# EDGAR Filing Document

**Accession Number:** 0000867297
**File Stem:** 0001193125-26-093473
**Filing Date:** 2026-3
**Character Count:** 603885
**Document Hash:** ff13fb82548ff9cab00e3dfe8a997d31
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-093473.hdr.sgml**: 20260305

**ACCESSION NUMBER**: 0001193125-26-093473

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260305

**DATE AS OF CHANGE**: 20260305

**EFFECTIVENESS DATE**: 20260305

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06161
- **FILM NUMBER:** 26725488

**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:

#### December 31, 2025

------

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

![Virtus_FC_Logo](g36295images_30209.jpg)

## Virtus Emerging Markets Opportunities Fund
Class A / AOTAX

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus Emerging Markets Opportunities Fund ("Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $71 | 1.29% |

---

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$185443 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;45% |

---

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

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 19% |
| Banks | 19 |
| Metals & Mining | 12 |
| Oil, Gas & Consumable Fuels | 6 |
| Interactive Media & Services | 5 |
| Machinery | 3 |
| Food Products | 3 |
| Consumer Finance | 3 |
| Broadline Retail | 3 |
| Water Utilities | 3 |
| Insurance | 3 |
| Other | 21 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8158 Virtus Emerging Markets Opportunities Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

## Virtus Emerging Markets Opportunities Fund
Class C / AOTCX

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus Emerging Markets Opportunities Fund ("Fund") for the period of July 1, 2025 to December 31, 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. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last six months?
(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 | $111 | 2.04% |

---

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$185443 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;45% |

---

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

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 19% |
| Banks | 19 |
| Metals & Mining | 12 |
| Oil, Gas & Consumable Fuels | 6 |
| Interactive Media & Services | 5 |
| Machinery | 3 |
| Food Products | 3 |
| Consumer Finance | 3 |
| Broadline Retail | 3 |
| Water Utilities | 3 |
| Insurance | 3 |
| Other | 21 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Material Fund Changes**

Effective January 26, 2026, Class C shares were converted to Class A shares.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8159 Virtus Emerging Markets Opportunities Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

## Virtus Emerging Markets Opportunities Fund
Institutional Class / AOTIX

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus Emerging Markets Opportunities Fund ("Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $51 | 0.94% |

---

#### KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$185443 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;45% |

---

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

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 19% |
| Banks | 19 |
| Metals & Mining | 12 |
| Oil, Gas & Consumable Fuels | 6 |
| Interactive Media & Services | 5 |
| Machinery | 3 |
| Food Products | 3 |
| Consumer Finance | 3 |
| Broadline Retail | 3 |
| Water Utilities | 3 |
| Insurance | 3 |
| Other | 21 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8160 Virtus Emerging Markets Opportunities Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

## Virtus Emerging Markets Opportunities Fund
Class R6 / AEMOX

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus Emerging Markets Opportunities Fund ("Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $49 | 0.89% |

---

#### KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$185443 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;45% |

---

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

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 19% |
| Banks | 19 |
| Metals & Mining | 12 |
| Oil, Gas & Consumable Fuels | 6 |
| Interactive Media & Services | 5 |
| Machinery | 3 |
| Food Products | 3 |
| Consumer Finance | 3 |
| Broadline Retail | 3 |
| Water Utilities | 3 |
| Insurance | 3 |
| Other | 21 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8161 Virtus Emerging Markets Opportunities Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

## Virtus Income & Growth Fund
Class A / AZNAX

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus Income & Growth Fund ("Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $59 | 1.14% |

---

#### KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$4717913 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;38% |

---

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

---

| | | |
|:---|:---|:---|
| Common Stocks |  | 34.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interactive Media & Services | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Common Stocks | 22 |  |
| Corporate Bonds and Notes |  | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Media | 3 |  |
| &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 |  | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Computers | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Internet | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Convertible Bonds and Notes | 16 |  |
| Convertible Preferred Stocks |  | 4 |
| Equity-Linked Notes |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Banks | 2 |  |
| Short-Term Investment |  | 1 |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8166 Virtus Income & Growth Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

## Virtus Income & Growth Fund
Class C / AZNCX

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus Income & Growth Fund ("Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $99 | 1.90% |

---

#### KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$4717913 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;38% |

---

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

---

| | | |
|:---|:---|:---|
| Common Stocks |  | 34.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interactive Media & Services | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Common Stocks | 22 |  |
| Corporate Bonds and Notes |  | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Media | 3 |  |
| &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 |  | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Computers | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Internet | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Convertible Bonds and Notes | 16 |  |
| Convertible Preferred Stocks |  | 4 |
| Equity-Linked Notes |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Banks | 2 |  |
| Short-Term Investment |  | 1 |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8167 Virtus Income & Growth Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

## Virtus Income & Growth Fund
Institutional Class / AZNIX

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus Income & Growth Fund ("Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $47 | 0.90% |

---

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$4717913 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;38% |

---

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

---

| | | |
|:---|:---|:---|
| Common Stocks |  | 34.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interactive Media & Services | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Common Stocks | 22 |  |
| Corporate Bonds and Notes |  | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Media | 3 |  |
| &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 |  | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Computers | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Internet | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Convertible Bonds and Notes | 16 |  |
| Convertible Preferred Stocks |  | 4 |
| Equity-Linked Notes |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Banks | 2 |  |
| Short-Term Investment |  | 1 |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8168 Virtus Income & Growth Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus KAR Global Small-Cap Fund ("Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $79 | 1.64% |

---

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$37525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;28% |

---

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

---

| | |
|:---|:---|
| Industrials | 35% |
| Financials | 33 |
| Information Technology | 15 |
| Health Care | 7 |
| Materials | 5 |
| Consumer Discretionary | 3 |
| Communication Services | 2 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8196 Virtus KAR Global Small-Cap Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus KAR Global Small-Cap Fund ("Fund") for the period of July 1, 2025 to December 31, 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. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last six months?
(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 | $115 | 2.39% |

---

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$37525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;28% |

---

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

---

| | |
|:---|:---|
| Industrials | 35% |
| Financials | 33 |
| Information Technology | 15 |
| Health Care | 7 |
| Materials | 5 |
| Consumer Discretionary | 3 |
| Communication Services | 2 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Material Fund Changes**

Effective January 26, 2026, Class C shares were converted to Class A shares.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8197 Virtus KAR Global Small-Cap Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus KAR Global Small-Cap Fund ("Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $62 | 1.29% |

---

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$37525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;28% |

---

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

---

| | |
|:---|:---|
| Industrials | 35% |
| Financials | 33 |
| Information Technology | 15 |
| Health Care | 7 |
| Materials | 5 |
| Consumer Discretionary | 3 |
| Communication Services | 2 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8198 Virtus KAR Global Small-Cap Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

## Virtus KAR Health Sciences Fund
Class A / RAGHX

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus KAR Health Sciences Fund ("Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $76 | 1.42% |

---

#### KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$103599 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;6% |

---

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

---

| | |
|:---|:---|
| Healthcare Equipment & Supplies | 28% |
| Pharmaceuticals | 22 |
| Biotechnology | 17 |
| Life Sciences Tools & Services | 17 |
| Healthcare Providers & Services | 16 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8199 Virtus KAR Health Sciences Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

## Virtus KAR Health Sciences Fund
Class C / RCGHX

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus KAR Health Sciences Fund ("Fund") for the period of July 1, 2025 to December 31, 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. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last six months?
(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 | $117 | 2.18% |

---

#### KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$103599 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;6% |

---

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

---

| | |
|:---|:---|
| Healthcare Equipment & Supplies | 28% |
| Pharmaceuticals | 22 |
| Biotechnology | 17 |
| Life Sciences Tools & Services | 17 |
| Healthcare Providers & Services | 16 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Material Fund Changes**

Effective January 26, 2026, Class C shares were converted to Class A shares.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8200 Virtus KAR Health Sciences Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

## Virtus KAR Health Sciences Fund
Institutional Class / HLHIX

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus KAR Health Sciences Fund ("Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $56 | 1.05% |

---

#### KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$103599 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;6% |

---

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

---

| | |
|:---|:---|
| Healthcare Equipment & Supplies | 28% |
| Pharmaceuticals | 22 |
| Biotechnology | 17 |
| Life Sciences Tools & Services | 17 |
| Healthcare Providers & Services | 16 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8210 Virtus KAR Health Sciences Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

## Virtus NFJ Dividend Value Fund
Class A / PNEAX

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus NFJ Dividend Value Fund ("Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $54 | 1.03% |

---

#### KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$481948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;56 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;44% |

---

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

---

| | |
|:---|:---|
| Financials | 34% |
| Information Technology | 12 |
| Energy | 11 |
| Industrials | 9 |
| Health Care | 8 |
| Real Estate | 7 |
| Materials | 6 |
| Other | 13 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8291 Virtus NFJ Dividend Value Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

## Virtus NFJ Dividend Value Fund
Class C / PNECX

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus NFJ Dividend Value Fund ("Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $92 | 1.75% |

---

#### KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$481948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;56 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;44% |

---

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

---

| | |
|:---|:---|
| Financials | 34% |
| Information Technology | 12 |
| Energy | 11 |
| Industrials | 9 |
| Health Care | 8 |
| Real Estate | 7 |
| Materials | 6 |
| Other | 13 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8292 Virtus NFJ Dividend Value Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

## Virtus NFJ Dividend Value Fund
Institutional Class / NFJEX

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus NFJ Dividend Value Fund ("Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $37 | 0.70% |

---

#### KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$481948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;56 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;44% |

---

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

---

| | |
|:---|:---|
| Financials | 34% |
| Information Technology | 12 |
| Energy | 11 |
| Industrials | 9 |
| Health Care | 8 |
| Real Estate | 7 |
| Materials | 6 |
| Other | 13 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8293 Virtus NFJ Dividend Value Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

## Virtus NFJ Dividend Value Fund
Class R6 / ANDVX

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus NFJ Dividend Value Fund ("Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $34 | 0.65% |

---

#### KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$481948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;56 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;44% |

---

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

---

| | |
|:---|:---|
| Financials | 34% |
| Information Technology | 12 |
| Energy | 11 |
| Industrials | 9 |
| Health Care | 8 |
| Real Estate | 7 |
| Materials | 6 |
| Other | 13 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8294 Virtus NFJ Dividend Value Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

## Virtus NFJ International Value Fund
Class A / AFJAX

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus NFJ International Value Fund ("Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $71 | 1.31% |

---

#### KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$81155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;56 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;45% |

---

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

---

| | |
|:---|:---|
| Financials | 26% |
| Consumer Discretionary | 16 |
| Information Technology | 15 |
| Materials | 12 |
| Health Care | 9 |
| Communication Services | 7 |
| Industrials | 6 |
| Other | 9 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8302 Virtus NFJ International Value Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

## Virtus NFJ International Value Fund
Class C / AFJCX

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus NFJ International Value Fund ("Fund") for the period of July 1, 2025 to December 31, 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. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last six months?
(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 | $111 | 2.06% |

---

#### KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$81155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;56 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;45% |

---

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

---

| | |
|:---|:---|
| Financials | 26% |
| Consumer Discretionary | 16 |
| Information Technology | 15 |
| Materials | 12 |
| Health Care | 9 |
| Communication Services | 7 |
| Industrials | 6 |
| Other | 9 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Material Fund Changes**

Effective January 26, 2026, Class C shares were converted to Class A shares.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8303 Virtus NFJ International Value Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

## Virtus NFJ International Value Fund
Institutional Class / ANJIX

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus NFJ International Value Fund ("Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $52 | 0.96% |

---

#### KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$81155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;56 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;45% |

---

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

---

| | |
|:---|:---|
| Financials | 26% |
| Consumer Discretionary | 16 |
| Information Technology | 15 |
| Materials | 12 |
| Health Care | 9 |
| Communication Services | 7 |
| Industrials | 6 |
| Other | 9 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8304 Virtus NFJ International Value Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

## Virtus NFJ International Value Fund
Class R6 / ANAVX

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus NFJ International Value Fund ("Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $49 | 0.91% |

---

#### KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$81155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;56 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;45% |

---

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

---

| | |
|:---|:---|
| Financials | 26% |
| Consumer Discretionary | 16 |
| Information Technology | 15 |
| Materials | 12 |
| Health Care | 9 |
| Communication Services | 7 |
| Industrials | 6 |
| Other | 9 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8305 Virtus NFJ International Value Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus NFJ Large-Cap Value Fund ("Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $52 | 1.01% |

---

#### KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$282806 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;68% |

---

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

---

| | |
|:---|:---|
| Financials | 33% |
| Consumer Discretionary | 14 |
| Information Technology | 11 |
| Energy | 10 |
| Real Estate | 6 |
| Industrials | 6 |
| Materials | 6 |
| Other | 14 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8306 Virtus NFJ Large-Cap Value Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus NFJ Large-Cap Value Fund ("Fund") for the period of July 1, 2025 to December 31, 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. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last six months?
(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 | $91 | 1.77% |

---

#### KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$282806 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;68% |

---

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

---

| | |
|:---|:---|
| Financials | 33% |
| Consumer Discretionary | 14 |
| Information Technology | 11 |
| Energy | 10 |
| Real Estate | 6 |
| Industrials | 6 |
| Materials | 6 |
| Other | 14 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Material Fund Changes**

Effective January 26, 2026, Class C shares were converted to Class A shares.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8307 Virtus NFJ Large-Cap Value Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus NFJ Large-Cap Value Fund ("Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $39 | 0.75% |

---

#### KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$282806 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;68% |

---

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

---

| | |
|:---|:---|
| Financials | 33% |
| Consumer Discretionary | 14 |
| Information Technology | 11 |
| Energy | 10 |
| Real Estate | 6 |
| Industrials | 6 |
| Materials | 6 |
| Other | 14 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8308 Virtus NFJ Large-Cap Value Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus NFJ Large-Cap Value Fund ("Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $34 | 0.65% |

---

#### KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$282806 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;68% |

---

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

---

| | |
|:---|:---|
| Financials | 33% |
| Consumer Discretionary | 14 |
| Information Technology | 11 |
| Energy | 10 |
| Real Estate | 6 |
| Industrials | 6 |
| Materials | 6 |
| Other | 14 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8309 Virtus NFJ Large-Cap Value Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus NFJ Mid-Cap Value Fund ("Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $52 | 1.00% |

---

#### KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$536020 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;50% |

---

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

---

| | |
|:---|:---|
| Financials | 27% |
| Industrials | 12 |
| Materials | 11 |
| Real Estate | 11 |
| Energy | 9 |
| Consumer Discretionary | 8 |
| Information Technology | 8 |
| Other | 14 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8310 Virtus NFJ Mid-Cap Value Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus NFJ Mid-Cap Value Fund ("Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $90 | 1.75% |

---

#### KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$536020 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;50% |

---

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

---

| | |
|:---|:---|
| Financials | 27% |
| Industrials | 12 |
| Materials | 11 |
| Real Estate | 11 |
| Energy | 9 |
| Consumer Discretionary | 8 |
| Information Technology | 8 |
| Other | 14 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8311 Virtus NFJ Mid-Cap Value Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus NFJ Mid-Cap Value Fund ("Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $34 | 0.65% |

---

#### KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$536020 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;50% |

---

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

---

| | |
|:---|:---|
| Financials | 27% |
| Industrials | 12 |
| Materials | 11 |
| Real Estate | 11 |
| Energy | 9 |
| Consumer Discretionary | 8 |
| Information Technology | 8 |
| Other | 14 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8312 Virtus NFJ Mid-Cap Value Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus NFJ Mid-Cap Value Fund ("Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $31 | 0.60% |

---

#### KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$536020 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;50% |

---

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

---

| | |
|:---|:---|
| Financials | 27% |
| Industrials | 12 |
| Materials | 11 |
| Real Estate | 11 |
| Energy | 9 |
| Consumer Discretionary | 8 |
| Information Technology | 8 |
| Other | 14 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8313 Virtus NFJ Mid-Cap Value Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus NFJ Small-Cap Value Fund ("Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $61 | 1.17% |

---

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$240776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;44% |

---

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

---

| | |
|:---|:---|
| Financials | 33% |
| Energy | 11 |
| Industrials | 10 |
| Information Technology | 9 |
| Health Care | 9 |
| Real Estate | 7 |
| Materials | 7 |
| Other | 14 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8314 Virtus NFJ Small-Cap Value Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus NFJ Small-Cap Value Fund ("Fund") for the period of July 1, 2025 to December 31, 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. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last six months?
(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 | $100 | 1.92% |

---

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$240776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;44% |

---

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

---

| | |
|:---|:---|
| Financials | 33% |
| Energy | 11 |
| Industrials | 10 |
| Information Technology | 9 |
| Health Care | 9 |
| Real Estate | 7 |
| Materials | 7 |
| Other | 14 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Material Fund Changes**

Effective January 26, 2026, Class C shares were converted to Class A shares.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8315 Virtus NFJ Small-Cap Value Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus NFJ Small-Cap Value Fund ("Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $43 | 0.82% |

---

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$240776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;44% |

---

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

---

| | |
|:---|:---|
| Financials | 33% |
| Energy | 11 |
| Industrials | 10 |
| Information Technology | 9 |
| Health Care | 9 |
| Real Estate | 7 |
| Materials | 7 |
| Other | 14 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8316 Virtus NFJ Small-Cap Value Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus NFJ Small-Cap Value Fund ("Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $40 | 0.77% |

---

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$240776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;44% |

---

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

---

| | |
|:---|:---|
| Financials | 33% |
| Energy | 11 |
| Industrials | 10 |
| Information Technology | 9 |
| Health Care | 9 |
| Real Estate | 7 |
| Materials | 7 |
| Other | 14 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8317 Virtus NFJ Small-Cap Value Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

## Virtus Silvant Focused Growth Fund
Class A / PGWAX

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus Silvant Focused Growth Fund ("Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $50 | 0.94% |

---

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1826321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| &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>**

---

| | |
|:---|:---|
| Information Technology | 48% |
| Communication Services | 16 |
| Consumer Discretionary | 12 |
| Industrials | 10 |
| Health Care | 7 |
| Financials | 4 |
| Materials | 2 |
| Other | 1 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8363 Virtus Silvant Focused Growth Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

## Virtus Silvant Focused Growth Fund
Class C / PGWCX

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus Silvant Focused Growth Fund ("Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $90 | 1.70% |

---

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1826321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| &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>**

---

| | |
|:---|:---|
| Information Technology | 48% |
| Communication Services | 16 |
| Consumer Discretionary | 12 |
| Industrials | 10 |
| Health Care | 7 |
| Financials | 4 |
| Materials | 2 |
| Other | 1 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8364 Virtus Silvant Focused Growth Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

## Virtus Silvant Focused Growth Fund
Institutional Class / PGFIX

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus Silvant Focused Growth Fund ("Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $35 | 0.67% |

---

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1826321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| &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>**

---

| | |
|:---|:---|
| Information Technology | 48% |
| Communication Services | 16 |
| Consumer Discretionary | 12 |
| Industrials | 10 |
| Health Care | 7 |
| Financials | 4 |
| Materials | 2 |
| Other | 1 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8365 Virtus Silvant Focused Growth Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

## Virtus Silvant Focused Growth Fund
Class R6 / AFGFX

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus Silvant Focused Growth Fund ("Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $33 | 0.62% |

---

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1826321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| &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>**

---

| | |
|:---|:---|
| Information Technology | 48% |
| Communication Services | 16 |
| Consumer Discretionary | 12 |
| Industrials | 10 |
| Health Care | 7 |
| Financials | 4 |
| Materials | 2 |
| Other | 1 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8366 Virtus Silvant Focused Growth Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

## Virtus Silvant Mid-Cap Growth Fund
Class A / RMDAX

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus Silvant Mid-Cap Growth Fund ("Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $50 | 0.98% |

---

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$405753 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

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

---

| | |
|:---|:---|
| Industrials | 24% |
| Consumer Discretionary | 22 |
| Information Technology | 20 |
| Health Care | 13 |
| Financials | 8 |
| Communication Services | 6 |
| Utilities | 3 |
| Other | 4 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8370 Virtus Silvant Mid-Cap Growth Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

## Virtus Silvant Mid-Cap Growth Fund
Class C / RMDCX

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus Silvant Mid-Cap Growth Fund ("Fund") for the period of July 1, 2025 to December 31, 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. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last six months?
(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 | $89 | 1.76% |

---

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$405753 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

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

---

| | |
|:---|:---|
| Industrials | 24% |
| Consumer Discretionary | 22 |
| Information Technology | 20 |
| Health Care | 13 |
| Financials | 8 |
| Communication Services | 6 |
| Utilities | 3 |
| Other | 4 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Material Fund Changes**

Effective January 21, 2026, Class C shares were closed to new purchases by new or existing shareholders, except by existing shareholders through qualifying transactions.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8371 Virtus Silvant Mid-Cap Growth Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

## Virtus Silvant Mid-Cap Growth Fund
Institutional Class / DRMCX

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus Silvant Mid-Cap Growth Fund ("Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $39 | 0.76% |

---

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$405753 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

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

---

| | |
|:---|:---|
| Industrials | 24% |
| Consumer Discretionary | 22 |
| Information Technology | 20 |
| Health Care | 13 |
| Financials | 8 |
| Communication Services | 6 |
| Utilities | 3 |
| Other | 4 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8372 Virtus Silvant Mid-Cap Growth Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

## Virtus Silvant Mid-Cap Growth Fund
Class R6 / RMDZX

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus Silvant Mid-Cap Growth Fund ("Fund") for the period of June 18, 2025 (inception) to December 31, 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 six months?
(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 | $34 | 0.66% |

---

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$405753 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

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

---

| | |
|:---|:---|
| Industrials | 24% |
| Consumer Discretionary | 22 |
| Information Technology | 20 |
| Health Care | 13 |
| Financials | 8 |
| Communication Services | 6 |
| Utilities | 3 |
| Other | 4 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8661 Virtus Silvant Mid-Cap Growth Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

## Virtus Small-Cap Fund
Class A / AZBAX

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus Small-Cap Fund ("Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $62 | 1.17% |

---

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$100972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;229 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

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

---

| | |
|:---|:---|
| Biotechnology | 11% |
| Software | 7 |
| Construction & Engineering | 6 |
| Semiconductors & Semiconductor Equipment | 6 |
| Pharmaceuticals | 6 |
| Banks | 5 |
| Aerospace & Defense | 5 |
| Metals & Mining | 5 |
| Insurance | 4 |
| Financial Services | 4 |
| Other (includes securities lending collateral) | 41 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8373 Virtus Small-Cap Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

## Virtus Small-Cap Fund
Class C / AZBCX

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus Small-Cap Fund ("Fund") for the period of July 1, 2025 to December 31, 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. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last six months?
(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 | $102 | 1.92% |

---

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$100972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;229 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

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

---

| | |
|:---|:---|
| Biotechnology | 11% |
| Software | 7 |
| Construction & Engineering | 6 |
| Semiconductors & Semiconductor Equipment | 6 |
| Pharmaceuticals | 6 |
| Banks | 5 |
| Aerospace & Defense | 5 |
| Metals & Mining | 5 |
| Insurance | 4 |
| Financial Services | 4 |
| Other (includes securities lending collateral) | 41 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Material Fund Changes**

Effective January 21, 2026, Class C shares were closed to new purchases by new or existing shareholders, except by existing shareholders through qualifying transactions.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8374 Virtus Small-Cap Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

## Virtus Small-Cap Fund
Institutional Class / AZBIX

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus Small-Cap Fund ("Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $44 | 0.82% |

---

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$100972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;229 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

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

---

| | |
|:---|:---|
| Biotechnology | 11% |
| Software | 7 |
| Construction & Engineering | 6 |
| Semiconductors & Semiconductor Equipment | 6 |
| Pharmaceuticals | 6 |
| Banks | 5 |
| Aerospace & Defense | 5 |
| Metals & Mining | 5 |
| Insurance | 4 |
| Financial Services | 4 |
| Other (includes securities lending collateral) | 41 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8375 Virtus Small-Cap Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

## Virtus Small-Cap Fund
Class R6 / ASCFX

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus Small-Cap Fund ("Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $41 | 0.77% |

---

KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$100972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;229 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

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

---

| | |
|:---|:---|
| Biotechnology | 11% |
| Software | 7 |
| Construction & Engineering | 6 |
| Semiconductors & Semiconductor Equipment | 6 |
| Pharmaceuticals | 6 |
| Banks | 5 |
| Aerospace & Defense | 5 |
| Metals & Mining | 5 |
| Insurance | 4 |
| Financial Services | 4 |
| Other (includes securities lending collateral) | 41 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8376 Virtus Small-Cap Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

## Virtus Zevenbergen Technology Fund
Class A / RAGTX

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus Zevenbergen Technology Fund ("Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $77 | 1.42% |

---

#### KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1663278 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;4% |

---

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

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 30% |
| Software | 18 |
| Interactive Media & Services | 18 |
| Technology Hardware, Storage & Peripherals | 8 |
| IT Services | 6 |
| Broadline Retail | 5 |
| Automobiles | 3 |
| Aerospace & Defense | 2 |
| Communications Equipment | 2 |
| Financial Services | 2 |
| Other | 6 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8449 Virtus Zevenbergen Technology Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

## Virtus Zevenbergen Technology Fund
Class C / RCGTX

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus Zevenbergen Technology Fund ("Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $116 | 2.16% |

---

#### KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1663278 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;4% |

---

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

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 30% |
| Software | 18 |
| Interactive Media & Services | 18 |
| Technology Hardware, Storage & Peripherals | 8 |
| IT Services | 6 |
| Broadline Retail | 5 |
| Automobiles | 3 |
| Aerospace & Defense | 2 |
| Communications Equipment | 2 |
| Financial Services | 2 |
| Other | 6 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8450 Virtus Zevenbergen Technology Fund

![Virtus_FC_Logo](g36295images_30209.jpg)

## Virtus Zevenbergen Technology Fund
Institutional Class / DRGTX

#### Semi-Annual SHAREHOLDER REPORT \| December 31, 2025
This semi-annual shareholder report contains important information about the Virtus Zevenbergen Technology Fund ("Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $63 | 1.16% |

---

#### KEY FUND STATISTICS (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1663278 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;4% |

---

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

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 30% |
| Software | 18 |
| Interactive Media & Services | 18 |
| Technology Hardware, Storage & Peripherals | 8 |
| IT Services | 6 |
| Broadline Retail | 5 |
| Automobiles | 3 |
| Aerospace & Defense | 2 |
| Communications Equipment | 2 |
| Financial Services | 2 |
| Other | 6 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of December 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g36295images_30343.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.

8451 Virtus Zevenbergen Technology Fund

------

(b) Not applicable

#### Item 2. Code of Ethics.
Not applicable.

#### Item 3. Audit Committee Financial Expert.
Not applicable.

#### Item 4. Principal Accountant Fees and Services.
Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Disclosure not required for open-end management investment companies.

#### Item 6. Investments.
(a) Refer to Item 7(a).

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) and (b): The registrant's (semi-annual) financial statements and financial highlights are as follows:

------

SEMI-ANNUAL FINANCIALS (FORM N-CSR Item 7-11)

**VIRTUS INVESTMENT TRUST**

![](g36295img3274a65a1.gif)

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| 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_fd4e6f07-0e6e-4160-94df-fdba20960b3c_KIT-TOC-KeyInvestmentTerms_1) | 1 |
| [Schedules of Investments](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3843_1) |  |
| [Virtus Emerging Markets Opportunities Fund (](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3843_1)["](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3843_1)[Emerging Markets Opportunities Fund](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3843_1)["](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3843_1)[)](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3843_1) | 2 |
| [Virtus Income & Growth Fund (](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3847_1)["](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3847_1)[Income & Growth Fund](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3847_1)["](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3847_1)[)](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3847_1) | 4 |
| [Virtus KAR Global Small-Cap Fund (](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3845_1)["](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3845_1)[KAR Global Small-Cap Fund](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3845_1)["](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3845_1)[)](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3845_1) | 13 |
| [Virtus KAR Health Sciences Fund (](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3846_1)["](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3846_1)[KAR Health Sciences Fund](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3846_1)["](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3846_1)[)](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3846_1) | 14 |
| [Virtus NFJ Dividend Value Fund (](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3842_1)["](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3842_1)[NFJ Dividend Value Fund](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3842_1)["](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3842_1)[)](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3842_1) | 15 |
| [Virtus NFJ International Value Fund (](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3848_1)["](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3848_1)[NFJ International Value Fund](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3848_1)["](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3848_1)[)](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3848_1) | 16 |
| [Virtus NFJ Large-Cap Value Fund (](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3849_1)["](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3849_1)[NFJ Large-Cap Value Fund](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3849_1)["](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3849_1)[)](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3849_1) | 18 |
| [Virtus NFJ Mid-Cap Value Fund (](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3851_1)["](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3851_1)[NFJ Mid-Cap Value Fund](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3851_1)["](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3851_1)[)](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3851_1) | 20 |
| [Virtus NFJ Small-Cap Value Fund (](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3853_1)["](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3853_1)[NFJ Small-Cap Value Fund](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3853_1)["](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3853_1)[)](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3853_1) | 22 |
| [Virtus Silvant Focused Growth Fund (](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3844_1)["](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3844_1)[Silvant Focused Growth Fund](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3844_1)["](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3844_1)[)](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3844_1) | 24 |
| [Virtus Silvant Mid-Cap Growth Fund (](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3850_1)["](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3850_1)[Silvant Mid-Cap Growth Fund](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3850_1)["](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3850_1)[)](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3850_1) | 25 |
| [Virtus Small-Cap Fund (](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3852_1)["](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3852_1)[Small-Cap Fund](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3852_1)["](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3852_1)[)](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3852_1) | 27 |
| [Virtus Zevenbergen Technology Fund (](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3854_1)["](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3854_1)[Zevenbergen Technology Fund](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3854_1)["](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3854_1)[)](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOI-TOC-ScheduleofInvestments-3854_1) | 30 |
| [Statements of Assets and Liabilities](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SAL-SAL-Headerfooter_1) | 31 |
| [Statements of Operations](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOP-SOP-Headerfooter-3843_1) | 38 |
| [Statements of Changes in Net Assets](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_SOC-SOC-HeaderFooter-3843_1) | 41 |
| [Financial Highlights](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_FIHI-FIHI-Headerfooter-3843_1) | 46 |
| [Notes to Financial Statements](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_NTF-TOC-NTF-3843_1) | 57 |
| [Other Information](#xx_fd4e6f07-0e6e-4160-94df-fdba20960b3c_OI-TOC-OtherInformation-3843_1) | 77 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Proxy Voting Procedures and Voting Record (Form N-PX)**<br> The subadvisers vote proxies, if any, relating to portfolio securities in accordance with procedures that have been <br> approved by the Board of Trustees of the Trust ("Trustees", or the "Board"). You may obtain a description of these <br> procedures, along with information regarding how the Funds voted proxies during the most recent 12-month period <br> ended June 30, free of charge, by calling toll-free 1-800-243-1574. This information is also available through the <br> Securities and Exchange Commission's (the "SEC") website at https://www.sec.gov.<br>**PORTFOLIO HOLDINGS INFORMATION**<br> The Trust files a complete schedule of portfolio holdings for each Fund with the SEC for the first and third quarters of <br> 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 <br> https://www.sec.gov.<br>

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.

------

**VIRTUS INVESTMENT TRUST**

**KEY INVESTMENT TERMS (Unaudited)**

**December 31, 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.

------

**Emerging Markets Opportunities Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**December 31, 2025**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—99.5%** | **Common Stocks—99.5%** | **Common Stocks—99.5%** |
| **Bermuda—2.6%** | **Bermuda—2.6%** |  |
| Credicorp Ltd. | 16973 | &nbsp;&nbsp; $4871 |
| **Brazil—5.2%** | **Brazil—5.2%** |  |
| C&A MODAS S.A. | 576700 | &nbsp;&nbsp; 1343 |
| Cia de Saneamento Basico <br> do Estado de Sao Paulo <br> SABESP<br>| 109246 | &nbsp;&nbsp; 2659 |
| Cia de Saneamento de <br> Minas Gerais Copasa MG<br>| 301900 | &nbsp;&nbsp; 2420 |
| Cury Construtora e <br> Incorporadora S.A.<br>| 183300 | &nbsp;&nbsp; 1078 |
| Vale S.A. | 157200 | &nbsp;&nbsp; 2064 |
|  |  | &nbsp;&nbsp; 9564 |
| **Cayman Islands—6.9%** | **Cayman Islands—6.9%** |  |
| China Hongqiao Group Ltd. | 1116000 | &nbsp;&nbsp; 4678 |
| Chow Tai Fook Jewellery <br> Group Ltd.<br>| 935600 | &nbsp;&nbsp; 1489 |
| Sany Heavy Equipment <br> International Holdings <br> Co., Ltd.<br>| 926000 | &nbsp;&nbsp; 1030 |
| SITC International Holdings <br> Co., Ltd.<br>| 488000 | &nbsp;&nbsp; 1747 |
| WH Group Ltd. | 3526000 | &nbsp;&nbsp; 3928 |
|  |  | &nbsp;&nbsp; 12872 |
| **China—21.3%** | **China—21.3%** |  |
| Agricultural Bank of China <br> Ltd. Class H<br>| 2575000 | &nbsp;&nbsp; 1912 |
| Alibaba Group Holding Ltd. | 295100 | &nbsp;&nbsp; 5415 |
| Bank of China Ltd. Class H | 2219000 | &nbsp;&nbsp; 1272 |
| Bank of Shanghai Co., Ltd. <br> Class A<br>| 711152 | &nbsp;&nbsp; 1028 |
| China Construction Bank <br> Corp. Class H<br>| 811000 | &nbsp;&nbsp; 801 |
| China International Capital <br> Corp. Ltd. Class H<br>| 670000 | &nbsp;&nbsp; 1685 |
| CMOC Group Ltd. Class A | 1425400 | &nbsp;&nbsp; 4079 |
| NetEase, Inc. | 71200 | &nbsp;&nbsp; 1963 |
| People's Insurance Co. <br> Group of China Ltd. (The) <br> Class H<br>| 1881000 | &nbsp;&nbsp; 1631 |
| PetroChina Co., Ltd. Class H | 2210620 | &nbsp;&nbsp; 2380 |
| PICC Property & Casualty <br> Co. Ltd. Class H<br>| 976000 | &nbsp;&nbsp; 2052 |
| Shandong Himile <br> Mechanical Science & <br> Technology Co., Ltd. <br> Class A<br>| 125400 | &nbsp;&nbsp; 1517 |
| Tencent Holdings Ltd. | 131000 | &nbsp;&nbsp; 10083 |
| WuXi AppTec Co., Ltd. <br> Class H<br>| 124500 | &nbsp;&nbsp; 1579 |
| Zijin Mining Group Co., Ltd. <br> Class H<br>| 464000 | &nbsp;&nbsp; 2126 |
|  |  | &nbsp;&nbsp; 39523 |
| **Colombia—1.2%** | **Colombia—1.2%** |  |
| Grupo Cibest S.A. ADR | 35875 | &nbsp;&nbsp; 2282 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Greece—2.0%** | **Greece—2.0%** |  |
| Eurobank S.A. | 400000 | &nbsp;&nbsp; $1610 |
| Hellenic <br> Telecommunications <br> Organization S.A.<br>| 56416 | &nbsp;&nbsp; 1118 |
| Piraeus Bank S.A.<sup>(1)</sup> <br>| 129000 | &nbsp;&nbsp; 1030 |
|  |  | &nbsp;&nbsp; 3758 |
| **Hungary—3.5%** | **Hungary—3.5%** |  |
| OTP Bank Nyrt | 60328 | &nbsp;&nbsp; 6475 |
| **India—13.1%** | **India—13.1%** |  |
| Ashok Leyland Ltd. | 1060797 | &nbsp;&nbsp; 2115 |
| Bharat Petroleum Corp., Ltd. | 786436 | &nbsp;&nbsp; 3360 |
| Chambal Fertilisers & <br> Chemicals Ltd.<br>| 235786 | &nbsp;&nbsp; 1265 |
| HDFC Bank Ltd. ADR | 43590 | &nbsp;&nbsp; 1593 |
| Muthoot Finance Ltd. | 129321 | &nbsp;&nbsp; 5484 |
| National Aluminium Co., <br> Ltd.<br>| 668302 | &nbsp;&nbsp; 2337 |
| Polycab India Ltd. | 40889 | &nbsp;&nbsp; 3466 |
| Vedanta Ltd. | 540042 | &nbsp;&nbsp; 3632 |
| Welspun Corp., Ltd. | 121317 | &nbsp;&nbsp; 1099 |
|  |  | &nbsp;&nbsp; 24351 |
| **Indonesia—0.9%** | **Indonesia—0.9%** |  |
| Aneka Tambang Tbk | 8403500 | &nbsp;&nbsp; 1587 |
| **Ireland—1.5%** | **Ireland—1.5%** |  |
| TE Connectivity plc | 12537 | &nbsp;&nbsp; 2852 |
| **Poland—3.4%** | **Poland—3.4%** |  |
| Bank Polska Kasa Opieki <br> S.A.<br>| 13502 | &nbsp;&nbsp; 771 |
| ORLEN S.A. | 57862 | &nbsp;&nbsp; 1549 |
| PGE Polska Grupa <br> Energetyczna S.A.<sup>(1)</sup> <br>| 1061761 | &nbsp;&nbsp; 2604 |
| Powszechna Kasa <br> Oszczednosci Bank Polski <br> S.A.<br>| 56608 | &nbsp;&nbsp; 1343 |
|  |  | &nbsp;&nbsp; 6267 |
| **Russia—0.0%** | **Russia—0.0%** |  |
| Gazprom PJSC<sup>(1)(2)(3)</sup> <br>| 1323341 | &nbsp;&nbsp; 1 |
| LUKOIL PJSC Sponsored <br> ADR<sup>(1)(2)(3)</sup> <br>| 55455 | &nbsp;&nbsp; — <br><sup>(4)</sup><br>|
|  |  | &nbsp;&nbsp; 1 |
| **South Africa—2.0%** | **South Africa—2.0%** |  |
| AVI Ltd. | 311103 | &nbsp;&nbsp; 1982 |
| Harmony Gold Mining Co., <br> Ltd. Sponsored ADR<br>| 26038 | &nbsp;&nbsp; 518 |
| Sanlam Ltd. | 206374 | &nbsp;&nbsp; 1228 |
|  |  | &nbsp;&nbsp; 3728 |
| **South Korea—9.1%** | **South Korea—9.1%** |  |
| HD Hyundai Co., Ltd. | 6269 | &nbsp;&nbsp; 820 |
| HD Korea Shipbuilding & <br> Offshore Engineering Co., <br> Ltd.<br>| 3376 | &nbsp;&nbsp; 954 |
| Hyundai Glovis Co., Ltd. | 6944 | &nbsp;&nbsp; 871 |
| LG Display Co. Ltd.<sup>(1)</sup> <br>| 110902 | &nbsp;&nbsp; 909 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **South Korea—continued** | **South Korea—continued** |  |
| LG Uplus Corp. | 57862 | &nbsp;&nbsp; $591 |
| Samsung Electronics Co., <br> Ltd.<br>| 32885 | &nbsp;&nbsp; 2737 |
| SK hynix, Inc. | 21955 | &nbsp;&nbsp; 9922 |
|  |  | &nbsp;&nbsp; 16804 |
| **Taiwan—16.0%** | **Taiwan—16.0%** |  |
| Accton Technology Corp. | 71000 | &nbsp;&nbsp; 2678 |
| CTBC Financial Holding Co., <br> Ltd.<br>| 1332000 | &nbsp;&nbsp; 2128 |
| Marketech International <br> Corp.<br>| 92000 | &nbsp;&nbsp; 805 |
| Sunonwealth Electric <br> Machine Industry Co., <br> Ltd.<br>| 107000 | &nbsp;&nbsp; 546 |
| Taiwan Semiconductor <br> Manufacturing Co., Ltd.<br>| 477000 | &nbsp;&nbsp; 23531 |
|  |  | &nbsp;&nbsp; 29688 |
| **Thailand—2.5%** | **Thailand—2.5%** |  |
| Advanced Info Service PCL <br> NVDR<br>| 459100 | &nbsp;&nbsp; 4561 |
| **Turkey—1.4%** | **Turkey—1.4%** |  |
| Turkiye Petrol Rafinerileri <br> AS<br>| 617191 | &nbsp;&nbsp; 2652 |
| **United Arab Emirates—6.0%** | **United Arab Emirates—6.0%** |  |
| Abu Dhabi Islamic Bank <br> PJSC<br>| 226625 | &nbsp;&nbsp; 1281 |
| Dubai Islamic Bank PJSC | 823564 | &nbsp;&nbsp; 2079 |
| Emaar Development PJSC | 968666 | &nbsp;&nbsp; 3996 |
| Emirates NBD Bank PJSC | 488623 | &nbsp;&nbsp; 3705 |
|  |  | &nbsp;&nbsp; 11061 |
| **United States—0.9%** | **United States—0.9%** |  |
| Lam Research Corp. | 9644 | &nbsp;&nbsp; 1651 |
| **Total Common Stocks** <br>**(Identified Cost $132,350)** | **Total Common Stocks** <br>**(Identified Cost $132,350)** | &nbsp;&nbsp; **184548** |
| **Total Long-Term** <br> **Investments—99.5%** <br>**(Identified Cost $132,350)** | **Total Long-Term** <br> **Investments—99.5%** <br>**(Identified Cost $132,350)** | &nbsp;&nbsp; **184548** |
| **TOTAL INVESTMENTS—99.5%** <br>**(Identified Cost $132,350)** | **TOTAL INVESTMENTS—99.5%** <br>**(Identified Cost $132,350)** | &nbsp;&nbsp; **$184548** |
| Other assets and liabilities, net—0.5% | Other assets and liabilities, net—0.5% | &nbsp;&nbsp; 895 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$185443** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| NVDR | Non-Voting Depositary Receipts |
| PCL | Public Company Limited |
| PJSC | Public Joint Stock Company |
| plc | Public Limited Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**Emerging Markets Opportunities Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**December 31, 2025**

($ reported in thousands)

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Non-income producing. |
| <sup>(2)</sup> <br>| The value of this security was determined using <br> significant unobservable inputs and is reported as a <br> Level 3 security in the Fair Value Hierarchy table <br> located after the Schedule of Investments.<br>|
| <sup>(3)</sup> <br>| The Fund is unable to trade and repatriate proceeds <br> due to U.S. sanctions related to the Russia/Ukraine <br> war.<br>|
| <sup>(4)</sup> <br>| Amount is less than $500 (not in thousands). |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Weightings**<sup>†</sup>  | **Country Weightings**<sup>†</sup>  |
| China | 21<br> %<br>|
| Taiwan | 16 |
| India | 13 |
| South Korea | 9 |
| Cayman Islands | 7 |
| United Arab Emirates | 6 |
| Brazil | 5 |
| Other | 23 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of December 31, 2025. | <sup>†</sup> % of total investments as of December 31, 2025. |

---

The following table summarizes the value of the Fund's investments as of December 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | |
|:---|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 1 <br>Quoted Prices<br>| Level 3 <br>Significant <br>Unobservable <br>Inputs<br>|
| Assets: |  |  |  |
| Equity Securities: |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $184548 | &nbsp;&nbsp;&nbsp;&nbsp; $184547 | &nbsp;&nbsp;&nbsp;&nbsp; $1 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $184548 | &nbsp;&nbsp;&nbsp;&nbsp; $184547 | &nbsp;&nbsp;&nbsp;&nbsp; $1 |

---

There were no securities valued using significant observable inputs (Level 2) at December 31, 2025.

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

*See Notes to Financial Statements*

------

**Income & Growth Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**December 31, 2025**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Convertible Bonds and Notes—23.7%** | **Convertible Bonds and Notes—23.7%** | **Convertible Bonds and Notes—23.7%** |
| **Aerospace & Defense—0.2%** | **Aerospace & Defense—0.2%** |  |
| AeroVironment, Inc. <br>0.000%, 7/15/30<br>| $8840 | &nbsp;&nbsp; $9591 |
| **Auto Manufacturers—0.5%** | **Auto Manufacturers—0.5%** |  |
| Ford Motor Co. <br>0.000%, 3/15/26<br>| 4855 | &nbsp;&nbsp; 5042 |
| Rivian Automotive, Inc. <br>4.625%, 3/15/29<br>| 13820 | &nbsp;&nbsp; 17361 |
|  |  | &nbsp;&nbsp; 22403 |
| **Biotechnology—2.0%** | **Biotechnology—2.0%** |  |
| Alnylam Pharmaceuticals, <br> Inc. <br>1.000%, 9/15/27<br>| 8560 | &nbsp;&nbsp; 12586 |
| Bridgebio Pharma, Inc. <br> 144A <br>1.750%, 3/1/31<sup>(1)</sup> <br>| 10030 | &nbsp;&nbsp; 17415 |
| Cogent Biosciences, Inc. <br>1.625%, 11/15/31<br>| 6370 | &nbsp;&nbsp; 7458 |
| Cytokinetics, Inc. 144A <br>1.750%, 10/1/31<sup>(1)</sup> <br>| 8680 | &nbsp;&nbsp; 10803 |
| Halozyme Therapeutics, <br> Inc. 144A <br>0.000%, 2/15/31<sup>(1)</sup> <br>| 12735 | &nbsp;&nbsp; 12733 |
| Ionis Pharmaceuticals, Inc. |  |  |
| <br>1.750%, 6/15/28 | 5950 | &nbsp;&nbsp; 9450 |
| <br>144A 0.000%, 12/1/30<sup>(1)</sup> <br>| 8020 | &nbsp;&nbsp; 8541 |
| Ligand Pharmaceuticals, <br> Inc. 144A <br>0.750%, 10/1/30<sup>(1)</sup> <br>| 13060 | &nbsp;&nbsp; 15292 |
|  |  | &nbsp;&nbsp; 94278 |
| **Commercial Services—1.1%** | **Commercial Services—1.1%** |  |
| Affirm Holdings, Inc. <br>0.750%, 12/15/29<br>| 9130 | &nbsp;&nbsp; 10102 |
| Block, Inc. <br>0.250%, 11/1/27<br>| 18790 | &nbsp;&nbsp; 17371 |
| Global Payments, Inc. <br>1.500%, 3/1/31<br>| 17360 | &nbsp;&nbsp; 15572 |
| Shift4 Payments, Inc. <br>0.500%, 8/1/27<br>| 6780 | &nbsp;&nbsp; 6516 |
|  |  | &nbsp;&nbsp; 49561 |
| **Computers—3.0%** | **Computers—3.0%** |  |
| CyberArk Software Ltd. <br> 144A <br>0.000%, 6/15/30<sup>(1)</sup> <br>| 15730 | &nbsp;&nbsp; 16807 |
| Lumentum Holdings, Inc. <br> 144A <br>0.375%, 3/15/32<sup>(1)</sup> <br>| 23510 | &nbsp;&nbsp; 50311 |
| Parsons Corp. <br>2.625%, 3/1/29<br>| 10205 | &nbsp;&nbsp; 10491 |
| Western Digital Corp. <br>3.000%, 11/15/28<br>| 10950 | &nbsp;&nbsp; 50193 |
| Zscaler, Inc. 144A <br>0.000%, 7/15/28<sup>(1)(2)</sup> <br>| 12495 | &nbsp;&nbsp; 11689 |
|  |  | &nbsp;&nbsp; 139491 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Diversified REITs—0.3%** | **Diversified REITs—0.3%** |  |
| Digital Realty Trust LP <br> 144A <br>1.875%, 11/15/29<sup>(1)</sup> <br>| $15525 | &nbsp;&nbsp; $15742 |
| **Electric Utilities—1.2%** | **Electric Utilities—1.2%** |  |
| FirstEnergy Corp. 144A <br>3.625%, 1/15/29<sup>(1)</sup> <br>| 10055 | &nbsp;&nbsp; 10663 |
| NextEra Energy Capital <br> Holdings, Inc. <br>3.000%, 3/1/27<br>| 5870 | &nbsp;&nbsp; 7285 |
| Southern Co. (The) 144A <br>3.250%, 6/15/28<sup>(1)</sup> <br>| 21045 | &nbsp;&nbsp; 21003 |
| WEC Energy Group, Inc. <br> 144A <br>3.375%, 6/1/28<sup>(1)</sup> <br>| 18090 | &nbsp;&nbsp; 18325 |
|  |  | &nbsp;&nbsp; 57276 |
| **Electronics—0.6%** | **Electronics—0.6%** |  |
| Mirion Technologies, Inc. <br> 144A <br>0.000%, 10/1/31<sup>(1)</sup> <br>| 6680 | &nbsp;&nbsp; 7214 |
| OSI Systems, Inc. |  |  |
| <br>2.250%, 8/1/29 | 4800 | &nbsp;&nbsp; 7118 |
| <br>144A 0.500%, 2/1/31<sup>(1)</sup> <br>| 11635 | &nbsp;&nbsp; 11440 |
|  |  | &nbsp;&nbsp; 25772 |
| **Energy-Alternate Sources—0.3%** | **Energy-Alternate Sources—0.3%** |  |
| Array Technologies, Inc. <br> 144A <br>2.875%, 7/1/31<sup>(1)</sup> <br>| 3370 | &nbsp;&nbsp; 4861 |
| Eos Energy Enterprises, <br> Inc. 144A <br>1.750%, 12/1/31<sup>(1)</sup> <br>| 7310 | &nbsp;&nbsp; 7073 |
|  |  | &nbsp;&nbsp; 11934 |
| **Engineering & Construction—0.1%** | **Engineering & Construction—0.1%** |  |
| Granite Construction, Inc. <br>3.250%, 6/15/30<br>| 3000 | &nbsp;&nbsp; 4785 |
| **Entertainment—1.0%** | **Entertainment—1.0%** |  |
| DraftKings Holdings, Inc. <br>0.000%, 3/15/28<br>| 10755 | &nbsp;&nbsp; 9825 |
| IMAX Corp. 144A <br>0.750%, 11/15/30<sup>(1)</sup> <br>| 6370 | &nbsp;&nbsp; 6965 |
| Live Nation Entertainment, <br> Inc. <br>2.875%, 1/15/30<br>| 28255 | &nbsp;&nbsp; 29682 |
|  |  | &nbsp;&nbsp; 46472 |
| **Financial Services—1.3%** | **Financial Services—1.3%** |  |
| Coinbase Global, Inc. |  |  |
| <br>0.500%, 6/1/26 | 22920 | &nbsp;&nbsp; 22863 |
| <br>144A 0.000%, 10/1/29<sup>(1)</sup> <br>| 12035 | &nbsp;&nbsp; 11166 |
| Galaxy Digital Holdings LP <br> 144A <br>0.500%, 5/1/31<sup>(1)</sup> <br>| 11205 | &nbsp;&nbsp; 8465 |
| SoFi Technologies, Inc. <br> 144A <br>0.000%, 10/15/26<sup>(1)</sup> <br>| 14365 | &nbsp;&nbsp; 18527 |
|  |  | &nbsp;&nbsp; 61021 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Health Care REITs—0.8%** | **Health Care REITs—0.8%** |  |
| Welltower OP LLC 144A <br>3.125%, 7/15/29<sup>(1)</sup> <br>| $24835 | &nbsp;&nbsp; $37501 |
| **Healthcare-Products—1.4%** | **Healthcare-Products—1.4%** |  |
| Alphatec Holdings, Inc. <br> 144A <br>0.750%, 3/15/30<sup>(1)</sup> <br>| 5550 | &nbsp;&nbsp; 8490 |
| Exact Sciences Corp. 144A <br>1.750%, 4/15/31<sup>(1)</sup> <br>| 13510 | &nbsp;&nbsp; 16489 |
| Guardant Health, Inc. |  |  |
| <br>1.250%, 2/15/31 | 8330 | &nbsp;&nbsp; 15236 |
| <br>144A 0.000%, 5/15/33<sup>(1)</sup> <br>| 2885 | &nbsp;&nbsp; 3163 |
| iRhythm Technologies, Inc. <br>1.500%, 9/1/29<br>| 7900 | &nbsp;&nbsp; 11021 |
| Repligen Corp. <br>1.000%, 12/15/28<br>| 5540 | &nbsp;&nbsp; 6052 |
| Tempus AI, Inc. 144A <br>0.750%, 7/15/30<sup>(1)</sup> <br>| 6235 | &nbsp;&nbsp; 6643 |
|  |  | &nbsp;&nbsp; 67094 |
| **Industrial REITs—0.3%** | **Industrial REITs—0.3%** |  |
| Rexford Industrial <br> Realty LP 144A <br>4.375%, 3/15/27<sup>(1)</sup> <br>| 14135 | &nbsp;&nbsp; 14057 |
| **Internet—2.3%** | **Internet—2.3%** |  |
| Airbnb, Inc. <br>0.000%, 3/15/26<sup>(2)</sup> <br>| 17745 | &nbsp;&nbsp; 17559 |
| Alibaba Group Holding Ltd. <br>0.500%, 6/1/31<br>| 9225 | &nbsp;&nbsp; 14327 |
| DoorDash, Inc. 144A <br>0.000%, 5/15/30<sup>(1)</sup> <br>| 10995 | &nbsp;&nbsp; 11484 |
| Expedia Group, Inc. <br>0.000%, 2/15/26<br>| 23830 | &nbsp;&nbsp; 26582 |
| Trip.com Group Ltd. <br>0.750%, 6/15/29<br>| 9765 | &nbsp;&nbsp; 12006 |
| Uber Technologies, Inc. <br>0.875%, 12/1/28<br>| 11450 | &nbsp;&nbsp; 14851 |
| Wayfair, Inc. <br>3.250%, 9/15/27<br>| 7625 | &nbsp;&nbsp; 12686 |
|  |  | &nbsp;&nbsp; 109495 |
| **Investment Companies—0.5%** | **Investment Companies—0.5%** |  |
| Cipher Mining, Inc. 144A <br>0.000%, 10/1/31<sup>(1)</sup> <br>| 7585 | &nbsp;&nbsp; 9007 |
| IREN Ltd. 144A <br>0.000%, 7/1/31<sup>(1)</sup> <br>| 14125 | &nbsp;&nbsp; 10460 |
| Terawulf, Inc. 144A <br>0.000%, 5/1/32<sup>(1)</sup> <br>| 7210 | &nbsp;&nbsp; 6237 |
|  |  | &nbsp;&nbsp; 25704 |
| **Leisure Time—0.2%** | **Leisure Time—0.2%** |  |
| NCL Corp., Ltd. 144A <br>0.750%, 9/15/30<sup>(1)</sup> <br>| 11540 | &nbsp;&nbsp; 11129 |
| **Machinery-Construction &** <br> **Mining—0.5%** | **Machinery-Construction &** <br> **Mining—0.5%** |  |
| Bloom Energy Corp. 144A <br>0.000%, 11/15/30<sup>(1)</sup> <br>| 16135 | &nbsp;&nbsp; 14037 |

---

*See Notes to Financial Statements*

------

**Income & Growth Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Machinery-Construction &** <br> **Mining—continued** | **Machinery-Construction &** <br> **Mining—continued** |  |
| BWX Technologies, Inc. <br> 144A <br>0.000%, 11/1/30<sup>(1)</sup> <br>| $10620 | &nbsp;&nbsp; $10121 |
|  |  | &nbsp;&nbsp; 24158 |
| **Mining—0.2%** | **Mining—0.2%** |  |
| Centrus Energy Corp. 144A <br>0.000%, 8/15/32<sup>(1)</sup> <br>| 7550 | &nbsp;&nbsp; 9706 |
| **Miscellaneous Manufacturing—0.3%** | **Miscellaneous Manufacturing—0.3%** |  |
| JBT Marel Corp. 144A <br>0.375%, 9/15/30<sup>(1)</sup> <br>| 12140 | &nbsp;&nbsp; 12571 |
| **Office REITs—0.2%** | **Office REITs—0.2%** |  |
| Boston Properties LP 144A <br>2.000%, 10/1/30<sup>(1)</sup> <br>| 10950 | &nbsp;&nbsp; 10572 |
| **Oil, Gas & Consumable Fuels—0.2%** | **Oil, Gas & Consumable Fuels—0.2%** |  |
| Solaris Energy <br> Infrastructure, Inc. <br>0.250%, 10/1/31<br>| 10100 | &nbsp;&nbsp; 10921 |
| **Personal Care Product—0.1%** | **Personal Care Product—0.1%** |  |
| Oddity Finance LLC 144A <br>0.000%, 6/15/30<sup>(1)</sup> <br>| 7730 | &nbsp;&nbsp; 6658 |
| **Pharmaceuticals—0.6%** | **Pharmaceuticals—0.6%** |  |
| Jazz Investments I Ltd. |  |  |
| <br>2.000%, 6/15/26 | 8470 | &nbsp;&nbsp; 9792 |
| <br>3.125%, 9/15/30 | 7735 | &nbsp;&nbsp; 10295 |
| Zoetis, Inc. 144A <br>0.250%, 6/15/29<sup>(1)</sup> <br>| 7245 | &nbsp;&nbsp; 7444 |
|  |  | &nbsp;&nbsp; 27531 |
| **Semiconductors—1.2%** | **Semiconductors—1.2%** |  |
| Impinj, Inc. 144A <br>0.000%, 9/15/29<sup>(1)</sup> <br>| 7075 | &nbsp;&nbsp; 7263 |
| MACOM Technology <br> Solutions Holdings, Inc. <br> 144A <br>0.000%, 12/15/29<sup>(1)</sup> <br>| 11210 | &nbsp;&nbsp; 13594 |
| MKS, Inc. <br>1.250%, 6/1/30<br>| 12070 | &nbsp;&nbsp; 15395 |
| Nova Ltd. 144A <br>0.000%, 9/15/30<sup>(1)</sup> <br>| 7565 | &nbsp;&nbsp; 9407 |
| Semtech Corp. 144A <br>0.000%, 10/15/30<sup>(1)</sup> <br>| 1410 | &nbsp;&nbsp; 1494 |
| Synaptics, Inc. <br>0.750%, 12/1/31<br>| 7920 | &nbsp;&nbsp; 8340 |
|  |  | &nbsp;&nbsp; 55493 |
| **Software—3.1%** | **Software—3.1%** |  |
| Akamai Technologies, Inc. <br>0.375%, 9/1/27<br>| 9720 | &nbsp;&nbsp; 9744 |
| BILL Holdings, Inc. <br>0.000%, 4/1/30<br>| 11660 | &nbsp;&nbsp; 10708 |
| Cloudflare, Inc. <br>0.000%, 8/15/26<br>| 19075 | &nbsp;&nbsp; 22392 |
| Confluent, Inc. <br>0.000%, 1/15/27<sup>(2)</sup> <br>| 8720 | &nbsp;&nbsp; 8467 |
| CoreWeave, Inc. 144A <br>1.750%, 12/1/31<sup>(1)</sup> <br>| 11560 | &nbsp;&nbsp; 10939 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Software—continued** | **Software—continued** |  |
| Datadog, Inc. <br>0.000%, 12/1/29<sup>(2)</sup> <br>| $18560 | &nbsp;&nbsp; $18514 |
| Guidewire Software, Inc. <br>1.250%, 11/1/29<br>| 7250 | &nbsp;&nbsp; 7971 |
| Snowflake, Inc. <br>0.000%, 10/1/29<br>| 13025 | &nbsp;&nbsp; 20111 |
| Strategy, Inc. <br>0.000%, 12/1/29<br>| 29170 | &nbsp;&nbsp; 23879 |
| Unity Software, Inc. 144A <br>0.000%, 3/15/30<sup>(1)</sup> <br>| 9515 | &nbsp;&nbsp; 13749 |
|  |  | &nbsp;&nbsp; 146474 |
| **Telecommunications—0.2%** | **Telecommunications—0.2%** |  |
| AST SpaceMobile, Inc. <br> 144A <br>2.000%, 1/15/36<sup>(1)</sup> <br>| 9455 | &nbsp;&nbsp; 9420 |
| **Total Convertible Bonds and** <br> **Notes** <br>**(Identified Cost $1,059,780)** | **Total Convertible Bonds and** <br> **Notes** <br>**(Identified Cost $1,059,780)** | &nbsp;&nbsp; **1116810** |
| **Corporate Bonds and Notes—30.7%** | **Corporate Bonds and Notes—30.7%** | **Corporate Bonds and Notes—30.7%** |
| **Advertising—0.1%** | **Advertising—0.1%** |  |
| Clear Channel Outdoor <br> Holdings, Inc. 144A <br>7.750%, 4/15/28<sup>(1)</sup> <br>| 3465 | &nbsp;&nbsp; 3468 |
| **Aerospace & Defense—1.4%** | **Aerospace & Defense—1.4%** |  |
| Bombardier, Inc. |  |  |
| <br>144A 7.500%, 2/1/29<sup>(1)</sup> <br>| 21615 | &nbsp;&nbsp; 22543 |
| <br>144A 7.000%, 6/1/32<sup>(1)</sup> <br>| 6530 | &nbsp;&nbsp; 6900 |
| <br>144A 6.750%, 6/15/33<sup>(1)</sup> <br>| 1875 | &nbsp;&nbsp; 1982 |
| TransDigm, Inc. |  |  |
| <br>144A 6.375%, 5/31/33<sup>(1)</sup> <br>| 18550 | &nbsp;&nbsp; 19035 |
| <br>144A 6.750%, 1/31/34<sup>(1)</sup> <br>| 14965 | &nbsp;&nbsp; 15589 |
|  |  | &nbsp;&nbsp; 66049 |
| **Auto Components—0.2%** | **Auto Components—0.2%** |  |
| Goodyear Tire & Rubber <br> Co. (The) <br>6.625%, 7/15/30<br>| 7190 | &nbsp;&nbsp; 7363 |
| **Auto Manufacturers—0.2%** | **Auto Manufacturers—0.2%** |  |
| Ford Motor Co. <br>7.450%, 7/16/31<br>| 9690 | &nbsp;&nbsp; 10712 |
| **Automobile Components—1.0%** | **Automobile Components—1.0%** |  |
| Adient Global Holdings Ltd. <br> 144A <br>7.500%, 2/15/33<sup>(1)</sup> <br>| 9765 | &nbsp;&nbsp; 10078 |
| American Axle & <br> Manufacturing, Inc.<br>|  |  |
| <br>144A <br> 6.375%, 10/15/32<sup>(1)</sup> <br>| 2390 | &nbsp;&nbsp; 2434 |
| <br>144A <br> 7.750%, 10/15/33<sup>(1)</sup> <br>| 12110 | &nbsp;&nbsp; 12335 |
| Clarios Global LP |  |  |
| <br>144A 6.750%, 5/15/28<sup>(1)</sup> <br>| 4250 | &nbsp;&nbsp; 4358 |
| <br>144A 6.750%, 9/15/32<sup>(1)</sup> <br>| 9625 | &nbsp;&nbsp; 9981 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobile Components—continued** | **Automobile Components—continued** |  |
| Goodyear Tire & Rubber <br> Co. (The) <br>5.250%, 7/15/31<br>| $2415 | &nbsp;&nbsp; $2291 |
| Tenneco, Inc. 144A <br>8.000%, 11/17/28<sup>(1)</sup> <br>| 5295 | &nbsp;&nbsp; 5312 |
|  |  | &nbsp;&nbsp; 46789 |
| **Biotechnology—0.2%** | **Biotechnology—0.2%** |  |
| Genmab A/S |  |  |
| <br>144A <br> 6.250%, 12/15/32<sup>(1)</sup> <br>| 3825 | &nbsp;&nbsp; 3920 |
| <br>144A <br> 7.250%, 12/15/33<sup>(1)</sup> <br>| 4735 | &nbsp;&nbsp; 4974 |
|  |  | &nbsp;&nbsp; 8894 |
| **Building Materials—1.0%** | **Building Materials—1.0%** |  |
| Builders FirstSource, Inc. |  |  |
| <br>144A 4.250%, 2/1/32<sup>(1)</sup> <br>| 10405 | &nbsp;&nbsp; 9908 |
| <br>144A 6.375%, 6/15/32<sup>(1)</sup> <br>| 7065 | &nbsp;&nbsp; 7320 |
| Quikrete Holdings, Inc. |  |  |
| <br>144A 6.375%, 3/1/32<sup>(1)</sup> <br>| 18335 | &nbsp;&nbsp; 19085 |
| <br>144A 6.750%, 3/1/33<sup>(1)</sup> <br>| 10710 | &nbsp;&nbsp; 11184 |
|  |  | &nbsp;&nbsp; 47497 |
| **Chemicals—0.6%** | **Chemicals—0.6%** |  |
| Celanese U.S. Holdings <br> LLC <br>6.750%, 4/15/33<br>| 14715 | &nbsp;&nbsp; 14638 |
| Chemours Co. (The) 144A <br>8.000%, 1/15/33<sup>(1)</sup> <br>| 13150 | &nbsp;&nbsp; 12730 |
|  |  | &nbsp;&nbsp; 27368 |
| **Commercial Services—1.9%** | **Commercial Services—1.9%** |  |
| ADT Security Corp. (The) <br> 144A <br>4.125%, 8/1/29<sup>(1)</sup> <br>| 14625 | &nbsp;&nbsp; 14264 |
| Avis Budget Car Rental LLC |  |  |
| <br>144A 8.000%, 2/15/31<sup>(1)</sup> <br>| 10660 | &nbsp;&nbsp; 10955 |
| <br>144A 8.375%, 6/15/32<sup>(1)</sup> <br>| 3710 | &nbsp;&nbsp; 3831 |
| Deluxe Corp. 144A <br>8.000%, 6/1/29<sup>(1)</sup> <br>| 5540 | &nbsp;&nbsp; 5643 |
| EquipmentShare.com, Inc. <br> 144A <br>8.000%, 3/15/33<sup>(1)</sup> <br>| 10585 | &nbsp;&nbsp; 11104 |
| Herc Holdings, Inc. |  |  |
| <br>144A 7.000%, 6/15/30<sup>(1)</sup> <br>| 3665 | &nbsp;&nbsp; 3857 |
| <br>144A 7.250%, 6/15/33<sup>(1)</sup> <br>| 10230 | &nbsp;&nbsp; 10848 |
| <br>144A 6.000%, 3/15/34<sup>(1)</sup> <br>| 1915 | &nbsp;&nbsp; 1940 |
| Hertz Corp. (The) 144A <br>5.000%, 12/1/29<sup>(1)</sup> <br>| 7285 | &nbsp;&nbsp; 4953 |
| Monitronics International <br> Escrow <br>9.125%, 4/1/49<sup>(3)</sup> <br>| 6450 | &nbsp;&nbsp; — |
| Shift4 Payments LLC 144A <br>6.750%, 8/15/32<sup>(1)</sup> <br>| 9460 | &nbsp;&nbsp; 9767 |
| United Rentals North <br> America, Inc. <br>5.250%, 1/15/30<br>| 13650 | &nbsp;&nbsp; 13837 |
|  |  | &nbsp;&nbsp; 90999 |

---

*See Notes to Financial Statements*

------

**Income & Growth Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Computers—0.6%** | **Computers—0.6%** |  |
| CACI International, Inc. <br> 144A <br>6.375%, 6/15/33<sup>(1)</sup> <br>| $4950 | &nbsp;&nbsp; $5122 |
| McAfee Corp. 144A <br>7.375%, 2/15/30<sup>(1)</sup> <br>| 15875 | &nbsp;&nbsp; 13844 |
| Seagate Data Storage <br> Technology Pte Ltd. <br> 144A <br>8.500%, 7/15/31<sup>(1)</sup> <br>| 7495 | &nbsp;&nbsp; 7968 |
|  |  | &nbsp;&nbsp; 26934 |
| **Containers & Packaging—0.5%** | **Containers & Packaging—0.5%** |  |
| Mauser Packaging <br> Solutions Holding Co. <br> 144A <br>7.875%, 4/15/30<sup>(1)</sup> <br>| 15595 | &nbsp;&nbsp; 15472 |
| Owens-Brockway Glass <br> Container, Inc. 144A <br>7.250%, 5/15/31<sup>(1)</sup> <br>| 9155 | &nbsp;&nbsp; 9345 |
|  |  | &nbsp;&nbsp; 24817 |
| **Diversified REITs—0.7%** | **Diversified REITs—0.7%** |  |
| Iron Mountain, Inc. |  |  |
| <br>144A 7.000%, 2/15/29<sup>(1)</sup> <br>| 9595 | &nbsp;&nbsp; 9856 |
| <br>144A 6.250%, 1/15/33<sup>(1)</sup> <br>| 24940 | &nbsp;&nbsp; 25149 |
|  |  | &nbsp;&nbsp; 35005 |
| **Electric Utilities—1.0%** | **Electric Utilities—1.0%** |  |
| NRG Energy, Inc. |  |  |
| <br>144A 5.750%, 1/15/34<sup>(1)</sup> <br>| 5960 | &nbsp;&nbsp; 6021 |
| <br>144A 6.000%, 1/15/36<sup>(1)</sup> <br>| 18245 | &nbsp;&nbsp; 18487 |
| Talen Energy Supply LLC |  |  |
| <br>144A 6.250%, 2/1/34<sup>(1)</sup> <br>| 7740 | &nbsp;&nbsp; 7894 |
| <br>144A 6.500%, 2/1/36<sup>(1)</sup> <br>| 12505 | &nbsp;&nbsp; 12931 |
|  |  | &nbsp;&nbsp; 45333 |
| **Electronic Equipment, Instruments &** <br> **Components—0.3%** | **Electronic Equipment, Instruments &** <br> **Components—0.3%** |  |
| WESCO Distribution, Inc. |  |  |
| <br>144A 7.250%, 6/15/28<sup>(1)</sup> <br>| 6670 | &nbsp;&nbsp; 6767 |
| <br>144A 6.375%, 3/15/33<sup>(1)</sup> <br>| 7525 | &nbsp;&nbsp; 7857 |
|  |  | &nbsp;&nbsp; 14624 |
| **Electronics—0.1%** | **Electronics—0.1%** |  |
| Coherent Corp. 144A <br>5.000%, 12/15/29<sup>(1)</sup> <br>| 5780 | &nbsp;&nbsp; 5760 |
| **Energy-Alternate Sources—0.0%** | **Energy-Alternate Sources—0.0%** |  |
| Sunnova Energy <br> International, Inc. <br>2.625%, 2/15/28<sup>(3)</sup> <br>| 17395 | &nbsp;&nbsp; 34 |
| **Entertainment—1.2%** | **Entertainment—1.2%** |  |
| Caesars Entertainment, Inc. <br> 144A <br>6.000%, 10/15/32<sup>(1)</sup> <br>| 23785 | &nbsp;&nbsp; 23130 |
| Churchill Downs, Inc. 144A <br>5.750%, 4/1/30<sup>(1)</sup> <br>| 10035 | &nbsp;&nbsp; 10133 |
| Light & Wonder <br> International, Inc.<br>|  |  |
| <br>144A 7.500%, 9/1/31<sup>(1)</sup> <br>| 4775 | &nbsp;&nbsp; 4982 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Entertainment—continued** | **Entertainment—continued** |  |
| <br>144A 6.250%, 10/1/33<sup>(1)</sup> <br>| $6395 | &nbsp;&nbsp; $6474 |
| SeaWorld Parks & <br> Entertainment, Inc. 144A <br>5.250%, 8/15/29<sup>(1)</sup> <br>| 6825 | &nbsp;&nbsp; 6638 |
| Starz Capital Holdings 1, <br> Inc. 144A <br>6.000%, 4/15/30<sup>(1)</sup> <br>| 7195 | &nbsp;&nbsp; 6871 |
|  |  | &nbsp;&nbsp; 58228 |
| **Environmental Services—0.2%** | **Environmental Services—0.2%** |  |
| GFL Environmental, Inc. <br> 144A <br>4.750%, 6/15/29<sup>(1)</sup> <br>| 8100 | &nbsp;&nbsp; 8083 |
| **Financial Services—2.1%** | **Financial Services—2.1%** |  |
| Navient Corp. <br>7.875%, 6/15/32<br>| 8900 | &nbsp;&nbsp; 9311 |
| OneMain Finance Corp. |  |  |
| <br>7.125%, 11/15/31 | 5085 | &nbsp;&nbsp; 5308 |
| <br>7.125%, 9/15/32 | 18070 | &nbsp;&nbsp; 18778 |
| <br>6.750%, 9/15/33 | 11105 | &nbsp;&nbsp; 11245 |
| PennyMac Financial <br> Services, Inc.<br>|  |  |
| <br>144A <br> 7.875%, 12/15/29<sup>(1)</sup> <br>| 4860 | &nbsp;&nbsp; 5171 |
| <br>144A 6.875%, 2/15/33<sup>(1)</sup> <br>| 13925 | &nbsp;&nbsp; 14537 |
| PRA Group, Inc. 144A <br>8.375%, 2/1/28<sup>(1)</sup> <br>| 5285 | &nbsp;&nbsp; 5400 |
| Rocket Cos., Inc. |  |  |
| <br>144A 7.125%, 2/1/32<sup>(1)</sup> <br>| 15585 | &nbsp;&nbsp; 16396 |
| <br>144A 6.375%, 8/1/33<sup>(1)</sup> <br>| 13065 | &nbsp;&nbsp; 13622 |
|  |  | &nbsp;&nbsp; 99768 |
| **Food & Beverage—1.1%** | **Food & Beverage—1.1%** |  |
| Kraft Heinz Foods Co. <br>5.000%, 7/15/35<br>| 8175 | &nbsp;&nbsp; 8141 |
| Performance Food Group, <br> Inc. 144A <br>6.125%, 9/15/32<sup>(1)</sup> <br>| 13080 | &nbsp;&nbsp; 13484 |
| Post Holdings, Inc. |  |  |
| <br>144A 6.375%, 3/1/33<sup>(1)</sup> <br>| 17980 | &nbsp;&nbsp; 18160 |
| <br>144A <br> 6.250%, 10/15/34<sup>(1)</sup> <br>| 11125 | &nbsp;&nbsp; 11187 |
|  |  | &nbsp;&nbsp; 50972 |
| **Healthcare-Products—0.2%** | **Healthcare-Products—0.2%** |  |
| Medline Borrower LP |  |  |
| <br>144A 6.250%, 4/1/29<sup>(1)</sup> <br>| 3690 | &nbsp;&nbsp; 3815 |
| <br>144A 5.250%, 10/1/29<sup>(1)</sup> <br>| 7490 | &nbsp;&nbsp; 7530 |
|  |  | &nbsp;&nbsp; 11345 |
| **Healthcare-Services—0.8%** | **Healthcare-Services—0.8%** |  |
| DaVita, Inc. 144A <br>6.750%, 7/15/33<sup>(1)</sup> <br>| 20740 | &nbsp;&nbsp; 21505 |
| Tenet Healthcare Corp. |  |  |
| <br>6.125%, 10/1/28 | 9373 | &nbsp;&nbsp; 9415 |
| <br>144A <br> 6.000%, 11/15/33<sup>(1)</sup> <br>| 5535 | &nbsp;&nbsp; 5699 |
|  |  | &nbsp;&nbsp; 36619 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Hotel & Resort REITs—0.2%** | **Hotel & Resort REITs—0.2%** |  |
| Park Intermediate <br> Holdings LLC 144A <br>4.875%, 5/15/29<sup>(1)</sup> <br>| $9060 | &nbsp;&nbsp; $8847 |
| **Insurance—0.7%** | **Insurance—0.7%** |  |
| Asurion LLC & Asurion <br> Co.-Issuer, Inc. 144A <br>8.000%, 12/31/32<sup>(1)</sup> <br>| 7620 | &nbsp;&nbsp; 7907 |
| Panther Escrow Issuer LLC <br> 144A <br>7.125%, 6/1/31<sup>(1)</sup> <br>| 23790 | &nbsp;&nbsp; 24652 |
|  |  | &nbsp;&nbsp; 32559 |
| **Internet—0.7%** | **Internet—0.7%** |  |
| Gen Digital, Inc. |  |  |
| <br>144A 7.125%, 9/30/30<sup>(1)</sup> <br>| 7815 | &nbsp;&nbsp; 8070 |
| <br>144A 6.250%, 4/1/33<sup>(1)</sup> <br>| 8715 | &nbsp;&nbsp; 8987 |
| Snap, Inc. 144A <br>6.875%, 3/1/33<sup>(1)</sup> <br>| 13430 | &nbsp;&nbsp; 13917 |
|  |  | &nbsp;&nbsp; 30974 |
| **Iron & Steel—0.8%** | **Iron & Steel—0.8%** |  |
| Cleveland-Cliffs, Inc. |  |  |
| <br>144A 7.000%, 3/15/32<sup>(1)</sup> <br>| 18085 | &nbsp;&nbsp; 18537 |
| <br>144A 7.625%, 1/15/34<sup>(1)</sup> <br>| 5625 | &nbsp;&nbsp; 5878 |
| Commercial Metals Co. |  |  |
| <br>144A <br> 5.750%, 11/15/33<sup>(1)</sup> <br>| 4075 | &nbsp;&nbsp; 4167 |
| <br>144A <br> 6.000%, 12/15/35<sup>(1)</sup> <br>| 8080 | &nbsp;&nbsp; 8283 |
|  |  | &nbsp;&nbsp; 36865 |
| **Leisure Time—0.9%** | **Leisure Time—0.9%** |  |
| Amer Sports Co. 144A <br>6.750%, 2/16/31<sup>(1)</sup> <br>| 4000 | &nbsp;&nbsp; 4184 |
| Carnival Corp. |  |  |
| <br>144A 5.750%, 8/1/32<sup>(1)</sup> <br>| 14350 | &nbsp;&nbsp; 14727 |
| <br>144A 6.125%, 2/15/33<sup>(1)</sup> <br>| 7570 | &nbsp;&nbsp; 7817 |
| NCL Corp., Ltd. 144A <br>6.750%, 2/1/32<sup>(1)</sup> <br>| 14725 | &nbsp;&nbsp; 15077 |
|  |  | &nbsp;&nbsp; 41805 |
| **Lodging—0.5%** | **Lodging—0.5%** |  |
| Hilton Grand Vacations <br> Borrower LLC 144A <br>5.000%, 6/1/29<sup>(1)</sup> <br>| 3300 | &nbsp;&nbsp; 3205 |
| MGM Resorts International <br>4.750%, 10/15/28<br>| 7595 | &nbsp;&nbsp; 7577 |
| Station Casinos LLC 144A <br>6.625%, 3/15/32<sup>(1)</sup> <br>| 10850 | &nbsp;&nbsp; 11107 |
|  |  | &nbsp;&nbsp; 21889 |
| **Machinery-Diversified—0.1%** | **Machinery-Diversified—0.1%** |  |
| Chart Industries, Inc. 144A <br>7.500%, 1/1/30<sup>(1)</sup> <br>| 5100 | &nbsp;&nbsp; 5315 |
| **Media—3.1%** | **Media—3.1%** |  |
| CCO Holdings LLC |  |  |
| <br>4.500%, 5/1/32 | 7105 | &nbsp;&nbsp; 6377 |
| <br>144A 5.375%, 6/1/29<sup>(1)</sup> <br>| 14405 | &nbsp;&nbsp; 14243 |
| <br>144A 6.375%, 9/1/29<sup>(1)</sup> <br>| 11735 | &nbsp;&nbsp; 11896 |

---

*See Notes to Financial Statements*

------

**Income & Growth Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Media—continued** | **Media—continued** |  |
| <br>144A 7.375%, 3/1/31<sup>(1)</sup> <br>| $5750 | &nbsp;&nbsp; $5868 |
| CSC Holdings LLC |  |  |
| <br>144A 7.500%, 4/1/28<sup>(1)</sup> <br>| 14490 | &nbsp;&nbsp; 8440 |
| <br>144A 5.750%, 1/15/30<sup>(1)</sup> <br>| 3000 | &nbsp;&nbsp; 1109 |
| DIRECTV Financing LLC <br> 144A <br>8.875%, 2/1/30<sup>(1)</sup> <br>| 14515 | &nbsp;&nbsp; 14686 |
| Gray Media, Inc. |  |  |
| <br>144A <br> 5.375%, 11/15/31<sup>(1)</sup> <br>| 14095 | &nbsp;&nbsp; 10569 |
| <br>144A 9.625%, 7/15/32<sup>(1)</sup> <br>| 6605 | &nbsp;&nbsp; 6855 |
| Nexstar Media, Inc. |  |  |
| <br>144A 5.625%, 7/15/27<sup>(1)</sup> <br>| 11535 | &nbsp;&nbsp; 11566 |
| <br>144A 4.750%, 11/1/28<sup>(1)</sup> <br>| 5800 | &nbsp;&nbsp; 5758 |
| Scripps Escrow II, Inc. <br> 144A <br>5.375%, 1/15/31<sup>(1)</sup> <br>| 10495 | &nbsp;&nbsp; 7931 |
| Sirius XM Radio LLC |  |  |
| <br>144A 5.500%, 7/1/29<sup>(1)</sup> <br>| 8595 | &nbsp;&nbsp; 8665 |
| <br>144A 4.125%, 7/1/30<sup>(1)</sup> <br>| 11990 | &nbsp;&nbsp; 11403 |
| Versant Media Group, Inc. <br> 144A <br>7.250%, 1/30/31<sup>(1)</sup> <br>| 5990 | &nbsp;&nbsp; 6180 |
| Virgin Media Finance plc <br> 144A <br>5.000%, 7/15/30<sup>(1)</sup> <br>| 7505 | &nbsp;&nbsp; 6617 |
| Virgin Media Secured <br> Finance plc 144A <br>4.500%, 8/15/30<sup>(1)</sup> <br>| 9225 | &nbsp;&nbsp; 8540 |
|  |  | &nbsp;&nbsp; 146703 |
| **Mining—0.3%** | **Mining—0.3%** |  |
| Arsenal AIC Parent LLC <br> 144A <br>8.000%, 10/1/30<sup>(1)</sup> <br>| 8340 | &nbsp;&nbsp; 8850 |
| Fortescue Treasury Pty Ltd. <br> 144A <br>4.375%, 4/1/31<sup>(1)</sup> <br>| 2312 | &nbsp;&nbsp; 2236 |
| Hudbay Minerals, Inc. <br> 144A <br>6.125%, 4/1/29<sup>(1)</sup> <br>| 4675 | &nbsp;&nbsp; 4736 |
|  |  | &nbsp;&nbsp; 15822 |
| **Miscellaneous Manufacturing—0.3%** | **Miscellaneous Manufacturing—0.3%** |  |
| Axon Enterprise, Inc. |  |  |
| <br>144A 6.125%, 3/15/30<sup>(1)</sup> <br>| 6070 | &nbsp;&nbsp; 6266 |
| <br>144A 6.250%, 3/15/33<sup>(1)</sup> <br>| 7270 | &nbsp;&nbsp; 7563 |
|  |  | &nbsp;&nbsp; 13829 |
| **Oil, Gas & Consumable Fuels—1.9%** | **Oil, Gas & Consumable Fuels—1.9%** |  |
| CITGO Petroleum Corp. <br> 144A <br>8.375%, 1/15/29<sup>(1)</sup> <br>| 11480 | &nbsp;&nbsp; 11937 |
| Civitas Resources, Inc. <br> 144A <br>8.750%, 7/1/31<sup>(1)</sup> <br>| 11705 | &nbsp;&nbsp; 12143 |
| CNX Resources Corp. 144A <br>7.375%, 1/15/31<sup>(1)</sup> <br>| 4810 | &nbsp;&nbsp; 4981 |
| Cobalt International <br> Energy, Inc. <br>7.750%, 12/1/24<sup>(3)(4)</sup> <br>| 9216 | &nbsp;&nbsp; — <br><sup>(5)</sup><br>|

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Oil, Gas & Consumable** <br> **Fuels—continued** | **Oil, Gas & Consumable** <br> **Fuels—continued** |  |
| Mesquite Energy, Inc. <br>0.000%, 1/15/24<sup>(3)</sup> <br>| $6240 | &nbsp;&nbsp; $1 |
| Northern Oil & Gas, Inc. <br> 144A <br>8.750%, 6/15/31<sup>(1)</sup> <br>| 6370 | &nbsp;&nbsp; 6431 |
| Occidental Petroleum Corp. <br>8.875%, 7/15/30<br>| 6600 | &nbsp;&nbsp; 7632 |
| SM Energy Co. |  |  |
| <br>144A 6.750%, 8/1/29<sup>(1)</sup> <br>| 6495 | &nbsp;&nbsp; 6543 |
| <br>144A 7.000%, 8/1/32<sup>(1)</sup> <br>| 6935 | &nbsp;&nbsp; 6817 |
| Sunoco LP 144A <br>6.250%, 7/1/33<sup>(1)</sup> <br>| 13245 | &nbsp;&nbsp; 13567 |
| Transocean International <br> Ltd. 144A <br>8.500%, 5/15/31<sup>(1)</sup> <br>| 15705 | &nbsp;&nbsp; 15556 |
| USA Compression <br> Partners LP 144A <br>7.125%, 3/15/29<sup>(1)</sup> <br>| 6325 | &nbsp;&nbsp; 6547 |
|  |  | &nbsp;&nbsp; 92155 |
| **Passenger Airlines—0.2%** | **Passenger Airlines—0.2%** |  |
| American Airlines, Inc. <br> 144A <br>5.750%, 4/20/29<sup>(1)</sup> <br>| 7125 | &nbsp;&nbsp; 7256 |
| **Pharmaceuticals—0.6%** | **Pharmaceuticals—0.6%** |  |
| Bausch Health Americas, <br> Inc. 144A <br>8.500%, 1/31/27<sup>(1)</sup> <br>| 12710 | &nbsp;&nbsp; 12583 |
| Jazz Securities DAC 144A <br>4.375%, 1/15/29<sup>(1)</sup> <br>| 8825 | &nbsp;&nbsp; 8704 |
| Organon & Co. 144A <br>5.125%, 4/30/31<sup>(1)</sup> <br>| 10090 | &nbsp;&nbsp; 8357 |
|  |  | &nbsp;&nbsp; 29644 |
| **Pipelines—0.7%** | **Pipelines—0.7%** |  |
| NGL Energy Operating LLC <br> 144A <br>8.375%, 2/15/32<sup>(1)</sup> <br>| 8265 | &nbsp;&nbsp; 8559 |
| Venture Global LNG, Inc. |  |  |
| <br>144A 8.125%, 6/1/28<sup>(1)</sup> <br>| 9190 | &nbsp;&nbsp; 9309 |
| <br>144A 7.000%, 1/15/30<sup>(1)</sup> <br>| 14045 | &nbsp;&nbsp; 13517 |
|  |  | &nbsp;&nbsp; 31385 |
| **Real Estate—0.1%** | **Real Estate—0.1%** |  |
| Kennedy-Wilson, Inc. <br>5.000%, 3/1/31<br>| 5300 | &nbsp;&nbsp; 4985 |
| **Retail—1.0%** | **Retail—1.0%** |  |
| Advance Auto Parts, Inc. |  |  |
| <br>144A 7.000%, 8/1/30<sup>(1)</sup> <br>| 4735 | &nbsp;&nbsp; 4760 |
| <br>144A 7.375%, 8/1/33<sup>(1)</sup> <br>| 11920 | &nbsp;&nbsp; 11967 |
| Bath & Body Works, Inc. |  |  |
| <br>6.875%, 11/1/35 | 2255 | &nbsp;&nbsp; 2281 |
| <br>144A 6.625%, 10/1/30<sup>(1)</sup> <br>| 9455 | &nbsp;&nbsp; 9667 |
| Mariposa Borrower, Inc. <br> Escrow <br>8.000%, 10/15/23<sup>(3)(4)</sup> <br>| 6810 | &nbsp;&nbsp; — |
| New Red Finance, Inc. <br> 144A <br>6.125%, 6/15/29<sup>(1)</sup> <br>| 14615 | &nbsp;&nbsp; 15004 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Retail—continued** | **Retail—continued** |  |
| Yum! Brands, Inc. <br>4.625%, 1/31/32<br>| $5310 | &nbsp;&nbsp; $5204 |
|  |  | &nbsp;&nbsp; 48883 |
| **Software—0.7%** | **Software—0.7%** |  |
| Cloud Software Group, Inc. |  |  |
| <br>144A 6.500%, 3/31/29<sup>(1)</sup> <br>| 12775 | &nbsp;&nbsp; 12942 |
| <br>144A 6.625%, 8/15/33<sup>(1)</sup> <br>| 9090 | &nbsp;&nbsp; 9009 |
| UKG, Inc. 144A <br>6.875%, 2/1/31<sup>(1)</sup> <br>| 12980 | &nbsp;&nbsp; 13333 |
|  |  | &nbsp;&nbsp; 35284 |
| **Telecommunications—1.7%** | **Telecommunications—1.7%** |  |
| Frontier Communications <br> Holdings LLC<br>|  |  |
| <br>144A 5.000%, 5/1/28<sup>(1)</sup> <br>| 10165 | &nbsp;&nbsp; 10182 |
| <br>144A 8.750%, 5/15/30<sup>(1)</sup> <br>| 3920 | &nbsp;&nbsp; 4094 |
| Level 3 Financing, Inc. <br> 144A <br>8.500%, 1/15/36<sup>(1)</sup> <br>| 6630 | &nbsp;&nbsp; 6789 |
| Lumen Technologies, Inc. |  |  |
| <br>144A 5.375%, 6/15/29<sup>(1)</sup> <br>| 23075 | &nbsp;&nbsp; 21690 |
| <br>144A <br> 10.000%, 10/15/32<sup>(1)</sup> <br>| 8285 | &nbsp;&nbsp; 8326 |
| Vmed O2 UK Financing I <br> plc 144A <br>7.750%, 4/15/32<sup>(1)</sup> <br>| 12080 | &nbsp;&nbsp; 12589 |
| WULF Compute LLC 144A <br>7.750%, 10/15/30<sup>(1)</sup> <br>| 15250 | &nbsp;&nbsp; 15711 |
|  |  | &nbsp;&nbsp; 79381 |
| **Transportation—0.8%** | **Transportation—0.8%** |  |
| FTAI Aviation Investors LLC |  |  |
| <br>144A 7.000%, 6/15/32<sup>(1)</sup> <br>| 18530 | &nbsp;&nbsp; 19480 |
| <br>144A 5.875%, 4/15/33<sup>(1)</sup> <br>| 10680 | &nbsp;&nbsp; 10853 |
| XPO, Inc. |  |  |
| <br>144A 7.125%, 6/1/31<sup>(1)</sup> <br>| 5950 | &nbsp;&nbsp; 6204 |
| <br>144A 7.125%, 2/1/32<sup>(1)</sup> <br>| 2015 | &nbsp;&nbsp; 2119 |
|  |  | &nbsp;&nbsp; 38656 |
| **Total Corporate Bonds and Notes** <br>**(Identified Cost $1,487,652)** | **Total Corporate Bonds and Notes** <br>**(Identified Cost $1,487,652)** | &nbsp;&nbsp; **1448898** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Convertible Preferred Stocks—4.4%** | **Convertible Preferred Stocks—4.4%** | **Convertible Preferred Stocks—4.4%** |
| **Aerospace & Defense—0.5%** | **Aerospace & Defense—0.5%** |  |
| Boeing Co. (The), 6.000% | 335335 | &nbsp;&nbsp; 23158 |
| **Banks—1.4%** | **Banks—1.4%** |  |
| Bank of America Corp. <br> Series L, 7.250%<br>| 16720 | &nbsp;&nbsp; 20933 |
| Wells Fargo & Co. Series L, <br> 7.500%<br>| 35805 | &nbsp;&nbsp; 43396 |
|  |  | &nbsp;&nbsp; 64329 |
| **Capital Markets—0.5%** | **Capital Markets—0.5%** |  |
| Ares Management Corp. <br> Series B, 6.750%<br>| 171665 | &nbsp;&nbsp; 8652 |

---

*See Notes to Financial Statements*

------

**Income & Growth Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Capital Markets—continued** | **Capital Markets—continued** |  |
| KKR & Co., Inc. Series D, <br> 6.250%<br>| 281120 | &nbsp;&nbsp; $14573 |
|  |  | &nbsp;&nbsp; 23225 |
| **Chemicals—0.2%** | **Chemicals—0.2%** |  |
| Albemarle Corp., 7.250% | 165835 | &nbsp;&nbsp; 9849 |
| **Electric Utilities—1.1%** | **Electric Utilities—1.1%** |  |
| NextEra Energy, Inc., <br> 7.299%<br>| 581645 | &nbsp;&nbsp; 30112 |
| PG&E Corp. Series A, <br> 6.000%<br>| 468190 | &nbsp;&nbsp; 19196 |
| Southern Co. (The) Series <br> A, 7.125%<br>| 64150 | &nbsp;&nbsp; 3230 |
|  |  | &nbsp;&nbsp; 52538 |
| **Financial Services—0.1%** | **Financial Services—0.1%** |  |
| Shift4 Payments, Inc., <br> 6.000%<br>| 42980 | &nbsp;&nbsp; 3439 |
| **Healthcare Providers &** <br> **Services—0.3%** | **Healthcare Providers &** <br> **Services—0.3%** |  |
| BrightSpring Health <br> Services, Inc., 6.750%<br>| 112925 | &nbsp;&nbsp; 14253 |
| **Semiconductors & Semiconductor** <br> **Equipment—0.2%** | **Semiconductors & Semiconductor** <br> **Equipment—0.2%** |  |
| Microchip Technology, Inc., <br> 7.500%<br>| 201250 | &nbsp;&nbsp; 11729 |
| **Software—0.1%** | **Software—0.1%** |  |
| Strategy, Inc., 8.000% | 42025 | &nbsp;&nbsp; 3310 |
| **Total Convertible Preferred** <br> **Stocks** <br>**(Identified Cost $204,992)** | **Total Convertible Preferred** <br> **Stocks** <br>**(Identified Cost $204,992)** | &nbsp;&nbsp; **205830** |
| **Preferred Stock—0.0%** | **Preferred Stock—0.0%** | **Preferred Stock—0.0%** |
| **Entertainment—0.0%** | **Entertainment—0.0%** |  |
| LiveStyle, Inc. Series <br> B<sup>(3)(6)(7)</sup> <br>| 9389 | &nbsp;&nbsp; — |
| **Total Preferred Stock** <br>**(Identified Cost $921)** | **Total Preferred Stock** <br>**(Identified Cost $921)** | &nbsp;&nbsp; **—** |
| **Common Stocks—32.3%** | **Common Stocks—32.3%** | **Common Stocks—32.3%** |
| **Aerospace & Defense—0.4%** | **Aerospace & Defense—0.4%** |  |
| RTX Corp. | 92230 | &nbsp;&nbsp; 16915 |
| **Air Freight & Logistics—0.1%** | **Air Freight & Logistics—0.1%** |  |
| Expeditors International of <br> Washington, Inc.<br>| 32840 | &nbsp;&nbsp; 4893 |
| **Automobiles—0.6%** | **Automobiles—0.6%** |  |
| Tesla, Inc.<sup>(6)(8)</sup> <br>| 60348 | &nbsp;&nbsp; 27140 |
| **Banks—1.4%** | **Banks—1.4%** |  |
| CCF Holdings LLC<sup>(3)(6)</sup> <br>| 7416755 | &nbsp;&nbsp; 371 |
| CCF Holdings LLC <br> Class M<sup>(3)(6)</sup> <br>| 1759917 | &nbsp;&nbsp; 106 |
| Citigroup, Inc. | 204890 | &nbsp;&nbsp; 23909 |
| JPMorgan Chase & Co. | 76815 | &nbsp;&nbsp; 24751 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Banks—continued** | **Banks—continued** |  |
| Wells Fargo & Co. | 192720 | &nbsp;&nbsp; $17961 |
|  |  | &nbsp;&nbsp; 67098 |
| **Beverages—0.3%** | **Beverages—0.3%** |  |
| Coca-Cola Co. (The) | 216670 | &nbsp;&nbsp; 15147 |
| **Biotechnology—1.0%** | **Biotechnology—1.0%** |  |
| AbbVie, Inc. | 62947 | &nbsp;&nbsp; 14383 |
| Argenx SE ADR<sup>(6)</sup> <br>| 11140 | &nbsp;&nbsp; 9368 |
| Clovis Liquidation Trust <br> Units<sup>(3)(6)</sup> <br>| 4474067 | &nbsp;&nbsp; 67 |
| Gilead Sciences, Inc. | 154425 | &nbsp;&nbsp; 18954 |
| Regeneron <br> Pharmaceuticals, Inc.<br>| 7325 | &nbsp;&nbsp; 5654 |
|  |  | &nbsp;&nbsp; 48426 |
| **Broadline Retail—1.8%** | **Broadline Retail—1.8%** |  |
| Amazon.com, Inc.<sup>(6)</sup> <br>| 374405 | &nbsp;&nbsp; 86420 |
| **Capital Markets—1.1%** | **Capital Markets—1.1%** |  |
| Blackstone, Inc. | 26215 | &nbsp;&nbsp; 4041 |
| Charles Schwab Corp. <br> (The)<br>| 86705 | &nbsp;&nbsp; 8663 |
| Intercontinental Exchange, <br> Inc.<br>| 51675 | &nbsp;&nbsp; 8369 |
| Moody's Corp. | 28665 | &nbsp;&nbsp; 14644 |
| Morgan Stanley | 83920 | &nbsp;&nbsp; 14898 |
|  |  | &nbsp;&nbsp; 50615 |
| **Chemicals—0.1%** | **Chemicals—0.1%** |  |
| DuPont de Nemours, Inc. | 101413 | &nbsp;&nbsp; 4077 |
| **Commercial Services &** <br> **Supplies—0.3%** | **Commercial Services &** <br> **Supplies—0.3%** |  |
| Waste Management, Inc. | 58375 | &nbsp;&nbsp; 12826 |
| **Communications Equipment—0.5%** | **Communications Equipment—0.5%** |  |
| Cisco Systems, Inc. | 218520 | &nbsp;&nbsp; 16833 |
| Motorola Solutions, Inc. | 15325 | &nbsp;&nbsp; 5874 |
|  |  | &nbsp;&nbsp; 22707 |
| **Consumer Finance—0.3%** | **Consumer Finance—0.3%** |  |
| Capital One Financial Corp. | 58366 | &nbsp;&nbsp; 14146 |
| Erickson, Inc.<sup>(3)(6)</sup> <br>| 10866 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; 14146 |
| **Consumer Staples Distribution &** <br> **Retail—0.5%** | **Consumer Staples Distribution &** <br> **Retail—0.5%** |  |
| Walmart, Inc. | 206215 | &nbsp;&nbsp; 22974 |
| **Electric Utilities—0.2%** | **Electric Utilities—0.2%** |  |
| Constellation Energy Corp. | 28660 | &nbsp;&nbsp; 10125 |
| **Electrical Equipment—0.7%** | **Electrical Equipment—0.7%** |  |
| GE Vernova, Inc. | 14075 | &nbsp;&nbsp; 9199 |
| Generac Holdings, Inc.<sup>(6)</sup> <br>| 49720 | &nbsp;&nbsp; 6780 |
| Plug Power, Inc.<sup>(6)</sup> <br>| 437288 | &nbsp;&nbsp; 862 |
| Rockwell Automation, Inc. | 47590 | &nbsp;&nbsp; 18516 |
|  |  | &nbsp;&nbsp; 35357 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Electronic Equipment, Instruments &** <br> **Components—0.2%** | **Electronic Equipment, Instruments &** <br> **Components—0.2%** |  |
| Amphenol Corp. Class A | 61285 | &nbsp;&nbsp; $8282 |
| **Entertainment—0.3%** | **Entertainment—0.3%** |  |
| LiveStyle, Inc. <sup>(3)(6)(7)</sup> <br>| 202319 | &nbsp;&nbsp; — |
| Take-Two Interactive <br> Software, Inc.<sup>(6)</sup> <br>| 49688 | &nbsp;&nbsp; 12722 |
|  |  | &nbsp;&nbsp; 12722 |
| **Financial Services—1.1%** | **Financial Services—1.1%** |  |
| Berkshire Hathaway, Inc. <br> Class B<sup>(6)</sup> <br>| 31530 | &nbsp;&nbsp; 15848 |
| Mastercard, Inc. Class A | 66380 | &nbsp;&nbsp; 37895 |
|  |  | &nbsp;&nbsp; 53743 |
| **Ground Transportation—0.1%** | **Ground Transportation—0.1%** |  |
| Old Dominion Freight Line, <br> Inc.<br>| 35470 | &nbsp;&nbsp; 5562 |
| **Healthcare Equipment &** <br> **Supplies—0.5%** | **Healthcare Equipment &** <br> **Supplies—0.5%** |  |
| Boston Scientific Corp.<sup>(6)</sup> <br>| 80630 | &nbsp;&nbsp; 7688 |
| Insulet Corp.<sup>(6)</sup> <br>| 24465 | &nbsp;&nbsp; 6954 |
| Intuitive Surgical, Inc.<sup>(6)</sup> <br>| 18585 | &nbsp;&nbsp; 10526 |
|  |  | &nbsp;&nbsp; 25168 |
| **Healthcare Providers &** <br> **Services—1.2%** | **Healthcare Providers &** <br> **Services—1.2%** |  |
| Cardinal Health, Inc. | 93450 | &nbsp;&nbsp; 19204 |
| McKesson Corp. | 28505 | &nbsp;&nbsp; 23383 |
| UnitedHealth Group, Inc. | 38570 | &nbsp;&nbsp; 12732 |
|  |  | &nbsp;&nbsp; 55319 |
| **Hotels, Restaurants & Leisure—0.1%** | **Hotels, Restaurants & Leisure—0.1%** |  |
| Carnival Corp.<sup>(6)</sup> <br>| 200410 | &nbsp;&nbsp; 6120 |
| **Household Durables—0.1%** | **Household Durables—0.1%** |  |
| DR Horton, Inc. | 29630 | &nbsp;&nbsp; 4268 |
| **Industrial Conglomerates—0.6%** | **Industrial Conglomerates—0.6%** |  |
| 3M Co. | 77500 | &nbsp;&nbsp; 12407 |
| General Electric Co. | 51095 | &nbsp;&nbsp; 15739 |
|  |  | &nbsp;&nbsp; 28146 |
| **Insurance—0.2%** | **Insurance—0.2%** |  |
| Aon plc Class A | 25985 | &nbsp;&nbsp; 9170 |
| **Interactive Media & Services—3.0%** | **Interactive Media & Services—3.0%** |  |
| Alphabet, Inc. Class A<sup>(8)</sup> <br>| 256070 | &nbsp;&nbsp; 80150 |
| Alphabet, Inc. Class C<sup>(8)</sup> <br>| 78850 | &nbsp;&nbsp; 24743 |
| Meta Platforms, Inc. <br> Class A<sup>(8)</sup> <br>| 54208 | &nbsp;&nbsp; 35782 |
|  |  | &nbsp;&nbsp; 140675 |
| **IT Services—0.3%** | **IT Services—0.3%** |  |
| EPAM Systems, Inc.<sup>(6)</sup> <br>| 20020 | &nbsp;&nbsp; 4102 |
| GTT Communications, <br> Inc.<sup>(6)</sup> <br>| 8647 | &nbsp;&nbsp; 171 |

---

*See Notes to Financial Statements*

------

**Income & Growth Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **IT Services—continued** | **IT Services—continued** |  |
| International Business <br> Machines Corp.<br>| 25745 | &nbsp;&nbsp; $7626 |
|  |  | &nbsp;&nbsp; 11899 |
| **Life Sciences Tools & Services—0.2%** | **Life Sciences Tools & Services—0.2%** |  |
| Avantor, Inc.<sup>(6)</sup> <br>| 280592 | &nbsp;&nbsp; 3215 |
| Danaher Corp. | 22220 | &nbsp;&nbsp; 5087 |
|  |  | &nbsp;&nbsp; 8302 |
| **Machinery—1.5%** | **Machinery—1.5%** |  |
| Caterpillar, Inc.<sup>(8)</sup> <br>| 41840 | &nbsp;&nbsp; 23969 |
| Cummins, Inc.<sup>(8)</sup> <br>| 26465 | &nbsp;&nbsp; 13509 |
| Parker-Hannifin Corp.<sup>(8)</sup> <br>| 20345 | &nbsp;&nbsp; 17883 |
| Stanley Black & Decker, <br> Inc.<br>| 82623 | &nbsp;&nbsp; 6137 |
| Xylem, Inc. | 65090 | &nbsp;&nbsp; 8864 |
|  |  | &nbsp;&nbsp; 70362 |
| **Media—0.0%** | **Media—0.0%** |  |
| Postmedia Network Canada <br> Corp.<sup>(3)(6)</sup> <br>| 1018823 | &nbsp;&nbsp; 532 |
| **Metals & Mining—0.2%** | **Metals & Mining—0.2%** |  |
| Freeport-McMoRan, Inc.<sup>(8)</sup> <br>| 168350 | &nbsp;&nbsp; 8550 |
| **Oil, Gas & Consumable Fuels—0.1%** | **Oil, Gas & Consumable Fuels—0.1%** |  |
| Devon Energy Corp. | 148335 | &nbsp;&nbsp; 5433 |
| **Pharmaceuticals—1.2%** | **Pharmaceuticals—1.2%** |  |
| Eli Lilly & Co. | 33690 | &nbsp;&nbsp; 36206 |
| Merck & Co., Inc. | 171244 | &nbsp;&nbsp; 18025 |
|  |  | &nbsp;&nbsp; 54231 |
| **Professional Services—0.0%** | **Professional Services—0.0%** |  |
| Clarivate plc<sup>(6)</sup> <br>| 540468 | &nbsp;&nbsp; 1805 |
| **Real Estate Management &** <br> **Development—0.3%** | **Real Estate Management &** <br> **Development—0.3%** |  |
| CBRE Group, Inc. Class A<sup>(6)</sup> <br>| 83905 | &nbsp;&nbsp; 13491 |
| **Semiconductors & Semiconductor** <br> **Equipment—5.1%** | **Semiconductors & Semiconductor** <br> **Equipment—5.1%** |  |
| Advanced Micro Devices, <br> Inc.<sup>(6)</sup> <br>| 37890 | &nbsp;&nbsp; 8115 |
| Analog Devices, Inc.<sup>(8)</sup> <br>| 41010 | &nbsp;&nbsp; 11122 |
| Broadcom, Inc.<sup>(8)</sup> <br>| 138675 | &nbsp;&nbsp; 47995 |
| Lam Research Corp.<sup>(8)</sup> <br>| 58560 | &nbsp;&nbsp; 10024 |
| Marvell Technology, Inc. | 78605 | &nbsp;&nbsp; 6680 |
| Micron Technology, Inc.<sup>(8)</sup> <br>| 62035 | &nbsp;&nbsp; 17705 |
| NVIDIA Corp. | 753837 | &nbsp;&nbsp; 140591 |
|  |  | &nbsp;&nbsp; 242232 |
| **Software—3.2%** | **Software—3.2%** |  |
| Cadence Design Systems, <br> Inc.<sup>(6)(8)</sup> <br>| 38795 | &nbsp;&nbsp; 12126 |
| Crowdstrike Holdings, Inc. <br> Class A<sup>(6)</sup> <br>| 15675 | &nbsp;&nbsp; 7348 |
| Intuit, Inc. | 12740 | &nbsp;&nbsp; 8439 |
| Microsoft Corp. | 228611 | &nbsp;&nbsp; 110561 |
| Palantir Technologies, Inc. <br> Class A<sup>(6)(8)</sup> <br>| 59930 | &nbsp;&nbsp; 10653 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Software—continued** | **Software—continued** |  |
| Workday, Inc. Class A<sup>(6)</sup> <br>| 4974 | &nbsp;&nbsp; $1068 |
|  |  | &nbsp;&nbsp; 150195 |
| **Specialized REITs—0.2%** | **Specialized REITs—0.2%** |  |
| Equinix, Inc. | 9680 | &nbsp;&nbsp; 7416 |
| **Specialty Retail—0.7%** | **Specialty Retail—0.7%** |  |
| Chewy, Inc. Class A<sup>(6)</sup> <br>| 205737 | &nbsp;&nbsp; 6800 |
| Home Depot, Inc. (The) | 29025 | &nbsp;&nbsp; 9987 |
| TJX Cos., Inc. (The) | 119670 | &nbsp;&nbsp; 18383 |
|  |  | &nbsp;&nbsp; 35170 |
| **Technology Hardware, Storage &** <br> **Peripherals—2.5%** | **Technology Hardware, Storage &** <br> **Peripherals—2.5%** |  |
| Apple, Inc. | 437840 | &nbsp;&nbsp; 119031 |
| **Textiles, Apparel & Luxury** <br> **Goods—0.1%** | **Textiles, Apparel & Luxury** <br> **Goods—0.1%** |  |
| NIKE, Inc. Class B | 110605 | &nbsp;&nbsp; 7047 |
| **Total Common Stocks** <br>**(Identified Cost $1,441,910)** | **Total Common Stocks** <br>**(Identified Cost $1,441,910)** | &nbsp;&nbsp; **1523737** |
| **Warrants—0.0%** | **Warrants—0.0%** | **Warrants—0.0%** |
| **Banks—0.0%** | **Banks—0.0%** |  |
| CCF Holdings LLC, <br> 3/25/26<sup>(3)(6)</sup> <br>| 2911361 | &nbsp;&nbsp; — |
| **IT Services—0.0%** | **IT Services—0.0%** |  |
| GTT Communications, Inc., <br> 12/31/99<sup>(3)(6)</sup> <br>| 27745 | &nbsp;&nbsp; — <br><sup>(5)</sup><br>|
| **Total Warrants** <br>**(Identified Cost $—)**<sup>(5)</sup>  | **Total Warrants** <br>**(Identified Cost $—)**<sup>(5)</sup>  | &nbsp;&nbsp; **—** <br><sup>(5)</sup><br>|
| **Equity-Linked Notes—4.1%** | **Equity-Linked Notes—4.1%** | **Equity-Linked Notes—4.1%** |
| **Banks—1.9%** | **Banks—1.9%** |  |
| Barclays Bank plc (Cadence <br> Design Systems, Inc.) <br>1.250%, 5/26/28<sup>(3)</sup> <br>| 16205000 | &nbsp;&nbsp; 17347 |
| Barclays Bank plc <br> (Microsoft Corp.) <br>1.000%, 2/16/29<br>| 19620000 | &nbsp;&nbsp; 21515 |
| BofA Finance LLC <br> (Amazon.com, Inc.) <br>1.000%, 3/25/27<sup>(3)</sup> <br>| 9395000 | &nbsp;&nbsp; 11475 |
| BofA Finance LLC <br> (Atlassian Corp.) <br>1.000%, 3/23/28<sup>(3)</sup> <br>| 14205000 | &nbsp;&nbsp; 13964 |
| BofA Finance LLC (Stryker <br> Corp.) <br>1.000%, 3/17/28<sup>(3)</sup> <br>| 13975000 | &nbsp;&nbsp; 13936 |
| Morgan Stanley <br> Finance LLC (Berkshire <br> Hathaway, Inc.) <br>1.000%, 3/21/28<sup>(3)</sup> <br>| 14030000 | &nbsp;&nbsp; 13964 |
|  |  | &nbsp;&nbsp; 92201 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financial Services—2.2%** | **Financial Services—2.2%** |  |
| Citigroup Global Markets <br> Holdings, Inc. (NVIDIA <br> Corp.) <br>1.000%, 3/15/27<br>| 6315000 | &nbsp;&nbsp; $9958 |
| Goldman Sachs Finance <br> Corp. (CVS Health Corp.) <br>1.000%, 9/25/28<sup>(3)</sup> <br>| 16000000 | &nbsp;&nbsp; 17954 |
| Goldman Sachs Finance <br> Corp. (Eli Lilly & Co.) <br>1.000%, 5/13/27<sup>(3)</sup> <br>| 13770000 | &nbsp;&nbsp; 18475 |
| Goldman Sachs Finance <br> Corp. (Regeneron <br> Pharmaceuticals, Inc.) <br>1.250%, 6/28/27<sup>(3)</sup> <br>| 17975000 | &nbsp;&nbsp; 17761 |
| JPMorgan Chase Financial <br> Co. LLC (Boeing Co. <br> (The)) <br>0.500%, 6/15/27<br>| 5475000 | &nbsp;&nbsp; 6317 |
| JPMorgan Chase Financial <br> Co. LLC (Intuit, Inc.) <br>1.000%, 6/15/28<br>| 13675000 | &nbsp;&nbsp; 14048 |
| JPMorgan Chase Financial <br> Co. LLC (Johnson <br> Controls International <br> plc) <br>1.000%, 4/1/28<br>| 14725000 | &nbsp;&nbsp; 18929 |
|  |  | &nbsp;&nbsp; 103442 |
| **Total Equity-Linked Notes** <br>**(Identified Cost $189,386)** | **Total Equity-Linked Notes** <br>**(Identified Cost $189,386)** | &nbsp;&nbsp; **195643** |
| **Total Long-Term** <br> **Investments—95.2%** <br>**(Identified Cost $4,384,641)** | **Total Long-Term** <br> **Investments—95.2%** <br>**(Identified Cost $4,384,641)** | &nbsp;&nbsp; **4490918** |
| **Short-Term Investment—1.0%** | **Short-Term Investment—1.0%** | **Short-Term Investment—1.0%** |
| **Money Market Mutual Fund—1.0%** | **Money Market Mutual Fund—1.0%** | **Money Market Mutual Fund—1.0%** |
| BlackRock Liquidity <br> FedFund - Institutional <br> Shares (seven-day <br> effective yield <br> 3.652%)<sup>(9)</sup> <br>| 45995288 | &nbsp;&nbsp; 45995 |
| **Total Short-Term Investment** <br>**(Identified Cost $45,995)** | **Total Short-Term Investment** <br>**(Identified Cost $45,995)** | &nbsp;&nbsp; **45995** |
| **TOTAL INVESTMENTS, BEFORE** <br> **WRITTEN OPTIONS**—**96.2%** <br>**(Identified Cost $4,430,636)** | **TOTAL INVESTMENTS, BEFORE** <br> **WRITTEN OPTIONS**—**96.2%** <br>**(Identified Cost $4,430,636)** | &nbsp;&nbsp; **4536913** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*See Notes to Financial Statements*

------

**Income & Growth Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**December 31, 2025**

($ reported in thousands)

---

| | |
|:---|:---|
|  | **Value** |
| **Written Options—(0.0)%** | **Written Options—(0.0)%** |
| (See open written options <br> schedule)<br>|  |
| **Total Written Options** <br>**(Premiums Received $405)** | &nbsp;&nbsp; **$(168)**<br>|
| **TOTAL INVESTMENTS, NET OF** <br> **WRITTEN OPTIONS—96.2%** <br>**(Identified Cost $4,430,231)** | &nbsp;&nbsp; **$4536745** |
| Other assets and liabilities, net—3.8% | &nbsp;&nbsp; 181168 |
| **NET ASSETS—100.0%** | &nbsp;&nbsp; **$4717913** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| DAC | Designated Activity Company |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| OP | Operating Partnership |
| plc | Public Limited Company |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Security exempt from registration under Rule 144A <br> of the Securities Act of 1933. These securities may <br> be resold in transactions exempt from registration, <br> normally to qualified institutional buyers. At <br> December 31, 2025, these securities amounted to a <br> value of $1,860,438 or 39.4% of net assets.<br>|
| <sup>(2)</sup> <br>| Issued with a zero coupon. Income is recognized <br> through the accretion of discount.<br>|
| <sup>(3)</sup> <br>| The value of this security was determined using <br> significant unobservable inputs and is reported as a <br> Level 3 security in the Fair Value Hierarchy table <br> located after the Schedule of Investments.<br>|
| <sup>(4)</sup> <br>| Security in default; no interest payments are being <br> received.<br>|
| <sup>(5)</sup> <br>| Amount is less than $500 (not in thousands). |
| <sup>(6)</sup> <br>| Non-income producing. |
| <sup>(7)</sup> <br>| All or a portion of the security is restricted. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 $170,144. 

<sup>(9)</sup> Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Weightings**<sup>†</sup>  | **Country Weightings**<sup>†</sup>  |
| United States | 92<br> %<br>|
| Canada | 2 |
| United Kingdom | 2 |
| Bermuda | 1 |
| Cayman Islands | 1 |
| Panama | 1 |
| Israel | 1 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments, net of written options, as of <br> December 31, 2025. | <sup>†</sup> % of total investments, net of written options, as of <br> December 31, 2025. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open written options contracts as of December 31, 2025 were as follows:** | **Open written options contracts as of December 31, 2025 were as follows:** | **Open written options contracts as of December 31, 2025 were as follows:** | **Open written options contracts as of December 31, 2025 were as follows:** | **Open written options contracts as of December 31, 2025 were as follows:** | **Open written options contracts as of December 31, 2025 were as follows:** |
| **Description of Options** | &nbsp;&nbsp;&nbsp; **Number** <br> **of** <br>**Contracts**<br>| &nbsp;&nbsp; **Contract** <br>**Notional** <br>**Amount**<br>| &nbsp;&nbsp; **Strike** <br>**Price**<sup>(1)</sup> <br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| **Value** |
| **Call Options**<sup>(2)</sup> |  |  |  |  |  |
| Alphabet, Inc. | (1280) | &nbsp;&nbsp;&nbsp; $(44800)<br>| &nbsp;&nbsp;&nbsp; $350.00 | &nbsp;&nbsp;&nbsp; 01/16/26 | &nbsp;&nbsp;&nbsp; $(18) <br>|
| Alphabet, Inc. | (394) | &nbsp;&nbsp;&nbsp; (13790)<br>| &nbsp;&nbsp;&nbsp;&nbsp;350.00 | &nbsp;&nbsp;&nbsp; 01/16/26 | &nbsp;&nbsp;&nbsp; (6) <br>|
| Analog Devices, Inc. | (205) | &nbsp;&nbsp;&nbsp; (6150)<br>| &nbsp;&nbsp;&nbsp;&nbsp;300.00 | &nbsp;&nbsp;&nbsp; 01/16/26 | &nbsp;&nbsp;&nbsp; (5) <br>|
| Broadcom, Inc. | (693) | &nbsp;&nbsp;&nbsp; (28413)<br>| &nbsp;&nbsp;&nbsp;&nbsp;410.00 | &nbsp;&nbsp;&nbsp; 01/16/26 | &nbsp;&nbsp;&nbsp; (20) <br>|
| Cadence Design Systems, Inc. | (194) | &nbsp;&nbsp;&nbsp; (7081)<br>| &nbsp;&nbsp;&nbsp;&nbsp;365.00 | &nbsp;&nbsp;&nbsp; 01/16/26 | &nbsp;&nbsp;&nbsp; (1) <br>|
| Caterpillar, Inc. | (209) | &nbsp;&nbsp;&nbsp; (13585)<br>| &nbsp;&nbsp;&nbsp;&nbsp;650.00 | &nbsp;&nbsp;&nbsp; 01/16/26 | &nbsp;&nbsp;&nbsp; (8) <br>|
| Cummins, Inc. | (122) | &nbsp;&nbsp;&nbsp; (6710)<br>| &nbsp;&nbsp;&nbsp;&nbsp;550.00 | &nbsp;&nbsp;&nbsp; 01/16/26 | &nbsp;&nbsp;&nbsp; (15) <br>|
| Freeport-McMoRan, Inc. | (842) | &nbsp;&nbsp;&nbsp; (4799)<br>| &nbsp;&nbsp;&nbsp;&nbsp;57.00 | &nbsp;&nbsp;&nbsp; 01/16/26 | &nbsp;&nbsp;&nbsp; (13) <br>|
| Lam Research Corp. | (293) | &nbsp;&nbsp;&nbsp; (6007)<br>| &nbsp;&nbsp;&nbsp;&nbsp;205.00 | &nbsp;&nbsp;&nbsp; 01/16/26 | &nbsp;&nbsp;&nbsp; (6) <br>|
| Meta Platforms, Inc. | (271) | &nbsp;&nbsp;&nbsp; (20596)<br>| &nbsp;&nbsp;&nbsp;&nbsp;760.00 | &nbsp;&nbsp;&nbsp; 01/16/26 | &nbsp;&nbsp;&nbsp; (3) <br>|
| Micron Technology, Inc. | (310) | &nbsp;&nbsp;&nbsp; (10230)<br>| &nbsp;&nbsp;&nbsp;&nbsp;330.00 | &nbsp;&nbsp;&nbsp; 01/16/26 | &nbsp;&nbsp;&nbsp; (55) <br>|
| Palantir Technologies, Inc. | (300) | &nbsp;&nbsp;&nbsp; (6900)<br>| &nbsp;&nbsp;&nbsp;&nbsp;230.00 | &nbsp;&nbsp;&nbsp; 01/16/26 | &nbsp;&nbsp;&nbsp; (2) <br>|
| Parker-Hannifin Corp. | (102) | &nbsp;&nbsp;&nbsp; (9588)<br>| &nbsp;&nbsp;&nbsp;&nbsp;940.00 | &nbsp;&nbsp;&nbsp; 01/16/26 | &nbsp;&nbsp;&nbsp; (10) <br>|
| Tesla, Inc. | (302) | &nbsp;&nbsp;&nbsp; (18120)<br>| &nbsp;&nbsp;&nbsp;&nbsp;600.00 | &nbsp;&nbsp;&nbsp; 01/16/26 | &nbsp;&nbsp;&nbsp; (6) <br>|
| **Total Written Options** |  |  |  |  | &nbsp;&nbsp;&nbsp; $(168)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Footnote Legend:** |
| <sup>(1)</sup> Strike price not reported in thousands. |
| <sup>(2)</sup> Exchange-traded options. |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**Income & Growth Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**December 31, 2025**

($ reported in thousands)

The following table summarizes the value of the Fund's investments as of December 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 1 <br>Quoted Prices<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>| Level 3 <br>Significant <br>Unobservable <br>Inputs<br>|
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| Convertible Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp; $1116810 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1116810 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp; 1448898 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1448863 | &nbsp;&nbsp;&nbsp;&nbsp; 35 <br><sup>(1)</sup><br>|
| Equity Securities: |  |  |  |  |
| Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 205830 | &nbsp;&nbsp;&nbsp;&nbsp; 205830 | &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; — <br><sup>(1)</sup><br>|
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 1523737 | &nbsp;&nbsp;&nbsp;&nbsp; 1522490 | &nbsp;&nbsp;&nbsp;&nbsp; 171 | &nbsp;&nbsp;&nbsp;&nbsp; 1076 <br><sup>(1)</sup><br>|
| Warrants | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| Equity-Linked Notes | &nbsp;&nbsp;&nbsp;&nbsp; 195643 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 70767 | &nbsp;&nbsp;&nbsp;&nbsp; 124876 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp; 45995 | &nbsp;&nbsp;&nbsp;&nbsp; 45995 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp; 4536913 | &nbsp;&nbsp;&nbsp;&nbsp; 1774315 | &nbsp;&nbsp;&nbsp;&nbsp; 2636611 | &nbsp;&nbsp;&nbsp;&nbsp; 125987 |
| Liabilities: |  |  |  |  |
| Other Financial Instruments: |  |  |  |  |
| Written Options | &nbsp;&nbsp;&nbsp;&nbsp; (168)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (146)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments, Net of Written Options | &nbsp;&nbsp;&nbsp;&nbsp; $4536745 | &nbsp;&nbsp;&nbsp;&nbsp; $1774169 | &nbsp;&nbsp;&nbsp;&nbsp; $2636589 | &nbsp;&nbsp;&nbsp;&nbsp; $125987 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Includes internally fair valued securities currently priced at zero ($0).

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

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;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Total | Corporate <br>Bonds <br>and Notes<br>| Preferred <br>Stock<br>| Common <br>Stocks<br>| Warrants | Equity-Linked <br>Notes<br>|
| **Investments in Securities** |  |  |  |  |  |  |
| **Balance as of June 30, 2025:** | &nbsp;&nbsp;&nbsp; $168212 | &nbsp;&nbsp;&nbsp; $982 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; $939 | &nbsp;&nbsp;&nbsp; $1461 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; $29 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; $164801 |
| Accrued discount/(premium) | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 37 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 10491 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10491 |
| Net change in unrealized appreciation (depreciation)<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; (25850)<br>| &nbsp;&nbsp;&nbsp; (16021)<br>| &nbsp;&nbsp;&nbsp; (939)<br>| &nbsp;&nbsp;&nbsp; (385)<br>| &nbsp;&nbsp;&nbsp; (29)<br>| &nbsp;&nbsp;&nbsp; (8476)<br>|
| Purchases | &nbsp;&nbsp;&nbsp; 33382 | &nbsp;&nbsp;&nbsp; 15782 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 17600 |
| Sales<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp; (60285)<br>| &nbsp;&nbsp;&nbsp; (708)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (59577)<br>|
| **Balance as of December 31, 2025** | &nbsp;&nbsp;&nbsp; $125987 | &nbsp;&nbsp;&nbsp; $35 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; $— <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; $1076 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; $— <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; $124876 |

---

<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 December 31, 2025, was $(14,576).

<sup>(c)</sup> Includes paydowns on securities.

*See Notes to Financial Statements*

------

**Income & Growth Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**December 31, 2025**

($ reported in thousands)

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 December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in** <br>**Securities – Assets**<br>| **Ending** <br>**Balance at** <br>**December 31, 2025**<br>| **Valuation Technique** <br>**Used**<br>| **Unobservable** <br>**Inputs**<br>| **Input** <br>**Values**<br>| **Impact to Valuation** <br>**from an Increase in** <br>**Unobservable Inputs**<sup>(a)</sup> <br>|
| **Common Stocks:** |  |  |  |  |  |
| CCF Holdings LLC | &nbsp;&nbsp;&nbsp; $371 | OPM and Last Transaction | Volatility | 41.15% (39.20% - 45.80%) | &nbsp;&nbsp;&nbsp; Increase |
| CCF Holdings LLC <br>Class M<br>| &nbsp;&nbsp;&nbsp; $106 | OPM and Last Transaction | Volatility | 41.15% (39.20% - 45.80%) | &nbsp;&nbsp;&nbsp; Increase |
| Postmedia Network <br>Canada Corp.<br>| &nbsp;&nbsp;&nbsp; $532 | &nbsp;&nbsp;&nbsp; Market and Company <br>Comparables<br>| EV Multiples | 1.53x (0.66x - 3.74x) | &nbsp;&nbsp;&nbsp; Increase |
|  |  |  |  | 10.63x (4.00x - 20.38x) |  |
|  |  |  | Illiquid Discount | 10.00% | &nbsp;&nbsp;&nbsp; Decrease |
| **Warrants:** |  |  |  |  |  |
| CCF Holdings LLC | &nbsp;&nbsp;&nbsp; $0 | Black-Scholes Model | Volatility | 41.15% (39.20% - 45.80%) | &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*

------

**KAR Global Small-Cap Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**December 31, 2025**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—95.9%** | **Common Stocks—95.9%** | **Common Stocks—95.9%** |
| **Brazil—7.8%** | **Brazil—7.8%** |  |
| Caixa Seguridade <br> Participacoes S.A.<br>| 525384 | &nbsp;&nbsp; $1594 |
| Tegma Gestao Logistica S.A. | 197384 | &nbsp;&nbsp; 1332 |
|  |  | &nbsp;&nbsp; 2926 |
| **China—3.1%** | **China—3.1%** |  |
| Haitian International Holdings <br> Ltd.<br>| 406766 | &nbsp;&nbsp; 1158 |
| **France—6.0%** | **France—6.0%** |  |
| Alten S.A. | 10865 | &nbsp;&nbsp; 925 |
| Lectra | 43790 | &nbsp;&nbsp; 1312 |
|  |  | &nbsp;&nbsp; 2237 |
| **Italy—5.9%** | **Italy—5.9%** |  |
| FinecoBank Banca Fineco SpA | 64950 | &nbsp;&nbsp; 1694 |
| Moltiply Group SpA | 12771 | &nbsp;&nbsp; 521 |
|  |  | &nbsp;&nbsp; 2215 |
| **Japan—6.4%** | **Japan—6.4%** |  |
| As One Corp. | 71300 | &nbsp;&nbsp; 1094 |
| MarkLines Co., Ltd. | 60144 | &nbsp;&nbsp; 579 |
| Riken Keiki Co., Ltd. | 34900 | &nbsp;&nbsp; 713 |
|  |  | &nbsp;&nbsp; 2386 |
| **Mexico—4.8%** | **Mexico—4.8%** |  |
| Corp. Moctezuma SAB de C.V. | 404000 | &nbsp;&nbsp; 1817 |
| **Norway—2.4%** | **Norway—2.4%** |  |
| Bouvet ASA | 149354 | &nbsp;&nbsp; 913 |
| **Poland—0.5%** | **Poland—0.5%** |  |
| Grupa Pracuj S.A. | 13035 | &nbsp;&nbsp; 168 |
| **Singapore—3.7%** | **Singapore—3.7%** |  |
| Haw Par Corp., Ltd. | 114817 | &nbsp;&nbsp; 1401 |
| **Sweden—3.3%** | **Sweden—3.3%** |  |
| Epiroc AB Class B | 61361 | &nbsp;&nbsp; 1244 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United Kingdom—5.8%** | **United Kingdom—5.8%** |  |
| AJ Bell plc | 218882 | &nbsp;&nbsp; $1302 |
| FRP Advisory Group plc | 400531 | &nbsp;&nbsp; 724 |
| Pinewood Technologies <br> Group plc<sup>(1)</sup> <br>| 33631 | &nbsp;&nbsp; 162 |
|  |  | &nbsp;&nbsp; 2188 |
| **United States—46.2%** | **United States—46.2%** |  |
| Alliance Laundry Holdings, <br> Inc.<sup>(1)</sup> <br>| 51593 | &nbsp;&nbsp; 1050 |
| Enerpac Tool Group Corp. <br> Class A<br>| 34515 | &nbsp;&nbsp; 1320 |
| FTI Consulting, Inc.<sup>(1)</sup> <br>| 8617 | &nbsp;&nbsp; 1472 |
| Installed Building Products, <br> Inc.<br>| 4265 | &nbsp;&nbsp; 1106 |
| Kinsale Capital Group, Inc. | 3096 | &nbsp;&nbsp; 1211 |
| Landstar System, Inc. | 8582 | &nbsp;&nbsp; 1233 |
| nCino, Inc.<sup>(1)</sup> <br>| 47860 | &nbsp;&nbsp; 1227 |
| Primerica, Inc. | 9915 | &nbsp;&nbsp; 2562 |
| Ryan Specialty Holdings, Inc. <br> Class A<br>| 27165 | &nbsp;&nbsp; 1403 |
| Simpson Manufacturing Co., <br> Inc.<br>| 7552 | &nbsp;&nbsp; 1219 |
| Toro Co. (The) | 16925 | &nbsp;&nbsp; 1332 |
| Triumph Financial, Inc.<sup>(1)</sup> <br>| 17031 | &nbsp;&nbsp; 1067 |
| Watts Water Technologies, <br> Inc. Class A<br>| 4137 | &nbsp;&nbsp; 1142 |
|  |  | &nbsp;&nbsp; 17344 |
| **Total Common Stocks** <br>**(Identified Cost $31,209)** | **Total Common Stocks** <br>**(Identified Cost $31,209)** | &nbsp;&nbsp; **35997** |
| **Total Long-Term** <br> **Investments—95.9%** <br>**(Identified Cost $31,209)** | **Total Long-Term** <br> **Investments—95.9%** <br>**(Identified Cost $31,209)** | &nbsp;&nbsp; **35997** |
| **TOTAL INVESTMENTS—95.9%** <br>**(Identified Cost $31,209)** | **TOTAL INVESTMENTS—95.9%** <br>**(Identified Cost $31,209)** | &nbsp;&nbsp; **$35997** |
| Other assets and liabilities, net—4.1% | Other assets and liabilities, net—4.1% | &nbsp;&nbsp; 1528 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$37525** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviation:** | **Abbreviation:** |
| plc | Public Limited Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Non-income producing. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Weightings**<sup>†</sup>  | **Country Weightings**<sup>†</sup>  |
| United States | 48<br> %<br>|
| Brazil | 8 |
| Japan | 7 |
| France | 6 |
| Italy | 6 |
| United Kingdom | 6 |
| Mexico | 5 |
| Other | 14 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of December 31, 2025. | <sup>†</sup> % of total investments as of December 31, 2025. |

---

The following table summarizes the value of the Fund's investments as of December 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $35997 | &nbsp;&nbsp;&nbsp;&nbsp; $35997 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $35997 | &nbsp;&nbsp;&nbsp;&nbsp; $35997 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2025.

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

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**KAR Health Sciences Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**December 31, 2025**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—96.4%** | **Common Stocks—96.4%** | **Common Stocks—96.4%** |
| **Biotechnology—16.7%** | **Biotechnology—16.7%** |  |
| AbbVie, Inc. | 25272 | &nbsp;&nbsp; $5774 |
| Amgen, Inc. | 10290 | &nbsp;&nbsp; 3368 |
| Regeneron Pharmaceuticals, <br> Inc.<br>| 4492 | &nbsp;&nbsp; 3467 |
| Vertex Pharmaceuticals, <br> Inc.<sup>(1)</sup> <br>| 10347 | &nbsp;&nbsp; 4691 |
|  |  | &nbsp;&nbsp; 17300 |
| **Healthcare Equipment &** <br> **Supplies—27.0%** | **Healthcare Equipment &** <br> **Supplies—27.0%** |  |
| Align Technology, Inc.<sup>(1)</sup> <br>| 8167 | &nbsp;&nbsp; 1275 |
| Cooper Cos., Inc. (The)<sup>(1)</sup> <br>| 51335 | &nbsp;&nbsp; 4207 |
| Dexcom, Inc.<sup>(1)</sup> <br>| 43760 | &nbsp;&nbsp; 2904 |
| IDEXX Laboratories, Inc.<sup>(1)</sup> <br>| 6931 | &nbsp;&nbsp; 4689 |
| Insulet Corp.<sup>(1)</sup> <br>| 11429 | &nbsp;&nbsp; 3249 |
| Intuitive Surgical, Inc.<sup>(1)</sup> <br>| 9449 | &nbsp;&nbsp; 5352 |
| Masimo Corp.<sup>(1)</sup> <br>| 15927 | &nbsp;&nbsp; 2072 |
| Medline, Inc. Class A<sup>(1)</sup> <br>| 36363 | &nbsp;&nbsp; 1527 |
| STERIS plc | 10666 | &nbsp;&nbsp; 2704 |
|  |  | &nbsp;&nbsp; 27979 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Healthcare Providers &** <br> **Services—15.7%** | **Healthcare Providers &** <br> **Services—15.7%** |  |
| HealthEquity, Inc.<sup>(1)</sup> <br>| 37177 | &nbsp;&nbsp; $3406 |
| Lumexa Imaging Holdings, <br> Inc.<sup>(1)</sup> <br>| 105000 | &nbsp;&nbsp; 1942 |
| McKesson Corp. | 5844 | &nbsp;&nbsp; 4794 |
| U.S. Physical Therapy, Inc. | 32368 | &nbsp;&nbsp; 2528 |
| UnitedHealth Group, Inc. | 10822 | &nbsp;&nbsp; 3572 |
|  |  | &nbsp;&nbsp; 16242 |
| **Life Sciences Tools & Services—16.0%** | **Life Sciences Tools & Services—16.0%** |  |
| Danaher Corp. | 17104 | &nbsp;&nbsp; 3915 |
| Mettler-Toledo International, <br> Inc.<sup>(1)</sup> <br>| 3022 | &nbsp;&nbsp; 4213 |
| Thermo Fisher Scientific, Inc. | 7048 | &nbsp;&nbsp; 4084 |
| West Pharmaceutical <br> Services, Inc.<br>| 15932 | &nbsp;&nbsp; 4384 |
|  |  | &nbsp;&nbsp; 16596 |
| **Pharmaceuticals—21.0%** | **Pharmaceuticals—21.0%** |  |
| Eli Lilly & Co. | 14604 | &nbsp;&nbsp; 15695 |
| Merck & Co., Inc. | 38103 | &nbsp;&nbsp; 4011 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Pharmaceuticals—continued** | **Pharmaceuticals—continued** |  |
| Prestige Consumer <br> Healthcare, Inc.<sup>(1)</sup> <br>| 33818 | &nbsp;&nbsp; $2086 |
|  |  | &nbsp;&nbsp; 21792 |
| **Total Common Stocks** <br>**(Identified Cost $78,134)** | **Total Common Stocks** <br>**(Identified Cost $78,134)** | &nbsp;&nbsp; **99909** |
| **Total Long-Term** <br> **Investments—96.4%** <br>**(Identified Cost $78,134)** | **Total Long-Term** <br> **Investments—96.4%** <br>**(Identified Cost $78,134)** | &nbsp;&nbsp; **99909** |
| **TOTAL INVESTMENTS—96.4%** <br>**(Identified Cost $78,134)** | **TOTAL INVESTMENTS—96.4%** <br>**(Identified Cost $78,134)** | &nbsp;&nbsp; **$99909** |
| Other assets and liabilities, net—3.6% | Other assets and liabilities, net—3.6% | &nbsp;&nbsp; 3690 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$103599** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviation:** | **Abbreviation:** |
| plc | Public Limited Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Non-income producing. |

---

The following table summarizes the value of the Fund's investments as of December 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $99909 | &nbsp;&nbsp;&nbsp;&nbsp; $99909 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $99909 | &nbsp;&nbsp;&nbsp;&nbsp; $99909 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2025.

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

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**NFJ Dividend Value Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**December 31, 2025**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—98.3%** | **Common Stocks—98.3%** | **Common Stocks—98.3%** |
| **Communication Services—5.2%** | **Communication Services—5.2%** |  |
| Alphabet, Inc. Class A | 60573 | &nbsp;&nbsp; $18959 |
| Walt Disney Co. (The) | 53293 | &nbsp;&nbsp; 6063 |
|  |  | &nbsp;&nbsp; 25022 |
| **Consumer Discretionary—2.0%** | **Consumer Discretionary—2.0%** |  |
| Home Depot, Inc. (The) | 13132 | &nbsp;&nbsp; 4519 |
| Magna International, Inc. | 97360 | &nbsp;&nbsp; 5189 |
|  |  | &nbsp;&nbsp; 9708 |
| **Energy—11.2%** | **Energy—11.2%** |  |
| Chevron Corp. | 58529 | &nbsp;&nbsp; 8920 |
| EOG Resources, Inc. | 54297 | &nbsp;&nbsp; 5702 |
| Exxon Mobil Corp. | 41374 | &nbsp;&nbsp; 4979 |
| HF Sinclair Corp. | 425952 | &nbsp;&nbsp; 19628 |
| Marathon Petroleum Corp. | 29792 | &nbsp;&nbsp; 4845 |
| ONEOK, Inc. | 53657 | &nbsp;&nbsp; 3944 |
| SLB Ltd. | 151994 | &nbsp;&nbsp; 5833 |
|  |  | &nbsp;&nbsp; 53851 |
| **Financials—33.1%** | **Financials—33.1%** |  |
| Bank of America Corp. | 91652 | &nbsp;&nbsp; 5041 |
| Blackrock, Inc. | 8401 | &nbsp;&nbsp; 8992 |
| Cadence Bank | 201117 | &nbsp;&nbsp; 8616 |
| Charles Schwab Corp. (The) | 211225 | &nbsp;&nbsp; 21103 |
| Citigroup, Inc. | 96913 | &nbsp;&nbsp; 11309 |
| Commerce Bancshares, Inc. | 165045 | &nbsp;&nbsp; 8638 |
| Community Financial System, <br> Inc.<br>| 175953 | &nbsp;&nbsp; 10107 |
| First Financial Bankshares, <br> Inc.<br>| 141229 | &nbsp;&nbsp; 4219 |
| Glacier Bancorp, Inc. | 209669 | &nbsp;&nbsp; 9236 |
| Home BancShares, Inc. | 173052 | &nbsp;&nbsp; 4807 |
| Independent Bank Corp. | 72353 | &nbsp;&nbsp; 5288 |
| JPMorgan Chase & Co. | 20402 | &nbsp;&nbsp; 6574 |
| Lakeland Financial Corp. | 81406 | &nbsp;&nbsp; 4645 |
| Morgan Stanley | 29619 | &nbsp;&nbsp; 5258 |
| Old National Bancorp | 227053 | &nbsp;&nbsp; 5066 |
| Pinnacle Financial Partners, <br> Inc.<br>| 105146 | &nbsp;&nbsp; 10032 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| PNC Financial Services Group, <br> Inc. (The)<br>| 25491 | &nbsp;&nbsp; $5321 |
| Southstate Bank Corp. | 102465 | &nbsp;&nbsp; 9643 |
| Truist Financial Corp. | 108701 | &nbsp;&nbsp; 5349 |
| UMB Financial Corp. | 43733 | &nbsp;&nbsp; 5031 |
| Wells Fargo & Co. | 56293 | &nbsp;&nbsp; 5246 |
|  |  | &nbsp;&nbsp; 159521 |
| **Health Care—8.0%** | **Health Care—8.0%** |  |
| AbbVie, Inc. | 38522 | &nbsp;&nbsp; 8802 |
| HCA Healthcare, Inc. | 9676 | &nbsp;&nbsp; 4517 |
| Pfizer, Inc. | 576245 | &nbsp;&nbsp; 14348 |
| Thermo Fisher Scientific, Inc. | 8251 | &nbsp;&nbsp; 4781 |
| Universal Health Services, Inc. <br> Class B<br>| 27441 | &nbsp;&nbsp; 5983 |
|  |  | &nbsp;&nbsp; 38431 |
| **Industrials—8.8%** | **Industrials—8.8%** |  |
| C.H. Robinson Worldwide, <br> Inc.<br>| 50188 | &nbsp;&nbsp; 8068 |
| Flowserve Corp. | 70051 | &nbsp;&nbsp; 4860 |
| Genpact Ltd. | 64753 | &nbsp;&nbsp; 3029 |
| MonotaRO Co., Ltd. <br> Unsponsored ADR<br>| 255490 | &nbsp;&nbsp; 4060 |
| Southwest Airlines Co. | 81112 | &nbsp;&nbsp; 3353 |
| Stanley Black & Decker, Inc. | 198362 | &nbsp;&nbsp; 14734 |
| United Parcel Service, Inc. <br> Class B<br>| 46555 | &nbsp;&nbsp; 4618 |
|  |  | &nbsp;&nbsp; 42722 |
| **Information Technology—11.2%** | **Information Technology—11.2%** |  |
| Intuit, Inc. | 11309 | &nbsp;&nbsp; 7491 |
| Marvell Technology, Inc. | 224420 | &nbsp;&nbsp; 19071 |
| Microsoft Corp. | 28987 | &nbsp;&nbsp; 14019 |
| Salesforce, Inc. | 50394 | &nbsp;&nbsp; 13350 |
|  |  | &nbsp;&nbsp; 53931 |
| **Materials—6.1%** | **Materials—6.1%** |  |
| Nutrien Ltd. | 157170 | &nbsp;&nbsp; 9701 |
| Pan American Silver Corp. | 147601 | &nbsp;&nbsp; 7647 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials—continued** | **Materials—continued** |  |
| Royal Gold, Inc. | 55575 | &nbsp;&nbsp; $12354 |
|  |  | &nbsp;&nbsp; 29702 |
| **Real Estate—7.0%** | **Real Estate—7.0%** |  |
| Equinix, Inc. | 13314 | &nbsp;&nbsp; 10201 |
| Invitation Homes, Inc. | 149929 | &nbsp;&nbsp; 4166 |
| Prologis, Inc. | 151814 | &nbsp;&nbsp; 19381 |
|  |  | &nbsp;&nbsp; 33748 |
| **Utilities—5.7%** | **Utilities—5.7%** |  |
| Eversource Energy | 132743 | &nbsp;&nbsp; 8938 |
| NextEra Energy, Inc. | 228856 | &nbsp;&nbsp; 18372 |
|  |  | &nbsp;&nbsp; 27310 |
| **Total Common Stocks** <br>**(Identified Cost $406,464)** | **Total Common Stocks** <br>**(Identified Cost $406,464)** | &nbsp;&nbsp; **473946** |
| **Total Long-Term** <br> **Investments—98.3%** <br>**(Identified Cost $406,464)** | **Total Long-Term** <br> **Investments—98.3%** <br>**(Identified Cost $406,464)** | &nbsp;&nbsp; **473946** |
| **TOTAL INVESTMENTS—98.3%** <br>**(Identified Cost $406,464)** | **TOTAL INVESTMENTS—98.3%** <br>**(Identified Cost $406,464)** | &nbsp;&nbsp; **$473946** |
| Other assets and liabilities, net—1.7% | Other assets and liabilities, net—1.7% | &nbsp;&nbsp; 8002 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$481948** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviation:** | **Abbreviation:** |
| ADR | American Depositary Receipt |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Weightings**<sup>†</sup>  | **Country Weightings**<sup>†</sup>  |
| United States | 92<br> %<br>|
| Canada | 5 |
| Curaçao | 1 |
| Japan | 1 |
| Bermuda | 1 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of December 31, 2025. | <sup>†</sup> % of total investments as of December 31, 2025. |

---

The following table summarizes the value of the Fund's investments as of December 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $473946 | &nbsp;&nbsp;&nbsp;&nbsp; $473946 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $473946 | &nbsp;&nbsp;&nbsp;&nbsp; $473946 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2025.

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

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**NFJ International Value Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**December 31, 2025**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Preferred Stocks—2.7%** | **Preferred Stocks—2.7%** | **Preferred Stocks—2.7%** |
| **Brazil—2.7%** | **Brazil—2.7%** |  |
| Banco Bradesco S.A., <br> 7.590%<br>| 216400 | &nbsp;&nbsp; $718 |
| Itau Unibanco Holding S.A., <br> 11.240%<br>| 105400 | &nbsp;&nbsp; 755 |
| Petroleo Brasileiro S.A. - <br> Petrobras, 9.770%<br>| 127100 | &nbsp;&nbsp; 715 |
|  |  | &nbsp;&nbsp; 2188 |
| **Total Preferred Stocks** <br>**(Identified Cost $1,922)** | **Total Preferred Stocks** <br>**(Identified Cost $1,922)** | &nbsp;&nbsp; **2188** |
| **Common Stocks—92.1%** | **Common Stocks—92.1%** | **Common Stocks—92.1%** |
| **Belgium—1.0%** | **Belgium—1.0%** |  |
| KBC Group N.V. | 6220 | &nbsp;&nbsp; 813 |
| **Brazil—1.5%** | **Brazil—1.5%** |  |
| PRIO S.A.<sup>(1)</sup> <br>| 108200 | &nbsp;&nbsp; 818 |
| Vale S.A. | 32900 | &nbsp;&nbsp; 432 |
|  |  | &nbsp;&nbsp; 1250 |
| **Canada—3.8%** | **Canada—3.8%** |  |
| Agnico Eagle Mines Ltd. | 8867 | &nbsp;&nbsp; 1504 |
| Franco-Nevada Corp. | 3670 | &nbsp;&nbsp; 761 |
| Nutrien, Ltd. | 13514 | &nbsp;&nbsp; 834 |
|  |  | &nbsp;&nbsp; 3099 |
| **Cayman Islands—4.2%** | **Cayman Islands—4.2%** |  |
| JD Logistics, Inc.<sup>(1)</sup> <br>| 674700 | &nbsp;&nbsp; 990 |
| NU Holdings Ltd. Class A<sup>(1)</sup> <br>| 96706 | &nbsp;&nbsp; 1619 |
| XP, Inc. Class A | 48493 | &nbsp;&nbsp; 794 |
|  |  | &nbsp;&nbsp; 3403 |
| **China—16.1%** | **China—16.1%** |  |
| Alibaba Group Holding Ltd. | 229946 | &nbsp;&nbsp; 4219 |
| JD.com, Inc. Class A | 191143 | &nbsp;&nbsp; 2741 |
| Laopu Gold Co., Ltd. Class H | 9200 | &nbsp;&nbsp; 730 |
| Tencent Holdings Ltd. | 37091 | &nbsp;&nbsp; 2855 |
| Xiaomi Corp. Class B<sup>(1)</sup> <br>| 496800 | &nbsp;&nbsp; 2509 |
|  |  | &nbsp;&nbsp; 13054 |
| **Germany—1.0%** | **Germany—1.0%** |  |
| Zalando SE<sup>(1)</sup> <br>| 28076 | &nbsp;&nbsp; 836 |
| **Indonesia—0.8%** | **Indonesia—0.8%** |  |
| Bank Central Asia Tbk PT | 1358100 | &nbsp;&nbsp; 658 |
| **Isle of Man—1.3%** | **Isle of Man—1.3%** |  |
| Entain plc | 104283 | &nbsp;&nbsp; 1078 |
| **Japan—13.6%** | **Japan—13.6%** |  |
| Astellas Pharma, Inc. | 257000 | &nbsp;&nbsp; 3434 |
| Daiichi Sankyo Co., Ltd. | 121000 | &nbsp;&nbsp; 2586 |
| FANUC Corp. | 23300 | &nbsp;&nbsp; 905 |
| MonotaRO Co., Ltd. | 54746 | &nbsp;&nbsp; 874 |
| Nippon Paint Holdings Co., <br> Ltd.<br>| 367826 | &nbsp;&nbsp; 2460 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan—continued** | **Japan—continued** |  |
| Shionogi & Co., Ltd. | 42300 | &nbsp;&nbsp; $767 |
|  |  | &nbsp;&nbsp; 11026 |
| **Mexico—0.9%** | **Mexico—0.9%** |  |
| Grupo Financiero Banorte <br> SAB de C.V. Class O<br>| 75800 | &nbsp;&nbsp; 702 |
| **Netherlands—4.1%** | **Netherlands—4.1%** |  |
| ASML Holding N.V. | 3045 | &nbsp;&nbsp; 3297 |
| **Norway—2.6%** | **Norway—2.6%** |  |
| Aker BP ASA | 27676 | &nbsp;&nbsp; 705 |
| Equinor ASA | 23535 | &nbsp;&nbsp; 553 |
| Yara International ASA | 21220 | &nbsp;&nbsp; 872 |
|  |  | &nbsp;&nbsp; 2130 |
| **Portugal—0.9%** | **Portugal—0.9%** |  |
| Galp Energia SGPS S.A. | 41752 | &nbsp;&nbsp; 718 |
| **Saudi Arabia—4.7%** | **Saudi Arabia—4.7%** |  |
| Al Rajhi Bank | 57971 | &nbsp;&nbsp; 1507 |
| Arab National Bank | 93893 | &nbsp;&nbsp; 541 |
| Banque Saudi Fransi | 122968 | &nbsp;&nbsp; 552 |
| Saudi Arabian Mining Co.<sup>(1)</sup> <br>| 39037 | &nbsp;&nbsp; 634 |
| Saudi National Bank (The) | 59477 | &nbsp;&nbsp; 601 |
|  |  | &nbsp;&nbsp; 3835 |
| **Singapore—0.9%** | **Singapore—0.9%** |  |
| Grab Holdings Ltd. <br> Class A<sup>(1)</sup> <br>| 138745 | &nbsp;&nbsp; 692 |
| **South Africa—3.3%** | **South Africa—3.3%** |  |
| Impala Platinum Holdings <br> Ltd.<br>| 76582 | &nbsp;&nbsp; 1212 |
| Naspers Ltd. Class N | 21689 | &nbsp;&nbsp; 1446 |
|  |  | &nbsp;&nbsp; 2658 |
| **South Korea—2.4%** | **South Korea—2.4%** |  |
| Samsung Electronics Co., <br> Ltd.<br>| 10789 | &nbsp;&nbsp; 898 |
| SK hynix, Inc. | 2317 | &nbsp;&nbsp; 1047 |
|  |  | &nbsp;&nbsp; 1945 |
| **Spain—2.0%** | **Spain—2.0%** |  |
| Banco Bilbao Vizcaya <br> Argentaria S.A.<br>| 37307 | &nbsp;&nbsp; 879 |
| Repsol S.A. | 41072 | &nbsp;&nbsp; 769 |
|  |  | &nbsp;&nbsp; 1648 |
| **Taiwan—5.0%** | **Taiwan—5.0%** |  |
| Taiwan Semiconductor <br> Manufacturing Co., Ltd.<br>| 81539 | &nbsp;&nbsp; 4022 |
| **United Arab Emirates—1.6%** | **United Arab Emirates—1.6%** |  |
| Emirates NBD Bank PJSC | 103768 | &nbsp;&nbsp; 787 |
| First Abu Dhabi Bank PJSC | 115118 | &nbsp;&nbsp; 546 |
|  |  | &nbsp;&nbsp; 1333 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United Kingdom—9.6%** | **United Kingdom—9.6%** |  |
| Anglogold Ashanti plc | 10477 | &nbsp;&nbsp; $907 |
| Barclays plc | 143951 | &nbsp;&nbsp; 924 |
| NatWest Group plc | 266120 | &nbsp;&nbsp; 2338 |
| Standard Chartered plc | 147210 | &nbsp;&nbsp; 3615 |
|  |  | &nbsp;&nbsp; 7784 |
| **United States—10.8%** | **United States—10.8%** |  |
| Alphabet, Inc. Class A | 9725 | &nbsp;&nbsp; 3044 |
| Booking Holdings, Inc. | 335 | &nbsp;&nbsp; 1794 |
| Cathay General Bancorp | 50592 | &nbsp;&nbsp; 2448 |
| Uber Technologies, Inc.<sup>(1)</sup> <br>| 18531 | &nbsp;&nbsp; 1514 |
|  |  | &nbsp;&nbsp; 8800 |
| **Total Common Stocks** <br>**(Identified Cost $58,003)** | **Total Common Stocks** <br>**(Identified Cost $58,003)** | &nbsp;&nbsp; **74781** |
| **Total Long-Term** <br> **Investments—94.8%** <br>**(Identified Cost $59,925)** | **Total Long-Term** <br> **Investments—94.8%** <br>**(Identified Cost $59,925)** | &nbsp;&nbsp; **76969** |
| **Short-Term Investment—4.3%** | **Short-Term Investment—4.3%** | **Short-Term Investment—4.3%** |
| **Money Market Mutual Fund—4.3%** | **Money Market Mutual Fund—4.3%** | **Money Market Mutual Fund—4.3%** |
| BlackRock Liquidity <br> FedFund - Institutional <br> Shares (seven-day <br> effective yield 3.652%)<sup>(2)</sup> <br>| 3446635 | &nbsp;&nbsp; 3447 |
| **Total Short-Term Investment** <br>**(Identified Cost $3,447)** | **Total Short-Term Investment** <br>**(Identified Cost $3,447)** | &nbsp;&nbsp; **3447** |
| **TOTAL INVESTMENTS—99.1%** <br>**(Identified Cost $63,372)** | **TOTAL INVESTMENTS—99.1%** <br>**(Identified Cost $63,372)** | &nbsp;&nbsp; **$80416** |
| Other assets and liabilities, net—0.9% | Other assets and liabilities, net—0.9% | &nbsp;&nbsp; 739 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$81155** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| PJSC | Public Joint Stock Company |
| plc | Public Limited Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Non-income producing. |
| <sup>(2)</sup> <br>| Shares of this fund are publicly offered, and its <br> prospectus and annual report are publicly available.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Weightings**<sup>†</sup>  | **Country Weightings**<sup>†</sup>  |
| China | 16<br> %<br>|
| United States | 15 |
| Japan | 14 |
| United Kingdom | 10 |
| Taiwan | 5 |
| Saudi Arabia | 5 |
| Brazil | 4 |
| Other | 31 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of December 31, 2025. | <sup>†</sup> % of total investments as of December 31, 2025. |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**NFJ International Value Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**December 31, 2025**

($ reported in thousands)

The following table summarizes the value of the Fund's investments as of December 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $2188 | &nbsp;&nbsp;&nbsp;&nbsp; $2188 |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 74781 | &nbsp;&nbsp;&nbsp;&nbsp; 74781 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3447 | &nbsp;&nbsp;&nbsp;&nbsp; 3447 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $80416 | &nbsp;&nbsp;&nbsp;&nbsp; $80416 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2025.

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

*See Notes to Financial Statements*

------

**NFJ Large-Cap Value Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**December 31, 2025**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—99.1%** | **Common Stocks—99.1%** | **Common Stocks—99.1%** |
| **Communication Services—4.5%** | **Communication Services—4.5%** |  |
| Alphabet, Inc. Class A | 26995 | &nbsp;&nbsp; $8449 |
| Meta Platforms, Inc. Class A | 2225 | &nbsp;&nbsp; 1469 |
| Walt Disney Co. (The) | 23975 | &nbsp;&nbsp; 2728 |
|  |  | &nbsp;&nbsp; 12646 |
| **Consumer Discretionary—14.1%** | **Consumer Discretionary—14.1%** |  |
| Airbnb, Inc. Class A<sup>(1)</sup> <br>| 23503 | &nbsp;&nbsp; 3190 |
| Amazon.com, Inc.<sup>(1)</sup> <br>| 53045 | &nbsp;&nbsp; 12244 |
| Booking Holdings, Inc. | 2272 | &nbsp;&nbsp; 12167 |
| Home Depot, Inc. (The) | 6187 | &nbsp;&nbsp; 2129 |
| JD.com, Inc. ADR | 352122 | &nbsp;&nbsp; 10106 |
|  |  | &nbsp;&nbsp; 39836 |
| **Consumer Staples—2.1%** | **Consumer Staples—2.1%** |  |
| Maplebear, Inc.<sup>(1)</sup> <br>| 132509 | &nbsp;&nbsp; 5960 |
| **Energy—10.2%** | **Energy—10.2%** |  |
| Cheniere Energy, Inc. | 13515 | &nbsp;&nbsp; 2627 |
| Chevron Corp. | 18210 | &nbsp;&nbsp; 2775 |
| ConocoPhillips | 13689 | &nbsp;&nbsp; 1282 |
| EOG Resources, Inc. | 19545 | &nbsp;&nbsp; 2052 |
| Exxon Mobil Corp. | 15733 | &nbsp;&nbsp; 1893 |
| HF Sinclair Corp. | 248673 | &nbsp;&nbsp; 11459 |
| Marathon Petroleum Corp. | 17343 | &nbsp;&nbsp; 2821 |
| Phillips 66 | 20171 | &nbsp;&nbsp; 2603 |
| SLB Ltd. | 36380 | &nbsp;&nbsp; 1396 |
|  |  | &nbsp;&nbsp; 28908 |
| **Financials—33.1%** | **Financials—33.1%** |  |
| Bank of America Corp. | 53074 | &nbsp;&nbsp; 2919 |
| Bank of Hawaii Corp. | 42772 | &nbsp;&nbsp; 2924 |
| Blackrock, Inc. | 2408 | &nbsp;&nbsp; 2577 |
| Cathay General Bancorp | 61286 | &nbsp;&nbsp; 2966 |
| Charles Schwab Corp. (The) | 123685 | &nbsp;&nbsp; 12357 |
| Citigroup, Inc. | 23870 | &nbsp;&nbsp; 2785 |
| Citizens Financial Group, Inc. | 56080 | &nbsp;&nbsp; 3276 |
| Coinbase Global, Inc. <br> Class A<sup>(1)</sup> <br>| 22094 | &nbsp;&nbsp; 4996 |
| Commerce Bancshares, Inc. | 55333 | &nbsp;&nbsp; 2896 |
| First Financial Bankshares, <br> Inc.<br>| 89720 | &nbsp;&nbsp; 2680 |
| Glacier Bancorp, Inc. | 119718 | &nbsp;&nbsp; 5274 |
| Goldman Sachs Group, Inc. <br> (The)<br>| 1589 | &nbsp;&nbsp; 1397 |
| Home BancShares, Inc. | 102501 | &nbsp;&nbsp; 2848 |
| Independent Bank Corp. | 61468 | &nbsp;&nbsp; 4492 |
| JPMorgan Chase & Co. | 22877 | &nbsp;&nbsp; 7371 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Morgan Stanley | 15929 | &nbsp;&nbsp; $2828 |
| Old National Bancorp | 141745 | &nbsp;&nbsp; 3162 |
| Pinnacle Financial Partners, <br> Inc.<br>| 60168 | &nbsp;&nbsp; 5741 |
| PNC Financial Services Group, <br> Inc. (The)<br>| 13474 | &nbsp;&nbsp; 2812 |
| Rocket Cos., Inc. Class A | 161829 | &nbsp;&nbsp; 3133 |
| Southstate Bank Corp. | 30365 | &nbsp;&nbsp; 2858 |
| Towne Bank | 87654 | &nbsp;&nbsp; 2925 |
| UMB Financial Corp. | 48052 | &nbsp;&nbsp; 5528 |
| Wells Fargo & Co. | 30392 | &nbsp;&nbsp; 2833 |
|  |  | &nbsp;&nbsp; 93578 |
| **Health Care—4.4%** | **Health Care—4.4%** |  |
| AbbVie, Inc. | 11531 | &nbsp;&nbsp; 2635 |
| Cooper Cos., Inc. (The)<sup>(1)</sup> <br>| 17290 | &nbsp;&nbsp; 1417 |
| HCA Healthcare, Inc. | 5558 | &nbsp;&nbsp; 2595 |
| Pfizer, Inc. | 157280 | &nbsp;&nbsp; 3916 |
| Veeva Systems, Inc. Class A<sup>(1)</sup> <br>| 8128 | &nbsp;&nbsp; 1814 |
|  |  | &nbsp;&nbsp; 12377 |
| **Industrials—6.1%** | **Industrials—6.1%** |  |
| C.H. Robinson Worldwide, <br> Inc.<br>| 8706 | &nbsp;&nbsp; 1399 |
| General Electric Co. | 4531 | &nbsp;&nbsp; 1395 |
| Genpact Ltd. | 31311 | &nbsp;&nbsp; 1465 |
| Southwest Airlines Co. | 36797 | &nbsp;&nbsp; 1521 |
| Stanley Black & Decker, Inc. | 19168 | &nbsp;&nbsp; 1424 |
| Uber Technologies, Inc.<sup>(1)</sup> <br>| 93291 | &nbsp;&nbsp; 7623 |
| United Parcel Service, Inc. <br> Class B<br>| 12055 | &nbsp;&nbsp; 1196 |
| Xylem, Inc. | 9332 | &nbsp;&nbsp; 1271 |
|  |  | &nbsp;&nbsp; 17294 |
| **Information Technology—10.9%** | **Information Technology—10.9%** |  |
| Adobe, Inc.<sup>(1)</sup> <br>| 16678 | &nbsp;&nbsp; 5837 |
| Advanced Micro Devices, <br> Inc.<sup>(1)</sup> <br>| 16663 | &nbsp;&nbsp; 3568 |
| Autodesk, Inc.<sup>(1)</sup> <br>| 4448 | &nbsp;&nbsp; 1317 |
| Intuit, Inc. | 4065 | &nbsp;&nbsp; 2693 |
| Marvell Technology, Inc. | 130545 | &nbsp;&nbsp; 11094 |
| Micron Technology, Inc. | 5181 | &nbsp;&nbsp; 1479 |
| Microsoft Corp. | 7134 | &nbsp;&nbsp; 3450 |
| Salesforce, Inc. | 5648 | &nbsp;&nbsp; 1496 |
|  |  | &nbsp;&nbsp; 30934 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials—5.8%** | **Materials—5.8%** |  |
| CF Industries Holdings, Inc. | 33140 | &nbsp;&nbsp; $2563 |
| Commercial Metals Co. | 46922 | &nbsp;&nbsp; 3248 |
| Nucor Corp. | 18060 | &nbsp;&nbsp; 2946 |
| Pan American Silver Corp. | 29756 | &nbsp;&nbsp; 1542 |
| Royal Gold, Inc. | 27983 | &nbsp;&nbsp; 6220 |
|  |  | &nbsp;&nbsp; 16519 |
| **Real Estate—6.4%** | **Real Estate—6.4%** |  |
| Equinix, Inc. | 7776 | &nbsp;&nbsp; 5958 |
| Invitation Homes, Inc. | 81957 | &nbsp;&nbsp; 2277 |
| Prologis, Inc. | 44171 | &nbsp;&nbsp; 5639 |
| SBA Communications Corp. <br> Class A<br>| 21079 | &nbsp;&nbsp; 4077 |
|  |  | &nbsp;&nbsp; 17951 |
| **Utilities—1.5%** | **Utilities—1.5%** |  |
| NextEra Energy, Inc. | 53164 | &nbsp;&nbsp; 4268 |
| **Total Common Stocks** <br>**(Identified Cost $248,776)** | **Total Common Stocks** <br>**(Identified Cost $248,776)** | &nbsp;&nbsp; **280271** |
| **Total Long-Term** <br> **Investments—99.1%** <br>**(Identified Cost $248,776)** | **Total Long-Term** <br> **Investments—99.1%** <br>**(Identified Cost $248,776)** | &nbsp;&nbsp; **280271** |
| **TOTAL INVESTMENTS—99.1%** <br>**(Identified Cost $248,776)** | **TOTAL INVESTMENTS—99.1%** <br>**(Identified Cost $248,776)** | &nbsp;&nbsp; **$280271** |
| Other assets and liabilities, net—0.9% | Other assets and liabilities, net—0.9% | &nbsp;&nbsp; 2535 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$282806** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviation:** | **Abbreviation:** |
| ADR | American Depositary Receipt |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Non-income producing. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Weightings**<sup>†</sup>  | **Country Weightings**<sup>†</sup>  |
| United States | 95<br> %<br>|
| China | 4 |
| Canada | 1 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of December 31, 2025. | <sup>†</sup> % of total investments as of December 31, 2025. |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**NFJ Large-Cap Value Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**December 31, 2025**

($ reported in thousands)

The following table summarizes the value of the Fund's investments as of December 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $280271 | &nbsp;&nbsp;&nbsp;&nbsp; $280271 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $280271 | &nbsp;&nbsp;&nbsp;&nbsp; $280271 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2025.

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

*See Notes to Financial Statements*

------

**NFJ Mid-Cap Value Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**December 31, 2025**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—95.4%** | **Common Stocks—95.4%** | **Common Stocks—95.4%** |
| **Communication Services—0.7%** | **Communication Services—0.7%** |  |
| TKO Group Holdings, Inc. <br> Class A<br>| 18990 | &nbsp;&nbsp; $3969 |
| **Consumer Discretionary—7.9%** | **Consumer Discretionary—7.9%** |  |
| Airbnb, Inc. Class A<sup>(1)</sup> <br>| 79185 | &nbsp;&nbsp; 10747 |
| Aptiv plc<sup>(1)</sup> <br>| 92930 | &nbsp;&nbsp; 7071 |
| Booking Holdings, Inc. | 2001 | &nbsp;&nbsp; 10716 |
| JD.com, Inc. ADR | 343129 | &nbsp;&nbsp; 9848 |
| Viking Holdings Ltd.<sup>(1)</sup> <br>| 56110 | &nbsp;&nbsp; 4007 |
|  |  | &nbsp;&nbsp; 42389 |
| **Consumer Staples—2.3%** | **Consumer Staples—2.3%** |  |
| Maplebear, Inc.<sup>(1)</sup> <br>| 268211 | &nbsp;&nbsp; 12064 |
| **Energy—8.3%** | **Energy—8.3%** |  |
| Devon Energy Corp. | 147036 | &nbsp;&nbsp; 5386 |
| Helmerich & Payne, Inc. | 152806 | &nbsp;&nbsp; 4383 |
| HF Sinclair Corp. | 281000 | &nbsp;&nbsp; 12949 |
| Marathon Petroleum Corp. | 33138 | &nbsp;&nbsp; 5389 |
| Matador Resources Co. | 127246 | &nbsp;&nbsp; 5400 |
| Phillips 66 | 42252 | &nbsp;&nbsp; 5452 |
| SLB Ltd. | 150838 | &nbsp;&nbsp; 5789 |
|  |  | &nbsp;&nbsp; 44748 |
| **Financials—25.7%** | **Financials—25.7%** |  |
| Citizens Financial Group, <br> Inc.<br>| 115322 | &nbsp;&nbsp; 6736 |
| Coinbase Global, Inc. <br> Class A<sup>(1)</sup> <br>| 42881 | &nbsp;&nbsp; 9697 |
| Commerce Bancshares, Inc. | 186347 | &nbsp;&nbsp; 9754 |
| Community Financial <br> System, Inc.<br>| 187948 | &nbsp;&nbsp; 10796 |
| East West Bancorp, Inc. | 58335 | &nbsp;&nbsp; 6556 |
| First Financial Bankshares, <br> Inc.<br>| 313905 | &nbsp;&nbsp; 9376 |
| Glacier Bancorp, Inc. | 243016 | &nbsp;&nbsp; 10705 |
| Home BancShares, Inc. | 94244 | &nbsp;&nbsp; 2618 |
| Independent Bank Corp. | 90161 | &nbsp;&nbsp; 6589 |
| Lakeland Financial Corp. | 181477 | &nbsp;&nbsp; 10355 |
| M&T Bank Corp. | 28038 | &nbsp;&nbsp; 5649 |
| Northern Trust Corp. | 40009 | &nbsp;&nbsp; 5465 |
| Old National Bancorp | 246898 | &nbsp;&nbsp; 5508 |
| Pinnacle Financial Partners, <br> Inc.<br>| 60674 | &nbsp;&nbsp; 5789 |
| Southstate Bank Corp. | 56373 | &nbsp;&nbsp; 5305 |
| T. Rowe Price Group, Inc. | 51124 | &nbsp;&nbsp; 5234 |
| Towne Bank | 200658 | &nbsp;&nbsp; 6696 |
| Truist Financial Corp. | 111722 | &nbsp;&nbsp; 5498 |
| UMB Financial Corp. | 48569 | &nbsp;&nbsp; 5587 |
| Walker & Dunlop, Inc. | 66092 | &nbsp;&nbsp; 3976 |
|  |  | &nbsp;&nbsp; 137889 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care—6.6%** | **Health Care—6.6%** |  |
| BioMarin Pharmaceutical, <br> Inc.<sup>(1)</sup> <br>| 67991 | &nbsp;&nbsp; $4041 |
| Cooper Cos., Inc. (The)<sup>(1)</sup> <br>| 67989 | &nbsp;&nbsp; 5572 |
| Exelixis, Inc.<sup>(1)</sup> <br>| 235863 | &nbsp;&nbsp; 10338 |
| HCA Healthcare, Inc. | 11535 | &nbsp;&nbsp; 5385 |
| Universal Health Services, <br> Inc. Class B<br>| 32602 | &nbsp;&nbsp; 7108 |
| Veeva Systems, Inc. <br> Class A<sup>(1)</sup> <br>| 11981 | &nbsp;&nbsp; 2675 |
|  |  | &nbsp;&nbsp; 35119 |
| **Industrials—11.8%** | **Industrials—11.8%** |  |
| C.H. Robinson Worldwide, <br> Inc.<br>| 33432 | &nbsp;&nbsp; 5375 |
| Flowserve Corp. | 74980 | &nbsp;&nbsp; 5202 |
| Genpact Ltd. | 85829 | &nbsp;&nbsp; 4015 |
| Grab Holdings Ltd. <br> Class A<sup>(1)</sup> <br>| 1020418 | &nbsp;&nbsp; 5092 |
| JBT Marel Corp. | 35512 | &nbsp;&nbsp; 5351 |
| Lyft, Inc. Class A<sup>(1)</sup> <br>| 355666 | &nbsp;&nbsp; 6889 |
| MonotaRO Co., Ltd. <br> Unsponsored ADR<br>| 84748 | &nbsp;&nbsp; 1347 |
| Mueller Industries, Inc. | 46658 | &nbsp;&nbsp; 5356 |
| QXO, Inc.<sup>(1)</sup> <br>| 272029 | &nbsp;&nbsp; 5247 |
| Stanley Black & Decker, Inc. | 162490 | &nbsp;&nbsp; 12070 |
| Worthington Enterprises, <br> Inc.<br>| 47166 | &nbsp;&nbsp; 2432 |
| Xylem, Inc. | 34823 | &nbsp;&nbsp; 4742 |
|  |  | &nbsp;&nbsp; 63118 |
| **Information Technology—7.1%** | **Information Technology—7.1%** |  |
| Littelfuse, Inc. | 24833 | &nbsp;&nbsp; 6281 |
| Marvell Technology, Inc. | 108526 | &nbsp;&nbsp; 9223 |
| MKS, Inc. | 66119 | &nbsp;&nbsp; 10566 |
| Monolithic Power Systems, <br> Inc.<br>| 4375 | &nbsp;&nbsp; 3965 |
| Twilio, Inc. Class A<sup>(1)</sup> <br>| 18795 | &nbsp;&nbsp; 2673 |
| UiPath, Inc. Class A<sup>(1)</sup> <br>| 326798 | &nbsp;&nbsp; 5356 |
|  |  | &nbsp;&nbsp; 38064 |
| **Materials—10.8%** | **Materials—10.8%** |  |
| Axalta Coating Systems Ltd. <br> <sup>(1)</sup> <br>| 180695 | &nbsp;&nbsp; 5838 |
| Commercial Metals Co. | 89881 | &nbsp;&nbsp; 6222 |
| Kaiser Aluminum Corp. | 71429 | &nbsp;&nbsp; 8204 |
| Newmont Corp. | 132079 | &nbsp;&nbsp; 13188 |
| Nucor Corp. | 33065 | &nbsp;&nbsp; 5393 |
| Nutrien Ltd. | 196464 | &nbsp;&nbsp; 12126 |
| Royal Gold, Inc. | 30277 | &nbsp;&nbsp; 6730 |
|  |  | &nbsp;&nbsp; 57701 |
| **Real Estate—10.6%** | **Real Estate—10.6%** |  |
| American Tower Corp. | 30577 | &nbsp;&nbsp; 5368 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate—continued** | **Real Estate—continued** |  |
| CoStar Group, Inc.<sup>(1)</sup> <br>| 40236 | &nbsp;&nbsp; $2705 |
| Equinix, Inc. | 14032 | &nbsp;&nbsp; 10751 |
| Equity Residential | 75101 | &nbsp;&nbsp; 4734 |
| First Industrial Realty Trust, <br> Inc.<br>| 186219 | &nbsp;&nbsp; 10665 |
| Getty Realty Corp. | 171970 | &nbsp;&nbsp; 4707 |
| Invitation Homes, Inc. | 150880 | &nbsp;&nbsp; 4193 |
| Mid-America Apartment <br> Communities, Inc.<br>| 32726 | &nbsp;&nbsp; 4546 |
| PotlatchDeltic Corp. | 126285 | &nbsp;&nbsp; 5024 |
| SBA Communications Corp. <br> Class A<br>| 22293 | &nbsp;&nbsp; 4312 |
|  |  | &nbsp;&nbsp; 57005 |
| **Utilities—3.6%** | **Utilities—3.6%** |  |
| Ameren Corp. | 49989 | &nbsp;&nbsp; 4992 |
| Essential Utilities, Inc. | 105602 | &nbsp;&nbsp; 4051 |
| Eversource Energy | 80325 | &nbsp;&nbsp; 5408 |
| NextEra Energy, Inc. | 60985 | &nbsp;&nbsp; 4896 |
|  |  | &nbsp;&nbsp; 19347 |
| **Total Common Stocks** <br>**(Identified Cost $462,407)** | **Total Common Stocks** <br>**(Identified Cost $462,407)** | &nbsp;&nbsp; **511413** |
| **Total Long-Term** <br> **Investments—95.4%** <br>**(Identified Cost $462,407)** | **Total Long-Term** <br> **Investments—95.4%** <br>**(Identified Cost $462,407)** | &nbsp;&nbsp; **511413** |
| **TOTAL INVESTMENTS—95.4%** <br>**(Identified Cost $462,407)** | **TOTAL INVESTMENTS—95.4%** <br>**(Identified Cost $462,407)** | &nbsp;&nbsp; **$511413** |
| Other assets and liabilities, net—4.6% | Other assets and liabilities, net—4.6% | &nbsp;&nbsp; 24607 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$536020** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| plc | Public Limited Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Non-income producing. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Weightings**<sup>†</sup>  | **Country Weightings**<sup>†</sup>  |
| United States | 90<br> %<br>|
| Canada | 2 |
| China | 2 |
| Bermuda | 2 |
| Jersey | 2 |
| Curaçao | 1 |
| Singapore | 1 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of December 31, 2025. | <sup>†</sup> % of total investments as of December 31, 2025. |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**NFJ Mid-Cap Value Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**December 31, 2025**

($ reported in thousands)

The following table summarizes the value of the Fund's investments as of December 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $511413 | &nbsp;&nbsp;&nbsp;&nbsp; $511413 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $511413 | &nbsp;&nbsp;&nbsp;&nbsp; $511413 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2025.

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

*See Notes to Financial Statements*

------

**NFJ Small-Cap Value Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**December 31, 2025**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—96.7%** | **Common Stocks—96.7%** | **Common Stocks—96.7%** |
| **Communication Services—2.8%** | **Communication Services—2.8%** |  |
| Cargurus, Inc. Class A<sup>(1)</sup> <br>| 61002 | &nbsp;&nbsp; $2339 |
| TripAdvisor, Inc.<sup>(1)</sup> <br>| 307269 | &nbsp;&nbsp; 4474 |
|  |  | &nbsp;&nbsp; 6813 |
| **Consumer Discretionary—4.3%** | **Consumer Discretionary—4.3%** |  |
| Dana, Inc. | 106549 | &nbsp;&nbsp; 2532 |
| Penn Entertainment, Inc.<sup>(1)</sup> <br>| 143508 | &nbsp;&nbsp; 2117 |
| Taylor Morrison Home Corp. <br> Class A<sup>(1)</sup> <br>| 18926 | &nbsp;&nbsp; 1114 |
| Victoria's Secret & Co.<sup>(1)</sup> <br>| 34133 | &nbsp;&nbsp; 1849 |
| YETI Holdings, Inc.<sup>(1)</sup> <br>| 63078 | &nbsp;&nbsp; 2786 |
|  |  | &nbsp;&nbsp; 10398 |
| **Consumer Staples—3.3%** | **Consumer Staples—3.3%** |  |
| Chefs' Warehouse, Inc. <br> (The)<sup>(1)</sup> <br>| 39211 | &nbsp;&nbsp; 2444 |
| Maplebear, Inc.<sup>(1)</sup> <br>| 121675 | &nbsp;&nbsp; 5473 |
|  |  | &nbsp;&nbsp; 7917 |
| **Energy—10.5%** | **Energy—10.5%** |  |
| Core Natural Resources, <br> Inc.<br>| 24747 | &nbsp;&nbsp; 2190 |
| Crescent Energy Co. Class A | 266326 | &nbsp;&nbsp; 2235 |
| Excelerate Energy, Inc. <br> Class A<br>| 84609 | &nbsp;&nbsp; 2373 |
| Helmerich & Payne, Inc. | 167393 | &nbsp;&nbsp; 4801 |
| HF Sinclair Corp. | 108197 | &nbsp;&nbsp; 4986 |
| Kodiak Gas Services, Inc. | 68014 | &nbsp;&nbsp; 2544 |
| Matador Resources Co. | 55253 | &nbsp;&nbsp; 2345 |
| Ovintiv, Inc. | 57344 | &nbsp;&nbsp; 2247 |
| SM Energy Co. | 89358 | &nbsp;&nbsp; 1671 |
|  |  | &nbsp;&nbsp; 25392 |
| **Financials—31.7%** | **Financials—31.7%** |  |
| Associated Banc-Corp. | 92730 | &nbsp;&nbsp; 2389 |
| Axos Financial, Inc.<sup>(1)</sup> <br>| 14203 | &nbsp;&nbsp; 1224 |
| Bancorp, Inc. (The)<sup>(1)</sup> <br>| 30906 | &nbsp;&nbsp; 2087 |
| Cadence Bank | 69634 | &nbsp;&nbsp; 2983 |
| Commerce Bancshares, Inc. | 79923 | &nbsp;&nbsp; 4183 |
| Community Financial <br> System, Inc.<br>| 83644 | &nbsp;&nbsp; 4804 |
| Enterprise Financial <br> Services Corp.<br>| 86465 | &nbsp;&nbsp; 4669 |
| Finance Of America Cos., <br> Inc. Class A<sup>(1)</sup> <br>| 48461 | &nbsp;&nbsp; 1173 |
| First Financial Bankshares, <br> Inc.<br>| 138168 | &nbsp;&nbsp; 4127 |
| First Interstate BancSystem, <br> Inc. Class A<br>| 73166 | &nbsp;&nbsp; 2532 |
| Glacier Bancorp, Inc. | 110368 | &nbsp;&nbsp; 4862 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| HA Sustainable <br> Infrastructure Capital, <br> Inc.<br>| 70340 | &nbsp;&nbsp; $2211 |
| Home BancShares, Inc. | 86260 | &nbsp;&nbsp; 2396 |
| Independent Bank Corp. | 69610 | &nbsp;&nbsp; 5087 |
| Lakeland Financial Corp. | 76625 | &nbsp;&nbsp; 4372 |
| NerdWallet, Inc. Class A<sup>(1)</sup> <br>| 235484 | &nbsp;&nbsp; 3191 |
| Old National Bancorp | 113215 | &nbsp;&nbsp; 2526 |
| Pinnacle Financial Partners, <br> Inc.<br>| 26556 | &nbsp;&nbsp; 2534 |
| Stock Yards Bancorp, Inc. | 32038 | &nbsp;&nbsp; 2081 |
| Towne Bank | 143773 | &nbsp;&nbsp; 4798 |
| UMB Financial Corp. | 21614 | &nbsp;&nbsp; 2486 |
| UWM Holdings Corp. | 1094161 | &nbsp;&nbsp; 4792 |
| Velocity Financial, Inc.<sup>(1)</sup> <br>| 67491 | &nbsp;&nbsp; 1401 |
| Walker & Dunlop, Inc. | 58301 | &nbsp;&nbsp; 3507 |
|  |  | &nbsp;&nbsp; 76415 |
| **Health Care—8.3%** | **Health Care—8.3%** |  |
| Amicus Therapeutics, Inc.<sup>(1)</sup> <br>| 283476 | &nbsp;&nbsp; 4037 |
| Exelixis, Inc.<sup>(1)</sup> <br>| 121380 | &nbsp;&nbsp; 5320 |
| Krystal Biotech, Inc.<sup>(1)</sup> <br>| 7648 | &nbsp;&nbsp; 1886 |
| Ligand Pharmaceuticals, <br> Inc.<sup>(1)</sup> <br>| 11501 | &nbsp;&nbsp; 2174 |
| LivaNova plc<sup>(1)</sup> <br>| 38097 | &nbsp;&nbsp; 2344 |
| Omnicell, Inc.<sup>(1)</sup> <br>| 57583 | &nbsp;&nbsp; 2608 |
| Veracyte, Inc.<sup>(1)</sup> <br>| 36671 | &nbsp;&nbsp; 1544 |
|  |  | &nbsp;&nbsp; 19913 |
| **Industrials—9.7%** | **Industrials—9.7%** |  |
| Armstrong World <br> Industries, Inc.<br>| 11906 | &nbsp;&nbsp; 2275 |
| Centuri Holdings, Inc.<sup>(1)</sup> <br>| 94624 | &nbsp;&nbsp; 2389 |
| Dycom Industries, Inc.<sup>(1)</sup> <br>| 6896 | &nbsp;&nbsp; 2330 |
| GATX Corp. | 14036 | &nbsp;&nbsp; 2380 |
| Insteel Industries, Inc. | 49180 | &nbsp;&nbsp; 1558 |
| JBT Marel Corp. | 31453 | &nbsp;&nbsp; 4739 |
| MonotaRO Co., Ltd. <br> Unsponsored ADR<br>| 56231 | &nbsp;&nbsp; 894 |
| Nextpower, Inc. Class A<sup>(1)</sup> <br>| 23696 | &nbsp;&nbsp; 2064 |
| Watts Water Technologies, <br> Inc. Class A<br>| 8511 | &nbsp;&nbsp; 2349 |
| Worthington Enterprises, <br> Inc.<br>| 44986 | &nbsp;&nbsp; 2320 |
|  |  | &nbsp;&nbsp; 23298 |
| **Information Technology—8.8%** | **Information Technology—8.8%** |  |
| Cirrus Logic, Inc.<sup>(1)</sup> <br>| 17410 | &nbsp;&nbsp; 2063 |
| Clear Secure, Inc. Class A | 66814 | &nbsp;&nbsp; 2344 |
| Littelfuse, Inc. | 19920 | &nbsp;&nbsp; 5038 |
| MKS, Inc. | 17896 | &nbsp;&nbsp; 2860 |
| UiPath, Inc. Class A<sup>(1)</sup> <br>| 168717 | &nbsp;&nbsp; 2765 |
| Viavi Solutions, Inc.<sup>(1)</sup> <br>| 192457 | &nbsp;&nbsp; 3430 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Zeta Global Holdings Corp. <br> Class A<sup>(1)</sup> <br>| 132948 | &nbsp;&nbsp; $2705 |
|  |  | &nbsp;&nbsp; 21205 |
| **Materials—6.8%** | **Materials—6.8%** |  |
| Caledonia Mining Corp. plc | 101019 | &nbsp;&nbsp; 2643 |
| Coeur Mining, Inc.<sup>(1)</sup> <br>| 158815 | &nbsp;&nbsp; 2832 |
| Commercial Metals Co. | 41560 | &nbsp;&nbsp; 2877 |
| Kaiser Aluminum Corp. | 48554 | &nbsp;&nbsp; 5577 |
| Scotts Miracle-Gro Co. <br> (The)<br>| 42257 | &nbsp;&nbsp; 2466 |
|  |  | &nbsp;&nbsp; 16395 |
| **Real Estate—7.1%** | **Real Estate—7.1%** |  |
| Cousins Properties, Inc. | 80280 | &nbsp;&nbsp; 2070 |
| Curbline Properties Corp. | 100976 | &nbsp;&nbsp; 2344 |
| Essential Properties Realty <br> Trust, Inc.<br>| 39117 | &nbsp;&nbsp; 1160 |
| Getty Realty Corp. | 79934 | &nbsp;&nbsp; 2188 |
| Jones Lang LaSalle, Inc.<sup>(1)</sup> <br>| 7702 | &nbsp;&nbsp; 2591 |
| PotlatchDeltic Corp. | 56002 | &nbsp;&nbsp; 2228 |
| Terreno Realty Corp. | 75919 | &nbsp;&nbsp; 4457 |
|  |  | &nbsp;&nbsp; 17038 |
| **Utilities—3.4%** | **Utilities—3.4%** |  |
| American States Water Co. | 16329 | &nbsp;&nbsp; 1184 |
| Avista Corp. | 29609 | &nbsp;&nbsp; 1141 |
| Chesapeake Utilities Corp. | 16635 | &nbsp;&nbsp; 2075 |
| Middlesex Water Co. | 34790 | &nbsp;&nbsp; 1754 |
| Portland General Electric Co. | 40564 | &nbsp;&nbsp; 1947 |
|  |  | &nbsp;&nbsp; 8101 |
| **Total Common Stocks** <br>**(Identified Cost $195,492)** | **Total Common Stocks** <br>**(Identified Cost $195,492)** | &nbsp;&nbsp; **232885** |
| **Total Long-Term** <br> **Investments—96.7%** <br>**(Identified Cost $195,492)** | **Total Long-Term** <br> **Investments—96.7%** <br>**(Identified Cost $195,492)** | &nbsp;&nbsp; **232885** |
| **TOTAL INVESTMENTS—96.7%** <br>**(Identified Cost $195,492)** | **TOTAL INVESTMENTS—96.7%** <br>**(Identified Cost $195,492)** | &nbsp;&nbsp; **$232885** |
| Other assets and liabilities, net—3.3% | Other assets and liabilities, net—3.3% | &nbsp;&nbsp; 7891 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$240776** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| plc | Public Limited Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Non-income producing. |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**NFJ Small-Cap Value Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**December 31, 2025**

($ reported in thousands)

The following table summarizes the value of the Fund's investments as of December 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $232885 | &nbsp;&nbsp;&nbsp;&nbsp; $232885 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $232885 | &nbsp;&nbsp;&nbsp;&nbsp; $232885 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2025.

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

*See Notes to Financial Statements*

------

**Silvant Focused Growth Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**December 31, 2025**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—97.1%** | **Common Stocks—97.1%** | **Common Stocks—97.1%** |
| **Communication Services—15.2%** | **Communication Services—15.2%** |  |
| Alphabet, Inc. Class A | 450497 | &nbsp;&nbsp; $141006 |
| Meta Platforms, Inc. <br> Class A<br>| 135063 | &nbsp;&nbsp; 89154 |
| Netflix, Inc.<sup>(1)</sup> <br>| 505240 | &nbsp;&nbsp; 47371 |
|  |  | &nbsp;&nbsp; 277531 |
| **Consumer Discretionary—11.9%** | **Consumer Discretionary—11.9%** |  |
| Amazon.com, Inc.<sup>(1)</sup> <br>| 490513 | &nbsp;&nbsp; 113220 |
| Las Vegas Sands Corp. | 350181 | &nbsp;&nbsp; 22793 |
| MercadoLibre, Inc.<sup>(1)</sup> <br>| 10319 | &nbsp;&nbsp; 20785 |
| Royal Caribbean Cruises <br> Ltd.<br>| 215377 | &nbsp;&nbsp; 60073 |
|  |  | &nbsp;&nbsp; 216871 |
| **Financials—4.2%** | **Financials—4.2%** |  |
| Visa, Inc. Class A | 219143 | &nbsp;&nbsp; 76856 |
| **Health Care—7.3%** | **Health Care—7.3%** |  |
| Eli Lilly & Co. | 83314 | &nbsp;&nbsp; 89536 |
| Intuitive Surgical, Inc.<sup>(1)</sup> <br>| 76315 | &nbsp;&nbsp; 43222 |
|  |  | &nbsp;&nbsp; 132758 |
| **Industrials—9.9%** | **Industrials—9.9%** |  |
| Fair Isaac Corp.<sup>(1)</sup> <br>| 25795 | &nbsp;&nbsp; 43610 |
| GE Vernova, Inc. | 73838 | &nbsp;&nbsp; 48258 |
| General Electric Co. | 224659 | &nbsp;&nbsp; 69202 |
| Honeywell International, <br> Inc.<br>| 99859 | &nbsp;&nbsp; 19481 |
|  |  | &nbsp;&nbsp; 180551 |
| **Information Technology—47.0%** | **Information Technology—47.0%** |  |
| Apple, Inc. | 606102 | &nbsp;&nbsp; 164775 |
| AppLovin Corp. Class A<sup>(1)</sup> <br>| 40984 | &nbsp;&nbsp; 27616 |
| ARM Holdings plc ADR<sup>(1)</sup> <br>| 85377 | &nbsp;&nbsp; 9332 |
| ASML Holding N.V. <br> Registered Shares<br>| 16246 | &nbsp;&nbsp; 17381 |
| Autodesk, Inc.<sup>(1)</sup> <br>| 96181 | &nbsp;&nbsp; 28470 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Broadcom, Inc. | 210831 | &nbsp;&nbsp; $72969 |
| Microsoft Corp. | 446320 | &nbsp;&nbsp; 215849 |
| NVIDIA Corp. | 1485116 | &nbsp;&nbsp; 276974 |
| Palantir Technologies, Inc. <br> Class A<sup>(1)</sup> <br>| 174024 | &nbsp;&nbsp; 30933 |
| Workday, Inc. Class A<sup>(1)</sup> <br>| 63426 | &nbsp;&nbsp; 13623 |
|  |  | &nbsp;&nbsp; 857922 |
| **Materials—1.6%** | **Materials—1.6%** |  |
| Solstice Advanced <br> Materials, Inc.<sup>(1)</sup> <br>| 24965 | &nbsp;&nbsp; 1213 |
| Vulcan Materials Co. | 101432 | &nbsp;&nbsp; 28930 |
|  |  | &nbsp;&nbsp; 30143 |
| **Total Common Stocks** <br>**(Identified Cost $624,233)** | **Total Common Stocks** <br>**(Identified Cost $624,233)** | &nbsp;&nbsp; **1772632** |
| **Total Long-Term** <br> **Investments—97.1%** <br>**(Identified Cost $624,233)** | **Total Long-Term** <br> **Investments—97.1%** <br>**(Identified Cost $624,233)** | &nbsp;&nbsp; **1772632** |
| **Short-Term Investment—0.7%** | **Short-Term Investment—0.7%** | **Short-Term Investment—0.7%** |
| **Money Market Mutual Fund—0.7%** | **Money Market Mutual Fund—0.7%** | **Money Market Mutual Fund—0.7%** |
| BlackRock Liquidity <br> FedFund - Institutional <br> Shares (seven-day <br> effective yield <br> 3.652%)<sup>(2)</sup> <br>| 13354034 | &nbsp;&nbsp; 13354 |
| **Total Short-Term Investment** <br>**(Identified Cost $13,354)** | **Total Short-Term Investment** <br>**(Identified Cost $13,354)** | &nbsp;&nbsp; **13354** |
| **TOTAL INVESTMENTS—97.8%** <br>**(Identified Cost $637,587)** | **TOTAL INVESTMENTS—97.8%** <br>**(Identified Cost $637,587)** | &nbsp;&nbsp; **$1785986** |
| Other assets and liabilities, net—2.2% | Other assets and liabilities, net—2.2% | &nbsp;&nbsp; 40335 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$1826321** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| plc | Public Limited Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Non-income producing. |
| <sup>(2)</sup> <br>| Shares of this fund are publicly offered, and its <br> prospectus and annual report are publicly available.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Weightings**<sup>†</sup>  | **Country Weightings**<sup>†</sup>  |
| United States | 94<br> %<br>|
| Liberia | 3 |
| Uruguay | 1 |
| Netherlands | 1 |
| United Kingdom | 1 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of December 31, 2025. | <sup>†</sup> % of total investments as of December 31, 2025. |

---

The following table summarizes the value of the Fund's investments as of December 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $1772632 | &nbsp;&nbsp;&nbsp;&nbsp; $1772632 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp; 13354 | &nbsp;&nbsp;&nbsp;&nbsp; 13354 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $1785986 | &nbsp;&nbsp;&nbsp;&nbsp; $1785986 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2025.

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

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**Silvant Mid-Cap Growth Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**December 31, 2025**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—99.2%** | **Common Stocks—99.2%** | **Common Stocks—99.2%** |
| **Communication Services—5.9%** | **Communication Services—5.9%** |  |
| Live Nation Entertainment, <br> Inc.<sup>(1)</sup> <br>| 32032 | &nbsp;&nbsp; $4565 |
| Reddit, Inc. Class A<sup>(1)</sup> <br>| 24240 | &nbsp;&nbsp; 5572 |
| ROBLOX Corp. Class A<sup>(1)</sup> <br>| 76019 | &nbsp;&nbsp; 6160 |
| Spotify Technology S.A.<sup>(1)</sup> <br>| 7741 | &nbsp;&nbsp; 4495 |
| TKO Group Holdings, Inc. <br> Class A<br>| 14896 | &nbsp;&nbsp; 3113 |
|  |  | &nbsp;&nbsp; 23905 |
| **Consumer Discretionary—22.3%** | **Consumer Discretionary—22.3%** |  |
| Burlington Stores, Inc.<sup>(1)</sup> <br>| 15787 | &nbsp;&nbsp; 4560 |
| Carvana Co. Class A<sup>(1)</sup> <br>| 21629 | &nbsp;&nbsp; 9128 |
| Coupang, Inc. Class A<sup>(1)</sup> <br>| 196856 | &nbsp;&nbsp; 4644 |
| Darden Restaurants, Inc. | 19517 | &nbsp;&nbsp; 3592 |
| Deckers Outdoor Corp.<sup>(1)</sup> <br>| 18724 | &nbsp;&nbsp; 1941 |
| DR Horton, Inc. | 18846 | &nbsp;&nbsp; 2714 |
| DraftKings, Inc. Class A<sup>(1)</sup> <br>| 92580 | &nbsp;&nbsp; 3190 |
| Expedia Group, Inc. | 23675 | &nbsp;&nbsp; 6707 |
| Ferrari N.V. | 7429 | &nbsp;&nbsp; 2745 |
| Hilton Worldwide Holdings, <br> Inc.<br>| 37991 | &nbsp;&nbsp; 10913 |
| Ralph Lauren Corp. | 10332 | &nbsp;&nbsp; 3654 |
| Royal Caribbean Cruises Ltd. | 39029 | &nbsp;&nbsp; 10886 |
| SharkNinja, Inc.<sup>(1)</sup> <br>| 46270 | &nbsp;&nbsp; 5178 |
| Somnigroup International, <br> Inc.<br>| 40837 | &nbsp;&nbsp; 3646 |
| Tapestry, Inc. | 34495 | &nbsp;&nbsp; 4407 |
| Tractor Supply Co. | 83482 | &nbsp;&nbsp; 4175 |
| Ulta Beauty, Inc.<sup>(1)</sup> <br>| 9244 | &nbsp;&nbsp; 5593 |
| Wingstop, Inc. | 11092 | &nbsp;&nbsp; 2645 |
|  |  | &nbsp;&nbsp; 90318 |
| **Energy—0.8%** | **Energy—0.8%** |  |
| Diamondback Energy, Inc. | 21431 | &nbsp;&nbsp; 3222 |
| **Financials—8.3%** | **Financials—8.3%** |  |
| Affirm Holdings, Inc. <br> Class A<sup>(1)</sup> <br>| 35570 | &nbsp;&nbsp; 2648 |
| Ares Management Corp. <br> Class A<br>| 52573 | &nbsp;&nbsp; 8497 |
| Fifth Third Bancorp | 111822 | &nbsp;&nbsp; 5234 |
| LPL Financial Holdings, Inc. | 14579 | &nbsp;&nbsp; 5207 |
| MSCI, Inc. Class A | 12631 | &nbsp;&nbsp; 7247 |
| Robinhood Markets, Inc. <br> Class A<sup>(1)</sup> <br>| 28928 | &nbsp;&nbsp; 3272 |
| SLM Corp. | 59342 | &nbsp;&nbsp; 1606 |
|  |  | &nbsp;&nbsp; 33711 |
| **Health Care—12.4%** | **Health Care—12.4%** |  |
| Alnylam Pharmaceuticals, <br> Inc.<sup>(1)</sup> <br>| 17964 | &nbsp;&nbsp; 7143 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Cencora, Inc. | 33435 | &nbsp;&nbsp; $11293 |
| Dexcom, Inc.<sup>(1)</sup> <br>| 53301 | &nbsp;&nbsp; 3538 |
| Encompass Health Corp. | 21689 | &nbsp;&nbsp; 2302 |
| IDEXX Laboratories, Inc.<sup>(1)</sup> <br>| 13035 | &nbsp;&nbsp; 8818 |
| Insmed, Inc.<sup>(1)</sup> <br>| 19584 | &nbsp;&nbsp; 3408 |
| Insulet Corp.<sup>(1)</sup> <br>| 11754 | &nbsp;&nbsp; 3341 |
| Mettler-Toledo International, <br> Inc.<sup>(1)</sup> <br>| 2874 | &nbsp;&nbsp; 4007 |
| Neurocrine Biosciences, <br> Inc.<sup>(1)</sup> <br>| 20273 | &nbsp;&nbsp; 2875 |
| Veeva Systems, Inc. Class A<sup>(1)</sup> <br>| 16779 | &nbsp;&nbsp; 3746 |
|  |  | &nbsp;&nbsp; 50471 |
| **Industrials—24.3%** | **Industrials—24.3%** |  |
| AeroVironment, Inc.<sup>(1)</sup> <br>| 4460 | &nbsp;&nbsp; 1079 |
| Axon Enterprise, Inc.<sup>(1)</sup> <br>| 12271 | &nbsp;&nbsp; 6969 |
| C.H. Robinson Worldwide, <br> Inc.<br>| 13015 | &nbsp;&nbsp; 2092 |
| Carpenter Technology Corp. | 7865 | &nbsp;&nbsp; 2476 |
| Fair Isaac Corp.<sup>(1)</sup> <br>| 5167 | &nbsp;&nbsp; 8735 |
| Ferguson Enterprises, Inc. | 18507 | &nbsp;&nbsp; 4120 |
| Howmet Aerospace, Inc. | 59932 | &nbsp;&nbsp; 12287 |
| Quanta Services, Inc. | 31086 | &nbsp;&nbsp; 13120 |
| Rockwell Automation, Inc. | 13483 | &nbsp;&nbsp; 5246 |
| Sterling Infrastructure, Inc.<sup>(1)</sup> <br>| 12383 | &nbsp;&nbsp; 3792 |
| Trane Technologies plc | 7974 | &nbsp;&nbsp; 3104 |
| United Rentals, Inc. | 7144 | &nbsp;&nbsp; 5782 |
| Verisk Analytics, Inc. Class A | 23505 | &nbsp;&nbsp; 5258 |
| Vertiv Holdings Co. Class A | 83930 | &nbsp;&nbsp; 13598 |
| Westinghouse Air Brake <br> Technologies Corp.<br>| 34232 | &nbsp;&nbsp; 7307 |
| Xylem, Inc. | 27618 | &nbsp;&nbsp; 3761 |
|  |  | &nbsp;&nbsp; 98726 |
| **Information Technology—19.5%** | **Information Technology—19.5%** |  |
| Analog Devices, Inc. | 14385 | &nbsp;&nbsp; 3901 |
| AppLovin Corp. Class A<sup>(1)</sup> <br>| 3012 | &nbsp;&nbsp; 2030 |
| Astera Labs, Inc.<sup>(1)</sup> <br>| 20798 | &nbsp;&nbsp; 3460 |
| Circle Internet Group, Inc. <br> Class A<sup>(1)</sup> <br>| 22346 | &nbsp;&nbsp; 1772 |
| Cloudflare, Inc. Class A<sup>(1)</sup> <br>| 49574 | &nbsp;&nbsp; 9774 |
| Crowdstrike Holdings, Inc. <br> Class A<sup>(1)</sup> <br>| 8472 | &nbsp;&nbsp; 3971 |
| Datadog, Inc. Class A<sup>(1)</sup> <br>| 48218 | &nbsp;&nbsp; 6557 |
| Entegris, Inc. | 38900 | &nbsp;&nbsp; 3277 |
| Fabrinet<sup>(1)</sup> <br>| 8725 | &nbsp;&nbsp; 3972 |
| HubSpot, Inc.<sup>(1)</sup> <br>| 8323 | &nbsp;&nbsp; 3340 |
| Jabil, Inc. | 18989 | &nbsp;&nbsp; 4330 |
| Lam Research Corp. | 25049 | &nbsp;&nbsp; 4288 |
| Marvell Technology, Inc. | 23602 | &nbsp;&nbsp; 2006 |
| Microchip Technology, Inc. | 56753 | &nbsp;&nbsp; 3616 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Monolithic Power Systems, <br> Inc.<br>| 12895 | &nbsp;&nbsp; $11688 |
| Palantir Technologies, Inc. <br> Class A<sup>(1)</sup> <br>| 22015 | &nbsp;&nbsp; 3913 |
| TE Connectivity plc | 26044 | &nbsp;&nbsp; 5925 |
| Unity Software, Inc.<sup>(1)</sup> <br>| 27613 | &nbsp;&nbsp; 1220 |
|  |  | &nbsp;&nbsp; 79040 |
| **Real Estate—2.6%** | **Real Estate—2.6%** |  |
| CBRE Group, Inc. Class A<sup>(1)</sup> <br>| 14788 | &nbsp;&nbsp; 2378 |
| Jones Lang LaSalle, Inc.<sup>(1)</sup> <br>| 14626 | &nbsp;&nbsp; 4921 |
| Zillow Group, Inc. Class A<sup>(1)</sup> <br>| 48210 | &nbsp;&nbsp; 3289 |
|  |  | &nbsp;&nbsp; 10588 |
| **Utilities—3.1%** | **Utilities—3.1%** |  |
| NRG Energy, Inc. | 28462 | &nbsp;&nbsp; 4532 |
| Vistra Corp. | 50349 | &nbsp;&nbsp; 8123 |
|  |  | &nbsp;&nbsp; 12655 |
| **Total Common Stocks** <br>**(Identified Cost $299,923)** | **Total Common Stocks** <br>**(Identified Cost $299,923)** | &nbsp;&nbsp; **402636** |
| **Total Long-Term** <br> **Investments—99.2%** <br>**(Identified Cost $299,923)** | **Total Long-Term** <br> **Investments—99.2%** <br>**(Identified Cost $299,923)** | &nbsp;&nbsp; **402636** |
| **TOTAL INVESTMENTS—99.2%** <br>**(Identified Cost $299,923)** | **TOTAL INVESTMENTS—99.2%** <br>**(Identified Cost $299,923)** | &nbsp;&nbsp; **$402636** |
| Other assets and liabilities, net—0.8% | Other assets and liabilities, net—0.8% | &nbsp;&nbsp; 3117 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$405753** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| MSCI | Morgan Stanley Capital International |
| plc | Public Limited Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Non-income producing. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Weightings**<sup>†</sup>  | **Country Weightings**<sup>†</sup>  |
| United States | 92<br> %<br>|
| Liberia | 3 |
| Cayman Islands | 2 |
| Ireland | 1 |
| Luxembourg | 1 |
| Netherlands | 1 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of December 31, 2025. | <sup>†</sup> % of total investments as of December 31, 2025. |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**Silvant Mid-Cap Growth Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**December 31, 2025**

($ reported in thousands)

The following table summarizes the value of the Fund's investments as of December 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $402636 | &nbsp;&nbsp;&nbsp;&nbsp; $402636 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $402636 | &nbsp;&nbsp;&nbsp;&nbsp; $402636 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2025.

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

*See Notes to Financial Statements*

------

**Small-Cap Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**December 31, 2025**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—99.1%** | **Common Stocks—99.1%** | **Common Stocks—99.1%** |
| **Aerospace & Defense—5.2%** | **Aerospace & Defense—5.2%** |  |
| AAR Corp.<sup>(1)</sup> <br>| 8521 | &nbsp;&nbsp; $705 |
| Ducommun, Inc.<sup>(1)</sup> <br>| 5588 | &nbsp;&nbsp; 531 |
| Leonardo DRS, Inc. | 16063 | &nbsp;&nbsp; 548 |
| Moog, Inc. Class A | 4946 | &nbsp;&nbsp; 1205 |
| TAT Technologies Ltd.<sup>(1)</sup> <br>| 5210 | &nbsp;&nbsp; 233 |
| V2X, Inc.<sup>(1)</sup> <br>| 15332 | &nbsp;&nbsp; 836 |
| Woodward, Inc. | 3778 | &nbsp;&nbsp; 1142 |
|  |  | &nbsp;&nbsp; 5200 |
| **Banks—5.3%** | **Banks—5.3%** |  |
| Bank of N.T. Butterfield & Son <br> Ltd. (The)<br>| 13596 | &nbsp;&nbsp; 677 |
| Byline Bancorp, Inc. | 10179 | &nbsp;&nbsp; 297 |
| Capitol Federal Financial, Inc. | 29549 | &nbsp;&nbsp; 201 |
| Central Pacific Financial Corp. | 7462 | &nbsp;&nbsp; 233 |
| Customers Bancorp, Inc.<sup>(1)</sup> <br>| 3000 | &nbsp;&nbsp; 219 |
| First Bancorp | 9750 | &nbsp;&nbsp; 495 |
| First BanCorp | 21858 | &nbsp;&nbsp; 453 |
| First Financial Corp. | 11206 | &nbsp;&nbsp; 677 |
| Hancock Whitney Corp. | 18007 | &nbsp;&nbsp; 1147 |
| Hanmi Financial Corp. | 9000 | &nbsp;&nbsp; 243 |
| SmartFinancial, Inc. | 4163 | &nbsp;&nbsp; 154 |
| Unity Bancorp, Inc. | 3539 | &nbsp;&nbsp; 183 |
| Valley National Bancorp | 30200 | &nbsp;&nbsp; 353 |
|  |  | &nbsp;&nbsp; 5332 |
| **Beverages—0.1%** | **Beverages—0.1%** |  |
| Celsius Holdings, Inc.<sup>(1)</sup> <br>| 2540 | &nbsp;&nbsp; 116 |
| **Biotechnology—10.4%** | **Biotechnology—10.4%** |  |
| ACADIA Pharmaceuticals, <br> Inc.<sup>(1)</sup> <br>| 39867 | &nbsp;&nbsp; 1065 |
| ADMA Biologics, Inc.<sup>(1)</sup> <br>| 14016 | &nbsp;&nbsp; 256 |
| Alkermes plc<sup>(1)</sup> <br>| 40807 | &nbsp;&nbsp; 1142 |
| Arrowhead Pharmaceuticals, <br> Inc.<sup>(1)</sup> <br>| 12340 | &nbsp;&nbsp; 819 |
| CareDx, Inc.<sup>(1)</sup> <br>| 36265 | &nbsp;&nbsp; 683 |
| Catalyst Pharmaceuticals, <br> Inc.<sup>(1)</sup> <br>| 14572 | &nbsp;&nbsp; 340 |
| Day One Biopharmaceuticals, <br> Inc.<sup>(1)</sup> <br>| 11200 | &nbsp;&nbsp; 104 |
| Emergent BioSolutions, Inc.<sup>(1)</sup> <br>| 19500 | &nbsp;&nbsp; 241 |
| Exact Sciences Corp.<sup>(1)</sup> <br>| 1562 | &nbsp;&nbsp; 159 |
| Exelixis, Inc.<sup>(1)</sup> <br>| 13000 | &nbsp;&nbsp; 570 |
| Genmab A/S Sponsored <br> ADR<sup>(1)</sup> <br>| 27495 | &nbsp;&nbsp; 847 |
| Halozyme Therapeutics, <br> Inc.<sup>(1)</sup> <br>| 2056 | &nbsp;&nbsp; 138 |
| Ironwood Pharmaceuticals, <br> Inc. Class A<sup>(1)</sup> <br>| 58000 | &nbsp;&nbsp; 195 |
| Madrigal Pharmaceuticals, <br> Inc.<sup>(1)</sup> <br>| 270 | &nbsp;&nbsp; 157 |
| Mirum Pharmaceuticals, <br> Inc.<sup>(1)</sup> <br>| 4000 | &nbsp;&nbsp; 316 |
| Myriad Genetics, Inc.<sup>(1)</sup> <br>| 20000 | &nbsp;&nbsp; 123 |
| Natera, Inc.<sup>(1)</sup> <br>| 2678 | &nbsp;&nbsp; 614 |
| Neurocrine Biosciences, <br> Inc.<sup>(1)</sup> <br>| 1934 | &nbsp;&nbsp; 274 |
| Palisade Bio, Inc.<sup>(1)</sup> <br>| 46000 | &nbsp;&nbsp; 108 |
| Puma Biotechnology, Inc.<sup>(1)</sup> <br>| 35404 | &nbsp;&nbsp; 211 |
| Rigel Pharmaceuticals, Inc.<sup>(1)</sup> <br>| 5812 | &nbsp;&nbsp; 249 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Biotechnology—continued** | **Biotechnology—continued** |  |
| Sarepta Therapeutics, Inc.<sup>(1)</sup> <br>| 19400 | &nbsp;&nbsp; $417 |
| Vaxcyte, Inc.<sup>(1)</sup> <br>| 3500 | &nbsp;&nbsp; 162 |
| Veracyte, Inc.<sup>(1)</sup> <br>| 31958 | &nbsp;&nbsp; 1345 |
|  |  | &nbsp;&nbsp; 10535 |
| **Broadline Retail—1.1%** | **Broadline Retail—1.1%** |  |
| Kohl's Corp. | 54253 | &nbsp;&nbsp; 1107 |
| **Capital Markets—0.6%** | **Capital Markets—0.6%** |  |
| AllianceBernstein <br> Holding LP<sup>(2)</sup> <br>| 16813 | &nbsp;&nbsp; 647 |
| **Commercial Services &** <br> **Supplies—1.6%** | **Commercial Services &** <br> **Supplies—1.6%** |  |
| Interface, Inc. Class A | 40103 | &nbsp;&nbsp; 1120 |
| Montrose Environmental <br> Group, Inc.<sup>(1)</sup> <br>| 20100 | &nbsp;&nbsp; 499 |
|  |  | &nbsp;&nbsp; 1619 |
| **Communications Equipment—0.4%** | **Communications Equipment—0.4%** |  |
| ADTRAN Holdings, Inc.<sup>(1)</sup> <br>| 23722 | &nbsp;&nbsp; 206 |
| Digi International, Inc.<sup>(1)</sup> <br>| 3801 | &nbsp;&nbsp; 165 |
|  |  | &nbsp;&nbsp; 371 |
| **Construction & Engineering—5.9%** | **Construction & Engineering—5.9%** |  |
| AECOM | 2449 | &nbsp;&nbsp; 233 |
| Comfort Systems USA, Inc. | 1683 | &nbsp;&nbsp; 1571 |
| EMCOR Group, Inc. | 1155 | &nbsp;&nbsp; 707 |
| Everus Construction Group, <br> Inc.<sup>(1)</sup> <br>| 8500 | &nbsp;&nbsp; 727 |
| Great Lakes Dredge & Dock <br> Corp.<sup>(1)</sup> <br>| 8804 | &nbsp;&nbsp; 115 |
| MasTec, Inc.<sup>(1)</sup> <br>| 3095 | &nbsp;&nbsp; 673 |
| Primoris Services Corp. | 14617 | &nbsp;&nbsp; 1815 |
| Stantec, Inc. | 1000 | &nbsp;&nbsp; 94 |
|  |  | &nbsp;&nbsp; 5935 |
| **Consumer Finance—2.6%** | **Consumer Finance—2.6%** |  |
| Encore Capital Group, Inc.<sup>(1)</sup> <br>| 26667 | &nbsp;&nbsp; 1449 |
| Green Dot Corp. Class A<sup>(1)</sup> <br>| 77198 | &nbsp;&nbsp; 989 |
| Upstart Holdings, Inc.<sup>(1)</sup> <br>| 3850 | &nbsp;&nbsp; 169 |
|  |  | &nbsp;&nbsp; 2607 |
| **Consumer Staples Distribution &** <br> **Retail—1.2%** | **Consumer Staples Distribution &** <br> **Retail—1.2%** |  |
| Casey's General Stores, Inc. | 1332 | &nbsp;&nbsp; 736 |
| Sprouts Farmers Market, <br> Inc.<sup>(1)</sup> <br>| 2756 | &nbsp;&nbsp; 220 |
| Weis Markets, Inc. | 4022 | &nbsp;&nbsp; 258 |
|  |  | &nbsp;&nbsp; 1214 |
| **Containers & Packaging—0.3%** | **Containers & Packaging—0.3%** |  |
| Ardagh Metal Packaging S.A. | 39036 | &nbsp;&nbsp; 160 |
| Silgan Holdings, Inc. | 3190 | &nbsp;&nbsp; 129 |
|  |  | &nbsp;&nbsp; 289 |
| **Diversified Consumer Services—3.3%** | **Diversified Consumer Services—3.3%** |  |
| Adtalem Global Education, <br> Inc.<sup>(1)</sup> <br>| 7698 | &nbsp;&nbsp; 796 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Diversified Consumer** <br> **Services—continued** | **Diversified Consumer** <br> **Services—continued** |  |
| Bright Horizons Family <br> Solutions, Inc.<sup>(1)</sup> <br>| 2413 | &nbsp;&nbsp; $245 |
| Frontdoor, Inc.<sup>(1)</sup> <br>| 17703 | &nbsp;&nbsp; 1021 |
| Grand Canyon Education, <br> Inc.<sup>(1)</sup> <br>| 3396 | &nbsp;&nbsp; 565 |
| Perdoceo Education Corp. | 18948 | &nbsp;&nbsp; 556 |
| Strategic Education, Inc. | 2196 | &nbsp;&nbsp; 176 |
|  |  | &nbsp;&nbsp; 3359 |
| **Diversified Telecommunication** <br> **Services—0.2%** | **Diversified Telecommunication** <br> **Services—0.2%** |  |
| Anterix, Inc.<sup>(1)</sup> <br>| 3500 | &nbsp;&nbsp; 76 |
| IDT Corp. Class B | 3240 | &nbsp;&nbsp; 166 |
|  |  | &nbsp;&nbsp; 242 |
| **Electric Utilities—3.4%** | **Electric Utilities—3.4%** |  |
| Alliant Energy Corp. | 9114 | &nbsp;&nbsp; 592 |
| Evergy, Inc. | 8525 | &nbsp;&nbsp; 618 |
| Genie Energy Ltd. Class B | 8316 | &nbsp;&nbsp; 115 |
| IDACORP, Inc. | 5005 | &nbsp;&nbsp; 633 |
| OGE Energy Corp. | 12766 | &nbsp;&nbsp; 545 |
| Otter Tail Corp. | 6854 | &nbsp;&nbsp; 554 |
| Pinnacle West Capital Corp. | 4145 | &nbsp;&nbsp; 368 |
|  |  | &nbsp;&nbsp; 3425 |
| **Electrical Equipment—3.5%** | **Electrical Equipment—3.5%** |  |
| American Superconductor <br> Corp.<sup>(1)</sup> <br>| 22928 | &nbsp;&nbsp; 660 |
| Array Technologies, Inc.<sup>(1)</sup> <br>| 25190 | &nbsp;&nbsp; 232 |
| Bloom Energy Corp. Class A<sup>(1)</sup> <br>| 4450 | &nbsp;&nbsp; 387 |
| Nextpower, Inc. Class A<sup>(1)</sup> <br>| 19719 | &nbsp;&nbsp; 1718 |
| Powell Industries, Inc. | 1679 | &nbsp;&nbsp; 535 |
|  |  | &nbsp;&nbsp; 3532 |
| **Electronic Equipment, Instruments &** <br> **Components—2.7%** | **Electronic Equipment, Instruments &** <br> **Components—2.7%** |  |
| Coherent Corp.<sup>(1)</sup> <br>| 2381 | &nbsp;&nbsp; 439 |
| Daktronics, Inc.<sup>(1)</sup> <br>| 18382 | &nbsp;&nbsp; 363 |
| Fabrinet<sup>(1)</sup> <br>| 1898 | &nbsp;&nbsp; 864 |
| Kimball Electronics, Inc.<sup>(1)</sup> <br>| 5340 | &nbsp;&nbsp; 149 |
| Knowles Corp.<sup>(1)</sup> <br>| 12428 | &nbsp;&nbsp; 266 |
| OSI Systems, Inc.<sup>(1)</sup> <br>| 763 | &nbsp;&nbsp; 195 |
| Rogers Corp.<sup>(1)</sup> <br>| 1573 | &nbsp;&nbsp; 144 |
| Sanmina Corp.<sup>(1)</sup> <br>| 2230 | &nbsp;&nbsp; 335 |
|  |  | &nbsp;&nbsp; 2755 |
| **Entertainment—0.9%** | **Entertainment—0.9%** |  |
| Madison Square Garden <br> Sports Corp.<sup>(1)</sup> <br>| 2592 | &nbsp;&nbsp; 671 |
| Roku, Inc. Class A <sup>(1)</sup> <br>| 2425 | &nbsp;&nbsp; 263 |
|  |  | &nbsp;&nbsp; 934 |
| **Financial Services—3.5%** | **Financial Services—3.5%** |  |
| Banco Latinoamericano de <br> Comercio Exterior S.A. <br> Class E<br>| 7712 | &nbsp;&nbsp; 344 |
| MGIC Investment Corp. | 33259 | &nbsp;&nbsp; 972 |
| NMI Holdings, Inc. Class A<sup>(1)</sup> <br>| 41408 | &nbsp;&nbsp; 1689 |
| Pagseguro Digital Ltd. Class A | 40000 | &nbsp;&nbsp; 385 |

---

*See Notes to Financial Statements*

------

**Small-Cap Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financial Services—continued** | **Financial Services—continued** |  |
| Radian Group, Inc. | 3935 | &nbsp;&nbsp; $142 |
|  |  | &nbsp;&nbsp; 3532 |
| **Food Products—2.2%** | **Food Products—2.2%** |  |
| Cal-Maine Foods, Inc. | 2657 | &nbsp;&nbsp; 211 |
| Ingredion, Inc. | 1240 | &nbsp;&nbsp; 137 |
| J & J Snack Foods Corp. | 1245 | &nbsp;&nbsp; 113 |
| John B Sanfilippo & Son, Inc. | 649 | &nbsp;&nbsp; 46 |
| Mama's Creations, Inc.<sup>(1)</sup> <br>| 16453 | &nbsp;&nbsp; 222 |
| Marzetti Co. (The) | 1188 | &nbsp;&nbsp; 195 |
| Mission Produce, Inc.<sup>(1)</sup> <br>| 7903 | &nbsp;&nbsp; 92 |
| Pilgrim's Pride Corp. | 7130 | &nbsp;&nbsp; 278 |
| Post Holdings, Inc.<sup>(1)</sup> <br>| 3508 | &nbsp;&nbsp; 347 |
| Tootsie Roll Industries, Inc. | 14132 | &nbsp;&nbsp; 518 |
| Vital Farms, Inc.<sup>(1)</sup> <br>| 2542 | &nbsp;&nbsp; 81 |
|  |  | &nbsp;&nbsp; 2240 |
| **Health Care REITs—0.1%** | **Health Care REITs—0.1%** |  |
| Omega Healthcare Investors, <br> Inc.<br>| 2971 | &nbsp;&nbsp; 132 |
| **Healthcare Equipment &** <br> **Supplies—1.1%** | **Healthcare Equipment &** <br> **Supplies—1.1%** |  |
| Avanos Medical, Inc.<sup>(1)</sup> <br>| 18830 | &nbsp;&nbsp; 212 |
| Envista Holdings Corp.<sup>(1)</sup> <br>| 7572 | &nbsp;&nbsp; 164 |
| iRadimed Corp. | 1650 | &nbsp;&nbsp; 161 |
| Merit Medical Systems, Inc.<sup>(1)</sup> <br>| 5913 | &nbsp;&nbsp; 521 |
|  |  | &nbsp;&nbsp; 1058 |
| **Healthcare Providers &** <br> **Services—3.4%** | **Healthcare Providers &** <br> **Services—3.4%** |  |
| Addus HomeCare Corp.<sup>(1)</sup> <br>| 850 | &nbsp;&nbsp; 91 |
| Alignment Healthcare, Inc.<sup>(1)</sup> <br>| 41412 | &nbsp;&nbsp; 818 |
| Aveanna Healthcare Holdings, <br> Inc.<sup>(1)</sup> <br>| 23300 | &nbsp;&nbsp; 190 |
| Centene Corp.<sup>(1)</sup> <br>| 3750 | &nbsp;&nbsp; 154 |
| Chemed Corp. | 895 | &nbsp;&nbsp; 383 |
| Encompass Health Corp. | 3901 | &nbsp;&nbsp; 414 |
| Guardant Health, Inc.<sup>(1)</sup> <br>| 2050 | &nbsp;&nbsp; 209 |
| InfuSystem Holdings, Inc.<sup>(1)</sup> <br>| 11200 | &nbsp;&nbsp; 101 |
| LifeStance Health Group, <br> Inc.<sup>(1)</sup> <br>| 97187 | &nbsp;&nbsp; 684 |
| Strata Critical Medical, Inc.<sup>(1)</sup> <br>| 22136 | &nbsp;&nbsp; 107 |
| Tenet Healthcare Corp.<sup>(1)</sup> <br>| 1354 | &nbsp;&nbsp; 269 |
|  |  | &nbsp;&nbsp; 3420 |
| **Healthcare Technology—0.5%** | **Healthcare Technology—0.5%** |  |
| HealthStream, Inc. | 5015 | &nbsp;&nbsp; 116 |
| OptimizeRx Corp.<sup>(1)</sup> <br>| 7279 | &nbsp;&nbsp; 89 |
| Phreesia, Inc.<sup>(1)</sup> <br>| 7004 | &nbsp;&nbsp; 118 |
| Waystar Holding Corp.<sup>(1)</sup> <br>| 5058 | &nbsp;&nbsp; 166 |
|  |  | &nbsp;&nbsp; 489 |
| **Hotels, Restaurants & Leisure—2.0%** | **Hotels, Restaurants & Leisure—2.0%** |  |
| Brinker International, Inc.<sup>(1)</sup> <br>| 4732 | &nbsp;&nbsp; 679 |
| Norwegian Cruise Line <br> Holdings Ltd.<sup>(1)</sup> <br>| 50852 | &nbsp;&nbsp; 1135 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Hotels, Restaurants &** <br> **Leisure—continued** | **Hotels, Restaurants &** <br> **Leisure—continued** |  |
| Sportradar Group AG <br> Class A<sup>(1)</sup> <br>| 7200 | &nbsp;&nbsp; $171 |
|  |  | &nbsp;&nbsp; 1985 |
| **Household Products—0.5%** | **Household Products—0.5%** |  |
| Oil-Dri Corp. of America | 2700 | &nbsp;&nbsp; 132 |
| WD-40 Co. | 1631 | &nbsp;&nbsp; 321 |
|  |  | &nbsp;&nbsp; 453 |
| **Independent Power and Renewable** <br> **Electricity Producers—0.3%** | **Independent Power and Renewable** <br> **Electricity Producers—0.3%** |  |
| Ormat Technologies, Inc. | 2283 | &nbsp;&nbsp; 252 |
| **Insurance—3.5%** | **Insurance—3.5%** |  |
| Donegal Group, Inc. Class A | 7437 | &nbsp;&nbsp; 148 |
| Employers Holdings, Inc. | 5988 | &nbsp;&nbsp; 258 |
| Globe Life, Inc. | 10126 | &nbsp;&nbsp; 1416 |
| Reinsurance Group of <br> America, Inc.<br>| 3955 | &nbsp;&nbsp; 805 |
| RLI Corp. | 7466 | &nbsp;&nbsp; 478 |
| Safety Insurance Group, Inc. | 2768 | &nbsp;&nbsp; 216 |
| United Fire Group, Inc. | 6050 | &nbsp;&nbsp; 220 |
|  |  | &nbsp;&nbsp; 3541 |
| **Interactive Media & Services—1.2%** | **Interactive Media & Services—1.2%** |  |
| Autohome, Inc. ADR | 3700 | &nbsp;&nbsp; 82 |
| Cars.com, Inc.<sup>(1)</sup> <br>| 8155 | &nbsp;&nbsp; 99 |
| EverQuote, Inc. Class A<sup>(1)</sup> <br>| 27763 | &nbsp;&nbsp; 750 |
| MediaAlpha, Inc. Class A<sup>(1)</sup> <br>| 8148 | &nbsp;&nbsp; 106 |
| Nextdoor Holdings, Inc.<sup>(1)</sup> <br>| 62600 | &nbsp;&nbsp; 131 |
| Yelp, Inc. Class A<sup>(1)</sup> <br>| 2700 | &nbsp;&nbsp; 82 |
|  |  | &nbsp;&nbsp; 1250 |
| **IT Services—0.1%** | **IT Services—0.1%** |  |
| Fastly, Inc. Class A<sup>(1)</sup> <br>| 12930 | &nbsp;&nbsp; 132 |
| **Leisure Products—0.1%** | **Leisure Products—0.1%** |  |
| BRP, Inc. | 1879 | &nbsp;&nbsp; 133 |
| **Life Sciences Tools & Services—0.2%** | **Life Sciences Tools & Services—0.2%** |  |
| Fortrea Holdings, Inc.<sup>(1)</sup> <br>| 9150 | &nbsp;&nbsp; 158 |
| **Machinery—0.5%** | **Machinery—0.5%** |  |
| Douglas Dynamics, Inc. | 15250 | &nbsp;&nbsp; 498 |
| **Metals & Mining—4.5%** | **Metals & Mining—4.5%** |  |
| Alcoa Corp. | 2930 | &nbsp;&nbsp; 156 |
| Alpha Metallurgical <br> Resources, Inc.<sup>(1)</sup> <br>| 3108 | &nbsp;&nbsp; 621 |
| Centerra Gold, Inc. | 100046 | &nbsp;&nbsp; 1438 |
| Commercial Metals Co. | 3500 | &nbsp;&nbsp; 242 |
| Constellium SE Class A<sup>(1)</sup> <br>| 26000 | &nbsp;&nbsp; 490 |
| Contango ORE, Inc.<sup>(1)</sup> <br>| 11300 | &nbsp;&nbsp; 299 |
| Fortuna Mining Corp.<sup>(1)</sup> <br>| 28134 | &nbsp;&nbsp; 276 |
| Integra Resources Corp.<sup>(1)</sup> <br>| 45600 | &nbsp;&nbsp; 183 |
| OR Royalties, Inc. | 7720 | &nbsp;&nbsp; 273 |
| SSR Mining, Inc.<sup>(1)</sup> <br>| 27842 | &nbsp;&nbsp; 610 |
|  |  | &nbsp;&nbsp; 4588 |
| **Multi-Utilities—0.6%** | **Multi-Utilities—0.6%** |  |
| NiSource, Inc. | 10742 | &nbsp;&nbsp; 449 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Multi-Utilities—continued** | **Multi-Utilities—continued** |  |
| Unitil Corp. | 4177 | &nbsp;&nbsp; $202 |
|  |  | &nbsp;&nbsp; 651 |
| **Oil, Gas & Consumable Fuels—1.2%** | **Oil, Gas & Consumable Fuels—1.2%** |  |
| Crescent Energy Co. Class A | 97523 | &nbsp;&nbsp; 818 |
| Dorchester Minerals LP | 4607 | &nbsp;&nbsp; 103 |
| Green Plains, Inc.<sup>(1)</sup> <br>| 10000 | &nbsp;&nbsp; 98 |
| Teekay Corp., Ltd. | 17655 | &nbsp;&nbsp; 160 |
|  |  | &nbsp;&nbsp; 1179 |
| **Pharmaceuticals—5.8%** | **Pharmaceuticals—5.8%** |  |
| Amneal Pharmaceuticals, <br> Inc.<sup>(1)</sup> <br>| 35921 | &nbsp;&nbsp; 453 |
| ANI Pharmaceuticals, Inc.<sup>(1)</sup> <br>| 14419 | &nbsp;&nbsp; 1138 |
| Avadel Pharmaceuticals plc<sup>(1)</sup> <br>| 16385 | &nbsp;&nbsp; 353 |
| CorMedix, Inc.<sup>(1)(2)</sup> <br>| 13220 | &nbsp;&nbsp; 154 |
| Harmony Biosciences <br> Holdings, Inc.<sup>(1)</sup> <br>| 12524 | &nbsp;&nbsp; 469 |
| Indivior plc<sup>(1)</sup> <br>| 4500 | &nbsp;&nbsp; 161 |
| Innoviva, Inc.<sup>(1)</sup> <br>| 26946 | &nbsp;&nbsp; 539 |
| Pacira BioSciences, Inc.<sup>(1)</sup> <br>| 6765 | &nbsp;&nbsp; 175 |
| Phibro Animal Health Corp. <br> Class A<br>| 43827 | &nbsp;&nbsp; 1637 |
| Prestige Consumer <br> Healthcare, Inc.<sup>(1)</sup> <br>| 10324 | &nbsp;&nbsp; 637 |
| Theravance Biopharma, Inc.<sup>(1)</sup> <br>| 6830 | &nbsp;&nbsp; 128 |
|  |  | &nbsp;&nbsp; 5844 |
| **Professional Services—1.4%** | **Professional Services—1.4%** |  |
| IBEX Holdings Ltd.<sup>(1)</sup> <br>| 17210 | &nbsp;&nbsp; 657 |
| TriNet Group, Inc. | 5100 | &nbsp;&nbsp; 302 |
| Willdan Group, Inc.<sup>(1)</sup> <br>| 4700 | &nbsp;&nbsp; 487 |
|  |  | &nbsp;&nbsp; 1446 |
| **Retail REITs—0.7%** | **Retail REITs—0.7%** |  |
| Agree Realty Corp. | 7815 | &nbsp;&nbsp; 563 |
| Tanger, Inc. | 4650 | &nbsp;&nbsp; 155 |
|  |  | &nbsp;&nbsp; 718 |
| **Semiconductors & Semiconductor** <br> **Equipment—5.9%** | **Semiconductors & Semiconductor** <br> **Equipment—5.9%** |  |
| ACM Research, Inc. Class A<sup>(1)</sup> <br>| 3525 | &nbsp;&nbsp; 139 |
| Ambarella, Inc.<sup>(1)</sup> <br>| 14966 | &nbsp;&nbsp; 1060 |
| Axcelis Technologies, Inc.<sup>(1)</sup> <br>| 1670 | &nbsp;&nbsp; 134 |
| Cirrus Logic, Inc.<sup>(1)</sup> <br>| 8600 | &nbsp;&nbsp; 1019 |
| Credo Technology Group <br> Holding Ltd.<sup>(1)</sup> <br>| 2190 | &nbsp;&nbsp; 315 |
| Impinj, Inc.<sup>(1)</sup> <br>| 900 | &nbsp;&nbsp; 157 |
| Penguin Solutions, Inc.<sup>(1)</sup> <br>| 58414 | &nbsp;&nbsp; 1143 |
| Rigetti Computing, Inc.<sup>(1)</sup> <br>| 9205 | &nbsp;&nbsp; 204 |
| Tower Semiconductor Ltd.<sup>(1)</sup> <br>| 14929 | &nbsp;&nbsp; 1753 |
|  |  | &nbsp;&nbsp; 5924 |
| **Software—6.9%** | **Software—6.9%** |  |
| Appfolio, Inc. Class A<sup>(1)</sup> <br>| 740 | &nbsp;&nbsp; 172 |
| Cellebrite DI Ltd.<sup>(1)</sup> <br>| 9697 | &nbsp;&nbsp; 175 |
| Cerence, Inc.<sup>(1)</sup> <br>| 11093 | &nbsp;&nbsp; 119 |
| Clear Secure, Inc. Class A | 13213 | &nbsp;&nbsp; 463 |
| Cognyte Software Ltd.<sup>(1)</sup> <br>| 16198 | &nbsp;&nbsp; 152 |
| Commvault Systems, Inc.<sup>(1)</sup> <br>| 6773 | &nbsp;&nbsp; 849 |

---

*See Notes to Financial Statements*

------

**Small-Cap Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Software—continued** | **Software—continued** |  |
| Docusign, Inc. Class A<sup>(1)</sup> <br>| 13593 | &nbsp;&nbsp; $930 |
| Dropbox, Inc. Class A<sup>(1)</sup> <br>| 35820 | &nbsp;&nbsp; 996 |
| D-Wave Quantum, Inc.<sup>(1)</sup> <br>| 5045 | &nbsp;&nbsp; 132 |
| Guidewire Software, Inc.<sup>(1)</sup> <br>| 1000 | &nbsp;&nbsp; 201 |
| Intapp, Inc.<sup>(1)</sup> <br>| 6812 | &nbsp;&nbsp; 312 |
| Manhattan Associates, Inc.<sup>(1)</sup> <br>| 1848 | &nbsp;&nbsp; 320 |
| Ooma, Inc.<sup>(1)</sup> <br>| 8952 | &nbsp;&nbsp; 105 |
| Pegasystems, Inc. | 7180 | &nbsp;&nbsp; 429 |
| Progress Software Corp.<sup>(1)</sup> <br>| 14800 | &nbsp;&nbsp; 636 |
| Q2 Holdings, Inc.<sup>(1)</sup> <br>| 3069 | &nbsp;&nbsp; 221 |
| RADCOM Ltd.<sup>(1)</sup> <br>| 15356 | &nbsp;&nbsp; 201 |
| Zeta Global Holdings Corp. <br> Class A<sup>(1)</sup> <br>| 25304 | &nbsp;&nbsp; 515 |
|  |  | &nbsp;&nbsp; 6928 |
| **Specialty Retail—2.9%** | **Specialty Retail—2.9%** |  |
| Abercrombie & Fitch Co. <br> Class A<sup>(1)</sup> <br>| 4200 | &nbsp;&nbsp; 529 |
| Boot Barn Holdings, Inc.<sup>(1)</sup> <br>| 750 | &nbsp;&nbsp; 132 |
| Genesco, Inc.<sup>(1)</sup> <br>| 19284 | &nbsp;&nbsp; 478 |
| Lands' End, Inc.<sup>(1)</sup> <br>| 73548 | &nbsp;&nbsp; 1068 |
| Urban Outfitters, Inc.<sup>(1)</sup> <br>| 2295 | &nbsp;&nbsp; 173 |
| Victoria's Secret & Co.<sup>(1)</sup> <br>| 10460 | &nbsp;&nbsp; 566 |
|  |  | &nbsp;&nbsp; 2946 |
| **Technology Hardware, Storage &** <br> **Peripherals—0.3%** | **Technology Hardware, Storage &** <br> **Peripherals—0.3%** |  |
| IonQ, Inc.<sup>(1)</sup> <br>| 6229 | &nbsp;&nbsp; 279 |
| **Textiles, Apparel & Luxury** <br> **Goods—0.2%** | **Textiles, Apparel & Luxury** <br> **Goods—0.2%** |  |
| Gildan Activewear, Inc. | 3679 | &nbsp;&nbsp; 230 |
| **Tobacco—0.5%** | **Tobacco—0.5%** |  |
| RLX Technology, Inc. ADR | 43796 | &nbsp;&nbsp; 102 |
| Turning Point Brands, Inc. | 1327 | &nbsp;&nbsp; 144 |
| Universal Corp. | 4570 | &nbsp;&nbsp; 241 |
|  |  | &nbsp;&nbsp; 487 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Water Utilities—0.3%** | **Water Utilities—0.3%** |  |
| American States Water Co. | 4803 | &nbsp;&nbsp; $348 |
| **Total Common Stocks** <br>**(Identified Cost $74,563)** | **Total Common Stocks** <br>**(Identified Cost $74,563)** | &nbsp;&nbsp; **100060** |
| **Master Limited Partnerships and Related** <br> **Companies—0.2%** | **Master Limited Partnerships and Related** <br> **Companies—0.2%** | **Master Limited Partnerships and Related** <br> **Companies—0.2%** |
| **Downstream/Other—0.2%** | **Downstream/Other—0.2%** |  |
| Sunoco LP | 4380 | &nbsp;&nbsp; 229 |
| **Total Master Limited** <br> **Partnerships and Related** <br> **Companies** <br>**(Identified Cost $59)** | **Total Master Limited** <br> **Partnerships and Related** <br> **Companies** <br>**(Identified Cost $59)** | &nbsp;&nbsp; **229** |
| **Total Long-Term** <br> **Investments—99.3%** <br>**(Identified Cost $74,622)** | **Total Long-Term** <br> **Investments—99.3%** <br>**(Identified Cost $74,622)** | &nbsp;&nbsp; **100289** |
| **Securities Lending Collateral—0.4%** | **Securities Lending Collateral—0.4%** | **Securities Lending Collateral—0.4%** |
| Dreyfus Government Cash <br> Management Fund - <br> Institutional Shares <br> (seven-day effective yield <br> 3.651%)<sup>(3)(4)</sup> <br>| 359103 | &nbsp;&nbsp; 359 |
| **Total Securities Lending** <br> **Collateral** <br>**(Identified Cost $359)** | **Total Securities Lending** <br> **Collateral** <br>**(Identified Cost $359)** | &nbsp;&nbsp; **359** |
| **TOTAL INVESTMENTS—99.7%** <br>**(Identified Cost $74,981)** | **TOTAL INVESTMENTS—99.7%** <br>**(Identified Cost $74,981)** | &nbsp;&nbsp; **$100648** |
| Other assets and liabilities, net—0.3% | Other assets and liabilities, net—0.3% | &nbsp;&nbsp; 324 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$100972** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| LP | Limited Partnership |
| plc | Public Limited Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Weightings**<sup>†</sup>  | **Country Weightings**<sup>†</sup>  |
| United States | 86<br> %<br>|
| Canada | 3 |
| Bermuda | 3 |
| Israel | 3 |
| Cayman Islands | 2 |
| Ireland | 1 |
| Denmark | 1 |
| Other | 1 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of December 31, 2025. | <sup>†</sup> % of total investments as of December 31, 2025. |

---

The following table summarizes the value of the Fund's investments as of December 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $100060 | &nbsp;&nbsp;&nbsp;&nbsp; $100060 |
| Master Limited Partnerships and Related Companies | &nbsp;&nbsp;&nbsp;&nbsp; 229 | &nbsp;&nbsp;&nbsp;&nbsp; 229 |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp; 359 | &nbsp;&nbsp;&nbsp;&nbsp; 359 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $100648 | &nbsp;&nbsp;&nbsp;&nbsp; $100648 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2025.

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

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**Zevenbergen Technology Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**December 31, 2025**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—99.9%** | **Common Stocks—99.9%** | **Common Stocks—99.9%** |
| **Aerospace & Defense—2.2%** | **Aerospace & Defense—2.2%** |  |
| Axon Enterprise, Inc.<sup>(1)</sup> <br>| 65300 | &nbsp;&nbsp; $37086 |
| **Automobiles—3.3%** | **Automobiles—3.3%** |  |
| Tesla, Inc.<sup>(1)</sup> <br>| 120800 | &nbsp;&nbsp; 54326 |
| **Broadline Retail—5.1%** | **Broadline Retail—5.1%** |  |
| Amazon.com, Inc.<sup>(1)</sup> <br>| 239500 | &nbsp;&nbsp; 55281 |
| MercadoLibre, Inc.<sup>(1)</sup> <br>| 14275 | &nbsp;&nbsp; 28754 |
|  |  | &nbsp;&nbsp; 84035 |
| **Capital Markets—0.3%** | **Capital Markets—0.3%** |  |
| Broadridge Financial <br> Solutions, Inc.<br>| 20800 | &nbsp;&nbsp; 4642 |
| **Communications Equipment—1.9%** | **Communications Equipment—1.9%** |  |
| Arista Networks, Inc.<sup>(1)</sup> <br>| 245400 | &nbsp;&nbsp; 32155 |
| **Electrical Equipment—0.9%** | **Electrical Equipment—0.9%** |  |
| Vertiv Holdings Co. Class A | 90000 | &nbsp;&nbsp; 14581 |
| **Electronic Equipment, Instruments &** <br> **Components—1.4%** | **Electronic Equipment, Instruments &** <br> **Components—1.4%** |  |
| Amphenol Corp. Class A | 140000 | &nbsp;&nbsp; 18920 |
| Mirion Technologies, Inc. <br> Class A<sup>(1)</sup> <br>| 221300 | &nbsp;&nbsp; 5183 |
|  |  | &nbsp;&nbsp; 24103 |
| **Entertainment—0.6%** | **Entertainment—0.6%** |  |
| Spotify Technology S.A.<sup>(1)</sup> <br>| 17400 | &nbsp;&nbsp; 10104 |
| **Financial Services—1.4%** | **Financial Services—1.4%** |  |
| Toast, Inc. Class A<sup>(1)</sup> <br>| 445000 | &nbsp;&nbsp; 15802 |
| Visa, Inc. Class A | 23800 | &nbsp;&nbsp; 8347 |
|  |  | &nbsp;&nbsp; 24149 |
| **Ground Transportation—0.5%** | **Ground Transportation—0.5%** |  |
| Uber Technologies, Inc.<sup>(1)</sup> <br>| 101400 | &nbsp;&nbsp; 8285 |
| **Hotels, Restaurants & Leisure—0.7%** | **Hotels, Restaurants & Leisure—0.7%** |  |
| Booking Holdings, Inc. | 1200 | &nbsp;&nbsp; 6426 |
| Sportradar Group AG <br> Class A<sup>(1)</sup> <br>| 228600 | &nbsp;&nbsp; 5434 |
|  |  | &nbsp;&nbsp; 11860 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Interactive Media & Services—18.3%** | **Interactive Media & Services—18.3%** |  |
| Alphabet, Inc. Class C | 588100 | &nbsp;&nbsp; $184546 |
| Meta Platforms, Inc. Class A | 175800 | &nbsp;&nbsp; 116044 |
| Pinterest, Inc. Class A<sup>(1)</sup> <br>| 135500 | &nbsp;&nbsp; 3508 |
|  |  | &nbsp;&nbsp; 304098 |
| **IT Services—6.0%** | **IT Services—6.0%** |  |
| MongoDB, Inc. Class A<sup>(1)</sup> <br>| 30000 | &nbsp;&nbsp; 12591 |
| Shopify, Inc. Class A<sup>(1)</sup> <br>| 448350 | &nbsp;&nbsp; 72171 |
| Snowflake, Inc. Class A<sup>(1)</sup> <br>| 69300 | &nbsp;&nbsp; 15201 |
|  |  | &nbsp;&nbsp; 99963 |
| **Media—0.5%** | **Media—0.5%** |  |
| Trade Desk, Inc. (The) <br> Class A<sup>(1)</sup> <br>| 237100 | &nbsp;&nbsp; 9000 |
| **Semiconductors & Semiconductor** <br> **Equipment—30.2%** | **Semiconductors & Semiconductor** <br> **Equipment—30.2%** |  |
| Advanced Micro Devices, <br> Inc.<sup>(1)</sup> <br>| 262500 | &nbsp;&nbsp; 56217 |
| Applied Materials, Inc. | 70000 | &nbsp;&nbsp; 17989 |
| ARM Holdings plc ADR<sup>(1)</sup> <br>| 55000 | &nbsp;&nbsp; 6012 |
| ASML Holding N.V. Registered <br> Shares<br>| 13000 | &nbsp;&nbsp; 13908 |
| Broadcom, Inc. | 308700 | &nbsp;&nbsp; 106841 |
| KLA Corp. | 15000 | &nbsp;&nbsp; 18226 |
| Micron Technology, Inc. | 255100 | &nbsp;&nbsp; 72808 |
| Monolithic Power Systems, <br> Inc.<br>| 30400 | &nbsp;&nbsp; 27553 |
| NVIDIA Corp. | 853670 | &nbsp;&nbsp; 159210 |
| NXP Semiconductors N.V. | 26400 | &nbsp;&nbsp; 5731 |
| QUALCOMM, Inc. | 100400 | &nbsp;&nbsp; 17174 |
|  |  | &nbsp;&nbsp; 501669 |
| **Software—18.3%** | **Software—18.3%** |  |
| Appfolio, Inc. Class A<sup>(1)</sup> <br>| 23800 | &nbsp;&nbsp; 5537 |
| AppLovin Corp. Class A<sup>(1)</sup> <br>| 15100 | &nbsp;&nbsp; 10175 |
| Cadence Design Systems, <br> Inc.<sup>(1)</sup> <br>| 40000 | &nbsp;&nbsp; 12503 |
| Crowdstrike Holdings, Inc. <br> Class A<sup>(1)</sup> <br>| 54800 | &nbsp;&nbsp; 25688 |
| Datadog, Inc. Class A<sup>(1)</sup> <br>| 125000 | &nbsp;&nbsp; 16999 |
| Intuit, Inc. | 19700 | &nbsp;&nbsp; 13050 |
| Microsoft Corp. | 274400 | &nbsp;&nbsp; 132705 |
| Oracle Corp. | 143500 | &nbsp;&nbsp; 27970 |
| Palo Alto Networks, Inc.<sup>(1)</sup> <br>| 89400 | &nbsp;&nbsp; 16467 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Software—continued** | **Software—continued** |  |
| Salesforce, Inc. | 17400 | &nbsp;&nbsp; $4609 |
| Samsara, Inc. Class A<sup>(1)</sup> <br>| 108800 | &nbsp;&nbsp; 3857 |
| ServiceNow, Inc.<sup>(1)</sup> <br>| 200500 | &nbsp;&nbsp; 30715 |
| ServiceTitan, Inc. Class A<sup>(1)</sup> <br>| 40200 | &nbsp;&nbsp; 4281 |
|  |  | &nbsp;&nbsp; 304556 |
| **Technology Hardware, Storage &** <br> **Peripherals—8.3%** | **Technology Hardware, Storage &** <br> **Peripherals—8.3%** |  |
| Apple, Inc. | 458800 | &nbsp;&nbsp; 124729 |
| Dell Technologies, Inc. Class C | 102500 | &nbsp;&nbsp; 12903 |
|  |  | &nbsp;&nbsp; 137632 |
| **Total Common Stocks** <br>**(Identified Cost $533,987)** | **Total Common Stocks** <br>**(Identified Cost $533,987)** | &nbsp;&nbsp; **1662244** |
| **Total Long-Term** <br> **Investments—99.9%** <br>**(Identified Cost $533,987)** | **Total Long-Term** <br> **Investments—99.9%** <br>**(Identified Cost $533,987)** | &nbsp;&nbsp; **1662244** |
| **TOTAL INVESTMENTS—99.9%** <br>**(Identified Cost $533,987)** | **TOTAL INVESTMENTS—99.9%** <br>**(Identified Cost $533,987)** | &nbsp;&nbsp; **$1662244** |
| Other assets and liabilities, net—0.1% | Other assets and liabilities, net—0.1% | &nbsp;&nbsp; 1034 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$1663278** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| plc | Public Limited Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Non-income producing. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Weightings**<sup>†</sup>  | **Country Weightings**<sup>†</sup>  |
| United States | 92<br> %<br>|
| Canada | 4 |
| Uruguay | 2 |
| Netherlands | 1 |
| Luxembourg | 1 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of December 31, 2025. | <sup>†</sup> % of total investments as of December 31, 2025. |

---

The following table summarizes the value of the Fund's investments as of December 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $1662244 | &nbsp;&nbsp;&nbsp;&nbsp; $1662244 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $1662244 | &nbsp;&nbsp;&nbsp;&nbsp; $1662244 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2025.

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

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**VIRTUS INVESTMENT TRUST**

**STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Unaudited)** 

**December 31, 2025**

(Reported in thousands except shares and per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Emerging Markets** <br> **Opportunities Fund**<br>| **Income & Growth** <br> **Fund**<br>| **KAR Global** <br> **Small-Cap Fund**<br>| **KAR Health** <br> **Sciences Fund**<br>|
| **Assets** |  |  |  |  |
| Investment in securities at value<sup>(1)</sup> | &nbsp;&nbsp; $184548 | &nbsp;&nbsp; $4536913 | &nbsp;&nbsp; $35997 | &nbsp;&nbsp; $99909 |
| Foreign currency at value<sup>(2)</sup> | &nbsp;&nbsp; 11 | &nbsp;&nbsp; — | &nbsp;&nbsp; 55 | &nbsp;&nbsp; — |
| Cash  | &nbsp;&nbsp; 1212 | &nbsp;&nbsp; 156242 | &nbsp;&nbsp; 1012 | &nbsp;&nbsp; 3622 |
| Cash pledged as collateral for written options | &nbsp;&nbsp; — | &nbsp;&nbsp; 382 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivables |  |  |  |  |
| Investment securities sold  | &nbsp;&nbsp; — | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 671 | &nbsp;&nbsp; — |
| Fund shares sold  | &nbsp;&nbsp; 193 | &nbsp;&nbsp; 2236 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 11 |
| Dividends and interest | &nbsp;&nbsp; 372 | &nbsp;&nbsp; 30970 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 48 |
| Tax reclaims  | &nbsp;&nbsp; 55 | &nbsp;&nbsp; — | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 198 |
| Prepaid Trustees' retainer | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — |
| Prepaid expenses  | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 31 |
| Other assets  | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 846 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 53 |
| Total assets | &nbsp;&nbsp; 186522 | &nbsp;&nbsp; 4727658 | &nbsp;&nbsp; 37944 | &nbsp;&nbsp; 103872 |
| **Liabilities** |  |  |  |  |
| Written options at value<sup>(3)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; 168 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payables |  |  |  |  |
| Fund shares repurchased  | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 3091 | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 36 |
| Investment securities purchased  | &nbsp;&nbsp; — | &nbsp;&nbsp; 313 | &nbsp;&nbsp; 162 | &nbsp;&nbsp; — |
| Foreign capital gains tax | &nbsp;&nbsp; 724 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Dividend distributions  | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Investment advisory fees  | &nbsp;&nbsp; 97 | &nbsp;&nbsp; 2620 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 70 |
| Distribution and service fees  | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 983 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 22 |
| Administration and accounting fees | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 32 |
| Transfer agent and sub-transfer agent fees and expenses | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 846 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 24 |
| Professional fees  | &nbsp;&nbsp; — | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 19 |
| Trustee deferred compensation plan  | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 846 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 53 |
| Interest expense and/or commitment fees | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 1 |
| Other accrued expenses | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 16 |
| Total liabilities | &nbsp;&nbsp; 1079 | &nbsp;&nbsp; 9745 | &nbsp;&nbsp; 419 | &nbsp;&nbsp; 273 |
| **Commitments and contingencies (Note 4D)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net Assets** | &nbsp;&nbsp; $185443 | &nbsp;&nbsp; $4717913 | &nbsp;&nbsp; $37525 | &nbsp;&nbsp; $103599 |
| **Net Assets Consist of:** |  |  |  |  |
| Capital paid in on shares of beneficial interest | &nbsp;&nbsp; $157078 | &nbsp;&nbsp; $4760549 | &nbsp;&nbsp; $32297 | &nbsp;&nbsp; $94749 |
| Accumulated earnings (loss) | &nbsp;&nbsp; 28365 | &nbsp;&nbsp; (42636)<br>| &nbsp;&nbsp; 5228 | &nbsp;&nbsp; 8850 |
| **Net Assets** | &nbsp;&nbsp; $185443 | &nbsp;&nbsp; $4717913 | &nbsp;&nbsp; $37525 | &nbsp;&nbsp; $103599 |
| **Net Assets:** |  |  |  |  |
| Class A | &nbsp;&nbsp; $24685 | &nbsp;&nbsp; $1908202 | &nbsp;&nbsp; $24326 | &nbsp;&nbsp; $97063 |
| Class C | &nbsp;&nbsp; $225 | &nbsp;&nbsp; $670089 | &nbsp;&nbsp; $271 | &nbsp;&nbsp; $1138 |
| Institutional Class | &nbsp;&nbsp; $87749 | &nbsp;&nbsp; $2139622 | &nbsp;&nbsp; $12928 | &nbsp;&nbsp; $5398 |
| Class R6 | &nbsp;&nbsp; $72784 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Shares Outstanding (unlimited number of shares authorized, no par value):** |  |  |  |  |
| Class A | &nbsp;&nbsp; 696977 | &nbsp;&nbsp; 164443213 | &nbsp;&nbsp; 801089 | &nbsp;&nbsp; 3271774 |
| Class C | &nbsp;&nbsp; 6151 | &nbsp;&nbsp; 67655287 | &nbsp;&nbsp; 13256 | &nbsp;&nbsp; 66379 |
| Institutional Class | &nbsp;&nbsp; 2471696 | &nbsp;&nbsp; 173496300 | &nbsp;&nbsp; 355536 | &nbsp;&nbsp; 174784 |
| Class R6 | &nbsp;&nbsp; 2086027 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net Asset Value and Redemption Price Per Share:**<sup>\*</sup> <br>|  |  |  |  |
| Class A | &nbsp;&nbsp; $35.42 | &nbsp;&nbsp; $11.60 | &nbsp;&nbsp; $30.37 | &nbsp;&nbsp; $29.67 |
| Class C | &nbsp;&nbsp; $36.55 | &nbsp;&nbsp; $9.90 | &nbsp;&nbsp; $20.46 | &nbsp;&nbsp; $17.15 |
| Institutional Class | &nbsp;&nbsp; $35.50 | &nbsp;&nbsp; $12.33 | &nbsp;&nbsp; $36.36 | &nbsp;&nbsp; $30.88 |
| Class R6 | &nbsp;&nbsp; $34.89 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

*See Notes to Financial Statements*

------

**VIRTUS INVESTMENT TRUST**

**STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Unaudited) (Continued)**

**December 31, 2025**

(Reported in thousands except shares and per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Emerging Markets** <br> **Opportunities Fund**<br>| **Income & Growth** <br> **Fund**<br>| **KAR Global** <br> **Small-Cap Fund**<br>| **KAR Health** <br> **Sciences Fund**<br>|
| **Maximum Offering Price Per Share** (NAV/(1-Maximum Sales Charge)): |  |  |  |  |
| Class A | &nbsp;&nbsp; $37.48 | &nbsp;&nbsp; $12.28 | &nbsp;&nbsp; $32.14 | &nbsp;&nbsp; $31.40 |
| Maximum Sales Charge - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>|
| <sup>(1)</sup> Investment in securities at cost | &nbsp;&nbsp; $132350 | &nbsp;&nbsp; $4430636 | &nbsp;&nbsp; $31209 | &nbsp;&nbsp; $78134 |
| <sup>(2)</sup> Foreign currency at cost | &nbsp;&nbsp; $11 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $56 | &nbsp;&nbsp; $— |
| <sup>(3)</sup> Written options premiums received | &nbsp;&nbsp; $— | &nbsp;&nbsp; $405 | &nbsp;&nbsp; $— | &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*

------

**VIRTUS INVESTMENT TRUST**

**STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Unaudited) (Continued)**

**December 31, 2025**

(Reported in thousands except shares and per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NFJ Dividend Value** <br> **Fund**<br>| **NFJ International** <br> **Value Fund**<br>| **NFJ Large-Cap** <br> **Value Fund**<br>| **NFJ Mid-Cap Value** <br> **Fund**<br>|
| **Assets** |  |  |  |  |
| Investment in securities at value<sup>(1)</sup> | &nbsp;&nbsp; $473946 | &nbsp;&nbsp; $80416 | &nbsp;&nbsp; $280271 | &nbsp;&nbsp; $511413 |
| Cash  | &nbsp;&nbsp; 8495 | &nbsp;&nbsp; 3111 | &nbsp;&nbsp; 2409 | &nbsp;&nbsp; 24823 |
| Receivables |  |  |  |  |
| Investment securities sold  | &nbsp;&nbsp; — | &nbsp;&nbsp; 157 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8198 |
| Fund shares sold  | &nbsp;&nbsp; 127 | &nbsp;&nbsp; 199 | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 113 |
| Dividends and interest | &nbsp;&nbsp; 516 | &nbsp;&nbsp; 122 | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 750 |
| Tax reclaims  | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 322 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 165 |
| Prepaid Trustees' retainer | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Prepaid expenses  | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 45 |
| Other assets  | &nbsp;&nbsp; 1780 | &nbsp;&nbsp; 391 | &nbsp;&nbsp; 229 | &nbsp;&nbsp; 348 |
| Total assets | &nbsp;&nbsp; 484906 | &nbsp;&nbsp; 84747 | &nbsp;&nbsp; 283463 | &nbsp;&nbsp; 545855 |
| **Liabilities** |  |  |  |  |
| Due to custodian | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payables |  |  |  |  |
| Fund shares repurchased  | &nbsp;&nbsp; 661 | &nbsp;&nbsp; 79 | &nbsp;&nbsp; 121 | &nbsp;&nbsp; 1079 |
| Investment securities purchased  | &nbsp;&nbsp; — | &nbsp;&nbsp; 181 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7808 |
| Dividend distributions  | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Investment advisory fees  | &nbsp;&nbsp; 183 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 112 | &nbsp;&nbsp; 198 |
| European Union tax reclaim contingent fees payable | &nbsp;&nbsp; — | &nbsp;&nbsp; 2780 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distribution and service fees  | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 85 |
| Administration and accounting fees | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 80 |
| Transfer agent and sub-transfer agent fees and expenses | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 153 |
| Professional fees  | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 21 |
| Trustee deferred compensation plan  | &nbsp;&nbsp; 1780 | &nbsp;&nbsp; 391 | &nbsp;&nbsp; 229 | &nbsp;&nbsp; 348 |
| Interest expense and/or commitment fees | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 3 |
| Other accrued expenses | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 60 |
| Total liabilities | &nbsp;&nbsp; 2958 | &nbsp;&nbsp; 3592 | &nbsp;&nbsp; 657 | &nbsp;&nbsp; 9835 |
| **Commitments and contingencies (Note 4D)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net Assets** | &nbsp;&nbsp; $481948 | &nbsp;&nbsp; $81155 | &nbsp;&nbsp; $282806 | &nbsp;&nbsp; $536020 |
| **Net Assets Consist of:** |  |  |  |  |
| Capital paid in on shares of beneficial interest | &nbsp;&nbsp; $427920 | &nbsp;&nbsp; $503623 | &nbsp;&nbsp; $254132 | &nbsp;&nbsp; $507114 |
| Accumulated earnings (loss) | &nbsp;&nbsp; 54028 | &nbsp;&nbsp; (422468)<br>| &nbsp;&nbsp; 28674 | &nbsp;&nbsp; 28906 |
| **Net Assets** | &nbsp;&nbsp; $481948 | &nbsp;&nbsp; $81155 | &nbsp;&nbsp; $282806 | &nbsp;&nbsp; $536020 |
| **Net Assets:** |  |  |  |  |
| Class A | &nbsp;&nbsp; $269608 | &nbsp;&nbsp; $46873 | &nbsp;&nbsp; $127354 | &nbsp;&nbsp; $367987 |
| Class C | &nbsp;&nbsp; $2529 | &nbsp;&nbsp; $770 | &nbsp;&nbsp; $1112 | &nbsp;&nbsp; $5720 |
| Institutional Class | &nbsp;&nbsp; $167413 | &nbsp;&nbsp; $30513 | &nbsp;&nbsp; $152018 | &nbsp;&nbsp; $144908 |
| Class R6 | &nbsp;&nbsp; $42398 | &nbsp;&nbsp; $2999 | &nbsp;&nbsp; $2322 | &nbsp;&nbsp; $17405 |
| **Shares Outstanding (unlimited number of shares authorized, no par value):** |  |  |  |  |
| Class A | &nbsp;&nbsp; 27105326 | &nbsp;&nbsp; 1912766 | &nbsp;&nbsp; 4790175 | &nbsp;&nbsp; 14576167 |
| Class C | &nbsp;&nbsp; 242826 | &nbsp;&nbsp; 32271 | &nbsp;&nbsp; 41053 | &nbsp;&nbsp; 337011 |
| Institutional Class | &nbsp;&nbsp; 16570364 | &nbsp;&nbsp; 1234494 | &nbsp;&nbsp; 5766698 | &nbsp;&nbsp; 5053749 |
| Class R6 | &nbsp;&nbsp; 4231414 | &nbsp;&nbsp; 121387 | &nbsp;&nbsp; 88160 | &nbsp;&nbsp; 608210 |
| **Net Asset Value and Redemption Price Per Share:**<sup>\*</sup> <br>|  |  |  |  |
| Class A | &nbsp;&nbsp; $9.95 | &nbsp;&nbsp; $24.51 | &nbsp;&nbsp; $26.59 | &nbsp;&nbsp; $25.25 |
| Class C | &nbsp;&nbsp; $10.41 | &nbsp;&nbsp; $23.85 | &nbsp;&nbsp; $27.10 | &nbsp;&nbsp; $16.97 |
| Institutional Class | &nbsp;&nbsp; $10.10 | &nbsp;&nbsp; $24.72 | &nbsp;&nbsp; $26.36 | &nbsp;&nbsp; $28.67 |
| Class R6 | &nbsp;&nbsp; $10.02 | &nbsp;&nbsp; $24.70 | &nbsp;&nbsp; $26.34 | &nbsp;&nbsp; $28.62 |

---

*See Notes to Financial Statements*

------

**VIRTUS INVESTMENT TRUST**

**STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Unaudited) (Continued)**

**December 31, 2025**

(Reported in thousands except shares and per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NFJ Dividend Value** <br> **Fund**<br>| **NFJ International** <br> **Value Fund**<br>| **NFJ Large-Cap** <br> **Value Fund**<br>| **NFJ Mid-Cap Value** <br> **Fund**<br>|
| **Maximum Offering Price Per Share** (NAV/(1-Maximum Sales Charge)): |  |  |  |  |
| Class A | &nbsp;&nbsp; $10.53 | &nbsp;&nbsp; $25.94 | &nbsp;&nbsp; $28.14 | &nbsp;&nbsp; $26.72 |
| Maximum Sales Charge - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>|
| <sup>(1)</sup> Investment in securities at cost | &nbsp;&nbsp; $406464 | &nbsp;&nbsp; $63372 | &nbsp;&nbsp; $248776 | &nbsp;&nbsp; $462407 |
| <sup>(2)</sup> Foreign currency at cost | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &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*

------

**VIRTUS INVESTMENT TRUST**

**STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Unaudited) (Continued)**

**December 31, 2025**

(Reported in thousands except shares and per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NFJ Small-Cap** <br> **Value Fund**<br>| **Silvant Focused** <br> **Growth Fund**<br>| **Silvant Mid-Cap** <br> **Growth Fund**<br>| **Small-Cap Fund** |
| **Assets** |  |  |  |  |
| Investment in securities at value<sup>(1)</sup><sup>(2)</sup> | &nbsp;&nbsp; $232885 | &nbsp;&nbsp; $1785986 | &nbsp;&nbsp; $402636 | &nbsp;&nbsp; $100648 |
| Cash  | &nbsp;&nbsp; 8117 | &nbsp;&nbsp; 31342 | &nbsp;&nbsp; 4990 | &nbsp;&nbsp; 1170 |
| Receivables |  |  |  |  |
| Investment securities sold  | &nbsp;&nbsp; — | &nbsp;&nbsp; 5506 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Fund shares sold  | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 5380 | &nbsp;&nbsp; 10089 | &nbsp;&nbsp; 59 |
| Dividends and interest | &nbsp;&nbsp; 453 | &nbsp;&nbsp; 308 | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 17 |
| Tax reclaims  | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 |
| Prepaid Trustees' retainer | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Prepaid expenses  | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 23 |
| Other assets  | &nbsp;&nbsp; 1443 | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 18 |
| Total assets | &nbsp;&nbsp; 243025 | &nbsp;&nbsp; 1828907 | &nbsp;&nbsp; 418004 | &nbsp;&nbsp; 101937 |
| **Liabilities** |  |  |  |  |
| Payables |  |  |  |  |
| Fund shares repurchased  | &nbsp;&nbsp; 461 | &nbsp;&nbsp; 766 | &nbsp;&nbsp; 1033 | &nbsp;&nbsp; 436 |
| Investment securities purchased  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10734 | &nbsp;&nbsp; — |
| Collateral on securities loaned | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 359 |
| Investment advisory fees  | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 688 | &nbsp;&nbsp; 162 | &nbsp;&nbsp; 49 |
| Distribution and service fees  | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 224 | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 16 |
| Administration and accounting fees | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 211 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 31 |
| Transfer agent and sub-transfer agent fees and expenses | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 253 | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 18 |
| Professional fees  | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 16 |
| Trustee deferred compensation plan  | &nbsp;&nbsp; 1443 | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 18 |
| Interest expense and/or commitment fees | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Other accrued expenses | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 22 |
| Total liabilities | &nbsp;&nbsp; 2249 | &nbsp;&nbsp; 2586 | &nbsp;&nbsp; 12251 | &nbsp;&nbsp; 965 |
| **Commitments and contingencies (Note 4D)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net Assets** | &nbsp;&nbsp; $240776 | &nbsp;&nbsp; $1826321 | &nbsp;&nbsp; $405753 | &nbsp;&nbsp; $100972 |
| **Net Assets Consist of:** |  |  |  |  |
| Capital paid in on shares of beneficial interest | &nbsp;&nbsp; $215465 | &nbsp;&nbsp; $672633 | &nbsp;&nbsp; $288840 | &nbsp;&nbsp; $74681 |
| Accumulated earnings (loss) | &nbsp;&nbsp; 25311 | &nbsp;&nbsp; 1153688 | &nbsp;&nbsp; 116913 | &nbsp;&nbsp; 26291 |
| **Net Assets** | &nbsp;&nbsp; $240776 | &nbsp;&nbsp; $1826321 | &nbsp;&nbsp; $405753 | &nbsp;&nbsp; $100972 |
| **Net Assets:** |  |  |  |  |
| Class A | &nbsp;&nbsp; $175343 | &nbsp;&nbsp; $948857 | &nbsp;&nbsp; $290629 | &nbsp;&nbsp; $64863 |
| Class C | &nbsp;&nbsp; $317 | &nbsp;&nbsp; $24935 | &nbsp;&nbsp; $5118 | &nbsp;&nbsp; $2478 |
| Institutional Class | &nbsp;&nbsp; $54488 | &nbsp;&nbsp; $463951 | &nbsp;&nbsp; $109915 | &nbsp;&nbsp; $27876 |
| Class R6 | &nbsp;&nbsp; $10628 | &nbsp;&nbsp; $388578 | &nbsp;&nbsp; $91 | &nbsp;&nbsp; $5755 |
| **Shares Outstanding (unlimited number of shares authorized, no par value):** |  |  |  |  |
| Class A | &nbsp;&nbsp; 15101952 | &nbsp;&nbsp; 9574480 | &nbsp;&nbsp; 66379210 | &nbsp;&nbsp; 2728219 |
| Class C | &nbsp;&nbsp; 33605 | &nbsp;&nbsp; 735691 | &nbsp;&nbsp; 2124783 | &nbsp;&nbsp; 115856 |
| Institutional Class | &nbsp;&nbsp; 3558944 | &nbsp;&nbsp; 5353157 | &nbsp;&nbsp; 18408507 | &nbsp;&nbsp; 1129652 |
| Class R6 | &nbsp;&nbsp; 696937 | &nbsp;&nbsp; 4451503 | &nbsp;&nbsp; 15244 | &nbsp;&nbsp; 233477 |
| **Net Asset Value and Redemption Price Per Share:**<sup>\*</sup> <br>|  |  |  |  |
| Class A | &nbsp;&nbsp; $11.61 | &nbsp;&nbsp; $99.10 | &nbsp;&nbsp; $4.38 | &nbsp;&nbsp; $23.77 |
| Class C | &nbsp;&nbsp; $9.42 | &nbsp;&nbsp; $33.89 | &nbsp;&nbsp; $2.41 | &nbsp;&nbsp; $21.39 |
| Institutional Class | &nbsp;&nbsp; $15.31 | &nbsp;&nbsp; $86.67 | &nbsp;&nbsp; $5.97 | &nbsp;&nbsp; $24.68 |
| Class R6 | &nbsp;&nbsp; $15.25 | &nbsp;&nbsp; $87.29 | &nbsp;&nbsp; $5.97 | &nbsp;&nbsp; $24.65 |
| **Maximum Offering Price Per Share** (NAV/(1-Maximum Sales Charge)): |  |  |  |  |
| Class A | &nbsp;&nbsp; $12.29 | &nbsp;&nbsp; $104.87 | &nbsp;&nbsp; $4.63 | &nbsp;&nbsp; $25.15 |
| Maximum Sales Charge - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>|
| <sup>(1)</sup> Investment in securities at cost | &nbsp;&nbsp; $195492 | &nbsp;&nbsp; $637587 | &nbsp;&nbsp; $299923 | &nbsp;&nbsp; $74981 |

---

*See Notes to Financial Statements*

------

**VIRTUS INVESTMENT TRUST**

**STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Unaudited) (Continued)**

**December 31, 2025**

(Reported in thousands except shares and per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NFJ Small-Cap** <br> **Value Fund**<br>| **Silvant Focused** <br> **Growth Fund**<br>| **Silvant Mid-Cap** <br> **Growth Fund**<br>| **Small-Cap Fund** |
| <sup>(2)</sup> Market value of securities on loan | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $342 |

---

&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*

------

**VIRTUS INVESTMENT TRUST**

**STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Unaudited) (Continued)**

**December 31, 2025**

(Reported in thousands except shares and per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Zevenbergen** <br> **Technology Fund**<br>|
| **Assets** |  |
| Investment in securities at value<sup>(1)</sup> | &nbsp;&nbsp; $1662244 |
| Cash  | &nbsp;&nbsp; 2748 |
| Due from broker | &nbsp;&nbsp; 12 |
| Receivables |  |
| Investment securities sold  | &nbsp;&nbsp; 5646 |
| Fund shares sold  | &nbsp;&nbsp; 1340 |
| Dividends and interest | &nbsp;&nbsp; 156 |
| Tax reclaims  | &nbsp;&nbsp; 72 |
| Prepaid Trustees' retainer | &nbsp;&nbsp; 1 |
| Prepaid expenses  | &nbsp;&nbsp; 40 |
| Other assets  | &nbsp;&nbsp; 486 |
| Total assets | &nbsp;&nbsp; 1672745 |
| **Liabilities** |  |
| Payables |  |
| Fund shares repurchased  | &nbsp;&nbsp; 1336 |
| Investment securities purchased  | &nbsp;&nbsp; 5453 |
| Investment advisory fees  | &nbsp;&nbsp; 1296 |
| Distribution and service fees  | &nbsp;&nbsp; 189 |
| Administration and accounting fees | &nbsp;&nbsp; 197 |
| Transfer agent and sub-transfer agent fees and expenses | &nbsp;&nbsp; 397 |
| Professional fees  | &nbsp;&nbsp; 26 |
| Trustee deferred compensation plan  | &nbsp;&nbsp; 486 |
| Interest expense and/or commitment fees | &nbsp;&nbsp; 6 |
| Other accrued expenses | &nbsp;&nbsp; 81 |
| Total liabilities | &nbsp;&nbsp; 9467 |
| **Commitments and contingencies (Note 4D)** | &nbsp;&nbsp; — |
| **Net Assets** | &nbsp;&nbsp; $1663278 |
| **Net Assets Consist of:** |  |
| Capital paid in on shares of beneficial interest | &nbsp;&nbsp; $528058 |
| Accumulated earnings (loss) | &nbsp;&nbsp; 1135220 |
| **Net Assets** | &nbsp;&nbsp; $1663278 |
| **Net Assets:** |  |
| Class A | &nbsp;&nbsp; $776345 |
| Class C | &nbsp;&nbsp; $25547 |
| Institutional Class | &nbsp;&nbsp; $861386 |
| **Shares Outstanding (unlimited number of shares authorized, no par value):** |  |
| Class A | &nbsp;&nbsp; 10298175 |
| Class C | &nbsp;&nbsp; 1803512 |
| Institutional Class | &nbsp;&nbsp; 7820852 |
| **Net Asset Value and Redemption Price Per Share:**<sup>\*</sup> <br>|  |
| Class A | &nbsp;&nbsp; $75.39 |
| Class C | &nbsp;&nbsp; $14.17 |
| Institutional Class | &nbsp;&nbsp; $110.14 |
| **Maximum Offering Price Per Share** (NAV/(1-Maximum Sales Charge)): |  |
| Class A | &nbsp;&nbsp; $79.78 |
| Maximum Sales Charge - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>|
| <sup>(1)</sup> Investment in securities at cost | &nbsp;&nbsp; $533987 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets.

*See Notes to Financial Statements*

------

**VIRTUS INVESTMENT TRUST**

**STATEMENTS OF OPERATIONS (FORM N-CSR ITEM 7) (Unaudited)** 

**SIX MONTHS ENDED December 31, 2025**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets** <br> **Opportunities Fund**<br>| **Income & Growth** <br> **Fund**<br>| **KAR Global** <br> **Small-Cap Fund**<br>| **KAR Health** <br> **Sciences Fund**<br>| **NFJ Dividend Value** <br> **Fund**<br>|
| **Investment Income** |  |  |  |  |  |
| Dividends  | &nbsp;&nbsp;&nbsp; $2463 | &nbsp;&nbsp;&nbsp; $17314 | &nbsp;&nbsp;&nbsp; $535 | &nbsp;&nbsp;&nbsp; $454 | &nbsp;&nbsp;&nbsp; $6521 |
| Interest  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 56204 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| European Union tax reclaims<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 1848 |
| Foreign taxes withheld  | &nbsp;&nbsp;&nbsp; (298)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (22)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (41)<br>|
| Total investment income | &nbsp;&nbsp;&nbsp; 2165 | &nbsp;&nbsp;&nbsp; 73518 | &nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp;&nbsp; 467 | &nbsp;&nbsp;&nbsp; 8328 |
| **Expenses** |  |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 780 | &nbsp;&nbsp;&nbsp; 15547 | &nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp; 408 | &nbsp;&nbsp;&nbsp; 1127 |
| Distribution and service fees, Class A | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 2414 | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp; 348 |
| Distribution and service fees, Class C | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 3518 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 16 |
| Administration and accounting fees | &nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp; 2367 | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp; 260 |
| Transfer agent fees and expenses | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 1025 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 112 |
| Sub-transfer agent fees and expenses, Class A | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 710 | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; 175 |
| Sub-transfer agent fees and expenses, Class C | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 277 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
| Sub-transfer agent fees and expenses, Institutional <br> Class<br>| &nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp; 838 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 80 |
| European Union tax reclaim fees | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Custodian fees  | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 1 |
| Printing fees and expenses  | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 24 |
| Professional fees  | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 21 |
| Interest expense and/or commitment fees | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 2 |
| Registration fees  | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 43 |
| Trustees' fees and expenses  | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 166 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 18 |
| Miscellaneous expenses | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 30 |
| Total expenses | &nbsp;&nbsp;&nbsp; 1105 | &nbsp;&nbsp;&nbsp; 27322 | &nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp;&nbsp; 719 | &nbsp;&nbsp;&nbsp; 2258 |
| Less net expenses reimbursed and/or waived by <br> investment adviser and/or administrator<sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp; (216)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; (37)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 889 | &nbsp;&nbsp;&nbsp; 27322 | &nbsp;&nbsp;&nbsp; 322 | &nbsp;&nbsp;&nbsp; 717 | &nbsp;&nbsp;&nbsp; 2221 |
| **Net investment income (loss)** | &nbsp;&nbsp;&nbsp; 1276 | &nbsp;&nbsp;&nbsp; 46196 | &nbsp;&nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp; (250)<br>| &nbsp;&nbsp;&nbsp; 6107 |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; 7717 | &nbsp;&nbsp;&nbsp; 4780 | &nbsp;&nbsp;&nbsp; 1804 | &nbsp;&nbsp;&nbsp; 4105 | &nbsp;&nbsp;&nbsp; 10320 |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; (50)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; — |
| Foreign capital gains tax | &nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Written options | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 279 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; 20617 | &nbsp;&nbsp;&nbsp; 250992 | &nbsp;&nbsp;&nbsp; (5939)<br>| &nbsp;&nbsp;&nbsp; 8133 | &nbsp;&nbsp;&nbsp; 24066 |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Foreign capital gains tax | &nbsp;&nbsp;&nbsp; (724)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Written options | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1651 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Net realized and unrealized gain (loss) on investments** | &nbsp;&nbsp;&nbsp; 27549 | &nbsp;&nbsp;&nbsp; 257702 | &nbsp;&nbsp;&nbsp; (4141)<br>| &nbsp;&nbsp;&nbsp; 12238 | &nbsp;&nbsp;&nbsp; 34386 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| &nbsp;&nbsp;&nbsp; $28825 | &nbsp;&nbsp;&nbsp; $303898 | &nbsp;&nbsp;&nbsp; $(3933)<br>| &nbsp;&nbsp;&nbsp; $11988 | &nbsp;&nbsp;&nbsp; $40493 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&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*

------

**VIRTUS INVESTMENT TRUST**

**STATEMENTS OF OPERATIONS (FORM N-CSR ITEM 7) (Unaudited) (Continued)**

**SIX MONTHS ENDED December 31, 2025**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **NFJ International** <br> **Value Fund**<br>| **NFJ Large-Cap** <br> **Value Fund**<br>| **NFJ Mid-Cap Value** <br> **Fund**<br>| **NFJ Small-Cap** <br> **Value Fund**<br>| **Silvant Focused** <br> **Growth Fund**<br>|
| **Investment Income** |  |  |  |  |  |
| Dividends  | &nbsp;&nbsp;&nbsp; $803 | &nbsp;&nbsp;&nbsp; $2904 | &nbsp;&nbsp;&nbsp; $5789 | &nbsp;&nbsp;&nbsp; $2782 | &nbsp;&nbsp;&nbsp; $4138 |
| European Union tax reclaims<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Foreign taxes withheld  | &nbsp;&nbsp;&nbsp; (79)<br>| &nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; (17)<br>| &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (9)<br>|
| European Union tax reclaim contingent fees | &nbsp;&nbsp;&nbsp; (352)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp;&nbsp; 747 | &nbsp;&nbsp;&nbsp; 2901 | &nbsp;&nbsp;&nbsp; 5772 | &nbsp;&nbsp;&nbsp; 2781 | &nbsp;&nbsp;&nbsp; 4129 |
| **Expenses** |  |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 227 | &nbsp;&nbsp;&nbsp; 640 | &nbsp;&nbsp;&nbsp; 1569 | &nbsp;&nbsp;&nbsp; 770 | &nbsp;&nbsp;&nbsp; 3983 |
| Distribution and service fees, Class A | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 169 | &nbsp;&nbsp;&nbsp; 483 | &nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp; 1185 |
| Distribution and service fees, Class C | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 125 |
| Administration and accounting fees | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 154 | &nbsp;&nbsp;&nbsp; 294 | &nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp; 885 |
| Transfer agent fees and expenses | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 391 |
| Sub-transfer agent fees and expenses, Class A | &nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp; 326 |
| Sub-transfer agent fees and expenses, Class C | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 9 |
| Sub-transfer agent fees and expenses, Institutional <br> Class<br>| &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 182 |
| European Union tax reclaim fees | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Custodian fees  | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 2 |
| Printing fees and expenses  | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 40 |
| Professional fees  | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 34 |
| Interest expense and/or commitment fees | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 4 |
| Registration fees  | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 51 |
| Trustees' fees and expenses  | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 54 |
| Miscellaneous expenses | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 50 |
| Total expenses | &nbsp;&nbsp;&nbsp; 466 | &nbsp;&nbsp;&nbsp; 1246 | &nbsp;&nbsp;&nbsp; 2972 | &nbsp;&nbsp;&nbsp; 1465 | &nbsp;&nbsp;&nbsp; 7321 |
| Less net expenses reimbursed and/or waived by <br> investment adviser and/or administrator<sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp; (21)<br>| &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; (405)<br>| &nbsp;&nbsp;&nbsp; (90)<br>| &nbsp;&nbsp;&nbsp; (69)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp;&nbsp; 1246 | &nbsp;&nbsp;&nbsp; 2567 | &nbsp;&nbsp;&nbsp; 1375 | &nbsp;&nbsp;&nbsp; 7252 |
| **Net investment income (loss)** | &nbsp;&nbsp;&nbsp; 302 | &nbsp;&nbsp;&nbsp; 1655 | &nbsp;&nbsp;&nbsp; 3205 | &nbsp;&nbsp;&nbsp; 1406 | &nbsp;&nbsp;&nbsp; (3123)<br>|
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; 4038 | &nbsp;&nbsp;&nbsp; 13321 | &nbsp;&nbsp;&nbsp; (3582)<br>| &nbsp;&nbsp;&nbsp; (4139)<br>| &nbsp;&nbsp;&nbsp; 31885 |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; 5991 | &nbsp;&nbsp;&nbsp; (2410)<br>| &nbsp;&nbsp;&nbsp; 29196 | &nbsp;&nbsp;&nbsp; 22048 | &nbsp;&nbsp;&nbsp; 136092 |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; — |
| **Net realized and unrealized gain (loss) on investments** | &nbsp;&nbsp;&nbsp; 10015 | &nbsp;&nbsp;&nbsp; 10911 | &nbsp;&nbsp;&nbsp; 25614 | &nbsp;&nbsp;&nbsp; 17909 | &nbsp;&nbsp;&nbsp; 167977 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| &nbsp;&nbsp;&nbsp; $10317 | &nbsp;&nbsp;&nbsp; $12566 | &nbsp;&nbsp;&nbsp; $28819 | &nbsp;&nbsp;&nbsp; $19315 | &nbsp;&nbsp;&nbsp; $164854 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&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*

------

**VIRTUS INVESTMENT TRUST**

**STATEMENTS OF OPERATIONS (FORM N-CSR ITEM 7) (Unaudited) (Continued)**

**SIX MONTHS ENDED December 31, 2025**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Silvant Mid-Cap** <br> **Growth Fund**<br>| **Small-Cap Fund** | **Zevenbergen** <br> **Technology Fund**<br>|
| **Investment Income** |  |  |  |
| Dividends  | &nbsp;&nbsp;&nbsp; $1087 | &nbsp;&nbsp;&nbsp; $625 | &nbsp;&nbsp;&nbsp; $2638 |
| Securities lending, net of fees | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; — |
| Foreign taxes withheld  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp; (12)<br>|
| Total investment income | &nbsp;&nbsp;&nbsp; 1087 | &nbsp;&nbsp;&nbsp; 644 | &nbsp;&nbsp;&nbsp; 2626 |
| **Expenses** |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 950 | &nbsp;&nbsp;&nbsp; 304 | &nbsp;&nbsp;&nbsp; 7447 |
| Distribution and service fees, Class A | &nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 967 |
| Distribution and service fees, Class C | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 133 |
| Administration and accounting fees | &nbsp;&nbsp;&nbsp; 213 | &nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp; 828 |
| Transfer agent fees and expenses | &nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 369 |
| Sub-transfer agent fees and expenses, Class A | &nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 384 |
| Sub-transfer agent fees and expenses, Class C | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 11 |
| Sub-transfer agent fees and expenses, Institutional Class | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 376 |
| Custodian fees  | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 2 |
| Printing fees and expenses  | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 43 |
| Professional fees  | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 35 |
| Interest expense and/or commitment fees | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 5 |
| Registration fees  | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 27 |
| Trustees' fees and expenses  | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 53 |
| Miscellaneous expenses | &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 58 |
| Total expenses | &nbsp;&nbsp;&nbsp; 1886 | &nbsp;&nbsp;&nbsp; 581 | &nbsp;&nbsp;&nbsp; 10738 |
| Less net expenses reimbursed and/or waived by investment adviser and/or administrator<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; (36)<br>| &nbsp;&nbsp;&nbsp; — |
| Plus net expenses recaptured<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12 |
| Net expenses | &nbsp;&nbsp;&nbsp; 1886 | &nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp;&nbsp; 10750 |
| **Net investment income (loss)** | &nbsp;&nbsp;&nbsp; (799)<br>| &nbsp;&nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp; (8124)<br>|
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; 36579 | &nbsp;&nbsp;&nbsp; 3418 | &nbsp;&nbsp;&nbsp; 72592 |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; (28657)<br>| &nbsp;&nbsp;&nbsp; 7005 | &nbsp;&nbsp;&nbsp; 147328 |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; (1)<br>|
| **Net realized and unrealized gain (loss) on investments** | &nbsp;&nbsp;&nbsp; 7922 | &nbsp;&nbsp;&nbsp; 10423 | &nbsp;&nbsp;&nbsp; 219919 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $7123 | &nbsp;&nbsp;&nbsp; $10522 | &nbsp;&nbsp;&nbsp; $211795 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&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*

------

**VIRTUS INVESTMENT TRUST**

**STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7)** 

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Opportunities** <br> **Fund** | **Emerging Markets Opportunities** <br> **Fund** | **Income & Growth Fund** | **Income & Growth Fund** | **KAR Global Small-Cap Fund** | **KAR Global Small-Cap Fund** |
|  | **Six Months Ended** <br>**December 31,** <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**June 30,** <br>**2025**<br>| **Six Months Ended** <br>**December 31,** <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**June 30,** <br>**2025**<br>| **Six Months Ended** <br>**December 31,** <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**June 30,** <br>**2025**<br>|
| **Increase (Decrease) in Net Assets Resulting from** <br> **Operations**<br>|  |  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $1276 | &nbsp;&nbsp;&nbsp; $6455 | &nbsp;&nbsp;&nbsp; $46196 | &nbsp;&nbsp;&nbsp; $98321 | &nbsp;&nbsp;&nbsp; $208 | &nbsp;&nbsp;&nbsp; $327 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 7662 | &nbsp;&nbsp;&nbsp; (7549)<br>| &nbsp;&nbsp;&nbsp; 5059 | &nbsp;&nbsp;&nbsp; 96392 | &nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 564 |
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; 19887 | &nbsp;&nbsp;&nbsp; 10082 | &nbsp;&nbsp;&nbsp; 252643 | &nbsp;&nbsp;&nbsp; 282794 | &nbsp;&nbsp;&nbsp; (5941)<br>| &nbsp;&nbsp;&nbsp; 4143 |
| **Increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp;&nbsp; 28825 | &nbsp;&nbsp;&nbsp; 8988 | &nbsp;&nbsp;&nbsp; 303898 | &nbsp;&nbsp;&nbsp; 477507 | &nbsp;&nbsp;&nbsp; (3933)<br>| &nbsp;&nbsp;&nbsp; 5034 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |  |
| **Net Investment Income and Net Realized Gains:** |  |  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (727)<br>| &nbsp;&nbsp;&nbsp; (1178)<br>| &nbsp;&nbsp;&nbsp; (69620)<br>| &nbsp;&nbsp;&nbsp; (77235)<br>| &nbsp;&nbsp;&nbsp; (1272)<br>| &nbsp;&nbsp;&nbsp; (2284)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp; (27450)<br>| &nbsp;&nbsp;&nbsp; (35259)<br>| &nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp; (47)<br>|
| Institutional Class | &nbsp;&nbsp;&nbsp; (2860)<br>| &nbsp;&nbsp;&nbsp; (4705)<br>| &nbsp;&nbsp;&nbsp; (75059)<br>| &nbsp;&nbsp;&nbsp; (80112)<br>| &nbsp;&nbsp;&nbsp; (584)<br>| &nbsp;&nbsp;&nbsp; (1029)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (2410)<br>| &nbsp;&nbsp;&nbsp; (3566)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Return of Capital:** |  |  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (67304)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class C | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (27100)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Institutional Class | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (73970)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; (6000)<br>| &nbsp;&nbsp;&nbsp; (9461)<br>| &nbsp;&nbsp;&nbsp; (172129)<br>| &nbsp;&nbsp;&nbsp; (360980)<br>| &nbsp;&nbsp;&nbsp; (1875)<br>| &nbsp;&nbsp;&nbsp; (3360)<br>|
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (299)<br>| &nbsp;&nbsp;&nbsp; 2190 | &nbsp;&nbsp;&nbsp; (34369)<br>| &nbsp;&nbsp;&nbsp; (112043)<br>| &nbsp;&nbsp;&nbsp; (1003)<br>| &nbsp;&nbsp;&nbsp; (1898)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (116)<br>| &nbsp;&nbsp;&nbsp; (259)<br>| &nbsp;&nbsp;&nbsp; (58979)<br>| &nbsp;&nbsp;&nbsp; (121069)<br>| &nbsp;&nbsp;&nbsp; (94)<br>| &nbsp;&nbsp;&nbsp; 3 |
| Institutional Class | &nbsp;&nbsp;&nbsp; (586)<br>| &nbsp;&nbsp;&nbsp; (10637)<br>| &nbsp;&nbsp;&nbsp; (1880)<br>| &nbsp;&nbsp;&nbsp; (146792)<br>| &nbsp;&nbsp;&nbsp; (1021)<br>| &nbsp;&nbsp;&nbsp; 732 |
| Class R6 | &nbsp;&nbsp;&nbsp; (8647)<br>| &nbsp;&nbsp;&nbsp; 9038 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Increase (decrease) in net assets from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; (9648)<br>| &nbsp;&nbsp;&nbsp; 332 | &nbsp;&nbsp;&nbsp; (95228)<br>| &nbsp;&nbsp;&nbsp; (379904)<br>| &nbsp;&nbsp;&nbsp; (2118)<br>| &nbsp;&nbsp;&nbsp; (1163)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; 13177 | &nbsp;&nbsp;&nbsp; (141)<br>| &nbsp;&nbsp;&nbsp; 36541 | &nbsp;&nbsp;&nbsp; (263377)<br>| &nbsp;&nbsp;&nbsp; (7926)<br>| &nbsp;&nbsp;&nbsp; 511 |
| **Net Assets** |  |  |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 172266 | &nbsp;&nbsp;&nbsp; 172407 | &nbsp;&nbsp;&nbsp; 4681372 | &nbsp;&nbsp;&nbsp; 4944749 | &nbsp;&nbsp;&nbsp; 45451 | &nbsp;&nbsp;&nbsp; 44940 |
| **End of Period** | &nbsp;&nbsp;&nbsp; $185443 | &nbsp;&nbsp;&nbsp; $172266 | &nbsp;&nbsp;&nbsp; $4717913 | &nbsp;&nbsp;&nbsp; $4681372 | &nbsp;&nbsp;&nbsp; $37525 | &nbsp;&nbsp;&nbsp; $45451 |

---

*See Notes to Financial Statements*

------

**VIRTUS INVESTMENT TRUST**

**STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7)(Continued)**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **KAR Health Sciences Fund** | **KAR Health Sciences Fund** | **NFJ Dividend Value Fund** | **NFJ Dividend Value Fund** | **NFJ International Value Fund** | **NFJ International Value Fund** |
|  | **Six Months Ended** <br>**December 31,** <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**June 30,** <br>**2025**<br>| **Six Months Ended** <br>**December 31,** <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**June 30,** <br>**2025**<br>| **Six Months Ended** <br>**December 31,** <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**June 30,** <br>**2025**<br>|
| **Increase (Decrease) in Net Assets Resulting from** <br> **Operations**<br>|  |  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $(250)<br>| &nbsp;&nbsp;&nbsp; $(541)<br>| &nbsp;&nbsp;&nbsp; $6107 | &nbsp;&nbsp;&nbsp; $8939 | &nbsp;&nbsp;&nbsp; $302 | &nbsp;&nbsp;&nbsp; $3008 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 4105 | &nbsp;&nbsp;&nbsp; (9858)<br>| &nbsp;&nbsp;&nbsp; 10320 | &nbsp;&nbsp;&nbsp; 31955 | &nbsp;&nbsp;&nbsp; 4027 | &nbsp;&nbsp;&nbsp; 2285 |
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; 8133 | &nbsp;&nbsp;&nbsp; (8785)<br>| &nbsp;&nbsp;&nbsp; 24066 | &nbsp;&nbsp;&nbsp; (9435)<br>| &nbsp;&nbsp;&nbsp; 5988 | &nbsp;&nbsp;&nbsp; 8538 |
| **Increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp;&nbsp; 11988 | &nbsp;&nbsp;&nbsp; (19184)<br>| &nbsp;&nbsp;&nbsp; 40493 | &nbsp;&nbsp;&nbsp; 31459 | &nbsp;&nbsp;&nbsp; 10317 | &nbsp;&nbsp;&nbsp; 13831 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |  |
| **Net Investment Income and Net Realized Gains:** |  |  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (28612)<br>| &nbsp;&nbsp;&nbsp; (10243)<br>| &nbsp;&nbsp;&nbsp; (2315)<br>| &nbsp;&nbsp;&nbsp; (803)<br>|
| Class C | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (266)<br>| &nbsp;&nbsp;&nbsp; (119)<br>| &nbsp;&nbsp;&nbsp; (33)<br>| &nbsp;&nbsp;&nbsp; (10)<br>|
| Institutional Class | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (17998)<br>| &nbsp;&nbsp;&nbsp; (7262)<br>| &nbsp;&nbsp;&nbsp; (1479)<br>| &nbsp;&nbsp;&nbsp; (545)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4489)<br>| &nbsp;&nbsp;&nbsp; (1717)<br>| &nbsp;&nbsp;&nbsp; (140)<br>| &nbsp;&nbsp;&nbsp; (50)<br>|
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (51365)<br>| &nbsp;&nbsp;&nbsp; (19341)<br>| &nbsp;&nbsp;&nbsp; (3967)<br>| &nbsp;&nbsp;&nbsp; (1408)<br>|
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (11251)<br>| &nbsp;&nbsp;&nbsp; (18638)<br>| &nbsp;&nbsp;&nbsp; 1647 | &nbsp;&nbsp;&nbsp; (56038)<br>| &nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp; (4640)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (322)<br>| &nbsp;&nbsp;&nbsp; (564)<br>| &nbsp;&nbsp;&nbsp; (1260)<br>| &nbsp;&nbsp;&nbsp; (1823)<br>| &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; (209)<br>|
| Institutional Class | &nbsp;&nbsp;&nbsp; (479)<br>| &nbsp;&nbsp;&nbsp; (3833)<br>| &nbsp;&nbsp;&nbsp; (3653)<br>| &nbsp;&nbsp;&nbsp; (40959)<br>| &nbsp;&nbsp;&nbsp; 3579 | &nbsp;&nbsp;&nbsp; (4218)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (490)<br>| &nbsp;&nbsp;&nbsp; (10107)<br>| &nbsp;&nbsp;&nbsp; 412 | &nbsp;&nbsp;&nbsp; (171)<br>|
| **Increase (decrease) in net assets from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; (12052)<br>| &nbsp;&nbsp;&nbsp; (23035)<br>| &nbsp;&nbsp;&nbsp; (3756)<br>| &nbsp;&nbsp;&nbsp; (108927)<br>| &nbsp;&nbsp;&nbsp; 4565 | &nbsp;&nbsp;&nbsp; (9238)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; (64)<br>| &nbsp;&nbsp;&nbsp; (42219)<br>| &nbsp;&nbsp;&nbsp; (14628)<br>| &nbsp;&nbsp;&nbsp; (96809)<br>| &nbsp;&nbsp;&nbsp; 10915 | &nbsp;&nbsp;&nbsp; 3185 |
| **Net Assets** |  |  |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 103663 | &nbsp;&nbsp;&nbsp; 145882 | &nbsp;&nbsp;&nbsp; 496576 | &nbsp;&nbsp;&nbsp; 593385 | &nbsp;&nbsp;&nbsp; 70240 | &nbsp;&nbsp;&nbsp; 67055 |
| **End of Period** | &nbsp;&nbsp;&nbsp; $103599 | &nbsp;&nbsp;&nbsp; $103663 | &nbsp;&nbsp;&nbsp; $481948 | &nbsp;&nbsp;&nbsp; $496576 | &nbsp;&nbsp;&nbsp; $81155 | &nbsp;&nbsp;&nbsp; $70240 |

---

*See Notes to Financial Statements*

------

**VIRTUS INVESTMENT TRUST**

**STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7)(Continued)**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **NFJ Large-Cap Value Fund** | **NFJ Large-Cap Value Fund** | **NFJ Mid-Cap Value Fund** | **NFJ Mid-Cap Value Fund** | **NFJ Small-Cap Value Fund** | **NFJ Small-Cap Value Fund** |
|  | **Six Months Ended** <br>**December 31,** <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**June 30,** <br>**2025**<br>| **Six Months Ended** <br>**December 31,** <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**June 30,** <br>**2025**<br>| **Six Months Ended** <br>**December 31,** <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**June 30,** <br>**2025**<br>|
| **Increase (Decrease) in Net Assets Resulting from** <br> **Operations**<br>|  |  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $1655 | &nbsp;&nbsp;&nbsp; $4105 | &nbsp;&nbsp;&nbsp; $3205 | &nbsp;&nbsp;&nbsp; $9792 | &nbsp;&nbsp;&nbsp; $1406 | &nbsp;&nbsp;&nbsp; $2095 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 13321 | &nbsp;&nbsp;&nbsp; 10924 | &nbsp;&nbsp;&nbsp; (3582)<br>| &nbsp;&nbsp;&nbsp; 34239 | &nbsp;&nbsp;&nbsp; (4139)<br>| &nbsp;&nbsp;&nbsp; 16948 |
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; (2410)<br>| &nbsp;&nbsp;&nbsp; 4634 | &nbsp;&nbsp;&nbsp; 29196 | &nbsp;&nbsp;&nbsp; 658 | &nbsp;&nbsp;&nbsp; 22048 | &nbsp;&nbsp;&nbsp; (10721)<br>|
| **Increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp;&nbsp; 12566 | &nbsp;&nbsp;&nbsp; 19663 | &nbsp;&nbsp;&nbsp; 28819 | &nbsp;&nbsp;&nbsp; 44689 | &nbsp;&nbsp;&nbsp; 19315 | &nbsp;&nbsp;&nbsp; 8322 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |  |
| **Net Investment Income and Net Realized Gains:** |  |  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (11523)<br>| &nbsp;&nbsp;&nbsp; (3633)<br>| &nbsp;&nbsp;&nbsp; (21333)<br>| &nbsp;&nbsp;&nbsp; (7456)<br>| &nbsp;&nbsp;&nbsp; (7225)<br>| &nbsp;&nbsp;&nbsp; (9349)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (97)<br>| &nbsp;&nbsp;&nbsp; (29)<br>| &nbsp;&nbsp;&nbsp; (441)<br>| &nbsp;&nbsp;&nbsp; (216)<br>| &nbsp;&nbsp;&nbsp; (14)<br>| &nbsp;&nbsp;&nbsp; (23)<br>|
| Institutional Class | &nbsp;&nbsp;&nbsp; (13850)<br>| &nbsp;&nbsp;&nbsp; (3952)<br>| &nbsp;&nbsp;&nbsp; (7708)<br>| &nbsp;&nbsp;&nbsp; (3662)<br>| &nbsp;&nbsp;&nbsp; (1876)<br>| &nbsp;&nbsp;&nbsp; (2624)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (214)<br>| &nbsp;&nbsp;&nbsp; (63)<br>| &nbsp;&nbsp;&nbsp; (918)<br>| &nbsp;&nbsp;&nbsp; (1216)<br>| &nbsp;&nbsp;&nbsp; (350)<br>| &nbsp;&nbsp;&nbsp; (299)<br>|
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; (25684)<br>| &nbsp;&nbsp;&nbsp; (7677)<br>| &nbsp;&nbsp;&nbsp; (30400)<br>| &nbsp;&nbsp;&nbsp; (12550)<br>| &nbsp;&nbsp;&nbsp; (9465)<br>| &nbsp;&nbsp;&nbsp; (12295)<br>|
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (1377)<br>| &nbsp;&nbsp;&nbsp; (19253)<br>| &nbsp;&nbsp;&nbsp; (15105)<br>| &nbsp;&nbsp;&nbsp; (58477)<br>| &nbsp;&nbsp;&nbsp; (12448)<br>| &nbsp;&nbsp;&nbsp; (28736)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (307)<br>| &nbsp;&nbsp;&nbsp; (319)<br>| &nbsp;&nbsp;&nbsp; (2103)<br>| &nbsp;&nbsp;&nbsp; (5590)<br>| &nbsp;&nbsp;&nbsp; (78)<br>| &nbsp;&nbsp;&nbsp; (169)<br>|
| Institutional Class | &nbsp;&nbsp;&nbsp; 23868 | &nbsp;&nbsp;&nbsp; 1011 | &nbsp;&nbsp;&nbsp; (24622)<br>| &nbsp;&nbsp;&nbsp; (106717)<br>| &nbsp;&nbsp;&nbsp; (10485)<br>| &nbsp;&nbsp;&nbsp; (13038)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 176 | &nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp; (5346)<br>| &nbsp;&nbsp;&nbsp; (48875)<br>| &nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp; (13996)<br>|
| **Increase (decrease) in net assets from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; 22360 | &nbsp;&nbsp;&nbsp; (18567)<br>| &nbsp;&nbsp;&nbsp; (47176)<br>| &nbsp;&nbsp;&nbsp; (219659)<br>| &nbsp;&nbsp;&nbsp; (22934)<br>| &nbsp;&nbsp;&nbsp; (55939)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; 9242 | &nbsp;&nbsp;&nbsp; (6581)<br>| &nbsp;&nbsp;&nbsp; (48757)<br>| &nbsp;&nbsp;&nbsp; (187520)<br>| &nbsp;&nbsp;&nbsp; (13084)<br>| &nbsp;&nbsp;&nbsp; (59912)<br>|
| **Net Assets** |  |  |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 273564 | &nbsp;&nbsp;&nbsp; 280145 | &nbsp;&nbsp;&nbsp; 584777 | &nbsp;&nbsp;&nbsp; 772297 | &nbsp;&nbsp;&nbsp; 253860 | &nbsp;&nbsp;&nbsp; 313772 |
| **End of Period** | &nbsp;&nbsp;&nbsp; $282806 | &nbsp;&nbsp;&nbsp; $273564 | &nbsp;&nbsp;&nbsp; $536020 | &nbsp;&nbsp;&nbsp; $584777 | &nbsp;&nbsp;&nbsp; $240776 | &nbsp;&nbsp;&nbsp; $253860 |

---

*See Notes to Financial Statements*

------

**VIRTUS INVESTMENT TRUST**

**STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7)(Continued)**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Silvant Focused Growth Fund** | **Silvant Focused Growth Fund** | **Silvant Mid-Cap Growth Fund** | **Silvant Mid-Cap Growth Fund** |
|  | **Six Months Ended** <br>**December 31,** <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**June 30,** <br>**2025**<br>| **Six Months Ended** <br>**December 31,** <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**June 30,** <br>**2025**<br>|
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $(3123)<br>| &nbsp;&nbsp;&nbsp; $(4387)<br>| &nbsp;&nbsp;&nbsp; $(799)<br>| &nbsp;&nbsp;&nbsp; $(1296)<br>|
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 31885 | &nbsp;&nbsp;&nbsp; 69671 | &nbsp;&nbsp;&nbsp; 36579 | &nbsp;&nbsp;&nbsp; 57905 |
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; 136092 | &nbsp;&nbsp;&nbsp; 170866 | &nbsp;&nbsp;&nbsp; (28657)<br>| &nbsp;&nbsp;&nbsp; 30496 |
| **Increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; 164854 | &nbsp;&nbsp;&nbsp; 236150 | &nbsp;&nbsp;&nbsp; 7123 | &nbsp;&nbsp;&nbsp; 87105 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| **Net Investment Income and Net Realized Gains:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (43295)<br>| &nbsp;&nbsp;&nbsp; (36700)<br>| &nbsp;&nbsp;&nbsp; (54734)<br>| &nbsp;&nbsp;&nbsp; — |
| Class C | &nbsp;&nbsp;&nbsp; (3025)<br>| &nbsp;&nbsp;&nbsp; (2426)<br>| &nbsp;&nbsp;&nbsp; (1497)<br>| &nbsp;&nbsp;&nbsp; — |
| Institutional Class | &nbsp;&nbsp;&nbsp; (23816)<br>| &nbsp;&nbsp;&nbsp; (17134)<br>| &nbsp;&nbsp;&nbsp; (14254)<br>| &nbsp;&nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp;&nbsp; (19864)<br>| &nbsp;&nbsp;&nbsp; (12920)<br>| &nbsp;&nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp; — |
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; (90000)<br>| &nbsp;&nbsp;&nbsp; (69180)<br>| &nbsp;&nbsp;&nbsp; (70500)<br>| &nbsp;&nbsp;&nbsp; — |
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 4849 | &nbsp;&nbsp;&nbsp; (16663)<br>| &nbsp;&nbsp;&nbsp; 47449 | &nbsp;&nbsp;&nbsp; (22783)<br>|
| Class C | &nbsp;&nbsp;&nbsp; 1851 | &nbsp;&nbsp;&nbsp; 423 | &nbsp;&nbsp;&nbsp; 2910 | &nbsp;&nbsp;&nbsp; (1090)<br>|
| Institutional Class | &nbsp;&nbsp;&nbsp; 74919 | &nbsp;&nbsp;&nbsp; 22733 | &nbsp;&nbsp;&nbsp; 16695 | &nbsp;&nbsp;&nbsp; 5822 |
| Class R6 | &nbsp;&nbsp;&nbsp; 43213 | &nbsp;&nbsp;&nbsp; 62309 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 100 <br><sup>\*</sup><br>|
| **Increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; 124832 | &nbsp;&nbsp;&nbsp; 68802 | &nbsp;&nbsp;&nbsp; 67054 | &nbsp;&nbsp;&nbsp; (17951)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; 199686 | &nbsp;&nbsp;&nbsp; 235772 | &nbsp;&nbsp;&nbsp; 3677 | &nbsp;&nbsp;&nbsp; 69154 |
| **Net Assets** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 1626635 | &nbsp;&nbsp;&nbsp; 1390863 | &nbsp;&nbsp;&nbsp; 402076 | &nbsp;&nbsp;&nbsp; 332922 |
| **End of Period** | &nbsp;&nbsp;&nbsp; $1826321 | &nbsp;&nbsp;&nbsp; $1626635 | &nbsp;&nbsp;&nbsp; $405753 | &nbsp;&nbsp;&nbsp; $402076 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Inception date June 18, 2025.

*See Notes to Financial Statements*

------

**VIRTUS INVESTMENT TRUST**

**STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7)(Continued)**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small-Cap Fund** | **Small-Cap Fund** | **Zevenbergen Technology Fund** | **Zevenbergen Technology Fund** |
|  | **Six Months Ended** <br>**December 31,** <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**June 30,** <br>**2025**<br>| **Six Months Ended** <br>**December 31,** <br>**2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**June 30,** <br>**2025**<br>|
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $99 | &nbsp;&nbsp;&nbsp; $265 | &nbsp;&nbsp;&nbsp; $(8124)<br>| &nbsp;&nbsp;&nbsp; $(13662)<br>|
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 3418 | &nbsp;&nbsp;&nbsp; 5198 | &nbsp;&nbsp;&nbsp; 72592 | &nbsp;&nbsp;&nbsp; 113618 |
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; 7005 | &nbsp;&nbsp;&nbsp; 3691 | &nbsp;&nbsp;&nbsp; 147327 | &nbsp;&nbsp;&nbsp; 165078 |
| **Increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; 10522 | &nbsp;&nbsp;&nbsp; 9154 | &nbsp;&nbsp;&nbsp; 211795 | &nbsp;&nbsp;&nbsp; 265034 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| **Net Investment Income and Net Realized Gains:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (2976)<br>| &nbsp;&nbsp;&nbsp; (6606)<br>| &nbsp;&nbsp;&nbsp; (27615)<br>| &nbsp;&nbsp;&nbsp; — |
| Class C | &nbsp;&nbsp;&nbsp; (127)<br>| &nbsp;&nbsp;&nbsp; (323)<br>| &nbsp;&nbsp;&nbsp; (4234)<br>| &nbsp;&nbsp;&nbsp; — |
| Institutional Class | &nbsp;&nbsp;&nbsp; (1324)<br>| &nbsp;&nbsp;&nbsp; (2362)<br>| &nbsp;&nbsp;&nbsp; (21151)<br>| &nbsp;&nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp;&nbsp; (273)<br>| &nbsp;&nbsp;&nbsp; (591)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; (4700)<br>| &nbsp;&nbsp;&nbsp; (9882)<br>| &nbsp;&nbsp;&nbsp; (53000)<br>| &nbsp;&nbsp;&nbsp; — |
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 383 | &nbsp;&nbsp;&nbsp; (528)<br>| &nbsp;&nbsp;&nbsp; (9932)<br>| &nbsp;&nbsp;&nbsp; (63550)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (327)<br>| &nbsp;&nbsp;&nbsp; (324)<br>| &nbsp;&nbsp;&nbsp; 962 | &nbsp;&nbsp;&nbsp; (5012)<br>|
| Institutional Class | &nbsp;&nbsp;&nbsp; 1422 | &nbsp;&nbsp;&nbsp; 4650 | &nbsp;&nbsp;&nbsp; (20102)<br>| &nbsp;&nbsp;&nbsp; (203199)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (156)<br>| &nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; 1322 | &nbsp;&nbsp;&nbsp; 3889 | &nbsp;&nbsp;&nbsp; (29072)<br>| &nbsp;&nbsp;&nbsp; (271761)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; 7144 | &nbsp;&nbsp;&nbsp; 3161 | &nbsp;&nbsp;&nbsp; 129723 | &nbsp;&nbsp;&nbsp; (6727)<br>|
| **Net Assets** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 93828 | &nbsp;&nbsp;&nbsp; 90667 | &nbsp;&nbsp;&nbsp; 1533555 | &nbsp;&nbsp;&nbsp; 1540282 |
| **End of Period** | &nbsp;&nbsp;&nbsp; $100972 | &nbsp;&nbsp;&nbsp; $93828 | &nbsp;&nbsp;&nbsp; $1663278 | &nbsp;&nbsp;&nbsp; $1533555 |

---

*See Notes to Financial Statements*

------

**VIRTUS INVESTMENT TRUST**

**FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7)**

**SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING**

**THROUGHOUT EACH PERIOD**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,** <br>**Beginning of Period** | **Net Investment Income (Loss)**<sup>(1)</sup> <br>| **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> <br>| **Net Assets, End of Period** <br>**(in thousands)** | **Ratio of Net Expenses to** <br>**Average Net Assets**<sup>(5)(6)</sup> <br>| **Ratio of Gross Expenses** <br>**to Average Net Assets**<sup>(5)(6)</sup> <br>| **Ratio of Net Investment Income (Loss)** <br>**to Average Net Assets**<sup>(5)(7)</sup> <br>| **Portfolio Turnover Rate**<sup>(2)</sup> <br>|
| **Emerging Markets** <br> **Opportunities Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $31.23  | 0.18  | 5.08  | 5.26  | (1.07)  | —  | —  | (1.07)  | —  | 4.19  | $35.42  | 17.00 %  | $24685  | 1.29 %  | 1.50 %  | 1.07 %  | 45 %  |
| 7/1/24 to 6/30/25 | 31.28  | 1.06  | 0.55  | 1.61  | (1.66)  | —  | —  | (1.66)  | —  | (0.05)  | 31.23  | 5.67  | 22055  | 1.29  | 1.50  | 3.60  | 146  |
| 7/1/23 to 6/30/24 | 27.62  | 0.86  | 3.68  | 4.54  | (0.88)  | —  | —  | (0.88)  | —  | 3.66  | 31.28  | 16.87  | 19899  | 1.29  | 1.50  | 3.01  | 99  |
| 7/1/22 to 6/30/23 | 27.39  | 0.79  | 0.27  | 1.06  | (0.83)  | —  | —  | (0.83)  | —  | 0.23  | 27.62  | 4.18  | 19339  | 1.31 <sup>(9)</sup> <br>| 1.54  | 3.01  | 109  |
| 7/1/21 to 6/30/22 | 37.61  | 0.75  | (10.52)  | (9.77)  | (0.45)  | —  | —  | (0.45)  | —  | (10.22)  | 27.39  | (26.17)  | 20341  | 1.29  | 1.45  | 2.28  | 112  |
| 7/1/20 to 6/30/21 | 25.88  | 0.33  | 11.71  | 12.04  | (0.31)  | —  | —  | (0.31)  | —  | 11.73  | 37.61  | 46.70  | 33740  | 1.28 <sup>(10)</sup> <br>| 1.57  | 0.98  | 80  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $31.82  | 0.06  | 5.18  | 5.24  | (0.51)  | —  | —  | (0.51)  | —  | 4.73  | $36.55  | 16.55 %  | $225  | 2.04 %  | 2.26 %  | 0.36 %  | 45 %  |
| 7/1/24 to 6/30/25 | 31.50  | 0.98  | 0.45  | 1.43  | (1.11)  | —  | —  | (1.11)  | —  | 0.32  | 31.82  | 4.89  | 303  | 2.04  | 2.30  | 3.26  | 146  |
| 7/1/23 to 6/30/24 | 27.72  | 0.65  | 3.70  | 4.35  | (0.57)  | —  | —  | (0.57)  | —  | 3.78  | 31.50  | 15.99  | 570  | 2.04  | 2.28  | 2.29  | 99  |
| 7/1/22 to 6/30/23 | 27.42  | 0.60  | 0.27  | 0.87  | (0.57)  | —  | —  | (0.57)  | —  | 0.30  | 27.72  | 3.37  | 735  | 2.06 <sup>(9)</sup> <br>| 2.33  | 2.27  | 109  |
| 7/1/21 to 6/30/22 | 37.41  | 0.53  | (10.52)  | (9.99)  | —  | —  | —  | —  | —  | (9.99)  | 27.42  | (26.70)  | 770  | 2.04  | 2.21  | 1.61  | 112  |
| 7/1/20 to 6/30/21 | 25.69  | 0.07  | 11.65  | 11.72  | — <sup>(11)</sup> <br>| —  | —  | —  | —  | 11.72  | 37.41  | 45.62  | 1713  | 2.03 <sup>(10)</sup> <br>| 2.30  | 0.22  | 80  |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $31.34  | 0.24  | 5.10  | 5.34  | (1.18)  | —  | —  | (1.18)  | —  | 4.16  | $35.50  | 17.21 %  | $87749  | 0.94 %  | 1.21 %  | 1.42 %  | 45 %  |
| 7/1/24 to 6/30/25 | 31.36  | 1.19  | 0.53  | 1.72  | (1.74)  | —  | —  | (1.74)  | —  | (0.02)  | 31.34  | 6.04  | 77965  | 0.94  | 1.22  | 4.01  | 146  |
| 7/1/23 to 6/30/24 | 27.70  | 0.96  | 3.69  | 4.65  | (0.99)  | —  | —  | (0.99)  | —  | 3.66  | 31.36  | 17.31  | 89384  | 0.94  | 1.22  | 3.37  | 99  |
| 7/1/22 to 6/30/23 | 27.33  | 0.88  | 0.28  | 1.16  | (0.79)  | —  | —  | (0.79)  | —  | 0.37  | 27.70  | 4.52  | 70273  | 0.96 <sup>(9)</sup> <br>| 1.28  | 3.36  | 109  |
| 7/1/21 to 6/30/22 | 37.62  | 0.78  | (10.43)  | (9.65)  | (0.64)  | —  | —  | (0.64)  | —  | (10.29)  | 27.33  | (25.92)  | 72307  | 0.94  | 1.19  | 2.37  | 112  |
| 7/1/20 to 6/30/21 | 25.91  | 0.48  | 11.70  | 12.18  | (0.47)  | —  | —  | (0.47)  | —  | 11.71  | 37.62  | 47.27  | 206383  | 0.93 <sup>(10)</sup> <br>| 1.26  | 1.43  | 80  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $30.82  | 0.24  | 5.02  | 5.26  | (1.19)  | —  | —  | (1.19)  | —  | 4.07  | $34.89  | 17.24 %  | $72784  | 0.89 %  | 1.10 %  | 1.46 %  | 45 %  |
| 7/1/24 to 6/30/25 | 30.90  | 1.19  | 0.51  | 1.70  | (1.78)  | —  | —  | (1.78)  | —  | (0.08)  | 30.82  | 6.10  | 71943  | 0.89  | 1.11  | 4.08  | 146  |
| 7/1/23 to 6/30/24 | 27.34  | 1.06  | 3.53  | 4.59  | (1.03)  | —  | —  | (1.03)  | —  | 3.56  | 30.90  | 17.33  | 62554  | 0.89  | 1.12  | 3.75  | 99  |
| 7/1/22 to 6/30/23 | 27.15  | 0.90  | 0.25  | 1.15  | (0.96)  | —  | —  | (0.96)  | —  | 0.19  | 27.34  | 4.58  | 32320  | 0.91 <sup>(9)</sup> <br>| 1.16  | 3.44  | 109  |
| 7/1/21 to 6/30/22 | 37.40  | 0.86  | (10.43)  | (9.57)  | (0.68)  | —  | —  | (0.68)  | —  | (10.25)  | 27.15  | (25.89)  | 29700  | 0.89  | 1.08  | 2.64  | 112  |
| 7/1/20 to 6/30/21 | 25.78  | 0.49  | 11.64  | 12.13  | (0.51)  | —  | —  | (0.51)  | —  | 11.62  | 37.40  | 47.34  | 30722  | 0.88 <sup>(10)</sup> <br>| 1.18  | 1.47  | 80  |
| **Income & Growth** <br> **Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $11.29  | 0.11  | 0.62  | 0.73  | (0.12)  | —  | (0.30)  | (0.42)  | —  | 0.31  | $11.60  | 6.57 %  | $1908202  | 1.14 % <sup>(12)</sup> <br>| 1.14 %  | 1.93 %  | 38 %  |
| 7/1/24 to 6/30/25 | 11.02  | 0.23  | 0.88  | 1.11  | (0.27)  | (0.39)  | (0.18)  | (0.84)  | —  | 0.27  | 11.29  | 10.50  | 1889626  | 1.14 <sup>(12)</sup> <br>| 1.14  | 2.07  | 76  |
| 7/1/23 to 6/30/24 | 10.59  | 0.22  | 1.05  | 1.27  | (0.26)  | (0.29)  | (0.29)  | (0.84)  | — <sup>(11)</sup> <br>| 0.43  | 11.02  | 12.58 <sup>(13)</sup> <br>| 1955447  | 1.14 <sup>(12)</sup> <br>| 1.14  | 2.10  | 61  |
| 7/1/22 to 6/30/23 | 10.20  | 0.21  | 1.02  | 1.23  | (0.24)  | (0.34)  | (0.26)  | (0.84)  | —  | 0.39  | 10.59  | 12.65  | 1955600  | 1.14 <sup>(12)</sup> <br>| 1.14  | 2.00  | 42  |
| 7/1/21 to 6/30/22 | 13.26  | 0.16  | (2.38)  | (2.22)  | (0.19)  | —  | (0.65)  | (0.84)  | —  | (3.06)  | 10.20  | (17.65)  | 1963340  | 1.14 <sup>(12)</sup> <br>| 1.14  | 1.28  | 70  |
| 7/1/20 to 6/30/21 | 10.89  | 0.14  | 3.07  | 3.21  | (0.19)  | —  | (0.65)  | (0.84)  | —  | 2.37  | 13.26  | 30.29  | 2403182  | 1.19 <sup>(10)(12)</sup> <br>| 1.22  | 1.11  | 83  |

---

The footnote legend is at the end of the financial highlights.

*See Notes to Financial Statements*

------

**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** <br> **Fund (Continued)**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $9.70  | 0.06  | 0.53  | 0.59  | (0.09)  | —  | (0.30)  | (0.39)  | —  | 0.20  | $9.90  | 6.20 %  | $670089  | 1.90 % <sup>(12)</sup> <br>| 1.90 %  | 1.18 %  | 38 %  |
| 7/1/24 to 6/30/25 | 9.59  | 0.13  | 0.76  | 0.89  | (0.21)  | (0.34)  | (0.23)  | (0.78)  | —  | 0.11  | 9.70  | 9.72  | 714081  | 1.90 <sup>(12)</sup> <br>| 1.90  | 1.31  | 76  |
| 7/1/23 to 6/30/24 | 9.34  | 0.13  | 0.90  | 1.03  | (0.20)  | (0.25)  | (0.33)  | (0.78)  | — <sup>(11)</sup> <br>| 0.25  | 9.59  | 11.63 <sup>(13)</sup> <br>| 827369  | 1.90 <sup>(12)</sup> <br>| 1.90  | 1.34  | 61  |
| 7/1/22 to 6/30/23 | 9.10  | 0.11  | 0.92  | 1.03  | (0.19)  | (0.30)  | (0.30)  | (0.79)  | —  | 0.24  | 9.34  | 11.83  | 954260  | 1.89 <sup>(12)</sup> <br>| 1.89  | 1.25  | 42  |
| 7/1/21 to 6/30/22 | 11.94  | 0.06  | (2.14)  | (2.08)  | (0.11)  | —  | (0.65)  | (0.76)  | —  | (2.84)  | 9.10  | (18.31)  | 1096937  | 1.90 <sup>(12)</sup> <br>| 1.90  | 0.51  | 70  |
| 7/1/20 to 6/30/21 | 9.89  | 0.04  | 2.78  | 2.82  | (0.12)  | —  | (0.65)  | (0.77)  | —  | 2.05  | 11.94  | 29.31  | 1467948  | 1.95 <sup>(10)(12)</sup> <br>| 1.98  | 0.36  | 83  |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $11.97  | 0.13  | 0.67  | 0.80  | (0.14)  | —  | (0.30)  | (0.44)  | —  | 0.36  | $12.33  | 6.73 %  | $2139622  | 0.90 % <sup>(12)</sup> <br>| 0.90 %  | 2.18 %  | 38 %  |
| 7/1/24 to 6/30/25 | 11.63  | 0.27  | 0.93  | 1.20  | (0.29)  | (0.41)  | (0.16)  | (0.86)  | —  | 0.34  | 11.97  | 10.76  | 2077665  | 0.90  | 0.90  | 2.31  | 76  |
| 7/1/23 to 6/30/24 | 11.13  | 0.26  | 1.10  | 1.36  | (0.28)  | (0.30)  | (0.28)  | (0.86)  | — <sup>(11)</sup> <br>| 0.50  | 11.63  | 12.82 <sup>(13)</sup> <br>| 2161933  | 0.91 <sup>(10)</sup> <br>| 0.91  | 2.34  | 61  |
| 7/1/22 to 6/30/23 | 10.67  | 0.24  | 1.08  | 1.32  | (0.26)  | (0.36)  | (0.24)  | (0.86)  | —  | 0.46  | 11.13  | 12.96  | 1118148  | 0.90 <sup>(12)</sup> <br>| 0.90  | 2.24  | 42  |
| 7/1/21 to 6/30/22 | 13.83  | 0.20  | (2.50)  | (2.30)  | (0.21)  | —  | (0.65)  | (0.86)  | —  | (3.16)  | 10.67  | (17.48)  | 1236562  | 0.92 <sup>(12)</sup> <br>| 0.92  | 1.51  | 70  |
| 7/1/20 to 6/30/21 | 11.32  | 0.18  | 3.20  | 3.38  | (0.22)  | —  | (0.65)  | (0.87)  | —  | 2.51  | 13.83  | 30.71  | 1315140  | 0.90 <sup>(10)</sup> <br>| 0.93  | 1.40  | 83  |
| **KAR Global** <br> **Small-Cap Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $35.21  | 0.15  | (3.34)  | (3.19)  | (0.88)  | —  | (0.77)  | (1.65)  | —  | (4.84)  | $30.37  | (9.05) %  | $24326  | 1.64 % <sup>(14)(15)</sup> <br>| 1.67 %  | 0.87 %  | 28 %  |
| 7/1/24 to 6/30/25 | 34.14  | 0.21  | 3.63  | 3.84  | (0.40)  | —  | (2.37)  | (2.77)  | —  | 1.07  | 35.21  | 11.86  | 29147  | 1.63 <sup>(14)</sup> <br>| 1.66  | 0.60  | 25  |
| 7/1/23 to 6/30/24 | 31.42  | 0.25  | 2.74  | 2.99  | (0.27)  | —  | —  | (0.27)  | —  | 2.72  | 34.14  | 9.54  | 30019  | 1.64 <sup>(16)(17)</sup> <br>| 1.61  | 0.74  | 16 <sup>(18)</sup> <br>|
| 7/1/22 to 6/30/23 | 28.33  | 0.21  | 3.70  | 3.91  | —  | —  | (0.87)  | (0.87)  | 0.05  | 3.09  | 31.42  | 14.31 <sup>(19)</sup> <br>| 32690  | 1.63  | 1.66  | 0.73  | 129  |
| 7/1/21 to 6/30/22 | 52.31  | (0.02)  | (10.43)  | (10.45)  | —  | —  | (13.53)  | (13.53)  | —  | (23.98)  | 28.33  | (26.07)  | 32248  | 1.56 <sup>(12)(16)</sup> <br>| 1.55  | (0.04)  | 90  |
| 7/1/20 to 6/30/21 | 35.72  | (0.25)  | 19.01  | 18.76  | —  | —  | (2.17)  | (2.17)  | —  | 16.59  | 52.31  | 53.24  | 51169  | 1.60 <sup>(12)</sup> <br>| 1.60  | (0.54)  | 106  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $24.23  | 0.01  | (2.29)  | (2.28)  | (0.72)  | —  | (0.77)  | (1.49)  | —  | (3.77)  | $20.46  | (9.40) %  | $271  | 2.39 % <sup>(14)(15)</sup> <br>| 2.44 %  | 0.12 %  | 28 %  |
| 7/1/24 to 6/30/25 | 24.48  | (0.03)  | 2.53  | 2.50  | (0.38)  | —  | (2.37)  | (2.75)  | —  | (0.25)  | 24.23  | 11.02  | 420  | 2.38 <sup>(14)</sup> <br>| 2.42  | (0.14)  | 25  |
| 7/1/23 to 6/30/24 | 22.52  | — <sup>(11)</sup> <br>| 1.96  | 1.96  | —  | —  | —  | —  | —  | 1.96  | 24.48  | 8.70  | 421  | 2.39 <sup>(17)</sup> <br>| 2.40  | (0.02)  | 16 <sup>(18)</sup> <br>|
| 7/1/22 to 6/30/23 | 20.69  | (0.02)  | 2.68  | 2.66  | —  | —  | (0.87)  | (0.87)  | 0.04  | 1.83  | 22.52  | 13.49 <sup>(19)</sup> <br>| 529  | 2.38  | 2.43  | (0.08)  | 129  |
| 7/1/21 to 6/30/22 | 42.24  | (0.29)  | (7.73)  | (8.02)  | —  | —  | (13.53)  | (13.53)  | —  | (21.55)  | 20.69  | (26.64)  | 1438  | 2.32 <sup>(12)</sup> <br>| 2.32  | (0.90)  | 90  |
| 7/1/20 to 6/30/21 | 29.36  | (0.50)  | 15.55  | 15.05  | —  | —  | (2.17)  | (2.17)  | —  | 12.88  | 42.24  | 52.11  | 3374  | 2.35 <sup>(12)</sup> <br>| 2.35  | (1.34)  | 106  |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $41.75  | 0.24  | (3.96)  | (3.72)  | (0.90)  | —  | (0.77)  | (1.67)  | —  | (5.39)  | $36.36  | (8.90) %  | $12928  | 1.29 % <sup>(14)(15)</sup> <br>| 1.41 %  | 1.21 %  | 28 %  |
| 7/1/24 to 6/30/25 | 39.87  | 0.39  | 4.28  | 4.67  | (0.42)  | —  | (2.37)  | (2.79)  | —  | 1.88  | 41.75  | 12.24  | 15884  | 1.28 <sup>(14)</sup> <br>| 1.38  | 0.94  | 25  |
| 7/1/23 to 6/30/24 | 36.59  | 0.40  | 3.22  | 3.62  | (0.34)  | —  | —  | (0.34)  | —  | 3.28  | 39.87  | 9.90  | 14500  | 1.29 <sup>(17)</sup> <br>| 1.36  | 1.04  | 16 <sup>(18)</sup> <br>|
| 7/1/22 to 6/30/23 | 32.74  | 0.35  | 4.31  | 4.66  | —  | —  | (0.87)  | (0.87)  | 0.06  | 3.85  | 36.59  | 14.71 <sup>(19)</sup> <br>| 21751  | 1.28  | 1.40  | 1.04  | 129  |
| 7/1/21 to 6/30/22 | 58.13  | 0.11  | (11.97)  | (11.86)  | —  | —  | (13.53)  | (13.53)  | —  | (25.39)  | 32.74  | (25.86)  | 25453  | 1.28  | 1.29  | 0.23  | 90  |
| 7/1/20 to 6/30/21 | 39.39  | (0.10)  | 21.01  | 20.91  | —  | —  | (2.17)  | (2.17)  | —  | 18.74  | 58.13  | 53.75  | 40486  | 1.27 <sup>(10)</sup> <br>| 1.30  | (0.20)  | 106  |

---

The footnote legend is at the end of the financial highlights.

*See Notes to Financial Statements*

------

**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** <br> **Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $26.31  | (0.07)  | 3.43  | 3.36  | —  | —  | —  | —  | —  | 3.36  | $29.67  | 12.77 %  | $97063  | 1.42 % <sup>(12)</sup> <br>| 1.42 %  | (0.50) %  | 6 %  |
| 7/1/24 to 6/30/25 | 30.73  | (0.13)  | (4.29)  | (4.42)  | —  | —  | —  | —  | —  | (4.42)  | 26.31  | (14.38)  | 97089  | 1.40 <sup>(12)</sup> <br>| 1.40  | (0.45)  | 8  |
| 7/1/23 to 6/30/24 | 28.03  | (0.11)  | 2.81  | 2.70  | —  | —  | —  | —  | —  | 2.70  | 30.73  | 9.63  | 133428  | 1.38 <sup>(12)</sup> <br>| 1.38  | (0.38)  | 6 <sup>(18)</sup> <br>|
| 7/1/22 to 6/30/23 | 29.94  | (0.11)  | 0.83  | 0.72  | —  | —  | (2.63)  | (2.63)  | — <sup>(11)</sup> <br>| (1.91)  | 28.03  | 2.45 <sup>(13)</sup> <br>| 138726  | 1.39 <sup>(12)</sup> <br>| 1.39  | (0.40)  | 75  |
| 7/1/21 to 6/30/22 | 38.11  | (0.03)  | (0.65)  | (0.68)  | —  | —  | (7.49)  | (7.49)  | —  | (8.17)  | 29.94  | (3.75)  | 149236  | 1.37 <sup>(12)</sup> <br>| 1.37  | (0.08)  | 114  |
| 7/1/20 to 6/30/21 | 34.21  | (0.01)  | 8.76  | 8.75  | (0.03)  | —  | (4.82)  | (4.85)  | —  | 3.90  | 38.11  | 27.66  | 169577  | 1.43 <sup>(12)</sup> <br>| 1.43  | (0.04)  | 102  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $15.26  | (0.10)  | 1.99  | 1.89  | —  | —  | —  | —  | —  | 1.89  | $17.15  | 12.32 %  | $1138  | 2.18 % <sup>(12)</sup> <br>| 2.18 %  | (1.26) %  | 6 %  |
| 7/1/24 to 6/30/25 | 17.96  | (0.20)  | (2.50)  | (2.70)  | —  | —  | —  | —  | —  | (2.70)  | 15.26  | (15.03)  | 1324  | 2.16 <sup>(12)</sup> <br>| 2.16  | (1.20)  | 8  |
| 7/1/23 to 6/30/24 | 16.51  | (0.19)  | 1.64  | 1.45  | —  | —  | —  | —  | —  | 1.45  | 17.96  | 8.78  | 2180  | 2.14 <sup>(12)</sup> <br>| 2.14  | (1.12)  | 6 <sup>(18)</sup> <br>|
| 7/1/22 to 6/30/23 | 18.83  | (0.20)  | 0.51  | 0.31  | —  | —  | (2.63)  | (2.63)  | — <sup>(11)</sup> <br>| (2.32)  | 16.51  | 1.66 <sup>(13)</sup> <br>| 2820  | 2.14 <sup>(12)</sup> <br>| 2.14  | (1.15)  | 75  |
| 7/1/21 to 6/30/22 | 26.74  | (0.19)  | (0.23)  | (0.42)  | —  | —  | (7.49)  | (7.49)  | —  | (7.91)  | 18.83  | (4.47)  | 3469  | 2.13 <sup>(12)</sup> <br>| 2.13  | (0.82)  | 114  |
| 7/1/20 to 6/30/21 | 25.44  | (0.21)  | 6.33  | 6.12  | — <sup>(11)</sup> <br>| —  | (4.82)  | (4.82)  | —  | 1.30  | 26.74  | 26.73  | 3758  | 2.18 <sup>(12)</sup> <br>| 2.18  | (0.80)  | 102  |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $27.34  | (0.02)  | 3.56  | 3.54  | —  | —  | —  | —  | —  | 3.54  | $30.88  | 12.95 %  | $5398  | 1.05 %  | 1.14 %  | (0.14) %  | 6 %  |
| 7/1/24 to 6/30/25 | 31.81  | (0.03)  | (4.44)  | (4.47)  | —  | —  | —  | —  | —  | (4.47)  | 27.34  | (14.05)  | 5250  | 1.05  | 1.15  | (0.10)  | 8  |
| 7/1/23 to 6/30/24 | 28.95  | (0.03)  | 2.89  | 2.86  | —  | —  | —  | —  | —  | 2.86  | 31.81  | 9.88  | 10274  | 1.11 <sup>(10)</sup> <br>| 1.12  | (0.10)  | 6 <sup>(18)</sup> <br>|
| 7/1/22 to 6/30/23 | 30.75  | (0.04)  | 0.87  | 0.83  | —  | —  | (2.63)  | (2.63)  | — <sup>(11)</sup> <br>| (1.80)  | 28.95  | 2.75 <sup>(13)</sup> <br>| 10595  | 1.12  | 1.14  | (0.14)  | 75  |
| 7/1/21 to 6/30/22 | 38.87  | 0.04  | (0.67)  | (0.63)  | —  | —  | (7.49)  | (7.49)  | —  | (8.12)  | 30.75  | (3.53)  | 23444  | 1.12  | 1.14  | 0.11  | 114  |
| 7/1/20 to 6/30/21 | 34.85  | 0.10  | 8.94  | 9.04  | (0.20)  | —  | (4.82)  | (5.02)  | —  | 4.02  | 38.87  | 28.07  | 21122  | 1.12  | 1.14  | 0.28  | 102  |
| **NFJ Dividend Value** <br> **Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $10.24  | 0.12  | 0.74  | 0.86  | (0.13)  | —  | (1.02)  | (1.15)  | —  | (0.29)  | $9.95  | 8.39 %  | $269608  | 1.03 % <sup>(12)</sup> <br>| 1.03 %  | 2.29 %  | 44 %  |
| 7/1/24 to 6/30/25 | 10.09  | 0.15  | 0.36  | 0.51  | (0.17)  | —  | (0.19)  | (0.36)  | —  | 0.15  | 10.24  | 5.01  | 274291  | 1.03 <sup>(12)</sup> <br>| 1.03  | 1.44  | 36  |
| 7/1/23 to 6/30/24 | 10.34  | 0.35  | 0.81  | 1.16  | (0.36)  | —  | (1.05)  | (1.41)  | —  | (0.25)  | 10.09  | 11.34  | 323658  | 1.02 <sup>(12)</sup> <br>| 1.02  | 3.42  | 53  |
| 7/1/22 to 6/30/23 | 11.44  | 0.18  | 0.56  | 0.74  | (0.19)  | —  | (1.65)  | (1.84)  | —  | (1.10)  | 10.34  | 7.62  | 333660  | 1.04 <sup>(12)</sup> <br>| 1.04  | 1.64  | 72  |
| 7/1/21 to 6/30/22 | 12.73  | 0.18  | (0.61)  | (0.43)  | (0.18)  | —  | (0.68)  | (0.86)  | —  | (1.29)  | 11.44  | (4.16)  | 365634  | 1.01 <sup>(12)</sup> <br>| 1.01  | 1.40  | 65  |
| 7/1/20 to 6/30/21 | 9.67  | 0.15  | 3.07  | 3.22  | (0.16)  | —  | — <sup>(11)</sup> <br>| (0.16)  | —  | 3.06  | 12.73  | 33.47  | 422719  | 1.02 <sup>(10)(12)</sup> <br>| 1.06  | 1.36  | 67  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $10.66  | 0.09  | 0.76  | 0.85  | (0.08)  | —  | (1.02)  | (1.10)  | —  | (0.25)  | $10.41  | 7.96 %  | $2529  | 1.75 % <sup>(12)</sup> <br>| 1.75 %  | 1.58 %  | 44 %  |
| 7/1/24 to 6/30/25 | 10.49  | 0.08  | 0.36  | 0.44  | (0.08)  | —  | (0.19)  | (0.27)  | —  | 0.17  | 10.66  | 4.19  | 3804  | 1.73 <sup>(12)</sup> <br>| 1.73  | 0.73  | 36  |
| 7/1/23 to 6/30/24 | 10.68  | 0.30  | 0.83  | 1.13  | (0.27)  | —  | (1.05)  | (1.32)  | —  | (0.19)  | 10.49  | 10.66  | 5531  | 1.72 <sup>(12)</sup> <br>| 1.72  | 2.83  | 53  |
| 7/1/22 to 6/30/23 | 11.74  | 0.10  | 0.59  | 0.69  | (0.10)  | —  | (1.65)  | (1.75)  | —  | (1.06)  | 10.68  | 6.86  | 8040  | 1.75 <sup>(12)</sup> <br>| 1.75  | 0.94  | 72  |
| 7/1/21 to 6/30/22 | 13.04  | 0.09  | (0.64)  | (0.55)  | (0.07)  | —  | (0.68)  | (0.75)  | —  | (1.30)  | 11.74  | (4.91)  | 12496  | 1.72 <sup>(12)</sup> <br>| 1.72  | 0.68  | 65  |
| 7/1/20 to 6/30/21 | 9.88  | 0.07  | 3.14  | 3.21  | (0.05)  | —  | — <sup>(11)</sup> <br>| (0.05)  | —  | 3.16  | 13.04  | 32.53  | 18956  | 1.77 <sup>(10)(12)</sup> <br>| 1.82  | 0.59  | 67  |

---

The footnote legend is at the end of the financial highlights.

*See Notes to Financial Statements*

------

**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 Dividend Value** <br> **Fund (Continued)**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $10.38  | 0.14  | 0.75  | 0.89  | (0.15)  | —  | (1.02)  | (1.17)  | —  | (0.28)  | $10.10  | 8.53 %  | $167413  | 0.70 %  | 0.74 %  | 2.63 %  | 44 %  |
| 7/1/24 to 6/30/25 | 10.23  | 0.19  | 0.35  | 0.54  | (0.20)  | —  | (0.19)  | (0.39)  | —  | 0.15  | 10.38  | 5.28  | 174681  | 0.70  | 0.74  | 1.77  | 36  |
| 7/1/23 to 6/30/24 | 10.46  | 0.38  | 0.84  | 1.22  | (0.40)  | —  | (1.05)  | (1.45)  | —  | (0.23)  | 10.23  | 11.81  | 211683  | 0.70  | 0.71  | 3.71  | 53  |
| 7/1/22 to 6/30/23 | 11.55  | 0.22  | 0.56  | 0.78  | (0.22)  | —  | (1.65)  | (1.87)  | —  | (1.09)  | 10.46  | 8.01  | 75806  | 0.70  | 0.74  | 1.98  | 72  |
| 7/1/21 to 6/30/22 | 12.85  | 0.22  | (0.63)  | (0.41)  | (0.21)  | —  | (0.68)  | (0.89)  | —  | (1.30)  | 11.55  | (3.95)  | 91990  | 0.70  | 0.75  | 1.71  | 65  |
| 7/1/20 to 6/30/21 | 9.75  | 0.19  | 3.10  | 3.29  | (0.19)  | —  | — <sup>(11)</sup> <br>| (0.19)  | —  | 3.10  | 12.85  | 33.95  | 122996  | 0.70  | 0.75  | 1.67  | 67  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $10.30  | 0.14  | 0.75  | 0.89  | (0.15)  | —  | (1.02)  | (1.17)  | —  | (0.28)  | $10.02  | 8.64 %  | $42398  | 0.65 %  | 0.65 %  | 2.66 %  | 44 %  |
| 7/1/24 to 6/30/25 | 10.16  | 0.19  | 0.35  | 0.54  | (0.21)  | —  | (0.19)  | (0.40)  | —  | 0.14  | 10.30  | 5.26  | 43800  | 0.65  | 0.65  | 1.82  | 36  |
| 7/1/23 to 6/30/24 | 10.39  | 0.39  | 0.82  | 1.21  | (0.39)  | —  | (1.05)  | (1.44)  | —  | (0.23)  | 10.16  | 11.85  | 52513  | 0.65 <sup>(16)</sup> <br>| 0.64  | 3.81  | 53  |
| 7/1/22 to 6/30/23 | 11.49  | 0.22  | 0.56  | 0.78  | (0.23)  | —  | (1.65)  | (1.88)  | —  | (1.10)  | 10.39  | 8.05  | 68554  | 0.65  | 0.67  | 2.04  | 72  |
| 7/1/21 to 6/30/22 | 12.79  | 0.23  | (0.63)  | (0.40)  | (0.22)  | —  | (0.68)  | (0.90)  | —  | (1.30)  | 11.49  | (3.85)  | 72399  | 0.63 <sup>(12)</sup> <br>| 0.63  | 1.78  | 65  |
| 7/1/20 to 6/30/21 | 9.71  | 0.19  | 3.08  | 3.27  | (0.19)  | —  | — <sup>(11)</sup> <br>| (0.19)  | —  | 3.08  | 12.79  | 33.98  | 82578  | 0.64 <sup>(10)</sup> <br>| 0.69  | 1.72  | 67  |
| **NFJ International** <br> **Value Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $22.46  | 0.08  | 3.21  | 3.29  | (1.24)  | —  | —  | (1.24)  | —  | 2.05  | $24.51  | 14.73 %  | $46873  | 1.31 % <sup>(14)(20)</sup> <br>| 1.33 %  | 0.65 %  | 45 %  |
| 7/1/24 to 6/30/25 | 18.65  | 0.87 <sup>(21)</sup> <br>| 3.34  | 4.21  | (0.40)  | —  | —  | (0.40)  | —  | 3.81  | 22.46  | 23.00 <sup>(22)</sup> <br>| 42476  | 1.42 <sup>(20)</sup> <br>| 1.49  | 4.43 <sup>(21)</sup> <br>| 56  |
| 7/1/23 to 6/30/24 | 19.18  | 0.25  | (0.44)  | (0.19)  | (0.34)  | —  | —  | (0.34)  | —  | (0.53)  | 18.65  | (0.97)  | 39673  | 1.30  | 1.36  | 1.37  | 135  |
| 7/1/22 to 6/30/23 | 17.83  | 0.33  | 1.36  | 1.69  | (0.34)  | —  | —  | (0.34)  | —  | 1.35  | 19.18  | 9.68  | 48363  | 1.30  | 1.38  | 1.83  | 104  |
| 7/1/21 to 6/30/22 | 22.93  | 0.40  | (5.10)  | (4.70)  | (0.40)  | —  | —  | (0.40)  | —  | (5.10)  | 17.83  | (20.78)  | 50307  | 1.30  | 1.33  | 1.90  | 66  |
| 7/1/20 to 6/30/21 | 16.86  | 0.28  | 6.15  | 6.43  | (0.36)  | —  | —  | (0.36)  | —  | 6.07  | 22.93  | 38.47  | 73311  | 1.30 <sup>(10)(12)</sup> <br>| 1.34  | 1.38  | 116  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $21.89  | (0.01)  | 3.12  | 3.11  | (1.15)  | —  | —  | (1.15)  | —  | 1.96  | $23.85  | 14.30 %  | $770  | 2.06 % <sup>(14)(20)</sup> <br>| 2.04 %  | (0.11) %  | 45 %  |
| 7/1/24 to 6/30/25 | 18.21  | 0.63 <sup>(21)</sup> <br>| 3.33  | 3.96  | (0.28)  | —  | —  | (0.28)  | —  | 3.68  | 21.89  | 22.08 <sup>(22)</sup> <br>| 684  | 2.15 <sup>(20)</sup> <br>| 2.19  | 3.30 <sup>(21)</sup> <br>| 56  |
| 7/1/23 to 6/30/24 | 18.76  | 0.10  | (0.42)  | (0.32)  | (0.23)  | —  | —  | (0.23)  | —  | (0.55)  | 18.21  | (1.70)  | 767  | 2.06 <sup>(23)</sup> <br>| 2.07  | 0.58  | 135  |
| 7/1/22 to 6/30/23 | 17.47  | 0.19  | 1.33  | 1.52  | (0.23)  | —  | —  | (0.23)  | —  | 1.29  | 18.76  | 8.86  | 1126  | 2.05  | 2.10  | 1.06  | 104  |
| 7/1/21 to 6/30/22 | 22.51  | 0.25  | (5.00)  | (4.75)  | (0.29)  | —  | —  | (0.29)  | —  | (5.04)  | 17.47  | (21.32)  | 1724  | 2.02 <sup>(12)</sup> <br>| 2.02  | 1.21  | 66  |
| 7/1/20 to 6/30/21 | 16.57  | 0.11  | 6.04  | 6.15  | (0.21)  | —  | —  | (0.21)  | —  | 5.94  | 22.51  | 37.40  | 3576  | 2.02 <sup>(12)</sup> <br>| 2.07  | 0.56  | 116  |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $22.65  | 0.13  | 3.23  | 3.36  | (1.29)  | —  | —  | (1.29)  | —  | 2.07  | $24.72  | 14.95 %  | $30513  | 0.96 % <sup>(14)(20)</sup> <br>| 1.08 %  | 1.03 %  | 45 %  |
| 7/1/24 to 6/30/25 | 18.79  | 0.92 <sup>(21)</sup> <br>| 3.40  | 4.32  | (0.46)  | —  | —  | (0.46)  | —  | 3.86  | 22.65  | 23.46 <sup>(22)</sup> <br>| 24713  | 1.06 <sup>(20)</sup> <br>| 1.24  | 4.64 <sup>(21)</sup> <br>| 56  |
| 7/1/23 to 6/30/24 | 19.33  | 0.40  | (0.53)  | (0.13)  | (0.41)  | —  | —  | (0.41)  | —  | (0.54)  | 18.79  | (0.62)  | 24493  | 0.95  | 1.01  | 2.14  | 135  |
| 7/1/22 to 6/30/23 | 17.96  | 0.40  | 1.36  | 1.76  | (0.39)  | —  | —  | (0.39)  | —  | 1.37  | 19.33  | 10.06  | 28557  | 0.95  | 1.02  | 2.19  | 104  |
| 7/1/21 to 6/30/22 | 23.11  | 0.48  | (5.14)  | (4.66)  | (0.49)  | —  | —  | (0.49)  | —  | (5.15)  | 17.96  | (20.52)  | 38243  | 0.95  | 0.98  | 2.25  | 66  |
| 7/1/20 to 6/30/21 | 16.98  | 0.36  | 6.19  | 6.55  | (0.42)  | —  | —  | (0.42)  | —  | 6.13  | 23.11  | 38.95  | 48096  | 0.95  | 1.00  | 1.76  | 116  |

---

The footnote legend is at the end of the financial highlights.

*See Notes to Financial Statements*

------

**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** <br> **Value** <br> **Fund (Continued)**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $22.63  | 0.13  | 3.23  | 3.36  | (1.29)  | —  | —  | (1.29)  | —  | 2.07  | $24.70  | 14.98 %  | $2999  | 0.91 % <sup>(14)(20)</sup> <br>| 0.94 %  | 1.06 %  | 45 %  |
| 7/1/24 to 6/30/25 | 18.78  | 0.98 <sup>(21)</sup> <br>| 3.35  | 4.33  | (0.48)  | —  | —  | (0.48)  | —  | 3.85  | 22.63  | 23.51 <sup>(22)</sup> <br>| 2367  | 1.02 <sup>(20)</sup> <br>| 1.09  | 4.95 <sup>(21)</sup> <br>| 56  |
| 7/1/23 to 6/30/24 | 19.31  | 0.32  | (0.44)  | (0.12)  | (0.41)  | —  | —  | (0.41)  | —  | (0.53)  | 18.78  | (0.58)  | 2122  | 0.91 <sup>(23)</sup> <br>| 0.96  | 1.72  | 135  |
| 7/1/22 to 6/30/23 | 17.95  | 0.40  | 1.36  | 1.76  | (0.40)  | —  | —  | (0.40)  | —  | 1.36  | 19.31  | 10.08  | 2756  | 0.90  | 0.98  | 2.21  | 104  |
| 7/1/21 to 6/30/22 | 23.08  | 0.51  | (5.15)  | (4.64)  | (0.49)  | —  | —  | (0.49)  | —  | (5.13)  | 17.95  | (20.42)  | 3477  | 0.90  | 0.93  | 2.40  | 66  |
| 7/1/20 to 6/30/21 | 16.97  | 0.41  | 6.13  | 6.54  | (0.43)  | —  | —  | (0.43)  | —  | 6.11  | 23.08  | 38.97  | 2741  | 0.90  | 0.95  | 1.96  | 116  |
| **NFJ Large-Cap Value** <br> **Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $27.90  | 0.15  | 1.12  | 1.27  | (0.20)  | —  | (2.38)  | (2.58)  | —  | (1.31)  | $26.59  | 4.56 %  | $127354  | 1.01 % <sup>(12)</sup> <br>| 1.01 %  | 1.04 %  | 68 %  |
| 7/1/24 to 6/30/25 | 26.70  | 0.36  | 1.55  | 1.91  | (0.38)  | —  | (0.33)  | (0.71)  | —  | 1.20  | 27.90  | 7.20  | 134234  | 1.01 <sup>(12)</sup> <br>| 1.01  | 1.31  | 41  |
| 7/1/23 to 6/30/24 | 26.18  | 0.39  | 2.00  | 2.39  | (0.40)  | —  | (1.47)  | (1.87)  | —  | 0.52  | 26.70  | 9.26  | 146942  | 1.00 <sup>(12)</sup> <br>| 1.00  | 1.49  | 56  |
| 7/1/22 to 6/30/23 | 29.16  | 0.35  | 1.60  | 1.95  | (0.34)  | —  | (4.59)  | (4.93)  | —  | (2.98)  | 26.18  | 8.27  | 151469  | 1.01 <sup>(12)</sup> <br>| 1.01  | 1.29  | 67  |
| 7/1/21 to 6/30/22 | 33.12  | 0.24  | (2.09)  | (1.85)  | (0.20)  | —  | (1.91)  | (2.11)  | —  | (3.96)  | 29.16  | (6.36)  | 159063  | 1.00 <sup>(12)</sup> <br>| 1.00  | 0.71  | 45  |
| 7/1/20 to 6/30/21 | 24.49  | 0.23  | 8.62  | 8.85  | (0.22)  | —  | —  | (0.22)  | —  | 8.63  | 33.12  | 36.24  | 184745  | 1.06 <sup>(12)</sup> <br>| 1.06  | 0.79  | 69  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $28.38  | 0.04  | 1.14  | 1.18  | (0.08)  | —  | (2.38)  | (2.46)  | —  | (1.28)  | $27.10  | 4.16 %  | $1112  | 1.77 % <sup>(12)</sup> <br>| 1.77 %  | 0.29 %  | 68 %  |
| 7/1/24 to 6/30/25 | 27.14  | 0.16  | 1.56  | 1.72  | (0.15)  | —  | (0.33)  | (0.48)  | —  | 1.24  | 28.38  | 6.40  | 1462  | 1.76 <sup>(12)</sup> <br>| 1.76  | 0.55  | 41  |
| 7/1/23 to 6/30/24 | 26.58  | 0.19  | 2.03  | 2.22  | (0.19)  | —  | (1.47)  | (1.66)  | —  | 0.56  | 27.14  | 8.41  | 1710  | 1.76 <sup>(12)</sup> <br>| 1.76  | 0.72  | 56  |
| 7/1/22 to 6/30/23 | 29.51  | 0.14  | 1.62  | 1.76  | (0.10)  | —  | (4.59)  | (4.69)  | —  | (2.93)  | 26.58  | 7.42  | 2041  | 1.79 <sup>(12)</sup> <br>| 1.79  | 0.50  | 67  |
| 7/1/21 to 6/30/22 | 33.54  | (0.02)  | (2.09)  | (2.11)  | (0.01)  | —  | (1.91)  | (1.92)  | —  | (4.03)  | 29.51  | (7.05)  | 2775  | 1.76 <sup>(12)</sup> <br>| 1.76  | (0.05)  | 45  |
| 7/1/20 to 6/30/21 | 24.82  | 0.02  | 8.73  | 8.75  | (0.03)  | —  | —  | (0.03)  | —  | 8.72  | 33.54  | 35.24  | 4056  | 1.81 <sup>(12)</sup> <br>| 1.81  | 0.06  | 69  |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $27.69  | 0.18  | 1.11  | 1.29  | (0.24)  | —  | (2.38)  | (2.62)  | —  | (1.33)  | $26.36  | 4.68 %  | $152018  | 0.75 %  | 0.75 %  | 1.28 %  | 68 %  |
| 7/1/24 to 6/30/25 | 26.51  | 0.44  | 1.52  | 1.96  | (0.45)  | —  | (0.33)  | (0.78)  | —  | 1.18  | 27.69  | 7.48  | 135615  | 0.75  | 0.75  | 1.57  | 41  |
| 7/1/23 to 6/30/24 | 26.01  | 0.47  | 1.97  | 2.44  | (0.47)  | —  | (1.47)  | (1.94)  | —  | 0.50  | 26.51  | 9.54  | 129333  | 0.75  | 0.75  | 1.78  | 56  |
| 7/1/22 to 6/30/23 | 29.01  | 0.41  | 1.58  | 1.99  | (0.40)  | —  | (4.59)  | (4.99)  | —  | (3.00)  | 26.01  | 8.50  | 110871  | 0.77  | 0.77  | 1.52  | 67  |
| 7/1/21 to 6/30/22 | 32.96  | 0.32  | (2.07)  | (1.75)  | (0.29)  | —  | (1.91)  | (2.20)  | —  | (3.95)  | 29.01  | (6.09)  | 113368  | 0.74  | 0.74  | 0.98  | 45  |
| 7/1/20 to 6/30/21 | 24.37  | 0.31  | 8.58  | 8.89  | (0.30)  | —  | —  | (0.30)  | —  | 8.59  | 32.96  | 36.66  | 129083  | 0.75 <sup>(12)</sup> <br>| 0.75  | 1.09  | 69  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $27.67  | 0.20  | 1.10  | 1.30  | (0.25)  | —  | (2.38)  | (2.63)  | —  | (1.33)  | $26.34  | 4.73 %  | $2322  | 0.65 %  | 0.66 %  | 1.39 %  | 68 %  |
| 7/1/24 to 6/30/25 | 26.49  | 0.46  | 1.53  | 1.99  | (0.48)  | —  | (0.33)  | (0.81)  | —  | 1.18  | 27.67  | 7.59  | 2253  | 0.65  | 0.66  | 1.67  | 41  |
| 7/1/23 to 6/30/24 | 25.99  | 0.48  | 1.99  | 2.47  | (0.50)  | —  | (1.47)  | (1.97)  | —  | 0.50  | 26.49  | 9.65  | 2160  | 0.65  | 0.66  | 1.84  | 56  |
| 7/1/22 to 6/30/23 | 28.99  | 0.64  | 1.41  | 2.05  | (0.46)  | —  | (4.59)  | (5.05)  | —  | (3.00)  | 25.99  | 8.75  | 2172  | 0.57 <sup>(12)</sup> <br>| 0.57  | 2.42  | 67  |
| 10/29/21<sup>(24)</sup> to <br> 6/30/22<br>| 35.37  | 0.25  | (4.47)  | (4.22)  | (0.25)  | —  | (1.91)  | (2.16)  | —  | (6.38)  | 28.99  | (12.65)  | 82  | 0.65  | 0.78  | 1.15  | 45 <sup>(25)</sup> <br>|

---

The footnote legend is at the end of the financial highlights.

*See Notes to Financial Statements*

------

**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 Mid-Cap Value** <br> **Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $25.47  | 0.14  | 1.17  | 1.31  | (0.38)  | —  | (1.15)  | (1.53)  | —  | (0.22)  | $25.25  | 5.11 %  | $367987  | 1.00 %  | 1.12 %  | 1.03 %  | 50 %  |
| 7/1/24 to 6/30/25 | 24.57  | 0.34  | 1.02  | 1.36  | (0.46)  | —  | —  | (0.46)  | —  | 0.90  | 25.47  | 5.55  | 385262  | 1.00  | 1.12  | 1.30  | 57  |
| 7/1/23 to 6/30/24 | 25.29  | 0.40  | 0.71  | 1.11  | (0.43)  | —  | (1.40)  | (1.83)  | —  | (0.72)  | 24.57  | 4.43  | 427421  | 1.00  | 1.12  | 1.61  | 76  |
| 7/1/22 to 6/30/23 | 29.43  | 0.30  | 2.33  | 2.63  | (0.39)  | —  | (6.38)  | (6.77)  | —  | (4.14)  | 25.29  | 11.10  | 476789  | 1.00  | 1.12  | 1.11  | 105  |
| 7/1/21 to 6/30/22 | 35.54  | 0.24  | (2.18)  | (1.94)  | (0.25)  | —  | (3.92)  | (4.17)  | —  | (6.11)  | 29.43  | (6.83)  | 495612  | 1.00  | 1.10  | 0.70  | 76  |
| 7/1/20 to 6/30/21 | 25.72  | 0.30  | 9.83  | 10.13  | (0.26)  | —  | (0.05)  | (0.31)  | —  | 9.82  | 35.54  | 39.60  | 596144  | 1.00  | 1.16  | 0.98  | 96  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $17.51  | 0.02  | 0.81  | 0.83  | (0.22)  | —  | (1.15)  | (1.37)  | —  | (0.54)  | $16.97  | 4.69 %  | $5720  | 1.75 %  | 1.87 %  | 0.25 %  | 50 %  |
| 7/1/24 to 6/30/25 | 17.05  | 0.09  | 0.72  | 0.81  | (0.35)  | —  | —  | (0.35)  | —  | 0.46  | 17.51  | 4.75  | 7931  | 1.75  | 1.86  | 0.52  | 57  |
| 7/1/23 to 6/30/24 | 18.10  | 0.14  | 0.52  | 0.66  | (0.31)  | —  | (1.40)  | (1.71)  | —  | (1.05)  | 17.05  | 3.68  | 13089  | 1.75  | 1.84  | 0.82  | 76  |
| 7/1/22 to 6/30/23 | 22.96  | 0.06  | 1.70  | 1.76  | (0.24)  | —  | (6.38)  | (6.62)  | —  | (4.86)  | 18.10  | 10.23  | 19749  | 1.75  | 1.83  | 0.31  | 105  |
| 7/1/21 to 6/30/22 | 28.63  | (0.01)  | (1.65)  | (1.66)  | (0.09)  | —  | (3.92)  | (4.01)  | —  | (5.67)  | 22.96  | (7.48)  | 28379  | 1.75  | 1.82  | (0.05)  | 76  |
| 7/1/20 to 6/30/21 | 20.74  | 0.05  | 7.93  | 7.98  | (0.04)  | —  | (0.05)  | (0.09)  | —  | 7.89  | 28.63  | 38.53  | 39321  | 1.74 <sup>(10)</sup> <br>| 1.90  | 0.21  | 96  |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $28.73  | 0.20  | 1.32  | 1.52  | (0.43)  | —  | (1.15)  | (1.58)  | —  | (0.06)  | $28.67  | 5.27 %  | $144908  | 0.65 %  | 0.84 %  | 1.35 %  | 50 %  |
| 7/1/24 to 6/30/25 | 27.62  | 0.47  | 1.16  | 1.63  | (0.52)  | —  | —  | (0.52)  | —  | 1.11  | 28.73  | 5.90  | 169032  | 0.65  | 0.84  | 1.63  | 57  |
| 7/1/23 to 6/30/24 | 28.16  | 0.55  | 0.79  | 1.34  | (0.48)  | —  | (1.40)  | (1.88)  | —  | (0.54)  | 27.62  | 4.82  | 263199  | 0.65  | 0.83  | 2.00  | 76  |
| 7/1/22 to 6/30/23 | 31.99  | 0.43  | 2.59  | 3.02  | (0.47)  | —  | (6.38)  | (6.85)  | —  | (3.83)  | 28.16  | 11.48  | 282625  | 0.65  | 0.82  | 1.43  | 105  |
| 7/1/21 to 6/30/22 | 38.28  | 0.39  | (2.38)  | (1.99)  | (0.38)  | —  | (3.92)  | (4.30)  | —  | (6.29)  | 31.99  | (6.49)  | 381239  | 0.65  | 0.81  | 1.06  | 76  |
| 7/1/20 to 6/30/21 | 27.70  | 0.44  | 10.59  | 11.03  | (0.40)  | —  | (0.05)  | (0.45)  | —  | 10.58  | 38.28  | 40.11  | 460452  | 0.65  | 0.84  | 1.33  | 96  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $28.63  | 0.21  | 1.31  | 1.52  | (0.38)  | —  | (1.15)  | (1.53)  | —  | (0.01)  | $28.62  | 5.30 %  | $17405  | 0.60 %  | 0.75 %  | 1.39 %  | 50 %  |
| 7/1/24 to 6/30/25 | 27.53  | 0.47  | 1.17  | 1.64  | (0.54)  | —  | —  | (0.54)  | —  | 1.10  | 28.63  | 5.99  | 22552  | 0.60  | 0.76  | 1.61  | 57  |
| 7/1/23 to 6/30/24 | 28.10  | 0.55  | 0.79  | 1.34  | (0.51)  | —  | (1.40)  | (1.91)  | —  | (0.57)  | 27.53  | 4.85  | 68588  | 0.60  | 0.75  | 2.00  | 76  |
| 7/1/22 to 6/30/23 | 31.97  | 0.44  | 2.59  | 3.03  | (0.52)  | —  | (6.38)  | (6.90)  | —  | (3.87)  | 28.10  | 11.55  | 78020  | 0.60  | 0.74  | 1.50  | 105  |
| 7/1/21 to 6/30/22 | 38.24  | 0.41  | (2.38)  | (1.97)  | (0.38)  | —  | (3.92)  | (4.30)  | —  | (6.27)  | 31.97  | (6.45)  | 87682  | 0.60  | 0.72  | 1.12  | 76  |
| 7/1/20 to 6/30/21 | 27.68  | 0.45  | 10.59  | 11.04  | (0.43)  | —  | (0.05)  | (0.48)  | —  | 10.56  | 38.24  | 40.17  | 85969  | 0.60  | 0.78  | 1.37  | 96  |
| **NFJ Small-Cap Value** <br> **Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $11.23  | 0.06  | 0.81  | 0.87  | (0.10)  | —  | (0.39)  | (0.49)  | —  | 0.38  | $11.61  | 7.73 %  | $175343  | 1.17 %  | 1.23 %  | 1.00 %  | 44 %  |
| 7/1/24 to 6/30/25 | 11.57  | 0.07  | 0.14  | 0.21  | (0.16)  | —  | (0.39)  | (0.55)  | —  | (0.34)  | 11.23  | 1.51  | 181305  | 1.17  | 1.24  | 0.61  | 48  |
| 7/1/23 to 6/30/24 | 11.86  | 0.14  | 0.94  | 1.08  | (0.28)  | —  | (1.09)  | (1.37)  | —  | (0.29)  | 11.57  | 9.05  | 214429  | 1.17  | 1.23  | 1.21  | 60  |
| 7/1/22 to 6/30/23 | 12.80  | 0.13  | 1.03  | 1.16  | (0.14)  | —  | (1.96)  | (2.10)  | —  | (0.94)  | 11.86  | 10.64  | 225530  | 1.17  | 1.23  | 1.10  | 79  |
| 7/1/21 to 6/30/22 | 15.67  | 0.10  | (1.66)  | (1.56)  | (0.17)  | —  | (1.14)  | (1.31)  | —  | (2.87)  | 12.80  | (11.08)  | 236990  | 1.17  | 1.21  | 0.68  | 52  |
| 7/1/20 to 6/30/21 | 11.07  | 0.18  | 4.71  | 4.89  | (0.24)  | —  | (0.05)  | (0.29)  | —  | 4.60  | 15.67  | 44.57  | 325048  | 1.18 <sup>(10)(12)</sup> <br>| 1.23  | 1.34  | 65  |

---

The footnote legend is at the end of the financial highlights.

*See Notes to Financial Statements*

------

**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** <br> **Fund (Continued)**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $9.15  | 0.01  | 0.66  | 0.67  | (0.01)  | —  | (0.39)  | (0.40)  | —  | 0.27  | $9.42  | 7.37 %  | $317  | 1.92 %  | 2.08 %  | 0.22 %  | 44 %  |
| 7/1/24 to 6/30/25 | 9.51  | (0.01)  | 0.10  | 0.09  | (0.06)  | —  | (0.39)  | (0.45)  | —  | (0.36)  | 9.15  | 0.68  | 382  | 1.92  | 2.03  | (0.12)  | 48  |
| 7/1/23 to 6/30/24 | 9.96  | 0.04  | 0.80  | 0.84  | (0.20)  | —  | (1.09)  | (1.29)  | —  | (0.45)  | 9.51  | 8.32  | 564  | 1.92  | 1.97  | 0.45  | 60  |
| 7/1/22 to 6/30/23 | 11.10  | 0.04  | 0.85  | 0.89  | (0.07)  | —  | (1.96)  | (2.03)  | —  | (1.14)  | 9.96  | 9.76  | 1062  | 1.92  | 1.97  | 0.34  | 79  |
| 7/1/21 to 6/30/22 | 13.78  | (0.01)  | (1.43)  | (1.44)  | (0.10)  | —  | (1.14)  | (1.24)  | —  | (2.68)  | 11.10  | (11.72)  | 1347  | 1.92  | 1.95  | (0.06)  | 52  |
| 7/1/20 to 6/30/21 | 9.74  | 0.07  | 4.14  | 4.21  | (0.12)  | —  | (0.05)  | (0.17)  | —  | 4.04  | 13.78  | 43.52  | 1606  | 1.91 <sup>(12)</sup> <br>| 1.97  | 0.60  | 65  |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $14.64  | 0.10  | 1.07  | 1.17  | (0.11)  | —  | (0.39)  | (0.50)  | —  | 0.67  | $15.31  | 7.98 %  | $54488  | 0.82 %  | 0.92 %  | 1.34 %  | 44 %  |
| 7/1/24 to 6/30/25 | 14.91  | 0.15  | 0.16  | 0.31  | (0.19)  | —  | (0.39)  | (0.58)  | —  | (0.27)  | 14.64  | 1.84  | 62087  | 0.82  | 0.91  | 0.96  | 48  |
| 7/1/23 to 6/30/24 | 14.88  | 0.25  | 1.17  | 1.42  | (0.30)  | —  | (1.09)  | (1.39)  | —  | 0.03  | 14.91  | 9.50  | 75764  | 0.82  | 0.90  | 1.68  | 60  |
| 7/1/22 to 6/30/23 | 15.51  | 0.22  | 1.27  | 1.49  | (0.16)  | —  | (1.96)  | (2.12)  | —  | (0.63)  | 14.88  | 10.93  | 52013  | 0.82  | 0.92  | 1.44  | 79  |
| 7/1/21 to 6/30/22 | 18.66  | 0.19  | (2.01)  | (1.82)  | (0.19)  | —  | (1.14)  | (1.33)  | —  | (3.15)  | 15.51  | (10.72)  | 58704  | 0.82  | 0.88  | 1.03  | 52  |
| 7/1/20 to 6/30/21 | 13.13  | 0.27  | 5.59  | 5.86  | (0.28)  | —  | (0.05)  | (0.33)  | —  | 5.53  | 18.66  | 45.07  | 94847  | 0.82  | 0.89  | 1.69  | 65  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $14.60  | 0.11  | 1.06  | 1.17  | (0.13)  | —  | (0.39)  | (0.52)  | —  | 0.65  | $15.25  | 7.99 %  | $10628  | 0.77 %  | 0.82 %  | 1.40 %  | 44 %  |
| 7/1/24 to 6/30/25 | 14.72  | 0.15  | 0.15  | 0.30  | (0.03)  | —  | (0.39)  | (0.42)  | —  | (0.12)  | 14.60  | 1.89  | 10086  | 0.77  | 0.82  | 0.99  | 48  |
| 7/1/23 to 6/30/24 | 14.71  | 0.24  | 1.16  | 1.40  | (0.30)  | —  | (1.09)  | (1.39)  | —  | 0.01  | 14.72  | 9.51  | 23015  | 0.77  | 0.82  | 1.64  | 60  |
| 7/1/22 to 6/30/23 | 15.35  | 0.22  | 1.26  | 1.48  | (0.16)  | —  | (1.96)  | (2.12)  | —  | (0.64)  | 14.71  | 10.98  | 46194  | 0.77  | 0.83  | 1.48  | 79  |
| 7/1/21 to 6/30/22 | 18.49  | 0.19  | (1.97)  | (1.78)  | (0.22)  | —  | (1.14)  | (1.36)  | —  | (3.14)  | 15.35  | (10.63)  | 62552  | 0.77  | 0.79  | 1.07  | 52  |
| 7/1/20 to 6/30/21 | 13.02  | 0.27  | 5.55  | 5.82  | (0.30)  | —  | (0.05)  | (0.35)  | —  | 5.47  | 18.49  | 45.09  | 88986  | 0.77  | 0.84  | 1.73  | 65  |
| **Silvant Focused** <br> **Growth Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $94.47  | (0.24)  | 9.57  | 9.33  | —  | —  | (4.70)  | (4.70)  | —  | 4.63  | $99.10  | 9.93 %  | $948857  | 0.94 % <sup>(12)</sup> <br>| 0.94 %  | (0.48) %  | 8 %  |
| 7/1/24 to 6/30/25 | 84.03  | (0.36)  | 14.70  | 14.34  | —  | —  | (3.90)  | (3.90)  | —  | 10.44  | 94.47  | 17.50  | 898974  | 0.96 <sup>(12)</sup> <br>| 0.96  | (0.42)  | 20  |
| 7/1/23 to 6/30/24 | 61.16  | (0.28)  | 24.76  | 24.48  | —  | —  | (1.61)  | (1.61)  | —  | 22.87  | 84.03  | 40.79  | 817446  | 0.95 <sup>(12)</sup> <br>| 0.95  | (0.41)  | 10  |
| 7/1/22 to 6/30/23 | 49.11  | (0.19)  | 15.07  | 14.88  | —  | —  | (2.83)  | (2.83)  | — <sup>(11)</sup> <br>| 12.05  | 61.16  | 32.32 <sup>(13)</sup> <br>| 625184  | 0.96 <sup>(12)</sup> <br>| 0.96  | (0.37)  | 65  |
| 7/1/21 to 6/30/22 | 79.25  | (0.32)  | (16.15)  | (16.47)  | —  | —  | (13.67)  | (13.67)  | —  | (30.14)  | 49.11  | (25.81)  | 537276  | 0.94 <sup>(12)</sup> <br>| 0.94  | (0.45)  | 22  |
| 7/1/20 to 6/30/21 | 58.46  | (0.35)  | 27.26  | 26.91  | —  | —  | (6.12)  | (6.12)  | —  | 20.79  | 79.25  | 47.50  | 860373  | 0.97 <sup>(10)</sup> <br>| 1.04  | (0.50)  | 50  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $35.29  | (0.23)  | 3.53  | 3.30  | —  | —  | (4.70)  | (4.70)  | —  | (1.40)  | $33.89  | 9.50 %  | $24935  | 1.70 % <sup>(12)</sup> <br>| 1.70 %  | (1.24) %  | 8 %  |
| 7/1/24 to 6/30/25 | 33.90  | (0.39)  | 5.68  | 5.29  | —  | —  | (3.90)  | (3.90)  | —  | 1.39  | 35.29  | 16.63  | 23876  | 1.72 <sup>(12)</sup> <br>| 1.72  | (1.18)  | 20  |
| 7/1/23 to 6/30/24 | 25.75  | (0.33)  | 10.09  | 9.76  | —  | —  | (1.61)  | (1.61)  | —  | 8.15  | 33.90  | 39.69  | 22448  | 1.72 <sup>(12)</sup> <br>| 1.72  | (1.18)  | 10  |
| 7/1/22 to 6/30/23 | 22.51  | (0.25)  | 6.32  | 6.07  | —  | —  | (2.83)  | (2.83)  | — <sup>(11)</sup> <br>| 3.24  | 25.75  | 31.31 <sup>(13)</sup> <br>| 22534  | 1.72 <sup>(12)</sup> <br>| 1.72  | (1.13)  | 65  |
| 7/1/21 to 6/30/22 | 43.67  | (0.43)  | (7.06)  | (7.49)  | —  | —  | (13.67)  | (13.67)  | —  | (21.16)  | 22.51  | (26.37)  | 24361  | 1.70 <sup>(12)</sup> <br>| 1.70  | (1.22)  | 22  |
| 7/1/20 to 6/30/21 | 34.58  | (0.50)  | 15.71  | 15.21  | —  | —  | (6.12)  | (6.12)  | —  | 9.09  | 43.67  | 46.39  | 48650  | 1.73 <sup>(12)</sup> <br>| 1.79  | (1.25)  | 50  |

---

The footnote legend is at the end of the financial highlights.

*See Notes to Financial Statements*

------

**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** <br> **Growth** <br> **Fund (Continued)**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $83.05  | (0.09)  | 8.41  | 8.32  | —  | —  | (4.70)  | (4.70)  | —  | 3.62  | $86.67  | 10.08 %  | $463951  | 0.67 %  | 0.70 %  | (0.20) %  | 8 %  |
| 7/1/24 to 6/30/25 | 74.10  | (0.10)  | 12.95  | 12.85  | —  | —  | (3.90)  | (3.90)  | —  | 8.95  | 83.05  | 17.84  | 372456  | 0.67  | 0.71  | (0.13)  | 20  |
| 7/1/23 to 6/30/24 | 53.96  | (0.08)  | 21.83  | 21.75  | —  | —  | (1.61)  | (1.61)  | —  | 20.14  | 74.10  | 41.18  | 315069  | 0.67  | 0.72  | (0.13)  | 10  |
| 7/1/22 to 6/30/23 | 43.55  | (0.04)  | 13.28  | 13.24  | —  | —  | (2.83)  | (2.83)  | — <sup>(11)</sup> <br>| 10.41  | 53.96  | 32.70 <sup>(13)</sup> <br>| 151338  | 0.67  | 0.70  | (0.08)  | 65  |
| 7/1/21 to 6/30/22 | 71.58  | (0.12)  | (14.24)  | (14.36)  | —  | —  | (13.67)  | (13.67)  | —  | (28.03)  | 43.55  | (25.61)  | 127274  | 0.67  | 0.70  | (0.19)  | 22  |
| 7/1/20 to 6/30/21 | 53.11  | (0.12)  | 24.71  | 24.59  | —  | —  | (6.12)  | (6.12)  | —  | 18.47  | 71.58  | 47.94  | 209066  | 0.67  | 0.74  | (0.19)  | 50  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $83.60  | (0.07)  | 8.46  | 8.39  | —  | —  | (4.70)  | (4.70)  | —  | 3.69  | $87.29  | 10.11 %  | $388578  | 0.62 %  | 0.62 %  | (0.15) %  | 8 %  |
| 7/1/24 to 6/30/25 | 74.52  | (0.07)  | 13.05  | 12.98  | —  | —  | (3.90)  | (3.90)  | —  | 9.08  | 83.60  | 17.92  | 331329  | 0.62  | 0.63  | (0.09)  | 20  |
| 7/1/23 to 6/30/24 | 54.24  | (0.05)  | 21.94  | 21.89  | —  | —  | (1.61)  | (1.61)  | —  | 20.28  | 74.52  | 41.23  | 235900  | 0.62  | 0.63  | (0.08)  | 10  |
| 7/1/22 to 6/30/23 | 43.74  | (0.02)  | 13.35  | 13.33  | —  | —  | (2.83)  | (2.83)  | — <sup>(11)</sup> <br>| 10.50  | 54.24  | 32.76 <sup>(13)</sup> <br>| 165550  | 0.62  | 0.63  | (0.04)  | 65  |
| 7/1/21 to 6/30/22 | 71.80  | (0.08)  | (14.31)  | (14.39)  | —  | —  | (13.67)  | (13.67)  | —  | (28.06)  | 43.74  | (25.57)  | 170153  | 0.62  | 0.63  | (0.14)  | 22  |
| 7/1/20 to 6/30/21 | 53.23  | (0.10)  | 24.79  | 24.69  | —  | —  | (6.12)  | (6.12)  | —  | 18.57  | 71.80  | 48.02  | 198031  | 0.62  | 0.68  | (0.15)  | 50  |
| **Silvant Mid-Cap** <br> **Growth Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $5.26  | (0.01)  | 0.12  | 0.11  | —  | —  | (0.99)  | (0.99)  | —  | (0.88)  | $4.38  | 1.82 %  | $290629  | 0.98 % <sup>(12)</sup> <br>| 0.98 %  | (0.44) %  | 22 %  |
| 7/1/24 to 6/30/25 | 4.13  | (0.02)  | 1.15  | 1.13  | —  | —  | —  | —  | —  | 1.13  | 5.26  | 27.36  | 292417  | 0.99 <sup>(12)</sup> <br>| 0.99  | (0.42)  | 43  |
| 7/1/23 to 6/30/24 | 3.55  | (0.01)  | 0.59  | 0.58  | —  | —  | —  | —  | —  | 0.58  | 4.13  | 16.34  | 251100  | 1.00 <sup>(12)</sup> <br>| 1.00  | (0.29)  | 23  |
| 7/1/22 to 6/30/23 | 2.89  | (0.01)  | 0.67  | 0.66  | —  | —  | —  | —  | —  | 0.66  | 3.55  | 22.84  | 242677  | 1.00 <sup>(12)</sup> <br>| 1.01  | (0.32)  | 34  |
| 7/1/21 to 6/30/22 | 5.94  | (0.02)  | (1.44)  | (1.46)  | —  | —  | (1.59)  | (1.59)  | —  | (3.05)  | 2.89  | (33.42)  | 223611  | 0.98 <sup>(12)</sup> <br>| 0.98  | (0.49)  | 65  |
| 7/1/20 to 6/30/21 | 4.30  | (0.04)  | 2.26  | 2.22  | —  | —  | (0.58)  | (0.58)  | — <sup>(11)</sup> <br>| 1.64  | 5.94  | 53.25 <sup>(13)</sup> <br>| 376649  | 1.06 <sup>(12)</sup> <br>| 1.06  | (0.76)  | 85  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $3.33  | (0.02)  | 0.09  | 0.07  | —  | —  | (0.99)  | (0.99)  | —  | (0.92)  | $2.41  | 1.65 %  | $5118  | 1.76 % <sup>(12)</sup> <br>| 1.76 %  | (1.21) %  | 22 %  |
| 7/1/24 to 6/30/25 | 2.64  | (0.03)  | 0.72  | 0.69  | —  | —  | —  | —  | —  | 0.69  | 3.33  | 26.14  | 3675  | 1.78 <sup>(12)</sup> <br>| 1.78  | (1.21)  | 43  |
| 7/1/23 to 6/30/24 | 2.28  | (0.03)  | 0.39  | 0.36  | —  | —  | —  | —  | —  | 0.36  | 2.64  | 15.79  | 3962  | 1.78 <sup>(12)</sup> <br>| 1.78  | (1.08)  | 23  |
| 7/1/22 to 6/30/23 | 1.88  | (0.02)  | 0.42  | 0.40  | —  | —  | —  | —  | —  | 0.40  | 2.28  | 21.28  | 5204  | 1.78 <sup>(12)</sup> <br>| 1.78  | (1.09)  | 34  |
| 7/1/21 to 6/30/22 | 4.45  | (0.04)  | (0.94)  | (0.98)  | —  | —  | (1.59)  | (1.59)  | —  | (2.57)  | 1.88  | (33.91)  | 6350  | 1.74 <sup>(12)</sup> <br>| 1.74  | (1.26)  | 65  |
| 7/1/20 to 6/30/21 | 3.35  | (0.06)  | 1.74  | 1.68  | —  | —  | (0.58)  | (0.58)  | — <sup>(11)</sup> <br>| 1.10  | 4.45  | 52.17 <sup>(13)</sup> <br>| 15282  | 1.82 <sup>(12)</sup> <br>| 1.82  | (1.52)  | 85  |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $6.81  | (0.01)  | 0.16  | 0.15  | —  | —  | (0.99)  | (0.99)  | —  | (0.84)  | $5.97  | 1.99 %  | $109915  | 0.76 %  | 0.76 %  | (0.22) %  | 22 %  |
| 7/1/24 to 6/30/25 | 5.34  | (0.01)  | 1.48  | 1.47  | —  | —  | —  | —  | —  | 1.47  | 6.81  | 27.53  | 105880  | 0.76  | 0.76  | (0.18)  | 43  |
| 7/1/23 to 6/30/24 | 4.57  | — <sup>(11)</sup> <br>| 0.77  | 0.77  | —  | —  | —  | —  | —  | 0.77  | 5.34  | 16.85  | 77860  | 0.77 <sup>(10)</sup> <br>| 0.77  | (0.04)  | 23  |
| 7/1/22 to 6/30/23 | 3.72  | — <sup>(11)</sup> <br>| 0.85  | 0.85  | —  | —  | —  | —  | —  | 0.85  | 4.57  | 22.85  | 50028  | 0.77 <sup>(12)</sup> <br>| 0.77  | (0.09)  | 34  |
| 7/1/21 to 6/30/22 | 7.18  | (0.01)  | (1.86)  | (1.87)  | —  | —  | (1.59)  | (1.59)  | —  | (3.46)  | 3.72  | (33.33)  | 47978  | 0.76 <sup>(12)</sup> <br>| 0.76  | (0.25)  | 65  |
| 7/1/20 to 6/30/21 | 5.09  | (0.03)  | 2.70  | 2.67  | —  | —  | (0.58)  | (0.58)  | — <sup>(11)</sup> <br>| 2.09  | 7.18  | 53.86 <sup>(13)</sup> <br>| 63690  | 0.78 <sup>(12)</sup> <br>| 0.78  | (0.48)  | 85  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $6.81  | — <sup>(11)</sup> <br>| 0.15  | 0.15  | —  | —  | (0.99)  | (0.99)  | —  | (0.84)  | $5.97  | 1.99 %  | $91  | 0.66 % <sup>(12)</sup> <br>| 0.66 %  | (0.13) %  | 22 %  |
| 6/18/25<sup>(24)</sup> to 6/30/25 | 6.56  | — <sup>(11)</sup> <br>| 0.25  | 0.25  | —  | —  | —  | —  | —  | 0.25  | 6.81  | 3.81  | 104  | 0.67 <sup>(12)</sup> <br>| 0.67  | 0.05  | 43 <sup>(25)</sup> <br>|

---

The footnote legend is at the end of the financial highlights.

*See Notes to Financial Statements*

------

**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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $22.40  | 0.01  | 2.49  | 2.50  | —  | —  | (1.13)  | (1.13)  | —  | 1.37  | $23.77  | 11.14 %  | $64863  | 1.17 %  | 1.20 %  | 0.10 %  | 24 %  |
| 7/1/24 to 6/30/25 | 22.51  | 0.04  | 2.32  | 2.36  | (0.06)  | —  | (2.41)  | (2.47)  | —  | (0.11)  | 22.40  | 10.20  | 60647  | 1.17  | 1.22  | 0.19  | 95  |
| 7/1/23 to 6/30/24 | 20.90  | 0.06  | 2.03  | 2.09  | (0.08)  | —  | (0.40)  | (0.48)  | —  | 1.61  | 22.51  | 10.17  | 61663  | 1.17  | 1.22  | 0.28  | 69  |
| 7/1/22 to 6/30/23 | 19.10  | 0.06  | 2.73  | 2.79  | (0.11)  | —  | (0.88)  | (0.99)  | — <sup>(11)</sup> <br>| 1.80  | 20.90  | 14.96 <sup>(13)</sup> <br>| 62610  | 1.17  | 1.22  | 0.29  | 82  |
| 7/1/21 to 6/30/22 | 27.49  | 0.06  | (5.02)  | (4.96)  | (0.02)  | —  | (3.41)  | (3.43)  | —  | (8.39)  | 19.10  | (20.45)  | 64567  | 1.17  | 1.17  | 0.23  | 69  |
| 7/1/20 to 6/30/21 | 17.55  | (0.04)  | 10.00  | 9.96  | (0.02)  | —  | —  | (0.02)  | —  | 9.94  | 27.49  | 56.80  | 87605  | 1.17  | 1.23  | (0.17)  | 88  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $20.33  | (0.07)  | 2.26  | 2.19  | —  | —  | (1.13)  | (1.13)  | —  | 1.06  | $21.39  | 10.74 %  | $2478  | 1.92 %  | 1.98 %  | (0.64) %  | 24 %  |
| 7/1/24 to 6/30/25 | 20.72  | (0.12)  | 2.14  | 2.02  | —  | —  | (2.41)  | (2.41)  | —  | (0.39)  | 20.33  | 9.39  | 2660  | 1.92  | 1.99  | (0.55)  | 95  |
| 7/1/23 to 6/30/24 | 19.34  | (0.09)  | 1.87  | 1.78  | —  | —  | (0.40)  | (0.40)  | —  | 1.38  | 20.72  | 9.35  | 3027  | 1.92  | 1.99  | (0.47)  | 69  |
| 7/1/22 to 6/30/23 | 17.78  | (0.09)  | 2.53  | 2.44  | —  | —  | (0.88)  | (0.88)  | — <sup>(11)</sup> <br>| 1.56  | 19.34  | 14.06 <sup>(13)</sup> <br>| 3415  | 1.92  | 1.99  | (0.46)  | 82  |
| 7/1/21 to 6/30/22 | 25.99  | (0.12)  | (4.68)  | (4.80)  | —  | —  | (3.41)  | (3.41)  | —  | (8.21)  | 17.78  | (21.04)  | 3405  | 1.92  | 1.95  | (0.52)  | 69  |
| 7/1/20 to 6/30/21 | 16.70  | (0.20)  | 9.49  | 9.29  | — <sup>(11)</sup> <br>| —  | —  | —  | —  | 9.29  | 25.99  | 55.63  | 4940  | 1.92  | 1.99  | (0.92)  | 88  |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $23.24  | 0.06  | 2.59  | 2.65  | (0.08)  | —  | (1.13)  | (1.21)  | —  | 1.44  | $24.68  | 11.36 %  | $27876  | 0.82 %  | 0.98 %  | 0.44 %  | 24 %  |
| 7/1/24 to 6/30/25 | 23.28  | 0.13  | 2.41  | 2.54  | (0.17)  | —  | (2.41)  | (2.58)  | —  | (0.04)  | 23.24  | 10.63  | 24954  | 0.82  | 0.99  | 0.54  | 95  |
| 7/1/23 to 6/30/24 | 21.56  | 0.14  | 2.09  | 2.23  | (0.11)  | —  | (0.40)  | (0.51)  | —  | 1.72  | 23.28  | 10.52  | 20492  | 0.82  | 1.00  | 0.62  | 69  |
| 7/1/22 to 6/30/23 | 19.58  | 0.14  | 2.79  | 2.93  | (0.07)  | —  | (0.88)  | (0.95)  | — <sup>(11)</sup> <br>| 1.98  | 21.56  | 15.32 <sup>(13)</sup> <br>| 20456  | 0.82  | 0.95  | 0.66  | 82  |
| 7/1/21 to 6/30/22 | 28.07  | 0.15  | (5.13)  | (4.98)  | (0.10)  | —  | (3.41)  | (3.51)  | —  | (8.49)  | 19.58  | (20.14)  | 46605  | 0.82  | 0.92  | 0.62  | 69  |
| 7/1/20 to 6/30/21 | 17.92  | 0.04  | 10.22  | 10.26  | (0.11)  | —  | —  | (0.11)  | —  | 10.15  | 28.07  | 57.35  | 36211  | 0.82  | 0.96  | 0.19  | 88  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $23.20  | 0.06  | 2.59  | 2.65  | (0.07)  | —  | (1.13)  | (1.20)  | —  | 1.45  | $24.65  | 11.41 %  | $5755  | 0.77 %  | 0.88 %  | 0.51 %  | 24 %  |
| 7/1/24 to 6/30/25 | 23.22  | 0.14  | 2.40  | 2.54  | (0.15)  | —  | (2.41)  | (2.56)  | —  | (0.02)  | 23.20  | 10.66  | 5567  | 0.77  | 0.90  | 0.58  | 95  |
| 7/1/23 to 6/30/24 | 21.56  | 0.15  | 2.09  | 2.24  | (0.18)  | —  | (0.40)  | (0.58)  | —  | 1.66  | 23.22  | 10.58  | 5485  | 0.77  | 0.90  | 0.69  | 69  |
| 7/1/22 to 6/30/23 | 19.63  | 0.14  | 2.80  | 2.94  | (0.13)  | —  | (0.88)  | (1.01)  | — <sup>(11)</sup> <br>| 1.93  | 21.56  | 15.38 <sup>(13)</sup> <br>| 5358  | 0.77  | 0.88  | 0.68  | 82  |
| 7/1/21 to 6/30/22 | 28.10  | 0.16  | (5.14)  | (4.98)  | (0.08)  | —  | (3.41)  | (3.49)  | —  | (8.47)  | 19.63  | (20.10)  | 7373  | 0.77  | 0.84  | 0.64  | 69  |
| 7/1/20 to 6/30/21 | 17.93  | 0.06  | 10.21  | 10.27  | (0.10)  | —  | —  | (0.10)  | —  | 10.17  | 28.10  | 57.37  | 8614  | 0.77  | 0.87  | 0.24  | 88  |
| **Zevenbergen** <br> **Technology Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $68.58  | (0.42)  | 9.99  | 9.57  | —  | —  | (2.76)  | (2.76)  | —  | 6.81  | $75.39  | 14.01 %  | $776345  | 1.42 % <sup>(12)</sup> <br>| 1.42 %  | (1.11) %  | 4 %  |
| 7/1/24 to 6/30/25 | 57.59  | (0.63)  | 11.62  | 10.99  | —  | —  | —  | —  | —  | 10.99  | 68.58  | 19.08  | 715149  | 1.43 <sup>(12)</sup> <br>| 1.43  | (1.06)  | 2  |
| 7/1/23 to 6/30/24 | 41.64  | (0.51)  | 16.46  | 15.95  | —  | —  | —  | —  | —  | 15.95  | 57.59  | 38.30  | 661778  | 1.43 <sup>(12)</sup> <br>| 1.43  | (1.09)  | 23  |
| 7/1/22 to 6/30/23 | 39.74  | (0.39)  | 9.87  | 9.48  | —  | —  | (7.58)  | (7.58)  | — <sup>(11)</sup> <br>| 1.90  | 41.64  | 32.14 <sup>(13)</sup> <br>| 538324  | 1.44 <sup>(12)</sup> <br>| 1.44  | (1.05)  | 55  |
| 7/1/21 to 6/30/22 | 81.59  | (0.68)  | (17.72)  | (18.40)  | —  | —  | (23.45)  | (23.45)  | —  | (41.85)  | 39.74  | (32.06)  | 475065  | 1.42 <sup>(12)</sup> <br>| 1.42  | (1.05)  | 126  |
| 7/1/20 to 6/30/21 | 68.06  | (0.88)  | 30.38  | 29.50  | —  | —  | (15.97)  | (15.97)  | —  | 13.53  | 81.59  | 45.06  | 812373  | 1.49 <sup>(12)</sup> <br>| 1.50  | (1.12)  | 150  |

---

The footnote legend is at the end of the financial highlights.

*See Notes to Financial Statements*

------

**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> |
| **Zevenbergen** <br> **Technology** <br> **Fund (Continued)**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $14.93  | (0.15)  | 2.15  | 2.00  | —  | —  | (2.76)  | (2.76)  | —  | (0.76)  | $14.17  | 13.65 %  | $25547  | 2.16 % <sup>(12)</sup> <br>| 2.16 %  | (1.84) %  | 4 %  |
| 7/1/24 to 6/30/25 | 12.63  | (0.23)  | 2.53  | 2.30  | —  | —  | —  | —  | —  | 2.30  | 14.93  | 18.21  | 25481  | 2.17 <sup>(12)</sup> <br>| 2.17  | (1.80)  | 2  |
| 7/1/23 to 6/30/24 | 9.20  | (0.19)  | 3.62  | 3.43  | —  | —  | —  | —  | —  | 3.43  | 12.63  | 37.28  | 26537  | 2.17 <sup>(12)</sup> <br>| 2.17  | (1.83)  | 23  |
| 7/1/22 to 6/30/23 | 15.27  | (0.18)  | 1.69  | 1.51  | —  | —  | (7.58)  | (7.58)  | — <sup>(11)</sup> <br>| (6.07)  | 9.20  | 31.15 <sup>(13)</sup> <br>| 23633  | 2.18 <sup>(12)</sup> <br>| 2.18  | (1.79)  | 55  |
| 7/1/21 to 6/30/22 | 45.83  | (0.52)  | (6.59)  | (7.11)  | —  | —  | (23.45)  | (23.45)  | —  | (30.56)  | 15.27  | (32.58)  | 25961  | 2.17 <sup>(12)</sup> <br>| 2.17  | (1.80)  | 126  |
| 7/1/20 to 6/30/21 | 43.68  | (0.87)  | 18.99  | 18.12  | —  | —  | (15.97)  | (15.97)  | —  | 2.15  | 45.83  | 44.01  | 53742  | 2.24 <sup>(12)</sup> <br>| 2.25  | (1.88)  | 150  |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/25 to 12/31/25<sup>(8)</sup> <br>| $98.94  | (0.46)  | 14.42  | 13.96  | —  | —  | (2.76)  | (2.76)  | —  | 11.20  | $110.14  | 14.15 %  | $861386  | 1.16 % <sup>(16)</sup> <br>| 1.16 %  | (0.84) %  | 4 %  |
| 7/1/24 to 6/30/25 | 82.85  | (0.68)  | 16.77  | 16.09  | —  | —  | —  | —  | —  | 16.09  | 98.94  | 19.42  | 792925  | 1.16  | 1.16  | (0.79)  | 2  |
| 7/1/23 to 6/30/24 | 59.74  | (0.55)  | 23.66  | 23.11  | —  | —  | —  | —  | —  | 23.11  | 82.85  | 38.68  | 851967  | 1.16  | 1.16  | (0.82)  | 23  |
| 7/1/22 to 6/30/23 | 53.31  | (0.41)  | 14.42  | 14.01  | —  | —  | (7.58)  | (7.58)  | — <sup>(11)</sup> <br>| 6.43  | 59.74  | 32.48 <sup>(13)</sup> <br>| 670734  | 1.17 <sup>(12)</sup> <br>| 1.17  | (0.78)  | 55  |
| 7/1/21 to 6/30/22 | 101.34  | (0.67)  | (23.91)  | (24.58)  | —  | —  | (23.45)  | (23.45)  | —  | (48.03)  | 53.31  | (31.89)  | 772161  | 1.16 <sup>(12)</sup> <br>| 1.16  | (0.79)  | 126  |
| 7/1/20 to 6/30/21 | 81.43  | (0.77)  | 36.65  | 35.88  | —  | —  | (15.97)  | (15.97)  | —  | 19.91  | 101.34  | 45.53  | 1386911  | 1.17 <sup>(12)</sup> <br>| 1.18  | (0.80)  | 150  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:**  | **Footnote Legend:**  |
| <sup>(1)</sup> <br>| Calculated using average shares outstanding.  |
| <sup>(2)</sup> <br>| Not annualized for periods less than one year.  |
| <sup>(3)</sup> <br>| Total Return is calculated based on the NAV at which shareholder transactions were processed, but also takes into account certain adjustments that are necessary <br> under generally accepted accounting principles required in the annual report.<br>|
| <sup>(4)</sup> <br>| Sales charges, where applicable, are not reflected in the total return calculation. |
| <sup>(5)</sup> <br>| Annualized for periods less than one year. |
| <sup>(6)</sup> <br>| 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 <br> of this ratio.<br>|
| <sup>(7)</sup> <br>| 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> <br>| Unaudited. |
| <sup>(9)</sup> <br>| Ratios 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), <br> 0.94% (Class I) and 0.89% (Class R6).<br>|
| <sup>(10)</sup> <br>| Due to a change in expense cap, the ratio shown is a blended expense ratio. |
| <sup>(11)</sup> <br>| Amount is less than $0.005 per share. |
| <sup>(12)</sup> <br>| The share class is currently under its expense limitation.  |
| <sup>(13)</sup> <br>| Payment from affiliate had no impact on total return. |
| <sup>(14)</sup> <br>| Net expense ratio includes extraordinary European Union tax reclaim expenses. |
| <sup>(15)</sup> <br>| Net expense ratio includes extraordinary European Union tax reclaim expenses. Ratios of total net expenses excluding European Union tax reclaim expenses for <br> the six months ended December 31, 2025 would be 1.63% (Class A), 2.38% (Class C), 1.28% (Institutional Class).<br>|
| <sup>(16)</sup> <br>| See Note 4D in the Notes to Financial Statements for information on recapture of expenses previously reimbursed and/or waived. |
| <sup>(17)</sup> <br>| 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% <br> (Institutional Class).<br>|
| <sup>(18)</sup> <br>| 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>(19)</sup> <br>| Total return would have been lower without the payment from affiliate. |

---

*See Notes to Financial Statements*

------

**VIRTUS INVESTMENT TRUST**

**FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)**

**SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING**

**THROUGHOUT EACH PERIOD**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 six months ended December 31, 2025 would be 1.30% (Class A), 2.05% (Class C), 0.95% (Institutional Class), and 0.90% (Class R6) and 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> 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>(22)</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>(23)</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>(24)</sup> Inception date.

<sup>(25)</sup> Portfolio turnover is representative of the Fund for the entire period.

*See Notes to Financial Statements*

------

**VIRTUS INVESTMENT TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited)** 

**December 31, 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).*

All of the Funds offer Class A shares, Class C shares, and Class I shares. Class R6 shares are offered by the Emerging Markets Opportunities 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, Silvant Mid-Cap Growth Fund, and Small-Cap Fund.

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.

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.

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 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.

------

**VIRTUS INVESTMENT TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;**A.**

**Security Valuation** 

The Funds' 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;• Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities).

&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;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;**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 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.

------

**VIRTUS INVESTMENT TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;**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 invest in securities of foreign issuers which 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 reclaims 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 has submitted a closing agreement request with the IRS. 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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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 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.

&nbsp;&nbsp;&nbsp;&nbsp;**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)

------

**VIRTUS INVESTMENT TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**December 31, 2025**

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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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 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

------

**VIRTUS INVESTMENT TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**December 31, 2025**

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.

&nbsp;&nbsp;&nbsp;&nbsp;**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 December 31, 2025, the securities loaned were subject to a MSLA on a net payment basis as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Value of** <br>**Securities** <br>**on Loan**<br>| **Cash** <br>**Collateral** <br>**Received(1)** <br>| **Net** <br>**Amount(2)** <br>|
| Small-Cap Fund | $342 | $342 | $—<br>|

---

&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. 

<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 December 31, 2025 for the Fund:

---

| | | |
|:---|:---|:---|
| **Fund** | **Investment of** <br>**Cash Collateral**<br>| **Overnight** <br>**and** <br>**Continuous**<br>|
| Small-Cap Fund | Money Market Mutual Fund | &nbsp;&nbsp;&nbsp; $359 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**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.

**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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

------

**VIRTUS INVESTMENT TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**December 31, 2025**

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 six months ended December 31, 2025, none of the Funds entered into forward foreign currency exchange contracts.

&nbsp;&nbsp;&nbsp;&nbsp;**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

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

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 six months ended December 31, 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 December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Statement Line Description** | &nbsp;&nbsp;&nbsp; **Primary** <br> **Risk**<br>| **Income & Growth** <br> **Fund**<br>|
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| Written options at value | Equity contracts | &nbsp;&nbsp; $(168)<br>|
| Total Liabilities |  | &nbsp;&nbsp; $(168)<br>|

---

The following is a summary of derivative instruments categorized by primary risk exposure, and location as presented in the Statements of Operations for the six months ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Statement Line Description** | &nbsp;&nbsp;&nbsp; **Primary** <br> **Risk**<br>| **Income & Growth** <br> **Fund**<br>|
| **Net Realized Gain (Loss) from** | **Net Realized Gain (Loss) from** | **Net Realized Gain (Loss) from** |
| Written options | Equity contracts | &nbsp;&nbsp; $279 |
| Total |  | &nbsp;&nbsp; $279 |
| **Net Change in Unrealized Appreciation (Depreciation) on** | **Net Change in Unrealized Appreciation (Depreciation) on** | **Net Change in Unrealized Appreciation (Depreciation) on** |
| Written options | Equity contracts | &nbsp;&nbsp; $1651 |
| Total |  | &nbsp;&nbsp; $1651 |

---

------

**VIRTUS INVESTMENT TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**December 31, 2025**

The table below shows the quarterly average volume (unless otherwise specified) of the derivatives held by the applicable Fund for the six months ended December 31, 2025:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **Income & Growth** <br>**Fund**<br>|
| Written Options<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;$647 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Average premium amount.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

------

**VIRTUS INVESTMENT TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**December 31, 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 December 31, 2025:

---

| | | |
|:---|:---|:---|
| **At December 31, 2025, the Fund's derivative assets and liabilities (by type) are as follows:** |  |  |
|  | **Income & Growth Fund** | **Income & Growth Fund** |
|  | **Assets** | **Liabilities** |
| **Derivative Financial** <br>**Instruments:**<br>|  |  |
| Written options | &nbsp;&nbsp; $— | &nbsp;&nbsp; $168 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $168 |
| Derivatives not subject to a MNA <br>or similar agreement<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (168)<br>|
| Total assets and liabilities <br>subject to a MNA<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Note 4. Investment Advisory Fees and Related Party Transactions** 

**($ reported in thousands)**

&nbsp;&nbsp;&nbsp;&nbsp;**A.**

**Investment Adviser**

Virtus Investment Advisers, LLC ("Adviser"), 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** | **Advisory Fee** |
| Emerging Markets Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>|
| Income & Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| KAR Global Small-Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| KAR Health Sciences Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| NFJ Dividend Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| NFJ International Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| NFJ Large-Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| NFJ Mid-Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| NFJ Small-Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Silvant Focused Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| Silvant Mid-Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| Small-Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Zevenbergen Technology Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |

---

------

**VIRTUS INVESTMENT TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;**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 six months is as follows:

---

| |
|:---|
| **Fund** |
| Emerging Markets Opportunities Fund <br> &nbsp;&nbsp;&nbsp; VA<sup>(1)</sup> <br>|
| Income & Growth Fund <br> &nbsp;&nbsp;&nbsp; Voya IM <br><sup>(2)</sup><br>|
| KAR Global Small-Cap Fund <br> &nbsp;&nbsp;&nbsp; KAR<sup>(3)</sup> <br>|
| KAR Health Sciences Fund <br> &nbsp;&nbsp;&nbsp; KAR<sup>(3)</sup> <br>|
| NFJ Dividend Value Fund <br> &nbsp;&nbsp;&nbsp; NFJ<sup>(4)</sup> <br>|
| NFJ International Value Fund <br> &nbsp;&nbsp;&nbsp; NFJ<sup>(4)</sup> <br>|
| NFJ Large-Cap Value Fund <br> &nbsp;&nbsp;&nbsp; NFJ<sup>(4)</sup> <br>|
| NFJ Mid-Cap Value Fund <br> &nbsp;&nbsp;&nbsp; NFJ<sup>(4)</sup> <br>|
| NFJ Small-Cap Value Fund <br> &nbsp;&nbsp;&nbsp; NFJ<sup>(4)</sup> <br>|
| Silvant Focused Growth Fund <br> &nbsp;&nbsp;&nbsp; Silvant<sup>(5)</sup> <br>|
| Silvant Mid-Cap Growth Fund <br> &nbsp;&nbsp;&nbsp; Silvant<sup>(5)</sup> <br>|
| Small-Cap Fund <br> &nbsp;&nbsp;&nbsp; VA<sup>(1)</sup> <br>|
| Zevenbergen Technology Fund <br> &nbsp;&nbsp;&nbsp; Zevenbergen<sup>(6)</sup> <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Virtus Systematic, a division of Virtus Advisers, LLC ("VA"), an indirect, wholly-owned subsidiary of Virtus.

<sup>(2)</sup> Voya Investment Management Co. LLC ("Voya IM")

<sup>(3)</sup> Kayne Anderson Rudnick Investment Management, LLC ("KAR"), an indirect, wholly-owned subsidiary of Virtus.

<sup>(4)</sup> NFJ Investment Group, LLC ("NFJ"), an indirect, wholly-owned subsidiary of Virtus.

<sup>(5)</sup> Silvant Capital Management LLC ("Silvant"), an indirect, wholly-owned subsidiary of Virtus.

<sup>(6)</sup> Zevenbergen Capital Investments LLC ("Zevenbergen"), a minority-owned affiliate of Virtus.

&nbsp;&nbsp;&nbsp;&nbsp;**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, 2026. 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Class A**  | **Class C**  | **Class I** | **Class R6** |
| Emerging Markets Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>|
| Income & Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp; N/A |
| KAR Global Small-Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp; N/A |
| KAR Health Sciences Fund | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp; N/A |
| NFJ Dividend Value Fund | &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 | &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 | &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 | &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 | &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 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| Small-Cap Fund | &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 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp; N/A |

---

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.

------

**VIRTUS INVESTMENT TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;**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 six months ending December 31:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Expiration**  | **Expiration**  | **Expiration**  | **Expiration**  |  |
| **Fund** | **2026** | **2027** | **2028** | **2029** | **Total** |
| Virtus Emerging Markets Opportunities Fund |  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $20<br>| &nbsp;&nbsp;&nbsp; $41<br>| &nbsp;&nbsp;&nbsp; $44 | &nbsp;&nbsp;&nbsp; $24<br>| &nbsp;&nbsp;&nbsp; $129<br>|
| Class C | &nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; 3<br>|
| Institutional Class | &nbsp;&nbsp;&nbsp; 105<br>| &nbsp;&nbsp;&nbsp; 217<br>| &nbsp;&nbsp;&nbsp; 227 | &nbsp;&nbsp;&nbsp; 114<br>| &nbsp;&nbsp;&nbsp; 663<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 35<br>| &nbsp;&nbsp;&nbsp; 92<br>| &nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp; 78<br>| &nbsp;&nbsp;&nbsp; 338<br>|
| Virtus KAR Global Small-Cap Fund |  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 4<br>| &nbsp;&nbsp;&nbsp; 11<br>|
| Class C | &nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; 1<br>|
| Institutional Class | &nbsp;&nbsp;&nbsp; 16<br>| &nbsp;&nbsp;&nbsp; 15<br>| &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 9<br>| &nbsp;&nbsp;&nbsp; 56<br>|
| Virtus KAR Health Sciences Fund |  |  |  |  |  |
| Institutional Class | &nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp; 3<br>| &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp; 15<br>|
| Virtus NFJ Dividend Value Fund |  |  |  |  |  |
| Institutional Class | &nbsp;&nbsp;&nbsp; 24<br>| &nbsp;&nbsp;&nbsp; 14<br>| &nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp; 37<br>| &nbsp;&nbsp;&nbsp; 146<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp; 5<br>|
| Virtus NFJ International Value Fund |  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 22<br>| &nbsp;&nbsp;&nbsp; 24<br>| &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 7<br>| &nbsp;&nbsp;&nbsp; 80<br>|
| Class C | &nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; 1<br>|
| Institutional Class | &nbsp;&nbsp;&nbsp; 15<br>| &nbsp;&nbsp;&nbsp; 10<br>| &nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp; 16<br>| &nbsp;&nbsp;&nbsp; 85<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; 5<br>|
| Virtus NFJ Large-Cap Value Fund |  |  |  |  |  |
| Institutional Class | &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5<br>| &nbsp;&nbsp;&nbsp; 5<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| Virtus NFJ Mid-Cap Value Fund |  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 304<br>| &nbsp;&nbsp;&nbsp; 531<br>| &nbsp;&nbsp;&nbsp; 512 | &nbsp;&nbsp;&nbsp; 235<br>| &nbsp;&nbsp;&nbsp; 1582<br>|
| Class C | &nbsp;&nbsp;&nbsp; 10<br>| &nbsp;&nbsp;&nbsp; 15<br>| &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 4<br>| &nbsp;&nbsp;&nbsp; 41<br>|
| Institutional Class | &nbsp;&nbsp;&nbsp; 262<br>| &nbsp;&nbsp;&nbsp; 432<br>| &nbsp;&nbsp;&nbsp; 393 | &nbsp;&nbsp;&nbsp; 150<br>| &nbsp;&nbsp;&nbsp; 1237<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 62<br>| &nbsp;&nbsp;&nbsp; 109<br>| &nbsp;&nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp; 16<br>| &nbsp;&nbsp;&nbsp; 268<br>|
| Virtus NFJ Small-Cap Value Fund |  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 45<br>| &nbsp;&nbsp;&nbsp; 131<br>| &nbsp;&nbsp;&nbsp; 137 | &nbsp;&nbsp;&nbsp; 55<br>| &nbsp;&nbsp;&nbsp; 368<br>|
| Class C | &nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; 2<br>|
| Institutional Class | &nbsp;&nbsp;&nbsp; 23<br>| &nbsp;&nbsp;&nbsp; 44<br>| &nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp; 32<br>| &nbsp;&nbsp;&nbsp; 164<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 14<br>| &nbsp;&nbsp;&nbsp; 18<br>| &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 3<br>| &nbsp;&nbsp;&nbsp; 42<br>|
| Virtus Silvant Focused Growth Fund |  |  |  |  |  |
| Institutional Class | &nbsp;&nbsp;&nbsp; 11<br>| &nbsp;&nbsp;&nbsp; 97<br>| &nbsp;&nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp; 71<br>| &nbsp;&nbsp;&nbsp; 318<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 4<br>| &nbsp;&nbsp;&nbsp; 16<br>| &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; 38<br>|
| Virtus Silvant Mid-Cap Growth Fund |  |  |  |  |  |
| Institutional Class | &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| Virtus Small-Cap Fund |  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 19<br>| &nbsp;&nbsp;&nbsp; 33<br>| &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 11<br>| &nbsp;&nbsp;&nbsp; 96<br>|
| Class C | &nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp; 6<br>|
| Institutional Class | &nbsp;&nbsp;&nbsp; 15<br>| &nbsp;&nbsp;&nbsp; 31<br>| &nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; 21<br>| &nbsp;&nbsp;&nbsp; 107<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 3<br>| &nbsp;&nbsp;&nbsp; 7<br>| &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 3<br>| &nbsp;&nbsp;&nbsp; 20<br>|
| Virtus Zevenbergen Technology Fund |  |  |  |  |  |
| Institutional Class | &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 4<br>| &nbsp;&nbsp;&nbsp; 25<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Amount is less than $500 (not in thousands).

------

**VIRTUS INVESTMENT TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**December 31, 2025**

During the six months ended December 31, 2025, the Adviser recaptured expenses previously waived for the following Funds:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Class A** | **Class C** | **Institutional Class** | **Class R6** | **Total** |
| KAR Global Small-Cap Fund | &nbsp;&nbsp;&nbsp; $— <br><sup>(1)</sup><br>| $— | $— | $— | $— <br><sup>(1)</sup><br>|
| NFJ Dividend Value Fund | &nbsp;&nbsp;&nbsp; — |  |  | 1 | 1 |
| NFJ International Value Fund | &nbsp;&nbsp;&nbsp; 2 |  |  | — <br><sup>(1)</sup><br>| 2 |
| NFJ Large-Cap Value Fund | &nbsp;&nbsp;&nbsp; — |  | 5 |  | 5 |
| Silvant Focused Growth Fund | &nbsp;&nbsp;&nbsp; — |  |  | 2 | 2 |
| Silvant Mid-Cap Growth Fund | &nbsp;&nbsp;&nbsp; — |  | — <br><sup>(1)</sup><br>|  | — <br><sup>(1)</sup><br>|
| Zevenbergen Technology Fund | &nbsp;&nbsp;&nbsp; — |  | 16 |  | 16 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Amount is less than $500 (not in thousands).

&nbsp;&nbsp;&nbsp;&nbsp;**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 six months ended December 31, 2025, it retained net commissions of $195 for Class A shares and CDSC of $37 and $22 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.

&nbsp;&nbsp;&nbsp;&nbsp;**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 six months ended December 31, 2025, the Funds incurred administration fees totaling $5,092 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 six months ended December 31, 2025, the Funds incurred transfer agent fees totaling $2,280 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.

&nbsp;&nbsp;&nbsp;&nbsp;**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 six months ended December 31, 2025, the Funds did not engage in any transactions pursuant to Rule 17a-7 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;**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 December 31, 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.

------

**VIRTUS INVESTMENT TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**December 31, 2025**

**Note 5. Purchases and Sales of Securities**

**($ reported in thousands)**

Purchases and sales of securities (excluding U.S. government and agency securities, short-term securities, and certain derivatives) during the six months ended December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases**  | **Sales** |
| Emerging Markets Opportunities Fund | &nbsp;&nbsp;&nbsp; $80472<br>| &nbsp;&nbsp;&nbsp; $92689<br>|
| Income & Growth Fund | &nbsp;&nbsp;&nbsp; 1703809<br>| &nbsp;&nbsp;&nbsp; 2020289<br>|
| KAR Global Small-Cap Fund | &nbsp;&nbsp;&nbsp; 11566<br>| &nbsp;&nbsp;&nbsp; 15831<br>|
| KAR Health Sciences Fund | &nbsp;&nbsp;&nbsp; 5571<br>| &nbsp;&nbsp;&nbsp; 19822<br>|
| NFJ Dividend Value Fund | &nbsp;&nbsp;&nbsp; 217599<br>| &nbsp;&nbsp;&nbsp; 271242<br>|
| NFJ International Value Fund | &nbsp;&nbsp;&nbsp; 33154<br>| &nbsp;&nbsp;&nbsp; 36498<br>|
| NFJ Large-Cap Value Fund | &nbsp;&nbsp;&nbsp; 188616<br>| &nbsp;&nbsp;&nbsp; 191708<br>|
| NFJ Mid-Cap Value Fund | &nbsp;&nbsp;&nbsp; 276931<br>| &nbsp;&nbsp;&nbsp; 372158<br>|
| NFJ Small-Cap Value Fund | &nbsp;&nbsp;&nbsp; 110890<br>| &nbsp;&nbsp;&nbsp; 147862<br>|
| Silvant Focused Growth Fund | &nbsp;&nbsp;&nbsp; 133987<br>| &nbsp;&nbsp;&nbsp; 134351<br>|
| Silvant Mid-Cap Growth Fund | &nbsp;&nbsp;&nbsp; 87356<br>| &nbsp;&nbsp;&nbsp; 93350<br>|
| Small-Cap Fund | &nbsp;&nbsp;&nbsp; 24001<br>| &nbsp;&nbsp;&nbsp; 23762<br>|
| Zevenbergen Technology Fund | &nbsp;&nbsp;&nbsp; 58539<br>| &nbsp;&nbsp;&nbsp; 137390<br>|

---

Purchases and sales of long-term U.S. government and agency securities during the six months ended December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases**  | **Sales** |
| Income & Growth Fund | &nbsp;&nbsp;&nbsp; $17600<br>| &nbsp;&nbsp;&nbsp; $231<br>|

---

**Note 6. Capital Share Transactions**

**(reported in thousands)**

Transactions in shares of capital stock, during the periods ended as indicated below, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Opportunities Fund** | **Emerging Markets Opportunities Fund** | **Emerging Markets Opportunities Fund** | **Emerging Markets Opportunities Fund** | **Income & Growth Fund** | **Income & Growth Fund** | **Income & Growth Fund** | **Income & Growth Fund** |
|  | **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** | **Year Ended** <br>**June 30, 2025** | **Year Ended** <br>**June 30, 2025** | **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** | **Year Ended** <br>**June 30, 2025** | **Year Ended** <br>**June 30, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 93 | &nbsp;&nbsp; $3191 | &nbsp;&nbsp; 168 | &nbsp;&nbsp; $5095 | &nbsp;&nbsp; 8467 | &nbsp;&nbsp; $97693 | &nbsp;&nbsp; 16242 | &nbsp;&nbsp; $180475 |
| Reinvestment of distributions | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 679 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 1102 | &nbsp;&nbsp; 5738 | &nbsp;&nbsp; 65686 | &nbsp;&nbsp; 12299 | &nbsp;&nbsp; 136209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (122) <br>| &nbsp;&nbsp; (4169) <br>| &nbsp;&nbsp; (136) <br>| &nbsp;&nbsp; (4007) <br>| &nbsp;&nbsp; (17161) <br>| &nbsp;&nbsp; (197748) <br>| &nbsp;&nbsp; (38658) <br>| &nbsp;&nbsp; (428727) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (9)<br>| &nbsp;&nbsp; $(299)<br>| &nbsp;&nbsp; 71 | &nbsp;&nbsp; $2190 | &nbsp;&nbsp; (2956)<br>| &nbsp;&nbsp; $(34369)<br>| &nbsp;&nbsp; (10117)<br>| &nbsp;&nbsp; $(112043)<br>|
| **Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; $16 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; $24 | &nbsp;&nbsp; 2503 | &nbsp;&nbsp; $24771 | &nbsp;&nbsp; 5140 | &nbsp;&nbsp; $49751 |
| Reinvestment of distributions | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; 2743 | &nbsp;&nbsp; 26877 | &nbsp;&nbsp; 6337 | &nbsp;&nbsp; 60734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (4) <br>| &nbsp;&nbsp; (136) <br>| &nbsp;&nbsp; (10) <br>| &nbsp;&nbsp; (295) <br>| &nbsp;&nbsp; (11191) <br>| &nbsp;&nbsp; (110627) <br>| &nbsp;&nbsp; (24112) <br>| &nbsp;&nbsp; (231554) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (4)<br>| &nbsp;&nbsp; $(116)<br>| &nbsp;&nbsp; (9)<br>| &nbsp;&nbsp; $(259)<br>| &nbsp;&nbsp; (5945)<br>| &nbsp;&nbsp; $(58979)<br>| &nbsp;&nbsp; (12635)<br>| &nbsp;&nbsp; $(121069)<br>|

---

------

**VIRTUS INVESTMENT TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Opportunities Fund** | **Emerging Markets Opportunities Fund** | **Emerging Markets Opportunities Fund** | **Emerging Markets Opportunities Fund** | **Income & Growth Fund** | **Income & Growth Fund** | **Income & Growth Fund** | **Income & Growth Fund** |
|  | **Six Months Ended**<br> **December 31, 2025**<br> **(Unaudited)** | **Six Months Ended**<br> **December 31, 2025**<br> **(Unaudited)** | **Year Ended**<br> **June 30, 2025** | **Year Ended**<br> **June 30, 2025** | **Six Months Ended**<br> **December 31, 2025**<br> **(Unaudited)** | **Six Months Ended**<br> **December 31, 2025**<br> **(Unaudited)** | **Year Ended**<br> **June 30, 2025** | **Year Ended**<br> **June 30, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Institutional Class** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 140 | &nbsp;&nbsp; $4697 | &nbsp;&nbsp; 551 | &nbsp;&nbsp; $16316 | &nbsp;&nbsp; 11271 | &nbsp;&nbsp; $137901 | &nbsp;&nbsp; 22504 | &nbsp;&nbsp; $264214 |
| Reinvestment of distributions | &nbsp;&nbsp; 83 | &nbsp;&nbsp; 2837 | &nbsp;&nbsp; 164 | &nbsp;&nbsp; 4673 | &nbsp;&nbsp; 5573 | &nbsp;&nbsp; 67716 | &nbsp;&nbsp; 11781 | &nbsp;&nbsp; 138017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (240) <br>| &nbsp;&nbsp; (8120) <br>| &nbsp;&nbsp; (1078) <br>| &nbsp;&nbsp; (31626) <br>| &nbsp;&nbsp; (16943) <br>| &nbsp;&nbsp; (207497) <br>| &nbsp;&nbsp; (46661) <br>| &nbsp;&nbsp; (549023) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (17)<br>| &nbsp;&nbsp; $(586)<br>| &nbsp;&nbsp; (363)<br>| &nbsp;&nbsp; $(10637)<br>| &nbsp;&nbsp; (99)<br>| &nbsp;&nbsp; $(1880)<br>| &nbsp;&nbsp; (12376)<br>| &nbsp;&nbsp; $(146792)<br>|
| **Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 152 | &nbsp;&nbsp; $5047 | &nbsp;&nbsp; 712 | &nbsp;&nbsp; $20931 | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp; $— |
| Reinvestment of distributions | &nbsp;&nbsp; 72 | &nbsp;&nbsp; 2410 | &nbsp;&nbsp; 127 | &nbsp;&nbsp; 3566 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (473) <br>| &nbsp;&nbsp; (16104) <br>| &nbsp;&nbsp; (529) <br>| &nbsp;&nbsp; (15459) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (249)<br>| &nbsp;&nbsp; $(8647)<br>| &nbsp;&nbsp; 310 | &nbsp;&nbsp; $9038 | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **KAR Global Small-Cap Fund** | **KAR Global Small-Cap Fund** | **KAR Global Small-Cap Fund** | **KAR Global Small-Cap Fund** | **KAR Health Sciences Fund** | **KAR Health Sciences Fund** | **KAR Health Sciences Fund** | **KAR Health Sciences Fund** |
|  | **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** | **Year Ended** <br>**June 30, 2025** | **Year Ended** <br>**June 30, 2025** | **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** | **Year Ended** <br>**June 30, 2025** | **Year Ended** <br>**June 30, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 11 | &nbsp;&nbsp; $359 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; $776 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; $324 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; $1097 |
| Reinvestment of distributions | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 1225 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 2174 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (78) <br>| &nbsp;&nbsp; (2587) <br>| &nbsp;&nbsp; (141) <br>| &nbsp;&nbsp; (4848) <br>| &nbsp;&nbsp; (430) <br>| &nbsp;&nbsp; (11575) <br>| &nbsp;&nbsp; (690) <br>| &nbsp;&nbsp; (19735) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (27)<br>| &nbsp;&nbsp; $(1003)<br>| &nbsp;&nbsp; (52)<br>| &nbsp;&nbsp; $(1898)<br>| &nbsp;&nbsp; (418)<br>| &nbsp;&nbsp; $(11251)<br>| &nbsp;&nbsp; (653)<br>| &nbsp;&nbsp; $(18638)<br>|
| **Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; $20 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; $66 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; $53 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; $102 |
| Reinvestment of distributions | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (6) <br>| &nbsp;&nbsp; (133) <br>| &nbsp;&nbsp; (5) <br>| &nbsp;&nbsp; (110) <br>| &nbsp;&nbsp; (24) <br>| &nbsp;&nbsp; (375) <br>| &nbsp;&nbsp; (40) <br>| &nbsp;&nbsp; (666) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (4)<br>| &nbsp;&nbsp; $(94)<br>| &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; $3 | &nbsp;&nbsp; (21)<br>| &nbsp;&nbsp; $(322)<br>| &nbsp;&nbsp; (34)<br>| &nbsp;&nbsp; $(564)<br>|
| **Institutional Class** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 11 | &nbsp;&nbsp; $456 | &nbsp;&nbsp; 140 | &nbsp;&nbsp; $5622 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; $374 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; $809 |
| Reinvestment of distributions | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 581 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 1019 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (52) <br>| &nbsp;&nbsp; (2058) <br>| &nbsp;&nbsp; (149) <br>| &nbsp;&nbsp; (5909) <br>| &nbsp;&nbsp; (30) <br>| &nbsp;&nbsp; (853) <br>| &nbsp;&nbsp; (158) <br>| &nbsp;&nbsp; (4642) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (25)<br>| &nbsp;&nbsp; $(1021)<br>| &nbsp;&nbsp; 17 | &nbsp;&nbsp; $732 | &nbsp;&nbsp; (17)<br>| &nbsp;&nbsp; $(479)<br>| &nbsp;&nbsp; (131)<br>| &nbsp;&nbsp; $(3833)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**VIRTUS INVESTMENT TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **NFJ Dividend Value Fund** | **NFJ Dividend Value Fund** | **NFJ Dividend Value Fund** | **NFJ Dividend Value Fund** | **NFJ International Value Fund** | **NFJ International Value Fund** | **NFJ International Value Fund** | **NFJ International Value Fund** |
|  | **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** | **Year Ended** <br>**June 30, 2025** | **Year Ended** <br>**June 30, 2025** | **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** | **Year Ended** <br>**June 30, 2025** | **Year Ended** <br>**June 30, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 773 | &nbsp;&nbsp; $8066 | &nbsp;&nbsp; 1770 | &nbsp;&nbsp; $18554 | &nbsp;&nbsp; 108 | &nbsp;&nbsp; $2619 | &nbsp;&nbsp; 144 | &nbsp;&nbsp; $2836 |
| Reinvestment of distributions | &nbsp;&nbsp; 2594 | &nbsp;&nbsp; 25964 | &nbsp;&nbsp; 906 | &nbsp;&nbsp; 9340 | &nbsp;&nbsp; 92 | &nbsp;&nbsp; 2217 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (3055) <br>| &nbsp;&nbsp; (32383) <br>| &nbsp;&nbsp; (7953) <br>| &nbsp;&nbsp; (83932) <br>| &nbsp;&nbsp; (178) <br>| &nbsp;&nbsp; (4286) <br>| &nbsp;&nbsp; (422) <br>| &nbsp;&nbsp; (8241) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 312 | &nbsp;&nbsp; $1647 | &nbsp;&nbsp; (5277)<br>| &nbsp;&nbsp; $(56038)<br>| &nbsp;&nbsp; 22 | &nbsp;&nbsp; $550 | &nbsp;&nbsp; (237)<br>| &nbsp;&nbsp; $(4640)<br>|
| **Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; $84 | &nbsp;&nbsp; 76 | &nbsp;&nbsp; $864 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; $134 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; $105 |
| Reinvestment of distributions | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 241 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (145) <br>| &nbsp;&nbsp; (1585) <br>| &nbsp;&nbsp; (257) <br>| &nbsp;&nbsp; (2790) <br>| &nbsp;&nbsp; (6) <br>| &nbsp;&nbsp; (143) <br>| &nbsp;&nbsp; (17) <br>| &nbsp;&nbsp; (324) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (114)<br>| &nbsp;&nbsp; $(1260)<br>| &nbsp;&nbsp; (171)<br>| &nbsp;&nbsp; $(1823)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; $24 | &nbsp;&nbsp; (11)<br>| &nbsp;&nbsp; $(209)<br>|
| **Institutional Class** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 791 | &nbsp;&nbsp; $8279 | &nbsp;&nbsp; 1370 | &nbsp;&nbsp; $14622 | &nbsp;&nbsp; 199 | &nbsp;&nbsp; $4939 | &nbsp;&nbsp; 361 | &nbsp;&nbsp; $7267 |
| Reinvestment of distributions | &nbsp;&nbsp; 1489 | &nbsp;&nbsp; 15152 | &nbsp;&nbsp; 591 | &nbsp;&nbsp; 6185 | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 1178 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (2537) <br>| &nbsp;&nbsp; (27084) <br>| &nbsp;&nbsp; (5831) <br>| &nbsp;&nbsp; (61766) <br>| &nbsp;&nbsp; (104) <br>| &nbsp;&nbsp; (2538) <br>| &nbsp;&nbsp; (595) <br>| &nbsp;&nbsp; (11909) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (257)<br>| &nbsp;&nbsp; $(3653)<br>| &nbsp;&nbsp; (3870)<br>| &nbsp;&nbsp; $(40959)<br>| &nbsp;&nbsp; 143 | &nbsp;&nbsp; $3579 | &nbsp;&nbsp; (212)<br>| &nbsp;&nbsp; $(4218)<br>|
| **Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 88 | &nbsp;&nbsp; $935 | &nbsp;&nbsp; 320 | &nbsp;&nbsp; $3377 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; $398 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; $532 |
| Reinvestment of distributions | &nbsp;&nbsp; 445 | &nbsp;&nbsp; 4489 | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 1717 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (552) <br>| &nbsp;&nbsp; (5914) <br>| &nbsp;&nbsp; (1406) <br>| &nbsp;&nbsp; (15201) <br>| &nbsp;&nbsp; (5) <br>| &nbsp;&nbsp; (126) <br>| &nbsp;&nbsp; (38) <br>| &nbsp;&nbsp; (753) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (19)<br>| &nbsp;&nbsp; $(490)<br>| &nbsp;&nbsp; (921)<br>| &nbsp;&nbsp; $(10107)<br>| &nbsp;&nbsp; 17 | &nbsp;&nbsp; $412 | &nbsp;&nbsp; (9)<br>| &nbsp;&nbsp; $(171)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **NFJ Large-Cap Value Fund** | **NFJ Large-Cap Value Fund** | **NFJ Large-Cap Value Fund** | **NFJ Large-Cap Value Fund** | **NFJ Mid-Cap Value Fund** | **NFJ Mid-Cap Value Fund** | **NFJ Mid-Cap Value Fund** | **NFJ Mid-Cap Value Fund** |
|  | **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** | **Year Ended** <br>**June 30, 2025** | **Year Ended** <br>**June 30, 2025** | **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** | **Year Ended** <br>**June 30, 2025** | **Year Ended** <br>**June 30, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 52 | &nbsp;&nbsp; $1454 | &nbsp;&nbsp; 74 | &nbsp;&nbsp; $2069 | &nbsp;&nbsp; 186 | &nbsp;&nbsp; $4821 | &nbsp;&nbsp; 307 | &nbsp;&nbsp; $7881 |
| Reinvestment of distributions | &nbsp;&nbsp; 398 | &nbsp;&nbsp; 10602 | &nbsp;&nbsp; 122 | &nbsp;&nbsp; 3353 | &nbsp;&nbsp; 751 | &nbsp;&nbsp; 19048 | &nbsp;&nbsp; 263 | &nbsp;&nbsp; 6672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (471) <br>| &nbsp;&nbsp; (13433) <br>| &nbsp;&nbsp; (888) <br>| &nbsp;&nbsp; (24675) <br>| &nbsp;&nbsp; (1486) <br>| &nbsp;&nbsp; (38974) <br>| &nbsp;&nbsp; (2839) <br>| &nbsp;&nbsp; (73030) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (21)<br>| &nbsp;&nbsp; $(1377)<br>| &nbsp;&nbsp; (692)<br>| &nbsp;&nbsp; $(19253)<br>| &nbsp;&nbsp; (549)<br>| &nbsp;&nbsp; $(15105)<br>| &nbsp;&nbsp; (2269)<br>| &nbsp;&nbsp; $(58477)<br>|
| **Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; $9 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; $211 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; $28 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; $136 |
| Reinvestment of distributions | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 96 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 437 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (14) <br>| &nbsp;&nbsp; (412) <br>| &nbsp;&nbsp; (20) <br>| &nbsp;&nbsp; (559) <br>| &nbsp;&nbsp; (143) <br>| &nbsp;&nbsp; (2568) <br>| &nbsp;&nbsp; (335) <br>| &nbsp;&nbsp; (5939) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (10)<br>| &nbsp;&nbsp; $(307)<br>| &nbsp;&nbsp; (12)<br>| &nbsp;&nbsp; $(319)<br>| &nbsp;&nbsp; (116)<br>| &nbsp;&nbsp; $(2103)<br>| &nbsp;&nbsp; (315)<br>| &nbsp;&nbsp; $(5590)<br>|

---

------

**VIRTUS INVESTMENT TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **NFJ Large-Cap Value Fund** | **NFJ Large-Cap Value Fund** | **NFJ Large-Cap Value Fund** | **NFJ Large-Cap Value Fund** | **NFJ Mid-Cap Value Fund** | **NFJ Mid-Cap Value Fund** | **NFJ Mid-Cap Value Fund** | **NFJ Mid-Cap Value Fund** |
|  | **Six Months Ended**<br> **December 31, 2025**<br> **(Unaudited)** | **Six Months Ended**<br> **December 31, 2025**<br> **(Unaudited)** | **Year Ended**<br> **June 30, 2025** | **Year Ended**<br> **June 30, 2025** | **Six Months Ended**<br> **December 31, 2025**<br> **(Unaudited)** | **Six Months Ended**<br> **December 31, 2025**<br> **(Unaudited)** | **Year Ended**<br> **June 30, 2025** | **Year Ended**<br> **June 30, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Institutional Class** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 690 | &nbsp;&nbsp; $19722 | &nbsp;&nbsp; 1006 | &nbsp;&nbsp; $28249 | &nbsp;&nbsp; 324 | &nbsp;&nbsp; $9583 | &nbsp;&nbsp; 794 | &nbsp;&nbsp; $22942 |
| Reinvestment of distributions | &nbsp;&nbsp; 518 | &nbsp;&nbsp; 13712 | &nbsp;&nbsp; 143 | &nbsp;&nbsp; 3910 | &nbsp;&nbsp; 223 | &nbsp;&nbsp; 6421 | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 3127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (340) <br>| &nbsp;&nbsp; (9566) <br>| &nbsp;&nbsp; (1130) <br>| &nbsp;&nbsp; (31148) <br>| &nbsp;&nbsp; (1376) <br>| &nbsp;&nbsp; (40626) <br>| &nbsp;&nbsp; (4552) <br>| &nbsp;&nbsp; (132786) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 868 | &nbsp;&nbsp; $23868 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; $1011 | &nbsp;&nbsp; (829)<br>| &nbsp;&nbsp; $(24622)<br>| &nbsp;&nbsp; (3648)<br>| &nbsp;&nbsp; $(106717)<br>|
| **Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; $47 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; $334 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; $889 | &nbsp;&nbsp; 134 | &nbsp;&nbsp; $3891 |
| Reinvestment of distributions | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 214 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 916 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 1213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (3) <br>| &nbsp;&nbsp; (85) <br>| &nbsp;&nbsp; (14) <br>| &nbsp;&nbsp; (401) <br>| &nbsp;&nbsp; (242) <br>| &nbsp;&nbsp; (7151) <br>| &nbsp;&nbsp; (1880) <br>| &nbsp;&nbsp; (53979) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 7 | &nbsp;&nbsp; $176 | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; $(6)<br>| &nbsp;&nbsp; (180)<br>| &nbsp;&nbsp; $(5346)<br>| &nbsp;&nbsp; (1703)<br>| &nbsp;&nbsp; $(48875)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **NFJ Small-Cap Value Fund** | **NFJ Small-Cap Value Fund** | **NFJ Small-Cap Value Fund** | **NFJ Small-Cap Value Fund** | **Silvant Focused Growth Fund** | **Silvant Focused Growth Fund** | **Silvant Focused Growth Fund** | **Silvant Focused Growth Fund** |
|  | **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** | **Year Ended** <br>**June 30, 2025** | **Year Ended** <br>**June 30, 2025** | **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** | **Year Ended** <br>**June 30, 2025** | **Year Ended** <br>**June 30, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 231 | &nbsp;&nbsp; $2747 | &nbsp;&nbsp; 686 | &nbsp;&nbsp; $8105 | &nbsp;&nbsp; 332 | &nbsp;&nbsp; $33070 | &nbsp;&nbsp; 617 | &nbsp;&nbsp; $53122 |
| Reinvestment of distributions | &nbsp;&nbsp; 574 | &nbsp;&nbsp; 6710 | &nbsp;&nbsp; 724 | &nbsp;&nbsp; 8679 | &nbsp;&nbsp; 408 | &nbsp;&nbsp; 39966 | &nbsp;&nbsp; 396 | &nbsp;&nbsp; 34170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (1854) <br>| &nbsp;&nbsp; (21905) <br>| &nbsp;&nbsp; (3792) <br>| &nbsp;&nbsp; (45520) <br>| &nbsp;&nbsp; (681) <br>| &nbsp;&nbsp; (68187) <br>| &nbsp;&nbsp; (1226) <br>| &nbsp;&nbsp; (103955) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (1049)<br>| &nbsp;&nbsp; $(12448)<br>| &nbsp;&nbsp; (2382)<br>| &nbsp;&nbsp; $(28736)<br>| &nbsp;&nbsp; 59 | &nbsp;&nbsp; $4849 | &nbsp;&nbsp; (213)<br>| &nbsp;&nbsp; $(16663)<br>|
| **Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; $6 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; $20 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; $1998 | &nbsp;&nbsp; 180 | &nbsp;&nbsp; $5900 |
| Reinvestment of distributions | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 87 | &nbsp;&nbsp; 2910 | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 2370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (10) <br>| &nbsp;&nbsp; (97) <br>| &nbsp;&nbsp; (22) <br>| &nbsp;&nbsp; (212) <br>| &nbsp;&nbsp; (82) <br>| &nbsp;&nbsp; (3057) <br>| &nbsp;&nbsp; (239) <br>| &nbsp;&nbsp; (7847) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (8)<br>| &nbsp;&nbsp; $(78)<br>| &nbsp;&nbsp; (18)<br>| &nbsp;&nbsp; $(169)<br>| &nbsp;&nbsp; 59 | &nbsp;&nbsp; $1851 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; $423 |
| **Institutional Class** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 106 | &nbsp;&nbsp; $1643 | &nbsp;&nbsp; 412 | &nbsp;&nbsp; $6498 | &nbsp;&nbsp; 1126 | &nbsp;&nbsp; $98164 | &nbsp;&nbsp; 2011 | &nbsp;&nbsp; $151358 |
| Reinvestment of distributions | &nbsp;&nbsp; 116 | &nbsp;&nbsp; 1795 | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 2489 | &nbsp;&nbsp; 237 | &nbsp;&nbsp; 20336 | &nbsp;&nbsp; 203 | &nbsp;&nbsp; 15389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (904) <br>| &nbsp;&nbsp; (13923) <br>| &nbsp;&nbsp; (1412) <br>| &nbsp;&nbsp; (22025) <br>| &nbsp;&nbsp; (495) <br>| &nbsp;&nbsp; (43581) <br>| &nbsp;&nbsp; (1981) <br>| &nbsp;&nbsp; (144014) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (682)<br>| &nbsp;&nbsp; $(10485)<br>| &nbsp;&nbsp; (840)<br>| &nbsp;&nbsp; $(13038)<br>| &nbsp;&nbsp; 868 | &nbsp;&nbsp; $74919 | &nbsp;&nbsp; 233 | &nbsp;&nbsp; $22733 |

---

------

**VIRTUS INVESTMENT TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **NFJ Small-Cap Value Fund** | **NFJ Small-Cap Value Fund** | **NFJ Small-Cap Value Fund** | **NFJ Small-Cap Value Fund** | **Silvant Focused Growth Fund** | **Silvant Focused Growth Fund** | **Silvant Focused Growth Fund** | **Silvant Focused Growth Fund** |
|  | **Six Months Ended**<br> **December 31, 2025**<br> **(Unaudited)** | **Six Months Ended**<br> **December 31, 2025**<br> **(Unaudited)** | **Year Ended**<br> **June 30, 2025** | **Year Ended**<br> **June 30, 2025** | **Six Months Ended**<br> **December 31, 2025**<br> **(Unaudited)** | **Six Months Ended**<br> **December 31, 2025**<br> **(Unaudited)** | **Year Ended**<br> **June 30, 2025** | **Year Ended**<br> **June 30, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 67 | &nbsp;&nbsp; $1020 | &nbsp;&nbsp; 260 | &nbsp;&nbsp; $4164 | &nbsp;&nbsp; 721 | &nbsp;&nbsp; $64277 | &nbsp;&nbsp; 1264 | &nbsp;&nbsp; $97039 |
| Reinvestment of distributions | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 308 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 19838 | &nbsp;&nbsp; 169 | &nbsp;&nbsp; 12899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (81) <br>| &nbsp;&nbsp; (1251) <br>| &nbsp;&nbsp; (1148) <br>| &nbsp;&nbsp; (18410) <br>| &nbsp;&nbsp; (463) <br>| &nbsp;&nbsp; (40902) <br>| &nbsp;&nbsp; (635) <br>| &nbsp;&nbsp; (47629) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 6 | &nbsp;&nbsp; $77 | &nbsp;&nbsp; (872)<br>| &nbsp;&nbsp; $(13996)<br>| &nbsp;&nbsp; 488 | &nbsp;&nbsp; $43213 | &nbsp;&nbsp; 798 | &nbsp;&nbsp; $62309 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Silvant Mid-Cap Growth Fund** | **Silvant Mid-Cap Growth Fund** | **Silvant Mid-Cap Growth Fund** | **Silvant Mid-Cap Growth Fund** | **Small-Cap Fund** | **Small-Cap Fund** | **Small-Cap Fund** | **Small-Cap Fund** |
|  | **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** | **Year Ended** <br>**June 30, 2025** | **Year Ended** <br>**June 30, 2025** | **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** | **Year Ended** <br>**June 30, 2025** | **Year Ended** <br>**June 30, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 4566 | &nbsp;&nbsp; $23467 | &nbsp;&nbsp; 1086 | &nbsp;&nbsp; $4937 | &nbsp;&nbsp; 77 | &nbsp;&nbsp; $1811 | &nbsp;&nbsp; 139 | &nbsp;&nbsp; $3397 |
| Reinvestment of distributions | &nbsp;&nbsp; 11003 | &nbsp;&nbsp; 48742 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 117 | &nbsp;&nbsp; 2793 | &nbsp;&nbsp; 268 | &nbsp;&nbsp; 6173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (4826) <br>| &nbsp;&nbsp; (24760) <br>| &nbsp;&nbsp; (6268) <br>| &nbsp;&nbsp; (27720) <br>| &nbsp;&nbsp; (173) <br>| &nbsp;&nbsp; (4221) <br>| &nbsp;&nbsp; (440) <br>| &nbsp;&nbsp; (10098) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 10743 | &nbsp;&nbsp; $47449 | &nbsp;&nbsp; (5182)<br>| &nbsp;&nbsp; $(22783)<br>| &nbsp;&nbsp; 21 | &nbsp;&nbsp; $383 | &nbsp;&nbsp; (33)<br>| &nbsp;&nbsp; $(528)<br>|
| **Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 777 | &nbsp;&nbsp; $2613 | &nbsp;&nbsp; 234 | &nbsp;&nbsp; $695 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; $133 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; $248 |
| Reinvestment of distributions | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1465 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 127 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (355) <br>| &nbsp;&nbsp; (1168) <br>| &nbsp;&nbsp; (633) <br>| &nbsp;&nbsp; (1785) <br>| &nbsp;&nbsp; (27) <br>| &nbsp;&nbsp; (587) <br>| &nbsp;&nbsp; (41) <br>| &nbsp;&nbsp; (894) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 1022 | &nbsp;&nbsp; $2910 | &nbsp;&nbsp; (399)<br>| &nbsp;&nbsp; $(1090)<br>| &nbsp;&nbsp; (15)<br>| &nbsp;&nbsp; $(327)<br>| &nbsp;&nbsp; (15)<br>| &nbsp;&nbsp; $(324)<br>|
| **Institutional Class** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 9964 | &nbsp;&nbsp; $68021 | &nbsp;&nbsp; 3944 | &nbsp;&nbsp; $23373 | &nbsp;&nbsp; 113 | &nbsp;&nbsp; $2818 | &nbsp;&nbsp; 412 | &nbsp;&nbsp; $9829 |
| Reinvestment of distributions | &nbsp;&nbsp; 2351 | &nbsp;&nbsp; 14202 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 1313 | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 2337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (9455) <br>| &nbsp;&nbsp; (65528) <br>| &nbsp;&nbsp; (2986) <br>| &nbsp;&nbsp; (17551) <br>| &nbsp;&nbsp; (110) <br>| &nbsp;&nbsp; (2709) <br>| &nbsp;&nbsp; (316) <br>| &nbsp;&nbsp; (7516) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 2860 | &nbsp;&nbsp; $16695 | &nbsp;&nbsp; 958 | &nbsp;&nbsp; $5822 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; $1422 | &nbsp;&nbsp; 194 | &nbsp;&nbsp; $4650 |
| **Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; 15 <br><sup>\*\*</sup><br>| &nbsp;&nbsp; $100 <br><sup>\*\*</sup><br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; $222 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; $1063 |
| Reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 273 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (26) <br>| &nbsp;&nbsp; (651) <br>| &nbsp;&nbsp; (66) <br>| &nbsp;&nbsp; (1563) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; 15 | &nbsp;&nbsp; $100 | &nbsp;&nbsp; (6)<br>| &nbsp;&nbsp; $(156)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; $91 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**VIRTUS INVESTMENT TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Zevenbergen Technology Fund** | **Zevenbergen Technology Fund** | **Zevenbergen Technology Fund** | **Zevenbergen Technology Fund** |
|  | **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** | **Six Months Ended** <br>**December 31, 2025** <br>**(Unaudited)** | **Year Ended** <br>**June 30, 2025** | **Year Ended** <br>**June 30, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 311 | &nbsp;&nbsp; $23597 | &nbsp;&nbsp; 631 | &nbsp;&nbsp; $37584 |
| Reinvestment of distributions | &nbsp;&nbsp; 351 | &nbsp;&nbsp; 26090 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (791) <br>| &nbsp;&nbsp; (59619) <br>| &nbsp;&nbsp; (1696) <br>| &nbsp;&nbsp; (101134) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (129)<br>| &nbsp;&nbsp; $(9932)<br>| &nbsp;&nbsp; (1065)<br>| &nbsp;&nbsp; $(63550)<br>|
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 95 | &nbsp;&nbsp; $1514 | &nbsp;&nbsp; 108 | &nbsp;&nbsp; $1382 |
| Reinvestment of distributions | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 4189 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (298) <br>| &nbsp;&nbsp; (4741) <br>| &nbsp;&nbsp; (502) <br>| &nbsp;&nbsp; (6394) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 97 | &nbsp;&nbsp; $962 | &nbsp;&nbsp; (394)<br>| &nbsp;&nbsp; $(5012)<br>|
| **Institutional Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 598 | &nbsp;&nbsp; $65397 | &nbsp;&nbsp; 1403 | &nbsp;&nbsp; $119997 |
| Reinvestment of distributions | &nbsp;&nbsp; 191 | &nbsp;&nbsp; 20718 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (982) <br>| &nbsp;&nbsp; (106217) <br>| &nbsp;&nbsp; (3672) <br>| &nbsp;&nbsp; (323196) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (193)<br>| &nbsp;&nbsp; $(20102)<br>| &nbsp;&nbsp; (2269)<br>| &nbsp;&nbsp; $(203199)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*\* Inception date June 18, 2025.

<sup>(1)</sup> Amount is less than 500 shares (not in thousands).

**Note 7. 10% Shareholders**

As of December 31, 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:

---

| | | |
|:---|:---|:---|
|  | **% of Shares** <br>**Outstanding**<br>| **Number of** <br>**Accounts**<sup>\*</sup> <br>|
| Emerging Markets Opportunities Fund | &nbsp;&nbsp;&nbsp; 60<br> %<br>| &nbsp;&nbsp;&nbsp; 2 |
| KAR Global Small-Cap Fund | &nbsp;&nbsp;&nbsp; 38<br>| &nbsp;&nbsp;&nbsp; 3 |
| KAR Health Sciences Fund | &nbsp;&nbsp;&nbsp; 52<br>| &nbsp;&nbsp;&nbsp; 2 |
| NFJ Large-Cap Value Fund | &nbsp;&nbsp;&nbsp; 35<br>| &nbsp;&nbsp;&nbsp; 1 |
| NFJ Small-Cap Value Fund | &nbsp;&nbsp;&nbsp; 27<br>| &nbsp;&nbsp;&nbsp; 1 |
| Silvant Mid-Cap Growth Fund | &nbsp;&nbsp;&nbsp; 21<br>| &nbsp;&nbsp;&nbsp; 2 |
| Small-Cap Fund | &nbsp;&nbsp;&nbsp; 11<br>| &nbsp;&nbsp;&nbsp; 1 |
| Zevenbergen Technology Fund | &nbsp;&nbsp;&nbsp; 13<br>| &nbsp;&nbsp;&nbsp; 1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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.

------

**VIRTUS INVESTMENT TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**December 31, 2025**

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.

The markets of the Greater China region functions in many ways as emerging markets and carry the high level of risks associated with emerging markets. The government of China maintains strict currency controls in order to achieve economic, trade and political objectives and regularly intervenes in the currency market. The Chinese government also plays a major role in the country's economic policies regarding foreign investments. Foreign investors are subject to the risk of loss from expropriation or nationalization of their investment assets and property, governmental restrictions on foreign investments and the repatriation of capital invested. In addition, the rapid growth rate of the Chinese economy over the past several years may not continue, and the trend toward economic liberalization and disparities in wealth may result in social disorder, including violence and labor unrest. These and other factors could have a negative impact on a Fund's performance and increase the volatility of an investment in a Fund. Certain securities issued by companies located or operating in China, such as China A-shares, are also subject to trading restrictions, quota limitations and less market liquidity, which could pose risks to a Fund.

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.

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 December 31, 2025, the following Funds held securities issued by various companies in specific sectors and industries as detailed below:

---

| | | |
|:---|:---|:---|
| **Fund** | **Sector** | **Percentage of** <br>**Total Investments**<br>|
| Virtus KAR Global Small-Cap Fund | Industrials | &nbsp;&nbsp;&nbsp; 35<br> %<br>|
| Virtus KAR Global Small-Cap Fund | Financials | &nbsp;&nbsp;&nbsp; 33 |
| Virtus KAR Health Sciences Fund | Healthcare Equipment & Supplies | &nbsp;&nbsp;&nbsp; 28 |
| Virtus NFJ Dividend Value Fund | Financials | &nbsp;&nbsp;&nbsp; 34 |
| Virtus NFJ International Value Fund | Financials | &nbsp;&nbsp;&nbsp; 26 |
| Virtus NFJ Large-Cap Value Fund | Financials | &nbsp;&nbsp;&nbsp; 33 |
| Virtus NFJ Mid-Cap Value Fund | Financials | &nbsp;&nbsp;&nbsp; 27 |
| Virtus NFJ Small-Cap Value Fund | Financials | &nbsp;&nbsp;&nbsp; 33 |

---

------

**VIRTUS INVESTMENT TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Fund** | **Sector** | **Percentage of**<br> **Total Investments**<br>|
| Virtus Silvant Focused Growth Fund | Information Technology | &nbsp;&nbsp;&nbsp; 48 |
| Virtus Zevenbergen Technology Fund | Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp; 30 |

---

**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 December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Investment** | **Date of** <br>**Acquisition**<br>| **Cost** | **Value** | **Percentage of** <br>**Net Assets**<br>|
| Income & Growth Fund | LiveStyle, Inc. | 12/01/2016 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; 0.0<br> %<br>|
|  | LiveStyle, Inc. Series B | 3/01/2016-11/30/2016 | &nbsp;&nbsp;&nbsp; 921 | &nbsp;&nbsp;&nbsp; — | &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 2, 2026. 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 a 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 a 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 six months ended December 31, 2025, are included in the "Interest expense and/or commitment fees" line on the Statements of Operations.

The following Funds had outstanding loans during the six months ended December 31, 2025. The borrowings were valued at cost, which approximates fair value.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Interest** <br>**Incurred on** <br>**Borrowing**<br>| **Average** <br>**Borrowing**<br>| **Weighted Average** <br>**Interest Rate**<br>| **Days** <br>**Outstanding**<br>|
| Emerging Markets Opportunities Fund | &nbsp;&nbsp;&nbsp; $3 | &nbsp;&nbsp;&nbsp; $6667 | &nbsp;&nbsp;&nbsp;&nbsp; 4.86<br> %<br>| &nbsp;&nbsp;&nbsp; 3 |
| Silvant Mid-Cap Growth Fund | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; 2850 | &nbsp;&nbsp;&nbsp;&nbsp;4.69 | &nbsp;&nbsp;&nbsp; 1 |
| Zevenbergen Technology Fund | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; 2650 | &nbsp;&nbsp;&nbsp;&nbsp;4.69 | &nbsp;&nbsp;&nbsp; 1 |

---

&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 December 31, 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:

------

**VIRTUS INVESTMENT TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Federal** <br>**Tax Cost**<br>| **Unrealized** <br>**Appreciation**<br>| **Unrealized** <br>**(Depreciation)**<br>| **Net Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| Emerging Markets Opportunities Fund | &nbsp;&nbsp;&nbsp; $133439<br>| &nbsp;&nbsp;&nbsp; $62467 | &nbsp;&nbsp;&nbsp; $(11358) <br>| &nbsp;&nbsp;&nbsp; $51109<br>|
| Income & Growth Fund | &nbsp;&nbsp;&nbsp; 4456012<br>| &nbsp;&nbsp;&nbsp; 370405 | &nbsp;&nbsp;&nbsp; (289504) <br>| &nbsp;&nbsp;&nbsp; 80901<br>|
| Income & Growth Fund (Written options) | &nbsp;&nbsp;&nbsp; (405) <br>| &nbsp;&nbsp;&nbsp; 249 | &nbsp;&nbsp;&nbsp; (12) <br>| &nbsp;&nbsp;&nbsp; 237 |
| KAR Global Small-Cap Fund | &nbsp;&nbsp;&nbsp; 31651<br>| &nbsp;&nbsp;&nbsp; 6450 | &nbsp;&nbsp;&nbsp; (2104) <br>| &nbsp;&nbsp;&nbsp; 4346<br>|
| KAR Health Sciences Fund | &nbsp;&nbsp;&nbsp; 78388<br>| &nbsp;&nbsp;&nbsp; 27169 | &nbsp;&nbsp;&nbsp; (5648) <br>| &nbsp;&nbsp;&nbsp; 21521<br>|
| NFJ Dividend Value Fund | &nbsp;&nbsp;&nbsp; 410085<br>| &nbsp;&nbsp;&nbsp; 78489 | &nbsp;&nbsp;&nbsp; (14628) <br>| &nbsp;&nbsp;&nbsp; 63861<br>|
| NFJ International Value Fund | &nbsp;&nbsp;&nbsp; 64683<br>| &nbsp;&nbsp;&nbsp; 20527 | &nbsp;&nbsp;&nbsp; (4794) <br>| &nbsp;&nbsp;&nbsp; 15733<br>|
| NFJ Large-Cap Value Fund | &nbsp;&nbsp;&nbsp; 249292<br>| &nbsp;&nbsp;&nbsp; 43699 | &nbsp;&nbsp;&nbsp; (12720) <br>| &nbsp;&nbsp;&nbsp; 30979<br>|
| NFJ Mid-Cap Value Fund | &nbsp;&nbsp;&nbsp; 464188<br>| &nbsp;&nbsp;&nbsp; 67572 | &nbsp;&nbsp;&nbsp; (20347) <br>| &nbsp;&nbsp;&nbsp; 47225<br>|
| NFJ Small-Cap Value Fund | &nbsp;&nbsp;&nbsp; 196240<br>| &nbsp;&nbsp;&nbsp; 45661 | &nbsp;&nbsp;&nbsp; (9016) <br>| &nbsp;&nbsp;&nbsp; 36645<br>|
| Silvant Focused Growth Fund | &nbsp;&nbsp;&nbsp; 640163<br>| &nbsp;&nbsp;&nbsp; 1150645 | &nbsp;&nbsp;&nbsp; (4822) <br>| &nbsp;&nbsp;&nbsp; 1145823<br>|
| Silvant Mid-Cap Growth Fund | &nbsp;&nbsp;&nbsp; 300072<br>| &nbsp;&nbsp;&nbsp; 112269 | &nbsp;&nbsp;&nbsp; (9705) <br>| &nbsp;&nbsp;&nbsp; 102564<br>|
| Small-Cap Fund | &nbsp;&nbsp;&nbsp; 75363<br>| &nbsp;&nbsp;&nbsp; 27863 | &nbsp;&nbsp;&nbsp; (2578) <br>| &nbsp;&nbsp;&nbsp; 25285<br>|
| Zevenbergen Technology Fund | &nbsp;&nbsp;&nbsp; 542214<br>| &nbsp;&nbsp;&nbsp; 1132858 | &nbsp;&nbsp;&nbsp; (12828) <br>| &nbsp;&nbsp;&nbsp; 1120030<br>|

---

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:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** |
| Emerging Markets Opportunities Fund | $23572 | $— |
| KAR Health Sciences Fund | 6338 | 179 |
| NFJ International Value Fund | 253284 | 188092 |

---

**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 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 the following are subsequent events requiring recognition or disclosure in these financial statements.

Effective on January 21, 2026 (the "Closing Date"), Class C shares of the Virtus Emerging Markets Opportunities Fund, Virtus KAR Global Small-Cap Fund, Virtus KAR Health Sciences Fund, Virtus NFJ International Value Fund, Virtus NFJ Large-Cap Value Fund, Virtus NFJ Small-Cap Value Fund, Virtus Silvant Mid-Cap Growth Fund and Virtus Small-Cap Fund will no longer be available for purchase by new or existing shareholders, except by existing shareholders through qualifying transactions. Shareholders who own Class C shares as of the Closing Date may continue to hold such shares until they convert to Class A shares, as described in each Fund's Statutory Prospectus or other written notice. All other Class C Share characteristics, including but not limited to 12b-1 plan fees,contingent deferred sales charges, and shareholder service fees, will remain unchanged.

On January 26, 2026, Class C shares of the Virtus Emerging Markets Opportunities Fund, Virtus KAR Global Small-Cap Fund, Virtus KAR Health Sciences Fund, Virtus NFJ International Value Fund, Virtus NFJ Large-Cap Value Fund, and Virtus NFJ Small-Cap Value Fund will be eliminated as a share class and existing Class C shares of those Funds will be converted to Class A shares of each respective Fund. Shareholders holding Class C shares at the time of the conversion will receive Class A shares having an aggregate net asset value equal to the aggregate net asset value of their Class C shares immediately prior to the conversion. No sales charges will be imposed in connection with this conversion, and the conversion is not expected to be treated as a taxable event by the IRS. Please refer to each Fund's Prospectuses for any differences between share classes, including sales charge structure, expenses and other options.

------

**VIRTUS INVESTMENT TRUST** 

**OTHER INFORMATION (Unaudited)**

**December 31, 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**

**($ reported in thousands)**

For the six months ended December 31, 2025, the Funds incurred independent Trustee's fees totaling $340 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**

**CONSIDERATION OF ADVISORY AGREEMENT FOR VIRTUS EMERGING MARKETS OPPORTUNITIES FUND AND VIRTUS SMALL-CAP FUND, AND ADVISORY AND SUBADVISORY AGREEMENTS FOR 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, AND VIRTUS ZEVENBERGEN TECHNOLOGY FUND (each a "FUND" and collectively, the "FUNDS") BY THE BOARD OF TRUSTEES (Unaudited)**

The Board of Trustees (the "Board") of Virtus Investment Trust (the "Trust") is responsible for determining whether to approve the continuation of the investment advisory agreement (the "Advisory Agreement") between the Trust and Virtus Investment Advisers, LLC ("VIA") and of each subadvisory agreement (each, a "Subadvisory Agreement" and collectively, the "Subadvisory Agreements" and together with the Advisory Agreement, the "Agreements") among the Trust, VIA and Virtus Systematic, a division of Virtus Advisers LLC ("VA"), with respect to Virtus Emerging Markets Opportunities Fund and Virtus Small-Cap Fund; among the Trust, VIA and NFJ Investment Group LLC ("NFJ"), with respect to Virtus NFJ Dividend Value Fund, Virtus NFJ International Value Fund, Virtus NFJ Large-Cap Value Fund, Virtus NFJ Mid-Cap Value Fund and Virtus NFJ Small-Cap Value Fund; among the Trust, VIA and Voya Investment Management Co. LLC ("Voya"), with respect to Virtus Income & Growth Fund; among the Trust, VIA and Kayne Anderson Rudnick Investment Management, LLC ("KAR") with respect to Virtus KAR Global Small-Cap Fund and Virtus KAR Health Sciences Fund; among the Trust, VIA and Silvant Capital Management LLC ("Silvant"), with respect to Virtus Silvant Focused Growth Fund and Virtus Silvant Mid-Cap Growth Fund; and among the Trust, VIA and Zevenbergen Capital Investments LLC ("Zevenbergen") with respect to Virtus Zevenbergen Technology Fund (each of VA, NFJ, Voya, KAR, Silvant, and Zevenbergen, a "Subadviser" and collectively, the "Subadvisers"). At meetings held on August 27, 2025, October 30, 2025, and November 17-18, 2025 (the "Meetings"), the Board, including a majority of the Trustees who are not interested persons of the Trust as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (such Act, the "1940 Act" and such Trustees, the "Independent Trustees"), considered the continuation of each Agreement, as further discussed below. The Agreements were approved at the November 17-18, 2025 meeting. (It was noted that while the Board approved the renewal of the Advisory Agreement with respect to Virtus Emerging Markets Opportunities Fund and Virtus Small-Cap Fund (the "VA Funds"), the subadvisory agreement with VA with respect to the VA Funds was not due for renewal at this time, as it had previously been approved during the November 2024 Board meetings and executed on January 1, 2025.)

In connection with the approval of the Agreements, the Independent Trustees and independent legal counsel requested and evaluated information provided by VIA and each Subadviser which, in the Board's view, constituted information necessary for the Board to form a judgment as to whether the renewal of each of the Agreements would be in the best interests of each applicable Fund and its respective shareholders. The Board also considered information furnished throughout the year at regular Board meetings with respect to the services provided by VIA and the Subadvisers, including quarterly performance reports prepared by management containing reviews of investment results, compliance reports, and periodic presentations from the Subadvisers with respect to the Fund(s) they manage. The Board noted the affiliation of certain of the Subadvisers with VIA and any potential conflicts of interest.

The Board was separately advised by independent legal counsel throughout the process. Prior to the Meetings, the Independent Trustees met with their independent legal counsel to evaluate information provided by management. For each Agreement, the Board considered each of the relevant factors with respect to the applicable Fund and its shareholders. The Independent Trustees also submitted written information requests to VIA and the Subadvisers and considered the responses provided. In its deliberations, the Board considered various factors, including those discussed below, none of which were controlling, and each Trustee may have attributed different weights to the various factors. The Independent Trustees also discussed the proposed approval of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.

In considering whether to approve the renewal of the Agreements with respect to each Fund, the Board reviewed and analyzed the factors it deemed relevant, including: (a) the nature, extent and quality of the services provided to the Fund by VIA and each of the Subadvisers; (b) the performance of the Fund as compared to an appropriate peer group and an appropriate index and comparable funds/accounts; (c) the level and method of computing the Fund's advisory and subadvisory fees, and comparisons of the Fund's advisory fee rates and total

------

**VIRTUS INVESTMENT TRUST** 

**OTHER INFORMATION (Unaudited) (Continued)**

**December 31, 2025**

expenses with those of a group of funds with similar investment strategies; (d) the profitability of VIA under the Advisory Agreement; (e) any "fall-out" benefits to VIA, the Subadvisers and their affiliates (i.e., ancillary benefits realized by VIA, the Subadvisers or their affiliates from VIA's or the applicable Subadviser's relationship with the Trust); (f) the anticipated effect of growth in size on the Fund's performance and expenses; (g) fees paid to VIA and the Subadvisers by comparable funds/accounts, as applicable; (h) possible conflicts of interest; and (i) the terms of the Agreements.

<u>Nature, Extent and Quality of Services</u>

In response to the Independent Trustees' request, the Trustees received in advance of the Meetings information provided by VIA and each Subadviser, including completed questionnaires, concerning a number of topics, including, among other items, such company's investment philosophy, investment process and strategies, resources and personnel, operations, compliance structure and procedures, and overall performance. In considering the Advisory Agreement with VIA, the Board considered that VIA is responsible for management of the Funds' investment programs and for evaluating and selecting subadvisers on an ongoing basis and making any recommendations to the Board regarding hiring, retaining, or replacing subadvisers, subject to shareholder approval, as applicable. In considering the Advisory Agreement with VIA, the Board considered VIA's process for supervising and managing the Funds' subadvisers, including (a) VIA's ability to select and monitor subadvisers; (b) VIA's ability to provide the services necessary to monitor a subadviser's compliance with the Funds' respective investment objectives, policies and restrictions as well as provide other oversight activities; and (c) VIA's ability and willingness to identify instances in which a subadviser should be replaced and to carry out the required changes. The Trustees also considered: (a) the experience and capability of VIA's management and other personnel; (b) the financial condition of VIA, and whether it had the financial wherewithal to provide a high level and quality of services to the Funds; (c) the quality of VIA's own regulatory and legal compliance policies, procedures and systems; (d) the nature, extent and quality of administrative, transfer agency and other services provided by VIA and its affiliates to the Funds; (e) VIA's supervision of the Funds' other service providers; and (f) VIA's risk management processes. It was noted that affiliates of VIA serve as administrator, transfer agent and distributor of the Funds. The Board also took into account its knowledge of VIA's management and the quality of the performance of VIA's duties to the Funds and other funds managed through Board meetings, discussions and reports during the preceding year, as well as information from the Trust's Chief Compliance Officer regarding the Funds' compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act.

With respect to the services provided by each of the Subadvisers, the Board considered information provided to the Board by each Subadviser, as well as information provided throughout the past year. With respect to the Subadvisory Agreements, the Board noted that each Subadviser provided portfolio management, compliance with the respective Fund's(s') investment policies and procedures, compliance with applicable securities laws and assurances thereof. The Board also noted that VIA's and each Subadviser's management of the respective Fund(s) is subject to the oversight of the Board and must be carried out in accordance with the investment objective(s), policies and restrictions set forth in the Fund's(s') prospectuses and statement of additional information. In considering the renewal of the Subadvisory Agreements, the Board also considered each Subadviser's investment management process, including (a) the experience and capability of the Subadviser's management and other personnel committed by the Subadviser to the respective Fund(s); (b) the financial condition of the Subadviser; (c) the quality of the Subadviser's regulatory and legal compliance policies, procedures and systems; and (d) the Subadviser's brokerage and trading practices, including with respect to best execution and use of soft dollars. The Board also took into account each Subadviser's risk assessment and monitoring process. The Board noted each Subadviser's regulatory history, including whether it was currently involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as appropriate.

After considering all of the information provided to them, the Trustees concluded that the nature, extent and quality of the services provided by VIA and each Subadviser were satisfactory and that there was a reasonable basis on which to conclude that each would continue to provide a high quality of investment services to the applicable Fund(s).

<u>Investment Performance</u>

The Board considered performance reports and discussions at Board meetings throughout the year, as well as a report for the Funds prepared by Broadridge (the "Broadridge Report"), an independent third-party provider of investment company data, furnished in connection with the contract renewal process. The Broadridge Report presented each Fund's performance relative to a peer group of other mutual funds (the "Performance Universe"), as selected by Broadridge, and relevant indexes. The Board also considered performance information presented by management and took into account management's discussion of the same, including the effect of market conditions on each Fund's performance. The Board noted that it also reviews on a quarterly basis detailed information about both the Funds' performance results and portfolio compositions, as well as each Subadviser's investment strategy(ies). The Board noted VIA's expertise and resources in monitoring the performance, investment style and risk-adjusted performance of each Subadviser. The Board also noted each Subadviser's performance record with respect to each applicable Fund. The Board was mindful of VIA's focus on each Subadviser's performance and noted VIA's performance in monitoring and responding to any performance issues with respect to the Funds. The Board also took into account its discussions with management regarding factors that contributed to the performance of each Fund.

The Board considered, among other performance data, including the performance of comparable funds/accounts managed by the Adviser and Subadviser, if any, the information set forth below with respect to the performance of each Fund for the period ended March 31, 2025. The Board also reviewed comparisons of each Fund's contractual and net management fee and net total expense levels to those of its peer universe as of April 30, 2025 when considering Fund performance.

*<u>Virtus Emerging Markets Opportunities Fund</u>*. The Board noted that the Fund underperformed both the median of its Performance Universe and its benchmark for the 1-, 3-, and 10-year periods. The Board also noted that the Fund outperformed both the median of its Performance Universe and its benchmark for the 5-year period. The Board also noted that the Fund underperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

------

**VIRTUS INVESTMENT TRUST** 

**OTHER INFORMATION (Unaudited) (Continued)**

**December 31, 2025**

The Board also noted that the Fund's performance was in the fourth quintile of the Performance Universe for the 1- year period and the third quintile of the Performance Universe for the 3-, 5- and 10-year periods.

*<u>Virtus Income & Growth Fund</u>*. The Board noted that the Fund underperformed the median of its Performance Universe for the 1- and 3-year periods and outperformed the median of its Performance Universe for the 5- and 10-year periods. The Board also noted that the Fund underperformed its benchmark for the 1-year period and outperformed its benchmark for the 3-, 5-, and 10-year periods. The Board also noted that the Fund underperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the fourth quintile of the Performance Universe for the 1- and 3-year periods and the second quintile of the Performance Universe for the 5- and 10-year periods.

*<u>Virtus KAR Global Small-Cap Fund</u>*. The Board noted that the Fund outperformed the median of its Performance Universe for the 1-, 3-, 5-, and 10-year periods. The Board also noted that the Fund outperformed its benchmark for the 1-, 3-, and 5-year periods and underperformed its benchmark for the 10-year period. The Board also noted that the Fund outperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the second quintile of the Performance Universe for the 1-year period, the first quintile of the Performance Universe for the 3- and 5-year periods, and the third quintile of the Performance Universe for the 10-year period.

*<u>Virtus KAR Health Sciences Fund</u>*. The Board noted that the Fund underperformed the median of its Performance Universe for the 1-, 3-, and 5-year periods and outperformed the median of its Performance Universe for the 10-year period. The Board also noted that the Fund underperformed its benchmark for the 1-, 3-, 5-, and 10-year periods. The Board also noted that the Fund underperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the fifth quintile of the Performance Universe for the 1- and 3-year periods, the fourth quintile of the Performance Universe for the 5-year period, and the third quintile of the Performance Universe for the 10-year period.

*<u>Virtus NFJ Dividend Value Fund</u>*. The Board noted that the Fund underperformed both the median of its Performance Universe and its benchmark for the 1-, 3-, 5-, and 10-year periods. The Board also noted that the Fund underperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the fifth quintile of the Performance Universe for the 1-, 3-, 5-, and 10-year periods.

*<u>Virtus NFJ International Value Fund</u>*. The Board noted that the Fund outperformed both the median of its Performance Universe and its benchmark for the 1-year period. The Board also noted that the Fund underperformed both the median of its Performance Universe and its benchmark for the 3-, 5-, and 10-year periods. The Board also noted that the Fund outperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the first quintile of the Performance Universe for the 1-year period and the fifth quintile of the Performance Universe for the 3-, 5-, and 10-year periods.

*<u>Virtus NFJ Large-Cap Value Fund</u>*. The Board noted that the Fund underperformed both the median of its Performance Universe and its benchmark for the 1-, 3-, 5-, and 10-year periods. The Board also noted that the Fund underperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the fifth quintile of the Performance Universe for the 1-, 3-, 5-, and 10-year periods.

*<u>Virtus NFJ Mid-Cap Value Fund</u>*. The Board noted that the Fund outperformed the median of its Performance Universe for the 1- and 10-year periods and underperformed the median of its Performance Universe for the 3- and 5-year periods. The Board also noted that the Fund underperformed its benchmark for the 1-, 3-, and 5-year periods and outperformed its benchmark for the 10-year period. The Board also noted that the Fund outperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the third quintile of the Performance Universe for the 1- and 10-year periods, the fourth quintile of the Performance Universe for the 3-year period, and the fifth quintile for the 5-year period.

*<u>Virtus NFJ Small-Cap Value Fund</u>*. The Board noted that the Fund outperformed the median of its Performance Universe for the 1- and 3-year periods and underperformed the median of its Performance Universe for the 5- and 10-year periods. The Board also noted that the Fund outperformed its benchmark for the 1- and 3-year periods and underperformed its benchmark for the 5- and 10-year periods. The Board also noted that the Fund underperformed the median of its Performance Universe and outperformed its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the second quintile of the Performance Universe for the 1-year period, the third quintile of the Performance Universe for the 3-year period, and the fifth quintile of the Performance Universe for the 5- and 10-year periods.

*<u>Virtus Silvant Focused Growth Fund</u>*. The Board noted that the Fund outperformed the median of its Performance Universe for the 1-, 3-, 5-, and 10-year periods. The Board also noted that the Fund outperformed its benchmark for the 1-, 3-, and 5-year periods and underperformed its benchmark for the 10-year period. The Board also noted that the Fund underperformed the median of its Performance Universe and outperformed its benchmark for the quarter ended March 31, 2025.

------

**VIRTUS INVESTMENT TRUST** 

**OTHER INFORMATION (Unaudited) (Continued)**

**December 31, 2025**

The Board also noted that the Fund's performance was in the first quintile of the Performance Universe for the 1-, 3-, 5-, and 10-year periods.

*<u>Virtus Silvant Mid-Cap Growth Fund</u>*. The Board noted that the Fund outperformed the median of its Performance Universe for the 1-, 3-, 5-, and 10-year periods. The Board also noted that the Fund underperformed its benchmark for the 1-, 3-, and 5-year periods and outperformed its benchmark for the 10-year period. The Board also noted that the Fund outperformed the median of its Performance Universe and underperformed its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the second quintile of the Performance Universe for the 1- and 3-year periods and the first quintile of the Performance Universe for the 5- and 10-year periods.

*<u>Virtus Small-Cap Fund</u>*. The Board noted that the Fund outperformed the median of its Performance Universe for the 1-, 3-, and 10-year periods and underperformed the median of its Performance Universe for the 5-year period. The Board also noted that the Fund outperformed its benchmark for the 1-, 3-, 5-, and 10-year periods. The Board also noted that the Fund underperformed the median of its Performance Universe and outperformed its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the first quintile of the Performance Universe for the 1- and 10-year periods, the second quintile of the Performance Universe for the 3-year period, and the third quintile of the Performance Universe for the 5-year period.

*<u>Virtus Zevenbergen Technology Fund</u>*. The Board noted that the Fund underperformed the median of its Performance Universe for the 1-year period and outperformed the median of its Performance Universe for the 3-, 5-, and 10-year periods. The Board also noted that the Fund underperformed its benchmark for the 1-, 3-, 5-, and 10-year periods. The Board also noted that the Fund underperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the third quintile of the Performance Universe for the 1-year period and the second quintile of the Performance Universe for the 3-, 5- and 10-year periods.

The Board also considered management's discussion about the reasons for each applicable Fund's performance relative to its peer group or benchmark, including the reasons discussed for any underperformance and/or actions taken to address the underperformance. The Board also considered Management's discussion of any limitations on the comparability of the peer funds presented, if applicable.

<u>Management Fees and Total Expenses</u>

The Board considered the fees charged to the Funds for advisory services as well as the total expense levels of the Funds. This information included comparisons of each Fund's contractual and net management fee and net total expense level to those of its peer universe (the "Expense Universe") and ranked according to quintile (the first quintile being lowest and, therefore, most favorable in these expense component rankings, and fifth being highest and, therefore, least favorable in these expense component rankings). In comparing each Fund's net management fee to that of peer funds, the Board noted that in the materials presented by management such fee was comprised of advisory and administration fees. The Board also noted that each of the Funds had expense limitations in place to limit the total expenses incurred by the Funds and their shareholders. The Board also noted that any subadvisory fees were paid by VIA out of its advisory fees rather than paid separately by the Funds. In this regard, the Board took into account management's discussion with respect to the advisory/subadvisory fee structure, including the amount of the advisory fee retained by VIA after payment of a subadvisory fee. The Board also took into account the size of each of the Funds and the impact on expenses and economies of scale. The Adviser and Subadvisers provided, and the Board considered, fee information of comparable funds/accounts managed by the Adviser and Subadvisers, as applicable.

In addition to the foregoing, the Board considered, among other data, the information set forth below with respect to each Fund's fees and expenses. In each case, the Board took into account management's discussion of the Fund's expenses, including the type and size of the Fund relative to the other funds in its Expense Universe.

*<u>Virtus Emerging Markets Opportunities Fund</u>*. The Board considered that the Fund's net management fee and net total expenses after waivers were each in the second quintile of the Expense Universe. The Board also considered that the Fund's gross management fee was above the median of the Expense Universe and net total expenses after waivers were below the median of the Expense Universe.

*<u>Virtus Income & Growth Fund</u>*. The Board considered that the Fund's net management fee was in the fourth quintile of the Expense Universe and net total expenses after waivers were in the third quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses after waivers were each above the median of the Expense Universe.

*<u>Virtus KAR Global Small-Cap Fund</u>*. The Board considered that the Fund's net management fee and net total expenses after waivers were each in the fourth quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses after waivers were each above the median of the Expense Universe.

*<u>Virtus KAR Health Sciences Fund</u>*. The Board considered that the Fund's net management fee was in the second quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses after waivers were each above the median of the Expense Universe.

*<u>Virtus NFJ Dividend Value Fund</u>*. The Board considered that the Fund's net management fee was in the first quintile of the Expense Universe and net total expenses after waivers were in the second quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses after waivers were each below the median of the Expense Universe.

*<u>Virtus NFJ International Value Fund</u>*. The Board considered that the Fund's net management fee was in the second quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile of the Expense Universe. The Board also considered that the

------

**VIRTUS INVESTMENT TRUST** 

**OTHER INFORMATION (Unaudited) (Continued)**

**December 31, 2025**

Fund's gross management fee was below the median of the Expense Universe and net total expenses after waivers were above the median of the Expense Universe.

*<u>Virtus NFJ Large-Cap Value Fund</u>*. The Board considered that the Fund's net management fee was in the second quintile of the Expense Universe and net total expenses after waivers were in the third quintile of the Expense Universe. The Board also considered that the Fund's gross management fee was below the median of the Expense Universe and net total expenses were above the median of the Expense Universe.

*<u>Virtus NFJ Mid-Cap Value Fund</u>*. The Board considered that the Fund's net management fee and net total expenses after waivers were each in the first quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses after waivers were each below the median of the Expense Universe.

*<u>Virtus NFJ Small-Cap Value Fund</u>*. The Board considered that the Fund's net management fee was in the first quintile of the Expense Universe and net total expenses after waivers were in the second quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses after waivers were each below the median of the Expense Universe.

*<u>Virtus Silvant Focused Growth Fund</u>*. The Board considered that the Fund's net management fee was in the first quintile of the Expense Universe and net total expenses after waivers were in the second quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses after waivers were each below the median of the Expense Universe.

*<u>Virtus Silvant Mid-Cap Growth Fund</u>*. The Board considered that the Fund's net management fee and net total expenses after waivers were each in the second quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses were each below the median of the Expense Universe.

*<u>Virtus Small-Cap Fund</u>*. The Board considered that the Fund's net management fee was in the first quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile of the Expense Universe. The Board also considered that the Fund's gross management fee was below the median of the Expense Universe and net total expenses after waivers were above the median of the Expense Universe.

*<u>Virtus Zevenbergen Technology Fund</u>*. The Board considered that the Fund's net management fee was in the fifth quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses after waivers were each above the median of the Expense Universe.

The Board concluded that the advisory and subadvisory fees for each Fund, including any proposed amendments, were fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered.

<u>Profitability</u>

The Board also considered certain information relating to profitability that had been provided by VIA. In this regard, the Board considered information regarding the overall profitability, as well as on a fund-by-fund basis, of VIA for its management of the Funds, as well as its profits and those of its affiliates for managing and providing other services to the Trust, such as distribution, transfer agency and administrative services provided to the Funds by VIA's affiliates. In addition to the fees paid to VIA and its affiliates, including the Subadvisers, the Board considered any other benefits derived by VIA or its affiliates from their relationships with the Funds. The Board reviewed the methodology used to allocate costs to each Fund, taking into account the fact that allocation methodologies are inherently subjective and various allocation methodologies may each be reasonable while producing different results. The Board concluded that the profitability to VIA and its affiliates from each Fund was not excessive in light of the quality of the services rendered to the Funds by VIA and its affiliates as well as other factors.

In considering the profitability to the Subadvisers in connection with their relationships to the Funds, the Board noted that the fees under the Subadvisory Agreements are paid by VIA out of the fees that VIA receives under the Advisory Agreement, so that Fund shareholders are not directly impacted by those fees. In considering the reasonableness of the fees payable by VIA to the affiliated Subadvisers and the profitability to the affiliated Subadvisers, the Board noted that, because such Subadvisers are affiliates of VIA, such profitability might be directly or indirectly shared by VIA. In addition, with respect to Voya, the unaffiliated Subadviser, the Board relied on the ability of VIA to negotiate the Subadvisory Agreement and the fees thereunder at arm's length.

<u>Economies of Scale</u>

The Board received and discussed information concerning whether VIA realizes economies of scale as the Funds' assets grow. The Board noted that expense limitations were in place for the Funds. The Board also took into account management's discussion of the Funds' advisory fee and subadvisory fee structure. The Board also took into account the current sizes of the Funds, among other factors. The Board also noted that VIA had agreed to implement an extension of each Fund's expense limitations through at least the end of 2026. The Board noted that VIA and the Funds may realize certain economies of scale if the assets of the Funds were to increase, particularly in relationship to certain fixed costs, and that shareholders of the Funds would have an opportunity to benefit from these economies of scale.

With respect to whether the Subadvisers would realize economies of scale as the Funds' assets grow, the Board noted that because the subadvisory fee rate paid by VIA to each Subadviser was a percentage of the net advisory fee, both any increase in the advisory fee due to an increase in assets and any decrease in the advisory fee due to the implementation of expense limitations would affect the subadvisory fees paid to the Subadvisers. As a result, the Board concluded that the Subadvisers would share in any economies of scale realized by VIA.

------

**VIRTUS INVESTMENT TRUST** 

**OTHER INFORMATION (Unaudited) (Continued)**

**December 31, 2025**

<u>Other Factors</u>

The Board considered other benefits that may be realized by VIA and each Subadviser and their respective affiliates from their relationships with the applicable Fund(s). Among them, the Board recognized that VP Distributors, LLC, an affiliate of VIA, VA, NFJ, KAR, Silvant and Zevenbergen, serves as the distributor for the Trust, and, as such, receives payments pursuant to Rule 12b-1 from the Funds to compensate it for providing selling activities, which could lead to growth in the Trust's assets and corresponding benefits from such growth, including economies of scale. The Board noted that an affiliate of VIA, VA, NFJ, KAR, Silvant and Zevenbergen also provides

administrative and transfer agency services to the Trust. The Board noted management's discussion of the fact that, while certain of the Subadvisers are affiliates of VIA, there are no other direct benefits to the Subadvisers or VIA in providing investment advisory services to the Fund(s), other than the fees to be earned under the applicable Agreement(s).

The Board considered that there may be certain indirect or ancillary benefits which may accrue to VIA, the Subadvisers and their affiliates, including (but not limited to): (a) the ability to leverage relationships with service providers to obtain more favorable terms or rates, (b) reputational benefits, (c) the receipt of research products and services acquired through commissions paid on portfolio transactions, and (d) the potential to attract other business.

<u>Conclusion</u>

Based on all of the foregoing considerations, the Board, including a majority of the Independent Trustees, determined that approval of each Agreement, including any proposed amendments, was in the best interests of each applicable Fund and its respective shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Agreements, as amended, with respect to each Fund.

------

**THIS PAGE INTENTIONALLY BLANK.**

------

**THIS PAGE INTENTIONALLY BLANK.**

------

**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

R. Keith Walton

Brian T. Zino

**Principal Officers**

George R. Aylward, President

Peter Batchelar, Senior Vice President

&nbsp;&nbsp;&nbsp;&nbsp;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

**How to Contact Us**

Mutual Fund Services

1-800-243-1574

Adviser Consulting Group

1-800-243-4361

Website

**Virtus.com**

------

![](g36295imge1df12902.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**.

8033 02-26

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Please refer to the Other Information Section in Item 7(a).

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Please 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.
Please refer to the Other Information Section in Item 7(a).

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Please 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.
Disclosure not required for open-end management investment companies.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Disclosure not required for open-end management investment companies.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Disclosure not required for open-end management investment companies.

#### Item 15. Submission of Matters to a Vote of Security Holders.
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.
(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.
Disclosure not required for open-end management investment companies.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not Applicable.

#### Item 19. Exhibits.
(a)(1) Not applicable.

(a)(2) Not applicable.

---

| | |
|:---|:---|
| [(a)(3)](d36295dex99cert.htm) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes- Oxley Act of 2002 are attached hereto.](d36295dex99cert.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)](d36295dex99906cert.htm) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.](d36295dex99906cert.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) <u>Virtus Investment Trust</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By (Signature and Title)\* <u>/s/ George R. Aylward</u> <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;George R. Aylward, President<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal executive officer)<br>

Date <u>03/04/2026</u> 

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By (Signature and Title)\* <u>/s/ George R. Aylward</u> <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;George R. Aylward, President<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal executive officer)<br>

Date <u>03/04/2026</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By (Signature and Title)\* <u>/s/ W. Patrick Bradley</u> <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W. Patrick Bradley, Executive Vice President,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer and Treasurer<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal financial officer)<br>

Date <u>03/03/2026</u> 

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## 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;&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;&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;&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;&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;&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;&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>03/04/2026</u> | <u>/s/ George R. Aylward</u> |
|  | 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;&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;&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;&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;&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;&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;&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>03/03/2026</u> | <u>/s/ W. Patrick Bradley</u> |
|  | 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;&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;&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>03/04/2026</u> | <u>/s/ George R. Aylward</u> |
|  | 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;&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;&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>03/03/2026</u> | <u>/s/ W. Patrick Bradley</u> |
|  | W. Patrick Bradley, Executive Vice President,<br> Chief Financial Officer and Treasurer |
|  | (principal financial officer) |

---