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Mutual Fund Multi-Asset

Virtus Income & Growth Fund

Image specific to each asset class and market style grouping.
$ (as of )
Total Assets by Class
$1,977,603,238.58 (as of 12/02/2022)
Total Assets by Fund
$5,356,843,461.19 (as of 12/02/2022)
Morningstar Category
Allocation--50% to 70% Equity

Portfolio Overview

Investment Overview

The Fund seeks total return comprised of current income, current gains, and capital appreciation through a U.S.-focused multi-asset approach that entails a three-sleeve allocation to large-cap stocks, convertibles, and high yield bonds.

Effective June 10, 2022, this Fund's name has changed.

Effective July 25, 2022, this Fund's manager has changed.

Management Team

Investment Partner

Voya Investment Management

Voya Investment Management (Voya IM) strives to help investors push what's possible. As the asset management business of Voya Financial (NYSE: VOYA), Voya IM seeks to understand and anticipate client needs, delivering differentiated solutions across public and private fixed income, equity, and multi-asset platforms, including private markets and alternatives.

Learn more about Voya Investment Management

Investment Professionals

Kass, Justin

Justin M. Kass, CFA

Senior Managing Director, Chief Investment Officer, Co-Head of Income & Growth

Industry start date: 1998
Start date as fund Portfolio Manager: 2007

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Yee, Michael

Michael E. Yee

Managing Director, Lead Portfolio Manager – Income & Growth

Industry start date: 1994
Start date as fund Portfolio Manager: 2007

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Oberto, David

David J. Oberto

Senior Vice President, Lead Portfolio Manager – Income & Growth

Industry start date: 2003
Start date as fund Portfolio Manager: 2020

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Key Features

Steady Stream of Income

By accessing three distinct asset classes, the Fund aims to deliver consistent, high income, the potential for capital appreciation, dampened volatility compared to equities, and a lower sensitivity to interest rates, relative to investment grade bonds

Multiple Opportunities for Income and Growth Potential

  • High-quality, large-cap stocks may offer principal growth potential and dividend income
  • Convertible bonds provide current income potential and can potentially deliver unlimited upside with less downside participation than stocks
  • High yield bonds tend to have a high coupon and have historically exhibited much less volatility than stocks

Capital Structure Opportunity

Unique approach provides discretion to select the most attractive investment opportunity, exhibiting an optimal total return profile, within the capital structure

Portfolio Characteristics


(as of 09/30/2022)
Average Weighted Market Cap (billions) $452.04
Median Market Cap (billions) $66.21
Trailing P/E Ex-Negative Earnings 20.86
Price-to-Cash Flow 18.46
Price-to-Book Value 7.03
3-Year Earnings Growth Rate 17.17

Top Holdings (% Fund)

(as of 09/30/2022)
Apple Inc
Microsoft Corp
Alphabet, Inc.- Cl A
Tesla Inc
Amazon.com Inc
UnitedHealth Group Inc
Danaher Corporation 5 % Cum Conv Pfd Registered Shs 2020-15.05.23 Class B
Broadcom Inc
Eli Lilly & Co
Union Pacific Corp

Holdings are subject to change.

Performance & Risk

Growth of $10,000 Investment

From to
This chart assumes an initial investment of $10,000 made on for Class ddd shares including any applicable sales charges. Performance assumes reinvestment of dividends and capital gain distributions.


As of
As of

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. Investment return and principal value will fluctuate, so your shares, when redeemed, may be worth more or less than their original cost.

Sales Charge and Expenses

Yields / Distributions1

(as of )
30-day SEC Yield
30-day SEC Yield (unsubsidized)
Distribution Rate (at NAV)
Income Distributions Current Month
Income Distributions YTD
Distribution Rate is calculated by summing all distributions over the preceding 12 months, and dividing by the NAV on the last business date of the period.

Distribution History2

(as of )
Reinvest NAV

Risk Statistics3

(as of )
Fund Index
Std Dev

Risk Considerations

Market Volatility: The value of the securities in the portfolio may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional, or global events such as war (e.g., Russia's invasion of Ukraine), acts of terrorism, the spread of infectious illness (e.g., COVID-19 pandemic) or other public health issues, recessions, or other events could have a significant impact on the portfolio and its investments, including hampering the ability of the portfolio's manager(s) to invest the portfolio's assets as intended.
Issuer Risk: The portfolio will be affected by factors specific to the issuers of securities and other instruments in which the portfolio invests, including actual or perceived changes in the financial condition or business prospects of such issuers.
High Yield Fixed Income Securities: There is a greater risk of issuer default, less liquidity, and increased price volatility related to high yield securities than investment grade securities.
Equity Securities: The market price of equity securities may be adversely affected by financial market, industry, or issuer-specific events. Focus on a particular style or on small or medium-sized companies may enhance that risk.
Unrated Fixed Income Securities: If the quality of an unrated fixed income security is not accurately assessed, the portfolio may invest in a security with greater risk than intended.
Debt Instruments: Debt instruments are subject to greater levels of credit and liquidity risk, may be speculative and may decline in value due to changes in interest rates or an issuer's or counterparty's deterioration or default.
Derivatives: Derivatives may include, among other things, futures, options, forwards and swap agreements and may be used in order to hedge portfolio risks, create leverage, or attempt to increase returns. Investments in derivatives may result in increased volatility and the portfolio may incur a loss greater than its principal investment.
Convertible Securities: A convertible security may be called for redemption at a time and price unfavorable to the portfolio.
Prospectus: For additional information on risks, please see the fund's prospectus.


z - Cover Image: Virtus Income & Growth Fund Commentary
Virtus Income & Growth Fund Commentary
The commentary is the opinion of the subadviser. This material has been prepared using sources of information generally believed to be reliable; however, its accuracy is not guaranteed. Opinions represented are subject to change and should not be considered investment advice or an offer of securities.

Related Literature

Marketing Materials

Virtus Income & Growth Fund Fact Sheet - A
Virtus Income & Growth Fund Fact Sheet - INST
Virtus Income & Growth Fund Enhanced Fact Sheet
Virtus Income & Growth Fund Commentary
Virtus Income & Growth Fund Presentation
Many Income Goals. One Investment Solution
Virtus Income and Growth Market Review & Outlook
Addressing Sequence of Return Risk


Distribution History AZNAX
Mutual Fund Distributions
Distribution History AZNIX
Distribution History AZNCX
Distribution History AIGPX
Distribution History AIGRX

Financial Materials

Virtus Investment Trust Statutory Prospectus
Virtus Income & Growth Fund Summary Prospectus
Virtus Investment Trust SAI
Virtus Investment Trust Annual Report
Virtus Investment Trust Semiannual Report
Virtus Income and Growth Fund Information Statement


Virtus Income & Growth Fund Monthly Holdings
Virtus Income & Growth Fund Top Holdings
Virtus Income & Growth Fund Holdings Fiscal Q1
Virtus AllianzGI Income & Growth Fund Holdings Fiscal Q3

Section 19(a) Notices

Section 19(a) Notice for Ex-Date November 17, 2022
Section 19(a) Notice for Ex-Date October 20, 2022
Section 19(a) Notice for Ex-Date September 22, 2022
Section 19(a) Notice for Ex-Date August 18, 2022
Section 19(a) Notice for Ex-Date July 21, 2022
Section 19(a) Notice for Ex-Date June 16, 2022
Virtus Income & Growth SEC 19(a) Notice - February 2021 through May 2022

Investors should carefully consider the investment objectives, risks, charges and expenses of any Virtus Mutual Fund before investing. The prospectus and summary prospectus contains this and other information about the fund. Please contact your financial representative, call 1-800-243-4361 to obtain a current prospectus and/or summary prospectus. You should read the prospectus and/or summary prospectus carefully before you invest or send money.

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. Investment return and principal value will fluctuate, so your shares, when redeemed, may be worth more or less than their original cost.

Average annual total return is the annual compound return for the indicated period. It reflects the change in share price and the reinvestment of all dividends and capital gains. NAV returns do not include the effect of any applicable sales charges. POP and w/CDSC returns include the effect of maximum applicable sales charges.

Returns for periods of less than one year are cumulative total returns.

1 Yields/Distributions: 30-day SEC Yield is a standardized yield calculated according to a formula set by the SEC, and is subject to change. 30-day SEC Yield (unsubsidized) is the 30-day SEC Yield without the effect of applicable expense waivers. Distribution Rate is calculated by (a) annualizing the latest income distribution for fixed income funds or funds less than 1 year old, or (b) summing all income distributions over the preceding 12 months for all other funds, and dividing by the NAV on the last business date of the period, unless otherwise indicated. The Distribution Rate may be comprised of ordinary income, net realized capital gains and returns of capital.

2 Distribution History: Distributions are represented on a cash basis and may be reclassified at year end for tax purposes. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. STCG: Short Term Capital Gain, LTCG: Long Term Capital Gain

3 Risk Statistics: R2 is a statistical measure that represents the percentage of a fund or security's movements that can be explained by movements in a benchmark index. Beta is a quantitative measure of the volatility of a given portfolio to the overall market. Alpha is a risk adjusted measure of an investment's excess return relative to a benchmark. A positive Alpha indicates that the investment produced a return greater than expected for the risk (as measured by Beta) taken. Standard Deviation measures variability of returns around the average return for an investment fund. Higher standard deviation suggests greater risk. Risk Statistics are calculated using 36 monthly returns.

4 Characteristics: For Equity Funds: Avg. Weighted Market Cap (bn): The sum of each security's weight within the fund (or index) multiplied by the security's market capitalization. Trailing P/E Ex-Negative Earnings: Per-share stock price divided by the latest 12-months Earnings per Share; Price/Cash Flow: Per-share stock price divided by the per-share operating cash flow; Price/Book: Per-share stock price divided by the latest 12-month per-share Book Value; 3-Year EPS Growth Rate: Average of earnings per share growth for latest 3-year period. The 3-Year EPS Growth Rate is not a forecast of the fund's performance.

4 Characteristics: For Fixed Income Funds: Effective Duration represents the interest rate sensitivity of a fixed income fund. For example, if a fund's effective duration is five years, a 1% increase in interest rates would result in a 5% decline in the fund's price. Similarly, a 1% decline in interest rates would result in a 5% gain in the fund's price.

Morningstar Disclosures:
The Morningstar Rating for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads.

© Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.