# EDGAR Filing Document

**Accession Number:** 0001005020
**File Stem:** 0001752724-23-044772
**Filing Date:** 2023-2
**Character Count:** 33500
**Document Hash:** 226c7cc017b770738cdae3724a709577
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-044772.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-044772

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VIRTUS OPPORTUNITIES TRUST
- **CENTRAL INDEX KEY:** 0001005020
- **IRS NUMBER:** 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:** 23679980

**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 KAR International Small-Mid Cap Fund (Series ID: S000038118)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000117511 | Class A      | VISAX           |
| C000117512 | Class C      | VCISX           |
| C000117513 | Class I      | VIISX           |
| C000148859 | Class R6     | VRISX           |

## Nport-Ex

#### VIRTUS KAR International Small-Mid Cap Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—99.8%** | **Common Stocks—99.8%** | **Common Stocks—99.8%** |
| **Communication Services—24.9%** | **Communication Services—24.9%** |  |
| Adevinta ASA Class B (Norway)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2221279 | $14874 |
| Auto Trader Group plc (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;7523062 | &nbsp;&nbsp; 46894 |
| Baltic Classifieds Group plc (United Kingdom)<sup>(2)</sup> | 30658141 | &nbsp;&nbsp; 52186 |
| Dayamitra Telekomunikasi PT (Indonesia) | 506145000 | &nbsp;&nbsp; 26010 |
| Infrastrutture Wireless Italiane SpA (Italy) | &nbsp;&nbsp;&nbsp;&nbsp;2402129 | &nbsp;&nbsp; 24207 |
| Moneysupermarket.com Group plc (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;4573410 | &nbsp;&nbsp; 10638 |
| New Work SE (Germany) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174443 | &nbsp;&nbsp; 28496 |
| Rightmove plc (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;7366058 | &nbsp;&nbsp; 45541 |
|  |  | &nbsp;&nbsp; 248846 |
| **Consumer Discretionary—8.1%** | **Consumer Discretionary—8.1%** |  |
| Allegro.eu S.A. (Poland)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5013011 | &nbsp;&nbsp; 28753 |
| Goldlion Holdings Ltd. (Hong Kong) | 20707882 | &nbsp;&nbsp; 3528 |
| Max Stock Ltd. (Israel) | &nbsp;&nbsp;&nbsp;&nbsp;6878117 | &nbsp;&nbsp; 11498 |
| Mercari, Inc. (Japan)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1314000 | &nbsp;&nbsp; 27023 |
| Victorian Plumbing Group plc (United Kingdom)<sup>(1)</sup> | 10746647 | &nbsp;&nbsp; 10004 |
|  |  | &nbsp;&nbsp; 80806 |
| **Consumer Staples—6.0%** | **Consumer Staples—6.0%** |  |
| Anhui Gujing Distillery Co., Ltd. Class B (China) | &nbsp;&nbsp;&nbsp;&nbsp;1746101 | &nbsp;&nbsp; 27963 |
| Heineken Malaysia Bhd (Malaysia) | &nbsp;&nbsp;&nbsp;&nbsp;5627500 | &nbsp;&nbsp; 32193 |
|  |  | &nbsp;&nbsp; 60156 |
| **Energy—1.7%** | **Energy—1.7%** |  |
| Pason Systems, Inc. (Canada) | &nbsp;&nbsp;&nbsp;&nbsp;1482182 | &nbsp;&nbsp; 17449 |
| **Financials—13.8%** | **Financials—13.8%** |  |
| FinecoBank Banca Fineco SpA (Italy) | &nbsp;&nbsp;&nbsp;&nbsp;2204383 | &nbsp;&nbsp; 36622 |
| Gruppo MutuiOnline SpA (Italy) | &nbsp;&nbsp;&nbsp;&nbsp;1074154 | &nbsp;&nbsp; 30263 |
| Hargreaves Lansdown plc (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;1571993 | &nbsp;&nbsp; 16272 |
| Hypoport SE (Germany)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70687 | &nbsp;&nbsp; 7370 |
| Mortgage Advice Bureau Holdings Ltd. (United Kingdom)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4022342 | &nbsp;&nbsp; 25773 |
| Nordnet AB publ (Sweden) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732172 | &nbsp;&nbsp; 10592 |
| Numis Corp. plc (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;2220542 | &nbsp;&nbsp; 5127 |
| VNV Global AB (Sweden)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2629410 | &nbsp;&nbsp; 6547 |
|  |  | &nbsp;&nbsp; 138566 |
| **Health Care—5.8%** | **Health Care—5.8%** |  |
| Haw Par Corp., Ltd. (Singapore) | &nbsp;&nbsp;&nbsp;&nbsp;6642412 | &nbsp;&nbsp; 47509 |
| Nakanishi, Inc. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524900 | &nbsp;&nbsp; 10227 |
|  |  | &nbsp;&nbsp; 57736 |
| **Industrials—25.9%** | **Industrials—25.9%** |  |
| Boa Vista Servicos S.A. (Brazil) | 14907139 | &nbsp;&nbsp; 20498 |
| CAE, Inc. (Canada)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1265973 | &nbsp;&nbsp; 24487 |
| Enento Group Oyj (Finland)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843639 | &nbsp;&nbsp; 19326 |
| Haitian International Holdings Ltd. (China) | 11416072 | &nbsp;&nbsp; 30568 |
| HeadHunter Group plc ADR (Russia)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2282731 | &nbsp;&nbsp; 2 |
| Howden Joinery Group plc (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;3679314 | &nbsp;&nbsp; 24981 |
| Knorr-Bremse AG (Germany) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486475 | &nbsp;&nbsp; 26579 |
| Lumax International Corp., Ltd. (Taiwan) | &nbsp;&nbsp;&nbsp;&nbsp;3470333 | &nbsp;&nbsp; 7791 |
| Marel HF (Iceland) | &nbsp;&nbsp;&nbsp;&nbsp;3042022 | &nbsp;&nbsp; 10485 |
| Meitec Corp. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;1395200 | &nbsp;&nbsp; 25472 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| MTU Aero Engines AG (Germany) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158687 | $34347 |
| S-1 Corp. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743100 | &nbsp;&nbsp;&nbsp; 34964 |
|  |  | &nbsp;&nbsp;&nbsp; 259500 |
| **Information Technology—10.4%** | **Information Technology—10.4%** |  |
| Alten S.A. (France) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297169 | &nbsp;&nbsp;&nbsp; 37155 |
| Bouvet ASA (Norway) | &nbsp;&nbsp;&nbsp;&nbsp;4810878 | &nbsp;&nbsp;&nbsp; 29464 |
| Brockhaus Technologies AG (Germany)<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715710 | &nbsp;&nbsp;&nbsp; 17161 |
| FDM Group Holdings plc (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;2224901 | &nbsp;&nbsp;&nbsp; 20146 |
|  |  | &nbsp;&nbsp;&nbsp; 103926 |
| **Materials—3.2%** | **Materials—3.2%** |  |
| Corp. Moctezuma SAB de C.V. (Mexico) | 11316910 | &nbsp;&nbsp;&nbsp; 31942 |
| **Total Common Stocks<br> (Identified Cost $1,186,540)** | **Total Common Stocks<br> (Identified Cost $1,186,540)** | &nbsp;&nbsp;&nbsp;&nbsp; **998927** |
| **Warrant—0.0%** | **Warrant—0.0%** | **Warrant—0.0%** |
| **Financials—0.0%** | **Financials—0.0%** |  |
| VNV Global AB (Sweden)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1748895 | &nbsp;&nbsp;&nbsp; 9 |
| **Total Warrant<br> (Identified Cost $0)** | **Total Warrant<br> (Identified Cost $0)** | &nbsp;&nbsp;&nbsp;&nbsp; **9** |
| **Total Long-Term Investments—99.8%<br> (Identified Cost $1,186,540)** | **Total Long-Term Investments—99.8%<br> (Identified Cost $1,186,540)** | &nbsp;&nbsp;&nbsp;&nbsp; **998936** |
| **TOTAL INVESTMENTS—99.8%<br> (Identified Cost $1,186,540)** | **TOTAL INVESTMENTS—99.8%<br> (Identified Cost $1,186,540)** | &nbsp;&nbsp;&nbsp; **$998936** |
| Other assets and liabilities, net—0.2% | Other assets and liabilities, net—0.2% | &nbsp;&nbsp;&nbsp;&nbsp; 2498 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$1001434** |

---

---

| | |
|:---|:---|
| **Abbreviation:** | **Abbreviation:** |
| ADR | American Depositary Receipt |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Non-income producing. |
| <sup>(2)</sup> | Affiliated company. |
| <sup>(3)</sup> | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |

---

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United Kingdom | &nbsp;&nbsp;&nbsp;26% |
| Germany | &nbsp;&nbsp;11 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| China | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Norway | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Other | &nbsp;&nbsp;33 |
| Total | 100% |
| <sup>†</sup> % of total investments as of December 31, 2022. | <sup>†</sup> % of total investments as of December 31, 2022. |

---

See Notes to Schedule of Investments

------

#### VIRTUS KAR International Small-Mid Cap Fund

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

#### December 31, 2022
($ reported in thousands)

The following table summarizes the value of the Fund's investments as of December 31, 2022, 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> December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3<br> Significant<br> Unobservable<br> Inputs |
| Assets: |  |  |  |
| Equity Securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$998927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$998925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2 |
| &nbsp;&nbsp;&nbsp;Warrant | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$998936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$998934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2 |

---

There were no securities valued using significant observable inputs (Level 2) at December 31, 2022.

There were no transfers into or out of Level 3 related to securities held at December 31, 2022.

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the roll-forward of Level 3 securities and assumptions are not shown for the period ended December 31, 2022.

Some of the Fund's investments that were categorized as Level 3 may have been valued utilizing third party pricing information without adjustment. If applicable, such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of Level 3 investments.

See Notes to Schedule of Investments

------

#### VIRTUS KAR INTERNATIONAL SMALL-MID CAP FUND

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

#### December 31, 2022

#### Note 1. Security Valuation
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 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 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, and restricted securities, are valued based on evaluated 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 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 ("OTC") 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.

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

## 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 KAR International Small-Mid Cap Fund

- **b. EDGAR series identifier (if any):** S000038118

- **c. LEI of Series:** 549300V2BTT1NOHBR141

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

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-30

**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:** $1028120225.55

**Total Liabilities:** $23782543.99

**Net Assets:** $1004337681.56

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000117513 | 4.77%                | 13.88%               | -0.47%               |
| Class ID C000117512 | 3.57%                | 12.88%               | -1.54%               |
| Class ID C000117511 | -1.05%               | 7.61%                | -5.94%               |
| Class ID C000148859 | 4.76%                | 13.86%               | -0.40%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-42918738.69            | $90327690.29                               |
| Month 2  | $-15838291.70            | $156581966.06                              |
| Month 3  | $-11128818.62            | $3736716.61                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MTU Aero Engines AG                | MTU Aero Engines AG                  | CUSIP: 000000000<br>LEI: 529900807L67JY81RD65 | Long             | EC               | CORP              | DE        |    158687 | NS      | $34347006.13  | 3.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Pason Systems Inc                  | Pason Systems Inc                    | CUSIP: 702925108<br>LEI: 984500DC6T2FLR969F65 | Long             | EC               | CORP              | CA        |   1482182 | NS      | $17449025.91  | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Adevinta ASA                       | Adevinta ASA                         | CUSIP: 000000000<br>LEI: 529900W8V3YLHRSZH763 | Long             | EC               | CORP              | NO        |   2221279 | NS      | $14873826.39  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Baltic Classifieds Group PLC       | Baltic Classifieds Group PLC         | CUSIP: 000000000<br>LEI: 213800I1RPHCFSSQS969 | Long             | EC               | CORP              | GB        |  30658141 | NS      | $52186336.66  | 5.20%             |  |  |  | No            |                  1 | On Loan: No      |
| HAITIAN INT'L                      | Haitian International Holdings Ltd   | CUSIP: 000000000<br>LEI: 30030093DDRS825TVP62 | Long             | EC               | CORP              | CN        |  11416072 | NS      | $30567860.25  | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Corp Moctezuma SAB de CV           | Corp Moctezuma SAB de CV             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |  11316910 | NS      | $31941603.16  | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Dreyfus Government Cash Management | Dreyfus Government Cash Management   | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |   2834322 | NS      | $2834322.19   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| New Work SE                        | New Work SE                          | CUSIP: 000000000<br>LEI: 5299002VHN50DM9T9H37 | Long             | EC               | CORP              | DE        |    174443 | NS      | $28495380.93  | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Howden Joinery Group PLC           | Howden Joinery Group PLC             | CUSIP: 000000000<br>LEI: 213800KC1LJOJTY3JP45 | Long             | EC               | CORP              | GB        |   3679314 | NS      | $24980564.00  | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Hargreaves Lansdown PLC            | Hargreaves Lansdown PLC              | CUSIP: 000000000<br>LEI: 2138008ZCE93ZDSESG90 | Long             | EC               | CORP              | GB        |   1571993 | NS      | $16271746.55  | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Bouvet ASA                         | Bouvet ASA                           | CUSIP: 000000000<br>LEI: 5967007LIEEXZXFMBC26 | Long             | EC               | CORP              | NO        |   4810878 | NS      | $29463975.99  | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercari Inc                        | Mercari Inc                          | CUSIP: 000000000<br>LEI: 3538009SK4V5AXSTUJ26 | Long             | EC               | CORP              | JP        |   1314000 | NS      | $27022904.60  | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Numis Corp PLC                     | Numis Corp PLC                       | CUSIP: 000000000<br>LEI: 213800ARWWDZZCNBHD25 | Long             | EC               | CORP              | GB        |   2220542 | NS      | $5127441.32   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Nakanishi Inc                      | Nakanishi Inc                        | CUSIP: 000000000<br>LEI: 353800EXA7IQ42YKF224 | Long             | EC               | CORP              | JP        |    524900 | NS      | $10226831.00  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| HeadHunter Group PLC               | HeadHunter Group PLC                 | CUSIP: 42207L106<br>LEI: 549300IMUCFEWXP6RU11 | Long             | EC               | CORP              | RU        |   2282731 | NS      | $2282.73      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Hypoport SE                        | Hypoport SE                          | CUSIP: 000000000<br>LEI: 391200GNIFXXP6KRYQ46 | Long             | EC               | CORP              | DE        |     70687 | NS      | $7369955.98   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegro.eu SA                      | Allegro.eu SA                        | CUSIP: 000000000<br>LEI: 222100VRLXV3FPMG4982 | Long             | EC               | CORP              | PL        |   5013011 | NS      | $28753002.26  | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Infrastrutture Wireless Italia     | Infrastrutture Wireless Italiane SpA | CUSIP: 000000000<br>LEI: 81560066183FE361C071 | Long             | EC               | CORP              | IT        |   2402129 | NS      | $24206773.51  | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Haw Par Corp Ltd                   | Haw Par Corp Ltd                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |   6642412 | NS      | $47509561.71  | 4.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordnet AB publ                    | Nordnet AB publ                      | CUSIP: 000000000<br>LEI: 549300D6WW5ZTWLZ4C08 | Long             | EC               | CORP              | SE        |    732172 | NS      | $10591562.26  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Rightmove PLC                      | Rightmove PLC                        | CUSIP: 000000000<br>LEI: 2138001JXGCFKBXYB828 | Long             | EC               | CORP              | GB        |   7366058 | NS      | $45541171.42  | 4.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Moneysupermarket.com Group PLC     | Moneysupermarket.com Group PLC       | CUSIP: 000000000<br>LEI: 54930016B7VO33FBE722 | Long             | EC               | CORP              | GB        |   4573410 | NS      | $10637842.21  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| S-1 Corp                           | S-1 Corp                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |    743100 | NS      | $34963679.97  | 3.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Brockhaus Technologies AG          | Brockhaus Technologies AG            | CUSIP: 000000000<br>LEI: 5299007DQ4OLATJQIX97 | Long             | EC               | CORP              | DE        |    715710 | NS      | $17161351.64  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| VNV GLOBAL AB                      | VNV GLOBAL AB                        | CUSIP: 000000000<br>LEI: 549300ONMNSTOBAU0S14 | N/A              | DE               | CORP              | SE        |   1748895 | NC      | $9218.07      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Gruppo MutuiOnline SpA             | Gruppo MutuiOnline SpA               | CUSIP: 000000000<br>LEI: 8156004E40D6A02C5046 | Long             | EC               | CORP              | IT        |   1074154 | NS      | $30263476.89  | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Heineken Malaysia Bhd              | Heineken Malaysia Bhd                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |   5627500 | NS      | $32193643.59  | 3.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Knorr-Bremse AG                    | Knorr-Bremse AG                      | CUSIP: 000000000<br>LEI: 5299001GRRO0Z25YZT52 | Long             | EC               | CORP              | DE        |    486475 | NS      | $26578935.24  | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Enento Group Oyj                   | Enento Group Oyj                     | CUSIP: 000000000<br>LEI: 743700EPLUWXE25HGM03 | Long             | EC               | CORP              | FI        |    843639 | NS      | $19325770.07  | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| FDM Group Holdings PLC             | FDM Group Holdings PLC               | CUSIP: 000000000<br>LEI: 213800YR62D7GUZLMZ71 | Long             | EC               | CORP              | GB        |   2224901 | NS      | $20146557.54  | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Anhui Gujing Distillery Co Ltd     | Anhui Gujing Distillery Co Ltd       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   1746101 | NS      | $27962849.68  | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| VNV Global AB                      | VNV Global AB                        | CUSIP: 000000000<br>LEI: 549300ONMNSTOBAU0S14 | Long             | EC               | CORP              | SE        |   2629410 | NS      | $6546531.27   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Max Stock Ltd                      | Max Stock Ltd                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |   6878117 | NS      | $11497771.18  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Victorian Plumbing Group PLC       | Victorian Plumbing Group PLC         | CUSIP: 000000000<br>LEI: 894500R59II0S4WXGZ04 | Long             | EC               | CORP              | GB        |  10746647 | NS      | $10003962.35  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Alten SA                           | Alten SA                             | CUSIP: 000000000<br>LEI: 969500Y7G9TY7Y24GN07 | Long             | EC               | CORP              | FR        |    297169 | NS      | $37154612.15  | 3.70%             |  |  |  | No            |                  1 | On Loan: No      |
| FinecoBank Banca Fineco SpA        | FinecoBank Banca Fineco SpA          | CUSIP: 000000000<br>LEI: 549300L7YCATGO57ZE10 | Long             | EC               | CORP              | IT        |   2204383 | NS      | $36622261.26  | 3.65%             |  |  |  | No            |                  1 | On Loan: No      |
| CAE Inc                            | CAE Inc                              | CUSIP: 124765108<br>LEI: 549300FFM2BEH2GF1E44 | Long             | EC               | CORP              | CA        |   1265973 | NS      | $24487321.17  | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Meitec Corp                        | Meitec Corp                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |   1395200 | NS      | $25471648.89  | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Mortgage Advice Bureau Holding     | Mortgage Advice Bureau Holdings Ltd  | CUSIP: 000000000<br>LEI: 2138008AY1RA61T6W960 | Long             | EC               | CORP              | GB        |   4022342 | NS      | $25772894.91  | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Dayamitra Telekomunikasi PT        | Dayamitra Telekomunikasi PT          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ID        | 506145000 | NS      | $26010342.06  | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Marel HF                           | Marel HF                             | CUSIP: 000000000<br>LEI: 5299008YTLEN09WTHW26 | Long             | EC               | CORP              | IS        |   3042022 | NS      | $10485390.49  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Boa Vista Servicos SA              | Boa Vista Servicos SA                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |  14907139 | NS      | $20498286.69  | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumax International Corp Ltd       | Lumax International Corp Ltd         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |   3470333 | NS      | $7790762.60   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldlion Holdings Ltd              | Goldlion Holdings Ltd                | CUSIP: 000000000<br>LEI: 5299002BAUESC884D854 | Long             | EC               | CORP              | HK        |  20707882 | NS      | $3528493.94   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Auto Trader Group PLC              | Auto Trader Group PLC                | CUSIP: 000000000<br>LEI: 213800QLK9BZILB1DI86 | Long             | EC               | CORP              | GB        |   7523062 | NS      | $46893849.93  | 4.67%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-22

**Name of Applicant:** Virtus Opportunities Trust

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer