# EDGAR Filing Document

**Accession Number:** 0000867297
**File Stem:** 0001193125-23-057930
**Filing Date:** 2023-3
**Character Count:** 882366
**Document Hash:** b518dd63393efd6ccdd240a84ee34a4b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-057930.hdr.sgml**: 20230302

**ACCESSION NUMBER**: 0001193125-23-057930

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 8

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230302

**DATE AS OF CHANGE**: 20230302

**EFFECTIVENESS DATE**: 20230302

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Virtus Investment Trust
- **CENTRAL INDEX KEY:** 0000867297
- **IRS NUMBER:** 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:** 23698040

**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   |
|:---|:---|:---|
| C000021604 | Administrative | ANDAX           |
| C000021605 | A              | PNEAX           |
| C000021607 | C              | PNECX           |
| C000021609 | Institutional  | NFJEX           |
| C000066127 | P              | ADJPX           |
| 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           |
| C000066128 | P              | AFVPX           |
| C000073581 | Administrative | AIVAX           |
| 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           |
| C000034186 | Administrative | ALNFX           |
| C000066129 | P              | ALCPX           |
| C000204677 | R6             | VAAGX           |

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

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000021621 | A              | PCVAX           |
| C000021622 | Administrative | PVADX           |
| C000021624 | C              | PCVCX           |
| C000021626 | Institutional  | PSVIX           |
| C000066130 | P              | ASVPX           |
| C000135575 | R6             | ANFVX           |

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

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000021632 | A              | PQNAX           |
| C000021633 | Administrative | PRAAX           |
| C000021635 | C              | PQNCX           |
| C000021637 | Institutional  | PRNIX           |
| C000098087 | P              | ANRPX           |
| C000196957 | Class R6       | ANPRX           |

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

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000021653 | A              | PGWAX           |
| C000021654 | Administrative | PGFAX           |
| C000021656 | C              | PGWCX           |
| C000021658 | Institutional  | PGFIX           |
| C000066132 | P              | AOGPX           |
| 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           |
| C000220799 | P                   | AAAEX           |

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

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000021688 | A             | RGSAX           |
| C000021690 | C             | RGSCX           |
| C000021692 | Institutional | DGSCX           |
| C000066137 | P             | ARSPX           |

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

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000021693 | A              | RAGTX           |
| C000021694 | Administrative | DGTAX           |
| C000021696 | C              | RCGTX           |
| C000021698 | Institutional  | DRGTX           |
| C000066138 | P              | ARTPX           |

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

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000021714 | A              | RMDAX           |
| C000021715 | Administrative | DRMAX           |
| C000021717 | C              | RMDCX           |
| C000021719 | Institutional  | DRMCX           |
| C000111282 | Class P        | ARMPX           |

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

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000034948 | A             | AOTAX           |
| C000034949 | C             | AOTCX           |
| C000034951 | Institutional | AOTIX           |
| C000066149 | P             | AEMPX           |
| 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           |
| C000066151 | P                   | AIGPX           |

### 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           |
| C000128363 | Class P             | AZBPX           |
| C000164306 | R6                  | ASCFX           |

------

------

**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** 

**(Address of principal executive offices) (Zip code)** 

------

**Jennifer S. 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, 2022** 

------

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

------

**Item 1.** **Reports to Stockholders.** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is attached herewith.

------

SEMIANNUAL REPORT

## VIRTUS INVESTMENT TRUST
![](g455583img04bec5ae1.gif)

------

December 31, 2022

---

| |
|:---|
| Virtus Emerging Markets Opportunities Fund |
| Virtus Income & Growth Fund<sup>\*</sup> |
| Virtus KAR Global Small-Cap Fund<sup>\*</sup><br> (f/k/a Virtus Global Small-Cap Fund) |
| Virtus KAR Health Sciences Fund<br> (f/k/a Virtus 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<br> (f/k/a Virtus Focused Growth Fund) |
| Virtus Silvant Mid-Cap Growth Fund<br> (f/k/a Virtus Mid-Cap Growth Fund) |
| Virtus Small-Cap Fund |
| Virtus Zevenbergen Technology Fund<br> (f/k/a Virtus Technology Fund) |

---

\*Prospectus supplement applicable to this fund appears at the back of this semiannual report.

------

Not FDIC Insured • No Bank Guarantee • May Lose Value

------

#### **Table of Contents**

---

| | |
|:---|:---|
| [Message to Shareholders](#xx_a33dd04c-aea8-405b-aa22-99e7d3f9f528_1) | 1 |
| [Disclosure of Fund Expenses](#xx_0c02b415-24bd-425b-936b-11fc106f565d_1) | 2 |
| [Key Investment Terms](#xx_384f88bd-4ed2-4d82-9f88-4a5a193b5636_1) | 6 |
| [Portfolio Holdings Summary Weightings](#xx_7985ac2b-0d44-423b-892c-16021aa51a0f_1) | 7 |
| **Fund** | **Schedule <br> of<br> Investments** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus Emerging Markets Opportunities Fund ("Emerging Markets Opportunities Fund")](#xx_d8841032-05ea-47e7-99fd-d01e075fb723_1) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus Income & Growth Fund ("Income & Growth Fund")](#xx_d8243edc-2e94-45d0-87a9-d673cbbaba05_1) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus KAR Global Small-Cap Fund ("KAR Global Small-Cap Fund") (f/k/a Virtus Global Small-Cap Fund)](#xx_ad5af9d4-55ef-4e67-9dbb-b7bfc8c0a38c_1) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus KAR Health Sciences Fund ("KAR Health Sciences Fund") (f/k/a Virtus Health Sciences Fund)](#xx_6f1ad659-5ec3-46de-a16e-b8f3c0cd20ed_1) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus NFJ Dividend Value Fund ("NFJ Dividend Value Fund")](#xx_3d98a3bc-bd30-454b-94bf-57542d2cd7e6_1) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus NFJ International Value Fund ("NFJ International Value Fund")](#xx_4c5968ab-a488-454c-b70b-84615e702027_1) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus NFJ Large-Cap Value Fund ("NFJ Large-Cap Value Fund")](#xx_f04cdbef-78b3-47a0-9583-982185b1df6a_1) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus NFJ Mid-Cap Value Fund ("NFJ Mid-Cap Value Fund")](#xx_2563f953-6d08-4ccd-bc61-6a612dc79483_1) | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus NFJ Small-Cap Value Fund ("NFJ Small-Cap Value Fund")](#xx_1b7ca786-8dd3-4c1e-8fa0-0248a6edcbdd_1) | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus Silvant Focused Growth Fund ("Silvant Focused Growth Fund") (f/k/a Virtus Focused Growth Fund)](#xx_8e4984a5-1bc7-4b8a-99af-80a3f2bcdac2_1) | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus Silvant Mid-Cap Growth Fund ("Silvant Mid-Cap Growth Fund") (f/k/a Virtus Mid-Cap Growth Fund)](#xx_f00ee89b-78b8-4e1f-bece-6e04324c4104_1) | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus Small-Cap Fund ("Small-Cap Fund")](#xx_a5e7d943-995e-42c4-b248-3ab34bb4bc8f_1) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus Zevenbergen Technology Fund ("Zevenbergen Technology Fund") (f/k/a Virtus Technology Fund)](#xx_efb09f5b-d12a-4d3b-90e1-e61cdf2f1bf2_1) | 40 |
| [Statements of Assets and Liabilities](#xx_0a241986-7f00-4716-90ab-30684575926e_1) | 41 |
| [Statements of Operations](#xx_595274b7-fc80-4c0f-be18-5e6a00c6d0f5_1) | 49 |
| [Statements of Changes in Net Assets](#xx_2efd227e-38bb-4088-b89b-f752212a5faf_1) | 53 |
| [Financial Highlights](#xx_8a1e2def-597b-4b72-8252-344410999299_1) | 58 |
| [Notes to Financial Statements](#xx_57f83cf0-9d50-48d3-bbba-3ab2e40f7df4_1) | 72 |
| [Consideration of Advisory and Subadvisory Agreements by the Board of Trustees](#xx_e554ab7b-2145-451d-b3a2-6efd9b915fa6_1) | 92 |

---

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

#### PORTFOLIO HOLDINGS INFORMATION
The Trust files a complete schedule of portfolio holdings for each Fund with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT-P. Form N-PORT-P is available on the SEC's website at <u>https://www.sec.gov.</u>

This report is not authorized for distribution to prospective investors in the Funds presented in this book unless preceded or accompanied by an effective prospectus which includes information concerning the sales charge, each Fund's record and other pertinent information.

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

MESSAGE TO SHAREHOLDERS

To Virtus Investment Trust Shareholders:

![](g455583img7b88e33e2.gif)

I am pleased to present this semiannual report, which reviews the performance of your Fund for the six months ended December 31, 2022.

The six-month period was marked by higher inflation, rising interest rates, the ongoing war in Ukraine, and continued market volatility. U.S. large-capitalization stocks were up 2.31%, as measured by the S&P 500<sup>®</sup> Index, while small-cap stocks returned 3.90%, as measured by the Russell 2000<sup>®</sup> Index. International equities were mixed, with developed markets, as measured by the MSCI EAFE<sup>®</sup> Index (net), gaining 6.36%, while emerging markets, as measured by the MSCI Emerging Markets Index (net), were down 2.99%.

In fixed income markets, the yield on the 10-year Treasury rose to 3.88% on December 31, 2022, from 2.98% on June 30, 2022, as the Federal Reserve (the "Fed") continued its efforts to bring inflation under control. The broader U.S. fixed income market, as represented by the Bloomberg U.S. Aggregate Bond Index, was down 2.97% for the six-month period, while non-investment grade bonds, as measured by the Bloomberg U.S. Corporate High Yield Bond Index, were up 3.50%.

We maintain our focus on the long term, and our commitment to your financial success. Please call our customer service team at 800-243-1574 if you have questions about your account or require assistance. Thank you for entrusting the Virtus Funds with your assets.

Sincerely,

![](g455583imga633c84f3.jpg)

George R. Aylward<br> President, Virtus Investment Trust

February 2023

*Performance data quoted represents past results. Past performance is no guarantee of future results, and current performance may be higher or lower than the performance shown above. Investing involves risk, including the risk of loss of principal invested.*

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

#### DISCLOSURE OF FUND EXPENSES (Unaudited)

#### FOR THE SIX-MONTH PERIOD OF July 1, 2022 TO December 31, 2022
We believe it is important for you to understand the impact of costs on your investment. All mutual funds have operating expenses. As a shareholder of a Virtus Investment Trust Fund (each, a "Fund"), you may incur two types of costs: (1) transaction costs, including sales charges on purchases of Class A shares and contingent deferred sales charges on Class C shares; and (2) ongoing costs, including investment advisory fees, distribution and service fees, and other expenses. Class P shares, Institutional Class shares, Class R6 shares and Administrative Class shares are sold without sales charges and do not incur distribution and service fees. Class R6 shares also do not incur shareholder servicing fees. For further information regarding applicable sales charges, see Note 1 in the Notes to Financial Statements. These examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period.

Please note that the expenses shown in the accompanying tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges or contingent deferred sales charges. Therefore, the accompanying tables are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

#### Actual Expenses
The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Beginning <br> Account Value<br> July 1, 2022** | &nbsp;&nbsp;**Ending <br> Account Value<br> December 31, 2022** | &nbsp;&nbsp;**Annualized <br> Expense<br> Ratio** | &nbsp;&nbsp;**Expenses <br> Paid<br> During<br> Period\*** |
| Emerging Markets Opportunities Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$941.80 | &nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;$6.51 |
|  | Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938.20 | &nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;10.16 |
|  | Class P | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943.20 | &nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;5.29 |
|  | Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943.70 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;4.80 |
|  | Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943.70 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;4.56 |
| Income & Growth Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1015.00 | &nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;5.84 |
|  | Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1011.40 | &nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;9.63 |
|  | Class P | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1016.50 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;4.63 |
|  | Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1016.20 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;4.62 |
| KAR Global Small-Cap Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1024.10 | &nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;8.32 |
|  | Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1020.50 | &nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;12.12 |
|  | Class P | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1025.30 | &nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;7.04 |
|  | Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1026.10 | &nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;6.54 |
| KAR Health Sciences Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1009.50 | &nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;7.04 |
|  | Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1005.50 | &nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;10.82 |
|  | Class P | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1011.20 | &nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;5.22 |
|  | Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1010.80 | &nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;5.73 |
| NFJ Dividend Value Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1008.10 | &nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;5.21 |
|  | Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1004.30 | &nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;8.74 |
|  | Class P | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1009.40 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;3.70 |
|  | Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1009.60 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;3.55 |
|  | Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1010.20 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;3.24 |
|  | Administrative Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1008.80 | &nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;4.81 |
| NFJ International Value Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1005.40 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;6.57 |
|  | Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1001.60 | &nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;10.34 |
|  | Class P | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1006.00 | &nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;5.26 |
|  | Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1007.30 | &nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;4.81 |
|  | Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1007.10 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;4.55 |
|  | Administrative Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1005.10 | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;6.06 |

---

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

#### DISCLOSURE OF FUND EXPENSES (Unaudited) (Continued)

#### FOR THE SIX-MONTH PERIOD OF July 1, 2022 TO December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Beginning <br> Account Value<br> July 1, 2022** | &nbsp;&nbsp;**Ending <br> Account Value<br> December 31, 2022** | &nbsp;&nbsp;**Annualized <br> Expense<br> Ratio** | &nbsp;&nbsp;**Expenses <br> Paid<br> During<br> Period\*** |
| NFJ Large-Cap Value Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$998.90 | &nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;$5.09 |
|  | Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994.60 | &nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;8.95 |
|  | Class P | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999.90 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;3.83 |
|  | Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999.60 | &nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;3.88 |
|  | Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.60 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;3.28 |
|  | Administrative Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999.20 | &nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;4.79 |
| NFJ Mid-Cap Value Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1014.80 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.08 |
|  | Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1010.90 | &nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;8.87 |
|  | Class P | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1015.90 | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;3.81 |
|  | Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1016.60 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;3.30 |
|  | Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1017.10 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;3.05 |
|  | Administrative Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1015.40 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;4.57 |
| NFJ Small-Cap Value Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1004.70 | &nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;5.91 |
|  | Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.60 | &nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;9.68 |
|  | Class P | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1004.80 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;4.65 |
|  | Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1005.70 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;4.15 |
|  | Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1005.70 | &nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;3.89 |
|  | Administrative Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1004.80 | &nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;5.41 |
| Silvant Focused Growth Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953.50 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;4.83 |
|  | Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949.50 | &nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;8.50 |
|  | Class P | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954.80 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;3.65 |
|  | Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954.90 | &nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;3.35 |
|  | Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955.10 | &nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;3.10 |
|  | Administrative Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953.40 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;4.58 |
| Silvant Mid-Cap Growth Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1051.90 | &nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;5.28 |
|  | Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1047.90 | &nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;9.29 |
|  | Class P | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1051.80 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;4.24 |
|  | Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1051.10 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;4.14 |
|  | Administrative Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1049.80 | &nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;5.42 |
| Small-Cap Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1058.90 | &nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;6.07 |
|  | Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1055.10 | &nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;9.95 |
|  | Class P | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1060.10 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;4.78 |
|  | Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1060.70 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;4.26 |
|  | Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1061.30 | &nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;4.00 |
| Zevenbergen Technology Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890.10 | &nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;6.96 |
|  | Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886.70 | &nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;10.46 |
|  | Class P | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891.30 | &nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;5.77 |
|  | Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891.20 | &nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;5.67 |
|  | Administrative Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889.90 | &nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;7.05 |

---

<sup>\*</sup> Expenses are equal to the relevant Fund's annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (184) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period.

For Funds which may invest in other funds, the annualized expense ratios noted above do not reflect fees and expenses associated with any underlying funds. If such fees and expenses had been included, the expenses would have been higher.

You can find more information about a Fund's expenses in the Financial Statements section that follows. For additional information on operating expenses and other shareholder costs, refer to that Fund's prospectus.

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

#### DISCLOSURE OF FUND EXPENSES (Unaudited) (Continued)

#### FOR THE SIX-MONTH PERIOD OF July 1, 2022 TO December 31, 2022

#### Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and hypothetical expenses based on a Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not your Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Beginning <br> Account Value<br> July 1, 2022** | &nbsp;&nbsp;**Ending <br> Account Value<br> December 31, 2022** | &nbsp;&nbsp;**Annualized <br> Expense<br> Ratio** | &nbsp;&nbsp;**Expenses <br> Paid<br> During<br> Period\*** |
| Emerging Markets Opportunities Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$1018.50 | &nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;$6.77 |
|  | Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1014.72 | &nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;10.56 |
|  | Class P | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1019.76 | &nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;5.50 |
|  | Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1020.27 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;4.99 |
|  | Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1020.52 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;4.74 |
| Income & Growth Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1019.41 | &nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;5.85 |
|  | Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1015.63 | &nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;9.65 |
|  | Class P | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1020.62 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;4.63 |
|  | Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1020.62 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;4.63 |
| KAR Global Small-Cap Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1016.99 | &nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;8.29 |
|  | Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1013.21 | &nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;12.08 |
|  | Class P | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1018.25 | &nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;7.02 |
|  | Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1018.75 | &nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;6.51 |
| KAR Health Sciences Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1018.20 | &nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;7.07 |
|  | Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1014.42 | &nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;10.87 |
|  | Class P | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1020.01 | &nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;5.24 |
|  | Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1019.51 | &nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;5.75 |
| NFJ Dividend Value Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1020.01 | &nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;5.24 |
|  | Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1016.48 | &nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;8.79 |
|  | Class P | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1021.53 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;3.72 |
|  | Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1021.68 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;3.57 |
|  | Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1021.98 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;3.26 |
|  | Administrative Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1020.42 | &nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;4.84 |
| NFJ International Value Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1018.65 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;6.61 |
|  | Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1014.87 | &nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;10.41 |
|  | Class P | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1019.96 | &nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;5.30 |
|  | Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1020.42 | &nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;4.84 |
|  | Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1020.67 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;4.58 |
|  | Administrative Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1019.16 | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;6.11 |
| NFJ Large-Cap Value Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1020.11 | &nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;5.14 |
|  | Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1016.23 | &nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;9.05 |
|  | Class P | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1021.37 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;3.87 |
|  | Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1021.32 | &nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;3.92 |
|  | Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1021.93 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;3.31 |
|  | Administrative Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1020.42 | &nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;4.84 |
| NFJ Mid-Cap Value Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1020.16 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.09 |
|  | Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1016.38 | &nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;8.89 |
|  | Class P | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1021.42 | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;3.82 |
|  | Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1021.93 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;3.31 |
|  | Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1022.18 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;3.06 |
|  | Administrative Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1020.67 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;4.58 |

---

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

#### DISCLOSURE OF FUND EXPENSES (Unaudited) (Continued)

#### FOR THE SIX-MONTH PERIOD OF July 1, 2022 TO December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Beginning <br> Account Value<br> July 1, 2022** | &nbsp;&nbsp;**Ending <br> Account Value<br> December 31, 2022** | &nbsp;&nbsp;**Annualized <br> Expense<br> Ratio** | &nbsp;&nbsp;**Expenses <br> Paid<br> During<br> Period\*** |
| NFJ Small-Cap Value Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$1019.31 | &nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;$5.96 |
|  | Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1015.53 | &nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;9.75 |
|  | Class P | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1020.57 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;4.69 |
|  | Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1021.07 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;4.18 |
|  | Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1021.32 | &nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;3.92 |
|  | Administrative Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1019.81 | &nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;5.45 |
| Silvant Focused Growth Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1020.27 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;4.99 |
|  | Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1016.48 | &nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;8.79 |
|  | Class P | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1021.48 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;3.77 |
|  | Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1021.78 | &nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;3.47 |
|  | Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1022.03 | &nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;3.21 |
|  | Administrative Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1020.52 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;4.74 |
| Silvant Mid-Cap Growth Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1020.06 | &nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;5.19 |
|  | Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1016.13 | &nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;9.15 |
|  | Class P | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1021.07 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;4.18 |
|  | Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1021.17 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;4.08 |
|  | Administrative Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1019.91 | &nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;5.35 |
| Small-Cap Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1019.31 | &nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;5.96 |
|  | Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1015.53 | &nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;9.75 |
|  | Class P | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1020.57 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;4.69 |
|  | Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1021.07 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;4.18 |
|  | Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1021.32 | &nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;3.92 |
| Zevenbergen Technology Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1017.85 | &nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;7.43 |
|  | Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1014.12 | &nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;11.17 |
|  | Class P | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1019.11 | &nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;6.16 |
|  | Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1019.21 | &nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;6.06 |
|  | Administrative Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1017.74 | &nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;7.53 |

---

<sup>\*</sup> Expenses are equal to the relevant Fund's annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (184) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period.

For Funds which may invest in other funds, the annualized expense ratios noted above do not reflect fees and expenses associated with any underlying funds. If such fees and expenses had been included, the expenses would have been higher.

You can find more information about a Fund's expenses in the Financial Statements section that follows. For additional information on operating expenses and other shareholder costs, refer to that Fund's prospectus.

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

#### KEY INVESTMENT TERMS (Unaudited)

#### December 31, 2022

#### 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.

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

#### Bloomberg U.S. Corporate High Yield Bond Index
The Bloomberg U.S. Corporate High Yield Bond Index measures the U.S. dollar-denominated, high yield, fixed-rate corporate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

#### 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 (the "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.

#### London Interbank Offered Rate ("LIBOR")
A benchmark rate that some of the world's leading banks charge each other for short-term loans and that serves as the first step to calculating interest rates on various loans throughout the world.

#### 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.

#### MSCI EAFE<sup>®</sup> Index (net)
The MSCI EAFE<sup>®</sup> (Europe, Australasia, Far East) Index (net) is a free float-adjusted market capitalization-weighted index that measures developed foreign market equity performance, excluding the U.S. and Canada. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

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

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

#### Secured Overnight Financing Rate ("SOFR")
A broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities.

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

#### 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").

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

#### PORTFOLIO HOLDINGS SUMMARY WEIGHTINGS (Unaudited)

#### December 31, 2022
For each Fund, the following tables present asset allocations within certain industries/sectors as a percentage of total investments as of December 31, 2022.

#### Emerging Markets Opportunities Fund

---

| | |
|:---|:---|
| &nbsp;&nbsp;Banks | &nbsp;&nbsp;23% |
| &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;11 |
| &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;Internet & Direct Marketing Retail | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;Other | &nbsp;&nbsp;31 |
| &nbsp;&nbsp;Total | 100% |

---

#### Income & Growth Fund

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Corporate Bonds and Notes |  | &nbsp;&nbsp;34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Media | &nbsp;&nbsp;4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telecommunications | &nbsp;&nbsp;2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 25 |  |
| &nbsp;&nbsp;Common Stocks |  | &nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software | &nbsp;&nbsp;4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All other Common Stocks | 25 |  |
| &nbsp;&nbsp;Convertible Bonds and Notes |  | &nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Internet | &nbsp;&nbsp;6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software | &nbsp;&nbsp;5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Services | &nbsp;&nbsp;2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All other Convertible Bonds and Notes | 12 |  |
| &nbsp;&nbsp;Convertible Preferred Stocks |  | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;Short-Term Investment |  | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;Total |  | 100% |

---

#### KAR Global Small-Cap Fund

---

| | |
|:---|:---|
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;30% |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;27 |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;18 |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;Other (includes short-term investment) | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;Total | 100% |

---

#### KAR Health Sciences Fund

---

| | |
|:---|:---|
| &nbsp;&nbsp;Healthcare Equipment & Supplies | &nbsp;&nbsp;29% |
| &nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;24 |
| &nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;22 |
| &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;13 |
| &nbsp;&nbsp;Healthcare Providers & Services | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;Total | 100% |

---

#### NFJ Dividend Value Fund

---

| | |
|:---|:---|
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;19% |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;15 |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;Other (includes short-term investment) | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;Total | 100% |

---

#### NFJ International Value Fund

---

| | |
|:---|:---|
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;21% |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;20 |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;Other (includes short-term investment) | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;Total | 100% |

---

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

#### PORTFOLIO HOLDINGS SUMMARY WEIGHTINGS (Unaudited) (Continued)

#### December 31, 2022

#### NFJ Large-Cap Value Fund

---

| | |
|:---|:---|
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;19% |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;18 |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;13 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;Other (includes short-term investment) | &nbsp;&nbsp;13 |
| &nbsp;&nbsp;Total | 100% |

---

#### NFJ Mid-Cap Value Fund

---

| | |
|:---|:---|
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;17% |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;17 |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;Total | 100% |

---

#### NFJ Small-Cap Value Fund

---

| | |
|:---|:---|
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;27% |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;19 |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;15 |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;Other (includes short-term investment) | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;Total | 100% |

---

#### Silvant Focused Growth Fund

---

| | |
|:---|:---|
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;48% |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;18 |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;Total | 100% |

---

#### Silvant Mid-Cap Growth Fund

---

| | |
|:---|:---|
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;28% |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;20 |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;20 |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;18 |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;Total | 100% |

---

#### Small-Cap Fund

---

| | |
|:---|:---|
| &nbsp;&nbsp;Banks | &nbsp;&nbsp;10% |
| &nbsp;&nbsp;Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;Healthcare Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;Food Products | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;Other (includes short-term investment) | &nbsp;&nbsp;47 |
| &nbsp;&nbsp;Total | 100% |

---

#### Zevenbergen Technology Fund

---

| | |
|:---|:---|
| &nbsp;&nbsp;Software | &nbsp;&nbsp;28% |
| &nbsp;&nbsp;Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;19 |
| &nbsp;&nbsp;IT Services | &nbsp;&nbsp;13 |
| &nbsp;&nbsp;Internet & Direct Marketing Retail | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;Road & Rail | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;Total | 100% |

---

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### Emerging Markets Opportunities Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Preferred Stock—2.1%** | **Preferred Stock—2.1%** | **Preferred Stock—2.1%** |
| **Brazil—2.1%** | **Brazil—2.1%** |  |
| Gerdau S.A., 11.730% | &nbsp;&nbsp;&nbsp;&nbsp;438700 | $2440 |
| **Total Preferred Stock<br> (Identified Cost $2,091)** | **Total Preferred Stock<br> (Identified Cost $2,091)** | &nbsp;&nbsp;&nbsp;&nbsp; **2440** |
| **Common Stocks—94.2%** | **Common Stocks—94.2%** | **Common Stocks—94.2%** |
| **Brazil—5.2%** | **Brazil—5.2%** |  |
| Banco do Brasil S.A. | &nbsp;&nbsp;&nbsp;&nbsp;142900 | &nbsp;&nbsp;&nbsp; 940 |
| CPFL Energia S.A. | &nbsp;&nbsp;&nbsp;&nbsp;304000 | &nbsp;&nbsp;&nbsp; 1912 |
| JBS S.A. | &nbsp;&nbsp;&nbsp;&nbsp;247500 | &nbsp;&nbsp;&nbsp; 1031 |
| Klabin S.A. | &nbsp;&nbsp;&nbsp;&nbsp;189400 | &nbsp;&nbsp;&nbsp; 716 |
| Vale S.A. | &nbsp;&nbsp;&nbsp;&nbsp;94600 | &nbsp;&nbsp;&nbsp; 1592 |
|  |  | &nbsp;&nbsp;&nbsp; 6191 |
| **Cayman Islands—4.1%** | **Cayman Islands—4.1%** |  |
| Bizlink Holding, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;86000 | &nbsp;&nbsp;&nbsp; 662 |
| Daqo New Energy Corp. ADR<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;37455 | &nbsp;&nbsp;&nbsp; 1446 |
| Greentown China Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;857000 | &nbsp;&nbsp;&nbsp; 1251 |
| Pinduoduo, Inc. ADR<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17558 | &nbsp;&nbsp;&nbsp; 1432 |
|  |  | &nbsp;&nbsp;&nbsp; 4791 |
| **China—25.6%** | **China—25.6%** |  |
| Alibaba Group Holding Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;133600 | &nbsp;&nbsp;&nbsp; 1476 |
| Bank of Jiangsu Co., Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;976800 | &nbsp;&nbsp;&nbsp; 1024 |
| BYD Co., Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;18500 | &nbsp;&nbsp;&nbsp; 456 |
| China Energy Engineering Corp., Ltd. Class A | 3232500 | &nbsp;&nbsp;&nbsp; 1065 |
| China Railway Group Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;878600 | &nbsp;&nbsp;&nbsp; 703 |
| China State Construction Engineering Corp., Ltd. Class A | 1637500 | &nbsp;&nbsp;&nbsp; 1279 |
| Contemporary Amperex Technology Co., Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9700 | &nbsp;&nbsp;&nbsp; 549 |
| ENN Natural Gas Co., Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;826000 | &nbsp;&nbsp;&nbsp; 1913 |
| Industrial & Commercial Bank of China Ltd. Class H | 1780000 | &nbsp;&nbsp;&nbsp; 917 |
| JD.com, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;28914 | &nbsp;&nbsp;&nbsp; 816 |
| Lenovo Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;958000 | &nbsp;&nbsp;&nbsp; 787 |
| Meituan Class B<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;65800 | &nbsp;&nbsp;&nbsp; 1473 |
| NetEase, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47400 | &nbsp;&nbsp;&nbsp; 695 |
| Nongfu Spring Co., Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;422200 | &nbsp;&nbsp;&nbsp; 2385 |
| PetroChina Co., Ltd. Class H | 8588000 | &nbsp;&nbsp;&nbsp; 3928 |
| Postal Savings Bank of China Co., Ltd. Class H | 2153000 | &nbsp;&nbsp;&nbsp; 1338 |
| Sinotrans Ltd. Class A | 1467670 | &nbsp;&nbsp;&nbsp; 811 |
| Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;99300 | &nbsp;&nbsp;&nbsp; 4249 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **China—continued** | **China—continued** |  |
| Tingyi Cayman Islands Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;314000 | $554 |
| Xiamen C & D, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;498900 | &nbsp;&nbsp; 980 |
| Yum China Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52526 | &nbsp;&nbsp; 2870 |
|  |  | &nbsp;&nbsp; 30268 |
| **Hong Kong—1.4%** | **Hong Kong—1.4%** |  |
| CSPC Pharmaceutical Group Ltd. | 1614000 | &nbsp;&nbsp; 1696 |
| **India—15.1%** | **India—15.1%** |  |
| Axis Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;323037 | &nbsp;&nbsp; 3646 |
| HDFC Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;43999 | &nbsp;&nbsp; 866 |
| ICICI Bank Ltd. Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;159298 | &nbsp;&nbsp; 3487 |
| Infosys Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;30209 | &nbsp;&nbsp; 551 |
| ITC Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;785578 | &nbsp;&nbsp; 3148 |
| Mahindra & Mahindra Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;115547 | &nbsp;&nbsp; 1745 |
| Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;40601 | &nbsp;&nbsp; 1250 |
| State Bank of India | &nbsp;&nbsp;&nbsp;&nbsp;357847 | &nbsp;&nbsp; 2655 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;13400 | &nbsp;&nbsp; 527 |
|  |  | &nbsp;&nbsp; 17875 |
| **Indonesia—3.8%** | **Indonesia—3.8%** |  |
| Astra International Tbk PT | 2421600 | &nbsp;&nbsp; 887 |
| Bank Central Asia Tbk PT | 1269300 | &nbsp;&nbsp; 697 |
| Bank Mandiri Persero Tbk PT | 4551700 | &nbsp;&nbsp; 2902 |
|  |  | &nbsp;&nbsp; 4486 |
| **Mexico—4.9%** | **Mexico—4.9%** |  |
| Grupo Aeroportuario del Pacifico SAB de C.V. Class B | &nbsp;&nbsp;&nbsp;&nbsp;115800 | &nbsp;&nbsp; 1660 |
| Grupo Financiero Banorte SAB de C.V. Class O | &nbsp;&nbsp;&nbsp;&nbsp;579200 | &nbsp;&nbsp; 4169 |
|  |  | &nbsp;&nbsp; 5829 |
| **Russia—0.0%** | **Russia—0.0%** |  |
| Gazprom PJSC<sup>(2)</sup> | 1323341 | &nbsp;&nbsp; 1 |
| LUKOIL PJSC Sponsored ADR<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;55455 | &nbsp;&nbsp; — <sup>(3)</sup> |
|  |  | &nbsp;&nbsp; 1 |
| **South Africa—3.7%** | **South Africa—3.7%** |  |
| Absa Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;190088 | &nbsp;&nbsp; 2169 |
| Woolworths Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;555986 | &nbsp;&nbsp; 2174 |
|  |  | &nbsp;&nbsp; 4343 |
| **South Korea—9.8%** | **South Korea—9.8%** |  |
| DB HiTek Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;46422 | &nbsp;&nbsp; 1383 |
| Hana Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21932 | &nbsp;&nbsp; 734 |
| Hanwha Aerospace Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;28857 | &nbsp;&nbsp; 1686 |
| Kia Corp. | &nbsp;&nbsp;&nbsp;&nbsp;40297 | &nbsp;&nbsp; 1901 |
| KT Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;58688 | &nbsp;&nbsp; 1574 |
| LG Innotek Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2911 | &nbsp;&nbsp; 589 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **South Korea—continued** | **South Korea—continued** |  |
| Samsung Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;28617 | $1261 |
| SK Hynix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28021 | &nbsp;&nbsp;&nbsp; 1682 |
| SK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5546 | &nbsp;&nbsp;&nbsp; 837 |
|  |  | &nbsp;&nbsp;&nbsp; 11647 |
| **Taiwan—9.8%** | **Taiwan—9.8%** |  |
| Compeq Manufacturing Co., Ltd. | 1078000 | &nbsp;&nbsp;&nbsp; 1561 |
| CTBC Financial Holding Co., Ltd. | 1156000 | &nbsp;&nbsp;&nbsp; 831 |
| Hon Hai Precision Industry Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;259000 | &nbsp;&nbsp;&nbsp; 842 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;576000 | &nbsp;&nbsp;&nbsp; 8405 |
|  |  | &nbsp;&nbsp;&nbsp; 11639 |
| **Thailand—3.2%** | **Thailand—3.2%** |  |
| Banpu PCL Foreign Shares | 5408900 | &nbsp;&nbsp;&nbsp; 2139 |
| PTT Exploration & Production PCL Foreign Shares | &nbsp;&nbsp;&nbsp;&nbsp;333500 | &nbsp;&nbsp;&nbsp; 1700 |
|  |  | &nbsp;&nbsp;&nbsp; 3839 |
| **Turkey—1.7%** | **Turkey—1.7%** |  |
| KOC Holding AS | &nbsp;&nbsp;&nbsp;&nbsp;443044 | &nbsp;&nbsp;&nbsp; 1983 |
| **United Arab Emirates—1.7%** | **United Arab Emirates—1.7%** |  |
| Emaar Properties PJSC | 1257690 | &nbsp;&nbsp;&nbsp; 2007 |
| **United States—4.2%** | **United States—4.2%** |  |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;29437 | &nbsp;&nbsp;&nbsp; 2733 |
| Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;22820 | &nbsp;&nbsp;&nbsp; 2264 |
|  |  | &nbsp;&nbsp;&nbsp; 4997 |
| **Total Common Stocks<br> (Identified Cost $113,708)** | **Total Common Stocks<br> (Identified Cost $113,708)** | &nbsp;&nbsp;&nbsp;&nbsp;**111592** |
| **Exchange-Traded Fund—0.2%** | **Exchange-Traded Fund—0.2%** | **Exchange-Traded Fund—0.2%** |
| KraneShares CSI China Internet ETF<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9947 | &nbsp;&nbsp;&nbsp; 301 |
| **Total Exchange-Traded Fund<br> (Identified Cost $227)** | **Total Exchange-Traded Fund<br> (Identified Cost $227)** | &nbsp;&nbsp;&nbsp;&nbsp; **301** |
| **Total Long-Term Investments—96.5%<br> (Identified Cost $116,026)** | **Total Long-Term Investments—96.5%<br> (Identified Cost $116,026)** | &nbsp;&nbsp;&nbsp;&nbsp;**114333** |
| **TOTAL INVESTMENTS—96.5%<br> (Identified Cost $116,026)** | **TOTAL INVESTMENTS—96.5%<br> (Identified Cost $116,026)** | &nbsp;&nbsp;**$114333** |
| Other assets and liabilities, net—3.5% | Other assets and liabilities, net—3.5% | &nbsp;&nbsp;&nbsp;&nbsp; 4137 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$118470** |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### Emerging Markets Opportunities Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| ETF | Exchange-Traded Fund |
| PJSC | Public Joint Stock Company |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Non-income producing. |
| <sup>(2)</sup> | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |
| <sup>(3)</sup> | Amount is less than $500. |
| <sup>(4)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |

---

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| China | &nbsp;&nbsp;&nbsp;26% |
| India | &nbsp;&nbsp;16 |
| South Korea | &nbsp;&nbsp;10 |
| Taiwan | &nbsp;&nbsp;10 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Other | &nbsp;&nbsp;20 |
| Total | 100% |
| <sup>†</sup> % of total investments as of December 31, 2022. | <sup>†</sup> % of total investments as of December 31, 2022. |

---

The following table summarizes the value of the Fund's investments as of December 31, 2022, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total <br> Value at<br> December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3<br> Significant<br> Unobservable<br> Inputs |
| Assets: |  |  |  |
| Equity Securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$111592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$111591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1 |
| &nbsp;&nbsp;&nbsp;Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Exchange-Traded Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$114333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$114332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1 |

---

There were no securities valued using significant observable inputs (Level 2) at December 31, 2022.

There were no transfers into or out of Level 3 related to securities held at December 31, 2022.

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, 2022.

For information regarding the abbreviations, see the Key Investment Terms starting on page 6.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### Income & Growth Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Convertible Bonds and Notes—25.5%** | **Convertible Bonds and Notes—25.5%** | **Convertible Bonds and Notes—25.5%** |
| **Airlines—0.4%** | **Airlines—0.4%** |  |
| Southwest Airlines Co.<br> 1.250%, 5/1/25 | $15740 | $18904 |
| **Auto Manufacturers—0.8%** | **Auto Manufacturers—0.8%** |  |
| Ford Motor Co.<br> 0.000%, 3/15/26 | &nbsp;&nbsp; 17145 | &nbsp;&nbsp; 16176 |
| Lucid Group, Inc. 144A<br> 1.250%, 12/15/26<sup>(1)</sup> | &nbsp;&nbsp; 17880 | &nbsp;&nbsp; 9128 |
| NIO, Inc.<br> 0.000%, 2/1/26 | &nbsp;&nbsp; 17700 | &nbsp;&nbsp; 15443 |
|  |  | &nbsp;&nbsp; 40747 |
| **Banks—0.5%** | **Banks—0.5%** |  |
| BofA Finance LLC<br> 0.600%, 5/25/27 | &nbsp;&nbsp; 22620 | &nbsp;&nbsp; 26022 |
| **Biotechnology—1.5%** | **Biotechnology—1.5%** |  |
| Alnylam Pharmaceuticals, Inc. 144A<br> 1.000%, 9/15/27<sup>(1)</sup> | &nbsp;&nbsp; 8350 | &nbsp;&nbsp; 9039 |
| BioMarin Pharmaceutical, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.599%, 8/1/24 | &nbsp;&nbsp; 4740 | &nbsp;&nbsp; 5030 |
| &nbsp;&nbsp;&nbsp;1.250%, 5/15/27 | &nbsp;&nbsp; 11445 | &nbsp;&nbsp; 12298 |
| Bridgebio Pharma, Inc.<br> 2.250%, 2/1/29 | &nbsp;&nbsp; 12175 | &nbsp;&nbsp; 4528 |
| Guardant Health, Inc.<br> 0.000%, 11/15/27 | &nbsp;&nbsp; 10085 | &nbsp;&nbsp; 6272 |
| Halozyme Therapeutics, Inc.<br> 0.250%, 3/1/27 | &nbsp;&nbsp; 19055 | &nbsp;&nbsp; 18448 |
| Insmed, Inc.<br> 0.750%, 6/1/28 | &nbsp;&nbsp; 4225 | &nbsp;&nbsp; 3486 |
| Livongo Health, Inc.<br> 0.875%, 6/1/25 | &nbsp;&nbsp; 6900 | &nbsp;&nbsp; 6029 |
| Sarepta Therapeutics, Inc. 144A<br> 1.250%, 9/15/27<sup>(1)</sup> | &nbsp;&nbsp; 6815 | &nbsp;&nbsp; 7854 |
|  |  | &nbsp;&nbsp; 72984 |
| **Commercial Services—1.7%** | **Commercial Services—1.7%** |  |
| Affirm Holdings, Inc.<br> 0.000%, 11/15/26 | &nbsp;&nbsp; 24175 | &nbsp;&nbsp; 13296 |
| Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.125%, 3/1/25 | &nbsp;&nbsp; 4865 | &nbsp;&nbsp; 4628 |
| &nbsp;&nbsp;&nbsp;0.000%, 5/1/26 | &nbsp;&nbsp; 25765 | &nbsp;&nbsp; 20857 |
| &nbsp;&nbsp;&nbsp;0.250%, 11/1/27 | &nbsp;&nbsp; 2860 | &nbsp;&nbsp; 2156 |
| Chegg, Inc.<br> 0.125%, 3/15/25 | &nbsp;&nbsp; 16250 | &nbsp;&nbsp; 14828 |
| Euronet Worldwide, Inc.<br> 0.750%, 3/15/49 | &nbsp;&nbsp; 9610 | &nbsp;&nbsp; 9087 |
| Shift4 Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 12/15/25 | &nbsp;&nbsp; 7510 | &nbsp;&nbsp; 7440 |
| &nbsp;&nbsp;&nbsp;0.500%, 8/1/27 | &nbsp;&nbsp; 17240 | &nbsp;&nbsp; 14507 |
|  |  | &nbsp;&nbsp; 86799 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Computers—0.7%** | **Computers—0.7%** |  |
| Lumentum Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.500%, 12/15/26 | $14475 | $12412 |
| &nbsp;&nbsp;&nbsp;144A 0.500%, 6/15/28<sup>(1)</sup> | &nbsp;&nbsp; 17745 | &nbsp;&nbsp; 13431 |
| Zscaler, Inc.<br> 0.125%, 7/1/25 | &nbsp;&nbsp; 8875 | &nbsp;&nbsp; 9319 |
|  |  | &nbsp;&nbsp; 35162 |
| **Cosmetics & Personal Care—0.2%** | **Cosmetics & Personal Care—0.2%** |  |
| Beauty Health Co. (The) 144A<br> 1.250%, 10/1/26<sup>(1)</sup> | &nbsp;&nbsp; 12475 | &nbsp;&nbsp; 9431 |
| **Diversified Financial Services—1.6%** | **Diversified Financial Services—1.6%** |  |
| Coinbase Global, Inc.<br> 0.500%, 6/1/26 | &nbsp;&nbsp; 21960 | &nbsp;&nbsp; 12404 |
| GS Finance Corp.<br> 0.500%, 12/29/27<sup>(2)</sup> | &nbsp;&nbsp; 22280 | &nbsp;&nbsp; 22837 |
| JPMorgan Chase Financial Co., LLC<br> 0.500%, 6/15/27 | &nbsp;&nbsp; 21000 | &nbsp;&nbsp; 25421 |
| SoFi Technologies, Inc. 144A<br> 0.000%, 10/15/26<sup>(1)</sup> | &nbsp;&nbsp; 21245 | &nbsp;&nbsp; 14542 |
| Upstart Holdings, Inc.<br> 0.250%, 8/15/26 | &nbsp;&nbsp; 12330 | &nbsp;&nbsp; 6473 |
|  |  | &nbsp;&nbsp; 81677 |
| **Energy-Alternate Sources—0.8%** | **Energy-Alternate Sources—0.8%** |  |
| Enphase Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 3/1/26 | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 13518 |
| &nbsp;&nbsp;&nbsp;0.000%, 3/1/28 | &nbsp;&nbsp; 8675 | &nbsp;&nbsp; 10145 |
| SolarEdge Technologies, Inc.<br> 0.000%, 9/15/25 | &nbsp;&nbsp; 6320 | &nbsp;&nbsp; 7846 |
| Sunnova Energy International, Inc. 144A<br> 2.625%, 2/15/28<sup>(1)</sup> | &nbsp;&nbsp; 8150 | &nbsp;&nbsp; 6581 |
|  |  | &nbsp;&nbsp; 38090 |
| **Entertainment—0.5%** | **Entertainment—0.5%** |  |
| DraftKings Holdings, Inc.<br> 0.000%, 3/15/28 | &nbsp;&nbsp; 17990 | &nbsp;&nbsp; 11127 |
| Live Nation Entertainment, Inc.<br> 2.000%, 2/15/25 | &nbsp;&nbsp; 5555 | &nbsp;&nbsp; 5452 |
| Vail Resorts, Inc.<br> 0.000%, 1/1/26 | &nbsp;&nbsp; 10560 | &nbsp;&nbsp; 9794 |
|  |  | &nbsp;&nbsp; 26373 |
| **Equity Real Estate Investment Trusts<br> (REITs)—0.2%** | **Equity Real Estate Investment Trusts<br> (REITs)—0.2%** |  |
| Pebblebrook Hotel Trust<br> 1.750%, 12/15/26 | &nbsp;&nbsp; 12180 | &nbsp;&nbsp; 10018 |
| **Healthcare-Products—0.7%** | **Healthcare-Products—0.7%** |  |
| Exact Sciences Corp. |  |  |
| &nbsp;&nbsp;&nbsp;0.375%, 3/15/27 | &nbsp;&nbsp; 790 | &nbsp;&nbsp; 652 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Healthcare-Products—continued** | **Healthcare-Products—continued** |  |
| &nbsp;&nbsp;&nbsp;0.375%, 3/1/28 | $10290 | $8065 |
| Insulet Corp.<br> 0.375%, 9/1/26 | &nbsp;&nbsp; 9755 | &nbsp;&nbsp; 13774 |
| Novocure Ltd.<br> 0.000%, 11/1/25 | &nbsp;&nbsp; 8475 | &nbsp;&nbsp; 7474 |
| Omnicell, Inc.<br> 0.250%, 9/15/25 | &nbsp;&nbsp; 7965 | &nbsp;&nbsp; 6946 |
|  |  | &nbsp;&nbsp; 36911 |
| **Healthcare-Services—0.4%** | **Healthcare-Services—0.4%** |  |
| Oak Street Health, Inc.<br> 0.000%, 3/15/26 | &nbsp;&nbsp; 16345 | &nbsp;&nbsp; 12372 |
| Teladoc Health, Inc.<br> 1.250%, 6/1/27 | &nbsp;&nbsp; 11000 | &nbsp;&nbsp; 8450 |
|  |  | &nbsp;&nbsp; 20822 |
| **Internet—6.1%** | **Internet—6.1%** |  |
| Airbnb, Inc.<br> 0.000%, 3/15/26 | &nbsp;&nbsp; 28980 | &nbsp;&nbsp; 23851 |
| Booking Holdings, Inc.<br> 0.750%, 5/1/25 | &nbsp;&nbsp; 14095 | &nbsp;&nbsp; 18773 |
| Etsy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.125%, 9/1/27 | &nbsp;&nbsp; 4955 | &nbsp;&nbsp; 4943 |
| &nbsp;&nbsp;&nbsp;0.250%, 6/15/28 | &nbsp;&nbsp; 27035 | &nbsp;&nbsp; 23083 |
| Expedia Group, Inc.<br> 0.000%, 2/15/26 | &nbsp;&nbsp; 23620 | &nbsp;&nbsp; 20571 |
| Match Group Financeco 2, Inc. 144A<br> 0.875%, 6/15/26<sup>(1)</sup> | &nbsp;&nbsp; 10295 | &nbsp;&nbsp; 9118 |
| Match Group Financeco 3, Inc. 144A<br> 2.000%, 1/15/30<sup>(1)</sup> | &nbsp;&nbsp; 6620 | &nbsp;&nbsp; 5706 |
| Okta, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.125%, 9/1/25 | &nbsp;&nbsp; 12545 | &nbsp;&nbsp; 11021 |
| &nbsp;&nbsp;&nbsp;0.375%, 6/15/26 | &nbsp;&nbsp; 3405 | &nbsp;&nbsp; 2860 |
| Opendoor Technologies, Inc. 144A<br> 0.250%, 8/15/26<sup>(1)</sup> | &nbsp;&nbsp; 7375 | &nbsp;&nbsp; 2878 |
| Palo Alto Networks, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.750%, 7/1/23 | &nbsp;&nbsp; 9650 | &nbsp;&nbsp; 15247 |
| &nbsp;&nbsp;&nbsp;0.375%, 6/1/25 | &nbsp;&nbsp; 12930 | &nbsp;&nbsp; 19091 |
| Sea Ltd.<br> 0.250%, 9/15/26 | &nbsp;&nbsp; 24825 | &nbsp;&nbsp; 18184 |
| Shopify, Inc.<br> 0.125%, 11/1/25 | &nbsp;&nbsp; 13000 | &nbsp;&nbsp; 11099 |
| Snap, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.750%, 8/1/26 | &nbsp;&nbsp; 7500 | &nbsp;&nbsp; 6353 |
| &nbsp;&nbsp;&nbsp;0.000%, 5/1/27 | &nbsp;&nbsp; 7755 | &nbsp;&nbsp; 5417 |
| &nbsp;&nbsp;&nbsp;144A 0.125%, 3/1/28<sup>(1)</sup> | &nbsp;&nbsp; 36940 | &nbsp;&nbsp; 24658 |
| Spotify U.S.A., Inc.<br> 0.000%, 3/15/26 | &nbsp;&nbsp; 18440 | &nbsp;&nbsp; 14844 |
| Uber Technologies, Inc.<br> 0.000%, 12/15/25 | &nbsp;&nbsp; 29140 | &nbsp;&nbsp; 24543 |
| Wayfair, Inc.<br> 0.625%, 10/1/25 | &nbsp;&nbsp; 18685 | &nbsp;&nbsp; 12080 |
| Wix.com Ltd.<br> 0.000%, 8/15/25 | &nbsp;&nbsp; 12510 | &nbsp;&nbsp; 10533 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### Income & Growth Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Internet—continued** | **Internet—continued** |  |
| Zillow Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.750%, 5/15/25 | $13715 | $13043 |
| &nbsp;&nbsp;&nbsp;1.375%, 9/1/26 | &nbsp;&nbsp; 5500 | &nbsp;&nbsp; 5541 |
|  |  | &nbsp;&nbsp; 303437 |
| **Leisure Time—0.6%** | **Leisure Time—0.6%** |  |
| NCL Corp., Ltd.<br> 1.125%, 2/15/27 | &nbsp;&nbsp; 25520 | &nbsp;&nbsp; 17323 |
| Royal Caribbean Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, 11/15/23 | &nbsp;&nbsp; 2660 | &nbsp;&nbsp; 2604 |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 8/15/25<sup>(1)</sup> | &nbsp;&nbsp; 6450 | &nbsp;&nbsp; 8101 |
|  |  | &nbsp;&nbsp; 28028 |
| **Machinery-Diversified—0.3%** | **Machinery-Diversified—0.3%** |  |
| Middleby Corp. (The)<br> 1.000%, 9/1/25 | &nbsp;&nbsp; 10440 | &nbsp;&nbsp; 12272 |
| **Media—1.1%** | **Media—1.1%** |  |
| DISH Network Corp. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 12/15/25 | &nbsp;&nbsp; 14730 | &nbsp;&nbsp; 9398 |
| &nbsp;&nbsp;&nbsp;3.375%, 8/15/26 | &nbsp;&nbsp; 7890 | &nbsp;&nbsp; 4943 |
| Liberty Broadband Corp. 144A<br> 2.750%, 9/30/50<sup>(1)</sup> | &nbsp;&nbsp; 6845 | &nbsp;&nbsp; 6667 |
| Liberty Media Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.375%, 10/15/23 | &nbsp;&nbsp; 11825 | &nbsp;&nbsp; 14562 |
| &nbsp;&nbsp;&nbsp;144A 0.500%, 12/1/50<sup>(1)</sup> | &nbsp;&nbsp; 19030 | &nbsp;&nbsp; 18978 |
|  |  | &nbsp;&nbsp; 54548 |
| **Mining—0.2%** | **Mining—0.2%** |  |
| MP Materials Corp. 144A<br> 0.250%, 4/1/26<sup>(1)</sup> | &nbsp;&nbsp; 12250 | &nbsp;&nbsp; 10703 |
| **Miscellaneous Manufacturing—0.2%** | **Miscellaneous Manufacturing—0.2%** |  |
| Axon Enterprise, Inc. 144A<br> 0.500%, 12/15/27<sup>(1)</sup> | &nbsp;&nbsp; 7905 | &nbsp;&nbsp; 7834 |
| **Pharmaceuticals—1.1%** | **Pharmaceuticals—1.1%** |  |
| Clovis Oncology, Inc.<br> 1.250%, 5/1/25<sup>(3)</sup> | &nbsp;&nbsp; 4440 | &nbsp;&nbsp; 888 |
| Dexcom, Inc.<br> 0.250%, 11/15/25 | &nbsp;&nbsp; 26025 | &nbsp;&nbsp; 28302 |
| Jazz Investments I Ltd.<br> 2.000%, 6/15/26 | &nbsp;&nbsp; 23155 | &nbsp;&nbsp; 27526 |
|  |  | &nbsp;&nbsp; 56716 |
| **Retail—0.2%** | **Retail—0.2%** |  |
| Burlington Stores, Inc.<br> 2.250%, 4/15/25 | &nbsp;&nbsp; 8845 | &nbsp;&nbsp; 10172 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Semiconductors—0.9%** | **Semiconductors—0.9%** |  |
| Microchip Technology, Inc.<br> 0.125%, 11/15/24 | $27130 | $29097 |
| ON Semiconductor Corp.<br> 0.000%, 5/1/27 | &nbsp;&nbsp; 985 | &nbsp;&nbsp;&nbsp; 1305 |
| Wolfspeed, Inc. 144A<br> 0.250%, 2/15/28<sup>(1)</sup> | &nbsp;&nbsp; 18530 | &nbsp;&nbsp;&nbsp; 16019 |
|  |  | &nbsp;&nbsp;&nbsp; 46421 |
| **Software—4.8%** | **Software—4.8%** |  |
| Akamai Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.125%, 5/1/25 | &nbsp;&nbsp; 12050 | &nbsp;&nbsp;&nbsp; 12653 |
| &nbsp;&nbsp;&nbsp;0.375%, 9/1/27 | &nbsp;&nbsp; 7975 | &nbsp;&nbsp;&nbsp; 7680 |
| Alteryx, Inc.<br> 0.500%, 8/1/24 | &nbsp;&nbsp; 4940 | &nbsp;&nbsp;&nbsp; 4529 |
| Bentley Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.125%, 1/15/26 | &nbsp;&nbsp; 775 | &nbsp;&nbsp;&nbsp; 707 |
| &nbsp;&nbsp;&nbsp;0.375%, 7/1/27 | &nbsp;&nbsp; 19350 | &nbsp;&nbsp;&nbsp; 15751 |
| Bill.com Holdings, Inc.<br> 0.000%, 4/1/27 | &nbsp;&nbsp; 25600 | &nbsp;&nbsp;&nbsp; 20237 |
| Blackline, Inc.<br> 0.000%, 3/15/26 | &nbsp;&nbsp; 7290 | &nbsp;&nbsp;&nbsp; 6210 |
| Cloudflare, Inc.<br> 0.000%, 8/15/26 | &nbsp;&nbsp; 26580 | &nbsp;&nbsp;&nbsp; 21663 |
| Confluent, Inc.<br> 0.000%, 1/15/27 | &nbsp;&nbsp; 16890 | &nbsp;&nbsp;&nbsp; 12752 |
| DigitalOcean Holdings, Inc.<br> 0.000%, 12/1/26 | &nbsp;&nbsp; 25880 | &nbsp;&nbsp;&nbsp; 19345 |
| DocuSign, Inc.<br> 0.000%, 1/15/24 | &nbsp;&nbsp; 8830 | &nbsp;&nbsp;&nbsp; 8300 |
| Five9, Inc.<br> 0.500%, 6/1/25 | &nbsp;&nbsp; 11745 | &nbsp;&nbsp;&nbsp; 10758 |
| MicroStrategy, Inc.<br> 0.000%, 2/15/27 | &nbsp;&nbsp; 12620 | &nbsp;&nbsp;&nbsp; 4591 |
| MongoDB, Inc.<br> 0.250%, 1/15/26 | &nbsp;&nbsp; 3990 | &nbsp;&nbsp;&nbsp; 4678 |
| Nutanix, Inc.<br> 0.250%, 10/1/27 | &nbsp;&nbsp; 9495 | &nbsp;&nbsp;&nbsp; 7943 |
| RingCentral, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 3/1/25 | &nbsp;&nbsp; 19170 | &nbsp;&nbsp;&nbsp; 16462 |
| &nbsp;&nbsp;&nbsp;0.000%, 3/15/26 | &nbsp;&nbsp; 5270 | &nbsp;&nbsp;&nbsp; 4137 |
| Splunk, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.125%, 9/15/25 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp; 23537 |
| &nbsp;&nbsp;&nbsp;1.125%, 6/15/27 | &nbsp;&nbsp; 6025 | &nbsp;&nbsp;&nbsp; 5084 |
| Tyler Technologies, Inc.<br> 0.250%, 3/15/26 | &nbsp;&nbsp; 9315 | &nbsp;&nbsp;&nbsp; 8654 |
| Unity Software, Inc.<br> 0.000%, 11/15/26 | &nbsp;&nbsp; 28435 | &nbsp;&nbsp;&nbsp; 21284 |
|  |  | &nbsp;&nbsp;&nbsp; 236955 |
| **Total Convertible Bonds and Notes<br> (Identified Cost $1,566,211)** | **Total Convertible Bonds and Notes<br> (Identified Cost $1,566,211)** | &nbsp;&nbsp;&nbsp;&nbsp;**1271026** |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Corporate Bonds and Notes—33.6%** | **Corporate Bonds and Notes—33.6%** | **Corporate Bonds and Notes—33.6%** |
| **Advertising—0.2%** | **Advertising—0.2%** |  |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.750%, 4/15/28<sup>(1)</sup> | $5410 | $3949 |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 6/1/29<sup>(1)</sup> | &nbsp;&nbsp; 7810 | &nbsp;&nbsp; 5735 |
|  |  | &nbsp;&nbsp; 9684 |
| **Aerospace & Defense—0.3%** | **Aerospace & Defense—0.3%** |  |
| Triumph Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.875%, 6/1/24<sup>(1)</sup> | &nbsp;&nbsp; 6752 | &nbsp;&nbsp; 6870 |
| &nbsp;&nbsp;&nbsp;144A 6.250%, 9/15/24<sup>(1)</sup> | &nbsp;&nbsp; 7135 | &nbsp;&nbsp; 6764 |
|  |  | &nbsp;&nbsp; 13634 |
| **Airlines—0.5%** | **Airlines—0.5%** |  |
| American Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 11.750%, 7/15/25<sup>(1)</sup> | &nbsp;&nbsp; 3875 | &nbsp;&nbsp; 4156 |
| &nbsp;&nbsp;&nbsp;144A 5.750%, 4/20/29<sup>(1)</sup> | &nbsp;&nbsp; 14125 | &nbsp;&nbsp; 12910 |
| Delta Air Lines, Inc.<br> 7.375%, 1/15/26 | &nbsp;&nbsp; 8545 | &nbsp;&nbsp; 8731 |
|  |  | &nbsp;&nbsp; 25797 |
| **Auto Components—0.9%** | **Auto Components—0.9%** |  |
| American Axle & Manufacturing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 4/1/27 | &nbsp;&nbsp; 6070 | &nbsp;&nbsp; 5475 |
| &nbsp;&nbsp;&nbsp;5.000%, 10/1/29 | &nbsp;&nbsp; 7700 | &nbsp;&nbsp; 6208 |
| Clarios Global LP 144A<br> 8.500%, 5/15/27<sup>(1)</sup> | &nbsp;&nbsp; 12195 | &nbsp;&nbsp; 11909 |
| Goodyear Tire & Rubber Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;9.500%, 5/31/25 | &nbsp;&nbsp; 2510 | &nbsp;&nbsp; 2579 |
| &nbsp;&nbsp;&nbsp;5.250%, 7/15/31 | &nbsp;&nbsp; 21515 | &nbsp;&nbsp; 17598 |
|  |  | &nbsp;&nbsp; 43769 |
| **Auto Manufacturers—0.7%** | **Auto Manufacturers—0.7%** |  |
| Ford Motor Co. |  |  |
| &nbsp;&nbsp;&nbsp;9.625%, 4/22/30 | &nbsp;&nbsp; 2075 | &nbsp;&nbsp; 2347 |
| &nbsp;&nbsp;&nbsp;7.450%, 7/16/31 | &nbsp;&nbsp; 9690 | &nbsp;&nbsp; 9904 |
| &nbsp;&nbsp;&nbsp;6.100%, 8/19/32 | &nbsp;&nbsp; 10425 | &nbsp;&nbsp; 9626 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.113%, 5/3/29 | &nbsp;&nbsp; 2245 | &nbsp;&nbsp; 2033 |
| &nbsp;&nbsp;&nbsp;4.000%, 11/13/30 | &nbsp;&nbsp; 14895 | &nbsp;&nbsp; 12227 |
|  |  | &nbsp;&nbsp; 36137 |
| **Building Materials—0.9%** | **Building Materials—0.9%** |  |
| Builders FirstSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 4.250%, 2/1/32<sup>(1)</sup> | &nbsp;&nbsp; 10405 | &nbsp;&nbsp; 8436 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### Income & Growth Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Building Materials—continued** | **Building Materials—continued** |  |
| &nbsp;&nbsp;&nbsp;144A 6.375%, 6/15/32<sup>(1)</sup> | $8065 | $7575 |
| Griffon Corp.<br> 5.750%, 3/1/28 | &nbsp;&nbsp; 8175 | &nbsp;&nbsp; 7480 |
| Koppers, Inc. 144A<br> 6.000%, 2/15/25<sup>(1)</sup> | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 9690 |
| Summit Materials LLC 144A<br> 5.250%, 1/15/29<sup>(1)</sup> | &nbsp;&nbsp; 11970 | &nbsp;&nbsp; 11144 |
|  |  | &nbsp;&nbsp; 44325 |
| **Chemicals—0.7%** | **Chemicals—0.7%** |  |
| Chemours Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.750%, 11/15/28<sup>(1)</sup> | &nbsp;&nbsp; 6355 | &nbsp;&nbsp; 5708 |
| &nbsp;&nbsp;&nbsp;144A 4.625%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 13120 | &nbsp;&nbsp; 10726 |
| Tronox, Inc. 144A<br> 4.625%, 3/15/29<sup>(1)</sup> | &nbsp;&nbsp; 10895 | &nbsp;&nbsp; 9057 |
| WR Grace Holdings LLC 144A<br> 5.625%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp; 11740 | &nbsp;&nbsp; 9477 |
|  |  | &nbsp;&nbsp; 34968 |
| **Commercial Services—1.6%** | **Commercial Services—1.6%** |  |
| ADT Security Corp. (The) 144A<br> 4.125%, 8/1/29<sup>(1)</sup> | &nbsp;&nbsp; 15625 | &nbsp;&nbsp; 13288 |
| Avis Budget Car Rental LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.750%, 7/15/27<sup>(1)</sup> | &nbsp;&nbsp; 8575 | &nbsp;&nbsp; 7777 |
| &nbsp;&nbsp;&nbsp;144A 5.375%, 3/1/29<sup>(1)</sup> | &nbsp;&nbsp; 5680 | &nbsp;&nbsp; 4859 |
| Deluxe Corp. 144A<br> 8.000%, 6/1/29<sup>(1)</sup> | &nbsp;&nbsp; 5540 | &nbsp;&nbsp; 4557 |
| Herc Holdings, Inc. 144A<br> 5.500%, 7/15/27<sup>(1)</sup> | &nbsp;&nbsp; 10975 | &nbsp;&nbsp; 10237 |
| Hertz Corp. (The) 144A<br> 5.000%, 12/1/29<sup>(1)</sup> | &nbsp;&nbsp; 12600 | &nbsp;&nbsp; 9558 |
| Monitronics International Escrow<br> 9.125%, 4/1/20<sup>(2)</sup> | &nbsp;&nbsp; 6450 | &nbsp;&nbsp; — |
| NESCO Holdings II, Inc. 144A<br> 5.500%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 12150 | &nbsp;&nbsp; 10631 |
| RR Donnelley & Sons Co.<br> 6.000%, 4/1/24 | &nbsp;&nbsp; 3195 | &nbsp;&nbsp; 3067 |
| United Rentals North America, Inc.<br> 5.250%, 1/15/30 | &nbsp;&nbsp; 13445 | &nbsp;&nbsp; 12633 |
| Williams Scotsman International, Inc. 144A<br> 6.125%, 6/15/25<sup>(1)</sup> | &nbsp;&nbsp; 5246 | &nbsp;&nbsp; 5194 |
|  |  | &nbsp;&nbsp; 81801 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Computers—0.5%** | **Computers—0.5%** |  |
| Condor Merger Sub, Inc. 144A<br> 7.375%, 2/15/30<sup>(1)</sup> | $11960 | $9616 |
| NCR Corp. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.125%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 6240 | &nbsp;&nbsp; 5219 |
| &nbsp;&nbsp;&nbsp;144A 6.125%, 9/1/29<sup>(1)</sup> | &nbsp;&nbsp; 5440 | &nbsp;&nbsp; 5087 |
| Western Digital Corp.<br> 4.750%, 2/15/26 | &nbsp;&nbsp; 4900 | &nbsp;&nbsp; 4614 |
|  |  | &nbsp;&nbsp; 24536 |
| **Containers & Packaging—0.8%** | **Containers & Packaging—0.8%** |  |
| Berry Global, Inc. 144A<br> 5.625%, 7/15/27<sup>(1)</sup> | &nbsp;&nbsp; 13090 | &nbsp;&nbsp; 12770 |
| Owens-Brockway Glass Container, Inc. 144A<br> 6.625%, 5/13/27<sup>(1)</sup> | &nbsp;&nbsp; 15535 | &nbsp;&nbsp; 15072 |
| Sealed Air Corp. 144A<br> 5.000%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 2300 | &nbsp;&nbsp; 2162 |
| Trivium Packaging Finance B.V. 144A<br> 8.500%, 8/15/27<sup>(1)</sup> | &nbsp;&nbsp; 12770 | &nbsp;&nbsp; 11717 |
|  |  | &nbsp;&nbsp; 41721 |
| **Cosmetics & Personal Care—0.3%** | **Cosmetics & Personal Care—0.3%** |  |
| Coty, Inc. 144A<br> 6.500%, 4/15/26<sup>(1)</sup> | &nbsp;&nbsp; 11185 | &nbsp;&nbsp; 10737 |
| Edgewell Personal Care Co. 144A<br> 5.500%, 6/1/28<sup>(1)</sup> | &nbsp;&nbsp; 4605 | &nbsp;&nbsp; 4307 |
|  |  | &nbsp;&nbsp; 15044 |
| **Diversified Financial Services—1.2%** | **Diversified Financial Services—1.2%** |  |
| Nationstar Mortgage Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.500%, 8/15/28<sup>(1)</sup> | &nbsp;&nbsp; 13230 | &nbsp;&nbsp; 10788 |
| &nbsp;&nbsp;&nbsp;144A 5.750%, 11/15/31<sup>(1)</sup> | &nbsp;&nbsp; 6870 | &nbsp;&nbsp; 5341 |
| Navient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, 6/15/26 | &nbsp;&nbsp; 10725 | &nbsp;&nbsp; 10165 |
| &nbsp;&nbsp;&nbsp;5.000%, 3/15/27 | &nbsp;&nbsp; 12315 | &nbsp;&nbsp; 10781 |
| &nbsp;&nbsp;&nbsp;4.875%, 3/15/28 | &nbsp;&nbsp; 7065 | &nbsp;&nbsp; 5810 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, 1/15/28 | &nbsp;&nbsp; 9655 | &nbsp;&nbsp; 8891 |
| &nbsp;&nbsp;&nbsp;5.375%, 11/15/29 | &nbsp;&nbsp; 7480 | &nbsp;&nbsp; 6118 |
|  |  | &nbsp;&nbsp; 57894 |
| **Electronic Equipment, Instruments &<br> Components—0.3%** | **Electronic Equipment, Instruments &<br> Components—0.3%** |  |
| Energizer Holdings, Inc. 144A<br> 6.500%, 12/31/27<sup>(1)</sup> | &nbsp;&nbsp; 1695 | &nbsp;&nbsp; 1613 |
| WESCO Distribution, Inc. 144A<br> 7.250%, 6/15/28<sup>(1)</sup> | &nbsp;&nbsp; 11220 | &nbsp;&nbsp; 11366 |
|  |  | &nbsp;&nbsp; 12979 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Electronics—0.3%** | **Electronics—0.3%** |  |
| Coherent Corp. 144A<br> 5.000%, 12/15/29<sup>(1)</sup> | $11315 | $9759 |
| Sensata Technologies B.V. 144A<br> 5.875%, 9/1/30<sup>(1)</sup> | &nbsp;&nbsp; 5065 | &nbsp;&nbsp; 4800 |
|  |  | &nbsp;&nbsp; 14559 |
| **Engineering & Construction—0.1%** | **Engineering & Construction—0.1%** |  |
| AECOM <br> 5.125%, 3/15/27 | &nbsp;&nbsp; 4625 | &nbsp;&nbsp; 4452 |
| **Entertainment—1.8%** | **Entertainment—1.8%** |  |
| AMC Entertainment Holdings, Inc. 144A<br> 7.500%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 1935 |
| Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.250%, 7/1/25<sup>(1)</sup> | &nbsp;&nbsp; 8060 | &nbsp;&nbsp; 7832 |
| &nbsp;&nbsp;&nbsp;144A 8.125%, 7/1/27<sup>(1)</sup> | &nbsp;&nbsp; 9400 | &nbsp;&nbsp; 9236 |
| &nbsp;&nbsp;&nbsp;144A 4.625%, 10/15/29<sup>(1)</sup> | &nbsp;&nbsp; 8665 | &nbsp;&nbsp; 7052 |
| CDI Escrow Issuer, Inc. 144A<br> 5.750%, 4/1/30<sup>(1)</sup> | &nbsp;&nbsp; 12845 | &nbsp;&nbsp; 11515 |
| Cedar Fair LP<br> 5.375%, 4/15/27 | &nbsp;&nbsp; 10180 | &nbsp;&nbsp; 9722 |
| International Game Technology plc |  |  |
| &nbsp;&nbsp;&nbsp;144A 4.125%, 4/15/26<sup>(1)</sup> | &nbsp;&nbsp; 4495 | &nbsp;&nbsp; 4192 |
| &nbsp;&nbsp;&nbsp;144A 6.250%, 1/15/27<sup>(1)</sup> | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 4168 |
| Lions Gate Capital Holdings LLC 144A<br> 5.500%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 10975 | &nbsp;&nbsp; 6363 |
| Live Nation Entertainment, Inc. 144A<br> 4.750%, 10/15/27<sup>(1)</sup> | &nbsp;&nbsp; 14410 | &nbsp;&nbsp; 12829 |
| Scientific Games International, Inc. 144A<br> 8.625%, 7/1/25<sup>(1)</sup> | &nbsp;&nbsp; 2750 | &nbsp;&nbsp; 2805 |
| SeaWorld Parks & Entertainment, Inc. 144A<br> 5.250%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp; 15825 | &nbsp;&nbsp; 13779 |
|  |  | &nbsp;&nbsp; 91428 |
| **Environmental Services—0.3%** | **Environmental Services—0.3%** |  |
| GFL Environmental, Inc. 144A<br> 4.750%, 6/15/29<sup>(1)</sup> | &nbsp;&nbsp; 14905 | &nbsp;&nbsp; 13046 |
| **Equity Real Estate Investment Trusts<br> (REITs)—1.4%** | **Equity Real Estate Investment Trusts<br> (REITs)—1.4%** |  |
| Brookfield Property REIT, Inc. 144A<br> 4.500%, 4/1/27<sup>(1)</sup> | &nbsp;&nbsp; 9205 | &nbsp;&nbsp; 7694 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### Income & Growth Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Equity Real Estate Investment Trusts<br> (REITs)—continued** | **Equity Real Estate Investment Trusts<br> (REITs)—continued** |  |
| Iron Mountain Information Management Services, Inc. 144A<br> 5.000%, 7/15/32<sup>(1)</sup> | $7535 | $6259 |
| Iron Mountain, Inc. 144A<br> 5.250%, 7/15/30<sup>(1)</sup> | &nbsp;&nbsp; 18050 | &nbsp;&nbsp; 15686 |
| Park Intermediate Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.875%, 10/1/28<sup>(1)</sup> | &nbsp;&nbsp; 8830 | &nbsp;&nbsp; 8004 |
| &nbsp;&nbsp;&nbsp;144A 4.875%, 5/15/29<sup>(1)</sup> | &nbsp;&nbsp; 9060 | &nbsp;&nbsp; 7669 |
| SBA Communications Corp.<br> 3.125%, 2/1/29 | &nbsp;&nbsp; 11135 | &nbsp;&nbsp; 9259 |
| Service Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, 3/15/25 | &nbsp;&nbsp; 5185 | &nbsp;&nbsp; 4472 |
| &nbsp;&nbsp;&nbsp;7.500%, 9/15/25 | &nbsp;&nbsp; 5355 | &nbsp;&nbsp; 5103 |
| &nbsp;&nbsp;&nbsp;4.375%, 2/15/30 | &nbsp;&nbsp; 5355 | &nbsp;&nbsp; 3538 |
|  |  | &nbsp;&nbsp; 67684 |
| **Food & Beverage—1.1%** | **Food & Beverage—1.1%** |  |
| Albertsons Cos., Inc. 144A<br> 4.875%, 2/15/30<sup>(1)</sup> | &nbsp;&nbsp; 6755 | &nbsp;&nbsp; 6029 |
| Kraft Heinz Foods Co.<br> 5.000%, 7/15/35 | &nbsp;&nbsp; 8175 | &nbsp;&nbsp; 7818 |
| Performance Food Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.500%, 10/15/27<sup>(1)</sup> | &nbsp;&nbsp; 7630 | &nbsp;&nbsp; 7196 |
| &nbsp;&nbsp;&nbsp;144A 4.250%, 8/1/29<sup>(1)</sup> | &nbsp;&nbsp; 10125 | &nbsp;&nbsp; 8775 |
| Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.500%, 12/15/29<sup>(1)</sup> | &nbsp;&nbsp; 3660 | &nbsp;&nbsp; 3312 |
| &nbsp;&nbsp;&nbsp;144A 4.500%, 9/15/31<sup>(1)</sup> | &nbsp;&nbsp; 9420 | &nbsp;&nbsp; 7919 |
| Simmons Foods, Inc. 144A<br> 4.625%, 3/1/29<sup>(1)</sup> | &nbsp;&nbsp; 10435 | &nbsp;&nbsp; 8495 |
| US Foods, Inc. 144A<br> 4.750%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp; 5350 | &nbsp;&nbsp; 4750 |
|  |  | &nbsp;&nbsp; 54294 |
| **Food Service—0.2%** | **Food Service—0.2%** |  |
| Aramark Services, Inc. 144A<br> 5.000%, 2/1/28<sup>(1)</sup> | &nbsp;&nbsp; 11590 | &nbsp;&nbsp; 10813 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Healthcare-Products—0.3%** | **Healthcare-Products—0.3%** |  |
| Medline Borrower LP 144A<br> 5.250%, 10/1/29<sup>(1)</sup> | $16520 | $13121 |
| **Healthcare-Services—1.4%** | **Healthcare-Services—1.4%** |  |
| Centene Corp.<br> 4.625%, 12/15/29 | &nbsp;&nbsp; 8740 | &nbsp;&nbsp; 7987 |
| Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.625%, 3/15/27<sup>(1)</sup> | &nbsp;&nbsp; 6495 | &nbsp;&nbsp; 5569 |
| &nbsp;&nbsp;&nbsp;144A 6.875%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 9715 | &nbsp;&nbsp; 4993 |
| HCA, Inc.<br> 5.875%, 2/1/29 | &nbsp;&nbsp; 9335 | &nbsp;&nbsp; 9306 |
| Select Medical Corp. 144A<br> 6.250%, 8/15/26<sup>(1)</sup> | &nbsp;&nbsp; 10195 | &nbsp;&nbsp; 9694 |
| Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.125%, 10/1/28<sup>(1)</sup> | &nbsp;&nbsp; 34410 | &nbsp;&nbsp; 30808 |
| &nbsp;&nbsp;&nbsp;144A 6.125%, 6/15/30<sup>(1)</sup> | &nbsp;&nbsp; 2180 | &nbsp;&nbsp; 2077 |
|  |  | &nbsp;&nbsp; 70434 |
| **Home Builders—0.1%** | **Home Builders—0.1%** |  |
| Taylor Morrison Communities, Inc. 144A<br> 5.750%, 1/15/28<sup>(1)</sup> | &nbsp;&nbsp; 7925 | &nbsp;&nbsp; 7421 |
| **Household Products/Wares—0.1%** | **Household Products/Wares—0.1%** |  |
| Spectrum Brands, Inc. 144A<br> 3.875%, 3/15/31<sup>(1)</sup> | &nbsp;&nbsp; 8430 | &nbsp;&nbsp; 6556 |
| **Internet—0.7%** | **Internet—0.7%** |  |
| Match Group Holdings II LLC 144A<br> 5.000%, 12/15/27<sup>(1)</sup> | &nbsp;&nbsp; 8590 | &nbsp;&nbsp; 7903 |
| Uber Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.000%, 11/1/26<sup>(1)</sup> | &nbsp;&nbsp; 4925 | &nbsp;&nbsp; 4942 |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 9/15/27<sup>(1)</sup> | &nbsp;&nbsp; 13190 | &nbsp;&nbsp; 13199 |
| &nbsp;&nbsp;&nbsp;144A 6.250%, 1/15/28<sup>(1)</sup> | &nbsp;&nbsp; 7410 | &nbsp;&nbsp; 7114 |
|  |  | &nbsp;&nbsp; 33158 |
| **Investment Companies—0.3%** | **Investment Companies—0.3%** |  |
| Compass Group Diversified Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.250%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 14195 | &nbsp;&nbsp; 12148 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Investment Companies—continued** | **Investment Companies—continued** |  |
| &nbsp;&nbsp;&nbsp;144A 5.000%, 1/15/32<sup>(1)</sup> | $3650 | $2884 |
|  |  | &nbsp;&nbsp; 15032 |
| **Iron & Steel—0.2%** | **Iron & Steel—0.2%** |  |
| Cleveland-Cliffs, Inc. 144A<br> 6.750%, 3/15/26<sup>(1)</sup> | &nbsp;&nbsp; 4870 | &nbsp;&nbsp; 4882 |
| United States Steel Corp.<br> 6.875%, 3/1/29 | &nbsp;&nbsp; 7210 | &nbsp;&nbsp; 6998 |
|  |  | &nbsp;&nbsp; 11880 |
| **Leisure Time—1.0%** | **Leisure Time—1.0%** |  |
| Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;144A 10.500%, 2/1/26<sup>(1)</sup> | &nbsp;&nbsp; 7675 | &nbsp;&nbsp; 7711 |
| &nbsp;&nbsp;&nbsp;144A 5.750%, 3/1/27<sup>(1)</sup> | &nbsp;&nbsp; 8455 | &nbsp;&nbsp; 6037 |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 5/1/29<sup>(1)</sup> | &nbsp;&nbsp; 10775 | &nbsp;&nbsp; 7180 |
| NCL Corp., Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.875%, 3/15/26<sup>(1)</sup> | &nbsp;&nbsp; 12550 | &nbsp;&nbsp; 9858 |
| &nbsp;&nbsp;&nbsp;144A 7.750%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp; 4460 | &nbsp;&nbsp; 3356 |
| Royal Caribbean Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 11.500%, 6/1/25<sup>(1)</sup> | &nbsp;&nbsp; 3442 | &nbsp;&nbsp; 3692 |
| &nbsp;&nbsp;&nbsp;144A 5.375%, 7/15/27<sup>(1)</sup> | &nbsp;&nbsp; 6590 | &nbsp;&nbsp; 5336 |
| &nbsp;&nbsp;&nbsp;144A 5.500%, 4/1/28<sup>(1)</sup> | &nbsp;&nbsp; 6100 | &nbsp;&nbsp; 4868 |
|  |  | &nbsp;&nbsp; 48038 |
| **Lodging—1.0%** | **Lodging—1.0%** |  |
| Boyd Gaming Corp. 144A<br> 4.750%, 6/15/31<sup>(1)</sup> | &nbsp;&nbsp; 6045 | &nbsp;&nbsp; 5259 |
| Hilton Domestic Operating Co., Inc. 144A<br> 4.000%, 5/1/31<sup>(1)</sup> | &nbsp;&nbsp; 17890 | &nbsp;&nbsp; 14967 |
| Hilton Grand Vacations Borrower Escrow LLC 144A<br> 5.000%, 6/1/29<sup>(1)</sup> | &nbsp;&nbsp; 8230 | &nbsp;&nbsp; 7078 |
| MGM Resorts International |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, 4/15/27 | &nbsp;&nbsp; 5050 | &nbsp;&nbsp; 4697 |
| &nbsp;&nbsp;&nbsp;4.750%, 10/15/28 | &nbsp;&nbsp; 13640 | &nbsp;&nbsp; 11906 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### Income & Growth Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Lodging—continued** | **Lodging—continued** |  |
| Wynn Las Vegas LLC 144A<br> 5.500%, 3/1/25<sup>(1)</sup> | $7030 | $6674 |
|  |  | &nbsp;&nbsp; 50581 |
| **Machinery-Construction &<br> Mining—0.1%** | **Machinery-Construction &<br> Mining—0.1%** |  |
| Terex Corp. 144A<br> 5.000%, 5/15/29<sup>(1)</sup> | &nbsp;&nbsp; 7100 | &nbsp;&nbsp; 6381 |
| **Machinery-Diversified—0.2%** | **Machinery-Diversified—0.2%** |  |
| Chart Industries, Inc. 144A<br> 7.500%, 1/1/30<sup>(1)</sup> | &nbsp;&nbsp; 9100 | &nbsp;&nbsp; 9148 |
| **Media—4.1%** | **Media—4.1%** |  |
| CCO Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, 5/1/32 | &nbsp;&nbsp; 6375 | &nbsp;&nbsp; 5075 |
| &nbsp;&nbsp;&nbsp;144A 5.375%, 6/1/29<sup>(1)</sup> | &nbsp;&nbsp; 14405 | &nbsp;&nbsp; 13026 |
| &nbsp;&nbsp;&nbsp;144A 6.375%, 9/1/29<sup>(1)</sup> | &nbsp;&nbsp; 12135 | &nbsp;&nbsp; 11404 |
| &nbsp;&nbsp;&nbsp;144A 4.750%, 2/1/32<sup>(1)</sup> | &nbsp;&nbsp; 4155 | &nbsp;&nbsp; 3368 |
| CSC Holdings LLC 144A<br> 7.500%, 4/1/28<sup>(1)</sup> | &nbsp;&nbsp; 24490 | &nbsp;&nbsp; 16653 |
| DirecTV Financing LLC 144A<br> 5.875%, 8/15/27<sup>(1)</sup> | &nbsp;&nbsp; 15910 | &nbsp;&nbsp; 14234 |
| DISH DBS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, 7/1/28 | &nbsp;&nbsp; 21985 | &nbsp;&nbsp; 15554 |
| &nbsp;&nbsp;&nbsp;144A 5.750%, 12/1/28<sup>(1)</sup> | &nbsp;&nbsp; 9505 | &nbsp;&nbsp; 7586 |
| Gray Escrow II, Inc. 144A<br> 5.375%, 11/15/31<sup>(1)</sup> | &nbsp;&nbsp; 14095 | &nbsp;&nbsp; 10158 |
| Gray Television, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.000%, 5/15/27<sup>(1)</sup> | &nbsp;&nbsp; 8470 | &nbsp;&nbsp; 7511 |
| &nbsp;&nbsp;&nbsp;144A 4.750%, 10/15/30<sup>(1)</sup> | &nbsp;&nbsp; 2325 | &nbsp;&nbsp; 1682 |
| iHeartCommunications, Inc.<br> 8.375%, 5/1/27 | &nbsp;&nbsp; 11905 | &nbsp;&nbsp; 10124 |
| Nexstar Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.625%, 7/15/27<sup>(1)</sup> | &nbsp;&nbsp; 13405 | &nbsp;&nbsp; 12297 |
| &nbsp;&nbsp;&nbsp;144A 4.750%, 11/1/28<sup>(1)</sup> | &nbsp;&nbsp; 5800 | &nbsp;&nbsp; 5017 |
| Scripps Escrow II, Inc. 144A<br> 5.375%, 1/15/31<sup>(1)</sup> | &nbsp;&nbsp; 13495 | &nbsp;&nbsp; 10816 |
| Sirius XM Radio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 4.000%, 7/15/28<sup>(1)</sup> | &nbsp;&nbsp; 8960 | &nbsp;&nbsp; 7798 |
| &nbsp;&nbsp;&nbsp;144A 4.125%, 7/1/30<sup>(1)</sup> | &nbsp;&nbsp; 9665 | &nbsp;&nbsp; 7976 |
| &nbsp;&nbsp;&nbsp;144A 3.875%, 9/1/31<sup>(1)</sup> | &nbsp;&nbsp; 9950 | &nbsp;&nbsp; 7763 |
| TEGNA, Inc.<br> 5.000%, 9/15/29 | &nbsp;&nbsp; 10150 | &nbsp;&nbsp; 9630 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Media—continued** | **Media—continued** |  |
| Virgin Media Finance plc 144A<br> 5.000%, 7/15/30<sup>(1)</sup> | $8345 | $6693 |
| Virgin Media Secured Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.500%, 5/15/29<sup>(1)</sup> | &nbsp;&nbsp; 12100 | &nbsp;&nbsp; 10839 |
| &nbsp;&nbsp;&nbsp;144A 4.500%, 8/15/30<sup>(1)</sup> | &nbsp;&nbsp; 9225 | &nbsp;&nbsp; 7707 |
|  |  | &nbsp;&nbsp; 202911 |
| **Mining—0.3%** | **Mining—0.3%** |  |
| FMG Resources August 2006 Pty Ltd. 144A<br> 4.375%, 4/1/31<sup>(1)</sup> | &nbsp;&nbsp; 4130 | &nbsp;&nbsp; 3435 |
| Hudbay Minerals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 4.500%, 4/1/26<sup>(1)</sup> | &nbsp;&nbsp; 9720 | &nbsp;&nbsp; 8829 |
| &nbsp;&nbsp;&nbsp;144A 6.125%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp; 4985 | &nbsp;&nbsp; 4514 |
|  |  | &nbsp;&nbsp; 16778 |
| **Oil, Gas & Consumable Fuels—2.8%** | **Oil, Gas & Consumable Fuels—2.8%** |  |
| Antero Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.625%, 2/1/29<sup>(1)</sup> | &nbsp;&nbsp; 2871 | &nbsp;&nbsp; 2887 |
| &nbsp;&nbsp;&nbsp;144A 5.375%, 3/1/30<sup>(1)</sup> | &nbsp;&nbsp; 7740 | &nbsp;&nbsp; 7176 |
| Callon Petroleum Co. |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.000%, 8/1/28<sup>(1)</sup> | &nbsp;&nbsp; 13490 | &nbsp;&nbsp; 12860 |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 6/15/30<sup>(1)</sup> | &nbsp;&nbsp; 7640 | &nbsp;&nbsp; 6991 |
| CITGO Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.000%, 6/15/25<sup>(1)</sup> | &nbsp;&nbsp; 2450 | &nbsp;&nbsp; 2390 |
| &nbsp;&nbsp;&nbsp;144A 6.375%, 6/15/26<sup>(1)</sup> | &nbsp;&nbsp; 6385 | &nbsp;&nbsp; 6154 |
| CNX Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 1/15/29<sup>(1)</sup> | &nbsp;&nbsp; 6375 | &nbsp;&nbsp; 5866 |
| &nbsp;&nbsp;&nbsp;144A 7.375%, 1/15/31<sup>(1)</sup> | &nbsp;&nbsp; 4510 | &nbsp;&nbsp; 4323 |
| Cobalt International Energy, Inc.<br> 7.750%, 12/1/23<sup>(2)(3)</sup> | &nbsp;&nbsp; 9216 | &nbsp;&nbsp; 133 |
| Comstock Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.750%, 3/1/29<sup>(1)</sup> | &nbsp;&nbsp; 10695 | &nbsp;&nbsp; 9652 |
| &nbsp;&nbsp;&nbsp;144A 5.875%, 1/15/30<sup>(1)</sup> | &nbsp;&nbsp; 6595 | &nbsp;&nbsp; 5670 |
| Mesquite Energy, Inc.<br> 6.125%, 1/15/23<sup>(2)(3)</sup> | &nbsp;&nbsp; 6240 | &nbsp;&nbsp; 86 |
| Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.875%, 7/15/30 | &nbsp;&nbsp; 6600 | &nbsp;&nbsp; 7451 |
| &nbsp;&nbsp;&nbsp;6.625%, 9/1/30 | &nbsp;&nbsp; 2610 | &nbsp;&nbsp; 2697 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Oil, Gas & Consumable<br> Fuels—continued** | **Oil, Gas & Consumable<br> Fuels—continued** |  |
| SM Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, 1/15/27 | $7980 | $7686 |
| &nbsp;&nbsp;&nbsp;6.500%, 7/15/28 | &nbsp;&nbsp; 7075 | &nbsp;&nbsp; 6783 |
| Southwestern Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, 3/15/30 | &nbsp;&nbsp; 12525 | &nbsp;&nbsp; 11423 |
| &nbsp;&nbsp;&nbsp;4.750%, 2/1/32 | &nbsp;&nbsp; 4720 | &nbsp;&nbsp; 4034 |
| Sunoco LP |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, 3/15/28 | &nbsp;&nbsp; 6830 | &nbsp;&nbsp; 6468 |
| &nbsp;&nbsp;&nbsp;4.500%, 4/30/30 | &nbsp;&nbsp; 6635 | &nbsp;&nbsp; 5759 |
| USA Compression Partners LP<br> 6.875%, 9/1/27 | &nbsp;&nbsp; 12545 | &nbsp;&nbsp; 11730 |
| Weatherford International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 11.000%, 12/1/24<sup>(1)</sup> | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;144A 8.625%, 4/30/30<sup>(1)</sup> | &nbsp;&nbsp; 9565 | &nbsp;&nbsp; 9185 |
|  |  | &nbsp;&nbsp; 137436 |
| **Paper & Forest Products—0.2%** | **Paper & Forest Products—0.2%** |  |
| Mercer International, Inc.<br> 5.125%, 2/1/29 | &nbsp;&nbsp; 10985 | &nbsp;&nbsp; 9184 |
| **Pharmaceuticals—1.0%** | **Pharmaceuticals—1.0%** |  |
| Bausch Health Americas, Inc. 144A<br> 8.500%, 1/31/27<sup>(1)</sup> | &nbsp;&nbsp; 32710 | &nbsp;&nbsp; 17112 |
| Jazz Securities DAC 144A<br> 4.375%, 1/15/29<sup>(1)</sup> | &nbsp;&nbsp; 17325 | &nbsp;&nbsp; 15439 |
| Organon & Co. 144A<br> 5.125%, 4/30/31<sup>(1)</sup> | &nbsp;&nbsp; 16695 | &nbsp;&nbsp; 14456 |
| Prestige Brands, Inc. 144A<br> 5.125%, 1/15/28<sup>(1)</sup> | &nbsp;&nbsp; 5645 | &nbsp;&nbsp; 5299 |
|  |  | &nbsp;&nbsp; 52306 |
| **Pipelines—1.1%** | **Pipelines—1.1%** |  |
| Antero Midstream Partners LP 144A<br> 5.375%, 6/15/29<sup>(1)</sup> | &nbsp;&nbsp; 9185 | &nbsp;&nbsp; 8397 |
| Crestwood Midstream Partners LP 144A<br> 6.000%, 2/1/29<sup>(1)</sup> | &nbsp;&nbsp; 11805 | &nbsp;&nbsp; 10831 |
| EQM Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.500%, 7/1/27<sup>(1)</sup> | &nbsp;&nbsp; 4470 | &nbsp;&nbsp; 4272 |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 6/1/30<sup>(1)</sup> | &nbsp;&nbsp; 7645 | &nbsp;&nbsp; 7366 |
| Hess Midstream Operations LP 144A<br> 5.500%, 10/15/30<sup>(1)</sup> | &nbsp;&nbsp; 3250 | &nbsp;&nbsp; 2973 |
| NGL Energy Operating LLC 144A<br> 7.500%, 2/1/26<sup>(1)</sup> | &nbsp;&nbsp; 13315 | &nbsp;&nbsp; 11856 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### Income & Growth Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Pipelines—continued** | **Pipelines—continued** |  |
| NuStar Logistics LP<br> 6.375%, 10/1/30 | $9135 | $8447 |
|  |  | &nbsp;&nbsp; 54142 |
| **Real Estate—0.2%** | **Real Estate—0.2%** |  |
| Kennedy-Wilson, Inc.<br> 5.000%, 3/1/31 | &nbsp;&nbsp; 12550 | &nbsp;&nbsp; 9447 |
| **Retail—1.3%** | **Retail—1.3%** |  |
| Asbury Automotive Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, 3/1/30 | &nbsp;&nbsp; 6155 | &nbsp;&nbsp; 5148 |
| &nbsp;&nbsp;&nbsp;144A 4.625%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 4400 | &nbsp;&nbsp; 3708 |
| &nbsp;&nbsp;&nbsp;144A 5.000%, 2/15/32<sup>(1)</sup> | &nbsp;&nbsp; 4280 | &nbsp;&nbsp; 3521 |
| Bath & Body Works, Inc. 144A<br> 6.625%, 10/1/30<sup>(1)</sup> | &nbsp;&nbsp; 14795 | &nbsp;&nbsp; 13884 |
| Macy's Retail Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.875%, 3/15/30<sup>(1)</sup> | &nbsp;&nbsp; 4925 | &nbsp;&nbsp; 4274 |
| &nbsp;&nbsp;&nbsp;144A 6.125%, 3/15/32<sup>(1)</sup> | &nbsp;&nbsp; 6250 | &nbsp;&nbsp; 5253 |
| Mariposa Borrower, Inc. Escrow<br> 8.000%, 10/15/21<sup>(2)</sup> | &nbsp;&nbsp; 6810 | &nbsp;&nbsp; 2202 |
| New Red Finance, Inc. 144A<br> 4.000%, 10/15/30<sup>(1)</sup> | &nbsp;&nbsp; 16820 | &nbsp;&nbsp; 13621 |
| Yum! Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 1/31/32 | &nbsp;&nbsp; 9655 | &nbsp;&nbsp; 8534 |
| &nbsp;&nbsp;&nbsp;5.375%, 4/1/32 | &nbsp;&nbsp; 6680 | &nbsp;&nbsp; 6187 |
|  |  | &nbsp;&nbsp; 66332 |
| **Semiconductors—0.1%** | **Semiconductors—0.1%** |  |
| Amkor Technology, Inc. 144A<br> 6.625%, 9/15/27<sup>(1)</sup> | &nbsp;&nbsp; 5150 | &nbsp;&nbsp; 5097 |
| Entegris Escrow Corp. 144A<br> 5.950%, 6/15/30<sup>(1)</sup> | &nbsp;&nbsp; 2410 | &nbsp;&nbsp; 2222 |
|  |  | &nbsp;&nbsp; 7319 |
| **Software—0.6%** | **Software—0.6%** |  |
| Clarivate Science Holdings Corp. 144A<br> 4.875%, 7/1/29<sup>(1)</sup> | &nbsp;&nbsp; 11825 | &nbsp;&nbsp; 10055 |
| Consensus Cloud Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 10/15/26<sup>(1)</sup> | &nbsp;&nbsp; 3065 | &nbsp;&nbsp; 2867 |
| &nbsp;&nbsp;&nbsp;144A 6.500%, 10/15/28<sup>(1)</sup> | &nbsp;&nbsp; 6765 | &nbsp;&nbsp; 6222 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Software—continued** | **Software—continued** |  |
| SS&C Technologies, Inc. 144A<br> 5.500%, 9/30/27<sup>(1)</sup> | $10580 | $9907 |
|  |  | &nbsp;&nbsp;&nbsp; 29051 |
| **Telecommunications—2.1%** | **Telecommunications—2.1%** |  |
| CommScope Technologies LLC 144A<br> 5.000%, 3/15/27<sup>(1)</sup> | &nbsp;&nbsp; 10105 | &nbsp;&nbsp;&nbsp; 6863 |
| Frontier Communications Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.000%, 5/1/28<sup>(1)</sup> | &nbsp;&nbsp; 10165 | &nbsp;&nbsp;&nbsp; 8864 |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 1/15/30<sup>(1)</sup> | &nbsp;&nbsp; 12310 | &nbsp;&nbsp;&nbsp; 9671 |
| &nbsp;&nbsp;&nbsp;144A 8.750%, 5/15/30<sup>(1)</sup> | &nbsp;&nbsp; 2420 | &nbsp;&nbsp;&nbsp; 2461 |
| GTT Communications, Inc. 144A<br> 7.875%, 12/31/24<sup>(1)(3)</sup> | &nbsp;&nbsp; 10045 | &nbsp;&nbsp;&nbsp; 181 |
| Hughes Satellite Systems Corp.<br> 6.625%, 8/1/26 | &nbsp;&nbsp; 13080 | &nbsp;&nbsp;&nbsp; 12200 |
| Lumen Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.125%, 12/15/26<sup>(1)</sup> | &nbsp;&nbsp; 9205 | &nbsp;&nbsp;&nbsp; 8002 |
| &nbsp;&nbsp;&nbsp;144A 5.375%, 6/15/29<sup>(1)</sup> | &nbsp;&nbsp; 23075 | &nbsp;&nbsp;&nbsp; 16613 |
| Sprint LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, 6/15/24 | &nbsp;&nbsp; 6860 | &nbsp;&nbsp;&nbsp; 6994 |
| &nbsp;&nbsp;&nbsp;7.625%, 3/1/26 | &nbsp;&nbsp; 7595 | &nbsp;&nbsp;&nbsp; 7992 |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, 2/1/28 | &nbsp;&nbsp; 5435 | &nbsp;&nbsp;&nbsp; 5284 |
| &nbsp;&nbsp;&nbsp;3.375%, 4/15/29 | &nbsp;&nbsp; 8250 | &nbsp;&nbsp;&nbsp; 7266 |
| &nbsp;&nbsp;&nbsp;3.500%, 4/15/31 | &nbsp;&nbsp; 14160 | &nbsp;&nbsp;&nbsp; 12231 |
| Windstream Services LLC 144A<br> 6.375%, 8/1/23<sup>(1)(2)(3)</sup> | &nbsp;&nbsp; 7464 | &nbsp;&nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp;&nbsp; 104622 |
| **Transportation—0.3%** | **Transportation—0.3%** |  |
| Fortress Transportation & Infrastructure Investors LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 9.750%, 8/1/27<sup>(1)</sup> | &nbsp;&nbsp; 8420 | &nbsp;&nbsp;&nbsp; 8441 |
| &nbsp;&nbsp;&nbsp;144A 5.500%, 5/1/28<sup>(1)</sup> | &nbsp;&nbsp; 7450 | &nbsp;&nbsp;&nbsp; 6356 |
|  |  | &nbsp;&nbsp;&nbsp; 14797 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $1,991,158)** | **Total Corporate Bonds and Notes<br> (Identified Cost $1,991,158)** | &nbsp;&nbsp;&nbsp;&nbsp;**1674640** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Convertible Preferred Stocks—5.3%** | **Convertible Preferred Stocks—5.3%** | **Convertible Preferred Stocks—5.3%** |
| **Auto Components—0.3%** | **Auto Components—0.3%** |  |
| Aptiv plc Series A, 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;149235 | $16016 |
| **Banks—1.5%** | **Banks—1.5%** |  |
| Bank of America Corp. Series L, 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21900 | &nbsp;&nbsp; 25404 |
| Wells Fargo & Co. Series L, 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41900 | &nbsp;&nbsp; 49651 |
|  |  | &nbsp;&nbsp; 75055 |
| **Capital Markets—0.2%** | **Capital Markets—0.2%** |  |
| KKR & Co., Inc. Series C, 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;191295 | &nbsp;&nbsp; 10952 |
| **Diversified Financial Services—0.2%** | **Diversified Financial Services—0.2%** |  |
| Chewy, Inc. 2020 Mandatory Exchangeable Trust 144A, 6.500%<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9640 | &nbsp;&nbsp; 8509 |
| **Electric Utilities—1.0%** | **Electric Utilities—1.0%** |  |
| NextEra Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.279% | &nbsp;&nbsp;&nbsp;&nbsp;398430 | &nbsp;&nbsp; 20201 |
| &nbsp;&nbsp;&nbsp;6.219% | &nbsp;&nbsp;&nbsp;&nbsp;543655 | &nbsp;&nbsp; 27449 |
|  |  | &nbsp;&nbsp; 47650 |
| **Electronic Equipment, Instruments &<br> Components—0.1%** | **Electronic Equipment, Instruments &<br> Components—0.1%** |  |
| Coherent Corp. Series A, 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23240 | &nbsp;&nbsp; 3716 |
| **Healthcare Equipment &<br> Supplies—0.5%** | **Healthcare Equipment &<br> Supplies—0.5%** |  |
| Boston Scientific Corp. Series A, 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;214910 | &nbsp;&nbsp; 24676 |
| **Life Sciences Tools &<br> Services—0.9%** | **Life Sciences Tools &<br> Services—0.9%** |  |
| Danaher Corp. Series B, 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34715 | &nbsp;&nbsp; 47093 |
| **Pharmaceuticals—0.1%** | **Pharmaceuticals—0.1%** |  |
| Elanco Animal Health, Inc., 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;229565 | &nbsp;&nbsp; 4483 |
| **Professional Services—0.1%** | **Professional Services—0.1%** |  |
| Clarivate plc Series A, 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;140520 | &nbsp;&nbsp; 5323 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### Income & Growth Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Telecommunications—0.4%** | **Telecommunications—0.4%** |  |
| T-Mobile U.S. 2020 Cash Mandatory Exchangeable Trust 144A, 5.250%<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17455 | $19969 |
| **Total Convertible Preferred Stocks<br> (Identified Cost $304,730)** | **Total Convertible Preferred Stocks<br> (Identified Cost $304,730)** | &nbsp;&nbsp;&nbsp;&nbsp; **263442** |
| **Preferred Stock—0.0%** | **Preferred Stock—0.0%** | **Preferred Stock—0.0%** |
| **Entertainment—0.0%** | **Entertainment—0.0%** |  |
| LiveStyle, Inc. Series B <sup>(2)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27523 | &nbsp;&nbsp;&nbsp; 2004 |
| **Total Preferred Stock<br> (Identified Cost $2,699)** | **Total Preferred Stock<br> (Identified Cost $2,699)** | &nbsp;&nbsp;&nbsp;&nbsp; **2004** |
| **Common Stocks—33.5%** | **Common Stocks—33.5%** | **Common Stocks—33.5%** |
| **Air Freight & Logistics—0.2%** | **Air Freight & Logistics—0.2%** |  |
| United Parcel Service, Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69825 | &nbsp;&nbsp;&nbsp; 12138 |
| **Automobiles—0.7%** | **Automobiles—0.7%** |  |
| Tesla, Inc.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;287883 | &nbsp;&nbsp;&nbsp; 35461 |
| **Banks—1.4%** | **Banks—1.4%** |  |
| CCF Holdings LLC <sup>(2)(5)</sup> | 7416755 | &nbsp;&nbsp;&nbsp; 2299 |
| CCF Holdings LLC Class M<sup>(2)(5)</sup> | 1759917 | &nbsp;&nbsp;&nbsp; 546 |
| JPMorgan Chase & Co.<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;265040 | &nbsp;&nbsp;&nbsp; 35542 |
| Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;822765 | &nbsp;&nbsp;&nbsp; 33972 |
|  |  | &nbsp;&nbsp;&nbsp; 72359 |
| **Biotechnology—1.4%** | **Biotechnology—1.4%** |  |
| AbbVie, Inc.<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;347572 | &nbsp;&nbsp;&nbsp; 56171 |
| Vertex Pharmaceuticals, Inc.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46710 | &nbsp;&nbsp;&nbsp; 13489 |
|  |  | &nbsp;&nbsp;&nbsp; 69660 |
| **Capital Markets—1.1%** | **Capital Markets—1.1%** |  |
| Charles Schwab Corp. (The)<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;292280 | &nbsp;&nbsp;&nbsp; 24335 |
| CME Group, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;112455 | &nbsp;&nbsp;&nbsp; 18910 |
| S&P Global, Inc.<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30780 | &nbsp;&nbsp;&nbsp; 10310 |
|  |  | &nbsp;&nbsp;&nbsp; 53555 |
| **Chemicals—0.8%** | **Chemicals—0.8%** |  |
| DuPont de Nemours, Inc.<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;376540 | &nbsp;&nbsp;&nbsp; 25842 |
| Sherwin-Williams Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68490 | &nbsp;&nbsp;&nbsp; 16255 |
|  |  | &nbsp;&nbsp;&nbsp; 42097 |
| **Commercial Services &<br> Supplies—0.7%** | **Commercial Services &<br> Supplies—0.7%** |  |
| Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;213715 | &nbsp;&nbsp;&nbsp; 33528 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Communications Equipment—0.4%** | **Communications Equipment—0.4%** |  |
| Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;398715 | $18995 |
| **Consumer Finance—0.0%** | **Consumer Finance—0.0%** |  |
| Erickson, Inc.<sup>(2)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10866 | &nbsp;&nbsp; 366 |
| **Electric Utilities—1.1%** | **Electric Utilities—1.1%** |  |
| Exelon Corp. | 1232230 | &nbsp;&nbsp; 53269 |
| **Electrical Equipment—0.2%** | **Electrical Equipment—0.2%** |  |
| Generac Holdings, Inc.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49720 | &nbsp;&nbsp; 5005 |
| Plug Power, Inc.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;437288 | &nbsp;&nbsp; 5409 |
|  |  | &nbsp;&nbsp; 10414 |
| **Electronic Equipment, Instruments &<br> Components—0.1%** | **Electronic Equipment, Instruments &<br> Components—0.1%** |  |
| Coherent Corp.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;147475 | &nbsp;&nbsp; 5176 |
| **Energy Equipment & Services—0.7%** | **Energy Equipment & Services—0.7%** |  |
| Schlumberger Ltd.<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;671620 | &nbsp;&nbsp; 35905 |
| **Entertainment—0.0%** | **Entertainment—0.0%** |  |
| LiveStyle, Inc. <sup>(2)(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;202319 | &nbsp;&nbsp; — <sup>(7)</sup> |
| **Equity Real Estate Investment—0.5%** | **Equity Real Estate Investment—0.5%** |  |
| American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;113300 | &nbsp;&nbsp; 24004 |
| **Food & Staples Retailing—0.6%** | **Food & Staples Retailing—0.6%** |  |
| Costco Wholesale Corp.<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70990 | &nbsp;&nbsp; 32407 |
| **Healthcare Equipment &<br> Supplies—1.0%** | **Healthcare Equipment &<br> Supplies—1.0%** |  |
| Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;181305 | &nbsp;&nbsp; 19905 |
| Dexcom, Inc.<sup>(5)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63115 | &nbsp;&nbsp; 7147 |
| Intuitive Surgical, Inc.<sup>(5)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84145 | &nbsp;&nbsp; 22328 |
|  |  | &nbsp;&nbsp; 49380 |
| **Healthcare Providers &<br> Services—0.9%** | **Healthcare Providers &<br> Services—0.9%** |  |
| UnitedHealth Group, Inc.<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85385 | &nbsp;&nbsp; 45269 |
| **Hotels, Restaurants & Leisure—1.3%** | **Hotels, Restaurants & Leisure—1.3%** |  |
| Booking Holdings, Inc.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15360 | &nbsp;&nbsp; 30955 |
| Chipotle Mexican Grill, Inc. Class A<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14660 | &nbsp;&nbsp; 20340 |
| MGM Resorts International | &nbsp;&nbsp;&nbsp;&nbsp;417555 | &nbsp;&nbsp; 14001 |
|  |  | &nbsp;&nbsp; 65296 |
| **Insurance—0.5%** | **Insurance—0.5%** |  |
| Aon plc Class A<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76255 | &nbsp;&nbsp; 22887 |
| **Interactive Media & Services—1.9%** | **Interactive Media & Services—1.9%** |  |
| Alphabet, Inc. Class A<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;870900 | &nbsp;&nbsp; 76840 |
| Meta Platforms, Inc. Class A<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;147785 | &nbsp;&nbsp; 17784 |
|  |  | &nbsp;&nbsp; 94624 |
| **Internet & Direct Marketing<br> Retail—1.0%** | **Internet & Direct Marketing<br> Retail—1.0%** |  |
| Amazon.com, Inc.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;578270 | &nbsp;&nbsp; 48575 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **IT Services—1.7%** | **IT Services—1.7%** |  |
| Accenture plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94550 | $25230 |
| EPAM Systems, Inc.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25610 | &nbsp;&nbsp; 8393 |
| Mastercard, Inc. Class A<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;152790 | &nbsp;&nbsp; 53130 |
|  |  | &nbsp;&nbsp; 86753 |
| **Life Sciences Tools &<br> Services—1.3%** | **Life Sciences Tools &<br> Services—1.3%** |  |
| Avantor, Inc.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;280592 | &nbsp;&nbsp; 5918 |
| IQVIA Holdings, Inc.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;118460 | &nbsp;&nbsp; 24271 |
| Thermo Fisher Scientific, Inc.<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65850 | &nbsp;&nbsp; 36263 |
|  |  | &nbsp;&nbsp; 66452 |
| **Machinery—0.4%** | **Machinery—0.4%** |  |
| Deere & Co.<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37015 | &nbsp;&nbsp; 15870 |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82623 | &nbsp;&nbsp; 6207 |
|  |  | &nbsp;&nbsp; 22077 |
| **Media—0.0%** | **Media—0.0%** |  |
| Postmedia Network Canada Corp.<sup>(2)(5)</sup> | 1018823 | &nbsp;&nbsp; 571 |
| **Multiline Retail—0.2%** | **Multiline Retail—0.2%** |  |
| Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66560 | &nbsp;&nbsp; 9920 |
| **Oil, Gas & Consumable Fuels—1.0%** | **Oil, Gas & Consumable Fuels—1.0%** |  |
| ConocoPhillips <sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;206950 | &nbsp;&nbsp; 24420 |
| Devon Energy Corp.<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;399720 | &nbsp;&nbsp; 24587 |
| Riviera Resources, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25527 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; 49007 |
| **Pharmaceuticals—1.4%** | **Pharmaceuticals—1.4%** |  |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;147235 | &nbsp;&nbsp; 53865 |
| Zoetis, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;112850 | &nbsp;&nbsp; 16538 |
|  |  | &nbsp;&nbsp; 70403 |
| **Road & Rail—1.0%** | **Road & Rail—1.0%** |  |
| Union Pacific Corp.<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;238280 | &nbsp;&nbsp; 49341 |
| **Semiconductors & Semiconductor<br> Equipment—2.5%** | **Semiconductors & Semiconductor<br> Equipment—2.5%** |  |
| Broadcom, Inc.<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;103671 | &nbsp;&nbsp; 57966 |
| Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41920 | &nbsp;&nbsp; 17619 |
| Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;250510 | &nbsp;&nbsp; 9279 |
| Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;389325 | &nbsp;&nbsp; 19458 |
| NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;125915 | &nbsp;&nbsp; 18401 |
|  |  | &nbsp;&nbsp; 122723 |
| **Software—3.8%** | **Software—3.8%** |  |
| Adobe, Inc. <sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17235 | &nbsp;&nbsp; 5800 |
| Atlassian Corp. Class A<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64700 | &nbsp;&nbsp; 8326 |
| Crowdstrike Holdings, Inc. Class A<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;123360 | &nbsp;&nbsp; 12989 |
| Intuit, Inc.<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66120 | &nbsp;&nbsp; 25735 |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;437021 | &nbsp;&nbsp; 104806 |
| Salesforce, Inc.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55705 | &nbsp;&nbsp; 7386 |
| ServiceNow, Inc.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55005 | &nbsp;&nbsp; 21357 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### Income & Growth Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Software—continued** | **Software—continued** |  |
| Workday, Inc. Class A<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4974 | $832 |
|  |  | &nbsp;&nbsp;&nbsp; 187231 |
| **Specialty Retail—1.1%** | **Specialty Retail—1.1%** |  |
| Home Depot, Inc. (The)<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;113235 | &nbsp;&nbsp;&nbsp; 35766 |
| TJX Cos., Inc. (The)<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;221640 | &nbsp;&nbsp;&nbsp; 17643 |
|  |  | &nbsp;&nbsp;&nbsp; 53409 |
| **Technology Hardware, Storage &<br> Peripherals—2.1%** | **Technology Hardware, Storage &<br> Peripherals—2.1%** |  |
| Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;811140 | &nbsp;&nbsp;&nbsp; 105391 |
| **Textiles, Apparel & Luxury<br> Goods—0.5%** | **Textiles, Apparel & Luxury<br> Goods—0.5%** |  |
| NIKE, Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;209710 | &nbsp;&nbsp;&nbsp; 24538 |
| Quiksilver, Inc.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp; — <sup>(7)</sup> |
|  |  | &nbsp;&nbsp;&nbsp; 24538 |
| **Total Common Stocks<br> (Identified Cost $2,202,195)** | **Total Common Stocks<br> (Identified Cost $2,202,195)** | &nbsp;&nbsp;&nbsp;&nbsp;**1673181** |
| **Warrants—0.0%** | **Warrants—0.0%** | **Warrants—0.0%** |
| **Banks—0.0%** | **Banks—0.0%** |  |
| CCF Holdings LLC<sup>(2)(5)</sup> | 2911361 | &nbsp;&nbsp;&nbsp; 378 |
| **Media—0.0%** | **Media—0.0%** |  |
| Tenerity, Inc.<sup>(2)(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7203 | &nbsp;&nbsp;&nbsp; — |
| **Oil, Gas & Consumable Fuels—0.0%** | **Oil, Gas & Consumable Fuels—0.0%** |  |
| Nabors Industries Ltd.<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2910 | &nbsp;&nbsp;&nbsp; 96 |
| **Total Warrants<br> (Identified Cost $1,422)** | **Total Warrants<br> (Identified Cost $1,422)** | &nbsp;&nbsp;&nbsp;&nbsp; **474** |
| **Total Long-Term Investments—97.9%<br> (Identified Cost $6,068,415)** | **Total Long-Term Investments—97.9%<br> (Identified Cost $6,068,415)** | &nbsp;&nbsp;&nbsp;&nbsp;**4884767** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investment—1.8%** | **Short-Term Investment—1.8%** | **Short-Term Investment—1.8%** |
| **Money Market Mutual Fund—1.8%** | **Money Market Mutual Fund—1.8%** | **Money Market Mutual Fund—1.8%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.033%)<sup>(8)</sup> | 90993146 | $90993 |
| **Total Short-Term Investment<br> (Identified Cost $90,993)** | **Total Short-Term Investment<br> (Identified Cost $90,993)** | &nbsp;&nbsp;&nbsp;&nbsp; **90993** |
| **TOTAL INVESTMENTS, BEFORE WRITTEN OPTIONS—99.7%<br> (Identified Cost $6,159,408)** | **TOTAL INVESTMENTS, BEFORE WRITTEN OPTIONS—99.7%<br> (Identified Cost $6,159,408)** | &nbsp;&nbsp;&nbsp;&nbsp;**4975760** |

---

---

| | |
|:---|:---|
| **Written Options—(0.0)%** | **Written Options—(0.0)%** |
| (See open written<br> options schedule) |  |
| **Total Written Options<br> (Premiums Received $624)** | &nbsp;&nbsp;&nbsp; **(567)** |
| **TOTAL INVESTMENTS, NET OF WRITTEN OPTIONS—99.7%<br> (Identified Cost $6,158,784)** | **$4975193** |
| Other assets and liabilities, net—0.3% | &nbsp;&nbsp;&nbsp; 14496 |
| **NET ASSETS—100.0%** | **$4989689** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| EV | Enterprise Value |
| GS | Goldman Sachs & Co. |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| REIT | Real Estate Investment Trust |
| S&P | Standard & Poor's |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, these securities amounted to a value of $1,446,492 or 29.0% of net assets. |

---

<sup>(2)</sup> The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments.

<sup>(3)</sup> Security in default; no interest payments are being received during the bankruptcy proceedings.

<sup>(4)</sup> All or a portion of the security is restricted.

<sup>(5)</sup> Non-income producing.

<sup>(6)</sup> All or a portion of the security is segregated as collateral for written options. The value of securities segregated as collateral is $188,943.

<sup>(7)</sup> Amount is less than $500.

<sup>(8)</sup> Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;93% |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Bermuda | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Liberia | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Panama | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |
| <sup>†</sup> % of total investments, net of written options, as of December 31, 2022. | <sup>†</sup> % of total investments, net of written options, as of December 31, 2022. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open written options contracts as of December 31, 2022 were as follows:** | **Open written options contracts as of December 31, 2022 were as follows:** | **Open written options contracts as of December 31, 2022 were as follows:** | **Open written options contracts as of December 31, 2022 were as follows:** | **Open written options contracts as of December 31, 2022 were as follows:** | **Open written options contracts as of December 31, 2022 were as follows:** |
| **Description of Options** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Contract <br> Notional<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Strike <br> Price<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration <br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| **Call Options<sup>(2)</sup>** |  |  |  |  |  |
| AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(935) | &nbsp;&nbsp;&nbsp;&nbsp;$(16362) | &nbsp;&nbsp;&nbsp;&nbsp;$175.00 | &nbsp;&nbsp;&nbsp;&nbsp;01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(12) |
| Aon plc | &nbsp;&nbsp;&nbsp;&nbsp;(265) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8745) | &nbsp;&nbsp;&nbsp;&nbsp;330.00 | &nbsp;&nbsp;&nbsp;&nbsp;01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) |
| Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(315) | &nbsp;&nbsp;&nbsp;&nbsp;(19372) | &nbsp;&nbsp;&nbsp;&nbsp;615.00 | &nbsp;&nbsp;&nbsp;&nbsp;01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46) |
| Charles Schwab Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;(1610) | &nbsp;&nbsp;&nbsp;&nbsp;(14088) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87.50 | &nbsp;&nbsp;&nbsp;&nbsp;01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(143) |
| ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;(620) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8060) | &nbsp;&nbsp;&nbsp;&nbsp;130.00 | &nbsp;&nbsp;&nbsp;&nbsp;01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37) |
| Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(185) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9990) | &nbsp;&nbsp;&nbsp;&nbsp;540.00 | &nbsp;&nbsp;&nbsp;&nbsp;02/17/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) |
| Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;(225) | &nbsp;&nbsp;&nbsp;&nbsp;(10688) | &nbsp;&nbsp;&nbsp;&nbsp;475.00 | &nbsp;&nbsp;&nbsp;&nbsp;01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |
| Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6300) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70.00 | &nbsp;&nbsp;&nbsp;&nbsp;01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 6.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### Income & Growth Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open written options contracts as of December 31, 2022 were as follows (continued):** | **Open written options contracts as of December 31, 2022 were as follows (continued):** | **Open written options contracts as of December 31, 2022 were as follows (continued):** | **Open written options contracts as of December 31, 2022 were as follows (continued):** | **Open written options contracts as of December 31, 2022 were as follows (continued):** | **Open written options contracts as of December 31, 2022 were as follows (continued):** |
| **Description of Options** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Contract <br> Notional<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Strike <br> Price<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration <br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| **Call Options<sup>(2)</sup> (continued)** |  |  |  |  |  |
| Dexcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(250) | &nbsp;&nbsp;&nbsp;&nbsp;$(3250) | &nbsp;&nbsp;&nbsp;&nbsp;$130.00 | &nbsp;&nbsp;&nbsp;&nbsp;01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(11) |
| DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(760) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6080) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.00 | &nbsp;&nbsp;&nbsp;&nbsp;01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
| Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;(80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2800) | &nbsp;&nbsp;&nbsp;&nbsp;350.00 | &nbsp;&nbsp;&nbsp;&nbsp;01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(185) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9065) | &nbsp;&nbsp;&nbsp;&nbsp;490.00 | &nbsp;&nbsp;&nbsp;&nbsp;01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| Intuitive Surgical, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(170) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5100) | &nbsp;&nbsp;&nbsp;&nbsp;300.00 | &nbsp;&nbsp;&nbsp;&nbsp;01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) |
| JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;(770) | &nbsp;&nbsp;&nbsp;&nbsp;(11165) | &nbsp;&nbsp;&nbsp;&nbsp;145.00 | &nbsp;&nbsp;&nbsp;&nbsp;01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) |
| Mastercard, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(190) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7220) | &nbsp;&nbsp;&nbsp;&nbsp;380.00 | &nbsp;&nbsp;&nbsp;&nbsp;01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |
| S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1533) | &nbsp;&nbsp;&nbsp;&nbsp;365.00 | &nbsp;&nbsp;&nbsp;&nbsp;01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |
| Schlumberger Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;(2340) | &nbsp;&nbsp;&nbsp;&nbsp;(14274) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61.00 | &nbsp;&nbsp;&nbsp;&nbsp;01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64) |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(175) | &nbsp;&nbsp;&nbsp;&nbsp;(10325) | &nbsp;&nbsp;&nbsp;&nbsp;590.00 | &nbsp;&nbsp;&nbsp;&nbsp;01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49) |
| TJX Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;(1330) | &nbsp;&nbsp;&nbsp;&nbsp;(11305) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85.00 | &nbsp;&nbsp;&nbsp;&nbsp;01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44) |
| Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(170) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4165) | &nbsp;&nbsp;&nbsp;&nbsp;245.00 | &nbsp;&nbsp;&nbsp;&nbsp;01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (—) <sup>(3)</sup> |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(510) | &nbsp;&nbsp;&nbsp;&nbsp;(29325) | &nbsp;&nbsp;&nbsp;&nbsp;575.00 | &nbsp;&nbsp;&nbsp;&nbsp;01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) |
| **Total Written Options** |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(567) |

---

---

| |
|:---|
| **Footnote Legend:** |
| <sup>(1)</sup> Strike price not reported in thousands. |
| <sup>(2)</sup> Exchange-traded options. |
| <sup>(3)</sup> Amount is less than $500. |

---

The following table summarizes the value of the Fund's investments as of December 31, 2022, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total <br> Value at<br> December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3<br> Significant<br> Unobservable<br> Inputs |
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1674640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1672219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2421<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Convertible Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1248189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22837 |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1673181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1669399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3782 <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378 <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4975760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1995452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2948886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31422 |
| Liabilities: |  |  |  |  |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(567) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(438) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments, Net of Written Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4975193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1995014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2948757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$31422 |

---

<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, 2022.

Some of the Fund's investments that were categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of Level 3 investments

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### Income & Growth Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### December 31, 2022
($ reported in thousands)

The following is a reconciliation of assets of the Fund for Level 3 investments for which significant unobservable inputs were used to determine fair value.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;Corporate <br> Bonds<br> And Notes | &nbsp;&nbsp;&nbsp;&nbsp;Convertible <br> Bonds<br> And Notes | &nbsp;&nbsp;&nbsp;&nbsp;Common <br> Stocks | &nbsp;&nbsp;&nbsp;&nbsp;Preferred <br> Stocks | &nbsp;&nbsp;&nbsp;&nbsp;Warrants |
| **Investments in Securities** |  |  |  |  |  |  |
| **Balance as of June 30, 2022:** | $11751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2162 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3651<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5618<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$320 <sup>(a)</sup> |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9477) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1534) | &nbsp;&nbsp;&nbsp;&nbsp;(7943) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net change in unrealized appreciation (depreciation)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 |
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Sales <sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3311) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(426) | &nbsp;&nbsp;&nbsp;&nbsp;(2885) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Balance as of December 31, 2022** | $31422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2421 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$22837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3782<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$2004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$378 <sup>{a}</sup> |

---

<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, 2022, was $(65).

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

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, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in<br> Securities – Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Ending <br> Balance<br> at December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**Valuation Technique Used** | &nbsp;&nbsp;&nbsp;&nbsp;**Unobservable <br> Inputs** | &nbsp;&nbsp;&nbsp;&nbsp;**Input <br> Values** |
| **Preferred Stock:** |  |  |  |  |
| LiveStyle, Inc. Series B | &nbsp;&nbsp;&nbsp;&nbsp;$2004 | &nbsp;&nbsp;&nbsp;&nbsp;Discounted cash flows liquidation approach | &nbsp;&nbsp;&nbsp;&nbsp;Discount rate | &nbsp;&nbsp;&nbsp;&nbsp;26.13% (25.16% - 26.66%) |
| **Common Stocks:** |  |  |  |  |
| CCF Holdings LLC | &nbsp;&nbsp;&nbsp;&nbsp;$2299 | &nbsp;&nbsp;&nbsp;&nbsp;Market and Company Comparables | &nbsp;&nbsp;&nbsp;&nbsp;EV Multiples | &nbsp;&nbsp;&nbsp;&nbsp;1.06x (0.65x - 1.44x) |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;0.62x (0.43x - 0.75x) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Illiquidity Discount | &nbsp;&nbsp;&nbsp;&nbsp;20% |
| CCF Holdings LLC Class M | &nbsp;&nbsp;&nbsp;&nbsp;$546 | &nbsp;&nbsp;&nbsp;&nbsp;Market and Company Comparables | &nbsp;&nbsp;&nbsp;&nbsp;EV Multiples | &nbsp;&nbsp;&nbsp;&nbsp;1.06x (0.65x - 1.44x) |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;0.62x (0.43x - 0.75x) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Illiquidity Discount | &nbsp;&nbsp;&nbsp;&nbsp;20% |
| Erickson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;$366 | &nbsp;&nbsp;&nbsp;&nbsp;Market and Company Comparables | &nbsp;&nbsp;&nbsp;&nbsp;EV Multiples | &nbsp;&nbsp;&nbsp;&nbsp;1.21x (0.77x - 3.09x) |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;14.66x (10.95x - 19.92x) |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1.00x (0.56x - 1.75x) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;M&A Transaction Multiples<br> Illiquidity Discount | &nbsp;&nbsp;&nbsp;&nbsp;0.96x (0.41x - 1.96x)<br> 20% |
| LiveStyle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;$— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Discounted cash flows liquidation approach | &nbsp;&nbsp;&nbsp;&nbsp;Discount rate | &nbsp;&nbsp;&nbsp;&nbsp;26.13% (25.16% - 26.66%) |
| Postmedia Network Canada Corp. | &nbsp;&nbsp;&nbsp;&nbsp;$571 | &nbsp;&nbsp;&nbsp;&nbsp;Market and Company Comparables | &nbsp;&nbsp;&nbsp;&nbsp;EV Multiples | &nbsp;&nbsp;&nbsp;&nbsp;1.13x (0.45x - 2.21x) |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;8.05x (1.78x - 16.54x) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Illiquidity Discount | &nbsp;&nbsp;&nbsp;&nbsp;10% |
| Quiksilver, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;$— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Market and Company Comparables | &nbsp;&nbsp;&nbsp;&nbsp;EV Multiples | &nbsp;&nbsp;&nbsp;&nbsp;0.74x (0.26x - 1.40x) |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;0.89x (0.41x - 2.10x) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Illiquidity Discount | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### Income & Growth Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in<br> Securities – Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Ending <br> Balance<br> at December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**Valuation Technique Used** | &nbsp;&nbsp;&nbsp;&nbsp;**Unobservable <br> Inputs** | &nbsp;&nbsp;&nbsp;&nbsp;**Input <br> Values** |
| **Warrants:** |  |  |  |  |
| CCF Holdings LLC | &nbsp;&nbsp;&nbsp;&nbsp;$378 | &nbsp;&nbsp;&nbsp;&nbsp;Market and Company Comparables | &nbsp;&nbsp;&nbsp;&nbsp;EV Multiples | &nbsp;&nbsp;&nbsp;&nbsp;1.06x (0.65x - 1.44x) |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;0.62x (0.43x - 0.75x) |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Illiquidity Discount | &nbsp;&nbsp;&nbsp;&nbsp;20% |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Black-Scholes Model | &nbsp;&nbsp;&nbsp;&nbsp;Volatility | &nbsp;&nbsp;&nbsp;&nbsp;57.17% |
| <sup>(1)</sup> Amount is less than $500. |  |  |  |  |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### KAR Global Small-Cap Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—97.9%** | **Common Stocks—97.9%** | **Common Stocks—97.9%** |
| **Canada—4.9%** | **Canada—4.9%** |  |
| CAE, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;53147 | $1028 |
| Computer Modelling Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;182806 | &nbsp;&nbsp; 787 |
| Pason Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83118 | &nbsp;&nbsp; 979 |
|  |  | &nbsp;&nbsp; 2794 |
| **China—4.3%** | **China—4.3%** |  |
| Haitian International Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;913647 | &nbsp;&nbsp; 2446 |
| **Finland—2.5%** | **Finland—2.5%** |  |
| Enento Group Oyj<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;62371 | &nbsp;&nbsp; 1429 |
| **France—1.8%** | **France—1.8%** |  |
| Alten S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8076 | &nbsp;&nbsp; 1010 |
| **Germany—1.7%** | **Germany—1.7%** |  |
| New Work SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5760 | &nbsp;&nbsp; 941 |
| **Israel—0.5%** | **Israel—0.5%** |  |
| Max Stock Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;156891 | &nbsp;&nbsp; 262 |
| **Italy—1.4%** | **Italy—1.4%** |  |
| Gruppo MutuiOnline SpA | &nbsp;&nbsp;&nbsp;&nbsp;28986 | &nbsp;&nbsp; 817 |
| **Japan—7.2%** | **Japan—7.2%** |  |
| MarkLines Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;99644 | &nbsp;&nbsp; 1942 |
| Meitec Corp. | &nbsp;&nbsp;&nbsp;&nbsp;61077 | &nbsp;&nbsp; 1115 |
| Mercari, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;49278 | &nbsp;&nbsp; 1014 |
|  |  | &nbsp;&nbsp; 4071 |
| **Malaysia—3.4%** | **Malaysia—3.4%** |  |
| Heineken Malaysia Bhd | &nbsp;&nbsp;&nbsp;&nbsp;333415 | &nbsp;&nbsp; 1907 |
| **Mexico—1.3%** | **Mexico—1.3%** |  |
| Corp. Moctezuma SAB de C.V. | &nbsp;&nbsp;&nbsp;&nbsp;259348 | &nbsp;&nbsp; 732 |
| **Norway—3.2%** | **Norway—3.2%** |  |
| Bouvet ASA | &nbsp;&nbsp;&nbsp;&nbsp;300074 | &nbsp;&nbsp; 1838 |
| **Poland—1.6%** | **Poland—1.6%** |  |
| Grupa Pracuj S.A. | &nbsp;&nbsp;&nbsp;&nbsp;94617 | &nbsp;&nbsp; 883 |
| **Singapore—2.7%** | **Singapore—2.7%** |  |
| Haw Par Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;214417 | &nbsp;&nbsp; 1533 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **South Korea—1.5%** | **South Korea—1.5%** |  |
| S-1 Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18233 | $858 |
| **Sweden—2.8%** | **Sweden—2.8%** |  |
| BTS Group AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;27170 | &nbsp;&nbsp;&nbsp; 758 |
| CTT Systems AB | &nbsp;&nbsp;&nbsp;&nbsp;39760 | &nbsp;&nbsp;&nbsp; 813 |
|  |  | &nbsp;&nbsp;&nbsp; 1571 |
| **United Kingdom—18.4%** | **United Kingdom—18.4%** |  |
| AJ Bell plc | &nbsp;&nbsp;&nbsp;&nbsp;389198 | &nbsp;&nbsp;&nbsp; 1685 |
| Auto Trader Group plc | &nbsp;&nbsp;&nbsp;&nbsp;363467 | &nbsp;&nbsp;&nbsp; 2266 |
| Baltic Classifieds Group plc | 1081046 | &nbsp;&nbsp;&nbsp; 1840 |
| FDM Group Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;141285 | &nbsp;&nbsp;&nbsp; 1279 |
| Mortgage Advice Bureau Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;109826 | &nbsp;&nbsp;&nbsp; 704 |
| Rightmove plc | &nbsp;&nbsp;&nbsp;&nbsp;428746 | &nbsp;&nbsp;&nbsp; 2651 |
|  |  | &nbsp;&nbsp;&nbsp;10425 |
| **United States—38.7%** | **United States—38.7%** |  |
| Artisan Partners Asset Management, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;21917 | &nbsp;&nbsp;&nbsp; 651 |
| Bank of Hawaii Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24444 | &nbsp;&nbsp;&nbsp; 1896 |
| Duck Creek Technologies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;75371 | &nbsp;&nbsp;&nbsp; 908 |
| First Hawaiian, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;75245 | &nbsp;&nbsp;&nbsp; 1959 |
| Fox Factory Holding Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6584 | &nbsp;&nbsp;&nbsp; 601 |
| FTI Consulting, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;15366 | &nbsp;&nbsp;&nbsp; 2440 |
| Landstar System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12329 | &nbsp;&nbsp;&nbsp; 2008 |
| MediaAlpha, Inc. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;37671 | &nbsp;&nbsp;&nbsp; 375 |
| Moelis & Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;33341 | &nbsp;&nbsp;&nbsp; 1279 |
| NVE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11273 | &nbsp;&nbsp;&nbsp; 730 |
| Primerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18873 | &nbsp;&nbsp;&nbsp; 2677 |
| Ryan Specialty Holdings, Inc. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;104531 | &nbsp;&nbsp;&nbsp; 4339 |
| Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22826 | &nbsp;&nbsp;&nbsp; 2024 |
|  |  | &nbsp;&nbsp;&nbsp;21887 |
| **Total Common Stocks<br> (Identified Cost $56,651)** | **Total Common Stocks<br> (Identified Cost $56,651)** | &nbsp;&nbsp;&nbsp;&nbsp;**55404** |
| **Total Long-Term Investments—97.9%<br> (Identified Cost $56,651)** | **Total Long-Term Investments—97.9%<br> (Identified Cost $56,651)** | &nbsp;&nbsp;&nbsp;&nbsp;**55404** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investment—1.6%** | **Short-Term Investment—1.6%** | **Short-Term Investment—1.6%** |
| **Money Market Mutual Fund—1.6%** | **Money Market Mutual Fund—1.6%** | **Money Market Mutual Fund—1.6%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.033%)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;924203 | $924 |
| **Total Short-Term Investment<br> (Identified Cost $924)** | **Total Short-Term Investment<br> (Identified Cost $924)** | &nbsp;&nbsp;&nbsp;&nbsp; **924** |
| **TOTAL INVESTMENTS—99.5%<br> (Identified Cost $57,575)** | **TOTAL INVESTMENTS—99.5%<br> (Identified Cost $57,575)** | &nbsp;&nbsp;**$56328** |
| Other assets and liabilities, net—0.5% | Other assets and liabilities, net—0.5% | &nbsp;&nbsp;&nbsp;&nbsp; 281 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$56609** |

---

---

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

---

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;40% |
| United Kingdom | &nbsp;&nbsp;19 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| China | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Malaysia | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| Norway | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| Other | &nbsp;&nbsp;19 |
| Total | 100% |
| <sup>†</sup> % of total investments as of December 31, 2022. | <sup>†</sup> % of total investments as of December 31, 2022. |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### KAR Global Small-Cap Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### December 31, 2022
($ reported in thousands)

The following table summarizes the value of the Fund's investments as of December 31, 2022, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total <br> Value at<br> December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices |
| Assets: |  |  |
| Equity Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$55404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$55404 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$56328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$56328 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2022.

There were no transfers into or out of Level 3 related to securities held at December 31, 2022.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### KAR Health Sciences Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—98.3%** | **Common Stocks—98.3%** | **Common Stocks—98.3%** |
| **Biotechnology—13.4%** | **Biotechnology—13.4%** |  |
| AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46237 | $7472 |
| Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20846 | &nbsp;&nbsp; 5475 |
| Moderna, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25280 | &nbsp;&nbsp; 4541 |
| Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;15080 | &nbsp;&nbsp; 4355 |
|  |  | &nbsp;&nbsp; 21843 |
| **Healthcare Equipment &<br> Supplies—29.0%** | **Healthcare Equipment &<br> Supplies—29.0%** |  |
| Align Technology, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12016 | &nbsp;&nbsp; 2534 |
| Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp;14168 | &nbsp;&nbsp; 3603 |
| Cooper Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;18922 | &nbsp;&nbsp; 6257 |
| Edwards Lifesciences Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;49373 | &nbsp;&nbsp; 3684 |
| Globus Medical, Inc. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;102971 | &nbsp;&nbsp; 7648 |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17150 | &nbsp;&nbsp; 6997 |
| Silk Road Medical, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;97792 | &nbsp;&nbsp; 5168 |
| STAAR Surgical Co.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;77801 | &nbsp;&nbsp; 3776 |
| STERIS plc | &nbsp;&nbsp;&nbsp;&nbsp;15545 | &nbsp;&nbsp; 2871 |
| Teleflex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19165 | &nbsp;&nbsp; 4784 |
|  |  | &nbsp;&nbsp; 47322 |
| **Healthcare Providers &<br> Services—10.6%** | **Healthcare Providers &<br> Services—10.6%** |  |
| HealthEquity, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;53308 | &nbsp;&nbsp; 3286 |
| McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14589 | &nbsp;&nbsp; 5472 |
| U.S. Physical Therapy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34197 | &nbsp;&nbsp; 2771 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10789 | &nbsp;&nbsp; 5720 |
|  |  | &nbsp;&nbsp; 17249 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Life Sciences Tools & Services—23.7%** | **Life Sciences Tools & Services—23.7%** |  |
| Azenta, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;87479 | $5093 |
| Charles River Laboratories International, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;15612 | &nbsp;&nbsp;&nbsp; 3402 |
| Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;27523 | &nbsp;&nbsp;&nbsp; 7305 |
| Mettler-Toledo International, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4820 | &nbsp;&nbsp;&nbsp; 6967 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10396 | &nbsp;&nbsp;&nbsp; 5725 |
| Waters Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17105 | &nbsp;&nbsp;&nbsp; 5860 |
| West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18879 | &nbsp;&nbsp;&nbsp; 4443 |
|  |  | &nbsp;&nbsp;&nbsp; 38795 |
| **Pharmaceuticals—21.6%** | **Pharmaceuticals—21.6%** |  |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;93529 | &nbsp;&nbsp;&nbsp; 6730 |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;27165 | &nbsp;&nbsp;&nbsp; 9938 |
| Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56839 | &nbsp;&nbsp;&nbsp; 6306 |
| Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;133636 | &nbsp;&nbsp;&nbsp; 6848 |
| Zoetis, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;37826 | &nbsp;&nbsp;&nbsp; 5543 |
|  |  | &nbsp;&nbsp;&nbsp; 35365 |
| **Total Common Stocks<br> (Identified Cost $155,218)** | **Total Common Stocks<br> (Identified Cost $155,218)** | &nbsp;&nbsp;&nbsp;&nbsp;**160574** |
| **Total Long-Term Investments—98.3%<br> (Identified Cost $155,218)** | **Total Long-Term Investments—98.3%<br> (Identified Cost $155,218)** | &nbsp;&nbsp;&nbsp;&nbsp;**160574** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investment—1.9%** | **Short-Term Investment—1.9%** | **Short-Term Investment—1.9%** |
| **Money Market Mutual Fund—1.9%** | **Money Market Mutual Fund—1.9%** | **Money Market Mutual Fund—1.9%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.033%)<sup>(2)</sup> | 3073231 | $3073 |
| **Total Short-Term Investment<br> (Identified Cost $3,073)** | **Total Short-Term Investment<br> (Identified Cost $3,073)** | &nbsp;&nbsp;&nbsp;&nbsp; **3073** |
| **TOTAL INVESTMENTS—100.2%<br> (Identified Cost $158,291)** | **TOTAL INVESTMENTS—100.2%<br> (Identified Cost $158,291)** | &nbsp;&nbsp;**$163647** |
| Other assets and liabilities, net—(0.2)% | Other assets and liabilities, net—(0.2)% | &nbsp;&nbsp;&nbsp;&nbsp; (306) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$163341** |

---

---

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

---

The following table summarizes the value of the Fund's investments as of December 31, 2022, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total <br> Value at<br> December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices |
| Assets: |  |  |
| Equity Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$160574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$160574 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3073 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$163647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$163647 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2022.

There were no transfers into or out of Level 3 related to securities held at December 31, 2022.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### NFJ Dividend Value Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—99.0%** | **Common Stocks—99.0%** | **Common Stocks—99.0%** |
| **Communication Services—5.6%** | **Communication Services—5.6%** |  |
| Comcast Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;369179 | $12910 |
| Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60080 | &nbsp;&nbsp; 7341 |
| Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;449630 | &nbsp;&nbsp; 17715 |
|  |  | &nbsp;&nbsp; 37966 |
| **Consumer Discretionary—11.6%** | **Consumer Discretionary—11.6%** |  |
| Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;80328 | &nbsp;&nbsp; 6443 |
| DR Horton, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;110665 | &nbsp;&nbsp; 9865 |
| Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;69893 | &nbsp;&nbsp; 22076 |
| KB Home | &nbsp;&nbsp;&nbsp;&nbsp;249338 | &nbsp;&nbsp; 7941 |
| Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;106602 | &nbsp;&nbsp; 12373 |
| Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;95653 | &nbsp;&nbsp; 9489 |
| VF Corp. | &nbsp;&nbsp;&nbsp;&nbsp;175319 | &nbsp;&nbsp; 4841 |
| Wendy's Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;243945 | &nbsp;&nbsp; 5521 |
|  |  | &nbsp;&nbsp; 78549 |
| **Consumer Staples—2.0%** | **Consumer Staples—2.0%** |  |
| Tyson Foods, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;109286 | &nbsp;&nbsp; 6803 |
| Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48439 | &nbsp;&nbsp; 6868 |
|  |  | &nbsp;&nbsp; 13671 |
| **Energy—2.8%** | **Energy—2.8%** |  |
| EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37583 | &nbsp;&nbsp; 4868 |
| ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;111712 | &nbsp;&nbsp; 7339 |
| Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;63663 | &nbsp;&nbsp; 6626 |
|  |  | &nbsp;&nbsp; 18833 |
| **Financials—18.8%** | **Financials—18.8%** |  |
| Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;773539 | &nbsp;&nbsp; 25619 |
| BlackRock, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;13097 | &nbsp;&nbsp; 9281 |
| Blackstone Mortgage Trust, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;281421 | &nbsp;&nbsp; 5958 |
| Blackstone, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61048 | &nbsp;&nbsp; 4529 |
| Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;74536 | &nbsp;&nbsp; 3371 |
| Fidelity National Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;196296 | &nbsp;&nbsp; 7385 |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;75174 | &nbsp;&nbsp; 7712 |
| JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;219109 | &nbsp;&nbsp; 29382 |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;157406 | &nbsp;&nbsp; 13383 |
| MSCI, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;13659 | &nbsp;&nbsp; 6354 |
| S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21756 | &nbsp;&nbsp; 7287 |
| Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;164580 | &nbsp;&nbsp; 7082 |
|  |  | &nbsp;&nbsp;127343 |
| **Health Care—11.3%** | **Health Care—11.3%** |  |
| Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;119797 | &nbsp;&nbsp; 13153 |
| Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;168116 | &nbsp;&nbsp; 8569 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6261 | $3196 |
| Medtronic plc | &nbsp;&nbsp;&nbsp;&nbsp;81344 | &nbsp;&nbsp; 6322 |
| Teleflex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64751 | &nbsp;&nbsp; 16164 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16062 | &nbsp;&nbsp; 8845 |
| West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25780 | &nbsp;&nbsp; 6067 |
| Zoetis, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;97816 | &nbsp;&nbsp; 14335 |
|  |  | &nbsp;&nbsp; 76651 |
| **Industrials—12.3%** | **Industrials—12.3%** |  |
| Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28007 | &nbsp;&nbsp; 6786 |
| FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;75549 | &nbsp;&nbsp; 13085 |
| Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29594 | &nbsp;&nbsp; 6342 |
| Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34113 | &nbsp;&nbsp; 8161 |
| Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12323 | &nbsp;&nbsp; 5995 |
| Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30130 | &nbsp;&nbsp; 7425 |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;312959 | &nbsp;&nbsp; 23509 |
| TransUnion | &nbsp;&nbsp;&nbsp;&nbsp;211317 | &nbsp;&nbsp; 11992 |
|  |  | &nbsp;&nbsp; 83295 |
| **Information Technology—15.3%** | **Information Technology—15.3%** |  |
| Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43915 | &nbsp;&nbsp; 5706 |
| Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12840 | &nbsp;&nbsp; 7179 |
| Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;265864 | &nbsp;&nbsp; 12666 |
| Cognex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;165641 | &nbsp;&nbsp; 7803 |
| Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;57406 | &nbsp;&nbsp; 5702 |
| Intel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;336120 | &nbsp;&nbsp; 8884 |
| Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16679 | &nbsp;&nbsp; 7010 |
| Mastercard, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;33273 | &nbsp;&nbsp; 11570 |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;71263 | &nbsp;&nbsp; 17090 |
| QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54266 | &nbsp;&nbsp; 5966 |
| Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;84051 | &nbsp;&nbsp; 13887 |
|  |  | &nbsp;&nbsp;103463 |
| **Materials—9.1%** | **Materials—9.1%** |  |
| Air Products & Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19290 | &nbsp;&nbsp; 5946 |
| Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;191353 | &nbsp;&nbsp; 9786 |
| Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp;213523 | &nbsp;&nbsp; 21831 |
| Kinross Gold Corp. | 2239537 | &nbsp;&nbsp; 9160 |
| LyondellBasell Industries N.V. Class A | &nbsp;&nbsp;&nbsp;&nbsp;78814 | &nbsp;&nbsp; 6544 |
| Royal Gold, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;72563 | &nbsp;&nbsp; 8179 |
|  |  | &nbsp;&nbsp; 61446 |
| **Real Estate—9.2%** | **Real Estate—9.2%** |  |
| Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;96696 | &nbsp;&nbsp; 14086 |
| American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;33090 | &nbsp;&nbsp; 7010 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate—continued** | **Real Estate—continued** |  |
| Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;88274 | $11973 |
| Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68714 | &nbsp;&nbsp;&nbsp; 6890 |
| Medical Properties Trust, Inc. | 1324413 | &nbsp;&nbsp;&nbsp; 14754 |
| Sun Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50551 | &nbsp;&nbsp;&nbsp; 7229 |
|  |  | &nbsp;&nbsp;&nbsp; 61942 |
| **Utilities—1.0%** | **Utilities—1.0%** |  |
| American Water Works Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43029 | &nbsp;&nbsp;&nbsp; 6559 |
| **Total Common Stocks<br> (Identified Cost $642,376)** | **Total Common Stocks<br> (Identified Cost $642,376)** | &nbsp;&nbsp;&nbsp;&nbsp;**669718** |
| **Exchange-Traded Fund—0.4%** | **Exchange-Traded Fund—0.4%** | **Exchange-Traded Fund—0.4%** |
| Invesco S&P 500 Equal Weight ETF<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;19171 | &nbsp;&nbsp;&nbsp; 2708 |
| **Total Exchange-Traded Fund<br> (Identified Cost $2,698)** | **Total Exchange-Traded Fund<br> (Identified Cost $2,698)** | &nbsp;&nbsp;&nbsp;&nbsp; **2708** |
| **Total Long-Term Investments—99.4%<br> (Identified Cost $645,074)** | **Total Long-Term Investments—99.4%<br> (Identified Cost $645,074)** | &nbsp;&nbsp;&nbsp;&nbsp;**672426** |
| **Short-Term Investment—0.4%** | **Short-Term Investment—0.4%** | **Short-Term Investment—0.4%** |
| **Money Market Mutual Fund—0.4%** | **Money Market Mutual Fund—0.4%** | **Money Market Mutual Fund—0.4%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.033%)<sup>(1)</sup> | 2998288 | &nbsp;&nbsp;&nbsp; 2998 |
| **Total Short-Term Investment<br> (Identified Cost $2,998)** | **Total Short-Term Investment<br> (Identified Cost $2,998)** | &nbsp;&nbsp;&nbsp;&nbsp; **2998** |
| **TOTAL INVESTMENTS—99.8%<br> (Identified Cost $648,072)** | **TOTAL INVESTMENTS—99.8%<br> (Identified Cost $648,072)** | &nbsp;&nbsp;**$675424** |
| Other assets and liabilities, net—0.2% | Other assets and liabilities, net—0.2% | &nbsp;&nbsp;&nbsp;&nbsp; 1388 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$676812** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ETF | Exchange-Traded Fund |
| MSCI | Morgan Stanley Capital International |
| S&P | Standard & Poor's |

---

---

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

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 6.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### NFJ Dividend Value Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### December 31, 2022
($ reported in thousands)

The following table summarizes the value of the Fund's investments as of December 31, 2022, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total <br> Value at<br> December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices |
| Assets: |  |  |
| Equity Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$669718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$669718 |
| Exchange-Traded Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2708 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2998 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$675424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$675424 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2022.

There were no transfers into or out of Level 3 related to securities held at December 31, 2022.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### NFJ International Value Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Preferred Stock—3.2%** | **Preferred Stock—3.2%** | **Preferred Stock—3.2%** |
| **South Korea—3.2%** | **South Korea—3.2%** |  |
| Samsung Electronics Co., Ltd., 1.970% | &nbsp;&nbsp;&nbsp;&nbsp;75789 | $3048 |
| **Total Preferred Stock<br> (Identified Cost $4,819)** | **Total Preferred Stock<br> (Identified Cost $4,819)** | &nbsp;&nbsp;&nbsp;&nbsp; **3048** |
| **Common Stocks—94.1%** | **Common Stocks—94.1%** | **Common Stocks—94.1%** |
| **Austria—1.5%** | **Austria—1.5%** |  |
| Erste Group Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;43786 | &nbsp;&nbsp;&nbsp; 1401 |
| **Belgium—1.2%** | **Belgium—1.2%** |  |
| KBC Group N.V. | &nbsp;&nbsp;&nbsp;&nbsp;17848 | &nbsp;&nbsp;&nbsp; 1148 |
| **Brazil—1.7%** | **Brazil—1.7%** |  |
| B3 S.A. - Brasil Bolsa Balcao | &nbsp;&nbsp;&nbsp;&nbsp;643900 | &nbsp;&nbsp;&nbsp; 1611 |
| **Canada—3.5%** | **Canada—3.5%** |  |
| Cogeco Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8631 | &nbsp;&nbsp;&nbsp; 489 |
| Kinross Gold Corp. | &nbsp;&nbsp;&nbsp;&nbsp;503958 | &nbsp;&nbsp;&nbsp; 2055 |
| Manulife Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;46161 | &nbsp;&nbsp;&nbsp; 823 |
|  |  | &nbsp;&nbsp;&nbsp; 3367 |
| **China—18.3%** | **China—18.3%** |  |
| Alibaba Group Holding Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp; 2983 |
| ANTA Sports Products Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;85800 | &nbsp;&nbsp;&nbsp; 1124 |
| China Merchants Bank Co., Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;861200 | &nbsp;&nbsp;&nbsp; 4616 |
| ENN Energy Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;73500 | &nbsp;&nbsp;&nbsp; 1032 |
| Longfor Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;518000 | &nbsp;&nbsp;&nbsp; 1613 |
| Luxshare Precision Industry Co., Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;348475 | &nbsp;&nbsp;&nbsp; 1592 |
| NetEase, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21900 | &nbsp;&nbsp;&nbsp; 321 |
| Ping An Bank Co., Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;443055 | &nbsp;&nbsp;&nbsp; 839 |
| Ping An Insurance Group Co. of China Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;186700 | &nbsp;&nbsp;&nbsp; 1262 |
| Shenzhou International Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;89400 | &nbsp;&nbsp;&nbsp; 1006 |
| Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;23900 | &nbsp;&nbsp;&nbsp; 1023 |
|  |  | &nbsp;&nbsp;&nbsp;17411 |
| **Denmark—3.0%** | **Denmark—3.0%** |  |
| DSV A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5857 | &nbsp;&nbsp;&nbsp; 925 |
| GN Store Nord AS | &nbsp;&nbsp;&nbsp;&nbsp;84252 | &nbsp;&nbsp;&nbsp; 1937 |
|  |  | &nbsp;&nbsp;&nbsp; 2862 |
| **Finland—1.8%** | **Finland—1.8%** |  |
| Kesko Oyj Class B | &nbsp;&nbsp;&nbsp;&nbsp;38034 | &nbsp;&nbsp;&nbsp; 839 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Finland—continued** | **Finland—continued** |  |
| Valmet Oyj | &nbsp;&nbsp;&nbsp;&nbsp;33973 | $915 |
|  |  | &nbsp;&nbsp; 1754 |
| **France—7.9%** | **France—7.9%** |  |
| BioMerieux | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7630 | &nbsp;&nbsp; 800 |
| BNP Paribas S.A. | &nbsp;&nbsp;&nbsp;&nbsp;36339 | &nbsp;&nbsp; 2071 |
| Kering S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1755 | &nbsp;&nbsp; 893 |
| L'Oreal S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1717 | &nbsp;&nbsp; 613 |
| Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5063 | &nbsp;&nbsp; 709 |
| TotalEnergies SE | &nbsp;&nbsp;&nbsp;&nbsp;39112 | &nbsp;&nbsp; 2456 |
|  |  | &nbsp;&nbsp; 7542 |
| **Germany—9.2%** | **Germany—9.2%** |  |
| adidas AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5930 | &nbsp;&nbsp; 809 |
| BASF SE | &nbsp;&nbsp;&nbsp;&nbsp;19639 | &nbsp;&nbsp; 975 |
| Deutsche Post AG Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;46179 | &nbsp;&nbsp; 1739 |
| KION Group AG | &nbsp;&nbsp;&nbsp;&nbsp;57539 | &nbsp;&nbsp; 1649 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2984 | &nbsp;&nbsp; 971 |
| Vonovia SE | &nbsp;&nbsp;&nbsp;&nbsp;109773 | &nbsp;&nbsp; 2588 |
|  |  | &nbsp;&nbsp; 8731 |
| **Hong Kong—3.6%** | **Hong Kong—3.6%** |  |
| Techtronic Industries Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;303500 | &nbsp;&nbsp; 3387 |
| **India—0.9%** | **India—0.9%** |  |
| HDFC Bank Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;12458 | &nbsp;&nbsp; 852 |
| **Ireland—2.2%** | **Ireland—2.2%** |  |
| CRH plc Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;33104 | &nbsp;&nbsp; 1317 |
| Kingspan Group plc | &nbsp;&nbsp;&nbsp;&nbsp;15048 | &nbsp;&nbsp; 815 |
|  |  | &nbsp;&nbsp; 2132 |
| **Italy—4.2%** | **Italy—4.2%** |  |
| Amplifon SpA | &nbsp;&nbsp;&nbsp;&nbsp;31621 | &nbsp;&nbsp; 942 |
| Enel SpA | &nbsp;&nbsp;&nbsp;&nbsp;340547 | &nbsp;&nbsp; 1834 |
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp;&nbsp;&nbsp;72905 | &nbsp;&nbsp; 1211 |
|  |  | &nbsp;&nbsp; 3987 |
| **Japan—5.2%** | **Japan—5.2%** |  |
| MISUMI Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40400 | &nbsp;&nbsp; 886 |
| Sony Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10200 | &nbsp;&nbsp; 780 |
| Sysmex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13800 | &nbsp;&nbsp; 841 |
| Tokyo Electron Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5900 | &nbsp;&nbsp; 1748 |
| Toyota Motor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;50700 | &nbsp;&nbsp; 700 |
|  |  | &nbsp;&nbsp; 4955 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Netherlands—4.3%** | **Netherlands—4.3%** |  |
| ASML Holding N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7639 | $4120 |
| **Saudi Arabia—0.7%** | **Saudi Arabia—0.7%** |  |
| Saudi Arabian Oil Co. | &nbsp;&nbsp;&nbsp;&nbsp;77364 | &nbsp;&nbsp; 661 |
| **Singapore—0.7%** | **Singapore—0.7%** |  |
| DBS Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;25800 | &nbsp;&nbsp; 653 |
| **South Korea—2.8%** | **South Korea—2.8%** |  |
| POSCO Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8369 | &nbsp;&nbsp; 1843 |
| Samsung Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;18302 | &nbsp;&nbsp; 807 |
|  |  | &nbsp;&nbsp; 2650 |
| **Spain—1.0%** | **Spain—1.0%** |  |
| Industria de Diseno Textil S.A. | &nbsp;&nbsp;&nbsp;&nbsp;36850 | &nbsp;&nbsp; 980 |
| **Sweden—2.2%** | **Sweden—2.2%** |  |
| Evolution AB | &nbsp;&nbsp;&nbsp;&nbsp;13910 | &nbsp;&nbsp; 1354 |
| Thule Group AB | &nbsp;&nbsp;&nbsp;&nbsp;37728 | &nbsp;&nbsp; 787 |
|  |  | &nbsp;&nbsp; 2141 |
| **Switzerland—1.6%** | **Switzerland—1.6%** |  |
| Partners Group Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991 | &nbsp;&nbsp; 876 |
| Zurich Insurance Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1330 | &nbsp;&nbsp; 636 |
|  |  | &nbsp;&nbsp; 1512 |
| **Taiwan—5.1%** | **Taiwan—5.1%** |  |
| Micro-Star International Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp; 817 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;279000 | &nbsp;&nbsp; 4071 |
|  |  | &nbsp;&nbsp; 4888 |
| **United Kingdom—8.4%** | **United Kingdom—8.4%** |  |
| 3i Group plc | &nbsp;&nbsp;&nbsp;&nbsp;27358 | &nbsp;&nbsp; 444 |
| Barratt Developments plc | &nbsp;&nbsp;&nbsp;&nbsp;368898 | &nbsp;&nbsp; 1769 |
| Dechra Pharmaceuticals plc | &nbsp;&nbsp;&nbsp;&nbsp;59824 | &nbsp;&nbsp; 1893 |
| London Stock Exchange Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8031 | &nbsp;&nbsp; 693 |
| Rio Tinto plc | &nbsp;&nbsp;&nbsp;&nbsp;46290 | &nbsp;&nbsp; 3245 |
|  |  | &nbsp;&nbsp; 8044 |
| **United States—3.1%** | **United States—3.1%** |  |
| Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3062 | &nbsp;&nbsp; 1712 |
| Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6093 | &nbsp;&nbsp; 605 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### NFJ International Value Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States—continued** | **United States—continued** |  |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9080 | $682 |
|  |  | &nbsp;&nbsp;&nbsp; 2999 |
| **Total Common Stocks<br> (Identified Cost $93,645)** | **Total Common Stocks<br> (Identified Cost $93,645)** | &nbsp;&nbsp;&nbsp;&nbsp;**89788** |
| **Total Long-Term Investments—97.3%<br> (Identified Cost $98,464)** | **Total Long-Term Investments—97.3%<br> (Identified Cost $98,464)** | &nbsp;&nbsp;&nbsp;&nbsp;**92836** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investment—2.1%** | **Short-Term Investment—2.1%** | **Short-Term Investment—2.1%** |
| **Money Market Mutual Fund—2.1%** | **Money Market Mutual Fund—2.1%** | **Money Market Mutual Fund—2.1%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.033%)<sup>(2)</sup> | 2022012 | $2022 |
| **Total Short-Term Investment<br> (Identified Cost $2,022)** | **Total Short-Term Investment<br> (Identified Cost $2,022)** | &nbsp;&nbsp;&nbsp;&nbsp; **2022** |
| **TOTAL INVESTMENTS—99.4%<br> (Identified Cost $100,486)** | **TOTAL INVESTMENTS—99.4%<br> (Identified Cost $100,486)** | &nbsp;&nbsp;**$94858** |
| Other assets and liabilities, net—0.6% | Other assets and liabilities, net—0.6% | &nbsp;&nbsp;&nbsp;&nbsp; 560 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$95418** |

---

---

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

---

---

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

---

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| China | &nbsp;&nbsp;&nbsp;18% |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Other | &nbsp;&nbsp;40 |
| Total | 100% |
| <sup>†</sup> % of total investments as of December 31, 2022. | <sup>†</sup> % of total investments as of December 31, 2022. |

---

The following table summarizes the value of the Fund's investments as of December 31, 2022, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total <br> Value at<br> December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices |
| Assets: |  |  |
| Equity Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$89788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$89788 |
| &nbsp;&nbsp;&nbsp;Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3048 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$94858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$94858 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2022.

There were no transfers into or out of Level 3 related to securities held at December 31, 2022.

For information regarding the abbreviations, see the Key Investment Terms starting on page 6.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### NFJ Large-Cap Value Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—98.0%** | **Common Stocks—98.0%** | **Common Stocks—98.0%** |
| **Communication Services—8.6%** | **Communication Services—8.6%** |  |
| Alphabet, Inc. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30682 | $2707 |
| Cable One, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2788 | &nbsp;&nbsp; 1985 |
| Comcast Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;126088 | &nbsp;&nbsp; 4409 |
| Meta Platforms, Inc. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;29343 | &nbsp;&nbsp; 3531 |
| Take-Two Interactive Software, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;21448 | &nbsp;&nbsp; 2234 |
| Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;82542 | &nbsp;&nbsp; 3252 |
| Walt Disney Co. (The)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;33554 | &nbsp;&nbsp; 2915 |
|  |  | &nbsp;&nbsp; 21033 |
| **Consumer Discretionary—10.0%** | **Consumer Discretionary—10.0%** |  |
| Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38844 | &nbsp;&nbsp; 3116 |
| Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2642 | &nbsp;&nbsp; 915 |
| DR Horton, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15559 | &nbsp;&nbsp; 1387 |
| Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;16491 | &nbsp;&nbsp; 5209 |
| Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9726 | &nbsp;&nbsp; 2941 |
| Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30563 | &nbsp;&nbsp; 3547 |
| Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6583 | &nbsp;&nbsp; 981 |
| TopBuild Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12310 | &nbsp;&nbsp; 1926 |
| VF Corp. | &nbsp;&nbsp;&nbsp;&nbsp;59761 | &nbsp;&nbsp; 1650 |
| Wendy's Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;116600 | &nbsp;&nbsp; 2639 |
|  |  | &nbsp;&nbsp; 24311 |
| **Consumer Staples—1.3%** | **Consumer Staples—1.3%** |  |
| Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21151 | &nbsp;&nbsp; 2999 |
| **Energy—3.9%** | **Energy—3.9%** |  |
| Hess Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19288 | &nbsp;&nbsp; 2735 |
| ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28797 | &nbsp;&nbsp; 1892 |
| Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;22248 | &nbsp;&nbsp; 2316 |
| Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20298 | &nbsp;&nbsp; 2575 |
|  |  | &nbsp;&nbsp; 9518 |
| **Financials—19.2%** | **Financials—19.2%** |  |
| Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;145987 | &nbsp;&nbsp; 4835 |
| BlackRock, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3586 | &nbsp;&nbsp; 2541 |
| Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;66442 | &nbsp;&nbsp; 3005 |
| Fidelity National Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29906 | &nbsp;&nbsp; 1125 |
| First American Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21936 | &nbsp;&nbsp; 1148 |
| Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8332 | &nbsp;&nbsp; 2861 |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26059 | &nbsp;&nbsp; 2673 |
| JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;81244 | &nbsp;&nbsp; 10895 |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;39270 | &nbsp;&nbsp; 3339 |
| PNC Financial Services Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7660 | &nbsp;&nbsp; 1210 |
| Primerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19014 | &nbsp;&nbsp; 2697 |
| S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6523 | &nbsp;&nbsp; 2185 |
| T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20606 | &nbsp;&nbsp; 2247 |
| Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;105642 | &nbsp;&nbsp; 4546 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Willis Towers Watson plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6405 | $1566 |
|  |  | &nbsp;&nbsp; 46873 |
| **Health Care—11.9%** | **Health Care—11.9%** |  |
| Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;19483 | &nbsp;&nbsp; 2139 |
| Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6829 | &nbsp;&nbsp; 1794 |
| Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;59024 | &nbsp;&nbsp; 3008 |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;24671 | &nbsp;&nbsp; 1775 |
| Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2660 | &nbsp;&nbsp; 1358 |
| Medtronic plc | &nbsp;&nbsp;&nbsp;&nbsp;28252 | &nbsp;&nbsp; 2196 |
| STERIS plc | &nbsp;&nbsp;&nbsp;&nbsp;11261 | &nbsp;&nbsp; 2080 |
| Teleflex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15740 | &nbsp;&nbsp; 3929 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6659 | &nbsp;&nbsp; 3667 |
| Veeva Systems, Inc. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7699 | &nbsp;&nbsp; 1243 |
| West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4527 | &nbsp;&nbsp; 1065 |
| Zoetis, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;32918 | &nbsp;&nbsp; 4824 |
|  |  | &nbsp;&nbsp; 29078 |
| **Industrials—12.6%** | **Industrials—12.6%** |  |
| Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30426 | &nbsp;&nbsp; 1255 |
| Copart, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20977 | &nbsp;&nbsp; 1277 |
| Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13480 | &nbsp;&nbsp; 3266 |
| Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;14983 | &nbsp;&nbsp; 1439 |
| Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11232 | &nbsp;&nbsp; 1167 |
| Fair Isaac Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2674 | &nbsp;&nbsp; 1601 |
| FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18894 | &nbsp;&nbsp; 3272 |
| Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11698 | &nbsp;&nbsp; 2507 |
| Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22276 | &nbsp;&nbsp; 2343 |
| Mercury Systems, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;38929 | &nbsp;&nbsp; 1742 |
| Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7309 | &nbsp;&nbsp; 1801 |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58594 | &nbsp;&nbsp; 4402 |
| Toro Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;14156 | &nbsp;&nbsp; 1602 |
| TransUnion | &nbsp;&nbsp;&nbsp;&nbsp;55004 | &nbsp;&nbsp; 3122 |
|  |  | &nbsp;&nbsp; 30796 |
| **Information Technology—17.7%** | **Information Technology—17.7%** |  |
| Adobe, Inc. <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;15990 | &nbsp;&nbsp; 5381 |
| Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16295 | &nbsp;&nbsp; 2117 |
| Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50291 | &nbsp;&nbsp; 2396 |
| Fiserv, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8368 | &nbsp;&nbsp; 846 |
| Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20810 | &nbsp;&nbsp; 2067 |
| Intel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;189171 | &nbsp;&nbsp; 5000 |
| KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3232 | &nbsp;&nbsp; 1219 |
| Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11851 | &nbsp;&nbsp; 4981 |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23790 | &nbsp;&nbsp; 5705 |
| QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18445 | &nbsp;&nbsp; 2028 |
| Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9674 | &nbsp;&nbsp; 4180 |
| ServiceNow, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2945 | &nbsp;&nbsp; 1143 |
| Teledyne Technologies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6679 | &nbsp;&nbsp; 2671 |
| Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21322 | &nbsp;&nbsp; 3523 |
|  |  | &nbsp;&nbsp; 43257 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials—6.6%** | **Materials—6.6%** |  |
| Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6759 | $1223 |
| Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;55521 | &nbsp;&nbsp;&nbsp; 2839 |
| Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp;72033 | &nbsp;&nbsp;&nbsp; 7365 |
| LyondellBasell Industries N.V. Class A | &nbsp;&nbsp;&nbsp;&nbsp;25434 | &nbsp;&nbsp;&nbsp; 2112 |
| Royal Gold, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23403 | &nbsp;&nbsp;&nbsp; 2638 |
|  |  | &nbsp;&nbsp;&nbsp; 16177 |
| **Real Estate—5.2%** | **Real Estate—5.2%** |  |
| Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44892 | &nbsp;&nbsp;&nbsp; 6539 |
| American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8713 | &nbsp;&nbsp;&nbsp; 1846 |
| Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16882 | &nbsp;&nbsp;&nbsp; 2290 |
| Medical Properties Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;169047 | &nbsp;&nbsp;&nbsp; 1883 |
|  |  | &nbsp;&nbsp;&nbsp; 12558 |
| **Utilities—1.0%** | **Utilities—1.0%** |  |
| American Water Works Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16143 | &nbsp;&nbsp;&nbsp; 2461 |
| **Total Common Stocks<br> (Identified Cost $233,984)** | **Total Common Stocks<br> (Identified Cost $233,984)** | &nbsp;&nbsp;&nbsp;&nbsp;**239061** |
| **Total Long-Term Investments—98.0%<br> (Identified Cost $233,984)** | **Total Long-Term Investments—98.0%<br> (Identified Cost $233,984)** | &nbsp;&nbsp;&nbsp;&nbsp;**239061** |
| **Short-Term Investment—1.7%** | **Short-Term Investment—1.7%** | **Short-Term Investment—1.7%** |
| **Money Market Mutual Fund—1.7%** | **Money Market Mutual Fund—1.7%** | **Money Market Mutual Fund—1.7%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.033%)<sup>(2)</sup> | 4192054 | &nbsp;&nbsp;&nbsp; 4192 |
| **Total Short-Term Investment<br> (Identified Cost $4,192)** | **Total Short-Term Investment<br> (Identified Cost $4,192)** | &nbsp;&nbsp;&nbsp;&nbsp; **4192** |
| **TOTAL INVESTMENTS—99.7%<br> (Identified Cost $238,176)** | **TOTAL INVESTMENTS—99.7%<br> (Identified Cost $238,176)** | &nbsp;&nbsp;**$243253** |
| Other assets and liabilities, net—0.3% | Other assets and liabilities, net—0.3% | &nbsp;&nbsp;&nbsp;&nbsp; 789 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$244042** |

---

---

| | |
|:---|:---|
| **Abbreviation:** | **Abbreviation:** |
| S&P | Standard & Poor's |

---

---

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

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 6.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### NFJ Large-Cap Value Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### December 31, 2022
($ reported in thousands)

The following table summarizes the value of the Fund's investments as of December 31, 2022, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total <br> Value at<br> December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices |
| Assets: |  |  |
| Equity Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$239061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$239061 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4192 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$243253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$243253 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2022.

There were no transfers into or out of Level 3 related to securities held at December 31, 2022.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### NFJ Mid-Cap Value Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—99.6%** | **Common Stocks—99.6%** | **Common Stocks—99.6%** |
| **Communication Services—2.4%** | **Communication Services—2.4%** |  |
| Cogent Communications Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;172883 | $9868 |
| Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;79867 | &nbsp;&nbsp; 9758 |
| Paramount Global Class B | &nbsp;&nbsp;&nbsp;&nbsp;286184 | &nbsp;&nbsp; 4831 |
|  |  | &nbsp;&nbsp; 24457 |
| **Consumer Discretionary—16.8%** | **Consumer Discretionary—16.8%** |  |
| Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;125251 | &nbsp;&nbsp; 10046 |
| Deckers Outdoor Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;23699 | &nbsp;&nbsp; 9460 |
| Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28822 | &nbsp;&nbsp; 9984 |
| DR Horton, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;118392 | &nbsp;&nbsp; 10554 |
| Fox Factory Holding Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;110790 | &nbsp;&nbsp; 10107 |
| Garmin Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;108479 | &nbsp;&nbsp; 10012 |
| Helen of Troy Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;85405 | &nbsp;&nbsp; 9472 |
| Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47843 | &nbsp;&nbsp; 9532 |
| MDC Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;323013 | &nbsp;&nbsp; 10207 |
| Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;31546 | &nbsp;&nbsp; 9537 |
| PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;230762 | &nbsp;&nbsp; 10507 |
| Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;86693 | &nbsp;&nbsp; 10062 |
| TopBuild Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;65583 | &nbsp;&nbsp; 10263 |
| VF Corp. | &nbsp;&nbsp;&nbsp;&nbsp;324046 | &nbsp;&nbsp; 8947 |
| Whirlpool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;70541 | &nbsp;&nbsp; 9979 |
| Winnebago Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;167745 | &nbsp;&nbsp; 8840 |
| Wynn Resorts Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;119873 | &nbsp;&nbsp; 9886 |
|  |  | &nbsp;&nbsp;167395 |
| **Consumer Staples—1.2%** | **Consumer Staples—1.2%** |  |
| Tyson Foods, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;194989 | &nbsp;&nbsp; 12138 |
| **Energy—1.6%** | **Energy—1.6%** |  |
| ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;156650 | &nbsp;&nbsp; 10292 |
| Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;51680 | &nbsp;&nbsp; 5379 |
|  |  | &nbsp;&nbsp; 15671 |
| **Financials—14.1%** | **Financials—14.1%** |  |
| Annaly Capital Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;471247 | &nbsp;&nbsp; 9934 |
| Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;227551 | &nbsp;&nbsp; 10292 |
| Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;258384 | &nbsp;&nbsp; 10172 |
| Erste Group Bank AG Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;663715 | &nbsp;&nbsp; 10583 |
| Fidelity National Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;251871 | &nbsp;&nbsp; 9475 |
| First Republic Bank | &nbsp;&nbsp;&nbsp;&nbsp;133035 | &nbsp;&nbsp; 16216 |
| MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35673 | &nbsp;&nbsp; 9949 |
| MSCI, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;20659 | &nbsp;&nbsp; 9610 |
| PacWest Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;398177 | &nbsp;&nbsp; 9138 |
| State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;128864 | &nbsp;&nbsp; 9996 |
| SVB Financial Group<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;21517 | &nbsp;&nbsp; 4952 |
| T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;89025 | &nbsp;&nbsp; 9709 |
| Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;477031 | &nbsp;&nbsp; 20527 |
|  |  | &nbsp;&nbsp;140553 |
| **Health Care—12.4%** | **Health Care—12.4%** |  |
| Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62728 | &nbsp;&nbsp; 9387 |
| Charles River Laboratories International, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;42979 | &nbsp;&nbsp; 9365 |
| Exact Sciences Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;172220 | &nbsp;&nbsp; 8527 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;24543 | $10013 |
| IQVIA Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;33142 | &nbsp;&nbsp; 6790 |
| Neogen Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;497303 | &nbsp;&nbsp; 7574 |
| STERIS plc | &nbsp;&nbsp;&nbsp;&nbsp;53793 | &nbsp;&nbsp; 9935 |
| Syneos Health, Inc. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;201957 | &nbsp;&nbsp; 7408 |
| Teleflex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;79711 | &nbsp;&nbsp; 19898 |
| Veeva Systems, Inc. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;91941 | &nbsp;&nbsp; 14837 |
| West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38750 | &nbsp;&nbsp; 9120 |
| Zoetis, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;73996 | &nbsp;&nbsp; 10844 |
|  |  | &nbsp;&nbsp;123698 |
| **Industrials—17.1%** | **Industrials—17.1%** |  |
| Allegiant Travel Co.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;115691 | &nbsp;&nbsp; 7866 |
| AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70196 | &nbsp;&nbsp; 9808 |
| Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;195654 | &nbsp;&nbsp; 8071 |
| Copart, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;164514 | &nbsp;&nbsp; 10017 |
| Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;35171 | &nbsp;&nbsp; 4763 |
| Fair Isaac Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;15590 | &nbsp;&nbsp; 9332 |
| FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;48472 | &nbsp;&nbsp; 8395 |
| ITT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;123788 | &nbsp;&nbsp; 10039 |
| KION Group AG Unsponsored ADR | 1402998 | &nbsp;&nbsp; 9933 |
| Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38982 | &nbsp;&nbsp; 9326 |
| Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;206024 | &nbsp;&nbsp; 9615 |
| Mercury Systems, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;110736 | &nbsp;&nbsp; 4954 |
| Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;40432 | &nbsp;&nbsp; 9963 |
| Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21982 | &nbsp;&nbsp; 6238 |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;244199 | &nbsp;&nbsp; 18344 |
| Toro Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;87683 | &nbsp;&nbsp; 9926 |
| TransUnion | &nbsp;&nbsp;&nbsp;&nbsp;250655 | &nbsp;&nbsp; 14225 |
| Trex Co., Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;214508 | &nbsp;&nbsp; 9080 |
|  |  | &nbsp;&nbsp;169895 |
| **Information Technology—13.7%** | **Information Technology—13.7%** |  |
| ANSYS, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;42515 | &nbsp;&nbsp; 10271 |
| Ceridian HCM Holding, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;139389 | &nbsp;&nbsp; 8942 |
| Cognex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;208993 | &nbsp;&nbsp; 9846 |
| Entegris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;111327 | &nbsp;&nbsp; 7302 |
| Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;93131 | &nbsp;&nbsp; 9250 |
| HP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;283280 | &nbsp;&nbsp; 7612 |
| Keysight Technologies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;29409 | &nbsp;&nbsp; 5031 |
| Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;34580 | &nbsp;&nbsp; 14534 |
| Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;181203 | &nbsp;&nbsp; 9056 |
| Paycom Software, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;32516 | &nbsp;&nbsp; 10090 |
| ServiceNow, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;36128 | &nbsp;&nbsp; 14027 |
| Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;113001 | &nbsp;&nbsp; 10298 |
| Teledyne Technologies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;24479 | &nbsp;&nbsp; 9789 |
| VeriSign, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;49079 | &nbsp;&nbsp; 10083 |
|  |  | &nbsp;&nbsp;136131 |
| **Materials—9.8%** | **Materials—9.8%** |  |
| Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;55017 | &nbsp;&nbsp; 9958 |
| Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;182342 | &nbsp;&nbsp; 9325 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials—continued** | **Materials—continued** |  |
| BASF SE Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;725075 | $8927 |
| Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp;193995 | &nbsp;&nbsp;&nbsp; 19834 |
| Kinross Gold Corp. | 4787053 | &nbsp;&nbsp;&nbsp; 19579 |
| LyondellBasell Industries N.V. Class A | &nbsp;&nbsp;&nbsp;&nbsp;122378 | &nbsp;&nbsp;&nbsp; 10161 |
| POSCO Holdings, Inc. Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;181909 | &nbsp;&nbsp;&nbsp; 9909 |
| Royal Gold, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;88349 | &nbsp;&nbsp;&nbsp; 9959 |
|  |  | &nbsp;&nbsp;&nbsp; 97652 |
| **Real Estate—9.5%** | **Real Estate—9.5%** |  |
| Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;131046 | &nbsp;&nbsp;&nbsp; 19089 |
| Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;96303 | &nbsp;&nbsp;&nbsp; 9656 |
| Douglas Emmett, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;521467 | &nbsp;&nbsp;&nbsp; 8177 |
| Equity Residential | &nbsp;&nbsp;&nbsp;&nbsp;167425 | &nbsp;&nbsp;&nbsp; 9878 |
| Hudson Pacific Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;822447 | &nbsp;&nbsp;&nbsp; 8002 |
| Medical Properties Trust, Inc. | 1119438 | &nbsp;&nbsp;&nbsp; 12471 |
| Sun Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;73602 | &nbsp;&nbsp;&nbsp; 10525 |
| Vonovia SE Unsponsored ADR | 1432298 | &nbsp;&nbsp;&nbsp; 16701 |
|  |  | &nbsp;&nbsp;&nbsp; 94499 |
| **Utilities—1.0%** | **Utilities—1.0%** |  |
| Enel SpA Unsponsored ADR | 1910862 | &nbsp;&nbsp;&nbsp; 10204 |
| **Total Common Stocks<br> (Identified Cost $1,037,622)** | **Total Common Stocks<br> (Identified Cost $1,037,622)** | &nbsp;&nbsp;&nbsp;&nbsp;**992293** |
| **Total Long-Term Investments—99.6%<br> (Identified Cost $1,037,622)** | **Total Long-Term Investments—99.6%<br> (Identified Cost $1,037,622)** | &nbsp;&nbsp;&nbsp;&nbsp;**992293** |
| **TOTAL INVESTMENTS—99.6%<br> (Identified Cost $1,037,622)** | **TOTAL INVESTMENTS—99.6%<br> (Identified Cost $1,037,622)** | &nbsp;&nbsp;**$992293** |
| Other assets and liabilities, net—0.4% | Other assets and liabilities, net—0.4% | &nbsp;&nbsp;&nbsp;&nbsp; 3818 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$996111** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| MSCI | Morgan Stanley Capital International |

---

---

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

---

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;87% |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| Total | 100% |
| <sup>†</sup> % of total investments as of December 31, 2022. | <sup>†</sup> % of total investments as of December 31, 2022. |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 6.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### NFJ Mid-Cap Value Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### December 31, 2022
($ reported in thousands)

The following table summarizes the value of the Fund's investments as of December 31, 2022, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total <br> Value at<br> December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices |
| Assets: |  |  |
| Equity Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$992293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$992293 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$992293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$992293 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2022.

There were no transfers into or out of Level 3 related to securities held at December 31, 2022.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### NFJ Small-Cap Value Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—99.7%** | **Common Stocks—99.7%** | **Common Stocks—99.7%** |
| **Communication Services—2.7%** | **Communication Services—2.7%** |  |
| Cargurus, Inc. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;237304 | $3325 |
| Cogeco Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49073 | &nbsp;&nbsp; 2783 |
| Cogent Communications Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64018 | &nbsp;&nbsp; 3654 |
|  |  | &nbsp;&nbsp; 9762 |
| **Consumer Discretionary—15.1%** | **Consumer Discretionary—15.1%** |  |
| Acushnet Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;75960 | &nbsp;&nbsp; 3225 |
| Bright Horizons Family Solutions, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;53760 | &nbsp;&nbsp; 3392 |
| Fox Factory Holding Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;43725 | &nbsp;&nbsp; 3989 |
| Helen of Troy Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;33336 | &nbsp;&nbsp; 3697 |
| KB Home | &nbsp;&nbsp;&nbsp;&nbsp;130590 | &nbsp;&nbsp; 4159 |
| La-Z-Boy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;149554 | &nbsp;&nbsp; 3413 |
| Leslie's, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;122020 | &nbsp;&nbsp; 1490 |
| Malibu Boats, Inc. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;67440 | &nbsp;&nbsp; 3595 |
| MDC Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;125030 | &nbsp;&nbsp; 3951 |
| SiteOne Landscape Supply, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;21097 | &nbsp;&nbsp; 2475 |
| Thule Group AB ADR | &nbsp;&nbsp;&nbsp;&nbsp;342480 | &nbsp;&nbsp; 3514 |
| TopBuild Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;22091 | &nbsp;&nbsp; 3457 |
| Wendy's Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;153612 | &nbsp;&nbsp; 3476 |
| Winnebago Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61694 | &nbsp;&nbsp; 3251 |
| Wolverine World Wide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;287791 | &nbsp;&nbsp; 3146 |
| YETI Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;98526 | &nbsp;&nbsp; 4070 |
|  |  | &nbsp;&nbsp; 54300 |
| **Consumer Staples—3.2%** | **Consumer Staples—3.2%** |  |
| Energizer Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;106155 | &nbsp;&nbsp; 3561 |
| Herbalife Nutrition Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;152666 | &nbsp;&nbsp; 2272 |
| Nomad Foods Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;120406 | &nbsp;&nbsp; 2076 |
| WD-40 Co. | &nbsp;&nbsp;&nbsp;&nbsp;21310 | &nbsp;&nbsp; 3435 |
|  |  | &nbsp;&nbsp; 11344 |
| **Energy—1.6%** | **Energy—1.6%** |  |
| HF Sinclair Corp. | &nbsp;&nbsp;&nbsp;&nbsp;58066 | &nbsp;&nbsp; 3013 |
| Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;49996 | &nbsp;&nbsp; 2862 |
|  |  | &nbsp;&nbsp; 5875 |
| **Financials—27.0%** | **Financials—27.0%** |  |
| Apollo Commercial Real Estate Finance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;307976 | &nbsp;&nbsp; 3314 |
| Arbor Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;238827 | &nbsp;&nbsp; 3150 |
| Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;96845 | &nbsp;&nbsp; 3403 |
| Bank of Hawaii Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26600 | &nbsp;&nbsp; 2063 |
| Bank of Marin Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;106019 | &nbsp;&nbsp; 3486 |
| Blackstone Mortgage Trust, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;131043 | &nbsp;&nbsp; 2774 |
| Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp;141031 | &nbsp;&nbsp; 3478 |
| CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;111940 | &nbsp;&nbsp; 2558 |
| Columbia Banking System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;119730 | &nbsp;&nbsp; 3607 |
| Community Bank System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58491 | &nbsp;&nbsp; 3682 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Compass Diversified Holdings | &nbsp;&nbsp;&nbsp;&nbsp;97459 | $1777 |
| Enterprise Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;72559 | &nbsp;&nbsp; 3553 |
| Essent Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;92436 | &nbsp;&nbsp; 3594 |
| Federal Agricultural Mortgage Corp. Class C | &nbsp;&nbsp;&nbsp;&nbsp;15002 | &nbsp;&nbsp; 1691 |
| First American Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;77380 | &nbsp;&nbsp; 4050 |
| Glacier Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;66140 | &nbsp;&nbsp; 3269 |
| Hamilton Lane, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;55149 | &nbsp;&nbsp; 3523 |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;109778 | &nbsp;&nbsp; 3181 |
| Houlihan Lokey, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;39305 | &nbsp;&nbsp; 3426 |
| MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12888 | &nbsp;&nbsp; 3594 |
| PacWest Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;154290 | &nbsp;&nbsp; 3541 |
| Pathward Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;93720 | &nbsp;&nbsp; 4035 |
| PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41698 | &nbsp;&nbsp; 2363 |
| Primerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15782 | &nbsp;&nbsp; 2238 |
| PROG Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;155617 | &nbsp;&nbsp; 2628 |
| Radian Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;183108 | &nbsp;&nbsp; 3492 |
| Sandy Spring Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;109501 | &nbsp;&nbsp; 3858 |
| SouthState Corp. | &nbsp;&nbsp;&nbsp;&nbsp;27376 | &nbsp;&nbsp; 2090 |
| Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;50333 | &nbsp;&nbsp; 2938 |
| Valley National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;295503 | &nbsp;&nbsp; 3342 |
| Walker & Dunlop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41405 | &nbsp;&nbsp; 3249 |
|  |  | &nbsp;&nbsp; 96947 |
| **Health Care—7.9%** | **Health Care—7.9%** |  |
| Addus HomeCare Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;33564 | &nbsp;&nbsp; 3339 |
| CONMED Corp. | &nbsp;&nbsp;&nbsp;&nbsp;44597 | &nbsp;&nbsp; 3953 |
| Dechra Pharmaceuticals plc ADR | &nbsp;&nbsp;&nbsp;&nbsp;52696 | &nbsp;&nbsp; 3196 |
| Exact Sciences Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;69439 | &nbsp;&nbsp; 3438 |
| Medpace Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;21300 | &nbsp;&nbsp; 4524 |
| Neogen Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;209421 | &nbsp;&nbsp; 3190 |
| Syneos Health, Inc. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;77359 | &nbsp;&nbsp; 2838 |
| Teleflex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15917 | &nbsp;&nbsp; 3973 |
|  |  | &nbsp;&nbsp; 28451 |
| **Industrials—19.2%** | **Industrials—19.2%** |  |
| Allegiant Travel Co.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;42188 | &nbsp;&nbsp; 2868 |
| Brady Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;76117 | &nbsp;&nbsp; 3585 |
| Douglas Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;99550 | &nbsp;&nbsp; 3600 |
| Exponent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38627 | &nbsp;&nbsp; 3828 |
| Gorman-Rupp Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;139240 | &nbsp;&nbsp; 3567 |
| Hillenbrand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54491 | &nbsp;&nbsp; 2325 |
| ITT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52579 | &nbsp;&nbsp; 4264 |
| Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14736 | &nbsp;&nbsp; 3525 |
| ManpowerGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41319 | &nbsp;&nbsp; 3438 |
| Mercury Systems, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;50441 | &nbsp;&nbsp; 2257 |
| MSA Safety, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17126 | &nbsp;&nbsp; 2469 |
| Oshkosh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;45938 | &nbsp;&nbsp; 4051 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45280 | $4015 |
| SkyWest, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;94087 | &nbsp;&nbsp; 1553 |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45836 | &nbsp;&nbsp; 3443 |
| Tetra Tech, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16792 | &nbsp;&nbsp; 2438 |
| Toro Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;32063 | &nbsp;&nbsp; 3630 |
| Trex Co., Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;79038 | &nbsp;&nbsp; 3346 |
| UFP Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41601 | &nbsp;&nbsp; 3297 |
| Watts Water Technologies, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;26567 | &nbsp;&nbsp; 3885 |
| Werner Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;88690 | &nbsp;&nbsp; 3571 |
|  |  | &nbsp;&nbsp; 68955 |
| **Information Technology—9.9%** | **Information Technology—9.9%** |  |
| AudioCodes Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;188838 | &nbsp;&nbsp; 3378 |
| Cirrus Logic, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;24742 | &nbsp;&nbsp; 1843 |
| Cognex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;75934 | &nbsp;&nbsp; 3577 |
| Diodes, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;54129 | &nbsp;&nbsp; 4121 |
| ePlus, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;38466 | &nbsp;&nbsp; 1703 |
| MKS Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40040 | &nbsp;&nbsp; 3393 |
| RingCentral, Inc. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;86241 | &nbsp;&nbsp; 3053 |
| Sapiens International Corp. N.V. | &nbsp;&nbsp;&nbsp;&nbsp;245433 | &nbsp;&nbsp; 4536 |
| SMART Global Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;169827 | &nbsp;&nbsp; 2527 |
| SPS Commerce, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;27557 | &nbsp;&nbsp; 3539 |
| Universal Display Corp. | &nbsp;&nbsp;&nbsp;&nbsp;37583 | &nbsp;&nbsp; 4061 |
|  |  | &nbsp;&nbsp; 35731 |
| **Materials—7.2%** | **Materials—7.2%** |  |
| Cia Siderurgica Nacional S.A. Sponsored ADR | 1310581 | &nbsp;&nbsp; 3617 |
| Kaiser Aluminum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;45825 | &nbsp;&nbsp; 3481 |
| Kinross Gold Corp. | 1045711 | &nbsp;&nbsp; 4277 |
| Kronos Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;385117 | &nbsp;&nbsp; 3620 |
| Quaker Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20789 | &nbsp;&nbsp; 3470 |
| Royal Gold, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31942 | &nbsp;&nbsp; 3600 |
| Stepan Co. | &nbsp;&nbsp;&nbsp;&nbsp;36913 | &nbsp;&nbsp; 3930 |
|  |  | &nbsp;&nbsp; 25995 |
| **Real Estate—4.9%** | **Real Estate—4.9%** |  |
| Douglas Emmett, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;193264 | &nbsp;&nbsp; 3031 |
| Hudson Pacific Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;319747 | &nbsp;&nbsp; 3111 |
| Medical Properties Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;313736 | &nbsp;&nbsp; 3495 |
| STAG Industrial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;126812 | &nbsp;&nbsp; 4097 |
| Terreno Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;66944 | &nbsp;&nbsp; 3807 |
|  |  | &nbsp;&nbsp; 17541 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### NFJ Small-Cap Value Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Utilities—1.0%** | **Utilities—1.0%** |  |
| American States Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;38147 | $3531 |
| **Total Common Stocks<br> (Identified Cost $361,447)** | **Total Common Stocks<br> (Identified Cost $361,447)** | &nbsp;&nbsp;&nbsp;&nbsp;**358432** |
| **Total Long-Term Investments—99.7%<br> (Identified Cost $361,447)** | **Total Long-Term Investments—99.7%<br> (Identified Cost $361,447)** | &nbsp;&nbsp;&nbsp;&nbsp;**358432** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investment—0.5%** | **Short-Term Investment—0.5%** | **Short-Term Investment—0.5%** |
| **Money Market Mutual Fund—0.5%** | **Money Market Mutual Fund—0.5%** | **Money Market Mutual Fund—0.5%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.033%)<sup>(2)</sup> | 1857235 | $1857 |
| **Total Short-Term Investment<br> (Identified Cost $1,857)** | **Total Short-Term Investment<br> (Identified Cost $1,857)** | &nbsp;&nbsp;&nbsp;&nbsp; **1857** |
| **TOTAL INVESTMENTS—100.2%<br> (Identified Cost $363,304)** | **TOTAL INVESTMENTS—100.2%<br> (Identified Cost $363,304)** | &nbsp;&nbsp;**$360289** |
| Other assets and liabilities, net—(0.2)% | Other assets and liabilities, net—(0.2)% | &nbsp;&nbsp;&nbsp;&nbsp; (751) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$359538** |

---

---

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

---

---

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

---

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;90% |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Bermuda | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |
| <sup>†</sup> % of total investments as of December 31, 2022. | <sup>†</sup> % of total investments as of December 31, 2022. |

---

The following table summarizes the value of the Fund's investments as of December 31, 2022, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total <br> Value at<br> December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices |
| Assets: |  |  |
| Equity Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$358432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$358432 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1857 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$360289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$360289 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2022.

There were no transfers into or out of Level 3 related to securities held at December 31, 2022.

For information regarding the abbreviations, see the Key Investment Terms starting on page 6.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### Silvant Focused Growth Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—97.7%** | **Common Stocks—97.7%** | **Common Stocks—97.7%** |
| **Communication Services—9.2%** | **Communication Services—9.2%** |  |
| Alphabet, Inc. Class A<sup>(1)</sup> | 416547 | $36752 |
| Alphabet, Inc. Class C<sup>(1)</sup> | 386416 | &nbsp;&nbsp; 34287 |
|  |  | &nbsp;&nbsp; 71039 |
| **Consumer Discretionary—10.4%** | **Consumer Discretionary—10.4%** |  |
| Amazon.com, Inc.<sup>(1)</sup> | 618385 | &nbsp;&nbsp; 51944 |
| Las Vegas Sands Corp.<sup>(1)</sup> | 231023 | &nbsp;&nbsp; 11105 |
| Royal Caribbean Cruises Ltd.<sup>(1)</sup> | 168382 | &nbsp;&nbsp; 8323 |
| Tesla, Inc.<sup>(1)</sup> | 73240 | &nbsp;&nbsp; 9022 |
|  |  | &nbsp;&nbsp; 80394 |
| **Consumer Staples—4.8%** | **Consumer Staples—4.8%** |  |
| Estee Lauder Cos., Inc. (The) Class A | 147504 | &nbsp;&nbsp; 36597 |
| **Health Care—17.2%** | **Health Care—17.2%** |  |
| Dexcom, Inc.<sup>(1)</sup> | 156160 | &nbsp;&nbsp; 17684 |
| Edwards Lifesciences Corp.<sup>(1)</sup> | 291541 | &nbsp;&nbsp; 21752 |
| Eli Lilly & Co. | 104312 | &nbsp;&nbsp; 38161 |
| Intuitive Surgical, Inc.<sup>(1)</sup> | 66757 | &nbsp;&nbsp; 17714 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| UnitedHealth Group, Inc. | 70163 | $37199 |
|  |  | &nbsp;&nbsp;132510 |
| **Industrials—7.7%** | **Industrials—7.7%** |  |
| Boeing Co. (The)<sup>(1)</sup> | 102839 | &nbsp;&nbsp; 19590 |
| Fair Isaac Corp.<sup>(1)</sup> | 34760 | &nbsp;&nbsp; 20807 |
| Honeywell International, Inc. | 87351 | &nbsp;&nbsp; 18719 |
|  |  | &nbsp;&nbsp; 59116 |
| **Information Technology—46.4%** | **Information Technology—46.4%** |  |
| Apple, Inc. | 799567 | &nbsp;&nbsp;103888 |
| Applied Materials, Inc. | 125738 | &nbsp;&nbsp; 12244 |
| ASML Holding N.V. Registered Shares | 13982 | &nbsp;&nbsp; 7640 |
| Autodesk, Inc.<sup>(1)</sup> | 84137 | &nbsp;&nbsp; 15723 |
| Microsoft Corp. | 463938 | &nbsp;&nbsp;111262 |
| NVIDIA Corp. | 259392 | &nbsp;&nbsp; 37908 |
| Salesforce, Inc.<sup>(1)</sup> | 104822 | &nbsp;&nbsp; 13898 |
| Visa, Inc. Class A | 220993 | &nbsp;&nbsp; 45913 |
| Workday, Inc. Class A<sup>(1)</sup> | 55484 | &nbsp;&nbsp; 9284 |
|  |  | &nbsp;&nbsp;357760 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials—2.0%** | **Materials—2.0%** |  |
| Vulcan Materials Co. | 88728 | $15537 |
| **Total Common Stocks<br> (Identified Cost $507,125)** | **Total Common Stocks<br> (Identified Cost $507,125)** | &nbsp;&nbsp;&nbsp;&nbsp;**752953** |
| **Total Long-Term Investments—97.7%<br> (Identified Cost $507,125)** | **Total Long-Term Investments—97.7%<br> (Identified Cost $507,125)** | &nbsp;&nbsp;&nbsp;&nbsp;**752953** |
| **TOTAL INVESTMENTS—97.7%<br> (Identified Cost $507,125)** | **TOTAL INVESTMENTS—97.7%<br> (Identified Cost $507,125)** | &nbsp;&nbsp;**$752953** |
| Other assets and liabilities, net—2.3% | Other assets and liabilities, net—2.3% | &nbsp;&nbsp;&nbsp;&nbsp; 17836 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$770789** |

---

---

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

---

The following table summarizes the value of the Fund's investments as of December 31, 2022, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total <br> Value at<br> December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices |
| Assets: |  |  |
| Equity Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$752953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$752953 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$752953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$752953 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2022.

There were no transfers into or out of Level 3 related to securities held at December 31, 2022.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### Silvant Mid-Cap Growth Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—100.1%** | **Common Stocks—100.1%** | **Common Stocks—100.1%** |
| **Communication Services—1.2%** | **Communication Services—1.2%** |  |
| Trade Desk, Inc. (The) Class A<sup>(1)</sup> | 74559 | $3343 |
| **Consumer Discretionary—18.5%** | **Consumer Discretionary—18.5%** |  |
| Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7882 | &nbsp;&nbsp; 2730 |
| DR Horton, Inc. | 41701 | &nbsp;&nbsp; 3717 |
| Etsy, Inc.<sup>(1)</sup> | 32415 | &nbsp;&nbsp; 3883 |
| Expedia Group, Inc.<sup>(1)</sup> | 51466 | &nbsp;&nbsp; 4508 |
| Five Below, Inc.<sup>(1)</sup> | 21687 | &nbsp;&nbsp; 3836 |
| Lululemon Athletica, Inc.<sup>(1)</sup> | 11111 | &nbsp;&nbsp; 3560 |
| O'Reilly Automotive, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8545 | &nbsp;&nbsp; 7212 |
| Pool Corp. | 14282 | &nbsp;&nbsp; 4318 |
| Royal Caribbean Cruises Ltd.<sup>(1)</sup> | 57123 | &nbsp;&nbsp; 2823 |
| Tractor Supply Co. | 30271 | &nbsp;&nbsp; 6810 |
| Ulta Beauty, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7041 | &nbsp;&nbsp; 3303 |
| Wingstop, Inc. | 31802 | &nbsp;&nbsp; 4377 |
|  |  | &nbsp;&nbsp; 51077 |
| **Energy—2.9%** | **Energy—2.9%** |  |
| Diamondback Energy, Inc. | 23081 | &nbsp;&nbsp; 3157 |
| Valero Energy Corp. | 37346 | &nbsp;&nbsp; 4738 |
|  |  | &nbsp;&nbsp; 7895 |
| **Financials—6.3%** | **Financials—6.3%** |  |
| Apollo Global Management, Inc. | 28162 | &nbsp;&nbsp; 1796 |
| Gallagher (Arthur J.) & Co. | 31548 | &nbsp;&nbsp; 5948 |
| LPL Financial Holdings, Inc. | 15470 | &nbsp;&nbsp; 3344 |
| MSCI, Inc. Class A | 13603 | &nbsp;&nbsp; 6328 |
|  |  | &nbsp;&nbsp; 17416 |
| **Health Care—20.2%** | **Health Care—20.2%** |  |
| Alnylam Pharmaceuticals, Inc.<sup>(1)</sup> | 13661 | &nbsp;&nbsp; 3247 |
| AmerisourceBergen Corp. | 59892 | &nbsp;&nbsp; 9925 |
| Boston Scientific Corp.<sup>(1)</sup> | 77512 | &nbsp;&nbsp; 3586 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Centene Corp.<sup>(1)</sup> | 48882 | $4009 |
| Cooper Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;9363 | &nbsp;&nbsp; 3096 |
| Dexcom, Inc.<sup>(1)</sup> | 73993 | &nbsp;&nbsp; 8379 |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 15529 | &nbsp;&nbsp; 6335 |
| Inspire Medical Systems, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp; 1763 |
| Insulet Corp.<sup>(1)</sup> | 13223 | &nbsp;&nbsp; 3893 |
| Mettler-Toledo International, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1918 | &nbsp;&nbsp; 2772 |
| Neurocrine Biosciences, Inc.<sup>(1)</sup> | 18294 | &nbsp;&nbsp; 2185 |
| Sarepta Therapeutics, Inc.<sup>(1)</sup> | 18318 | &nbsp;&nbsp; 2374 |
| Tenet Healthcare Corp.<sup>(1)</sup> | 82914 | &nbsp;&nbsp; 4045 |
|  |  | &nbsp;&nbsp; 55609 |
| **Industrials—20.1%** | **Industrials—20.1%** |  |
| AMETEK, Inc. | 38637 | &nbsp;&nbsp; 5398 |
| Chart Industries, Inc.<sup>(1)</sup> | 10164 | &nbsp;&nbsp; 1171 |
| Ferguson plc | 44998 | &nbsp;&nbsp; 5714 |
| Hexcel Corp. | 131708 | &nbsp;&nbsp; 7751 |
| Leidos Holdings, Inc. | 56647 | &nbsp;&nbsp; 5959 |
| Quanta Services, Inc. | 64669 | &nbsp;&nbsp; 9215 |
| United Rentals, Inc.<sup>(1)</sup> | 13318 | &nbsp;&nbsp; 4734 |
| Waste Management, Inc. | 45189 | &nbsp;&nbsp; 7089 |
| Westinghouse Air Brake Technologies Corp. | 82220 | &nbsp;&nbsp; 8206 |
|  |  | &nbsp;&nbsp; 55237 |
| **Information Technology—27.2%** | **Information Technology—27.2%** |  |
| Analog Devices, Inc. | 30940 | &nbsp;&nbsp; 5075 |
| Atlassian Corp. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6074 | &nbsp;&nbsp; 782 |
| Belden, Inc. | 19607 | &nbsp;&nbsp; 1410 |
| Datadog, Inc. Class A<sup>(1)</sup> | 33152 | &nbsp;&nbsp; 2437 |
| Enphase Energy, Inc.<sup>(1)</sup> | 30006 | &nbsp;&nbsp; 7950 |
| Entegris, Inc. | 47834 | &nbsp;&nbsp; 3137 |
| EPAM Systems, Inc.<sup>(1)</sup> | 21627 | &nbsp;&nbsp; 7088 |
| HubSpot, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5920 | &nbsp;&nbsp; 1712 |
| Keysight Technologies, Inc.<sup>(1)</sup> | 50127 | &nbsp;&nbsp; 8575 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9945 | $4180 |
| Marvell Technology, Inc. | 63016 | &nbsp;&nbsp;&nbsp; 2334 |
| Monolithic Power Systems, Inc. | 15631 | &nbsp;&nbsp;&nbsp; 5527 |
| Palo Alto Networks, Inc.<sup>(1)</sup> | 50917 | &nbsp;&nbsp;&nbsp; 7105 |
| Paycom Software, Inc.<sup>(1)</sup> | 14323 | &nbsp;&nbsp;&nbsp; 4444 |
| TE Connectivity Ltd. | 48403 | &nbsp;&nbsp;&nbsp; 5557 |
| Varonis Systems, Inc.<sup>(1)</sup> | 134617 | &nbsp;&nbsp;&nbsp; 3223 |
| Zscaler, Inc.<sup>(1)</sup> | 38969 | &nbsp;&nbsp;&nbsp; 4361 |
|  |  | &nbsp;&nbsp;&nbsp; 74897 |
| **Materials—0.8%** | **Materials—0.8%** |  |
| CF Industries Holdings, Inc. | 26494 | &nbsp;&nbsp;&nbsp; 2257 |
| **Real Estate—2.9%** | **Real Estate—2.9%** |  |
| Public Storage | 18276 | &nbsp;&nbsp;&nbsp; 5121 |
| Terreno Realty Corp. | 51056 | &nbsp;&nbsp;&nbsp; 2903 |
|  |  | &nbsp;&nbsp;&nbsp; 8024 |
| **Total Common Stocks<br> (Identified Cost $258,571)** | **Total Common Stocks<br> (Identified Cost $258,571)** | &nbsp;&nbsp;&nbsp;&nbsp;**275755** |
| **Total Long-Term Investments—100.1%<br> (Identified Cost $258,571)** | **Total Long-Term Investments—100.1%<br> (Identified Cost $258,571)** | &nbsp;&nbsp;&nbsp;&nbsp;**275755** |
| **TOTAL INVESTMENTS—100.1%<br> (Identified Cost $258,571)** | **TOTAL INVESTMENTS—100.1%<br> (Identified Cost $258,571)** | &nbsp;&nbsp;**$275755** |
| Other assets and liabilities, net—(0.1)% | Other assets and liabilities, net—(0.1)% | &nbsp;&nbsp;&nbsp;&nbsp; (253) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$275502** |

---

---

| | |
|:---|:---|
| **Abbreviation:** | **Abbreviation:** |
| MSCI | Morgan Stanley Capital International |

---

---

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

---

The following table summarizes the value of the Fund's investments as of December 31, 2022, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total <br> Value at<br> December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices |
| Assets: |  |  |
| Equity Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$275755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$275755 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$275755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$275755 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2022.

There were no transfers into or out of Level 3 related to securities held at December 31, 2022.

For information regarding the abbreviations, see the Key Investment Terms starting on page 6.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### Small-Cap Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—99.2%** | **Common Stocks—99.2%** | **Common Stocks—99.2%** |
| **Aerospace & Defense—0.4%** | **Aerospace & Defense—0.4%** |  |
| AerSale Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5620 | $91 |
| HEICO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1849 | &nbsp;&nbsp; 284 |
|  |  | &nbsp;&nbsp; 375 |
| **Air Freight & Logistics—0.8%** | **Air Freight & Logistics—0.8%** |  |
| Hub Group, Inc. Class A<sup>(1)</sup> | 10966 | &nbsp;&nbsp; 872 |
| **Auto Components—0.2%** | **Auto Components—0.2%** |  |
| LCI Industries | &nbsp;&nbsp;&nbsp;&nbsp;2082 | &nbsp;&nbsp; 193 |
| **Banks—9.7%** | **Banks—9.7%** |  |
| American National Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3852 | &nbsp;&nbsp; 142 |
| Ames National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5324 | &nbsp;&nbsp; 126 |
| Banc of California, Inc. | 25957 | &nbsp;&nbsp; 414 |
| Bancorp, Inc. (The)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4228 | &nbsp;&nbsp; 120 |
| Byline Bancorp, Inc. | 26599 | &nbsp;&nbsp; 611 |
| Carter Bankshares, Inc.<sup>(1)</sup> | 27541 | &nbsp;&nbsp; 457 |
| Cathay General Bancorp | 32561 | &nbsp;&nbsp; 1328 |
| Central Pacific Financial Corp. | 10365 | &nbsp;&nbsp; 210 |
| Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9998 | &nbsp;&nbsp; 394 |
| ConnectOne Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4319 | &nbsp;&nbsp; 105 |
| Glacier Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5504 | &nbsp;&nbsp; 272 |
| Hancock Whitney Corp. | 16051 | &nbsp;&nbsp; 777 |
| Hanmi Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5112 | &nbsp;&nbsp; 127 |
| Hope Bancorp, Inc. | 26810 | &nbsp;&nbsp; 343 |
| Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846 | &nbsp;&nbsp; 71 |
| MidWestOne Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4322 | &nbsp;&nbsp; 137 |
| Northrim BanCorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3383 | &nbsp;&nbsp; 185 |
| PCB Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;8422 | &nbsp;&nbsp; 149 |
| PCSB Financial Corp. | 28193 | &nbsp;&nbsp; 537 |
| Peapack-Gladstone Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4171 | &nbsp;&nbsp; 155 |
| Preferred Bank | &nbsp;&nbsp;&nbsp;&nbsp;9585 | &nbsp;&nbsp; 715 |
| Premier Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2158 | &nbsp;&nbsp; 58 |
| QCR Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2787 | &nbsp;&nbsp; 138 |
| Sandy Spring Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7980 | &nbsp;&nbsp; 281 |
| SouthState Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4678 | &nbsp;&nbsp; 357 |
| United Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6299 | &nbsp;&nbsp; 255 |
| Valley National Bancorp | 26966 | &nbsp;&nbsp; 305 |
| Washington Federal, Inc. | 43737 | &nbsp;&nbsp; 1467 |
|  |  | &nbsp;&nbsp; 10236 |
| **Beverages—1.2%** | **Beverages—1.2%** |  |
| Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2526 | &nbsp;&nbsp; 1294 |
| **Biotechnology—6.2%** | **Biotechnology—6.2%** |  |
| Alkermes plc<sup>(1)</sup> | 15315 | &nbsp;&nbsp; 400 |
| Anika Therapeutics, Inc.<sup>(1)</sup> | 16086 | &nbsp;&nbsp; 476 |
| Arrowhead Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5645 | &nbsp;&nbsp; 229 |
| AVEO Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9362 | &nbsp;&nbsp; 140 |
| Avid Bioservices, Inc.<sup>(1)</sup> | 64320 | &nbsp;&nbsp; 886 |
| BioCryst Pharmaceuticals, Inc.<sup>(1)</sup> | 23910 | &nbsp;&nbsp; 274 |
| Blueprint Medicines Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1638 | &nbsp;&nbsp; 72 |
| Cytokinetics, Inc.<sup>(1)</sup> | 14581 | &nbsp;&nbsp; 668 |
| Design Therapeutics, Inc.<sup>(1)</sup> | 14400 | &nbsp;&nbsp; 148 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Biotechnology—continued** | **Biotechnology—continued** |  |
| Dynavax Technologies Corp.<sup>(1)</sup> | 10147 | $108 |
| Eagle Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7452 | &nbsp;&nbsp; 218 |
| Halozyme Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8126 | &nbsp;&nbsp; 462 |
| Insmed, Inc.<sup>(1)</sup> | 20392 | &nbsp;&nbsp; 407 |
| Intercept Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8362 | &nbsp;&nbsp; 103 |
| IVERIC bio, Inc.<sup>(1)</sup> | 13840 | &nbsp;&nbsp; 296 |
| Keros Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8113 | &nbsp;&nbsp; 390 |
| Monte Rosa Therapeutics, Inc.<sup>(1)</sup> | 12638 | &nbsp;&nbsp; 96 |
| Natera, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9090 | &nbsp;&nbsp; 365 |
| SpringWorks Therapeutics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2752 | &nbsp;&nbsp; 71 |
| Vanda Pharmaceuticals, Inc.<sup>(1)</sup> | 10908 | &nbsp;&nbsp; 81 |
| Vaxcyte, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3287 | &nbsp;&nbsp; 158 |
| VectivBio Holding AG<sup>(1)</sup> | 26441 | &nbsp;&nbsp; 228 |
| Xencor, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7857 | &nbsp;&nbsp; 205 |
|  |  | &nbsp;&nbsp; 6481 |
| **Building Products—0.5%** | **Building Products—0.5%** |  |
| UFP Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6183 | &nbsp;&nbsp; 490 |
| **Capital Markets—1.6%** | **Capital Markets—1.6%** |  |
| Federated Hermes, Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;6342 | &nbsp;&nbsp; 230 |
| Golub Capital BDC, Inc. | 32260 | &nbsp;&nbsp; 424 |
| Hercules Capital, Inc. | 12617 | &nbsp;&nbsp; 167 |
| Main Street Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5269 | &nbsp;&nbsp; 195 |
| PJT Partners, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;8680 | &nbsp;&nbsp; 640 |
|  |  | &nbsp;&nbsp; 1656 |
| **Chemicals—1.2%** | **Chemicals—1.2%** |  |
| AdvanSix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3852 | &nbsp;&nbsp; 146 |
| Balchem Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1835 | &nbsp;&nbsp; 224 |
| HB Fuller Co. | 12354 | &nbsp;&nbsp; 885 |
|  |  | &nbsp;&nbsp; 1255 |
| **Commercial Services &<br> Supplies—0.5%** | **Commercial Services &<br> Supplies—0.5%** |  |
| Tetra Tech, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3793 | &nbsp;&nbsp; 551 |
| **Communications Equipment—0.2%** | **Communications Equipment—0.2%** |  |
| Digi International, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5997 | &nbsp;&nbsp; 219 |
| **Construction & Engineering—1.2%** | **Construction & Engineering—1.2%** |  |
| Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3171 | &nbsp;&nbsp; 365 |
| EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4047 | &nbsp;&nbsp; 599 |
| MYR Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1504 | &nbsp;&nbsp; 138 |
| Sterling Infrastructure, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4225 | &nbsp;&nbsp; 139 |
|  |  | &nbsp;&nbsp; 1241 |
| **Containers & Packaging—1.3%** | **Containers & Packaging—1.3%** |  |
| Graphic Packaging Holding Co. | 33446 | &nbsp;&nbsp; 744 |
| Silgan Holdings, Inc. | 12956 | &nbsp;&nbsp; 672 |
|  |  | &nbsp;&nbsp; 1416 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Diversified Consumer Services—1.4%** | **Diversified Consumer Services—1.4%** |  |
| Bright Horizons Family Solutions, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2496 | $157 |
| Carriage Services, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;8967 | &nbsp;&nbsp; 247 |
| Grand Canyon Education, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3513 | &nbsp;&nbsp; 371 |
| Perdoceo Education Corp.<sup>(1)</sup> | 16609 | &nbsp;&nbsp; 231 |
| Vitru Ltd.<sup>(1)</sup> | 18443 | &nbsp;&nbsp; 415 |
|  |  | &nbsp;&nbsp; 1421 |
| **Diversified Telecommunication<br> Services—0.2%** | **Diversified Telecommunication<br> Services—0.2%** |  |
| Cogent Communications Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2774 | &nbsp;&nbsp; 158 |
| **Electric Utilities—2.1%** | **Electric Utilities—2.1%** |  |
| ALLETE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7857 | &nbsp;&nbsp; 507 |
| Hawaiian Electric Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9731 | &nbsp;&nbsp; 407 |
| IDACORP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5177 | &nbsp;&nbsp; 558 |
| Otter Tail Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8782 | &nbsp;&nbsp; 516 |
| Portland General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;4643 | &nbsp;&nbsp; 228 |
|  |  | &nbsp;&nbsp; 2216 |
| **Electrical Equipment—1.3%** | **Electrical Equipment—1.3%** |  |
| Atkore, Inc.<sup>(1)</sup> | 10603 | &nbsp;&nbsp; 1203 |
| LSI Industries, Inc. | 13895 | &nbsp;&nbsp; 170 |
|  |  | &nbsp;&nbsp; 1373 |
| **Electronic Equipment, Instruments &<br> Components—3.8%** | **Electronic Equipment, Instruments &<br> Components—3.8%** |  |
| Belden, Inc. | 21633 | &nbsp;&nbsp; 1555 |
| CTS Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4249 | &nbsp;&nbsp; 167 |
| Fabrinet <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3039 | &nbsp;&nbsp; 390 |
| Napco Security Technologies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4792 | &nbsp;&nbsp; 132 |
| Novanta, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793 | &nbsp;&nbsp; 108 |
| OSI Systems, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1509 | &nbsp;&nbsp; 120 |
| Sanmina Corp.<sup>(1)</sup> | 26526 | &nbsp;&nbsp; 1520 |
|  |  | &nbsp;&nbsp; 3992 |
| **Entertainment—1.0%** | **Entertainment—1.0%** |  |
| Liberty Media Corp-Liberty Formula One Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9022 | &nbsp;&nbsp; 482 |
| Madison Square Garden Sports Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2681 | &nbsp;&nbsp; 492 |
| Marcus Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;7516 | &nbsp;&nbsp; 108 |
|  |  | &nbsp;&nbsp; 1082 |
| **Equity Real Estate Investment—0.7%** | **Equity Real Estate Investment—0.7%** |  |
| Armada Hoffler Properties, Inc. | 29992 | &nbsp;&nbsp; 345 |
| Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4383 | &nbsp;&nbsp; 358 |
|  |  | &nbsp;&nbsp; 703 |
| **Food & Staples Retailing—1.6%** | **Food & Staples Retailing—1.6%** |  |
| BJ's Wholesale Club Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8114 | &nbsp;&nbsp; 537 |
| Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2034 | &nbsp;&nbsp; 456 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### Small-Cap Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Food & Staples Retailing—continued** | **Food & Staples Retailing—continued** |  |
| Ingles Markets, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3975 | $384 |
| Weis Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4160 | &nbsp;&nbsp; 342 |
|  |  | &nbsp;&nbsp; 1719 |
| **Food Products—4.1%** | **Food Products—4.1%** |  |
| Cal-Maine Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6445 | &nbsp;&nbsp; 351 |
| Flowers Foods, Inc. | 54250 | &nbsp;&nbsp; 1559 |
| Hostess Brands, Inc.<sup>(1)</sup> | 26622 | &nbsp;&nbsp; 597 |
| J & J Snack Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3328 | &nbsp;&nbsp; 498 |
| John B Sanfilippo & Son, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6981 | &nbsp;&nbsp; 568 |
| Lancaster Colony Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3051 | &nbsp;&nbsp; 602 |
| Tootsie Roll Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3421 | &nbsp;&nbsp; 146 |
|  |  | &nbsp;&nbsp; 4321 |
| **Gas Utilities—0.4%** | **Gas Utilities—0.4%** |  |
| ONE Gas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6194 | &nbsp;&nbsp; 469 |
| **Healthcare Equipment &<br> Supplies—5.0%** | **Healthcare Equipment &<br> Supplies—5.0%** |  |
| Axonics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7463 | &nbsp;&nbsp; 467 |
| Cutera, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9134 | &nbsp;&nbsp; 404 |
| Establishment Labs Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7924 | &nbsp;&nbsp; 520 |
| Globus Medical, Inc. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4160 | &nbsp;&nbsp; 309 |
| Haemonetics Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5916 | &nbsp;&nbsp; 465 |
| Inari Medical, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5440 | &nbsp;&nbsp; 346 |
| Inspire Medical Systems, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1752 | &nbsp;&nbsp; 441 |
| Meridian Bioscience, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8213 | &nbsp;&nbsp; 273 |
| Merit Medical Systems, Inc.<sup>(1)</sup> | 12181 | &nbsp;&nbsp; 860 |
| Omnicell, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1745 | &nbsp;&nbsp; 88 |
| Penumbra, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2122 | &nbsp;&nbsp; 472 |
| Shockwave Medical, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2674 | &nbsp;&nbsp; 550 |
| Surmodics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2009 | &nbsp;&nbsp; 68 |
|  |  | &nbsp;&nbsp; 5263 |
| **Healthcare Providers &<br> Services—2.8%** | **Healthcare Providers &<br> Services—2.8%** |  |
| Alignment Healthcare, Inc.<sup>(1)</sup> | 94126 | &nbsp;&nbsp; 1107 |
| Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp; 472 |
| Cross Country Healthcare, Inc.<sup>(1)</sup> | 10552 | &nbsp;&nbsp; 280 |
| Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4035 | &nbsp;&nbsp; 241 |
| Ensign Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;1772 | &nbsp;&nbsp; 168 |
| LHC Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933 | &nbsp;&nbsp; 151 |
| ModivCare, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801 | &nbsp;&nbsp; 72 |
| Tenet Healthcare Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8219 | &nbsp;&nbsp; 401 |
|  |  | &nbsp;&nbsp; 2892 |
| **Healthcare Technology—1.2%** | **Healthcare Technology—1.2%** |  |
| HealthStream, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5187 | &nbsp;&nbsp; 129 |
| NextGen Healthcare, Inc.<sup>(1)</sup> | 61403 | &nbsp;&nbsp; 1153 |
|  |  | &nbsp;&nbsp; 1282 |
| **Hotels, Restaurants & Leisure—2.8%** | **Hotels, Restaurants & Leisure—2.8%** |  |
| Boyd Gaming Corp. | 15572 | &nbsp;&nbsp; 849 |
| Everi Holdings, Inc.<sup>(1)</sup> | 19459 | &nbsp;&nbsp; 280 |
| Hilton Grand Vacations, Inc.<sup>(1)</sup> | 16249 | &nbsp;&nbsp; 626 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Hotels, Restaurants &<br> Leisure—continued** | **Hotels, Restaurants &<br> Leisure—continued** |  |
| Red Rock Resorts, Inc. Class A | 28397 | $1136 |
|  |  | &nbsp;&nbsp; 2891 |
| **Insurance—3.1%** | **Insurance—3.1%** |  |
| AMERISAFE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6101 | &nbsp;&nbsp; 317 |
| Donegal Group, Inc. Class A | 23756 | &nbsp;&nbsp; 337 |
| Employers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6194 | &nbsp;&nbsp; 267 |
| Enstar Group Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1110 | &nbsp;&nbsp; 257 |
| Genworth Financial, Inc. Class A<sup>(1)</sup> | 182055 | &nbsp;&nbsp; 963 |
| RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4068 | &nbsp;&nbsp; 534 |
| Safety Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6563 | &nbsp;&nbsp; 553 |
|  |  | &nbsp;&nbsp; 3228 |
| **IT Services—1.6%** | **IT Services—1.6%** |  |
| ExlService Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9782 | &nbsp;&nbsp; 1658 |
| Hackett Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;3101 | &nbsp;&nbsp; 63 |
|  |  | &nbsp;&nbsp; 1721 |
| **Leisure Products—0.3%** | **Leisure Products—0.3%** |  |
| Acushnet Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7210 | &nbsp;&nbsp; 306 |
| **Life Sciences Tools & Services—0.5%** | **Life Sciences Tools & Services—0.5%** |  |
| Medpace Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp; 196 |
| West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1430 | &nbsp;&nbsp; 337 |
|  |  | &nbsp;&nbsp; 533 |
| **Machinery—0.7%** | **Machinery—0.7%** |  |
| Franklin Electric Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4383 | &nbsp;&nbsp; 350 |
| Terex Corp. | 10228 | &nbsp;&nbsp; 437 |
|  |  | &nbsp;&nbsp; 787 |
| **Media—0.4%** | **Media—0.4%** |  |
| Cable One, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278 | &nbsp;&nbsp; 198 |
| Liberty Broadband Corp. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2645 | &nbsp;&nbsp; 201 |
|  |  | &nbsp;&nbsp; 399 |
| **Metals & Mining—3.6%** | **Metals & Mining—3.6%** |  |
| Commercial Metals Co. | 38685 | &nbsp;&nbsp; 1869 |
| Ryerson Holding Corp. | 33580 | &nbsp;&nbsp; 1016 |
| Warrior Met Coal, Inc. | 26324 | &nbsp;&nbsp; 912 |
|  |  | &nbsp;&nbsp; 3797 |
| **Multiline Retail—0.6%** | **Multiline Retail—0.6%** |  |
| Dillard's, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778 | &nbsp;&nbsp; 251 |
| Macy's, Inc. | 17268 | &nbsp;&nbsp; 357 |
|  |  | &nbsp;&nbsp; 608 |
| **Multi-Utilities—0.8%** | **Multi-Utilities—0.8%** |  |
| Avista Corp. | 13219 | &nbsp;&nbsp; 586 |
| Unitil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp; 252 |
|  |  | &nbsp;&nbsp; 838 |
| **Oil, Gas & Consumable Fuels—6.6%** | **Oil, Gas & Consumable Fuels—6.6%** |  |
| Civitas Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1976 | &nbsp;&nbsp; 114 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Oil, Gas & Consumable<br> Fuels—continued** | **Oil, Gas & Consumable<br> Fuels—continued** |  |
| Coterra Energy, Inc. | 26049 | $640 |
| Gulfport Energy Corp.<sup>(1)</sup> | 12172 | &nbsp;&nbsp; 896 |
| Hess Midstream LP Class A | 16326 | &nbsp;&nbsp; 489 |
| Magnolia Oil & Gas Corp. Class A | 71275 | &nbsp;&nbsp; 1671 |
| Nabors Industries Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1078 | &nbsp;&nbsp; 167 |
| Ovintiv, Inc. | 21667 | &nbsp;&nbsp; 1099 |
| Plains GP Holdings LP Class A<sup>(1)</sup> | 79885 | &nbsp;&nbsp; 994 |
| Ranger Oil Corp. Class A | 19636 | &nbsp;&nbsp; 794 |
| Teekay Tankers Ltd. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3777 | &nbsp;&nbsp; 116 |
|  |  | &nbsp;&nbsp; 6980 |
| **Pharmaceuticals—2.8%** | **Pharmaceuticals—2.8%** |  |
| Collegium Pharmaceutical, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8119 | &nbsp;&nbsp; 188 |
| Innoviva, Inc.<sup>(1)</sup> | 33576 | &nbsp;&nbsp; 445 |
| Perrigo Co. plc | 10977 | &nbsp;&nbsp; 374 |
| Prestige Consumer Healthcare, Inc.<sup>(1)</sup> | 30622 | &nbsp;&nbsp; 1917 |
|  |  | &nbsp;&nbsp; 2924 |
| **Professional Services—4.2%** | **Professional Services—4.2%** |  |
| ASGN, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9781 | &nbsp;&nbsp; 797 |
| Barrett Business Services, Inc. | 22104 | &nbsp;&nbsp; 2062 |
| CRA International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp; 147 |
| Franklin Covey Co.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1222 | &nbsp;&nbsp; 57 |
| ICF International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1370 | &nbsp;&nbsp; 135 |
| Kforce, Inc. | 10651 | &nbsp;&nbsp; 584 |
| NV5 Global, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906 | &nbsp;&nbsp; 120 |
| Science Applications International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4642 | &nbsp;&nbsp; 515 |
|  |  | &nbsp;&nbsp; 4417 |
| **Road & Rail—1.3%** | **Road & Rail—1.3%** |  |
| Ryder System, Inc. | 13540 | &nbsp;&nbsp; 1132 |
| Saia, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1213 | &nbsp;&nbsp; 254 |
|  |  | &nbsp;&nbsp; 1386 |
| **Semiconductors & Semiconductor<br> Equipment—4.5%** | **Semiconductors & Semiconductor<br> Equipment—4.5%** |  |
| Axcelis Technologies, Inc.<sup>(1)</sup> | 20356 | &nbsp;&nbsp; 1616 |
| Diodes, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3261 | &nbsp;&nbsp; 248 |
| Impinj, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1410 | &nbsp;&nbsp; 154 |
| MACOM Technology Solutions Holdings, Inc.<sup>(1)</sup> | 18532 | &nbsp;&nbsp; 1167 |
| Rambus, Inc.<sup>(1)</sup> | 43131 | &nbsp;&nbsp; 1545 |
|  |  | &nbsp;&nbsp; 4730 |
| **Software—4.5%** | **Software—4.5%** |  |
| Agilysys, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2537 | &nbsp;&nbsp; 201 |
| Box, Inc. Class A<sup>(1)</sup> | 23218 | &nbsp;&nbsp; 723 |
| CommVault Systems, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3264 | &nbsp;&nbsp; 205 |
| Intapp, Inc.<sup>(1)</sup> | 70857 | &nbsp;&nbsp; 1767 |
| Manhattan Associates, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3358 | &nbsp;&nbsp; 408 |
| New Relic, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2425 | &nbsp;&nbsp; 137 |
| Progress Software Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9512 | &nbsp;&nbsp; 480 |
| RADCOM Ltd.<sup>(1)</sup> | 55316 | &nbsp;&nbsp; 605 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### Small-Cap Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Software—continued** | **Software—continued** |  |
| Smartsheet, Inc. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4809 | $189 |
|  |  | &nbsp;&nbsp; 4715 |
| **Specialty Retail—1.6%** | **Specialty Retail—1.6%** |  |
| Asbury Automotive Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3418 | &nbsp;&nbsp; 613 |
| Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8736 | &nbsp;&nbsp; 1051 |
|  |  | &nbsp;&nbsp; 1664 |
| **Technology Hardware, Storage &<br> Peripherals—0.1%** | **Technology Hardware, Storage &<br> Peripherals—0.1%** |  |
| Avid Technology, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4604 | &nbsp;&nbsp; 122 |
| **Textiles, Apparel & Luxury<br> Goods—0.9%** | **Textiles, Apparel & Luxury<br> Goods—0.9%** |  |
| Movado Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3383 | &nbsp;&nbsp; 109 |
| Oxford Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8757 | &nbsp;&nbsp; 816 |
|  |  | &nbsp;&nbsp; 925 |
| **Thrifts & Mortgage Finance—1.1%** | **Thrifts & Mortgage Finance—1.1%** |  |
| Capitol Federal Financial, Inc. | 55091 | &nbsp;&nbsp; 476 |
| Home Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3477 | &nbsp;&nbsp; 139 |
| Merchants Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;4588 | &nbsp;&nbsp; 112 |
| Waterstone Financial, Inc. | 23756 | &nbsp;&nbsp; 410 |
|  |  | &nbsp;&nbsp; 1137 |
| **Trading Companies &<br> Distributors—4.4%** | **Trading Companies &<br> Distributors—4.4%** |  |
| Alta Equipment Group, Inc. | 10117 | &nbsp;&nbsp; 133 |
| Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5596 | &nbsp;&nbsp; 705 |
| Boise Cascade Co. | 12334 | &nbsp;&nbsp; 847 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Trading Companies &<br> Distributors—continued** | **Trading Companies &<br> Distributors—continued** |  |
| GMS, Inc.<sup>(1)</sup> | 15034 | $749 |
| Rush Enterprises, Inc. Class A | 19414 | &nbsp;&nbsp;&nbsp; 1015 |
| WESCO International, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9145 | &nbsp;&nbsp;&nbsp; 1145 |
|  |  | &nbsp;&nbsp;&nbsp; 4594 |
| **Water Utilities—2.2%** | **Water Utilities—2.2%** |  |
| American States Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;6933 | &nbsp;&nbsp;&nbsp; 642 |
| California Water Service Group | 10076 | &nbsp;&nbsp;&nbsp; 611 |
| Consolidated Water Co., Ltd. | 35302 | &nbsp;&nbsp;&nbsp; 523 |
| SJW Group | &nbsp;&nbsp;&nbsp;&nbsp;7210 | &nbsp;&nbsp;&nbsp; 585 |
|  |  | &nbsp;&nbsp;&nbsp; 2361 |
| **Total Common Stocks<br> (Identified Cost $90,124)** | **Total Common Stocks<br> (Identified Cost $90,124)** | &nbsp;&nbsp;&nbsp;&nbsp;**104233** |
| **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 | &nbsp;&nbsp;&nbsp;&nbsp;4530 | &nbsp;&nbsp;&nbsp; 195 |
| **Total Master Limited Partnerships and Related Companies<br> (Identified Cost $109)** | **Total Master Limited Partnerships and Related Companies<br> (Identified Cost $109)** | &nbsp;&nbsp;&nbsp;&nbsp; **195** |
| **Total Long-Term Investments—99.4%<br> (Identified Cost $90,233)** | **Total Long-Term Investments—99.4%<br> (Identified Cost $90,233)** | &nbsp;&nbsp;&nbsp;&nbsp;**104428** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investment—0.8%** | **Short-Term Investment—0.8%** | **Short-Term Investment—0.8%** |
| **Money Market Mutual Fund—0.8%** | **Money Market Mutual Fund—0.8%** | **Money Market Mutual Fund—0.8%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.033%)<sup>(2)</sup> | 821472 | $821 |
| **Total Short-Term Investment<br> (Identified Cost $821)** | **Total Short-Term Investment<br> (Identified Cost $821)** | &nbsp;&nbsp;&nbsp;&nbsp; **821** |
| **TOTAL INVESTMENTS—100.2%<br> (Identified Cost $91,054)** | **TOTAL INVESTMENTS—100.2%<br> (Identified Cost $91,054)** | &nbsp;&nbsp;**$105249** |
| Other assets and liabilities, net—(0.2)% | Other assets and liabilities, net—(0.2)% | &nbsp;&nbsp;&nbsp;&nbsp; (212) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$105037** |

---

---

| | |
|:---|:---|
| **Abbreviation:** | **Abbreviation:** |
| LP | Limited Partnership |

---

---

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

---

The following table summarizes the value of the Fund's investments as of December 31, 2022, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total <br> Value at<br> December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices |
| Assets: |  |  |
| Equity Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$104233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$104233 |
| &nbsp;&nbsp;&nbsp;Master Limited Partnerships and Related Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$105249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$105249 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2022.

There were no transfers into or out of Level 3 related to securities held at December 31, 2022.

For information regarding the abbreviations, see the Key Investment Terms starting on page 6.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### Zevenbergen Technology Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—99.8%** | **Common Stocks—99.8%** | **Common Stocks—99.8%** |
| **Aerospace & Defense—1.1%** | **Aerospace & Defense—1.1%** |  |
| Axon Enterprise, Inc.<sup>(1)</sup> | 64000 | $10620 |
| **Automobiles—2.4%** | **Automobiles—2.4%** |  |
| Rivian Automotive, Inc. Class A <sup>(1)</sup> | 60000 | &nbsp;&nbsp; 1106 |
| Tesla, Inc.<sup>(1)</sup> | 175000 | &nbsp;&nbsp; 21556 |
|  |  | &nbsp;&nbsp; 22662 |
| **Communications Equipment—0.9%** | **Communications Equipment—0.9%** |  |
| Arista Networks, Inc.<sup>(1)</sup> | 40000 | &nbsp;&nbsp; 4854 |
| Cisco Systems, Inc. | 75000 | &nbsp;&nbsp; 3573 |
|  |  | &nbsp;&nbsp; 8427 |
| **Electrical Equipment—0.3%** | **Electrical Equipment—0.3%** |  |
| Shoals Technologies Group, Inc. Class A<sup>(1)</sup> | 100000 | &nbsp;&nbsp; 2467 |
| **Electronic Equipment, Instruments &<br> Components—3.5%** | **Electronic Equipment, Instruments &<br> Components—3.5%** |  |
| Amphenol Corp. Class A | 241000 | &nbsp;&nbsp; 18350 |
| CDW Corp. | 85000 | &nbsp;&nbsp; 15179 |
|  |  | &nbsp;&nbsp; 33529 |
| **Healthcare Technology—0.2%** | **Healthcare Technology—0.2%** |  |
| Veeva Systems, Inc. Class A<sup>(1)</sup> | 15000 | &nbsp;&nbsp; 2421 |
| **Hotels, Restaurants & Leisure—0.9%** | **Hotels, Restaurants & Leisure—0.9%** |  |
| Airbnb, Inc. Class A<sup>(1)</sup> | 30000 | &nbsp;&nbsp; 2565 |
| Booking Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp; 6046 |
|  |  | &nbsp;&nbsp; 8611 |
| **Interactive Media & Services—8.6%** | **Interactive Media & Services—8.6%** |  |
| Alphabet, Inc. Class C<sup>(1)</sup> | 880000 | &nbsp;&nbsp; 78082 |
| Bumble, Inc. Class A<sup>(1)</sup> | 175000 | &nbsp;&nbsp; 3684 |
|  |  | &nbsp;&nbsp; 81766 |
| **Internet & Direct Marketing<br> Retail—9.4%** | **Internet & Direct Marketing<br> Retail—9.4%** |  |
| Amazon.com, Inc.<sup>(1)</sup> | 804800 | &nbsp;&nbsp; 67603 |
| Global-e Online Ltd.<sup>(1)</sup> | 280800 | &nbsp;&nbsp; 5796 |
| MercadoLibre, Inc.<sup>(1)</sup> | 17000 | &nbsp;&nbsp; 14386 |
| Xometry, Inc. Class A<sup>(1)</sup> | 65000 | &nbsp;&nbsp; 2095 |
|  |  | &nbsp;&nbsp; 89880 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **IT Services—13.2%** | **IT Services—13.2%** |  |
| Automatic Data Processing, Inc. | 20000 | $4777 |
| Block, Inc. Class A<sup>(1)</sup> | 30000 | &nbsp;&nbsp; 1885 |
| Mastercard, Inc. Class A | 85000 | &nbsp;&nbsp; 29557 |
| MongoDB, Inc. Class A<sup>(1)</sup> | 100000 | &nbsp;&nbsp; 19684 |
| Shopify, Inc. Class A<sup>(1)</sup> | 550000 | &nbsp;&nbsp; 19091 |
| Snowflake, Inc. Class A<sup>(1)</sup> | 91000 | &nbsp;&nbsp; 13062 |
| Visa, Inc. Class A | 180000 | &nbsp;&nbsp; 37397 |
|  |  | &nbsp;&nbsp;125453 |
| **Media—2.6%** | **Media—2.6%** |  |
| Trade Desk, Inc. (The) Class A<sup>(1)</sup> | 562000 | &nbsp;&nbsp; 25194 |
| **Road & Rail—1.4%** | **Road & Rail—1.4%** |  |
| Uber Technologies, Inc.<sup>(1)</sup> | 550000 | &nbsp;&nbsp; 13601 |
| **Semiconductors & Semiconductor<br> Equipment—19.4%** | **Semiconductors & Semiconductor<br> Equipment—19.4%** |  |
| Advanced Micro Devices, Inc.<sup>(1)</sup> | 190000 | &nbsp;&nbsp; 12306 |
| Applied Materials, Inc. | 70000 | &nbsp;&nbsp; 6817 |
| ASML Holding N.V. Registered Shares | 13000 | &nbsp;&nbsp; 7103 |
| Enphase Energy, Inc.<sup>(1)</sup> | 60000 | &nbsp;&nbsp; 15898 |
| First Solar, Inc.<sup>(1)</sup> | 70000 | &nbsp;&nbsp; 10485 |
| KLA Corp. | 20000 | &nbsp;&nbsp; 7541 |
| Micron Technology, Inc. | 250000 | &nbsp;&nbsp; 12495 |
| Monolithic Power Systems, Inc. | 36100 | &nbsp;&nbsp; 12765 |
| NVIDIA Corp. | 240000 | &nbsp;&nbsp; 35074 |
| NXP Semiconductors N.V. | 91000 | &nbsp;&nbsp; 14381 |
| ON Semiconductor Corp.<sup>(1)</sup> | 625000 | &nbsp;&nbsp; 38981 |
| QUALCOMM, Inc. | 97000 | &nbsp;&nbsp; 10664 |
|  |  | &nbsp;&nbsp;184510 |
| **Software—28.1%** | **Software—28.1%** |  |
| Aspen Technology, Inc.<sup>(1)</sup> | 80000 | &nbsp;&nbsp; 16432 |
| Bill.com Holdings, Inc.<sup>(1)</sup> | 86000 | &nbsp;&nbsp; 9371 |
| Cadence Design Systems, Inc.<sup>(1)</sup> | 20000 | &nbsp;&nbsp; 3213 |
| Crowdstrike Holdings, Inc. Class A<sup>(1)</sup> | 175000 | &nbsp;&nbsp; 18426 |
| DoubleVerify Holdings, Inc.<sup>(1)</sup> | 268000 | &nbsp;&nbsp; 5885 |
| Fortinet, Inc.<sup>(1)</sup> | 360000 | &nbsp;&nbsp; 17600 |
| Gitlab, Inc. Class A <sup>(1)</sup> | 75000 | &nbsp;&nbsp; 3408 |
| Intuit, Inc. | 25000 | &nbsp;&nbsp; 9731 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Software—continued** | **Software—continued** |  |
| Microsoft Corp. | 360000 | $86335 |
| Oracle Corp. | 220000 | &nbsp;&nbsp;&nbsp; 17983 |
| Palo Alto Networks, Inc.<sup>(1)</sup> | 190000 | &nbsp;&nbsp;&nbsp; 26513 |
| Paycom Software, Inc.<sup>(1)</sup> | 17000 | &nbsp;&nbsp;&nbsp; 5275 |
| Paylocity Holding Corp.<sup>(1)</sup> | 26300 | &nbsp;&nbsp;&nbsp; 5109 |
| ServiceNow, Inc.<sup>(1)</sup> | 55000 | &nbsp;&nbsp;&nbsp; 21355 |
| Sprout Social, Inc. Class A<sup>(1)</sup> | 120000 | &nbsp;&nbsp;&nbsp; 6775 |
| Zscaler, Inc.<sup>(1)</sup> | 125000 | &nbsp;&nbsp;&nbsp; 13987 |
|  |  | &nbsp;&nbsp;&nbsp;267398 |
| **Technology Hardware, Storage &<br> Peripherals—7.8%** | **Technology Hardware, Storage &<br> Peripherals—7.8%** |  |
| Apple, Inc. | 570000 | &nbsp;&nbsp;&nbsp; 74060 |
| **Total Common Stocks<br> (Identified Cost $865,459)** | **Total Common Stocks<br> (Identified Cost $865,459)** | &nbsp;&nbsp;&nbsp;&nbsp;**950599** |
| **Total Long-Term Investments—99.8%<br> (Identified Cost $865,459)** | **Total Long-Term Investments—99.8%<br> (Identified Cost $865,459)** | &nbsp;&nbsp;&nbsp;&nbsp;**950599** |
| **TOTAL INVESTMENTS—99.8%<br> (Identified Cost $865,459)** | **TOTAL INVESTMENTS—99.8%<br> (Identified Cost $865,459)** | &nbsp;&nbsp;**$950599** |
| Other assets and liabilities, net—0.2% | Other assets and liabilities, net—0.2% | &nbsp;&nbsp;&nbsp;&nbsp; 1586 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$952185** |

---

---

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

---

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;94% |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Uruguay | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |
| <sup>†</sup> % of total investments as of December 31, 2022. | <sup>†</sup> % of total investments as of December 31, 2022. |

---

The following table summarizes the value of the Fund's investments as of December 31, 2022, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total <br> Value at<br> December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices |
| Assets: |  |  |
| Equity Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$950599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$950599 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$950599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$950599 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2022.

There were no transfers into or out of Level 3 related to securities held at December 31, 2022.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)

#### December 31, 2022
(Reported in thousands except shares and per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Emerging Markets Opportunities Fund** | &nbsp;&nbsp;&nbsp;**Income & Growth Fund** | &nbsp;&nbsp;&nbsp;**KAR Global Small-Cap Fund** | &nbsp;&nbsp;&nbsp;**KAR Health Sciences Fund** |
| **Assets** |  |  |  |  |
| Investment in securities at value<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;$114333 | &nbsp;&nbsp;&nbsp;$4975760 | &nbsp;&nbsp;&nbsp;&nbsp;$56328 | &nbsp;&nbsp;&nbsp;$163647 |
| Foreign currency at value<sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| Cash pledged as collateral for written options<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivables |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Fund shares sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 |
| &nbsp;&nbsp;&nbsp; Dividends and interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 |
| &nbsp;&nbsp;&nbsp; Tax reclaims <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392 |
| Prepaid Trustees' retainer<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(a)</sup> |
| Prepaid expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| Other assets <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5039651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164529 |
| **Liabilities** |  |  |  |  |
| Written options at value<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payables |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Fund shares repurchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914 |
| &nbsp;&nbsp;&nbsp; Investment securities purchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Foreign capital gains tax<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Investment advisory fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 |
| &nbsp;&nbsp;&nbsp; Distribution and service fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp; Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| &nbsp;&nbsp;&nbsp; Transfer agent and sub-transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| &nbsp;&nbsp;&nbsp; Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| &nbsp;&nbsp;&nbsp; Trustee deferred compensation plan <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 |
| &nbsp;&nbsp;&nbsp; Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188 |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;$118470 | &nbsp;&nbsp;&nbsp;$4989689 | &nbsp;&nbsp;&nbsp;&nbsp;$56609 | &nbsp;&nbsp;&nbsp;$163341 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Capital paid in on shares of beneficial interest<br>| &nbsp;&nbsp;&nbsp;$143561 | &nbsp;&nbsp;&nbsp;$6238663 | &nbsp;&nbsp;&nbsp;&nbsp;$58693 | &nbsp;&nbsp;&nbsp;$163990 |
| &nbsp;&nbsp;&nbsp; Accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25091) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1248974) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2084) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(649) |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;$118470 | &nbsp;&nbsp;&nbsp;$4989689 | &nbsp;&nbsp;&nbsp;&nbsp;$56609 | &nbsp;&nbsp;&nbsp;$163341 |
| **Net Assets:** |  |  |  |  |
| Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;$18500 | &nbsp;&nbsp;&nbsp;$1870006 | &nbsp;&nbsp;&nbsp;&nbsp;$30329 | &nbsp;&nbsp;&nbsp;$144652 |
| Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$968928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3115 |
| Class P<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$997004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1294 |
| Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;$68459 | &nbsp;&nbsp;&nbsp;$1153751 | &nbsp;&nbsp;&nbsp;&nbsp;$23628 | &nbsp;&nbsp;&nbsp;&nbsp;$14280 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;$26123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| **Shares Outstanding (unlimited number of shares authorized, no par value):** |  |  |  |  |
| Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741171 | &nbsp;&nbsp;&nbsp;&nbsp;188090145 | &nbsp;&nbsp;&nbsp;&nbsp;1077357 | &nbsp;&nbsp;&nbsp;&nbsp;5237141 |
| Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27547 | &nbsp;&nbsp;&nbsp;&nbsp;109845094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190773 |
| Class P<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96871481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45484 |
| Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;2738701 | &nbsp;&nbsp;&nbsp;&nbsp;110673904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501395 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;1059245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)

#### December 31, 2022
(Reported in thousands except shares and per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Emerging Markets Opportunities Fund** | &nbsp;&nbsp;&nbsp;**Income & Growth Fund** | &nbsp;&nbsp;&nbsp;**KAR Global Small-Cap Fund** | &nbsp;&nbsp;&nbsp;**KAR Health Sciences Fund** |
| **Net Asset Value and Redemption Price Per Share:<sup>\*</sup>** |  |  |  |  |
| Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$28.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$27.62 |
| Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.33 |
| Class P<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$28.45 |
| Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$28.48 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| **Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)):** |  |  |  |  |
| Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$29.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$29.23 |
| Maximum Sales Charge - Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% |
| <sup>(1)</sup> Investment in securities at cost<br>| &nbsp;&nbsp;&nbsp;$116026 | &nbsp;&nbsp;&nbsp;$6159408 | &nbsp;&nbsp;&nbsp;&nbsp;$57575 | &nbsp;&nbsp;&nbsp;$158291 |
| <sup>(2)</sup> Foreign currency at cost<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| <sup>(3)</sup> Written options premiums received<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

<sup>(a)</sup> Amount is less than $500.

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

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)

#### December 31, 2022
(Reported in thousands except shares and per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**NFJ Dividend Value Fund** | &nbsp;&nbsp;&nbsp;**NFJ International Value Fund** | &nbsp;&nbsp;&nbsp;**NFJ Large-Cap Value Fund** | &nbsp;&nbsp;&nbsp;**NFJ Mid-Cap Value Fund** |
| **Assets** |  |  |  |  |
| Investment in securities at value<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;$675424 | &nbsp;&nbsp;&nbsp;&nbsp;$94858 | &nbsp;&nbsp;&nbsp;$243253 | &nbsp;&nbsp;&nbsp;&nbsp;$992293 |
| Foreign currency at value<sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivables |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16075 |
| &nbsp;&nbsp;&nbsp; Fund shares sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899 |
| &nbsp;&nbsp;&nbsp; Dividends and interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2016 |
| &nbsp;&nbsp;&nbsp; Tax reclaims <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| Prepaid Trustees' retainer<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Prepaid expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 |
| Other assets <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011664 |
| **Liabilities** |  |  |  |  |
| Due to custodian<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219 |
| Payables |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Fund shares repurchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8043 |
| &nbsp;&nbsp;&nbsp; Investment securities purchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5005 |
| &nbsp;&nbsp;&nbsp; Investment advisory fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379 |
| &nbsp;&nbsp;&nbsp; Distribution and service fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 |
| &nbsp;&nbsp;&nbsp; Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 |
| &nbsp;&nbsp;&nbsp; Transfer agent and sub-transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259 |
| &nbsp;&nbsp;&nbsp; Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| &nbsp;&nbsp;&nbsp; Trustee deferred compensation plan <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297 |
| &nbsp;&nbsp;&nbsp; Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15553 |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$676812 | &nbsp;&nbsp;&nbsp;&nbsp;$95418 | &nbsp;&nbsp;&nbsp;$244042 | &nbsp;&nbsp;&nbsp;&nbsp;$996111 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Capital paid in on shares of beneficial interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;$649230 | &nbsp;&nbsp;&nbsp;$541836 | &nbsp;&nbsp;&nbsp;$240063 | &nbsp;&nbsp;&nbsp;$1063151 |
| &nbsp;&nbsp;&nbsp; Accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(446418) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67040) |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$676812 | &nbsp;&nbsp;&nbsp;&nbsp;$95418 | &nbsp;&nbsp;&nbsp;$244042 | &nbsp;&nbsp;&nbsp;&nbsp;$996111 |
| **Net Assets:** |  |  |  |  |
| Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;$337340 | &nbsp;&nbsp;&nbsp;&nbsp;$47769 | &nbsp;&nbsp;&nbsp;$147213 | &nbsp;&nbsp;&nbsp;&nbsp;$463370 |
| Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24414 |
| Class P<br>| &nbsp;&nbsp;&nbsp;&nbsp;$135254 | &nbsp;&nbsp;&nbsp;&nbsp;$14716 | &nbsp;&nbsp;&nbsp;&nbsp;$14756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$79925 |
| Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$83249 | &nbsp;&nbsp;&nbsp;&nbsp;$27379 | &nbsp;&nbsp;&nbsp;&nbsp;$79147 | &nbsp;&nbsp;&nbsp;&nbsp;$311600 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$77785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$82666 |
| Administrative Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$34136 |
| **Shares Outstanding (unlimited number of shares authorized, no par value):** |  |  |  |  |
| Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;34541512 | &nbsp;&nbsp;&nbsp;&nbsp;2714890 | &nbsp;&nbsp;&nbsp;&nbsp;6058748 | &nbsp;&nbsp;&nbsp;&nbsp;20055107 |
| Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1470768 |
| Class P<br>| &nbsp;&nbsp;&nbsp;&nbsp;13659077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5067564 |
| Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8422781 | &nbsp;&nbsp;&nbsp;&nbsp;1543742 | &nbsp;&nbsp;&nbsp;&nbsp;3278269 | &nbsp;&nbsp;&nbsp;&nbsp;12132611 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7923532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3226675 |
| Administrative Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3252238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405434 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)

#### December 31, 2022
(Reported in thousands except shares and per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**NFJ Dividend Value Fund** | &nbsp;&nbsp;&nbsp;**NFJ International Value Fund** | &nbsp;&nbsp;&nbsp;**NFJ Large-Cap Value Fund** | &nbsp;&nbsp;&nbsp;**NFJ Mid-Cap Value Fund** |
| **Net Asset Value and Redemption Price Per Share:<sup>\*</sup>** |  |  |  |  |
| Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.10 |
| Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.60 |
| Class P<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.77 |
| Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.68 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.62 |
| Administrative Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24.29 |
| **Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)):** |  |  |  |  |
| Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24.44 |
| Maximum Sales Charge - Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% |
| <sup>(1)</sup> Investment in securities at cost<br>| &nbsp;&nbsp;&nbsp;&nbsp;$648072 | &nbsp;&nbsp;&nbsp;$100486 | &nbsp;&nbsp;&nbsp;$238176 | &nbsp;&nbsp;&nbsp;$1037622 |
| <sup>(2)</sup> Foreign currency at cost<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

<sup>(a)</sup> Amount is less than $500.

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

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)

#### December 31, 2022
(Reported in thousands except shares and per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**NFJ Small-Cap Value Fund** | &nbsp;&nbsp;&nbsp;**Silvant Focused Growth Fund** | &nbsp;&nbsp;&nbsp;**Silvant Mid-Cap Growth Fund** | &nbsp;&nbsp;&nbsp;**Small-Cap Fund** |
| **Assets** |  |  |  |  |
| Investment in securities at value<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;$360289 | &nbsp;&nbsp;&nbsp;&nbsp;$752953 | &nbsp;&nbsp;&nbsp;&nbsp;$275755 | &nbsp;&nbsp;&nbsp;$105249 |
| Cash <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 |
| Receivables |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 |
| &nbsp;&nbsp;&nbsp; Fund shares sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| &nbsp;&nbsp;&nbsp; Dividends and interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 |
| &nbsp;&nbsp;&nbsp; Tax reclaims <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Prepaid Trustees' retainer<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(a)</sup> |
| Prepaid expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| Other assets <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105618 |
| **Liabilities** |  |  |  |  |
| Payables |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Fund shares repurchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426 |
| &nbsp;&nbsp;&nbsp; Investment securities purchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Dividend distributions <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Investment advisory fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp; Distribution and service fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| &nbsp;&nbsp;&nbsp; Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp; Transfer agent and sub-transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp; Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| &nbsp;&nbsp;&nbsp; Trustee deferred compensation plan <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| &nbsp;&nbsp;&nbsp; Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581 |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$359538 | &nbsp;&nbsp;&nbsp;&nbsp;$770789 | &nbsp;&nbsp;&nbsp;&nbsp;$275502 | &nbsp;&nbsp;&nbsp;$105037 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Capital paid in on shares of beneficial interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;$370998 | &nbsp;&nbsp;&nbsp;&nbsp;$526922 | &nbsp;&nbsp;&nbsp;&nbsp;$277283 | &nbsp;&nbsp;&nbsp;&nbsp;$98650 |
| &nbsp;&nbsp;&nbsp; Accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11460) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1781) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6387 |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$359538 | &nbsp;&nbsp;&nbsp;&nbsp;$770789 | &nbsp;&nbsp;&nbsp;&nbsp;$275502 | &nbsp;&nbsp;&nbsp;$105037 |
| **Net Assets:** |  |  |  |  |
| Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;$220069 | &nbsp;&nbsp;&nbsp;&nbsp;$467897 | &nbsp;&nbsp;&nbsp;&nbsp;$219372 | &nbsp;&nbsp;&nbsp;&nbsp;$63142 |
| Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3322 |
| Class P<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$31033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8280 |
| Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$52021 | &nbsp;&nbsp;&nbsp;&nbsp;$101352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$43532 | &nbsp;&nbsp;&nbsp;&nbsp;$25323 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$49965 | &nbsp;&nbsp;&nbsp;&nbsp;$146090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4970 |
| Administrative Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| **Shares Outstanding (unlimited number of shares authorized, no par value):** |  |  |  |  |
| Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;20442894 | &nbsp;&nbsp;&nbsp;&nbsp;10617049 | &nbsp;&nbsp;&nbsp;&nbsp;72204973 | &nbsp;&nbsp;&nbsp;&nbsp;3278378 |
| Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2697433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185642 |
| Class P<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1645535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420078 |
| Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3856136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2610125 | &nbsp;&nbsp;&nbsp;&nbsp;11124463 | &nbsp;&nbsp;&nbsp;&nbsp;1276792 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3749056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3744179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250633 |
| Administrative Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2194936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)

#### December 31, 2022
(Reported in thousands except shares and per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**NFJ Small-Cap Value Fund** | &nbsp;&nbsp;&nbsp;**Silvant Focused Growth Fund** | &nbsp;&nbsp;&nbsp;**Silvant Mid-Cap Growth Fund** | &nbsp;&nbsp;&nbsp;**Small-Cap Fund** |
| **Net Asset Value and Redemption Price Per Share:<sup>\*</sup>** |  |  |  |  |
| Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.26 |
| Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.89 |
| Class P<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.71 |
| Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$38.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.83 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$39.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.83 |
| Administrative Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$33.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| **Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)):** |  |  |  |  |
| Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$46.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20.38 |
| Maximum Sales Charge - Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% |
| <sup>(1)</sup> Investment in securities at cost<br>| &nbsp;&nbsp;&nbsp;&nbsp;$363304 | &nbsp;&nbsp;&nbsp;&nbsp;$507125 | &nbsp;&nbsp;&nbsp;&nbsp;$258571 | &nbsp;&nbsp;&nbsp;&nbsp;$91054 |

---

<sup>(a)</sup> Amount is less than $500.

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

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)

#### December 31, 2022
(Reported in thousands except shares and per share amounts)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Zevenbergen Technology Fund** |
| **Assets** |  |
| Investment in securities at value<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;$950599 |
| Due from broker for options contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| Receivables |  |
| &nbsp;&nbsp;&nbsp; Investment securities sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5705 |
| &nbsp;&nbsp;&nbsp; Fund shares sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448 |
| &nbsp;&nbsp;&nbsp; Dividends and interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197 |
| &nbsp;&nbsp;&nbsp; Tax reclaims <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 |
| Prepaid expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 |
| Other assets <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957514 |
| **Liabilities** |  |
| Due to custodian<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841 |
| Payables |  |
| &nbsp;&nbsp;&nbsp; Fund shares repurchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2587 |
| &nbsp;&nbsp;&nbsp; Dividend distributions <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp; Investment advisory fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792 |
| &nbsp;&nbsp;&nbsp; Distribution and service fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 |
| &nbsp;&nbsp;&nbsp; Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 |
| &nbsp;&nbsp;&nbsp; Transfer agent and sub-transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373 |
| &nbsp;&nbsp;&nbsp; Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp; Trustee deferred compensation plan <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368 |
| &nbsp;&nbsp;&nbsp; Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5329 |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$952185 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp; Capital paid in on shares of beneficial interest<br>| &nbsp;&nbsp;&nbsp;$1180272 |
| &nbsp;&nbsp;&nbsp; Accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(228087) |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$952185 |
| **Net Assets:** |  |
| Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;$377967 |
| Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18180 |
| Class P<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$31199 |
| Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;$519713 |
| Administrative Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5126 |
| **Shares Outstanding (unlimited number of shares authorized, no par value):** |  |
| Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;13476669 |
| Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2922496 |
| Class P<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815708 |
| Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;12931768 |
| Administrative Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153076 |
| **Net Asset Value and Redemption Price Per Share:<sup>\*</sup>** |  |
| Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$28.05 |
| Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.22 |
| Class P<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$38.25 |
| Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$40.19 |
| Administrative Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$33.48 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)

#### December 31, 2022
(Reported in thousands except shares and per share amounts)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Zevenbergen Technology Fund** |
| **Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)):** |  |
| Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$29.68 |
| Maximum Sales Charge - Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% |
| <sup>(1)</sup> Investment in securities at cost<br>| &nbsp;&nbsp;&nbsp;&nbsp;$865459 |

---

<sup>(a)</sup> Amount is less than $500.

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

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

#### STATEMENTS OF OPERATIONS (Unaudited)

#### SIX MONTHS ENDED December 31, 2022
($ reported in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Emerging Markets Opportunities Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Income & Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**KAR Global Small-Cap Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**KAR Health Sciences Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**NFJ Dividend Value Fund** |
| **Investment Income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends <br>| &nbsp;&nbsp;&nbsp;&nbsp;$3428 | &nbsp;&nbsp;&nbsp;&nbsp;$22104 | &nbsp;&nbsp;&nbsp;&nbsp;$609 | &nbsp;&nbsp;&nbsp;&nbsp;$780 | &nbsp;&nbsp;&nbsp;&nbsp;$10499 |
| &nbsp;&nbsp;&nbsp; Interest <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Securities lending, net of fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Foreign taxes withheld <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(550) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10482 |
| **Expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1633 |
| &nbsp;&nbsp;&nbsp; Distribution and service fees, Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452 |
| &nbsp;&nbsp;&nbsp; Distribution and service fees, Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |
| &nbsp;&nbsp;&nbsp; Distribution and service fees, Administrative Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| &nbsp;&nbsp;&nbsp; Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 |
| &nbsp;&nbsp;&nbsp; Sub-transfer agent fees and expenses, Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 |
| &nbsp;&nbsp;&nbsp; Sub-transfer agent fees and expenses, Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp; Sub-transfer agent fees and expenses, Class P<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp; Sub-transfer agent fees and expenses, Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 |
| &nbsp;&nbsp;&nbsp; Sub-transfer agent fees and expenses, Administrative Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| &nbsp;&nbsp;&nbsp; Custodian fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp; Printing fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| &nbsp;&nbsp;&nbsp; Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 |
| &nbsp;&nbsp;&nbsp; Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp; Registration fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
| &nbsp;&nbsp;&nbsp; Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| &nbsp;&nbsp;&nbsp; Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp;1174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250 |
| &nbsp;&nbsp;&nbsp; Less net expenses reimbursed and/or waived by investment adviser and/or administrator<sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441 | &nbsp;&nbsp;&nbsp;&nbsp;1174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3233 |
| **Net investment income (loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(394) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7249 |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;(8233) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(324) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment in affiliates<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7943) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(161) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains tax<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase from payment by affiliate<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(927) | &nbsp;&nbsp;&nbsp;&nbsp;(59384) | &nbsp;&nbsp;&nbsp;&nbsp;1442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977 | &nbsp;&nbsp;&nbsp;&nbsp;(21845) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment in affiliates<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains tax<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net realized and unrealized gain (loss) on investments<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(9352) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35375 | &nbsp;&nbsp;&nbsp;&nbsp;1214 | &nbsp;&nbsp;&nbsp;&nbsp;1795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(780) |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

#### STATEMENTS OF OPERATIONS (Unaudited) (Continued)

#### SIX MONTHS ENDED December 31, 2022
($ reported in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Emerging Markets Opportunities Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Income & Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**KAR Global Small-Cap Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**KAR Health Sciences Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**NFJ Dividend Value Fund** |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;$(7104) | &nbsp;&nbsp;&nbsp;&nbsp;$90232 | &nbsp;&nbsp;&nbsp;&nbsp;$1355 | &nbsp;&nbsp;&nbsp;&nbsp;$1401 | &nbsp;&nbsp;&nbsp;&nbsp;$6469 |

---

<sup>(1)</sup> Amount is less than $500.

<sup>(2)</sup> See Note 4D in Notes to Financial Statements.

<sup>(3)</sup> See Note 4G in Notes to Financial Statements.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

#### STATEMENTS OF OPERATIONS (Unaudited) (Continued)

#### SIX MONTHS ENDED December 31, 2022
($ reported in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**NFJ International Value Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**NFJ Large-Cap Value Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**NFJ Mid-Cap Value Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**NFJ Small-Cap Value Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Silvant Focused Growth Fund** |
| **Investment Income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends <br>| &nbsp;&nbsp;&nbsp;&nbsp;$1586 | &nbsp;&nbsp;&nbsp;&nbsp;$3191 | &nbsp;&nbsp;&nbsp;&nbsp;$12123 | &nbsp;&nbsp;&nbsp;&nbsp;$4697 | &nbsp;&nbsp;&nbsp;&nbsp;$2594 |
| &nbsp;&nbsp;&nbsp; Foreign taxes withheld <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(101) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2594 |
| **Expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2032 |
| &nbsp;&nbsp;&nbsp; Distribution and service fees, Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672 |
| &nbsp;&nbsp;&nbsp; Distribution and service fees, Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 |
| &nbsp;&nbsp;&nbsp; Distribution and service fees, Administrative Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp; Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 |
| &nbsp;&nbsp;&nbsp; Sub-transfer agent fees and expenses, Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 |
| &nbsp;&nbsp;&nbsp; Sub-transfer agent fees and expenses, Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp; Sub-transfer agent fees and expenses, Class P<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp; Sub-transfer agent fees and expenses, Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp; Sub-transfer agent fees and expenses, Administrative Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp; Custodian fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp; Printing fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| &nbsp;&nbsp;&nbsp; Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| &nbsp;&nbsp;&nbsp; Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp; Registration fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp; Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 |
| &nbsp;&nbsp;&nbsp; Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4032 |
| &nbsp;&nbsp;&nbsp; Less net expenses reimbursed and/or waived by investment adviser and/or administrator<sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(714) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(134) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3982 |
| **Net investment income (loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1388) |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;(9838) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase from payment by affiliate<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9408 | &nbsp;&nbsp;&nbsp;&nbsp;(5332) | &nbsp;&nbsp;&nbsp;&nbsp;(47675) | &nbsp;&nbsp;&nbsp;&nbsp;(17991) | &nbsp;&nbsp;&nbsp;&nbsp;(85438) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net realized and unrealized gain (loss) on investments<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(463) | &nbsp;&nbsp;&nbsp;&nbsp;(2645) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1542) | &nbsp;&nbsp;&nbsp;&nbsp;(35336) |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;$420 | &nbsp;&nbsp;&nbsp;&nbsp;$(732) | &nbsp;&nbsp;&nbsp;&nbsp;$17747 | &nbsp;&nbsp;&nbsp;&nbsp;$1033 | &nbsp;&nbsp;&nbsp;&nbsp;$(36724) |

---

<sup>(1)</sup> Amount is less than $500.

<sup>(2)</sup> See Note 4D in Notes to Financial Statements.

<sup>(3)</sup> See Note 4G in Notes to Financial Statements.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

#### STATEMENTS OF OPERATIONS (Unaudited) (Continued)

#### SIX MONTHS ENDED December 31, 2022
($ reported in thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Silvant Mid-Cap Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Small-Cap Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Zevenbergen Technology Fund** |
| **Investment Income** |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends <br>| &nbsp;&nbsp;&nbsp;&nbsp;$1355 | &nbsp;&nbsp;&nbsp;&nbsp;$1034 | &nbsp;&nbsp;&nbsp;&nbsp;$2569 |
| &nbsp;&nbsp;&nbsp; Foreign taxes withheld <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2521 |
| **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5636 |
| &nbsp;&nbsp;&nbsp; Distribution and service fees, Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586 |
| &nbsp;&nbsp;&nbsp; Distribution and service fees, Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 |
| &nbsp;&nbsp;&nbsp; Distribution and service fees, Administrative Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp; Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308 |
| &nbsp;&nbsp;&nbsp; Sub-transfer agent fees and expenses, Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276 |
| &nbsp;&nbsp;&nbsp; Sub-transfer agent fees and expenses, Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| &nbsp;&nbsp;&nbsp; Sub-transfer agent fees and expenses, Class P<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| &nbsp;&nbsp;&nbsp; Sub-transfer agent fees and expenses, Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359 |
| &nbsp;&nbsp;&nbsp; Sub-transfer agent fees and expenses, Administrative Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp; Custodian fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp; Printing fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 |
| &nbsp;&nbsp;&nbsp; Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| &nbsp;&nbsp;&nbsp; Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp; Registration fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |
| &nbsp;&nbsp;&nbsp; Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 |
| &nbsp;&nbsp;&nbsp; Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8246 |
| &nbsp;&nbsp;&nbsp; Less net expenses reimbursed and/or waived by investment adviser and/or administrator<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Plus net expenses recaptured<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8248 |
| **Net investment income (loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(131) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5727) |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6639) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7423) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73923) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase from payment by affiliate<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;22055 | &nbsp;&nbsp;&nbsp;&nbsp;14162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37542) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(324) |
| **Net realized and unrealized gain (loss) on investments<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;15416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6754 | &nbsp;&nbsp;&nbsp;&nbsp;(111430) |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;$15285 | &nbsp;&nbsp;&nbsp;&nbsp;$7147 | &nbsp;&nbsp;&nbsp;&nbsp;$(117157) |

---

<sup>(1)</sup> See Notes 4C and 4D in the Notes to Financial Statements.

<sup>(2)</sup> Amount is less than $500.

<sup>(3)</sup> See Note 4G in Notes to Financial Statements.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS
($ reported in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Emerging Markets Opportunities Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Emerging Markets Opportunities Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Income & Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Income & Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**KAR Global Small-Cap Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**KAR Global Small-Cap Fund** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> December 31,<br> 2022<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> December 31,<br> 2022<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> December 31,<br> 2022<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2022** |
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$54857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$84377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$46 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8394) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6735) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(342) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2854 |
| &nbsp;&nbsp;&nbsp; Net increase from payment by affiliate<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(958) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79770) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51412) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1544524) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25133) |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7104) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80070) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1245088) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22233) |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income and Net Realized Gains:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(603) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(397) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80216) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(159641) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(913) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12359) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45027) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95276) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(853) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(158) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(163) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45144) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109170) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(726) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2098) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4023) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49099) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97525) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(611) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8802) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(977) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(727) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; **Total dividends and distributions to shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3850) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5310) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(219486) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(461612) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1608) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22740) |
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4768) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44455) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1700) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(622) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98137) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17195) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(530) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(478) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1386) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(156068) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(272790) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(306) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71138) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55422) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1808) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(895) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(272) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65427) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(354082) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4344) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7541 |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11226) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150807) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(483336) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1536097) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4597) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37432) |
| **Net Assets** |  |  |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5473025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7009122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98638 |
| **End of Period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$118470 | &nbsp;&nbsp;&nbsp;&nbsp;$129696 | &nbsp;&nbsp;&nbsp;&nbsp;$4989689 | &nbsp;&nbsp;&nbsp;&nbsp;$5473025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$56609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$61206 |

---

<sup>(1)</sup> See Note 4G in Notes to Financial Statements.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (Continued)
($ reported in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**KAR Health Sciences Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**KAR Health Sciences Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**NFJ Dividend Value Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**NFJ Dividend Value Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**NFJ International Value Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**NFJ International Value Fund** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> December 31,<br> 2022<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> December 31,<br> 2022<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> December 31,<br> 2022<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2022** |
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(394) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(130) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2858 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9890) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9900 |
| &nbsp;&nbsp;&nbsp; Net increase from payment by affiliate<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28282) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21845) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(166182) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42809) |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6638) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25773) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30051) |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income and Net Realized Gains:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12697) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32177) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52550) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27364) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(848) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1231) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(448) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(981) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1415) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(907) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(179) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21553) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12521) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(281) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(513) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1278) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4284) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13103) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7072) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(524) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1021) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11937) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5785) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4904) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2231) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) |
| &nbsp;&nbsp;&nbsp; **Total dividends and distributions to shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14540) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37621) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(105462) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55880) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1750) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2895) |
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15519) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1801) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7951) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(922) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5103) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(460) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1244) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(735) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40573) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2260) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4145) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7945) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21044) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10504) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1837) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(547) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656 |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1794) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80616) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15722) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10235) |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14933) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17063) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52345) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162269) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17052) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43181) |
| **Net Assets** |  |  |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155651 |
| **End of Period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$163341 | &nbsp;&nbsp;&nbsp;&nbsp;$178274 | &nbsp;&nbsp;&nbsp;&nbsp;$676812 | &nbsp;&nbsp;&nbsp;&nbsp;$729157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$95418 | &nbsp;&nbsp;&nbsp;&nbsp;$112470 |

---

<sup>(1)</sup> See Note 4G in Notes to Financial Statements.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (Continued)
($ reported in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**NFJ Large-Cap Value Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**NFJ Large-Cap Value Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**NFJ Mid-Cap Value Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**NFJ Mid-Cap Value Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**NFJ Small-Cap Value Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**NFJ Small-Cap Value Fund** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> December 31,<br> 2022<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> December 31,<br> 2022<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> December 31,<br> 2022<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2022** |
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4083 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59882 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5332) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67038) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47675) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(299346) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17991) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113054) |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(732) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18162) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49089) |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income and Net Realized Gains:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24932) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11330) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(108865) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66580) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36541) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25065) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(382) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(192) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7318) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5140) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(234) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2513) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1169) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26361) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30390) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1799) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1457) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13102) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7866) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70315) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51577) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7210) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5349) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18071) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8923) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6852) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5537) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7470) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4770) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3845) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3012) |
| &nbsp;&nbsp;&nbsp; **Total dividends and distributions to shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41015) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20595) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(238400) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(167380) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56481) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40560) |
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4142) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33996) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(905) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3666) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3215) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104458) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6610) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20555) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(945) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5809) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4658) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23666) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5563) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13538) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7987) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1689) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1513) |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9106) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103020) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79270) |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46912) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47863) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(131005) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(343300) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43938) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(168919) |
| **Net Assets** |  |  |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1470416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572395 |
| **End of Period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$244042 | &nbsp;&nbsp;&nbsp;&nbsp;$290954 | &nbsp;&nbsp;&nbsp;&nbsp;$996111 | &nbsp;&nbsp;&nbsp;&nbsp;$1127116 | &nbsp;&nbsp;&nbsp;&nbsp;$359538 | &nbsp;&nbsp;&nbsp;&nbsp;$403476 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (Continued)
($ reported in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Silvant Focused Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Silvant Focused Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Silvant Mid-Cap Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Silvant Mid-Cap Growth Fund** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> December 31,<br> 2022<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> December 31,<br> 2022<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2022** |
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1388) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(4902) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(131) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2046) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6639) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9567 |
| &nbsp;&nbsp;&nbsp; Net increase from payment by affiliate<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85438) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(390971) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(158309) |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36724) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(322494) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150788) |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income and Net Realized Gains:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28856) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(141631) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98558) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2554) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12875) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4311) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3163) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23010) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4010) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7589) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40132) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17067) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9912) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36559) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(426) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1643) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(664) |
| &nbsp;&nbsp;&nbsp; **Total dividends and distributions to shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(255850) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124610) |
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18241) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16175) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2151) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2532) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1403) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(948) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10366) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18166) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(151) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16368) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12982) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7103) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7554) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(812) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387 |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50662) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25644) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72231 |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139886) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(517774) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10359) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(203167) |
| **Net Assets** |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1428449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489028 |
| **End of Period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$770789 | &nbsp;&nbsp;&nbsp;&nbsp;$910675 | &nbsp;&nbsp;&nbsp;&nbsp;$275502 | &nbsp;&nbsp;&nbsp;&nbsp;$285861 |

---

<sup>(1)</sup> See Note 4G in Notes to Financial Statements.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (Continued)
($ reported in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Small-Cap Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Small-Cap Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Zevenbergen Technology Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Zevenbergen Technology Fund** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> December 31,<br> 2022<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> December 31,<br> 2022<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> June 30,<br> 2022** |
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(5727) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(19368) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7423) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73674) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62991 |
| &nbsp;&nbsp;&nbsp; Net increase from payment by affiliate<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43808) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37866) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(698576) |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36327) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117157) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(654953) |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income and Net Realized Gains:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3120) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10641) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82847) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(225190) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(156) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(633) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10677) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25330) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(380) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3156) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5489) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29704) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1170) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6896) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84604) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(306251) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(241) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1124) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(953) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4115) |
| &nbsp;&nbsp;&nbsp; **Total dividends and distributions to shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5067) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22450) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(184570) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(590590) |
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2061) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5201) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8470) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9579) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90576) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(105439) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2659) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73817) |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32280) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76099) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40748 |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31119) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(377826) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1204795) |
| **Net Assets** |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1330011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2534806 |
| **End of Period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$105037 | &nbsp;&nbsp;&nbsp;&nbsp;$135237 | &nbsp;&nbsp;&nbsp;&nbsp;$952185 | &nbsp;&nbsp;&nbsp;&nbsp;$1330011 |

---

<sup>(1)</sup> See Note 4G in Notes to Financial Statements.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

#### FINANCIAL HIGHLIGHTS

#### SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING<br> 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)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(4)(5)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(4)(5)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(4)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **Emerging Markets Opportunities Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$27.39 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;(2.05) | &nbsp;&nbsp;&nbsp;(1.60) | (0.83) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.43) | &nbsp;&nbsp;$24.96 | &nbsp;&nbsp;&nbsp;(5.82) % <sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$18500 | 1.33 % <sup>(8)(9)</sup> | 1.59% | &nbsp;&nbsp;3.40% | &nbsp;&nbsp;&nbsp;53% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;37.61 | &nbsp;&nbsp;0.75 | (10.52) | &nbsp;&nbsp;&nbsp;(9.77) | (0.45) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;— | (10.22) | &nbsp;&nbsp;&nbsp;&nbsp;27.39 | (26.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20341 | 1.29 | 1.45 | &nbsp;&nbsp;2.28 | 112 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;25.88 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;11.71 | &nbsp;&nbsp;12.04 | (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;11.73 | &nbsp;&nbsp;&nbsp;&nbsp;37.61 | &nbsp;&nbsp;46.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33740 | 1.28 <sup>(10)</sup> | 1.57 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;80 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;27.06 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;&nbsp;(0.62) | (0.56) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.18) | &nbsp;&nbsp;&nbsp;&nbsp;25.88 | &nbsp;&nbsp;&nbsp;(2.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32514 | 1.28 | 1.63 | &nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;83 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;28.53 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;(1.55) | &nbsp;&nbsp;&nbsp;(0.99) | (0.48) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.47) | &nbsp;&nbsp;&nbsp;&nbsp;27.06 | &nbsp;&nbsp;&nbsp;(3.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48388 | 1.26 | 1.61 | &nbsp;&nbsp;2.08 | 101 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;26.59 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;2.26 | (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;28.53 | &nbsp;&nbsp;&nbsp;&nbsp;8.44 | &nbsp;&nbsp;&nbsp;&nbsp;108279 | 1.26 | 1.61 | &nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;88 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$27.42 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;(2.05) | &nbsp;&nbsp;&nbsp;(1.70) | (0.57) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.27) | &nbsp;&nbsp;$25.15 | &nbsp;&nbsp;&nbsp;(6.18) % <sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$693 | 2.08 % <sup>(8)(9)</sup> | 2.35% | &nbsp;&nbsp;2.70% | &nbsp;&nbsp;&nbsp;53% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;37.41 | &nbsp;&nbsp;0.53 | (10.52) | &nbsp;&nbsp;&nbsp;(9.99) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(9.99) | &nbsp;&nbsp;&nbsp;&nbsp;27.42 | (26.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 | 2.04 | 2.21 | &nbsp;&nbsp;1.61 | 112 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;25.69 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;11.65 | &nbsp;&nbsp;11.72 | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;11.72 | &nbsp;&nbsp;&nbsp;&nbsp;37.41 | &nbsp;&nbsp;45.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1713 | 2.03 <sup>(10)</sup> | 2.30 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;80 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;26.81 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;(1.10) | &nbsp;&nbsp;&nbsp;(0.82) | (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.12) | &nbsp;&nbsp;&nbsp;&nbsp;25.69 | &nbsp;&nbsp;&nbsp;(3.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | 2.03 | 2.38 | &nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;83 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;28.05 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;(1.45) | &nbsp;&nbsp;&nbsp;(1.14) | (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.24) | &nbsp;&nbsp;&nbsp;&nbsp;26.81 | &nbsp;&nbsp;&nbsp;(4.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3675 | 2.01 | 2.36 | &nbsp;&nbsp;1.15 | 101 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;26.13 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;28.05 | &nbsp;&nbsp;&nbsp;&nbsp;7.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8113 | 2.01 | 2.36 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;88 |
| **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$26.65 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;(2.01) | &nbsp;&nbsp;&nbsp;(1.52) | (0.84) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.36) | &nbsp;&nbsp;$24.29 | &nbsp;&nbsp;&nbsp;(5.68) % <sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$4695 | 1.08 % <sup>(8)(9)</sup> | 1.32% | &nbsp;&nbsp;3.82% | &nbsp;&nbsp;&nbsp;53% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;36.71 | &nbsp;&nbsp;0.79 | (10.24) | &nbsp;&nbsp;&nbsp;(9.45) | (0.61) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;— | (10.06) | &nbsp;&nbsp;&nbsp;&nbsp;26.65 | (26.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6578 | 1.04 | 1.18 | &nbsp;&nbsp;2.48 | 112 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;25.30 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;11.53 | &nbsp;&nbsp;11.86 | (0.45) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;11.41 | &nbsp;&nbsp;&nbsp;&nbsp;36.71 | &nbsp;&nbsp;47.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7945 | 1.02 <sup>(10)</sup> | 1.32 | &nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;80 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;26.46 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;(1.06) | &nbsp;&nbsp;&nbsp;(0.53) | (0.63) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.16) | &nbsp;&nbsp;&nbsp;&nbsp;25.30 | &nbsp;&nbsp;&nbsp;(2.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12814 | 1.03 | 1.38 | &nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;83 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;28.02 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;(1.47) | &nbsp;&nbsp;&nbsp;(0.92) | (0.64) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.56) | &nbsp;&nbsp;&nbsp;&nbsp;26.46 | &nbsp;&nbsp;&nbsp;(3.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20454 | 1.01 | 1.36 | &nbsp;&nbsp;2.08 | 101 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;26.17 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;2.30 | (0.45) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;28.02 | &nbsp;&nbsp;&nbsp;&nbsp;8.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29887 | 1.01 | 1.36 | &nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;88 |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$27.33 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;(2.03) | &nbsp;&nbsp;&nbsp;(1.54) | (0.79) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.79) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.33) | &nbsp;&nbsp;$25.00 | &nbsp;&nbsp;&nbsp;(5.63) % <sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$68459 | 0.98 % <sup>(8)(9)</sup> | 1.33% | &nbsp;&nbsp;3.76% | &nbsp;&nbsp;&nbsp;53% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;37.62 | &nbsp;&nbsp;0.78 | (10.43) | &nbsp;&nbsp;&nbsp;(9.65) | (0.64) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;— | (10.29) | &nbsp;&nbsp;&nbsp;&nbsp;27.33 | (25.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72307 | 0.94 | 1.19 | &nbsp;&nbsp;2.37 | 112 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;25.91 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;11.70 | &nbsp;&nbsp;12.18 | (0.47) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;11.71 | &nbsp;&nbsp;&nbsp;&nbsp;37.62 | &nbsp;&nbsp;47.27 | &nbsp;&nbsp;&nbsp;&nbsp;206383 | 0.93 <sup>(10)</sup> | 1.26 | &nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;80 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;27.10 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;(1.06) | &nbsp;&nbsp;&nbsp;(0.52) | (0.67) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.19) | &nbsp;&nbsp;&nbsp;&nbsp;25.91 | &nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;&nbsp;186595 | 0.93 | 1.28 | &nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;83 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;28.72 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;(1.47) | &nbsp;&nbsp;&nbsp;(0.93) | (0.69) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.69) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.62) | &nbsp;&nbsp;&nbsp;&nbsp;27.10 | &nbsp;&nbsp;&nbsp;(2.97) | &nbsp;&nbsp;&nbsp;&nbsp;282196 | 0.91 | 1.26 | &nbsp;&nbsp;2.03 | 101 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;26.83 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | (0.49) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;28.72 | &nbsp;&nbsp;&nbsp;&nbsp;8.79 | &nbsp;&nbsp;&nbsp;&nbsp;197536 | 0.91 | 1.26 | &nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;88 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$27.15 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;&nbsp;(1.53) | (0.96) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.96) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.49) | &nbsp;&nbsp;$24.66 | &nbsp;&nbsp;&nbsp;(5.63) % <sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$26123 | 0.93 % <sup>(8)(9)</sup> | 1.19% | &nbsp;&nbsp;3.76% | &nbsp;&nbsp;&nbsp;53% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;37.40 | &nbsp;&nbsp;0.86 | (10.43) | &nbsp;&nbsp;&nbsp;(9.57) | (0.68) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;— | (10.25) | &nbsp;&nbsp;&nbsp;&nbsp;27.15 | (25.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29700 | 0.89 | 1.08 | &nbsp;&nbsp;2.64 | 112 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;25.78 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;11.64 | &nbsp;&nbsp;12.13 | (0.51) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;11.62 | &nbsp;&nbsp;&nbsp;&nbsp;37.40 | &nbsp;&nbsp;47.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30722 | 0.88 <sup>(10)</sup> | 1.18 | &nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;80 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;26.96 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;(1.03) | &nbsp;&nbsp;&nbsp;(0.49) | (0.69) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.69) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.18) | &nbsp;&nbsp;&nbsp;&nbsp;25.78 | &nbsp;&nbsp;&nbsp;(2.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19582 | 0.88 | 1.23 | &nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;83 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;28.57 | &nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;(1.48) | &nbsp;&nbsp;&nbsp;(0.91) | (0.70) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.61) | &nbsp;&nbsp;&nbsp;&nbsp;26.96 | &nbsp;&nbsp;&nbsp;(2.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23647 | 0.86 | 1.21 | &nbsp;&nbsp;2.13 | 101 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;26.69 | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | (0.50) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;28.57 | &nbsp;&nbsp;&nbsp;&nbsp;8.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24277 | 0.86 | 1.21 | &nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;88 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

#### FINANCIAL HIGHLIGHTS (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)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(4)(5)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(4)(5)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(4)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **Income & Growth Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$10.20 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;$9.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.50% | $1870006 | 1.15 % <sup>(9)(12)</sup> | 1.15% | &nbsp;&nbsp;2.06% | &nbsp;&nbsp;&nbsp;15% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;13.26 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;(2.38) | &nbsp;&nbsp;&nbsp;(2.22) | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.06) | &nbsp;&nbsp;&nbsp;&nbsp;10.20 | (17.65) | &nbsp;&nbsp;&nbsp;1963340 | 1.14 <sup>(12)</sup> | 1.14 | &nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;70 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;10.89 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp;3.21 | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp;13.26 | &nbsp;&nbsp;30.29 | &nbsp;&nbsp;&nbsp;2403182 | 1.19 <sup>(10)(12)</sup> | 1.22 | &nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;83 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;11.01 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;10.89 | &nbsp;&nbsp;&nbsp;&nbsp;6.98 | &nbsp;&nbsp;&nbsp;1631126 | 1.28 | 1.29 | &nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;93 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;11.34 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;11.01 <sup>(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.45 <sup>(13)</sup> | &nbsp;&nbsp;&nbsp;1458642 | 1.28 | 1.29 | &nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;66 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;11.24 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;11.34 | &nbsp;&nbsp;&nbsp;&nbsp;9.58 | &nbsp;&nbsp;&nbsp;1250639 | 1.28 | 1.29 | &nbsp;&nbsp;1.99 | 102 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;$9.10 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;$8.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;$968928 | 1.90 % <sup>(9)(12)</sup> | 1.90% | &nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;15% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;11.94 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;(2.14) | &nbsp;&nbsp;&nbsp;(2.08) | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 | (18.31) | &nbsp;&nbsp;&nbsp;1096937 | 1.90 <sup>(12)</sup> | 1.90 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;70 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.89 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp;&nbsp;2.82 | (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;(0.77) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;11.94 | &nbsp;&nbsp;29.31 | &nbsp;&nbsp;&nbsp;1467948 | 1.95 <sup>(10)(12)</sup> | 1.98 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;83 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;10.07 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;(0.77) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.89 | &nbsp;&nbsp;&nbsp;&nbsp;6.31 | &nbsp;&nbsp;&nbsp;1215780 | 2.03 | 2.04 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;93 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;10.46 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;10.07 <sup>(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.60 <sup>(13)</sup> | &nbsp;&nbsp;&nbsp;1234667 | 2.03 | 2.04 | &nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;66 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;10.44 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;10.46 | &nbsp;&nbsp;&nbsp;&nbsp;8.78 | &nbsp;&nbsp;&nbsp;1116788 | 2.03 | 2.04 | &nbsp;&nbsp;1.24 | 102 |
| **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$10.54 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;$10.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;$997004 | 0.91 % <sup>(9)(12)</sup> | 0.91% | &nbsp;&nbsp;2.29% | &nbsp;&nbsp;&nbsp;15% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;13.67 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;(2.46) | &nbsp;&nbsp;&nbsp;(2.27) | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.13) | &nbsp;&nbsp;&nbsp;&nbsp;10.54 | (17.47) | &nbsp;&nbsp;&nbsp;1176186 | 0.91 <sup>(12)</sup> | 0.91 | &nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;70 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;11.20 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp;&nbsp;&nbsp;3.34 | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;13.67 | &nbsp;&nbsp;30.61 | &nbsp;&nbsp;&nbsp;1822852 | 0.95 <sup>(10)(12)</sup> | 0.98 | &nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;83 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;11.29 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;11.20 | &nbsp;&nbsp;&nbsp;&nbsp;7.32 | &nbsp;&nbsp;&nbsp;1253364 | 1.03 | 1.04 | &nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;93 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;11.61 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;11.29 <sup>(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.64 <sup>(13)</sup> | &nbsp;&nbsp;&nbsp;1122083 | 1.03 | 1.04 | &nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;66 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;11.48 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;11.61 | &nbsp;&nbsp;&nbsp;&nbsp;9.90 | &nbsp;&nbsp;&nbsp;&nbsp;897716 | 1.03 | 1.04 | &nbsp;&nbsp;2.24 | 102 |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$10.67 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;$10.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.62% | $1153751 | 0.91 % <sup>(9)(12)</sup> | 0.91% | &nbsp;&nbsp;2.29% | &nbsp;&nbsp;&nbsp;15% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;13.83 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;(2.50) | &nbsp;&nbsp;&nbsp;(2.30) | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.16) | &nbsp;&nbsp;&nbsp;&nbsp;10.67 | (17.48) | &nbsp;&nbsp;&nbsp;1236562 | 0.92 <sup>(12)</sup> | 0.92 | &nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;70 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;11.32 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp;3.38 | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;&nbsp;13.83 | &nbsp;&nbsp;30.71 | &nbsp;&nbsp;&nbsp;1315140 | 0.90 <sup>(10)</sup> | 0.93 | &nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;83 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;11.41 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;11.32 | &nbsp;&nbsp;&nbsp;&nbsp;7.35 | &nbsp;&nbsp;&nbsp;&nbsp;798280 | 0.93 | 0.94 | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;93 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;11.72 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;(0.94) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;11.41 <sup>(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.78 <sup>(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;702741 | 0.93 | 0.94 | &nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;66 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;11.58 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;(0.98) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;11.72 | &nbsp;&nbsp;10.00 | &nbsp;&nbsp;&nbsp;&nbsp;460024 | 0.93 | 0.94 | &nbsp;&nbsp;2.34 | 102 |
| **KAR Global Small-Cap Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$28.33 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;(0.87) | 0.05 | &nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;$28.15 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 % <sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$30329 | 1.63 % <sup>(9)</sup> | 1.63% | &nbsp;&nbsp;0.34% | 113% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;52.31 | (0.02) | (10.43) | (10.45) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (13.53) | (13.53) | &nbsp;&nbsp;&nbsp;&nbsp;— | (23.98) | &nbsp;&nbsp;&nbsp;&nbsp;28.33 | (26.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32248 | 1.56 <sup>(12)(14)</sup> | 1.55 | (0.04) | &nbsp;&nbsp;&nbsp;90 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;35.72 | (0.25) | &nbsp;&nbsp;19.01 | &nbsp;&nbsp;18.76 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.17) | &nbsp;&nbsp;&nbsp;(2.17) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;16.59 | &nbsp;&nbsp;&nbsp;&nbsp;52.31 | &nbsp;&nbsp;53.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51169 | 1.60 <sup>(12)</sup> | 1.60 | (0.54) | 106 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;39.37 | (0.23) | &nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.95) | &nbsp;&nbsp;&nbsp;(2.95) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.65) | &nbsp;&nbsp;&nbsp;&nbsp;35.72 | &nbsp;&nbsp;&nbsp;(2.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36141 | 1.63 | 1.63 | (0.63) | &nbsp;&nbsp;&nbsp;93 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;51.40 | (0.14) | &nbsp;&nbsp;&nbsp;(3.88) | &nbsp;&nbsp;&nbsp;(4.02) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(8.01) | &nbsp;&nbsp;&nbsp;(8.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | (12.03) | &nbsp;&nbsp;&nbsp;&nbsp;39.37 | &nbsp;&nbsp;&nbsp;(4.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46947 | 1.62 | 1.62 | (0.34) | &nbsp;&nbsp;&nbsp;85 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;47.75 | (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;8.28 | &nbsp;&nbsp;&nbsp;&nbsp;8.02 | (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.27) | &nbsp;&nbsp;&nbsp;(4.37) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp;&nbsp;&nbsp;51.40 <sup>(13)</sup> | &nbsp;&nbsp;17.08 <sup>(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56929 | 1.62 | 1.62 | (0.51) | &nbsp;&nbsp;&nbsp;77 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

#### FINANCIAL HIGHLIGHTS (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)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(4)(5)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(4)(5)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(4)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **KAR Global Small-Cap Fund (Continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$20.69 | (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;(0.87) | 0.04 | &nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;$20.25 | &nbsp;&nbsp;&nbsp;&nbsp;2.05 % <sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$894 | 2.38 % <sup>(9)</sup> | 2.42% | (0.38) % | 113% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;42.24 | (0.29) | &nbsp;&nbsp;&nbsp;(7.73) | &nbsp;&nbsp;&nbsp;(8.02) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (13.53) | (13.53) | &nbsp;&nbsp;&nbsp;&nbsp;— | (21.55) | &nbsp;&nbsp;&nbsp;&nbsp;20.69 | (26.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438 | 2.32 <sup>(12)</sup> | 2.32 | (0.90) | &nbsp;&nbsp;&nbsp;90 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;29.36 | (0.50) | &nbsp;&nbsp;15.55 | &nbsp;&nbsp;15.05 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.17) | &nbsp;&nbsp;&nbsp;(2.17) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;12.88 | &nbsp;&nbsp;&nbsp;&nbsp;42.24 | &nbsp;&nbsp;52.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3374 | 2.35 <sup>(12)</sup> | 2.35 | (1.34) | 106 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;33.10 | (0.42) | &nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;(0.79) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.95) | &nbsp;&nbsp;&nbsp;(2.95) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.74) | &nbsp;&nbsp;&nbsp;&nbsp;29.36 | &nbsp;&nbsp;&nbsp;(2.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4120 | 2.38 | 2.38 | (1.39) | &nbsp;&nbsp;&nbsp;93 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;45.13 | (0.45) | &nbsp;&nbsp;&nbsp;(3.57) | &nbsp;&nbsp;&nbsp;(4.02) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(8.01) | &nbsp;&nbsp;&nbsp;(8.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | (12.03) | &nbsp;&nbsp;&nbsp;&nbsp;33.10 | &nbsp;&nbsp;&nbsp;(5.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7354 | 2.37 | 2.37 | (1.18) | &nbsp;&nbsp;&nbsp;85 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;42.62 | (0.57) | &nbsp;&nbsp;&nbsp;&nbsp;7.35 | &nbsp;&nbsp;&nbsp;&nbsp;6.78 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.27) | &nbsp;&nbsp;&nbsp;(4.27) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;&nbsp;45.13 <sup>(13)</sup> | &nbsp;&nbsp;16.21 <sup>(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19630 | 2.37 | 2.37 | (1.25) | &nbsp;&nbsp;&nbsp;77 |
| **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$32.13 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;(0.87) | 0.06 | &nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;$32.08 | &nbsp;&nbsp;&nbsp;&nbsp;2.53 % <sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$1758 | 1.38 % <sup>(9)(12)</sup> | 1.38% | &nbsp;&nbsp;0.60% | 113% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;57.32 | &nbsp;&nbsp;0.09 | (11.75) | (11.66) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (13.53) | (13.53) | &nbsp;&nbsp;&nbsp;&nbsp;— | (25.19) | &nbsp;&nbsp;&nbsp;&nbsp;32.13 | (25.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2067 | 1.30 <sup>(12)</sup> | 1.30 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;90 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;38.89 | (0.19) | &nbsp;&nbsp;20.79 | &nbsp;&nbsp;20.60 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.17) | &nbsp;&nbsp;&nbsp;(2.17) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;18.43 | &nbsp;&nbsp;&nbsp;&nbsp;57.32 | &nbsp;&nbsp;53.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3609 | 1.35 <sup>(12)</sup> | 1.35 | (0.38) | 106 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;42.51 | (0.18) | &nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.95) | &nbsp;&nbsp;&nbsp;(2.95) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.62) | &nbsp;&nbsp;&nbsp;&nbsp;38.89 | &nbsp;&nbsp;&nbsp;(1.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4444 | 1.37 | 1.37 | (0.44) | &nbsp;&nbsp;&nbsp;93 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;54.57 | (0.06) | &nbsp;&nbsp;&nbsp;(3.99) | &nbsp;&nbsp;&nbsp;(4.05) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(8.01) | &nbsp;&nbsp;&nbsp;(8.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | (12.06) | &nbsp;&nbsp;&nbsp;&nbsp;42.51 | &nbsp;&nbsp;&nbsp;(4.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11675 | 1.37 | 1.37 | (0.13) | &nbsp;&nbsp;&nbsp;85 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;50.40 | (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;8.75 | &nbsp;&nbsp;&nbsp;&nbsp;8.60 | (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.27) | &nbsp;&nbsp;&nbsp;(4.43) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4.17 | &nbsp;&nbsp;&nbsp;&nbsp;54.57 <sup>(13)</sup> | &nbsp;&nbsp;17.36 <sup>(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18262 | 1.37 | 1.37 | (0.27) | &nbsp;&nbsp;&nbsp;77 |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$32.74 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;(0.87) | 0.06 | &nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;$32.73 | &nbsp;&nbsp;&nbsp;&nbsp;2.61 % <sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$23628 | 1.28 % <sup>(9)</sup> | 1.38% | &nbsp;&nbsp;0.68% | 113% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;58.13 | &nbsp;&nbsp;0.11 | (11.97) | (11.86) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (13.53) | (13.53) | &nbsp;&nbsp;&nbsp;&nbsp;— | (25.39) | &nbsp;&nbsp;&nbsp;&nbsp;32.74 | (25.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25453 | 1.28 | 1.29 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;90 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;39.39 | (0.10) | &nbsp;&nbsp;21.01 | &nbsp;&nbsp;20.91 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.17) | &nbsp;&nbsp;&nbsp;(2.17) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;18.74 | &nbsp;&nbsp;&nbsp;&nbsp;58.13 | &nbsp;&nbsp;53.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40486 | 1.27 <sup>(10)</sup> | 1.30 | (0.20) | 106 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;42.97 | (0.13) | &nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.95) | &nbsp;&nbsp;&nbsp;(2.95) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.58) | &nbsp;&nbsp;&nbsp;&nbsp;39.39 | &nbsp;&nbsp;&nbsp;(1.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29849 | 1.27 | 1.27 | (0.32) | &nbsp;&nbsp;&nbsp;93 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;55.01 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;(4.04) | &nbsp;&nbsp;&nbsp;(4.03) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(8.01) | &nbsp;&nbsp;&nbsp;(8.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | (12.04) | &nbsp;&nbsp;&nbsp;&nbsp;42.97 | &nbsp;&nbsp;&nbsp;(4.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67916 | 1.27 | 1.27 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;85 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;50.77 | (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;8.81 | &nbsp;&nbsp;&nbsp;&nbsp;8.72 | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.27) | &nbsp;&nbsp;&nbsp;(4.48) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4.24 | &nbsp;&nbsp;&nbsp;&nbsp;55.01 <sup>(13)</sup> | &nbsp;&nbsp;17.48 <sup>(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98623 | 1.27 | 1.27 | (0.17) | &nbsp;&nbsp;&nbsp;77 |
| **KAR Health Sciences Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$29.94 | (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.63) | &nbsp;&nbsp;&nbsp;(2.63) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;(2.32) | &nbsp;&nbsp;$27.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 % <sup>(7)</sup> | &nbsp;&nbsp;$144652 | 1.39 % <sup>(9)(12)</sup> | 1.39% | (0.48) % | &nbsp;&nbsp;&nbsp;65% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;38.11 | (0.03) | &nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(7.49) | &nbsp;&nbsp;&nbsp;(7.49) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(8.17) | &nbsp;&nbsp;&nbsp;&nbsp;29.94 | &nbsp;&nbsp;&nbsp;(3.75) | &nbsp;&nbsp;&nbsp;&nbsp;149236 | 1.37 <sup>(12)</sup> | 1.37 | (0.08) | 114 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;34.21 | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;8.76 | &nbsp;&nbsp;&nbsp;&nbsp;8.75 | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.82) | &nbsp;&nbsp;&nbsp;(4.85) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.90 | &nbsp;&nbsp;&nbsp;&nbsp;38.11 | &nbsp;&nbsp;27.66 | &nbsp;&nbsp;&nbsp;&nbsp;169577 | 1.43 <sup>(12)</sup> | 1.43 | (0.04) | 102 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;32.27 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;4.22 | &nbsp;&nbsp;&nbsp;&nbsp;4.27 | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.32) | &nbsp;&nbsp;&nbsp;(2.33) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;34.21 | &nbsp;&nbsp;13.37 | &nbsp;&nbsp;&nbsp;&nbsp;148223 | 1.47 | 1.47 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;91 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;33.27 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;3.57 | &nbsp;&nbsp;&nbsp;&nbsp;3.59 | (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.28) | &nbsp;&nbsp;&nbsp;(4.59) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.00) | &nbsp;&nbsp;&nbsp;&nbsp;32.27 | &nbsp;&nbsp;13.14 | &nbsp;&nbsp;&nbsp;&nbsp;147068 | 1.47 | 1.47 | &nbsp;&nbsp;0.06 | 102 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;31.61 | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;33.27 | &nbsp;&nbsp;&nbsp;&nbsp;5.25 | &nbsp;&nbsp;&nbsp;&nbsp;141122 | 1.47 | 1.47 | (0.05) | &nbsp;&nbsp;&nbsp;55 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$18.83 | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.63) | &nbsp;&nbsp;&nbsp;(2.63) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;(2.50) | &nbsp;&nbsp;$16.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 % <sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$3115 | 2.14 % <sup>(9)(12)</sup> | 2.14% | (1.23) % | &nbsp;&nbsp;&nbsp;65% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;26.74 | (0.19) | &nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(7.49) | &nbsp;&nbsp;&nbsp;(7.49) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(7.91) | &nbsp;&nbsp;&nbsp;&nbsp;18.83 | &nbsp;&nbsp;&nbsp;(4.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3469 | 2.13 <sup>(12)</sup> | 2.13 | (0.82) | 114 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;25.44 | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;6.33 | &nbsp;&nbsp;&nbsp;&nbsp;6.12 | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.82) | &nbsp;&nbsp;&nbsp;(4.82) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;26.74 | &nbsp;&nbsp;26.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3758 | 2.18 <sup>(12)</sup> | 2.18 | (0.80) | 102 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;24.71 | (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.32) | &nbsp;&nbsp;&nbsp;(2.32) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;25.44 | &nbsp;&nbsp;12.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4221 | 2.22 | 2.22 | (0.60) | &nbsp;&nbsp;&nbsp;91 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;26.43 | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;2.75 | &nbsp;&nbsp;&nbsp;&nbsp;2.56 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.28) | &nbsp;&nbsp;&nbsp;(4.28) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.72) | &nbsp;&nbsp;&nbsp;&nbsp;24.71 | &nbsp;&nbsp;12.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4131 | 2.22 | 2.22 | (0.75) | 102 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;25.30 | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;26.43 | &nbsp;&nbsp;&nbsp;&nbsp;4.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8218 | 2.22 | 2.22 | (0.81) | &nbsp;&nbsp;&nbsp;55 |

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

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

#### FINANCIAL HIGHLIGHTS (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)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(4)(5)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(4)(5)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(4)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **KAR Health Sciences Fund (Continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$30.71 | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.63) | &nbsp;&nbsp;&nbsp;(2.63) | 0.01 | &nbsp;&nbsp;&nbsp;(2.26) | &nbsp;&nbsp;$28.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 % <sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$1294 | 1.03 % <sup>(9)(12)</sup> | 1.03% | (0.12) % | &nbsp;&nbsp;&nbsp;65% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;38.79 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;(0.72) | &nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(7.49) | &nbsp;&nbsp;&nbsp;(7.49) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(8.08) | &nbsp;&nbsp;&nbsp;&nbsp;30.71 | &nbsp;&nbsp;&nbsp;(3.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2125 | 1.04 <sup>(12)</sup> | 1.04 | &nbsp;&nbsp;0.39 | 114 |
| 7/13/20 <sup>(15)</sup> to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;35.14 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;8.62 | &nbsp;&nbsp;&nbsp;&nbsp;8.71 | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.82) | &nbsp;&nbsp;&nbsp;(5.06) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp;&nbsp;&nbsp;38.79 | &nbsp;&nbsp;26.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880 | 1.13 <sup>(12)</sup> | 1.13 | &nbsp;&nbsp;0.25 | 102 <sup>(16)</sup> |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$30.75 | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.63) | &nbsp;&nbsp;&nbsp;(2.63) | 0.01 | &nbsp;&nbsp;&nbsp;(2.27) | &nbsp;&nbsp;$28.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 % <sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$14280 | 1.13 % <sup>(9)(14)</sup> | 1.13% | (0.21) % | &nbsp;&nbsp;&nbsp;65% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;38.87 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(7.49) | &nbsp;&nbsp;&nbsp;(7.49) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(8.12) | &nbsp;&nbsp;&nbsp;&nbsp;30.75 | &nbsp;&nbsp;&nbsp;(3.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23444 | 1.12 | 1.14 | &nbsp;&nbsp;0.11 | 114 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;34.85 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;8.94 | &nbsp;&nbsp;&nbsp;&nbsp;9.04 | (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.82) | &nbsp;&nbsp;&nbsp;(5.02) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4.02 | &nbsp;&nbsp;&nbsp;&nbsp;38.87 | &nbsp;&nbsp;28.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21122 | 1.12 | 1.14 | &nbsp;&nbsp;0.28 | 102 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;32.76 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;4.30 | &nbsp;&nbsp;&nbsp;&nbsp;4.45 | (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.32) | &nbsp;&nbsp;&nbsp;(2.36) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;34.85 | &nbsp;&nbsp;13.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11182 | 1.12 | 1.12 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;91 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;33.69 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;3.63 | &nbsp;&nbsp;&nbsp;&nbsp;3.76 | (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.28) | &nbsp;&nbsp;&nbsp;(4.69) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;32.76 | &nbsp;&nbsp;13.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4290 | 1.12 | 1.12 | &nbsp;&nbsp;0.39 | 102 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;31.90 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;33.69 | &nbsp;&nbsp;&nbsp;&nbsp;5.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2854 | 1.12 | 1.12 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;55 |
| **NFJ Dividend Value Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$11.44 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.65) | &nbsp;&nbsp;&nbsp;(1.75) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.67) | &nbsp;&nbsp;&nbsp;$9.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;$337340 | 1.03 % <sup>(12)</sup> | 1.03% | &nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;31% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;12.73 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;(0.43) | (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.29) | &nbsp;&nbsp;&nbsp;&nbsp;11.44 | &nbsp;&nbsp;&nbsp;(4.16) | &nbsp;&nbsp;&nbsp;&nbsp;365634 | 1.01 <sup>(12)</sup> | 1.01 | &nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;65 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.67 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp;3.22 | (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.06 | &nbsp;&nbsp;&nbsp;&nbsp;12.73 | &nbsp;&nbsp;33.47 | &nbsp;&nbsp;&nbsp;&nbsp;422719 | 1.02 <sup>(10)(12)</sup> | 1.06 | &nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;67 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;12.11 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;(1.01) | &nbsp;&nbsp;&nbsp;(0.82) | (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.42) | &nbsp;&nbsp;&nbsp;(1.62) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.67 | &nbsp;&nbsp;&nbsp;(8.54) | &nbsp;&nbsp;&nbsp;&nbsp;329828 | 1.04 | 1.12 | &nbsp;&nbsp;1.74 | 139 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;14.76 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.60) | &nbsp;&nbsp;&nbsp;(2.86) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.65) | &nbsp;&nbsp;&nbsp;&nbsp;12.11 | &nbsp;&nbsp;&nbsp;&nbsp;4.39 | &nbsp;&nbsp;&nbsp;&nbsp;453255 | 1.01 | 1.11 | &nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;52 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;17.20 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 | (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.88) | &nbsp;&nbsp;&nbsp;(4.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.44) | &nbsp;&nbsp;&nbsp;&nbsp;14.76 | &nbsp;&nbsp;&nbsp;&nbsp;9.55 | &nbsp;&nbsp;&nbsp;&nbsp;480068 | 0.95 | 1.10 | &nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;47 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$11.74 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.65) | &nbsp;&nbsp;&nbsp;(1.70) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.66) | &nbsp;&nbsp;$10.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.43% | &nbsp;&nbsp;&nbsp;&nbsp;$10214 | 1.73 % <sup>(12)</sup> | 1.73% | &nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;31% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;13.04 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;(0.55) | (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.30) | &nbsp;&nbsp;&nbsp;&nbsp;11.74 | &nbsp;&nbsp;&nbsp;(4.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12496 | 1.72 <sup>(12)</sup> | 1.72 | &nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;65 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.88 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp;&nbsp;3.21 | (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;13.04 | &nbsp;&nbsp;32.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18956 | 1.77 <sup>(10)(12)</sup> | 1.82 | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;67 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;12.32 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;(1.02) | &nbsp;&nbsp;&nbsp;(0.91) | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.42) | &nbsp;&nbsp;&nbsp;(1.53) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.88 | &nbsp;&nbsp;&nbsp;(9.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38900 | 1.79 | 1.87 | &nbsp;&nbsp;0.98 | 139 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;14.92 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.60) | &nbsp;&nbsp;&nbsp;(2.72) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.60) | &nbsp;&nbsp;&nbsp;&nbsp;12.32 | &nbsp;&nbsp;&nbsp;&nbsp;3.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75395 | 1.76 | 1.86 | &nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;52 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;17.34 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.88) | &nbsp;&nbsp;&nbsp;(4.03) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.42) | &nbsp;&nbsp;&nbsp;&nbsp;14.92 | &nbsp;&nbsp;&nbsp;&nbsp;8.77 | &nbsp;&nbsp;&nbsp;&nbsp;231933 | 1.70 | 1.85 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;47 |
| **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$11.57 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.65) | &nbsp;&nbsp;&nbsp;(1.77) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.67) | &nbsp;&nbsp;&nbsp;$9.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;$135254 | 0.73 % <sup>(12)</sup> | 0.73% | &nbsp;&nbsp;2.16% | &nbsp;&nbsp;&nbsp;31% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;12.87 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;(0.41) | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;(0.89) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.30) | &nbsp;&nbsp;&nbsp;&nbsp;11.57 | &nbsp;&nbsp;&nbsp;(3.93) | &nbsp;&nbsp;&nbsp;&nbsp;153578 | 0.72 <sup>(12)</sup> | 0.72 | &nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;65 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.77 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;3.28 | (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;12.87 | &nbsp;&nbsp;33.79 | &nbsp;&nbsp;&nbsp;&nbsp;210888 | 0.76 <sup>(10)(12)</sup> | 0.81 | &nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;67 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;12.21 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;(1.02) | &nbsp;&nbsp;&nbsp;(0.79) | (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.42) | &nbsp;&nbsp;&nbsp;(1.65) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.77 | &nbsp;&nbsp;&nbsp;(8.23) | &nbsp;&nbsp;&nbsp;&nbsp;221250 | 0.79 | 0.87 | &nbsp;&nbsp;1.98 | 139 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;14.87 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.60) | &nbsp;&nbsp;&nbsp;(2.91) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.66) | &nbsp;&nbsp;&nbsp;&nbsp;12.21 | &nbsp;&nbsp;&nbsp;&nbsp;4.62 | &nbsp;&nbsp;&nbsp;&nbsp;378642 | 0.76 | 0.86 | &nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;52 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;17.30 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.88) | &nbsp;&nbsp;&nbsp;(4.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.43) | &nbsp;&nbsp;&nbsp;&nbsp;14.87 | &nbsp;&nbsp;&nbsp;&nbsp;9.83 | &nbsp;&nbsp;&nbsp;&nbsp;551096 | 0.70 | 0.85 | &nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;47 |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$11.55 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.65) | &nbsp;&nbsp;&nbsp;(1.77) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.67) | &nbsp;&nbsp;&nbsp;$9.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;$83249 | 0.70% | 0.73% | &nbsp;&nbsp;2.18% | &nbsp;&nbsp;&nbsp;31% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;12.85 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;(0.41) | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;(0.89) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.30) | &nbsp;&nbsp;&nbsp;&nbsp;11.55 | &nbsp;&nbsp;&nbsp;(3.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91990 | 0.70 | 0.75 | &nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;65 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;3.29 | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;12.85 | &nbsp;&nbsp;33.95 | &nbsp;&nbsp;&nbsp;&nbsp;122996 | 0.70 | 0.75 | &nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;67 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;12.20 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;(1.03) | &nbsp;&nbsp;&nbsp;(0.79) | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.42) | &nbsp;&nbsp;&nbsp;(1.66) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75 | &nbsp;&nbsp;&nbsp;(8.24) | &nbsp;&nbsp;&nbsp;&nbsp;117755 | 0.69 | 0.77 | &nbsp;&nbsp;2.07 | 139 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;14.87 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.60) | &nbsp;&nbsp;&nbsp;(2.93) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.67) | &nbsp;&nbsp;&nbsp;&nbsp;12.20 | &nbsp;&nbsp;&nbsp;&nbsp;4.75 | &nbsp;&nbsp;&nbsp;&nbsp;263357 | 0.66 | 0.76 | &nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;52 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;17.30 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.88) | &nbsp;&nbsp;&nbsp;(4.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.43) | &nbsp;&nbsp;&nbsp;&nbsp;14.87 | &nbsp;&nbsp;&nbsp;&nbsp;9.94 | &nbsp;&nbsp;&nbsp;&nbsp;438422 | 0.60 | 0.75 | &nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;47 |

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

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

#### FINANCIAL HIGHLIGHTS (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)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(4)(5)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(4)(5)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(4)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **NFJ Dividend Value Fund (Continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$11.49 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.65) | &nbsp;&nbsp;&nbsp;(1.78) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.67) | &nbsp;&nbsp;&nbsp;$9.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;$77785 | 0.64 % <sup>(12)</sup> | 0.64% | &nbsp;&nbsp;2.26% | &nbsp;&nbsp;&nbsp;31% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;12.79 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;(0.40) | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;(0.90) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.30) | &nbsp;&nbsp;&nbsp;&nbsp;11.49 | &nbsp;&nbsp;&nbsp;(3.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72399 | 0.63 <sup>(12)</sup> | 0.63 | &nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;65 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.71 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;3.27 | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;12.79 | &nbsp;&nbsp;33.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82578 | 0.64 <sup>(10)</sup> | 0.69 | &nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;67 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;12.15 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;(1.02) | &nbsp;&nbsp;&nbsp;(0.78) | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.42) | &nbsp;&nbsp;&nbsp;(1.66) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.71 | &nbsp;&nbsp;&nbsp;(8.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60490 | 0.64 | 0.72 | &nbsp;&nbsp;2.15 | 139 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;14.83 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | (0.35) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.60) | &nbsp;&nbsp;&nbsp;(2.95) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.68) | &nbsp;&nbsp;&nbsp;&nbsp;12.15 | &nbsp;&nbsp;&nbsp;&nbsp;4.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65935 | 0.61 | 0.71 | &nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;52 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;17.27 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | (0.35) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.88) | &nbsp;&nbsp;&nbsp;(4.23) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.44) | &nbsp;&nbsp;&nbsp;&nbsp;14.83 | &nbsp;&nbsp;&nbsp;&nbsp;9.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85285 | 0.55 | 0.70 | &nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;47 |
| **Administrative Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$11.80 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.65) | &nbsp;&nbsp;&nbsp;(1.75) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.66) | &nbsp;&nbsp;$10.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;$32970 | 0.95% | 0.97% | &nbsp;&nbsp;1.95% | &nbsp;&nbsp;&nbsp;31% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;13.12 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;(0.45) | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.32) | &nbsp;&nbsp;&nbsp;&nbsp;11.80 | &nbsp;&nbsp;&nbsp;(4.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33060 | 0.95 | 0.99 | &nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;65 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.96 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;3.15 | &nbsp;&nbsp;&nbsp;&nbsp;3.32 | (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;13.12 | &nbsp;&nbsp;33.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33289 | 0.94 <sup>(10)</sup> | 0.98 | &nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;67 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;12.41 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;(1.03) | &nbsp;&nbsp;&nbsp;(0.82) | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.42) | &nbsp;&nbsp;&nbsp;(1.63) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.96 | &nbsp;&nbsp;&nbsp;(8.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25794 | 0.94 | 1.02 | &nbsp;&nbsp;1.84 | 139 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;15.04 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.60) | &nbsp;&nbsp;&nbsp;(2.86) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.63) | &nbsp;&nbsp;&nbsp;&nbsp;12.41 | &nbsp;&nbsp;&nbsp;&nbsp;4.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47049 | 0.91 | 1.01 | &nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;52 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;17.41 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.88) | &nbsp;&nbsp;&nbsp;(4.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.37) | &nbsp;&nbsp;&nbsp;&nbsp;15.04 | &nbsp;&nbsp;&nbsp;&nbsp;9.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84009 | 0.85 | 1.00 | &nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;47 |
| **NFJ International Value Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$17.83 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;$17.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.54% | &nbsp;&nbsp;&nbsp;&nbsp;$47769 | 1.30% | 1.35% | &nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;38% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;22.93 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;(5.10) | &nbsp;&nbsp;&nbsp;(4.70) | (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(5.10) | &nbsp;&nbsp;&nbsp;&nbsp;17.83 | (20.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50307 | 1.30 | 1.33 | &nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;66 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;16.86 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;6.15 | &nbsp;&nbsp;&nbsp;&nbsp;6.43 | (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6.07 | &nbsp;&nbsp;&nbsp;&nbsp;22.93 | &nbsp;&nbsp;38.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73311 | 1.30 <sup>(10)(12)</sup> | 1.34 | &nbsp;&nbsp;1.38 | 116 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;18.47 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;(1.58) | &nbsp;&nbsp;&nbsp;(1.22) | (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.61) | &nbsp;&nbsp;&nbsp;&nbsp;16.86 | &nbsp;&nbsp;&nbsp;(6.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55297 | 1.30 | 1.37 | &nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;91 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;18.52 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;18.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71931 | 1.30 | 1.38 | &nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;49 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;18.13 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | (0.32) | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;18.52 | &nbsp;&nbsp;&nbsp;&nbsp;3.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88385 | 1.29 | 1.37 | &nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;63 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$17.47 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;$17.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.16% | &nbsp;&nbsp;&nbsp;&nbsp;$1236 | 2.05% | 2.07% | &nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;38% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;22.51 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;(5.00) | &nbsp;&nbsp;&nbsp;(4.75) | (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(5.04) | &nbsp;&nbsp;&nbsp;&nbsp;17.47 | (21.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1724 | 2.02 <sup>(12)</sup> | 2.02 | &nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;66 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;16.57 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;6.04 | &nbsp;&nbsp;&nbsp;&nbsp;6.15 | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5.94 | &nbsp;&nbsp;&nbsp;&nbsp;22.51 | &nbsp;&nbsp;37.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3576 | 2.02 <sup>(12)</sup> | 2.07 | &nbsp;&nbsp;0.56 | 116 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;18.15 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;(1.54) | &nbsp;&nbsp;&nbsp;(1.32) | (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.58) | &nbsp;&nbsp;&nbsp;&nbsp;16.57 | &nbsp;&nbsp;&nbsp;(7.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7488 | 2.05 | 2.12 | &nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;91 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;18.20 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;18.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13926 | 2.05 | 2.13 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;49 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;17.86 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | (0.21) | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;18.20 | &nbsp;&nbsp;&nbsp;&nbsp;3.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36184 | 2.04 | 2.12 | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;63 |
| **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$17.96 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;$17.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;$14716 | 1.04 % <sup>(12)</sup> | 1.04% | &nbsp;&nbsp;1.92% | &nbsp;&nbsp;&nbsp;38% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;23.09 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;(5.13) | &nbsp;&nbsp;&nbsp;(4.66) | (0.47) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(5.13) | &nbsp;&nbsp;&nbsp;&nbsp;17.96 | (20.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17205 | 1.01 <sup>(12)</sup> | 1.01 | &nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;66 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;16.96 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;6.19 | &nbsp;&nbsp;&nbsp;&nbsp;6.53 | (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6.13 | &nbsp;&nbsp;&nbsp;&nbsp;23.09 | &nbsp;&nbsp;38.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26708 | 1.03 <sup>(10)(12)</sup> | 1.07 | &nbsp;&nbsp;1.65 | 116 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;18.58 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;(1.60) | &nbsp;&nbsp;&nbsp;(1.19) | (0.43) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.62) | &nbsp;&nbsp;&nbsp;&nbsp;16.96 | &nbsp;&nbsp;&nbsp;(6.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22912 | 1.05 | 1.12 | &nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;91 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;18.61 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;18.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38655 | 1.05 | 1.13 | &nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;49 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;18.21 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | (0.36) | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;18.61 | &nbsp;&nbsp;&nbsp;&nbsp;4.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89644 | 1.04 | 1.12 | &nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;63 |

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

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

#### FINANCIAL HIGHLIGHTS (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)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(4)(5)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(4)(5)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(4)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **NFJ International Value Fund (Continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$17.96 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;$17.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;$27379 | 0.95% | 0.99% | &nbsp;&nbsp;2.05% | &nbsp;&nbsp;&nbsp;38% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;23.11 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;(5.14) | &nbsp;&nbsp;&nbsp;(4.66) | (0.49) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(5.15) | &nbsp;&nbsp;&nbsp;&nbsp;17.96 | (20.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38243 | 0.95 | 0.98 | &nbsp;&nbsp;2.25 | &nbsp;&nbsp;&nbsp;66 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;16.98 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;6.19 | &nbsp;&nbsp;&nbsp;&nbsp;6.55 | (0.42) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6.13 | &nbsp;&nbsp;&nbsp;&nbsp;23.11 | &nbsp;&nbsp;38.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48096 | 0.95 | 1.00 | &nbsp;&nbsp;1.76 | 116 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;18.60 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;(1.60) | &nbsp;&nbsp;&nbsp;(1.17) | (0.45) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.62) | &nbsp;&nbsp;&nbsp;&nbsp;16.98 | &nbsp;&nbsp;&nbsp;(6.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37009 | 0.95 | 1.02 | &nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;91 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;18.64 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;18.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46473 | 0.95 | 1.03 | &nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;49 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;18.24 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | (0.37) | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;18.64 | &nbsp;&nbsp;&nbsp;&nbsp;4.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55924 | 0.94 | 1.02 | &nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;63 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$17.95 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;$17.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;$2964 | 0.90% | 0.93% | &nbsp;&nbsp;2.04% | &nbsp;&nbsp;&nbsp;38% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;23.08 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;(5.15) | &nbsp;&nbsp;&nbsp;(4.64) | (0.49) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(5.13) | &nbsp;&nbsp;&nbsp;&nbsp;17.95 | (20.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3477 | 0.90 | 0.93 | &nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;66 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;16.97 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;6.13 | &nbsp;&nbsp;&nbsp;&nbsp;6.54 | (0.43) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6.11 | &nbsp;&nbsp;&nbsp;&nbsp;23.08 | &nbsp;&nbsp;38.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2741 | 0.90 | 0.95 | &nbsp;&nbsp;1.96 | 116 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;18.59 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;(1.60) | &nbsp;&nbsp;&nbsp;(1.16) | (0.46) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.62) | &nbsp;&nbsp;&nbsp;&nbsp;16.97 | &nbsp;&nbsp;&nbsp;(6.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230 | 0.90 | 0.97 | &nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;91 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;18.63 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;18.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1277 | 0.90 | 0.98 | &nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;49 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;18.19 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | (0.34) | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;18.63 | &nbsp;&nbsp;&nbsp;&nbsp;4.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1836 | 0.89 | 0.97 | &nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;63 |
| **Administrative Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$17.94 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;$17.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;$1354 | 1.20 % <sup>(14)</sup> | 1.36% | &nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;38% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;23.06 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;(5.11) | &nbsp;&nbsp;&nbsp;(4.70) | (0.42) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(5.12) | &nbsp;&nbsp;&nbsp;&nbsp;17.94 | (20.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1514 | 1.20 | 1.50 | &nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;66 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;16.92 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;6.35 | &nbsp;&nbsp;&nbsp;&nbsp;6.46 | (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6.14 | &nbsp;&nbsp;&nbsp;&nbsp;23.06 | &nbsp;&nbsp;38.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219 | 1.20 | 1.28 | &nbsp;&nbsp;0.57 | 116 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;18.54 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;(1.59) | &nbsp;&nbsp;&nbsp;(1.21) | (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.62) | &nbsp;&nbsp;&nbsp;&nbsp;16.92 | &nbsp;&nbsp;&nbsp;(6.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147 | 1.20 | 1.27 | &nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;91 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;18.56 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;18.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1436 | 1.20 | 1.28 | &nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;49 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;18.19 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | (0.35) | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;18.56 | &nbsp;&nbsp;&nbsp;&nbsp;4.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4829 | 1.19 | 1.27 | &nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;63 |
| **NFJ Large-Cap Value Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$29.16 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;(0.08) | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.59) | &nbsp;&nbsp;&nbsp;(4.78) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.86) | &nbsp;&nbsp;$24.30 | &nbsp;&nbsp;&nbsp;(0.11) % | &nbsp;&nbsp;$147213 | 1.01 % <sup>(12)</sup> | 1.01% | &nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;24% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;33.12 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;(2.09) | &nbsp;&nbsp;&nbsp;(1.85) | (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.91) | &nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.96) | &nbsp;&nbsp;&nbsp;&nbsp;29.16 | &nbsp;&nbsp;&nbsp;(6.36) | &nbsp;&nbsp;&nbsp;&nbsp;159063 | 1.00 <sup>(12)</sup> | 1.00 | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;45 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;24.49 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;8.62 | &nbsp;&nbsp;&nbsp;&nbsp;8.85 | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8.63 | &nbsp;&nbsp;&nbsp;&nbsp;33.12 | &nbsp;&nbsp;36.24 | &nbsp;&nbsp;&nbsp;&nbsp;184745 | 1.06 <sup>(12)</sup> | 1.06 | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;69 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;26.90 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;(1.88) | &nbsp;&nbsp;&nbsp;(1.49) | (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;(0.92) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.41) | &nbsp;&nbsp;&nbsp;&nbsp;24.49 | &nbsp;&nbsp;&nbsp;(5.71) | &nbsp;&nbsp;&nbsp;&nbsp;150404 | 1.12 | 1.12 | &nbsp;&nbsp;1.48 | 114 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;26.14 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;26.90 | &nbsp;&nbsp;&nbsp;&nbsp;4.67 | &nbsp;&nbsp;&nbsp;&nbsp;178311 | 1.12 | 1.12 | &nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;68 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;24.31 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 | (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;26.14 | &nbsp;&nbsp;&nbsp;&nbsp;9.27 | &nbsp;&nbsp;&nbsp;&nbsp;145338 | 1.06 | 1.11 | &nbsp;&nbsp;1.56 | 110 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$29.51 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;(0.21) | (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.59) | &nbsp;&nbsp;&nbsp;(4.65) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.86) | &nbsp;&nbsp;$24.65 | &nbsp;&nbsp;&nbsp;(0.54) % | &nbsp;&nbsp;&nbsp;&nbsp;$2449 | 1.78 % <sup>(12)</sup> | 1.78% | &nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;24% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;33.54 | (0.02) | &nbsp;&nbsp;&nbsp;(2.09) | &nbsp;&nbsp;&nbsp;(2.11) | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.91) | &nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.03) | &nbsp;&nbsp;&nbsp;&nbsp;29.51 | &nbsp;&nbsp;&nbsp;(7.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2775 | 1.76 <sup>(12)</sup> | 1.76 | (0.05) | &nbsp;&nbsp;&nbsp;45 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;24.82 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;8.73 | &nbsp;&nbsp;&nbsp;&nbsp;8.75 | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8.72 | &nbsp;&nbsp;&nbsp;&nbsp;33.54 | &nbsp;&nbsp;35.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4056 | 1.81 <sup>(12)</sup> | 1.81 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;69 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;27.23 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;(1.88) | &nbsp;&nbsp;&nbsp;(1.69) | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;(0.72) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.41) | &nbsp;&nbsp;&nbsp;&nbsp;24.82 | &nbsp;&nbsp;&nbsp;(6.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7854 | 1.87 | 1.87 | &nbsp;&nbsp;0.73 | 114 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;26.44 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;27.23 | &nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12080 | 1.87 | 1.87 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;68 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;24.57 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;26.44 | &nbsp;&nbsp;&nbsp;&nbsp;8.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62232 | 1.81 | 1.86 | &nbsp;&nbsp;0.82 | 110 |

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

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

#### FINANCIAL HIGHLIGHTS (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)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(4)(5)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(4)(5)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(4)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **NFJ Large-Cap Value Fund (Continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$29.49 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;(0.06) | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.59) | &nbsp;&nbsp;&nbsp;(4.81) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.87) | &nbsp;&nbsp;$24.62 | &nbsp;&nbsp;&nbsp;(0.01) % | &nbsp;&nbsp;&nbsp;&nbsp;$14756 | 0.76 % <sup>(12)</sup> | 0.76% | &nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;24% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;33.46 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;(1.79) | (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.91) | &nbsp;&nbsp;&nbsp;(2.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.97) | &nbsp;&nbsp;&nbsp;&nbsp;29.49 | &nbsp;&nbsp;&nbsp;(6.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15206 | 0.75 <sup>(12)</sup> | 0.75 | &nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;45 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;24.73 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;8.71 | &nbsp;&nbsp;&nbsp;&nbsp;9.01 | (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8.73 | &nbsp;&nbsp;&nbsp;&nbsp;33.46 | &nbsp;&nbsp;36.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20413 | 0.81 <sup>(12)</sup> | 0.81 | &nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;69 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;27.16 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;(1.90) | &nbsp;&nbsp;&nbsp;(1.44) | (0.48) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.43) | &nbsp;&nbsp;&nbsp;&nbsp;24.73 | &nbsp;&nbsp;&nbsp;(5.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15384 | 0.87 | 0.87 | &nbsp;&nbsp;1.73 | 114 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;26.38 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | (0.46) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;27.16 | &nbsp;&nbsp;&nbsp;&nbsp;4.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19097 | 0.87 | 0.87 | &nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;68 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;24.53 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;2.33 | (0.48) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;26.38 | &nbsp;&nbsp;&nbsp;&nbsp;9.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20242 | 0.81 | 0.86 | &nbsp;&nbsp;1.80 | 110 |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$29.01 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;(0.07) | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.59) | &nbsp;&nbsp;&nbsp;(4.80) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.87) | &nbsp;&nbsp;$24.14 | &nbsp;&nbsp;&nbsp;(0.04) % | &nbsp;&nbsp;&nbsp;&nbsp;$79147 | 0.77% | 0.77% | &nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;24% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;32.96 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;(2.07) | &nbsp;&nbsp;&nbsp;(1.75) | (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.91) | &nbsp;&nbsp;&nbsp;(2.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.95) | &nbsp;&nbsp;&nbsp;&nbsp;29.01 | &nbsp;&nbsp;&nbsp;(6.09) | &nbsp;&nbsp;&nbsp;&nbsp;113368 | 0.74 | 0.74 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;45 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;24.37 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;8.58 | &nbsp;&nbsp;&nbsp;&nbsp;8.89 | (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8.59 | &nbsp;&nbsp;&nbsp;&nbsp;32.96 | &nbsp;&nbsp;36.66 | &nbsp;&nbsp;&nbsp;&nbsp;129083 | 0.75 <sup>(12)</sup> | 0.75 | &nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;69 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;26.77 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;(1.87) | &nbsp;&nbsp;&nbsp;(1.39) | (0.50) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;(1.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.40) | &nbsp;&nbsp;&nbsp;&nbsp;24.37 | &nbsp;&nbsp;&nbsp;(5.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92001 | 0.77 | 0.77 | &nbsp;&nbsp;1.81 | 114 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;26.02 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | (0.49) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;26.77 | &nbsp;&nbsp;&nbsp;&nbsp;5.02 | &nbsp;&nbsp;&nbsp;&nbsp;132572 | 0.77 | 0.77 | &nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;68 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;24.20 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;2.33 | (0.51) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;26.02 | &nbsp;&nbsp;&nbsp;&nbsp;9.66 | &nbsp;&nbsp;&nbsp;&nbsp;127728 | 0.71 | 0.76 | &nbsp;&nbsp;1.89 | 110 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$28.99 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;(0.04) | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.59) | &nbsp;&nbsp;&nbsp;(4.83) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.87) | &nbsp;&nbsp;$24.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$68 | 0.65% | 0.70% | &nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;24% |
| 10/29/21 <sup>(15)</sup> to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;35.37 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;(4.47) | &nbsp;&nbsp;&nbsp;(4.22) | (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.91) | &nbsp;&nbsp;&nbsp;(2.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6.38) | &nbsp;&nbsp;&nbsp;&nbsp;28.99 | (12.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | 0.65 | 0.78 | &nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;45 <sup>(16)</sup> |
| **Administrative Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$29.67 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;(0.08) | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.59) | &nbsp;&nbsp;&nbsp;(4.78) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.86) | &nbsp;&nbsp;$24.81 | &nbsp;&nbsp;&nbsp;(0.08) % | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$409 | 0.95% | 0.95% | &nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;24% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;33.66 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;(2.13) | &nbsp;&nbsp;&nbsp;(1.86) | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.91) | &nbsp;&nbsp;&nbsp;(2.13) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.99) | &nbsp;&nbsp;&nbsp;&nbsp;29.67 | &nbsp;&nbsp;&nbsp;(6.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | 0.93 <sup>(12)(14)</sup> | 0.91 | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;45 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;24.85 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;8.75 | &nbsp;&nbsp;&nbsp;&nbsp;9.00 | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8.81 | &nbsp;&nbsp;&nbsp;&nbsp;33.66 | &nbsp;&nbsp;36.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 | 1.01 <sup>(10)</sup> | 1.02 | &nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;69 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;27.29 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;(1.91) | &nbsp;&nbsp;&nbsp;(1.49) | (0.44) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.44) | &nbsp;&nbsp;&nbsp;&nbsp;24.85 | &nbsp;&nbsp;&nbsp;(5.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1181 | 1.02 | 1.02 | &nbsp;&nbsp;1.58 | 114 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;26.51 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | (0.42) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;27.29 | &nbsp;&nbsp;&nbsp;&nbsp;4.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381 | 1.02 | 1.02 | &nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;68 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;24.64 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;2.31 | (0.44) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;26.51 | &nbsp;&nbsp;&nbsp;&nbsp;9.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1323 | 0.96 | 1.01 | &nbsp;&nbsp;1.64 | 110 |
| **NFJ Mid-Cap Value Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$29.43 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6.38) | &nbsp;&nbsp;&nbsp;(6.77) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6.33) | &nbsp;&nbsp;$23.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;$463370 | 1.00% | 1.11% | &nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;43% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;35.54 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;(2.18) | &nbsp;&nbsp;&nbsp;(1.94) | (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.92) | &nbsp;&nbsp;&nbsp;(4.17) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6.11) | &nbsp;&nbsp;&nbsp;&nbsp;29.43 | &nbsp;&nbsp;&nbsp;(6.83) | &nbsp;&nbsp;&nbsp;&nbsp;495612 | 1.00 | 1.10 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;76 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;25.72 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;9.83 | &nbsp;&nbsp;10.13 | (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9.82 | &nbsp;&nbsp;&nbsp;&nbsp;35.54 | &nbsp;&nbsp;39.60 | &nbsp;&nbsp;&nbsp;&nbsp;596144 | 1.00 | 1.16 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;96 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;30.60 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;(2.72) | &nbsp;&nbsp;&nbsp;(2.34) | (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.21) | &nbsp;&nbsp;&nbsp;(2.54) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.88) | &nbsp;&nbsp;&nbsp;&nbsp;25.72 | &nbsp;&nbsp;&nbsp;(8.93) | &nbsp;&nbsp;&nbsp;&nbsp;474970 | 0.99 | 1.21 | &nbsp;&nbsp;1.30 | 197 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;30.06 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;30.60 | &nbsp;&nbsp;&nbsp;&nbsp;3.46 | &nbsp;&nbsp;&nbsp;&nbsp;595707 | 0.99 | 1.21 | &nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;81 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;31.41 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.75) | &nbsp;&nbsp;&nbsp;(3.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.35) | &nbsp;&nbsp;&nbsp;&nbsp;30.06 | &nbsp;&nbsp;&nbsp;&nbsp;4.88 | &nbsp;&nbsp;&nbsp;&nbsp;518293 | 1.04 | 1.21 | &nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;31 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$22.96 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6.38) | &nbsp;&nbsp;&nbsp;(6.62) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6.36) | &nbsp;&nbsp;$16.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;$24414 | 1.75% | 1.83% | &nbsp;&nbsp;0.41% | &nbsp;&nbsp;&nbsp;43% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;28.63 | (0.01) | &nbsp;&nbsp;&nbsp;(1.65) | &nbsp;&nbsp;&nbsp;(1.66) | (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.92) | &nbsp;&nbsp;&nbsp;(4.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(5.67) | &nbsp;&nbsp;&nbsp;&nbsp;22.96 | &nbsp;&nbsp;&nbsp;(7.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28379 | 1.75 | 1.82 | (0.05) | &nbsp;&nbsp;&nbsp;76 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;20.74 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;7.93 | &nbsp;&nbsp;&nbsp;&nbsp;7.98 | (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7.89 | &nbsp;&nbsp;&nbsp;&nbsp;28.63 | &nbsp;&nbsp;38.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39321 | 1.74 <sup>(10)</sup> | 1.90 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;96 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;25.16 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;(2.18) | &nbsp;&nbsp;&nbsp;(2.05) | (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.21) | &nbsp;&nbsp;&nbsp;(2.37) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.42) | &nbsp;&nbsp;&nbsp;&nbsp;20.74 | &nbsp;&nbsp;&nbsp;(9.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37278 | 1.74 | 1.96 | &nbsp;&nbsp;0.55 | 197 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;24.62 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;25.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48176 | 1.74 | 1.96 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;81 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;26.22 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.75) | &nbsp;&nbsp;&nbsp;(2.80) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.60) | &nbsp;&nbsp;&nbsp;&nbsp;24.62 | &nbsp;&nbsp;&nbsp;&nbsp;4.10 | &nbsp;&nbsp;&nbsp;&nbsp;182192 | 1.79 | 1.96 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;31 |

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

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

#### FINANCIAL HIGHLIGHTS (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)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(4)(5)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(4)(5)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(4)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **NFJ Mid-Cap Value Fund (Continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$22.26 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | (0.48) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6.38) | &nbsp;&nbsp;&nbsp;(6.86) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6.49) | &nbsp;&nbsp;$15.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.59% | &nbsp;&nbsp;&nbsp;&nbsp;$79925 | 0.75% | 0.84% | &nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;43% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;27.90 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;(1.58) | &nbsp;&nbsp;&nbsp;(1.34) | (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.92) | &nbsp;&nbsp;&nbsp;(4.30) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(5.64) | &nbsp;&nbsp;&nbsp;&nbsp;22.26 | &nbsp;&nbsp;&nbsp;(6.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99992 | 0.75 | 0.83 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;76 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;20.30 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;7.74 | &nbsp;&nbsp;&nbsp;&nbsp;8.03 | (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7.60 | &nbsp;&nbsp;&nbsp;&nbsp;27.90 | &nbsp;&nbsp;39.93 | &nbsp;&nbsp;&nbsp;&nbsp;239250 | 0.75 | 0.90 | &nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;96 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;24.68 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;(2.10) | &nbsp;&nbsp;&nbsp;(1.74) | (0.43) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.21) | &nbsp;&nbsp;&nbsp;(2.64) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.38) | &nbsp;&nbsp;&nbsp;&nbsp;20.30 | &nbsp;&nbsp;&nbsp;(8.72) | &nbsp;&nbsp;&nbsp;&nbsp;211729 | 0.74 | 0.96 | &nbsp;&nbsp;1.57 | 197 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;24.35 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;24.68 | &nbsp;&nbsp;&nbsp;&nbsp;3.75 | &nbsp;&nbsp;&nbsp;&nbsp;197201 | 0.74 | 0.96 | &nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;81 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;26.01 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.75) | &nbsp;&nbsp;&nbsp;(3.13) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.66) | &nbsp;&nbsp;&nbsp;&nbsp;24.35 | &nbsp;&nbsp;&nbsp;&nbsp;5.17 | &nbsp;&nbsp;&nbsp;&nbsp;200081 | 0.77 | 0.96 | &nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;31 |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$31.99 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | (0.47) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6.38) | &nbsp;&nbsp;&nbsp;(6.85) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6.31) | &nbsp;&nbsp;$25.68 | &nbsp;&nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;$311600 | 0.65% | 0.81% | &nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;43% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;38.28 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;(2.38) | &nbsp;&nbsp;&nbsp;(1.99) | (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.92) | &nbsp;&nbsp;&nbsp;(4.30) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6.29) | &nbsp;&nbsp;&nbsp;&nbsp;31.99 | &nbsp;&nbsp;&nbsp;(6.49) | &nbsp;&nbsp;&nbsp;&nbsp;381239 | 0.65 | 0.81 | &nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;76 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;27.70 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;10.59 | &nbsp;&nbsp;11.03 | (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;10.58 | &nbsp;&nbsp;&nbsp;&nbsp;38.28 | &nbsp;&nbsp;40.11 | &nbsp;&nbsp;&nbsp;&nbsp;460452 | 0.65 | 0.84 | &nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;96 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;32.77 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;(2.92) | &nbsp;&nbsp;&nbsp;(2.41) | (0.45) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.21) | &nbsp;&nbsp;&nbsp;(2.66) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(5.07) | &nbsp;&nbsp;&nbsp;&nbsp;27.70 | &nbsp;&nbsp;&nbsp;(8.62) | &nbsp;&nbsp;&nbsp;&nbsp;385311 | 0.64 | 0.86 | &nbsp;&nbsp;1.67 | 197 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;32.15 | &nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;32.77 | &nbsp;&nbsp;&nbsp;&nbsp;3.83 | &nbsp;&nbsp;&nbsp;&nbsp;406173 | 0.64 | 0.86 | &nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;81 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;33.41 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.75) | &nbsp;&nbsp;&nbsp;(3.15) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.26) | &nbsp;&nbsp;&nbsp;&nbsp;32.15 | &nbsp;&nbsp;&nbsp;&nbsp;5.26 | &nbsp;&nbsp;&nbsp;&nbsp;332110 | 0.66 | 0.86 | &nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;31 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$31.97 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | (0.52) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6.38) | &nbsp;&nbsp;&nbsp;(6.90) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6.35) | &nbsp;&nbsp;$25.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;&nbsp;$82666 | 0.60% | 0.73% | &nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;43% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;38.24 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;(2.38) | &nbsp;&nbsp;&nbsp;(1.97) | (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.92) | &nbsp;&nbsp;&nbsp;(4.30) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6.27) | &nbsp;&nbsp;&nbsp;&nbsp;31.97 | &nbsp;&nbsp;&nbsp;(6.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87682 | 0.60 | 0.72 | &nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;76 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;27.68 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;10.59 | &nbsp;&nbsp;11.04 | (0.43) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;10.56 | &nbsp;&nbsp;&nbsp;&nbsp;38.24 | &nbsp;&nbsp;40.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85969 | 0.60 | 0.78 | &nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;96 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;32.75 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;(2.95) | &nbsp;&nbsp;&nbsp;(2.39) | (0.47) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.21) | &nbsp;&nbsp;&nbsp;(2.68) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(5.07) | &nbsp;&nbsp;&nbsp;&nbsp;27.68 | &nbsp;&nbsp;&nbsp;(8.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66260 | 0.59 | 0.81 | &nbsp;&nbsp;1.86 | 197 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;32.13 | &nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;32.75 | &nbsp;&nbsp;&nbsp;&nbsp;3.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18052 | 0.59 | 0.81 | &nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;81 |
| 12/18/17 <sup>(15)</sup> to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;36.74 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;(1.61) | &nbsp;&nbsp;&nbsp;(1.43) | (0.43) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.75) | &nbsp;&nbsp;&nbsp;(3.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.61) | &nbsp;&nbsp;&nbsp;&nbsp;32.13 | &nbsp;&nbsp;&nbsp;(4.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2167 | 0.59 | 0.81 | &nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;31 <sup>(16)</sup> |
| **Administrative Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$30.61 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | (0.42) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6.38) | &nbsp;&nbsp;&nbsp;(6.80) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6.32) | &nbsp;&nbsp;$24.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.54% | &nbsp;&nbsp;&nbsp;&nbsp;$34136 | 0.90% | 1.10% | &nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;43% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;36.77 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;(2.26) | &nbsp;&nbsp;&nbsp;(1.98) | (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.92) | &nbsp;&nbsp;&nbsp;(4.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6.16) | &nbsp;&nbsp;&nbsp;&nbsp;30.61 | &nbsp;&nbsp;&nbsp;(6.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34212 | 0.90 | 1.06 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;76 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;26.59 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;10.17 | &nbsp;&nbsp;10.51 | (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;10.18 | &nbsp;&nbsp;&nbsp;&nbsp;36.77 | &nbsp;&nbsp;39.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49280 | 0.90 | 1.08 | &nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;96 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;31.57 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;(2.81) | &nbsp;&nbsp;&nbsp;(2.39) | (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.21) | &nbsp;&nbsp;&nbsp;(2.59) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.98) | &nbsp;&nbsp;&nbsp;&nbsp;26.59 | &nbsp;&nbsp;&nbsp;(8.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33511 | 0.89 | 1.11 | &nbsp;&nbsp;1.43 | 197 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;31.00 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;31.57 | &nbsp;&nbsp;&nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27405 | 0.89 | 1.11 | &nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;81 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;32.35 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.75) | &nbsp;&nbsp;&nbsp;(3.09) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.35) | &nbsp;&nbsp;&nbsp;&nbsp;31.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18947 | 0.92 | 1.11 | &nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;31 |
| **NFJ Small-Cap Value Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$12.80 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.96) | &nbsp;&nbsp;&nbsp;(2.10) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.03) | &nbsp;&nbsp;$10.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;$220069 | 1.17% | 1.24% | &nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;32% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;15.67 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;(1.66) | &nbsp;&nbsp;&nbsp;(1.56) | (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.14) | &nbsp;&nbsp;&nbsp;(1.31) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.87) | &nbsp;&nbsp;&nbsp;&nbsp;12.80 | (11.08) | &nbsp;&nbsp;&nbsp;&nbsp;236990 | 1.17 | 1.21 | &nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;52 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;11.07 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;4.71 | &nbsp;&nbsp;&nbsp;&nbsp;4.89 | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4.60 | &nbsp;&nbsp;&nbsp;&nbsp;15.67 | &nbsp;&nbsp;44.57 | &nbsp;&nbsp;&nbsp;&nbsp;325048 | 1.18 <sup>(10)(12)</sup> | 1.23 | &nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;65 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;14.53 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;(2.28) | &nbsp;&nbsp;&nbsp;(2.10) | (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.30) | &nbsp;&nbsp;&nbsp;(1.36) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.46) | &nbsp;&nbsp;&nbsp;&nbsp;11.07 | (16.62) | &nbsp;&nbsp;&nbsp;&nbsp;267845 | 1.17 | 1.27 | &nbsp;&nbsp;1.37 | 126 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;21.71 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;(2.73) | &nbsp;&nbsp;&nbsp;(2.44) | (0.62) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.12) | &nbsp;&nbsp;&nbsp;(4.74) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(7.18) | &nbsp;&nbsp;&nbsp;&nbsp;14.53 | &nbsp;&nbsp;&nbsp;(7.70) | &nbsp;&nbsp;&nbsp;&nbsp;439710 | 1.18 | 1.26 | &nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;47 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;24.36 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.26) | &nbsp;&nbsp;&nbsp;(4.38) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.65) | &nbsp;&nbsp;&nbsp;&nbsp;21.71 | &nbsp;&nbsp;&nbsp;&nbsp;7.04 | &nbsp;&nbsp;&nbsp;&nbsp;718104 | 1.20 | 1.25 | &nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;24 |

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

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

#### FINANCIAL HIGHLIGHTS (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)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(4)(5)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(4)(5)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(4)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **NFJ Small-Cap Value Fund (Continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$11.10 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.96) | &nbsp;&nbsp;&nbsp;(2.03) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;&nbsp;$9.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;$1224 | 1.92% | 1.96% | &nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;32% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;13.78 | (0.01) | &nbsp;&nbsp;&nbsp;(1.43) | &nbsp;&nbsp;&nbsp;(1.44) | (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.14) | &nbsp;&nbsp;&nbsp;(1.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.68) | &nbsp;&nbsp;&nbsp;&nbsp;11.10 | (11.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1347 | 1.92 | 1.95 | (0.06) | &nbsp;&nbsp;&nbsp;52 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.74 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;4.14 | &nbsp;&nbsp;&nbsp;&nbsp;4.21 | (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4.04 | &nbsp;&nbsp;&nbsp;&nbsp;13.78 | &nbsp;&nbsp;43.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606 | 1.91 <sup>(12)</sup> | 1.97 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;65 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;12.97 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;(2.00) | &nbsp;&nbsp;&nbsp;(1.93) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.30) | &nbsp;&nbsp;&nbsp;(1.30) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.74 | (17.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1627 | 1.92 | 2.02 | &nbsp;&nbsp;0.58 | 126 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;19.30 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;(2.41) | &nbsp;&nbsp;&nbsp;(2.25) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.08) <sup>(17)</sup> | &nbsp;&nbsp;&nbsp;(4.08) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6.33) | &nbsp;&nbsp;&nbsp;&nbsp;12.97 | &nbsp;&nbsp;&nbsp;(8.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3984 | 1.93 | 2.01 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;47 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;22.14 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.26) | &nbsp;&nbsp;&nbsp;(4.26) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.84) | &nbsp;&nbsp;&nbsp;&nbsp;19.30 | &nbsp;&nbsp;&nbsp;&nbsp;6.26 | &nbsp;&nbsp;&nbsp;&nbsp;106052 | 1.95 | 2.00 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;24 |
| **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$15.30 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.96) | &nbsp;&nbsp;&nbsp;(2.10) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;$13.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;$12630 | 0.92% | 0.93% | &nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;32% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;18.42 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;(1.97) | &nbsp;&nbsp;&nbsp;(1.80) | (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.14) | &nbsp;&nbsp;&nbsp;(1.32) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.12) | &nbsp;&nbsp;&nbsp;&nbsp;15.30 | (10.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14358 | 0.89 <sup>(12)</sup> | 0.89 | &nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;52 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;12.97 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;5.52 | &nbsp;&nbsp;&nbsp;&nbsp;5.77 | (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5.45 | &nbsp;&nbsp;&nbsp;&nbsp;18.42 | &nbsp;&nbsp;44.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24149 | 0.91 <sup>(12)</sup> | 0.96 | &nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;65 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;16.79 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;(2.68) | &nbsp;&nbsp;&nbsp;(2.43) | (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.30) | &nbsp;&nbsp;&nbsp;(1.39) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.82) | &nbsp;&nbsp;&nbsp;&nbsp;12.97 | (16.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21354 | 0.92 | 1.02 | &nbsp;&nbsp;1.62 | 126 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;24.18 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;(2.97) | &nbsp;&nbsp;&nbsp;(2.59) | (0.68) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.12) | &nbsp;&nbsp;&nbsp;(4.80) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(7.39) | &nbsp;&nbsp;&nbsp;&nbsp;16.79 | &nbsp;&nbsp;&nbsp;(7.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39426 | 0.93 | 1.01 | &nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;47 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;26.69 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.26) | &nbsp;&nbsp;&nbsp;(4.46) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.51) | &nbsp;&nbsp;&nbsp;&nbsp;24.18 | &nbsp;&nbsp;&nbsp;&nbsp;7.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65466 | 0.95 | 1.00 | &nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;24 |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$15.51 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.96) | &nbsp;&nbsp;&nbsp;(2.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;$13.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;$52021 | 0.82% | 0.92% | &nbsp;&nbsp;1.53% | &nbsp;&nbsp;&nbsp;32% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;18.66 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;(2.01) | &nbsp;&nbsp;&nbsp;(1.82) | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.14) | &nbsp;&nbsp;&nbsp;(1.33) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.15) | &nbsp;&nbsp;&nbsp;&nbsp;15.51 | (10.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58704 | 0.82 | 0.88 | &nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;52 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;13.13 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;5.59 | &nbsp;&nbsp;&nbsp;&nbsp;5.86 | (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5.53 | &nbsp;&nbsp;&nbsp;&nbsp;18.66 | &nbsp;&nbsp;45.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94847 | 0.82 | 0.89 | &nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;65 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;16.95 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;(2.72) | &nbsp;&nbsp;&nbsp;(2.45) | (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.30) | &nbsp;&nbsp;&nbsp;(1.37) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.82) | &nbsp;&nbsp;&nbsp;&nbsp;13.13 | (16.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99894 | 0.82 | 0.92 | &nbsp;&nbsp;1.67 | 126 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;24.34 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;(3.00) | &nbsp;&nbsp;&nbsp;(2.59) | (0.68) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.12) | &nbsp;&nbsp;&nbsp;(4.80) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(7.39) | &nbsp;&nbsp;&nbsp;&nbsp;16.95 | &nbsp;&nbsp;&nbsp;(7.42) | &nbsp;&nbsp;&nbsp;&nbsp;288309 | 0.83 | 0.91 | &nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;47 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;26.82 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.26) | &nbsp;&nbsp;&nbsp;(4.48) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.48) | &nbsp;&nbsp;&nbsp;&nbsp;24.34 | &nbsp;&nbsp;&nbsp;&nbsp;7.43 | &nbsp;&nbsp;&nbsp;&nbsp;778547 | 0.85 | 0.90 | &nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;24 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$15.35 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.96) | &nbsp;&nbsp;&nbsp;(2.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;$13.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;$49965 | 0.77% | 0.83% | &nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;32% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;18.49 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;(1.97) | &nbsp;&nbsp;&nbsp;(1.78) | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.14) | &nbsp;&nbsp;&nbsp;(1.36) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.14) | &nbsp;&nbsp;&nbsp;&nbsp;15.35 | (10.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62552 | 0.77 | 0.79 | &nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;52 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;13.02 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;5.55 | &nbsp;&nbsp;&nbsp;&nbsp;5.82 | (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5.47 | &nbsp;&nbsp;&nbsp;&nbsp;18.49 | &nbsp;&nbsp;45.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88986 | 0.77 | 0.84 | &nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;65 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;16.85 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;(2.68) | &nbsp;&nbsp;&nbsp;(2.41) | (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.30) | &nbsp;&nbsp;&nbsp;(1.42) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.83) | &nbsp;&nbsp;&nbsp;&nbsp;13.02 | (16.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88885 | 0.77 | 0.87 | &nbsp;&nbsp;1.76 | 126 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;24.25 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;(2.99) | &nbsp;&nbsp;&nbsp;(2.58) | (0.70) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.12) | &nbsp;&nbsp;&nbsp;(4.82) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(7.40) | &nbsp;&nbsp;&nbsp;&nbsp;16.85 | &nbsp;&nbsp;&nbsp;(7.37) | &nbsp;&nbsp;&nbsp;&nbsp;150200 | 0.78 | 0.86 | &nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;47 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;26.75 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.26) | &nbsp;&nbsp;&nbsp;(4.50) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.50) | &nbsp;&nbsp;&nbsp;&nbsp;24.25 | &nbsp;&nbsp;&nbsp;&nbsp;7.44 | &nbsp;&nbsp;&nbsp;&nbsp;347379 | 0.80 | 0.85 | &nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;24 |
| **Administrative Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$12.79 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.96) | &nbsp;&nbsp;&nbsp;(2.09) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;$10.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;$23629 | 1.07% | 1.10% | &nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;32% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;15.66 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;(1.65) | &nbsp;&nbsp;&nbsp;(1.53) | (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.14) | &nbsp;&nbsp;&nbsp;(1.34) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.87) | &nbsp;&nbsp;&nbsp;&nbsp;12.79 | (10.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29525 | 1.07 | 1.09 | &nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;52 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;11.02 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;4.70 | &nbsp;&nbsp;&nbsp;&nbsp;4.90 | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4.64 | &nbsp;&nbsp;&nbsp;&nbsp;15.66 | &nbsp;&nbsp;44.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37759 | 1.07 | 1.32 | &nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;65 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;14.48 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;(2.27) | &nbsp;&nbsp;&nbsp;(2.08) | (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.30) | &nbsp;&nbsp;&nbsp;(1.38) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.46) | &nbsp;&nbsp;&nbsp;&nbsp;11.02 | (16.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34323 | 1.07 | 1.17 | &nbsp;&nbsp;1.39 | 126 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;21.65 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;(2.73) | &nbsp;&nbsp;&nbsp;(2.43) | (0.62) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.12) | &nbsp;&nbsp;&nbsp;(4.74) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(7.17) | &nbsp;&nbsp;&nbsp;&nbsp;14.48 | &nbsp;&nbsp;&nbsp;(7.64) | &nbsp;&nbsp;&nbsp;&nbsp;107836 | 1.08 | 1.16 | &nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;47 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;24.30 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 | (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.26) | &nbsp;&nbsp;&nbsp;(4.40) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.65) | &nbsp;&nbsp;&nbsp;&nbsp;21.65 | &nbsp;&nbsp;&nbsp;&nbsp;7.14 | &nbsp;&nbsp;&nbsp;&nbsp;206749 | 1.10 | 1.15 | &nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;24 |

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

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

#### FINANCIAL HIGHLIGHTS (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)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(4)(5)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(4)(5)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(4)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **Silvant Focused Growth Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$49.11 | (0.10) | &nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;(2.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.83) | &nbsp;&nbsp;&nbsp;(2.83) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;(5.04) | &nbsp;&nbsp;$44.07 | &nbsp;&nbsp;&nbsp;(4.65) % <sup>(7)</sup> | &nbsp;&nbsp;$467897 | 0.98 % <sup>(9)(12)</sup> | 0.98% | (0.41) % | &nbsp;&nbsp;&nbsp;56% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;79.25 | (0.32) | (16.15) | (16.47) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (13.67) | (13.67) | &nbsp;&nbsp;&nbsp;&nbsp;— | (30.14) | &nbsp;&nbsp;&nbsp;&nbsp;49.11 | (25.81) | &nbsp;&nbsp;&nbsp;&nbsp;537276 | 0.94 <sup>(12)</sup> | 0.94 | (0.45) | &nbsp;&nbsp;&nbsp;22 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;58.46 | (0.35) | &nbsp;&nbsp;27.26 | &nbsp;&nbsp;26.91 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6.12) | &nbsp;&nbsp;&nbsp;(6.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;20.79 | &nbsp;&nbsp;&nbsp;&nbsp;79.25 | &nbsp;&nbsp;47.50 | &nbsp;&nbsp;&nbsp;&nbsp;860373 | 0.97 <sup>(10)</sup> | 1.04 | (0.50) | &nbsp;&nbsp;&nbsp;50 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;53.33 | (0.10) | &nbsp;&nbsp;12.28 | &nbsp;&nbsp;12.18 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(7.05) | &nbsp;&nbsp;&nbsp;(7.05) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5.13 | &nbsp;&nbsp;&nbsp;&nbsp;58.46 | &nbsp;&nbsp;24.74 | &nbsp;&nbsp;&nbsp;&nbsp;618302 | 1.00 | 1.12 | (0.20) | &nbsp;&nbsp;&nbsp;63 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;56.83 | (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(5.90) | &nbsp;&nbsp;&nbsp;(5.90) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.50) | &nbsp;&nbsp;&nbsp;&nbsp;53.33 | &nbsp;&nbsp;&nbsp;&nbsp;6.79 | &nbsp;&nbsp;&nbsp;&nbsp;577106 | 1.00 | 1.12 | (0.15) | &nbsp;&nbsp;&nbsp;50 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;46.62 | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(11)</sup> | &nbsp;&nbsp;10.92 | &nbsp;&nbsp;10.92 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;10.21 | &nbsp;&nbsp;&nbsp;&nbsp;56.83 | &nbsp;&nbsp;23.53 | &nbsp;&nbsp;&nbsp;&nbsp;421188 | 0.99 | 1.11 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;40 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$22.51 | (0.13) | &nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;(1.06) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.83) | &nbsp;&nbsp;&nbsp;(2.83) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;(3.89) | &nbsp;&nbsp;$18.62 | &nbsp;&nbsp;&nbsp;(5.05) % <sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$18752 | 1.73 % <sup>(9)(12)</sup> | 1.73% | (1.16) % | &nbsp;&nbsp;&nbsp;56% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;43.67 | (0.43) | &nbsp;&nbsp;&nbsp;(7.06) | &nbsp;&nbsp;&nbsp;(7.49) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (13.67) | (13.67) | &nbsp;&nbsp;&nbsp;&nbsp;— | (21.16) | &nbsp;&nbsp;&nbsp;&nbsp;22.51 | (26.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24361 | 1.70 <sup>(12)</sup> | 1.70 | (1.22) | &nbsp;&nbsp;&nbsp;22 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;34.58 | (0.50) | &nbsp;&nbsp;15.71 | &nbsp;&nbsp;15.21 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6.12) | &nbsp;&nbsp;&nbsp;(6.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9.09 | &nbsp;&nbsp;&nbsp;&nbsp;43.67 | &nbsp;&nbsp;46.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48650 | 1.73 <sup>(12)</sup> | 1.79 | (1.25) | &nbsp;&nbsp;&nbsp;50 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;34.42 | (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;7.52 | &nbsp;&nbsp;&nbsp;&nbsp;7.21 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(7.05) | &nbsp;&nbsp;&nbsp;(7.05) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;34.58 | &nbsp;&nbsp;23.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45878 | 1.77 | 1.87 | (0.97) | &nbsp;&nbsp;&nbsp;63 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;39.41 | (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(5.90) | &nbsp;&nbsp;&nbsp;(5.90) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.99) | &nbsp;&nbsp;&nbsp;&nbsp;34.42 | &nbsp;&nbsp;&nbsp;&nbsp;5.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48706 | 1.77 | 1.87 | (0.93) | &nbsp;&nbsp;&nbsp;50 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;32.76 | (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;7.65 | &nbsp;&nbsp;&nbsp;&nbsp;7.36 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6.65 | &nbsp;&nbsp;&nbsp;&nbsp;39.41 | &nbsp;&nbsp;22.59 | &nbsp;&nbsp;&nbsp;&nbsp;233854 | 1.76 | 1.86 | (0.77) | &nbsp;&nbsp;&nbsp;40 |
| **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$31.10 | (0.03) | &nbsp;&nbsp;&nbsp;(1.31) | &nbsp;&nbsp;&nbsp;(1.34) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.83) | &nbsp;&nbsp;&nbsp;(2.83) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;(4.17) | &nbsp;&nbsp;$26.93 | &nbsp;&nbsp;&nbsp;(4.52) % <sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$31033 | 0.74 % <sup>(9)(12)</sup> | 0.74% | (0.16) % | &nbsp;&nbsp;&nbsp;56% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;54.85 | (0.11) | &nbsp;&nbsp;&nbsp;(9.97) | (10.08) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (13.67) | (13.67) | &nbsp;&nbsp;&nbsp;&nbsp;— | (23.75) | &nbsp;&nbsp;&nbsp;&nbsp;31.10 | (25.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45888 | 0.71 <sup>(12)</sup> | 0.71 | (0.23) | &nbsp;&nbsp;&nbsp;22 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;41.83 | (0.13) | &nbsp;&nbsp;19.27 | &nbsp;&nbsp;19.14 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6.12) | &nbsp;&nbsp;&nbsp;(6.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;13.02 | &nbsp;&nbsp;&nbsp;&nbsp;54.85 | &nbsp;&nbsp;47.83 | &nbsp;&nbsp;&nbsp;&nbsp;105688 | 0.73 <sup>(12)</sup> | 0.80 | (0.26) | &nbsp;&nbsp;&nbsp;50 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;39.91 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;8.96 | &nbsp;&nbsp;&nbsp;&nbsp;8.97 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(7.05) | &nbsp;&nbsp;&nbsp;(7.05) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;41.83 | &nbsp;&nbsp;25.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84929 | 0.77 | 0.87 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;63 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;44.18 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(5.90) | &nbsp;&nbsp;&nbsp;(5.90) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.27) | &nbsp;&nbsp;&nbsp;&nbsp;39.91 | &nbsp;&nbsp;&nbsp;&nbsp;7.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91265 | 0.77 | 0.87 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;50 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;36.33 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;8.52 | &nbsp;&nbsp;&nbsp;&nbsp;8.61 | (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;(0.76) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7.85 | &nbsp;&nbsp;&nbsp;&nbsp;44.18 | &nbsp;&nbsp;23.84 | &nbsp;&nbsp;&nbsp;&nbsp;109456 | 0.76 | 0.86 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;40 |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$43.55 | (0.02) | &nbsp;&nbsp;&nbsp;(1.87) | &nbsp;&nbsp;&nbsp;(1.89) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.83) | &nbsp;&nbsp;&nbsp;(2.83) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;(4.72) | &nbsp;&nbsp;$38.83 | &nbsp;&nbsp;&nbsp;(4.51) % <sup>(7)</sup> | &nbsp;&nbsp;$101352 | 0.68 % <sup>(9)</sup> | 0.73% | (0.10) % | &nbsp;&nbsp;&nbsp;56% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;71.58 | (0.12) | (14.24) | (14.36) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (13.67) | (13.67) | &nbsp;&nbsp;&nbsp;&nbsp;— | (28.03) | &nbsp;&nbsp;&nbsp;&nbsp;43.55 | (25.61) | &nbsp;&nbsp;&nbsp;&nbsp;127274 | 0.67 | 0.70 | (0.19) | &nbsp;&nbsp;&nbsp;22 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;53.11 | (0.12) | &nbsp;&nbsp;24.71 | &nbsp;&nbsp;24.59 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6.12) | &nbsp;&nbsp;&nbsp;(6.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;18.47 | &nbsp;&nbsp;&nbsp;&nbsp;71.58 | &nbsp;&nbsp;47.94 | &nbsp;&nbsp;&nbsp;&nbsp;209066 | 0.67 | 0.74 | (0.19) | &nbsp;&nbsp;&nbsp;50 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;48.89 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;11.21 | &nbsp;&nbsp;11.27 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(7.05) | &nbsp;&nbsp;&nbsp;(7.05) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4.22 | &nbsp;&nbsp;&nbsp;&nbsp;53.11 | &nbsp;&nbsp;25.15 | &nbsp;&nbsp;&nbsp;&nbsp;165726 | 0.67 | 0.77 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;63 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;52.51 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(5.90) | &nbsp;&nbsp;&nbsp;(5.90) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.62) | &nbsp;&nbsp;&nbsp;&nbsp;48.89 | &nbsp;&nbsp;&nbsp;&nbsp;7.15 | &nbsp;&nbsp;&nbsp;&nbsp;162173 | 0.67 | 0.77 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;50 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;43.02 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;10.08 | &nbsp;&nbsp;10.24 | (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9.49 | &nbsp;&nbsp;&nbsp;&nbsp;52.51 | &nbsp;&nbsp;23.93 | &nbsp;&nbsp;&nbsp;&nbsp;177278 | 0.66 | 0.76 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;40 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$43.74 | (0.01) | &nbsp;&nbsp;&nbsp;(1.88) | &nbsp;&nbsp;&nbsp;(1.89) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.83) | &nbsp;&nbsp;&nbsp;(2.83) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;(4.72) | &nbsp;&nbsp;$39.02 | &nbsp;&nbsp;&nbsp;(4.49) % <sup>(7)</sup> | &nbsp;&nbsp;$146090 | 0.63 % <sup>(9)</sup> | 0.64% | (0.06) % | &nbsp;&nbsp;&nbsp;56% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;71.80 | (0.08) | (14.31) | (14.39) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (13.67) | (13.67) | &nbsp;&nbsp;&nbsp;&nbsp;— | (28.06) | &nbsp;&nbsp;&nbsp;&nbsp;43.74 | (25.57) | &nbsp;&nbsp;&nbsp;&nbsp;170153 | 0.62 | 0.63 | (0.14) | &nbsp;&nbsp;&nbsp;22 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;53.23 | (0.10) | &nbsp;&nbsp;24.79 | &nbsp;&nbsp;24.69 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6.12) | &nbsp;&nbsp;&nbsp;(6.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;18.57 | &nbsp;&nbsp;&nbsp;&nbsp;71.80 | &nbsp;&nbsp;48.02 | &nbsp;&nbsp;&nbsp;&nbsp;198031 | 0.62 | 0.68 | (0.15) | &nbsp;&nbsp;&nbsp;50 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;48.96 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;11.23 | &nbsp;&nbsp;11.32 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(7.05) | &nbsp;&nbsp;&nbsp;(7.05) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4.27 | &nbsp;&nbsp;&nbsp;&nbsp;53.23 | &nbsp;&nbsp;25.22 | &nbsp;&nbsp;&nbsp;&nbsp;136519 | 0.62 | 0.72 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;63 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;52.56 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(5.90) | &nbsp;&nbsp;&nbsp;(5.90) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.60) | &nbsp;&nbsp;&nbsp;&nbsp;48.96 | &nbsp;&nbsp;&nbsp;&nbsp;7.18 | &nbsp;&nbsp;&nbsp;&nbsp;134485 | 0.62 | 0.72 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;50 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;43.04 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;10.10 | &nbsp;&nbsp;10.29 | (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;(0.77) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9.52 | &nbsp;&nbsp;&nbsp;&nbsp;52.56 | &nbsp;&nbsp;24.03 | &nbsp;&nbsp;&nbsp;&nbsp;114054 | 0.61 | 0.71 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;40 |
| **Administrative Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$38.32 | (0.07) | &nbsp;&nbsp;&nbsp;(1.64) | &nbsp;&nbsp;&nbsp;(1.71) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.83) | &nbsp;&nbsp;&nbsp;(2.83) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;(4.54) | &nbsp;&nbsp;$33.78 | &nbsp;&nbsp;&nbsp;(4.66) % <sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$5665 | 0.93 % <sup>(9)</sup> | 1.02% | (0.35) % | &nbsp;&nbsp;&nbsp;56% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;64.69 | (0.24) | (12.46) | (12.70) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (13.67) | (13.67) | &nbsp;&nbsp;&nbsp;&nbsp;— | (26.37) | &nbsp;&nbsp;&nbsp;&nbsp;38.32 | (25.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5723 | 0.92 | 0.97 | (0.44) | &nbsp;&nbsp;&nbsp;22 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;48.56 | (0.26) | &nbsp;&nbsp;22.51 | &nbsp;&nbsp;22.25 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6.12) | &nbsp;&nbsp;&nbsp;(6.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;16.13 | &nbsp;&nbsp;&nbsp;&nbsp;64.69 | &nbsp;&nbsp;47.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6641 | 0.92 | 1.00 | (0.44) | &nbsp;&nbsp;&nbsp;50 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;45.36 | (0.05) | &nbsp;&nbsp;10.30 | &nbsp;&nbsp;10.25 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(7.05) | &nbsp;&nbsp;&nbsp;(7.05) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp;48.56 | &nbsp;&nbsp;24.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4518 | 0.92 | 1.02 | (0.11) | &nbsp;&nbsp;&nbsp;63 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;49.33 | (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(5.90) | &nbsp;&nbsp;&nbsp;(5.90) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.97) | &nbsp;&nbsp;&nbsp;&nbsp;45.36 | &nbsp;&nbsp;&nbsp;&nbsp;6.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5138 | 0.92 | 1.02 | (0.08) | &nbsp;&nbsp;&nbsp;50 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;40.51 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;9.50 | &nbsp;&nbsp;&nbsp;&nbsp;9.53 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8.82 | &nbsp;&nbsp;&nbsp;&nbsp;49.33 | &nbsp;&nbsp;23.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4017 | 0.91 | 1.01 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;40 |

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See Notes to Financial Statements

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[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

#### FINANCIAL HIGHLIGHTS (Continued)

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

#### THROUGHOUT EACH PERIOD

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| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(4)(5)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(4)(5)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(4)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **Silvant Mid-Cap Growth Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;$2.89 | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;$3.04 | &nbsp;&nbsp;&nbsp;&nbsp;5.19% | &nbsp;&nbsp;$219372 | 1.02 % <sup>(9)(12)</sup> | 1.02% | (0.11) % | &nbsp;&nbsp;&nbsp;17% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.94 | (0.02) | &nbsp;&nbsp;&nbsp;(1.44) | &nbsp;&nbsp;&nbsp;(1.46) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.59) | &nbsp;&nbsp;&nbsp;(1.59) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89 | (33.42) | &nbsp;&nbsp;&nbsp;&nbsp;223611 | 0.98 <sup>(12)</sup> | 0.98 | (0.49) | &nbsp;&nbsp;&nbsp;65 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30 | (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.94 | &nbsp;&nbsp;53.25 <sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;376649 | 1.06 <sup>(12)</sup> | 1.06 | (0.76) | &nbsp;&nbsp;&nbsp;85 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75 | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30 | &nbsp;&nbsp;20.15 | &nbsp;&nbsp;&nbsp;&nbsp;263361 | 1.14 | 1.14 | (0.66) | &nbsp;&nbsp;&nbsp;53 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88 | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75 | &nbsp;&nbsp;13.58 | &nbsp;&nbsp;&nbsp;&nbsp;240017 | 1.14 | 1.14 | (0.66) | &nbsp;&nbsp;&nbsp;60 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.74 | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88 | &nbsp;&nbsp;14.14 | &nbsp;&nbsp;&nbsp;&nbsp;116673 | 1.13 | 1.13 | (0.48) | &nbsp;&nbsp;&nbsp;79 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;$1.88 | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;$1.97 | &nbsp;&nbsp;&nbsp;&nbsp;4.79% | &nbsp;&nbsp;&nbsp;&nbsp;$5302 | 1.80 % <sup>(9)(12)</sup> | 1.80% | (0.89) % | &nbsp;&nbsp;&nbsp;17% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45 | (0.04) | &nbsp;&nbsp;&nbsp;(0.94) | &nbsp;&nbsp;&nbsp;(0.98) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.59) | &nbsp;&nbsp;&nbsp;(1.59) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 | (33.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6350 | 1.74 <sup>(12)</sup> | 1.74 | (1.26) | &nbsp;&nbsp;&nbsp;65 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35 | (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45 | &nbsp;&nbsp;52.17 <sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15282 | 1.82 <sup>(12)</sup> | 1.82 | (1.52) | &nbsp;&nbsp;&nbsp;85 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.98 | (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35 | &nbsp;&nbsp;19.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15495 | 1.89 | 1.89 | (1.41) | &nbsp;&nbsp;&nbsp;53 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.23 | (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.98 | &nbsp;&nbsp;12.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21251 | 1.89 | 1.89 | (1.34) | &nbsp;&nbsp;&nbsp;60 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19 | (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.23 | &nbsp;&nbsp;13.40 | &nbsp;&nbsp;&nbsp;&nbsp;142931 | 1.88 | 1.88 | (1.23) | &nbsp;&nbsp;&nbsp;79 |
| **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;$3.67 | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;$3.86 | &nbsp;&nbsp;&nbsp;&nbsp;5.18% | &nbsp;&nbsp;&nbsp;&nbsp;$6352 | 0.82 % <sup>(9)(12)</sup> | 0.82% | &nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;17% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 | (0.02) | &nbsp;&nbsp;&nbsp;(1.82) | &nbsp;&nbsp;&nbsp;(1.84) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.59) | &nbsp;&nbsp;&nbsp;(1.59) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.67 | (33.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6195 | 0.78 <sup>(12)</sup> | 0.78 | (0.34) | &nbsp;&nbsp;&nbsp;65 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05 | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;2.66 | &nbsp;&nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 | &nbsp;&nbsp;53.49 <sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30526 | 0.81 <sup>(12)</sup> | 0.81 | (0.50) | &nbsp;&nbsp;&nbsp;85 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.36 | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05 | &nbsp;&nbsp;20.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13670 | 0.89 | 0.89 | (0.41) | &nbsp;&nbsp;&nbsp;53 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.41 | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.36 | &nbsp;&nbsp;13.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11617 | 0.89 | 0.89 | (0.39) | &nbsp;&nbsp;&nbsp;60 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.19 | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.41 | &nbsp;&nbsp;14.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11189 | 0.88 | 0.88 | (0.23) | &nbsp;&nbsp;&nbsp;79 |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;$3.72 | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;$3.91 | &nbsp;&nbsp;&nbsp;&nbsp;5.11% | &nbsp;&nbsp;&nbsp;&nbsp;$43532 | 0.80 % <sup>(9)(12)(14)</sup> | 0.80% | &nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;17% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.18 | (0.01) | &nbsp;&nbsp;&nbsp;(1.86) | &nbsp;&nbsp;&nbsp;(1.87) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.59) | &nbsp;&nbsp;&nbsp;(1.59) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.72 | (33.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47978 | 0.76 <sup>(12)</sup> | 0.76 | (0.25) | &nbsp;&nbsp;&nbsp;65 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09 | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.18 | &nbsp;&nbsp;53.86 <sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63690 | 0.78 <sup>(12)</sup> | 0.78 | (0.48) | &nbsp;&nbsp;&nbsp;85 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.39 | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09 | &nbsp;&nbsp;20.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54793 | 0.79 | 0.79 | (0.31) | &nbsp;&nbsp;&nbsp;53 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.43 | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.39 | &nbsp;&nbsp;13.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36373 | 0.79 | 0.79 | (0.29) | &nbsp;&nbsp;&nbsp;60 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.21 | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.43 | &nbsp;&nbsp;14.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31876 | 0.78 | 0.78 | (0.13) | &nbsp;&nbsp;&nbsp;79 |
| **Administrative Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;$3.21 | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;$3.37 | &nbsp;&nbsp;&nbsp;&nbsp;4.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$944 | 1.05 % <sup>(9)</sup> | 1.07% | (0.16) % | &nbsp;&nbsp;&nbsp;17% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.43 | (0.03) | &nbsp;&nbsp;&nbsp;(1.60) | &nbsp;&nbsp;&nbsp;(1.63) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.59) | &nbsp;&nbsp;&nbsp;(1.59) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21 | (33.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1727 | 1.04 | 1.05 | (0.55) | &nbsp;&nbsp;&nbsp;65 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62 | (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.43 | &nbsp;&nbsp;53.26 <sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2881 | 0.99 <sup>(12)</sup> | 0.99 | (0.69) | &nbsp;&nbsp;&nbsp;85 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01 | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62 | &nbsp;&nbsp;20.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1748 | 1.04 | 1.04 | (0.56) | &nbsp;&nbsp;&nbsp;53 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11 | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01 | &nbsp;&nbsp;13.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1525 | 1.04 | 1.04 | (0.54) | &nbsp;&nbsp;&nbsp;60 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.94 | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11 | &nbsp;&nbsp;14.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1441 | 1.03 | 1.03 | (0.40) | &nbsp;&nbsp;&nbsp;79 |

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

See Notes to Financial Statements

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[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

#### FINANCIAL HIGHLIGHTS (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)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(4)(5)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(4)(5)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(4)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **Small-Cap Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$19.10 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;$19.26 | &nbsp;&nbsp;&nbsp;&nbsp;5.89 % <sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$63142 | 1.17% | 1.21% | &nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;43% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;27.49 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;(5.02) | &nbsp;&nbsp;&nbsp;(4.96) | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.41) | &nbsp;&nbsp;&nbsp;(3.43) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(8.39) | &nbsp;&nbsp;&nbsp;&nbsp;19.10 | (20.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64567 | 1.17 | 1.17 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;69 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;17.55 | (0.04) | &nbsp;&nbsp;10.00 | &nbsp;&nbsp;&nbsp;&nbsp;9.96 | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9.94 | &nbsp;&nbsp;&nbsp;&nbsp;27.49 | &nbsp;&nbsp;56.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87605 | 1.17 | 1.23 | (0.17) | &nbsp;&nbsp;&nbsp;88 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;19.50 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;(1.98) | &nbsp;&nbsp;&nbsp;(1.94) | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.95) | &nbsp;&nbsp;&nbsp;&nbsp;17.55 <sup>(13)</sup> | &nbsp;&nbsp;&nbsp;(9.95) <sup>(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58062 | 1.17 | 1.27 | &nbsp;&nbsp;0.23 | 110 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;21.61 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;(0.46) | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.63) | &nbsp;&nbsp;&nbsp;(1.65) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;&nbsp;19.50 | &nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66269 | 1.18 | 1.27 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;78 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;20.51 | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;3.92 | &nbsp;&nbsp;&nbsp;&nbsp;3.90 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.80) | &nbsp;&nbsp;&nbsp;(2.80) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;21.61 | &nbsp;&nbsp;19.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44860 | 1.31 | 1.31 | (0.07) | 126 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$17.78 | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;$17.89 | &nbsp;&nbsp;&nbsp;&nbsp;5.51 % <sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$3322 | 1.92% | 1.99% | (0.20) % | &nbsp;&nbsp;&nbsp;43% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;25.99 | (0.12) | &nbsp;&nbsp;&nbsp;(4.68) | &nbsp;&nbsp;&nbsp;(4.80) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.41) | &nbsp;&nbsp;&nbsp;(3.41) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(8.21) | &nbsp;&nbsp;&nbsp;&nbsp;17.78 | (21.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3405 | 1.92 | 1.95 | (0.52) | &nbsp;&nbsp;&nbsp;69 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;16.70 | (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;9.49 | &nbsp;&nbsp;&nbsp;&nbsp;9.29 | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9.29 | &nbsp;&nbsp;&nbsp;&nbsp;25.99 | &nbsp;&nbsp;55.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4940 | 1.92 | 1.99 | (0.92) | &nbsp;&nbsp;&nbsp;88 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;18.68 | (0.09) | &nbsp;&nbsp;&nbsp;(1.89) | &nbsp;&nbsp;&nbsp;(1.98) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.98) | &nbsp;&nbsp;&nbsp;&nbsp;16.70 <sup>(13)</sup> | (10.60) <sup>(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4251 | 1.92 | 2.02 | (0.53) | 110 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;20.92 | (0.07) | &nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.63) | &nbsp;&nbsp;&nbsp;(1.63) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.24) | &nbsp;&nbsp;&nbsp;&nbsp;18.68 | &nbsp;&nbsp;&nbsp;(1.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7873 | 1.93 | 2.02 | (0.36) | &nbsp;&nbsp;&nbsp;78 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;20.07 | (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.80) | &nbsp;&nbsp;&nbsp;(2.80) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;20.92 | &nbsp;&nbsp;19.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35080 | 2.06 | 2.06 | (0.82) | 126 |
| **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$19.42 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;(0.90) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;$19.71 | &nbsp;&nbsp;&nbsp;&nbsp;6.01 % <sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$8280 | 0.92% | 0.98% | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;43% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;27.82 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;(5.07) | &nbsp;&nbsp;&nbsp;(4.97) | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.41) | &nbsp;&nbsp;&nbsp;(3.43) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(8.40) | &nbsp;&nbsp;&nbsp;&nbsp;19.42 | (20.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13287 | 0.92 <sup>(12)(14)</sup> | 0.92 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;69 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;17.76 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;10.12 | &nbsp;&nbsp;10.14 | (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;10.06 | &nbsp;&nbsp;&nbsp;&nbsp;27.82 | &nbsp;&nbsp;57.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28986 | 0.92 | 1.02 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;88 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;19.74 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;(1.99) | &nbsp;&nbsp;&nbsp;(1.91) | (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.98) | &nbsp;&nbsp;&nbsp;&nbsp;17.76 <sup>(13)</sup> | &nbsp;&nbsp;&nbsp;(9.74) <sup>(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16747 | 0.92 | 1.02 | &nbsp;&nbsp;0.44 | 110 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;21.81 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;(0.41) | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.63) | &nbsp;&nbsp;&nbsp;(1.66) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.07) | &nbsp;&nbsp;&nbsp;&nbsp;19.74 | &nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9637 | 0.93 | 1.02 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;78 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;20.63 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;3.95 | &nbsp;&nbsp;&nbsp;&nbsp;3.98 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.80) | &nbsp;&nbsp;&nbsp;(2.80) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;21.81 | &nbsp;&nbsp;20.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6883 | 1.06 | 1.06 | &nbsp;&nbsp;0.12 | 126 |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$19.58 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;$19.83 | &nbsp;&nbsp;&nbsp;&nbsp;6.07 % <sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$25323 | 0.82% | 0.95% | &nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;43% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;28.07 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;(5.13) | &nbsp;&nbsp;&nbsp;(4.98) | (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.41) | &nbsp;&nbsp;&nbsp;(3.51) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(8.49) | &nbsp;&nbsp;&nbsp;&nbsp;19.58 | (20.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46605 | 0.82 | 0.92 | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;69 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;17.92 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;10.22 | &nbsp;&nbsp;10.26 | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;10.15 | &nbsp;&nbsp;&nbsp;&nbsp;28.07 | &nbsp;&nbsp;57.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36211 | 0.82 | 0.96 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;88 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;19.90 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;(1.99) | &nbsp;&nbsp;&nbsp;(1.90) | (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.98) | &nbsp;&nbsp;&nbsp;&nbsp;17.92 <sup>(13)</sup> | &nbsp;&nbsp;&nbsp;(9.62) <sup>(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22028 | 0.82 | 0.92 | &nbsp;&nbsp;0.49 | 110 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;21.96 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;(0.39) | (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.63) | &nbsp;&nbsp;&nbsp;(1.67) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.06) | &nbsp;&nbsp;&nbsp;&nbsp;19.90 | &nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9077 | 0.83 | 0.92 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;78 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;20.73 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;3.98 | &nbsp;&nbsp;&nbsp;&nbsp;4.03 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.80) | &nbsp;&nbsp;&nbsp;(2.80) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;21.96 | &nbsp;&nbsp;20.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8104 | 0.96 | 0.96 | &nbsp;&nbsp;0.21 | 126 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$19.63 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;(1.01) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;$19.83 | &nbsp;&nbsp;&nbsp;&nbsp;6.13 % <sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$4970 | 0.77% | 0.87% | &nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;43% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;28.10 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;(5.14) | &nbsp;&nbsp;&nbsp;(4.98) | (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.41) | &nbsp;&nbsp;&nbsp;(3.49) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(8.47) | &nbsp;&nbsp;&nbsp;&nbsp;19.63 | (20.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7373 | 0.77 | 0.84 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;69 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;17.93 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;10.21 | &nbsp;&nbsp;10.27 | (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;10.17 | &nbsp;&nbsp;&nbsp;&nbsp;28.10 | &nbsp;&nbsp;57.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8614 | 0.77 | 0.87 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;88 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;19.90 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;(2.03) | &nbsp;&nbsp;&nbsp;(1.89) | (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.97) | &nbsp;&nbsp;&nbsp;&nbsp;17.93 <sup>(13)</sup> | &nbsp;&nbsp;&nbsp;(9.55) <sup>(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9114 | 0.77 | 0.87 | &nbsp;&nbsp;0.71 | 110 |
| 8/22/18 <sup>(15)</sup> to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;23.16 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;(1.71) | &nbsp;&nbsp;&nbsp;(1.58) | (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.63) | &nbsp;&nbsp;&nbsp;(1.68) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.26) | &nbsp;&nbsp;&nbsp;&nbsp;19.90 | &nbsp;&nbsp;&nbsp;(5.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17792 | 0.77 | 0.87 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;78 <sup>(16)</sup> |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

#### FINANCIAL HIGHLIGHTS (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)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(4)(5)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(4)(5)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(4)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **Zevenbergen Technology Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$39.74 | (0.21) | &nbsp;&nbsp;&nbsp;(3.90) | &nbsp;&nbsp;&nbsp;(4.11) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(7.58) | &nbsp;&nbsp;&nbsp;(7.58) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(11)</sup> | (11.69) | &nbsp;&nbsp;$28.05 | (10.99) % <sup>(7)</sup> | &nbsp;&nbsp;$377967 | 1.46 % <sup>(9)(12)</sup> | 1.46% | (1.06) % | &nbsp;&nbsp;&nbsp;42% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;81.59 | (0.68) | (17.72) | (18.40) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (23.45) | (23.45) | &nbsp;&nbsp;&nbsp;&nbsp;— | (41.85) | &nbsp;&nbsp;&nbsp;&nbsp;39.74 | (32.06) | &nbsp;&nbsp;&nbsp;&nbsp;475065 | 1.42 <sup>(12)</sup> | 1.42 | (1.05) | 126 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;68.06 | (0.88) | &nbsp;&nbsp;30.38 | &nbsp;&nbsp;29.50 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (15.97) | (15.97) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;13.53 | &nbsp;&nbsp;&nbsp;&nbsp;81.59 | &nbsp;&nbsp;45.06 | &nbsp;&nbsp;&nbsp;&nbsp;812373 | 1.49 <sup>(12)</sup> | 1.50 | (1.12) | 150 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;63.92 | (0.68) | &nbsp;&nbsp;16.01 | &nbsp;&nbsp;15.33 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (11.19) | (11.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4.14 | &nbsp;&nbsp;&nbsp;&nbsp;68.06 <sup>(13)</sup> | &nbsp;&nbsp;28.34 <sup>(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;664833 | 1.57 | 1.57 | (1.12) | 212 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;71.60 | (0.68) | &nbsp;&nbsp;&nbsp;&nbsp;5.90 | &nbsp;&nbsp;&nbsp;&nbsp;5.22 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (12.90) | (12.90) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(7.68) | &nbsp;&nbsp;&nbsp;&nbsp;63.92 | &nbsp;&nbsp;12.40 | &nbsp;&nbsp;&nbsp;&nbsp;601112 | 1.51 | 1.56 | (1.05) | 109 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;60.82 | (0.64) | &nbsp;&nbsp;22.58 | &nbsp;&nbsp;21.94 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (11.16) | (11.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;10.78 | &nbsp;&nbsp;&nbsp;&nbsp;71.60 | &nbsp;&nbsp;38.89 | &nbsp;&nbsp;&nbsp;&nbsp;530127 | 1.42 | 1.57 | (0.95) | 104 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$15.27 | (0.13) | &nbsp;&nbsp;&nbsp;(1.34) | &nbsp;&nbsp;&nbsp;(1.47) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(7.58) | &nbsp;&nbsp;&nbsp;(7.58) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;(9.05) | &nbsp;&nbsp;&nbsp;$6.22 | (11.33) % <sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$18180 | 2.20 % <sup>(9)(12)</sup> | 2.20% | (1.80) % | &nbsp;&nbsp;&nbsp;42% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;45.83 | (0.52) | &nbsp;&nbsp;&nbsp;(6.59) | &nbsp;&nbsp;&nbsp;(7.11) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (23.45) | (23.45) | &nbsp;&nbsp;&nbsp;&nbsp;— | (30.56) | &nbsp;&nbsp;&nbsp;&nbsp;15.27 | (32.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25961 | 2.17 <sup>(12)</sup> | 2.17 | (1.80) | 126 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;43.68 | (0.87) | &nbsp;&nbsp;18.99 | &nbsp;&nbsp;18.12 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (15.97) | (15.97) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;45.83 | &nbsp;&nbsp;44.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53742 | 2.24 <sup>(12)</sup> | 2.25 | (1.88) | 150 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;45.22 | (0.76) | &nbsp;&nbsp;10.41 | &nbsp;&nbsp;&nbsp;&nbsp;9.65 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (11.19) | (11.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.54) | &nbsp;&nbsp;&nbsp;&nbsp;43.68 <sup>(13)</sup> | &nbsp;&nbsp;27.37 <sup>(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50421 | 2.32 | 2.32 | (1.87) | 212 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;55.32 | (0.92) | &nbsp;&nbsp;&nbsp;&nbsp;3.72 | &nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (12.90) | (12.90) | &nbsp;&nbsp;&nbsp;&nbsp;— | (10.10) | &nbsp;&nbsp;&nbsp;&nbsp;45.22 | &nbsp;&nbsp;11.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48842 | 2.23 | 2.31 | (1.78) | 109 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;49.43 | (0.91) | &nbsp;&nbsp;17.96 | &nbsp;&nbsp;17.05 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (11.16) | (11.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5.89 | &nbsp;&nbsp;&nbsp;&nbsp;55.32 | &nbsp;&nbsp;37.86 | &nbsp;&nbsp;&nbsp;&nbsp;138589 | 2.17 | 2.32 | (1.70) | 104 |
| **Class P** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$51.13 | (0.21) | &nbsp;&nbsp;&nbsp;(5.09) | &nbsp;&nbsp;&nbsp;(5.30) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(7.58) | &nbsp;&nbsp;&nbsp;(7.58) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(11)</sup> | (12.88) | &nbsp;&nbsp;$38.25 | (10.87) % <sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$31199 | 1.21 % <sup>(9)(12)</sup> | 1.21% | (0.81) % | &nbsp;&nbsp;&nbsp;42% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;98.14 | (0.71) | (22.85) | (23.56) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (23.45) | (23.45) | &nbsp;&nbsp;&nbsp;&nbsp;— | (47.01) | &nbsp;&nbsp;&nbsp;&nbsp;51.13 | (31.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50775 | 1.17 <sup>(12)</sup> | 1.17 | (0.83) | 126 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;79.28 | (0.81) | &nbsp;&nbsp;35.64 | &nbsp;&nbsp;34.83 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (15.97) | (15.97) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;18.86 | &nbsp;&nbsp;&nbsp;&nbsp;98.14 | &nbsp;&nbsp;45.44 | &nbsp;&nbsp;&nbsp;&nbsp;194925 | 1.24 <sup>(12)</sup> | 1.25 | (0.87) | 150 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;72.49 | (0.60) | &nbsp;&nbsp;18.58 | &nbsp;&nbsp;17.98 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (11.19) | (11.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6.79 | &nbsp;&nbsp;&nbsp;&nbsp;79.28 <sup>(13)</sup> | &nbsp;&nbsp;28.67 <sup>(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;154810 | 1.32 | 1.32 | (0.87) | 212 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;79.05 | (0.58) | &nbsp;&nbsp;&nbsp;&nbsp;6.92 | &nbsp;&nbsp;&nbsp;&nbsp;6.34 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (12.90) | (12.90) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6.56) | &nbsp;&nbsp;&nbsp;&nbsp;72.49 | &nbsp;&nbsp;12.68 | &nbsp;&nbsp;&nbsp;&nbsp;155553 | 1.27 | 1.31 | (0.80) | 109 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;66.03 | (0.53) | &nbsp;&nbsp;24.71 | &nbsp;&nbsp;24.18 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (11.16) | (11.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;13.02 | &nbsp;&nbsp;&nbsp;&nbsp;79.05 | &nbsp;&nbsp;39.24 | &nbsp;&nbsp;&nbsp;&nbsp;100560 | 1.17 | 1.32 | (0.71) | 104 |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$53.31 | (0.22) | &nbsp;&nbsp;&nbsp;(5.32) | &nbsp;&nbsp;&nbsp;(5.54) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(7.58) | &nbsp;&nbsp;&nbsp;(7.58) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(11)</sup> | (13.12) | &nbsp;&nbsp;$40.19 | (10.88) % <sup>(7)</sup> | &nbsp;&nbsp;$519713 | 1.19 % <sup>(9)(12)</sup> | 1.19% | (0.79) % | &nbsp;&nbsp;&nbsp;42% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;101.34 | (0.67) | (23.91) | (24.58) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (23.45) | (23.45) | &nbsp;&nbsp;&nbsp;&nbsp;— | (48.03) | &nbsp;&nbsp;&nbsp;&nbsp;53.31 | (31.89) | &nbsp;&nbsp;&nbsp;&nbsp;772161 | 1.16 <sup>(12)</sup> | 1.16 | (0.79) | 126 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;81.43 | (0.77) | &nbsp;&nbsp;36.65 | &nbsp;&nbsp;35.88 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (15.97) | (15.97) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;19.91 | &nbsp;&nbsp;&nbsp;101.34 | &nbsp;&nbsp;45.53 | &nbsp;&nbsp;&nbsp;1386911 | 1.17 <sup>(12)</sup> | 1.18 | (0.80) | 150 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;74.10 | (0.55) | &nbsp;&nbsp;19.07 | &nbsp;&nbsp;18.52 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (11.19) | (11.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7.33 | &nbsp;&nbsp;&nbsp;&nbsp;81.43 <sup>(13)</sup> | &nbsp;&nbsp;28.78 <sup>(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;995709 | 1.22 | 1.22 | (0.78) | 212 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;80.40 | (0.52) | &nbsp;&nbsp;&nbsp;&nbsp;7.12 | &nbsp;&nbsp;&nbsp;&nbsp;6.60 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (12.90) | (12.90) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6.30) | &nbsp;&nbsp;&nbsp;&nbsp;74.10 | &nbsp;&nbsp;12.81 | &nbsp;&nbsp;&nbsp;&nbsp;800061 | 1.16 | 1.21 | (0.69) | 109 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;66.94 | (0.45) | &nbsp;&nbsp;25.07 | &nbsp;&nbsp;24.62 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (11.16) | (11.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;13.46 | &nbsp;&nbsp;&nbsp;&nbsp;80.40 | &nbsp;&nbsp;39.37 | &nbsp;&nbsp;&nbsp;&nbsp;789922 | 1.07 | 1.22 | (0.59) | 104 |
| **Administrative Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 7/1/22 to 12/31/22<sup>(6)</sup> | &nbsp;&nbsp;$45.85 | (0.25) | &nbsp;&nbsp;&nbsp;(4.54) | &nbsp;&nbsp;&nbsp;(4.79) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(7.58) | &nbsp;&nbsp;&nbsp;(7.58) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(11)</sup> | (12.37) | &nbsp;&nbsp;$33.48 | (11.01) % <sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$5126 | 1.48 % <sup>(9)(12)</sup> | 1.42% | (1.08) % | &nbsp;&nbsp;&nbsp;42% |
| 7/1/21 to 6/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;90.62 | (0.85) | (20.47) | (21.32) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (23.45) | (23.45) | &nbsp;&nbsp;&nbsp;&nbsp;— | (44.77) | &nbsp;&nbsp;&nbsp;&nbsp;45.85 | (32.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6049 | 1.47 | 1.72 | (1.10) | 126 |
| 7/1/20 to 6/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;74.24 | (0.91) | &nbsp;&nbsp;33.26 | &nbsp;&nbsp;32.35 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (15.97) | (15.97) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;16.38 | &nbsp;&nbsp;&nbsp;&nbsp;90.62 | &nbsp;&nbsp;45.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86855 | 1.43 <sup>(12)</sup> | 1.44 | (1.05) | 150 |
| 7/1/19 to 6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;68.67 | (0.67) | &nbsp;&nbsp;17.43 | &nbsp;&nbsp;16.76 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (11.19) | (11.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5.57 | &nbsp;&nbsp;&nbsp;&nbsp;74.24 <sup>(13)</sup> | &nbsp;&nbsp;28.46 <sup>(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11669 | 1.47 | 1.47 | (1.02) | 212 |
| 7/1/18 to 6/30/19 | &nbsp;&nbsp;&nbsp;&nbsp;75.76 | (0.67) | &nbsp;&nbsp;&nbsp;&nbsp;6.48 | &nbsp;&nbsp;&nbsp;&nbsp;5.81 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (12.90) | (12.90) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(7.09) | &nbsp;&nbsp;&nbsp;&nbsp;68.67 | &nbsp;&nbsp;12.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11688 | 1.40 | 1.46 | (0.95) | 109 |
| 7/1/17 to 6/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;63.76 | (0.61) | &nbsp;&nbsp;23.77 | &nbsp;&nbsp;23.16 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (11.16) | (11.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;12.00 | &nbsp;&nbsp;&nbsp;&nbsp;75.76 | &nbsp;&nbsp;39.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23535 | 1.32 | 1.47 | (0.85) | 104 |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Calculated using average shares outstanding. |
| <sup>(2)</sup> | Not annualized for periods less than one year. |
| <sup>(3)</sup> | Sales charges, where applicable, are not reflected in the total return calculation. |
| <sup>(4)</sup> | Annualized for periods less than one year. |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

#### FINANCIAL HIGHLIGHTS (Continued)

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

#### THROUGHOUT EACH PERIOD
<sup>(5)</sup> The Funds will also indirectly bear their prorated shares of expenses of any underlying funds in which they invest. Such expenses are not included in the calculation of this ratio.

<sup>(6)</sup> Unaudited.

<sup>(7)</sup> Payment from affiliate had no impact on total return.

<sup>(8)</sup> Ratio of total expenses excluding interest expense on borrowings for the year ended December 31, 2022 were 1.30% (Class A), 2.05% (Class C), 1.05% (Class P) 0.95% (Class I) and 0.90% (Class R6).

<sup>(9)</sup> Net expense ratio includes extraordinary proxy expenses.

<sup>(10)</sup> Due to a change in expense cap, the ratio shown is a blended expense ratio.

<sup>(11)</sup> Amount is less than $0.005 per share.

<sup>(12)</sup> The share class is currently under its expense limitation.

<sup>(13)</sup> Payments from affiliates increased the end of period net asset value and total return by less than $0.01 and 0.01%, respectively.

<sup>(14)</sup> See Note 4D in the Notes to Financial Statements for information on recapture of expenses previously reimbursed.

<sup>(15)</sup> Inception date.

<sup>(16)</sup> Portfolio turnover is representative of the Fund for the entire period.

<sup>(17)</sup> The character of a portion of the distribution was redesignated from net investment income to net realized capital gain for the year ended June 30, 2019. The per share amount for Class C differs from other classes, as at the time the distribution was made, Class C had minimal distributable net investment income, therefore no redesignation for Class C was made.

See Notes to Financial Statements

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited)

#### December 31, 2022

#### 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 this report, the Trust is comprised of 13 funds (each a "Fund" or collectively, the "Funds"), each reported in this semiannual report. 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).*

The Funds have the following investment objective(s):

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Fund</u>** | &nbsp;&nbsp; **<u>Investment objective(s)</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Opportunities Fund<br>| &nbsp;&nbsp;Seeking to maximize long-term capital appreciation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income & Growth Fund<br>| &nbsp;&nbsp;Seeking total return comprised of current income, current gains and capital appreciation. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KAR Global Small-Cap Fund<br>| &nbsp;&nbsp;Seeking long-term capital appreciation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KAR Health Sciences Fund<br>| &nbsp;&nbsp;Seeking long-term capital appreciation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NFJ Dividend Value Fund<br>| &nbsp;&nbsp;Seeking long-term growth of capital and income |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NFJ International Value Fund<br>| &nbsp;&nbsp;Seeking long-term growth of capital and income |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NFJ Large-Cap Value Fund<br>| &nbsp;&nbsp;Seeking long-term growth of capital and income |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NFJ Mid-Cap Value Fund<br>| &nbsp;&nbsp;Seeking long-term growth of capital and income |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NFJ Small-Cap Value Fund<br>| &nbsp;&nbsp;Seeking long-term growth of capital and income |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silvant Focused Growth Fund<br>| &nbsp;&nbsp;Seeking long-term capital appreciation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silvant Mid-Cap Growth Fund<br>| &nbsp;&nbsp;Seeking long-term capital appreciation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small-Cap Fund<br>| &nbsp;&nbsp;Seeking long-term capital appreciation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zevenbergen Technology Fund<br>| &nbsp;&nbsp;Seeking long-term capital appreciation |

---

*There is no guarantee that a Fund will achieve its objective(s).*

The Emerging Markets Opportunities Fund and Small-Cap Fund offer Class A shares, Class C shares, Class P shares, Institutional Class shares, and Class R6 shares. The KAR Global Small-Cap Fund, KAR Health Sciences Fund, and Income & Growth Fund offer Class A shares, Class C shares, Class P shares, and Institutional Class shares. The NFJ Dividend Value Fund, NFJ International Value Fund, NFJ Large-Cap Value Fund, NFJ Mid-Cap Value Fund, NFJ Small-Cap Value Fund, and Silvant Focused Growth Fund offer Class A shares, Class C shares, Class P shares, Institutional Class shares, Class R6 shares, and Administrative Class shares. The Silvant Mid-Cap Growth Fund and Zevenbergen Technology Fund offer Class A shares, Class C shares, Class P shares, Institutional Class shares and Administrative Class shares.

Class A shares of the Funds are sold with a front-end sales charge of up to 5.50% with some exceptions. Generally, Class A shares are not subject to any charges by the Funds when redeemed; however, a 0.50% – 1% contingent deferred sales charge ("CDSC") may be imposed on certain redemptions made within a certain period following purchases on which a finder's fee has been paid. The period for which such CDSC applies for the Funds is 18 months. The CDSC period begins on the last day of the month preceding the month in which the purchase was made.

On May 21, 2021, all Class R shares for the Income & Growth Fund, NFJ Dividend Value Fund, NFJ International Value Fund, NFJ Large-Cap Value Fund, NFJ Mid-Cap Value Fund, NFJ Small-Cap Value Fund, Silvant Focused Growth Fund, and Silvant Mid-Cap Growth Fund were converted into Class A shares of the respective Fund.

Class C shares are generally sold with a 1% CDSC, applicable if redeemed within one year of purchase. Class C shares and any reinvested dividends and other distributions paid on such shares, will be automatically converted to Class A shares of the same Fund following a required holding period, which as of March 1, 2021, was eight years. Effective February 26, 2021, if an investor intends to purchase greater than $999,999 of Class C shares, and the purchase would qualify for Class A shares with no load, then the purchase will automatically be made into a purchase of Class A shares, thus reducing expenses. Class P shares, Institutional Class shares, Class R6 shares, and Administrative Class shares are sold without a front-end sales charge or CDSC.

Class P shares are offered primarily through certain asset allocation, wrap fee and other similar programs offered by broker-dealers and other intermediaries ("service agents") that have established a shareholder servicing relationship with the Trust on behalf of their customers. Such programs established with broker-dealers or financial intermediaries may purchase shares only if the program for which the shares are being acquired will maintain an omnibus or pooled account for each fund. Class P shares may also be offered for direct investment by other investors such as pension and profit sharing plans, employee benefit trusts and plan alliances, endowments, foundations and corporations.

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.

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

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

#### December 31, 2022
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.

Administrative Class shares are offered primarily through employee benefit plan alliances, broker-dealers, and other intermediaries, and each Fund pays service or distribution fees to such entities for services they provide to Administrative Class shareholders.

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. Class P shares, Institutional Class shares, Class R6 shares, and Administrative Class 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 Trust is an investment company that follows 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.

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| | |
|:---|:---|
| **A.** | **Security Valuation** |
|  | 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 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 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 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, and restricted securities, are valued based on evaluated quotations received from independent pricing services or from dealers who make markets in such securities. For most bond types, the pricing service utilizes matrix pricing that considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type, activity of the

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[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

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

#### December 31, 2022
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 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.

---

| | |
|:---|:---|
| **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 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. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. |
| **C.** | **Income Taxes** |
|  | Each Fund is treated as a separate taxable entity. It is the intention of each Fund to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code") and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made. |
|  | Certain Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Each Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests. |
|  | 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 Internal Revenue Service for a period of three years after it is filed. State, local and/or non-U.S. tax returns and/or other filings may be subject to examination for different periods, depending upon the tax rules of each applicable jurisdiction. |
| **D.** | **Distributions to Shareholders** |
|  | Distributions are recorded by each Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. |
| **E.** | **Expenses** |
|  | Expenses incurred together by a Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expenses to each Fund and each such other fund, or an alternative allocation method, can be more appropriately used. |
|  | In addition to the net annual operating expenses that a Fund bears directly, the shareholders of a Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests. |
| **F.** | **Foreign Currency Transactions** |
|  | Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. For fixed income instruments, the Funds bifurcate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on foreign currency transactions. For equity securities, the Funds do not isolate that portion of the results of operations arising from changes in foreign exchange rates |

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[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

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

#### December 31, 2022

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| | |
|:---|:---|
|  | on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on investments. |
| **G.** | **Convertible Securities** |
|  | Certain Funds may invest a portion of their assets in convertible securities. Although convertible securities derive part of their value from that of the securities into which they are convertible, they are not considered derivative financial instruments. However, certain of the Funds' investments in convertible securities include features which render them sensitive to price changes in their underlying securities. The value of structured/synthetic convertible securities can be affected by interest rate changes and credit risks of the issuer. Such securities may be structured in ways that limit their potential for capital appreciation, and the entire value of the security may be at risk of loss depending on the performance of the underlying equity security. Consequently, the Funds are exposed to greater downside risk than traditional convertible securities, but typically still less than that of the underlying stock. |
| **H.** | **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 LIBOR, 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. |
| **I.** | **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 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. |
| **J.** | **Securities Lending** |
|  | The Funds may loan securities to qualified brokers through a securities lending agency agreement with The Bank of New York Mellon ("BNYM"). 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 |

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[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

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

#### December 31, 2022

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| |
|:---|
| charged/paid by BNYM 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, 2022, none of the Funds were lending under the agreement with BNYM. |

---

#### Note 3. Derivative Financial Instruments and Transactions

#### ($ reported in thousands)
Disclosures about derivative instruments and hedging activities are intended to enable investors to understand how and why a Fund uses derivatives, how derivatives are accounted for, and how derivative instruments affect a Fund's results of operations and financial position. Summarized below are such disclosures and accounting policies for each specific type of derivative instrument used by certain Funds.

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| | |
|:---|:---|
| **A.** | **Options Contracts** |
|  | An options contract provides the purchaser with the right, but not the obligation, to buy (call option) or sell (put option) a financial instrument at an agreed upon price. Certain Funds may purchase or write both put and call options on portfolio securities. A Fund doing so is subject to equity price risk and/or foreign currency risk in the normal course of pursuing its investment objectives. |
|  | When a Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When a Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. Holdings of the Fund designated to cover outstanding written options are noted in the Schedules of Investments. Purchased options are reported as an asset within "Investment in securities at value" in the Statements of Assets and Liabilities. Written options are reported as a liability within "Written options at value." Changes in value of the purchased option are included in "Net change in unrealized appreciation (depreciation) from investments" in the Statements of Operations. Changes in value of written options are included in "Net change in unrealized appreciation (depreciation) from written options" in the Statements of Operations. |
|  | If an option expires unexercised, the Fund realizes a gain or loss to the extent of the premium received or paid. If an option is exercised, the<br> premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost basis of the purchase. The difference between the premium and the amount received or paid on effecting a closing purchase or sale transaction is also treated as a realized gain or loss. Gain or loss on purchased options is included in "Net realized gain (loss) on investments" in the Statements of Operations. Gain or loss on written options is presented separately as "Net realized gain (loss) from written options" in the Statements of Operations. |
|  | The risk in writing call options is that the Fund gives up the opportunity for profit if the market price/foreign currency rate of the referenced<br> security/currency increases and the option is exercised. The risk in writing put options is that the Fund may incur a loss if the market price/foreign currency rate of the referenced security/currency decreases and the option is exercised. The risk in buying options is that the Fund pays a premium whether or not the option is exercised. The use of such instruments may involve certain additional risks as a result of unanticipated movements in the market. Writers (sellers) of options are subject to unlimited risk of loss, as the seller will be obligated to deliver or take delivery of the security at a predetermined price which may, upon exercise of the option, be significantly different from the then-market value. |
|  | During the six months ended December 31, 2022, 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, 2022: |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Statement Line Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Primary Risk** | &nbsp;&nbsp;**Income & Growth Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Liability Derivatives** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options at value | &nbsp;&nbsp;&nbsp;&nbsp;Equity contracts | &nbsp;&nbsp;$(567) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | &nbsp;&nbsp;$(567) |

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[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

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

#### December 31, 2022
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, 2022:

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| | | |
|:---|:---|:---|
| **Statement Line Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Primary Risk** | &nbsp;&nbsp;**Income & Growth Fund** |
| **Net Realized Gain (Loss) From** | **Net Realized Gain (Loss) From** | **Net Realized Gain (Loss) From** |
| Written options | &nbsp;&nbsp;&nbsp;&nbsp;Equity contracts | &nbsp;&nbsp;$6253 |
| Total |  | &nbsp;&nbsp;$6253 |
| **Net Change in Unrealized Appreciation (Depreciation) on** | **Net Change in Unrealized Appreciation (Depreciation) on** | **Net Change in Unrealized Appreciation (Depreciation) on** |
| Written options | &nbsp;&nbsp;&nbsp;&nbsp;Equity contracts | &nbsp;&nbsp;&nbsp;&nbsp;$64 |
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp;$64 |

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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, 2022:

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Income & Growth Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Options<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;$1343 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(1)</sup> Average premium amount.

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| | |
|:---|:---|
| **B.** | **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. |
| **C.** | **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, |

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[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

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

#### December 31, 2022

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| |
|:---|
| 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. |
| The following tables present the Funds' 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, 2022: |

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---

| | | |
|:---|:---|:---|
| **At December 31, 2022, the Fund's derivative assets and liabilities (by type) are as follows:** | **At December 31, 2022, the Fund's derivative assets and liabilities (by type) are as follows:** | **At December 31, 2022, the Fund's derivative assets and liabilities (by type) are as follows:** |
|  | &nbsp;&nbsp;**Income & Growth Fund** | &nbsp;&nbsp;**Income & Growth Fund** |
|  | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Liabilities** |
| **Derivative Financial<br> Instruments:** |  |  |
| &nbsp;&nbsp;&nbsp;Written options | &nbsp;&nbsp;$— | &nbsp;&nbsp;$567 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp;$— | &nbsp;&nbsp;$567 |
| Derivatives not subject to a MNA<br> or similar agreement | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(567) |
| Total assets and liabilities<br> subject to a MNA | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |

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

#### ($ reported in thousands)

---

| | |
|:---|:---|
| **A.** | **Investment Adviser** |
|  | Virtus Investment Advisers, Inc. (the "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: |

---

---

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

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[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

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

#### December 31, 2022

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| | |
|:---|:---|
| **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: |

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(1)</sup> Effective July 25, 2022, Allianz Global Investors U.S. LLC ("AllianzGI U.S.") was removed as subadviser to each of the Funds other than NFJ Dividend Value Fund, NFJ International Value Fund, NFJ Large-Cap Value Fund, NFJ Mid-Cap Value Fund and NFJ Small-Cap Value Fund. The Emerging Markets Opportunities Fund and Small-Cap Fund are managed directly by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(2)</sup> Effective July 25, 2022, Voya Investment Management Co. LLC ("Voya IM") replaced AllianzGI U.S. as subadviser of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(3)</sup> Effective July 25, 2022, Kayne Anderson Rudnick Investment Management, LLC ("KAR"), an indirect, wholly-owned subsidiary of Virtus replaced AllianzGI U.S. as subadviser of the Fund.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(5)</sup> Effective July 25, 2022, Silvant Capital Management LLC ("Silvant"), an indirect, wholly-owned subsidiary of Virtus, replaced AllianzGI U.S. as subadviser of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(6)</sup> Effective July 25, 2022, Zevenbergen Capital Investments LLC ("Zevenbergen"), a minority-owned affiliate of Virtus, replaced AllianzGI U.S. as subadviser of the Fund.

---

| | |
|:---|:---|
| **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, 2023. Following the contractual period, the Adviser may discontinue these expense limitation arrangements at any time. The waivers and reimbursements are accrued daily and received monthly. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;**Class P** | &nbsp;&nbsp;&nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;&nbsp;**Administrative <br> Class** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Opportunities Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A % |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income & Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KAR Global Small-Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KAR Health Sciences Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22 <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NFJ Dividend Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NFJ International Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NFJ Large-Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NFJ Mid-Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NFJ Small-Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silvant Focused Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77 <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silvant Mid-Cap Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89 <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small-Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zevenbergen Technology Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57 <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32 <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 |

---

<sup>(1)</sup> Share class is currently below its expense cap.

The exclusions include front-end or contingent deferred 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.

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[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

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

#### December 31, 2022

---

| | |
|:---|:---|
| **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: |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** |  |
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2026** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Emerging Markets Opportunities Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;$32 | &nbsp;&nbsp;&nbsp;&nbsp;$46 | &nbsp;&nbsp;&nbsp;&nbsp;$24 | &nbsp;&nbsp;&nbsp;&nbsp;$102 |
| &nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp; Class P<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp; Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 |
| &nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 |
| Income & Growth Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> |
| KAR Global Small-Cap Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp; Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| KAR Health Sciences Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| NFJ Dividend Value Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 |
| &nbsp;&nbsp;&nbsp; Administrative Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| NFJ International Value Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp; Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| &nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp; Administrative Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| NFJ Mid-Cap Value Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991 |
| &nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 |
| &nbsp;&nbsp;&nbsp; Class P<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253 |
| &nbsp;&nbsp;&nbsp; Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280 |
| &nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 |
| &nbsp;&nbsp;&nbsp; Administrative Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 |
| NFJ Small-Cap Value Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 |
| &nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp; Class P<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp; Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 |
| &nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 |
| &nbsp;&nbsp;&nbsp; Administrative Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 |
| Silvant Focused Growth Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 |
| &nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| &nbsp;&nbsp;&nbsp; Administrative Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| Silvant Mid-Cap Growth Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Administrative Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> |
| Small-Cap Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp; Class P<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| &nbsp;&nbsp;&nbsp; Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 |
| &nbsp;&nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |

---

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

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

#### December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** |  |
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Zevenbergen Technology Fund |  |  |  |
| &nbsp;&nbsp;&nbsp; Administrative Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$37&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$37 |

---

<sup>(1)</sup> Amount is less than $500.

During the six months ended December 31, 2022, the Adviser recaptured expenses previously waived for the following Funds:

---

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

---

<sup>(1)</sup> Amount is less than $500.

---

| | |
|:---|:---|
| **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, 2022, it retained net commissions of $272 for Class A shares and CDSC of $12 and $62 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. Administrative Class shares pay a 0.25% Administrative Distribution fee. Class P shares, Institutional Class shares, and Class R6 shares, are not subject to a 12b-1 Plan. |
|  | Under certain circumstances, shares of certain Virtus Mutual Funds may be exchanged for shares of the same class of certain other Virtus Mutual Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply. |
| **F.** | **Administrator and Transfer Agent** |
|  | Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as the administrator and transfer agent to the Funds. |
|  | For the six months ended December 31, 2022, the Funds incurred administration fees totaling $5,175 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, 2022, the Funds incurred transfer agent fees totaling $2,317 which are included in the Statements of Operations within the line item "Transfer agent fees and expenses." The fees are calculated daily and paid monthly. |
| **G.** | **Payment from Affiliates** |
|  | During the six months ended December 31, 2022, the former subadviser, AllianzGI U.S., reimbursed KAR Global Small-Cap Fund, KAR Health Sciences Fund, Silvant Focused Growth Fund, Small-Cap Fund and Zevenbergen Technology Fund for trading costs associated with subadviser changes. These amounts are included in "Net increase from payment by affiliates" in the Statements of Operations. There was no impact on the total return. |
| **H.** | **Investments with Affiliates** |
|  | The Funds are permitted to purchase assets from or sell assets to certain 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, 2022, the Funds did not engage in any transactions pursuant to Rule 17a-7 under the 1940 Act.

Outside of Rule 17a-7 transactions, other investments with affiliated issuers are separately reported in this note. An affiliated issuer includes any company in which the Fund held 5% or more of a company's outstanding voting shares at any point during the period, as well as other circumstances where an investment adviser or subadviser to the Fund is deemed to exercise, directly or indirectly, a certain level of control over the company.

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

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

#### December 31, 2022
A summary of the Funds' total long-term and short-term purchases and sales of the respective shares of the affiliated investments during the six months ended December 31, 2022, is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Value, <br> beginning<br> of period** | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales <br> proceeds** | &nbsp;&nbsp;&nbsp;&nbsp;**Net <br> realized<br> gain<br> (loss)<br> on<br> affiliated<br> securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Net <br> change in<br> unrealized<br> appreciation<br> (depreciation)<br> on affiliated<br> securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Value, <br> end of<br> period** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dividend <br> income** | &nbsp;&nbsp;&nbsp;&nbsp;**Distributions <br> of realized<br> gains** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income & Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income & Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income & Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income & Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income & Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income & Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income & Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income & Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income & Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income & Growth Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Preferred Stocks—0.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Preferred Stocks—0.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Preferred Stocks—0.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Preferred Stocks—0.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Preferred Stocks—0.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Preferred Stocks—0.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Preferred Stocks—0.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Preferred Stocks—0.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Preferred Stocks—0.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Preferred Stocks—0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LiveStyle, Inc. Series B <sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5618 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$2884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$57 | &nbsp;&nbsp;&nbsp;&nbsp;$(92) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LiveStyle, Inc. Series B <sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;$5618 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$2884 | &nbsp;&nbsp;&nbsp;&nbsp;$(7943) | &nbsp;&nbsp;&nbsp;&nbsp;$7908 | &nbsp;&nbsp;&nbsp;&nbsp;$— |  | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks—0.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks—0.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks—0.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks—0.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks—0.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks—0.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks—0.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks—0.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks—0.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks—0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LiveStyle, Inc.<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;$5618 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$2884 | &nbsp;&nbsp;&nbsp;&nbsp;$(7943) | &nbsp;&nbsp;&nbsp;&nbsp;$7908 | &nbsp;&nbsp;&nbsp;&nbsp;$— |  | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Issuer is not an affiliated investment of the Fund at December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(2)</sup> Amount is less than $500.

---

| | |
|:---|:---|
| **I.** | **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, 2022. |
|  | 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 AllianzGI U.S. had the opportunity to elect not to receive all or a portion of his or her fees from the respective Fund on a current basis, but instead to receive in a subsequent period chosen by the Trustee an amount equal to the value of such compensation if such compensation had been invested in one or more series of Virtus Investment Trust (then known as Allianz Funds) and Virtus Strategy Trust (then known as Allianz Funds Multi-Strategy Trust) selected by such Trustee from and after the normal payment dates for such compensation. The deferred compensation program was closed to new deferrals effective January 1, 2020, and all Trustee fees earned with respect to service in calendar year 2020 were paid in cash, on a current basis. The Trustees do not currently receive any pension or retirement benefits from the Funds. |
|  | In addition to the Trustee fees deferred in the current period, the Funds still have obligations with respect to Trustee fees deferred in 2018 and in other periods prior to January 1, 2020, and will continue to have such obligations until all deferred Trustee fees are paid out pursuant to the terms of the applicable deferred compensation plan. |

---

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

#### ($ reported in thousands)
Purchases and sales of securities (excluding U.S. government and agency securities, forward currency contracts, written options, and short-term securities) during the six months ended December 31, 2022, were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Opportunities Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$61158 | &nbsp;&nbsp;&nbsp;&nbsp;$61962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income & Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KAR Global Small-Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KAR Health Sciences Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NFJ Dividend Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NFJ International Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NFJ Large-Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NFJ Mid-Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NFJ Small-Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silvant Focused Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606847 |

---

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

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

#### December 31, 2022

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silvant Mid-Cap Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$50519 | &nbsp;&nbsp;&nbsp;&nbsp;$71500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small-Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zevenbergen Technology Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627716 |

---

There were no purchases or sales of long-term U.S. government and agency securities during the six months ended December 31, 2022.

#### Note 6. Capital Share Transactions

#### (reported in thousands)
Transactions in shares of capital stock, during the periods ended as indicated below, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Emerging Markets Opportunities Fund** | &nbsp;&nbsp;**Emerging Markets Opportunities Fund** | &nbsp;&nbsp;**Emerging Markets Opportunities Fund** | &nbsp;&nbsp;**Emerging Markets Opportunities Fund** | &nbsp;&nbsp;**Income & Growth Fund** | &nbsp;&nbsp;**Income & Growth Fund** | &nbsp;&nbsp;**Income & Growth Fund** | &nbsp;&nbsp;**Income & Growth Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> June 30, 2022** | &nbsp;&nbsp;**Year Ended<br> June 30, 2022** | &nbsp;&nbsp;**Six Months Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> June 30, 2022** | &nbsp;&nbsp;**Year Ended<br> June 30, 2022** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2711 | &nbsp;&nbsp;&nbsp;&nbsp;11750 | &nbsp;&nbsp;&nbsp;$121927 | &nbsp;&nbsp;&nbsp;&nbsp;34842 | &nbsp;&nbsp;&nbsp;$440020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75696 | &nbsp;&nbsp;&nbsp;&nbsp;12258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp; (60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1552) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(246) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7852) | &nbsp;&nbsp;&nbsp;&nbsp;(23536) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(242078) | &nbsp;&nbsp;&nbsp;&nbsp;(35815) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(436840) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(154) | &nbsp;&nbsp;&nbsp;&nbsp;$(4768) | &nbsp;&nbsp;&nbsp;&nbsp;(4423) | &nbsp;&nbsp;&nbsp;$(44455) | &nbsp;&nbsp;&nbsp;&nbsp;11285 | &nbsp;&nbsp;&nbsp;$153524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3509 | &nbsp;&nbsp;&nbsp;&nbsp;$32399 | &nbsp;&nbsp;&nbsp;&nbsp;18782 | &nbsp;&nbsp;&nbsp;$216138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(669) | &nbsp;&nbsp;&nbsp;&nbsp;(18931) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(173671) | &nbsp;&nbsp;&nbsp;&nbsp;(29502) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(324398) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(622) | &nbsp;&nbsp;&nbsp;&nbsp;(10706) | &nbsp;&nbsp;&nbsp;$(98137) | &nbsp;&nbsp;&nbsp;&nbsp;(2444) | &nbsp;&nbsp;&nbsp;$(17195) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class P** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8007 | &nbsp;&nbsp;&nbsp;&nbsp;$85527 | &nbsp;&nbsp;&nbsp;&nbsp;30102 | &nbsp;&nbsp;&nbsp;$395436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1811) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(108) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3250) | &nbsp;&nbsp;&nbsp;&nbsp;(25960) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(276102) | &nbsp;&nbsp;&nbsp;&nbsp;(58458) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(752315) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(53) | &nbsp;&nbsp;$(1386) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1288 | &nbsp;&nbsp;&nbsp;&nbsp;(14711) | &nbsp;&nbsp;$(156068) | &nbsp;&nbsp;&nbsp;&nbsp;(21757) | &nbsp;&nbsp;$(272790) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9121 | &nbsp;&nbsp;&nbsp;&nbsp;2120 | &nbsp;&nbsp;&nbsp;&nbsp;$71408 | &nbsp;&nbsp;&nbsp;&nbsp;12035 | &nbsp;&nbsp;&nbsp;$129959 | &nbsp;&nbsp;&nbsp;&nbsp;48591 | &nbsp;&nbsp;&nbsp;$653466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(352) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9124) | &nbsp;&nbsp;&nbsp;&nbsp;(5063) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(145870) | &nbsp;&nbsp;&nbsp;&nbsp;(21795) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(234416) | &nbsp;&nbsp;&nbsp;&nbsp;(35413) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(443799) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2083 | &nbsp;&nbsp;&nbsp;&nbsp;(2841) | &nbsp;&nbsp;$(71138) | &nbsp;&nbsp;&nbsp;&nbsp;(5206) | &nbsp;&nbsp;$(55422) | &nbsp;&nbsp;&nbsp;&nbsp;20794 | &nbsp;&nbsp;&nbsp;$307064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595 | &nbsp;&nbsp;&nbsp;&nbsp;$20278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(230) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5925) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(345) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11192) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(895) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**KAR Global Small-Cap Fund** | &nbsp;&nbsp;**KAR Global Small-Cap Fund** | &nbsp;&nbsp;**KAR Global Small-Cap Fund** | &nbsp;&nbsp;**KAR Global Small-Cap Fund** | &nbsp;&nbsp;**KAR Health Sciences Fund** | &nbsp;&nbsp;**KAR Health Sciences Fund** | &nbsp;&nbsp;**KAR Health Sciences Fund** | &nbsp;&nbsp;**KAR Health Sciences Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> June 30, 2022** | &nbsp;&nbsp;**Year Ended<br> June 30, 2022** | &nbsp;&nbsp;**Six Months Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> June 30, 2022** | &nbsp;&nbsp;**Year Ended<br> June 30, 2022** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2157 | &nbsp;&nbsp;&nbsp;&nbsp;144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867 | &nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11665 | &nbsp;&nbsp;&nbsp;&nbsp;441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12301 | &nbsp;&nbsp;&nbsp;&nbsp;935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3519) | &nbsp;&nbsp;&nbsp;&nbsp;(201) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8411) | &nbsp;&nbsp;&nbsp;&nbsp;(262) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7636) | &nbsp;&nbsp;&nbsp;&nbsp;(544) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18861) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(61) | &nbsp;&nbsp;$(1700) | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5131 | &nbsp;&nbsp;&nbsp;&nbsp;253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6822 | &nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp;$17203 |

---

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

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

#### December 31, 2022

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**KAR Global Small-Cap Fund** | &nbsp;&nbsp;**KAR Global Small-Cap Fund** | &nbsp;&nbsp;**KAR Global Small-Cap Fund** | &nbsp;&nbsp;**KAR Global Small-Cap Fund** | &nbsp;&nbsp;**KAR Health Sciences Fund** | &nbsp;&nbsp;**KAR Health Sciences Fund** | &nbsp;&nbsp;**KAR Health Sciences Fund** | &nbsp;&nbsp;**KAR Health Sciences Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> June 30, 2022** | &nbsp;&nbsp;**Year Ended<br> June 30, 2022** | &nbsp;&nbsp;**Six Months Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> June 30, 2022** | &nbsp;&nbsp;**Year Ended<br> June 30, 2022** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(603) | &nbsp;&nbsp;&nbsp;&nbsp;(45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1428) | &nbsp;&nbsp;&nbsp;&nbsp;(36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(660) | &nbsp;&nbsp;&nbsp;&nbsp;(46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1053) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(25) | &nbsp;&nbsp;$(530) | &nbsp;&nbsp;&nbsp;&nbsp;(11) | &nbsp;&nbsp;$(478) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class P** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(390) | &nbsp;&nbsp;&nbsp;&nbsp;(17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(864) | &nbsp;&nbsp;&nbsp;&nbsp;(43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1294) | &nbsp;&nbsp;&nbsp;&nbsp;(58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1856) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(10) | &nbsp;&nbsp;$(306) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;$(84) | &nbsp;&nbsp;&nbsp;&nbsp;(24) | &nbsp;&nbsp;$(735) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3439 | &nbsp;&nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3487 | &nbsp;&nbsp;&nbsp;&nbsp;571 | &nbsp;&nbsp;&nbsp;&nbsp;$19966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611 | &nbsp;&nbsp;&nbsp;&nbsp;206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258 | &nbsp;&nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(94) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3077) | &nbsp;&nbsp;&nbsp;&nbsp;(200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9269) | &nbsp;&nbsp;&nbsp;&nbsp;(417) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12690) | &nbsp;&nbsp;&nbsp;&nbsp;(476) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16735) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(55) | &nbsp;&nbsp;$(1808) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2972 | &nbsp;&nbsp;&nbsp;&nbsp;(261) | &nbsp;&nbsp;$(7945) | &nbsp;&nbsp;&nbsp;&nbsp;219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7461 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**NFJ Dividend Value Fund** | &nbsp;&nbsp;**NFJ Dividend Value Fund** | &nbsp;&nbsp;**NFJ Dividend Value Fund** | &nbsp;&nbsp;**NFJ Dividend Value Fund** | &nbsp;&nbsp;**NFJ International Value Fund** | &nbsp;&nbsp;**NFJ International Value Fund** | &nbsp;&nbsp;**NFJ International Value Fund** | &nbsp;&nbsp;**NFJ International Value Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> June 30, 2022** | &nbsp;&nbsp;**Year Ended<br> June 30, 2022** | &nbsp;&nbsp;**Six Months Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> June 30, 2022** | &nbsp;&nbsp;**Year Ended<br> June 30, 2022** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;1412 | &nbsp;&nbsp;&nbsp;&nbsp;$15274 | &nbsp;&nbsp;&nbsp;&nbsp;3288 | &nbsp;&nbsp;&nbsp;&nbsp;$42101 | &nbsp;&nbsp;&nbsp;&nbsp;129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2199 | &nbsp;&nbsp;&nbsp;&nbsp;277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;4886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47534 | &nbsp;&nbsp;&nbsp;&nbsp;1902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(3730) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41300) | &nbsp;&nbsp;&nbsp;&nbsp;(6414) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82282) | &nbsp;&nbsp;&nbsp;&nbsp;(283) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4806) | &nbsp;&nbsp;&nbsp;&nbsp;(707) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14977) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;2568 | &nbsp;&nbsp;&nbsp;&nbsp;$21508 | &nbsp;&nbsp;&nbsp;&nbsp;(1224) | &nbsp;&nbsp;&nbsp;$(15519) | &nbsp;&nbsp;&nbsp;&nbsp;(106) | &nbsp;&nbsp;&nbsp;$(1801) | &nbsp;&nbsp;&nbsp;&nbsp;(376) | &nbsp;&nbsp;&nbsp;$(7951) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(346) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4030) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(556) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7281) | &nbsp;&nbsp;&nbsp;&nbsp;(31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(525) | &nbsp;&nbsp;&nbsp;&nbsp;(71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1483) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) | &nbsp;&nbsp;$(922) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(390) | &nbsp;&nbsp;$(5103) | &nbsp;&nbsp;&nbsp;&nbsp;(27) | &nbsp;&nbsp;$(460) | &nbsp;&nbsp;&nbsp;&nbsp;(60) | &nbsp;&nbsp;$(1244) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class P** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8612 | &nbsp;&nbsp;&nbsp;&nbsp;1060 | &nbsp;&nbsp;&nbsp;&nbsp;$13724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;1670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(2121) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23196) | &nbsp;&nbsp;&nbsp;&nbsp;(4906) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63963) | &nbsp;&nbsp;&nbsp;&nbsp;(167) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2929) | &nbsp;&nbsp;&nbsp;&nbsp;(259) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5474) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1884 | &nbsp;&nbsp;&nbsp;&nbsp;(3109) | &nbsp;&nbsp;$(40573) | &nbsp;&nbsp;&nbsp;&nbsp;(128) | &nbsp;&nbsp;&nbsp;&nbsp;$(2260) | &nbsp;&nbsp;&nbsp;&nbsp;(199) | &nbsp;&nbsp;&nbsp;$(4145) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5465 | &nbsp;&nbsp;&nbsp;&nbsp;1333 | &nbsp;&nbsp;&nbsp;&nbsp;$17543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1757 | &nbsp;&nbsp;&nbsp;&nbsp;363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;1315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(1349) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15162) | &nbsp;&nbsp;&nbsp;&nbsp;(3460) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45386) | &nbsp;&nbsp;&nbsp;&nbsp;(714) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12777) | &nbsp;&nbsp;&nbsp;&nbsp;(363) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7585) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3245 | &nbsp;&nbsp;&nbsp;&nbsp;(1607) | &nbsp;&nbsp;$(21044) | &nbsp;&nbsp;&nbsp;&nbsp;(585) | &nbsp;&nbsp;&nbsp;$(10504) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;1071 | &nbsp;&nbsp;&nbsp;&nbsp;$12313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916 | &nbsp;&nbsp;&nbsp;&nbsp;$11974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$947 | &nbsp;&nbsp;&nbsp;&nbsp;108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;1220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(669) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7683) | &nbsp;&nbsp;&nbsp;&nbsp;(1516) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19596) | &nbsp;&nbsp;&nbsp;&nbsp;(88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1548) | &nbsp;&nbsp;&nbsp;&nbsp;(36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(757) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;1622 | &nbsp;&nbsp;&nbsp;&nbsp;$16567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(155) | &nbsp;&nbsp;&nbsp;$(1837) | &nbsp;&nbsp;&nbsp;&nbsp;(26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(547) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1570 |

---

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

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

#### December 31, 2022

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**NFJ Dividend Value Fund** | &nbsp;&nbsp;**NFJ Dividend Value Fund** | &nbsp;&nbsp;**NFJ Dividend Value Fund** | &nbsp;&nbsp;**NFJ Dividend Value Fund** | &nbsp;&nbsp;**NFJ International Value Fund** | &nbsp;&nbsp;**NFJ International Value Fund** | &nbsp;&nbsp;**NFJ International Value Fund** | &nbsp;&nbsp;**NFJ International Value Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> June 30, 2022** | &nbsp;&nbsp;**Year Ended<br> June 30, 2022** | &nbsp;&nbsp;**Six Months Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> June 30, 2022** | &nbsp;&nbsp;**Year Ended<br> June 30, 2022** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Administrative Class** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(496) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5936) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(509) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6735) | &nbsp;&nbsp;&nbsp;&nbsp;(24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(422) | &nbsp;&nbsp;&nbsp;&nbsp;(47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(950) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | &nbsp;&nbsp;$(150) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$656 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**NFJ Large-Cap Value Fund** | &nbsp;&nbsp;**NFJ Large-Cap Value Fund** | &nbsp;&nbsp;**NFJ Large-Cap Value Fund** | &nbsp;&nbsp;**NFJ Large-Cap Value Fund** | &nbsp;&nbsp;**NFJ Mid-Cap Value Fund** | &nbsp;&nbsp;**NFJ Mid-Cap Value Fund** | &nbsp;&nbsp;**NFJ Mid-Cap Value Fund** | &nbsp;&nbsp;**NFJ Mid-Cap Value Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> June 30, 2022** | &nbsp;&nbsp;**Year Ended<br> June 30, 2022** | &nbsp;&nbsp;**Six Months Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> June 30, 2022** | &nbsp;&nbsp;**Year Ended<br> June 30, 2022** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766 | &nbsp;&nbsp;&nbsp;&nbsp;$20238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844 | &nbsp;&nbsp;&nbsp;&nbsp;$28415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10293 | &nbsp;&nbsp;&nbsp;&nbsp;4199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97163 | &nbsp;&nbsp;&nbsp;&nbsp;1757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(505) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14083) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(675) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22437) | &nbsp;&nbsp;&nbsp;&nbsp;(1750) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48122) | &nbsp;&nbsp;&nbsp;&nbsp;(2537) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85945) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604 | &nbsp;&nbsp;&nbsp;&nbsp;$13224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124) | &nbsp;&nbsp;$(4142) | &nbsp;&nbsp;&nbsp;&nbsp;3215 | &nbsp;&nbsp;&nbsp;&nbsp;$69279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(534) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1686) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(253) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5352) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(421) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11166) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) | &nbsp;&nbsp;$(905) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(137) | &nbsp;&nbsp;$(3666) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class P** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549 | &nbsp;&nbsp;&nbsp;&nbsp;$10114 | &nbsp;&nbsp;&nbsp;&nbsp;1203 | &nbsp;&nbsp;&nbsp;&nbsp;$31462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094 | &nbsp;&nbsp;&nbsp;&nbsp;1244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1294) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(290) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9713) | &nbsp;&nbsp;&nbsp;&nbsp;(1217) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25061) | &nbsp;&nbsp;&nbsp;&nbsp;(6282) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(161018) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95) | &nbsp;&nbsp;$(3215) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4713 | &nbsp;&nbsp;&nbsp;&nbsp;(4084) | &nbsp;&nbsp;$(104458) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371 | &nbsp;&nbsp;&nbsp;&nbsp;$10040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp;$25434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960 | &nbsp;&nbsp;&nbsp;&nbsp;$29333 | &nbsp;&nbsp;&nbsp;&nbsp;3656 | &nbsp;&nbsp;&nbsp;$132433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7824 | &nbsp;&nbsp;&nbsp;&nbsp;2505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64436 | &nbsp;&nbsp;&nbsp;&nbsp;1315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(1543) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43615) | &nbsp;&nbsp;&nbsp;&nbsp;(1019) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34203) | &nbsp;&nbsp;&nbsp;&nbsp;(3250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99578) | &nbsp;&nbsp;&nbsp;&nbsp;(5083) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(184720) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(630) | &nbsp;&nbsp;$(20555) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | &nbsp;&nbsp;$(945) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;$(5809) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112) | &nbsp;&nbsp;$(4658) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820 | &nbsp;&nbsp;&nbsp;&nbsp;$29076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(—) <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(498) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15526) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(573) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21374) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484 | &nbsp;&nbsp;&nbsp;&nbsp;$11607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494 | &nbsp;&nbsp;&nbsp;&nbsp;$16625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Administrative Class** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3517) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(504) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17898) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(222) | &nbsp;&nbsp;$(7987) |

---

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

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

#### December 31, 2022

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**NFJ Small-Cap Value Fund** | &nbsp;&nbsp;**NFJ Small-Cap Value Fund** | &nbsp;&nbsp;**NFJ Small-Cap Value Fund** | &nbsp;&nbsp;**NFJ Small-Cap Value Fund** | &nbsp;&nbsp;**Silvant Focused Growth Fund** | &nbsp;&nbsp;**Silvant Focused Growth Fund** | &nbsp;&nbsp;**Silvant Focused Growth Fund** | &nbsp;&nbsp;**Silvant Focused Growth Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> June 30, 2022** | &nbsp;&nbsp;**Year Ended<br> June 30, 2022** | &nbsp;&nbsp;**Six Months Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> June 30, 2022** | &nbsp;&nbsp;**Year Ended<br> June 30, 2022** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885 | &nbsp;&nbsp;&nbsp;&nbsp;$13314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp;$38758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;3132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33918 | &nbsp;&nbsp;&nbsp;&nbsp;1563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26569 | &nbsp;&nbsp;&nbsp;&nbsp;1892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(1690) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21270) | &nbsp;&nbsp;&nbsp;&nbsp;(4689) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70476) | &nbsp;&nbsp;&nbsp;&nbsp;(1096) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53966) | &nbsp;&nbsp;&nbsp;&nbsp;(2360) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(163414) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;1935 | &nbsp;&nbsp;&nbsp;&nbsp;$18568 | &nbsp;&nbsp;&nbsp;&nbsp;(2241) | &nbsp;&nbsp;&nbsp;&nbsp;$(33996) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(322) | &nbsp;&nbsp;$(18241) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(228) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(314) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(251) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5649) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(533) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18692) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75) | &nbsp;&nbsp;&nbsp;$(2151) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) | &nbsp;&nbsp;&nbsp;$(2532) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class P** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476 | &nbsp;&nbsp;&nbsp;&nbsp;$23193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(134) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2041) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(553) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9818) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(513) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15932) | &nbsp;&nbsp;&nbsp;&nbsp;(1357) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60240) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(373) | &nbsp;&nbsp;&nbsp;$(6610) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(323) | &nbsp;&nbsp;&nbsp;$(10366) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(451) | &nbsp;&nbsp;$(18166) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824 | &nbsp;&nbsp;&nbsp;&nbsp;$54682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(518) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8008) | &nbsp;&nbsp;&nbsp;&nbsp;(2087) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37826) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(688) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28792) | &nbsp;&nbsp;&nbsp;&nbsp;(1407) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85990) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$116 | &nbsp;&nbsp;&nbsp;&nbsp;(1298) | &nbsp;&nbsp;&nbsp;$(23666) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(312) | &nbsp;&nbsp;$(12982) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9296 | &nbsp;&nbsp;&nbsp;&nbsp;1240 | &nbsp;&nbsp;&nbsp;&nbsp;$74596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(1087) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16403) | &nbsp;&nbsp;&nbsp;&nbsp;(1486) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26970) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(600) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26762) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(701) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43874) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(327) | &nbsp;&nbsp;&nbsp;&nbsp;$(5563) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(736) | &nbsp;&nbsp;$(13538) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(146) | &nbsp;&nbsp;&nbsp;&nbsp;$(7554) | &nbsp;&nbsp;&nbsp;&nbsp;1132 | &nbsp;&nbsp;&nbsp;&nbsp;$67282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Administrative Class** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(648) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8017) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(492) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7303) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(149) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(922) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113) | &nbsp;&nbsp;&nbsp;&nbsp;$(1689) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103) | &nbsp;&nbsp;&nbsp;&nbsp;$(1513) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2780 |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Silvant Mid-Cap Growth Fund** | &nbsp;&nbsp;**Silvant Mid-Cap Growth Fund** | &nbsp;&nbsp;**Silvant Mid-Cap Growth Fund** | &nbsp;&nbsp;**Silvant Mid-Cap Growth Fund** | &nbsp;&nbsp;**Small-Cap Fund** | &nbsp;&nbsp;**Small-Cap Fund** | &nbsp;&nbsp;**Small-Cap Fund** | &nbsp;&nbsp;**Small-Cap Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> June 30, 2022** | &nbsp;&nbsp;**Year Ended<br> June 30, 2022** | &nbsp;&nbsp;**Six Months Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> June 30, 2022** | &nbsp;&nbsp;**Year Ended<br> June 30, 2022** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;1041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6034 | &nbsp;&nbsp;&nbsp;&nbsp;$28674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;20186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(6247) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19417) | &nbsp;&nbsp;&nbsp;&nbsp;(12167) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54324) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(313) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6210) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(430) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10519) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(5206) | &nbsp;&nbsp;$(16175) | &nbsp;&nbsp;&nbsp;&nbsp;14053 | &nbsp;&nbsp;&nbsp;&nbsp;$61552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(101) | &nbsp;&nbsp;$(2061) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(720) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1470) | &nbsp;&nbsp;&nbsp;&nbsp;(1869) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6109) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(384) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1071) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(687) | &nbsp;&nbsp;&nbsp;$(1403) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(948) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) | &nbsp;&nbsp;&nbsp;&nbsp;$(109) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44 |

---

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

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

#### December 31, 2022

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Silvant Mid-Cap Growth Fund** | &nbsp;&nbsp;**Silvant Mid-Cap Growth Fund** | &nbsp;&nbsp;**Silvant Mid-Cap Growth Fund** | &nbsp;&nbsp;**Silvant Mid-Cap Growth Fund** | &nbsp;&nbsp;**Small-Cap Fund** | &nbsp;&nbsp;**Small-Cap Fund** | &nbsp;&nbsp;**Small-Cap Fund** | &nbsp;&nbsp;**Small-Cap Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> June 30, 2022** | &nbsp;&nbsp;**Year Ended<br> June 30, 2022** | &nbsp;&nbsp;**Six Months Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> June 30, 2022** | &nbsp;&nbsp;**Year Ended<br> June 30, 2022** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class P** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994 | &nbsp;&nbsp;&nbsp;&nbsp;$26315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(311) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1235) | &nbsp;&nbsp;&nbsp;&nbsp;(3904) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23698) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(289) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5704) | &nbsp;&nbsp;&nbsp;&nbsp;(1481) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37879) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44) | &nbsp;&nbsp;$(151) | &nbsp;&nbsp;&nbsp;&nbsp;(2609) | &nbsp;&nbsp;$(16368) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(264) | &nbsp;&nbsp;$(5201) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(358) | &nbsp;&nbsp;$(8470) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3694 | &nbsp;&nbsp;&nbsp;&nbsp;$24641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1994 | &nbsp;&nbsp;&nbsp;&nbsp;1691 | &nbsp;&nbsp;&nbsp;&nbsp;$42970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(2572) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10266) | &nbsp;&nbsp;&nbsp;&nbsp;(2734) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14098) | &nbsp;&nbsp;&nbsp;&nbsp;(1259) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25414) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(885) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19994) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(1787) | &nbsp;&nbsp;$(7103) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4035 | &nbsp;&nbsp;&nbsp;&nbsp;$27608 | &nbsp;&nbsp;&nbsp;&nbsp;(1104) | &nbsp;&nbsp;$(22250) | &nbsp;&nbsp;&nbsp;&nbsp;1091 | &nbsp;&nbsp;&nbsp;&nbsp;$29872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3295) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1780) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125) | &nbsp;&nbsp;&nbsp;&nbsp;$(2659) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Administrative Class** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(272) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(857) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(403) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(259) | &nbsp;&nbsp;$(812) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Zevenbergen Technology Fund** | &nbsp;&nbsp;**Zevenbergen Technology Fund** | &nbsp;&nbsp;**Zevenbergen Technology Fund** | &nbsp;&nbsp;**Zevenbergen Technology Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> June 30, 2022** | &nbsp;&nbsp;**Year Ended<br> June 30, 2022** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356 | &nbsp;&nbsp;&nbsp;&nbsp;$12817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812 | &nbsp;&nbsp;&nbsp;&nbsp;$49880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;2693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78172 | &nbsp;&nbsp;&nbsp;&nbsp;3585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(1528) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57997) | &nbsp;&nbsp;&nbsp;&nbsp;(2398) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(141886) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;1521 | &nbsp;&nbsp;&nbsp;&nbsp;$32992 | &nbsp;&nbsp;&nbsp;&nbsp;1999 | &nbsp;&nbsp;&nbsp;$120881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;1619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10423 | &nbsp;&nbsp;&nbsp;&nbsp;1073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(485) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6004) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(645) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16116) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;1223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527 | &nbsp;&nbsp;&nbsp;&nbsp;$11085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class P** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;$12532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(424) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20943) | &nbsp;&nbsp;&nbsp;&nbsp;(1487) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128997) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(177) | &nbsp;&nbsp;$(9579) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(993) | &nbsp;&nbsp;$(90576) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;&nbsp;&nbsp;$37804 | &nbsp;&nbsp;&nbsp;&nbsp;2725 | &nbsp;&nbsp;&nbsp;$235136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;2005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83404 | &nbsp;&nbsp;&nbsp;&nbsp;3770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(4274) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(226647) | &nbsp;&nbsp;&nbsp;&nbsp;(5696) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(461959) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(1554) | &nbsp;&nbsp;$(105439) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799 | &nbsp;&nbsp;&nbsp;&nbsp;$73175 |

---

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

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

#### December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Zevenbergen Technology Fund** | &nbsp;&nbsp;**Zevenbergen Technology Fund** | &nbsp;&nbsp;**Zevenbergen Technology Fund** | &nbsp;&nbsp;**Zevenbergen Technology Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> December 31, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> June 30, 2022** | &nbsp;&nbsp;**Year Ended<br> June 30, 2022** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Administrative Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(359) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78966) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(826) | &nbsp;&nbsp;$(73817) |

---

&nbsp;&nbsp;&nbsp;&nbsp; <sup>(1)</sup> Amount is less than 500 shares.

&nbsp;&nbsp;&nbsp;&nbsp; <sup>(2)</sup> Amount is less than $500.

#### Note 7. 10% Shareholders
As of December 31, 2022, certain Funds had individual shareholder account(s) and/or omnibus shareholder account(s) (comprised of a group of individual shareholders), which individually amounted to more than 10% of the total shares outstanding of such Fund as detailed below:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**% of Shares<br> Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Accounts<sup>\*</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets Opportunities Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;57% | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KAR Global Small-Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KAR Health Sciences Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NFJ International Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NFJ Large-Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NFJ Small-Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silvant Focused Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silvant Mid-Cap Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small-Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zevenbergen Technology Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;2 |

---

<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, 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.

In July 2017, the head of the United Kingdom Financial Conduct Authority ("FCA") announced the intention to phase out the use of LIBOR by the end of 2021. However, after subsequent announcements by the FCA, the LIBOR administrator and other regulators, certain of the most widely used LIBORs are expected to continue until June 30, 2023. The ICE Benchmark Administration Limited, which is regulated and authorized by FCA, and the administrator of LIBOR, ceased publishing certain LIBOR settings on December 31, 2021. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The expected discontinuation of LIBOR could have a significant impact on the financial markets and may present a material risk for certain market participants, including the Funds. Abandonment of or modifications to LIBOR could lead to significant short- and long-term uncertainty and market instability. The risks associated with this discontinuation and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. It remains uncertain the effects such changes will have on the Funds, issuers of instruments in which the Funds invest, and the financial markets generally.

In countries with limited or developing markets, investments may present greater risks than in more developed markets and the prices of such investments may be volatile. The consequences of political, social or economic changes in these markets may have disruptive effects on the market prices of these investments and the income they generate, as well as a Fund's ability to repatriate such amounts.

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, 2022, the following Funds held securities issued by various companies in specific sectors and industries as detailed below:

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

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

#### December 31, 2022

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Sector <br> /Industry** | &nbsp;&nbsp;&nbsp;&nbsp;**Percentage of<br> Total Investments** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KAR Global Small-Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KAR Global Small-Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KAR Health Sciences Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NFJ Small-Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silvant Focused Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silvant Mid-Cap Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zevenbergen Technology Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;28% |

---

#### 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, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Investment** | &nbsp;&nbsp;&nbsp;&nbsp;**Date of<br> Acquisition** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** | &nbsp;&nbsp;&nbsp;&nbsp;**Percentage of<br> Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income & Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;LiveStyle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12/1/2016 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.0% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;LiveStyle, Inc. Series B | &nbsp;&nbsp;&nbsp;&nbsp;3/1/2016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2699 | &nbsp;&nbsp;2004 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Tenerity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11/4/2015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount
 is less than $500.

#### Note 11. Redemption Facility

#### ($ reported in thousands)
On June 14, 2021, the Funds and certain other affiliated funds entered into an $250,000 unsecured line of credit ("Credit Agreement"). This Credit Agreement, as amended, is with a commercial bank that 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. This Credit Agreement has a term of 364 days and has been renewed for a period up to March 9, 2023. Effective March 10, 2022, interest is charged at the higher of the SOFR (prior to effective date, LIBOR) 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 2022, are included in the "Interest expense and/or commitment fees" line on the Statements of Operations. The Funds and other affiliated funds that are parties are individually, and not jointly, liable for their particular advances, if any, under the Credit Agreement. The lending bank has the ability to require repayment of outstanding borrowings under this Credit Agreement upon certain circumstances such as an event of default.

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

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

#### December 31, 2022
The following Funds had an outstanding loan during the six months period. The borrowings were valued at cost, which approximates fair value.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Interest Incurred<br> on Borrowing** | &nbsp;&nbsp;&nbsp;&nbsp;**Average Dollar<br> Amount of Borrowing** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted Average<br> Interest Rate on<br> Borrowing** | &nbsp;&nbsp;&nbsp;&nbsp;**Days Loan<br> was Open** |
| Emerging Markets Opportunities Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$8 | &nbsp;&nbsp;&nbsp;&nbsp;$2709 | &nbsp;&nbsp;&nbsp;&nbsp;2.88% | &nbsp;&nbsp;&nbsp;&nbsp;35 |
| KAR Health Sciences Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| NFJ Dividend Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7700 | &nbsp;&nbsp;&nbsp;&nbsp;5.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| NFJ International Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp;3.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| NFJ Large-Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7050 | &nbsp;&nbsp;&nbsp;&nbsp;4.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| NFJ Mid-Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21200 | &nbsp;&nbsp;&nbsp;&nbsp;5.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Silvant Focused Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4850 | &nbsp;&nbsp;&nbsp;&nbsp;4.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Small-Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7600 | &nbsp;&nbsp;&nbsp;&nbsp;3.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Zevenbergen Technology Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5390 | &nbsp;&nbsp;&nbsp;&nbsp;5.41 | &nbsp;&nbsp;&nbsp;&nbsp;10 |

---

<sup>(1)</sup> Amount is less than $500.

#### Note 12. Federal Income Tax Information

#### ($ reported in thousands)
At December 31, 2022, the approximate aggregate cost basis and the unrealized appreciation (depreciation) of investments and other financial instruments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Federal <br> Tax Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized <br> Appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized <br> (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;**Net Unrealized<br> Appreciation<br> (Depreciation)** |
| Emerging Markets Opportunities Fund<br>| &nbsp;&nbsp;&nbsp;$117996 | &nbsp;&nbsp;&nbsp;&nbsp;$13220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(16883) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(3663) |
| Income & Growth Fund<br>| &nbsp;&nbsp;6165615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1231409) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1189855) |
| Income & Growth Fund (Written options)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(624) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |
| KAR Global Small-Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4278) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1473) |
| KAR Health Sciences Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;158757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10941) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4890 |
| NFJ Dividend Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;653139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63413) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22285 |
| NFJ International Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;102904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14711) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8046) |
| NFJ Large-Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;239872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23461) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3381 |
| NFJ Mid-Cap Value Fund<br>| &nbsp;&nbsp;1059784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(133354) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67491) |
| NFJ Small-Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;371419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40141) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11130) |
| Silvant Focused Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;507727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22315) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245226 |
| Silvant Mid-Cap Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;258781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24327) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16974 |
| Small-Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3752) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13327 |
| Zevenbergen Technology Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;908774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60867) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41825 |

---

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, 2022, the Funds' capital loss carryovers were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Short-Term** | &nbsp;&nbsp;&nbsp;&nbsp;**Long-Term** |
| Emerging Markets Opportunities Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$9610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| NFJ International Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180014 |

---

#### 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 March 2020, the FASB issued Accounting Standards Update ("ASU") No. 2020-04 ("ASU 2020-04"), Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR and other interbank-offered reference rates as of the end of 2021. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to

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[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### VIRTUS INVESTMENT TRUST

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

#### December 31, 2022
June 30, 2023. On December 21, 2022, the FASB issued ASU 2022-06 to defer the sunset date of ASC 848 until December 31, 2024. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2024. Management is currently evaluating ASU 2020-04 and ASU 2020-06, but does not believe there will be a material impact.

#### Note 15. New Regulatory Pronouncement
In October 2022, the Securities and Exchange Commission (SEC) adopted a rule and form amendments relating to tailored shareholder reports for mutual funds and ETFs; and fee information in investment company advertisements. The rule and form amendments will require mutual funds and ETFs to transmit streamlined shareholder reports that highlight key information to investors. The rule amendments will require that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective in January 2023 and there is an 18-month transition period after the effective date of the amendment with a compliance date of July 2024.

#### Note 16. 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 there are no subsequent events requiring recognition or disclosure in these financial statements.

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[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### CONSIDERATION OF SUBADVISORY AGREEMENTS FOR

#### VIRTUS KAR GLOBAL SMALL-CAP FUND, VIRTUS KAR HEALTH SCIENCES FUND,

#### VIRTUS SILVANT FOCUSED GROWTH FUND, VIRTUS SILVANT MID-CAP GROWTH

#### FUND, VIRTUS ZEVENBERGEN TECHNOLOGY FUND AND VIRTUS INCOME & GROWTH

#### 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 establishment and continuation of advisory and subadvisory agreements for the Trust. At a meeting held on July 18, 2022, in a virtual meeting format in light of public health concerns regarding the spread of COVID-19 (the "Meeting"), 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"), approved the proposal to replace Allianz GIobal Investors U.S. LLC ("AllianzGI U.S.") and authorized the appointment of Kayne Anderson Rudnick Investment Management, LLC ("KAR") as subadviser to Virtus KAR Global Small-Cap Fund and Virtus KAR Health Sciences Fund; Silvant Capital Management LLC ("Silvant") as subadviser to Virtus Silvant Focused Growth Fund and Virtus Silvant Mid-Cap Growth Fund; Zevenbergen Capital Investments LLC ("ZCI") as subadviser to Virtus Zevenbergen Technology Fund; and Voya Investment Management Co. LLC ("Voya") as subadviser to Virtus Income and Growth Fund (each of KAR, Silvant, Zevenbergen and Voya, a "Subadviser" and collectively, the "Subadvisers") and approved a new investment subadvisory agreement with each Subadviser (each, a "Subadvisory Agreement" and collectively, the "Subadvisory Agreements"). The Board also considered and approved the following name changes:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund Name** | &nbsp;&nbsp;**New Fund Name** |
| &nbsp;&nbsp;Virtus Focused Growth Fund | &nbsp;&nbsp;Virtus Silvant Focused Growth Fund |
| &nbsp;&nbsp;Virtus Global Small-Cap Fund | &nbsp;&nbsp;Virtus KAR Global Small-Cap Fund |
| &nbsp;&nbsp;Virtus Health Sciences Fund | &nbsp;&nbsp;Virtus KAR Health Sciences Fund |
| &nbsp;&nbsp;Virtus Mid-Cap Growth Fund | &nbsp;&nbsp;Virtus Silvant Mid-Cap Growth Fund |
| &nbsp;&nbsp;Virtus Technology Fund | &nbsp;&nbsp;Virtus Zevenbergen Technology Fund |

---

*Basis for the Board's Approval*

In making its determination with respect to the New Subadvisory Agreements, the Board considered various factors, including:

• <u>Nature, extent, and quality of the services to be provided</u>. The Trustees received in advance of the meeting information provided by each Subadviser, in the form of an extensive questionnaire concerning a
number of topics, including its investment philosophy, resources, operations and compliance structure. The Trustees noted that the Subadvisers would provide portfolio management, compliance with each respective Fund's investment policies and
procedures, compliance with applicable securities laws, and assurances thereof. The Trustees reviewed biographical information for the portfolio managers who would provide services under each New Subadvisory Agreement noting with respect to Virtus
Income and Growth Fund that the portfolio management team from AllianzGI U.S. would be joining Voya and would continue to manage that Fund. In considering the approval of the New Subadvisory Agreements, the Trustees 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; (b) the quality of the Subadviser's
regulatory and legal compliance policies, procedures and systems; and (c) the Subadviser's brokerage and trading practices. With respect to Virtus Income & Growth Fund, the Board also took into account Voya's financial condition and
Voya's risk assessment and monitoring process, and the Board noted Voya'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. With respect to all of the Funds other than Virtus Income & Growth Fund, the Board also took into account its knowledge of the proposed Subadviser's services and the quality of the
performance of its duties with respect to other Virtus Funds. After considering all of the information provided to them, the Trustees concluded that the nature, extent and quality of the services to be provided by each Subadviser to the respective
Fund were satisfactory and that there was a reasonable basis on which to conclude that each would provide a high quality of investment services to the applicable Fund.

------

[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### CONSIDERATION OF SUBADVISORY AGREEMENTS FOR

#### VIRTUS KAR GLOBAL SMALL-CAP FUND, VIRTUS KAR HEALTH SCIENCES FUND,

#### VIRTUS SILVANT FOCUSED GROWTH FUND, VIRTUS SILVANT MID-CAP GROWTH

#### FUND, VIRTUS ZEVENBERGEN TECHNOLOGY FUND AND VIRTUS INCOME & GROWTH

#### FUND (each a "FUND" and collectively, the "FUNDS") BY THE BOARD OF TRUSTEES (Unaudited)
• <u>Investment Performance</u>. With respect to Virtus Income & Growth Fund, the Board considered the historical performance of the Fund versus a peer group and an appropriate index, along with performance
information provided by Voya pertaining to the Fund's strategy, and considered that the same portfolio management team would continue to manage the Fund. With respect to Virtus KAR Health Sciences Fund, the Board considered that KAR did not
manage a healthcare-only mandate, but considered the performance of health care sector investments in other strategies managed by KAR versus an appropriate index and the Fund's historical performance. With respect to Virtus KAR Global
Small-Cap Fund, the Board considered the performance of a similarly managed composite managed by KAR versus an appropriate index, as well as the Fund's historical performance. With respect to Virtus Silvant Focused Growth Fund, the Board
considered the performance of a composite managed by Silvant against a broad-based securities benchmark, as well as the Fund's historical performance. With respect to Virtus Silvant Mid-Cap Growth Fund, the Board noted that Silvant did not
manage any accounts with an identical strategy but considered that Silvant would use the same investment process as for its other accounts. With respect to Virtus Zevenbergen Technology Fund, the Board considered the hypothetical performance of a
blended portfolio of two strategies that Zevenbergen managed representing the overall characteristics of the Fund, as well as the Fund's historical performance. The Board determined it was satisfied with each proposed Subadviser's
performance.

• <u>Management Fees and Expenses</u>. The Board noted that each Fund's management fee was not expected to change, and each Fund has expense caps in place to limit the total expenses incurred by the respective
Fund and its shareholders. The Board took into account that each Fund's subadvisory fees are paid by Virtus Investment Advisers, Inc. ("VIA") and not by the Fund, so that the respective Fund's shareholders would not be
directly impacted by those fees. The Board concluded that the proposed subadvisory fees were fair and reasonable in light of the services to be provided by each respective Subadviser and all factors considered.

• <u>Profitability and Economies of Scale</u>. In considering the projected profitability to the Subadvisers in connection with their relationships to the Funds, the Board noted that the fees under the New
Subadvisory Agreements would be paid by VIA out of the advisory fees that it receives under the Advisory Agreement and not by the Funds. The Board noted that each Subadviser other than Voya is affiliated with VIA. In considering the reasonableness
of the fees payable by VIA 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 New Subadvisory Agreement and the fees thereunder at arm's length. As a result, the expected profitability to the Subadvisers of their relationships with the Funds was not a
material factor in the Board's deliberations at this time. For similar reasons, the Board did not consider the potential economies of scale in each Subadviser's management of respective Fund to be a material factor in its consideration
at this time.

• <u>Other Benefits</u>. The Board considered other benefits that may be realized by the Subadvisers and their affiliates from their relationships with the Funds. Among them, the Board recognized that VP
Distributors, LLC, an affiliate of VIA and certain Subadvisers, serves as the principal underwriter 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 Funds' assets and corresponding benefits from such growth, including economies of scale. The Board also noted that an affiliate of VIA and certain Subadvisers provides administrative and transfer agency services to the
Trust. The Board noted management's discussion of the fact that, while certain Subadvisers are affiliated with VIA, there are no other direct benefits to the Subadvisers in providing subadvisory services to the Funds, other than the fees to be
earned under the New Subadvisory Agreements. There may be certain intangible benefits gained to the extent that serving the Fund could provide the opportunity to provide subadvisory services to additional series of the Trust or certain reputational
benefits.

Based on all of the foregoing considerations, the Board, including the Independent Trustees, determined that approval of each New Subadvisory Agreement was in the best interests of each applicable Fund and its shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the New Subadvisory Agreements.

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[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS FOR VIRTUS

#### EMERGING MARKETS OPPORTUNITIES FUND, VIRTUS INCOME & GROWTH FUND,

#### VIRTUS KAR GLOBAL SMALL-CAP FUND, VIRTUS KAR HEALTH SCIENCES FUND,

#### VIRTUS NFJ DIVIDEND VALUE FUND, VIRTUS NFJ INTERNATIONAL VALUE FUND,

#### VIRTUS NFJ LARGE-CAP VALUE FUND, VIRTUS NFJ MID-CAP VALUE FUND, VIRTUS

#### NFJ SMALL-CAP VALUE FUND, VIRTUS SILVANT FOCUSED GROWTH FUND, VIRTUS

#### SILVANT MID-CAP GROWTH FUND, VIRTUS SMALL-CAP FUND AND VIRTUS

#### ZEVENBERGEN TECHNOLOGY FUND (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 ("Advisory Agreement") between the Trust and Virtus Investment Advisers, Inc. ("VIA") and of each subadvisory agreement (each, a "Subadvisory Agreement" and collectively, the "Subadvisory Agreements") 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 ("ZCI") with respect to Virtus Zevenbergen Technology Fund (each of NFJ, Voya, KAR, Silvant and ZCI, a "Subadviser" and collectively, the "Subadvisers"). At meetings held on November 1, 2022, and November 14-16, 2022 (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 and approved the continuation of the Advisory Agreement with respect to each of the Funds and the Subadvisory Agreement with 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 (collectively, the "Agreements"), as further discussed below. (Continuation of the Subadvisory Agreements with Voya with respect to Virtus Income & Growth Fund; KAR with respect to Virtus KAR Global Small-Cap Fund and Virtus KAR Health Sciences Fund; Silvant with respect to Virtus Silvant Focused Growth Fund and Virtus Silvant Mid-Cap Growth Fund; and ZCI with respect to Virtus Zevenbergen Technology Fund, was not due for approval since those Subadvisory Agreements had been approved earlier in the year.)

In connection with the approval of the Agreements, the Board requested and evaluated information provided by VIA and NFJ 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 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. In addition, prior to the Meetings, the Independent Trustees met with their independent legal counsel to discuss and consider the information provided by management and submitted questions to management, and they considered the responses provided.

The Board was separately advised by independent legal counsel throughout the process. For each Agreement, the Board considered all the criteria with respect to the applicable Fund and its shareholders. 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 Funds by VIA and NFJ; (b) the performance of the Funds as compared to an appropriate peer group and an appropriate index; (c) the level and method of computing each Fund's advisory and subadvisory fees, and comparisons of the Funds' advisory fee rates and total expenses with those of a group of funds with similar investment objective(s); (d) the profitability of VIA under the

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[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS FOR VIRTUS

#### EMERGING MARKETS OPPORTUNITIES FUND, VIRTUS INCOME & GROWTH FUND,

#### VIRTUS KAR GLOBAL SMALL-CAP FUND, VIRTUS KAR HEALTH SCIENCES FUND,

#### VIRTUS NFJ DIVIDEND VALUE FUND, VIRTUS NFJ INTERNATIONAL VALUE FUND,

#### VIRTUS NFJ LARGE-CAP VALUE FUND, VIRTUS NFJ MID-CAP VALUE FUND, VIRTUS

#### NFJ SMALL-CAP VALUE FUND, VIRTUS SILVANT FOCUSED GROWTH FUND, VIRTUS

#### SILVANT MID-CAP GROWTH FUND, VIRTUS SMALL-CAP FUND AND VIRTUS

#### ZEVENBERGEN TECHNOLOGY FUND (EACH A "FUND" AND COLLECTIVELY, THE "FUNDS") BY THE BOARD OF TRUSTEES (Unaudited)
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 each Fund's performance and expenses; (g) fees paid to VIA and NFJ by comparable accounts, as applicable; (h) possible conflicts of interest; and (i) the terms of the Agreements.

<u>Nature, Extent and Quality of Services</u>

The Trustees received in advance of the Meetings information provided by VIA and NFJ, 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. The Trustees noted that most of the Funds are managed using a "manager of managers" structure that generally involves the use of one or more subadvisers to manage some or all of a Fund's portfolio. Under this structure, VIA is responsible for the 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. In considering the Advisory Agreement, the Board considered VIA's process for supervising and managing the respective Funds' subadviser, if any, including (a) VIA's ability to select and monitor the subadvisers; (b) VIA's ability to provide the services necessary to monitor the subadvisers' compliance with the Fund's(s') respective investment objective(s), 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 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 NFJ, the Board considered information provided to the Board by NFJ, as well as information provided throughout the past year. With respect to the Subadvisory Agreement with NFJ, the Board noted that NFJ provided portfolio management, compliance with the applicable Funds' investment policies and procedures, compliance with applicable securities laws and assurances thereof. The Board also noted that VIA's and NFJ's management of the respective Funds 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 Funds' prospectuses and statement of additional information. In considering the renewal of the NFJ Subadvisory Agreement, the Board also considered NFJ's investment management process, including (a) the experience and capability of NFJ's management and other personnel committed by NFJ to the respective Funds; (b) the financial condition of NFJ; (c) the quality of NFJ's regulatory and legal compliance policies, procedures and systems; and (d) NFJ's brokerage and trading practices, including with respect to best execution and soft dollars. The Board also took into account NFJ's risk assessment and monitoring process. The Board noted NFJ'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 NFJ 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 Funds.

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#### CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS FOR VIRTUS

#### EMERGING MARKETS OPPORTUNITIES FUND, VIRTUS INCOME & GROWTH FUND,

#### VIRTUS KAR GLOBAL SMALL-CAP FUND, VIRTUS KAR HEALTH SCIENCES FUND,

#### VIRTUS NFJ DIVIDEND VALUE FUND, VIRTUS NFJ INTERNATIONAL VALUE FUND,

#### VIRTUS NFJ LARGE-CAP VALUE FUND, VIRTUS NFJ MID-CAP VALUE FUND, VIRTUS

#### NFJ SMALL-CAP VALUE FUND, VIRTUS SILVANT FOCUSED GROWTH FUND, VIRTUS

#### SILVANT MID-CAP GROWTH FUND, VIRTUS SMALL-CAP FUND AND VIRTUS

#### ZEVENBERGEN TECHNOLOGY FUND (EACH A "FUND" AND COLLECTIVELY, THE "FUNDS") BY THE BOARD OF TRUSTEES (Unaudited)
<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") and relevant indexes, as selected by Broadridge. 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 composition, as well as each Subadviser's investment strategies. 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 NFJ'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, the information set forth below with respect to the performance of each Fund for the period ended June 30, 2022.

*<u>Virtus Emerging Markets Opportunities 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-year period and outperformed its benchmark 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-year period and outperformed the median 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.*

*<u>Virtus KAR Global Small-Cap Fund</u>. The Board noted that the Fund outperformed the median of its Performance Universe for the 1- and 3-year periods and underperformed its median for the 5- and 10-year periods. The Board also noted that the Fund underperformed its benchmark for the 1-, 3-, 5- and 10-periods.*

*<u>Virtus KAR Health Sciences Fund</u>. The Board noted that the Fund outperformed the median of its Performance Universe for the 1-, 3- and 5-year periods. The Board also noted that the Fund underperformed its benchmark for the 1-year period and outperformed its benchmark for the 3- and 5-year periods.*

*<u>Virtus NFJ Dividend Value Fund</u>. The Board noted that the Fund outperformed the median of its Performance Universe for the 1-year period and underperformed its median for the 3-, 5- and 10-year periods . The Board also noted that the Fund outperformed its benchmark for the 1-year period and underperformed its benchmark for the 3-, 5- and 10-year periods.*

*<u>Virtus NFJ International Value Fund</u>. The Board noted that the Fund underperformed the median of its Performance Universe for the 1-, 3- and 10-year periods and outperformed the median for the 5-year period. The Board also noted that the Fund underperformed its benchmark for the 1-, 3-, 5- and 10-year periods.*

*<u>Virtus NFJ Large-Cap Value Fund</u>.The Board noted that the Fund underperformed 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-year period and underperformed its benchmark for the 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 its median for the 3- and 5-year periods. The Board also noted that the Fund outperformed its benchmark for the 1-year period and underperformed its benchmark for the 3-, 5- and 10-year periods.*

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#### CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS FOR VIRTUS

#### EMERGING MARKETS OPPORTUNITIES FUND, VIRTUS INCOME & GROWTH FUND,

#### VIRTUS KAR GLOBAL SMALL-CAP FUND, VIRTUS KAR HEALTH SCIENCES FUND,

#### VIRTUS NFJ DIVIDEND VALUE FUND, VIRTUS NFJ INTERNATIONAL VALUE FUND,

#### VIRTUS NFJ LARGE-CAP VALUE FUND, VIRTUS NFJ MID-CAP VALUE FUND, VIRTUS

#### NFJ SMALL-CAP VALUE FUND, VIRTUS SILVANT FOCUSED GROWTH FUND, VIRTUS

#### SILVANT MID-CAP GROWTH FUND, VIRTUS SMALL-CAP FUND AND VIRTUS

#### ZEVENBERGEN TECHNOLOGY FUND (EACH A "FUND" AND COLLECTIVELY, THE "FUNDS") BY THE BOARD OF TRUSTEES (Unaudited)
*<u>Virtus NFJ Small-Cap Value Fund</u>. The Board noted that the Fund outperformed the median of its Performance Universe for the 1-year period and underperformed its median for the 3-, 5- and 10-year periods. The Board also noted that the Fund outperformed its benchmark for the 1-year period and underperformed its benchmark for the 3-, 5- and 10-year periods.*

*<u>Virtus Silvant Focused Growth Fund</u>. The Board noted that the Fund underperformed the median of its Performance Universe for the 1-year period and outperformed the median 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.*

*<u>Virtus Silvant Mid-Cap Growth Fund</u>. The Board noted that the Fund underperformed the median of its Performance Universe for the 1-year period and outperformed the median for the 3-, 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.*

*<u>Virtus Small-Cap 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 for the 5-year period. The Board also noted that the Fund outperformed its benchmark for the 1-, 3- and 5-year periods.*

*<u>Virtus Zevenbergen Technology 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 for the 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 noted that each Fund other than those managed by NFJ had changed from a prior subadviser in July of 2022. The Board also considered management's discussion about the reasons for each applicable Fund's underperformance relative to its peer group or benchmark. After reviewing these and related factors, the Board concluded that each Fund's overall performance, taking into account reasons discussed for certain Funds' underperformance and/or actions taken to address the underperformance, was satisfactory.

<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, best in these expense component rankings, and fifth being highest and, therefore, worst in these expense component rankings). In comparing each Fund's net management fee to that of comparable funds, the Board noted that in the materials presented by management such fee was comprised of advisory fees. The Board also noted that all of the Funds had expense caps 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. NFJ provided, and the Board considered, fee information of comparable accounts managed by NFJ, 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 in the second quintile of the Expense Universe.*

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#### CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS FOR VIRTUS

#### EMERGING MARKETS OPPORTUNITIES FUND, VIRTUS INCOME & GROWTH FUND,

#### VIRTUS KAR GLOBAL SMALL-CAP FUND, VIRTUS KAR HEALTH SCIENCES FUND,

#### VIRTUS NFJ DIVIDEND VALUE FUND, VIRTUS NFJ INTERNATIONAL VALUE FUND,

#### VIRTUS NFJ LARGE-CAP VALUE FUND, VIRTUS NFJ MID-CAP VALUE FUND, VIRTUS

#### NFJ SMALL-CAP VALUE FUND, VIRTUS SILVANT FOCUSED GROWTH FUND, VIRTUS

#### SILVANT MID-CAP GROWTH FUND, VIRTUS SMALL-CAP FUND AND VIRTUS

#### ZEVENBERGEN TECHNOLOGY FUND (EACH A "FUND" AND COLLECTIVELY, THE "FUNDS") BY THE BOARD OF TRUSTEES (Unaudited)
*<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.*

*<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 in the fourth quintile of the Expense Universe.*

*<u>Virtus KAR Health Sciences Fund</u>. The Board considered that the Fund's net management fee was in the third quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile 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.*

*<u>Virtus NFJ International 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 were in the third quintile 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.*

*<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 in the first quintile of the Expense Universe.*

*<u>Virtus NFJ Small-Cap Value Fund</u>. The Board considered that the Fund's net management fee and net total expenses after waivers were in the first quintile 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.*

*<u>Virtus Silvant Mid-Cap 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.*

*<u>Virtus Small-Cap Fund</u>. The Board considered that the Fund's net management fee and net total expenses after waivers were in the first quintile 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 concluded that the advisory fees for each Fund and the subadvisory fees for the Funds managed by NFJ, including with 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 affiliates. In addition to the fees paid to VIA and its affiliates, including the applicable 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

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#### CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS FOR VIRTUS

#### EMERGING MARKETS OPPORTUNITIES FUND, VIRTUS INCOME & GROWTH FUND,

#### VIRTUS KAR GLOBAL SMALL-CAP FUND, VIRTUS KAR HEALTH SCIENCES FUND,

#### VIRTUS NFJ DIVIDEND VALUE FUND, VIRTUS NFJ INTERNATIONAL VALUE FUND,

#### VIRTUS NFJ LARGE-CAP VALUE FUND, VIRTUS NFJ MID-CAP VALUE FUND, VIRTUS

#### NFJ SMALL-CAP VALUE FUND, VIRTUS SILVANT FOCUSED GROWTH FUND, VIRTUS

#### SILVANT MID-CAP GROWTH FUND, VIRTUS SMALL-CAP FUND AND VIRTUS

#### ZEVENBERGEN TECHNOLOGY FUND (EACH A "FUND" AND COLLECTIVELY, THE "FUNDS") BY THE BOARD OF TRUSTEES (Unaudited)
each be reasonable while producing different results. The Board concluded that the profitability to VIA and its affiliates from each Fund was reasonable 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 NFJ in connection with its relationship to the applicable Funds, the Board noted that the fees under the Subadvisory Agreement 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 NFJ, the Board noted that, because NFJ is an affiliate of VIA, such profitability might be directly or indirectly shared by VIA. For each of the above reasons, the Board concluded that the profitability to NFJ and its affiliates from their relationships with the Funds was not a material factor in approval of the Subadvisory Agreement.

<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 caps were in place for the Funds. The Board also took into account management's discussion of the Funds' management fee and subadvisory fee structure. The Board also took into account the current sizes of the Funds. The Board also noted that VIA had agreed to implement an extension of each Fund's expense cap through October 31, 2023. The Board then concluded that no changes to the advisory fee structure of the Funds with respect to economies of scale were necessary at this time. 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.

For similar reasons as stated above with respect to NFJ's profitability, and based upon the current sizes of the Funds managed by NFJ, the Board concluded that the potential for economies of scale in NFJ's management of the applicable Funds was not a material factor in the approval of the Subadvisory Agreement with NFJ at this time.

<u>Other Factors</u>

The Board considered other benefits that may be realized by VIA, NFJ and their affiliates from their relationships with the Funds. Among them, the Board recognized that VP Distributors, LLC, an affiliate of VIA, NFJ, KAR, Silvant and ZCI, 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, NFJ, KAR, Silvant and ZCI also provides administrative and transfer agency services to the Trust. The Board noted management's discussion of the fact that, while NFJ is an affiliate of VIA, there are no other direct benefits to NFJ or VIA in providing investment advisory services to the Funds, other than the fee to be earned under the applicable Agreement. There may be certain indirect benefits gained, including to the extent that serving the Funds could provide the opportunity to provide advisory services to additional portfolios of the Trust or certain reputational benefits.

<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, as amended, 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.

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#### Virtus Income & Growth Fund (the "Fund"),

#### a series of Virtus Investment Trust (Unaudited)
Supplement dated January 27, 2023, to the Fund's Summary Prospectus and the

Virtus Investment Trust Statutory Prospectus, each dated October 28, 2022, as supplemented

#### IMPORTANT NOTICE TO INVESTORS
Effective January 27, 2023, Ethan Turner, CFA is added as portfolio manager of the Fund.

The disclosure under "Portfolio Management" in the Fund's summary prospectus and in the summary section of Fund's statutory prospectus is hereby replaced in its entirety with the following:

>  ***Justin Kass, CFA***, portfolio manager and senior managing director at Voya, has managed the fund since 2007.

>  ***David J. Oberto***, portfolio manager and senior vice president at Voya, has managed the fund since 2020.

>  ***Ethan Turner***, CFA, portfolio manager and vice president at Voya, has managed the fund since January 2023.

>  ***Michael E. Yee***, portfolio manager and managing director at Voya, has managed the fund since 2007.

In the section "Management of the Funds" in the subsection "Portfolio Management", the row for the Fund in the table under "Voya on page 86 of the Fund's statutory prospectus is hereby replaced with the following:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Virtus Income & Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;Justin Kass, CFA (since 2007) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;David J. Oberto (since 2020) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Ethan Turner, CFA (since January 2023) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Michael E. Yee (since 2007) |

---

The portfolio manager biographies under the referenced table are hereby amended by adding the following

for Mr. Turner.

***Ethan Turner, CFA. Mr. Turner is a portfolio manager and vice president with Voya. He joined Voya in July 2022 in conjunction with the firm's transfer of certain portfolio management teams from Allianz Global Investors U.S., which he had joined in 2012, where he was an analyst and vice president with research responsibilities for the income and growth strategies team. Prior to that at Allianz, he was a trading assistant. Previously, Mr. Turner was a lead analyst covering the financial sector at Relational Investors and a financial analyst at Sunstone Hotel Investors. Mr. Turner earned a B.S. from San Diego State University and an M.B.A. from the Anderson School of Management at the University of California, Los Angeles. He is a CFA<sup>®</sup> Charterholder.***

All other disclosure concerning the Fund, including fees, expenses, investment objective, strategies and risks, remains unchanged.

#### Investors should retain this supplement with the Prospectuses for future reference.
VIT 8061/I&G Fund PM Changes (1/2023)

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[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

#### Virtus KAR Global Small-Cap Fund (the "Fund"),<br> a series of Virtus Investment Trust
(Unaudited)

Supplement dated January 27, 2023, to the Fund's Summary Prospectus and the

Virtus Investment Trust Statutory Prospectus, each dated October 28, 2022, as supplemented

#### IMPORTANT NOTICE TO INVESTORS
Effective January 1, 2023 the benchmark to which performance of the Fund is compared is the MSCI All Country World Small Cap Index (net), replacing MSCI World Small Cap Index (net). This change is being made to more closely match the Fund's primary benchmark to its principal investment strategy.

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

#### Investors should retain this supplement with the Prospectuses for future reference.
VIT 8061/Global Small-Cap Fund Benchmark Change (1/2023)

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#### VIRTUS INVESTMENT TRUST
101 Munson Street

Greenfield, MA 01301-9668

#### Trustees
Philip R. McLoughlin, Chairman

George R. Aylward

Donald C. Burke

Sarah E. Cogan

Deborah A. DeCotis

F. Ford Drummond

Sidney E. Harris

John R. Mallin

Connie D. McDaniel

Geraldine M. McNamara

R. Keith Walton

Brian T. Zino

#### Officers
George R. Aylward, President

Peter Batchelar, Senior Vice President

W. Patrick Bradley, Executive Vice President, Chief Financial Officer and Treasurer

Timothy Branigan, Vice President and Fund Chief Compliance Officer

Jennifer Fromm, Vice President, Chief Legal Officer, Counsel and Secretary

Julia R. Short, Senior Vice President

Richard W. Smirl, Executive Vice President

#### Investment Adviser
Virtus Investment Advisers, Inc.

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 Mellon

240 Greenwich Street

New York, NY 10286-1048

#### How to Contact Us
Mutual Fund Services 1-800-243-1574 <br> Adviser Consulting Group 1-800-243-4361

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| | |
|:---|:---|
| Website | **Virtus.com** |

---

Important Notice to Shareholders<br> The Securities and Exchange Commission has modified mailing regulations for semiannual and annual shareholder fund reports to allow mutual fund companies to send a single copy of these reports to shareholders who share the same mailing address. If you would like additional copies, please call Mutual Fund Services at 1-800-243-1574.

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[**Table of Contents**](#job_vit_a_89da5d6d-f7a3-40ea-b1f6-ab9d3fc8ed11_toc)

![](g455583img3bc431564.gif)

P.O. Box 534470

Pittsburgh, PA 15253-4470

For more information about Virtus Mutual Funds,<br> please contact us at **1-800-243-1574**, or visit **Virtus.com**.

---

| | |
|:---|:---|
| 8033 | 02-23 |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2.** **Code of Ethics.** <br>

Response not required for semi-annual report.

**Item 3.** **Audit Committee Financial Expert.** <br>

Response not required for semi-annual report.

**Item 4.** **Principal Accountant Fees and Services.** <br>

Response not required for semi-annual report.

**Item 5.** **Audit Committee of Listed Registrants.** <br>

Response not required for semi-annual report.

**Item 6.** **Investments.** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is
included as part of the report to shareholders filed under Item 1(a) of this form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 7.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** <br>

Not applicable.

**Item 8.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable.

------

**Item 9.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable.

**Item 10.** **Submission of Matters to a Vote of Security Holders.** <br>

There have been no material changes to the procedures by which the 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 11.** **Controls and Procedures.** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar
functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required
by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 has materially affected, or is reasonably likely to materially
affect, the registrant's internal control over financial reporting.

**Item 12.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

Not applicable.

**Item 13.** **Exhibits.** <br>

---

| | |
|:---|:---|
| (a)(1) | Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto. |
| (a)(2) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d455583dex99cert.htm) |
| (a)(2)(1) | Not applicable. |
| (a)(2)(2) | There was no change in the Registrant's independent public accountant during the period covered by the report. |
| (b) | [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d455583dex99906ce.htm) |

---

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Virtus Investment Trust

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ George R. Aylward |
|  | George R. Aylward, President |
|  | (principal executive officer) |
| Date 3/2/23 | Date 3/2/23 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ George R. Aylward |
|  | George R. Aylward, President |
|  | (principal executive officer) |
| Date 3/2/23 | Date 3/2/23 |

---

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ W. Patrick Bradley |
|  | W. Patrick Bradley, Executive Vice President, |
|  | Chief Financial Officer and Treasurer |
|  | (principal financial officer) |
| Date 3/2/23 |  |

---

<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;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: 3/2/23 | /s/ George R. Aylward |
|  | George R. Aylward, President |
|  | (principal executive officer) |

---

------

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the** 

**Sarbanes-Oxley Act** 

I, W. Patrick Bradley, certify that:

1. I have reviewed this report on Form N-CSR of Virtus Investment Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: 3/2/23 | /s/ W. Patrick Bradley |
|  | W. Patrick Bradley, Executive Vice President, |
|  | Chief Financial Officer and Treasurer |
|  | (principal financial officer) |

---

## Exhibit 99.906

**![LOGO](g455583g0228100734713.jpg) Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the** 

**Sarbanes-Oxley Act** 

I, George R. Aylward, President of Virtus Investment Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant containing the financial statements
(the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

---

| | |
|:---|:---|
| Date:3/2/23 | /s/ George R. Aylward |
|  | George R. Aylward, President |
|  | (principal executive officer) |

---

I, W. Patrick Bradley, Executive Vice President, Chief Financial Officer and Treasurer of Virtus Investment Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant containing the financial statements
(the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

---

| | |
|:---|:---|
| Date:3/2/23 | /s/ W. Patrick Bradley |
|  | W. Patrick Bradley, Executive Vice President, |
|  | Chief Financial Officer and Treasurer |
|  | (principal financial officer) |

---