Virtus NFJ Small-Cap Value Fund

as of : 08/31/2021 (Unaudited)

SECURITY SHARES TRADED MARKET VALUE % OF PORTFOLIO Community System Inc 130,265 $9,639,610 1.73 %

ONE Gas Inc 133,238 $9,569,153 1.72 %

Blackstone Mortgage Trust Inc 281,475 $9,235,195 1.66 %

KB Home 209,201 $9,001,919 1.62 %

MDC Holdings Inc 164,643 $8,602,597 1.55 %

Kinsale Capital Group Inc 35,835 $6,516,595 1.17 %

Diodes Inc 64,431 $6,238,854 1.12 %

South State Corp 90,213 $6,186,808 1.11 %

Spire Inc 92,527 $6,171,551 1.11 %

ePlus Inc 56,956 $6,163,778 1.11 %

IDACORP Inc 57,730 $6,081,856 1.09 %

Black Hills Corp 86,406 $6,076,934 1.09 %

Houlihan Lokey Inc 64,691 $5,835,128 1.05 %

CoreSite Realty Corp 39,197 $5,815,659 1.04 %

Hannon Armstrong Sustainable Infrastructure Capital Inc 95,865 $5,787,370 1.04 %

NorthWestern Corp 90,188 $5,735,957 1.03 %

Walker & Dunlop Inc 51,367 $5,704,305 1.02 %

Addus HomeCare Corp 63,177 $5,680,876 1.02 %

Stepan Co 48,049 $5,648,640 1.01 %

AllianceBernstein Holding LP 107,368 $5,622,862 1.01 %

Apollo Commercial Real Estate Finance Inc 359,386 $5,588,452 1.00 %

1 SECURITY SHARES TRADED MARKET VALUE % OF PORTFOLIO MKS Instruments Inc 37,832 $5,568,114 1.00 %

UFP Industries Inc 74,124 $5,565,230 1.00 %

TopBuild Corp 25,367 $5,550,046 1.00 %

Brady Corp 103,305 $5,509,256 0.99 %

Wendy's Co/The 239,271 $5,508,018 0.99 %

Silgan Holdings Inc 129,761 $5,505,759 0.99 %

National Health Investors Inc 91,646 $5,482,264 0.98 %

Werner Enterprises Inc 115,951 $5,468,249 0.98 %

First American Financial Corp 77,353 $5,455,707 0.98 %

Chemed Corp 11,322 $5,397,197 0.97 %

Horace Mann Educators Corp 130,898 $5,366,818 0.96 %

Douglas Dynamics Inc 133,178 $5,292,494 0.95 %

Acushnet Holdings Corp 103,269 $5,159,319 0.93 %

CMC Materials Inc 38,863 $5,154,011 0.93 %

Progress Software Corp 109,948 $5,119,179 0.92 %

CBIZ Inc 149,363 $5,094,772 0.92 %

CONMED Corp 38,651 $5,076,422 0.91 %

Hanover Insurance Group Inc/The 35,894 $5,072,181 0.91 %

Old Republic International Corp 193,347 $5,027,022 0.90 %

Curtiss-Wright Corp 41,133 $5,009,177 0.90 %

LHC Group Inc 26,732 $4,992,468 0.90 %

Cogeco Communications Inc 54,200 $4,983,745 0.90 %

Cogent Communications Holdings Inc 68,236 $4,952,569 0.89 %

ManTech International Corp/VA 60,839 $4,816,624 0.87 %

Atlantic Union Bankshares Corp 129,349 $4,785,913 0.86 %

Delek Logistics Partners LP 108,428 $4,688,427 0.84 %

2 SECURITY SHARES TRADED MARKET VALUE % OF PORTFOLIO Commercial Metals Co 143,043 $4,666,063 0.84 %

Valley National Bancorp 355,378 $4,634,129 0.83 %

Enterprise Financial Services Corp 101,799 $4,571,793 0.82 %

Sonoco Products Co 69,722 $4,552,847 0.82 %

McGrath RentCorp 65,162 $4,547,004 0.82 %

Lumentum Holdings Inc 52,475 $4,546,434 0.82 %

Methode Electronics Inc 96,131 $4,476,821 0.80 %

Globe Life Inc 46,151 $4,433,727 0.80 %

Independent Bank Corp 57,215 $4,388,391 0.79 %

Triton International Ltd 79,041 $4,325,124 0.78 %

STAG Industrial Inc 102,000 $4,309,500 0.77 %

Encompass Health Corp 54,116 $4,245,400 0.76 %

ABM Industries Inc 85,717 $4,244,706 0.76 %

SkyWest Inc 89,695 $4,184,272 0.75 %

Stifel Financial Corp 60,528 $4,182,485 0.75 %

Agree Realty Corp 55,264 $4,119,931 0.74 %

Kaiser Aluminum Corp 32,087 $4,051,305 0.73 %

Hamilton Lane Inc 46,187 $3,975,315 0.71 %

Arbor Realty Trust Inc 215,182 $3,933,527 0.71 %

Invesco S&P 500 Equal Weight ETF 25,054 $3,915,940 0.70 %

Radian Group Inc 164,831 $3,894,957 0.70 %

Gold Fields Ltd 409,517 $3,882,221 0.70 %

Jabil Inc 62,613 $3,868,231 0.69 %

United Community Inc/GA 127,682 $3,852,166 0.69 %

Essent Group Ltd 80,916 $3,809,525 0.68 %

Nomad Foods Ltd 143,636 $3,790,554 0.68 %

3 SECURITY SHARES TRADED MARKET VALUE % OF PORTFOLIO Mercury Systems Inc 75,115 $3,784,294 0.68 %

SPS Commerce Inc 27,858 $3,775,595 0.68 %

Unitil Corp 73,634 $3,652,246 0.66 %

EMCOR Group Inc 29,496 $3,583,764 0.64 %

Watts Water Technologies Inc 20,429 $3,505,004 0.63 %

Exponent Inc 29,523 $3,451,239 0.62 %

PennyMac Financial Services Inc 49,301 $3,280,982 0.59 %

CNO Financial Group Inc 132,364 $3,237,623 0.58 %

Ovintiv Inc 118,503 $3,230,392 0.58 %

American States Water Co 34,903 $3,218,406 0.58 %

SiteOne Landscape Supply Inc 15,991 $3,199,799 0.57 %

California Water Service Group 49,805 $3,165,108 0.57 %

SPX Corp 50,326 $3,144,368 0.56 %

Bank of Hawaii Corp 36,888 $3,091,583 0.56 %

First Citizens BancShares Inc/NC 3,408 $3,059,362 0.55 %

Hillenbrand Inc 65,000 $3,017,300 0.54 %

Matador Resources Co 104,061 $2,991,754 0.54 %

FormFactor Inc 76,868 $2,988,628 0.54 %

ITT Inc 31,211 $2,985,956 0.54 %

Selective Insurance Group Inc 35,633 $2,977,850 0.53 %

AudioCodes Ltd 93,756 $2,934,563 0.53 %

Primerica Inc 18,820 $2,878,331 0.52 %

Simpson Manufacturing Co Inc 25,362 $2,869,710 0.52 %

Fabrinet 27,715 $2,855,199 0.51 %

Royal Gold Inc 25,373 $2,824,776 0.51 %

Medpace Holdings Inc 15,485 $2,823,690 0.51 %

4 SECURITY SHARES TRADED MARKET VALUE % OF PORTFOLIO YETI Holdings Inc 28,371 $2,818,375 0.51 %

PROG Holdings Inc 58,921 $2,788,142 0.50 %

Rexford Industrial Realty Inc 44,931 $2,782,577 0.50 %

Premier Financial Corp 90,562 $2,753,085 0.49 %

ESCO Technologies Inc 30,484 $2,747,218 0.49 %

Compass Diversified Holdings 96,119 $2,736,508 0.49 %

Cabot Corp 51,133 $2,730,502 0.49 %

Terreno Realty Corp 40,631 $2,714,557 0.49 %

KBR Inc 69,525 $2,707,304 0.49 %

WD-40 Co 11,112 $2,662,769 0.48 %

Meta Financial Group Inc 53,986 $2,655,571 0.48 %

Federal Signal Corp 65,234 $2,650,457 0.48 %

First Interstate BancSystem Inc 59,365 $2,615,622 0.47 %

BancFirst Corp 46,112 $2,608,095 0.47 %

Commerce Bancshares Inc/MO 36,618 $2,589,625 0.47 %

Toro Co/The 23,455 $2,578,643 0.46 %

Allison Transmission Holdings Inc 69,077 $2,554,467 0.46 %

Glacier Bancorp Inc 47,239 $2,515,949 0.45 %

Lithia Motors Inc 7,429 $2,461,228 0.44 %

TEGNA Inc 138,442 $2,453,192 0.44 %

Cirrus Logic Inc 29,064 $2,431,785 0.44 %

America's Car-Mart Inc/TX 18,203 $2,354,194 0.42 %

Helen of Troy Ltd 9,531 $2,279,720 0.41 %

American Assets Trust Inc 55,691 $2,217,616 0.40 %

Dana Inc 94,687 $2,202,420 0.40 %

MSA Safety Inc 13,500 $2,198,340 0.39 %

5 SECURITY SHARES TRADED MARKET VALUE % OF PORTFOLIO Standard Motor Products Inc 50,986 $2,186,790 0.39 %

Wingstop Inc 11,770 $2,023,616 0.36 %

Americold Realty Trust 54,646 $2,007,694 0.36 %

Tetra Tech Inc 13,531 $1,946,299 0.35 %

Cannae Holdings Inc 59,858 $1,910,667 0.34 %

Simply Good Foods Co/The 53,384 $1,901,538 0.34 %

Ensign Group Inc/The 20,454 $1,670,478 0.30 %

Federal Agricultural Mortgage Corp 16,418 $1,607,322 0.29 %

Ollie's Bargain Outlet Holdings Inc 21,715 $1,571,732 0.28 %

Fox Factory Holding Corp 8,970 $1,378,420 0.25 %

Innospec Inc 12,970 $1,213,992 0.22 %

Aspen Technology Inc 8,175 $1,058,663 0.19 %

CyrusOne Inc 12,601 $970,025 0.17 %

Holdings subject to change.

Portfolio holdings are subject to change daily without notice and may not represent current or past portfolio composition. The holdings presented above include those directly held by the Fund and exclude cash, cash equivalents, as well as certain other assets and liabilities. Unlike the fund's regulatory filings, the portfolio data and its presentation in this document are not required to conform to Generally Accepted Accounting Principles (GAAP) and Securities and Exchange Commission (SEC) presentation requirements. Therefore, the information provided may differ from a fund's holdings disclosed in its annual/semi-annual report and Form N PORT-EX due to the exclusions noted above.

For information related to the Fund's collateral investments and other items mentioned above, please refer to the most recent Form N PORT-EX or the annual/semi-annual report in the above 'Related Resources' scrolling section of the page. Forms N PORT-EX are available on the SEC’s website at www.sec.gov.

Mutual funds distributed by VP Distributors LLC.

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