# EDGAR Filing Document

**Accession Number:** 0001005020
**File Stem:** 0000940400-25-005515
**Filing Date:** 2025-10
**Character Count:** 107504
**Document Hash:** 8dc1008db774fc653caee68e4aa1a717
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-005515.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0000940400-25-005515

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250829

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**PERIOD START**: 20260531

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VIRTUS OPPORTUNITIES TRUST
- **CENTRAL INDEX KEY:** 0001005020

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07455
- **FILM NUMBER:** 251428627

**BUSINESS ADDRESS:**
- **STREET 1:** 101 MUNSON STREET
- **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:** PHOENIX OPPORTUNITIES TRUST
- **DATE OF NAME CHANGE:** 20060127

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PHOENIX SENECA FUNDS
- **DATE OF NAME CHANGE:** 19990122

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SENECA FUNDS
- **DATE OF NAME CHANGE:** 19951218

## Series and Classes Contracts Data

### Virtus Stone Harbor Emerging Markets Bond Fund (Series ID: S000075276)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000234172 | Class I      | SHCDX           |
| C000234173 | Class A      | VSHAX           |

## Nport-Ex

#### VIRTUS Stone Harbor Emerging Markets Bond Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Corporate Bonds and Notes—94.8%** | **Corporate Bonds and Notes—94.8%** | **Corporate Bonds and Notes—94.8%** |
| **Angola —0.7%** | **Angola —0.7%** |  |
| Azule Energy Finance plc 144A<br> 8.125%, 1/23/30<sup>(1)</sup> | $46 | $46 |
| **Argentina—4.0%** | **Argentina—4.0%** |  |
| Generacion Mediterranea S.A. 144A<br> 11.000%, 11/1/31<sup>(1)(2)</sup> | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 32 |
| MSU Energy S.A. 144A<br> 9.750%, 12/5/30<sup>(1)</sup> | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 69 |
| Telecom Argentina S.A. |  |  |
| &nbsp;&nbsp;&nbsp;144A 9.500%, 7/18/31<sup>(1)</sup> | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;144A 9.250%, 5/28/33<sup>(1)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 36 |
| YPF Energia Electrica S.A. 144A<br> 7.875%, 10/16/32<sup>(1)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
| YPF S.A. 144A<br> 9.500%, 1/17/31<sup>(1)</sup> | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 51 |
|  |  | &nbsp;&nbsp; 273 |
| **Brazil—11.6%** | **Brazil—11.6%** |  |
| 3R Lux S.a.r.l. 144A<br> 9.750%, 2/5/31<sup>(1)</sup> | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 18 |
| Adecoagro S.A. 144A<br> 7.500%, 7/29/32<sup>(1)</sup> | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 27 |
| Ambipar Lux S.a.r.l. 144A<br> 10.875%, 2/5/33<sup>(1)</sup> | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 21 |
| Braskem Netherlands Finance B.V. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.875%, 1/31/50<sup>(1)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;RegS 4.500%, 1/31/30<sup>(3)</sup> | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 38 |
| Centrais Eletricas Brasileiras S.A. 144A<br> 6.500%, 1/11/35<sup>(1)</sup> | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 28 |
| Constellation Oil Services Holding S.A. 144A<br> 9.375%, 11/7/29<sup>(1)</sup> | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 47 |
| CSN Resources S.A. 144A<br> 4.625%, 6/10/31<sup>(1)</sup> | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 38 |
| FORESEA Holding S.A. 144A<br> 7.500%, 6/15/30<sup>(1)</sup> | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 53 |
| FS Luxembourg S.a.r.l. 144A<br> 8.875%, 2/12/31<sup>(1)</sup> | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 27 |
| JBS USA Holding Lux S.a.r.l.<br> 4.375%, 2/2/52 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 19 |
| LD Celulose International GmbH 144A<br> 7.950%, 1/26/32<sup>(1)</sup> | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 14 |
| MC Brazil Downstream Trading S.a.r.l. 144A<br> 7.250%, 6/30/31<sup>(1)</sup> | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 30 |
| Minerva Luxembourg S.A. 144A<br> 8.875%, 9/13/33<sup>(1)</sup> | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 28 |
| Movida Europe S.A. 144A<br> 7.850%, 4/11/29<sup>(1)</sup> | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 38 |
| OHI Group S.A. 144A<br> 13.000%, 7/22/29<sup>(1)</sup> | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 42 |
| Raizen Fuels Finance S.A. 144A<br> 6.250%, 7/8/32<sup>(1)</sup> | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 50 |
| Samarco Mineracao S.A. PIK 144A<br> 9.500%, 6/30/31<sup>(1)(4)</sup> | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 60 |
| Simpar Europe S.A. 144A<br> 5.200%, 1/26/31<sup>(1)</sup> | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 42 |
| Suzano Austria GmbH Series DM3N<br> 3.125%, 1/15/32 | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 68 |
| Trident Energy Finance plc 144A<br> 12.500%, 11/30/29<sup>(1)</sup> | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 28 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Brazil—continued** | **Brazil—continued** |  |
| Yinson Bergenia Production B.V. 144A<br> 8.498%, 1/31/45<sup>(1)</sup> | $21 | $22 |
| Yinson Boronia Production B.V. 144A<br> 8.947%, 7/31/42<sup>(1)</sup> | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 32 |
|  |  | &nbsp;&nbsp; 790 |
| **Chile—3.0%** | **Chile—3.0%** |  |
| Banco de Chile 144A<br> 2.990%, 12/9/31<sup>(1)</sup> | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 62 |
| Banco de Credito e Inversiones S.A. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.500%<sup>(1)(5)</sup> | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;144A 2.875%, 10/14/31<sup>(1)</sup> | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 37 |
| Cia Cervecerias Unidas S.A. 144A<br> 3.350%, 1/19/32<sup>(1)</sup> | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 54 |
|  |  | &nbsp;&nbsp; 206 |
| **China—8.3%** | **China—8.3%** |  |
| Alibaba Group Holding Ltd.<br> 3.150%, 2/9/51 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 33 |
| ENN Clean Energy International Investment Ltd. 144A<br> 3.375%, 5/12/26<sup>(1)</sup> | &nbsp;&nbsp; 104 | &nbsp;&nbsp; 103 |
| Melco Resorts Finance Ltd. (Macau), |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.750%, 7/21/28<sup>(1)</sup> | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;RegS 5.625%, 7/17/27<sup>(3)</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;RegS 5.750%, 7/21/28<sup>(3)</sup> | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;RegS 5.375%, 12/4/29<sup>(3)</sup> | &nbsp;&nbsp; 82 | &nbsp;&nbsp; 79 |
| Standard Chartered plc (Hong Kong), |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.301%, 1/9/29<sup>(1)</sup> | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;144A 2.678%, 6/29/32<sup>(1)</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;144A 6.097%, 1/11/35<sup>(1)</sup> | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 49 |
| Studio City Finance Ltd. (Macau), |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.000%, 2/15/27<sup>(1)</sup> | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp;144A 6.500%, 1/15/28<sup>(1)</sup> | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;144A 5.000%, 1/15/29<sup>(1)</sup> | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 71 |
| Tencent Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 2.390%, 6/3/30<sup>(1)</sup> | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;144A 3.240%, 6/3/50<sup>(1)</sup> | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 8 |
|  |  | &nbsp;&nbsp; 565 |
| **Colombia—3.0%** | **Colombia—3.0%** |  |
| AI Candelaria - Spain- S.A. 144A<br> 5.750%, 6/15/33<sup>(1)</sup> | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 34 |
| Banco Davivienda S.A. 144A<br> 8.125%, 7/2/35<sup>(1)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 52 |
| Ecopetrol S.A.<br> 7.375%, 9/18/43 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 27 |
| Geopark Ltd. 144A<br> 8.750%, 1/31/30<sup>(1)</sup> | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 24 |
| Gran Tierra Energy, Inc. 144A<br> 9.500%, 10/15/29<sup>(1)</sup> | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 33 |
| SierraCol Energy Andina LLC 144A<br> 6.000%, 6/15/28<sup>(1)</sup> | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 36 |
|  |  | &nbsp;&nbsp; 206 |
| **Czech Republic—1.8%** | **Czech Republic—1.8%** |  |
| Energo-Pro AS 144A<br> 8.000%, 5/27/30<sup>(1)</sup> | &nbsp;&nbsp; 100<sup>EUR</sup> | &nbsp;&nbsp; 124 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Stone Harbor Emerging Markets Bond Fund

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

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Egypt—0.9%** | **Egypt—0.9%** |  |
| African Export-Import Bank (The) 144A<br> 2.634%, 5/17/26<sup>(1)</sup> | $60 | $59 |
| **Ghana—0.8%** | **Ghana—0.8%** |  |
| Kosmos Energy Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;RegS 7.125%, 4/4/26<sup>(3)</sup> | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;RegS 7.750%, 5/1/27<sup>(3)</sup> | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;RegS 7.500%, 3/1/28<sup>(3)</sup> | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 9 |
|  |  | &nbsp;&nbsp; 57 |
| **Guatemala—0.8%** | **Guatemala—0.8%** |  |
| CT Trust 144A<br> 5.125%, 2/3/32<sup>(1)</sup> | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 14 |
| Investment Energy Resources Ltd. 144A<br> 6.250%, 4/26/29<sup>(1)</sup> | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 39 |
|  |  | &nbsp;&nbsp; 53 |
| **India—7.9%** | **India—7.9%** |  |
| Adani Electricity Mumbai Ltd. 144A<br> 3.949%, 2/12/30<sup>(1)</sup> | &nbsp;&nbsp; 72 | &nbsp;&nbsp; 67 |
| Adani Green Energy UP Ltd. 144A<br> 6.700%, 3/12/42<sup>(1)</sup> | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 9 |
| Adani Ports & Special Economic Zone Ltd. 144A<br> 4.200%, 8/4/27<sup>(1)</sup> | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 37 |
| Adani Renewable Energy RJ Ltd. 144A<br> 4.625%, 10/15/39<sup>(1)</sup> | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 44 |
| Adani Transmission Step-One Ltd. 144A<br> 4.000%, 8/3/26<sup>(1)</sup> | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 19 |
| Greenko Dutch B.V. 144A<br> 3.850%, 3/29/26<sup>(1)</sup> | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 45 |
| HDFC Bank Ltd. RegS<br> 3.700% <sup>(3)(5)</sup> | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 36 |
| JSW Hydro Energy Ltd. 144A<br> 4.125%, 5/18/31<sup>(1)</sup> | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 62 |
| Reliance Industries Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 3.750%, 1/12/62<sup>(1)</sup> | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;RegS 3.625%, 1/12/52<sup>(3)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 25 |
| ReNew Wind Energy AP2 RegS<br> 4.500%, 7/14/28<sup>(3)</sup> | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 23 |
| Shriram Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.625%, 4/22/27<sup>(1)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;144A 6.150%, 4/3/28<sup>(1)</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 20 |
| Vedanta Resources Finance II plc |  |  |
| &nbsp;&nbsp;&nbsp;144A 10.250%, 6/3/28<sup>(1)</sup> | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;144A 10.875%, 9/17/29<sup>(1)</sup> | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;144A 9.475%, 7/24/30<sup>(1)</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 |
|  |  | &nbsp;&nbsp; 537 |
| **Indonesia—4.4%** | **Indonesia—4.4%** |  |
| Cikarang Listrindo Tbk PT 144A<br> 5.650%, 3/12/35<sup>(1)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 35 |
| Freeport Indonesia PT RegS<br> 6.200%, 4/14/52<sup>(3)</sup> | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 35 |
| Medco Bell Pte Ltd. RegS<br> 6.375%, 1/30/27<sup>(3)</sup> | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 70 |
| Minejesa Capital B.V. |  |  |
| &nbsp;&nbsp;&nbsp;144A 4.625%, 8/10/30<sup>(1)</sup> | &nbsp;&nbsp; 97 | &nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp;144A 5.625%, 8/10/37<sup>(1)</sup> | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 22 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Indonesia—continued** | **Indonesia—continued** |  |
| Star Energy Geothermal Darajat II 144A<br> 4.850%, 10/14/38<sup>(1)</sup> | $4 | $4 |
| Star Energy Geothermal Wayang Windu Ltd. RegS<br> 6.750%, 4/24/33<sup>(3)</sup> | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 35 |
|  |  | &nbsp;&nbsp; 297 |
| **Israel—3.6%** | **Israel—3.6%** |  |
| Altice Financing S.A. 144A<br> 5.000%, 1/15/28<sup>(1)</sup> | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 20 |
| Energean Israel Finance Ltd. 144A, RegS<br> 5.875%, 3/30/31<sup>(1)(3)</sup> | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 43 |
| Energean plc |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.500%, 4/30/27<sup>(1)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;RegS 6.500%, 4/30/27<sup>(3)</sup> | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
| Leviathan Bond Ltd. 144A, RegS<br> 6.750%, 6/30/30<sup>(1)(3)</sup> | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 97 |
| Teva Pharmaceutical Finance Netherlands III B.V. |  |  |
| &nbsp;&nbsp;&nbsp;3.150%, 10/1/26 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;4.750%, 5/9/27 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 17 |
|  |  | &nbsp;&nbsp; 244 |
| **Kazakhstan—1.8%** | **Kazakhstan—1.8%** |  |
| KazMunayGas National Co. JSC |  |  |
| &nbsp;&nbsp;&nbsp;144A 3.500%, 4/14/33<sup>(1)</sup> | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;144A 5.750%, 4/19/47<sup>(1)</sup> | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;144A 6.375%, 10/24/48<sup>(1)</sup> | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 24 |
|  |  | &nbsp;&nbsp; 121 |
| **Kuwait—1.3%** | **Kuwait—1.3%** |  |
| NBK SPC Ltd. 144A<br> 5.500%, 6/6/30<sup>(1)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 36 |
| NBK Tier 1 Ltd. 144A<br> 6.375% <sup>(1)(5)</sup> | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 52 |
|  |  | &nbsp;&nbsp; 88 |
| **Mexico—5.7%** | **Mexico—5.7%** |  |
| Alpek SAB de C.V. 144A<br> 3.250%, 2/25/31<sup>(1)</sup> | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 34 |
| Banco Mercantil del Norte S.A. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.500%<sup>(1)(5)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;144A 8.750%<sup>(1)(5)</sup> | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;RegS 5.750%, 10/4/31<sup>(3)</sup> | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 17 |
| BBVA Mexico S.A. Institucion De Banca Multiple Grupo Financiero BBVA Mexico 144A<br> 5.125%, 1/18/33<sup>(1)</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 19 |
| Braskem Idesa SAPI 144A<br> 6.990%, 2/20/32<sup>(1)</sup> | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 8 |
| Cemex SAB de C.V. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.125%<sup>(1)(5)</sup> | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;144A 7.200%<sup>(1)(5)</sup> | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 42 |
| Grupo Aeromexico SAB de C.V. 144A<br> 8.625%, 11/15/31<sup>(1)</sup> | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 44 |
| Poinsettia Finance Ltd. RegS<br> 6.625%, 6/17/31<sup>(3)</sup> | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 44 |
| Saavi Energia S.a.r.l. 144A<br> 8.875%, 2/10/35<sup>(1)</sup> | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 27 |
| Sitios Latinoamerica SAB de C.V. 144A<br> 5.375%, 4/4/32<sup>(1)</sup> | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 19 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Stone Harbor Emerging Markets Bond Fund

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

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Mexico—continued** | **Mexico—continued** |  |
| Southern Copper Corp.<br> 6.750%, 4/16/40 | $9 | $10 |
| Tierra Mojada Luxembourg II S.a.r.l. 144A<br> 5.750%, 12/1/40<sup>(1)</sup> | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 22 |
|  |  | &nbsp;&nbsp; 389 |
| **Morocco—1.3%** | **Morocco—1.3%** |  |
| OCP S.A. |  |  |
| &nbsp;&nbsp;&nbsp;144A 3.750%, 6/23/31<sup>(1)</sup> | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;144A 6.700%, 3/1/36<sup>(1)</sup> | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;144A 6.875%, 4/25/44<sup>(1)</sup> | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 5/2/54<sup>(1)</sup> | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 25 |
|  |  | &nbsp;&nbsp; 90 |
| **Nigeria—2.7%** | **Nigeria—2.7%** |  |
| Access Bank plc 144A<br> 6.125%, 9/21/26<sup>(1)</sup> | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 22 |
| IHS Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.250%, 11/29/28<sup>(1)</sup> | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;144A 7.875%, 5/29/30<sup>(1)</sup> | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;144A 8.250%, 11/29/31<sup>(1)</sup> | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 45 |
| IHS Netherlands Holdco B.V. 144A<br> 8.000%, 9/18/27<sup>(1)</sup> | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 44 |
|  |  | &nbsp;&nbsp; 183 |
| **Peru—1.2%** | **Peru—1.2%** |  |
| Banco de Credito del Peru S.A. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.800%, 3/10/35<sup>(1)</sup> | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;144A 6.450%, 7/30/35<sup>(1)</sup> | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 9 |
| Scotiabank Peru SAA 144A<br> 6.100%, 10/1/35<sup>(1)</sup> | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 35 |
|  |  | &nbsp;&nbsp; 81 |
| **Philippines—2.9%** | **Philippines—2.9%** |  |
| Royal Capital B.V. RegS<br> 5.000% <sup>(3)(5)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 199 |
| **Poland—1.2%** | **Poland—1.2%** |  |
| ORLEN S.A. 144A<br> 6.000%, 1/30/35<sup>(1)</sup> | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 83 |
| **Saudi Arabia—3.1%** | **Saudi Arabia—3.1%** |  |
| Acwa Power Management & Investments One Ltd. 144A<br> 5.950%, 12/15/39<sup>(1)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 |
| EIG Pearl Holdings S.a.r.l. 144A<br> 3.545%, 8/31/36<sup>(1)</sup> | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 43 |
| Greensaif Pipelines Bidco S.a.r.l. 144A<br> 6.129%, 2/23/38<sup>(1)</sup> | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 22 |
| Saudi Arabian Oil Co. 144A<br> 4.375%, 4/16/49<sup>(1)</sup> | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 43 |
|  |  | &nbsp;&nbsp; 208 |
| **Singapore—1.5%** | **Singapore—1.5%** |  |
| Oversea-Chinese Banking Corp., Ltd. RegS<br> 1.832%, 9/10/30<sup>(3)</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Singapore—continued** | **Singapore—continued** |  |
| United Overseas Bank Ltd. (SOFR + 0.580%) 144A<br> 4.948%, 4/2/28<sup>(1)(6)</sup> | $70 | $70 |
|  |  | &nbsp;&nbsp; 100 |
| **South Africa—4.0%** | **South Africa—4.0%** |  |
| Anglo American Capital plc |  |  |
| &nbsp;&nbsp;&nbsp;144A 2.625%, 9/10/30<sup>(1)</sup> | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;RegS 2.625%, 9/10/30<sup>(3)</sup> | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7 |
| AngloGold Ashanti Holdings plc<br> 6.500%, 4/15/40 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 24 |
| Prosus N.V. |  |  |
| &nbsp;&nbsp;&nbsp;144A 3.832%, 2/8/51<sup>(1)</sup> | &nbsp;&nbsp; 154 | &nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp;RegS 3.061%, 7/13/31<sup>(3)</sup> | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 20 |
| Sasol Financing USA LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, 9/18/26 | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 88 |
| &nbsp;&nbsp;&nbsp;RegS 8.750%, 5/3/29<sup>(3)</sup> | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 28 |
|  |  | &nbsp;&nbsp; 275 |
| **South Korea—2.7%** | **South Korea—2.7%** |  |
| Hanwha Life Insurance Co., Ltd. 144A<br> 6.300%, 6/24/55<sup>(1)</sup> | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 28 |
| Kookmin Bank 144A<br> 5.375%, 5/8/27<sup>(1)</sup> | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 62 |
| Shinhan Financial Group Co., Ltd. 144A<br> 2.875% <sup>(1)(5)</sup> | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 52 |
| Woori Bank 144A<br> 6.375% <sup>(1)(5)</sup> | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 39 |
|  |  | &nbsp;&nbsp; 181 |
| **Taiwan—0.6%** | **Taiwan—0.6%** |  |
| TSMC Arizona Corp.<br> 3.875%, 4/22/27 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 18 |
| TSMC Global Ltd. RegS<br> 1.375%, 9/28/30<sup>(3)</sup> | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 25 |
|  |  | &nbsp;&nbsp; 43 |
| **Tanzania—1.0%** | **Tanzania—1.0%** |  |
| HTA Group Ltd. 144A<br> 7.500%, 6/4/29<sup>(1)</sup> | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 67 |
| **Thailand—2.7%** | **Thailand—2.7%** |  |
| Bangkok Bank PCL 144A<br> 3.733%, 9/25/34<sup>(1)</sup> | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 38 |
| GC Treasury Center Co., Ltd. RegS<br> 4.300%, 3/18/51<sup>(3)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 79 |
| PTT Treasury Center Co., Ltd. 144A<br> 4.500%, 10/25/42<sup>(1)</sup> | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 36 |
| Thaioil Treasury Center Co., Ltd. RegS<br> 4.875%, 1/23/43<sup>(3)</sup> | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 28 |
|  |  | &nbsp;&nbsp; 181 |
| **Turkey—2.6%** | **Turkey—2.6%** |  |
| Akbank TAS 144A<br> 7.498%, 1/20/30<sup>(1)</sup> | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 27 |
| Limak Yenilenebilir Enerji AS 144A<br> 9.625%, 8/12/30<sup>(1)</sup> | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 18 |
| Turkcell Iletisim Hizmetleri AS 144A<br> 7.650%, 1/24/32<sup>(1)</sup> | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 55 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Stone Harbor Emerging Markets Bond Fund

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

#### August 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Turkey—continued** | **Turkey—continued** |  |
| WE Soda Investments Holding plc 144A<br> 9.500%, 10/6/28<sup>(1)</sup> | $40 | $42 |
| Zorlu Enerji Elektrik Uretim AS 144A<br> 11.000%, 4/23/30<sup>(1)</sup> | &nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; 36 |
|  |  | &nbsp;&nbsp;&nbsp; 178 |
| **Ukraine—1.6%** | **Ukraine—1.6%** |  |
| Metinvest B.V. 144A<br> 7.750%, 10/17/29<sup>(1)</sup> | &nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 39 |
| VF Ukraine PAT via VFU Funding plc 144A<br> 9.625%, 2/11/27<sup>(1)(7)</sup> | &nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 71 |
|  |  | &nbsp;&nbsp;&nbsp; 110 |
| **United Arab Emirates—4.3%** | **United Arab Emirates—4.3%** |  |
| Abu Dhabi Crude Oil Pipeline LLC 144A<br> 3.650%, 11/2/29<sup>(1)</sup> | &nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 23 |
| Abu Dhabi National Energy Co. PJSC 144A<br> 4.696%, 4/24/33<sup>(1)</sup> | &nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 26 |
| DP World Ltd. 144A<br> 4.700%, 9/30/49<sup>(1)</sup> | &nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; 40 |
| MAF Global Securities Ltd. RegS<br> 7.875% <sup>(3)(5)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 207 |
|  |  | &nbsp;&nbsp;&nbsp; 296 |
| **Vietnam—0.3%** | **Vietnam—0.3%** |  |
| Mong Duong Finance Holdings B.V. 144A<br> 5.125%, 5/7/29<sup>(1)</sup> | &nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 23 |
| **Zambia—1.5%** | **Zambia—1.5%** |  |
| First Quantum Minerals Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.625%, 6/1/31<sup>(1)</sup> | &nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp; 89 |
| &nbsp;&nbsp;&nbsp;144A 7.250%, 2/15/34<sup>(1)</sup> | &nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 11 |
|  |  | &nbsp;&nbsp;&nbsp; 100 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $6,356)** | **Total Corporate Bonds and Notes<br> (Identified Cost $6,356)** | &nbsp;&nbsp;&nbsp;&nbsp;**6453** |
| **Total Long-Term Investments—94.8%<br> (Identified Cost $6,356)** | **Total Long-Term Investments—94.8%<br> (Identified Cost $6,356)** | &nbsp;&nbsp;&nbsp;&nbsp;**6453** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **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%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.183%)<sup>(8)</sup> | 122794 | &nbsp;&nbsp;&nbsp;&nbsp; 123 |
| **Total Short-Term Investment<br> (Identified Cost $123)** | **Total Short-Term Investment<br> (Identified Cost $123)** | &nbsp;&nbsp; **123** |
| **TOTAL INVESTMENTS—96.6%<br> (Identified Cost $6,479)** | **TOTAL INVESTMENTS—96.6%<br> (Identified Cost $6,479)** | **$6576** |
| Other assets and liabilities, net—3.4% | Other assets and liabilities, net—3.4% | &nbsp;&nbsp;&nbsp; 231 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **$6807** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| JSC | Joint Stock Company |
| LLC | Limited Liability Company |
| PCL | Public Company Limited |
| PIK | Payment-in-Kind Security |
| PJSC | Public Joint Stock Company |
| plc | Public Limited Company |
| S.a.r.l. | Société à responsabilité limitée |
| SOFR | Secured Overnight Financing Rate |

---

---

| | |
|:---|:---|
| **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 August 31, 2025, these securities amounted to a value of $4,986 or 73.2% of net assets. |
| <sup>(2)</sup> | Security in default; no interest payments are being received. |
| <sup>(3)</sup> | Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933. |
| <sup>(4)</sup> | 100% of the income received was in PIK. |
| <sup>(5)</sup> | No contractual maturity date. |
| <sup>(6)</sup> | Variable rate security. Rate disclosed is as of August 31, 2025. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| <sup>(7)</sup> | This Note was issued for the sole purpose of funding a loan agreement between the issuer and the borrower. As the credit risk for this security lies solely with the borrower, the name represented here is that of the borrower. |
| <sup>(8)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |

---

---

| | |
|:---|:---|
| **Counterparties:** |  |
| JPM | JPMorgan Chase Bank N.A. |

---

---

| | |
|:---|:---|
| **Foreign Currencies:** | **Foreign Currencies:** |
| EUR | Euro |
| USD | United States Dollar |

---

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| Brazil | &nbsp;&nbsp;&nbsp;12% |
| China | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| India | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Other | &nbsp;&nbsp;53 |
| Total | 100% |
| <sup>†</sup> % of total investments as of August 31, 2025. | <sup>†</sup> % of total investments as of August 31, 2025. |

---

See Notes to Schedule of Investments

------

#### VIRTUS Stone Harbor Emerging Markets Bond Fund

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

#### August 31, 2025
($ reported in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts as of August 31, 2025 were as follows:** | **Forward foreign currency exchange contracts as of August 31, 2025 were as follows:** | **Forward foreign currency exchange contracts as of August 31, 2025 were as follows:** | **Forward foreign currency exchange contracts as of August 31, 2025 were as follows:** | **Forward foreign currency exchange contracts as of August 31, 2025 were as follows:** | **Forward foreign currency exchange contracts as of August 31, 2025 were as follows:** | **Forward foreign currency exchange contracts as of August 31, 2025 were as follows:** |
| **Currency<br> Purchased** | **Currency<br> Amount<br> Purchased** | **Currency<br> Sold** | **Currency<br> Amount<br> Sold** | **Counterparty** | **Settlement<br> Date** | **Unrealized<br> Depreciation** |
| USD | 123 | EUR | 105 | JPM | 10/10/25&nbsp;&nbsp;&nbsp;$—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| **Total** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—<sup>(1)</sup> |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Amount is less than $500 (not in thousands). |

---

The following table summarizes the value of the Fund's investments as of August 31, 2025, based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> August 31, 2025 | &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 |
| Assets: |  |  |  |
| Debt Instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6453 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Financial Instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts<sup>\*</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;—<sup>(1)</sup> |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6453 |

---

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

<sup>\*</sup> Forward Foreign Currency Exchange Contracts are valued at the net unrealized appreciation (depreciation) on the instrument by level and counterparty.

There were no securities valued using significant unobservable inputs (Level 3) at August 31, 2025.

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

See Notes to Schedule of Investments

------

#### VIRTUS STONE HARBOR EMERGING MARKETS BOND FUND

#### NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

#### August 31, 2025

#### Note 1. Security Valuation
The Fund's Board of Trustees has designated the investment adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940. The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Fund's policy is to recognize transfers into or out of Level 3 at the end of the reporting period.

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

• Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

• Level 3 – prices determined using significant unobservable inputs (including the investment adviser's Valuation Committee's own assumptions in determining the
fair value of investments).

A description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis is as follows:

Equity securities are valued at the official closing price (typically last sale) on the exchange on which the securities are primarily traded or, if no closing price is available, at the last bid price and are categorized as Level 1 in the hierarchy. Illiquid, restricted equity securities and illiquid private placements are internally fair valued by the investment adviser's Valuation Committee, and are generally categorized as Level 3 in the hierarchy.

Certain non-U.S. securities may be fair valued in cases where closing prices are not readily available or are deemed not reflective of readily available market prices. For example, significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that non-U.S. markets close (where the security is principally traded) and the time that the Fund calculates its net asset value ("NAV") at the close of regular trading on the New York Stock Exchange ("NYSE") (generally 4 p.m. Eastern time) that may impact the value of securities traded in these non-U.S. markets. In such cases, the Fund fair values 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 American Depositary Receipts, financial futures, Exchange-Traded Funds ("ETFs"), and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.

Debt instruments, including convertible bonds, restricted securities, and leveraged loans are valued based on either evaluated or composite quotations received from independent pricing services or from dealers who make markets in such securities. For most bond types, the pricing service utilizes matrix pricing that considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type, activity of the underlying equities, and current day trade information, as well as dealer supplied prices. These valuations are generally categorized as Level 2 in the hierarchy. Structured debt instruments, such as mortgage-backed and asset-backed securities may also incorporate collateral analysis and utilize cash flow models for valuation and are generally categorized as Level 2 in the hierarchy. Pricing services do not provide pricing for all securities and therefore indicative bids from dealers are utilized which are based on pricing models used by market makers in the security and are generally categorized as Level 2 in the hierarchy. Debt instruments that are internally fair valued by the investment adviser's Valuation Committee are generally categorized as Level 3 in the hierarchy.

Listed derivatives, such as options and futures, 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 derivative contracts, which include forward currency contracts, swaps, swaptions, options and equity linked instruments, are valued based on model prices provided by independent pricing services or from dealer quotes. Depending on the derivative type and the specific terms of the transaction, these models vary and include observable inputs in actively quoted markets including but not limited to: underlying reference entity details, indices, spreads, interest rates, yield curves, dividend and exchange rates. These instruments are generally categorized as Level 2 in the hierarchy. Centrally cleared swaps listed or traded on a bilateral or trade facility platform, such as a registered exchange, are valued at the last posted settlement price determined by the respective exchange. These securities are generally categorized as Level 2 within 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 the Fund's net assets by each major security type is disclosed at the end of the Schedule of Investments for the Fund. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

For additional information about significant accounting policies, refer to the Fund's most recent semi or annual financial statements.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Virtus Opportunities Trust

- **b. Investment Company Act file number:** 811-07455

- **c. CIK number of Registrant:** 0001005020

- **d. LEI of Registrant:** 549300O4C4QVD88M4N75

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 101 Munson Street

  - **City:** Greenfield

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 01301-9668

  - **Telephone number:** 800-243-1574

**Item A.2. Information about the Series.**

- **a. Name of Series:** Virtus Stone Harbor Emerging Markets Bond Fund

- **b. EDGAR series identifier (if any):** S000075276

- **c. LEI of Series:** EKYSAAYBLFGWSLUFAV76

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-05-31

- **b. Date as of which information is reported:** 2025-08-29

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $6874810.54

**Total Liabilities:** $67548.75

**Net Assets:** $6807261.79

**Cash Not Reported:** $200751.70

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** -12.64558473 | **5-Year:** -118.69278470 | **10-Year:** -420.89765880 | **30-Year:** -914.30187950

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** -2.75092340 | **5-Year:** -415.34500940 | **10-Year:** -461.54590190 | **30-Year:** -348.19411530

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000234172 | 1.97%                | 1.42%                | 1.25%                |
| Class ID C000234173 | 1.96%                | 1.40%                | 1.24%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $6781.48                 | $85270.91                                  |
| Month 2  | $5780.19                 | $49943.26                                  |
| Month 3  | $27436.38                | $25813.46                                  |

### Schedule of Portfolio Investments

| Name                                      | Title                                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| JPMorgan Chase Bank, National Association | USD/EUR FORWARD                                                                  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $443.37       | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LD CELULOSE INTERNATIONA                  | LD Celulose International GmbH                                                   | CUSIP: 50206BAA0<br>LEI: 529900EHUSQJVOTP9J45 | Long             | DBT              | CORP              | AT        |     13000 | PA      | $13682.50     | 0.20%             | 2032-01-26      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| ENERGO PRO AS                             | Energo - Pro as                                                                  | CUSIP: 000000000<br>LEI: 315700IQCL9IX158RO36 | Long             | DBT              | CORP              | CZ        |    100000 | PA      | $124009.40    | 1.82%             | 2030-05-27      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GRAN TIERRA ENERGY INC                    | Gran Tierra Energy Inc                                                           | CUSIP: 38500TAC5<br>LEI: 549300IH2S17MAIUCM32 | Long             | DBT              | CORP              | US        |     40000 | PA      | $32551.60     | 0.48%             | 2029-10-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| KOOKMIN BANK                              | Kookmin Bank                                                                     | CUSIP: 50050GAW8<br>LEI: 549300XXMOJSIW8P4769 | Long             | DBT              | CORP              | KR        |     60000 | PA      | $61288.20     | 0.90%             | 2027-05-08      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| TENCENT HOLDINGS LTD                      | Tencent Holdings Ltd                                                             | CUSIP: 88032WAV8<br>LEI: 254900N4SLUMW4XUYY11 | Long             | DBT              | CORP              | KY        |     11000 | PA      | $7780.52      | 0.11%             | 2050-06-03      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                              | Ecopetrol SA                                                                     | CUSIP: 279158AE9<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |     31000 | PA      | $27421.05     | 0.40%             | 2043-09-18      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| MINEJESA CAPITAL BV                       | Minejesa Capital BV                                                              | CUSIP: 602736AB6<br>LEI: 549300KS7ERCP10BKC35 | Long             | DBT              | CORP              | NL        |     22000 | PA      | $21848.75     | 0.32%             | 2037-08-10      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| HANWHA LIFE INSURANCE                     | Hanwha Life Insurance Co Ltd                                                     | CUSIP: 41135UAC9<br>LEI: 988400ZKCI3R9DQHR320 | Long             | DBT              | CORP              | KR        |     27000 | PA      | $28122.66     | 0.41%             | 2055-06-24      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| AFRICAN EXPORT-IMPORT BA                  | African Export-Import Bank/The                                                   | CUSIP: 00831TAB7<br>LEI: 21380068LJCDYA42GJ76 | Long             | DBT              | NUSS              | N/A       |     60000 | PA      | $58668.60     | 0.86%             | 2026-05-17      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| OHI GROUP SA                              | OHI Group SA                                                                     | CUSIP: 67712MAB5<br>LEI: 529900GW2J8DSYJHEH26 | Long             | DBT              | CORP              | LU        |     39900 | PA      | $42032.26     | 0.62%             | 2029-07-22      | Fixed         | 13.00%                | No            |                  2 | On Loan: No      |
| BANCO DE CREDITO DEL PER                  | Banco de Credito del Peru S.A.                                                   | CUSIP: 05971U2H9<br>LEI: 549300EQYQ8SCQZ4BY14 | Long             | DBT              | CORP              | PE        |     36000 | PA      | $36651.60     | 0.54%             | 2035-03-10      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| SITIOS LATINOAMERICA                      | Sitios Latinoamerica SAB de CV                                                   | CUSIP: 03217KAB4<br>LEI: 984500D2C0CDC0BFDD35 | Long             | DBT              | CORP              | MX        |     19000 | PA      | $18641.85     | 0.27%             | 2032-04-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ENN CLEAN ENERGY                          | ENN Clean Energy International Investment Ltd                                    | CUSIP: 268733AA0<br>LEI: 3003009YZ3S5V395NR77 | Long             | DBT              | CORP              | VG        |    104000 | PA      | $102895.00    | 1.51%             | 2026-05-12      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD                           | IHS Holding Ltd                                                                  | CUSIP: 44963HAC9<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |     55000 | PA      | $56096.70     | 0.82%             | 2030-05-29      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| UNITED OVERSEAS BANK LTD                  | United Overseas Bank Ltd                                                         | CUSIP: 91127KAL6<br>LEI: IO66REGK3RCBAMA8HR66 | Long             | DBT              | CORP              | SG        |     70000 | PA      | $70240.10     | 1.03%             | 2028-04-02      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| STUDIO CITY FINANCE LTD                   | Studio City Finance Ltd                                                          | CUSIP: 86389QAG7<br>LEI: 254900D6R731QAUIG324 | Long             | DBT              | CORP              | VG        |     75000 | PA      | $71062.50     | 1.04%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                     | Melco Resorts Finance Ltd                                                        | CUSIP: 58547DAE9<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |     26000 | PA      | $25807.60     | 0.38%             | 2028-07-21      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| WOORI BANK                                | Woori Bank                                                                       | CUSIP: 98105TAA2<br>LEI: 549300VUVMRL6RE7R376 | Long             | DBT              | CORP              | KR        |     38000 | PA      | $39092.50     | 0.57%             | N/A             | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| TELECOM ARGENTINA SA                      | Telecom Argentina SA                                                             | CUSIP: 879273AU4<br>LEI: 549300MKPIRSJD8SB782 | Long             | DBT              | CORP              | AR        |     34000 | PA      | $35360.00     | 0.52%             | 2031-07-18      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| ADANI PORTS AND SPECIAL                   | Adani Ports & Special Economic Zone Ltd                                          | CUSIP: 00652MAG7<br>LEI: 335800QOAXP5TM7OYP69 | Long             | DBT              | CORP              | IN        |     38000 | PA      | $37002.50     | 0.54%             | 2027-08-04      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| MOVIDA EUROPE SA                          | Movida Europe SA                                                                 | CUSIP: 62459LAC3<br>LEI: 549300YRJE0V6QKU7C86 | Long             | DBT              | CORP              | LU        |     39000 | PA      | $37586.25     | 0.55%             | 2029-04-11      | Fixed         | 7.85%                 | No            |                  2 | On Loan: No      |
| AKBANK TAS                                | Akbank TAS                                                                       | CUSIP: 00971YAL4<br>LEI: 789000TUMN63Z28TJ497 | Long             | DBT              | CORP              | TR        |     26000 | PA      | $27072.50     | 0.40%             | 2030-01-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SOUTHERN COPPER CORP                      | Southern Copper Corp                                                             | CUSIP: 84265VAE5<br>LEI: 2549007U6NAP46Q9TU15 | Long             | DBT              | CORP              | US        |      9000 | PA      | $9945.00      | 0.15%             | 2040-04-16      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HTA GROUP LTD                             | HTA Group Ltd/Mauritius                                                          | CUSIP: 40435WAC4<br>LEI: 213800WEFU8O8X6EPU13 | Long             | DBT              | CORP              | MU        |     65000 | PA      | $67275.00     | 0.99%             | 2029-06-04      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                   | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAE1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |     22000 | PA      | $21506.32     | 0.32%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| ADANIREN KODSOPAR WARSOM                  | Adani Renewable Energy RJ Ltd/Kodangal Solar Parks Pvt Ltd/Wardha Solar Maharash | CUSIP: 00654CAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | IN        |     54275 | PA      | $44505.50     | 0.65%             | 2039-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management        | Dreyfus Government Cash Management                                               | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |    122794 | NS      | $122794.01    | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| STUDIO CITY CO LTD                        | Studio City Co Ltd                                                               | CUSIP: 86400GAC3<br>LEI: 984500V5401EFT095A58 | Long             | DBT              | CORP              | VG        |     58000 | PA      | $58435.00     | 0.86%             | 2027-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| HDFC BANK LTD                             | HDFC Bank Ltd                                                                    | CUSIP: 000000000<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | DBT              | CORP              | IN        |     37000 | PA      | $36213.75     | 0.53%             | N/A             | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| MONG DUONG FIN HLDGS BV                   | Mong Duong Finance Holdings BV                                                   | CUSIP: 60935DAA3<br>LEI: 549300995KGQFMWSV879 | Long             | DBT              | CORP              | NL        |     23716 | PA      | $23426.69     | 0.34%             | 2029-05-07      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ABU DHABI CRUDE OIL                       | Abu Dhabi Crude Oil Pipeline LLC                                                 | CUSIP: 00401MAA4<br>LEI: 549300DONDFW2383FV66 | Long             | DBT              | CORP              | AE        |     24000 | PA      | $23505.00     | 0.35%             | 2029-11-02      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| AMBIPAR LUX SARL                          | Ambipar Lux Sarl                                                                 | CUSIP: 02319WAB7<br>LEI: 9845008C0E14F9BDEK55 | Long             | DBT              | CORP              | LU        |     25000 | PA      | $20821.25     | 0.31%             | 2033-02-05      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| TSMC GLOBAL LTD                           | TSMC Global Ltd                                                                  | CUSIP: 000000000<br>LEI: 549300N2ZLI21P85T117 | Long             | DBT              | CORP              | VG        |     29000 | PA      | $25162.14     | 0.37%             | 2030-09-28      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| CIA CERVECERIAS UNIDAS                    | Cia Cervecerias Unidas SA                                                        | CUSIP: 204429AA2<br>LEI: 529900BJW9B0O6LI2R39 | Long             | DBT              | CORP              | CL        |     61000 | PA      | $54656.00     | 0.80%             | 2032-01-19      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| TSMC ARIZONA CORP                         | TSMC Arizona Corp                                                                | CUSIP: 872898AF8<br>LEI: 2549005GOBWLCSY63Q97 | Long             | DBT              | CORP              | US        |     17500 | PA      | $17455.03     | 0.26%             | 2027-04-22      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| RELIANCE INDUSTRIES LTD                   | Reliance Industries Ltd                                                          | CUSIP: 759470BC0<br>LEI: 5493003UOETFYRONLG31 | Long             | DBT              | CORP              | IN        |     26000 | PA      | $18155.54     | 0.27%             | 2062-01-12      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MINEJESA CAPITAL BV                       | Minejesa Capital BV                                                              | CUSIP: 602736AA8<br>LEI: 549300KS7ERCP10BKC35 | Long             | DBT              | CORP              | NL        |     97092 | PA      | $96424.49     | 1.42%             | 2030-08-10      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| YPF ENERGIA ELECTRICA SA                  | YPF Energia Electrica SA                                                         | CUSIP: 98424MAB9<br>LEI: 5493002XN8FRTYQLR778 | Long             | DBT              | CORP              | AR        |     50000 | PA      | $49675.50     | 0.73%             | 2032-10-16      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| BRASKEM IDESA SAPI                        | Braskem Idesa SAPI                                                               | CUSIP: 10554NAB4<br>LEI: YH0V7ZHY352ITDGEYB83 | Long             | DBT              | CORP              | MX        |     12000 | PA      | $8328.72      | 0.12%             | 2032-02-20      | Fixed         | 6.99%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                  | OCP SA                                                                           | CUSIP: 67091TAB1<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |     23000 | PA      | $22876.03     | 0.34%             | 2044-04-25      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| JBS USA HOLD/FOOD/LUX CO                  | JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl                       | CUSIP: 46590XAQ9<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     25000 | PA      | $19051.73     | 0.28%             | 2052-02-02      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| KAZMUNAYGAS NATIONAL CO                   | KazMunayGas National Co JSC                                                      | CUSIP: 48126PAA0<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |     68000 | PA      | $60243.92     | 0.88%             | 2033-04-14      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| DP WORLD LTD UAE                          | DP World Ltd/United Arab Emirates                                                | CUSIP: 23330JAC5<br>LEI: 549300M3U2DNF4QVSS04 | Long             | DBT              | CORP              | AE        |     47000 | PA      | $39979.38     | 0.59%             | 2049-09-30      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| BANC CREDITO INVERSIONES                  | Banco de Credito e Inversiones SA                                                | CUSIP: 05956NAF9<br>LEI: 549300E9E5Y3PKW24142 | Long             | DBT              | CORP              | CL        |     51000 | PA      | $52992.19     | 0.78%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                  | OCP SA                                                                           | CUSIP: 67091TAD7<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |     26000 | PA      | $23797.28     | 0.35%             | 2031-06-23      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| SAUDI ARABIAN OIL CO                      | Saudi Arabian Oil Co                                                             | CUSIP: 80414L2F1<br>LEI: 5586006WD91QHB7J4X50 | Long             | DBT              | CORP              | SA        |     53000 | PA      | $42803.86     | 0.63%             | 2049-04-16      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MC BRAZIL DWNSTRM                         | MC Brazil Downstream Trading SARL                                                | CUSIP: 55292WAA8<br>LEI: 213800T2A7R9TYNXZI63 | Long             | DBT              | CORP              | LU        |     35576 | PA      | $30178.80     | 0.44%             | 2031-06-30      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| RELIANCE INDUSTRIES LTD                   | Reliance Industries Ltd                                                          | CUSIP: 000000000<br>LEI: 5493003UOETFYRONLG31 | Long             | DBT              | CORP              | IN        |     35000 | PA      | $25167.10     | 0.37%             | 2052-01-12      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD                           | IHS Holding Ltd                                                                  | CUSIP: 44963HAB1<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |     16000 | PA      | $15815.00     | 0.23%             | 2028-11-29      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BANGKOK BANK PCL/HK                       | Bangkok Bank PCL/Hong Kong                                                       | CUSIP: 059895AT9<br>LEI: 549300CCL2BKJGMYXV60 | Long             | DBT              | CORP              | TH        |     40000 | PA      | $37796.40     | 0.56%             | 2034-09-25      | Fixed         | 3.73%                 | No            |                  2 | On Loan: No      |
| TELECOM ARGENTINA SA                      | Telecom Argentina SA                                                             | CUSIP: 879273AV2<br>LEI: 549300MKPIRSJD8SB782 | Long             | DBT              | CORP              | AR        |     35000 | PA      | $35927.50     | 0.53%             | 2033-05-28      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC                    | Standard Chartered PLC                                                           | CUSIP: 853254CS7<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |     18000 | PA      | $18752.40     | 0.28%             | 2029-01-09      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| SIMPAR EUROPE SA                          | Simpar Europe SA                                                                 | CUSIP: 82883PAA2<br>LEI: 54930068BSUST41D5C30 | Long             | DBT              | CORP              | LU        |     51000 | PA      | $42330.00     | 0.62%             | 2031-01-26      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| KAZMUNAYGAS NATIONAL CO                   | KazMunayGas National Co JSC                                                      | CUSIP: 48667QAP0<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |     41000 | PA      | $36760.60     | 0.54%             | 2047-04-19      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NBK TIER 1 LTD                            | NBK Tier 1 Ltd                                                                   | CUSIP: 62879NAB3<br>LEI: 5493000G4QCCEE8YHF19 | Long             | DBT              | CORP              | AE        |     51000 | PA      | $52020.00     | 0.76%             | N/A             | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| RAIZEN FUELS FINANCE                      | Raizen Fuels Finance SA                                                          | CUSIP: 75102XAF3<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |     51000 | PA      | $49816.80     | 0.73%             | 2032-07-08      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                     | Melco Resorts Finance Ltd                                                        | CUSIP: 000000000<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |     82000 | PA      | $79130.00     | 1.16%             | 2029-12-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| VEDANTA RESOURCES                         | Vedanta Resources Finance II PLC                                                 | CUSIP: 92243XAH4<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |     41000 | PA      | $42056.93     | 0.62%             | 2029-09-17      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| JSW HYDRO ENERGY LTD                      | JSW Hydro Energy Ltd                                                             | CUSIP: 46653YAA6<br>LEI: 3358006ZP5KO7VUH2790 | Long             | DBT              | CORP              | IN        |     66030 | PA      | $61943.40     | 0.91%             | 2031-05-18      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| BANCO DE CHILE                            | Banco de Chile                                                                   | CUSIP: 059520AC0<br>LEI: 8B4EZFY8IHJC44TT2K84 | Long             | DBT              | CORP              | CL        |     69000 | PA      | $61798.13     | 0.91%             | 2031-12-09      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| GREENKO DUTCH BV                          | Greenko Dutch BV                                                                 | CUSIP: 39530LAD2<br>LEI: 724500PT585P4JPVRP08 | Long             | DBT              | CORP              | NL        |     45760 | PA      | $45233.76     | 0.66%             | 2026-03-29      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| INVEST ENERGY RES LTD                     | Investment Energy Resources Ltd                                                  | CUSIP: 46143NAB6<br>LEI: 254900A71Y7WHN7L5K89 | Long             | DBT              | CORP              | BM        |     39000 | PA      | $38489.10     | 0.57%             | 2029-04-26      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ANGLOGOLD HOLDINGS PLC                    | AngloGold Ashanti Holdings PLC                                                   | CUSIP: 03512TAB7<br>LEI: 213800745ZIXC4L6A131 | Long             | DBT              | CORP              | IM        |     23000 | PA      | $23898.44     | 0.35%             | 2040-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SUZANO AUSTRIA GMBH                       | Suzano Austria GmbH                                                              | CUSIP: 86964WAK8<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |     77000 | PA      | $68313.63     | 1.00%             | 2032-01-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE                  | Banco Mercantil del Norte SA/Grand Cayman                                        | CUSIP: 05971PAB4<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |     35000 | PA      | $35484.75     | 0.52%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ENERGEAN PLC                              | Energean PLC                                                                     | CUSIP: 29280EAA7<br>LEI: 549300RVMKU0CYUZBB05 | Long             | DBT              | CORP              | GB        |     35000 | PA      | $34617.10     | 0.51%             | 2027-04-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| STAR ENERGY GEOTHERMAL                    | Star Energy Geothermal Wayang Windu Ltd                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |     34225 | PA      | $35251.75     | 0.52%             | 2033-04-24      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TURKCELL ILETISIM HIZMET                  | Turkcell Iletisim Hizmetleri AS                                                  | CUSIP: 900111AD7<br>LEI: 7890003EX1LTLS2FFL84 | Long             | DBT              | CORP              | TR        |     53000 | PA      | $55134.60     | 0.81%             | 2032-01-24      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC                    | Standard Chartered PLC                                                           | CUSIP: 853254CC2<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |     20000 | PA      | $17732.40     | 0.26%             | 2032-06-29      | Fixed         | 2.68%                 | No            |                  2 | On Loan: No      |
| PTT TREASURY CENTRE                       | PTT Treasury Center Co Ltd                                                       | CUSIP: 69374WAB8<br>LEI: 254900FBQLIN5XACCX50 | Long             | DBT              | CORP              | TH        |     42000 | PA      | $36347.64     | 0.53%             | 2042-10-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CT TRUST                                  | CT Trust                                                                         | CUSIP: 12659BAA2<br>LEI: 213800MJB7WO427HQD34 | Long             | DBT              | CORP              | GT        |     15000 | PA      | $14136.04     | 0.21%             | 2032-02-03      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| AI CANDELARIA -SPAIN- SA                  | AI Candelaria -spain- SA                                                         | CUSIP: 00870WAA4<br>LEI: 213800L5KA2MJ5FKRZ02 | Long             | DBT              | CORP              | ES        |     39000 | PA      | $34203.00     | 0.50%             | 2033-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BRASKEM NETHERLANDS                       | Braskem Netherlands Finance BV                                                   | CUSIP: 10554TAE5<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |     35000 | PA      | $20212.50     | 0.30%             | 2050-01-31      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| LIMAK YENILENEBILIR                       | Limak Yenilenebilir Enerji AS                                                    | CUSIP: 53263MAA0<br>LEI: 789000WFO2FHRONHFN18 | Long             | DBT              | CORP              | TR        |     18000 | PA      | $18242.40     | 0.27%             | 2030-08-12      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION OIL SA                      | Constellation Oil Services Holding SA                                            | CUSIP: 650921AA7<br>LEI: 5493005YJTU769NW5I10 | Long             | DBT              | CORP              | LU        |     46000 | PA      | $46943.00     | 0.69%             | 2029-11-07      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| ADECOAGRO SA                              | Adecoagro SA                                                                     | CUSIP: 00676LAC0<br>LEI: 529900Q00UR5LFELO811 | Long             | DBT              | CORP              | LU        |     27000 | PA      | $26743.50     | 0.39%             | 2032-07-29      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| EIG PEARL HOLDINGS SARL                   | EIG Pearl Holdings Sarl                                                          | CUSIP: 28249NAA9<br>LEI: 549300KIMRL45BWA5H76 | Long             | DBT              | CORP              | LU        |     47647 | PA      | $43328.87     | 0.64%             | 2036-08-31      | Fixed         | 3.54%                 | No            |                  2 | On Loan: No      |
| SASOL FINANCING USA LLC                   | Sasol Financing USA LLC                                                          | CUSIP: 80386WAC9<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |     89000 | PA      | $88193.66     | 1.30%             | 2026-09-18      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| GENER MEDIT/CENT TERMICA                  | Generacion Mediterranea SA / Central Termica Roca SA                             | CUSIP: 36875KAJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | AR        |     54000 | PA      | $32130.00     | 0.47%             | 2031-11-01      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| BANC CREDITO INVERSIONES                  | Banco de Credito e Inversiones SA                                                | CUSIP: 05890MAB9<br>LEI: 549300E9E5Y3PKW24142 | Long             | DBT              | CORP              | CL        |     41000 | PA      | $36942.23     | 0.54%             | 2031-10-14      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| CSN RESOURCES SA                          | CSN Resources SA                                                                 | CUSIP: 12644VAD0<br>LEI: 222100ZEX458NMOXZP08 | Long             | DBT              | CORP              | LU        |     47000 | PA      | $37882.66     | 0.56%             | 2031-06-10      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICAL INDU                  | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAP6<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |     17000 | PA      | $16857.88     | 0.25%             | 2027-05-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ALIBABA GROUP HOLDING                     | Alibaba Group Holding Ltd                                                        | CUSIP: 01609WAZ5<br>LEI: 5493001NTNQJDH60PM02 | Long             | DBT              | CORP              | KY        |     50000 | PA      | $33681.71     | 0.49%             | 2051-02-09      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| ACWA POWER MGMT INVST                     | Acwa Power Management And Investments One Ltd                                    | CUSIP: 005117AA4<br>LEI: 635400M3OWQGQBZOYO38 | Long             | DBT              | CORP              | AE        |     99684 | PA      | $100107.66    | 1.47%             | 2039-12-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| ADANI ELECTRICITY MUMBAI                  | Adani Electricity Mumbai Ltd                                                     | CUSIP: 00654GAA1<br>LEI: 335800AIC1B5EBFVUC38 | Long             | DBT              | CORP              | IN        |     72000 | PA      | $66657.60     | 0.98%             | 2030-02-12      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC                    | Standard Chartered PLC                                                           | CUSIP: 853254CZ1<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |     46000 | PA      | $48759.54     | 0.72%             | 2035-01-11      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                  | First Quantum Minerals Ltd                                                       | CUSIP: 335934AX3<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |     11000 | PA      | $11068.75     | 0.16%             | 2034-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| KOSMOS ENERGY LTD                         | Kosmos Energy Ltd                                                                | CUSIP: 000000000<br>LEI: 213800YDFJ3OT9B5P157 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4955.00      | 0.07%             | 2026-04-04      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| MINERVA LUXEMBOURG SA                     | Minerva Luxembourg SA                                                            | CUSIP: 603374AH2<br>LEI: 222100NM3G3RCPGZ2Z17 | Long             | DBT              | CORP              | LU        |     26000 | PA      | $28574.00     | 0.42%             | 2033-09-13      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| YINSON BERGENIA PRODUCTI                  | Yinson Bergenia Production BV                                                    | CUSIP: 98585VAA6<br>LEI: 549300JDIAWKPMZD5256 | Long             | DBT              | CORP              | NL        |     21000 | PA      | $22008.00     | 0.32%             | 2045-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| SAMARCO MINERACAO SA                      | Samarco Mineracao SA                                                             | CUSIP: 79588YAA7<br>LEI: 529900U8HKV15GJC4O60 | Long             | DBT              | CORP              | BR        |     60035 | PA      | $59612.02     | 0.88%             | 2031-06-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| SHRIRAM FINANCE LTD                       | Shriram Finance Ltd                                                              | CUSIP: 82556FAA0<br>LEI: 335800TM2YO24B76XL26 | Long             | DBT              | CORP              | IN        |     35000 | PA      | $35700.00     | 0.52%             | 2027-04-22      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                  | OCP SA                                                                           | CUSIP: 67091TAG0<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |     24000 | PA      | $24798.96     | 0.36%             | 2054-05-02      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| VEDANTA RESOURCES                         | Vedanta Resources Finance II PLC                                                 | CUSIP: 92243XAM3<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |     30000 | PA      | $29617.50     | 0.44%             | 2030-07-24      | Fixed         | 9.47%                 | No            |                  2 | On Loan: No      |
| IHS MAURITIUS NG HOLDCO                   | IHS Netherlands Holdco BV                                                        | CUSIP: 44963LAC0<br>LEI: 5493006Z6YQYCCN2XI74 | Long             | DBT              | CORP              | NL        |     43998 | PA      | $44108.41     | 0.65%             | 2027-09-18      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| LEVIATHAN BOND LTD                        | Leviathan Bond Ltd                                                               | CUSIP: 000000000<br>LEI: 254900D9T8VKYVQNZ220 | Long             | DBT              | CORP              | IL        |     98000 | PA      | $97326.74     | 1.43%             | 2030-06-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GEOPARK LTD                               | Geopark Ltd                                                                      | CUSIP: 37255BAC3<br>LEI: 529900ZR5QI19AH4KZ07 | Long             | DBT              | CORP              | BM        |     27000 | PA      | $24468.75     | 0.36%             | 2030-01-31      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| GREENSAIF PIPELINES BIDC                  | Greensaif Pipelines Bidco Sarl                                                   | CUSIP: 39541EAA1<br>LEI: 549300YWDGUXPB8GRP47 | Long             | DBT              | CORP              | LU        |     21000 | PA      | $22162.77     | 0.33%             | 2038-02-23      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| VF UKRAINE (VFU FUNDING)                  | VF Ukraine PAT via VFU Funding PLC                                               | CUSIP: 918212AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | UA        |     75023 | PA      | $71271.38     | 1.05%             | 2027-02-11      | Variable      | 9.62%                 | No            |                  2 | On Loan: No      |
| SCOTIABANK PERU SA                        | Scotiabank Peru SAA                                                              | CUSIP: 80928HAB9<br>LEI: 5493001E54CPRG5J5Q41 | Long             | DBT              | CORP              | PE        |     34000 | PA      | $35241.00     | 0.52%             | 2035-10-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| ADANI GREEN ENERGY UP                     | Adani Green Energy UP Ltd / Prayatna Developers Pvt Ltd / Parampujya Solar Energ | CUSIP: 00654AAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | IN        |      9931 | PA      | $9350.22      | 0.14%             | 2042-03-12      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| KAZMUNAYGAS NATIONAL CO                   | KazMunayGas National Co JSC                                                      | CUSIP: 48667QAS4<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |     25000 | PA      | $23921.75     | 0.35%             | 2048-10-24      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| WE SODA INV HOLDING PLC                   | WE Soda Investments Holding PLC                                                  | CUSIP: 92943TAA1<br>LEI: 984500SE38C07DB47A90 | Long             | DBT              | CORP              | GB        |     40000 | PA      | $41912.50     | 0.62%             | 2028-10-06      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| SASOL FINANCING USA LLC                   | Sasol Financing USA LLC                                                          | CUSIP: 000000000<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |     28000 | PA      | $28217.00     | 0.41%             | 2029-05-03      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                  | First Quantum Minerals Ltd                                                       | CUSIP: 335934AU9<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |     85000 | PA      | $88612.50     | 1.30%             | 2031-06-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| MSU ENERGY SA                             | MSU Energy SA                                                                    | CUSIP: 55377JAC1<br>LEI: 529900D1ZX75KRP2HC66 | Long             | DBT              | CORP              | AR        |     73000 | PA      | $68609.96     | 1.01%             | 2030-12-05      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| STUDIO CITY FINANCE LTD                   | Studio City Finance Ltd                                                          | CUSIP: 86389QAF9<br>LEI: 254900D6R731QAUIG324 | Long             | DBT              | CORP              | VG        |     40000 | PA      | $39903.20     | 0.59%             | 2028-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CENTRAIS ELETRICAS ELET                   | Centrais Eletricas Brasileiras SA                                                | CUSIP: 15234VAA5<br>LEI: 254900I8KYDELP4B4Z08 | Long             | DBT              | CORP              | BR        |     28000 | PA      | $28201.18     | 0.41%             | 2035-01-11      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                     | Melco Resorts Finance Ltd                                                        | CUSIP: 000000000<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |     30000 | PA      | $29925.00     | 0.44%             | 2027-07-17      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| 10 RENEW POWER SUBSIDIAR                  | ReNew Wind Energy AP2 / ReNew Power Pvt Ltd other 9 Subsidiaries                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | IN        |     24000 | PA      | $22980.00     | 0.34%             | 2028-07-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| THAIOIL TRSRY CENTER                      | Thaioil Treasury Center Co Ltd                                                   | CUSIP: 88323AAB8<br>LEI: 549300NH03B9E8VGJR89 | Long             | DBT              | CORP              | TH        |     33000 | PA      | $28231.50     | 0.41%             | 2043-01-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| TRIDENT ENERGY FINANCE                    | Trident Energy Finance PLC                                                       | CUSIP: 89616MAB6<br>LEI: 9845004ECK3FYO64I382 | Long             | DBT              | CORP              | GB        |     27000 | PA      | $27888.84     | 0.41%             | 2029-11-30      | Fixed         | 12.50%                | No            |                  2 | On Loan: No      |
| ZORLU ENERJI ELEKTRIK                     | Zorlu Enerji Elektrik Uretim AS                                                  | CUSIP: 98977LAA4<br>LEI: 7890005B5CSNL39OYO75 | Long             | DBT              | CORP              | TR        |     37000 | PA      | $35383.47     | 0.52%             | 2030-04-23      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| ADANI TRANS STEP-ONE LTD                  | Adani Transmission Step-One Ltd                                                  | CUSIP: 00652XAA6<br>LEI: 335800Z8CGS7O7D72N41 | Long             | DBT              | CORP              | IN        |     19000 | PA      | $18787.39     | 0.28%             | 2026-08-03      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CEMEX SAB DE CV                           | Cemex SAB de CV                                                                  | CUSIP: 151290CC5<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |     41000 | PA      | $42217.70     | 0.62%             | N/A             | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| BBVA BANCOMER SA TEXAS                    | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX     | CUSIP: 05533UAF5<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |     20000 | PA      | $19500.00     | 0.29%             | 2033-01-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| FS LUXEMBOURG SARL                        | FS Luxembourg Sarl                                                               | CUSIP: 30315XAC8<br>LEI: 222100EKR3JUJPGGOY81 | Long             | DBT              | CORP              | LU        |     26000 | PA      | $27261.26     | 0.40%             | 2031-02-12      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| CIKARANG LISTRINDO PT                     | Cikarang Listrindo Tbk PT                                                        | CUSIP: 74448QAA5<br>LEI: 254900NPCIO562Z7FN53 | Long             | DBT              | CORP              | ID        |     35000 | PA      | $35218.75     | 0.52%             | 2035-03-12      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| ABU DHABI NATIONAL ENERG                  | Abu Dhabi National Energy Co PJSC                                                | CUSIP: 00388WAM3<br>LEI: 213800UNJSVQFNUYYW03 | Long             | DBT              | CORP              | AE        |     26000 | PA      | $26054.86     | 0.38%             | 2033-04-24      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| TIERRA MOJADA LUX II SRL                  | Tierra Mojada Luxembourg II Sarl                                                 | CUSIP: 30260LAA3<br>LEI: 254900H2U8PBIY32VI94 | Long             | DBT              | CORP              | LU        |     22823 | PA      | $21883.94     | 0.32%             | 2040-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BANCO DE CREDITO DEL PER                  | Banco de Credito del Peru S.A.                                                   | CUSIP: 05971U2J5<br>LEI: 549300EQYQ8SCQZ4BY14 | Long             | DBT              | CORP              | PE        |      9000 | PA      | $9379.13      | 0.14%             | 2035-07-30      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| PROSUS NV                                 | Prosus NV                                                                        | CUSIP: 74365PAE8<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |    154000 | PA      | $101139.50    | 1.49%             | 2051-02-08      | Fixed         | 3.83%                 | No            |                  2 | On Loan: No      |
| TENCENT HOLDINGS LTD                      | Tencent Holdings Ltd                                                             | CUSIP: 88032WAU0<br>LEI: 254900N4SLUMW4XUYY11 | Long             | DBT              | CORP              | KY        |     11000 | PA      | $10193.26     | 0.15%             | 2030-06-03      | Fixed         | 2.39%                 | No            |                  2 | On Loan: No      |
| SIERRACOL ENRGY ANDINA                    | SierraCol Energy Andina LLC                                                      | CUSIP: 82653LAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     38000 | PA      | $35796.00     | 0.53%             | 2028-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NBK SPC LTD                               | NBK SPC Ltd                                                                      | CUSIP: 62877P2A1<br>LEI: 549300P1ANDK86KWB419 | Long             | DBT              | CORP              | AE        |     35000 | PA      | $36102.50     | 0.53%             | 2030-06-06      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ENERGEAN ISRAEL FINANCE                   | Energean Israel Finance Ltd                                                      | CUSIP: 000000000<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |     46000 | PA      | $43283.24     | 0.64%             | 2031-03-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ACCESS BANK PLC                           | Access Bank PLC                                                                  | CUSIP: 00434G2B5<br>LEI: 029200328C3N9YI2D660 | Long             | DBT              | CORP              | NG        |     22000 | PA      | $21821.58     | 0.32%             | 2026-09-21      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| 3R LUX SARL                               | 3R Lux SARL                                                                      | CUSIP: 88563PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     17000 | PA      | $17935.00     | 0.26%             | 2031-02-05      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN CAPITAL                    | Anglo American Capital PLC                                                       | CUSIP: 034863AX8<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |      8000 | PA      | $7303.00      | 0.11%             | 2030-09-10      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA                      | YPF SA                                                                           | CUSIP: 984245AX8<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |     49000 | PA      | $51084.95     | 0.75%             | 2031-01-17      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| FORESEA HOLDING SA                        | FORESEA Holding SA                                                               | CUSIP: 262051AA3<br>LEI: 254900BAD50AKYGIMV79 | Long             | DBT              | CORP              | LU        |     55000 | PA      | $52999.94     | 0.78%             | 2030-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN CAPITAL                    | Anglo American Capital PLC                                                       | CUSIP: 000000000<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |      7000 | PA      | $6390.13      | 0.09%             | 2030-09-10      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| MAF GLOBAL SECURITIES                     | MAF Global Securities Ltd                                                        | CUSIP: 000000000<br>LEI: 54930037VUDNYTS17017 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $206908.00    | 3.04%             | N/A             | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| GRUPO AEROMEXICO SAB                      | Grupo Aeromexico SAB de CV                                                       | CUSIP: 40054JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |     45000 | PA      | $44264.93     | 0.65%             | 2031-11-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| STAR ENERGY CO ISSUE                      | Star Energy Geothermal Darajat II / Star Energy Geothermal Salak                 | CUSIP: 85513LAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      4000 | PA      | $3810.00      | 0.06%             | 2038-10-14      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| ENERGEAN PLC                              | Energean PLC                                                                     | CUSIP: 000000000<br>LEI: 549300RVMKU0CYUZBB05 | Long             | DBT              | CORP              | GB        |     10000 | PA      | $9890.60      | 0.15%             | 2027-04-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AZULE ENERGY FINANCE PLC                  | Azule Energy Finance Plc                                                         | CUSIP: 05501YAA6<br>LEI: 2138006X6O82RJSQDB63 | Long             | DBT              | CORP              | GB        |     46000 | PA      | $46460.00     | 0.68%             | 2030-01-23      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| YINSON BORONIA PRODUCTIO                  | Yinson Boronia Production BV                                                     | CUSIP: 98584XAA3<br>LEI: 5493007X12FTT746N678 | Long             | DBT              | CORP              | NL        |     29433 | PA      | $32113.28     | 0.47%             | 2042-07-31      | Fixed         | 8.95%                 | No            |                  2 | On Loan: No      |
| BRASKEM NETHERLANDS                       | Braskem Netherlands Finance BV                                                   | CUSIP: 000000000<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |     54000 | PA      | $37867.50     | 0.56%             | 2030-01-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| METINVEST BV                              | Metinvest BV                                                                     | CUSIP: 591555AF4<br>LEI: 635400TMCKVEU87EJ582 | Long             | DBT              | CORP              | NL        |     51000 | PA      | $38505.00     | 0.57%             | 2029-10-17      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ROYAL CAPITAL BV                          | Royal Capital BV                                                                 | CUSIP: 000000000<br>LEI: 72450057BWJ6BYW0TI63 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $199250.00    | 2.93%             | N/A             | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| POINSETTIA FINANCE LTD                    | Poinsettia Finance Ltd                                                           | CUSIP: 000000000<br>LEI: 549300P2JTF5JKW10Z65 | Long             | DBT              | CORP              | KY        |     46502 | PA      | $44206.54     | 0.65%             | 2031-06-17      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                     | Melco Resorts Finance Ltd                                                        | CUSIP: 000000000<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |     21000 | PA      | $20844.60     | 0.31%             | 2028-07-21      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ALPEK SA DE CV                            | Alpek SAB de CV                                                                  | CUSIP: 020564AE0<br>LEI: 549300PWKJTP62D4IQ66 | Long             | DBT              | CORP              | MX        |     39000 | PA      | $33966.56     | 0.50%             | 2031-02-25      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE                  | Banco Mercantil del Norte SA/Grand Cayman                                        | CUSIP: 05971PAE8<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |     32000 | PA      | $33520.00     | 0.49%             | N/A             | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ORLEN SA                                  | ORLEN SA                                                                         | CUSIP: 68666UAA3<br>LEI: 259400VVMM70CQREJT74 | Long             | DBT              | CORP              | PL        |     80000 | PA      | $82780.00     | 1.22%             | 2035-01-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE                  | Banco Mercantil del Norte SA/Grand Cayman                                        | CUSIP: 000000000<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |     17000 | PA      | $16532.50     | 0.24%             | 2031-10-04      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ALTICE FINANCING SA                       | Altice Financing SA                                                              | CUSIP: 02154CAF0<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |     25000 | PA      | $20413.75     | 0.30%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD                           | IHS Holding Ltd                                                                  | CUSIP: 44963HAD7<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |     44000 | PA      | $45256.64     | 0.66%             | 2031-11-29      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| KOSMOS ENERGY LTD                         | Kosmos Energy Ltd                                                                | CUSIP: 000000000<br>LEI: 213800YDFJ3OT9B5P157 | Long             | DBT              | CORP              | US        |     45000 | PA      | $42596.33     | 0.63%             | 2027-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| SHINHAN FINANCIAL GROUP                   | Shinhan Financial Group Co Ltd                                                   | CUSIP: 824596AA8<br>LEI: 988400EB8A6G49E5KO54 | Long             | DBT              | CORP              | KR        |     53000 | PA      | $52056.07     | 0.76%             | N/A             | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| MEDCO BELL PTE LTD                        | Medco Bell Pte Ltd                                                               | CUSIP: 000000000<br>LEI: 2549003PNDCWIWGKC768 | Long             | DBT              | CORP              | SG        |     70000 | PA      | $70000.00     | 1.03%             | 2027-01-30      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BANCO DAVIVIENDA SA                       | Banco Davivienda SA                                                              | CUSIP: 059501AG1<br>LEI: 549300P161V4IPKAQS70 | Long             | DBT              | CORP              | CO        |     50000 | PA      | $51586.50     | 0.76%             | 2035-07-02      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| PROSUS NV                                 | Prosus NV                                                                        | CUSIP: 000000000<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |     22000 | PA      | $19678.78     | 0.29%             | 2031-07-13      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| VEDANTA RESOURCES                         | Vedanta Resources Finance II PLC                                                 | CUSIP: 92243XAJ0<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |     23000 | PA      | $23682.60     | 0.35%             | 2028-06-03      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| FREEPORT INDONESIA PT                     | Freeport Indonesia PT                                                            | CUSIP: 000000000<br>LEI: 549300T4HTQHRKLNE619 | Long             | DBT              | CORP              | ID        |     34000 | PA      | $34748.00     | 0.51%             | 2052-04-14      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| KOSMOS ENERGY LTD                         | Kosmos Energy Ltd                                                                | CUSIP: 000000000<br>LEI: 213800YDFJ3OT9B5P157 | Long             | DBT              | CORP              | US        |     11000 | PA      | $9246.93      | 0.14%             | 2028-03-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                  | OCP SA                                                                           | CUSIP: 67091TAJ4<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |     18000 | PA      | $18601.88     | 0.27%             | 2036-03-01      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| GC TREASURY CENTRE CO                     | GC Treasury Center Co Ltd                                                        | CUSIP: 36830DAC5<br>LEI: 549300LUFQBC2EQNAR40 | Long             | DBT              | CORP              | TH        |    100000 | PA      | $78649.00     | 1.16%             | 2051-03-18      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| SAAVI ENERGIA SARL                        | Saavi Energia Sarl                                                               | CUSIP: 78518PAA3<br>LEI: 254900A2V0IO8K56UH35 | Long             | DBT              | CORP              | LU        |     25000 | PA      | $26570.25     | 0.39%             | 2035-02-10      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| CEMEX SAB DE CV                           | Cemex SAB de CV                                                                  | CUSIP: 151290CA9<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |     34000 | PA      | $33758.60     | 0.50%             | N/A             | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SHRIRAM FINANCE LTD                       | Shriram Finance Ltd                                                              | CUSIP: 82556FAB8<br>LEI: 335800TM2YO24B76XL26 | Long             | DBT              | CORP              | IN        |     20000 | PA      | $20227.50     | 0.30%             | 2028-04-03      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| OVERSEA-CHINESE BANKING                   | Oversea-Chinese Banking Corp Ltd                                                 | CUSIP: 69033DAD9<br>LEI: 5493007O3QFXCPOGWK22 | Long             | DBT              | CORP              | SG        |     30000 | PA      | $29962.50     | 0.44%             | 2030-09-10      | Fixed         | 1.83%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-29

**Name of Applicant:** Virtus Opportunities Trust

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer