Virtus AllianzGI Global Small-Cap Fund

as of : 08/31/2021 (Unaudited)

SECURITY SHARES TRADED MARKET VALUE % OF PORTFOLIO Perficient Inc 14,019 $1,671,345 1.75 %

MaxLinear Inc 26,445 $1,381,222 1.45 %

Graphic Packaging Holding Co 61,637 $1,264,791 1.33 %

Capri Holdings Ltd 22,190 $1,253,957 1.31 %

Varonis Systems Inc 17,920 $1,236,659 1.30 %

Matson Inc 15,553 $1,231,331 1.29 %

Terreno Realty Corp 18,343 $1,225,496 1.28 %

Pinnacle Financial Partners Inc 12,639 $1,224,972 1.28 %

BellRing Brands Inc 35,417 $1,196,032 1.25 %

Switch Inc 47,164 $1,170,139 1.23 %

YETI Holdings Inc 11,761 $1,168,338 1.23 %

Chart Industries Inc 6,068 $1,143,090 1.20 %

Axon Enterprise Inc 6,151 $1,118,682 1.17 %

WideOpenWest Inc 50,395 $1,069,382 1.12 %

Clean Harbors Inc 9,765 $1,002,084 1.05 %

Western Alliance Bancorp 10,123 $987,600 1.04 %

Bank of Hawaii Corp 11,541 $967,251 1.01 %

Health Catalyst Inc 17,657 $964,249 1.01 %

API Group Corp 41,545 $963,429 1.01 %

Popular Inc 12,585 $955,705 1.00 %

Paylocity Holding Corp 3,474 $935,201 0.98 %

1 SECURITY SHARES TRADED MARKET VALUE % OF PORTFOLIO American States Water Co 10,133 $934,364 0.98 %

Masonite International Corp 7,615 $911,363 0.96 %

Smartsheet Inc 11,383 $905,745 0.95 %

ITT Inc 9,348 $894,323 0.94 %

LPL Financial Holdings Inc 6,020 $890,057 0.93 %

Tenet Healthcare Corp 11,620 $875,567 0.92 %

ICF International Inc 9,345 $875,253 0.92 %

Natera Inc 7,370 $872,829 0.92 %

Syneos Health Inc 9,404 $872,503 0.91 %

ChampionX Corp 36,633 $854,648 0.90 %

Camping World Holdings Inc 21,369 $853,478 0.89 %

ASMedia Technology Inc 11,000 $823,606 0.86 %

Pebblebrook Hotel Trust 37,181 $819,097 0.86 %

Georg Fischer AG 495 $812,432 0.85 %

MSC Industrial Direct Co Inc 9,619 $810,016 0.85 %

Kilroy Realty Corp 12,167 $798,764 0.84 %

JMDC Inc 11,600 $795,019 0.83 %

Hecla Mining Co 128,572 $790,718 0.83 %

Evotec SE 15,817 $786,256 0.82 %

Unimicron Technology Corp 147,000 $782,380 0.82 %

AGCO Corp 5,546 $763,241 0.80 %

Grafton Group PLC 38,898 $747,100 0.78 %

Intermediate Capital Group PLC 24,471 $739,494 0.78 %

Interroll Holding AG 166 $737,778 0.77 %

Diamondback Energy Inc 9,548 $736,533 0.77 %

Elkem ASA 172,099 $733,191 0.77 %

2 SECURITY SHARES TRADED MARKET VALUE % OF PORTFOLIO 8,936 $729,154 0.76 %

Howden Joinery Group PLC 55,880 $726,473 0.76 %

Lindblad Expeditions Holdings Inc 48,086 $707,345 0.74 %

Dolby Laboratories Inc 7,119 $705,564 0.74 %

Asana Inc 9,224 $696,873 0.73 %

Establishment Labs Holdings Inc 9,258 $694,350 0.73 %

ASM International NV 1,789 $694,122 0.73 %

Cancom SE 10,313 $678,507 0.71 %

Wienerberger AG 17,097 $671,025 0.70 %

Spectris PLC 12,381 $670,668 0.70 %

ValueCommerce Co Ltd 16,300 $668,950 0.70 %

Soitec 2,785 $665,570 0.70 %

Summit Materials Inc 19,533 $657,676 0.69 %

Aperam SA 10,497 $644,010 0.68 %

Zynga Inc 71,028 $628,598 0.66 %

Fuji Electric Co Ltd 14,500 $628,028 0.66 %

Storebrand ASA 70,696 $627,903 0.66 %

Jeol Ltd 8,400 $620,752 0.65 %

Bechtle AG 8,574 $619,776 0.65 %

Saia Inc 2,551 $612,572 0.64 %

Industrial & Infrastructure Fund Investment Corp 303 $609,222 0.64 %

Planet Fitness Inc 7,467 $607,067 0.64 %

Jungheinrich AG Pref 11,210 $605,424 0.63 %

Elis SA 34,051 $602,282 0.63 %

Ichor Holdings Ltd 13,545 $600,179 0.63 %

Huhtamaki Oyj 11,127 $593,978 0.62 %

3 SECURITY SHARES TRADED MARKET VALUE % OF PORTFOLIO Webster Financial Corp 11,684 $590,276 0.62 %

ASR Nederland NV 12,683 $579,850 0.61 %

Zenkoku Hosho Co Ltd 12,100 $576,321 0.60 %

Crest Nicholson Holdings plc 99,854 $576,319 0.60 %

Aak Ab 24,040 $574,991 0.60 %

Jenoptik AG 15,843 $572,049 0.60 %

Ranpak Holdings Corp 18,618 $571,573 0.60 %

Auto Trader Group PLC 66,094 $571,568 0.60 %

Sojitz Corp 193,700 $568,696 0.60 %

Chemours Co/The 16,901 $566,353 0.59 %

Monro Inc 9,922 $564,661 0.59 %

Hawaiian Electric Industries Inc 12,931 $563,792 0.59 %

TechMatrix Corp 31,100 $558,310 0.59 %

Cadiz Inc 40,902 $549,723 0.58 %

CONMED Corp 4,176 $548,476 0.58 %

Tokyu Fudosan Holdings Corp 94,300 $546,008 0.57 %

ERG SpA 18,483 $544,722 0.57 %

SimCorp A/S 3,970 $541,335 0.57 %

Hutchmed China Ltd 13,400 $540,824 0.57 %

LivePerson Inc 8,427 $540,171 0.57 %

Materion Corp 7,394 $539,984 0.57 % nLight Inc 19,405 $535,772 0.56 %

Nexity SA 10,256 $528,713 0.55 %

Buzzi Unicem SpA 19,875 $527,547 0.55 %

Shift4 Payments Inc 6,121 $524,631 0.55 %

Spie SA 22,030 $522,319 0.55 %

4 SECURITY SHARES TRADED MARKET VALUE % OF PORTFOLIO Holdings Plc 7,800 $521,178 0.55 %

Zeon Corp 39,000 $517,566 0.54 %

Elekta AB 40,330 $505,442 0.53 %

Alchip Technologies Ltd 20,000 $504,447 0.53 %

LHC Group Inc 2,639 $492,860 0.52 %

NanoString Technologies Inc 8,148 $474,214 0.50 %

Moneysupermarket.com Group PLC 133,100 $464,435 0.49 %

ALS Ltd 49,667 $463,620 0.49 %

Tokai Carbon Co Ltd 34,700 $460,501 0.48 %

Scor SE 14,863 $456,111 0.48 %

Asos PLC 8,475 $452,558 0.47 %

Asahi Intecc Co Ltd 14,900 $451,002 0.47 %

II-VI Inc 7,155 $450,622 0.47 %

Biohaven Pharmaceutical Holding Co Ltd 3,397 $445,822 0.47 %

GrowGeneration Corp 13,871 $443,733 0.47 %

Dai Nippon Printing Co Ltd 18,400 $437,526 0.46 %

PALTAC Corp 10,000 $435,395 0.46 %

Pro Medicus Ltd 9,400 $433,705 0.45 %

Mitsubishi HC Capital Inc 80,200 $429,376 0.45 %

Huntsman Corp 16,141 $426,607 0.45 %

Scout24 AG 4,946 $415,807 0.44 %

Visteon Corp 3,888 $410,884 0.43 %

VTech Holdings Ltd 41,600 $404,102 0.42 %

Koh Young Technology Inc 20,510 $398,896 0.42 %

Freshpet Inc 3,005 $385,061 0.40 %

MP Materials Corp 11,448 $384,309 0.40 %

5 SECURITY SHARES TRADED MARKET VALUE % OF PORTFOLIO PLC 28,959 $373,060 0.39 %

Ambu A/S 11,758 $371,696 0.39 %

COMSYS Holdings Corp 13,600 $365,667 0.38 %

Shimamura Co Ltd 3,900 $343,862 0.36 %

Rotork PLC 74,122 $339,961 0.36 %

Turning Point Therapeutics Inc 4,205 $323,869 0.34 %

Intellia Therapeutics Inc 1,988 $319,134 0.33 %

Nikon Corp 28,400 $299,192 0.31 %

Hella GmbH & Co KGaA 3,988 $285,073 0.30 %

SunPower Corp 11,931 $257,113 0.27 %

Aspen Technology Inc 1,913 $247,734 0.26 %

Bapcor Ltd 46,034 $244,152 0.26 %

Nick Scali Ltd 26,784 $242,376 0.25 %

Starpharma Holdings Ltd 270,176 $238,165 0.25 %

Techtronic Industries Co Ltd 10,500 $232,885 0.24 %

Arena Pharmaceuticals Inc 4,313 $228,244 0.24 %

Kakaku.com Inc 7,300 $227,596 0.24 %

Melco International Development Ltd 154,000 $223,749 0.23 %

T&D Holdings Inc 17,100 $207,504 0.22 %

Penta-Ocean Construction Co Ltd 30,200 $191,881 0.20 %

Ferrotec Holdings Corp 6,400 $188,483 0.20 %

Paradigm Biopharmaceuticals Ltd 117,771 $170,588 0.18 %

Eroad Ltd 36,872 $163,191 0.17 %

Ship Healthcare Holdings Inc 5,300 $134,794 0.14 %

TG Therapeutics Inc 4,495 $121,680 0.13 %

Kawasaki Kisen Kaisha Ltd 2,400 $120,202 0.13 %

6 SECURITY SHARES TRADED MARKET VALUE % OF PORTFOLIO Deutsche Pfandbriefbank AG 10,347 $118,654 0.12 %

Ansell Ltd 3,617 $95,230 0.10 %

Bystronic AG 55 $77,357 0.08 %

Eroad Ltd 4,000 $17,757 0.02 %

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.

7