# EDGAR Filing Document

**Accession Number:** 0001005020
**File Stem:** 0001752724-25-197098
**Filing Date:** 2025-8
**Character Count:** 125601
**Document Hash:** 3a2a1120c146fbec01dd9d4f26189236
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-197098.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001752724-25-197098

**CONFORMED SUBMISSION TYPE**: N-CEN/A

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250821

**DATE AS OF CHANGE**: 20250821

**EFFECTIVENESS DATE**: 20250821

**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:** N-CEN/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07455
- **FILM NUMBER:** 251240074

**BUSINESS ADDRESS:**
- **STREET 1:** 101 MUNSON STREET
- **CITY:** GREENFIELD
- **STATE:** MA
- **ZIP:** 01301
- **BUSINESS PHONE:** 800-243-1574

**MAIL ADDRESS:**
- **STREET 1:** ONE FINANCIAL PLAZA
- **STREET 2:** 26TH FLOOR
- **CITY:** HARTFORD
- **STATE:** CT
- **ZIP:** 06103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PHOENIX OPPORTUNITIES TRUST
- **DATE OF NAME CHANGE:** 20060127

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

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

## Series and Classes Contracts Data

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

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

### Virtus Stone Harbor Emerging Markets Debt Income Fund (Series ID: S000075278)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000234176 | Class I      | SHMDX           |
| C000234177 | Class A      | VSHCX           |

### Virtus Stone Harbor Local Markets Fund (Series ID: S000075280)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000234180 | Class I      | SHLMX           |
| C000234181 | Class A      | VSHEX           |

## Other

<br>EXPLANATORY NOTE: Registrant is filing this amendment to its Form N-CEN for the fiscal year ended May 31, 2025, originally filed with the Securities and Exchange Commission on August 8, 2025 (Accession Number 0001752724-25-185654). The sole purpose of this amendment is to correct the response to Item C.3 for Virtus Stone Harbor Emerging Markets Debt Income Fund. Except as set forth above, this amendment does not amend, update or change any other items or disclosures found in the original Form N-CEN filing. <br>

## Internal

Report of Independent Registered Public Accounting Firm<br>To the Board of Trustees of Virtus Opportunities Trust and Shareholders of Virtus Stone Harbor Emerging Markets Bond Fund, Virtus Stone Harbor Emerging Markets Debt Income Fund, and Virtus Stone Harbor Local Markets Fund<br>In planning and performing our audits of the financial statements of Virtus Stone Harbor Emerging Markets Bond Fund, Virtus Stone Harbor Emerging Markets Debt Income Fund, and Virtus Stone Harbor Local Markets Fund (three of the funds constituting Virtus Opportunities Trust, hereafter collectively referred to as the "Funds"), as of and for the year ended May 31, 2025, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Funds' internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinions on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Funds' internal control over financial reporting.<br>The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company's assets that could have a material effect on the financial statements.<br>Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.<br>A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis.<br>Our consideration of the Funds' internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Funds' internal control over financial reporting and their operations, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of May 31, 2025.<br>This report is intended solely for the information and use of the Board of Trustees of Virtus Opportunities Trust and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.<br>/s/PricewaterhouseCoopers LLP<br> July 24, 2025

<br> PricewaterhouseCoopers LLP, Two Commerce Square, Suite 1800, 2001 Market Street, Philadelphia, PA 19103-7042 T: (267) 330 3000, www.pwc.com/us

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN/A
**CIK:** 0001005020

## N-CEN: Series/Class (Contract) Information

**Series ID Record:1**
- **Series ID:** S000075276

**Series ID Record:2**
- **Series ID:** S000075278

**Series ID Record:3**
- **Series ID:** S000075280

**Class ID Record:1**
- **Class ID:** C000234172

**Class ID Record:2**
- **Class ID:** C000234173

**Class ID Record:3**
- **Class ID:** C000234177

**Class ID Record:4**
- **Class ID:** C000234176

**Class ID Record:5**
- **Class ID:** C000234181

**Class ID Record:6**
- **Class ID:** C000234180

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2025-05-31

**Item A.1.b - Does this report cover a period of less than 12 months?:** No

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** Virtus Opportunities Trust

- **Item B.1.b - Investment Company Act file number:** 811-07455

- **Item B.1.c - CIK:** 0001005020

- **Item B.1.d - LEI:** 549300O4C4QVD88M4N75

- **Item B.2.a - Street 1:** 101 Munson Street

- **Item B.2.b - City:** Greenfield

- **Item B.2.c - State:** MA

- **Item B.2.e - Zip Code:** 01301-9668

- **Item B.2.f - Telephone:** 800-243-1574

- **Item B.2.g - Public Website:** www.virtus.com

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** BNY Mellon Investment Servicing (US) Inc.

- **b. Street 1:** 103 Bellevue Parkway

- **c. City:** Wilmington

- **d. State, if applicable:** DE

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 19809

- **g. Telephone number:** 1-302-791-1700

- **h. Briefly describe the books and records kept at this location:** Records related to its functions as Fund Accountant, Sub-Administrator, Sub-Transfer Agent and Dividend Dispersing Agent

**Location books Record: 2**

- **a. Name of person (e.g., a custodian of records):** Duff & Phelps Investment Management Co.

- **b. Street 1:** 10 South Wacker Drive

- **Street 2:** Suite 1900

- **c. City:** Chicago

- **d. State, if applicable:** IL

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 60606-5802

- **g. Telephone number:** 800-338-8214

- **h. Briefly describe the books and records kept at this location:** Records related to its functions as Subadviser

**Location books Record: 3**

- **a. Name of person (e.g., a custodian of records):** Jennifer Fromm, Esq.

- **b. Street 1:** One Financial Plaza

- **c. City:** Hartford

- **d. State, if applicable:** CT

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 06103

- **g. Telephone number:** (800)-243-1574

- **h. Briefly describe the books and records kept at this location:** Records related to her functions as Secretary of the Trust.

**Location books Record: 4**

- **a. Name of person (e.g., a custodian of records):** Kayne Anderson Rudnick Investment Management, LLC

- **b. Street 1:** 2000 Avenue of the Stars

- **Street 2:** Suite 1110

- **c. City:** Los Angeles

- **d. State, if applicable:** CA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 90067

- **g. Telephone number:** 310-556-2721

- **h. Briefly describe the books and records kept at this location:** Records related to its functions as Subadviser

**Location books Record: 5**

- **a. Name of person (e.g., a custodian of records):** Newfleet Asset Management, a division of Virtus Fixed Income Advisers, LLC

- **b. Street 1:** One Financial Plaza

- **c. City:** Hartford

- **d. State, if applicable:** CT

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 06103

- **g. Telephone number:** 877-332-8172

- **h. Briefly describe the books and records kept at this location:** Records related to its functions as Subadviser

**Location books Record: 6**

- **a. Name of person (e.g., a custodian of records):** Seix Investment Advisors, a division of Virtus Fixed Income Advisers, LLC

- **b. Street 1:** One Maynard Drive, Suite 3200

- **c. City:** Park Ridge

- **d. State, if applicable:** NJ

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 07656

- **g. Telephone number:** 201-391-0300

- **h. Briefly describe the books and records kept at this location:** Records related to its functions as Subadviser

**Location books Record: 7**

- **a. Name of person (e.g., a custodian of records):** Stone Harbor Investment Partners, a division of Virtus Fixed Income Advisers, LLC

- **b. Street 1:** 31 West 52nd Street

- **Street 2:** 16th Floor

- **c. City:** New York

- **d. State, if applicable:** NY

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 10019

- **g. Telephone number:** (212) 548-1200

- **h. Briefly describe the books and records kept at this location:** Records related to its functions as Subadviser

**Location books Record: 8**

- **a. Name of person (e.g., a custodian of records):** Sustainable Growth Advisers, LP

- **b. Street 1:** 301 Tresser Blvd.

- **Street 2:** Suite 1310

- **c. City:** Stamford

- **d. State, if applicable:** CT

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 06901

- **g. Telephone number:** 1-203-348-4742

- **h. Briefly describe the books and records kept at this location:** Records related to its functions as Subadviser

**Location books Record: 9**

- **a. Name of person (e.g., a custodian of records):** The Bank of New York Mellon

- **b. Street 1:** 240 Greenwich Street

- **c. City:** New York

- **d. State, if applicable:** NY

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 10286

- **g. Telephone number:** 212-495-1784

- **h. Briefly describe the books and records kept at this location:** Records related to its functions as Custodian

**Location books Record: 10**

- **a. Name of person (e.g., a custodian of records):** VP Distributors, LLC

- **b. Street 1:** One Financial Plaza

- **c. City:** Hartford

- **d. State, if applicable:** CT

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 06103

- **g. Telephone number:** 860-263-4736

- **h. Briefly describe the books and records kept at this location:** Records related to its functions as Principal Underwriter

**Location books Record: 11**

- **a. Name of person (e.g., a custodian of records):** Virtus Alternative Investment Advisers, LLC

- **b. Street 1:** One Financial Plaza

- **c. City:** Hartford

- **d. State, if applicable:** CT

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 06103

- **g. Telephone number:** 800-248-7971

- **h. Briefly describe the books and records kept at this location:** Records related to its functions as Investment Adviser

**Location books Record: 12**

- **a. Name of person (e.g., a custodian of records):** Virtus Fund Services, LLC

- **b. Street 1:** One Financial Plaza

- **c. City:** Hartford

- **d. State, if applicable:** CT

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 06103

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

- **h. Briefly describe the books and records kept at this location:** Records related to its functions as Administrator and Transfer Agent

**Location books Record: 13**

- **a. Name of person (e.g., a custodian of records):** Virtus Investment Advisers, LLC

- **b. Street 1:** One Financial Plaza

- **c. City:** Hartford

- **d. State, if applicable:** CT

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 06103

- **g. Telephone number:** 800-248-7971

- **h. Briefly describe the books and records kept at this location:** Records related to its functions as Investment Adviser

- **Item B.4.a - Is this the first filing by the Registrant?:** No

- **Item B.4.b - Is this the last filing by the Registrant?:** No

- **Item B.5.a - Is the Registrant part of a family of investment companies?:** Yes

- **Item B.5.a.i - Full name of family of investment companies:** Virtus Funds

### Item B.6 - Organization

- [x] a. Open-end management investment company registered under the Act on Form N-1A

- [ ] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** 18

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** Yes

### Item B.8 - Directors

| Name               | Is Interested Person?   | Other Investment Company File Numbers                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|:---|:---|:---|
| Brian T. Zino      | No                      | 811-00945, 811-03445, 811-04642, 811-05620, 811-06161, 811-07705, 811-09140, 811-21279, 811-21284, 811-21338, 811-21417, 811-21989, 811-22167, 811-22473, 811-22608, 811-22818, 811-22906, 811-23039, 811-23446                                                                                                                                                                                                                                                                                    |
| Connie D. McDaniel | No                      | 811-00945, 811-03445, 811-04642, 811-05620, 811-06161, 811-07705, 811-09140, 811-21279, 811-21284, 811-21338, 811-21417, 811-21989, 811-22167, 811-22473, 811-22608, 811-22818, 811-22906, 811-23039, 811-23446, 811-23968, 811-24038                                                                                                                                                                                                                                                              |
| Deborah A. DeCotis | No                      | 811-00945, 811-03445, 811-04642, 811-05620, 811-06161, 811-07705, 811-07816, 811-08216, 811-09721, 811-10377, 811-10379, 811-10381, 811-10555, 811-21076, 811-21077, 811-21078, 811-21187, 811-21188, 811-21189, 811-21238, 811-21279, 811-21284, 811-21311, 811-21338, 811-21374, 811-21417, 811-21601, 811-21734, 811-21989, 811-22167, 811-22473, 811-22608, 811-22673, 811-22818, 811-22906, 811-23039, 811-23211, 811-23314, 811-23390, 811-23446, 811-23505, 811-23648, 811-23749, 811-23781 |
| Donald C. Burke    | No                      | 811-00945, 811-03445, 811-04642, 811-04915, 811-05620, 811-06161, 811-06416, 811-07705, 811-09140, 811-21279, 811-21284, 811-21338, 811-21417, 811-21989, 811-22167, 811-22473, 811-22533, 811-22608, 811-22818, 811-22906, 811-23039, 811-23446, 811-23968, 811-24038                                                                                                                                                                                                                             |
| F. Ford Drummond   | No                      | 811-00945, 811-03445, 811-04642, 811-05620, 811-06161, 811-07705, 811-21279, 811-21284, 811-21338, 811-21417, 811-21989, 811-22167, 811-22473, 811-22608, 811-22818, 811-22906, 811-23039, 811-23446                                                                                                                                                                                                                                                                                               |
| George R. Aylward  | Yes                     | 811-00945, 811-03445, 811-04642, 811-04915, 811-05620, 811-06161, 811-06416, 811-07705, 811-09140, 811-21279, 811-21284, 811-21338, 811-21417, 811-21989, 811-22167, 811-22473, 811-22533, 811-22608, 811-22818, 811-22906, 811-23039, 811-23078, 811-23446, 811-23968, 811-24038                                                                                                                                                                                                                  |
| John R. Mallin     | No                      | 811-00945, 811-03445, 811-04642, 811-05620, 811-06161, 811-07705, 811-09140, 811-21279, 811-22167, 811-22473, 811-22608, 811-22818, 811-22906                                                                                                                                                                                                                                                                                                                                                      |
| R. Keith Walton    | No                      | 811-00945, 811-03445, 811-04642, 811-05620, 811-06161, 811-07705, 811-07912, 811-09140, 811-21279, 811-21284, 811-21338, 811-21417, 811-21989, 811-22167, 811-22473, 811-22608, 811-22818, 811-22906, 811-23039, 811-23446, 811-23968, 811-24038                                                                                                                                                                                                                                                   |
| Sarah E. Cogan     | No                      | 811-00945, 811-03445, 811-05620, 811-06161, 811-07705, 811-07816, 811-08216, 811-09721, 811-10377, 811-10379, 811-10381, 811-10555, 811-21076, 811-21077, 811-21078, 811-21187, 811-21188, 811-21189, 811-21238, 811-21279, 811-21284, 811-21311, 811-21338, 811-21374, 811-21417, 811-21601, 811-21734, 811-21989, 811-22167, 811-22473, 811-22608, 811-22673, 811-22818, 811-22906, 811-23039, 811-23211, 811-23314, 811-23390, 811-23446, 811-23505, 811-23648, 811-23749, 811-23781            |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** Timothy Branigan

- **b. CRD Number, if any:** 005980557

- **c. Street Address 1:** One Financial Plaza

- **   Street Address 2:** 26th Floor

- **d. City:** Hartford

- **e. State, if applicable:** CT

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 06013

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** No

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** No

- **Item B.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.13.a - Are the Registrant's officers or directors covered under any insurance policy?:** Yes

- **Item B.13.a.i - If yes, were any claims filed under the policy during the reporting period?:** No

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a - Did the Registrant rely on any exemptive orders from the Commission?:** No

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

- **i. Full name:** VP Distributors, LLC

- **ii. SEC file number:** 008-14100

- **iii. CRD number:** 000003036

- **iv. LEI, if any:** 549300IW1QX018U5W603

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** Yes

- **b. Have any principal underwriters been hired or terminated during the reporting period?** No

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** PricewaterhouseCoopers LLP

- **b. PCAOB Number:** 238

- **c. LEI, if any:** 5493002GVO7EO8RNNS37

- **d. State, if applicable:** PA

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** No

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

- **Item B.22.a - Were any payments made to shareholders as a result of an error in calculating NAV?:** No

- **Item B.23 - Did the Registrant pay any dividend or make any distribution required to be accompanied by a written statement?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - Virtus Stone Harbor Emerging Markets Bond Fund

**Item C.1. Background information.**

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

- **b. Series identification number, if any:** S000075276

- **c. LEI:** EKYSAAYBLFGWSLUFAV76

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 2

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Class A                 | C000234173                                | VSHAX                        |
|                           2 | Class I                 | C000234172                                | SHCDX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 12d1-4 (17 CFR 270.12d1-4)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

- Rule 22d-1 (17 CFR 270.22d-1)

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Virtus Investment Advisers, LLC

- **ii. SEC file number:** 801-5995

- **iii. CRD number:** 000106982

- **iv. LEI, if any:** 5493008GM1PP47SEXR11

- **v. State, if applicable:** DE

- **vi. Foreign country, if applicable:** US

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Virtus Fixed Income Advisers, LLC

- **ii. SEC file number:** 801-68743

- **iii. CRD number:** 000146029

- **iv. LEI, if any:** 549300L7I4W19C7JV575

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. SEC file number:** 084-01761

- **iii. LEI, if any:** 549300CFZQLI9QMJ1Z03

- **iv. State, if applicable:** DE

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** Yes

**Transfer Agents Record: 2**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. SEC file number:** 084-06485

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** CT

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Bloomberg L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300B56MD0ZC402L06

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** ICE Data Services, Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 13-3668779

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** IHS Markit Ltd.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300HLPTRASHS0E726

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** LSEG Data & Analytics

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 5**

- **i. Full name:** PricingDirect Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300WIC0TOJ7N7GD54

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** Banco Itau Uruguay S.A.

- **ii. LEI, if any:** 549300HU8OQS1VTVXN55

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 2**

- **i. Full name:** Banco Santander - Chile

- **ii. LEI, if any:** 3YJP8HORPAEXJ80D6368

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 3**

- **i. Full name:** Bank Polska Kasa Opieki S.A.

- **ii. LEI, if any:** 5493000LKS7B3UTF7H35

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 4**

- **i. Full name:** CBM BANCO, S.A., INSTITUCION DE BANCA MULTIPLE, INTEGRANTE DEL GRUPO FINANCIERO

- **ii. LEI, if any:** 529900H31AYI6WA1J534

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 5**

- **i. Full name:** CIBC Mellon Trust Company

- **ii. LEI, if any:** 549300IYUUH221WBZ505

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 6**

- **i. Full name:** Citibank Europe PLC, Hungarian Branch Office

- **ii. LEI, if any:** N1FBEDJ5J41VKZLO2475

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 7**

- **i. Full name:** Cititrust S.A., Bogota

- **ii. LEI, if any:** 549300242J3IJCOSGI49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 8**

- **i. Full name:** Clearstream Banking S.A. (Luxembourg)

- **ii. LEI, if any:** 549300OL514RA0SXJJ44

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 9**

- **i. Full name:** Deutsche Bank A.S. (Turkey)

- **ii. LEI, if any:** 789000N5SE3LWDK7OI11

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 10**

- **i. Full name:** Euroclear Bank

- **ii. LEI, if any:** 549300OZ46BRLZ8Y6F65

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)

**Custodians Record: 11**

- **i. Full name:** HSBC BANK (CHINA) CO., LTD.

- **ii. LEI, if any:** 2CZOJRADNJXBLT55G526

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 12**

- **i. Full name:** HSBC Bank Egypt S.A.E.

- **ii. LEI, if any:** 2138001Q77JDLESS4Y50

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 13**

- **i. Full name:** HSBC HK Bond Connect - China

- **ii. LEI, if any:** 2CZOJRADNJXBLT55G526

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 14**

- **i. Full name:** HSBC SHANGHAI-HONG KONG STOCK CONNECT HSBC BROKERAGE

- **ii. LEI, if any:** 2CZOJRADNJXBLT55G526

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 15**

- **i. Full name:** HSBC Shanghai-Hong Kong Stock Connect SPSA

- **ii. LEI, if any:** 2HI3YI5320L3RW6NJ957

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 16**

- **i. Full name:** MUFG Bank, Ltd.

- **ii. LEI, if any:** C3GTMMZIHMY46P4OIX74

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 17**

- **i. Full name:** Skandinaviska Enskilda Banken AB, Oslo Branch

- **ii. LEI, if any:** F3JS33DEI6XQ4ZBPTN86

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 18**

- **i. Full name:** Skandinaviska Enskilda Banken AB, Stockholm

- **ii. LEI, if any:** F3JS33DEI6XQ4ZBPTN86

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 19**

- **i. Full name:** Stanbic Bank Ghana Limited

- **ii. LEI, if any:** 549300M3N5M3E5WDG321

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 20**

- **i. Full name:** Standard Chartered Bank Malaysia Berhad

- **ii. LEI, if any:** 549300JTJBG2QBI8KD48

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 21**

- **i. Full name:** Standard Chartered Bank, India Branch

- **ii. LEI, if any:** 335800S2ENIXDK4PJG40

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 22**

- **i. Full name:** THE STANDARD BANK OF SOUTH AFRICA

- **ii. LEI, if any:** QFC8ZCW3Q5PRXU1XTM60

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 23**

- **i. Full name:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 24**

- **i. Full name:** The Bank of New York Mellon (Belgium)

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 25**

- **i. Full name:** The Hongkong and Shanghai Banking Corporation Limited

- **ii. LEI, if any:** 2HI3YI5320L3RW6NJ957

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 26**

- **i. Full name:** The Hongkong and Shanghai Banking Corporation Limited, Bangkok Branch

- **ii. LEI, if any:** 2HI3YI5320L3RW6NJ957

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 27**

- **i. Full name:** UBS Switzerland AG

- **ii. LEI, if any:** 549300WOIFUSNYH0FL22

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. LEI, if any:** 549300CFZQLI9QMJ1Z03

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** Yes

**Shareholder Servicing Agents Record: 2**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any:** 084-06485

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. LEI, if any, or other identifying number:** 549300CFZQLI9QMJ1Z03

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

**Administrators Record: 2**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** 084-06485

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** VP Distributors, LLC

- **b. SEC file number:** 008-14100

- **c. CRD number:** 000003036

- **d. LEI, if any:** 549300IW1QX018U5W603

- **e. State, if applicable:** CT

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

No Brokers reported.

**Item C.17.a. Principal transaction counterparties.**

| Name                          | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| J.P. Morgan Securities LLC    | 008-35008         |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $945,457.00               |
| GOLDMAN SACHS & CO. LLC       | 008-00129         |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $469,439.00               |
| JEFFERIES LLC                 | 008-15074         |    000002347 | 58PU97L1C0WSRCWADL48 | NY      | US        | $627,610.00               |
| CitiGroup Global Markets Inc. | 008-08177         |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $670,660.00               |
| PERSHING LLC                  | 008-17574         |    000007560 | ZI8Q1A8EI8LQFJNM0D94 | NJ      | US        | $554,763.00               |
| UBS SECURITIES LLC            | 008-22651         |    000007654 | T6FIZBDPKLYJKFCRVK44 | NY      | US        | $278,988.00               |
| MORGAN STANLEY & CO. LLC      | 008-15869         |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $359,274.00               |
| BARCLAYS CAPITAL, INC.        | 008-41342         |    000019714 | AC28XWWI3WIBK2824319 | NY      | US        | $562,723.00               |
| VIRTU AMERICAS LLC            | 008-68193         |    000149823 | 549300RA02N3BNSWBV74 | NY      | US        | $668,876.00               |
| BOFA SECURITIES, INC.         | 008-69787         |    000283942 | 549300HN4UKV1E2R3U73 | NY      | US        | $816,201.00               |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $7,108,513.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $7,017,103.61

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $250,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** Bank of New York Mellon

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                 | SEC File number   |
|:---|:---|
| Stone Harbor ESG Emerging Markets Debt Blend Fund            | N/A               |
| Stone Harbor Emerging Markets Corporate Debt Fund            | N/A               |
| Stone Harbor Emerging Markets Debt Blend Portfolio           | N/A               |
| Stone Harbor Emerging Markets Debt Explorer Fund             | N/A               |
| Stone Harbor Emerging Markets Debt Fund                      | N/A               |
| Stone Harbor Emerging Markets Local Currency Debt Fund       | N/A               |
| Stone Harbor Global Investment Grade Corporate Bond Fund     | N/A               |
| Stone Harbor High Yield Bond Fund                            | N/A               |
| Stone Harbor High Yield Emerging Markets Corporate Debt Fund | N/A               |
| Stone Harbor Investment Grade Emerging Market Corporate Fund | N/A               |
| Stone Harbor Investment Grade Emerging Market Debt Fund      | N/A               |
| Stone Harbor Multi Asset Credit (No. 2) Portfolio            | N/A               |
| Stone Harbor Multi Asset Credit Opportunistic Fund           | N/A               |
| Stone Harbor Multi Asset Credit Portfolio                    | N/A               |
| Stone Harbor Securitised Bond Fund                           | N/A               |
| The Merger Fund                                              | 811-03445         |
| The Merger Fund VL                                           | 811-21279         |
| Virtus AlphaSimplex Global Alternatives Fund                 | 811-22906         |
| Virtus AlphaSimplex Managed Futures Strategy Fund            | 811-22906         |
| Virtus Ceredex Large-Cap Value Equity Fund                   | 811-07705         |
| Virtus Ceredex Mid-Cap Value Equity Fund                     | 811-07705         |
| Virtus Ceredex Small-Cap Value Equity Fund                   | 811-07705         |
| Virtus Convertible Fund                                      | 811-22167         |
| Virtus Duff & Phelps Global Infrastructure Fund              | 811-07455         |
| Virtus Duff & Phelps Global Real Estate Securities Fund      | 811-07455         |
| Virtus Duff & Phelps Real Asset Fund                         | 811-07455         |
| Virtus Duff & Phelps Real Estate Securities Fund             | 811-07455         |
| Virtus Duff & Phelps Real Estate Securities Series           | 811-04642         |
| Virtus Duff & Phelps Select MLP and Energy Fund              | 811-22906         |
| Virtus Duff & Phelps Water Fund                              | 811-22167         |
| Virtus Emerging Markets Opportunities Fund                   | 811-06161         |
| Virtus GF Clean Energy Fund                                  | N/A               |
| Virtus GF Emerging Markets High Dividend Fund                | N/A               |
| Virtus GF Global Small Cap Fund                              | N/A               |
| Virtus GF Multi-Sector Income Fund                           | N/A               |
| Virtus GF Multi-Sector Short Duration Bond Fund              | N/A               |
| Virtus GF SGA Global Growth Fund                             | N/A               |
| Virtus GF Select High Yield Fund                             | N/A               |
| Virtus GF U.S. Small Cap Focus Fund                          | N/A               |
| Virtus GF U.S. Small-Mid Cap Fund                            | N/A               |
| Virtus Global Allocation Fund                                | 811-22167         |
| Virtus Income & Growth Fund                                  | 811-06161         |
| Virtus International Small-Cap Fund                          | 811-22167         |
| Virtus KAR Capital Growth Fund                               | 811-00945         |
| Virtus KAR Capital Growth Series                             | 811-04642         |
| Virtus KAR Developing Markets Fund                           | 811-07455         |
| Virtus KAR Emerging Markets Small-Cap Fund                   | 811-07455         |
| Virtus KAR Equity Income Fund                                | 811-00945         |
| Virtus KAR Equity Income Series                              | 811-04642         |
| Virtus KAR Global Quality Dividend Fund                      | 811-00945         |
| Virtus KAR Global Small-Cap Fund                             | 811-06161         |
| Virtus KAR Health Sciences Fund                              | 811-06161         |
| Virtus KAR International Small-Mid Cap Fund                  | 811-07455         |
| Virtus KAR Long/Short Equity Fund                            | 811-22906         |
| Virtus KAR Mid-Cap Core Fund                                 | 811-00945         |
| Virtus KAR Mid-Cap Growth Fund                               | 811-00945         |
| Virtus KAR Small-Cap Core Fund                               | 811-00945         |
| Virtus KAR Small-Cap Growth Fund                             | 811-00945         |
| Virtus KAR Small-Cap Growth Series                           | 811-04642         |
| Virtus KAR Small-Cap Value Fund                              | 811-00945         |
| Virtus KAR Small-Cap Value Series                            | 811-04642         |
| Virtus KAR Small-Mid Cap Core Fund                           | 811-00945         |
| Virtus KAR Small-Mid Cap Growth Fund                         | 811-00945         |
| Virtus KAR Small-Mid Cap Value Fund                          | 811-00945         |
| Virtus NFJ Dividend Value Fund                               | 811-06161         |
| Virtus NFJ Emerging Markets Value Fund                       | 811-22167         |
| Virtus NFJ International Value Fund                          | 811-06161         |
| Virtus NFJ Large-Cap Value Fund                              | 811-06161         |
| Virtus NFJ Mid-Cap Value Fund                                | 811-06161         |
| Virtus NFJ Small-Cap Value Fund                              | 811-06161         |
| Virtus Newfleet ABS MACS                                     | 811-23968         |
| Virtus Newfleet CMBS MACS                                    | 811-23968         |
| Virtus Newfleet Core Plus Bond Fund                          | 811-07455         |
| Virtus Newfleet Floating Rate MACS                           | 811-23968         |
| Virtus Newfleet High Yield Fund                              | 811-07455         |
| Virtus Newfleet HighYield MACS                               | 811-23968         |
| Virtus Newfleet Low Duration Core Plus Bond Fund             | 811-07455         |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund          | 811-07455         |
| Virtus Newfleet Multi-Sector Intermediate Bond Series        | 811-04642         |
| Virtus Newfleet Multi-Sector Short Term Bond Fund            | 811-07455         |
| Virtus Newfleet RMBS MACS                                    | 811-23968         |
| Virtus Newfleet Senior Floating Rate Fund                    | 811-07455         |
| Virtus Newfleet Short Duration High Income Fund              | 811-22167         |
| Virtus SGA Emerging Markets Equity Fund                      | 811-07455         |
| Virtus SGA Global Growth Fund                                | 811-00945         |
| Virtus SGA International Growth Fund                         | 811-07705         |
| Virtus SGA International Growth Series                       | 811-04642         |
| Virtus Seix Core Bond Fund                                   | 811-07705         |
| Virtus Seix High Grade Municipal Bond Fund                   | 811-07705         |
| Virtus Seix High Yield Fund                                  | 811-07705         |
| Virtus Seix High Yield MACS                                  | 811-23968         |
| Virtus Seix Investment Grade Tax-Exempt Bond Fund            | 811-07705         |
| Virtus Seix Tax-Exempt Bond Fund                             | 811-07455         |
| Virtus Seix Total Return Bond Fund                           | 811-07705         |
| Virtus Seix U.S. Government Securities Ultra-Short Bond Fund | 811-07705         |
| Virtus Silvant Focused Growth Fund                           | 811-06161         |
| Virtus Silvant Large-Cap Growth Stock Fund                   | 811-07705         |
| Virtus Silvant Mid-Cap Growth Fund                           | 811-06161         |
| Virtus Small-Cap Fund                                        | 811-06161         |
| Virtus Stone Harbor EMD MACS                                 | 811-23968         |
| Virtus Stone Harbor Emerging Markets Debt Income Fund        | 811-07455         |
| Virtus Stone Harbor Local Markets Fund                       | 811-07455         |
| Virtus Tactical Allocation Fund                              | 811-00945         |
| Virtus Tactical Allocation Series                            | 811-04642         |
| Virtus Westchester Credit Event Fund                         | 811-22818         |
| Virtus Westchester Event-Driven Fund                         | 811-22818         |
| Virtus Zevenbergen Innovative Growth Stock Fund              | 811-07705         |
| Virtus Zevenbergen Technology Fund                           | 811-06161         |

- **v. Did the Fund draw on the line of credit this period?** —

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 2 - Virtus Stone Harbor Emerging Markets Debt Income Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Virtus Stone Harbor Emerging Markets Debt Income Fund

- **b. Series identification number, if any:** S000075278

- **c. LEI:** G5WCHRUPIN1QBVGP2222

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 2

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | CLASS A                 | C000234177                                | VSHCX                        |
|                           2 | CLASS I                 | C000234176                                | SHMDX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [x] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 22d-1 (17 CFR 270.22d-1)

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Virtus Investment Advisers, LLC

- **ii. SEC file number:** 801-5995

- **iii. CRD number:** 000106982

- **iv. LEI, if any:** 5493008GM1PP47SEXR11

- **v. State, if applicable:** DE

- **vi. Foreign country, if applicable:** US

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Virtus Fixed Income Advisers, LLC

- **ii. SEC file number:** 801-68743

- **iii. CRD number:** 000146029

- **iv. LEI, if any:** 549300L7I4W19C7JV575

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. SEC file number:** 084-01761

- **iii. LEI, if any:** 549300CFZQLI9QMJ1Z03

- **iv. State, if applicable:** DE

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** Yes

**Transfer Agents Record: 2**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. SEC file number:** 084-06485

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** CT

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Bloomberg L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300B56MD0ZC402L06

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** ICE Data Services, Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 13-3668779

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** IHS Markit Ltd.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300HLPTRASHS0E726

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** LSEG Data & Analytics

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 5**

- **i. Full name:** PricingDirect Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300WIC0TOJ7N7GD54

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** Banco Santander - Chile

- **ii. LEI, if any:** 3YJP8HORPAEXJ80D6368

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 2**

- **i. Full name:** Bank Polska Kasa Opieki S.A.

- **ii. LEI, if any:** 5493000LKS7B3UTF7H35

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 3**

- **i. Full name:** CBM BANCO, S.A., INSTITUCION DE BANCA MULTIPLE, INTEGRANTE DEL GRUPO FINANCIERO

- **ii. LEI, if any:** 529900H31AYI6WA1J534

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 4**

- **i. Full name:** CIBC Mellon Trust Company

- **ii. LEI, if any:** 549300IYUUH221WBZ505

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 5**

- **i. Full name:** Citibank Europe PLC, Hungarian Branch Office

- **ii. LEI, if any:** N1FBEDJ5J41VKZLO2475

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 6**

- **i. Full name:** Citibank N.A., Brazilian Branch

- **ii. LEI, if any:** 1P0UUG7LC1S92QTNHG39

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 7**

- **i. Full name:** Cititrust S.A., Bogota

- **ii. LEI, if any:** 549300242J3IJCOSGI49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 8**

- **i. Full name:** Clearstream Banking S.A. (Luxembourg)

- **ii. LEI, if any:** 549300OL514RA0SXJJ44

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 9**

- **i. Full name:** Deutsche Bank A.S. (Turkey)

- **ii. LEI, if any:** 789000N5SE3LWDK7OI11

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 10**

- **i. Full name:** Euroclear Bank

- **ii. LEI, if any:** 549300OZ46BRLZ8Y6F65

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)

**Custodians Record: 11**

- **i. Full name:** HSBC Bank Australia Limited

- **ii. LEI, if any:** DY9DBNI4W8J63Z298033

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 12**

- **i. Full name:** HSBC Bank Egypt S.A.E.

- **ii. LEI, if any:** 2138001Q77JDLESS4Y50

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 13**

- **i. Full name:** HSBC HK Bond Connect - China

- **ii. LEI, if any:** 2CZOJRADNJXBLT55G526

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 14**

- **i. Full name:** MUFG Bank, Ltd.

- **ii. LEI, if any:** C3GTMMZIHMY46P4OIX74

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 15**

- **i. Full name:** STANBIC IBTC BANK PLC

- **ii. LEI, if any:** 549300NIVXF92ZIOVW61

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 16**

- **i. Full name:** Skandinaviska Enskilda Banken AB, Stockholm

- **ii. LEI, if any:** F3JS33DEI6XQ4ZBPTN86

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 17**

- **i. Full name:** Stanbic Bank Ghana Limited

- **ii. LEI, if any:** 549300M3N5M3E5WDG321

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 18**

- **i. Full name:** Standard Chartered Bank Malaysia Berhad

- **ii. LEI, if any:** 549300JTJBG2QBI8KD48

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 19**

- **i. Full name:** Standard Chartered Bank, India Branch

- **ii. LEI, if any:** 335800S2ENIXDK4PJG40

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 20**

- **i. Full name:** Standard Chartered Bank, Indonesia Branch

- **ii. LEI, if any:** 254900XJQ7BKPSDXNP74

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 21**

- **i. Full name:** THE STANDARD BANK OF SOUTH AFRICA

- **ii. LEI, if any:** QFC8ZCW3Q5PRXU1XTM60

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 22**

- **i. Full name:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 23**

- **i. Full name:** The Bank of New York Mellon (Belgium)

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 24**

- **i. Full name:** The Bank of New York Mellon (United Kingdom)

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 25**

- **i. Full name:** The Hongkong and Shanghai Banking Corporation Limited, Bangkok Branch

- **ii. LEI, if any:** 2HI3YI5320L3RW6NJ957

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 26**

- **i. Full name:** UBS Switzerland AG

- **ii. LEI, if any:** 549300WOIFUSNYH0FL22

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 27**

- **i. Full name:** UniCredit Bank Serbia JSC

- **ii. LEI, if any:** 52990001O0THU00TYK59

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. LEI, if any:** 549300CFZQLI9QMJ1Z03

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** Yes

**Shareholder Servicing Agents Record: 2**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any:** 084-06485

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. LEI, if any, or other identifying number:** 549300CFZQLI9QMJ1Z03

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

**Administrators Record: 2**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** 084-06485

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** VP Distributors, LLC

- **b. SEC file number:** 008-14100

- **c. CRD number:** 000003036

- **d. LEI, if any:** 549300IW1QX018U5W603

- **e. State, if applicable:** CT

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

No Brokers reported.

**Item C.17.a. Principal transaction counterparties.**

| Name                          | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| J.P. Morgan Securities LLC    | 008-35008         |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $94,333,415.00            |
| GOLDMAN SACHS & CO. LLC       | 008-00129         |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $69,503,113.00            |
| JEFFERIES LLC                 | 008-15074         |    000002347 | 58PU97L1C0WSRCWADL48 | NY      | US        | $107,036,875.00           |
| CitiGroup Global Markets Inc. | 008-08177         |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $53,294,131.00            |
| UBS SECURITIES LLC            | 008-22651         |    000007654 | T6FIZBDPKLYJKFCRVK44 | NY      | US        | $28,807,186.00            |
| MORGAN STANLEY & CO. LLC      | 008-15869         |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $65,268,752.00            |
| HSBC SECURITIES (USA), INC.   | 008-41562         |    000019585 | CYYGQCGNHMHPSMRL3R97 | NY      | US        | $52,986,979.00            |
| Mizuho Securities USA LLC     | 008-37710         |    000019647 | 7TK5RJIZDFROZCA6XF66 | NY      | US        | $16,198,810.00            |
| BARCLAYS CAPITAL, INC.        | 008-41342         |    000019714 | AC28XWWI3WIBK2824319 | NY      | US        | $50,163,746.00            |
| BOFA SECURITIES, INC.         | 008-69787         |    000283942 | 549300HN4UKV1E2R3U73 | NY      | US        | $64,482,484.00            |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $692,038,073.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $257,673,766.61

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $250,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** Bank of New York Mellon

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                 | SEC File number   |
|:---|:---|
| Stone Harbor ESG Emerging Markets Debt Blend Fund            | N/A               |
| Stone Harbor Emerging Markets Corporate Debt Fund            | N/A               |
| Stone Harbor Emerging Markets Debt Blend Portfolio           | N/A               |
| Stone Harbor Emerging Markets Debt Explorer Fund             | N/A               |
| Stone Harbor Emerging Markets Debt Fund                      | N/A               |
| Stone Harbor Emerging Markets Local Currency Debt Fund       | N/A               |
| Stone Harbor Global Investment Grade Corporate Bond Fund     | N/A               |
| Stone Harbor High Yield Bond Fund                            | N/A               |
| Stone Harbor High Yield Emerging Markets Corporate Debt Fund | N/A               |
| Stone Harbor Investment Grade Emerging Market Corporate Fund | N/A               |
| Stone Harbor Investment Grade Emerging Market Debt Fund      | N/A               |
| Stone Harbor Multi Asset Credit (No. 2) Portfolio            | N/A               |
| Stone Harbor Multi Asset Credit Opportunistic Fund           | N/A               |
| Stone Harbor Multi Asset Credit Portfolio                    | N/A               |
| Stone Harbor Securitised Bond Fund                           | N/A               |
| The Merger Fund                                              | 811-03445         |
| The Merger Fund VL                                           | 811-21279         |
| Virtus AlphaSimplex Global Alternatives Fund                 | 811-22906         |
| Virtus AlphaSimplex Managed Futures Strategy Fund            | 811-22906         |
| Virtus Ceredex Large-Cap Value Equity Fund                   | 811-07705         |
| Virtus Ceredex Mid-Cap Value Equity Fund                     | 811-07705         |
| Virtus Ceredex Small-Cap Value Equity Fund                   | 811-07705         |
| Virtus Convertible Fund                                      | 811-22167         |
| Virtus Duff & Phelps Global Infrastructure Fund              | 811-07455         |
| Virtus Duff & Phelps Global Real Estate Securities Fund      | 811-07455         |
| Virtus Duff & Phelps Real Asset Fund                         | 811-07455         |
| Virtus Duff & Phelps Real Estate Securities Fund             | 811-07455         |
| Virtus Duff & Phelps Real Estate Securities Series           | 811-04642         |
| Virtus Duff & Phelps Select MLP and Energy Fund              | 811-22906         |
| Virtus Duff & Phelps Water Fund                              | 811-22167         |
| Virtus Emerging Markets Opportunities Fund                   | 811-06161         |
| Virtus GF Clean Energy Fund                                  | N/A               |
| Virtus GF Emerging Markets High Dividend Fund                | N/A               |
| Virtus GF Global Small Cap Fund                              | N/A               |
| Virtus GF Multi-Sector Income Fund                           | N/A               |
| Virtus GF Multi-Sector Short Duration Bond Fund              | N/A               |
| Virtus GF SGA Global Growth Fund                             | N/A               |
| Virtus GF Select High Yield Fund                             | N/A               |
| Virtus GF U.S. Small Cap Focus Fund                          | N/A               |
| Virtus GF U.S. Small-Mid Cap Fund                            | N/A               |
| Virtus Global Allocation Fund                                | 811-22167         |
| Virtus Income & Growth Fund                                  | 811-06161         |
| Virtus International Small-Cap Fund                          | 811-22167         |
| Virtus KAR Capital Growth Fund                               | 811-00945         |
| Virtus KAR Capital Growth Series                             | 811-04642         |
| Virtus KAR Developing Markets Fund                           | 811-07455         |
| Virtus KAR Emerging Markets Small-Cap Fund                   | 811-07455         |
| Virtus KAR Equity Income Fund                                | 811-00945         |
| Virtus KAR Equity Income Series                              | 811-04642         |
| Virtus KAR Global Quality Dividend Fund                      | 811-00945         |
| Virtus KAR Global Small-Cap Fund                             | 811-06161         |
| Virtus KAR Health Sciences Fund                              | 811-06161         |
| Virtus KAR International Small-Mid Cap Fund                  | 811-07455         |
| Virtus KAR Long/Short Equity Fund                            | 811-22906         |
| Virtus KAR Mid-Cap Core Fund                                 | 811-00945         |
| Virtus KAR Mid-Cap Growth Fund                               | 811-00945         |
| Virtus KAR Small-Cap Core Fund                               | 811-00945         |
| Virtus KAR Small-Cap Growth Fund                             | 811-00945         |
| Virtus KAR Small-Cap Growth Series                           | 811-04642         |
| Virtus KAR Small-Cap Value Fund                              | 811-00945         |
| Virtus KAR Small-Cap Value Series                            | 811-04642         |
| Virtus KAR Small-Mid Cap Core Fund                           | 811-00945         |
| Virtus KAR Small-Mid Cap Growth Fund                         | 811-00945         |
| Virtus KAR Small-Mid Cap Value Fund                          | 811-00945         |
| Virtus NFJ Dividend Value Fund                               | 811-06161         |
| Virtus NFJ Emerging Markets Value Fund                       | 811-22167         |
| Virtus NFJ International Value Fund                          | 811-06161         |
| Virtus NFJ Large-Cap Value Fund                              | 811-06161         |
| Virtus NFJ Mid-Cap Value Fund                                | 811-06161         |
| Virtus NFJ Small-Cap Value Fund                              | 811-06161         |
| Virtus Newfleet ABS MACS                                     | 811-23968         |
| Virtus Newfleet CMBS MACS                                    | 811-23968         |
| Virtus Newfleet Core Plus Bond Fund                          | 811-07455         |
| Virtus Newfleet Floating Rate MACS                           | 811-23968         |
| Virtus Newfleet High Yield Fund                              | 811-07455         |
| Virtus Newfleet HighYield MACS                               | 811-23968         |
| Virtus Newfleet Low Duration Core Plus Bond Fund             | 811-07455         |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund          | 811-07455         |
| Virtus Newfleet Multi-Sector Intermediate Bond Series        | 811-04642         |
| Virtus Newfleet Multi-Sector Short Term Bond Fund            | 811-07455         |
| Virtus Newfleet RMBS MACS                                    | 811-23968         |
| Virtus Newfleet Senior Floating Rate Fund                    | 811-07455         |
| Virtus Newfleet Short Duration High Income Fund              | 811-22167         |
| Virtus SGA Emerging Markets Equity Fund                      | 811-07455         |
| Virtus SGA Global Growth Fund                                | 811-00945         |
| Virtus SGA International Growth Fund                         | 811-07705         |
| Virtus SGA International Growth Series                       | 811-04642         |
| Virtus Seix Core Bond Fund                                   | 811-07705         |
| Virtus Seix High Grade Municipal Bond Fund                   | 811-07705         |
| Virtus Seix High Yield Fund                                  | 811-07705         |
| Virtus Seix High Yield MACS                                  | 811-23968         |
| Virtus Seix Investment Grade Tax-Exempt Bond Fund            | 811-07705         |
| Virtus Seix Tax-Exempt Bond Fund                             | 811-07455         |
| Virtus Seix Total Return Bond Fund                           | 811-07705         |
| Virtus Seix U.S. Government Securities Ultra-Short Bond Fund | 811-07705         |
| Virtus Silvant Focused Growth Fund                           | 811-06161         |
| Virtus Silvant Large-Cap Growth Stock Fund                   | 811-07705         |
| Virtus Silvant Mid-Cap Growth Fund                           | 811-06161         |
| Virtus Small-Cap Fund                                        | 811-06161         |
| Virtus Stone Harbor EMD MACS                                 | 811-23968         |
| Virtus Stone Harbor Emerging Markets Bond Fund               | 811-07455         |
| Virtus Stone Harbor Local Markets Fund                       | 811-07455         |
| Virtus Tactical Allocation Fund                              | 811-00945         |
| Virtus Tactical Allocation Series                            | 811-04642         |
| Virtus Westchester Credit Event Fund                         | 811-22818         |
| Virtus Westchester Event-Driven Fund                         | 811-22818         |
| Virtus Zevenbergen Innovative Growth Stock Fund              | 811-07705         |
| Virtus Zevenbergen Technology Fund                           | 811-06161         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 3 - Virtus Stone Harbor Local Markets Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Virtus Stone Harbor Local Markets Fund

- **b. Series identification number, if any:** S000075280

- **c. LEI:** CF2OE3E2672HR5724D68

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 2

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Class A                 | C000234181                                | VSHEX                        |
|                           2 | Class I                 | C000234180                                | SHLMX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** Yes

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 12d1-4 (17 CFR 270.12d1-4)

- Rule 22d-1 (17 CFR 270.22d-1)

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Virtus Investment Advisers, LLC

- **ii. SEC file number:** 801-5995

- **iii. CRD number:** 000106982

- **iv. LEI, if any:** 5493008GM1PP47SEXR11

- **v. State, if applicable:** DE

- **vi. Foreign country, if applicable:** US

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Virtus Fixed Income Advisers, LLC

- **ii. SEC file number:** 801-68743

- **iii. CRD number:** 000146029

- **iv. LEI, if any:** 549300L7I4W19C7JV575

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. SEC file number:** 084-01761

- **iii. LEI, if any:** 549300CFZQLI9QMJ1Z03

- **iv. State, if applicable:** DE

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** Yes

**Transfer Agents Record: 2**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. SEC file number:** 084-06485

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** CT

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Bloomberg L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300B56MD0ZC402L06

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** ICE Data Services, Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 13-3668779

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** IHS Markit Ltd.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300HLPTRASHS0E726

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** LSEG Data & Analytics

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 5**

- **i. Full name:** PricingDirect Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300WIC0TOJ7N7GD54

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** Banco Itau Uruguay S.A.

- **ii. LEI, if any:** 549300HU8OQS1VTVXN55

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 2**

- **i. Full name:** Banco Santander - Chile

- **ii. LEI, if any:** 3YJP8HORPAEXJ80D6368

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 3**

- **i. Full name:** Bank Polska Kasa Opieki S.A.

- **ii. LEI, if any:** 5493000LKS7B3UTF7H35

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 4**

- **i. Full name:** CBM BANCO, S.A., INSTITUCION DE BANCA MULTIPLE, INTEGRANTE DEL GRUPO FINANCIERO

- **ii. LEI, if any:** 529900H31AYI6WA1J534

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 5**

- **i. Full name:** CIBC Mellon Trust Company

- **ii. LEI, if any:** 549300IYUUH221WBZ505

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 6**

- **i. Full name:** Citibank Europe PLC (Czech Republic)

- **ii. LEI, if any:** N1FBEDJ5J41VKZLO2475

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 7**

- **i. Full name:** Citibank Europe PLC, Hungarian Branch Office

- **ii. LEI, if any:** N1FBEDJ5J41VKZLO2475

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 8**

- **i. Full name:** Citibank Europe plc, Romania Branch

- **ii. LEI, if any:** N1FBEDJ5J41VKZLO2475

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 9**

- **i. Full name:** Citibank Kazakhstan Joint-Stock Company

- **ii. LEI, if any:** 95XXGORQK31JZP82OG22

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 10**

- **i. Full name:** Citibank N.A., Brazilian Branch

- **ii. LEI, if any:** 1P0UUG7LC1S92QTNHG39

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 11**

- **i. Full name:** Citibank N.A., Sucursal De Lima

- **ii. LEI, if any:** MYTK5NHHP1G8TVFGT193

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 12**

- **i. Full name:** Cititrust S.A., Bogota

- **ii. LEI, if any:** 549300242J3IJCOSGI49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 13**

- **i. Full name:** Clearstream Banking S.A. (Luxembourg)

- **ii. LEI, if any:** 549300OL514RA0SXJJ44

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 14**

- **i. Full name:** Deutsche Bank A.S. (Turkey)

- **ii. LEI, if any:** 789000N5SE3LWDK7OI11

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 15**

- **i. Full name:** Euroclear Bank

- **ii. LEI, if any:** 549300CBNW05DILT6870

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)

**Custodians Record: 16**

- **i. Full name:** HSBC Bank Egypt S.A.E.

- **ii. LEI, if any:** 2138001Q77JDLESS4Y50

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 17**

- **i. Full name:** HSBC HK Bond Connect - China

- **ii. LEI, if any:** 2CZOJRADNJXBLT55G526

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 18**

- **i. Full name:** MUFG Bank, Ltd.

- **ii. LEI, if any:** C3GTMMZIHMY46P4OIX74

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 19**

- **i. Full name:** STANBIC IBTC BANK PLC

- **ii. LEI, if any:** 549300NIVXF92ZIOVW61

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 20**

- **i. Full name:** Skandinaviska Enskilda Banken AB, Oslo Branch

- **ii. LEI, if any:** F3JS33DEI6XQ4ZBPTN86

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 21**

- **i. Full name:** Skandinaviska Enskilda Banken AB, Stockholm

- **ii. LEI, if any:** F3JS33DEI6XQ4ZBPTN86

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 22**

- **i. Full name:** Stanbic Bank Ghana Limited

- **ii. LEI, if any:** 549300M3N5M3E5WDG321

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 23**

- **i. Full name:** Standard Chartered Bank Malaysia Berhad

- **ii. LEI, if any:** 549300JTJBG2QBI8KD48

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 24**

- **i. Full name:** Standard Chartered Bank, India Branch

- **ii. LEI, if any:** 335800S2ENIXDK4PJG40

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 25**

- **i. Full name:** Standard Chartered Bank, Indonesia Branch

- **ii. LEI, if any:** 254900XJQ7BKPSDXNP74

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 26**

- **i. Full name:** TBank

- **ii. LEI, if any:** 2534000KL0PLD6KG7T76

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Other

**Custodians Record: 27**

- **i. Full name:** THE STANDARD BANK OF SOUTH AFRICA

- **ii. LEI, if any:** QFC8ZCW3Q5PRXU1XTM60

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 28**

- **i. Full name:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 29**

- **i. Full name:** The Bank of New York Mellon (Belgium)

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 30**

- **i. Full name:** The Bank of New York Mellon (United Kingdom)

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 31**

- **i. Full name:** The Hongkong and Shanghai Banking Corporation Limited, Bangkok Branch

- **ii. LEI, if any:** 2HI3YI5320L3RW6NJ957

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 32**

- **i. Full name:** UBS Switzerland AG

- **ii. LEI, if any:** 549300WOIFUSNYH0FL22

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 33**

- **i. Full name:** UniCredit Bank Serbia JSC

- **ii. LEI, if any:** 52990001O0THU00TYK59

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. LEI, if any:** 549300CFZQLI9QMJ1Z03

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** Yes

**Shareholder Servicing Agents Record: 2**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any:** 084-06485

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. LEI, if any, or other identifying number:** 549300CFZQLI9QMJ1Z03

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

**Administrators Record: 2**

- **i. Full name:** Virtus Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** 084-06485

- **iii. State, if applicable:** CT

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** VP Distributors, LLC

- **b. SEC file number:** 008-14100

- **c. CRD number:** 000003036

- **d. LEI, if any:** 549300IW1QX018U5W603

- **e. State, if applicable:** CT

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

No Brokers reported.

**Item C.17.a. Principal transaction counterparties.**

| Name                                            | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| J.P. Morgan Securities LLC                      | 008-35008         | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $10,355,322.00            |
| GOLDMAN SACHS & CO. LLC                         | 008-00129         | 000000361    | FOR8UP27PHTHYVLBNG30 | NY      | US        | $1,043,890.00             |
| DEUTSCHE BANK SECURITIES, INC.                  | 008-17822         | 000002525    | 9J6MBOOO7BECTDTUZW19 | NY      | US        | $1,278,524.00             |
| CitiGroup Global Markets Inc.                   | 008-08177         | 000007059    | MBNUM2BPBDO7JBLYG310 | NY      | US        | $2,767,473.00             |
| BNP PARIBAS SECURITIES CORP.                    | 008-32682         | 000015794    | RCNB6OTYUAMMP879YW96 | NY      | US        | $824,457.00               |
| HSBC SECURITIES (USA), INC.                     | 008-41562         | 000019585    | CYYGQCGNHMHPSMRL3R97 | NY      | US        | $2,042,035.00             |
| STANDARD CHARTERED SECURITIES NORTH AMERICA LLC | 008-66397         | 000130847    | 5493003GCX71N8988W38 | NY      | US        | $1,513,977.00             |
| BOFA SECURITIES, INC.                           | 008-69787         | 000283942    | 549300HN4UKV1E2R3U73 | NY      | US        | $2,076,427.00             |
| Banco Bilbao Vizcaya Argentaria (Portugal) S.A. | N/A               | N/A          | 549300QD1160SR6LNZ76 |  |  | $526,388.00               |
| Banco Santander, S.A.                           | N/A               | N/A          | 5493006QMFDDMYWIAM13 |  |  | $1,532,928.00             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $25,644,494.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $9,933,675.55

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $250,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** Bank of New York Mellon

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                 | SEC File number   |
|:---|:---|
| Stone Harbor ESG Emerging Markets Debt Blend Fund            | N/A               |
| Stone Harbor Emerging Markets Corporate Debt Fund            | N/A               |
| Stone Harbor Emerging Markets Debt Blend Portfolio           | N/A               |
| Stone Harbor Emerging Markets Debt Explorer Fund             | N/A               |
| Stone Harbor Emerging Markets Debt Fund                      | N/A               |
| Stone Harbor Emerging Markets Local Currency Debt Fund       | N/A               |
| Stone Harbor Global Investment Grade Corporate Bond Fund     | N/A               |
| Stone Harbor High Yield Bond Fund                            | N/A               |
| Stone Harbor High Yield Emerging Markets Corporate Debt Fund | N/A               |
| Stone Harbor Investment Grade Emerging Market Corporate Fund | N/A               |
| Stone Harbor Investment Grade Emerging Market Debt Fund      | N/A               |
| Stone Harbor Multi Asset Credit (No. 2) Portfolio            | N/A               |
| Stone Harbor Multi Asset Credit Opportunistic Fund           | N/A               |
| Stone Harbor Multi Asset Credit Portfolio                    | N/A               |
| Stone Harbor Securitised Bond Fund                           | N/A               |
| The Merger Fund                                              | 811-03445         |
| The Merger Fund VL                                           | 811-21279         |
| Virtus AlphaSimplex Global Alternatives Fund                 | 811-22906         |
| Virtus AlphaSimplex Managed Futures Strategy Fund            | 811-22906         |
| Virtus Ceredex Large-Cap Value Equity Fund                   | 811-07705         |
| Virtus Ceredex Mid-Cap Value Equity Fund                     | 811-07705         |
| Virtus Ceredex Small-Cap Value Equity Fund                   | 811-07705         |
| Virtus Convertible Fund                                      | 811-22167         |
| Virtus Duff & Phelps Global Infrastructure Fund              | 811-07455         |
| Virtus Duff & Phelps Global Real Estate Securities Fund      | 811-07455         |
| Virtus Duff & Phelps Real Asset Fund                         | 811-07455         |
| Virtus Duff & Phelps Real Estate Securities Fund             | 811-07455         |
| Virtus Duff & Phelps Real Estate Securities Series           | 811-04642         |
| Virtus Duff & Phelps Select MLP and Energy Fund              | 811-22906         |
| Virtus Duff & Phelps Water Fund                              | 811-22167         |
| Virtus Emerging Markets Opportunities Fund                   | 811-06161         |
| Virtus GF Clean Energy Fund                                  | N/A               |
| Virtus GF Emerging Markets High Dividend Fund                | N/A               |
| Virtus GF Global Small Cap Fund                              | N/A               |
| Virtus GF Multi-Sector Income Fund                           | N/A               |
| Virtus GF Multi-Sector Short Duration Bond Fund              | N/A               |
| Virtus GF SGA Global Growth Fund                             | N/A               |
| Virtus GF Select High Yield Fund                             | N/A               |
| Virtus GF U.S. Small Cap Focus Fund                          | N/A               |
| Virtus GF U.S. Small-Mid Cap Fund                            | N/A               |
| Virtus Global Allocation Fund                                | 811-22167         |
| Virtus Income & Growth Fund                                  | 811-06161         |
| Virtus International Small-Cap Fund                          | 811-22167         |
| Virtus KAR Capital Growth Fund                               | 811-00945         |
| Virtus KAR Capital Growth Series                             | 811-04642         |
| Virtus KAR Developing Markets Fund                           | 811-07455         |
| Virtus KAR Emerging Markets Small-Cap Fund                   | 811-07455         |
| Virtus KAR Equity Income Fund                                | 811-00945         |
| Virtus KAR Equity Income Series                              | 811-04642         |
| Virtus KAR Global Quality Dividend Fund                      | 811-00945         |
| Virtus KAR Global Small-Cap Fund                             | 811-06161         |
| Virtus KAR Health Sciences Fund                              | 811-06161         |
| Virtus KAR International Small-Mid Cap Fund                  | 811-07455         |
| Virtus KAR Long/Short Equity Fund                            | 811-22906         |
| Virtus KAR Mid-Cap Core Fund                                 | 811-00945         |
| Virtus KAR Mid-Cap Growth Fund                               | 811-00945         |
| Virtus KAR Small-Cap Core Fund                               | 811-00945         |
| Virtus KAR Small-Cap Growth Fund                             | 811-00945         |
| Virtus KAR Small-Cap Growth Series                           | 811-04642         |
| Virtus KAR Small-Cap Value Fund                              | 811-00945         |
| Virtus KAR Small-Cap Value Series                            | 811-04642         |
| Virtus KAR Small-Mid Cap Core Fund                           | 811-00945         |
| Virtus KAR Small-Mid Cap Growth Fund                         | 811-00945         |
| Virtus KAR Small-Mid Cap Value Fund                          | 811-00945         |
| Virtus NFJ Dividend Value Fund                               | 811-06161         |
| Virtus NFJ Emerging Markets Value Fund                       | 811-22167         |
| Virtus NFJ International Value Fund                          | 811-06161         |
| Virtus NFJ Large-Cap Value Fund                              | 811-06161         |
| Virtus NFJ Mid-Cap Value Fund                                | 811-06161         |
| Virtus NFJ Small-Cap Value Fund                              | 811-06161         |
| Virtus Newfleet ABS MACS                                     | 811-23968         |
| Virtus Newfleet CMBS MACS                                    | 811-23968         |
| Virtus Newfleet Core Plus Bond Fund                          | 811-07455         |
| Virtus Newfleet Floating Rate MACS                           | 811-23968         |
| Virtus Newfleet High Yield Fund                              | 811-07455         |
| Virtus Newfleet HighYield MACS                               | 811-23968         |
| Virtus Newfleet Low Duration Core Plus Bond Fund             | 811-07455         |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund          | 811-07455         |
| Virtus Newfleet Multi-Sector Intermediate Bond Series        | 811-04642         |
| Virtus Newfleet Multi-Sector Short Term Bond Fund            | 811-07455         |
| Virtus Newfleet RMBS MACS                                    | 811-23968         |
| Virtus Newfleet Senior Floating Rate Fund                    | 811-07455         |
| Virtus Newfleet Short Duration High Income Fund              | 811-22167         |
| Virtus SGA Emerging Markets Equity Fund                      | 811-07455         |
| Virtus SGA Global Growth Fund                                | 811-00945         |
| Virtus SGA International Growth Fund                         | 811-07705         |
| Virtus SGA International Growth Series                       | 811-04642         |
| Virtus Seix Core Bond Fund                                   | 811-07705         |
| Virtus Seix High Grade Municipal Bond Fund                   | 811-07705         |
| Virtus Seix High Yield Fund                                  | 811-07705         |
| Virtus Seix High Yield MACS                                  | 811-23968         |
| Virtus Seix Investment Grade Tax-Exempt Bond Fund            | 811-07705         |
| Virtus Seix Tax-Exempt Bond Fund                             | 811-07455         |
| Virtus Seix Total Return Bond Fund                           | 811-07705         |
| Virtus Seix U.S. Government Securities Ultra-Short Bond Fund | 811-07705         |
| Virtus Silvant Focused Growth Fund                           | 811-06161         |
| Virtus Silvant Large-Cap Growth Stock Fund                   | 811-07705         |
| Virtus Silvant Mid-Cap Growth Fund                           | 811-06161         |
| Virtus Small-Cap Fund                                        | 811-06161         |
| Virtus Stone Harbor EMD MACS                                 | 811-23968         |
| Virtus Stone Harbor Emerging Markets Bond Fund               | 811-07455         |
| Virtus Stone Harbor Emerging Markets Debt Income Fund        | 811-07455         |
| Virtus Tactical Allocation Fund                              | 811-00945         |
| Virtus Tactical Allocation Series                            | 811-04642         |
| Virtus Westchester Credit Event Fund                         | 811-22818         |
| Virtus Westchester Event-Driven Fund                         | 811-22818         |
| Virtus Zevenbergen Innovative Growth Stock Fund              | 811-07705         |
| Virtus Zevenbergen Technology Fund                           | 811-06161         |

- **v. Did the Fund draw on the line of credit this period?** —

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** Virtus Opportunities Trust

**Date:** 2025-08-21

**Signature:** Amanda Suss

**Title:** Vice President, Assistant Treasurer