# EDGAR Filing Document

**Accession Number:** 0001005020
**File Stem:** 0000940400-26-008451
**Filing Date:** 2026-2
**Character Count:** 60731
**Document Hash:** 1f997ccaf3a2e6ca8690c8ab7fc59b5d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-008451.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000940400-26-008451

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260930

**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:** 26684522

**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 Seix Tax-Exempt Bond Fund (Series ID: S000055180)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000173506 | Class I      | HXBIX           |
| C000173507 | Class A      | HXBZX           |
| C000173508 | Class C      | PXCZX           |

## Nport-Ex

**VIRTUS Seix Tax-Exempt Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**December 31, 2025**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Municipal Bonds**<sup>(1)</sup>**—96.2%** | **Municipal Bonds**<sup>(1)</sup>**—96.2%** | **Municipal Bonds**<sup>(1)</sup>**—96.2%** |
| **Alabama—1.1%** | **Alabama—1.1%** |  |
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, <br> Natural Gas Revenue, Series E <br>5.000%, 10/1/30<br>| $500 | &nbsp;&nbsp; $537 |
| **California—0.8%** | **California—0.8%** |  |
| &nbsp;&nbsp;&nbsp; Santa Clarita Community College District, General <br> Obligation <br>3.000%, 8/1/44<br>| 500 | &nbsp;&nbsp; 405 |
| **Colorado—6.9%** | **Colorado—6.9%** |  |
| &nbsp;&nbsp;&nbsp; City & County of Denver, Airport System Revenue, Series <br> D (AMT) <br>5.500%, 11/15/30<br>| 1000 | &nbsp;&nbsp; 1120 |
| &nbsp;&nbsp;&nbsp; Colorado Bridge & Tunnel Enterprise, Miscellaneous <br> Revenue, Series A (AG Insured) <br>5.250%, 12/1/54<br>| 200 | &nbsp;&nbsp; 211 |
| &nbsp;&nbsp;&nbsp; Denver Convention Center Hotel Authority Revenue, <br> Senior Lien <br>5.000%, 12/1/27<br>| 400 | &nbsp;&nbsp; 405 |
| &nbsp;&nbsp;&nbsp; Public Authority For Colorado Energy, Natural Gas <br> Purchase Revenue <br>6.250%, 11/15/28<br>| 1470 | &nbsp;&nbsp; 1553 |
|  |  | &nbsp;&nbsp; 3289 |
| **Connecticut—1.3%** | **Connecticut—1.3%** |  |
| &nbsp;&nbsp;&nbsp; Connecticut Housing Finance Authority, Housing <br> Mortgage Finance Program Bonds, Series F1 (GNMA / <br> FNMA / FHLMC Insured) <br>3.200%, 11/15/33<br>| 325 | &nbsp;&nbsp; 323 |
| &nbsp;&nbsp;&nbsp; State of Connecticut, General Obligation, Series B <br>5.000%, 12/1/29<br>| 255 | &nbsp;&nbsp; 279 |
|  |  | &nbsp;&nbsp; 602 |
| **Florida—11.0%** | **Florida—11.0%** |  |
| &nbsp;&nbsp;&nbsp; Central Florida Expressway Authority, Highway Toll <br> Revenue, Senior Lien, Series B <br>4.000%, 7/1/30<br>| 230 | &nbsp;&nbsp; 231 |
| &nbsp;&nbsp;&nbsp; City of Tallahassee, Health Facilities Revenue, Tallahassee <br> Memorial Healthcare, Series A <br>5.000%, 12/1/36<br>| 500 | &nbsp;&nbsp; 500 |
| &nbsp;&nbsp;&nbsp; Marion County School Board, Certificates of Participation <br> (AG Insured) <br>5.000%, 6/1/43<br>| 625 | &nbsp;&nbsp; 663 |
| &nbsp;&nbsp;&nbsp; Miami-Dade County School Board, Certificates of <br> Participation, Series D <br>5.000%, 2/1/34<br>| 1700 | &nbsp;&nbsp; 1703 |
| &nbsp;&nbsp;&nbsp; Orange County School Board, Certificates of <br> Participation, Series A <br>5.000%, 8/1/34<br>| 680 | &nbsp;&nbsp; 787 |
| &nbsp;&nbsp;&nbsp; Seminole County School Board, Certificates of <br> Participation, Series C <br>5.000%, 7/1/29<br>| 935 | &nbsp;&nbsp; 945 |
| &nbsp;&nbsp;&nbsp; Tampa Bay Water, Water Revenue, Series A <br>5.000%, 10/1/49<br>| 430 | &nbsp;&nbsp; 449 |
|  |  | &nbsp;&nbsp; 5278 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Georgia—4.1%** | **Georgia—4.1%** |  |
| &nbsp;&nbsp;&nbsp; Atlanta Urban Redevelopment Agency, Surface <br> Transportation & Infrastructure Project Revenue, <br> Series B <br>5.000%, 7/1/37<br>| $550 | &nbsp;&nbsp; $633 |
| &nbsp;&nbsp;&nbsp; City of Atlanta Water & Wastewater Revenue <br>5.000%, 11/1/31<br>| 550 | &nbsp;&nbsp; 551 |
| &nbsp;&nbsp;&nbsp; Georgia Ports Authority Revenue <br>4.000%, 7/1/42<br>| 750 | &nbsp;&nbsp; 754 |
|  |  | &nbsp;&nbsp; 1938 |
| **Illinois—7.4%** | **Illinois—7.4%** |  |
| &nbsp;&nbsp;&nbsp; City of Chicago, General Obligation, Series E <br>6.000%, 1/1/42<br>| 275 | &nbsp;&nbsp; 295 |
| City of Chicago, Water Revenue, Second Lien |  |  |
| &nbsp;&nbsp;&nbsp; (AG Insured) <br>5.250%, 11/1/32<br>| 350 | &nbsp;&nbsp; 363 |
| &nbsp;&nbsp;&nbsp; Series 2017-2 (AG Insured) <br>5.000%, 11/1/31<br>| 500 | &nbsp;&nbsp; 518 |
| &nbsp;&nbsp;&nbsp; Cook County School District No. 78 Rosemont, General <br> Obligation (AG Insured) <br>5.000%, 12/1/38<br>| 1000 | &nbsp;&nbsp; 1069 |
| &nbsp;&nbsp;&nbsp; State of Illinois, General Obligation <br>5.000%, 2/1/27<br>| 1250 | &nbsp;&nbsp; 1278 |
|  |  | &nbsp;&nbsp; 3523 |
| **Indiana—5.0%** | **Indiana—5.0%** |  |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Parkview Health System <br> Revenue, Series A <br>5.000%, 11/1/43<br>| 1700 | &nbsp;&nbsp; 1737 |
| &nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank <br> Revenue (AMT) <br>5.000%, 1/1/34<br>| 500 | &nbsp;&nbsp; 549 |
| &nbsp;&nbsp;&nbsp; Zionsville Community Schools Building Corp., Lease <br> Revenue (ST INTERCEPT Insured) <br>5.000%, 7/15/31<br>| 100 | &nbsp;&nbsp; 112 |
|  |  | &nbsp;&nbsp; 2398 |
| **Kentucky—1.1%** | **Kentucky—1.1%** |  |
| &nbsp;&nbsp;&nbsp; Fayette County School District Finance Corp., Lease <br> Revenue (ST INTERCEPT Insured) <br>5.000%, 6/1/43<br>| 500 | &nbsp;&nbsp; 524 |
| **Louisiana—2.7%** | **Louisiana—2.7%** |  |
| State of Louisiana, General Obligation, |  |  |
| &nbsp;&nbsp;&nbsp; Series B <br>5.000%, 6/1/37<br>| 650 | &nbsp;&nbsp; 750 |
| &nbsp;&nbsp;&nbsp; Series E <br>5.000%, 9/1/31<br>| 500 | &nbsp;&nbsp; 565 |
|  |  | &nbsp;&nbsp; 1315 |
| **Maryland—0.4%** | **Maryland—0.4%** |  |
| &nbsp;&nbsp;&nbsp; Maryland Community Development Administration <br> Revenue, Series A <br>1.250%, 3/1/30<br>| 200 | &nbsp;&nbsp; 180 |

---

See Notes to Schedule of Investments

------

**VIRTUS Seix Tax-Exempt Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Massachusetts—3.1%** | **Massachusetts—3.1%** |  |
| &nbsp;&nbsp;&nbsp; Massachusetts Bay Transportation Authority, Sales Tax <br> Revenue, Senior Bond, Series B <br>5.000%, 7/1/40<br>| $500 | &nbsp;&nbsp; $567 |
| &nbsp;&nbsp;&nbsp; Massachusetts Housing Finance Agency Revenue <br>2.300%, 12/1/40<br>| 500 | &nbsp;&nbsp; 391 |
| &nbsp;&nbsp;&nbsp; Massachusetts Port Authority, Transportation Revenue, <br> Series A (AMT) <br>5.000%, 7/1/31<br>| 500 | &nbsp;&nbsp; 512 |
|  |  | &nbsp;&nbsp; 1470 |
| **Michigan—1.1%** | **Michigan—1.1%** |  |
| &nbsp;&nbsp;&nbsp; Michigan State Building Authority, Facilities Program <br> Lease Revenue, Series I <br>4.000%, 10/15/36<br>| 500 | &nbsp;&nbsp; 503 |
| **Minnesota—5.1%** | **Minnesota—5.1%** |  |
| &nbsp;&nbsp;&nbsp; Minneapolis Special School District No. 1, General <br> Obligation, Series B<br>|  |  |
| &nbsp;&nbsp;&nbsp; (SD CRED PROG Insured) <br>5.000%, 2/1/39<br>| 1085 | &nbsp;&nbsp; 1190 |
| &nbsp;&nbsp;&nbsp; (SD CRED PROG Insured) <br>5.000%, 2/1/40<br>| 1140 | &nbsp;&nbsp; 1239 |
|  |  | &nbsp;&nbsp; 2429 |
| **New Jersey—4.5%** | **New Jersey—4.5%** |  |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority <br> Revenue,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A <br>5.000%, 6/15/35<br>| 500 | &nbsp;&nbsp; 577 |
| &nbsp;&nbsp;&nbsp; Series AA <br>5.250%, 6/15/41<br>| 500 | &nbsp;&nbsp; 557 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., Tobacco Settlement <br> Revenue, Series A<br>|  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.000%, 6/1/31 | 250 | &nbsp;&nbsp; 261 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.000%, 6/1/32 | 250 | &nbsp;&nbsp; 260 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.000%, 6/1/33 | 250 | &nbsp;&nbsp; 260 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.000%, 6/1/34 | 250 | &nbsp;&nbsp; 258 |
|  |  | &nbsp;&nbsp; 2173 |
| **New York—8.3%** | **New York—8.3%** |  |
| Battery Park City Authority, |  |  |
| &nbsp;&nbsp;&nbsp; Miscellaneous Revenue <br>5.000%, 11/1/43<br>| 460 | &nbsp;&nbsp; 510 |
| &nbsp;&nbsp;&nbsp; Miscellaneous Revenue <br>5.000%, 11/1/50<br>| 500 | &nbsp;&nbsp; 525 |
| &nbsp;&nbsp;&nbsp; New York City Industrial Development Agency, Queens <br> Baseball Stadium Project Revenue, Series A<br>|  |  |
| &nbsp;&nbsp;&nbsp; (AG Insured) <br>3.000%, 1/1/36<br>| 250 | &nbsp;&nbsp; 238 |
| &nbsp;&nbsp;&nbsp; (AG Insured) <br>3.000%, 1/1/37<br>| 100 | &nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Water <br> Revenue, Series AA <br>5.000%, 6/15/49<br>| 375 | &nbsp;&nbsp; 391 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Income Tax <br> Revenue,<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series G-1 <br>5.000%, 5/1/42<br>| 260 | &nbsp;&nbsp; 279 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **New York—continued** | **New York—continued** |  |
| &nbsp;&nbsp;&nbsp; Series H-1 <br>5.000%, 11/1/41<br>| $250 | &nbsp;&nbsp; $273 |
| &nbsp;&nbsp;&nbsp; Series H-1 <br>5.500%, 11/1/51<br>| 135 | &nbsp;&nbsp; 145 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Laguardia <br> Airport Terminal Revenue (AMT) <br>6.000%, 4/1/35<br>| 250 | &nbsp;&nbsp; 276 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, (AMT) <br>5.000%, 10/15/31<br>| 1130 | &nbsp;&nbsp; 1248 |
|  |  | &nbsp;&nbsp; 3979 |
| **North Carolina—1.1%** | **North Carolina—1.1%** |  |
| &nbsp;&nbsp;&nbsp; City of Fayetteville, Public Works Commission Revenue <br>4.000%, 3/1/55<br>| 555 | &nbsp;&nbsp; 524 |
| **Ohio—1.5%** | **Ohio—1.5%** |  |
| &nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority, <br> Tobacco Settlement Senior Revenue, Class 1, Series <br> A-2 <br>4.000%, 6/1/48<br>| 500 | &nbsp;&nbsp; 431 |
| &nbsp;&nbsp;&nbsp; Franklin County, Nationwide Children's Hospital Revenue, <br> Series A <br>5.250%, 11/1/55<br>| 250 | &nbsp;&nbsp; 263 |
|  |  | &nbsp;&nbsp; 694 |
| **Oklahoma—1.1%** | **Oklahoma—1.1%** |  |
| &nbsp;&nbsp;&nbsp; Oklahoma Water Resources Board, Clean Water Program <br> Revenue <br>5.000%, 4/1/42<br>| 500 | &nbsp;&nbsp; 543 |
| **Pennsylvania—10.3%** | **Pennsylvania—10.3%** |  |
| City of Philadelphia, |  |  |
| &nbsp;&nbsp;&nbsp; General Obligation, Series C <br>5.000%, 8/1/32<br>| 1805 | &nbsp;&nbsp; 2051 |
| &nbsp;&nbsp;&nbsp; Water & Wastewater Revenue, Series A <br>5.000%, 10/1/42<br>| 300 | &nbsp;&nbsp; 306 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, Highway Toll <br> Revenue, First Subordinate Series <br>5.000%, 12/1/38<br>| 2325 | &nbsp;&nbsp; 2589 |
|  |  | &nbsp;&nbsp; 4946 |
| **South Carolina—1.5%** | **South Carolina—1.5%** |  |
| &nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, Santee Cooper <br> Revenue, Series B <br>5.000%, 12/1/41<br>| 680 | &nbsp;&nbsp; 738 |
| **Tennessee—2.8%** | **Tennessee—2.8%** |  |
| &nbsp;&nbsp;&nbsp; Metropolitan Nashville Airport Authority (The) Revenue, <br> Series A<br>|  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.250%, 7/1/47 | 250 | &nbsp;&nbsp; 263 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.000%, 7/1/52 | 250 | &nbsp;&nbsp; 256 |
| &nbsp;&nbsp;&nbsp; Metropolitan Nashville Airport Authority (The) Revenue, <br> Series B (AMT)<br>|  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.500%, 7/1/40 | 500 | &nbsp;&nbsp; 547 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.500%, 7/1/41 | 250 | &nbsp;&nbsp; 271 |
|  |  | &nbsp;&nbsp; 1337 |

---

See Notes to Schedule of Investments

------

**VIRTUS Seix Tax-Exempt Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Texas—10.4%** | **Texas—10.4%** |  |
| &nbsp;&nbsp;&nbsp; Arlington Higher Education Finance Corp., Trinity Basin <br> Preparatory Revenue (PSF-GTD Insured) <br>4.500%, 8/15/53<br>| $190 | &nbsp;&nbsp; $190 |
| &nbsp;&nbsp;&nbsp; Central Texas Regional Mobility Authority, Highway Toll <br> Revenue, Senior Lien, Series D <br>4.000%, 1/1/38<br>| 750 | &nbsp;&nbsp; 766 |
| &nbsp;&nbsp;&nbsp; Georgetown Independent School District, General <br> Obligation (PSF-GTD Insured) <br>3.750%, 8/15/41<br>| 500 | &nbsp;&nbsp; 501 |
| &nbsp;&nbsp;&nbsp; Lovejoy Independent School District, General Obligation <br> (PSF-GTD Insured) <br>5.000%, 2/15/31<br>| 250 | &nbsp;&nbsp; 279 |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority, Highway Toll Revenue, <br> Series A <br>5.000%, 1/1/28<br>| 295 | &nbsp;&nbsp; 295 |
| &nbsp;&nbsp;&nbsp; Permanent University Fund - University of Texas System <br> Revenue, Series B <br>5.000%, 7/1/36<br>| 1045 | &nbsp;&nbsp; 1237 |
| &nbsp;&nbsp;&nbsp; State of Texas, General Obligation <br>5.000%, 10/1/43<br>| 750 | &nbsp;&nbsp; 819 |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition & Supply Corp. I, Gas <br> Supply Revenue, Senior Lien, Series D <br>6.250%, 12/15/26<br>| 250 | &nbsp;&nbsp; 258 |
| &nbsp;&nbsp;&nbsp; Wharton Independent School District, General Obligation <br> (PSF-GTD Insured) <br>3.000%, 2/15/32<br>| 645 | &nbsp;&nbsp; 645 |
|  |  | &nbsp;&nbsp; 4990 |
| **Virginia—1.3%** | **Virginia—1.3%** |  |
| &nbsp;&nbsp;&nbsp; Virginia College Building Authority, 21st Century College <br> & Equipment Programs Revenue <br>5.000%, 2/1/36<br>| 550 | &nbsp;&nbsp; 622 |
| **Washington—1.8%** | **Washington—1.8%** |  |
| &nbsp;&nbsp;&nbsp; State of Washington, General Obligation, Series C <br>5.000%, 8/1/37<br>| 750 | &nbsp;&nbsp; 859 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Wisconsin—0.5%** | **Wisconsin—0.5%** |  |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Waste Management, Inc. <br> Project Revenue (AMT) <br>2.875%, 5/1/27<br>| $250 | &nbsp;&nbsp; $247 |
| **Total Municipal Bonds** <br>**(Identified Cost $45,788)** | **Total Municipal Bonds** <br>**(Identified Cost $45,788)** | &nbsp;&nbsp; **46043** |
| **Total Long-Term Investments—96.2%** <br>**(Identified Cost $45,788)** | **Total Long-Term Investments—96.2%** <br>**(Identified Cost $45,788)** | &nbsp;&nbsp; **46043** |
| **TOTAL INVESTMENTS—96.2%** <br>**(Identified Cost $45,788)** | **TOTAL INVESTMENTS—96.2%** <br>**(Identified Cost $45,788)** | &nbsp;&nbsp; **$46043** |
| Other assets and liabilities, net—3.8% | Other assets and liabilities, net—3.8% | &nbsp;&nbsp; 1842 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$47885** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| AG | Assured Guaranty Inc. |
| AMT | Alternative Minimum Tax |
| FHLMC | Federal Home Loan Mortgage Corporation ("Freddie Mac") |
| FNMA | Federal National Mortgage Association ("Fannie Mae") |
| GNMA | Government National Mortgage Association ("Ginnie Mae") |
| PSF-GTD | Permanent School Fund Guarantee Program |
| SD CRED PROG | State Credit Enhancement Program |
| ST INTERCEPT | State Intercept |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| At December 31, 2025, 17.7% of the securities in the portfolio are backed by <br> insurance of financial institutions and financial guaranty assurance agencies. None <br> of the insurers concentration exceeds 10% of the Fund's net assets.<br>|

---

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

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>|
| Assets: |  |  |
| Debt Instruments: |  |  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $46043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $46043 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $46043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $46043 |

---

There were no securities valued using quoted prices (Level 1) or significant unobservable inputs (Level 3) at December 31, 2025.

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

See Notes to Schedule of Investments

------

**VIRTUS SEIX TAX-EXEMPT BOND FUND**

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

**December 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.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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, 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 and equity-linked instruments, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in the hierarchy.

Investments in open-end mutual funds are valued at NAV. Investments in closed-end funds and ETFs are valued as of the close of regular trading on the NYSE each business day. Each is categorized as Level 1 in the hierarchy.

A summary of the inputs used to value 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.

**Note 2. Subsequent Events**

As approved by the Board of Trustees of Virtus Opportunities Trust, pursuant to an Agreement and Plan of Reorganization, Virtus Seix Tax-Exempt Bond Fund (the "Acquired Fund") will reorganize with and into Virtus Seix Investment Grade Tax-Exempt Bond Fund (the "Acquiring Fund"), a series of Virtus Asset Trust, on or about April 10, 2026. The Acquired Fund and the Acquiring Fund have the same Board of Trustees and subadviser, as well as the same portfolio manager.

Effective April 10, 2026, Seix Investment Grade Tax-Exempt Bond Fund will change its name to Virtus Newfleet Intermediate Municipal Bond Fund

and Newfleet will replace Seix as the Subadviser.

*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 Seix Tax-Exempt Bond Fund

- **b. EDGAR series identifier (if any):** S000055180

- **c. LEI of Series:** 5493004WPZW0YS0ZK188

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

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**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:** $48146667.00

**Total Liabilities:** $194555.27

**Net Assets:** $47952111.73

**Cash Not Reported:** $1508229.12

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** -23.88229998 | **5-Year:** -1431.40100800 | **10-Year:** -4950.23083600 | **30-Year:** -21381.85455000

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000173506 | 1.24%                | 0.23%                | 0.26%                |
| Class ID C000173507 | 1.22%                | 0.21%                | 0.24%                |
| Class ID C000173508 | 1.05%                | 0.25%                | 0.17%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-37850.09               | $472751.10                                 |
| Month 2  | $922.16                  | $33843.86                                  |
| Month 3  | $26719.51                | $-34732.39                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CENTRL TX REGL MOBILITY AUTH R | Central Texas Regional Mobility Authority                               | CUSIP: 155498NH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $765449.93    | 1.60%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP  | Arlington Higher Education Finance Corp                                 | CUSIP: 041807FG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $190442.64    | 0.40%             | 2053-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST  | New Jersey Transportation Trust Fund Authority                          | CUSIP: 64613CEV6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    500000 | PA      | $556711.50    | 1.16%             | 2041-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CENTRL FL EXPRESSWAY AUTH SR L | Central Florida Expressway Authority                                    | CUSIP: 153476BK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $231176.50    | 0.48%             | 2030-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN SPL SCH DIST #1 | Minneapolis Special School District No 1                                | CUSIP: 603790WK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1190001.31   | 2.48%             | 2039-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST                   | State of Louisiana                                                      | CUSIP: 546417LB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $750356.56    | 1.56%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN ARPT AUTH ARP | Metropolitan Nashville Airport Authority/The                            | CUSIP: 592190QD7<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    250000 | PA      | $262864.30    | 0.55%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SEMINOLE CNTY FL SCH BRD COPS  | Seminole County School Board                                            | CUSIP: 816692MV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    935000 | PA      | $944546.26    | 1.97%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WTRWKS REVENUE      | City of Chicago IL Waterworks Revenue                                   | CUSIP: 167736P35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $517728.00    | 1.08%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST                   | State of Louisiana                                                      | CUSIP: 546417KH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $564884.20    | 1.18%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FRANKLIN CNTY OH HOSP FACS REV | County of Franklin OH                                                   | CUSIP: 353187FK8<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |    250000 | PA      | $262773.70    | 0.55%             | 2055-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI SOL WST DIS | Public Finance Authority                                                | CUSIP: 74445MAB5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    250000 | PA      | $246982.95    | 0.52%             | 2027-05-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY A C | Southeast Energy Authority A Cooperative District                       | CUSIP: 84136HCT8<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    500000 | PA      | $537172.40    | 1.12%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE      | North Texas Tollway Authority                                           | CUSIP: 66285WSG2<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    295000 | PA      | $295000.00    | 0.62%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                     | City of Chicago IL                                                      | CUSIP: 167486W47<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    275000 | PA      | $294885.91    | 0.61%             | 2042-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A | South Carolina Public Service Authority                                 | CUSIP: 8371514R7<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    680000 | PA      | $737793.61    | 1.54%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HSG FIN AUTH HS | Connecticut Housing Finance Authority                                   | CUSIP: 20775CXK5<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    325000 | PA      | $322373.25    | 0.67%             | 2033-11-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST WTR RESOURCE BRD R | Oklahoma Water Resources Board                                          | CUSIP: 67919PVA8<br>LEI: 5493007CUNXW5UX11C71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $542805.90    | 1.13%             | 2042-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL  | New York City Transitional Finance Authority Future Tax Secured Revenue | CUSIP: 64972JTH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $145430.82    | 0.30%             | 2051-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN ARPT AUTH ARP | Metropolitan Nashville Airport Authority/The                            | CUSIP: 592190QV7<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    500000 | PA      | $546779.40    | 1.14%             | 2040-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                 | State of Connecticut                                                    | CUSIP: 20772KC23<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |    255000 | PA      | $279190.73    | 0.58%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION  | Texas Municipal Gas Acquisition and Supply Corp I                       | CUSIP: 88256CEX3<br>LEI: 6AZ7FRSNC3ZFPM0Z8L86 | Long             | DBT              | MUN               | US        |    250000 | PA      | $257879.30    | 0.54%             | 2026-12-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST CMNTY DEV ADMIN DE | Maryland Community Development Administration                           | CUSIP: 57419TPW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $179682.18    | 0.37%             | 2030-03-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| MARION CNTY FL SCH BRD COPS    | Marion County School Board                                              | CUSIP: 56879EHK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $663377.75    | 1.38%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST                  | State of Washington                                                     | CUSIP: 93974E2C9<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    750000 | PA      | $858605.25    | 1.79%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT  | Buckeye Tobacco Settlement Financing Authority                          | CUSIP: 118217CX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $431683.85    | 0.90%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TALLAHASSEE FL HLTH FACS REVEN | City of Tallahassee FL                                                  | CUSIP: 874485DH5<br>LEI: 549300MPY4HDPK8B1G15 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500366.40    | 1.04%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC AUTH FOR COLORADO ST EN | Public Authority for Colorado Energy                                    | CUSIP: 744387AC5<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1552550.94   | 3.24%             | 2028-11-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL SCH BRD COP | School Board of Miami-Dade County/The                                   | CUSIP: 59333MU60<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1702525.52   | 3.55%             | 2034-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SANTA CLARITA CA CMNTY CLG DIS | Santa Clarita Community College District                                | CUSIP: 801686SG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $404631.45    | 0.84%             | 2044-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WHARTON TX INDEP SCH DIST      | Wharton Independent School District                                     | CUSIP: 962421LQ4<br>LEI: 549300J0CSVSVBHAV698 | Long             | DBT              | MUN               | US        |    645000 | PA      | $645306.76    | 1.35%             | 2032-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN SPL SCH DIST #1 | Minneapolis Special School District No 1                                | CUSIP: 603790WL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1239560.19   | 2.58%             | 2040-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL  | New York City Transitional Finance Authority Future Tax Secured Revenue | CUSIP: 64972JHU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $279151.96    | 0.58%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST  | New Jersey Transportation Trust Fund Authority                          | CUSIP: 64613CEM6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    500000 | PA      | $576639.10    | 1.20%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN ARPT AUTH ARP | Metropolitan Nashville Airport Authority/The                            | CUSIP: 592190QE5<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    250000 | PA      | $256449.25    | 0.53%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO BRIDGE & TUNNEL ENTER | Colorado Bridge & Tunnel Enterprise                                     | CUSIP: 19633TBA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $211399.10    | 0.44%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HOSP REVEN | Indiana Finance Authority                                               | CUSIP: 45471ARL8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1737022.94   | 3.62%             | 2043-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST BAY TRANSPRTN | Massachusetts Bay Transportation Authority Sales Tax Revenue            | CUSIP: 575579Z67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $566628.90    | 1.18%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL SCH BRD COPS    | Orange County School Board                                              | CUSIP: 684517SS5<br>LEI: 549300SEFJ368NVQXL34 | Long             | DBT              | MUN               | US        |    680000 | PA      | $787388.93    | 1.64%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA                | City of Philadelphia PA                                                 | CUSIP: 717813C72<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   1805000 | PA      | $2050486.32   | 4.28%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST BLDG AUTH REVENUE  | Michigan State Building Authority                                       | CUSIP: 594615FU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502841.15    | 1.05%             | 2036-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GEORGETOWN TX INDEP SCH DIST   | Georgetown Independent School District                                  | CUSIP: 373046A35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500750.90    | 1.04%             | 2041-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BATTERY PARK CITY NY AUTH      | Battery Park City Authority                                             | CUSIP: 07133AKP6<br>LEI: 549300RF3SFDOWRHVM56 | Long             | DBT              | MUN               | US        |    500000 | PA      | $525075.95    | 1.10%             | 2050-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA URBAN REDEV AGY REV | Atlanta Urban Redevelopment Agency                                      | CUSIP: 047851DD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $632577.72    | 1.32%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N | Tobacco Settlement Financing Corp                                       | CUSIP: 888808HJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $259470.08    | 0.54%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ZIONSVILLE IN CMNTY SCHS BLDG  | Zionsville Community Schools Building Corp                              | CUSIP: 98972LQF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $111860.67    | 0.23%             | 2031-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GEORGIA ST PORTS AUTH          | Georgia Ports Authority                                                 | CUSIP: 373586GQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $753968.10    | 1.57%             | 2042-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA WTR & WSTWTR R | City of Philadelphia PA Water & Wastewater Revenue                      | CUSIP: 717893C82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $306298.17    | 0.64%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                | CUSIP: 650116GN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $275518.18    | 0.57%             | 2035-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN ARPT AUTH ARP | Metropolitan Nashville Airport Authority/The                            | CUSIP: 592190QW5<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    250000 | PA      | $271225.05    | 0.57%             | 2041-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FAYETTE CNTY KY SCH DIST FIN C | Fayette County School District Finance Corp                             | CUSIP: 312432Y35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $523809.80    | 1.09%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST HSG FIN AGY H | Massachusetts Housing Finance Agency                                    | CUSIP: 57587A8C5<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $391281.40    | 0.82%             | 2040-12-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA WTR & WSTWTR REVENU | City of Atlanta GA Water & Wastewater Revenue                           | CUSIP: 047870MZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $551083.01    | 1.15%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FAYETTEVILLE NC PUBLIC WKS COM | City of Fayetteville NC Public Works Commission Revenue                 | CUSIP: 312805QM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $524202.83    | 1.09%             | 2055-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N | Tobacco Settlement Financing Corp                                       | CUSIP: 888808HH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $260236.85    | 0.54%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV | City & County of Denver CO Airport System Revenue                       | CUSIP: 249182SY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1119960.50   | 2.34%             | 2030-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                       | CUSIP: 452152G88<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1278138.25   | 2.67%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY INDL DEV AGY  | New York City Industrial Development Agency                             | CUSIP: 64971PLF0<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |    100000 | PA      | $93746.91     | 0.20%             | 2037-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL  | New York City Transitional Finance Authority Future Tax Secured Revenue | CUSIP: 64972JSZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $273513.30    | 0.57%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BATTERY PARK CITY NY AUTH      | Battery Park City Authority                                             | CUSIP: 07133AKK7<br>LEI: 549300RF3SFDOWRHVM56 | Long             | DBT              | MUN               | US        |    460000 | PA      | $509835.94    | 1.06%             | 2043-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST CLG BLDG AUTH EDUC | Virginia College Building Authority                                     | CUSIP: 92778VMU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $621959.91    | 1.30%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE | Port Authority of New York & New Jersey                                 | CUSIP: 73358XRE4<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1248442.65   | 2.60%             | 2031-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOVEJOY TX INDEP SCH DIST      | Lovejoy Independent School District                                     | CUSIP: 547160XN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $278803.83    | 0.58%             | 2031-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N | Tobacco Settlement Financing Corp                                       | CUSIP: 888808HK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $258354.45    | 0.54%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N | Tobacco Settlement Financing Corp                                       | CUSIP: 888808HG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $261207.60    | 0.54%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST                       | State of Texas                                                          | CUSIP: 882725DE1<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |    750000 | PA      | $819105.60    | 1.71%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI | Pennsylvania Turnpike Commission                                        | CUSIP: 709225HA7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2325000 | PA      | $2589446.90   | 5.40%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WTRWKS REVENUE      | City of Chicago IL Waterworks Revenue                                   | CUSIP: 167736L21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $363271.93    | 0.76%             | 2032-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COOK CNTY IL SCH DIST #78 ROSE | Cook County School District No 78 Rosemont                              | CUSIP: 214003CE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068610.40   | 2.23%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LOCAL PUBLIC I | Indianapolis Local Public Improvement Bond Bank                         | CUSIP: 45528U5B3<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    500000 | PA      | $549000.90    | 1.14%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST PORT AUTH     | Massachusetts Port Authority                                            | CUSIP: 575896SG1<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |    500000 | PA      | $512315.10    | 1.07%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF TEXAS TX PERMANENT UNI | Permanent University Fund - University of Texas System                  | CUSIP: 915130BH0<br>LEI: 549300GZUEUTLKVGLF98 | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1237318.98   | 2.58%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY INDL DEV AGY  | New York City Industrial Development Agency                             | CUSIP: 64971PLE3<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |    250000 | PA      | $238032.33    | 0.50%             | 2036-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TAMPA BAY FL WTR REGL WTR SPLY | Tampa Bay Water                                                         | CUSIP: 875124HW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $449170.05    | 0.94%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CO CONVENTION CENTER HO | Denver Convention Center Hotel Authority                                | CUSIP: 249189DF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $405303.16    | 0.85%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN  | New York City Municipal Water Finance Authority                         | CUSIP: 64972GK86<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    375000 | PA      | $390527.18    | 0.81%             | 2049-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-26

**Name of Applicant:** Virtus Opportunities Trust

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer