | **Information Technology—9.6%** |  |
| Accenture plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;4030 | &nbsp;&nbsp; 1205 |
| Adobe, Inc. <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2356 | &nbsp;&nbsp; 911 |
| Advanced Micro Devices, Inc.<sup>(1)</sup> | 22684 | &nbsp;&nbsp; 3219 |
| Autodesk, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4489 | &nbsp;&nbsp; 1390 |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5255 | &nbsp;&nbsp; 4139 |
| KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2060 | &nbsp;&nbsp; 1845 |
| Marvell Technology, Inc. | 41566 | &nbsp;&nbsp; 3217 |
| Micron Technology, Inc. | 14848 | &nbsp;&nbsp; 1830 |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8178 | &nbsp;&nbsp; 4068 |
| Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4430 | &nbsp;&nbsp; 1208 |
| Texas Instruments, Inc. | 15378 | &nbsp;&nbsp; 3193 |
|  |  | &nbsp;&nbsp; 26225 |
| **Materials—4.5%** | **Materials—4.5%** |  |
| Ball Corp. | 61015 | &nbsp;&nbsp; 3422 |
| DuPont de Nemours, Inc. | 17465 | &nbsp;&nbsp; 1198 |
| Freeport-McMoRan, Inc. | 33782 | &nbsp;&nbsp; 1465 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials—continued** | **Materials—continued** |  |
| LyondellBasell Industries N.V. Class A | 59571 | $3447 |
| Pan American Silver Corp. | 49299 | &nbsp;&nbsp;&nbsp; 1400 |
| Sealed Air Corp. | 43195 | &nbsp;&nbsp;&nbsp; 1340 |
|  |  | &nbsp;&nbsp;&nbsp; 12272 |
| **Real Estate—9.0%** | **Real Estate—9.0%** |  |
| Alexandria Real Estate Equities, Inc. | 54553 | &nbsp;&nbsp;&nbsp; 3962 |
| Crown Castle, Inc. | 12461 | &nbsp;&nbsp;&nbsp; 1280 |
| Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2986 | &nbsp;&nbsp;&nbsp; 2375 |
| Invitation Homes, Inc. | 73674 | &nbsp;&nbsp;&nbsp; 2417 |
| Prologis, Inc. | 50568 | &nbsp;&nbsp;&nbsp; 5316 |
| Rexford Industrial Realty, Inc. | 111994 | &nbsp;&nbsp;&nbsp; 3984 |
| SBA Communications Corp. Class A | 22293 | &nbsp;&nbsp;&nbsp; 5235 |
|  |  | &nbsp;&nbsp;&nbsp; 24569 |
| **Utilities—7.3%** | **Utilities—7.3%** |  |
| AES Corp. (The) | 227876 | &nbsp;&nbsp;&nbsp; 2398 |
| American Water Works Co., Inc. | 28143 | &nbsp;&nbsp;&nbsp; 3915 |
| Eversource Energy | 88025 | &nbsp;&nbsp;&nbsp; 5600 |
| NextEra Energy, Inc. | 114768 | &nbsp;&nbsp;&nbsp; 7967 |
|  |  | &nbsp;&nbsp;&nbsp; 19880 |
| **Total Common Stocks<br> (Identified Cost $238,549)** | **Total Common Stocks<br> (Identified Cost $238,549)** | &nbsp;&nbsp;&nbsp;&nbsp;**272454** |
| **Total Long-Term Investments—99.6%<br> (Identified Cost $238,549)** | **Total Long-Term Investments—99.6%<br> (Identified Cost $238,549)** | &nbsp;&nbsp;&nbsp;&nbsp;**272454** |
| **TOTAL INVESTMENTS—99.6%<br> (Identified Cost $238,549)** | **TOTAL INVESTMENTS—99.6%<br> (Identified Cost $238,549)** | &nbsp;&nbsp;**$272454** |
| Other assets and liabilities, net—0.4% | Other assets and liabilities, net—0.4% | &nbsp;&nbsp;&nbsp;&nbsp; 1110 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$273564** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| MSCI | Morgan Stanley Capital International |
| plc | Public Limited Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Non-income producing. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)<sup>†</sup>** | **Country Weightings (Unaudited)<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;93% |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| China | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Bermuda | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |
| <sup>†</sup> % of total investments as of June 30, 2025. | <sup>†</sup> % of total investments as of June 30, 2025. |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### NFJ Large-Cap Value Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### June 30, 2025
($ reported in thousands)

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 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices |
| Assets: |  |  |
| Equity Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$272454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$272454 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$272454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$272454 |

---

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 Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### NFJ Mid-Cap Value Fund

#### SCHEDULE OF INVESTMENTS June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—99.4%** | **Common Stocks—99.4%** | **Common Stocks—99.4%** |
| **Communication Services—0.6%** | **Communication Services—0.6%** |  |
| Trade Desk, Inc. (The) Class A<sup>(1)</sup> | 52457 | $3776 |
| **Consumer Discretionary—9.1%** | **Consumer Discretionary—9.1%** |  |
| American Eagle Outfitters, Inc. | 369419 | &nbsp;&nbsp; 3554 |
| Aptiv plc<sup>(1)</sup> | 127932 | &nbsp;&nbsp; 8727 |
| Brunswick Corp. | 84808 | &nbsp;&nbsp; 4685 |
| Caesars Entertainment, Inc.<sup>(1)</sup> | 148810 | &nbsp;&nbsp; 4225 |
| JD.com, Inc. ADR | 334215 | &nbsp;&nbsp; 10909 |
| PVH Corp. | 56546 | &nbsp;&nbsp; 3879 |
| Under Armour, Inc. Class A<sup>(1)</sup> | 927374 | &nbsp;&nbsp; 6334 |
| Winnebago Industries, Inc. | 170045 | &nbsp;&nbsp; 4931 |
| YETI Holdings, Inc.<sup>(1)</sup> | 180733 | &nbsp;&nbsp; 5697 |
|  |  | &nbsp;&nbsp; 52941 |
| **Consumer Staples—1.7%** | **Consumer Staples—1.7%** |  |
| Tyson Foods, Inc. Class A | 178313 | &nbsp;&nbsp; 9975 |
| **Energy—6.2%** | **Energy—6.2%** |  |
| Coterra Energy, Inc. | 111514 | &nbsp;&nbsp; 2830 |
| Devon Energy Corp. | 182013 | &nbsp;&nbsp; 5790 |
| Helmerich & Payne, Inc. | 159609 | &nbsp;&nbsp; 2420 |
| HF Sinclair Corp. | 156693 | &nbsp;&nbsp; 6437 |
| Matador Resources Co. | 201114 | &nbsp;&nbsp; 9597 |
| Ovintiv, Inc. | 156910 | &nbsp;&nbsp; 5971 |
| Schlumberger N.V. | 95690 | &nbsp;&nbsp; 3234 |
|  |  | &nbsp;&nbsp; 36279 |
| **Financials—18.8%** | **Financials—18.8%** |  |
| Citizens Financial Group, Inc. | 138372 | &nbsp;&nbsp; 6192 |
| Commerce Bancshares, Inc. | 182334 | &nbsp;&nbsp; 11336 |
| East West Bancorp, Inc. | 60931 | &nbsp;&nbsp; 6153 |
| First Financial Bankshares, Inc. | 327881 | &nbsp;&nbsp; 11797 |
| Independent Bank Corp. | 92630 | &nbsp;&nbsp; 5825 |
| Jack Henry & Associates, Inc. | 31562 | &nbsp;&nbsp; 5686 |
| Lakeland Financial Corp. | 193373 | &nbsp;&nbsp; 11883 |
| M&T Bank Corp. | 16572 | &nbsp;&nbsp; 3215 |
| MarketAxess Holdings, Inc. | 49736 | &nbsp;&nbsp; 11108 |
| Northern Trust Corp. | 57133 | &nbsp;&nbsp; 7244 |
| PNC Financial Services Group, Inc. (The) | 33009 | &nbsp;&nbsp; 6154 |
| Ryan Specialty Holdings, Inc. Class A | 75132 | &nbsp;&nbsp; 5108 |
| T. Rowe Price Group, Inc. | 59679 | &nbsp;&nbsp; 5759 |
| Truist Financial Corp. | 145090 | &nbsp;&nbsp; 6237 |
| U.S. Bancorp | 137975 | &nbsp;&nbsp; 6243 |
|  |  | &nbsp;&nbsp;109940 |
| **Health Care—10.7%** | **Health Care—10.7%** |  |
| Addus HomeCare Corp.<sup>(1)</sup> | 35032 | &nbsp;&nbsp; 4035 |
| BioMarin Pharmaceutical, Inc.<sup>(1)</sup> | 71018 | &nbsp;&nbsp; 3904 |
| Bio-Techne Corp. | 73969 | &nbsp;&nbsp; 3806 |
| Bruker Corp. | 137813 | &nbsp;&nbsp; 5678 |
| Cooper Cos., Inc. (The)<sup>(1)</sup> | 79922 | &nbsp;&nbsp; 5687 |
| Exelixis, Inc.<sup>(1)</sup> | 136156 | &nbsp;&nbsp; 6001 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Globus Medical, Inc. Class A<sup>(1)</sup> | 73993 | $4367 |
| HCA Healthcare, Inc. | 15319 | &nbsp;&nbsp; 5869 |
| IQVIA Holdings, Inc.<sup>(1)</sup> | 55946 | &nbsp;&nbsp; 8817 |
| Jazz Pharmaceuticals plc<sup>(1)</sup> | 23865 | &nbsp;&nbsp; 2533 |
| Universal Health Services, Inc. Class B | 34052 | &nbsp;&nbsp; 6168 |
| Veeva Systems, Inc. Class A<sup>(1)</sup> | 20093 | &nbsp;&nbsp; 5786 |
|  |  | &nbsp;&nbsp; 62651 |
| **Industrials—15.2%** | **Industrials—15.2%** |  |
| Alaska Air Group, Inc.<sup>(1)</sup> | 100604 | &nbsp;&nbsp; 4978 |
| Allegion plc | 40416 | &nbsp;&nbsp; 5825 |
| AMETEK, Inc. | 32217 | &nbsp;&nbsp; 5830 |
| C.H. Robinson Worldwide, Inc. | 48551 | &nbsp;&nbsp; 4658 |
| Dayforce, Inc.<sup>(1)</sup> | 49397 | &nbsp;&nbsp; 2736 |
| Genpact Ltd. | 112504 | &nbsp;&nbsp; 4951 |
| JBT Marel Corp. | 48695 | &nbsp;&nbsp; 5856 |
| L3Harris Technologies, Inc. | 23646 | &nbsp;&nbsp; 5931 |
| Lyft, Inc. Class A<sup>(1)</sup> | 251972 | &nbsp;&nbsp; 3971 |
| MonotaRO Co., Ltd. Unsponsored ADR | 142504 | &nbsp;&nbsp; 2806 |
| Oshkosh Corp. | 87138 | &nbsp;&nbsp; 9894 |
| RB Global, Inc. | 38938 | &nbsp;&nbsp; 4135 |
| Stanley Black & Decker, Inc. | 173242 | &nbsp;&nbsp; 11737 |
| Toro Co. (The) | 76762 | &nbsp;&nbsp; 5426 |
| Werner Enterprises, Inc. | 155549 | &nbsp;&nbsp; 4256 |
| Xylem, Inc. | 46159 | &nbsp;&nbsp; 5971 |
|  |  | &nbsp;&nbsp; 88961 |
| **Information Technology—7.1%** | **Information Technology—7.1%** |  |
| ANSYS, Inc.<sup>(1)</sup> | 17528 | &nbsp;&nbsp; 6156 |
| Littelfuse, Inc. | 28768 | &nbsp;&nbsp; 6523 |
| MKS, Inc. | 75012 | &nbsp;&nbsp; 7453 |
| Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8106 | &nbsp;&nbsp; 5929 |
| Skyworks Solutions, Inc. | 85657 | &nbsp;&nbsp; 6383 |
| Tyler Technologies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5219 | &nbsp;&nbsp; 3094 |
| VeriSign, Inc. | 19807 | &nbsp;&nbsp; 5720 |
|  |  | &nbsp;&nbsp; 41258 |
| **Materials—8.5%** | **Materials—8.5%** |  |
| Ashland, Inc. | 109567 | &nbsp;&nbsp; 5509 |
| Axalta Coating Systems Ltd. <sup>(1)</sup> | 198199 | &nbsp;&nbsp; 5884 |
| Ball Corp. | 108485 | &nbsp;&nbsp; 6085 |
| DuPont de Nemours, Inc. | 79768 | &nbsp;&nbsp; 5471 |
| Eastman Chemical Co. | 71169 | &nbsp;&nbsp; 5313 |
| FMC Corp. | 143779 | &nbsp;&nbsp; 6003 |
| Kaiser Aluminum Corp. | 79859 | &nbsp;&nbsp; 6381 |
| Newmont Corp. | 55313 | &nbsp;&nbsp; 3223 |
| Stepan Co. | 107139 | &nbsp;&nbsp; 5848 |
|  |  | &nbsp;&nbsp; 49717 |
| **Real Estate—14.9%** | **Real Estate—14.9%** |  |
| Alexandria Real Estate Equities, Inc. | 155997 | &nbsp;&nbsp; 11330 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate—continued** | **Real Estate—continued** |  |
| American Tower Corp. | 24728 | $5465 |
| CoStar Group, Inc.<sup>(1)</sup> | 46061 | &nbsp;&nbsp;&nbsp; 3703 |
| Crown Castle, Inc. | 34643 | &nbsp;&nbsp;&nbsp; 3559 |
| Digital Realty Trust, Inc. | 17800 | &nbsp;&nbsp;&nbsp; 3103 |
| Equity Residential | 78444 | &nbsp;&nbsp;&nbsp; 5294 |
| Essex Property Trust, Inc. | 19474 | &nbsp;&nbsp;&nbsp; 5519 |
| First Industrial Realty Trust, Inc. | 235040 | &nbsp;&nbsp;&nbsp; 11313 |
| Getty Realty Corp. | 179626 | &nbsp;&nbsp;&nbsp; 4965 |
| Invitation Homes, Inc. | 157597 | &nbsp;&nbsp;&nbsp; 5169 |
| Mid-America Apartment Communities, Inc. | 34182 | &nbsp;&nbsp;&nbsp; 5059 |
| PotlatchDeltic Corp. | 146894 | &nbsp;&nbsp;&nbsp; 5636 |
| Rexford Industrial Realty, Inc. | 322980 | &nbsp;&nbsp;&nbsp; 11489 |
| SBA Communications Corp. Class A | 23285 | &nbsp;&nbsp;&nbsp; 5468 |
|  |  | &nbsp;&nbsp;&nbsp; 87072 |
| **Utilities—6.6%** | **Utilities—6.6%** |  |
| AES Corp. (The) | 541585 | &nbsp;&nbsp;&nbsp; 5697 |
| Ameren Corp. | 55546 | &nbsp;&nbsp;&nbsp; 5335 |
| American Water Works Co., Inc. | 37083 | &nbsp;&nbsp;&nbsp; 5159 |
| Essential Utilities, Inc. | 136608 | &nbsp;&nbsp;&nbsp; 5074 |
| Eversource Energy | 181003 | &nbsp;&nbsp;&nbsp; 11515 |
| NextEra Energy, Inc. | 81764 | &nbsp;&nbsp;&nbsp; 5676 |
|  |  | &nbsp;&nbsp;&nbsp; 38456 |
| **Total Common Stocks<br> (Identified Cost $561,216)** | **Total Common Stocks<br> (Identified Cost $561,216)** | &nbsp;&nbsp;&nbsp;&nbsp;**581026** |
| **Total Long-Term Investments—99.4%<br> (Identified Cost $561,216)** | **Total Long-Term Investments—99.4%<br> (Identified Cost $561,216)** | &nbsp;&nbsp;&nbsp;&nbsp;**581026** |
| **TOTAL INVESTMENTS—99.4%<br> (Identified Cost $561,216)** | **TOTAL INVESTMENTS—99.4%<br> (Identified Cost $561,216)** | &nbsp;&nbsp;**$581026** |
| Other assets and liabilities, net—0.6% | Other assets and liabilities, net—0.6% | &nbsp;&nbsp;&nbsp;&nbsp; 3751 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$584777** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| plc | Public Limited Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Non-income producing. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)<sup>†</sup>** | **Country Weightings (Unaudited)<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;94% |
| China | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Jersey | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Bermuda | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Curaçao | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |
| <sup>†</sup> % of total investments as of June 30, 2025. | <sup>†</sup> % of total investments as of June 30, 2025. |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### NFJ Mid-Cap Value Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### June 30, 2025
($ reported in thousands)

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 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices |
| Assets: |  |  |
| Equity Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$581026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$581026 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$581026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$581026 |

---

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 Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### NFJ Small-Cap Value Fund

#### SCHEDULE OF INVESTMENTS June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—99.2%** | **Common Stocks—99.2%** | **Common Stocks—99.2%** |
| **Communication Services—1.5%** | **Communication Services—1.5%** |  |
| Cargurus, Inc. Class A<sup>(1)</sup> | 63907 | $2139 |
| Iridium Communications, Inc. | 55169 | &nbsp;&nbsp; 1664 |
|  |  | &nbsp;&nbsp; 3803 |
| **Consumer Discretionary—11.1%** | **Consumer Discretionary—11.1%** |  |
| American Eagle Outfitters, Inc. | 163243 | &nbsp;&nbsp; 1570 |
| Asbury Automotive Group, Inc.<sup>(1)</sup> | 10168 | &nbsp;&nbsp; 2426 |
| Caesars Entertainment, Inc.<sup>(1)</sup> | 42848 | &nbsp;&nbsp; 1216 |
| Carriage Services, Inc. Class A | 50289 | &nbsp;&nbsp; 2300 |
| Dana, Inc. | 147730 | &nbsp;&nbsp; 2534 |
| KB Home | 19416 | &nbsp;&nbsp; 1029 |
| LGI Homes, Inc.<sup>(1)</sup> | 12579 | &nbsp;&nbsp; 648 |
| Malibu Boats, Inc. Class A<sup>(1)</sup> | 55852 | &nbsp;&nbsp; 1750 |
| Papa John's International, Inc. | 53655 | &nbsp;&nbsp; 2626 |
| Taylor Morrison Home Corp. Class A<sup>(1)</sup> | 21887 | &nbsp;&nbsp; 1344 |
| Under Armour, Inc. Class A<sup>(1)</sup> | 401411 | &nbsp;&nbsp; 2742 |
| Victoria's Secret & Co.<sup>(1)</sup> | 66989 | &nbsp;&nbsp; 1241 |
| Winnebago Industries, Inc. | 71623 | &nbsp;&nbsp; 2077 |
| Wolverine World Wide, Inc. | 124142 | &nbsp;&nbsp; 2245 |
| YETI Holdings, Inc.<sup>(1)</sup> | 79678 | &nbsp;&nbsp; 2511 |
|  |  | &nbsp;&nbsp; 28259 |
| **Consumer Staples—1.2%** | **Consumer Staples—1.2%** |  |
| PriceSmart, Inc. | 17782 | &nbsp;&nbsp; 1868 |
| Utz Brands, Inc. | 97321 | &nbsp;&nbsp; 1221 |
|  |  | &nbsp;&nbsp; 3089 |
| **Energy—5.6%** | **Energy—5.6%** |  |
| Helmerich & Payne, Inc. | 210201 | &nbsp;&nbsp; 3187 |
| Matador Resources Co. | 90910 | &nbsp;&nbsp; 4338 |
| Ovintiv, Inc. | 76413 | &nbsp;&nbsp; 2907 |
| SM Energy Co. | 104767 | &nbsp;&nbsp; 2589 |
| Vital Energy, Inc.<sup>(1)</sup> | 70970 | &nbsp;&nbsp; 1142 |
|  |  | &nbsp;&nbsp; 14163 |
| **Financials—28.5%** | **Financials—28.5%** |  |
| Associated Banc-Corp. | 135813 | &nbsp;&nbsp; 3312 |
| Atlantic Union Bankshares Corp. | 81050 | &nbsp;&nbsp; 2535 |
| Axos Financial, Inc.<sup>(1)</sup> | 23952 | &nbsp;&nbsp; 1821 |
| Bancorp, Inc. (The)<sup>(1)</sup> | 43302 | &nbsp;&nbsp; 2467 |
| Blackstone Mortgage Trust, Inc. Class A | 129755 | &nbsp;&nbsp; 2498 |
| Cadence Bank | 102621 | &nbsp;&nbsp; 3282 |
| Commerce Bancshares, Inc. | 79742 | &nbsp;&nbsp; 4958 |
| Community Financial System, Inc. | 95048 | &nbsp;&nbsp; 5405 |
| Enterprise Financial Services Corp. | 58297 | &nbsp;&nbsp; 3212 |
| First Financial Bankshares, Inc. | 168276 | &nbsp;&nbsp; 6055 |
| First Interstate BancSystem, Inc. Class A | 92362 | &nbsp;&nbsp; 2662 |
| Glacier Bancorp, Inc. | 59948 | &nbsp;&nbsp; 2582 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| HA Sustainable Infrastructure Capital, Inc. | 87886 | $2361 |
| Independent Bank Corp. | 50037 | &nbsp;&nbsp; 3147 |
| Lakeland Financial Corp. | 84089 | &nbsp;&nbsp; 5167 |
| MarketAxess Holdings, Inc. | 23111 | &nbsp;&nbsp; 5162 |
| Pathward Financial, Inc. | 18649 | &nbsp;&nbsp; 1475 |
| Pinnacle Financial Partners, Inc. | 24811 | &nbsp;&nbsp; 2739 |
| Southside Bancshares, Inc. | 55002 | &nbsp;&nbsp; 1619 |
| SouthState Corp. | 29040 | &nbsp;&nbsp; 2672 |
| Stock Yards Bancorp, Inc. | 33563 | &nbsp;&nbsp; 2651 |
| UMB Financial Corp. | 24312 | &nbsp;&nbsp; 2557 |
| Walker & Dunlop, Inc. | 27124 | &nbsp;&nbsp; 1912 |
|  |  | &nbsp;&nbsp; 72251 |
| **Health Care—8.1%** | **Health Care—8.1%** |  |
| Addus HomeCare Corp.<sup>(1)</sup> | 33865 | &nbsp;&nbsp; 3901 |
| Bruker Corp. | 64114 | &nbsp;&nbsp; 2641 |
| Exelixis, Inc.<sup>(1)</sup> | 56226 | &nbsp;&nbsp; 2478 |
| Globus Medical, Inc. Class A<sup>(1)</sup> | 42068 | &nbsp;&nbsp; 2483 |
| Ligand Pharmaceuticals, Inc.<sup>(1)</sup> | 12047 | &nbsp;&nbsp; 1370 |
| LivaNova plc<sup>(1)</sup> | 64011 | &nbsp;&nbsp; 2882 |
| Medpace Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5401 | &nbsp;&nbsp; 1695 |
| Omnicell, Inc.<sup>(1)</sup> | 78841 | &nbsp;&nbsp; 2318 |
| Simulations Plus, Inc. | 47619 | &nbsp;&nbsp; 831 |
|  |  | &nbsp;&nbsp; 20599 |
| **Industrials—13.2%** | **Industrials—13.2%** |  |
| Alaska Air Group, Inc.<sup>(1)</sup> | 61239 | &nbsp;&nbsp; 3030 |
| Armstrong World Industries, Inc. | 17593 | &nbsp;&nbsp; 2858 |
| Dycom Industries, Inc.<sup>(1)</sup> | 10844 | &nbsp;&nbsp; 2650 |
| GATX Corp. | 15798 | &nbsp;&nbsp; 2426 |
| Genpact Ltd. | 35144 | &nbsp;&nbsp; 1547 |
| Insteel Industries, Inc. | 51521 | &nbsp;&nbsp; 1917 |
| JBT Marel Corp. | 42357 | &nbsp;&nbsp; 5094 |
| Lindsay Corp. | 11074 | &nbsp;&nbsp; 1597 |
| MonotaRO Co., Ltd. Unsponsored ADR | 58909 | &nbsp;&nbsp; 1160 |
| NEXTracker, Inc. Class A<sup>(1)</sup> | 41977 | &nbsp;&nbsp; 2282 |
| Oshkosh Corp. | 23566 | &nbsp;&nbsp; 2676 |
| UniFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6718 | &nbsp;&nbsp; 1264 |
| Watts Water Technologies, Inc. Class A | 10563 | &nbsp;&nbsp; 2597 |
| Werner Enterprises, Inc. | 92163 | &nbsp;&nbsp; 2522 |
|  |  | &nbsp;&nbsp; 33620 |
| **Information Technology—5.3%** | **Information Technology—5.3%** |  |
| Cirrus Logic, Inc.<sup>(1)</sup> | 21082 | &nbsp;&nbsp; 2198 |
| Diodes, Inc.<sup>(1)</sup> | 36151 | &nbsp;&nbsp; 1912 |
| Ichor Holdings Ltd.<sup>(1)</sup> | 118917 | &nbsp;&nbsp; 2335 |
| Littelfuse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5639 | &nbsp;&nbsp; 1279 |
| MKS, Inc. | 32791 | &nbsp;&nbsp; 3258 |
| RingCentral, Inc. Class A<sup>(1)</sup> | 84115 | &nbsp;&nbsp; 2385 |
|  |  | &nbsp;&nbsp; 13367 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials—6.3%** | **Materials—6.3%** |  |
| Ashland, Inc. | 46750 | $2351 |
| Coeur Mining, Inc.<sup>(1)</sup> | 283899 | &nbsp;&nbsp;&nbsp; 2515 |
| FMC Corp. | 61682 | &nbsp;&nbsp;&nbsp; 2575 |
| Kaiser Aluminum Corp. | 42487 | &nbsp;&nbsp;&nbsp; 3395 |
| Quaker Chemical Corp. | 23219 | &nbsp;&nbsp;&nbsp; 2599 |
| Stepan Co. | 48287 | &nbsp;&nbsp;&nbsp; 2636 |
|  |  | &nbsp;&nbsp;&nbsp; 16071 |
| **Real Estate—12.2%** | **Real Estate—12.2%** |  |
| Alexandria Real Estate Equities, Inc. | 30740 | &nbsp;&nbsp;&nbsp; 2233 |
| Cousins Properties, Inc. | 88637 | &nbsp;&nbsp;&nbsp; 2662 |
| Equity LifeStyle Properties, Inc. | 36129 | &nbsp;&nbsp;&nbsp; 2228 |
| Essential Properties Realty Trust, Inc. | 51520 | &nbsp;&nbsp;&nbsp; 1644 |
| Getty Realty Corp. | 84385 | &nbsp;&nbsp;&nbsp; 2332 |
| Healthpeak Properties, Inc. | 136296 | &nbsp;&nbsp;&nbsp; 2387 |
| Jones Lang LaSalle, Inc.<sup>(1)</sup> | 10235 | &nbsp;&nbsp;&nbsp; 2618 |
| PotlatchDeltic Corp. | 63901 | &nbsp;&nbsp;&nbsp; 2452 |
| Rexford Industrial Realty, Inc. | 139808 | &nbsp;&nbsp;&nbsp; 4973 |
| Terreno Realty Corp. | 86883 | &nbsp;&nbsp;&nbsp; 4871 |
| UMH Properties, Inc. | 151351 | &nbsp;&nbsp;&nbsp; 2541 |
|  |  | &nbsp;&nbsp;&nbsp; 30941 |
| **Utilities—6.2%** | **Utilities—6.2%** |  |
| AES Corp. (The) | 240490 | &nbsp;&nbsp;&nbsp; 2530 |
| American States Water Co. | 57714 | &nbsp;&nbsp;&nbsp; 4424 |
| Avista Corp. | 66187 | &nbsp;&nbsp;&nbsp; 2512 |
| Chesapeake Utilities Corp. | 17640 | &nbsp;&nbsp;&nbsp; 2121 |
| Middlesex Water Co. | 36446 | &nbsp;&nbsp;&nbsp; 1975 |
| Portland General Electric Co. | 54753 | &nbsp;&nbsp;&nbsp; 2224 |
|  |  | &nbsp;&nbsp;&nbsp; 15786 |
| **Total Common Stocks<br> (Identified Cost $236,604)** | **Total Common Stocks<br> (Identified Cost $236,604)** | &nbsp;&nbsp;&nbsp;&nbsp;**251949** |
| **Total Long-Term Investments—99.2%<br> (Identified Cost $236,604)** | **Total Long-Term Investments—99.2%<br> (Identified Cost $236,604)** | &nbsp;&nbsp;&nbsp;&nbsp;**251949** |
| **TOTAL INVESTMENTS—99.2%<br> (Identified Cost $236,604)** | **TOTAL INVESTMENTS—99.2%<br> (Identified Cost $236,604)** | &nbsp;&nbsp;**$251949** |
| Other assets and liabilities, net—0.8% | Other assets and liabilities, net—0.8% | &nbsp;&nbsp;&nbsp;&nbsp; 1911 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$253860** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| plc | Public Limited Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Non-income producing. |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### NFJ Small-Cap Value Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### June 30, 2025
($ reported in thousands)

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 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices |
| Assets: |  |  |
| Equity Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$251949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$251949 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$251949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$251949 |

---

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 Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### Silvant Focused Growth Fund

#### SCHEDULE OF INVESTMENTS June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—98.7%** | **Common Stocks—98.7%** | **Common Stocks—98.7%** |
| **Communication Services—15.2%** | **Communication Services—15.2%** |  |
| Alphabet, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;446498 | $78686 |
| Meta Platforms, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;137369 | &nbsp;&nbsp; 101391 |
| Netflix, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;50076 | &nbsp;&nbsp; 67058 |
|  |  | &nbsp;&nbsp; 247135 |
| **Consumer Discretionary—13.2%** | **Consumer Discretionary—13.2%** |  |
| Amazon.com, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;489991 | &nbsp;&nbsp; 107499 |
| Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;347072 | &nbsp;&nbsp; 15101 |
| MercadoLibre, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9348 | &nbsp;&nbsp; 24432 |
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;213465 | &nbsp;&nbsp; 66845 |
|  |  | &nbsp;&nbsp; 213877 |
| **Financials—4.7%** | **Financials—4.7%** |  |
| Visa, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;217198 | &nbsp;&nbsp; 77116 |
| **Health Care—6.2%** | **Health Care—6.2%** |  |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;75578 | &nbsp;&nbsp; 58915 |
| Intuitive Surgical, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;75638 | &nbsp;&nbsp; 41103 |
|  |  | &nbsp;&nbsp; 100018 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials—10.2%** | **Industrials—10.2%** |  |
| Fair Isaac Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25567 | $46735 |
| GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;73183 | &nbsp;&nbsp; 38725 |
| General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;222665 | &nbsp;&nbsp; 57312 |
| Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;98972 | &nbsp;&nbsp; 23049 |
|  |  | &nbsp;&nbsp; 165821 |
| **Information Technology—47.6%** | **Information Technology—47.6%** |  |
| Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;590880 | &nbsp;&nbsp; 121231 |
| Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;115033 | &nbsp;&nbsp; 21059 |
| ARM Holdings plc ADR<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;84620 | &nbsp;&nbsp; 13687 |
| ASML Holding N.V. Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;16102 | &nbsp;&nbsp; 12904 |
| Autodesk, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;95328 | &nbsp;&nbsp; 29511 |
| Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;208960 | &nbsp;&nbsp; 57600 |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;442358 | &nbsp;&nbsp; 220033 |
| NVIDIA Corp. | 1648081 | &nbsp;&nbsp; 260380 |
| Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;85595 | &nbsp;&nbsp; 23341 |
| Workday, Inc. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;62864 | &nbsp;&nbsp; 15087 |
|  |  | &nbsp;&nbsp; 774833 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials—1.6%** | **Materials—1.6%** |  |
| Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;100531 | $26220 |
| **Total Common Stocks<br> (Identified Cost $592,713)** | **Total Common Stocks<br> (Identified Cost $592,713)** | &nbsp;&nbsp;&nbsp;&nbsp;**1605020** |
| **Total Long-Term Investments—98.7%<br> (Identified Cost $592,713)** | **Total Long-Term Investments—98.7%<br> (Identified Cost $592,713)** | &nbsp;&nbsp;&nbsp;&nbsp;**1605020** |
| **TOTAL INVESTMENTS—98.7%<br> (Identified Cost $592,713)** | **TOTAL INVESTMENTS—98.7%<br> (Identified Cost $592,713)** | &nbsp;&nbsp;**$1605020** |
| Other assets and liabilities, net—1.3% | Other assets and liabilities, net—1.3% | &nbsp;&nbsp;&nbsp;&nbsp; 21615 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$1626635** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| plc | Public Limited Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Non-income producing. |

---

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 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices |
| Assets: |  |  |
| Equity Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1605020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1605020 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1605020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1605020 |

---

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.

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### Silvant Mid-Cap Growth Fund

#### SCHEDULE OF INVESTMENTS June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—99.7%** | **Common Stocks—99.7%** | **Common Stocks—99.7%** |
| **Communication Services—7.8%** | **Communication Services—7.8%** |  |
| Live Nation Entertainment, Inc.<sup>(1)</sup> | 34499 | $5219 |
| Reddit, Inc. Class A<sup>(1)</sup> | 20109 | &nbsp;&nbsp; 3028 |
| ROBLOX Corp. Class A<sup>(1)</sup> | 72445 | &nbsp;&nbsp; 7621 |
| Spotify Technology S.A.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8950 | &nbsp;&nbsp; 6868 |
| TKO Group Holdings, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;8983 | &nbsp;&nbsp; 1634 |
| Trade Desk, Inc. (The) Class A<sup>(1)</sup> | 93877 | &nbsp;&nbsp; 6758 |
|  |  | &nbsp;&nbsp; 31128 |
| **Consumer Discretionary—16.5%** | **Consumer Discretionary—16.5%** |  |
| Burlington Stores, Inc.<sup>(1)</sup> | 13867 | &nbsp;&nbsp; 3226 |
| Carvana Co. Class A<sup>(1)</sup> | 12277 | &nbsp;&nbsp; 4137 |
| Chewy, Inc. Class A<sup>(1)</sup> | 48951 | &nbsp;&nbsp; 2086 |
| Coupang, Inc. Class A<sup>(1)</sup> | 196066 | &nbsp;&nbsp; 5874 |
| Deckers Outdoor Corp.<sup>(1)</sup> | 20166 | &nbsp;&nbsp; 2078 |
| DraftKings, Inc. Class A<sup>(1)</sup> | 99711 | &nbsp;&nbsp; 4277 |
| Duolingo, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6265 | &nbsp;&nbsp; 2569 |
| Ferrari N.V. | &nbsp;&nbsp;&nbsp;&nbsp;6822 | &nbsp;&nbsp; 3348 |
| Hilton Worldwide Holdings, Inc. | 33506 | &nbsp;&nbsp; 8924 |
| Royal Caribbean Cruises Ltd. | 33428 | &nbsp;&nbsp; 10468 |
| SharkNinja, Inc.<sup>(1)</sup> | 28668 | &nbsp;&nbsp; 2838 |
| Tapestry, Inc. | 49507 | &nbsp;&nbsp; 4347 |
| Tractor Supply Co. | 73905 | &nbsp;&nbsp; 3900 |
| Ulta Beauty, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9187 | &nbsp;&nbsp; 4298 |
| Wingstop, Inc. | 11945 | &nbsp;&nbsp; 4022 |
|  |  | &nbsp;&nbsp; 66392 |
| **Energy—0.8%** | **Energy—0.8%** |  |
| Diamondback Energy, Inc. | 23081 | &nbsp;&nbsp; 3171 |
| **Financials—12.3%** | **Financials—12.3%** |  |
| Ally Financial, Inc. | 37130 | &nbsp;&nbsp; 1446 |
| Apollo Global Management, Inc. | 21015 | &nbsp;&nbsp; 2981 |
| Ares Management Corp. Class A | 38273 | &nbsp;&nbsp; 6629 |
| Coinbase Global, Inc. Class A<sup>(1)</sup> | 15935 | &nbsp;&nbsp; 5585 |
| Fifth Third Bancorp | 120434 | &nbsp;&nbsp; 4954 |
| Gallagher (Arthur J.) & Co. | 18441 | &nbsp;&nbsp; 5903 |
| LPL Financial Holdings, Inc. | 15701 | &nbsp;&nbsp; 5888 |
| MSCI, Inc. Class A | 13603 | &nbsp;&nbsp; 7845 |
| Robinhood Markets, Inc. Class A<sup>(1)</sup> | 64947 | &nbsp;&nbsp; 6081 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| SLM Corp. | 63913 | $2096 |
|  |  | &nbsp;&nbsp; 49408 |
| **Health Care—11.5%** | **Health Care—11.5%** |  |
| Alnylam Pharmaceuticals, Inc.<sup>(1)</sup> | 19347 | &nbsp;&nbsp; 6309 |
| Cencora, Inc. | 36010 | &nbsp;&nbsp; 10798 |
| Dexcom, Inc.<sup>(1)</sup> | 57406 | &nbsp;&nbsp; 5011 |
| Encompass Health Corp. | 19673 | &nbsp;&nbsp; 2413 |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 12168 | &nbsp;&nbsp; 6526 |
| Insulet Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9397 | &nbsp;&nbsp; 2952 |
| Mettler-Toledo International, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2479 | &nbsp;&nbsp; 2912 |
| Neurocrine Biosciences, Inc.<sup>(1)</sup> | 21833 | &nbsp;&nbsp; 2744 |
| Tenet Healthcare Corp.<sup>(1)</sup> | 13165 | &nbsp;&nbsp; 2317 |
| Veeva Systems, Inc. Class A<sup>(1)</sup> | 15286 | &nbsp;&nbsp; 4402 |
|  |  | &nbsp;&nbsp; 46384 |
| **Industrials—24.8%** | **Industrials—24.8%** |  |
| AMETEK, Inc. | 18692 | &nbsp;&nbsp; 3383 |
| Axon Enterprise, Inc.<sup>(1)</sup> | 13216 | &nbsp;&nbsp; 10942 |
| Fair Isaac Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5060 | &nbsp;&nbsp; 9249 |
| Ferguson Enterprises, Inc. | 19932 | &nbsp;&nbsp; 4340 |
| Howmet Aerospace, Inc. | 54092 | &nbsp;&nbsp; 10068 |
| Quanta Services, Inc. | 33480 | &nbsp;&nbsp; 12658 |
| Rockwell Automation, Inc. | 11719 | &nbsp;&nbsp; 3893 |
| Sterling Infrastructure, Inc.<sup>(1)</sup> | 10278 | &nbsp;&nbsp; 2371 |
| Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp;8588 | &nbsp;&nbsp; 3756 |
| United Rentals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9883 | &nbsp;&nbsp; 7446 |
| Verisk Analytics, Inc. Class A | 25314 | &nbsp;&nbsp; 7885 |
| Vertiv Holdings Co. Class A | 90394 | &nbsp;&nbsp; 11608 |
| Westinghouse Air Brake Technologies Corp. | 36869 | &nbsp;&nbsp; 7719 |
| Xometry, Inc. Class A<sup>(1)</sup> | 22045 | &nbsp;&nbsp; 745 |
| Xylem, Inc. | 26921 | &nbsp;&nbsp; 3483 |
|  |  | &nbsp;&nbsp; 99546 |
| **Information Technology—20.1%** | **Information Technology—20.1%** |  |
| Analog Devices, Inc. | 15494 | &nbsp;&nbsp; 3688 |
| AppLovin Corp. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4700 | &nbsp;&nbsp; 1645 |
| Cloudflare, Inc. Class A<sup>(1)</sup> | 48850 | &nbsp;&nbsp; 9566 |
| Crowdstrike Holdings, Inc. Class A<sup>(1)</sup> | 15557 | &nbsp;&nbsp; 7923 |
| Datadog, Inc. Class A<sup>(1)</sup> | 48311 | &nbsp;&nbsp; 6490 |
| Entegris, Inc. | 41895 | &nbsp;&nbsp; 3379 |
| Fabrinet<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9397 | &nbsp;&nbsp; 2769 |
| HubSpot, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8963 | &nbsp;&nbsp; 4989 |
| Jabil, Inc. | 20451 | &nbsp;&nbsp; 4460 |
| Lam Research Corp. | 62142 | &nbsp;&nbsp; 6049 |
| Marvell Technology, Inc. | 25420 | &nbsp;&nbsp; 1968 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Microchip Technology, Inc. | 54092 | $3806 |
| Monolithic Power Systems, Inc. | 13016 | &nbsp;&nbsp;&nbsp; 9520 |
| Palantir Technologies, Inc. Class A<sup>(1)</sup> | 72174 | &nbsp;&nbsp;&nbsp; 9839 |
| TE Connectivity plc | 28048 | &nbsp;&nbsp;&nbsp; 4731 |
|  |  | &nbsp;&nbsp;&nbsp; 80822 |
| **Materials—0.6%** | **Materials—0.6%** |  |
| Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8470 | &nbsp;&nbsp;&nbsp; 2341 |
| **Real Estate—1.5%** | **Real Estate—1.5%** |  |
| Jones Lang LaSalle, Inc.<sup>(1)</sup> | 12802 | &nbsp;&nbsp;&nbsp; 3274 |
| Zillow Group, Inc. Class A<sup>(1)</sup> | 41024 | &nbsp;&nbsp;&nbsp; 2810 |
|  |  | &nbsp;&nbsp;&nbsp; 6084 |
| **Utilities—3.8%** | **Utilities—3.8%** |  |
| NRG Energy, Inc. | 30654 | &nbsp;&nbsp;&nbsp; 4922 |
| Vistra Corp. | 54227 | &nbsp;&nbsp;&nbsp; 10510 |
|  |  | &nbsp;&nbsp;&nbsp; 15432 |
| **Total Common Stocks<br> (Identified Cost $269,338)** | **Total Common Stocks<br> (Identified Cost $269,338)** | &nbsp;&nbsp;&nbsp;&nbsp;**400708** |
| **Total Long-Term Investments—99.7%<br> (Identified Cost $269,338)** | **Total Long-Term Investments—99.7%<br> (Identified Cost $269,338)** | &nbsp;&nbsp;&nbsp;&nbsp;**400708** |
| **TOTAL INVESTMENTS—99.7%<br> (Identified Cost $269,338)** | **TOTAL INVESTMENTS—99.7%<br> (Identified Cost $269,338)** | &nbsp;&nbsp;**$400708** |
| Other assets and liabilities, net—0.3% | Other assets and liabilities, net—0.3% | &nbsp;&nbsp;&nbsp;&nbsp; 1368 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$402076** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| MSCI | Morgan Stanley Capital International |
| plc | Public Limited Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Non-income producing. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)<sup>†</sup>** | **Country Weightings (Unaudited)<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;95% |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |
| <sup>†</sup> % of total investments as of June 30, 2025. | <sup>†</sup> % of total investments as of June 30, 2025. |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### Silvant Mid-Cap Growth Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### June 30, 2025
($ reported in thousands)

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 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices |
| Assets: |  |  |
| Equity Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$400708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$400708 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$400708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$400708 |

---

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 Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### Small-Cap Fund

#### SCHEDULE OF INVESTMENTS June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—95.3%** | **Common Stocks—95.3%** | **Common Stocks—95.3%** |
| **Aerospace & Defense—4.9%** | **Aerospace & Defense—4.9%** |  |
| AAR Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8521 | $586 |
| Ducommun, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;15502 | &nbsp;&nbsp; 1281 |
| Leonardo DRS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16570 | &nbsp;&nbsp; 770 |
| Moog, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4946 | &nbsp;&nbsp; 895 |
| TAT Technologies Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5210 | &nbsp;&nbsp; 159 |
| Woodward, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3778 | &nbsp;&nbsp; 926 |
|  |  | &nbsp;&nbsp; 4617 |
| **Banks—4.1%** | **Banks—4.1%** |  |
| Amalgamated Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5708 | &nbsp;&nbsp; 178 |
| Bank of N.T. Butterfield & Son Ltd. (The) | &nbsp;&nbsp;&nbsp;&nbsp;13596 | &nbsp;&nbsp; 602 |
| Business First Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5204 | &nbsp;&nbsp; 128 |
| Byline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10179 | &nbsp;&nbsp; 272 |
| Capitol Federal Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29549 | &nbsp;&nbsp; 180 |
| Central Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7462 | &nbsp;&nbsp; 209 |
| Columbia Financial, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6126 | &nbsp;&nbsp; 89 |
| Community Trust Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2530 | &nbsp;&nbsp; 134 |
| First BanCorp | &nbsp;&nbsp;&nbsp;&nbsp;21858 | &nbsp;&nbsp; 455 |
| First Business Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2133 | &nbsp;&nbsp; 108 |
| Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20547 | &nbsp;&nbsp; 1180 |
| SmartFinancial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4163 | &nbsp;&nbsp; 141 |
| Unity Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3539 | &nbsp;&nbsp; 167 |
|  |  | &nbsp;&nbsp; 3843 |
| **Beverages—0.1%** | **Beverages—0.1%** |  |
| Celsius Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2540 | &nbsp;&nbsp; 118 |
| **Biotechnology—7.5%** | **Biotechnology—7.5%** |  |
| ACADIA Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;39867 | &nbsp;&nbsp; 860 |
| ADMA Biologics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14016 | &nbsp;&nbsp; 255 |
| Alkermes plc<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40807 | &nbsp;&nbsp; 1167 |
| Arcutis Biotherapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8760 | &nbsp;&nbsp; 123 |
| Arrowhead Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13522 | &nbsp;&nbsp; 214 |
| CareDx, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;36265 | &nbsp;&nbsp; 709 |
| Cargo Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;32055 | &nbsp;&nbsp; 132 |
| Catalyst Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20854 | &nbsp;&nbsp; 453 |
| Exelixis, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp; 573 |
| Genmab A/S Sponsored ADR<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;27495 | &nbsp;&nbsp; 568 |
| Halozyme Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2056 | &nbsp;&nbsp; 107 |
| Natera, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3128 | &nbsp;&nbsp; 528 |
| Neurocrine Biosciences, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1934 | &nbsp;&nbsp; 243 |
| Puma Biotechnology, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;41614 | &nbsp;&nbsp; 143 |
| Rigel Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5812 | &nbsp;&nbsp; 109 |
| Twist Bioscience Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388 | &nbsp;&nbsp; 14 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Biotechnology—continued** | **Biotechnology—continued** |  |
| Veracyte, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;31958 | $864 |
|  |  | &nbsp;&nbsp; 7062 |
| **Capital Markets—0.6%** | **Capital Markets—0.6%** |  |
| AllianceBernstein Holding LP<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7513 | &nbsp;&nbsp; 307 |
| Federated Hermes, Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5675 | &nbsp;&nbsp; 251 |
|  |  | &nbsp;&nbsp; 558 |
| **Commercial Services &<br> Supplies—1.0%** | **Commercial Services &<br> Supplies—1.0%** |  |
| HNI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2583 | &nbsp;&nbsp; 127 |
| Interface, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;40103 | &nbsp;&nbsp; 839 |
|  |  | &nbsp;&nbsp; 966 |
| **Construction & Engineering—6.0%** | **Construction & Engineering—6.0%** |  |
| AECOM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8344 | &nbsp;&nbsp; 942 |
| Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2533 | &nbsp;&nbsp; 1358 |
| EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155 | &nbsp;&nbsp; 618 |
| Great Lakes Dredge & Dock Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8804 | &nbsp;&nbsp; 107 |
| MasTec, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4030 | &nbsp;&nbsp; 687 |
| Primoris Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;22807 | &nbsp;&nbsp; 1777 |
| Stantec, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp; 109 |
|  |  | &nbsp;&nbsp; 5598 |
| **Construction Materials—0.4%** | **Construction Materials—0.4%** |  |
| Knife River Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4656 | &nbsp;&nbsp; 380 |
| **Consumer Finance—1.4%** | **Consumer Finance—1.4%** |  |
| Encore Capital Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2567 | &nbsp;&nbsp; 99 |
| Green Dot Corp. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;77198 | &nbsp;&nbsp; 832 |
| SLM Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4744 | &nbsp;&nbsp; 156 |
| Upstart Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3850 | &nbsp;&nbsp; 249 |
|  |  | &nbsp;&nbsp; 1336 |
| **Consumer Staples Distribution &<br> Retail—2.2%** | **Consumer Staples Distribution &<br> Retail—2.2%** |  |
| Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1332 | &nbsp;&nbsp; 680 |
| Natural Grocers by Vitamin Cottage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp; 82 |
| Sprouts Farmers Market, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6106 | &nbsp;&nbsp; 1005 |
| Weis Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4022 | &nbsp;&nbsp; 292 |
|  |  | &nbsp;&nbsp; 2059 |
| **Containers & Packaging—0.2%** | **Containers & Packaging—0.2%** |  |
| Silgan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3190 | &nbsp;&nbsp; 173 |
| **Diversified Consumer Services—4.6%** | **Diversified Consumer Services—4.6%** |  |
| Adtalem Global Education, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7698 | &nbsp;&nbsp; 980 |
| Bright Horizons Family Solutions, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2413 | &nbsp;&nbsp; 298 |
| European Wax Center, Inc. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16410 | &nbsp;&nbsp; 92 |
| Frontdoor, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17703 | &nbsp;&nbsp; 1044 |
| Grand Canyon Education, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3396 | &nbsp;&nbsp; 642 |
| OneSpaWorld Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;14578 | &nbsp;&nbsp; 297 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Diversified Consumer<br> Services—continued** | **Diversified Consumer<br> Services—continued** |  |
| Perdoceo Education Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18948 | $619 |
| Strategic Education, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3775 | &nbsp;&nbsp; 321 |
|  |  | &nbsp;&nbsp; 4293 |
| **Diversified Telecommunication<br> Services—0.3%** | **Diversified Telecommunication<br> Services—0.3%** |  |
| Anterix, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp; 90 |
| IDT Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3240 | &nbsp;&nbsp; 221 |
|  |  | &nbsp;&nbsp; 311 |
| **Electric Utilities—3.6%** | **Electric Utilities—3.6%** |  |
| Alliant Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9114 | &nbsp;&nbsp; 551 |
| Evergy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8525 | &nbsp;&nbsp; 588 |
| Genie Energy Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8316 | &nbsp;&nbsp; 223 |
| IDACORP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5005 | &nbsp;&nbsp; 578 |
| OGE Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12766 | &nbsp;&nbsp; 567 |
| Otter Tail Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6854 | &nbsp;&nbsp; 528 |
| Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4145 | &nbsp;&nbsp; 371 |
|  |  | &nbsp;&nbsp; 3406 |
| **Electrical Equipment—2.2%** | **Electrical Equipment—2.2%** |  |
| American Superconductor Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;22928 | &nbsp;&nbsp; 841 |
| NEXTracker, Inc. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;19719 | &nbsp;&nbsp; 1072 |
| Powell Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659 | &nbsp;&nbsp; 139 |
|  |  | &nbsp;&nbsp; 2052 |
| **Electronic Equipment, Instruments &<br> Components—2.4%** | **Electronic Equipment, Instruments &<br> Components—2.4%** |  |
| Arrow Electronics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6262 | &nbsp;&nbsp; 798 |
| Belden, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270 | &nbsp;&nbsp; 147 |
| Coherent Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2381 | &nbsp;&nbsp; 212 |
| Daktronics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;23986 | &nbsp;&nbsp; 363 |
| Fabrinet<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1548 | &nbsp;&nbsp; 456 |
| Kimball Electronics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5340 | &nbsp;&nbsp; 103 |
| OSI Systems, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763 | &nbsp;&nbsp; 172 |
|  |  | &nbsp;&nbsp; 2251 |
| **Entertainment—0.8%** | **Entertainment—0.8%** |  |
| Madison Square Garden Sports Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2592 | &nbsp;&nbsp; 542 |
| Roku, Inc. Class A <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2425 | &nbsp;&nbsp; 213 |
|  |  | &nbsp;&nbsp; 755 |
| **Financial Services—4.0%** | **Financial Services—4.0%** |  |
| Banco Latinoamericano de Comercio Exterior S.A. Class E | &nbsp;&nbsp;&nbsp;&nbsp;10512 | &nbsp;&nbsp; 424 |
| MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;33259 | &nbsp;&nbsp; 926 |
| NMI Holdings, Inc. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;41408 | &nbsp;&nbsp; 1747 |
| Pagseguro Digital Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp; 385 |
| Radian Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8601 | &nbsp;&nbsp; 310 |
|  |  | &nbsp;&nbsp; 3792 |
| **Food Products—2.3%** | **Food Products—2.3%** |  |
| Cal-Maine Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2657 | &nbsp;&nbsp; 265 |
| Dole plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2277 | &nbsp;&nbsp; 32 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### Small-Cap Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Food Products—continued** | **Food Products—continued** |  |
| Ingredion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240 | $168 |
| J & J Snack Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245 | &nbsp;&nbsp; 141 |
| John B Sanfilippo & Son, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649 | &nbsp;&nbsp; 41 |
| Mama's Creations, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16453 | &nbsp;&nbsp; 136 |
| Marzetti Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188 | &nbsp;&nbsp; 205 |
| Mission Produce, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7903 | &nbsp;&nbsp; 93 |
| Pilgrim's Pride Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp; 135 |
| Post Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3508 | &nbsp;&nbsp; 382 |
| Tootsie Roll Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14132 | &nbsp;&nbsp; 473 |
| Vital Farms, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2542 | &nbsp;&nbsp; 98 |
|  |  | &nbsp;&nbsp; 2169 |
| **Health Care REITs—0.1%** | **Health Care REITs—0.1%** |  |
| Omega Healthcare Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2971 | &nbsp;&nbsp; 109 |
| **Healthcare Equipment &<br> Supplies—1.1%** | **Healthcare Equipment &<br> Supplies—1.1%** |  |
| Envista Holdings Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7572 | &nbsp;&nbsp; 148 |
| iRadimed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650 | &nbsp;&nbsp; 99 |
| Merit Medical Systems, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5913 | &nbsp;&nbsp; 553 |
| SI-BONE, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13052 | &nbsp;&nbsp; 245 |
|  |  | &nbsp;&nbsp; 1045 |
| **Healthcare Providers &<br> Services—2.4%** | **Healthcare Providers &<br> Services—2.4%** |  |
| Addus HomeCare Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2850 | &nbsp;&nbsp; 328 |
| Alignment Healthcare, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;41412 | &nbsp;&nbsp; 580 |
| Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895 | &nbsp;&nbsp; 436 |
| Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3901 | &nbsp;&nbsp; 478 |
| Fresenius Medical Care AG ADR | &nbsp;&nbsp;&nbsp;&nbsp;11033 | &nbsp;&nbsp; 315 |
| Tenet Healthcare Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384 | &nbsp;&nbsp; 68 |
| Viemed Healthcare, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12939 | &nbsp;&nbsp; 89 |
|  |  | &nbsp;&nbsp; 2294 |
| **Healthcare Technology—1.1%** | **Healthcare Technology—1.1%** |  |
| HealthStream, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5015 | &nbsp;&nbsp; 139 |
| LifeMD, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9014 | &nbsp;&nbsp; 123 |
| OptimizeRx Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;15500 | &nbsp;&nbsp; 209 |
| Phreesia, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11904 | &nbsp;&nbsp; 339 |
| Waystar Holding Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5058 | &nbsp;&nbsp; 206 |
|  |  | &nbsp;&nbsp; 1016 |
| **Hotels, Restaurants & Leisure—2.3%** | **Hotels, Restaurants & Leisure—2.3%** |  |
| Brinker International, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp; 685 |
| Norwegian Cruise Line Holdings Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;72452 | &nbsp;&nbsp; 1470 |
|  |  | &nbsp;&nbsp; 2155 |
| **Household Durables—0.2%** | **Household Durables—0.2%** |  |
| Taylor Morrison Home Corp. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3284 | &nbsp;&nbsp; 202 |
| **Household Products—0.6%** | **Household Products—0.6%** |  |
| Oil-Dri Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp; 159 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Household Products—continued** | **Household Products—continued** |  |
| WD-40 Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1631 | $372 |
|  |  | &nbsp;&nbsp; 531 |
| **Independent Power and Renewable<br> Electricity Producers—0.2%** | **Independent Power and Renewable<br> Electricity Producers—0.2%** |  |
| Ormat Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2283 | &nbsp;&nbsp; 191 |
| **Insurance—4.0%** | **Insurance—4.0%** |  |
| Donegal Group, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7437 | &nbsp;&nbsp; 149 |
| Employers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5988 | &nbsp;&nbsp; 283 |
| Enstar Group Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319 | &nbsp;&nbsp; 107 |
| Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11826 | &nbsp;&nbsp; 1470 |
| Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3955 | &nbsp;&nbsp; 784 |
| RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7466 | &nbsp;&nbsp; 539 |
| Safety Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2768 | &nbsp;&nbsp; 220 |
| United Fire Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6050 | &nbsp;&nbsp; 174 |
|  |  | &nbsp;&nbsp; 3726 |
| **Interactive Media & Services—1.3%** | **Interactive Media & Services—1.3%** |  |
| Autohome, Inc. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp; 95 |
| Cars.com, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8155 | &nbsp;&nbsp; 97 |
| EverQuote, Inc. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;27763 | &nbsp;&nbsp; 671 |
| MediaAlpha, Inc. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14220 | &nbsp;&nbsp; 156 |
| Nextdoor Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;62600 | &nbsp;&nbsp; 104 |
| Yelp, Inc. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp; 93 |
|  |  | &nbsp;&nbsp; 1216 |
| **Leisure Products—0.2%** | **Leisure Products—0.2%** |  |
| BRP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1879 | &nbsp;&nbsp; 91 |
| Peloton Interactive, Inc. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13754 | &nbsp;&nbsp; 96 |
|  |  | &nbsp;&nbsp; 187 |
| **Machinery—0.5%** | **Machinery—0.5%** |  |
| Douglas Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15250 | &nbsp;&nbsp; 449 |
| **Metals & Mining—2.2%** | **Metals & Mining—2.2%** |  |
| Centerra Gold, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100046 | &nbsp;&nbsp; 721 |
| Constellium SE Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp; 346 |
| Fortuna Mining Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;28134 | &nbsp;&nbsp; 184 |
| SSR Mining, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;45542 | &nbsp;&nbsp; 580 |
| SunCoke Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24701 | &nbsp;&nbsp; 212 |
|  |  | &nbsp;&nbsp; 2043 |
| **Mortgage Real Estate Investment Trusts<br> (REITs)—0.4%** | **Mortgage Real Estate Investment Trusts<br> (REITs)—0.4%** |  |
| Rithm Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;32300 | &nbsp;&nbsp; 365 |
| **Multi-Utilities—0.7%** | **Multi-Utilities—0.7%** |  |
| NiSource, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10742 | &nbsp;&nbsp; 433 |
| Unitil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4177 | &nbsp;&nbsp; 218 |
|  |  | &nbsp;&nbsp; 651 |
| **Oil, Gas & Consumable Fuels—2.6%** | **Oil, Gas & Consumable Fuels—2.6%** |  |
| Crescent Energy Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;105501 | &nbsp;&nbsp; 907 |
| Dorchester Minerals LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4607 | &nbsp;&nbsp; 128 |
| Granite Ridge Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54442 | &nbsp;&nbsp; 347 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Oil, Gas & Consumable<br> Fuels—continued** | **Oil, Gas & Consumable<br> Fuels—continued** |  |
| Teekay Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;130712 | $1079 |
|  |  | &nbsp;&nbsp; 2461 |
| **Pharmaceuticals—4.9%** | **Pharmaceuticals—4.9%** |  |
| Amneal Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;35921 | &nbsp;&nbsp; 291 |
| ANI Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14419 | &nbsp;&nbsp; 941 |
| Avadel Pharmaceuticals plc<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16385 | &nbsp;&nbsp; 145 |
| Harmony Biosciences Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12524 | &nbsp;&nbsp; 396 |
| Innoviva, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;26946 | &nbsp;&nbsp; 541 |
| Pacira BioSciences, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6765 | &nbsp;&nbsp; 162 |
| Phibro Animal Health Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;49827 | &nbsp;&nbsp; 1272 |
| Prestige Consumer Healthcare, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10324 | &nbsp;&nbsp; 824 |
|  |  | &nbsp;&nbsp; 4572 |
| **Professional Services—2.1%** | **Professional Services—2.1%** |  |
| Barrett Business Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30835 | &nbsp;&nbsp; 1285 |
| IBEX Holdings Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12850 | &nbsp;&nbsp; 374 |
| Willdan Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700 | &nbsp;&nbsp; 294 |
|  |  | &nbsp;&nbsp; 1953 |
| **Retail REITs—0.7%** | **Retail REITs—0.7%** |  |
| Agree Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7815 | &nbsp;&nbsp; 571 |
| Saul Centers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp; 119 |
|  |  | &nbsp;&nbsp; 690 |
| **Semiconductors & Semiconductor<br> Equipment—6.1%** | **Semiconductors & Semiconductor<br> Equipment—6.1%** |  |
| ACM Research, Inc. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;28461 | &nbsp;&nbsp; 737 |
| Ambarella, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;22946 | &nbsp;&nbsp; 1516 |
| Axcelis Technologies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1670 | &nbsp;&nbsp; 116 |
| Camtek Ltd.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2308 | &nbsp;&nbsp; 195 |
| Cirrus Logic, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8600 | &nbsp;&nbsp; 897 |
| Credo Technology Group Holding Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2190 | &nbsp;&nbsp; 203 |
| Penguin Solutions, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;58414 | &nbsp;&nbsp; 1157 |
| Tower Semiconductor Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20781 | &nbsp;&nbsp; 901 |
|  |  | &nbsp;&nbsp; 5722 |
| **Software—8.7%** | **Software—8.7%** |  |
| BlackLine, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3761 | &nbsp;&nbsp; 213 |
| Cellebrite DI Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9697 | &nbsp;&nbsp; 155 |
| Cerence, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11093 | &nbsp;&nbsp; 113 |
| Clear Secure, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;16484 | &nbsp;&nbsp; 458 |
| Cognyte Software Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;32764 | &nbsp;&nbsp; 303 |
| Commvault Systems, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9188 | &nbsp;&nbsp; 1602 |
| Docusign, Inc. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13593 | &nbsp;&nbsp; 1059 |
| Dropbox, Inc. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;35820 | &nbsp;&nbsp; 1024 |
| Intapp, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6812 | &nbsp;&nbsp; 352 |
| Manhattan Associates, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1848 | &nbsp;&nbsp; 365 |
| OneSpan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34100 | &nbsp;&nbsp; 569 |
| Ooma, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8952 | &nbsp;&nbsp; 115 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### Small-Cap Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Software—continued** | **Software—continued** |  |
| Pagaya Technologies Ltd. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6543 | $139 |
| Pegasystems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7180 | &nbsp;&nbsp; 389 |
| PROS Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13177 | &nbsp;&nbsp; 206 |
| Q2 Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3069 | &nbsp;&nbsp; 287 |
| RADCOM Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;24856 | &nbsp;&nbsp; 338 |
| Sapiens International Corp. N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9800 | &nbsp;&nbsp; 287 |
| Zeta Global Holdings Corp. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9017 | &nbsp;&nbsp; 140 |
|  |  | &nbsp;&nbsp; 8114 |
| **Specialty Retail—2.2%** | **Specialty Retail—2.2%** |  |
| Abercrombie & Fitch Co. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp; 663 |
| Genesco, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13650 | &nbsp;&nbsp; 269 |
| Lands' End, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;73548 | &nbsp;&nbsp; 788 |
| Upbound Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5506 | &nbsp;&nbsp; 138 |
| Urban Outfitters, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2295 | &nbsp;&nbsp; 166 |
|  |  | &nbsp;&nbsp; 2024 |
| **Technology Hardware, Storage &<br> Peripherals—0.5%** | **Technology Hardware, Storage &<br> Peripherals—0.5%** |  |
| Corsair Gaming, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14362 | &nbsp;&nbsp; 135 |
| Diebold Nixdorf, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1777 | &nbsp;&nbsp; 99 |
| IonQ, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2929 | &nbsp;&nbsp; 126 |
| Turtle Beach Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp; 98 |
|  |  | &nbsp;&nbsp; 458 |
| **Textiles, Apparel & Luxury<br> Goods—0.2%** | **Textiles, Apparel & Luxury<br> Goods—0.2%** |  |
| Gildan Activewear, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3679 | &nbsp;&nbsp; 181 |
| **Tobacco—0.9%** | **Tobacco—0.9%** |  |
| RLX Technology, Inc. ADR | &nbsp;&nbsp;&nbsp;&nbsp;43796 | &nbsp;&nbsp; 97 |
| Turning Point Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6427 | &nbsp;&nbsp; 487 |
| Universal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4570 | &nbsp;&nbsp; 266 |
|  |  | &nbsp;&nbsp; 850 |
| **Trading Companies &<br> Distributors—0.1%** | **Trading Companies &<br> Distributors—0.1%** |  |
| MRC Global, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9106 | &nbsp;&nbsp; 125 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Water Utilities—0.4%** | **Water Utilities—0.4%** |  |
| American States Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4803 | $368 |
| **Total Common Stocks<br> (Identified Cost $70,943)** | **Total Common Stocks<br> (Identified Cost $70,943)** | &nbsp;&nbsp;&nbsp;&nbsp;**89437** |
| **Master Limited Partnerships and Related<br> Companies—0.3%** | **Master Limited Partnerships and Related<br> Companies—0.3%** | **Master Limited Partnerships and Related<br> Companies—0.3%** |
| **Downstream/Other—0.3%** | **Downstream/Other—0.3%** |  |
| Sunoco LP<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4380 | &nbsp;&nbsp;&nbsp; 235 |
| **Total Master Limited Partnerships and Related Companies<br> (Identified Cost $67)** | **Total Master Limited Partnerships and Related Companies<br> (Identified Cost $67)** | &nbsp;&nbsp;&nbsp;&nbsp; **235** |
| **Total Long-Term Investments—95.6%<br> (Identified Cost $71,010)** | **Total Long-Term Investments—95.6%<br> (Identified Cost $71,010)** | &nbsp;&nbsp;&nbsp;&nbsp;**89672** |
| **Short-Term Investment—1.3%** | **Short-Term Investment—1.3%** | **Short-Term Investment—1.3%** |
| **Money Market Mutual Fund—1.3%** | **Money Market Mutual Fund—1.3%** | **Money Market Mutual Fund—1.3%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)<sup>(3)</sup> | 1202250 | &nbsp;&nbsp;&nbsp; 1202 |
| **Total Short-Term Investment<br> (Identified Cost $1,202)** | **Total Short-Term Investment<br> (Identified Cost $1,202)** | &nbsp;&nbsp;&nbsp;&nbsp; **1202** |
| **Securities Lending Collateral—0.9%** | **Securities Lending Collateral—0.9%** | **Securities Lending Collateral—0.9%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.209%)<sup>(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;869682 | &nbsp;&nbsp;&nbsp; 870 |
| **Total Securities Lending Collateral<br> (Identified Cost $870)** | **Total Securities Lending Collateral<br> (Identified Cost $870)** | &nbsp;&nbsp;&nbsp;&nbsp; **870** |
| **TOTAL INVESTMENTS—97.8%<br> (Identified Cost $73,082)** | **TOTAL INVESTMENTS—97.8%<br> (Identified Cost $73,082)** | &nbsp;&nbsp;**$91744** |
| Other assets and liabilities, net—2.2% | Other assets and liabilities, net—2.2% | &nbsp;&nbsp;&nbsp;&nbsp; 2084 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$93828** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| LP | Limited Partnership |
| plc | Public Limited Company |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)<sup>†</sup>** | **Country Weightings (Unaudited)<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;83% |
| Bermuda | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |
| <sup>†</sup> % of total investments as of June 30, 2025. | <sup>†</sup> % of total investments as of June 30, 2025. |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### Small-Cap Fund

#### SCHEDULE OF INVESTMENTS (Continued)

#### June 30, 2025
($ reported in thousands)

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 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices |
| Assets: |  |  |
| Equity Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$89437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$89437 |
| &nbsp;&nbsp;&nbsp;Master Limited Partnerships and Related Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202 |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$91744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$91744 |

---

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 Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### Zevenbergen Technology Fund

#### SCHEDULE OF INVESTMENTS June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—99.2%** | **Common Stocks—99.2%** | **Common Stocks—99.2%** |
| **Aerospace & Defense—3.5%** | **Aerospace & Defense—3.5%** |  |
| Axon Enterprise, Inc.<sup>(1)</sup> | 65300 | $54065 |
| **Automobiles—3.4%** | **Automobiles—3.4%** |  |
| Tesla, Inc.<sup>(1)</sup> | 165300 | &nbsp;&nbsp; 52509 |
| **Broadline Retail—6.3%** | **Broadline Retail—6.3%** |  |
| Amazon.com, Inc.<sup>(1)</sup> | 265400 | &nbsp;&nbsp; 58226 |
| MercadoLibre, Inc.<sup>(1)</sup> | 14975 | &nbsp;&nbsp; 39139 |
|  |  | &nbsp;&nbsp; 97365 |
| **Capital Markets—0.3%** | **Capital Markets—0.3%** |  |
| Broadridge Financial Solutions, Inc. | 20800 | &nbsp;&nbsp; 5055 |
| **Communications Equipment—1.6%** | **Communications Equipment—1.6%** |  |
| Arista Networks, Inc.<sup>(1)</sup> | 245400 | &nbsp;&nbsp; 25107 |
| **Electrical Equipment—0.8%** | **Electrical Equipment—0.8%** |  |
| Vertiv Holdings Co. Class A | 90000 | &nbsp;&nbsp; 11557 |
| **Electronic Equipment, Instruments &<br> Components—0.9%** | **Electronic Equipment, Instruments &<br> Components—0.9%** |  |
| Amphenol Corp. Class A | 140000 | &nbsp;&nbsp; 13825 |
| **Entertainment—1.0%** | **Entertainment—1.0%** |  |
| Spotify Technology S.A.<sup>(1)</sup> | 20000 | &nbsp;&nbsp; 15347 |
| **Financial Services—1.3%** | **Financial Services—1.3%** |  |
| Toast, Inc. Class A<sup>(1)</sup> | 445000 | &nbsp;&nbsp; 19709 |
| Visa, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp; 355 |
|  |  | &nbsp;&nbsp; 20064 |
| **Ground Transportation—0.7%** | **Ground Transportation—0.7%** |  |
| Uber Technologies, Inc.<sup>(1)</sup> | 113400 | &nbsp;&nbsp; 10580 |
| **Hotels, Restaurants & Leisure—0.9%** | **Hotels, Restaurants & Leisure—0.9%** |  |
| Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp; 6947 |
| Sportradar Group AG Class A<sup>(1)</sup> | 228600 | &nbsp;&nbsp; 6419 |
|  |  | &nbsp;&nbsp; 13366 |
| **Interactive Media & Services—17.2%** | **Interactive Media & Services—17.2%** |  |
| Alphabet, Inc. Class C | 628100 | &nbsp;&nbsp; 111419 |
| Meta Platforms, Inc. Class A | 199310 | &nbsp;&nbsp; 147109 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Interactive Media &<br> Services—continued** | **Interactive Media &<br> Services—continued** |  |
| Pinterest, Inc. Class A<sup>(1)</sup> | 135500 | $4859 |
|  |  | &nbsp;&nbsp; 263387 |
| **IT Services—4.5%** | **IT Services—4.5%** |  |
| MongoDB, Inc. Class A<sup>(1)</sup> | 30000 | &nbsp;&nbsp; 6300 |
| Shopify, Inc. Class A<sup>(1)</sup> | 538000 | &nbsp;&nbsp; 62058 |
|  |  | &nbsp;&nbsp; 68358 |
| **Media—1.6%** | **Media—1.6%** |  |
| Trade Desk, Inc. (The) Class A<sup>(1)</sup> | 342400 | &nbsp;&nbsp; 24649 |
| **Semiconductors & Semiconductor<br> Equipment—26.1%** | **Semiconductors & Semiconductor<br> Equipment—26.1%** |  |
| Advanced Micro Devices, Inc.<sup>(1)</sup> | 262500 | &nbsp;&nbsp; 37249 |
| Applied Materials, Inc. | 70000 | &nbsp;&nbsp; 12815 |
| ARM Holdings plc ADR<sup>(1)</sup> | 125000 | &nbsp;&nbsp; 20217 |
| ASML Holding N.V. Registered Shares | 13000 | &nbsp;&nbsp; 10418 |
| Broadcom, Inc. | 308700 | &nbsp;&nbsp; 85093 |
| KLA Corp. | 15000 | &nbsp;&nbsp; 13436 |
| Micron Technology, Inc. | 292100 | &nbsp;&nbsp; 36001 |
| Monolithic Power Systems, Inc. | 31000 | &nbsp;&nbsp; 22673 |
| NVIDIA Corp. | 926970 | &nbsp;&nbsp; 146452 |
| NXP Semiconductors N.V. | 10900 | &nbsp;&nbsp; 2382 |
| QUALCOMM, Inc. | 80400 | &nbsp;&nbsp; 12805 |
|  |  | &nbsp;&nbsp; 399541 |
| **Software—22.5%** | **Software—22.5%** |  |
| Adobe, Inc. <sup>(1)</sup> | 24900 | &nbsp;&nbsp; 9633 |
| Appfolio, Inc. Class A<sup>(1)</sup> | 20000 | &nbsp;&nbsp; 4606 |
| Cadence Design Systems, Inc.<sup>(1)</sup> | 40000 | &nbsp;&nbsp; 12326 |
| Crowdstrike Holdings, Inc. Class A<sup>(1)</sup> | 63300 | &nbsp;&nbsp; 32239 |
| Datadog, Inc. Class A<sup>(1)</sup> | 125000 | &nbsp;&nbsp; 16791 |
| HubSpot, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 2783 |
| Intuit, Inc. | 19700 | &nbsp;&nbsp; 15516 |
| Microsoft Corp. | 278900 | &nbsp;&nbsp; 138728 |
| Oracle Corp. | 150000 | &nbsp;&nbsp; 32795 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Software—continued** | **Software—continued** |  |
| Palo Alto Networks, Inc.<sup>(1)</sup> | 118200 | $24188 |
| Salesforce, Inc. | 17400 | &nbsp;&nbsp;&nbsp; 4745 |
| Samsara, Inc. Class A<sup>(1)</sup> | 97200 | &nbsp;&nbsp;&nbsp; 3867 |
| ServiceNow, Inc.<sup>(1)</sup> | 45700 | &nbsp;&nbsp;&nbsp; 46983 |
|  |  | &nbsp;&nbsp;&nbsp; 345200 |
| **Technology Hardware, Storage &<br> Peripherals—6.6%** | **Technology Hardware, Storage &<br> Peripherals—6.6%** |  |
| Apple, Inc. | 432000 | &nbsp;&nbsp;&nbsp; 88633 |
| Dell Technologies, Inc. Class C | 102500 | &nbsp;&nbsp;&nbsp; 12567 |
|  |  | &nbsp;&nbsp;&nbsp; 101200 |
| **Total Common Stocks<br> (Identified Cost $540,246)** | **Total Common Stocks<br> (Identified Cost $540,246)** | &nbsp;&nbsp;&nbsp;&nbsp;**1521175** |
| **Total Long-Term Investments—99.2%<br> (Identified Cost $540,246)** | **Total Long-Term Investments—99.2%<br> (Identified Cost $540,246)** | &nbsp;&nbsp;&nbsp;&nbsp;**1521175** |
| **TOTAL INVESTMENTS—99.2%<br> (Identified Cost $540,246)** | **TOTAL INVESTMENTS—99.2%<br> (Identified Cost $540,246)** | &nbsp;&nbsp;**$1521175** |
| Other assets and liabilities, net—0.8% | Other assets and liabilities, net—0.8% | &nbsp;&nbsp;&nbsp;&nbsp; 12380 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$1533555** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| plc | Public Limited Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Non-income producing. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)<sup>†</sup>** | **Country Weightings (Unaudited)<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;90% |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Uruguay | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |
| <sup>†</sup> % of total investments as of June 30, 2025. | <sup>†</sup> % 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 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices |
| Assets: |  |  |
| Equity Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1521175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1521175 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1521175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1521175 |

---

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.

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### VIRTUS INVESTMENT TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7)

#### June 30, 2025
(Reported in thousands except shares and per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Emerging Markets Opportunities Fund** | &nbsp;&nbsp;&nbsp;**Income & Growth Fund** | &nbsp;&nbsp;&nbsp;**KAR Global Small-Cap Fund** | &nbsp;&nbsp;&nbsp;**KAR Health Sciences Fund** |
| **Assets** |  |  |  |  |
| Investment in securities at value<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;$168432 | &nbsp;&nbsp;&nbsp;$4513677 | &nbsp;&nbsp;&nbsp;$44398 | &nbsp;&nbsp;&nbsp;$101926 |
| Foreign currency at value<sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1742 |
| Cash pledged as collateral for written options<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivables |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Fund shares sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;Dividends and interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;Tax reclaims <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217 |
| Prepaid Trustees' retainer<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Prepaid expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| Other assets <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4711468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104002 |
| **Liabilities** |  |  |  |  |
| Written options at value<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payables |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares repurchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 |
| &nbsp;&nbsp;&nbsp;Investment securities purchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Dividend distributions <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Investment advisory fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| &nbsp;&nbsp;&nbsp;Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| &nbsp;&nbsp;&nbsp;Transfer agent and sub-transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| &nbsp;&nbsp;&nbsp;Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;Trustee deferred compensation plan <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
| &nbsp;&nbsp;&nbsp;Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339 |
| **Commitments and contingencies (Note 4D)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;$172266 | &nbsp;&nbsp;&nbsp;$4681372 | &nbsp;&nbsp;&nbsp;$45451 | &nbsp;&nbsp;&nbsp;$103663 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital paid in on shares of beneficial interest<br>| &nbsp;&nbsp;&nbsp;$166726 | &nbsp;&nbsp;&nbsp;$4855777 | &nbsp;&nbsp;&nbsp;$34415 | &nbsp;&nbsp;&nbsp;$106801 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(174405) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3138) |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;$172266 | &nbsp;&nbsp;&nbsp;$4681372 | &nbsp;&nbsp;&nbsp;$45451 | &nbsp;&nbsp;&nbsp;$103663 |
| **Net Assets:** |  |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;$22055 | &nbsp;&nbsp;&nbsp;$1889626 | &nbsp;&nbsp;&nbsp;$29147 | &nbsp;&nbsp;&nbsp;$97089 |
| Class C<br>| &nbsp;&nbsp;&nbsp;$303 | &nbsp;&nbsp;&nbsp;$714081 | &nbsp;&nbsp;&nbsp;$420 | &nbsp;&nbsp;&nbsp;$1324 |
| Institutional Class<br>| &nbsp;&nbsp;&nbsp;$77965 | &nbsp;&nbsp;&nbsp;$2077665 | &nbsp;&nbsp;&nbsp;$15884 | &nbsp;&nbsp;&nbsp;$5250 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;$71943 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| **Shares Outstanding (unlimited number of shares authorized, no par value):** |  |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706316 | &nbsp;&nbsp;&nbsp;&nbsp;167399338 | &nbsp;&nbsp;&nbsp;&nbsp;827915 | &nbsp;&nbsp;&nbsp;&nbsp;3689933 |
| Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73600303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86744 |
| Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;2487821 | &nbsp;&nbsp;&nbsp;&nbsp;173595468 | &nbsp;&nbsp;&nbsp;&nbsp;380462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192026 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;2334389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net Asset Value and Redemption Price Per Share:<sup>\*</sup>** |  |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;$31.23 | &nbsp;&nbsp;&nbsp;$11.29 | &nbsp;&nbsp;&nbsp;$35.21 | &nbsp;&nbsp;&nbsp;$26.31 |
| Class C<br>| &nbsp;&nbsp;&nbsp;$31.82 | &nbsp;&nbsp;&nbsp;$9.70 | &nbsp;&nbsp;&nbsp;$24.23 | &nbsp;&nbsp;&nbsp;$15.26 |
| Institutional Class<br>| &nbsp;&nbsp;&nbsp;$31.34 | &nbsp;&nbsp;&nbsp;$11.97 | &nbsp;&nbsp;&nbsp;$41.75 | &nbsp;&nbsp;&nbsp;$27.34 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;$30.82 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### VIRTUS INVESTMENT TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7)(Continued)

#### June 30, 2025
(Reported in thousands except shares and per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Emerging Markets Opportunities Fund** | &nbsp;&nbsp;&nbsp;**Income & Growth Fund** | &nbsp;&nbsp;&nbsp;**KAR Global Small-Cap Fund** | &nbsp;&nbsp;&nbsp;**KAR Health Sciences Fund** |
| **Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)):** |  |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;$33.05 | &nbsp;&nbsp;&nbsp;$11.95 | &nbsp;&nbsp;&nbsp;$37.26 | &nbsp;&nbsp;&nbsp;$27.84 |
| Maximum Sales Charge - Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% |
| <sup>(1)</sup> Investment in securities at cost<br>| &nbsp;&nbsp;&nbsp;$136851 | &nbsp;&nbsp;&nbsp;$4658391 | &nbsp;&nbsp;&nbsp;$33671 | &nbsp;&nbsp;&nbsp;$88284 |
| <sup>(2)</sup> Foreign currency at cost<br>| &nbsp;&nbsp;&nbsp;$64 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$42 | &nbsp;&nbsp;&nbsp;$— |
| <sup>(3)</sup> Written options premiums received<br>| &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$968 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amount is less than $500 (not in thousands).

\* Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### VIRTUS INVESTMENT TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7)(Continued)

#### June 30, 2025
(Reported in thousands except shares and per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**NFJ Dividend Value Fund** | &nbsp;&nbsp;&nbsp;**NFJ International Value Fund** | &nbsp;&nbsp;&nbsp;**NFJ Large-Cap Value Fund** | &nbsp;&nbsp;&nbsp;**NFJ Mid-Cap Value Fund** |
| **Assets** |  |  |  |  |
| Investment in securities at value<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;$493203 | &nbsp;&nbsp;&nbsp;$70285 | &nbsp;&nbsp;&nbsp;$272454 | &nbsp;&nbsp;&nbsp;$581026 |
| Cash <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3920 |
| Receivables |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 |
| &nbsp;&nbsp;&nbsp;Dividends and interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210 |
| &nbsp;&nbsp;&nbsp;Tax reclaims <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 |
| Prepaid Trustees' retainer<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Prepaid expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 |
| Other assets <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586793 |
| **Liabilities** |  |  |  |  |
| Due to custodian<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payables |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares repurchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109 |
| &nbsp;&nbsp;&nbsp;Dividend distributions <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Investment advisory fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 |
| &nbsp;&nbsp;&nbsp;European Union tax reclaim contingent fees payable<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Distribution and service fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 |
| &nbsp;&nbsp;&nbsp;Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 |
| &nbsp;&nbsp;&nbsp;Transfer agent and sub-transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 |
| &nbsp;&nbsp;&nbsp;Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;Trustee deferred compensation plan <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319 |
| &nbsp;&nbsp;&nbsp;Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2016 |
| **Commitments and contingencies (Note 4D)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;$496576 | &nbsp;&nbsp;&nbsp;$70240 | &nbsp;&nbsp;&nbsp;$273564 | &nbsp;&nbsp;&nbsp;$584777 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital paid in on shares of beneficial interest<br>| &nbsp;&nbsp;&nbsp;$431676 | &nbsp;&nbsp;&nbsp;$499058 | &nbsp;&nbsp;&nbsp;$231772 | &nbsp;&nbsp;&nbsp;$554290 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(428818) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30487 |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;$496576 | &nbsp;&nbsp;&nbsp;$70240 | &nbsp;&nbsp;&nbsp;$273564 | &nbsp;&nbsp;&nbsp;$584777 |
| **Net Assets:** |  |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;$274291 | &nbsp;&nbsp;&nbsp;$42476 | &nbsp;&nbsp;&nbsp;$134234 | &nbsp;&nbsp;&nbsp;$385262 |
| Class C<br>| &nbsp;&nbsp;&nbsp;$3804 | &nbsp;&nbsp;&nbsp;$684 | &nbsp;&nbsp;&nbsp;$1462 | &nbsp;&nbsp;&nbsp;$7931 |
| Institutional Class<br>| &nbsp;&nbsp;&nbsp;$174681 | &nbsp;&nbsp;&nbsp;$24713 | &nbsp;&nbsp;&nbsp;$135615 | &nbsp;&nbsp;&nbsp;$169032 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;$43800 | &nbsp;&nbsp;&nbsp;$2367 | &nbsp;&nbsp;&nbsp;$2253 | &nbsp;&nbsp;&nbsp;$22552 |
| **Shares Outstanding (unlimited number of shares authorized, no par value):** |  |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;26792616 | &nbsp;&nbsp;&nbsp;&nbsp;1890969 | &nbsp;&nbsp;&nbsp;&nbsp;4811223 | &nbsp;&nbsp;&nbsp;&nbsp;15125404 |
| Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452930 |
| Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;16827587 | &nbsp;&nbsp;&nbsp;&nbsp;1091159 | &nbsp;&nbsp;&nbsp;&nbsp;4897412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5882973 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787810 |
| **Net Asset Value and Redemption Price Per Share:<sup>\*</sup>** |  |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;$10.24 | &nbsp;&nbsp;&nbsp;$22.46 | &nbsp;&nbsp;&nbsp;$27.90 | &nbsp;&nbsp;&nbsp;$25.47 |
| Class C<br>| &nbsp;&nbsp;&nbsp;$10.66 | &nbsp;&nbsp;&nbsp;$21.89 | &nbsp;&nbsp;&nbsp;$28.38 | &nbsp;&nbsp;&nbsp;$17.51 |
| Institutional Class<br>| &nbsp;&nbsp;&nbsp;$10.38 | &nbsp;&nbsp;&nbsp;$22.65 | &nbsp;&nbsp;&nbsp;$27.69 | &nbsp;&nbsp;&nbsp;$28.73 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;$10.30 | &nbsp;&nbsp;&nbsp;$22.63 | &nbsp;&nbsp;&nbsp;$27.67 | &nbsp;&nbsp;&nbsp;$28.63 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### VIRTUS INVESTMENT TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7)(Continued)

#### June 30, 2025
(Reported in thousands except shares and per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**NFJ Dividend Value Fund** | &nbsp;&nbsp;&nbsp;**NFJ International Value Fund** | &nbsp;&nbsp;&nbsp;**NFJ Large-Cap Value Fund** | &nbsp;&nbsp;&nbsp;**NFJ Mid-Cap Value Fund** |
| **Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)):** |  |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;$10.84 | &nbsp;&nbsp;&nbsp;$23.77 | &nbsp;&nbsp;&nbsp;$29.52 | &nbsp;&nbsp;&nbsp;$26.95 |
| Maximum Sales Charge - Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% |
| <sup>(1)</sup> Investment in securities at cost<br>| &nbsp;&nbsp;&nbsp;$449787 | &nbsp;&nbsp;&nbsp;$59232 | &nbsp;&nbsp;&nbsp;$238549 | &nbsp;&nbsp;&nbsp;$561216 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amount is less than $500 (not in thousands).

<sup>(b)</sup> See Note 2C in Notes to Financial Statements.

\* Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### VIRTUS INVESTMENT TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7)(Continued)

#### June 30, 2025
(Reported in thousands except shares and per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**NFJ Small-Cap Value Fund** | &nbsp;&nbsp;&nbsp;**Silvant Focused Growth Fund** | &nbsp;&nbsp;&nbsp;**Silvant Mid-Cap Growth Fund** | &nbsp;&nbsp;&nbsp;**Small-Cap Fund** |
| **Assets** |  |  |  |  |
| Investment in securities at value<sup>(1)</sup><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;$251949 | &nbsp;&nbsp;&nbsp;$1605020 | &nbsp;&nbsp;&nbsp;$400708 | &nbsp;&nbsp;&nbsp;$91744 |
| Cash <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3011 |
| Receivables |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Fund shares sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| &nbsp;&nbsp;&nbsp;Dividends and interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;Tax reclaims <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Prepaid Trustees' retainer<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Prepaid expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| Other assets <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256107 | &nbsp;&nbsp;&nbsp;&nbsp;1696852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94837 |
| **Liabilities** |  |  |  |  |
| Payables |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares repurchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;Investment securities purchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Collateral on securities loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| &nbsp;&nbsp;&nbsp;Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;Transfer agent and sub-transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| &nbsp;&nbsp;&nbsp;Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| &nbsp;&nbsp;&nbsp;Trustee deferred compensation plan <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| &nbsp;&nbsp;&nbsp;Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009 |
| **Commitments and contingencies (Note 4D)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;$253860 | &nbsp;&nbsp;&nbsp;$1626635 | &nbsp;&nbsp;&nbsp;$402076 | &nbsp;&nbsp;&nbsp;$93828 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital paid in on shares of beneficial interest<br>| &nbsp;&nbsp;&nbsp;$238399 | &nbsp;&nbsp;&nbsp;$547801 | &nbsp;&nbsp;&nbsp;$221786 | &nbsp;&nbsp;&nbsp;$73359 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15461 | &nbsp;&nbsp;&nbsp;&nbsp;1078834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20469 |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;$253860 | &nbsp;&nbsp;&nbsp;$1626635 | &nbsp;&nbsp;&nbsp;$402076 | &nbsp;&nbsp;&nbsp;$93828 |
| **Net Assets:** |  |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;$181305 | &nbsp;&nbsp;&nbsp;$898974 | &nbsp;&nbsp;&nbsp;$292417 | &nbsp;&nbsp;&nbsp;$60647 |
| Class C<br>| &nbsp;&nbsp;&nbsp;$382 | &nbsp;&nbsp;&nbsp;$23876 | &nbsp;&nbsp;&nbsp;$3675 | &nbsp;&nbsp;&nbsp;$2660 |
| Institutional Class<br>| &nbsp;&nbsp;&nbsp;$62087 | &nbsp;&nbsp;&nbsp;$372456 | &nbsp;&nbsp;&nbsp;$105880 | &nbsp;&nbsp;&nbsp;$24954 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;$10086 | &nbsp;&nbsp;&nbsp;$331329 | &nbsp;&nbsp;&nbsp;$104 | &nbsp;&nbsp;&nbsp;$5567 |
| **Shares Outstanding (unlimited number of shares authorized, no par value):** |  |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;16150968 | &nbsp;&nbsp;&nbsp;&nbsp;9515515 | &nbsp;&nbsp;&nbsp;&nbsp;55636350 | &nbsp;&nbsp;&nbsp;&nbsp;2707318 |
| Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130820 |
| Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4240509 | &nbsp;&nbsp;&nbsp;&nbsp;4484675 | &nbsp;&nbsp;&nbsp;&nbsp;15548557 | &nbsp;&nbsp;&nbsp;&nbsp;1073759 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690840 | &nbsp;&nbsp;&nbsp;&nbsp;3963466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239912 |
| **Net Asset Value and Redemption Price Per Share:<sup>\*</sup>** |  |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;$11.23 | &nbsp;&nbsp;&nbsp;$94.47 | &nbsp;&nbsp;&nbsp;$5.26 | &nbsp;&nbsp;&nbsp;$22.40 |
| Class C<br>| &nbsp;&nbsp;&nbsp;$9.15 | &nbsp;&nbsp;&nbsp;$35.29 | &nbsp;&nbsp;&nbsp;$3.33 | &nbsp;&nbsp;&nbsp;$20.33 |
| Institutional Class<br>| &nbsp;&nbsp;&nbsp;$14.64 | &nbsp;&nbsp;&nbsp;$83.05 | &nbsp;&nbsp;&nbsp;$6.81 | &nbsp;&nbsp;&nbsp;$23.24 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;$14.60 | &nbsp;&nbsp;&nbsp;$83.60 | &nbsp;&nbsp;&nbsp;$6.81 | &nbsp;&nbsp;&nbsp;$23.20 |
| **Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)):** |  |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;$11.88 | &nbsp;&nbsp;&nbsp;$99.97 | &nbsp;&nbsp;&nbsp;$5.57 | &nbsp;&nbsp;&nbsp;$23.70 |
| Maximum Sales Charge - Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% |
| <sup>(1)</sup> Investment in securities at cost<br>| &nbsp;&nbsp;&nbsp;$236604 | &nbsp;&nbsp;&nbsp;$592713 | &nbsp;&nbsp;&nbsp;$269338 | &nbsp;&nbsp;&nbsp;$73082 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### VIRTUS INVESTMENT TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7)(Continued)

#### June 30, 2025
(Reported in thousands except shares and per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**NFJ Small-Cap Value Fund** | &nbsp;&nbsp;&nbsp;**Silvant Focused Growth Fund** | &nbsp;&nbsp;&nbsp;**Silvant Mid-Cap Growth Fund** | &nbsp;&nbsp;&nbsp;**Small-Cap Fund** |
| <sup>(2)</sup> Market value of securities on loan<br>| &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$857 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amount is less than $500 (not in thousands).

\* Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### VIRTUS INVESTMENT TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7)(Continued)

#### June 30, 2025
(Reported in thousands except shares and per share amounts)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Zevenbergen Technology Fund** |
| **Assets** |  |
| Investment in securities at value<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;$1521175 |
| Cash <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14410 |
| Due from broker<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| Receivables |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54913 |
| &nbsp;&nbsp;&nbsp;Fund shares sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558 |
| &nbsp;&nbsp;&nbsp;Dividends and interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 |
| &nbsp;&nbsp;&nbsp;Tax reclaims <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 |
| Prepaid Trustees' retainer<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| Prepaid expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| Other assets <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1591734 |
| **Liabilities** |  |
| Payables |  |
| &nbsp;&nbsp;&nbsp;Fund shares repurchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55906 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1097 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 |
| &nbsp;&nbsp;&nbsp;Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149 |
| &nbsp;&nbsp;&nbsp;Transfer agent and sub-transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319 |
| &nbsp;&nbsp;&nbsp;Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp;Trustee deferred compensation plan <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441 |
| &nbsp;&nbsp;&nbsp;Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58179 |
| **Commitments and contingencies (Note 4D)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;$1533555 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Capital paid in on shares of beneficial interest<br>| &nbsp;&nbsp;&nbsp;$557130 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976425 |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;$1533555 |
| **Net Assets:** |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;$715149 |
| Class C<br>| &nbsp;&nbsp;&nbsp;$25481 |
| Institutional Class<br>| &nbsp;&nbsp;&nbsp;$792925 |
| **Shares Outstanding (unlimited number of shares authorized, no par value):** |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;10427273 |
| Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1706158 |
| Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8014245 |
| **Net Asset Value and Redemption Price Per Share:<sup>\*</sup>** |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;$68.58 |
| Class C<br>| &nbsp;&nbsp;&nbsp;$14.93 |
| Institutional Class<br>| &nbsp;&nbsp;&nbsp;$98.94 |
| **Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)):** |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;$72.57 |
| Maximum Sales Charge - Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% |
| <sup>(1)</sup> Investment in securities at cost<br>| &nbsp;&nbsp;&nbsp;$540246 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### VIRTUS INVESTMENT TRUST

#### STATEMENTS OF OPERATIONS (FORM N-CSR ITEM 7)

#### YEAR ENDED June 30, 2025
($ reported in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Emerging Markets Opportunities Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Income & Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**KAR Global Small-Cap Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**KAR Health Sciences Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**NFJ Dividend Value Fund** |
| **Investment Income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends <br>| &nbsp;&nbsp;&nbsp;&nbsp;$8713 | &nbsp;&nbsp;&nbsp;&nbsp;$35526 | &nbsp;&nbsp;&nbsp;&nbsp;$1071 | &nbsp;&nbsp;&nbsp;&nbsp;$1186 | &nbsp;&nbsp;&nbsp;&nbsp;$13997 |
| &nbsp;&nbsp;&nbsp;Interest <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;118293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;European Union tax reclaims<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Foreign taxes withheld <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(687) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8026 | &nbsp;&nbsp;&nbsp;&nbsp;153819 | &nbsp;&nbsp;&nbsp;&nbsp;1026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1186 | &nbsp;&nbsp;&nbsp;&nbsp;13924 |
| **Expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2539 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees, Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees, Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
| &nbsp;&nbsp;&nbsp;Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses, Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses, Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses, Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 |
| &nbsp;&nbsp;&nbsp;European Union tax reclaim fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Custodian fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;Printing fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| &nbsp;&nbsp;&nbsp;Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;Registration fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5054 |
| &nbsp;&nbsp;&nbsp;Less net expenses reimbursed and/or waived by investment adviser and/or administrator<sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(405) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69) |
| &nbsp;&nbsp;&nbsp;Plus net expenses recaptured<sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4985 |
| **Net investment income (loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(541) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8939 |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;(7042) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9858) | &nbsp;&nbsp;&nbsp;&nbsp;31960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(182) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign capital gains tax<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(325) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9595 | &nbsp;&nbsp;&nbsp;&nbsp;284353 | &nbsp;&nbsp;&nbsp;&nbsp;4133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8786) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9435) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign capital gains tax<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1559) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net realized and unrealized gain (loss) on investments<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2533 | &nbsp;&nbsp;&nbsp;&nbsp;379186 | &nbsp;&nbsp;&nbsp;&nbsp;4707 | &nbsp;&nbsp;&nbsp;&nbsp;(18643) | &nbsp;&nbsp;&nbsp;&nbsp;22520 |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;$8988 | &nbsp;&nbsp;&nbsp;&nbsp;$477507 | &nbsp;&nbsp;&nbsp;&nbsp;$5034 | &nbsp;&nbsp;&nbsp;&nbsp;$(19184) | &nbsp;&nbsp;&nbsp;&nbsp;$31459 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amount is less than $500 (not in thousands).

<sup>(1)</sup> See Note 2C in Notes to Financial Statements.

<sup>(2)</sup> See Note 4D in Notes to Financial Statements.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### VIRTUS INVESTMENT TRUST

#### STATEMENTS OF OPERATIONS (FORM N-CSR ITEM 7) (Continued)

#### YEAR ENDED June 30, 2025
($ reported in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**NFJ International Value Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**NFJ Large-Cap Value Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**NFJ Mid-Cap Value Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**NFJ Small-Cap Value Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Silvant Focused Growth Fund** |
| **Investment Income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends <br>| &nbsp;&nbsp;&nbsp;&nbsp;$2023 | &nbsp;&nbsp;&nbsp;&nbsp;$6661 | &nbsp;&nbsp;&nbsp;&nbsp;$15986 | &nbsp;&nbsp;&nbsp;&nbsp;$5255 | &nbsp;&nbsp;&nbsp;&nbsp;$7708 |
| &nbsp;&nbsp;&nbsp;European Union tax reclaims<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Foreign taxes withheld <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(135) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6639 | &nbsp;&nbsp;&nbsp;&nbsp;15851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7691 |
| **Expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6462 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees, Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2057 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees, Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 |
| &nbsp;&nbsp;&nbsp;Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1448 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses, Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses, Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses, Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283 |
| &nbsp;&nbsp;&nbsp;Excise tax<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;European Union closing agreement filing fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Custodian fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;Printing fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 |
| &nbsp;&nbsp;&nbsp;Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 |
| &nbsp;&nbsp;&nbsp;Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| &nbsp;&nbsp;&nbsp;Registration fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12235 |
| &nbsp;&nbsp;&nbsp;Less net expenses reimbursed and/or waived by investment adviser and/or administrator<sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(998) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(208) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12078 |
| **Net investment income (loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4387) |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2307 | &nbsp;&nbsp;&nbsp;&nbsp;10925 | &nbsp;&nbsp;&nbsp;&nbsp;34244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658 | &nbsp;&nbsp;&nbsp;&nbsp;(10721) | &nbsp;&nbsp;&nbsp;&nbsp;170866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net realized and unrealized gain (loss) on investments<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;10823 | &nbsp;&nbsp;&nbsp;&nbsp;15558 | &nbsp;&nbsp;&nbsp;&nbsp;34897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6227 | &nbsp;&nbsp;&nbsp;&nbsp;240537 |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;$13831 | &nbsp;&nbsp;&nbsp;&nbsp;$19663 | &nbsp;&nbsp;&nbsp;&nbsp;$44689 | &nbsp;&nbsp;&nbsp;&nbsp;$8322 | &nbsp;&nbsp;&nbsp;&nbsp;$236150 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amount is less than $500 (not in thousands).

<sup>(1)</sup> See Note 2C in Notes to Financial Statements.

<sup>(2)</sup> See Note 4D in Notes to Financial Statements.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### VIRTUS INVESTMENT TRUST

#### STATEMENTS OF OPERATIONS (FORM N-CSR ITEM 7) (Continued)

#### YEAR ENDED June 30, 2025
($ reported in thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Silvant Mid-Cap Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Small-Cap Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Zevenbergen Technology Fund** |
| **Investment Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends <br>| &nbsp;&nbsp;&nbsp;&nbsp;$1993 | &nbsp;&nbsp;&nbsp;&nbsp;$1306 | &nbsp;&nbsp;&nbsp;&nbsp;$5435 |
| &nbsp;&nbsp;&nbsp;Securities lending, net of fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Foreign taxes withheld <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1984 | &nbsp;&nbsp;&nbsp;&nbsp;1307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5408 |
| **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13240 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees, Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1626 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees, Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246 |
| &nbsp;&nbsp;&nbsp;Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1484 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses, Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses, Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses, Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682 |
| &nbsp;&nbsp;&nbsp;Custodian fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;Printing fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 |
| &nbsp;&nbsp;&nbsp;Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 |
| &nbsp;&nbsp;&nbsp;Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| &nbsp;&nbsp;&nbsp;Registration fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3280 | &nbsp;&nbsp;&nbsp;&nbsp;1124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19089 |
| &nbsp;&nbsp;&nbsp;Less net expenses reimbursed and/or waived by investment adviser and/or administrator<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3280 | &nbsp;&nbsp;&nbsp;&nbsp;1042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19070 |
| **Net investment income (loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1296) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13662) |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;57905 | &nbsp;&nbsp;&nbsp;&nbsp;5198 | &nbsp;&nbsp;&nbsp;&nbsp;113624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;30496 | &nbsp;&nbsp;&nbsp;&nbsp;3691 | &nbsp;&nbsp;&nbsp;&nbsp;165063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| **Net realized and unrealized gain (loss) on investments<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;88401 | &nbsp;&nbsp;&nbsp;&nbsp;8889 | &nbsp;&nbsp;&nbsp;&nbsp;278696 |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;$87105 | &nbsp;&nbsp;&nbsp;&nbsp;$9154 | &nbsp;&nbsp;&nbsp;&nbsp;$265034 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amount is less than $500 (not in thousands).

<sup>(1)</sup> See Note 4D in Notes to Financial Statements.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### VIRTUS INVESTMENT TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7)
($ reported in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Emerging Markets Opportunities Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Emerging Markets Opportunities Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Income & Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Income & Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**KAR Global Small-Cap Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**KAR Global Small-Cap Fund** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2024** |
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;$6455 | &nbsp;&nbsp;&nbsp;&nbsp;$4866 | &nbsp;&nbsp;&nbsp;&nbsp;$98321 | &nbsp;&nbsp;&nbsp;&nbsp;$104245 | &nbsp;&nbsp;&nbsp;&nbsp;$327 | &nbsp;&nbsp;&nbsp;&nbsp;$465 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7549) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3294 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1807 |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5566 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income and Net Realized Gains:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1178) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(579) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77235) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100218) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2284) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(261) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35259) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49439) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class P<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(217) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68315) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4705) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2594) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80112) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63755) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1029) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(197) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3566) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1299) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;**Return of Capital:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67304) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52232) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23632) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73970) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33299) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;**Total dividends and distributions to shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9461) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4700) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(360980) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(390890) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3360) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(500) |
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1928) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112043) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76825) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1898) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5349) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(259) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(235) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121069) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(149115) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class P<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5958) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1108205) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1999) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10637) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(146792) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9368) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(379904) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(345874) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1163) | &nbsp;&nbsp;&nbsp;&nbsp;(16860) |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(141) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(263377) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(156231) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511 | &nbsp;&nbsp;&nbsp;&nbsp;(11794) |
| **Net Assets** |  |  |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;172407 | &nbsp;&nbsp;&nbsp;&nbsp;127959 | &nbsp;&nbsp;&nbsp;&nbsp;4944749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100980 | &nbsp;&nbsp;&nbsp;&nbsp;44940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56734 |
| **End of Period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$172266 | &nbsp;&nbsp;&nbsp;&nbsp;$172407 | &nbsp;&nbsp;&nbsp;&nbsp;$4681372 | &nbsp;&nbsp;&nbsp;&nbsp;$4944749 | &nbsp;&nbsp;&nbsp;&nbsp;$45451 | &nbsp;&nbsp;&nbsp;&nbsp;$44940 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### VIRTUS INVESTMENT TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7)(Continued)
($ reported in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**KAR Health Sciences Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**KAR Health Sciences Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**NFJ Dividend Value Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**NFJ Dividend Value Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**NFJ International Value Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**NFJ International Value Fund** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2024** |
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;$(541) | &nbsp;&nbsp;&nbsp;&nbsp;$(531) | &nbsp;&nbsp;&nbsp;&nbsp;$8939 | &nbsp;&nbsp;&nbsp;&nbsp;$22196 | &nbsp;&nbsp;&nbsp;&nbsp;$3008 | &nbsp;&nbsp;&nbsp;&nbsp;$1136 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9858) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(974) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7719) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8785) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9435) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4671 |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19184) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68729 | &nbsp;&nbsp;&nbsp;&nbsp;13831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1912) |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income and Net Realized Gains:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10243) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42754) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(803) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(787) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(848) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class P<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15942) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(221) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7262) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9937) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(545) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(433) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1717) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7572) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4147) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) |
| &nbsp;&nbsp;&nbsp;**Total dividends and distributions to shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19341) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1408) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1531) |
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18638) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17264) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56038) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2795) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4640) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7280) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(564) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(806) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1823) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2396) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(317) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class P<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1253) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(130377) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(14990) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3833) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1045) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40959) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4218) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2071) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10107) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15163) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(171) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(551) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33127) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1417) |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23035) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20368) | &nbsp;&nbsp;&nbsp;&nbsp;(108927) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42953) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9238) | &nbsp;&nbsp;&nbsp;&nbsp;(26626) |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42219) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7438) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96809) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55424) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3185 | &nbsp;&nbsp;&nbsp;&nbsp;(30069) |
| **Net Assets** |  |  |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;145882 | &nbsp;&nbsp;&nbsp;&nbsp;153320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648809 | &nbsp;&nbsp;&nbsp;&nbsp;67055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97124 |
| **End of Period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$103663 | &nbsp;&nbsp;&nbsp;&nbsp;$145882 | &nbsp;&nbsp;&nbsp;&nbsp;$496576 | &nbsp;&nbsp;&nbsp;&nbsp;$593385 | &nbsp;&nbsp;&nbsp;&nbsp;$70240 | &nbsp;&nbsp;&nbsp;&nbsp;$67055 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### VIRTUS INVESTMENT TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7)(Continued)
($ reported in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**NFJ Large-Cap Value Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**NFJ Large-Cap Value Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**NFJ Mid-Cap Value Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**NFJ Mid-Cap Value Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**NFJ Small-Cap Value Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**NFJ Small-Cap Value Fund** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2024** |
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;$4105 | &nbsp;&nbsp;&nbsp;&nbsp;$4526 | &nbsp;&nbsp;&nbsp;&nbsp;$9792 | &nbsp;&nbsp;&nbsp;&nbsp;$15009 | &nbsp;&nbsp;&nbsp;&nbsp;$2095 | &nbsp;&nbsp;&nbsp;&nbsp;$4653 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14190 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10721) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12787 |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31630 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income and Net Realized Gains:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3633) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10349) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7456) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32267) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9349) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24120) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(108) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(216) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1572) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class P<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(910) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6967) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1663) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3952) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8425) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3662) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15864) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2624) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4527) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(159) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1216) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4955) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(299) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4205) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1875) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2669) |
| &nbsp;&nbsp;&nbsp;**Total dividends and distributions to shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7677) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19980) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12550) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12295) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37300) |
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19253) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7448) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58477) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36590) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28736) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6013) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(319) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(368) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5590) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5655) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(169) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(451) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class P<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14960) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77852) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25071) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16113 | &nbsp;&nbsp;&nbsp;&nbsp;(106717) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12322) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13038) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48875) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8354) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13996) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23006) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(462) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34193) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22463) |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18567) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7179) | &nbsp;&nbsp;&nbsp;&nbsp;(219659) | &nbsp;&nbsp;&nbsp;&nbsp;(174966) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55939) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53019) |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6581) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1311) | &nbsp;&nbsp;&nbsp;&nbsp;(187520) | &nbsp;&nbsp;&nbsp;&nbsp;(200237) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59912) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58689) |
| **Net Assets** |  |  |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;280145 | &nbsp;&nbsp;&nbsp;&nbsp;281456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972534 | &nbsp;&nbsp;&nbsp;&nbsp;313772 | &nbsp;&nbsp;&nbsp;&nbsp;372461 |
| **End of Period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$273564 | &nbsp;&nbsp;&nbsp;&nbsp;$280145 | &nbsp;&nbsp;&nbsp;&nbsp;$584777 | &nbsp;&nbsp;&nbsp;&nbsp;$772297 | &nbsp;&nbsp;&nbsp;&nbsp;$253860 | &nbsp;&nbsp;&nbsp;&nbsp;$313772 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### VIRTUS INVESTMENT TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7)(Continued)
($ reported in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Silvant Focused Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Silvant Focused Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Silvant Mid-Cap Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Silvant Mid-Cap Growth Fund** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2024** |
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;$(4387) | &nbsp;&nbsp;&nbsp;&nbsp;$(3590) | &nbsp;&nbsp;&nbsp;&nbsp;$(1296) | &nbsp;&nbsp;&nbsp;&nbsp;$(785) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9384 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38994 |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47593 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income and Net Realized Gains:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36700) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15828) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2426) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1216) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class P<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17134) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4505) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12920) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4987) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(254) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;**Total dividends and distributions to shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69180) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29650) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16663) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33139) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22783) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28057) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6119) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1090) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1868) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class P<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60754) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8370) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9334) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1319) |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4807) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17951) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20142) |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27451 |
| **Net Assets** |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;1390863 | &nbsp;&nbsp;&nbsp;&nbsp;1018085 | &nbsp;&nbsp;&nbsp;&nbsp;332922 | &nbsp;&nbsp;&nbsp;&nbsp;305471 |
| **End of Period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$1626635 | &nbsp;&nbsp;&nbsp;&nbsp;$1390863 | &nbsp;&nbsp;&nbsp;&nbsp;$402076 | &nbsp;&nbsp;&nbsp;&nbsp;$332922 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* Inception date June 18, 2025.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### VIRTUS INVESTMENT TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7)(Continued)
($ reported in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Small-Cap Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Small-Cap Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Zevenbergen Technology Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Zevenbergen Technology Fund** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2024** |
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;$265 | &nbsp;&nbsp;&nbsp;&nbsp;$330 | &nbsp;&nbsp;&nbsp;&nbsp;$(13662) | &nbsp;&nbsp;&nbsp;&nbsp;$(13092) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168614 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305219 |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460741 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income and Net Realized Gains:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6606) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1366) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(323) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class P<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2362) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(375) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(591) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(148) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;**Total dividends and distributions to shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9882) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2080) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(528) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5424) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63550) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67056) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(324) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(593) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5012) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4870) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class P<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7587) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64264) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(791) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(203199) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66922) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(314) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9585) |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3889 | &nbsp;&nbsp;&nbsp;&nbsp;(14709) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(271761) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(212697) |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8261) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6727) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248044 |
| **Net Assets** |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;90667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98928 | &nbsp;&nbsp;&nbsp;&nbsp;1540282 | &nbsp;&nbsp;&nbsp;&nbsp;1292238 |
| **End of Period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$93828 | &nbsp;&nbsp;&nbsp;&nbsp;$90667 | &nbsp;&nbsp;&nbsp;&nbsp;$1533555 | &nbsp;&nbsp;&nbsp;&nbsp;$1540282 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### VIRTUS INVESTMENT TRUST

#### FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7)

#### SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized and<br>Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Return of Capital** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payment from Affiliate** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **Emerging Markets Opportunities Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $31.28 | &nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | (1.66) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.66) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.05) | $31.23 | &nbsp;&nbsp;&nbsp;&nbsp;5.67% | $22055 | 1.29% | 1.50% | &nbsp;&nbsp;3.60% | 146% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;27.62 | &nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;3.68 | &nbsp;&nbsp;&nbsp;&nbsp;4.54 | (0.88) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.66 | &nbsp;&nbsp;&nbsp;&nbsp;31.28 | &nbsp;&nbsp;16.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19899 | 1.29 | 1.50 | &nbsp;&nbsp;3.01 | &nbsp;&nbsp;&nbsp;99 |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;27.39 | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | (0.83) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;27.62 | &nbsp;&nbsp;&nbsp;&nbsp;4.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19339 | 1.31 <sup>(8)</sup> | 1.54 | &nbsp;&nbsp;3.01 | 109 |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;37.61 | &nbsp;&nbsp;0.75 | (10.52) | &nbsp;&nbsp;&nbsp;(9.77) | (0.45) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;— | (10.22) | &nbsp;&nbsp;&nbsp;&nbsp;27.39 | (26.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20341 | 1.29 | 1.45 | &nbsp;&nbsp;2.28 | 112 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;25.88 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;11.71 | &nbsp;&nbsp;12.04 | (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;11.73 | &nbsp;&nbsp;&nbsp;&nbsp;37.61 | &nbsp;&nbsp;46.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33740 | 1.28 <sup>(9)</sup> | 1.57 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;80 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $31.50 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | (1.11) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.11) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | $31.82 | &nbsp;&nbsp;&nbsp;&nbsp;4.89% | $303 | 2.04% | 2.30% | &nbsp;&nbsp;3.26% | 146% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;27.72 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;3.70 | &nbsp;&nbsp;&nbsp;&nbsp;4.35 | (0.57) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.78 | &nbsp;&nbsp;&nbsp;&nbsp;31.50 | &nbsp;&nbsp;15.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 | 2.04 | 2.28 | &nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;99 |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;27.42 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | (0.57) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;27.72 | &nbsp;&nbsp;&nbsp;&nbsp;3.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735 | 2.06 <sup>(8)</sup> | 2.33 | &nbsp;&nbsp;2.27 | 109 |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;37.41 | &nbsp;&nbsp;0.53 | (10.52) | &nbsp;&nbsp;&nbsp;(9.99) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(9.99) | &nbsp;&nbsp;&nbsp;&nbsp;27.42 | (26.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 | 2.04 | 2.21 | &nbsp;&nbsp;1.61 | 112 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;25.69 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;11.65 | &nbsp;&nbsp;11.72 | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;11.72 | &nbsp;&nbsp;&nbsp;&nbsp;37.41 | &nbsp;&nbsp;45.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1713 | 2.03 <sup>(9)</sup> | 2.30 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;80 |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $31.36 | &nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 | (1.74) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.74) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.02) | $31.34 | &nbsp;&nbsp;&nbsp;&nbsp;6.04% | $77965 | 0.94% | 1.22% | &nbsp;&nbsp;4.01% | 146% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;27.70 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;3.69 | &nbsp;&nbsp;&nbsp;&nbsp;4.65 | (0.99) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.66 | &nbsp;&nbsp;&nbsp;&nbsp;31.36 | &nbsp;&nbsp;17.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89384 | 0.94 | 1.22 | &nbsp;&nbsp;3.37 | &nbsp;&nbsp;&nbsp;99 |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;27.33 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | (0.79) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.79) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;27.70 | &nbsp;&nbsp;&nbsp;&nbsp;4.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70273 | 0.96 <sup>(8)</sup> | 1.28 | &nbsp;&nbsp;3.36 | 109 |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;37.62 | &nbsp;&nbsp;0.78 | (10.43) | &nbsp;&nbsp;&nbsp;(9.65) | (0.64) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;— | (10.29) | &nbsp;&nbsp;&nbsp;&nbsp;27.33 | (25.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72307 | 0.94 | 1.19 | &nbsp;&nbsp;2.37 | 112 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;25.91 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;11.70 | &nbsp;&nbsp;12.18 | (0.47) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;11.71 | &nbsp;&nbsp;&nbsp;&nbsp;37.62 | &nbsp;&nbsp;47.27 | &nbsp;&nbsp;&nbsp;&nbsp;206383 | 0.93 <sup>(9)</sup> | 1.26 | &nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;80 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $30.90 | &nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | (1.78) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.78) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.08) | $30.82 | &nbsp;&nbsp;&nbsp;&nbsp;6.10% | $71943 | 0.89% | 1.11% | &nbsp;&nbsp;4.08% | 146% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;27.34 | &nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;3.53 | &nbsp;&nbsp;&nbsp;&nbsp;4.59 | (1.03) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.03) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.56 | &nbsp;&nbsp;&nbsp;&nbsp;30.90 | &nbsp;&nbsp;17.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62554 | 0.89 | 1.12 | &nbsp;&nbsp;3.75 | &nbsp;&nbsp;&nbsp;99 |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;27.15 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | (0.96) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.96) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;27.34 | &nbsp;&nbsp;&nbsp;&nbsp;4.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32320 | 0.91 <sup>(8)</sup> | 1.16 | &nbsp;&nbsp;3.44 | 109 |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;37.40 | &nbsp;&nbsp;0.86 | (10.43) | &nbsp;&nbsp;&nbsp;(9.57) | (0.68) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;— | (10.25) | &nbsp;&nbsp;&nbsp;&nbsp;27.15 | (25.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29700 | 0.89 | 1.08 | &nbsp;&nbsp;2.64 | 112 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;25.78 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;11.64 | &nbsp;&nbsp;12.13 | (0.51) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;11.62 | &nbsp;&nbsp;&nbsp;&nbsp;37.40 | &nbsp;&nbsp;47.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30722 | 0.88 <sup>(9)</sup> | 1.18 | &nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;80 |
| **Income & Growth Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $11.02 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | (0.27) | (0.39) | &nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | $11.29 | &nbsp;&nbsp;10.50% | $1889626 | 1.14 % <sup>(11)</sup> | 1.14% | &nbsp;&nbsp;2.07% | &nbsp;&nbsp;&nbsp;76% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;10.59 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | (0.26) | (0.29) | &nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;11.02 | &nbsp;&nbsp;12.58 <sup>(12)</sup> | &nbsp;&nbsp;&nbsp;1955447 | 1.14 <sup>(11)</sup> | 1.14 | &nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;61 |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;10.20 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | (0.24) | (0.34) | &nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;10.59 | &nbsp;&nbsp;12.65 | &nbsp;&nbsp;&nbsp;1955600 | 1.14 <sup>(11)</sup> | 1.14 | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;42 |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;13.26 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;(2.38) | &nbsp;&nbsp;&nbsp;(2.22) | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.06) | &nbsp;&nbsp;&nbsp;&nbsp;10.20 | (17.65) | &nbsp;&nbsp;&nbsp;1963340 | 1.14 <sup>(11)</sup> | 1.14 | &nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;70 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;10.89 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp;3.21 | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp;13.26 | &nbsp;&nbsp;30.29 | &nbsp;&nbsp;&nbsp;2403182 | 1.19 <sup>(9)(11)</sup> | 1.22 | &nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;83 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $9.59 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | (0.21) | (0.34) | &nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;(0.78) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | $9.70 | &nbsp;&nbsp;&nbsp;&nbsp;9.72% | $714081 | 1.90 % <sup>(11)</sup> | 1.90% | &nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;76% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.34 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | (0.20) | (0.25) | &nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;(0.78) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.59 | &nbsp;&nbsp;11.63 <sup>(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;827369 | 1.90 <sup>(11)</sup> | 1.90 | &nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;61 |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | (0.19) | (0.30) | &nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;(0.79) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.34 | &nbsp;&nbsp;11.83 | &nbsp;&nbsp;&nbsp;&nbsp;954260 | 1.89 <sup>(11)</sup> | 1.89 | &nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;42 |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;11.94 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;(2.14) | &nbsp;&nbsp;&nbsp;(2.08) | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 | (18.31) | &nbsp;&nbsp;&nbsp;1096937 | 1.90 <sup>(11)</sup> | 1.90 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;70 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.89 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp;&nbsp;2.82 | (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;(0.77) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;11.94 | &nbsp;&nbsp;29.31 | &nbsp;&nbsp;&nbsp;1467948 | 1.95 <sup>(9)(11)</sup> | 1.98 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;83 |

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The footnote legend is at the end of the financial highlights.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### VIRTUS INVESTMENT TRUST

#### FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)

#### SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

#### THROUGHOUT EACH PERIOD

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized and<br>Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Return of Capital** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payment from Affiliate** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **Income & Growth Fund (Continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $11.63 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | (0.29) | (0.41) | &nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | $11.97 | &nbsp;&nbsp;10.76% | $2077665 | 0.90% | 0.90% | &nbsp;&nbsp;2.31% | &nbsp;&nbsp;&nbsp;76% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;11.13 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | (0.28) | (0.30) | &nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;11.63 | &nbsp;&nbsp;12.82 <sup>(12)</sup> | &nbsp;&nbsp;&nbsp;2161933 | 0.91 <sup>(9)</sup> | 0.91 | &nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;61 |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;10.67 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | (0.26) | (0.36) | &nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;11.13 | &nbsp;&nbsp;12.96 | &nbsp;&nbsp;&nbsp;1118148 | 0.90 <sup>(11)</sup> | 0.90 | &nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;42 |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;13.83 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;(2.50) | &nbsp;&nbsp;&nbsp;(2.30) | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.16) | &nbsp;&nbsp;&nbsp;&nbsp;10.67 | (17.48) | &nbsp;&nbsp;&nbsp;1236562 | 0.92 <sup>(11)</sup> | 0.92 | &nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;70 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;11.32 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp;3.38 | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;&nbsp;13.83 | &nbsp;&nbsp;30.71 | &nbsp;&nbsp;&nbsp;1315140 | 0.90 <sup>(9)</sup> | 0.93 | &nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;83 |
| **KAR Global Small-Cap Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $34.14 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;3.63 | &nbsp;&nbsp;&nbsp;&nbsp;3.84 | (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.37) | &nbsp;&nbsp;&nbsp;(2.77) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | $35.21 | &nbsp;&nbsp;11.86% | $29147 | 1.63 % <sup>(13)</sup> | 1.66% | &nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;25% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;31.42 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp;&nbsp;&nbsp;2.99 | (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;34.14 | &nbsp;&nbsp;&nbsp;&nbsp;9.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30019 | 1.64 <sup>(14)(15)</sup> | 1.61 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;16 <sup>(16)</sup> |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;28.33 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;3.70 | &nbsp;&nbsp;&nbsp;&nbsp;3.91 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;(0.87) | 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;3.09 | &nbsp;&nbsp;&nbsp;&nbsp;31.42 | &nbsp;&nbsp;14.31 <sup>(17)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32690 | 1.63 | 1.66 | &nbsp;&nbsp;0.73 | 129 |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;52.31 | (0.02) | (10.43) | (10.45) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (13.53) | (13.53) | &nbsp;&nbsp;&nbsp;&nbsp;— | (23.98) | &nbsp;&nbsp;&nbsp;&nbsp;28.33 | (26.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32248 | 1.56 <sup>(11)(14)</sup> | 1.55 | (0.04) | &nbsp;&nbsp;&nbsp;90 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;35.72 | (0.25) | &nbsp;&nbsp;19.01 | &nbsp;&nbsp;18.76 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.17) | &nbsp;&nbsp;&nbsp;(2.17) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;16.59 | &nbsp;&nbsp;&nbsp;&nbsp;52.31 | &nbsp;&nbsp;53.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51169 | 1.60 <sup>(11)</sup> | 1.60 | (0.54) | 106 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $24.48 | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;2.50 | (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.37) | &nbsp;&nbsp;&nbsp;(2.75) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.25) | $24.23 | &nbsp;&nbsp;11.02% | $420 | 2.38 % <sup>(13)</sup> | 2.42% | (0.14) % | &nbsp;&nbsp;&nbsp;25% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;22.52 | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;24.48 | &nbsp;&nbsp;&nbsp;&nbsp;8.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421 | 2.39 <sup>(15)</sup> | 2.40 | (0.02) | &nbsp;&nbsp;&nbsp;16 <sup>(16)</sup> |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;20.69 | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;&nbsp;2.66 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;(0.87) | 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;22.52 | &nbsp;&nbsp;13.49 <sup>(17)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529 | 2.38 | 2.43 | (0.08) | 129 |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;42.24 | (0.29) | &nbsp;&nbsp;&nbsp;(7.73) | &nbsp;&nbsp;&nbsp;(8.02) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (13.53) | (13.53) | &nbsp;&nbsp;&nbsp;&nbsp;— | (21.55) | &nbsp;&nbsp;&nbsp;&nbsp;20.69 | (26.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438 | 2.32 <sup>(11)</sup> | 2.32 | (0.90) | &nbsp;&nbsp;&nbsp;90 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;29.36 | (0.50) | &nbsp;&nbsp;15.55 | &nbsp;&nbsp;15.05 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.17) | &nbsp;&nbsp;&nbsp;(2.17) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;12.88 | &nbsp;&nbsp;&nbsp;&nbsp;42.24 | &nbsp;&nbsp;52.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3374 | 2.35 <sup>(11)</sup> | 2.35 | (1.34) | 106 |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $39.87 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;4.28 | &nbsp;&nbsp;&nbsp;&nbsp;4.67 | (0.42) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.37) | &nbsp;&nbsp;&nbsp;(2.79) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.88 | $41.75 | &nbsp;&nbsp;12.24% | $15884 | 1.28 % <sup>(13)</sup> | 1.38% | &nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;25% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;36.59 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;3.22 | &nbsp;&nbsp;&nbsp;&nbsp;3.62 | (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.28 | &nbsp;&nbsp;&nbsp;&nbsp;39.87 | &nbsp;&nbsp;&nbsp;&nbsp;9.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14500 | 1.29 <sup>(15)</sup> | 1.36 | &nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;16 <sup>(16)</sup> |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;32.74 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;4.31 | &nbsp;&nbsp;&nbsp;&nbsp;4.66 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;(0.87) | 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;3.85 | &nbsp;&nbsp;&nbsp;&nbsp;36.59 | &nbsp;&nbsp;14.71 <sup>(17)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21751 | 1.28 | 1.40 | &nbsp;&nbsp;1.04 | 129 |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;58.13 | &nbsp;&nbsp;0.11 | (11.97) | (11.86) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (13.53) | (13.53) | &nbsp;&nbsp;&nbsp;&nbsp;— | (25.39) | &nbsp;&nbsp;&nbsp;&nbsp;32.74 | (25.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25453 | 1.28 | 1.29 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;90 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;39.39 | (0.10) | &nbsp;&nbsp;21.01 | &nbsp;&nbsp;20.91 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.17) | &nbsp;&nbsp;&nbsp;(2.17) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;18.74 | &nbsp;&nbsp;&nbsp;&nbsp;58.13 | &nbsp;&nbsp;53.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40486 | 1.27 <sup>(9)</sup> | 1.30 | (0.20) | 106 |
| **KAR Health Sciences Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $30.73 | (0.13) | &nbsp;&nbsp;&nbsp;(4.29) | &nbsp;&nbsp;&nbsp;(4.42) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.42) | $26.31 | (14.38) % | $97089 | 1.40 % <sup>(11)</sup> | 1.40% | (0.45) % | &nbsp;&nbsp;&nbsp;&nbsp;8% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;28.03 | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;2.81 | &nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;30.73 | &nbsp;&nbsp;&nbsp;&nbsp;9.63 | &nbsp;&nbsp;&nbsp;&nbsp;133428 | 1.38 <sup>(11)</sup> | 1.38 | (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;6 <sup>(16)</sup> |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;29.94 | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.63) | &nbsp;&nbsp;&nbsp;(2.63) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;(1.91) | &nbsp;&nbsp;&nbsp;&nbsp;28.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.45 <sup>(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;138726 | 1.39 <sup>(11)</sup> | 1.39 | (0.40) | &nbsp;&nbsp;&nbsp;75 |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;38.11 | (0.03) | &nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(7.49) | &nbsp;&nbsp;&nbsp;(7.49) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(8.17) | &nbsp;&nbsp;&nbsp;&nbsp;29.94 | &nbsp;&nbsp;&nbsp;(3.75) | &nbsp;&nbsp;&nbsp;&nbsp;149236 | 1.37 <sup>(11)</sup> | 1.37 | (0.08) | 114 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;34.21 | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;8.76 | &nbsp;&nbsp;&nbsp;&nbsp;8.75 | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.82) | &nbsp;&nbsp;&nbsp;(4.85) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.90 | &nbsp;&nbsp;&nbsp;&nbsp;38.11 | &nbsp;&nbsp;27.66 | &nbsp;&nbsp;&nbsp;&nbsp;169577 | 1.43 <sup>(11)</sup> | 1.43 | (0.04) | 102 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $17.96 | (0.20) | &nbsp;&nbsp;&nbsp;(2.50) | &nbsp;&nbsp;&nbsp;(2.70) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.70) | $15.26 | (15.03) % | $1324 | 2.16 % <sup>(11)</sup> | 2.16% | (1.20) % | &nbsp;&nbsp;&nbsp;&nbsp;8% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;16.51 | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;17.96 | &nbsp;&nbsp;&nbsp;&nbsp;8.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2180 | 2.14 <sup>(11)</sup> | 2.14 | (1.12) | &nbsp;&nbsp;&nbsp;&nbsp;6 <sup>(16)</sup> |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;18.83 | (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.63) | &nbsp;&nbsp;&nbsp;(2.63) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;(2.32) | &nbsp;&nbsp;&nbsp;&nbsp;16.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 <sup>(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2820 | 2.14 <sup>(11)</sup> | 2.14 | (1.15) | &nbsp;&nbsp;&nbsp;75 |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;26.74 | (0.19) | &nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(7.49) | &nbsp;&nbsp;&nbsp;(7.49) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(7.91) | &nbsp;&nbsp;&nbsp;&nbsp;18.83 | &nbsp;&nbsp;&nbsp;(4.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3469 | 2.13 <sup>(11)</sup> | 2.13 | (0.82) | 114 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;25.44 | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;6.33 | &nbsp;&nbsp;&nbsp;&nbsp;6.12 | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.82) | &nbsp;&nbsp;&nbsp;(4.82) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;26.74 | &nbsp;&nbsp;26.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3758 | 2.18 <sup>(11)</sup> | 2.18 | (0.80) | 102 |

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The footnote legend is at the end of the financial highlights.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### VIRTUS INVESTMENT TRUST

#### FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)

#### SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

#### THROUGHOUT EACH PERIOD

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized and<br>Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Return of Capital** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payment from Affiliate** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **KAR Health Sciences Fund (Continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $31.81 | (0.03) | &nbsp;&nbsp;&nbsp;(4.44) | &nbsp;&nbsp;&nbsp;(4.47) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.47) | $27.34 | (14.05) % | $5250 | 1.05% | 1.15% | (0.10) % | &nbsp;&nbsp;&nbsp;&nbsp;8% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;28.95 | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;2.89 | &nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp;&nbsp;&nbsp;31.81 | &nbsp;&nbsp;&nbsp;&nbsp;9.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10274 | 1.11 <sup>(9)</sup> | 1.12 | (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;6 <sup>(16)</sup> |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;30.75 | (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.63) | &nbsp;&nbsp;&nbsp;(2.63) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;(1.80) | &nbsp;&nbsp;&nbsp;&nbsp;28.95 | &nbsp;&nbsp;&nbsp;&nbsp;2.75 <sup>(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10595 | 1.12 | 1.14 | (0.14) | &nbsp;&nbsp;&nbsp;75 |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;38.87 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(7.49) | &nbsp;&nbsp;&nbsp;(7.49) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(8.12) | &nbsp;&nbsp;&nbsp;&nbsp;30.75 | &nbsp;&nbsp;&nbsp;(3.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23444 | 1.12 | 1.14 | &nbsp;&nbsp;0.11 | 114 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;34.85 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;8.94 | &nbsp;&nbsp;&nbsp;&nbsp;9.04 | (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.82) | &nbsp;&nbsp;&nbsp;(5.02) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4.02 | &nbsp;&nbsp;&nbsp;&nbsp;38.87 | &nbsp;&nbsp;28.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21122 | 1.12 | 1.14 | &nbsp;&nbsp;0.28 | 102 |
| **NFJ Dividend Value Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $10.09 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | $10.24 | &nbsp;&nbsp;&nbsp;&nbsp;5.01% | $274291 | 1.03 % <sup>(11)</sup> | 1.03% | &nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;36% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;10.34 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.05) | &nbsp;&nbsp;&nbsp;(1.41) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;10.09 | &nbsp;&nbsp;11.34 | &nbsp;&nbsp;&nbsp;&nbsp;323658 | 1.02 <sup>(11)</sup> | 1.02 | &nbsp;&nbsp;3.42 | &nbsp;&nbsp;&nbsp;53 |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;11.44 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.65) | &nbsp;&nbsp;&nbsp;(1.84) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.10) | &nbsp;&nbsp;&nbsp;&nbsp;10.34 | &nbsp;&nbsp;&nbsp;&nbsp;7.62 | &nbsp;&nbsp;&nbsp;&nbsp;333660 | 1.04 <sup>(11)</sup> | 1.04 | &nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;72 |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;12.73 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;(0.43) | (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.29) | &nbsp;&nbsp;&nbsp;&nbsp;11.44 | &nbsp;&nbsp;&nbsp;(4.16) | &nbsp;&nbsp;&nbsp;&nbsp;365634 | 1.01 <sup>(11)</sup> | 1.01 | &nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;65 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.67 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp;3.22 | (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.06 | &nbsp;&nbsp;&nbsp;&nbsp;12.73 | &nbsp;&nbsp;33.47 | &nbsp;&nbsp;&nbsp;&nbsp;422719 | 1.02 <sup>(9)(11)</sup> | 1.06 | &nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;67 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $10.49 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | $10.66 | &nbsp;&nbsp;&nbsp;&nbsp;4.19% | $3804 | 1.73 % <sup>(11)</sup> | 1.73% | &nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;36% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;10.68 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.05) | &nbsp;&nbsp;&nbsp;(1.32) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;10.49 | &nbsp;&nbsp;10.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5531 | 1.72 <sup>(11)</sup> | 1.72 | &nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;53 |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;11.74 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.65) | &nbsp;&nbsp;&nbsp;(1.75) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.06) | &nbsp;&nbsp;&nbsp;&nbsp;10.68 | &nbsp;&nbsp;&nbsp;&nbsp;6.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8040 | 1.75 <sup>(11)</sup> | 1.75 | &nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;72 |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;13.04 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;(0.55) | (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.30) | &nbsp;&nbsp;&nbsp;&nbsp;11.74 | &nbsp;&nbsp;&nbsp;(4.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12496 | 1.72 <sup>(11)</sup> | 1.72 | &nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;65 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.88 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp;&nbsp;3.21 | (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;13.04 | &nbsp;&nbsp;32.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18956 | 1.77 <sup>(9)(11)</sup> | 1.82 | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;67 |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $10.23 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | $10.38 | &nbsp;&nbsp;&nbsp;&nbsp;5.28% | $174681 | 0.70% | 0.74% | &nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;36% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;10.46 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.05) | &nbsp;&nbsp;&nbsp;(1.45) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;10.23 | &nbsp;&nbsp;11.81 | &nbsp;&nbsp;&nbsp;&nbsp;211683 | 0.70 | 0.71 | &nbsp;&nbsp;3.71 | &nbsp;&nbsp;&nbsp;53 |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;11.55 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.65) | &nbsp;&nbsp;&nbsp;(1.87) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.09) | &nbsp;&nbsp;&nbsp;&nbsp;10.46 | &nbsp;&nbsp;&nbsp;&nbsp;8.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75806 | 0.70 | 0.74 | &nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;72 |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;12.85 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;(0.41) | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;(0.89) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.30) | &nbsp;&nbsp;&nbsp;&nbsp;11.55 | &nbsp;&nbsp;&nbsp;(3.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91990 | 0.70 | 0.75 | &nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;65 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;3.29 | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;12.85 | &nbsp;&nbsp;33.95 | &nbsp;&nbsp;&nbsp;&nbsp;122996 | 0.70 | 0.75 | &nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;67 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $10.16 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | $10.30 | &nbsp;&nbsp;&nbsp;&nbsp;5.26% | $43800 | 0.65% | 0.65% | &nbsp;&nbsp;1.82% | &nbsp;&nbsp;&nbsp;36% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;10.39 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.05) | &nbsp;&nbsp;&nbsp;(1.44) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;10.16 | &nbsp;&nbsp;11.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52513 | 0.65 <sup>(14)</sup> | 0.64 | &nbsp;&nbsp;3.81 | &nbsp;&nbsp;&nbsp;53 |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;11.49 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.65) | &nbsp;&nbsp;&nbsp;(1.88) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.10) | &nbsp;&nbsp;&nbsp;&nbsp;10.39 | &nbsp;&nbsp;&nbsp;&nbsp;8.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68554 | 0.65 | 0.67 | &nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;72 |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;12.79 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;(0.40) | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;(0.90) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.30) | &nbsp;&nbsp;&nbsp;&nbsp;11.49 | &nbsp;&nbsp;&nbsp;(3.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72399 | 0.63 <sup>(11)</sup> | 0.63 | &nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;65 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.71 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;3.27 | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;12.79 | &nbsp;&nbsp;33.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82578 | 0.64 <sup>(9)</sup> | 0.69 | &nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;67 |
| **NFJ International Value Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $18.65 | &nbsp;&nbsp;0.87 <sup>(18)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.34 | &nbsp;&nbsp;&nbsp;&nbsp;4.21 | (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.81 | $22.46 | &nbsp;&nbsp;23.00 % <sup>(19)</sup> | $42476 | 1.42 % <sup>(20)</sup> | 1.49% | &nbsp;&nbsp;4.43 % <sup>(18)</sup> | &nbsp;&nbsp;&nbsp;56% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;19.18 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;(0.19) | (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;18.65 | &nbsp;&nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39673 | 1.30 | 1.36 | &nbsp;&nbsp;1.37 | 135 |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;17.83 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;19.18 | &nbsp;&nbsp;&nbsp;&nbsp;9.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48363 | 1.30 | 1.38 | &nbsp;&nbsp;1.83 | 104 |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;22.93 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;(5.10) | &nbsp;&nbsp;&nbsp;(4.70) | (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(5.10) | &nbsp;&nbsp;&nbsp;&nbsp;17.83 | (20.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50307 | 1.30 | 1.33 | &nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;66 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;16.86 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;6.15 | &nbsp;&nbsp;&nbsp;&nbsp;6.43 | (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6.07 | &nbsp;&nbsp;&nbsp;&nbsp;22.93 | &nbsp;&nbsp;38.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73311 | 1.30 <sup>(9)(11)</sup> | 1.34 | &nbsp;&nbsp;1.38 | 116 |

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The footnote legend is at the end of the financial highlights.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### VIRTUS INVESTMENT TRUST

#### FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)

#### SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

#### THROUGHOUT EACH PERIOD

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized and<br>Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Return of Capital** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payment from Affiliate** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **NFJ International Value Fund (Continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $18.21 | &nbsp;&nbsp;0.63 <sup>(18)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.33 | &nbsp;&nbsp;&nbsp;&nbsp;3.96 | (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.68 | $21.89 | &nbsp;&nbsp;22.08 % <sup>(19)</sup> | $684 | 2.15 % <sup>(20)</sup> | 2.19% | &nbsp;&nbsp;3.30 % <sup>(18)</sup> | &nbsp;&nbsp;&nbsp;56% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;18.76 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;(0.32) | (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;18.21 | &nbsp;&nbsp;&nbsp;(1.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767 | 2.06 <sup>(21)</sup> | 2.07 | &nbsp;&nbsp;0.58 | 135 |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;17.47 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;18.76 | &nbsp;&nbsp;&nbsp;&nbsp;8.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1126 | 2.05 | 2.10 | &nbsp;&nbsp;1.06 | 104 |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;22.51 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;(5.00) | &nbsp;&nbsp;&nbsp;(4.75) | (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(5.04) | &nbsp;&nbsp;&nbsp;&nbsp;17.47 | (21.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1724 | 2.02 <sup>(11)</sup> | 2.02 | &nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;66 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;16.57 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;6.04 | &nbsp;&nbsp;&nbsp;&nbsp;6.15 | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5.94 | &nbsp;&nbsp;&nbsp;&nbsp;22.51 | &nbsp;&nbsp;37.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3576 | 2.02 <sup>(11)</sup> | 2.07 | &nbsp;&nbsp;0.56 | 116 |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $18.79 | &nbsp;&nbsp;0.92 <sup>(18)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.40 | &nbsp;&nbsp;&nbsp;&nbsp;4.32 | (0.46) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.86 | $22.65 | &nbsp;&nbsp;23.46 % <sup>(19)</sup> | $24713 | 1.06 % <sup>(20)</sup> | 1.24% | &nbsp;&nbsp;4.64 % <sup>(18)</sup> | &nbsp;&nbsp;&nbsp;56% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;19.33 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;(0.13) | (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;18.79 | &nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24493 | 0.95 | 1.01 | &nbsp;&nbsp;2.14 | 135 |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;17.96 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;19.33 | &nbsp;&nbsp;10.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28557 | 0.95 | 1.02 | &nbsp;&nbsp;2.19 | 104 |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;23.11 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;(5.14) | &nbsp;&nbsp;&nbsp;(4.66) | (0.49) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(5.15) | &nbsp;&nbsp;&nbsp;&nbsp;17.96 | (20.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38243 | 0.95 | 0.98 | &nbsp;&nbsp;2.25 | &nbsp;&nbsp;&nbsp;66 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;16.98 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;6.19 | &nbsp;&nbsp;&nbsp;&nbsp;6.55 | (0.42) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6.13 | &nbsp;&nbsp;&nbsp;&nbsp;23.11 | &nbsp;&nbsp;38.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48096 | 0.95 | 1.00 | &nbsp;&nbsp;1.76 | 116 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $18.78 | &nbsp;&nbsp;0.98 <sup>(18)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.35 | &nbsp;&nbsp;&nbsp;&nbsp;4.33 | (0.48) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.85 | $22.63 | &nbsp;&nbsp;23.51 % <sup>(19)</sup> | $2367 | 1.02 % <sup>(20)</sup> | 1.09% | &nbsp;&nbsp;4.95 % <sup>(18)</sup> | &nbsp;&nbsp;&nbsp;56% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;19.31 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;(0.12) | (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;18.78 | &nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2122 | 0.91 <sup>(21)</sup> | 0.96 | &nbsp;&nbsp;1.72 | 135 |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;17.95 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;19.31 | &nbsp;&nbsp;10.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2756 | 0.90 | 0.98 | &nbsp;&nbsp;2.21 | 104 |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;23.08 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;(5.15) | &nbsp;&nbsp;&nbsp;(4.64) | (0.49) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(5.13) | &nbsp;&nbsp;&nbsp;&nbsp;17.95 | (20.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3477 | 0.90 | 0.93 | &nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;66 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;16.97 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;6.13 | &nbsp;&nbsp;&nbsp;&nbsp;6.54 | (0.43) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6.11 | &nbsp;&nbsp;&nbsp;&nbsp;23.08 | &nbsp;&nbsp;38.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2741 | 0.90 | 0.95 | &nbsp;&nbsp;1.96 | 116 |
| **NFJ Large-Cap Value Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $26.70 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 | (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | $27.90 | &nbsp;&nbsp;&nbsp;&nbsp;7.20% | $134234 | 1.01 % <sup>(11)</sup> | 1.01% | &nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;41% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;26.18 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;2.39 | (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.47) | &nbsp;&nbsp;&nbsp;(1.87) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;26.70 | &nbsp;&nbsp;&nbsp;&nbsp;9.26 | &nbsp;&nbsp;&nbsp;&nbsp;146942 | 1.00 <sup>(11)</sup> | 1.00 | &nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;56 |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;29.16 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.59) | &nbsp;&nbsp;&nbsp;(4.93) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.98) | &nbsp;&nbsp;&nbsp;&nbsp;26.18 | &nbsp;&nbsp;&nbsp;&nbsp;8.27 | &nbsp;&nbsp;&nbsp;&nbsp;151469 | 1.01 <sup>(11)</sup> | 1.01 | &nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;67 |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;33.12 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;(2.09) | &nbsp;&nbsp;&nbsp;(1.85) | (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.91) | &nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.96) | &nbsp;&nbsp;&nbsp;&nbsp;29.16 | &nbsp;&nbsp;&nbsp;(6.36) | &nbsp;&nbsp;&nbsp;&nbsp;159063 | 1.00 <sup>(11)</sup> | 1.00 | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;45 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;24.49 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;8.62 | &nbsp;&nbsp;&nbsp;&nbsp;8.85 | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8.63 | &nbsp;&nbsp;&nbsp;&nbsp;33.12 | &nbsp;&nbsp;36.24 | &nbsp;&nbsp;&nbsp;&nbsp;184745 | 1.06 <sup>(11)</sup> | 1.06 | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;69 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $27.14 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 | (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | $28.38 | &nbsp;&nbsp;&nbsp;&nbsp;6.40% | $1462 | 1.76 % <sup>(11)</sup> | 1.76% | &nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;41% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;26.58 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.22 | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.47) | &nbsp;&nbsp;&nbsp;(1.66) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;27.14 | &nbsp;&nbsp;&nbsp;&nbsp;8.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1710 | 1.76 <sup>(11)</sup> | 1.76 | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;56 |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;29.51 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.59) | &nbsp;&nbsp;&nbsp;(4.69) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.93) | &nbsp;&nbsp;&nbsp;&nbsp;26.58 | &nbsp;&nbsp;&nbsp;&nbsp;7.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2041 | 1.79 <sup>(11)</sup> | 1.79 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;67 |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;33.54 | (0.02) | &nbsp;&nbsp;&nbsp;(2.09) | &nbsp;&nbsp;&nbsp;(2.11) | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.91) | &nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.03) | &nbsp;&nbsp;&nbsp;&nbsp;29.51 | &nbsp;&nbsp;&nbsp;(7.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2775 | 1.76 <sup>(11)</sup> | 1.76 | (0.05) | &nbsp;&nbsp;&nbsp;45 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;24.82 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;8.73 | &nbsp;&nbsp;&nbsp;&nbsp;8.75 | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8.72 | &nbsp;&nbsp;&nbsp;&nbsp;33.54 | &nbsp;&nbsp;35.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4056 | 1.81 <sup>(11)</sup> | 1.81 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;69 |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $26.51 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | (0.45) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;(0.78) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | $27.69 | &nbsp;&nbsp;&nbsp;&nbsp;7.48% | $135615 | 0.75% | 0.75% | &nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;41% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;26.01 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;2.44 | (0.47) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.47) | &nbsp;&nbsp;&nbsp;(1.94) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;26.51 | &nbsp;&nbsp;&nbsp;&nbsp;9.54 | &nbsp;&nbsp;&nbsp;&nbsp;129333 | 0.75 | 0.75 | &nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;56 |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;29.01 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 | (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.59) | &nbsp;&nbsp;&nbsp;(4.99) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.00) | &nbsp;&nbsp;&nbsp;&nbsp;26.01 | &nbsp;&nbsp;&nbsp;&nbsp;8.50 | &nbsp;&nbsp;&nbsp;&nbsp;110871 | 0.77 | 0.77 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;67 |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;32.96 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;(2.07) | &nbsp;&nbsp;&nbsp;(1.75) | (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.91) | &nbsp;&nbsp;&nbsp;(2.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.95) | &nbsp;&nbsp;&nbsp;&nbsp;29.01 | &nbsp;&nbsp;&nbsp;(6.09) | &nbsp;&nbsp;&nbsp;&nbsp;113368 | 0.74 | 0.74 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;45 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;24.37 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;8.58 | &nbsp;&nbsp;&nbsp;&nbsp;8.89 | (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8.59 | &nbsp;&nbsp;&nbsp;&nbsp;32.96 | &nbsp;&nbsp;36.66 | &nbsp;&nbsp;&nbsp;&nbsp;129083 | 0.75 <sup>(11)</sup> | 0.75 | &nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;69 |

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The footnote legend is at the end of the financial highlights.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### VIRTUS INVESTMENT TRUST

#### FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)

#### SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

#### THROUGHOUT EACH PERIOD

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized and<br>Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Return of Capital** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payment from Affiliate** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **NFJ Large-Cap Value Fund (Continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $26.49 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 | (0.48) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;(0.81) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | $27.67 | &nbsp;&nbsp;&nbsp;&nbsp;7.59% | $2253 | 0.65% | 0.66% | &nbsp;&nbsp;1.67% | &nbsp;&nbsp;&nbsp;41% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;25.99 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | (0.50) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.47) | &nbsp;&nbsp;&nbsp;(1.97) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;26.49 | &nbsp;&nbsp;&nbsp;&nbsp;9.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160 | 0.65 | 0.66 | &nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;56 |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;28.99 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;2.05 | (0.46) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.59) | &nbsp;&nbsp;&nbsp;(5.05) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.00) | &nbsp;&nbsp;&nbsp;&nbsp;25.99 | &nbsp;&nbsp;&nbsp;&nbsp;8.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2172 | 0.57 <sup>(11)</sup> | 0.57 | &nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;67 |
| 10/29/21<sup>(22)</sup> to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;35.37 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;(4.47) | &nbsp;&nbsp;&nbsp;(4.22) | (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.91) | &nbsp;&nbsp;&nbsp;(2.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6.38) | &nbsp;&nbsp;&nbsp;&nbsp;28.99 | (12.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | 0.65 | 0.78 | &nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;45 <sup>(23)</sup> |
| **NFJ Mid-Cap Value Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $24.57 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | (0.46) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | $25.47 | &nbsp;&nbsp;&nbsp;&nbsp;5.55% | $385262 | 1.00% | 1.12% | &nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;57% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;25.29 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | (0.43) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.40) | &nbsp;&nbsp;&nbsp;(1.83) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.72) | &nbsp;&nbsp;&nbsp;&nbsp;24.57 | &nbsp;&nbsp;&nbsp;&nbsp;4.43 | &nbsp;&nbsp;&nbsp;&nbsp;427421 | 1.00 | 1.12 | &nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;76 |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;29.43 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;2.63 | (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6.38) | &nbsp;&nbsp;&nbsp;(6.77) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.14) | &nbsp;&nbsp;&nbsp;&nbsp;25.29 | &nbsp;&nbsp;11.10 | &nbsp;&nbsp;&nbsp;&nbsp;476789 | 1.00 | 1.12 | &nbsp;&nbsp;1.11 | 105 |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;35.54 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;(2.18) | &nbsp;&nbsp;&nbsp;(1.94) | (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.92) | &nbsp;&nbsp;&nbsp;(4.17) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6.11) | &nbsp;&nbsp;&nbsp;&nbsp;29.43 | &nbsp;&nbsp;&nbsp;(6.83) | &nbsp;&nbsp;&nbsp;&nbsp;495612 | 1.00 | 1.10 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;76 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;25.72 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;9.83 | &nbsp;&nbsp;10.13 | (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9.82 | &nbsp;&nbsp;&nbsp;&nbsp;35.54 | &nbsp;&nbsp;39.60 | &nbsp;&nbsp;&nbsp;&nbsp;596144 | 1.00 | 1.16 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;96 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $17.05 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | (0.35) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | $17.51 | &nbsp;&nbsp;&nbsp;&nbsp;4.75% | $7931 | 1.75% | 1.86% | &nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;57% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;18.10 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.40) | &nbsp;&nbsp;&nbsp;(1.71) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.05) | &nbsp;&nbsp;&nbsp;&nbsp;17.05 | &nbsp;&nbsp;&nbsp;&nbsp;3.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13089 | 1.75 | 1.84 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;76 |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;22.96 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6.38) | &nbsp;&nbsp;&nbsp;(6.62) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.86) | &nbsp;&nbsp;&nbsp;&nbsp;18.10 | &nbsp;&nbsp;10.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19749 | 1.75 | 1.83 | &nbsp;&nbsp;0.31 | 105 |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;28.63 | (0.01) | &nbsp;&nbsp;&nbsp;(1.65) | &nbsp;&nbsp;&nbsp;(1.66) | (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.92) | &nbsp;&nbsp;&nbsp;(4.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(5.67) | &nbsp;&nbsp;&nbsp;&nbsp;22.96 | &nbsp;&nbsp;&nbsp;(7.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28379 | 1.75 | 1.82 | (0.05) | &nbsp;&nbsp;&nbsp;76 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;20.74 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;7.93 | &nbsp;&nbsp;&nbsp;&nbsp;7.98 | (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7.89 | &nbsp;&nbsp;&nbsp;&nbsp;28.63 | &nbsp;&nbsp;38.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39321 | 1.74 <sup>(9)</sup> | 1.90 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;96 |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $27.62 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | (0.52) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | $28.73 | &nbsp;&nbsp;&nbsp;&nbsp;5.90% | $169032 | 0.65% | 0.84% | &nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;57% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;28.16 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | (0.48) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.40) | &nbsp;&nbsp;&nbsp;(1.88) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;27.62 | &nbsp;&nbsp;&nbsp;&nbsp;4.82 | &nbsp;&nbsp;&nbsp;&nbsp;263199 | 0.65 | 0.83 | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;76 |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;31.99 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;2.59 | &nbsp;&nbsp;&nbsp;&nbsp;3.02 | (0.47) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6.38) | &nbsp;&nbsp;&nbsp;(6.85) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.83) | &nbsp;&nbsp;&nbsp;&nbsp;28.16 | &nbsp;&nbsp;11.48 | &nbsp;&nbsp;&nbsp;&nbsp;282625 | 0.65 | 0.82 | &nbsp;&nbsp;1.43 | 105 |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;38.28 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;(2.38) | &nbsp;&nbsp;&nbsp;(1.99) | (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.92) | &nbsp;&nbsp;&nbsp;(4.30) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6.29) | &nbsp;&nbsp;&nbsp;&nbsp;31.99 | &nbsp;&nbsp;&nbsp;(6.49) | &nbsp;&nbsp;&nbsp;&nbsp;381239 | 0.65 | 0.81 | &nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;76 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;27.70 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;10.59 | &nbsp;&nbsp;11.03 | (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;10.58 | &nbsp;&nbsp;&nbsp;&nbsp;38.28 | &nbsp;&nbsp;40.11 | &nbsp;&nbsp;&nbsp;&nbsp;460452 | 0.65 | 0.84 | &nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;96 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $27.53 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | (0.54) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | $28.63 | &nbsp;&nbsp;&nbsp;&nbsp;5.99% | $22552 | 0.60% | 0.76% | &nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;57% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;28.10 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | (0.51) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.40) | &nbsp;&nbsp;&nbsp;(1.91) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;27.53 | &nbsp;&nbsp;&nbsp;&nbsp;4.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68588 | 0.60 | 0.75 | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;76 |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;31.97 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;2.59 | &nbsp;&nbsp;&nbsp;&nbsp;3.03 | (0.52) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6.38) | &nbsp;&nbsp;&nbsp;(6.90) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.87) | &nbsp;&nbsp;&nbsp;&nbsp;28.10 | &nbsp;&nbsp;11.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78020 | 0.60 | 0.74 | &nbsp;&nbsp;1.50 | 105 |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;38.24 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;(2.38) | &nbsp;&nbsp;&nbsp;(1.97) | (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.92) | &nbsp;&nbsp;&nbsp;(4.30) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6.27) | &nbsp;&nbsp;&nbsp;&nbsp;31.97 | &nbsp;&nbsp;&nbsp;(6.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87682 | 0.60 | 0.72 | &nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;76 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;27.68 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;10.59 | &nbsp;&nbsp;11.04 | (0.43) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;10.56 | &nbsp;&nbsp;&nbsp;&nbsp;38.24 | &nbsp;&nbsp;40.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85969 | 0.60 | 0.78 | &nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;96 |
| **NFJ Small-Cap Value Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $11.57 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.34) | $11.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.51% | $181305 | 1.17% | 1.24% | &nbsp;&nbsp;0.61% | &nbsp;&nbsp;&nbsp;48% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;11.86 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.09) | &nbsp;&nbsp;&nbsp;(1.37) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;11.57 | &nbsp;&nbsp;&nbsp;&nbsp;9.05 | &nbsp;&nbsp;&nbsp;&nbsp;214429 | 1.17 | 1.23 | &nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;60 |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;12.80 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.96) | &nbsp;&nbsp;&nbsp;(2.10) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.94) | &nbsp;&nbsp;&nbsp;&nbsp;11.86 | &nbsp;&nbsp;10.64 | &nbsp;&nbsp;&nbsp;&nbsp;225530 | 1.17 | 1.23 | &nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;79 |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;15.67 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;(1.66) | &nbsp;&nbsp;&nbsp;(1.56) | (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.14) | &nbsp;&nbsp;&nbsp;(1.31) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.87) | &nbsp;&nbsp;&nbsp;&nbsp;12.80 | (11.08) | &nbsp;&nbsp;&nbsp;&nbsp;236990 | 1.17 | 1.21 | &nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;52 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;11.07 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;4.71 | &nbsp;&nbsp;&nbsp;&nbsp;4.89 | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4.60 | &nbsp;&nbsp;&nbsp;&nbsp;15.67 | &nbsp;&nbsp;44.57 | &nbsp;&nbsp;&nbsp;&nbsp;325048 | 1.18 <sup>(9)(11)</sup> | 1.23 | &nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;65 |

---

The footnote legend is at the end of the financial highlights.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### VIRTUS INVESTMENT TRUST

#### FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)

#### SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

#### THROUGHOUT EACH PERIOD

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized and<br>Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Return of Capital** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payment from Affiliate** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **NFJ Small-Cap Value Fund (Continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $9.51 | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.36) | $9.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.68% | $382 | 1.92% | 2.03% | (0.12) % | &nbsp;&nbsp;&nbsp;48% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.96 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.09) | &nbsp;&nbsp;&nbsp;(1.29) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.51 | &nbsp;&nbsp;&nbsp;&nbsp;8.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564 | 1.92 | 1.97 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;60 |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;11.10 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.96) | &nbsp;&nbsp;&nbsp;(2.03) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.96 | &nbsp;&nbsp;&nbsp;&nbsp;9.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062 | 1.92 | 1.97 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;79 |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;13.78 | (0.01) | &nbsp;&nbsp;&nbsp;(1.43) | &nbsp;&nbsp;&nbsp;(1.44) | (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.14) | &nbsp;&nbsp;&nbsp;(1.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.68) | &nbsp;&nbsp;&nbsp;&nbsp;11.10 | (11.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1347 | 1.92 | 1.95 | (0.06) | &nbsp;&nbsp;&nbsp;52 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.74 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;4.14 | &nbsp;&nbsp;&nbsp;&nbsp;4.21 | (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4.04 | &nbsp;&nbsp;&nbsp;&nbsp;13.78 | &nbsp;&nbsp;43.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606 | 1.91 <sup>(11)</sup> | 1.97 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;65 |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $14.91 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.27) | $14.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.84% | $62087 | 0.82% | 0.91% | &nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;48% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;14.88 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.09) | &nbsp;&nbsp;&nbsp;(1.39) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;14.91 | &nbsp;&nbsp;&nbsp;&nbsp;9.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75764 | 0.82 | 0.90 | &nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;60 |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;15.51 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.96) | &nbsp;&nbsp;&nbsp;(2.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;14.88 | &nbsp;&nbsp;10.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52013 | 0.82 | 0.92 | &nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;79 |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;18.66 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;(2.01) | &nbsp;&nbsp;&nbsp;(1.82) | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.14) | &nbsp;&nbsp;&nbsp;(1.33) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.15) | &nbsp;&nbsp;&nbsp;&nbsp;15.51 | (10.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58704 | 0.82 | 0.88 | &nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;52 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;13.13 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;5.59 | &nbsp;&nbsp;&nbsp;&nbsp;5.86 | (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5.53 | &nbsp;&nbsp;&nbsp;&nbsp;18.66 | &nbsp;&nbsp;45.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94847 | 0.82 | 0.89 | &nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;65 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $14.72 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.12) | $14.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.89% | $10086 | 0.77% | 0.82% | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;48% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;14.71 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.09) | &nbsp;&nbsp;&nbsp;(1.39) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;14.72 | &nbsp;&nbsp;&nbsp;&nbsp;9.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23015 | 0.77 | 0.82 | &nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;60 |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;15.35 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.96) | &nbsp;&nbsp;&nbsp;(2.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;14.71 | &nbsp;&nbsp;10.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46194 | 0.77 | 0.83 | &nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;79 |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;18.49 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;(1.97) | &nbsp;&nbsp;&nbsp;(1.78) | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.14) | &nbsp;&nbsp;&nbsp;(1.36) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.14) | &nbsp;&nbsp;&nbsp;&nbsp;15.35 | (10.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62552 | 0.77 | 0.79 | &nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;52 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;13.02 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;5.55 | &nbsp;&nbsp;&nbsp;&nbsp;5.82 | (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5.47 | &nbsp;&nbsp;&nbsp;&nbsp;18.49 | &nbsp;&nbsp;45.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88986 | 0.77 | 0.84 | &nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;65 |
| **Silvant Focused Growth Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $84.03 | (0.36) | &nbsp;&nbsp;14.70 | &nbsp;&nbsp;14.34 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.90) | &nbsp;&nbsp;&nbsp;(3.90) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;10.44 | $94.47 | &nbsp;&nbsp;17.50% | $898974 | 0.96 % <sup>(11)</sup> | 0.96% | (0.42) % | &nbsp;&nbsp;&nbsp;20% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;61.16 | (0.28) | &nbsp;&nbsp;24.76 | &nbsp;&nbsp;24.48 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.61) | &nbsp;&nbsp;&nbsp;(1.61) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;22.87 | &nbsp;&nbsp;&nbsp;&nbsp;84.03 | &nbsp;&nbsp;40.79 | &nbsp;&nbsp;&nbsp;&nbsp;817446 | 0.95 <sup>(11)</sup> | 0.95 | (0.41) | &nbsp;&nbsp;&nbsp;10 |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;49.11 | (0.19) | &nbsp;&nbsp;15.07 | &nbsp;&nbsp;14.88 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.83) | &nbsp;&nbsp;&nbsp;(2.83) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(10)</sup> | &nbsp;&nbsp;12.05 | &nbsp;&nbsp;&nbsp;&nbsp;61.16 | &nbsp;&nbsp;32.32 <sup>(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;625184 | 0.96 <sup>(11)</sup> | 0.96 | (0.37) | &nbsp;&nbsp;&nbsp;65 |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;79.25 | (0.32) | (16.15) | (16.47) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (13.67) | (13.67) | &nbsp;&nbsp;&nbsp;&nbsp;— | (30.14) | &nbsp;&nbsp;&nbsp;&nbsp;49.11 | (25.81) | &nbsp;&nbsp;&nbsp;&nbsp;537276 | 0.94 <sup>(11)</sup> | 0.94 | (0.45) | &nbsp;&nbsp;&nbsp;22 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;58.46 | (0.35) | &nbsp;&nbsp;27.26 | &nbsp;&nbsp;26.91 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6.12) | &nbsp;&nbsp;&nbsp;(6.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;20.79 | &nbsp;&nbsp;&nbsp;&nbsp;79.25 | &nbsp;&nbsp;47.50 | &nbsp;&nbsp;&nbsp;&nbsp;860373 | 0.97 <sup>(9)</sup> | 1.04 | (0.50) | &nbsp;&nbsp;&nbsp;50 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $33.90 | (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;5.68 | &nbsp;&nbsp;&nbsp;&nbsp;5.29 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.90) | &nbsp;&nbsp;&nbsp;(3.90) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | $35.29 | &nbsp;&nbsp;16.63% | $23876 | 1.72 % <sup>(11)</sup> | 1.72% | (1.18) % | &nbsp;&nbsp;&nbsp;20% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;25.75 | (0.33) | &nbsp;&nbsp;10.09 | &nbsp;&nbsp;&nbsp;&nbsp;9.76 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.61) | &nbsp;&nbsp;&nbsp;(1.61) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8.15 | &nbsp;&nbsp;&nbsp;&nbsp;33.90 | &nbsp;&nbsp;39.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22448 | 1.72 <sup>(11)</sup> | 1.72 | (1.18) | &nbsp;&nbsp;&nbsp;10 |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;22.51 | (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;6.32 | &nbsp;&nbsp;&nbsp;&nbsp;6.07 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.83) | &nbsp;&nbsp;&nbsp;(2.83) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.24 | &nbsp;&nbsp;&nbsp;&nbsp;25.75 | &nbsp;&nbsp;31.31 <sup>(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22534 | 1.72 <sup>(11)</sup> | 1.72 | (1.13) | &nbsp;&nbsp;&nbsp;65 |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;43.67 | (0.43) | &nbsp;&nbsp;&nbsp;(7.06) | &nbsp;&nbsp;&nbsp;(7.49) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (13.67) | (13.67) | &nbsp;&nbsp;&nbsp;&nbsp;— | (21.16) | &nbsp;&nbsp;&nbsp;&nbsp;22.51 | (26.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24361 | 1.70 <sup>(11)</sup> | 1.70 | (1.22) | &nbsp;&nbsp;&nbsp;22 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;34.58 | (0.50) | &nbsp;&nbsp;15.71 | &nbsp;&nbsp;15.21 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6.12) | &nbsp;&nbsp;&nbsp;(6.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9.09 | &nbsp;&nbsp;&nbsp;&nbsp;43.67 | &nbsp;&nbsp;46.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48650 | 1.73 <sup>(11)</sup> | 1.79 | (1.25) | &nbsp;&nbsp;&nbsp;50 |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $74.10 | (0.10) | &nbsp;&nbsp;12.95 | &nbsp;&nbsp;12.85 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.90) | &nbsp;&nbsp;&nbsp;(3.90) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8.95 | $83.05 | &nbsp;&nbsp;17.84% | $372456 | 0.67% | 0.71% | (0.13) % | &nbsp;&nbsp;&nbsp;20% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;53.96 | (0.08) | &nbsp;&nbsp;21.83 | &nbsp;&nbsp;21.75 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.61) | &nbsp;&nbsp;&nbsp;(1.61) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;20.14 | &nbsp;&nbsp;&nbsp;&nbsp;74.10 | &nbsp;&nbsp;41.18 | &nbsp;&nbsp;&nbsp;&nbsp;315069 | 0.67 | 0.72 | (0.13) | &nbsp;&nbsp;&nbsp;10 |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;43.55 | (0.04) | &nbsp;&nbsp;13.28 | &nbsp;&nbsp;13.24 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.83) | &nbsp;&nbsp;&nbsp;(2.83) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(10)</sup> | &nbsp;&nbsp;10.41 | &nbsp;&nbsp;&nbsp;&nbsp;53.96 | &nbsp;&nbsp;32.70 <sup>(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;151338 | 0.67 | 0.70 | (0.08) | &nbsp;&nbsp;&nbsp;65 |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;71.58 | (0.12) | (14.24) | (14.36) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (13.67) | (13.67) | &nbsp;&nbsp;&nbsp;&nbsp;— | (28.03) | &nbsp;&nbsp;&nbsp;&nbsp;43.55 | (25.61) | &nbsp;&nbsp;&nbsp;&nbsp;127274 | 0.67 | 0.70 | (0.19) | &nbsp;&nbsp;&nbsp;22 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;53.11 | (0.12) | &nbsp;&nbsp;24.71 | &nbsp;&nbsp;24.59 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6.12) | &nbsp;&nbsp;&nbsp;(6.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;18.47 | &nbsp;&nbsp;&nbsp;&nbsp;71.58 | &nbsp;&nbsp;47.94 | &nbsp;&nbsp;&nbsp;&nbsp;209066 | 0.67 | 0.74 | (0.19) | &nbsp;&nbsp;&nbsp;50 |

---

The footnote legend is at the end of the financial highlights.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### VIRTUS INVESTMENT TRUST

#### FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)

#### SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

#### THROUGHOUT EACH PERIOD

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized and<br>Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Return of Capital** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payment from Affiliate** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **Silvant Focused Growth Fund (Continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $74.52 | (0.07) | &nbsp;&nbsp;13.05 | &nbsp;&nbsp;12.98 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.90) | &nbsp;&nbsp;&nbsp;(3.90) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9.08 | $83.60 | &nbsp;&nbsp;17.92% | $331329 | 0.62% | 0.63% | (0.09) % | &nbsp;&nbsp;&nbsp;20% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;54.24 | (0.05) | &nbsp;&nbsp;21.94 | &nbsp;&nbsp;21.89 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.61) | &nbsp;&nbsp;&nbsp;(1.61) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;20.28 | &nbsp;&nbsp;&nbsp;&nbsp;74.52 | &nbsp;&nbsp;41.23 | &nbsp;&nbsp;&nbsp;&nbsp;235900 | 0.62 | 0.63 | (0.08) | &nbsp;&nbsp;&nbsp;10 |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;43.74 | (0.02) | &nbsp;&nbsp;13.35 | &nbsp;&nbsp;13.33 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.83) | &nbsp;&nbsp;&nbsp;(2.83) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(10)</sup> | &nbsp;&nbsp;10.50 | &nbsp;&nbsp;&nbsp;&nbsp;54.24 | &nbsp;&nbsp;32.76 <sup>(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;165550 | 0.62 | 0.63 | (0.04) | &nbsp;&nbsp;&nbsp;65 |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;71.80 | (0.08) | (14.31) | (14.39) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (13.67) | (13.67) | &nbsp;&nbsp;&nbsp;&nbsp;— | (28.06) | &nbsp;&nbsp;&nbsp;&nbsp;43.74 | (25.57) | &nbsp;&nbsp;&nbsp;&nbsp;170153 | 0.62 | 0.63 | (0.14) | &nbsp;&nbsp;&nbsp;22 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;53.23 | (0.10) | &nbsp;&nbsp;24.79 | &nbsp;&nbsp;24.69 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6.12) | &nbsp;&nbsp;&nbsp;(6.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;18.57 | &nbsp;&nbsp;&nbsp;&nbsp;71.80 | &nbsp;&nbsp;48.02 | &nbsp;&nbsp;&nbsp;&nbsp;198031 | 0.62 | 0.68 | (0.15) | &nbsp;&nbsp;&nbsp;50 |
| **Silvant Mid-Cap Growth Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $4.13 | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | $5.26 | &nbsp;&nbsp;27.36% | $292417 | 0.99 % <sup>(11)</sup> | 0.99% | (0.42) % | &nbsp;&nbsp;&nbsp;43% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55 | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13 | &nbsp;&nbsp;16.34 | &nbsp;&nbsp;&nbsp;&nbsp;251100 | 1.00 <sup>(11)</sup> | 1.00 | (0.29) | &nbsp;&nbsp;&nbsp;23 |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89 | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55 | &nbsp;&nbsp;22.84 | &nbsp;&nbsp;&nbsp;&nbsp;242677 | 1.00 <sup>(11)</sup> | 1.01 | (0.32) | &nbsp;&nbsp;&nbsp;34 |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.94 | (0.02) | &nbsp;&nbsp;&nbsp;(1.44) | &nbsp;&nbsp;&nbsp;(1.46) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.59) | &nbsp;&nbsp;&nbsp;(1.59) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89 | (33.42) | &nbsp;&nbsp;&nbsp;&nbsp;223611 | 0.98 <sup>(11)</sup> | 0.98 | (0.49) | &nbsp;&nbsp;&nbsp;65 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30 | (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.94 | &nbsp;&nbsp;53.25 <sup>(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;376649 | 1.06 <sup>(11)</sup> | 1.06 | (0.76) | &nbsp;&nbsp;&nbsp;85 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $2.64 | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | $3.33 | &nbsp;&nbsp;26.14% | $3675 | 1.78 % <sup>(11)</sup> | 1.78% | (1.21) % | &nbsp;&nbsp;&nbsp;43% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28 | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;15.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3962 | 1.78 <sup>(11)</sup> | 1.78 | (1.08) | &nbsp;&nbsp;&nbsp;23 |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;21.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5204 | 1.78 <sup>(11)</sup> | 1.78 | (1.09) | &nbsp;&nbsp;&nbsp;34 |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45 | (0.04) | &nbsp;&nbsp;&nbsp;(0.94) | &nbsp;&nbsp;&nbsp;(0.98) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.59) | &nbsp;&nbsp;&nbsp;(1.59) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 | (33.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6350 | 1.74 <sup>(11)</sup> | 1.74 | (1.26) | &nbsp;&nbsp;&nbsp;65 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35 | (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45 | &nbsp;&nbsp;52.17 <sup>(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15282 | 1.82 <sup>(11)</sup> | 1.82 | (1.52) | &nbsp;&nbsp;&nbsp;85 |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $5.34 | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | $6.81 | &nbsp;&nbsp;27.53% | $105880 | 0.76% | 0.76% | (0.18) % | &nbsp;&nbsp;&nbsp;43% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.57 | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34 | &nbsp;&nbsp;16.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77860 | 0.77 <sup>(9)</sup> | 0.77 | (0.04) | &nbsp;&nbsp;&nbsp;23 |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.72 | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.57 | &nbsp;&nbsp;22.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50028 | 0.77 <sup>(11)</sup> | 0.77 | (0.09) | &nbsp;&nbsp;&nbsp;34 |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.18 | (0.01) | &nbsp;&nbsp;&nbsp;(1.86) | &nbsp;&nbsp;&nbsp;(1.87) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.59) | &nbsp;&nbsp;&nbsp;(1.59) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.72 | (33.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47978 | 0.76 <sup>(11)</sup> | 0.76 | (0.25) | &nbsp;&nbsp;&nbsp;65 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09 | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.18 | &nbsp;&nbsp;53.86 <sup>(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63690 | 0.78 <sup>(11)</sup> | 0.78 | (0.48) | &nbsp;&nbsp;&nbsp;85 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/18/25<sup>(22)</sup> to 6/30/25 | $6.56 | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | $6.81 | &nbsp;&nbsp;&nbsp;&nbsp;3.81% | $104 | 0.67 % <sup>(11)</sup> | 0.67% | &nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;43 % <sup>(23)</sup> |
| **Small-Cap Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $22.51 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;2.36 | (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.41) | &nbsp;&nbsp;&nbsp;(2.47) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.11) | $22.40 | &nbsp;&nbsp;10.20% | $60647 | 1.17% | 1.22% | &nbsp;&nbsp;0.19% | &nbsp;&nbsp;&nbsp;95% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;20.90 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;22.51 | &nbsp;&nbsp;10.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61663 | 1.17 | 1.22 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;69 |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;19.10 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp;&nbsp;2.79 | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;20.90 | &nbsp;&nbsp;14.96 <sup>(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62610 | 1.17 | 1.22 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;82 |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;27.49 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;(5.02) | &nbsp;&nbsp;&nbsp;(4.96) | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.41) | &nbsp;&nbsp;&nbsp;(3.43) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(8.39) | &nbsp;&nbsp;&nbsp;&nbsp;19.10 | (20.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64567 | 1.17 | 1.17 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;69 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;17.55 | (0.04) | &nbsp;&nbsp;10.00 | &nbsp;&nbsp;&nbsp;&nbsp;9.96 | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9.94 | &nbsp;&nbsp;&nbsp;&nbsp;27.49 | &nbsp;&nbsp;56.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87605 | 1.17 | 1.23 | (0.17) | &nbsp;&nbsp;&nbsp;88 |

---

The footnote legend is at the end of the financial highlights.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### VIRTUS INVESTMENT TRUST

#### FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)

#### SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

#### THROUGHOUT EACH PERIOD

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized and<br>Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Return of Capital** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payment from Affiliate** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **Small-Cap Fund (Continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $20.72 | (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.41) | &nbsp;&nbsp;&nbsp;(2.41) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.39) | $20.33 | &nbsp;&nbsp;&nbsp;&nbsp;9.39% | $2660 | 1.92% | 1.99% | (0.55) % | &nbsp;&nbsp;&nbsp;95% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;19.34 | (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;20.72 | &nbsp;&nbsp;&nbsp;&nbsp;9.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3027 | 1.92 | 1.99 | (0.47) | &nbsp;&nbsp;&nbsp;69 |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;17.78 | (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;2.44 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;19.34 | &nbsp;&nbsp;14.06 <sup>(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3415 | 1.92 | 1.99 | (0.46) | &nbsp;&nbsp;&nbsp;82 |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;25.99 | (0.12) | &nbsp;&nbsp;&nbsp;(4.68) | &nbsp;&nbsp;&nbsp;(4.80) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.41) | &nbsp;&nbsp;&nbsp;(3.41) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(8.21) | &nbsp;&nbsp;&nbsp;&nbsp;17.78 | (21.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3405 | 1.92 | 1.95 | (0.52) | &nbsp;&nbsp;&nbsp;69 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;16.70 | (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;9.49 | &nbsp;&nbsp;&nbsp;&nbsp;9.29 | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9.29 | &nbsp;&nbsp;&nbsp;&nbsp;25.99 | &nbsp;&nbsp;55.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4940 | 1.92 | 1.99 | (0.92) | &nbsp;&nbsp;&nbsp;88 |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $23.28 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;2.54 | (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.41) | &nbsp;&nbsp;&nbsp;(2.58) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.04) | $23.24 | &nbsp;&nbsp;10.63% | $24954 | 0.82% | 0.99% | &nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;95% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;21.56 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.23 | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;23.28 | &nbsp;&nbsp;10.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20492 | 0.82 | 1.00 | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;69 |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;19.58 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp;&nbsp;2.93 | (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;21.56 | &nbsp;&nbsp;15.32 <sup>(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20456 | 0.82 | 0.95 | &nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;82 |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;28.07 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;(5.13) | &nbsp;&nbsp;&nbsp;(4.98) | (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.41) | &nbsp;&nbsp;&nbsp;(3.51) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(8.49) | &nbsp;&nbsp;&nbsp;&nbsp;19.58 | (20.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46605 | 0.82 | 0.92 | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;69 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;17.92 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;10.22 | &nbsp;&nbsp;10.26 | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;10.15 | &nbsp;&nbsp;&nbsp;&nbsp;28.07 | &nbsp;&nbsp;57.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36211 | 0.82 | 0.96 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;88 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $23.22 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;2.54 | (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.41) | &nbsp;&nbsp;&nbsp;(2.56) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.02) | $23.20 | &nbsp;&nbsp;10.66% | $5567 | 0.77% | 0.90% | &nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;95% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;21.56 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 | (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;23.22 | &nbsp;&nbsp;10.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5485 | 0.77 | 0.90 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;69 |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;19.63 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;&nbsp;2.94 | (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;(1.01) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;21.56 | &nbsp;&nbsp;15.38 <sup>(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5358 | 0.77 | 0.88 | &nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;82 |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;28.10 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;(5.14) | &nbsp;&nbsp;&nbsp;(4.98) | (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.41) | &nbsp;&nbsp;&nbsp;(3.49) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(8.47) | &nbsp;&nbsp;&nbsp;&nbsp;19.63 | (20.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7373 | 0.77 | 0.84 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;69 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;17.93 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;10.21 | &nbsp;&nbsp;10.27 | (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;10.17 | &nbsp;&nbsp;&nbsp;&nbsp;28.10 | &nbsp;&nbsp;57.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8614 | 0.77 | 0.87 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;88 |
| **Zevenbergen Technology Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $57.59 | (0.63) | &nbsp;&nbsp;11.62 | &nbsp;&nbsp;10.99 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;10.99 | $68.58 | &nbsp;&nbsp;19.08% | $715149 | 1.43 % <sup>(11)</sup> | 1.43% | (1.06) % | &nbsp;&nbsp;&nbsp;&nbsp;2% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;41.64 | (0.51) | &nbsp;&nbsp;16.46 | &nbsp;&nbsp;15.95 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;15.95 | &nbsp;&nbsp;&nbsp;&nbsp;57.59 | &nbsp;&nbsp;38.30 | &nbsp;&nbsp;&nbsp;&nbsp;661778 | 1.43 <sup>(11)</sup> | 1.43 | (1.09) | &nbsp;&nbsp;&nbsp;23 |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;39.74 | (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;9.87 | &nbsp;&nbsp;&nbsp;&nbsp;9.48 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(7.58) | &nbsp;&nbsp;&nbsp;(7.58) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;41.64 | &nbsp;&nbsp;32.14 <sup>(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;538324 | 1.44 <sup>(11)</sup> | 1.44 | (1.05) | &nbsp;&nbsp;&nbsp;55 |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;81.59 | (0.68) | (17.72) | (18.40) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (23.45) | (23.45) | &nbsp;&nbsp;&nbsp;&nbsp;— | (41.85) | &nbsp;&nbsp;&nbsp;&nbsp;39.74 | (32.06) | &nbsp;&nbsp;&nbsp;&nbsp;475065 | 1.42 <sup>(11)</sup> | 1.42 | (1.05) | 126 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;68.06 | (0.88) | &nbsp;&nbsp;30.38 | &nbsp;&nbsp;29.50 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (15.97) | (15.97) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;13.53 | &nbsp;&nbsp;&nbsp;&nbsp;81.59 | &nbsp;&nbsp;45.06 | &nbsp;&nbsp;&nbsp;&nbsp;812373 | 1.49 <sup>(11)</sup> | 1.50 | (1.12) | 150 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $12.63 | (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.30 | $14.93 | &nbsp;&nbsp;18.21% | $25481 | 2.17 % <sup>(11)</sup> | 2.17% | (1.80) % | &nbsp;&nbsp;&nbsp;&nbsp;2% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.20 | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;3.62 | &nbsp;&nbsp;&nbsp;&nbsp;3.43 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.43 | &nbsp;&nbsp;&nbsp;&nbsp;12.63 | &nbsp;&nbsp;37.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26537 | 2.17 <sup>(11)</sup> | 2.17 | (1.83) | &nbsp;&nbsp;&nbsp;23 |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;15.27 | (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(7.58) | &nbsp;&nbsp;&nbsp;(7.58) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;(6.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.20 | &nbsp;&nbsp;31.15 <sup>(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23633 | 2.18 <sup>(11)</sup> | 2.18 | (1.79) | &nbsp;&nbsp;&nbsp;55 |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;45.83 | (0.52) | &nbsp;&nbsp;&nbsp;(6.59) | &nbsp;&nbsp;&nbsp;(7.11) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (23.45) | (23.45) | &nbsp;&nbsp;&nbsp;&nbsp;— | (30.56) | &nbsp;&nbsp;&nbsp;&nbsp;15.27 | (32.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25961 | 2.17 <sup>(11)</sup> | 2.17 | (1.80) | 126 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;43.68 | (0.87) | &nbsp;&nbsp;18.99 | &nbsp;&nbsp;18.12 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (15.97) | (15.97) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;45.83 | &nbsp;&nbsp;44.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53742 | 2.24 <sup>(11)</sup> | 2.25 | (1.88) | 150 |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/24 to 6/30/25 | $82.85 | (0.68) | &nbsp;&nbsp;16.77 | &nbsp;&nbsp;16.09 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;16.09 | $98.94 | &nbsp;&nbsp;19.42% | $792925 | 1.16% | 1.16% | (0.79) % | &nbsp;&nbsp;&nbsp;&nbsp;2% |
| 7/1/23 to 6/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;59.74 | (0.55) | &nbsp;&nbsp;23.66 | &nbsp;&nbsp;23.11 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;23.11 | &nbsp;&nbsp;&nbsp;&nbsp;82.85 | &nbsp;&nbsp;38.68 | &nbsp;&nbsp;&nbsp;&nbsp;851967 | 1.16 | 1.16 | (0.82) | &nbsp;&nbsp;&nbsp;23 |
| 7/1/22 to 6/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;53.31 | (0.41) | &nbsp;&nbsp;14.42 | &nbsp;&nbsp;14.01 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(7.58) | &nbsp;&nbsp;&nbsp;(7.58) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6.43 | &nbsp;&nbsp;&nbsp;&nbsp;59.74 | &nbsp;&nbsp;32.48 <sup>(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;670734 | 1.17 <sup>(11)</sup> | 1.17 | (0.78) | &nbsp;&nbsp;&nbsp;55 |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;101.34 | (0.67) | (23.91) | (24.58) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (23.45) | (23.45) | &nbsp;&nbsp;&nbsp;&nbsp;— | (48.03) | &nbsp;&nbsp;&nbsp;&nbsp;53.31 | (31.89) | &nbsp;&nbsp;&nbsp;&nbsp;772161 | 1.16 <sup>(11)</sup> | 1.16 | (0.79) | 126 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;81.43 | (0.77) | &nbsp;&nbsp;36.65 | &nbsp;&nbsp;35.88 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (15.97) | (15.97) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;19.91 | &nbsp;&nbsp;&nbsp;101.34 | &nbsp;&nbsp;45.53 | &nbsp;&nbsp;&nbsp;1386911 | 1.17 <sup>(11)</sup> | 1.18 | (0.80) | 150 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Calculated using average shares outstanding. |
| <sup>(2)</sup> | Not annualized for periods less than one year. |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### VIRTUS INVESTMENT TRUST

#### FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)

#### SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

#### THROUGHOUT EACH PERIOD
<sup>(3)</sup> Total Return is calculated based on the NAV at which shareholder transactions were processed, but also takes into account certain adjustments that are necessary under generally accepted accounting principles required in the annual report.

<sup>(4)</sup> Sales charges, where applicable, are not reflected in the total return calculation.

<sup>(5)</sup> Annualized for periods less than one year.

<sup>(6)</sup> The Funds will also indirectly bear their prorated share of expenses of any underlying funds in which they invest. Such expenses are not included in the calculation of this ratio.

<sup>(7)</sup> Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests.

<sup>(8)</sup> Ratio of total expenses excluding interest expense on borrowings for the year ended June 30, 2023 were 1.29% (Class A), 2.04% (Class C), 1.04% (Class P), 0.94% (Class I) and 0.89% (Class R6).

<sup>(9)</sup> Due to a change in expense cap, the ratio shown is a blended expense ratio.

<sup>(10)</sup> Amount is less than $0.005 per share.

<sup>(11)</sup> The share class is currently under its expense limitation.

<sup>(12)</sup> Payment from affiliate had no impact on total return.

<sup>(13)</sup> Net expense ratio includes extraordinary European Union tax reclaim expenses.

<sup>(14)</sup> See Note 4D in the Notes to Financial Statements for information on recapture of expenses previously reimbursed.

<sup>(15)</sup> Ratios of total expenses excluding interest expense on borrowings for the year ended June 30, 2024 were 1.63% (Class A), 2.38% (Class C) and 1.28% (Institutional Class).

<sup>(16)</sup> The Fund's portfolio turnover rate decreased substantially during the period due to a change in the Fund's subadviser and associated repositioning in 2023.

<sup>(17)</sup> Total return would have been lower without the payment from affiliate.

<sup>(18)</sup> Includes the impact of refunded European Union tax reclaims. If these reclaims were not included, the net investment income per share would be $0.28 (Class A), $0.12 (Class C), $0.36 (Institutional Class), and $0.38 (Class R6). The net investment income ratios would be 1.43% (Class A), 0.65% (Class C), 1.82% (Institutional Class), and 1.89% (Class R6).

<sup>(19)</sup> Total Return includes the impact of refunded European Union tax reclaims. If these reclaims were not included, the total return would be 19.60% (Class A), 18.74% (Class C), 20.02% (Institutional Class), and 20.13% (Class R6).

<sup>(20)</sup> Net expense ratio includes extraordinary European Union tax reclaim expenses. Ratios of total net expenses excluding European Union tax reclaim expenses for the year ended June 30, 2025 would be 1.30% (Class A), 2.05% (Class C), 0.95% (Institutional Class), and 0.90% (Class R6).

<sup>(21)</sup> Ratios of total expenses excluding interest expense on borrowings for the year ended June 30, 2024 were 2.05% (Class C) and 0.90% (Class R6).

<sup>(22)</sup> Inception date.

<sup>(23)</sup> Portfolio turnover is representative of the Fund for the entire period.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### VIRTUS INVESTMENT TRUST

#### NOTES TO FINANCIAL STATEMENTS June 30, 2025

#### Note 1. Organization
Virtus Investment Trust (the "Trust") is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

As of the date of these financial statements, the Trust is comprised of 13 funds (each a "Fund" or collectively, the "Funds"), each reported in these financial statements. Each Fund has a distinct investment objective and all of the Funds except the Silvant Focused Growth Fund and Zevenbergen Technology Fund are diversified. *There is no guarantee that a Fund will achieve its objective(s).*

Class A shares of the Funds are sold with a front-end sales charge of up to 5.50% with some exceptions. Generally, Class A shares are not subject to any charges by the Funds when redeemed; however, a 0.50% – 1% contingent deferred sales charge ("CDSC") may be imposed on certain redemptions made within a certain period following purchases on which a finder's fee has been paid. The period for which such CDSC applies for the Funds is 18 months. The CDSC period begins on the last day of the month preceding the month in which the purchase was made.

On May 21, 2021, all Class R shares for the Income & Growth Fund, NFJ Dividend Value Fund, NFJ International Value Fund, NFJ Large-Cap Value Fund, NFJ Mid-Cap Value Fund, NFJ Small-Cap Value Fund, Silvant Focused Growth Fund, and Silvant Mid-Cap Growth Fund were converted into Class A shares of the respective Fund.

Class C shares are generally sold with a 1% CDSC, applicable if redeemed within one year of purchase. Class C shares and any reinvested dividends and other distributions paid on such shares, will be automatically converted to Class A shares of the same Fund following a required holding period, which as of March 1, 2021, was eight years. Effective February 26, 2021, if an investor intends to purchase greater than $999,999 of Class C shares, and the purchase would qualify for Class A shares with no load, then the purchase will automatically be made into a purchase of Class A shares, thus reducing expenses.

Institutional Class shares are offered primarily to clients of financial intermediaries that (i) charge such clients an ongoing fee for advisory, investment, consulting, or similar services; or (ii) have entered into an agreement with the Funds' distributor or transfer agent to offer Institutional Class shares through a no-load network or platform. Such clients may include pension and profit sharing plans, other employee benefit trusts, endowments, foundations and corporations. Institutional Class shares are also offered to private and institutional clients of, or referred by, the adviser, a subadviser or their affiliates, and to Trustees of the Funds and trustees/directors of affiliated open- and closed-end funds, and directors, officers and employees of Virtus and its affiliates. If you are eligible to purchase and do purchase Institutional Class shares, you will pay no sales charge at any time. There are no distribution and service fees applicable to Institutional Class shares. Institutional Class shares are sold without a front-end sales charge or CDSC.

Effective May 10, 2024, existing Class P shares of each of the Funds were converted to Institutional Class shares of each respective Fund, and Administrative Class shares of Virtus NFJ Dividend Value Fund, Virtus NFJ International Value Fund, Virtus NFJ Large-Cap Value Fund, Virtus NFJ Mid-Cap Value Fund, Virtus NFJ Small-Cap Value Fund, Virtus Silvant Focused Growth Fund, Virtus Silvant Mid-Cap Growth Fund and Virtus Zevenbergen Technology Fund were converted to Institutional Class shares of each respective Fund.

Class R6 shares are offered without a minimum initial investment to the following investors in plan level or omnibus accounts only (provided that they do not require or receive any compensation, administrative payments, sub-transfer agency payments or service payments with respect to Class R6 shares): (i) qualified retirement plans, including, but not limited to, 401(k) plans, 457 plans, employer-sponsored 403(b) plans, and defined benefit plans; (ii) banks and trust companies; (iii) insurance companies; (iv) financial intermediaries utilizing such shares in fee-based investment advisory programs; (v) registered investment companies; and (vi) non-qualified deferred compensation plans. Other institutional investors may be permitted to purchase Class R6 shares subject to the applicable Fund's determination of eligibility and may be subject to a $2,500,000 minimum initial investment requirement. In addition, without a minimum initial investment requirement, Class R6 shares are available to any Trustee of the Virtus Funds and trustees/directors of affiliated open- and closed-end funds, directors, officers and employees of Virtus and its affiliates, and a spouse or domestic partner, child or minor grandchild of any such qualifying individual (in each case either individually or jointly with other investors), provided in each case that those shares are held directly with the Transfer Agent or in an eligible account. Class R6 shares do not carry sales commissions or pay Rule 12b-1 fees. No compensation, administrative payments, sub-transfer agency payments or service payments are paid to brokers or other entities from Fund assets or the Funds' distributor's or an affiliate's resources on sales of or investments in Class R6 shares. Class R6 shares are sold without a front-end sales charge or CDSC.

The Funds may impose an annual fee on accounts having balances of less than $2,500. The small account fee may be waived in certain circumstances, as disclosed in the prospectuses and/or statement of additional information. The fees collected will be used to offset certain expenses of the Funds. These fees are reflected as "Less low balance account fees" in each Fund's Statement of Operations for the period, as applicable.

Each class of shares has identical voting, dividend, liquidation and other rights and the same terms and conditions, except that each class bears any expenses attributable specifically to that class ("class-specific expenses") and has exclusive voting rights with respect to any Rule 12b-1 and/or shareholder service plan ("12b-1 Plan") approved by the Board. Institutional Class shares and Class R6 shares are not subject to a 12b-1 Plan. Class-specific expenses may include shareholder servicing fees, sub-transfer agency fees, and fees under a 12b-1 Plan, as well as certain other expenses as designated by the Funds' Treasurer and approved by the Board. Investment income, common operating expenses and realized and unrealized gains and losses of each Fund are borne pro-rata by the holders of each class of shares.

#### Note 2. Significant Accounting Policies
The Funds are investment companies that follow the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements and for derivatives, included in Note 3 below. The preparation of

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### VIRTUS INVESTMENT TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### June 30, 2025
financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and those differences could be significant.

---

| | |
|:---|:---|
| **A.** | **Security Valuation** |
|  | The Fund's Board of 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. Each Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Funds' policy is to recognize transfers into or out of Level 3 at the end of the reporting period. Each Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Funds' policy is to recognize transfers into or out of Level 3 at the end of the reporting period. |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; •&nbsp;&nbsp;&nbsp;&nbsp;Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities). |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; •&nbsp;&nbsp;&nbsp;&nbsp;Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; •&nbsp;&nbsp;&nbsp;&nbsp;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 a 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 a 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 Funds 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 ADRs, financial futures, 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 ("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 a Fund's net assets by each major security type is disclosed at the end of the Schedule of Investments for each Fund. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. |

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| | |
|:---|:---|
| **B.** | **Security Transactions and Investment Income** |
|  | Security transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income and capital gain distributions are recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as a Fund is notified. Interest income is recorded on the accrual basis. Each Fund amortizes premiums and accretes discounts using the effective interest method. Premiums on callable debt instruments are amortized to interest income to the earliest call date using the effective interest method. Conversion premium is not amortized. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. |
|  | Dividend income from REITs and MLP investments is recorded using management's estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a |

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[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### VIRTUS INVESTMENT TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### June 30, 2025

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| | |
|:---|:---|
|  | reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed their cost basis, the distributions are treated as realized gains. A Fund may invest in MLPs that make distributions that are primarily attributable to return of capital. The actual amounts of income, return of capital, and capital gains are only determined by each REIT and MLP after its fiscal year-end, and may differ from the estimated amounts. |
| **C.** | **Income Taxes** |
|  | Each Fund is treated as a separate taxable entity. It is the intention of each Fund to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code") and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made. |
|  | Certain Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Each Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests. |
|  | As a result of court cases involving several countries across the European Union, certain Funds have filed tax reclaims in addition to treaty-based claims, in respect of previously withheld taxes on dividends earned ("EU tax reclaims"). These filings are subject to various administrative proceedings by each local jurisdiction's tax authority, as well as judicial proceedings. EU tax reclaim and associated interest entitlements that have been recognized, if any, are reflected as European Union tax reclaims in the Statements of Operations. Related receivables, if any, are reflected as European Union tax reclaims receivable in the Statements of Assets and Liabilities. Generally, unless Management of the Funds believes that recovery amounts are collectible and free from significant contingencies, recoveries will not be reflected in a Fund's net asset value. EU tax reclaims and related interest entitlements recognized by a Fund, if any, may reduce the amount of foreign taxes, if any, that a Fund could elect to pass-through to its shareholders from a U.S. federal tax perspective. In certain circumstances, and to the extent that EU tax reclaims recovered by a Fund were previously pass-through as foreign tax credits to its U.S. taxable shareholders, a Fund may enter into a closing agreement with the U.S. Internal Revenue Service (the "IRS"). Doing so will enable a Fund to quantify and remit its tax liability related to any recoveries (on behalf of its shareholders). Based on current guidance from the IRS, the Virtus NFJ International Value Fund submitted a closing agreement request with the IRS, which is under review as of June 30, 2025 for income received in a prior period. Accordingly, subsequent changes in the estimated charges related to Virtus NFJ International Fund's closing agreement are presented within European Union tax reclaims in the Statement of Operations and its estimated closing agreement liability is presented as European Union tax reclaim contingent fees payable in the Statements of Assets and Liabilities. The actual closing agreement payment to the IRS may differ from the estimate. |
|  | Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Each Fund's U.S. federal income tax return is generally subject to examination by the IRS for a period of three years after it is filed. State, local and/or non-U.S. tax returns and/or other filings may be subject to examination for different periods, depending upon the tax rules of each applicable jurisdiction. |
| **D.** | **Distributions to Shareholders** |
|  | Distributions are recorded by each Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. |
| **E.** | **Expenses** |
|  | Expenses incurred together by a Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expenses to each Fund and each such other fund, or an alternative allocation method, can be more appropriately used. |
|  | In addition to the net annual operating expenses that a Fund bears directly, the shareholders of a Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests. |
| **F.** | **Foreign Currency Transactions** |
|  | Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. For fixed income instruments, the Funds bifurcate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on foreign currency transactions. For equity securities, the Funds do not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on investments. |
| **G.** | **Convertible Securities** |
|  | Certain Funds may invest a portion of their assets in convertible securities. Although convertible securities derive part of their value from that of the securities into which they are convertible, they are not considered derivative financial instruments. However, certain of the Funds' investments in convertible securities include features which render them sensitive to price changes in their underlying securities. The value of structured/synthetic convertible securities can be affected by interest rate changes and credit risks of the issuer. Such securities may be structured in ways that limit |

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[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### VIRTUS INVESTMENT TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### June 30, 2025

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| | |
|:---|:---|
|  | their potential for capital appreciation, and the entire value of the security may be at risk of loss depending on the performance of the underlying equity security. Consequently, the Funds are exposed to greater downside risk than traditional convertible securities, but typically still less than that of the underlying stock. |
| **H.** | **Equity-Linked Notes** |
|  | Certain Funds may invest in Equity-Linked Notes (ELNs). ELNs are hybrid derivative instruments in a single note form that are specially designed to combine the characteristics of one or more reference securities (such as a single stock, an exchange traded fund or an index or basket of stocks) and one or more equity derivatives, such as put or call options, or a combination thereof. Unlike a direct investment in equity securities, ELNs have a maturity date. The terms of an equity-linked note may also provide for the periodic interest payments to holders at either a fixed or floating rate. Upon maturity of the note, the holder receives a return of principal based on the capital appreciation of the underlying linked securities. If the underlying securities have depreciated in value or their price appreciates or depreciates outside of a preset range (depending on the type of ELN), a Fund may receive only the principal amount of the note or less than the principal amount of the note, or may potentially lose the entire principal invested in the ELN. Investments in ELNs possess the risks associated with the underlying securities such as market risk and, as applicable, foreign securities and currency risks. The secondary market for equity linked notes may be limited, and the lack of liquidity in the secondary market may make these securities difficult to dispose of and to value. In addition, as a note, ELNs are also subject to certain debt securities risks, such as interest rate and credit risk. A fund bears the risk that the issuer of an equity-related instrument may default on its obligations under the instrument. As a holder of an ELN, a Fund generally has no rights to the underlying securities, including no voting rights or rights to receive dividends. |
|  | ELNs utilized by a Fund may involve synthetic exposure to options that can create economic leverage risk which, depending on the performance of the underlying securities, could magnify or otherwise increase investment losses to such Fund and result in losses on the ELN that exceed the losses of the underlying securities. |
| **I.** | **When-Issued Purchases and Forward Commitments (Delayed Delivery)** |
|  | Certain Funds may engage in when-issued or forward commitment transactions. Securities purchased on a when-issued or forward commitment basis are also known as delayed delivery transactions. Delayed delivery transactions involve a commitment by a Fund to purchase or sell a security at a future date (ordinarily up to 90 days later). When-issued or forward commitments enable the Funds to lock in what is believed to be an attractive price or yield on a particular security for a period of time, regardless of future changes in interest rates. Each Fund records when-issued and forward commitment securities on the trade date. Each Fund maintains collateral for the securities purchased. Securities purchased on a when-issued or forward commitment basis begin earning interest on the settlement date. |
| **J.** | **Leveraged Loans** |
|  | Certain Funds may invest in direct debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. Leveraged loans are generally non-investment grade and often involve borrowers that are highly leveraged. The Funds may invest in obligations of borrowers who are in bankruptcy proceedings. Leveraged loans are typically senior in the corporate capital structure of the borrower. A loan is often administered by a bank or other financial institution (the "lender") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the leveraged loan. A Fund's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When investing in loan participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan participation and only upon receipt by the lender of payments from the borrower. A Fund generally has no right to enforce compliance with the terms of the leveraged loan with the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the lender that is selling the leveraged loan. When a Fund purchases assignments from lenders it acquires direct rights against the borrower on the loan. |
|  | A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. Leveraged loans may involve foreign borrowers and investments may be denominated in foreign currencies. Direct indebtedness of emerging countries involves a risk that the government entities responsible for the repayment of the debt may be unable, or unwilling, to pay the principal and interest when due. |
|  | The leveraged loans have floating rate loan interests which generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. The base lending rates are generally SOFR, the prime rate offered by one or more U.S. banks or the certificate of deposit rate. When a leveraged loan is purchased a Fund may pay an assignment fee. On an ongoing basis, a Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a leveraged loan. Prepayment penalty fees are received upon the prepayment of a leveraged loan by a borrower. Prepayment penalty, facility, commitment, consent and amendment fees are recorded to income as earned or paid. |
|  | A Fund may invest in both secured loans and "covenant lite" loans which have few or no financial maintenance covenants that would require a borrower to maintain certain financial metrics. The lack of financial maintenance covenants in covenant lite loans increases the risk that the applicable Fund will experience difficulty or delays in enforcing its rights on its holdings of such loans, which may result in losses, especially during a downturn in the credit cycle. |
| **K.** | **Warrants** |
|  | The Funds may receive warrants. Warrants are securities that are usually issued together with a debt instrument or preferred stock and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants may be freely transferable and are often traded on major exchanges. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and |

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[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### VIRTUS INVESTMENT TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### June 30, 2025

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| | |
|:---|:---|
|  | they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt instruments. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt instruments at the same coupon rate. A decline in interest rates would permit a Fund to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value. |
| **L.** | **Securities Lending** |
|  | The Funds may loan securities to qualified brokers through a securities lending agency agreement with The Bank of New York ("BNY"). Under the securities lending policy, when lending securities a Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan bringing the collateral market value in line with the required percent. Due to timing of collateral adjustments, the market value of collateral held with respect to a loaned security, may be more or less than the value of the security on loan. |
|  | Collateral may consist of cash and securities issued by the U.S. government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged/paid by BNY for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral. |
|  | Securities lending transactions are entered into by each Fund under a Master Securities Lending Agreement ("MSLA") which permits the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund. |
|  | As of June 30, 2025, the securities loaned were subject to a MSLA on a net payment basis as follows: |

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&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Value of<br> Securities<br> on Loan** | &nbsp;&nbsp;&nbsp;&nbsp;**Cash<br> Collateral<br> Received<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br> Amount<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp; Small-Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$857 | &nbsp;&nbsp;&nbsp;&nbsp;$857 | &nbsp;&nbsp;&nbsp;&nbsp;$— |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Collateral received in excess of the value of securities on loan is not presented in this table. The cash collateral received in connection with securities lending transactions has been used for the purchase of securities as disclosed in the Fund's Schedule of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Net amount represents the net amount receivable due from the counterparty in the event of default.

The following table reflects a breakdown of investments made from cash collateral received from lending activities and the remaining contractual maturity of those transactions as of June 30, 2025 for the Fund:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Investment of<br> Cash Collateral** | &nbsp;&nbsp;&nbsp;&nbsp;**Overnight<br> and<br> Continuous** |
| &nbsp;&nbsp;&nbsp;&nbsp;Small-Cap Fund<br>| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;$870 |

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| | |
|:---|:---|
| **M.** | **Segment Reporting** |
|  | Accounting Standards Codification ("ASC") 280, Segment Reporting, established disclosure requirements relating to operating segments in financial statements. The Funds have adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which is intended to enhance reportable operating segment disclosure requirements. Operating segments are defined as components of a reporting entity about which separate financial information, including disclosures about income and expenses, is available that is regularly evaluated by the chief operating decision maker ("CODM") in deciding how to allocate resources and assess its performance. The Trust is organized as a series of Funds, each of which is structured as an investment company and represents a single operating segment. Subject to the oversight and, when applicable, approval of the Trust's Board of Trustees, each Fund's Adviser acts as the respective Fund's CODM. The CODM monitors the Fund's operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on its defined investment objective. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Funds financial statement note disclosures only and did not affect any Fund's financial position or the results of its operations. |

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#### Note 3. Derivative Financial Instruments and Transactions

#### ($ reported in thousands)
Disclosures about derivative instruments and hedging activities are intended to enable investors to understand how and why a Fund uses derivatives, how derivatives are accounted for, and how derivative instruments affect a Fund's results of operations and financial position. Summarized below are such disclosures and accounting policies for each specific type of derivative instrument used by certain Funds.

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[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### VIRTUS INVESTMENT TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### June 30, 2025

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| | |
|:---|:---|
| **A.** | **Forward Foreign Currency Exchange Contracts** |
|  | A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a future date. Forward foreign currency exchange contracts, when used by a Fund, help to manage the overall exposure to the currencies in which some of the investments held by the Fund are denominated. The contract is marked-to-market daily and the change in market value is recorded by the Fund as an unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The use of forward foreign currency exchange contracts involves the risk that the value of the contract changes unfavorably due to movements in the value of the referenced foreign currencies. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of foreign currency. |
|  | During the year ended June 30, 2025, none of the Funds entered into forward foreign currency exchange contracts. |
| **B.** | **Options Contracts** |
|  | An options contract provides the purchaser with the right, but not the obligation, to buy (call option) or sell (put option) a financial instrument at an agreed upon price. Certain Funds may purchase or write both put and call options on portfolio securities. A Fund doing so is subject to equity price risk and/or foreign currency risk in the normal course of pursuing its investment objectives. |
|  | When a Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When a Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. Holdings of the Fund designated to cover outstanding written options are noted in the Schedules of Investments. Purchased options are reported as an asset within "Investment in securities at value" in the Statements of Assets and Liabilities. Written options are reported as a liability within "Written options at value." Changes in value of the purchased option are included in "Net change in unrealized appreciation (depreciation) from investments" in the Statements of Operations. Changes in value of written options are included in "Net change in unrealized appreciation (depreciation) from written options" in the Statements of Operations. |
|  | If an option expires unexercised, the Fund realizes a gain or loss to the extent of the premium received or paid. If an option is exercised, the<br> premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost basis of the purchase. The difference between the premium and the amount received or paid on effecting a closing purchase or sale transaction is also treated as a realized gain or loss. Gain or loss on purchased options is included in "Net realized gain (loss) on investments" in the Statements of Operations. Gain or loss on written options is presented separately as "Net realized gain (loss) from written options" in the Statements of Operations. |
|  | The risk in writing call options is that the Fund gives up the opportunity for profit if the market price/foreign currency rate of the referenced<br> security/currency increases and the option is exercised. The risk in writing put options is that the Fund may incur a loss if the market price/foreign currency rate of the referenced security/currency decreases and the option is exercised. The risk in buying options is that the Fund pays a premium whether or not the option is exercised. The use of such instruments may involve certain additional risks as a result of unanticipated movements in the market. Writers (sellers) of options are subject to unlimited risk of loss, as the seller will be obligated to deliver or take delivery of the security at a predetermined price which may, upon exercise of the option, be significantly different from the then-market value. |
|  | During the year ended June 30, 2025, the Income & Growth Fund invested in written covered call options contracts in an attempt to manage equity price risk and with the purpose of generating realized gains. |
|  | The following is a summary of derivative instruments categorized by primary risk exposure, and location as presented in the Statements of Assets and Liabilities at June 30, 2025: |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Statement Line Description** | &nbsp;&nbsp;**Primary Risk** | &nbsp;&nbsp;**Income & Growth Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Liability Derivatives** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options at value | &nbsp;&nbsp;Equity contracts | &nbsp;&nbsp;$(2382) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities |  | &nbsp;&nbsp;$(2382) |

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The following is a summary of derivative instruments categorized by primary risk exposure, and location as presented in the Statements of Operations for the year ended June 30, 2025:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Statement Line Description** | &nbsp;&nbsp;**Primary Risk** | &nbsp;&nbsp;**Income & Growth Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss) from** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss) from** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss) from** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | &nbsp;&nbsp;Equity contracts | &nbsp;&nbsp;$4729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | &nbsp;&nbsp;$4729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | &nbsp;&nbsp;Equity contracts | &nbsp;&nbsp;$(1559) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | &nbsp;&nbsp;$(1559) |

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[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### VIRTUS INVESTMENT TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### June 30, 2025
The table below shows the quarterly average volume (unless otherwise specified) of the derivatives held by the applicable Fund for the year ended June 30, 2025:

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Income & Growth<br> Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;$728 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Average premium amount.

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| | |
|:---|:---|
| **C.** | **Derivative Risks** |
|  | A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract. |
|  | A Fund's risk of loss from counterparty credit risk on derivatives bought or sold OTC, rather than traded on a securities exchange, is generally limited to the aggregate unrealized gain netted against any collateral held by such Fund. For OTC purchased options, each Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by such Fund should the counterparty fail to perform under the contracts. Options written by a Fund do not typically give rise to counterparty credit risk, as options written generally obligate the Fund, and not the counterparty to perform. |
|  | With exchange traded purchased options and futures and centrally cleared swaps generally speaking, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency) of the clearing broker or clearinghouse. Additionally, credit risk exists in exchange traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker's customers, potentially resulting in losses to the Fund. |
|  | In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, each Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event a Fund's net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. |
| **D.** | **Collateral Requirements and Master Netting Agreements ("MNA")** |
|  | For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty. |
|  | Cash collateral that has been pledged to cover obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments. Typically, the Funds and counterparties are not permitted to sell, re-pledge or use the collateral they receive. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Funds attempt to mitigate counterparty risk by only entering into agreements with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. |
|  | For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. |

---

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### VIRTUS INVESTMENT TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### June 30, 2025
The following table presents the Income & Growth Fund's derivative assets and liabilities by counterparty net of amounts available for offset under a MNA and net of the related collateral received/pledged by the Funds as of June 30, 2025:

---

| | | |
|:---|:---|:---|
| **At June 30, 2025, the Fund's derivative assets and liabilities (by type) are as follows:** | **At June 30, 2025, the Fund's derivative assets and liabilities (by type) are as follows:** | **At June 30, 2025, the Fund's derivative assets and liabilities (by type) are as follows:** |
|  | &nbsp;&nbsp;**Income & Growth Fund** | &nbsp;&nbsp;**Income & Growth Fund** |
|  | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Liabilities** |
| **Derivative Financial<br> Instruments:** |  |  |
| &nbsp;&nbsp;&nbsp;Written options | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2382 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2382 |
| Derivatives not subject to a MNA<br> or similar agreement | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2382) |
| Total assets and liabilities<br> subject to a MNA | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |

---

#### Note 4. Investment Advisory Fees and Related Party Transactions

#### ($ reported in thousands)

---

| | |
|:---|:---|
| **A.** | **Investment Adviser** |
|  | Virtus Investment Advisers, LLC ("Adviser") (formerly known as Virtus Investment Advisers, Inc.), an indirect, wholly-owned subsidiary of Virtus Investment Partners, Inc. ("Virtus"), is the investment adviser to the Funds. The Adviser manages the Funds' investment programs and general operations of the Funds, including oversight of the Funds' subadvisers. |
|  | As compensation for its services to the Funds, the Adviser is entitled to a fee, which is calculated daily and paid monthly based upon the following annual rates as a percentage of the average daily net assets of each Fund: |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Advisory Fee** |
| &nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets Opportunities Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Income & Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;KAR Global Small-Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;KAR Health Sciences Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;NFJ Dividend Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;NFJ International Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;NFJ Large-Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;NFJ Mid-Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;NFJ Small-Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silvant Focused Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silvant Mid-Cap Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Small-Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zevenbergen Technology Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.90 |

---

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### VIRTUS INVESTMENT TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### June 30, 2025

---

| | |
|:---|:---|
| **B.** | **Subadvisers** |
|  | The subadvisers manage the investments of each Fund for which they are paid a fee by the Adviser. A list of the subadvisers and the Funds they serve as of the end of the year is as follows: |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets Opportunities Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;VA<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Income & Growth Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;Voya IM<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;KAR Global Small-Cap Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;KAR<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;KAR Health Sciences Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;KAR<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;NFJ Dividend Value Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;NFJ<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;NFJ International Value Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;NFJ<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;NFJ Large-Cap Value Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;NFJ<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;NFJ Mid-Cap Value Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;NFJ<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;NFJ Small-Cap Value Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;NFJ<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Silvant Focused Growth Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;Silvant<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Silvant Mid-Cap Growth Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;Silvant<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Small-Cap Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;VA<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Zevenbergen Technology Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;Zevenbergen<sup>(6)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Effective January 1, 2025, Virtus Systematic, a division of Virtus Advisers, LLC ("VA"), an indirect wholly-owned subsidiary of Virtus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Voya Investment Management Co. LLC ("Voya IM")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> Kayne Anderson Rudnick Investment Management, LLC ("KAR"), an indirect, wholly-owned subsidiary of Virtus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)</sup> NFJ Investment Group, LLC ("NFJ"), an indirect, wholly-owned subsidiary of Virtus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(5)</sup> Silvant Capital Management LLC ("Silvant"), an indirect, wholly-owned subsidiary of Virtus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(6)</sup> Zevenbergen Capital Investments LLC ("Zevenbergen"), a minority-owned affiliate of Virtus.

---

| | |
|:---|:---|
| **C.** | **Expense Limitations** |
|  | The Adviser has contractually agreed to limit each Fund's annual total operating expenses, subject to the exceptions listed below, so that such expenses do not exceed, on an annualized basis, the following respective percentages of average daily net assets through October 31, 2025, and October 31, 2026, for the Income & Growth Fund, KAR Health Sciences Fund, Zevenbergen Technology Fund, Silvant Mid-Cap Growth Fund, and NFJ Large-Cap Value Fund. Following the contractual period, the Adviser may discontinue these expense limitation arrangements at any time. The waivers and reimbursements are accrued daily and received monthly. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |
| Emerging Markets Opportunities Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;2.04% | &nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% |
| Income & Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;N/A |
| KAR Global Small-Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;N/A |
| KAR Health Sciences Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;N/A |
| NFJ Dividend Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| NFJ International Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| NFJ Large-Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| NFJ Mid-Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| NFJ Small-Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| Silvant Focused Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Silvant Mid-Cap Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68<sup>(1)</sup> |
| Small-Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| Zevenbergen Technology Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;N/A |

---

<sup>(1)</sup> Effective June 18, 2025.

The exclusions include front-end or contingent deferred sales charges, taxes, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on credit or redemption facilities), interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any.

---

| | |
|:---|:---|
| **D.** | **Expense Recapture** |
|  | Under certain conditions, the Adviser may recapture operating expenses reimbursed or fees waived under these arrangements within three years after the date on which such amounts were incurred or waived. A Fund must pay its ordinary operating expenses before the Adviser is entitled to any reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time of the waiver or reimbursement. All or a portion of the following Adviser reimbursed expenses may be recaptured by the year ending June 30: |

---

&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### VIRTUS INVESTMENT TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Fund&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | &nbsp;&nbsp;&nbsp;&nbsp;**2026** | &nbsp;&nbsp;&nbsp;&nbsp;**2027** | &nbsp;&nbsp;&nbsp;&nbsp;**2028** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets Opportunities Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;$44 | &nbsp;&nbsp;&nbsp;&nbsp;$41 | &nbsp;&nbsp;&nbsp;&nbsp;$44 | &nbsp;&nbsp;&nbsp;&nbsp;$129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KAR Global Small-Cap Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KAR Health Sciences Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFJ Dividend Value Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFJ International Value Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFJ Large-Cap Value Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFJ Mid-Cap Value Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFJ Small-Cap Value Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silvant Focused Growth Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silvant Mid-Cap Growth Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small-Cap Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zevenbergen Technology Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Amount is less than $500 (not in thousands).

During the year ended June 30, 2025, the Adviser recaptured expenses previously waived for the following Funds:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Fund&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | &nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income & Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$359 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KAR Global Small-Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFJ Dividend Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFJ Large-Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFJ Small-Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silvant Mid-Cap Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zevenbergen Technology Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Amount is less than $500 (not in thousands).

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### VIRTUS INVESTMENT TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### June 30, 2025

---

| | |
|:---|:---|
| **E.** | **Distributor** |
|  | VP Distributors, LLC ("VP Distributors"), an indirect, wholly-owned subsidiary of Virtus, serves as the distributor of each Fund's shares. VP Distributors has advised the Funds that for the year ended June 30, 2025, it retained net commissions of $355 for Class A shares and CDSC of $14 and $35 for Class A shares and Class C shares, respectively. |
|  | In addition, each Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class at the annual rates of 0.25% for Class A shares and 1.00% for Class C shares. Institutional Class shares and Class R6 shares are not subject to a 12b-1 Plan. |
|  | Under certain circumstances, shares of certain Virtus Funds may be exchanged for shares of the same class of certain other Virtus Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply. |
| **F.** | **Administrator and Transfer Agent** |
|  | Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as the administrator and transfer agent to the Funds. |
|  | For the year ended June 30, 2025, the Funds incurred administration fees totaling $9,813 which are included in the Statements of Operations within the line item "Administration and accounting fees." The fees are calculated daily and paid monthly. |
|  | For the year ended June 30, 2025, the Funds incurred transfer agent fees totaling $4,393 which are included in the Statements of Operations within the line item "Transfer agent fees and expenses." The fees are calculated daily and paid monthly. |
| **G.** | **Investments with Affiliates** |
|  | The Funds are permitted to purchase assets from or sell assets to certain related affiliates under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of assets by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers comply with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. |
|  | During the year ended June 30, 2025, the Funds did not engage in any transactions pursuant to Rule 17a-7 under the 1940 Act. |
| **H.** | **Trustee Deferred Compensation Plan** |
|  | The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in "Other assets" in the Statements of Assets and Liabilities at June 30, 2025. |
|  | In calendar year 2018 and certain other periods prior to January 1, 2020, the Funds maintained a different deferred compensation plan pursuant to which each Trustee who was not affiliated with Allianz Global Investors U.S. LLC had the opportunity to elect not to receive all or a portion of his or her fees from the respective Fund on a current basis, but instead to receive in a subsequent period chosen by the Trustee an amount equal to the value of such compensation if such compensation had been invested in one or more series of Virtus Investment Trust (then known as Allianz Funds) and Virtus Strategy Trust (then known as Allianz Funds Multi-Strategy Trust) selected by such Trustee from and after the normal payment dates for such compensation. The deferred compensation program was closed to new deferrals effective January 1, 2020, and all Trustee fees earned with respect to service in calendar year 2020 were paid in cash, on a current basis. The Trustees do not currently receive any pension or retirement benefits from the Funds. |
|  | In addition to the Trustee fees deferred in the current period, the Funds still have obligations with respect to Trustee fees deferred in 2018 and in other periods prior to January 1, 2020, and will continue to have such obligations until all deferred Trustee fees are paid out pursuant to the terms of the applicable deferred compensation plan. |

---

#### Note 5. Purchases and Sales of Securities

#### ($ reported in thousands)
Purchases and sales of securities (excluding U.S. government and agency securities, forward currency contracts, written options, and short-term securities) during the year ended June 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets Opportunities Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$232496 | &nbsp;&nbsp;&nbsp;&nbsp;$236703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income & Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3428653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4074616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KAR Global Small-Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KAR Health Sciences Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFJ Dividend Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFJ International Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFJ Large-Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFJ Mid-Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614936 |

---

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### VIRTUS INVESTMENT TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### June 30, 2025

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFJ Small-Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$138573 | &nbsp;&nbsp;&nbsp;&nbsp;$202082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silvant Focused Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silvant Mid-Cap Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small-Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zevenbergen Technology Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321631 |

---

Purchases and sales of long-term U.S. government and agency securities during the year ended June 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income & Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$17909 | &nbsp;&nbsp;&nbsp;&nbsp;$— |

---

#### Note 6. Capital Share Transactions

#### (reported in thousands)
Transactions in shares of capital stock, during the years ended as indicated below, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Emerging Markets Opportunities Fund** | &nbsp;&nbsp;**Emerging Markets Opportunities Fund** | &nbsp;&nbsp;**Emerging Markets Opportunities Fund** | &nbsp;&nbsp;**Emerging Markets Opportunities Fund** | &nbsp;&nbsp;**Income & Growth Fund** | &nbsp;&nbsp;**Income & Growth Fund** | &nbsp;&nbsp;**Income & Growth Fund** | &nbsp;&nbsp;**Income & Growth Fund** |
|  | &nbsp;&nbsp;**Year Ended<br> June 30, 2025** | &nbsp;&nbsp;**Year Ended<br> June 30, 2025** | &nbsp;&nbsp;**Year Ended<br> June 30, 2024** | &nbsp;&nbsp;**Year Ended<br> June 30, 2024** | &nbsp;&nbsp;**Year Ended<br> June 30, 2025** | &nbsp;&nbsp;**Year Ended<br> June 30, 2025** | &nbsp;&nbsp;**Year Ended<br> June 30, 2024** | &nbsp;&nbsp;**Year Ended<br> June 30, 2024** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 | &nbsp;&nbsp;$5095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;$2508 | &nbsp;&nbsp;&nbsp;&nbsp;16242 | &nbsp;&nbsp;$180475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19137 | &nbsp;&nbsp;$204021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542 | &nbsp;&nbsp;&nbsp;&nbsp;12299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(136) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4007) | &nbsp;&nbsp;&nbsp;&nbsp;(173) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4978) | &nbsp;&nbsp;&nbsp;&nbsp;(38658) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(428727) | &nbsp;&nbsp;&nbsp;&nbsp;(39806) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(424945) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;$2190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64) | &nbsp;&nbsp;$(1928) | &nbsp;&nbsp;&nbsp;&nbsp;(10117) | &nbsp;&nbsp;$(112043) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7115) | &nbsp;&nbsp;$(76825) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;$24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;$34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5140 | &nbsp;&nbsp;$49751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5860 | &nbsp;&nbsp;$54898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(295) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(280) | &nbsp;&nbsp;&nbsp;&nbsp;(24112) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(231554) | &nbsp;&nbsp;&nbsp;&nbsp;(29359) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(274548) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) | &nbsp;&nbsp;$(259) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | &nbsp;&nbsp;$(235) | &nbsp;&nbsp;&nbsp;&nbsp;(12635) | &nbsp;&nbsp;$(121069) | &nbsp;&nbsp;&nbsp;&nbsp;(15924) | &nbsp;&nbsp;$(149115) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class P<sup>\*</sup>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;$2181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12457 | &nbsp;&nbsp;$137312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(283) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8353) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(114998) | &nbsp;&nbsp;&nbsp;&nbsp;(1298685) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;(197) | &nbsp;&nbsp;$(5958) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;(97695) | &nbsp;&nbsp;$(1108205) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551 | &nbsp;&nbsp;$16316 | &nbsp;&nbsp;1111 | &nbsp;&nbsp;$31969 | &nbsp;&nbsp;&nbsp;&nbsp;22504 | &nbsp;&nbsp;$264214 | &nbsp;&nbsp;&nbsp;&nbsp;108775 | &nbsp;&nbsp;$1249680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2580 | &nbsp;&nbsp;&nbsp;&nbsp;11781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(1078) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31626) | &nbsp;&nbsp;&nbsp;&nbsp;(891) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25123) | &nbsp;&nbsp;&nbsp;&nbsp;(46661) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(549023) | &nbsp;&nbsp;&nbsp;&nbsp;(31615) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(355395) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(363) | &nbsp;&nbsp;$(10637) | &nbsp;&nbsp;&nbsp;&nbsp;314 | &nbsp;&nbsp;$9426 | &nbsp;&nbsp;&nbsp;&nbsp;(12376) | &nbsp;&nbsp;$(146792) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85521 | &nbsp;&nbsp;$988271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712 | &nbsp;&nbsp;$20931 | &nbsp;&nbsp;1068 | &nbsp;&nbsp;$31252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(529) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15459) | &nbsp;&nbsp;&nbsp;&nbsp;(274) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7905) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;$9038 | &nbsp;&nbsp;&nbsp;&nbsp;842 | &nbsp;&nbsp;$24646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— |

---

&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### VIRTUS INVESTMENT TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**KAR Global Small-Cap Fund** | &nbsp;&nbsp;**KAR Global Small-Cap Fund** | &nbsp;&nbsp;**KAR Global Small-Cap Fund** | &nbsp;&nbsp;**KAR Global Small-Cap Fund** | &nbsp;&nbsp;**KAR Health Sciences Fund** | &nbsp;&nbsp;**KAR Health Sciences Fund** | &nbsp;&nbsp;**KAR Health Sciences Fund** | &nbsp;&nbsp;**KAR Health Sciences Fund** |
|  | &nbsp;&nbsp;**Year Ended<br> June 30, 2025** | &nbsp;&nbsp;**Year Ended<br> June 30, 2025** | &nbsp;&nbsp;**Year Ended<br> June 30, 2024** | &nbsp;&nbsp;**Year Ended<br> June 30, 2024** | &nbsp;&nbsp;**Year Ended<br> June 30, 2025** | &nbsp;&nbsp;**Year Ended<br> June 30, 2025** | &nbsp;&nbsp;**Year Ended<br> June 30, 2024** | &nbsp;&nbsp;**Year Ended<br> June 30, 2024** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;$776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;$500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;$1097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;$2178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(141) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4848) | &nbsp;&nbsp;&nbsp;&nbsp;(183) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6098) | &nbsp;&nbsp;&nbsp;&nbsp;(690) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19735) | &nbsp;&nbsp;&nbsp;&nbsp;(682) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19442) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(52) | &nbsp;&nbsp;$(1898) | &nbsp;&nbsp;&nbsp;&nbsp;(161) | &nbsp;&nbsp;$(5349) | &nbsp;&nbsp;&nbsp;&nbsp;(653) | &nbsp;&nbsp;$(18638) | &nbsp;&nbsp;&nbsp;&nbsp;(606) | &nbsp;&nbsp;$(17264) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;$66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;$133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;$102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;$278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110) | &nbsp;&nbsp;&nbsp;&nbsp;(12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(277) | &nbsp;&nbsp;&nbsp;&nbsp;(40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(666) | &nbsp;&nbsp;&nbsp;&nbsp;(66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1084) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;$3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) | &nbsp;&nbsp;$(144) | &nbsp;&nbsp;&nbsp;&nbsp;(34) | &nbsp;&nbsp;$(564) | &nbsp;&nbsp;&nbsp;&nbsp;(49) | &nbsp;&nbsp;$(806) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class P<sup>\*</sup>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 | &nbsp;&nbsp;$2999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;$682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(129) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5038) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1935) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;(49) | &nbsp;&nbsp;$(1999) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;(41) | &nbsp;&nbsp;$(1253) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;$5622 | &nbsp;&nbsp;&nbsp;&nbsp;181 | &nbsp;&nbsp;$7182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;$809 | &nbsp;&nbsp;&nbsp;&nbsp;139 | &nbsp;&nbsp;$4215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(149) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5909) | &nbsp;&nbsp;&nbsp;&nbsp;(417) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16746) | &nbsp;&nbsp;&nbsp;&nbsp;(158) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4642) | &nbsp;&nbsp;&nbsp;&nbsp;(182) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5260) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;$732 | &nbsp;&nbsp;&nbsp;&nbsp;(231) | &nbsp;&nbsp;$(9368) | &nbsp;&nbsp;&nbsp;&nbsp;(131) | &nbsp;&nbsp;$(3833) | &nbsp;&nbsp;&nbsp;&nbsp;(43) | &nbsp;&nbsp;$(1045) |

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&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**NFJ Dividend Value Fund** | &nbsp;&nbsp;**NFJ Dividend Value Fund** | &nbsp;&nbsp;**NFJ Dividend Value Fund** | &nbsp;&nbsp;**NFJ Dividend Value Fund** | &nbsp;&nbsp;**NFJ International Value Fund** | &nbsp;&nbsp;**NFJ International Value Fund** | &nbsp;&nbsp;**NFJ International Value Fund** | &nbsp;&nbsp;**NFJ International Value Fund** |
|  | &nbsp;&nbsp;**Year Ended<br> June 30, 2025** | &nbsp;&nbsp;**Year Ended<br> June 30, 2025** | &nbsp;&nbsp;**Year Ended<br> June 30, 2024** | &nbsp;&nbsp;**Year Ended<br> June 30, 2024** | &nbsp;&nbsp;**Year Ended<br> June 30, 2025** | &nbsp;&nbsp;**Year Ended<br> June 30, 2025** | &nbsp;&nbsp;**Year Ended<br> June 30, 2024** | &nbsp;&nbsp;**Year Ended<br> June 30, 2024** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;1770 | &nbsp;&nbsp;$18554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2591 | &nbsp;&nbsp;$26434 | &nbsp;&nbsp;&nbsp;&nbsp;144 | &nbsp;&nbsp;$2836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 | &nbsp;&nbsp;$3018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(7953) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83932) | &nbsp;&nbsp;&nbsp;&nbsp;(6631) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68033) | &nbsp;&nbsp;&nbsp;&nbsp;(422) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8241) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(599) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11046) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(5277) | &nbsp;&nbsp;$(56038) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(202) | &nbsp;&nbsp;$(2795) | &nbsp;&nbsp;&nbsp;&nbsp;(237) | &nbsp;&nbsp;$(4640) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(394) | &nbsp;&nbsp;$(7280) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;$864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;$472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;$105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;$52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(257) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2790) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(349) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3695) | &nbsp;&nbsp;&nbsp;&nbsp;(17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(324) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(380) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(171) | &nbsp;&nbsp;$(1823) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(225) | &nbsp;&nbsp;$(2396) | &nbsp;&nbsp;&nbsp;&nbsp;(11) | &nbsp;&nbsp;$(209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) | &nbsp;&nbsp;$(317) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class P<sup>\*</sup>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1413 | &nbsp;&nbsp;$14474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;$831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(14933) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(156486) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(820) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15951) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;(12387) | &nbsp;&nbsp;$(130377) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(769) | &nbsp;&nbsp;$(14990) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;1370 | &nbsp;&nbsp;$14622 | &nbsp;&nbsp;&nbsp;&nbsp;15113 | &nbsp;&nbsp;$158284 | &nbsp;&nbsp;&nbsp;&nbsp;361 | &nbsp;&nbsp;$7267 | &nbsp;&nbsp;&nbsp;&nbsp;1024 | &nbsp;&nbsp;$19889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(5831) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61766) | &nbsp;&nbsp;&nbsp;&nbsp;(2601) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27017) | &nbsp;&nbsp;&nbsp;&nbsp;(595) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11909) | &nbsp;&nbsp;&nbsp;&nbsp;(1219) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22359) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(3870) | &nbsp;&nbsp;$(40959) | &nbsp;&nbsp;&nbsp;&nbsp;13453 | &nbsp;&nbsp;$140905 | &nbsp;&nbsp;&nbsp;&nbsp;(212) | &nbsp;&nbsp;$(4218) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(174) | &nbsp;&nbsp;$(2071) |

---

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### VIRTUS INVESTMENT TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**NFJ Dividend Value Fund** | &nbsp;&nbsp;**NFJ Dividend Value Fund** | &nbsp;&nbsp;**NFJ Dividend Value Fund** | &nbsp;&nbsp;**NFJ Dividend Value Fund** | &nbsp;&nbsp;**NFJ International Value Fund** | &nbsp;&nbsp;**NFJ International Value Fund** | &nbsp;&nbsp;**NFJ International Value Fund** | &nbsp;&nbsp;**NFJ International Value Fund** |
|  | &nbsp;&nbsp;**Year Ended<br> June 30, 2025** | &nbsp;&nbsp;**Year Ended<br> June 30, 2025** | &nbsp;&nbsp;**Year Ended<br> June 30, 2024** | &nbsp;&nbsp;**Year Ended<br> June 30, 2024** | &nbsp;&nbsp;**Year Ended<br> June 30, 2025** | &nbsp;&nbsp;**Year Ended<br> June 30, 2025** | &nbsp;&nbsp;**Year Ended<br> June 30, 2024** | &nbsp;&nbsp;**Year Ended<br> June 30, 2024** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;$3377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566 | &nbsp;&nbsp;$5847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;$532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;$486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(1406) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15201) | &nbsp;&nbsp;&nbsp;&nbsp;(2736) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28582) | &nbsp;&nbsp;&nbsp;&nbsp;(38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(753) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1093) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(921) | &nbsp;&nbsp;$(10107) | &nbsp;&nbsp;&nbsp;&nbsp;(1426) | &nbsp;&nbsp;$(15163) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) | &nbsp;&nbsp;$(171) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) | &nbsp;&nbsp;$(551) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Administrative Class<sup>\*</sup>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397 | &nbsp;&nbsp;$4332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;$257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(3818) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41607) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1696) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;(3032) | &nbsp;&nbsp;$(33127) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74) | &nbsp;&nbsp;$(1417) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**NFJ Large-Cap Value Fund** | &nbsp;&nbsp;**NFJ Large-Cap Value Fund** | &nbsp;&nbsp;**NFJ Large-Cap Value Fund** | &nbsp;&nbsp;**NFJ Large-Cap Value Fund** | &nbsp;&nbsp;**NFJ Mid-Cap Value Fund** | &nbsp;&nbsp;**NFJ Mid-Cap Value Fund** | &nbsp;&nbsp;**NFJ Mid-Cap Value Fund** | &nbsp;&nbsp;**NFJ Mid-Cap Value Fund** |
|  | &nbsp;&nbsp;**Year Ended<br> June 30, 2025** | &nbsp;&nbsp;**Year Ended<br> June 30, 2025** | &nbsp;&nbsp;**Year Ended<br> June 30, 2024** | &nbsp;&nbsp;**Year Ended<br> June 30, 2024** | &nbsp;&nbsp;**Year Ended<br> June 30, 2025** | &nbsp;&nbsp;**Year Ended<br> June 30, 2025** | &nbsp;&nbsp;**Year Ended<br> June 30, 2024** | &nbsp;&nbsp;**Year Ended<br> June 30, 2024** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;$2069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;$3264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307 | &nbsp;&nbsp;$7881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651 | &nbsp;&nbsp;$16124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6672 | &nbsp;&nbsp;&nbsp;&nbsp;1183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(888) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24675) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(765) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20209) | &nbsp;&nbsp;&nbsp;&nbsp;(2839) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73030) | &nbsp;&nbsp;&nbsp;&nbsp;(3292) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81521) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(692) | &nbsp;&nbsp;$(19253) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(282) | &nbsp;&nbsp;$(7448) | &nbsp;&nbsp;&nbsp;&nbsp;(2269) | &nbsp;&nbsp;$(58477) | &nbsp;&nbsp;&nbsp;&nbsp;(1458) | &nbsp;&nbsp;$(36590) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;$211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;$267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;$136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;$577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(559) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(743) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(335) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5939) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(446) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7754) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) | &nbsp;&nbsp;$(319) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | &nbsp;&nbsp;$(368) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(315) | &nbsp;&nbsp;$(5590) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(324) | &nbsp;&nbsp;$(5655) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class P<sup>\*</sup>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;$1023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611 | &nbsp;&nbsp;$10408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(615) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16820) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(5657) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93885) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(545) | &nbsp;&nbsp;$(14960) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;(4694) | &nbsp;&nbsp;$(77852) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;1006 | &nbsp;&nbsp;$28249 | &nbsp;&nbsp;&nbsp;&nbsp;1393 | &nbsp;&nbsp;$36900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794 | &nbsp;&nbsp;$22942 | &nbsp;&nbsp;&nbsp;&nbsp;3293 | &nbsp;&nbsp;$92700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(1130) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31148) | &nbsp;&nbsp;&nbsp;&nbsp;(1096) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29174) | &nbsp;&nbsp;&nbsp;&nbsp;(4552) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(132786) | &nbsp;&nbsp;&nbsp;&nbsp;(4329) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119486) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;$1011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616 | &nbsp;&nbsp;$16113 | &nbsp;&nbsp;&nbsp;&nbsp;(3648) | &nbsp;&nbsp;$(106717) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(506) | &nbsp;&nbsp;$(12322) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;$334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;$87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;$3891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413 | &nbsp;&nbsp;$11207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(401) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(294) | &nbsp;&nbsp;&nbsp;&nbsp;(1880) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53979) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(879) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24501) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;$(6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp;$(54) | &nbsp;&nbsp;&nbsp;&nbsp;(1703) | &nbsp;&nbsp;$(48875) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(285) | &nbsp;&nbsp;$(8354) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Administrative Class<sup>\*</sup>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$—<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;$1974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(491) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1435) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38042) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) | &nbsp;&nbsp;$(462) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;(1286) | &nbsp;&nbsp;$(34193) |

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&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### VIRTUS INVESTMENT TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**NFJ Small-Cap Value Fund** | &nbsp;&nbsp;**NFJ Small-Cap Value Fund** | &nbsp;&nbsp;**NFJ Small-Cap Value Fund** | &nbsp;&nbsp;**NFJ Small-Cap Value Fund** | &nbsp;&nbsp;**Silvant Focused Growth Fund** | &nbsp;&nbsp;**Silvant Focused Growth Fund** | &nbsp;&nbsp;**Silvant Focused Growth Fund** | &nbsp;&nbsp;**Silvant Focused Growth Fund** |
|  | &nbsp;&nbsp;**Year Ended<br> June 30, 2025** | &nbsp;&nbsp;**Year Ended<br> June 30, 2025** | &nbsp;&nbsp;**Year Ended<br> June 30, 2024** | &nbsp;&nbsp;**Year Ended<br> June 30, 2024** | &nbsp;&nbsp;**Year Ended<br> June 30, 2025** | &nbsp;&nbsp;**Year Ended<br> June 30, 2025** | &nbsp;&nbsp;**Year Ended<br> June 30, 2024** | &nbsp;&nbsp;**Year Ended<br> June 30, 2024** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686 | &nbsp;&nbsp;$8105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954 | &nbsp;&nbsp;$11067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617 | &nbsp;&nbsp;$53122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558 | &nbsp;&nbsp;$38789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8679 | &nbsp;&nbsp;&nbsp;&nbsp;1921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(3792) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45520) | &nbsp;&nbsp;&nbsp;&nbsp;(3364) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39437) | &nbsp;&nbsp;&nbsp;&nbsp;(1226) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103955) | &nbsp;&nbsp;&nbsp;&nbsp;(1277) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86651) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(2382) | &nbsp;&nbsp;$(28736) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(489) | &nbsp;&nbsp;$(6013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(213) | &nbsp;&nbsp;$(16663) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(493) | &nbsp;&nbsp;$(33139) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;$20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;$85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;$5900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp;$3094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(212) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(650) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(239) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7847) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(370) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10406) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) | &nbsp;&nbsp;$(169) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47) | &nbsp;&nbsp;$(451) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;$423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(213) | &nbsp;&nbsp;$(6119) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class P<sup>\*</sup>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 | &nbsp;&nbsp;$1345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972 | &nbsp;&nbsp;$38305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1891) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27820) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2243) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100829) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;(1703) | &nbsp;&nbsp;$(25071) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;(1226) | &nbsp;&nbsp;$(60754) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412 | &nbsp;&nbsp;$6498 | &nbsp;&nbsp;&nbsp;&nbsp;2163 | &nbsp;&nbsp;$32464 | &nbsp;&nbsp;&nbsp;&nbsp;2011 | &nbsp;&nbsp;$151358 | &nbsp;&nbsp;&nbsp;&nbsp;2321 | &nbsp;&nbsp;$150414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(1412) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22025) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(872) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12902) | &nbsp;&nbsp;&nbsp;&nbsp;(1981) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144014) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(950) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57059) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(840) | &nbsp;&nbsp;$(13038) | &nbsp;&nbsp;&nbsp;&nbsp;1586 | &nbsp;&nbsp;$23985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233 | &nbsp;&nbsp;$22733 | &nbsp;&nbsp;&nbsp;&nbsp;1447 | &nbsp;&nbsp;$97720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;$4164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;$5596 | &nbsp;&nbsp;&nbsp;&nbsp;1264 | &nbsp;&nbsp;$97039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607 | &nbsp;&nbsp;$37929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(1148) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18410) | &nbsp;&nbsp;&nbsp;&nbsp;(2220) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32623) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(635) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47629) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(581) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36097) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(872) | &nbsp;&nbsp;$(13996) | &nbsp;&nbsp;&nbsp;&nbsp;(1578) | &nbsp;&nbsp;$(23006) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798 | &nbsp;&nbsp;$62309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 | &nbsp;&nbsp;$6819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Administrative Class<sup>\*</sup>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276 | &nbsp;&nbsp;$3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;$629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2350) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28532) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(180) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10217) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;(1853) | &nbsp;&nbsp;$(22463) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(163) | &nbsp;&nbsp;$(9334) |

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&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Silvant Mid-Cap Growth Fund** | &nbsp;&nbsp;**Silvant Mid-Cap Growth Fund** | &nbsp;&nbsp;**Silvant Mid-Cap Growth Fund** | &nbsp;&nbsp;**Silvant Mid-Cap Growth Fund** | &nbsp;&nbsp;**Small-Cap Fund** | &nbsp;&nbsp;**Small-Cap Fund** | &nbsp;&nbsp;**Small-Cap Fund** | &nbsp;&nbsp;**Small-Cap Fund** |
|  | &nbsp;&nbsp;**Year Ended<br> June 30, 2025** | &nbsp;&nbsp;**Year Ended<br> June 30, 2025** | &nbsp;&nbsp;**Year Ended<br> June 30, 2024** | &nbsp;&nbsp;**Year Ended<br> June 30, 2024** | &nbsp;&nbsp;**Year Ended<br> June 30, 2025** | &nbsp;&nbsp;**Year Ended<br> June 30, 2025** | &nbsp;&nbsp;**Year Ended<br> June 30, 2024** | &nbsp;&nbsp;**Year Ended<br> June 30, 2024** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;1086 | &nbsp;&nbsp;$4937 | &nbsp;&nbsp;&nbsp;&nbsp;1208 | &nbsp;&nbsp;$4619 | &nbsp;&nbsp;&nbsp;&nbsp;139 | &nbsp;&nbsp;$3397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;$1230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(6268) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27720) | &nbsp;&nbsp;&nbsp;&nbsp;(8838) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32676) | &nbsp;&nbsp;&nbsp;&nbsp;(440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10098) | &nbsp;&nbsp;&nbsp;&nbsp;(375) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7924) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(5182) | &nbsp;&nbsp;$(22783) | &nbsp;&nbsp;&nbsp;&nbsp;(7630) | &nbsp;&nbsp;$(28057) | &nbsp;&nbsp;&nbsp;&nbsp;(33) | &nbsp;&nbsp;$(528) | &nbsp;&nbsp;&nbsp;&nbsp;(256) | &nbsp;&nbsp;$(5424) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234 | &nbsp;&nbsp;$695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;$183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;$248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;$141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(633) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1785) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(853) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2051) | &nbsp;&nbsp;&nbsp;&nbsp;(41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(894) | &nbsp;&nbsp;&nbsp;&nbsp;(41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(797) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(399) | &nbsp;&nbsp;$(1090) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(777) | &nbsp;&nbsp;$(1868) | &nbsp;&nbsp;&nbsp;&nbsp;(15) | &nbsp;&nbsp;$(324) | &nbsp;&nbsp;&nbsp;&nbsp;(31) | &nbsp;&nbsp;$(593) |

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[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### VIRTUS INVESTMENT TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### June 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Silvant Mid-Cap Growth Fund** | &nbsp;&nbsp;**Silvant Mid-Cap Growth Fund** | &nbsp;&nbsp;**Silvant Mid-Cap Growth Fund** | &nbsp;&nbsp;**Silvant Mid-Cap Growth Fund** | &nbsp;&nbsp;**Small-Cap Fund** | &nbsp;&nbsp;**Small-Cap Fund** | &nbsp;&nbsp;**Small-Cap Fund** | &nbsp;&nbsp;**Small-Cap Fund** |
|  | &nbsp;&nbsp;**Year Ended<br> June 30, 2025** | &nbsp;&nbsp;**Year Ended<br> June 30, 2025** | &nbsp;&nbsp;**Year Ended<br> June 30, 2024** | &nbsp;&nbsp;**Year Ended<br> June 30, 2024** | &nbsp;&nbsp;**Year Ended<br> June 30, 2025** | &nbsp;&nbsp;**Year Ended<br> June 30, 2025** | &nbsp;&nbsp;**Year Ended<br> June 30, 2024** | &nbsp;&nbsp;**Year Ended<br> June 30, 2024** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class P<sup>\*</sup>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;2816 | &nbsp;&nbsp;$13467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;$421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(4239) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21837) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(357) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8131) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;(1423) | &nbsp;&nbsp;$(8370) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;(331) | &nbsp;&nbsp;$(7587) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;3944 | &nbsp;&nbsp;$23373 | &nbsp;&nbsp;&nbsp;&nbsp;5631 | &nbsp;&nbsp;$29179 | &nbsp;&nbsp;&nbsp;&nbsp;412 | &nbsp;&nbsp;$9829 | &nbsp;&nbsp;&nbsp;&nbsp;341 | &nbsp;&nbsp;$7921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(2986) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17551) | &nbsp;&nbsp;&nbsp;&nbsp;(1983) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9707) | &nbsp;&nbsp;&nbsp;&nbsp;(316) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7516) | &nbsp;&nbsp;&nbsp;&nbsp;(427) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9087) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958 | &nbsp;&nbsp;$5822 | &nbsp;&nbsp;&nbsp;&nbsp;3648 | &nbsp;&nbsp;$19472 | &nbsp;&nbsp;&nbsp;&nbsp;194 | &nbsp;&nbsp;$4650 | &nbsp;&nbsp;&nbsp;&nbsp;(69) | &nbsp;&nbsp;$(791) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15<sup>\*\*</sup> | &nbsp;&nbsp;$100<sup>\*\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;$1063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;$1121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1563) | &nbsp;&nbsp;&nbsp;&nbsp;(69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1583) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;$100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;$91 | &nbsp;&nbsp;&nbsp;&nbsp;(12) | &nbsp;&nbsp;$(314) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Administrative Class<sup>\*</sup>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;$91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(310) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1410) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(288) | &nbsp;&nbsp;$(1319) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Zevenbergen Technology Fund** | &nbsp;&nbsp;**Zevenbergen Technology Fund** | &nbsp;&nbsp;**Zevenbergen Technology Fund** | &nbsp;&nbsp;**Zevenbergen Technology Fund** |
|  | &nbsp;&nbsp;**Year Ended<br> June 30, 2025** | &nbsp;&nbsp;**Year Ended<br> June 30, 2025** | &nbsp;&nbsp;**Year Ended<br> June 30, 2024** | &nbsp;&nbsp;**Year Ended<br> June 30, 2024** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631 | &nbsp;&nbsp;$37584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;$34218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(1696) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(101134) | &nbsp;&nbsp;&nbsp;&nbsp;(2157) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(101274) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(1065) | &nbsp;&nbsp;$(63550) | &nbsp;&nbsp;&nbsp;&nbsp;(1437) | &nbsp;&nbsp;$(67056) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 | &nbsp;&nbsp;$1382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259 | &nbsp;&nbsp;$2696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(502) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6394) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(727) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7566) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(394) | &nbsp;&nbsp;$(5012) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(468) | &nbsp;&nbsp;$(4870) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class P<sup>\*</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;$13331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1116) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77595) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(911) | &nbsp;&nbsp;$(64264) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;1403 | &nbsp;&nbsp;$119997 | &nbsp;&nbsp;&nbsp;&nbsp;2817 | &nbsp;&nbsp;$198959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(3672) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(323196) | &nbsp;&nbsp;&nbsp;&nbsp;(3760) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(265881) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(2269) | &nbsp;&nbsp;$(203199) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(943) | &nbsp;&nbsp;$(66922) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Administrative Class<sup>\*</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;$297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(161) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9882) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(156) | &nbsp;&nbsp;$(9585) |

---

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### VIRTUS INVESTMENT TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### June 30, 2025
&nbsp;&nbsp;&nbsp;&nbsp;\* On May 10, 2024, all Class P shares and Administrative Class shares were converted into Institutional Class shares. These transactions are included as Institutional Class subscriptions and Class P and Administrative Class redemptions.

&nbsp;&nbsp;&nbsp;&nbsp;\*\* Inception date June 18, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Amount is less than 500 shares (not in thousands).

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Amount is less than $500 (not in thousands).

#### Note 7. 10% Shareholders
As of June 30, 2025, certain Funds had individual shareholder account(s) and/or omnibus shareholder account(s) (comprised of a group of individual shareholders), which individually amounted to more than 10% of the total shares outstanding of such Fund as detailed below:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**% of Shares<br> Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Accounts<sup>\*</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets Opportunities Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KAR Global Small-Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KAR Health Sciences Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFJ Large-Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFJ Small-Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silvant Mid-Cap Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small-Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zevenbergen Technology Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;1 |

---

<sup>\*</sup> None of the accounts are affiliated.

#### Note 8. Credit and Market Risk and Asset Concentration
Local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on a Fund and its investments, including hampering the ability of each Fund's portfolio manager(s) to invest each Fund's assets as intended.

Emerging market countries typically have economic and political systems that are less fully developed, and can be expected to be less stable than those of more developed countries. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation. Since these markets are often small, they may be more likely to suffer sharp and frequent price changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few large investors. They may also have policies that restrict investment by foreigners, or that prevent foreign investors from withdrawing their money at will.

Certain emerging markets may also face other significant internal or external risks, including the risk of war and civil unrest. Each of these factors can affect the value and liquidity of the assets of a Fund. Failure to generate adequate earnings from foreign trade would make it difficult for an emerging market country to service foreign debt. Disruptions resulting from social and political factors may cause the securities markets of emerging market countries to close. If this were to occur, the liquidity and value of a Fund's assets invested in corporate debt obligations of emerging market companies would decline.

The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund's liquidity and performance. The Fund is unable to receive and repatriate proceeds and/or dividend payments due to U.S. and Russian sanction related to the Russia/Ukraine war.

Sanctions threatened or imposed may result in a decline in the value and liquidity of a Fund's assets. The securities of a Fund may be deemed to have a zero value. A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors' interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect a Fund's NAV and dilute remaining investors' interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with a Fund's investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund's liquidity.

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### VIRTUS INVESTMENT TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### June 30, 2025
For all these reasons, investments in emerging markets may be considered speculative. To the extent that a Fund invests a significant portion of its assets in a particular emerging market, the Fund will be more vulnerable to financial, economic, political and other developments in that country, and conditions that negatively impact that country will have a greater impact on the Fund as compared with a fund that does not have its holdings concentrated in a particular country.

High-yield/high-risk securities typically entail greater price volatility and/or principal and interest rate risk. There is a greater chance that an issuer will not

be able to make principal and interest payments on time. Analysis of the creditworthiness of issuers of high-yield/high-risk securities may be complex,

and as a result, it may be more difficult for the Adviser and/or subadviser to accurately predict risk.

Certain Funds may invest a high percentage of their assets in specific sectors of the market in the pursuit of their investment objectives. Fluctuations in these sectors of concentration may have a greater impact on a Fund, positive or negative, than if the Fund did not concentrate its investments in such sectors.

At June 30, 2025, the following Funds held securities issued by various companies in specific sectors and industries as detailed below:

---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Sector** | &nbsp;&nbsp;&nbsp;&nbsp;**Percentage of<br> Total Investments** |
| KAR Global Small-Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;31% |
| KAR Global Small-Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;26 |
| KAR Health Sciences Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| NFJ Small-Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;29 |
| Silvant Focused Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;48 |
| Silvant Mid-Cap Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;25 |
| Zevenbergen Technology Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;26 |

---

#### Note 9. Indemnifications
Under the Trust's organizational documents and in separate agreements between each Trustee and the Trust, its Trustees and officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust and its funds. In addition, in the normal course of business, the Trust and the Funds enter into contracts that provide a variety of indemnifications to other parties. The Trust's and/or the Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust or the Funds and that have not occurred. However, neither the Trust nor the Funds have had prior claims or losses pursuant to these arrangements, and they expect the risk of loss to be remote.

#### Note 10. Restricted Securities

#### ($ reported in thousands)
Restricted securities are not registered under the Securities Act of 1933, as amended (the "1933 Act"). Generally, 144A securities are excluded from this category. Each Fund will bear any costs, including those involved in registration under the 1933 Act, in connection with the disposition of such securities. The following Fund held securities that were considered to be restricted at June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Investment** | &nbsp;&nbsp;&nbsp;&nbsp;**Date of<br> Acquisition** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** | &nbsp;&nbsp;&nbsp;&nbsp;**Percentage of<br> Net Assets** |
| Income & Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;LiveStyle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12/01/2016 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;0.0% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;LiveStyle, Inc. Series B | 3/01/2016-11/30/2016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |

---

#### Note 11. Redemption Facility

#### ($ reported in thousands)
The Funds and certain other affiliated funds are parties to a $250,000 unsecured line of credit agreement dated September 18, 2017, as amended, ("Credit Agreement") with a commercial bank. During the reporting period, the Credit Agreement was renewed with $35,000 of the total line of credit of $250,000 being allocated to one other affiliated fund and $215,000 being available to the Funds and certain other affiliated funds. Unless renewed, the Credit Agreement will terminate on July 3, 2025. The Credit Agreement allows the Funds to borrow cash from the bank to manage large, unexpected redemptions and trade fails, up to a limit of one-third or one-fifth, as applicable, of each fund's total net assets in accordance with the terms of the agreement. Each fund, that is party to the Credit Agreement, is individually, and not jointly, liable for its borrowings, if any. The lending bank could require repayment of outstanding borrowings upon certain circumstances such as an event of default. Interest is charged at the higher of the SOFR or the Federal Funds Rate plus an additional percentage rate on the amount borrowed. Commitment fees are charged on the undrawn balance. Total commitment fees paid for the year ended June 30, 2025, are included in the "Interest expense and/or commitment fees" line on the Statements of Operations.

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### VIRTUS INVESTMENT TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### June 30, 2025
The following Funds had outstanding loans during the year ended. The borrowings were valued at cost, which approximates fair value.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Fund&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | &nbsp;&nbsp;&nbsp;&nbsp;**Interest<br> Incurred on<br> Borrowing** | &nbsp;&nbsp;&nbsp;&nbsp;**Average<br> Borrowing** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted Average<br> Interest Rate** | &nbsp;&nbsp;&nbsp;&nbsp;**Days<br> Outstanding** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets Opportunities Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$2000 | &nbsp;&nbsp;&nbsp;&nbsp;6.45% | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KAR Global Small-Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp;5.44 | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFJ Mid-Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5700 | &nbsp;&nbsp;&nbsp;&nbsp;6.45 | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silvant Focused Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3801 | &nbsp;&nbsp;&nbsp;&nbsp;5.40 | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zevenbergen Technology Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2265 | &nbsp;&nbsp;&nbsp;&nbsp;5.73 | &nbsp;&nbsp;&nbsp;&nbsp;6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Amount is less than $500 (not in thousands).

#### Note 12. Federal Income Tax Information

#### ($ reported in thousands)
At June 30, 2025, the approximate aggregate cost basis and the unrealized appreciation (depreciation) of investments and other financial instruments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Fund&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | &nbsp;&nbsp;&nbsp;&nbsp;**Federal<br> Tax Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;**Net Unrealized<br> Appreciation<br> (Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets Opportunities Fund<br>| $138098 | &nbsp;&nbsp;&nbsp;&nbsp;$40671 | &nbsp;&nbsp;&nbsp;&nbsp;$(10337) | &nbsp;&nbsp;&nbsp;&nbsp;$30334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income & Growth Fund<br>| &nbsp;&nbsp;4685880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(428022) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(172203) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income & Growth Fund (Written options)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(968) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1578) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1414) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KAR Global Small-Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3331) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KAR Health Sciences Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10501) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFJ Dividend Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;454000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34342) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFJ International Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5992) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFJ Large-Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;239724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16061) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFJ Mid-Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;568050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51486) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFJ Small-Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;238551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27832) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silvant Focused Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;594568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1854) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silvant Mid-Cap Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;269363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1887) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small-Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(998) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zevenbergen Technology Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;555560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16887) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965615 |

---

Certain Funds have capital loss carryforwards available to offset future realized capital gains, if any, to the extent permitted by the Code. Net capital losses are carried forward without expiration and generally retain their short-term and/or long-term tax character, as applicable. For the year ended June 30, 2025, the Funds' capital loss carryovers were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Fund&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | &nbsp;&nbsp;&nbsp;&nbsp;**Short-Term** | &nbsp;&nbsp;&nbsp;&nbsp;**Long-Term** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets Opportunities Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$23572 | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KAR Health Sciences Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFJ International Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188092 |

---

The components of distributable earnings on a tax basis and certain tax attributes for the Funds consist of the following:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Fund&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** | &nbsp;&nbsp;&nbsp;&nbsp;**Undistributed<br> Ordinary<br> Income** | &nbsp;&nbsp;&nbsp;&nbsp;**Undistributed<br> Long-Term<br> Capital Gains** | &nbsp;&nbsp;&nbsp;&nbsp;**Late Year<br> Ordinary Losses<br> Deferred** | &nbsp;&nbsp;&nbsp;&nbsp;**Post-October<br> Capital Loss<br> Deferred** | &nbsp;&nbsp;&nbsp;&nbsp;**Capital Loss<br> Deferred** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets Opportunities Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$3808 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$4949 | &nbsp;&nbsp;&nbsp;&nbsp;$23572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KAR Global Small-Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KAR Health Sciences Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFJ Dividend Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFJ International Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFJ Large-Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFJ Mid-Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFJ Small-Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silvant Focused Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

------

[**Table of Contents**](#JOB_VIT_A_c4f456be-6701-434f-91ce-a6955c7a9c58_TOC)

#### VIRTUS INVESTMENT TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### June 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Undistributed<br> Ordinary<br> Income** | &nbsp;&nbsp;&nbsp;&nbsp;**Undistributed<br> Long-Term<br> Capital Gains** | &nbsp;&nbsp;&nbsp;&nbsp;**Late Year<br> Ordinary Losses<br> Deferred** | &nbsp;&nbsp;&nbsp;&nbsp;**Post-October<br> Capital Loss<br> Deferred** | &nbsp;&nbsp;&nbsp;&nbsp;**Capital Loss<br> Deferred** |
| &nbsp;&nbsp;&nbsp;&nbsp;Silvant Mid-Cap Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$49684 | &nbsp;&nbsp;&nbsp;&nbsp;$657 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;Small-Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Zevenbergen Technology Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

The differences between the book and tax basis of distributable earnings relate principally to the timing of recognition of income and gains for federal income tax purposes. Short-term gain distributions, if any, are reported as ordinary income for federal tax purposes. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes.

The tax character of dividends and distributions paid during the years ended June 30, 2025 and 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Ordinary<br> Income** | &nbsp;&nbsp;&nbsp;&nbsp;**Long-Term<br> Capital Gains** | &nbsp;&nbsp;&nbsp;&nbsp;**Return of<br> Capital** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets Opportunities Fund<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/25<br>| &nbsp;&nbsp;&nbsp;&nbsp;$9461 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$9461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/24<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income & Growth Fund<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/25<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/24<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KAR Global Small-Cap Fund<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/25<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/24<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFJ Dividend Value Fund<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/25<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/24<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFJ International Value Fund<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/25<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/24<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFJ Large-Cap Value Fund<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/25<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/24<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFJ Mid-Cap Value Fund<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/25<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/24<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFJ Small-Cap Value Fund<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/25<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/24<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silvant Focused Growth Fund<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/25<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/24<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small-Cap Fund<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/25<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/24<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080 |

---

Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. Permanent reclassifications can arise from differing treatment of certain income and gain transactions and nondeductible current year net operating losses. These adjustments have no impact on net assets or net asset value per share of the Funds. Temporary differences that arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will likely reverse at some time in the future.

#### Note 13. Regulatory Matters and Litigation
From time to time, the Trust, the Funds, the Adviser and/or subadvisers and/or their affiliates may be involved in litigation and arbitration as well as examinations and investigations by various regulatory bodies, including the SEC, involving compliance with, among other things, securities laws, client investment guidelines, laws governing the activities of broker-dealers and other laws and regulations affecting their activities. At this time, the Adviser believes that the outcomes of such matters are not likely, either individually or in aggregate, to be material to these financial statements.

#### Note 14. Recent Accounting Pronouncement
In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, *Income Taxes (Topic 740) – Improvements to Income Tax Disclosures*. The amendments enhance income tax disclosures by requiring greater disaggregation in the rate

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#### VIRTUS INVESTMENT TRUST

#### NOTES TO FINANCIAL STATEMENTS (Continued)

#### June 30, 2025
reconciliation and income taxes paid by jurisdiction, while removing certain disclosure requirements. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact.

#### Note 15. Subsequent Events
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available for issuance, and has determined that there were no subsequent events requiring recognition or disclosure in these financial statements.

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![](g99218img7c3443b42.jpg)

#### Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Virtus Investment Trust and Shareholders of Virtus Emerging Markets Opportunities Fund, Virtus Income & Growth Fund, Virtus KAR Global Small-Cap Fund, Virtus KAR Health Sciences Fund, Virtus NFJ Dividend Value Fund, Virtus NFJ International Value Fund, Virtus NFJ Large-Cap Value Fund, Virtus NFJ Mid-Cap Value Fund, Virtus NFJ Small-Cap Value Fund, Virtus Silvant Focused Growth Fund, Virtus Silvant Mid-Cap Growth Fund, Virtus Small-Cap Fund and Virtus Zevenbergen Technology Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Virtus Emerging Markets Opportunities Fund, Virtus Income & Growth Fund, Virtus KAR Global Small-Cap Fund, Virtus KAR Health Sciences Fund, Virtus NFJ Dividend Value Fund, Virtus NFJ International Value Fund, Virtus NFJ Large-Cap Value Fund, Virtus NFJ Mid-Cap Value Fund, Virtus NFJ Small-Cap Value Fund, Virtus Silvant Focused Growth Fund, Virtus Silvant Mid-Cap Growth Fund, Virtus Small-Cap Fund and Virtus Zevenbergen Technology Fund (constituting Virtus Investment Trust, hereafter collectively referred to as the "Funds") as of June 30, 2025, the related statements of operations for the year ended June 30, 2025, the statements of changes in net assets for each of the two years in the period ended June 30, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended June 30, 2025, and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025 by correspondence with the custodian, transfer agents, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

August 21, 2025

We have served as the auditor of one or more of the investment companies in the Virtus group of investment companies since at least 1977. We have not been able to determine the specific year we began serving as auditor.

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VIRTUS INVESTMENT TRUST OTHER INFORMATION

June 30, 2025

#### FORM N-CSR ITEM 8 - Changes in and Disagreements with Accountants
None

#### FORM N-CSR ITEM 9 - Proxy Disclosure
None

#### FORM N-CSR ITEM 10 - Remuneration Paid to Trustees
For the year ended June 30, 2025, the Funds incurred independent Trustee's fees totaling $822 which are included in the Statement of Operations within the line item "Trustees fees and expenses". No remuneration was paid to the officers or affiliated trustee.

#### FORM N-CSR ITEM 11 – Statement Regarding Basis for Approval of Investment Advisory Contract
None

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#### VIRTUS INVESTMENT TRUST

#### TAX INFORMATION NOTICE (Unaudited)

#### June 30, 2025
The following information ($ reported in thousands) is being provided in order to meet reporting requirements set forth by the Code and/or to meet state specific requirements. In early 2026, the Funds will notify applicable shareholders of amounts for use in preparing 2025 U.S. federal income tax forms. Shareholders should consult their tax advisors.

With respect to distributions paid during the fiscal year ended June 30, 2025, the Funds designate the following amounts (or, if subsequently determined to be different, the maximum amount allowable):

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Qualified<br> Dividend<br> Income %<br> (non-corporate<br> shareholder)** | &nbsp;&nbsp;&nbsp;&nbsp;**Dividend<br> Received<br> Deduction %<br> (corporate<br> shareholders)** | &nbsp;&nbsp;&nbsp;&nbsp;**Long-Term<br> Capital Gain<br> Distributions ($)** |
| Emerging Markets Opportunities Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| Income & Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| KAR Global Small-Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507 |
| KAR Health Sciences Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| NFJ Dividend Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;100.00 | &nbsp;&nbsp;&nbsp;&nbsp;100.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30501 |
| NFJ International Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| NFJ Large-Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;100.00 | &nbsp;&nbsp;&nbsp;&nbsp;100.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8747 |
| NFJ Mid-Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;100.00 | &nbsp;&nbsp;&nbsp;&nbsp;100.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13398 |
| NFJ Small-Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8589 |
| Silvant Focused Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71041 |
| Silvant Mid-Cap Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49684 |
| Small-Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;100.00 | &nbsp;&nbsp;&nbsp;&nbsp;100.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5469 |
| Zevenbergen Technology Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17849 |

---

For the fiscal year ended June 30, 2025, certain Funds are disclosing the following information pursuant to notice requirements of Section 853(a) and 855(d) of the Code, and the Treasury Regulations thereunder.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Foreign Source<br> Income<br> Recognized** | &nbsp;&nbsp;&nbsp;&nbsp;**Foreign Taxes<br> Paid on<br> Foreign<br> Source<br> Income** |
| Emerging Markets Opportunities Fund<br>| &nbsp;&nbsp;$8618 | &nbsp;&nbsp;&nbsp;&nbsp;$1011 |
| KAR Global Small-Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 |
| NFJ International Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;1834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186 |

---

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#### VIRTUS INVESTMENT TRUST
101 Munson Street

Greenfield, MA 01301-9668

#### Trustees
Connie D. McDaniel, Chair

George R. Aylward

Donald C. Burke

Sarah E. Cogan

Deborah A. DeCotis

F. Ford Drummond

John R. Mallin

R. Keith Walton

Brian T. Zino

#### Principal Officers
George R. Aylward, President

Peter Batchelar, Senior Vice President

W. Patrick Bradley, Executive Vice President, Chief Financial Officer and Treasurer

Timothy Branigan, Vice President and Fund Chief Compliance Officer

Jennifer Fromm, Vice President, Chief Legal Officer, Counsel and Secretary

Julia R. Short, Senior Vice President

Richard W. Smirl, Executive Vice President

#### Investment Adviser
Virtus Investment Advisers, LLC

One Financial Plaza

Hartford, CT 06103-2608

#### Principal Underwriter
VP Distributors, LLC

One Financial Plaza

Hartford, CT 06103-2608

#### Administrator and Transfer Agent
Virtus Fund Services, LLC

One Financial Plaza

Hartford, CT 06103-2608

#### Custodian
The Bank of New York

240 Greenwich Street

New York, NY 10286-1048

#### Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP

2001 Market Street

Philadelphia, PA 19103-7042

#### How to Contact Us
Mutual Fund Services 1-800-243-1574

Adviser Consulting Group 1-800-243-4361

---

| | |
|:---|:---|
| Website | **Virtus.com** |

---

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![](g99218imga7ee2c293.gif)

P.O. Box 534470

Pittsburgh, PA 15253-4470

For more information about Virtus Funds,

please contact us at **1-800-243-1574**, or visit **Virtus.com**.

---

| | |
|:---|:---|
| 8074 | 08-25 |

---

------

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** <br>

Refer to the Other Information Section in Item 7(a).

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.** <br>

Refer to the Other Information Section in Item 7(a).

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** <br>

Refer to the Other Information Section in Item 7(a).

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.** <br>

Refer to the Other Information Section in Item 7(a).

------

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** <br>

Disclosure not required for open-end management investment companies.

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Disclosure not required for open-end management investment companies.

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Disclosure not required for open-end management investment companies.

**Item 15.** **Submission of Matters to a Vote of Security Holders.** <br>

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 16.** **Controls and Procedures.** <br>

(a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are effective to provide reasonable assurance that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that information required to be disclosed by the registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

Disclosure not required for open-end management investment companies.

**Item 18.** **Recovery of Erroneously Awarded Compensation.** <br>

Not Applicable.

**Item 19.** **Exhibits.** <br>

---

| | |
|:---|:---|
| (a)(1) | [The registrant's Code of Ethics is attached hereto.](d99218dex99codeeth.htm) |
| (a)(2) | Not applicable. |

---

------

---

| | |
|:---|:---|
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d99218dex99cert.htm) |
| (a)(4) | Disclosure not required for open-end management investment companies. |
| (a)(5) | There was no change in the Registrant's independent public accountant during the period covered by the report. |
| (b) | [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d99218dex99906ce.htm) |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Virtus Investment Trust

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ George R. Aylward |
|  | George R. Aylward, President |
|  | (principal executive officer) |

---

 <br> Date 8/29/2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ George R. Aylward |
|  | George R. Aylward, President |
|  | (principal executive officer) |

---

 <br> Date 8/29/2025

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ W. Patrick Bradley |
|  | W. Patrick Bradley, Executive Vice President, |
|  | Chief Financial Officer, and Treasurer |
|  | (principal financial officer) |

---

 <br> Date 8/29/2025

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

**EX-99.CODE ETH** 

**CODE OF ETHICS FOR** 

**CHIEF EXECUTIVE AND SENIOR FINANCIAL OFFICERS** 

Each Fund is committed to conducting business in accordance with applicable laws, rules and regulations and the highest standards of business ethics, and to full and accurate disclosure — financial and otherwise — in compliance with applicable law. This Code of Ethics applies to each Fund's Chief Executive Officer, President, Chief Financial Officer and Treasurer (or persons performing similar functions) (together, "Senior Officers").

Senior Officers must comply with applicable law and have a responsibility to conduct themselves in an honest and ethical manner. They have leadership responsibilities that include creating a culture of high ethical standards and a commitment to compliance, maintaining a work environment that encourages the internal reporting of compliance concerns and promptly addressing compliance concerns.

Senior Officers may be subject to certain conflicts of interest inherent in the operation of the Funds, because the Senior Officers (in addition to their role as senior officers of the Fund) currently or may in the future serve as officers or employees of a Virtus affiliated investment adviser<sup>1</sup> (the "Adviser"), Virtus Investment Partners, Inc. or other affiliates thereof (collectively, "Virtus") and as officers or trustees/directors of other registered investment companies and unregistered investment funds advised by Virtus.

A variety of laws and regulations applicable to, and certain policies and procedures adopted by, the Fund, the Adviser or Virtus govern certain conduct in connection with many of the conflict of interest situations that arise in connection with the operations of the Fund, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Investment Company Act of 1940, as amended, and the rules and regulation promulgated thereunder by the
Securities and Exchange Commission (the "1940 Act");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Investment Advisers Act of 1940, as amended, and the rules and regulations promulgated thereunder by the
Securities and Exchange Commission (the "Advisers Act");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Code of Ethics adopted by the Fund pursuant to Rule 17j-1(c) under
the 1940 Act (collectively, the "Fund's 1940 Act Code of Ethics");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• one or more codes of ethics adopted by the Adviser that have been reviewed and approved by those Members of the
Board that are not "interested persons" of the Fund (the "Independen <u>t</u> Members") within the meaning of the 1940 Act (the "Adviser's 1940 Act Code of Ethics" and, together with the Fund's 1940 Act
Code of Ethics, the "1940 Act Codes of Ethics");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the policies and procedures adopted by the Fund pursuant to Rule 38a-1 under the 1940 Act (collectively, the "Fund Policies"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Adviser's general policies and procedures (collectively, the "Adviser Policies").

<sup>1</sup> Virtus Investment Advisers, LLC; Virtus Alternative Investment Advisers, LLC; Virtus Capital Advisers, LLC; AlphaSimplex Group, LLC; Ceredex Value Advisors LLC; Duff & Phelps Investment Management Co.; Kayne Anderson Rudnick Investment Management LLC; NFJ Investment Group, LLC; Silvant Capital Management LLC; Sustainable Growth Advisers, LP; Virtus Advisers, LLC; Virtus Fixed Income Advisers, LLC; Westchester Capital Management, LLC. (2025.1) 

Tab 2

------

The provisions of the 1940 Act, the Advisers Act, the 1940 Act Codes of Ethics, the Fund Policies and the Adviser Policies are referred to herein collectively as the "Additional Conflict Rules".

This Code of Ethics is different from, and is intended to supplement, the Additional Conflict Rules. Accordingly, a violation of the Additional Conflict Rules by a Senior Officer is hereby deemed not to be a violation of this Code of Ethics, unless and until the Board of the Fund (the "Board") shall determine that any such violation of the Additional Conflict Rules is also a violation of this Code of Ethics.

**Senior Officers Should Act Honestly and Candidly** 

Each Senior Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• act with integrity, including being honest and candid while still maintaining the confidentiality of information
where required by law or the Additional Conflict Rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• comply with the laws, rules and regulations that govern the conduct of the Fund's operations and report any
suspected violations thereof in accordance with the section below entitled "Compliance With Code Of Ethics"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adhere to a high standard of business ethics.

**Conflicts Of Interest** 

A conflict of interest for the purpose of this Code of Ethics occurs when private interests interfere in any way, or even appear to interfere, with the interests of the Fund. Senior Officers are expected to use objective and unbiased standards when making decisions that affect the Fund, keeping in mind that Senior Officers are subject to certain inherent conflicts of interest because Senior Officers of a Fund also are or may be officers of the Adviser and other funds advised or serviced by Virtus.

Questions regarding the application or interpretation of this Code of Ethics should be raised with the Chief Compliance Officer of the Fund (the "Chief Compliance Officer") prior to taking action.

Some conflict of interest situations that should be approved by the Chief Compliance Officer, if material, include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment or non-nominal gift by the Senior
Officer, or a member of his or her family, from any company with which the Fund has current or prospective business dealings (other than the Adviser or Virtus), unless such entertainment or gift is business related, reasonable in cost, appropriate
as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any of the Fund's service
providers, other than the Adviser or Virtus; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Fund for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Senior Officer's employment by the Adviser or Virtus, such as compensation or equity ownership.

Tab 2

------

**Disclosures** 

It is the policy of the Funds to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable laws and regulations in all reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission or a national securities exchange and in all other public communications made by the Fund. Senior Officers are required to promote compliance with this policy and to abide by the Fund's standards, policies and procedures designed to promote compliance with this policy.

Each Senior Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• familiarize himself or herself with the disclosure requirements applicable to the Fund as well as the business
and financial operations of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, including to the
Board, the Fund's independent auditors, the Fund's counsel, counsel to the Independent Members, governmental regulators or self-regulatory organizations.

**Compliance With Code Of Ethics** 

Known or suspected violations of this Code of Ethics or other laws, regulations, policies or procedures applicable to the Fund, should be reported on a timely basis to the Chief Compliance Officer or may be reported to the Virtus compliance hotline maintained in accordance with the Fund's Procedures for Complaints Regarding Accounting, Internal Accounting Controls or Auditing Matters (the "Whistleblower Policy"). In accordance with that Policy, no one will be subject to retaliation because of a good faith report of a suspected violation.

The Fund will follow these procedures (or, alternatively, the procedures set forth in the Whistleblower Policy) in investigating and enforcing this Code of Ethics, and in reporting on this Code of Ethics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Chief Compliance Officer will take all appropriate action to investigate any actual or potential violations
reported to him or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• violations and potential violations will be reported to the applicable Fund Board after such investigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Fund Board determines that a violation has occurred, it will take all appropriate disciplinary or
preventive action; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appropriate disciplinary or preventive action may include a letter of censure, suspension, dismissal or, in the
event of criminal or other serious violations of law, notification of the Securities and Exchange Commission or other appropriate law enforcement authorities.

**Waivers Of Code Of Ethics** 

Except as otherwise provided in this Code of Ethics, the Chief Compliance Officer is responsible for applying this Code of Ethics to specific situations in which questions are presented to the Chief Compliance Officer and has the authority to interpret this Code of Ethics in any particular situation.

Each Fund Board, or any duly designated committee thereof, is responsible for granting waivers of this Code of Ethics, as appropriate. Any changes to or waivers of this Code of Ethics will, to the extent required, be disclosed on Form N-CSR, or otherwise, as provided by Securities and Exchange Commission rules.

Tab 2

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**Recordkeeping** 

Records pertaining to the matters covered by this Policy will be maintained and preserved in accordance with applicable laws and regulations and the Fund's Books and Records Policy.

All reports and records prepared or maintained pursuant to this Code of Ethics shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code of Ethics, such matters shall not be disclosed to anyone other than the Independent Members and their counsel, the Fund and its counsel, the Adviser and/or other Virtus entity and its counsel and any other advisors, consultants or counsel retained by the Members, the Independent Members or any committee of the Board.

Tab 2

## Ex-99.Cert

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, George R. Aylward, certify that:

1. I have reviewed this report on Form N-CSR of Virtus Investment Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>8/29/2025</u> | /s/ George R. Aylward |
|  | George R. Aylward, President |
|  | (principal executive officer) |

---

------

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, W. Patrick Bradley, certify that:

1. I have reviewed this report on Form N-CSR of Virtus Investment Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date:<u> </u><u>8/29/2025</u> | /s/ W. Patrick Bradley |
|  | W. Patrick Bradley, Executive Vice President, |
|  | Chief Financial Officer, and Treasurer |
|  | (principal financial officer) |

---

## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

I, George R. Aylward, President of Virtus Investment Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant containing the financial statements
(the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

---

| | |
|:---|:---|
| Date:<u> </u><u>8/29/2025</u> | /s/ George R. Aylward |
|  | George R. Aylward, President |
|  | (principal executive officer) |

---

I, W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer of Virtus Investment Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant containing the financial statements
(the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

---

| | |
|:---|:---|
| Date:<u> </u><u>8/29/2025</u> | /s/ W. Patrick Bradley |
|  | W. Patrick Bradley, Executive Vice President, |
|  | Chief Financial Officer, and Treasurer |
|  | (principal financial officer) |

---