# EDGAR Filing Document

**Accession Number:** 0001005020
**File Stem:** 0001752724-23-044776
**Filing Date:** 2023-2
**Character Count:** 32149
**Document Hash:** b4065524c91c19b37d693b6a502d756a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-044776.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-044776

**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:** 23679981

**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 Developing Markets Fund (Series ID: S000072168)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000227964 | Class C      | VDMCX           |
| C000227965 | Class I      | VIDMX           |
| C000227966 | Class R6     | VDMRX           |
| C000227967 | Class A      | VDMAX           |

## Nport-Ex

#### VIRTUS KAR Developing Markets Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—97.0%** | **Common Stocks—97.0%** | **Common Stocks—97.0%** |
| **Communication Services—13.1%** | **Communication Services—13.1%** |  |
| Addcn Technology Co., Ltd. (Taiwan) | &nbsp;&nbsp;&nbsp;&nbsp;5732 | $36 |
| Autohome, Inc. ADR (China) | &nbsp;&nbsp;&nbsp;&nbsp;1903 | &nbsp;&nbsp; 58 |
| Baltic Classifieds Group plc (United Kingdom) | 41786 | &nbsp;&nbsp; 71 |
| NAVER Corp. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157 | &nbsp;&nbsp; 22 |
| Sarana Menara Nusantara Tbk PT (Indonesia) | 658400 | &nbsp;&nbsp; 47 |
| Tencent Holdings Ltd. (China) | &nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp; 56 |
| Tongdao Liepin Group (China)<sup>(1)</sup> | 13000 | &nbsp;&nbsp; 15 |
| Wirtualna Polska Holding S.A. (Poland) | &nbsp;&nbsp;&nbsp;&nbsp;1864 | &nbsp;&nbsp; 43 |
|  |  | &nbsp;&nbsp; 348 |
| **Consumer Discretionary—16.7%** | **Consumer Discretionary—16.7%** |  |
| Alibaba Group Holding Ltd. Sponsored ADR (China)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574 | &nbsp;&nbsp; 51 |
| Allegro.eu S.A. (Poland)<sup>(1)</sup> | 12953 | &nbsp;&nbsp; 74 |
| JD.com, Inc. ADR (China) | &nbsp;&nbsp;&nbsp;&nbsp;1233 | &nbsp;&nbsp; 69 |
| JD.com, Inc. Class A (China) | &nbsp;&nbsp;&nbsp;&nbsp;1447 | &nbsp;&nbsp; 41 |
| Prosus N.V. (China)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824 | &nbsp;&nbsp; 57 |
| Union Auction PCL Foreign Shares (Thailand) | 179200 | &nbsp;&nbsp; 49 |
| Vasta Platform Ltd. Class A (Brazil)<sup>(1)</sup> | 25571 | &nbsp;&nbsp; 102 |
|  |  | &nbsp;&nbsp; 443 |
| **Consumer Staples—18.9%** | **Consumer Staples—18.9%** |  |
| Anhui Gujing Distillery Co., Ltd. Class B (China) | &nbsp;&nbsp;&nbsp;&nbsp;4400 | &nbsp;&nbsp; 70 |
| Carlsberg Brewery Malaysia Bhd (Malaysia) | 11200 | &nbsp;&nbsp; 58 |
| Fraser and Neave Ltd. (Singapore) | 58700 | &nbsp;&nbsp; 56 |
| Heineken Malaysia Bhd (Malaysia) | 10800 | &nbsp;&nbsp; 62 |
| Pernod Ricard S.A. (France) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp; 56 |
| Thai Beverage PCL (Thailand) | 142500 | &nbsp;&nbsp; 73 |
| Wal-Mart de Mexico SAB de C.V. (Mexico) | 23115 | &nbsp;&nbsp; 82 |
| Wuliangye Yibin Co., Ltd. Class A (China) | &nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp; 44 |
|  |  | &nbsp;&nbsp; 501 |
| **Financials—10.5%** | **Financials—10.5%** |  |
| Bank Central Asia Tbk PT (Indonesia) | 160000 | &nbsp;&nbsp; 88 |
| HDFC Bank Ltd. ADR (India) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974 | &nbsp;&nbsp; 67 |
| Qualitas Controladora SAB de C.V. (Mexico) | 11606 | &nbsp;&nbsp; 51 |
| United Overseas Bank Ltd. (Singapore) | &nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp; 71 |
|  |  | &nbsp;&nbsp; 277 |
| **Health Care—1.7%** | **Health Care—1.7%** |  |
| Prodia Widyahusada Tbk PT (Indonesia) | 126000 | &nbsp;&nbsp; 45 |
| **Industrials—29.9%** | **Industrials—29.9%** |  |
| Boa Vista Servicos S.A. (Brazil) | 67850 | &nbsp;&nbsp; 93 |
| Credit Bureau Asia Ltd. (Singapore) | 136900 | &nbsp;&nbsp; 95 |
| GFC Ltd. (Taiwan) | 19000 | &nbsp;&nbsp; 43 |
| Grupa Pracuj S.A. (Poland) | &nbsp;&nbsp;&nbsp;&nbsp;8964 | &nbsp;&nbsp; 84 |
| Haitian International Holdings Ltd. (China) | 27166 | &nbsp;&nbsp; 73 |
| HeadHunter Group plc ADR (Russia)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp; —<sup>(3)</sup> |
| NICE Information Service Co., Ltd. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;4472 | &nbsp;&nbsp; 43 |
| S-1 Corp. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;1579 | &nbsp;&nbsp; 74 |
| SaraminHR Co., Ltd. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;1814 | &nbsp;&nbsp; 38 |
| Tegma Gestao Logistica S.A. (Brazil) | 49744 | &nbsp;&nbsp; 183 |
| Wizz Air Holdings plc (Hungary)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2956 | &nbsp;&nbsp; 68 |
|  |  | &nbsp;&nbsp; 794 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology—5.2%** | **Information Technology—5.2%** |  |
| Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (Taiwan) | &nbsp;&nbsp;&nbsp;&nbsp;1645 | $122 |
| Webcash Corp. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;1458 | &nbsp;&nbsp;&nbsp; 17 |
|  |  | &nbsp;&nbsp;&nbsp; 139 |
| **Real Estate—1.0%** | **Real Estate—1.0%** |  |
| American Tower Corp. (United States) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126 | &nbsp;&nbsp;&nbsp; 27 |
| **Total Common Stocks<br> (Identified Cost $3,130)** | **Total Common Stocks<br> (Identified Cost $3,130)** | &nbsp;&nbsp;&nbsp;&nbsp;**2574** |
| **Total Long-Term Investments—97.0%<br> (Identified Cost $3,130)** | **Total Long-Term Investments—97.0%<br> (Identified Cost $3,130)** | &nbsp;&nbsp;&nbsp;&nbsp;**2574** |
| **Short-Term Investment—0.6%** | **Short-Term Investment—0.6%** | **Short-Term Investment—0.6%** |
| **Money Market Mutual Fund—0.6%** | **Money Market Mutual Fund—0.6%** | **Money Market Mutual Fund—0.6%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.190%)<sup>(4)</sup> | 15005 | &nbsp;&nbsp;&nbsp; 15 |
| **Total Short-Term Investment<br> (Identified Cost $15)** | **Total Short-Term Investment<br> (Identified Cost $15)** | &nbsp;&nbsp;&nbsp;&nbsp; **15** |
| **TOTAL INVESTMENTS—97.6%<br> (Identified Cost $3,145)** | **TOTAL INVESTMENTS—97.6%<br> (Identified Cost $3,145)** | &nbsp;&nbsp;**$2589** |
| Other assets and liabilities, net—2.4% | Other assets and liabilities, net—2.4% | &nbsp;&nbsp;&nbsp;&nbsp; 63 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$2652** |

---

---

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

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Non-income producing. |
| <sup>(2)</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. |
| <sup>(3)</sup> | Amount is less than $500. |
| <sup>(4)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |

---

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| China | &nbsp;&nbsp;&nbsp;21% |
| Brazil | &nbsp;&nbsp;14 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| Poland | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| Other | &nbsp;&nbsp;27 |
| 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 Developing Markets 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;$2574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—<sup>(1)</sup> |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—<sup>(1)</sup> |

---

<sup>(1)</sup> Amount is less than $500.

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 rollforward of Level 3 securities and assumptions are not shown for the period ended December 31, 2022.

See Notes to Schedule of Investments

------

#### VIRTUS KAR DEVELOPING MARKETS 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 Developing Markets Fund

- **b. EDGAR series identifier (if any):** S000072168

- **c. LEI of Series:** 549300X88W856X7L4E48

**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:** $2660318.75

**Total Liabilities:** $8517.35

**Net Assets:** $2651801.40

**Cash Not Reported:** $50170.44

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000227967 | -5.78%               | 3.49%                | -5.50%               |
| Class ID C000227966 | -0.15%               | 9.47%                | -0.01%               |
| Class ID C000227965 | -0.30%               | 9.48%                | -0.07%               |
| Class ID C000227964 | -1.30%               | 8.45%                | -1.14%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-5160.41                                  |
| Month 2  | $-287.30                 | $224713.99                                 |
| Month 3  | $-13340.11               | $6723.05                                   |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Bank Central Asia Tbk PT           | Bank Central Asia Tbk PT                  | CUSIP: 000000000<br>LEI: 254900BR956G2OHVOM21 | Long             | EC               | CORP              | ID        |    160000 | NS      | $87875.38     | 3.31%             |  |  |  | No            |                  1 | On Loan: No      |
| NICE Information Service Co Lt     | NICE Information Service Co Ltd           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      4472 | NS      | $43506.08     | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| S-1 Corp                           | S-1 Corp                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      1579 | NS      | $74293.70     | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegro.eu SA                      | Allegro.eu SA                             | CUSIP: 000000000<br>LEI: 222100VRLXV3FPMG4982 | Long             | EC               | CORP              | PL        |     12953 | NS      | $74294.20     | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupa Pracuj SA                    | Grupa Pracuj SA                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | PL        |      8964 | NS      | $83679.14     | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Vasta Platform Ltd                 | Vasta Platform Ltd                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     25571 | NS      | $102284.00    | 3.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosus NV                          | Prosus NV                                 | CUSIP: 000000000<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | EC               | CORP              | NL        |       824 | NS      | $56848.17     | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                               | Taiwan Semiconductor Manufacturing Co Ltd | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      1645 | NS      | $122536.05    | 4.62%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp                | American Tower Corp                       | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |       126 | NS      | $26694.36     | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Tongdao Liepin Group               | Tongdao Liepin Group                      | CUSIP: 000000000<br>LEI: 30030027GU9V3OLVUK70 | Long             | EC               | CORP              | CN        |     13000 | NS      | $15289.32     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Thai Beverage PCL                  | Thai Beverage PCL                         | CUSIP: 000000000<br>LEI: 529900VZFHQZ684D8L07 | Long             | EC               | CORP              | TH        |    142500 | NS      | $72877.78     | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| HeadHunter Group PLC               | HeadHunter Group PLC                      | CUSIP: 42207L106<br>LEI: 549300IMUCFEWXP6RU11 | Long             | EC               | CORP              | RU        |       270 | NS      | $0.27         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| United Overseas Bank Ltd           | United Overseas Bank Ltd                  | CUSIP: 000000000<br>LEI: IO66REGK3RCBAMA8HR66 | Long             | EC               | CORP              | SG        |      3100 | NS      | $71054.20     | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| GFC Ltd/TW                         | GFC Ltd/TW                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     19000 | NS      | $43334.26     | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| JD.com Inc                         | JD.com Inc                                | CUSIP: 47215P106<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | CN        |      1233 | NS      | $69208.29     | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Qualitas Controladora SAB de C     | Qualitas Controladora SAB de CV           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |     11606 | NS      | $51351.93     | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Fraser and Neave Ltd               | Fraser and Neave Ltd                      | CUSIP: 000000000<br>LEI: 254900OL25S8ZMW51013 | Long             | EC               | CORP              | SG        |     58700 | NS      | $55658.50     | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd          | Alibaba Group Holding Ltd                 | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | CN        |       574 | NS      | $50563.66     | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Addcn Technology Co Ltd            | Addcn Technology Co Ltd                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      5732 | NS      | $35433.94     | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Boa Vista Servicos SA              | Boa Vista Servicos SA                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     67850 | NS      | $93298.17     | 3.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Wirtualna Polska Holding SA        | Wirtualna Polska Holding SA               | CUSIP: 000000000<br>LEI: 259400CSG9BYRIFPJ169 | Long             | EC               | CORP              | PL        |      1864 | NS      | $42969.40     | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Webcash Corp                       | Webcash Corp                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      1458 | NS      | $16852.40     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| HAITIAN INT'L                      | Haitian International Holdings Ltd        | CUSIP: 000000000<br>LEI: 30030093DDRS825TVP62 | Long             | EC               | CORP              | CN        |     27166 | NS      | $72740.12     | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlsberg Brewery Malaysia Bhd     | Carlsberg Brewery Malaysia Bhd            | CUSIP: 000000000<br>LEI: 5493003SDA6PQJEKHM83 | Long             | EC               | CORP              | MY        |     11200 | NS      | $58173.89     | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd               | Tencent Holdings Ltd                      | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |      1300 | NS      | $55627.80     | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Wal-Mart de Mexico SAB de CV       | Wal-Mart de Mexico SAB de CV              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |     23115 | NS      | $81705.86     | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Tegma Gestao Logistica SA          | Tegma Gestao Logistica SA                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     49744 | NS      | $182591.74    | 6.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Pernod Ricard SA                   | Pernod Ricard SA                          | CUSIP: 000000000<br>LEI: 52990097YFPX9J0H5D87 | Long             | EC               | CORP              | FR        |       285 | NS      | $56058.13     | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| NAVER Corp                         | NAVER Corp                                | CUSIP: 000000000<br>LEI: 988400ULUQYDB2HQYJ61 | Long             | EC               | CORP              | KR        |       157 | NS      | $22355.01     | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Auction PCL                  | Union Auction PCL                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TH        |    179200 | NS      | $48635.20     | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| SaraminHR Co Ltd                   | SaraminHR Co Ltd                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      1814 | NS      | $38044.91     | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Autohome Inc                       | Autohome Inc                              | CUSIP: 05278C107<br>LEI: 529900NYB6ZGZN3MVT56 | Long             | EC               | CORP              | CN        |      1903 | NS      | $58231.80     | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Credit Bureau Asia Ltd             | Credit Bureau Asia Ltd                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |    136900 | NS      | $94544.20     | 3.57%             |  |  |  | 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        |      4400 | NS      | $70463.59     | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Sarana Menara Nusantara Tbk PT     | Sarana Menara Nusantara Tbk PT            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ID        |    658400 | NS      | $46522.56     | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Prodia Widyahusada Tbk PT          | Prodia Widyahusada Tbk PT                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ID        |    126000 | NS      | $45325.20     | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Wuliangye Yibin Co Ltd             | Wuliangye Yibin Co Ltd                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      1700 | NS      | $44186.75     | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Dreyfus Government Cash Management | Dreyfus Government Cash Management        | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |     15044 | NS      | $15043.53     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Baltic Classifieds Group PLC       | Baltic Classifieds Group PLC              | CUSIP: 000000000<br>LEI: 213800I1RPHCFSSQS969 | Long             | EC               | CORP              | GB        |     41786 | NS      | $71128.20     | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd                      | HDFC Bank Ltd                             | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |       974 | NS      | $66631.34     | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Wizz Air Holdings Plc              | Wizz Air Holdings Plc                     | CUSIP: 000000000<br>LEI: 213800COXGZCORLJZA85 | Long             | EC               | CORP              | CH        |      2956 | NS      | $68060.28     | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Heineken Malaysia Bhd              | Heineken Malaysia Bhd                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |     10800 | NS      | $61784.34     | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| JD.com Inc                         | JD.com Inc                                | CUSIP: 000000000<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | CN        |      1447 | NS      | $40821.40     | 1.54%             |  |  |  | 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